/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/221102.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, November 2, 2022, Vol. 26, No. 305 Headlines 201 ORANGE GROVE: Case Summary & Six Unsecured Creditors 303 INVESTMENTS: Case Summary & Four Unsecured Creditors AAC HOLDINGS: Bank Debt Trades at 55.3% Discount ACORN REAL: Voluntary Chapter 11 Case Summary ALL DAY ACQUISITIONCO: 2025 Bank Debt Trades at 79% Discount ANCHOR GLASS: Bank Debt Trades at 62.7% Discount ARUBA INVESTMENTS: S&P Assigns 'B-' Rating on Secured Term Loan AVAYA INC: $743M Bank Debt Trades at 50% Discount AVAYA INC: $800M Bank Debt Trades at 51.3% Discount BLACKSTONE MORTGAGE: S&P Rates New $250MM Term Loan Add-On 'BB-' BUTCHER SHOP: Trustee Taps Patrick Payroll as Accountant BYRD FAMILY: $2.3M Sale of Nashville Property to Mainland Approved CAR STEREO: Amends Vendors Claims Pay; Confirmation Hearing Nov. 30 CDS US INTERMEDIATE: Bank Debt Trades at 48% Discount CELSIUS NETWORK: Users Worried Over Personal Info Revealed in Ch.11 CHECKOUT HOLDING: 2023 Bank Debt Trades at 68% Discount CHRIS PETTIT: Terry Lodges Personal Property Auction/Private Sale CHRIS PETTIT: Trustee Selling Canyon Lake Property for $815K CINEWORLD GROUP: Regal Sued by Ad Contractor for Exploiting Ch.11 CINEWORLD GROUP: Sussman & Moore Represents Utility Companies COMMUNITY MORTUARY: Taps Stone & Baxter as Bankruptcy Counsel COMMUNITY MORTUARY: Taps Tawzer Accounting as Bookkeeper CONNACHER OIL: Bank Debt Trades at 47% Discount CROWN FINANCE US: $3B Bank Debt Trades at 73% Discount CROWN FINANCE US: Bank Debt Trades at 72% Discount CROWN FINANCE US: EUR607M Bank Debt Trades at 67% Discount DAVID'S BRIDAL LLC: Bank Debt Trades at 69% Discount DIAMOND SPORTS: 2026 Bank Debt Trades at 79% Discount DIOCESE OF ROCKVILLE: Taps Jefferies LLC as Investment Banker DONALD CHAE: Lee Buying Buena Park Property for $1.33-Mil. Cash ELEVATE TEXTILES: Bank Debt Trades at 48% Discount ENDO INTL: D.C. Circuit Restarts FTC's Appeal Despite Chapter 11 ENVISION HEALTHCARE: $1B Bank Debt Trades at 72% Discount ENVISION HEALTHCARE: $2.2B Bank Debt Trades at 52.5% Discount ENVISION HEALTHCARE: 2025 Bank Debt Trades at 72% Discount FAIRFAX HOTEL: Case Summary & Three Unsecured Creditors FEI HUANG LLC: Taps Reichle Klein Group as Property Manager FONTAINEBLEAU LAS VEGAS: 2012 Bank Debt Trades at 86% Discount FONTAINEBLEAU LAS VEGAS: 2014 Bank Debt Trades at 86% Discount GA-ALF HOLDINGS: Case Summary & Three Unsecured Creditors GENESISCARE USA: $350M Bank Debt Trades at 64% Discount GENESISCARE USA: EUR500M Bank Debt Trades at 64% Discount GERMAN WISE: Trustee Selling Dental Equipment to Azizi for $25K GINN-LA QUAIL: $360M Bank Debt Trades at 98% Discount GINN-LA QUAIL: Bank Debt Trades at 98% Discount GREGORY A. DEAKIN: Debora Selling Cuba Properties for $1.37 Million GREGORY P. RUSSELL: Selling Tallahassee Property for $200K GWG DLP FUNDING: Voluntary Chapter 11 Case Summary H. EDWARDS PARIS: Taps Servicecpa as Accounting Advisor HERITAGE POWER: Bank Debt Trades at 65% Discount HUB INTERNATIONAL: S&P Rates New $850MM Sr. Secured Term Loan 'B' HUSCH & HUSCH: Liquidating Agent Proposes Auction Sale of Equipment INTERNAP CORP: Bank Debt Trades at 47% Discount ISAGENIX INTERNATIONAL: Bank Debt Trades at 56% Discount J CREW: $1.3B Bank Debt Trades at 48% Discount J CREW: $182M Bank Debt Trades at 48% Discount JOHN W. MCCRUMMEN: $60K Sale of Enterprise Property to Pecan Okayed JUUL LABS: Discusses Possible Bailout With 2 Big Investors K&N PARENT: Bank Debt Trades at 70% Discount LIGADO NETWORKS: Bank Debt Trades at 59% Discount LIVEONE INC: Expects to Report at Least $23M Q2 Fiscal 2023 Revenue LOYALTY VENTURES: Bank Debt Trades at 67% Discount MEDICAL DEPOT: Bank Debt Trades at 81% Discount MICHAEL JAY FLESHER: Selling 2013 Dodge Durango to Stepmother MICHAEL JAY FLESHER: Wests Buying Fitzgerald Property for $25K MITEL NETWORKS: S&P Downgrades ICR to 'SD' on Distressed Exchange MKS REAL ESTATE: Voluntary Chapter 11 Case Summary MLN US HOLDCO: Bank Debt Trades at 61% Discount MOBITEK LLC: Case Summary & 20 Largest Unsecured Creditors NABORS INDUSTRIES: Posts $14 Million Net Loss in Third Quarter NATIONAL CINEMEDIA: 2025 Bank Debt Trades at 53% Discount NBG ACQUISITION: Bank Debt Trades at 54% Discount NEW CONSTELLIS BORROWER: Bank Debt Trades at 49% Discount NEW FRONTERA: Bank Debt Trades at 62% Discount NEW MILLENNIUM HOLDCO: Bank Debt Trades at 68% Discount NEXTSPORT INC: Taps Lewis Brisbois Bisgaard as Special Counsel NORTHEASTERN SCHUYLKILL: S&P Lowers 2012 Debt Rating to 'BB+' OBSTETRIC AND GYNECOLOGIC: Case Summary & 7 Unsecured Creditors OMNIQ CORP: Gets Additional Purchase Order From Major Fast Food PFS HOLDING: Bank Debt Trades at 60% Discount PHOENIX SERVICES INTERNATIONAL: Bank Debt Trades at 78% Discount PHOENIX SERVICES: Equipment Lessor Drops DIP Loan Objection PHOENIX SERVICES: Gets OK to Hire AlixPartners as Financial Advisor PHOENIX SERVICES: Gets OK to Hire PJT Partners as Investment Banker PHOENIX SERVICES: Gets OK to Hire Stretto as Administrative Advisor PHOENIX SERVICES: Taps Richards Layton & Finger as Co-Counsel PHOENIX SERVICES: Taps Weil Gotshal & Manges as Lead Counsel REALD INC: Bank Debt Trades at 58.3% Discount REPLICEL LIFE: Private Placement Extended Until Nov. 18 REPLICEL LIFE: Warrants Expiry Date Extended to 2025 REVERE POWER: S&P Lowers Senior Secured Debt Rating to 'B-' REVLON CONSUMER: Bank Debt Trades at 60% Discount RIVERBED TECHNOLOGY: Bank Debt Trades at 61% Discount RJRAMDHAN GROUP: Taps Van Horn Law Group as Bankruptcy Counsel RODAN & FIELDS: Bank Debt Trades at 62% Discount RONALD A. GOODWIN: Proposes Ritchie Auction & Sale of Equipment SANDY ROAD: Proposed United Country Auction of Assets Approved SERTA SIMMONS: $851M Bank Debt Trades at 50% Discount SHERIDAN PRODUCTION: Bank Debt Trades at 72.5% Discount SHOPS AT BROAD: Realty Capital Buying Mansfield Property for $2.25M SIXTH STREET XXI: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes TEAL PROPERTIES: Taps Lefkovitz & Lefkovitz as Legal Counsel TELESAT LLC: Bank Debt Trades at 47% Discount THOMPSON PUBLISHING: Bank Debt Trades at 54% Discount TIMBER PHARMACEUTICALS: EC Grants Orphan Designation for TMB-001 TRADITION BREWING: Case Summary & 20 Largest Unsecured Creditors ULTRA SEAL CORPORATION: Taps Genova Malin & Trier as Counsel UNITED LAWYERS: Case Summary & Five Unsecured Creditors URS HOLDCO: S&P Affirms 'CCC+' ICR on Delayed Volume Recovery US TELEPACIFIC: Bank Debt Trades at 56% Discount VESTA HOLDINGS: Case Summary & 20 Largest Unsecured Creditors VICKERY CREEK: Case Summary & Two Unsecured Creditors WENDELL LAWRENCE, JR: Selling 5-Acre Parcel in Meridian for $450K WILLIAMS LAND: Brocklyn Buying Two 2015 Kenworth Trucks for $160K WINDSOR FALLS: Taps Dunlap & Shipman as Special Counsel WINDSOR FALLS: Unsecureds to Get $625 Per Month for 3 Years YAK ACCESS: Bank Debt Trades at 74% Discount ********* 201 ORANGE GROVE: Case Summary & Six Unsecured Creditors -------------------------------------------------------- Debtor: 201 Orange Grove, Inc. 201 Orange Grove Avenue South Pasadena, CA 91030 Business Description: The Debtor owns a bread & breakfast business at 201 Orange Grove Avenue, South Pasadena, California valued at $5.5 million. Chapter 11 Petition Date: October 30, 2022 Court: United States Bankruptcy Court Central District of California Case No.: 22-15948 Judge: Hon. Julia W. Brand Debtor's Counsel: Michael E. Plotkin, Esq. MICHAEL E. PLOTKIN, ATTORNEY AT LAW 225 South Lake Avenue Suite 300 Pasadena, California 91101 Tel: (626) 568-8088 Email: mepesq@earthlink.net Total Assets: $5,810,254 Total Liabilities: $3,870,282 The petition was signed by William D. Hoyman as president/owner. A full-text copy of the petition containing, among other items, a list of the Debtor's six unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/KSKS4YY/201_Orange_Grove_Inc__cacbke-22-15948__0001.0.pdf?mcid=tGE4TAMA 303 INVESTMENTS: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: 303 Investments, Inc. 19600 East Parker Square Dr, Suite 210 Parker, CO 80134 Chapter 11 Petition Date: November 1, 2022 Court: United States Bankruptcy Court District of Colorado Case No.: 22-14267 Judge: Hon. Joseph G Rosania Jr. Debtor's Counsel: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Email: agarber@wgwc-law.com Total Assets: $16,709,325 Total Liabilities: $672,514 The petition was signed by Derrick Myers as president. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CIJGQOA/303_Investments_Inc__cobke-22-14267__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Four Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Chase Bank Cardmember Services $56,000 PO Box 6294 Carol Stream, IL 60197 2. Chris Rediger $96,514 7375 Jackson Gap Way Aurora, CO 80016 3. Derrick Myers Private $520,000 10374 E Black Placement Forrest Dr Loans Parker, CO 80138 4. MS Man DEBT LLC Lawsuit $0 676 N Michigan Avenue Chicago, IL 60611 AAC HOLDINGS: Bank Debt Trades at 55.3% Discount ------------------------------------------------ Participations in a syndicated loan under which AAC Holdings Inc is a borrower were trading in the secondary market around 44.7 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD272 million facility is a term loan. The loan is scheduled to mature in June 2023. As of October 28, 2022, USD259 million of the amount was drawn and outstanding. AAC Holdings Inc. provides inpatient and outpatient substance use treatment services for individuals with drug addiction, alcohol addiction, and co-occurring mental/behavioral health issues. The company also provides drug testing, diagnostic laboratory services and provides physician services to clients. ACORN REAL: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Acorn Real Property Acquisition, Inc. 118 Dixon Avenue Staten Island, NY 10303 Business Description: The Debtor owns in fee simple title a 100-unit residential real estate complex located at 3751 Martin Luther King Jr. Drive SW, Atlanta, GA valued at $18 million. Chapter 11 Petition Date: October 31, 2022 Court: United States Bankruptcy Court Eastern District of New York Case No.: 22-42718 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Richard S. Feinsilver, Esq. RICHARD S. FEINSILVER, ESQ. One Old Country Road Suite 347 Carle Place, NY 11514 Tel: 516-873-6330 Fax: 516-873-6183 Email: feinlawny@yahoo.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Olakunle Apampa as president. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/M2RMMCQ/Acorn_Real_Property_Acquisition__nyebke-22-42718__0001.0.pdf?mcid=tGE4TAMA ALL DAY ACQUISITIONCO: 2025 Bank Debt Trades at 79% Discount ------------------------------------------------------------ Participations in a syndicated loan under which All Day AcquisitionCo LLC is a borrower were trading in the secondary market around 21.25 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$200 million facility is a term loan. It is scheduled to mature in December 2025. As of October 28, 2022, the amount was fully drawn and outstanding. All Day AcquisitionCo LLC, doing business as 24 Hour Fitness Worldwide Inc. (Reorganized), operates fitness clubs across North America. In February 2022, Moody's Investors Service downgraded All Day AcquisitionCo, LLC's Corporate Family Rating (CFR) to Caa3 from Caa1 and Probability of Default Rating (PDR) to Caa3-PD from Caa1-PD. Concurrently, Moody's downgraded the rating on the company's senior secured term loan due 2025 and senior secured delayed draw term loan (DDTL) due 2026 to Caa3 from B3. The outlook remains negative. Moody's said the downgrade reflects worse than expected performance since the company re-emerged from the Chapter 11 bankruptcy on December 31, 2020. It said the company's recent effort to meaningfully reduce membership pricing to attract new members and retain existing members reflects the challenges it faces as it recovers from the pandemic. ANCHOR GLASS: Bank Debt Trades at 62.7% Discount ------------------------------------------------ Participations in a syndicated loan under which Anchor Glass Container Corp is a borrower were trading in the secondary market around 37.3 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD150 million facility is a term loan. The loan is scheduled to mature in December 2024. As of October 28, 2022, the amount was fully drawn and outstanding. Anchor Glass Container Corporation, headquartered in Tampa, Florida, is a North American manufacturer of premium glass containers. ARUBA INVESTMENTS: S&P Assigns 'B-' Rating on Secured Term Loan --------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to Aruba Investments Holdings LLC (doing business as Angus Chemical Co.) proposed nonfungible $125 million first-lien senior secured incremental term loan facility. Proceeds will be used to finance an acquisition, term out revolver borrowings, and general corporate purposes. All ratings on Aruba Investments, including the 'B-' issuer credit rating, are unchanged. ISSUE RATINGS – RECOVERY ANALYSIS Key analytical factors -- S&P updated its recovery analysis of Aruba to reflect the debt structure of the proposed issuance of $125 million of first-lien term loan. -- S&P's 'B-' issue level rating and '3' recovery rating (rounded estimate: 50%) on the company's first-lien secured debt are unchanged with the incremental term loan. -- S&P's 'CCC' issue-level rating and '6' recovery rating (rounded estimate: 0%) on its second-lien secured debt are unchanged. -- S&P's 'CCC' issue-level rating and '6' recovery rating (rounded estimate: 0%) on its deeply subordinated debt (topco payment-in-kind toggle notes) are unchanged. -- Obligor/nonobligor split of 92%/8% is based on geographic EBITDA. -- S&P's simulated default scenario considers a default in 2024 because Angus' operating performance significantly deteriorates in the wake of a protracted economic downturn that causes a sustained decline in the end-market demand for its products. Given this scenario, EBITDA margins would shrink and EBITDA would decline to levels insufficient to cover its fixed-charge obligations including interest expense, scheduled debt amortization, and maintenance capital spending. -- S&P's emergence EBITDA incorporates its assumption that the company regains some lost revenue through volume and undertakes cost-cutting efforts during bankruptcy that would help improve its margins and EBITDA to approximately $122.3 million. For example, S&P assumes Aruba would reduce variable costs such as administrative overhead and regain lost market share. -- S&P continues to value the company on a going-concern basis using a 5.5x multiple of its emergence EBITDA. The 5.5x multiple is in line with multiples we use for similarly rated specialty chemical peers such as SK Invictus Intermediate II S.a.r.l. Simulated default assumptions -- Simulated year of default: 2024 -- EBITDA at emergence: $122.3 million -- EBITDA multiple: 5.5x Simplified waterfall -- Gross enterprise value: Approximately $672 million -- Net enterprise value (after 5% administrative costs): -- Approximately $639 million -- Valuation split (obligors/nonobligors): 92%/8% -- Total value available to first-lien obligors: Approximately $586 million -- First-lien claims: $1.15 billion --Total first-lien recovery expectations: 50%-70% (rounded estimate: 50%) -- Total value available to unsecured claims: $0 million -- Total unsecured claims: Approximately $363.1 million --Unsecured recovery expectations: 0%-10% (rounded estimate: 0%) -- Total value available to subordinated claims: $0 million --Subordinated recovery expectations: 0%-10% (rounded estimate: 0%) -- Debt amounts include six months of accrued interest that S&P assumes will be owed at default. Collateral value includes asset pledges from obligors (after priority claims) plus equity pledges in nonobligors. S&P generally assumes usage of 85% for cash flow and 60% for asset-based lending revolvers at default. AVAYA INC: $743M Bank Debt Trades at 50% Discount ------------------------------------------------- Participations in a syndicated loan under which Avaya Inc is a borrower were trading in the secondary market around 49.875 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD743 million facility is a term loan. The loan is scheduled to mature in December 2027. As of October 28, 2022, USD737 million of the amount was drawn and outstanding. Telecoms provider Avaya filed for bankruptcy protection in January 2017 saddled with $6.3 billion in debt. AVAYA INC: $800M Bank Debt Trades at 51.3% Discount --------------------------------------------------- Participations in a syndicated loan under which Avaya Inc is a borrower were trading in the secondary market around 48.7 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD800 million facility is a term loan. The loan is scheduled to mature in December 2027. As of October 28, 2022, the amount was fully drawn and outstanding. Telecoms provider Avaya filed for bankruptcy protection in January 2017 saddled with $6.3 billion in debt. BLACKSTONE MORTGAGE: S&P Rates New $250MM Term Loan Add-On 'BB-' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' rating to Blackstone Mortgage Trust Inc.'s (BXMT) proposed $250 million add-on to its existing term loan B due May 9, 2029. The company intends to use the proceeds to pay down existing secured debt. As a result, S&P expects the transaction to be leverage neutral. That said, as of Sept. 30, 2022, the company's leverage as measured by debt to adjusted total equity was 4.2x, which is marginally above its base case expectation of leverage between 3.0x-4.0x and closer to its downside threshold of 4.5x than S&P initially anticipated. S&P said, "The stable outlook on BXMT reflects our expectation that over the next year, the company will report mostly stable asset quality trends while maintaining adequate liquidity and leverage of 3.0x-4.0x as measured by debt to adjusted total equity. Pandemic-related changes in commercial real estate, such as in the office market, may still create challenges for the company and other lenders in the next few years, but we expect it to work through those while maintaining leverage, funding, and liquidity around current levels." BUTCHER SHOP: Trustee Taps Patrick Payroll as Accountant -------------------------------------------------------- Craig Geno, the Subchapter V trustee for Butcher Shop of Cordova, LLC, received approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Patrick Payroll, LLC as accountant. The firm's services include: a. assessment of the eligibility availability by quarter for the Federal Employee Retention Credit for the periods from March 12, 2020 to July 1, 2021; b. determination of qualified wages periods from March 12, 2020 to July 1, 2021; c. consultation with the trustee towards obtaining the maximum available credit as it relates to PPP monies received, expenses attributable, and ordering of expenses to best maximize the credit legally available; d. preparation of Form 7200 for advance receipt of application credit for future periods; e. preparation of Form 941 for application quarter; f. preparation of Amended 941s for previously prepared quarters; and g. audit representation to the appellate level should the tax credit claim be subjected to examination by either the IRS or state tax authorities. The firm will be paid 10 percent of the Employee Retention Tax Credit and will be reimbursed for out-of-pocket expenses incurred. Rick Bowers, a partner at Patrick Payroll, 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: Rick Bowers Patrick Payroll, LLC d/b/a Whirks 5570 Murray Avenue Memphis, TN 38119 Tel: (901) 752-2422 Fax: (901) 755-7774 About Butcher Shop of Cordova Cordova, Tenn.-based Butcher Shop of Cordova, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 21-22100) on June 29, 2021, with up to $50,000 in assets and up to $10 million in liabilities. Dennis Day, member, signed the petition. Judge Jennie D. Latta oversees the case. Harris Shelton Hanover Walsh, PLLC and Sarasota CFO Consulting Services serve as the Debtor's legal counsel and accountant, respectively. On July 6, 2021, Craig M. Geno was appointed as the Subchapter V trustee in the Debtor's Chapter 11 case. The trustee tapped the Law Offices of Craig M. Geno, PLLC as legal counsel, and Joseph M. Banker, CPA and Patrick Payroll, LLC as accountants. BYRD FAMILY: $2.3M Sale of Nashville Property to Mainland Approved ------------------------------------------------------------------ Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the Middle District of Tennessee authorized Byrd Family Properties' sale of the real property at 7008 Charlotte Pike, in Nashville, Tennessee 37209, to Mainland Retail Acquisitions, LLC, for $2.3 million, in accordance with the terms of their Purchase Agreement. In consideration of Mainland's due diligence time leading up to closing and BFP's expressed difficulties in making the monthly payments over the same period, Liberty State Bank ("LSB") has agreed to a reduction in the monthly amount of funds paid to it from BFP during the pendency of the closing process on the Property. LSB has further agreed to refrain from collection action against the Property (i.e. foreclosure) during the pendency of the closing process on the sale to Mainland or an affiliated assignee thereof; provided, however, the following terms are met and continue to be met: a. Beginning Oct. 10, 2022 and continuing on the first day of each month thereafter, BFP shall pay $9,000 per month to LSB while the Property remains under contract; b. Mainland initial earnest money deposit amount of $10,000 remains escrow in accordance with the Purchase Agreement; c. Mainland timely pays Trustee Stone the extension fees in accordance with the Purchase Agreement, in the event any of the three 30-day extension periods are exercised after the initial 90-day review period; d. In no event, without express written agreement by LSB, shall BFP agree to extend the closing date on the sale of the Property beyond May 1, 2023; and e. LSB shall be paid the entire amount of the LSB Claim (plus attorney fees and post-petition interest) at the time of closing on the Property. In consideration of the reduction in BFP’s monthly payment from $13,031.54 to $9,000 during the pendency of the sale to Mainland, BFP has agreed to assign its rights in the escrow funds related to the sale to LSB. In the event of a default under the Purchase Agreement or in the event the sale between BFP and Mainland is no longer progressing to closing, despite whether due to a breach by Mainland or mutual agreement of BFP and Mainland, LSB shall be entitled to recovery of the funds in escrow to the same extent that BFP would otherwise be entitled thereto. Furthermore, in the event the sale does not close and BFP is not entitled to the escrow proceeds (such that LSB could not recover same), BFP shall nonetheless be required to immediately cure the shortage between the $13,031.54 monthly payment and the $9,000 monthly payment for each month that has run before lapse of the sale contract as well as any late fees incurred pursuant to the provisions of the Order. The Debtor shall use the proceeds from the sale of the Property to pay at closing (i) the lien of Liberty State Bank; (ii) any other claims that constitute liens on the Property; and (iii) allowed commissions to Brokers. Further, should the October 2022 payment of $9,000 to LSB be received later than Oct. 10, 2022; or should any subsequent monthly payment referenced herein be received later than the 1st of the corresponding month, the LSB Claim shall automatically be increased to account for a late fee of $500 with respect to each instance of the payment not being timely received. Further, should the October 2022 payment of $9,000 to LSB be received later than October 20, 2022; or should any subsequent monthly payment referenced herein be received later than the 10th of the corresponding month, the LSB Claim shall automatically be increased to account for an additional late fee of $500 with respect to each instance of the payment not being timely received. Notwithstanding Bankruptcy Rule 6004(h), and as specifically requested in the Motion, the Order shall take effect immediately upon entry. About Byrd Family Properties Based in Franklin, Tenn., Byrd Family Properties sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 20-03017) on July 19, 2020, listing under $1 million in both assets and liabilities. Judge Randal S. Mashburn oversees the case. Denis Graham (Gray) Waldron, Esq., at Dunham Hildebrand, PLLC, represents Debtor as legal counsel. Timothy Stone is the Subchapter V trustee in Debtor's bankruptcy case. CAR STEREO: Amends Vendors Claims Pay; Confirmation Hearing Nov. 30 ------------------------------------------------------------------- Car Stereo Trading, Inc., and MD Audio Engineering, Inc., submitted a Fourth Amended Joint Plan of Reorganization for Small Business under Subchapter V dated October 25, 2022. This Fourth Amended Plan of Reorganization proposes to pay creditors the Debtors from cash flow from operations over a 5-year period. The Debtors' Amended Plan proposes to pay back a portion of the allowed amount of certain nonpriority unsecured claims (the Accounts Receivable Lenders and Other General Unsecured Claims) and makes allowances for the Debtors' inability to make payments. The Amended Plan further proposes to pay back one hundred percent of the allowed amount of certain non-priority unsecured claims (the Vendors) and makes allowances for the Debtors' inability to make payments. This Plan also provides for the payment of administrative expense claims and priority claims in full or as agreed. Class 2.1 consists of Vendors Claims. Claimants include Deccon International Limited for $105,831.08 against Car Stereo; and Deccon International Limited for $1,293,231.92 against MD Audio. Unless otherwise agreed, each creditor in Class 2.1 shall be paid 100% in monthly installments over the life of the plan commencing on the Effective Date with no interest. Deccon has agreed to accept the discounted sum of 60% of its claims in full and final satisfaction if paid no later than the 30th day following entry of a final non-appealable order of confirmation. Like in the prior iteration of the Plan, Class 2.2 consists of General Unsecured Creditors. Each allowed creditor in Class 2.2 shall be paid 20% of their claim in equal monthly installments over the life of the plan commencing on the Effective Date with no interest. If a creditor in Class 2.2 has a filed UCC lien or recorded judgment lien, said lien shall be discharged, released and deemed satisfied upon confirmation. The Debtors will jointly fund the plan from current and future income. The hearing on the confirmation of the plan (the "Confirmation Hearing") will be held November 30, 2022 at 1:30 p.m. at C. Clyde Atkins U.S. Courthouse, 301 N. Miami Ave., Courtroom 8 (8th Floor), Miami, FL 33128. Ballots must be filed by Nov. 23, 2022, while objections to confirmation of the plan must be filed by November 23, 2022. A full-text copy of the Fourth Amended Plan dated Sept. 27, 2022, is available at https://bit.ly/3zxTp7z from PacerMonitor.com at no charge. Counsel for Chapter 11 Debtors: Sherri B. Simpson, Esq. SIMPSON LAW GROUP 1126 S. Federal Highway, #326 Ft. Lauderdale, FL 33316 (954) 524-4141 Telephone (954) 763-5117 Facsimile Email: sbsimpson@simpson-law-group.com About Car Stereo Trading Car Stereo Trading, Inc., and MD Audio Engineering, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 21-11393) on Feb. 12, 2021. In the petition signed by Jose L. Telle, president, Car Stereo Trading disclosed $3,633,571 in assets and $512,847 in liabilities. MD\ Audio Engineering, Inc., had between $1 million and $10 million in both assets and liabilities at the time of the filing. Judge Laurel M. Isicoff oversees the cases. The Debtors tapped The Law Offices of the General Counsel and Simpson Law Group, LLP as bankruptcy counsel. Sanchelima & Associates, P.A. serves as the Debtors' special counsel. CDS US INTERMEDIATE: Bank Debt Trades at 48% Discount ----------------------------------------------------- Participations in a syndicated loan under which CDS US Intermediate Holdings Inc is a borrower were trading in the secondary market around 52 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD799 million facility is a term loan. The loan was scheduled to mature in July 2022. As of October 28, 2022, the amount was fully drawn and outstanding. CDS U.S. Intermediate Holdings, Inc. was formed by funds managed by TPG Capital Group, Fosun Capital Group, and Caisse de depot et placement due Quebec to facilitate their leveraged buyout of Cirque du Soleil. CELSIUS NETWORK: Users Worried Over Personal Info Revealed in Ch.11 ------------------------------------------------------------------- Rachel Wolfson of CoinTelegraph reports that a website revealing personal information from Celsius creditors has created stress and chaos for many, leading some to question the privacy of centralized exchanges. Crypto lending platform Celsius filed for Chapter 11 bankruptcy on July 13, 2022. Although the Celsius case involves digital assets, it remains subject to United States Bankruptcy Code under the Bankruptcy Court for the Southern District of New York. While this may be, a series of unusual events have ensued since Celsius filed for bankruptcy. For instance, Chief United States Bankruptcy Judge Martin Glenn -- the judge overseeing the Celsius case -- stated on Oct. 17 that the court will look abroad for guidance. Judge Glenn specifically mentioned that "Legal principles that are applicable in the United Kingdom are not binding on courts in the United States," yet he noted that these "may be persuasive in addressing legal issues that may arise in this case." While the treatment of the Celsius case will abide by U.S. bankruptcy laws, Glenn still aims to determine how the Celsius case should be handled. Additionally, publicly available court documents related to Celsius' bankruptcy proceedings have revealed personal data from thousands of the platform's customers. A large financial disclosure form filed on Oct. 5 contains customer names, account balances, timing of transactions and more. While this may have come as a shock to Celsius users, releasing this information is subject to U.S. Bankruptcy Code. Adam Garetson, general counsel and chief legal officer at WonderFi Technologies, a regulated cryptocurrency exchange based in Canada, told Cointelegraph that bankruptcy proceedings should be open, public and transparent: "It is a strong way of avoiding any suggestion of impropriety by the courts and the persons and entities involved in the proceeding. As such, courts can make requests and impose orders on the bankrupt entity, including with respect to release of information which is available publicly." Yet, it is unusual that committee investigations have revealed such a large amount of customer information. This point was highlighted in an article from The National Law Review published on Oct. 18, which states, "Debtor filings and Committee investigations have revealed a great deal more to the public about the Debtors' financial affairs, insider activity, and the path and direction of the bankruptcy case." The article also states that even though so much personal information has been disclosed, "there is still little indication of how claims will be treated and repaid in this case." Celsius users face unintended consequences While Celsius customers continue to wait for decisions to be made by the U.S. Bankruptcy Court, the release of personal information has resulted in additional stress. To add insult to injury, customer data was recently made public on a website called Celsiusnetworth.com. The website allows anyone to search Celsius users by their name to reveal their losses, along with the cryptocurrencies they had invested on the platform. If this wasn't bad enough, the website includes a leaderboard that lists customers in terms of rankings for the greatest losses. Customer information can then be tweeted from the website, as a tweet button appears once user information is shown. The creators of Celsiusnetworth.com -- who go by the name "Avnx" -- told Cointelegraph that the website was built using the public data published as a result of Celsius' legal operations. The source further remarked that the data on the website shouldn't be considered as a leak, although they noted that releasing this information may have consequences similar to the Ledger data leak that occurred in Dec. 2020. "This data has been made public by Celsius. Whether we like it or not, it is a fact," Aznx said. According to Garetson, sites like these are uncommon when it comes to bankruptcy proceedings. However, he mentioned that such occurrences may arise from high-profile events that generate specific media attention, or the attention of a particular community. Indeed, Avnx mentioned that Celsiusnetworth.com was designed to create a "buzz," rather than making it easy for individuals to explore losses of Celsius Creditors. Avnx said: "For example, the Twitter button is a humorous approach, although nothing is funny in these events. Yet this creates a buzz to highlight several things, such as the fact that this information has been revealed, the amounts lost, or the balances of certain strategic people within Celsius." In any case, the information revealed via the Celsiusnetworth.com website has resulted in unintended consequences for many Celsius users. For example, John Carvalho Jr., a Celsius user based in Massachusetts, told Cointelegraph that his personal information released on Celsiusnetworth.com resulted in a large amount of chaos, particularly on Crypto Twitter. Carvalho explained that he has the same name as the CEO of Synonym, which is a Bitcoin software company. As a result of information being made public, multiple users on Crypto Twitter assumed that John Carvalho -- the CEO of Synonym -- had invested thousands of dollars on Celsius. This created an uproar on Twitter, as users started accusing the CEO of "buying altcoins," among other things. Carvalho said: "I joined Twitter in 2020 but didn't use it much. However, on the morning of Oct. 10, I was tagged multiple times, as Crypto Twitter had confused me for John Carvalho, CEO of Synonym. Users were talking lots of trash, accusing John Carvalho of being a 'shitcoiner' and calling him a 'dummy.'" "I had no idea who John Carvalho was. It's unfortunate that user information was leaked initially, but this was made even worse when it spread on Twitter," he added. I jumped to conclusions on the Celsius list, attributing the John Carvalho to @BitcoinErrorLog. This was wrong and I apologise to John for this, a lesson learned. - Peter McCormack ‍(@PeterMcCormack) October 10, 2022 Carvalho noted that the situation was clarified following a tweet sent from the Synonym CEO's personal account, which referenced the mixup. Meet @JohnCarvalho. We have the same name, but recently some shitcoiners tried to use his misfortune to smear my reputation. John has a new baby girl and lost everything on Celsius. So I am asking you to help by donating some BTC to him here: 3Q5m2LTLZABvELbqUvSRmQnFFA8z2vP2qb pic.twitter.com/ViM5OIYdSh — John Carvalho (@BitcoinErrorLog) October 10, 2022 Carlos DePaz, a Celsius user and certified public accountant, told Cointelegraph that, while he thinks it's unfortunate that user information has been made public, he doesn't feel personally impacted. "If I was number one on the leaderboard list on the website, I may feel differently. It may be embarrassing for those individuals for others to know how much money they lost. But for me personally, it's not a big deal. It's a live and learn situation," he said. Another Celsius creditor who wishes to remain anonymous told Cointelegraph that, while he wasn't impacted by public information being leaked, he believes this specific situation violates user privacy: "I am not sure if information of this sort is always public knowledge in similar cases, but it definitely feels like a violation of privacy being that the information is financial by nature." Lessons learned While it's unfortunate that Celsiusnetworth.com was created as a result of publicly available user information, this demonstrates the need for further education and regulatory clarity within the cryptocurrency sector. For instance, DePaz shared that he initially viewed Celsius as a legitimate crypto lending platform, stating, "Celsius was partially intriguing because the website and regular ask-me-anything segments seemed very legitimate. It seemed like Celsius was run by people who knew what they were talking about, as they mentioned the platform was licensed." Carvalho added that he viewed Celsius as an opportunity to build financially for the future of his family: "I would regularly listen to the ask-me-anything segments and would hear Celsius say 'put your money with us and we will give you yield.' I didn't realize the risks involved at the time." Ben Samaroo, CEO of WonderFi Technologies, told Cointelegraph that what's unique about the Celsius case is that a lot of disclosure wasn't initially provided to customers. He said: "High returns were being promised, yet the risks that came with that may have not been disclosed or understood by customers. This especially could have been the case for entry-level users, but it also impacted those who had already been in the industry." While Samaroo is responsible for operating a regulated cryptocurrency exchange based in Canada, he pointed out that WonderFi was also put under pressure from investors during the 2021 bull run to offer lending products similar to Celsius, stating, "We couldn't do this anyway, as this would have required us to go through regulators in Canada. We would have needed to present a plan and do risk assessments, while making sure safeguards and investor protections were in place." The current state of the Celsius case also demonstrates that platforms involving digital assets are still subject to traditional U.S. laws. Shedding light on this, Garetson mentioned that this case is yet another example that broad, formal regulation in the U.S. over the crypto asset sector remains pending. "Traditional legal concepts like contracts, property and bankruptcy law continue to apply regardless of the status of any 'crypto'-specific law," he said. As a result, Garetson noted that the outcomes of the Celsius case are going to be determined in real-time — not by congress or a panel of experts, but rather by individual courts who are likely less familiar with the industry. "This emphasizes a greater need for thoughtful and harmonized regulation in the near term, particularly as it relates to oversight of centralized trading platforms," he said. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtor estimated assets and liabilities between $1 billion and $10 billion. Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius. Stretto, the claims agent, maintains the page https://cases.stretto.com/celsius On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. CHECKOUT HOLDING: 2023 Bank Debt Trades at 68% Discount ------------------------------------------------------- Participations in a syndicated loan under which Checkout Holding Corp is a borrower were trading in the secondary market around 31.74 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$150 million facility is a PIK term loan. It is scheduled to mature in August 2023. As of October 28, 2022, the amount was fully drawn and outstanding. Checkout Holding Corp. operates as a holding company. The Company, through its subsidiaries, provides market consulting services. Checkout Holding, dba Catalina Marketing, along with 10 affiliates and subsidiaries, filed for Chapter 11 protection in December 2018. CHRIS PETTIT: Terry Lodges Personal Property Auction/Private Sale ----------------------------------------------------------------- Eric Terry, the trustee appointed in the Chapter 11 cases of Chris Pettit & Associates, PC, and Christopher John Pettit, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas of procedures for the sale of personal property located in San Antonio, Texas, via public auction or private sale. The Trustee is in possession and control of a large amount of personal property of the Estates, including business equipment, furniture, art, and other items located in San Antonio, Texas ("Texas Personal Property") and Orlando, Florida. He is continuing to investigate Pettit's pre-petition activities, so there may be additional items of personal property in other locations as well. On Sept. 20, 2022, the Court approved the Trustee's employment of Mel T. Davis as auctioneer for the Personal Property located in Texas. The Trustee anticipates seeking approval of the employment of an auctioneer and sales procedures for the personal property located in Florida by separate application and/or motion. By the Motion, the Trustee requests that the Court approves the Auction Sale Procedures for the sale via online public auctions of the Texas Personal Property which he, in consultation with the Auctioneer, believes would maximize value for the Estates: a. In consultation with the Trustee, the Auctioneer may market the Texas Personal Property for sale on its website (https://mtdauctions.com), with the sale to be held via online public auction(s). The Auctioneer may conduct one or more online auctions in its discretion. The items of Texas Personal Property will be sold "as is, where is" with all faults and without any warranties, except that such personal property will be sold free and clear of any liens, claims and encumbrances, and such sales will be without recourse against the Trustee, the Estates and the Auctioneer. The Texas Personal Property items being sold at auction may be sold individually or in groups of items and listed for sale in numbered lots. To the extent reasonably practicable and cost effective, in the discretion of the Auctioneer, photographs of the items to be auctioned will be included with each lot description. The Auctioneer may advertise the auctions as he believes, in his discretion, will result in maximizing value from the auctions. He will receive a 15% commission and reimbursement of advertising and any reasonable and necessary costs for moving any of the Texas Personal Property, payable from the auction proceeds. The Auctioneer may charge a 15% buyer's premium to be collected by him from winning bidders at the auction(s) to help defray the costs of credit card and check transactions, storage and security charges, and the costs of his insurance (which costs will not be duplicative of the out-of-pocket expenses reimbursed for advertising and moving expenses). Winning bidders will be directed by the Auctioneer as to the location to pick up the items of Texas Personal Property sold (which may be at his premises, storage units maintained for the Estates and/or premises of the Estates). The Auctioneer will coordinate the pick-up with the winning bidders and the Trustee and his representatives. b. In connection with the conduct of the online auction(s) by the Auctioneer, the Trustee will post a list of the auction items for each auction on his website for these Cases (www.pettitbankruptcy.com), file such Notice with the Court, and serve it in accordance with Bankruptcy Rules 2002 and 6004(a) to provide notice to the public and parties-in-interest of the auction(s). Any parties-in-interest must object to the proposed sale of any item listed in the Notice no later than seven days after the filing date of the Notice. Notice will be posted on the Trustee's website, filed with the Court, and served no less than 14 calendar days prior to any auction. If an objection is filed to the sale of any items(s) proposed to be sold in the online auction, the Court will hear and determine such objection on an expedited basis prior to the auction date. c. In the event no objection to the sale of any item of Texas Personal Property is filed within seven days of the Notice Date, the Auctioneer will thereafter be authorized, without further Order of the Court, to conduct the auction and sell the Texas Personal Property identified in the Notice to which no objection has been filed. d. The Trustee will file a notice of the results of the auction, including the itemized statement required by Bankruptcy Rule 6004(f)(1) with the Court following completion of the auction, provided, however, that such statement need not include the names of the buyers. While the Trustee expects to sell the Texas Personal Property via online public auction, he also seeks authority to conduct private sales of certain of the Texas Personal Property if he, in consultation with the Auctioneer, believes such private sales would expeditiously maximize value to the Estates with respect to such Texas Personal Property. If the Trustee, in consultation with the Auctioneer, believes that certain Texas Personal Property is best sold via private sale, he proposes to sell such Texas Personal Property as follows: a. The Trustee will file and serve on creditors and parties-in-interest a Notice of Private Sale. b. Any party objecting to the sale of any Private Sale Property will file an objection within seven days of the filing date of the Private Sale Notice. c. If no objection to the sale of the Private Sale Property is filed with seven days of the Private Sale Notice Date, the Trustee and Auctioneer may consummate the proposed private sale. d. If a Private Sale Objection is filed, the Court will determine such Private Sale Objection as soon as reasonably practicable on the Court's docket. e. If no Objection is filed, or if the Court approves the sale at auction of any items(s) for which an Objection was filed, the Trustee’s sale of the Private Sale Property will be free and clear of all liens, claims, interests, and encumbrances. If appropriate, the Court may order that such liens, claims, interests, or encumbrances attach to the proceeds of such sales. f. The Auctioneer will have authority to advertise and otherwise market for sale the Private Sale Property and will be paid a negotiated commission that may not exceed 20% with respect to such private sales from such private sales proceeds and will be reimbursed its advertising and any reasonable and necessary moving costs with respect to the sale of such Private Sale Property. g. The Private Sale Property will be sold "as is, where is" with all faults and without any warranties, except that such personal property will be sold free and clear of any liens, claims and encumbrances, and such sales will be without recourse against the Trustee, the Estates and the Auctioneer. h. In consultation with the Trustee, the Auctioneer will arrange for the buyer to pick up the Private Sale Property upon consummation of the sale. i. Items initially marketed and advertised for private sale may, at the discretion of the Trustee and the Auctioneer, be included in and sold via the online public auction process approved by the Court. The Trustee respectfully requests that the Court waives the 14-day stay imposed by Bankruptcy Rule 6004(h), as the nature of the relief sought justifies immediate relief so that the proposed sales of the Texas Personal Property sales can be commenced and completed as soon as possible after entry of an Order on the docket. About Chris Pettit & Associates Chris Pettit & Associates, PC, a personal injury law firm in Texas, and principal Christopher John Pettit sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Lead Case No. 22-50591) on June 1, 2022. In the petition filed by Mr. Pettit, the Debtors listed up to $50,000 in assets and up to $500,000 in liabilities. Judge Craig A. Gargotta oversees the cases. Michael G. Colvard, Esq., at Martin & Drought, PC is the Debtors' counsel. Eric Terry, the trustee appointed in the Chapter 11 cases, is represented by Dykema Gossett, PLLC. CHRIS PETTIT: Trustee Selling Canyon Lake Property for $815K ------------------------------------------------------------ Eric Terry, the trustee appointed in the Chapter 11 cases of Chris Pettit & Associates, PC, and Christopher John Pettit, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to sell the real property located at 772 Lakebreeze Dr., in Canyon Lake, Texas 78133-4020, to Rose and Johnson Properties Series LLC for $815,000. Pursuant to its settlement agreement with the Trustee approved by the Court on Sept. 22, 2022, Sin Reposo, LLC conveyed certain valuable pieces of real property to Pettit's Estate, including the Lakebreeze Property. The Trustee's real estate broker has been actively marketing the Lakebreeze Property and received a number of offers. The Trustee has determined that the highest and best offer was submitted by RJPSL in the amount of $815,000 and has executed a purchase contract with RJPSL for the Lakebreeze Property, subject to the Court's approval. He expects that after closing costs, including the 4.5% broker's commission previously approved by the Court, the sale will generate net proceeds of approximately $750,000 to $775,000. It is possible that Pettit's Estate may be subject to capital gains taxes on the sale under federal tax law, but the amount of such tax liability is unknown. Any such taxes will be paid with property of the Estates generated from upcoming asset sales. Pursuant to his Sale Motion, the Trustee seeks entry of an order approving the sale and transfer of the Lakebreeze Property to RJPSL pursuant to the Purchase Contract. In connection with the sale and transfer of the Lakebreeze Property, he requests that such sale and transfer be free and clear of any liens, claims, encumbrances, and other interests. Finally, the Trustee requests that the Court waives the 14-day stay imposed by Bankruptcy Rule 6004(h). A copy of the Purchase Contract is available at https://tinyurl.com/7kz832yf from PacerMonitor.com free of charge. About Chris Pettit & Associates Chris Pettit & Associates, PC, a personal injury law firm in Texas, and principal Christopher John Pettit sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Lead Case No. 22-50591) on June 1, 2022. In the petition filed by Mr. Pettit, the Debtors listed up to $50,000 in assets and up to $500,000 in liabilities. Judge Craig A. Gargotta oversees the cases. Michael G. Colvard, Esq., at Martin & Drought, PC is the Debtors' counsel. Eric Terry, the trustee appointed in the Chapter 11 cases, is represented by Dykema Gossett, PLLC. CINEWORLD GROUP: Regal Sued by Ad Contractor for Exploiting Ch.11 ----------------------------------------------------------------- National CineMedia, LLC, North America's top movie theater advertising and promotion network, has sued bankrupt Cineworld Group PLC's Regal Cinemas Inc. in bankruptcy court in Texas, accusing Regal of exploiting its parent's Chapter 11 to breach long-term exclusivity, non-competition and related agreements. NCM brings this action to enforce its long-standing exclusivity, non-competition, non-negotiation, and confidentiality rights against Regal -- rights that Regal has already breached and has promised to further breach, rights whose breach would have devastating consequences to NCM, and rights that would survive any attempted rejection by Regal. NCM says it has been prepared to file this adversary proceeding from the first days of the Chapter 11 cases -- but had held off at Regal's request that instead NCM make an offer so the parties could negotiate. That request was apparently a subterfuge, as Regal recently filed a motion to reject Exhibitor Services Agreement. NCM, initially formed as a joint venture between Regal and two other major movie theater chains, currently is North America's largest cinema advertising network. It derives its revenue principally from the sale of advertising to national, regional, and local businesses to be displayed on a national digital network within theater exhibitors through (a) the "Noovie" pre-show -- NCM's on-screen, cinema advertising and entertainment platform seen on movie screens across the United States prior to the start of a movie -- and (b) its lobby entertainment network – a series of strategically-placed screens located in movie theater lobbies and other advertising and promotions in theater lobbies. Since Feb. 13, 2007, NCM and Regal have set out their obligations to one another through an Exhibitor Services Agreement (as amended, the "Regal ESA"). Under the Regal ESA, NCM serves as the exclusive advertising service provider for all Regal theaters located in the United States (subject to certain narrow exceptions). Regal, in turn, receives a monthly theater access fee from NCM. The Regal ESA contains a negative and a positive exclusivity provision, a non-competition provision, a non-negotiation clause, and a confidentiality provision, among others, which are material terms critical to NCM's business model and the basis of its capital structure. The NCM relationship produces significant cash flow for Regal. To date, NCM has made total payments to Regal of $1.3 billion, and the average annual payment that NCM made to Regal from 2015 to 2019 under the Regal ESA and ancillary agreements was approximately $58 million. Given its relationship with Regal and two of the other biggest movie theater chains in the country, NCM has been able to capture significant market share and establish itself as a major player in this industry. In 2021, over 250.7 million people attended theaters in NCM's network, representing approximately one-half of the total movie theater attendance in the United States. Given NCM's significant market share, its network provides an attractive platform for national advertisers who want exposure in larger markets or on a national basis. Unfortunately, the COVID-19 pandemic had a devastating effect on the movie theater industry, as movie-goers engaged in social distancing and stopped going to the theater. The pandemic is now abating, however, and the industry expects a resurgence as the public continues to become more comfortable attending in-person activities again. Nevertheless, despite the parties' successful relationship in the past, and the expected recovery in the theater industry, Regal has stated that it will undertake one of three options, each of which will involve breaching critical terms in the Regal ESA. Regal intends to either (1) rewrite a new deal with NCM with better terms for Regal; (2) enter into a new agreement with one of NCM's biggest competitors, Screenvision LLC, or another third party; or (3) bring in-house at Regal some or all of the services NCM currently provides under the Regal ESA. Regal's selection of any one of the three options would breach the Regal ESA (which was just renegotiated between the parties in 2019). As to the first option, Regal does not have the right to unilaterally change the Regal ESA's terms, and NCM has not agreed to any such changes. And the latter two options in particular would breach the exclusivity and non-competition provisions in the Regal ESA; those provisions prohibit Regal from engaging a third party to provide, or itself providing, the services that NCM provides. NCM is also concerned Regal may breach the confidentiality provision in the Regal ESA; that provision prohibits the sharing of NCM's confidential information, or use of it other than as needed in the ordinary course of business between the parties. In fact, NCM is concerned that Regal has already breached the Regal ESA in its efforts to pursue the second option – entering into an agreement with an NCM competitor. In fact, Regal admitted that "the Debtors have engaged in discussions with both internal and external advertising programming providers to better understand the value proposition of an alternative advertising arrangement, and also to ensure that, in the event of rejection of the [Regal] ESA, any new provider -- whether in-house or otherwise -- will have the capability and knowledge necessary to provide such services with minimal disruption and at superior value." On information and belief, Regal has sent third parties requests for proposals and has engaged in negotiations with Screenvision to provide the services that NCM currently provides under the Regal ESA. These actions constitute a breach of the non-negotiation provision, which prohibits any such negotiations prior to the last twelve months before the expiration of the Regal ESA, currently set to expire in 2041. Moreover, to the extent Regal is disclosing confidential information with these third parties -- even indirectly -- during the course of their negotiations, such actions constitute a breach of the confidentiality provision. These provisions are at the heart of the deal between Regal and NCM and would survive the rejection of the Regal ESA. None of Regal's three paths involve assuming the Regal ESA – and Regal has, by filing the Rejection Motion, disclosed its intent to reject it -- but the exclusivity, non-competition, non-negotiation, and confidentiality provisions would survive such rejection under prevailing Supreme Court case law and its progeny, which NCM will establish. On September 19, 2022, Mooky Greidinger, the CEO of Cineworld Group plc, a London-based company that operates Regal in the United States, made a presentation to Regal's lenders where he explained that Regal will pursue one of the three options above in the course of the bankruptcy. Moreover, Regal has now filed the Rejection Motion which, if granted, will constitute a breach of the Regal ESA. Any breach by Regal of the exclusivity, non-competition, non-negotiation, and/or confidentiality provisions in the Regal ESA would substantially and irreparably harm NCM. Not only would such a breach destroy NCM's ability to maintain its premium national network and industry-leading position, but given that NCM is already financially suffering from the effects of the pandemic, it would strike at the core of NCM's business. Thus, NCM has commenced the adversary proceeding to enjoin Regal from breaching the Regal ESA. About National CineMedia National CineMedia (NCM) is a cinema advertising network in the U.S., the Company unites brands with the power of movies and engage movie fans anytime and anywhere. NCM's Noovie pre-show is presented exclusively in 50 leading national and regional theater circuits including AMC Entertainment Inc. (NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group (a subsidiary of Cineworld Group PLC, LON: CINE). NCM's cinema advertising network offers broad reach and audience engagement with over 20,700 screens in over 1,600 theaters in 195 Designated Market Areas (all of the top 50). NCM Digital and Digital-Out-Of-Home (DOOH) go beyond the big screen, extending in-theater campaigns into online, mobile, and place-based marketing programs to reach entertainment audiences. National CineMedia, Inc. (NASDAQ:NCMI) owns a 48.3% interest in, and is the managing member of, National CineMedia, LLC. On the Web: HTTP://www.ncm.com/ and HTTP://www.noovie.com/ National Cinemedia reported a net loss attributable to the company of $48.7 million in 2021, compared to a net loss attributable to the company of $65.4 million for the year before. For the six months ended June 30, 2022, the Company reported a net loss attributable to the company of $25.9 million on $103 million of revenue compared to a net loss attributable to the company of $42.1 million on $19.4 million of revenue for the six months ended July 1, 2021. As of June 30, 2022, the Company had $789.9 million in total assets, $1.22 billion in total liabilities, and a total deficit of $431.3 million. * * * In July 2022, S&P Global Ratings affirmed all its ratings on National CineMedia Inc. (NCM), including the 'B-' issuer credit rating, and revised its outlook to negative from stable. The negative outlook reflects the risk that the expected recovery in theater attendance and in-theater advertising could be slower than expected, leading to revenues remaining below 65% of 2019 levels, elevated leverage, and negative free operating cash flows (FOCF). It also reflects the risk that the company cannot amend and extend its revolving credit facilities well ahead of when they become due in June 2023. S&P said, "We expect the domestic box office to recover substantially through 2023, but attendance trends lag our prior expectations. We recently revised our domestic box office expectations to reflect year-to-date performance and the favorable film slate over the next 12 months. While lower than our previous expectations, we believe the 2022 domestic box office could reach $7.5 billion-$8 billion and rise above $9 billion in 2023. This solid recovery is helped by our expectations for elevated average ticket prices over the next two years. However, attendance will be a laggard in this recovery, with 2022 attendance over 65% of 2019 levels and approaching 80% in 2023, lower than the recovery of the overall box office. As an in-theater advertiser that charges clients based on cost per thousand impressions, NCM's revenues will likewise lag the recovery of the overall box office." About Cineworld Group PLC London-based Cineworld Group PLC was founded in 1995 and is the world's second-largest cinema chain. Cineworld operates 751 sites with 9,000 screens in 10 countries, including the Cineworld and Picturehouse screens in the UK and Ireland, Yes Planet in Israel, and Regal Cinemas in the US. According to The Guardian, the Griedinger family, including Mooky's brother and deputy chief executive, Israel, have struggled to maintain control of the ailing business but have been forced to reduce their stake from 28% in recent years. Cineworld's top five investors include the Chinese Jangho Group at 13.8%, Polaris Capital Management (7.82%), Aberdeen Standard Investments (4.98%) and Aviva Investors (4.88%). The London-listed Cineworld, which has run up debt of more than $4.8 billion after losses soared during the pandemic, is pinning its hopes on a meatier slate of movies in 2022 to bounce back from a two-year lull. Cineworld Group plc and 104 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 22-90168) on Sept. 7, 2022, estimating more than $1 billion in assets and debt. PJT Partners LP is providing financial advice, Kirkland & Ellis LLP and Slaughter and May are acting as legal counsel and AlixPartners LLP is serving as restructuring advisor to Cineworld. Jackson Walker LLP is the co-bankruptcy counsel. Kroll is the claims agent. CINEWORLD GROUP: Sussman & Moore Represents Utility Companies ------------------------------------------------------------- Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, Weldon L. Moore, III of Sussman & Moore, LLP submitted a verified statement to disclose that it is representing the utility companies in the Chapter 11 cases of Cineworld Group PLC, et al. The names and addresses of the Utilities represented by the Firm are: a. American Electric Power Attn: Dwight C. Snowden American Electric Power 1 Riverside Plaza, 13th Floor Columbus, Ohio 43215 b. Constellation NewEnergy, Inc. Constellation NewEnergy-Gas Division, LLC Attn: Mark J. Packel Assistant General Counsel c. Florida Power & Light Company Attn: Alexandre Ximenes Revenue Recovery Department RRD/LFO 4200 W Flagler St Coral Gables, Florida 33134 d. Salt River Project Attn: Breanna Holmes Customer Credit Services ISB232 2727 E Washington St Phoenix AZ 85034-1403 e. Tampa Electric Company TECO Peoples Gas System Attn: Barbara Taulton FRP, CAP Florida Registered Paralegal Tampa Electric Company 702 N. Franklin Street Tampa, Florida 33602 f. Southern California Edison Company Attn: Jeffrey S. Renzi, Esq. Director and Managing Attorney Southern California Edison Company, Law Department 2244 Walnut Grove Avenue Rosemead, California 91770 g. San Diego Gas & Electric Company Attn: Kelli S. Davenport, Bankruptcy Specialist 8326 Century Park Court San Diego, CA 92123 h. The Connecticut Light & Power Company Yankee Gas Services Company NStar Electric Company of Western Massachusetts Eversource Gas of Massachusetts Public Service Company of New Hampshire NStar Electric Company NStar Gas Company Attn: Honor S. Heath, Esq. Eversource Energy 107 Selden Street Berlin, Connecticut 06037 i. Virginia Electric and Power Company d/b/a Dominion Energy Virginia Attn: Sherry Ward 600 East Canal Street, 10th floor Richmond, Virginia 23219 j. Dominion Energy South Carolina, Inc. Public Service Company of North Carolina Incorporated d/b/a Dominion Energy North Carolina Attn: Jay Bressler 220 Operation Way Cayce, South Carolina 29033 k. The Cleveland Electric Illuminating Company Ohio Edison Company Monongahela Power Company Potomac Edison Company Metropolitan Edison Company Jersey Central Power & Light Company Attn: Kathy M. Hofacre FirstEnergy Corp. 76 S. Main St., A-GO-15 Akron, Ohio 44308 l. Baltimore Gas and Electric Company Commonwealth Edison Company PECO Energy Company The Potomac Electric Power Company Delmarva Power & Light Company Atlantic City Electric Company Attn: Lynn R. Zack, Esq. Assistant General Counsel Exelon Corporation 2301 Market Street, 523-1 Philadelphia, Pennsylvania 19103 m. PSEG Long Island Attn: Jeremy Goldsmith 15 Park Drive Melville, New York 11747 n. Public Service Electric and Gas Company Attn: Matthew Cooney, Bankruptcy Department 80 Park Plaza, T5D Newark, New Jersey 07102 o. Colonial Gas Cape Cod KeySpan Energy Delivery Long Island KeySpan Energy Delivery New York Massachusetts Electric Company Niagara Mohawk Power Corporation Attn: Vicki Piazza, D-I National Grid 300 Erie Boulevard West Syracuse, NY 13202 p. New York State Electric and Gas Corporation Attn: Kelly Potter James A. Carrigg Center Bankruptcy Department 18 Link Drive Binghamton, NY 13904 q. Rochester Gas and Electric Corporation Attn: Patricia Cotton 89 East Avenue Rochester, NY 14649 r. Georgia Power Company Attn: Daundra Fletcher 2500 Patrick Henry Parkway McDonough, GA 30253 s. Orange & Rockland Utilities, Inc. Attn: Jennifer Woehrle 390 W. Route 59 Spring Valley, New York 10977 t. Consolidated Edison Company of New York, Inc. Attn: Christina J. Deleveaux, Esq. Con Edison Law Department, Attn: Bankruptcy, 18th Floor 4 Irving Place New York, New York 10003 u. Southern California Gas Company Attn: Cranston J. Williams, Esq. Office of the General Counsel 555 W. Fifth Street, GT14G1 Los Angeles, CA 90013-1034 v. Sacramento Municipal Utilities District Attn: Randall J. Hakes, Esq. 6301 S Street, Mailstop A3l1 Sacramento, California 95817 w. The Ohio Gas Company d/b/a Dominion Energy Ohio Attn: Marcy Boni 2100 Eastwood Avenue Akron, Ohio 44305 The nature and the amount of claims (interests) of the Utilities, and the times of acquisition thereof are as follows: a. The following Utilities have unsecured claims against the Debtors arising from prepetition utility usage: American Electric Power, Tampa Electric Company, Southern California Edison Company, San Diego Gas and Electric Company, The Connecticut Light & Power Company, Yankee Gas Services Company, NStar Electric Company of Western Massachusetts, Eversource Gas of Massachusetts, Public Service Company of New Hampshire, NStar Electric Company, NStar Gas Company, Virginia Electric and Power Company d/b/a Dominion Energy Virginia, Public Service Company of North Carolina, Incorporated d/b/a Dominion Energy North Carolina, The Cleveland Electric Illuminating Company, Ohio Edison Company, Monongahela Power Company, Potomac Edison Company, Metropolitan Edison Company, Jersey Centra Power & Light Company, Baltimore Gas and Electric Company, Commonwealth Edison Company, The Potomac Electric Power Company, PECO Energy Company, Delmarva Power & Light Company, Atlantic City Electric Company, PSEG Long Island, Public Service Electric and Gas Company, Colonial Gas Cape Cod, KeySpan Energy Delivery Long Island, KeySpan Energy Delivery New York, Massachusetts Electric Company, Niagara Mohawk Power Corporation, New York State Electric and Gas Corporation, Rochester Gas & Electric Corporation, Georgia Power Company, Orange & Rockland Utilities, Inc., Consolidated Edison Company of New York, Inc., Southern California Gas Company, Sacramento Municipal Utility District and The East Ohio Gas Company d/b/a Dominion Energy Ohio. b. American Electric Power, Constellation NewEnergy, Inc., Constellation New Energy-Gas Division, LLC, Dominion Energy South Carolina, Inc., Florida Power & Light Company, TECO People Gas System, Salt River Project, Metropolitan Edison Company, PECO Energy Company, The Potomac Electric Power Company, Delmarva Power & Light Company and PSEG Long Island each held prepetition deposits that wholly or partially secured prepetition debt. c. Tampa Electric Company and Baltimore Gas and Electric Company hold surety bonds that wholly or partially secured prepetition debt. d. Florida Power & Light Company holds a letter of credit that it will make a claim upon for payment of the prepetition debt that the Debtors owe to Florida Power & Light Company. e. For more information regarding the claims and interests of the Utilities in these jointly-administered cases, refer to the Motion and Memorandum of Certain Utility Companies To: (a) Vacate, an/or Reconsider, an/or Modify Order (I) Approving the Debtors' Proposed Adequate Assurance of Payment For Future Utility Services, (II) Prohibiting Utility Providers Front Altering, Refusing, or Discontinuing Services, (III) Approving the Debtors' Proposed Procedures For Resolving Adequate Assurance Requests, and (IV) Granting Related Relief, and (b) Determine Adequate Assurance of Payment As To the Utilities (Docket No. 430) filed in the above-captioned, jointly-administered, bankruptcy cases. Sussman & Moore, LLP was retained to represent the foregoing Utilities in September 2022. The circumstances and terms and conditions of employment of the Firm by the Companies is protected by the attorney-client privilege and attorney work product doctrine. The Firm can be reached at: Weldon L. Moore, III, Esq. SUSSMAN & MOORE, LLP 2911 Turtle Creek Blvd., Ste. 1100 Dallas, TX 75219 Telephone: (214) 378-8270 E-mail: wmoore@csmlaw.net A copy of the Rule 2019 filing is available at https://bit.ly/3NoBaao at no extra charge. About Cineworld Group PLC London-based Cineworld Group PLC was founded in 1995 and is the world's second-largest cinema chain. Cineworld operates 751 sites with 9,000 screens in 10 countries, including the Cineworld and Picturehouse screens in the UK and Ireland, Yes Planet in Israel, and Regal Cinemas in the US. According to The Guardian, the Griedinger family, including Mooky's brother and deputy chief executive, Israel, have struggled to maintain control of the ailing business but have been forced to reduce their stake from 28% in recent years. Cineworld's top five investors include the Chinese Jangho Group at 13.8%, Polaris Capital Management (7.82%), Aberdeen Standard Investments (4.98%) and Aviva Investors (4.88%). The London-listed Cineworld, which has run up debt of more than $4.8 billion after losses soared during the pandemic, is pinning its hopes on a meatier slate of movies in 2022 to bounce back from a two-year lull. Cineworld Group plc and 104 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 22-90168) on Sept. 7, 2022, estimating more than $1 billion in assets and debt. PJT Partners LP is providing financial advice, Kirkland & Ellis LLP and Slaughter and May are acting as legal counsel and AlixPartners LLP is serving as restructuring advisor to Cineworld. Jackson Walker LLP is the co-bankruptcy counsel. Kroll is the claims agent. COMMUNITY MORTUARY: Taps Stone & Baxter as Bankruptcy Counsel ------------------------------------------------------------- Community Mortuary, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Georgia to employ Stone & Baxter, LLP as its bankruptcy counsel. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties in the continued operation of its business and management of its properties; b. preparing legal papers; c. continuing existing litigation, if any, to which the Debtor may be a party, and conducting examinations incidental to the administration of its estate; d. taking all necessary actions for the proper preservation and administration of the estate; e. assisting the Debtor in the preparation and filing of its statement of financial affairs, schedules and lists; f. taking necessary actions with reference to the use by the Debtor of its property pledged as collateral, including cash collateral; g. asserting, as directed by the Debtor, all claims that the Debtor has against others; h. assisting the Debtor in connection with claims for taxes made by governmental units; and i. performing all other legal services for the Debtor. The firm will be paid at these rates: Attorneys $175 to $450 per hour Paralegals $135 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. Stone & Baxter received an initial retainer of $8,476, of which $5,000 was designated for attorneys' fees, expenses, and advances and $3,476 was designated for the Chapter 11 filing fees. David Bury, Jr., Esq., a partner at Stone & Baxter, 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: David L. Bury, Jr., Esq. Stone & Baxter, LLP 577 Mulberry Street, Suite 800 Macon, GA 31201 Tel: (478) 750-9898 Fax: (478) 750-9899 Email: dbury@stoneandbaxter.com About Community Mortuary Community Mortuary, LLC filed a Chapter 11 bankruptcy petition (Bankr. M.D. Ga. Case No. 22-70831) on Sept. 26, 2022, with as much as $1 million in both assets and liabilities. Judge John T. Laney, III oversees the case. The Debtor tapped David L. Bury, Jr., Esq., at Stone & Baxter, LLP as legal counsel; and Tawzer Accounting & Tax Solutions, Inc. as bookkeeper and tax preparer. COMMUNITY MORTUARY: Taps Tawzer Accounting as Bookkeeper -------------------------------------------------------- Community Mortuary, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Georgia to employ Tawzer Accounting & Tax Solutions, Inc. as bookkeeper and tax preparer. The firm's services include: (a) assisting the Debtor in preparing all documents required for the federal and state tax returns; (b) assisting the Debtor in the preparation of required financial disclosures, budgets, and reports, including monthly operating reports; (c) providing the Debtor with personal and business-related bookkeeping services; and (d) providing other accounting-related services for the Debtor. The firm will be paid as follows: -- $75 to $125 per month for reporting; -- $525 for the 2019, 2020 and 2021 tax returns -- $400 for tax year 2022 returns and onward; -- $125 for certain August 2022 reporting that the Debtor needs; -- $50 per hour for additional services. Melody Tawzer, owner of Tawzer, 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: Melody Tawzer Tawzer Accounting & Tax Solutions, Inc. 1805 Tift Avenue North Suite E Tifton, GA 31794 Tel: (229) 472-9062 Fax: (229) 472-9057 About Community Mortuary Community Mortuary, LLC filed a Chapter 11 bankruptcy petition (Bankr. M.D. Ga. Case No. 22-70831) on Sept. 26, 2022, with as much as $1 million in both assets and liabilities. Judge John T. Laney, III oversees the case. The Debtor tapped David L. Bury, Jr., Esq., at Stone & Baxter, LLP as legal counsel; and Tawzer Accounting & Tax Solutions, Inc. as bookkeeper and tax preparer. CONNACHER OIL: Bank Debt Trades at 47% Discount ----------------------------------------------- Participations in a syndicated loan under which Connacher Oil and Gas Ltd is a borrower were trading in the secondary market around 53 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD41.8 million facility is a term loan. The loan is scheduled to mature in September 2024. As of October 28, 2022, USD32.4 million of the amount was drawn and outstanding. Connacher Oil and Gas Limited is a Calgary-based exploration, development and production company active in the production and sale of bitumen in the Athabasca oil sands region. It filed for insolvency in 2016. CROWN FINANCE US: $3B Bank Debt Trades at 73% Discount ------------------------------------------------------ Participations in a syndicated loan under which Crown Finance US Inc is a borrower were trading in the secondary market around 27 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD3.3 billion facility is a term loan. It is scheduled to mature in February 2025. As of October 28, 2022, USD2.6 billion of the amount was drawn and outstanding. Crown Finance US, Inc. operates as a movie theater. CROWN FINANCE US: Bank Debt Trades at 72% Discount -------------------------------------------------- Participations in a syndicated loan under which Crown Finance US Inc is a borrower were trading in the secondary market around 28.3 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$650 million facility is a term loan. The loan is scheduled to mature in 2026. As of October 28, 2022, the amount was fully drawn and outstanding. Crown Finance US, Inc. operates as a movie theater. CROWN FINANCE US: EUR607M Bank Debt Trades at 67% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Crown Finance US Inc is a borrower were trading in the secondary market around 33.4 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR607.6 million facility is a term loan. The loan is scheduled to mature in February 2025. As of October 28, 2022, EUR177 million of the amount was drawn and outstanding. Crown Finance US, Inc.,operates as a movie theater. DAVID'S BRIDAL LLC: Bank Debt Trades at 69% Discount ---------------------------------------------------- Participations in a syndicated loan under which David's Bridal LLC is a borrower were trading in the secondary market around 30.75 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$240 million facility is a term loan. The loan is scheduled to mature on January 2024. As of October 28, 2022, USD13.3 million of the amount was drawn and outstanding. Wedding gown retailer David's Bridal Inc. emerged from Chapter bankruptcy in January 2019. DIAMOND SPORTS: 2026 Bank Debt Trades at 79% Discount ----------------------------------------------------- Participations in a syndicated loan under which Diamond Sports Group LLC is a borrower were trading in the secondary market around 20.6 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$3.2 billion facility is a term loan scheduled to mature in August 2026. As of October 28, 2022, the amount was fully drawn and outstanding. Diamond Sports Group LLC is an American media and entertainment company operating as a subsidiary of Sinclair Broadcast Group. DIOCESE OF ROCKVILLE: Taps Jefferies LLC as Investment Banker ------------------------------------------------------------- The Roman Catholic Diocese of Rockville Centre, New York seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Jefferies, LLC as investment banker. The Debtor requires an investment banker to provide financial advice and assistance in connection with a potential merger and acquisition transaction. Jefferies will be paid as follows: -- Monthly Fee. During the term of the engagement, a monthly fee equal to $50,000 until the termination of the engagement. Fifty percent (50%) of all monthly fees actually paid to Jefferies after the payment of three full monthly fees shall be credited once, without duplication, against any transaction fee subsequently payable to the firm (except that, in no event shall such fee be reduced below zero on account of such crediting). -- Transaction Fee. Reasonably promptly upon the closing of a transaction, a fee equal to 2 percent of the transaction value equal to or less than $80 million, plus 3.5 percent of the transaction value greater than $80 million. Richard Morgner, managing director and joint global head of the Debt Advisory & Restructuring Group at Jefferies LLC, 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: Richard Morgner Jefferies LLC 520 Madison Avenue New York, NY 10022 Tel: (212) 284-2300 About The Roman Catholic Diocese of Rockville Centre, New York The Roman Catholic Diocese of Rockville Centre, New York, is the seat of the Roman Catholic Church on Long Island. The Diocese has been under the leadership of Bishop John O. Barres since February 2017. The State of New York established the Diocese as a religious corporation in 1958. The Diocese is one of eight Catholic dioceses in New York, including the Archdiocese of New York. The Diocese's total Catholic population is approximately 1.4 million, roughly half of Long Island's total population of 3.0 million. The Diocese is the eighth largest diocese in the United States when measured by the number of baptized Catholics. The Roman Catholic Diocese of Rockville Centre, New York, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020, listing as much as $500 million in both assets and liabilities. Judge Martin Glenn oversees the case. The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal North America, LLC, as restructuring advisor, and Sitrick and Company, Inc., as communications consultant. Epiq Corporate Restructuring, LLC is the claims agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Diocese's Chapter 11 case. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin Moscou Faltischek, PC as its bankruptcy counsel and special real estate counsel, respectively Robert E. Gerber, the legal representative for future claimants of the Diocese, is represented by the law firm of Joseph Hage Aaronson, LLC. Michael A. Hogan, a retired judge, serves as the Diocese's financial advisor. DONALD CHAE: Lee Buying Buena Park Property for $1.33-Mil. Cash --------------------------------------------------------------- Donald Chae asks the U.S. Bankruptcy Court for the Central District of California to authorize the bidding procedures in connection with the sale of the real property located at 6840 Beach Blvd., in Buena Park, California 90621, to Jong Joo Lee for $1.33 million, cash, subject to overbid. A hearing on the Motion is set for Nov. 16, 2022, at 1:30 p.m. The Debtor is the indirect owner through subsidiaries of certain real property developments. One such development is the mixed use development project in Buena Park, California ("Source Master Development"), comprised of the following: (a) the 400,000 square-foot, three-story retail and entertainment center known as "The Source"; (b) a 50,000 square-foot, seven-story office building (the "Office Building"); and (c) a partially-completed seven-story, 178-room hotel (the "Hotel"). The Source at Beach, LLC ("TSB"), owns the Source Master Development and it leases the Office Building to The Source Office, LLC ("TSO"), and it leased the Hotel to The Source Hotel, LLC ("TSH"). TSB, TSO, and TSH are subsidiaries of the Debtor through the directly owned subsidiary, DMC Investment Holdings, LLC. On April 21, 2022, the Court entered an order authorizing his retention of Kidder Matters of California, Inc. to assist with the marketing and sale of the Property. The Property is located next to The Source. The Property was listed for sale on April 27, 2022 at the price of $1.25 million. To date, over thirty prospective buyers have toured the Property and the Debtor has received 14 offers to purchase the Property. The Buyer is an owner and officer of certain tenants of TSB at The Source. Due to the price and the non-contingent terms, the Broker believes that the Buyer's offer is the best offer received to date. The Debtor obtained a title report dated as of May 16, 2022. As reflected in the title report, United Business Bank holds a deed of trust that secures a claim against the Property. The Debtor is informed that the current amount of the debt secured by the deed of trust is approximately $350,211.18. The title report also reflects a writ of attachment recorded by Shady Bird Lending, LLC on April 7, 2021. As described in the Debtor's prior pleadings, Shady Bird acquired the loan and the deed of trust on the TSH's leasehold interest in the Hotel from Evertrust Bank. TSH commenced its own bankruptcy case on Feb. 26, 2021, in order to prevent the non-judicial foreclosure sale scheduled by Shady Bird for March 1, 2021. On Nov. 4, 2021, Shady Bird filed a proof of claim asserting a wholly unsecured claim. The Debtor is not aware of any other liens against the Property. The salient terms of the Commercial Purchase Agreement and Joint Escrow Instruction are: 1. Buyer: Jong Joo Lee 2. Property to be Sold: The Property, i.e., the real property located at 6840 Beach Blvd., Buena Park, CA 90621. 3. The purchase price for the Property is $1.33 million, payable as follows: (a) a $100,000 deposit has been deposited into escrow; and (b) the balance of the Purchase Price will be paid to escrow within 15 days of the entry of an order by the Court authorizing the sale. The Deposit is non-refundable except as set forth in the Addendum No. 1 to the Agreement. 4. he Buyer is acquiring the Property on an "as is" and "where is" basis without representations, warranties or recourse whatsoever. 5. The sale of the Property to Buyer will be free and clear of any liens. 6. Escrow fees will be paid on a 50/50 basis by the Debtor and the Buyer. 7. The Agreement is non-contingent and the Buyer has waived all contingencies or due diligence requirements other than Court approval. 8. The Agreement is subject to the Court's approval. 9. The sale of the Property is subject to overbids. 10. The listing broker and any cooperating brokers are entitled to share a 6% commission on the Purchase Price. The Debtor proposes the following overbid procedures to govern any bidding: 1. The Bid Deadline is 5:00 p.m. (P.S.T.) on Nov. 14, 2022 (about 48 hours prior to the Auction). A Qualified Bidder that desires to make a bid must deliver a Qualified Bid to the Debtor's Broker, Fouy Ly (fouy.ly@kidder.com) so that it is received by the Bid Deadline. 2. Any due diligence must be completed by the Bid Deadline. Any person seeking due diligence or wishing to view the Property will contact Fouy Ly at fouy.ly@kidder.com or (949) 557-5012. The Debtor may withhold due diligence if the Potential Bidder does not become, or the Debtor determines, in his discretion, that the Potential Bidder is not likely to become, a Qualified Bidder. 3. A bid must exceed the Purchase Price by at least $20,000 and otherwise be on terms, in the Debtor's business judgment, no less favorable than the Agreement. It must be accompanied by a deposit in the amount of $100,000, made payable to the Debtor, which deposit is refundable only if the Qualified Bidder is not deemed the Winning Bidder. 4. If no Qualified Bid is received by the Debtor by the Bid Deadline, then the Debtor will request that the Court approves the sale of the Property to the Buyer and there will be no Auction. If a Qualified Bid is timely received by the Debtor, then the Debtor will hold the Auction. The Auction of the Property will take place virtually via Zoom at 1:30 p.m. (P.S.T.) on Nov. 16, 2022, or such different time or other place as may be determined by the Debtor in his sole discretion. Subsequent overbids must be in minimum increments of $10,000. 5. Disqualification of Potential or Qualified Bidders is left to the Debtor's sole discretion. The Debtor asks the Court to waive the stay of the order granting his Motion imposed by Federal Rule of Bankruptcy Procedure 6004(h) and any other applicable bankruptcy rules. Based on the foregoing, the Debtor respectfully requests that the Court enters an order authorizing the relief sought. A copy of the Agreement is available at https://tinyurl.com/4h2e3wfy from PacerMonitor.com free of charge. About Donald Chae Donald Chae filed a petition for Chapter 11 protection (Bankr. C.D. Calif. Case No. 21-17696) on Oct. 3, 2021. On Oct. 13, 2021, the case was transferred to the Santa Ana division and was assigned a new case number (Case No. 21âˆ’12493). Judge Erithe A. Smith oversees the case. Smiley Wang-Ekvall, LLP serves as Mr. Chae's legal counsel. ELEVATE TEXTILES: Bank Debt Trades at 48% Discount -------------------------------------------------- Participations in a syndicated loan under which Elevate Textiles Inc is a borrower were trading in the secondary market around 52.375 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD125 million facility is a term loan. The loan is scheduled to mature in May 2025. As of October 28, 2022, the amount was full drawn and outstanding. Elevate Textiles provides global textile solutions and manufactures fabric brands for automotive, apparel, interior furnishing and industrial applications. ENDO INTL: D.C. Circuit Restarts FTC's Appeal Despite Chapter 11 ---------------------------------------------------------------- Rick Archer of Law360 reports that the D.C. Circuit on Monday, Oct. 24, 2022, resumed briefing on Federal Trade Commission antitrust claims against Endo Pharmaceuticals Inc. after the FTC argued Endo's Chapter 11 filing didn't require the court to halt the appellate case. Reuters earlier reported that in September 2022, the FTC told the U.S. Court of Appeals for the D.C. Circuit that Endo International's pending bankruptcy should not block the FTC from challenging the dismissal of an antitrust complaint it filed against the pharmaceutical company. The drugmaker filed for bankruptcy amid its effort to resolve more than 3,100 lawsuits over its alleged role in the national opioid epidemic. U.S. law can automatically freeze certain legal actions until bankruptcy proceedings are resolved. Endo has asked a U.S. bankruptcy judge to pause hundreds of state and local government lawsuits. In the D.C. Circuit, the FTC argued the bankruptcy code's automatic stay provision "does not apply to government enforcement of its police and regulatory power, an exception that applies foursquare to this case." The agency's underlying complaint, filed in 2021, alleged Endo struck a deal with Impax Laboratories LLC in 2017 that curbed competition for extended release oxymorphone. Endo disputed the FTC's claims in the trial court, and U.S. District Judge Royce Lamberth in March ruled against the agency. Judge Lamberth said Endo had a "lawful patent monopoly" that was protected under U.S. intellectual property law. Endo's lawyers told the D.C. Circuit that the company "has publicly announced that it has ceased research and development of new opioid medications and has not launched a single opioid medication." Endo's lawyers at Dechert told the D.C. Circuit in a filing that the company "takes no position on the applicability of the bankruptcy code's automatic stay to the instant appeal." In August 2022, Endo said it had reached a $450 million settlement with more than 30 states to resolve opioid lawsuits. The case is Federal Trade Commission v. Endo Pharmaceuticals Inc et al, U.S. Court of Appeals for the D.C. Circuit, No. 22-5137. About Endo International Endo International plc is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ On August 16, 2022, Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549). The Company's cases are pending before the Honorable James L. Garrity, Jr. The Company has put up a Web site dedicated to its restructuring: http://www.endotomorrow.com/ The Debtors tapped Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel; PJT Partners LP as investment banker; and Alvarez & Marsal as financial advisor. Kroll is the claims agent. Roger Frankel, the legal representative for future claimants in these Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP as counsel and Ducera Partners LLC as investment banker. ENVISION HEALTHCARE: $1B Bank Debt Trades at 72% Discount --------------------------------------------------------- Participations in a syndicated loan under which Envision Healthcare Corp is a borrower were trading in the secondary market around 27.6 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD1.0 billion facility is a term loan. The loan is scheduled to mature in March 2027. As of October 28, 2022, the amount was fully drawn and outstanding. Envision Healthcare is an American healthcare company and national hospital-based physician group. It is based in Nashville, Tennessee. ENVISION HEALTHCARE: $2.2B Bank Debt Trades at 52.5% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Envision Healthcare Corp is a borrower were trading in the secondary market around 47.5 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD2.2 billion facility is a term loan. The loan is scheduled to mature in 2027. As of October 28, 2022, the amount was fully drawn and outstanding. Envision Healthcare is an American healthcare company and national hospital-based physician group. It is based in Nashville, Tennessee. ENVISION HEALTHCARE: 2025 Bank Debt Trades at 72% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Envision Healthcare Corp is a borrower were trading in the secondary market around 27.7 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD5.45 billion facility is a term loan. The loan is scheduled to mature in October 2025. As of October 28, 2022, USD3.74 billion of the amount was drawn and outstanding. Envision Healthcare is an American healthcare company and national hospital-based physician group. It is based in Nashville, Tennessee. FAIRFAX HOTEL: Case Summary & Three Unsecured Creditors ------------------------------------------------------- Debtor: Fairfax Hotel, LLC 458 33rd Avenue San Francisco, CA 94121 Business Description: The Debtor is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: October 31, 2022 Court: United States Bankruptcy Court Northern District of California Case No.: 22-30593 Debtor's Counsel: Christopher D. Sullivan, Esq. SULLIVAN BLACKBURN PRATT 456 Montgomery Street Suite 900 San Francisco, CA 94104 Tel: 415-691-4518 Email: csullivan@blackburnpratt.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hitesh Patel as president. A copy of the Debtor's list of three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/4U55X5A/Fairfax_Hotel_LLC__canbke-22-30593__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/4I3CAUQ/Fairfax_Hotel_LLC__canbke-22-30593__0001.0.pdf?mcid=tGE4TAMA FEI HUANG LLC: Taps Reichle Klein Group as Property Manager ----------------------------------------------------------- Fei Huang, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Reichle Klein Group to manage its strip shopping center in Toledo, Ohio. The firm will be paid a set-up fee of $1,500 and a monthly fee of $1,500 or 5 percent of the rents, whichever is greater. Ronald Jurgenson of Reichle Klein Group 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: Ronald J. Jurgenson Reichle Klein Group 550 N Summit St. Toledo, OH 43604 Tel: (419) 861-1100/(419) 794-3959 Fax: (419) 861-1170/(419) 794-6063 Email: rjurgenson@rkgcommercial.com About Fei Huang LLC Fei Huang, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 22-31129) on Aug. 2, 2022. In the petition filed by its manager, Mike Dong, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge John P. Gustafson oversees the case. The Debtor tapped Matthew Thomas Gilmartin, Esq., at Mike Jaafar Law Firm as legal counsel, and Reichle Klein Group as property manager. FONTAINEBLEAU LAS VEGAS: 2012 Bank Debt Trades at 86% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Fontainebleau Las Vegas LLC/Old is a borrower were trading in the secondary market around 14 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$800 million facility is a revolving loan that matured in 2012. The Fontainebleau Las Vegas is a hotel and casino currently under construction on the Las Vegas Strip in Winchester, Nevada. It is scheduled to open in 2023. It sought Chapter 11 bankruptcy protection in 2009. FONTAINEBLEAU LAS VEGAS: 2014 Bank Debt Trades at 86% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Fontainebleau Las Vegas LLC/Old is a borrower were trading in the secondary market around 14 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$350 million facility is a delay-draw term loan that matured in 2014. As of October 28, 2022, USD336.7 million of the amount was drawn and outstanding. The Fontainebleau Las Vegas is a hotel and casino currently under construction on the Las Vegas Strip in Winchester, Nevada. It is scheduled to open in 2023. It sought Chapter 11 bankruptcy protection in 2009. GA-ALF HOLDINGS: Case Summary & Three Unsecured Creditors --------------------------------------------------------- Debtor: GA-ALF Holdings LLC 4751 Mystic Dr., NE Atlanta, GA 30342 Business Description: The Debtor owns in fee simple title a senior living community real property located at 1358 Manchester Dr., NE, Conyers, GA valued at $2.25 million. Chapter 11 Petition Date: October 31, 2022 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 22-58792 Debtor's Counsel: Michael D. Robl, Esq. ROBL LAW GROUP LLC 3754 LaVista Road Suite 250 Tucker, GA 30084 Tel: 404-373-5153 Fax: 404-537-1761 Email: michael@roblgroup.com Estimated Assets: $2,300,050 Total Liabilities: $3,158,066 The petition was signed by Rajesh Shah as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/DF76PYI/GA-ALF_Holdings_LLC__ganbke-22-58792__0001.0.pdf?mcid=tGE4TAMA GENESISCARE USA: $350M Bank Debt Trades at 64% Discount ------------------------------------------------------- Participations in a syndicated loan under which Genesiscare USA Holdings Inc is a borrower were trading in the secondary market around 36.375 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD350 million facility is a term loan. The loan is scheduled to mature in 2027. As of October 28, 2022, the amount was fully drawn and outstanding. Genesiscare USA Holdings Inc is a cancer treatment center in Santa Rosa Beach, Florida. GENESISCARE USA: EUR500M Bank Debt Trades at 64% Discount --------------------------------------------------------- Participations in a syndicated loan under which Genesiscare USA Holdings Inc is a borrower were trading in the secondary market around 36.4375 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR500 million facility is a term loan. The loan is scheduled to mature in 2027. As of October 28, 2022, the amount was fully drawn and outstanding. Genesiscare USA Holdings Inc is a cancer treatment center in Santa Rosa Beach, Florida. GERMAN WISE: Trustee Selling Dental Equipment to Azizi for $25K --------------------------------------------------------------- Don Thacker, the Trustee of German Wise Dental LLC, asks the U.S. Bankruptcy Court for the Western District of Washington to authorize the private sale of dental office equipment to Dr. Hamid Azizi, DDS, for $25,000, subject to higher and/or better offers. A hearing on the Motion is set for Nov. 8, 2022, at 9:00 a.m. (PT). The Objection Deadline was Nov. 1, 2022. Prior to the Petition Date, the Debtor ceased operations. There is no ongoing care and the entity has no patients. The 341 meeting of creditors was conducted and concluded on Aug. 31, 2022, and the Trustee is continuing to investigate the existence and location of property of the estate not subject to exemptions or security interests. A Notice to File Proof of Claim was issued to creditors, and the deadline for filing claims is December 5. The assets of the estate include, among other things, that certain dental equipment and related office equipment, fixtures and furnishings. The Equipment is located at the former dental office of the Debtor at 1538 11th Avenue, Longview, WA 98632, formerly known as Lower Columbia Oral Health. The Equipment is subject to liens and encumbrances which exceed the Purchase Price. On information and upon review of the UCC-1 filings in relation to the Debtor, JPMorgan Chase Bank, N.A. holds a first position security interest fully encumbering all assets of the Debtor, including the Equipment. The lienholders and priority of such liens and encumbrances attributable to the Equipment are JPMorgan Chase Bank, N.A. (4/19/2019), First Corporate Solutions, As Representative (10/30/2019), U.S. Small Business Association (6/28/2020), Commencement Bank (10/06/2020), and Austin Business Finance, LLC (6/11/2021). After the Debtor ceased operations and in the months leading up to the Petition Date, Chase received multiple offers to buy the Equipment. Such offers came from parties interested in buying the building and who, after conducting due diligence, expressed no further interest. Ultimately, Chase decided it was not economically viable to recover and liquidate the Equipment. In order to liquidate the Equipment through the bankruptcy, Chase has agreed to a carveout of 40% of the proceeds from a sale of the Equipment will be paid to the estate for the benefit of unsecured creditors (less costs of administration). All lienholders in relation to the Equipment junior to Chase will not receive a distribution from the proposed sale. The Trustee reached out to and engaged discussions with all the potential purchasers which previously expressed interest to Chase. During that time, the Buyer closed on the purchase of the building where the Equipment is located. Through discussions with the Buyer and other potential purchasers, the Trustee solicited interest and offers to purchase the Equipment and ultimately obtained an offer from the Buyer to purchase the Equipment for $25,000. Accordingly, Chase will carveout $10,000 from the sale to be paid to the estate. While the Trustee does not anticipate there to be any such costs, any such costs of transport or storage will be borne by the Buyer. All terms and conditions of the sale are set forth in the Motion; there is no separate purchase agreement. The Trustee requests that any order approving the sale of the Equipment be effective immediately by providing that the 14-day stay under Bankruptcy Rule 6004(h) is waived. A copy of the Motion is available at https://tinyurl.com/2fed3mwn from PacerMonitor.com free of charge. German Wise Dental LLC filed a voluntary petition for relief under chapter 7 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 22-40773-BDL) on June 24, 2022. Don Thacker was appointed trustee of the bankruptcy estate. GINN-LA QUAIL: $360M Bank Debt Trades at 98% Discount ----------------------------------------------------- Participations in a syndicated loan under which Ginn-LA Quail West Ltd LLLP is a borrower were trading in the secondary market around 2.20 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD360 million facility is a term loan that matured in June 2011. The amount is fully drawn and outstanding. Five Ginn-LA related entities associated with two Florida communities (Tesoro in Port St. Lucie and Quail West near Naples) filed for Chapter 7 in 2008. GINN-LA QUAIL: Bank Debt Trades at 98% Discount ----------------------------------------------- Participations in a syndicated loan under which Ginn-LA Quail West Ltd LLLP is a borrower were trading in the secondary market around 2.20 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD165 million facility is a synthethic revolving loan that matured in 2011. Five Ginn-LA related entities associated with two Florida communities (Tesoro in Port St. Lucie and Quail West near Naples) filed for Chapter 7 in 2008. GREGORY A. DEAKIN: Debora Selling Cuba Properties for $1.37 Million ------------------------------------------------------------------- Debora R. Deakin asks the U.S. Bankruptcy Court for the Central District of Illinois to approve her sale of the following property to Colin J. Deakin and Alexandrea J. Atchley for $1,372,000: a. PIN 12-12-13-100-003: 21632 North Cameron Road, Cuba, IL – residence, carport, three barns and one grain bin – approx. 6.5 acres; b. PIN 12-12-13-100-002: Cameron Road, Cuba, IL – approx. 72 acres; c. PIN 12-12-13-200-003: Cameron Road, Cuba, IL – approx. 1.5 acres; d. PIN 12-12-13-200-001: Cameron Road, Cuba IL – includes one barn – approx. 112 acres; and e. PIN 12-12-13-100-001 (Part): East Cameron Road, Cuba, IL – approx. 39 acres. Pursuant to the Contract, the Debtor has received an offer from the Buyers to purchase said property. All liens and encumbrances will be handled through the ordinary closing process. After payment of costs, including but not limited to the mortgage lien, tax liens, other liens of record, real estate taxes, closing costs and real estate sales commissions, if any, the Debtor does not expect to receive any proceeds from this sale because her payoff balance on the multiple cross-collateralized loans/mortgages and tax liens is in excess of the sale price. The Debtor is of the opinion that such an offer is fair and reasonable, and it is in the best interests of this estate, and requests that the Court approves said sale. A copy of the Contract is available at https://tinyurl.com/38t6d998 from PacerMonitor.com free of charge. The bankruptcy case is In re: Gregory A. Deakin and Debora R. Deakin, Case No. 22-80176 (Bankr. C.D. Ill.). GREGORY P. RUSSELL: Selling Tallahassee Property for $200K ---------------------------------------------------------- Gregory P. Russell asks the U.S. Bankruptcy Court for the Northern District of Florida to authorize the sale of approximately 10 acres of vacant land located at Portland Avenue, in Tallahassee, Florida 32303, to Commercial Real Estate Consultant Services LLC for $200,000. The Debtor owns the Portland Avenue Property. The Portland Avenue Property is subject to a mortgage in favor of United National Bank ("UNB"). Through the instant Motion, the Debtor seeks to sell the Portland Avenue Property to the Buyer for $200,000, in accordance with the terms of their Contract. Through the sale of the Portland Avenue Property, the Debtor intends on paying UNB all of the net proceeds from the sale. While the estate will not realize any net sale proceeds from the instant sale, he is seeking Court approval of the sale pursuant to its settlement with UNB that will be memorialized in a settlement motion which he will seek approval of via Fed. R. Bankr. P. 9019. The Debtor asks the entry of an order pursuant to Section 363 of the Bankruptcy Code approving the sale of the Portland Avenue Property to the Buyer, free and clear of all liens, claims, encumbrances and interests. All fees, closing costs, settlement costs, and taxes including county taxes, recording, transfer, and tax stamps will be paid at closing or as otherwise set forth in the Contract. AAdditionally, the Debtor asks that any order granting the Motion provides that the stay period under Rule 6004(h) and 6006(d), and any other applicable stay periods, be waived, such that the stay requirement of Rule 6004(h) is lifted immediately upon the execution of the Order. A copy of the Contract is available at https://tinyurl.com/3vf8senz from PacerMonitor.com free of charge. Gregory P. Russell sought Chapter 11 protection (Bankr. N.D. Fla. Case No. 21-40054) on Feb. 18, 2021. The Debtor tapped Robert Bruner, Esq., at Bruner Wright, P.A. as counsel. GWG DLP FUNDING: Voluntary Chapter 11 Case Summary -------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- GWG DLP Funding IV, LLC 22-90336 325 N. St. Paul Street Suite 2650 Dallas, TX 75201 GWG DLP Funding VI, LLC 22-90337 GWG DLP Funding Holdings VI, LLC 22-90338 Business Description: The DLP Debtors own a policy portfolio of near-duration, intermediate-duration, and long-duration life insurance policies. The Policy Portfolio generates death benefit funds after a Policy matures, which are used to fund monthly premiums for the remainder of the Policy Portfolio, in addition to certain other Company costs and expenses. The DLP Debtors' Chapter 11 Cases have been jointly administered by the Court under the Bankruptcy Case of GWG Holdings, Inc., et al., (Case No. 22-90032). Chapter 11 Petition Date: October 31, 2022 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Marvin Isgur Debtors' Bankruptcy Counsel: Kristhy M. Peguero, Esq. JACKSON WALKER LLP 1401 McKinney Street, Suite 1900 Houston, TX 77010 Tel: (713) 752-4200 Email: kpeguero@jw.com Debtors' General Bankruptcy Counsel: MAYER BROWN LLP Debtors' Financial Advisor: FTI CONSULTING, INC. Debtors' Investment Banker: PJT PARTNERS Debtors' Notice & Claims Agent: DONLIN RECANO & COMPANY Estimated Assets: $500 million to $1 billion Estimated Liabilities: $100 million to $500 million The petitions were signed by Murray Holland, president and chief executive officer. Full-text copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/DVFY6FY/GWG_DLP_Funding_IV_LLC__txsbke-22-90336__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/DIK62FQ/GWG_DLP_Funding_VI_LLC__txsbke-22-90337__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/AHNWWGY/GWG_DLP_Funding_Holdings_VI_LLC__txsbke-22-90338__0001.0.pdf?mcid=tGE4TAMA H. EDWARDS PARIS: Taps Servicecpa as Accounting Advisor ------------------------------------------------------- H. Edwards Paris, DDS, P.C. received approval from the U.S. Bankruptcy Court for the Middle District of Georgia to employ Servicecpa, P.C. as its accounting advisor. The Debtor requires an accounting advisor to: (a) provide litigation support in connection with the confirmation of a Chapter 11 plan to be filed by the Debtor; (b) provide opinions about the calculation of compensation for an endodontist in the Columbus, Georgia community; (c) provide opinions concerning other expenses of the Debtor's practice; (d) provide advice on other matters. Servicecpa will be paid at these rates: Robert I. Behar $350 per hour Staffs $45 to $150 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. Robert Behar, a partner at Servicecpa, 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: Robert I. Behar Servicecpa, P.C., d/b/a Behar, Reid, Melton & Brown, CPA 2821 Harley Ct. Columbus, GA 31909 Tel: (706) 576-4900 Email: bobby@servicecpa.com About H. Edwards Paris, DDS, P.C. H. Edward Paris, DDS, P.C., an endodontics practice in Columbus, Ga., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 21-40150) on April 8, 2021. In the petition signed by its authorized representative, Edward Paris, the Debtor reported up to $100,000 in assets and up to $10 million in liabilities. Judge John T Laney, III oversees the case. Fife M. Whiteside, P.C. and Newell & Newell, P.C. serve as the Debtor's legal counsel and accountant, respectively. HERITAGE POWER: Bank Debt Trades at 65% Discount ------------------------------------------------ Participations in a syndicated loan under which Heritage Power LLC is a borrower were trading in the secondary market around 34.625 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$520 million facility is a term loan. The loan is scheduled to mature in August 2026. As of October 28, 2022, the amount was fully drawn and outstanding. Heritage Power LLC is an electric utility company in McAllen, Texas. HUB INTERNATIONAL: S&P Rates New $850MM Sr. Secured Term Loan 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue rating to HUB International Ltd.'s (B/Stable/--) proposed $850 million senior secured incremental term loan B. The recovery rating is '3', indicating its expectation for meaningful (50%) recovery of principle in the event of a default. The proposed term loan is expected to contain identical terms as the company's existing term loans, but with higher pricing. Also, the proposed incremental loan will be SOFR based, while the existing loans remain LIBOR based. S&P expects the company to use the proceeds primarily to finance upcoming acquisitions under letter of intent as well as refinance revolver borrowings ($141 million as of the second quarter of 2022). HUB's leverage in the 12 months ended June 30, 2022, pro forma for the debt issuance (but only including earnings from deals closed as of the second quarter), is about 7.7x, with S&P Global Ratings-adjusted EBITDA coverage of mid-2x. Despite modest deterioration from this transaction, as well as the rising interest rate affecting debt servicing on the company's variable-rate debt, the company continues to have a healthy cushion within our rating parameters. HUB has maintained favorable performance in 2022, with total organic growth of 9% the first half of the year on strong new business and retention trends as well as a favorable rate and exposure environment. S&P Global Ratings-adjusted EBITDA margin of 36.6% for the 12 months ended June 30, 2022, remains favorable but is down roughly 150 basis points from a year ago. This decline was expected as travel and entertainment costs return, Canadian contingents normalize (from abnormally high levels in the prior year period), and the company continues to make sales and technology investments. Despite the economic slowdown, S&P expects HUB to continue to perform well in 2023 on continued traction in its organic initiatives and benefits from inflation on the top line mitigating the weaker real GDP growth. In addition, the company's business model has a large recurring and non-discretionary core product base, which helps in limiting volatility. HUSCH & HUSCH: Liquidating Agent Proposes Auction Sale of Equipment ------------------------------------------------------------------- McCallen & Sons, Inc. ("MSI"), in its capacity as the Court-appointed liquidating agent of Husch & Husch, Inc., asks the Bankruptcy Court for the Eastern District of Washington to authorize its auction sale of the remainder of the equipment and vehicles used in the Debtor's business. Upon MSI's appointment, as contemplated by the Plan and the Appointment Order, the Debtor's ordinary sales ceased and MSI began the process of liquidating its assets used in conjunction with operations. The Debtor owned various equipment, including trucks and other equipment utilized in its business of selling liquid and dry fertilizers to the agricultural industry. The Liquidating Agent now proposes to sell the remainder of the equipment and vehicles used in the business. It has evaluated the best method of liquidating these assets and seeks Court approval to employ Chuck Yarbro Auctioneers, the preferred equipment marketing group in the Yakima area, to conduct an auction of the Equipment. A featured list of the Equipment that will likely be sold can be found at page 4 of the Yarbro Liquidation Proposal. As detailed by the Liquidation Proposal, Yarbro will engage in extensive marketing and publicity prior a virtual online auction, which it proposes to conduct on Nov. 18, 2022. Prior to the auction, interested bidders will be able to preview equipment online or on location, and place proxy bids prior to the start of the virtual event. Or, interested bidders will be able to participate and bid on equipment in real time the day of the auction. Yarbro will collect an 8% fee on all Equipment sold at the auction, in exchange for inventorying the equipment, marketing the auction, qualifying bidders, setting up and running the auction, collecting proceeds and satisfying liens, and facilitating title transfers and load out. All equipment will be sold as-is. A 5% buyer's premium will also be collected on all items sold. The proposed sale of the Equipment would be free and clear of liens, encumbrances, and all rights of redemption, with any and all security interests and other encumbrances on the assets transferring and attaching to the proceeds of the sale, net of reasonable expenses incurred in the disposition of the assets. In the Liquidating Agent's reasonable business judgment, utilizing Yarbro to sell the Equipment at auction is in the best interest of the estate, its creditors, and other interested persons. It believes the consideration to be paid in the proposed transactions will be fair and reasonable and the auction as proposed would not unfairly benefit insiders, proprietary buyers, or any creditor. MSI proposes to pay lienholders and holders of allowed claims in accordance with the priority set forth in Article X of the Plan, subject to a reasonable holdback of 20% to pay current costs of the Liquidating Agent and its professionals. The Liquidating Agent's fees and costs, along with the auctioneer's commission, represent reasonable and necessary expenses of preserving, protecting, and disposing of the Equipment. As such, the Liquidating Agent seeks the Court's permission to pay all costs of closing the transactions contemplated herein including auctioneer's commission and pay proceeds to lienholders and allowed claimholders in their respective priorities as set forth in Article X of the Plan, subject to a 20% holdback for payment of the fees and costs of the Liquidating Agent and its professionals. About Husch & Husch Husch & Husch, Inc. -- http://www.huschandhusch.com/-- is a family-owned and operated agricultural chemical and fertilizer company located in Harrah, Washington. It provides conventional and organic fertilizers, micro-nutrient technology, and chemicals to help make lawn, garden, agronomic crops, and fruit trees grow to their full potential. Husch & Husch was founded in 1937 by Pete Husch. Husch & Husch, Inc., based in Harrah, WA, filed a Chapter 11 petition (Bankr. E.D. Wash. Case No. 20-00465) on March 4, 2020. In the petition signed by CFO Allen Husch, the Debtor disclosed $12,284,732 in assets and $5,966,019 in liabilities. Dan O'Rourke, Esq., at Southwell & O'Rourke, P.S., is the Debtor's bankruptcy counsel. On Aug. 25, 2021, the court confirmed the Debtor's Fourth Amended Plan. Pursuant to the Plan, on Oct. 12, 2021, the court appointed McCallen & Sons, Inc. as the liquidating agent under the Plan. INTERNAP CORP: Bank Debt Trades at 47% Discount ----------------------------------------------- Participations in a syndicated loan under which Internap Corp is a borrower were trading in the secondary market around 53 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD225 million facility is a PIK term loan. The loan is scheduled to mature in May 2025. As of October 28, 2022, the amount was fully drawn and outstanding. Internap Corporation sells data center and cloud computing services. The company is headquartered in Reston, Virginia, and has data centers located in North America, EMEA and the Asia-Pacific region. ISAGENIX INTERNATIONAL: Bank Debt Trades at 56% Discount -------------------------------------------------------- Participations in a syndicated loan under which Isagenix International LLC is a borrower were trading in the secondary market around 43.9 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD375 million facility is a term loan. The loan is scheduled to mature in June 2025. As of October 28, 2022, USD295 million of the amount was drawn and outstanding. Isagenix International LLC is a privately held multi-level marketing company that sells dietary supplements and personal care products. The company is based in Gilbert, Arizona. J CREW: $1.3B Bank Debt Trades at 48% Discount ---------------------------------------------- Participations in a syndicated loan under which J Crew Group LLC is a borrower were trading in the secondary market around 51.75 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD1.3 billion facility is a term loan. The loan was scheduled to mature in March 2021. As of October 28, 2022, USD1.15 billion of the amount was drawn and outstanding. J Crew Group, Inc., is an American multi-brand, multi-channel, specialty retailer. J CREW: $182M Bank Debt Trades at 48% Discount ---------------------------------------------- Participations in a syndicated loan under which J Crew Group LLC is a borrower were trading in the secondary market around 51.75 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD182 million facility is a term loan. The loan was scheduled to mature in 2021. As of October 28, 2022, USD177 million of the amount was drawn and outstanding. J Crew Group, Inc., is an American multi-brand, multi-channel, specialty retailer. JOHN W. MCCRUMMEN: $60K Sale of Enterprise Property to Pecan Okayed ------------------------------------------------------------------- Judge Christopher L. Hawkins of the U.S. Bankruptcy Court for the Middle District of Alabama authorized John Wayne McCrummen's sale of the real property located at 901 Geneva Highway, Enterprise, Coffee County, Alabama, parcel number of 19 16 05 21 3 002 062.00 to Pecan Grove Development, LLC for $60,000. The Proceeds are determined to represent a fair market value for the Property. The Court ﬁnds that there are two encumbrances on the Property which are enumerated in the following order of priority: SMS Financial Strategic Investments III, LLC (judgment lien); and Bonnie C. James, et. al. (judgment lien). To that end, the Proceeds are understood to be insufficient to completely satisfy the first-priority claim of SMS such that the second-priority claim of James will receive no distribution from the Proceeds. The Proceeds will be applied towards the principal debt in favor of SMS, which is fully secured pursuant to its first-priority lien position. The claim of James is wholly unsecured as to the Property, therefore, will not receive any distribution from the contemplated sale. To the extent, the underlying, respective claims of SMS and/or James are not satisfied, such liens are avoided pursuant to 11 U.S.C. Section 506 vis-a-vie the Properties; and, therefore, the Debtor is authorized to proceed sell the Property free and clear of such liens. John Wayne McCrummen sought Chapter 11 protection (Bankr. M.D. Ala. Case No. 22-10110) on Feb. 3, 2022. JUUL LABS: Discusses Possible Bailout With 2 Big Investors ---------------------------------------------------------- Reuters reports that Juul Labs Inc. is in talks with two of its investors about a bailout that could help it avoid a bankruptcy filing, the Wall Street Journal reported on Monday, citing people familiar with the matter. Hyatt Hotels heir Nick Pritzker and California investor Riaz Valani are considering putting up money to cover the e-cigarette maker's operations and near-term legal liabilities, the report said. The bailout would help Juul stay in business and pursue the resolution of a dispute with federal regulators over whether its products can remain on the U.S. market, according to the report. The U.S. Food and Drug Administration (FDA) in June 2022 banned the sale of Juul's e-cigarettes in a major blow to the once high-flying firm whose products have been tied to a surge in teenage vaping. The FDA order was later temporarily stayed. In a statement to the WSJ, Juul said it continues to explore several strategic options to secure its business and address the impact of the FDA's stayed order "as we fight to preserve our mission of transitioning adult smokers away from cigarettes while combating underage use." In July 2022, Juul had said it was in the early stages of exploring several options including financing alternatives. read more Juul did not immediately respond to a Reuters request for comment, while parent Altria Group (MO.N) deferred questions to Juul. About Juul Labs Inc. JUUL Labs, Inc., formerly known as Pax Labs, Inc., is an American electronic cigarette company, with its principal place of business in San Francisco, California. Marlboro cigarette maker Altria Group Inc (MO.N) paid $12.8 billion in 2018 for a 35% stake in Juul. Altria valued that stake at $450 million as of June 30, 2022. Juul had been the market leader in e-cigarettes since 2018, according to Euromonitor International. As of 2020, the company held 54.7% share of the $9.38 billion U.S. e-vapor market. On June 23, 2022, the U.S. Food and Drug Administration ordered Juul to remove its e-cigarettes from the U.S. market effective immediately, saying that Juul had failed to show the sale of its products would be appropriate for public health. The Columbia Circuit Court of Appeals on June 24, 2022, granted Juul's emergency request for a stay, pending its appeal of the decision. The FDA later said it was withholding the ban as it was doing an additional review of the company's marketing application. In July 2022, reports said that Juul was considering its options, including bankruptcy, and reportedly hired Kirkland & Ellis and Alvarez & Marsal, as well as bankers at Centerview Partners. On Sept. 6, 2022, Juul agreed to pay $438.5 million to settle claims by 34 U.S. states and territories over its marketing and sales practices, including that it improperly courted teenage buyers. On Sept. 20, 2022, Juul Labs sued the FDA in a federal court in Washington, D.C., over the agency's refusal to disclose documents supporting its order banning the company from selling e-cigarettes. The case is Juul Labs Inc v Food & Drug Administration, U.S. District Court, District of Columbia, No. 22-02853. K&N PARENT: Bank Debt Trades at 70% Discount -------------------------------------------- Participations in a syndicated loan under which K&N Parent Inc. is a borrower were trading in the secondary market around 30 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$100 million facility is a term loan. The loan is scheduled to mature in October 2024. As of October 28, 2022, the amount was fully drawn and outstanding. K&N Parent Inc. is a car, truck, and motorcycle aftermarket parts provider. LIGADO NETWORKS: Bank Debt Trades at 59% Discount ------------------------------------------------- Participations in a syndicated loan under which Ligado Networks LLC is a borrower were trading in the secondary market around 40.625 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD117.6 million facility is a term loan. The loan is scheduled to mature in May 2023. As of October 28, 2022, the amount was fully drawn and outstanding. Ligado Networks, formerly known as LightSquared, is an American satellite communications company. After restructuring, emerging from bankruptcy and modifying its network plan, the new company, Ligado Networks, launched in 2016. LIVEONE INC: Expects to Report at Least $23M Q2 Fiscal 2023 Revenue ------------------------------------------------------------------- LiveOne announced that, on a preliminary and unaudited basis, it expects to report consolidated revenue in excess of $23 million, Adjusted EBITDA* of approximately $4 million, and current assets of approximately $25 million for its second fiscal quarter ended Sept. 30, 2022. LiveOne's Audio Division consisting of streaming music service provider, Slacker Radio and podcast network, PodcastOne, is expected to post revenue of $21 million and Adjusted EBITDA* of approximately $6 million for Q2 Fiscal 2023. Paid members as of Sept. 30, 2022 increased to 1.75 million, a net increase of approximately 154,000 as compared June 30, 2021. Total members (paid and free ad-supported) as of Sept. 30, 2022 were 2.55 million.** LiveOne is also raising its consolidated full-year Fiscal 2023 Adjusted EBITDA* guidance to between $8.5 million and $11.5 million largely based on the continued strong operating performance of its Audio Division. In July 2022, LiveOne announced that PodcastOne closed a $8.1 million financing at a post-money valuation of $68 million as part of its intention to spin-out PodcastOne as a separate public company and dividend of a portion of its common equity to 15K+ LiveOne shareholders. LiveOne expects to file a Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission by Dec. 31, 2022 and complete the spin-out by the end of its Fiscal 2023. LiveOne will announce a record date for the Dividend on a later date, subject to meeting applicable regulatory requirements. About LiveOne Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ: LVO) (formerly known as LiveXLive Media, Inc.) is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. LiveOne reported a net loss of $43.91 million for the year ended March 31, 2022, compared to a net loss of $41.82 million for the year ended March 31, 2021. As of June 30, 2022, the Company had $72.37 million in total assets, $82.15 million in total liabilities, and a total stockholders' deficit of $9.78 million. Los Angeles, California-based BDO USA, LLP, the Company's former auditor, issued a "going concern" qualification in its report dated June 29, 2022, citing that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. LOYALTY VENTURES: Bank Debt Trades at 67% Discount -------------------------------------------------- Participations in a syndicated loan under which Loyalty Ventures Inc is a borrower were trading in the secondary market around 33.0625 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD500 million facility is a term loan. The loan is scheduled to mature on March 11, 2027. As of October 28, 2022, USD472 million of the amount was drawn and outstanding. Dallas-based Loyalty Ventures Inc. is a provider of technology-enabled, data-driven consumer loyalty solutions. MEDICAL DEPOT: Bank Debt Trades at 81% Discount ----------------------------------------------- Participations in a syndicated loan under which Medical Depot Holdings Inc is a borrower were trading in the secondary market around 18.8 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD167 million facility is a term loan. The loan is scheduled to mature in January 2024. As of October 28, 2022, the amount was fully drawn and outstanding. Medical Depot Holdings, Inc., operates as a holding company. The Company, through its subsidiaries, manufactures and distributes medical equipment. MICHAEL JAY FLESHER: Selling 2013 Dodge Durango to Stepmother ------------------------------------------------------------- Michael Jay Flesher asks the U.S. Bankruptcy Court for the Middle District of Georgia to authorize the sale of interest in a 2013 Dodge Durango to Shellia A. Flesher for no consideration. A hearing on the Motion is set for Nov. 29, 2022, at 10:00 a.m. The Objection Deadline is Nov. 2, 2022. The Debtor listed a titular interest in the Vehicle. His deceased father paid for the Vehicle and possessed the Vehicle until his recent passing post-petition. He retained a titular interest in the Vehicle to assist his deceased father by paying for the insurance coverage on the Vehicle. The Buyer was married to the Debtor's father and is now in possession of the Vehicle. The Debtor wishes to transfer his titular interest in the Vehicle to the Buyer for no consideration. The transfer will ensure the feasibility of the plan since the Debtor will no longer be paying for the insurance coverage on the Vehicle. The Debtor requests permission to execute any instrument necessary to effectuate the transfer pursuant to Fed.R.Bankr.P. 6004(f)(2). He also requests a waiver of the 14-day stay period set forth in Fed.R.Bankr.P. 6004(h). Michael Jay Flesher sought Chapter 11 protection (Bankr. M.D. Ga. Case No. 22-50787) on July 20, 2022. The Debtor tapped Robert Matson, Esq., at Akin, Webster & Matson, P.C. as counsel. MICHAEL JAY FLESHER: Wests Buying Fitzgerald Property for $25K -------------------------------------------------------------- Michael Jay Flesher asks the U.S. Bankruptcy Court for the Middle District of Georgia to authorize the private sale of the real property known as 930 N. Merrimac Drive Extension, in Fitzgerald, Georgia 31750, to to Tiffany C. West and Michael E. West for $25,000. A hearing on the Motion is set for Nov. 29, 2022 at 10:00 a.m. The Objection Deadline is Nov. 2, 2022. The Debtor listed an interest in the Property as an asset in his schedules. There are no liens on the Property. The Debtor purchased the Property in 2017 for $25,000. The tax value of the Property is $32,238. However, he believes the value of the Property is probably less than $25,000 due to its current condition. The Debtor proposes to sell the Property by private sale to the Buyers in accordance with the terms of the Contract. The Buyers are insiders. Tiffany C. West is the Debtor's step-sister, and Michael E. West is his step-brother-in-law. The Property is unencumbered, and there will be no brokerage commission associated with the sale. The price for the Property is fair based on its current condition and since there will be no brokerage commission associated with the sale. The Debtor will be responsible for the pro-rated 2022 ad-valorem taxes through the date of the sale. The Buyers will be responsible for all closing costs associated with the sale. The Debtor's attorney will retain the net sales proceeds in his trust account and will not disburse the funds until further order from the Court. The Debtor requests permission to execute any instrument necessary to effectuate these sales pursuant to Fed.R.Bankr.P. 6004(f)(2). He also requests a waiver of the 14-day stay period set forth in Fed.R.Bankr.P. 6004(h). A copy of the Contract is available at https://tinyurl.com/mrxsc7d4 from PacerMonitor.com free of charge. Michael Jay Flesher sought Chapter 11 protection (Bankr. M.D. Ga. Case No. 22-50787) on July 20, 2022. The Debtor tapped Robert Matson, Esq., at Akin, Webster & Matson, P.C. as counsel. MITEL NETWORKS: S&P Downgrades ICR to 'SD' on Distressed Exchange ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Mitel Networks (International) Ltd. to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue-level ratings on the company's first-lien senior secured debt to 'D' from 'CCC' and its second-lien senior secured debt to 'D' from 'CC'. Mitel Networks completed a distressed debt exchange transaction with a majority of its debtholders on Oct. 18, 2022. The financing transaction involved exchange of about US$755 million of its existing first- and second-lien term loan facilities into new second-out and third-out debt facilities at below par value. S&P views the transaction as distressed and tantamount to a default because its creditors received less value than they were initially promised under the original securities. S&P's assessment reflects the following features of the transaction: -- The amount of new debt exchanged is less than the original par amount; -- The new debt's maturity dates extend beyond those of the original instruments; -- The non-participating secured first lien and second lien holders' ranking on the collateral has weakened because the participating lenders will benefit from enhanced collateral under the new facilities. S&P believes the transaction has improved Mitel's liquidity position and financial flexibility. However, the company's existing capital structure remains unsustainable because the company has a substantial debt burden. Moreover, its operations remain pressured as RingCentral Inc.'s cloud platform migration has been slower than expected and S&P believes there will be execution risks underpinned by weakening macroeconomic conditions. Over the coming days, S&P plans to reassess its issuer credit rating on Mitel. S&P will also review its issue-level ratings on the existing debt to reflect the company's revised capital structure. S&P's analysis will consider the company's competitive position, revised capital structure, and liquidity position. 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 Mitel, 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." MKS REAL ESTATE: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: MKS Real Estate, LLC 9100 US Highway 287 Fort Worth, TX 76177 Business Description: The Debtor owns and operates an office building valued at $14.4 million. Chapter 11 Petition Date: October 31, 2022 Court: United States Bankruptcy Court Northern District of Texas Case No.: 22-42618 Debtor's Counsel: J. Jermaine Watson, Esq. CANTEY HANGER LLP 600 West 6th Street Fort Worth, TX 76102-3685 Tel: 817-877-2861 Fax: 817-333-2961 Email: jwatson@canteyhanger.com Total Assets: $14,402,583 Total Liabilities: $8,886,830 The petition was signed by Luis Leal as managing member. The Debtor stated it has no creditors holding unsecured claims. A full-text copy of the petition is available for free at: https://www.pacermonitor.com/view/GW6ZCQQ/MKS_Real_Estate_LLC__txnbke-22-42618__0001.0.pdf?mcid=tGE4TAMA MLN US HOLDCO: Bank Debt Trades at 61% Discount ----------------------------------------------- Participations in a syndicated loan under which MLN US Holdco LLC is a borrower were trading in the secondary market around 39.375 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD260 million facility is a term loan. The loan is scheduled to mature in November 2026. As of October 28, 2022, the amount was fully drawn and outstanding. MLN US Holdco LLC was formed by Searchlight Capital Partners, L.P. to facilitate its acquisition of Mitel Networks Corporation. The Company manufactures communication equipment. MOBITEK LLC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Mobitek, LLC DBA Cell & Sell LLC DBA Mobile Zone DBA Mobitek 5877 NW 108 Place Miami, FL 33178 Chapter 11 Petition Date: November 1, 2022 Court: United States Bankruptcy Court Southern District of Florida Case No.: 22-18538 Judge: Hon. Robert A. Mark Debtor's Counsel: David A. Ray, Esq. DAVID A. RAY, P.A. 303 SW 6th Street Fort Lauderdale, FL 333 Tel: 954-399-0105 Email: dray@draypa.com Total Assets: $47,320 Total Liabilities: $1,054,423 The petition was signed by Fadi Jaafar as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/E3TRVTA/Mobitek_LLC__flsbke-22-18538__0001.0.pdf?mcid=tGE4TAMA NABORS INDUSTRIES: Posts $14 Million Net Loss in Third Quarter -------------------------------------------------------------- Nabors Industries Ltd. reported a net loss attributable to common shareholders of $13.78 million on $698.95 million of total revenues and other income for the three months ended Sept. 30, 2022, compared to a net loss attributable to common shareholders of $122.50 million on $524.36 million of total revenues and other income for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss attributable to common shareholders of $281.20 million on $1.89 billion of total revenues and other income compared to a net loss attributable to common shareholders of $459.25 million on $1.47 billion of total revenues and other income for the same period in 2021. As of Sept. 30, 2022, the Company had $4.76 billion in total assets, $3.48 billion in total liabilities, $683 million in redeemable noncontrolling interest in subsidiary, and $596.16 million in total equity. Anthony G. Petrello, Nabors Chairman, CEO and president, commented, "We had an outstanding third quarter. All of our operating segments grew sequentially. Total adjusted EBITDA increased to pre-pandemic levels, and the U.S. Drilling segment once again delivered strong growth, largely driven by continued dayrate increases in the Lower 48 market. Daily margin and EBITDA also improved in our International segment. In Drilling Solutions, the annual EBITDA run rate exceeded $100 million, and gross margin set another all-time high. "The Lower 48 remains robust. For some time, leading-edge daily revenue has been significantly higher than our quarterly average. This remains the case today. In the third quarter our average daily revenue increased by more than $3,600 sequentially, or 14%. Meanwhile, leading-edge daily revenue is nearly $10,000 higher than the third quarter's average. "High utilization and strong demand in the Lower 48 for high-specification rigs reflect the constructive commodity price environment and our customers' strong appetite for technologies that deliver high-end drilling performance. We expect additional rig count growth from our largest customers through the end of 2022. The discussions underway for 2023 reinforce our confidence in our target to reach 100% utilization of our high-specification fleet in 2023. "The growth outlook in our International segment has solidified. In Saudi Arabia, our customer has recently agreed to renew 24 rigs on four-year term contracts at current market rates. As a result, over the past several quarters, 33 of the 43 rigs in the existing SANAD fleet have been extended on four-year term contracts. SANAD expects to redeploy an existing rig and add one more newbuild rig in the current quarter. Early in 2023, the remaining three newbuilds from Saudi Aramco's initial award should start operations. In Latin America, over the next few quarters we expect to add several units across markets. "Revenue in our Drilling Solutions segment accelerated in the third quarter, growing sequentially by 11%. This improvement was broad-based, as Nabors U.S. rigs, third-party U.S. rigs, and International all saw faster growth in the quarter. "We are very encouraged by the progress we have made in our Energy Transition initiatives. On one of our rigs, we recently deployed our innovative energy storage solution using ultracapacitors, instead of lithium batteries. In addition, testing of our hydrogen injection module is now underway on another rig. Finally, we are in the process of installing another seven PowerTAPTM modules, which allows us to connect these rigs directly and quickly to the grid. We will have 15 units deployed by year end, and another 10 in 2023." Mr. Petrello concluded, "We are proud of our third quarter results. As we look ahead, the commodity price environment remains positive, globally, for both oil and gas. Several of our strategic initiatives - building the drilling performance software portfolio, targeting the third-party rig market, and modularizing our technology - are gaining momentum. These set us in a unique position to capitalize on the favorable market. With that, we anticipate even stronger results in the fourth quarter." A full-text copy of the press release is available for free at: https://www.sec.gov/Archives/edgar/data/1163739/000110465922111203/tm2228883d1_ex99-1.htm About Nabors Nabors (NYSE: NBR) owns and operates land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties. Nabors reported a net loss of $543.69 million for the year ended Dec. 31, 2021, a net loss of $762.85 million for the year ended Dec. 31, 2020, a net loss of $680.51 million for the year ended Dec. 31, 2019, a net loss of $612.73 million for the year ended Dec. 31, 2018, and a net loss of $540.63 million for the year ended Dec. 31, 2017. As of June 30, 2022, the Company had $4.80 billion in total assets, $3.52 billion in total liabilities, $680.40 million in redeemable noncontrolling interest in subsidiary, and $600.80 million in total equity. * * * Also in November 2021, Fitch Ratings affirmed Nabors Industries, Ltd.'s and Nabors Industries, Inc.'s (collectively, Nabors) Issuer Default Ratings (IDRs) at 'CCC+'. NATIONAL CINEMEDIA: 2025 Bank Debt Trades at 53% Discount --------------------------------------------------------- Participations in a syndicated loan under which National CineMedia LLC is a borrower were trading in the secondary market around 46.8 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD270 million facility is a term loan. The loan is scheduled to mature in June 2025. As of October 28, 2022, USD258.5 million of the amount was drawn and outstanding. National CineMedia is an American cinema advertising company. NCM displays ads to U.S. consumers in movie theaters, online and through mobile technology. NBG ACQUISITION: Bank Debt Trades at 54% Discount ------------------------------------------------- Participations in a syndicated loan under which NBG Acquisition Inc is a borrower were trading in the secondary market around 46 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD260 million facility is a term loan. The loan is scheduled to mature in April 2024. As of October 28, 2022, the amount was fully drawn and outstanding. NBG Acquisition Inc. was formed by private equity firm Sycamore Partners to facilitate its 2017 acquisition of NBG Home, a global designer, manufacturer and marketer of affordable home décor products from Kohlberg & Company, L.L.C. NEW CONSTELLIS BORROWER: Bank Debt Trades at 49% Discount --------------------------------------------------------- Participations in a syndicated loan under which New Constellis Borrower LLC is a borrower were trading in the secondary market around 50.75 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD150 million facility is a PIK term loan. The loan is scheduled to mature in March 2025. As of October 28, 2022, the amount was fully drawn and outstanding. Headquartered in Herndon, Virginia, New Constellis Borrower LLC is a provider of essential risk management services. NEW FRONTERA: Bank Debt Trades at 62% Discount ---------------------------------------------- Participations in a syndicated loan under which New Frontera Holdings LLC is a borrower were trading in the secondary market around 38.375 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD75 million facility is a term loan. The loan is scheduled to mature in July 2028. As of October 28, 2022, the amount was fully drawn and outstanding. NEW MILLENNIUM HOLDCO: Bank Debt Trades at 68% Discount ------------------------------------------------------- Participations in a syndicated loan under which New Millennium Holdco Inc is a borrower were trading in the secondary market around 32.25 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$600 million facility is a term loan that matured in December 2020. As of October 28, 2022, USD558 million of the amount was drawn and outstanding. New Millennium Holdco, Inc., operates as a holding company. The Company, through its subsidiaries, develops, and delivers cloud-based health decisions and solutions. New Millennium also offers specific drug and metabolite identification and metabolizer status identification in the United States. NEXTSPORT INC: Taps Lewis Brisbois Bisgaard as Special Counsel -------------------------------------------------------------- Nextsport, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of California to employ Lewis Brisbois Bisgaard & Smith, LLP as special counsel. The firm will handle intellectual property matters, including trademark prosecution and counseling and other related legal services. The firm will be paid at these rates: Partners $480 per hour Associates $340 per hour Paralegals $150 per hour Law Clerks $150 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. Jill Anderfuren, Esq., a partner at Lewis, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jill Anderfuren, Esq. Lewis Brisbois Bisgaard & Smith, LLP 550 West Adams Street, Suite 300 Chicago, IL 60661 Tel: (312) 463-3315 Email: Jill.Anderfuren@lewisbrisbois.com About Nextsport Inc. Nextsport Inc. is a company in Oakland, Calif., that designs, manufactures and sells battery-powered wheeled products. Nextsport filed for Chapter 11 protection (Bankr. N.D. Calif. Case No. 22-40569) on June 13, 2022, with between $10 million and $50 million in both assets and liabilities. David Lee, chief executive officer, signed the petition. The case is assigned to Judge William J. Lafferty. Kornfield, Nyberg, Bendes, Kuhner & Little, P.C. is the Debtor's bankruptcy counsel. The Law Office of Sarah H. Borrey and Lewis Brisbois Bisgaard & Smith, LLP serve as special counsels. The U.S. Trustee for Region 17 appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case on June 30, 2022. The committee is represented by Kelley Drye & Warren, LLP. NORTHEASTERN SCHUYLKILL: S&P Lowers 2012 Debt Rating to 'BB+' ------------------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'BB+' from 'BBB-' on Northeastern Schuylkill Joint Municipal Authority (NESJMA), Pa.'s series 2012 guaranteed sewer revenue bonds. The outlook is stable. "The downgrade reflects a recent history of erratic financial performance and our uncertainty regarding NESJMA's future performance," said S&P Global Ratings credit analyst Stephanie Linnet. "Despite fiscal 2020 and 2021 financial results being slightly stronger than in fiscal 2018, we believe future debt service coverage may remain vulnerable," she added. The bonds are limited obligations of the authority, payable solely from the pledged revenues of the wastewater system facilities. They are guaranteed by a joint and several general obligations of the municipalities. The trust indenture includes a rate covenant that requires pledged revenues to yield just 1.0x annual debt service coverage (DSC). Furthermore, the additional bonds test is similar in that, historically, 12 months of pledged revenue must also yield 1.0x DSC of existing and proposed debt after covering the issuance of the additional bonds. There is no debt service reserve for 2013 bonds. OBSTETRIC AND GYNECOLOGIC: Case Summary & 7 Unsecured Creditors --------------------------------------------------------------- Debtor: Obstetric and Gynecologic Associates of Iowa City and Coralville, P.C. 2769 Heartland Drive Coralville, IA 52241 Business Description: The Debtor provides obstetric and gynecologic care services. Chapter 11 Petition Date: October 31, 2022 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 22-01174 Debtor's Counsel: Kristina M. Stanger, Esq. NYEMASTER GOODE Attn: Kristina M. Stanger 700 Walnut St., Suite 1600 Des Moines, IA 50309 Tel: 515-283-3100 Email: kmstanger@nyemaster.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $50 million to $100 million The petition was signed by ill C. Goodman as authorized officer. A full-text copy of the petition containing, among other items, a list of the Debtor's seven largest unsecured creditors is available for free at: https://www.pacermonitor.com/view/EQGJJ6I/Obstetric_and_Gynecologic_Associates__iasbke-22-01174__0001.0.pdf?mcid=tGE4TAMA OMNIQ CORP: Gets Additional Purchase Order From Major Fast Food --------------------------------------------------------------- OMNIQ CORP. has received additional purchase order from a Major American Casual Fast Food Chain with 800+ locations. The follow-on Purchase Order -- for additional locations -- includes both hardware and AI based software to provide real time and historical information to staff and play a crucial role in helping the locations drive improved customer service and revenue growth. Shai Lustgarten, CEO commented, "We are very encouraged to announce this follow-on order just a few months after breaking into this scalable multi-billion Dollar opportunity of Quick Service Restaurants (QSR). We believe that the penetration to the retail market and the QSR with our AI technology represents a mega opportunity for growth and profitability. Utilizing OmniQ's technology will provide our customers new ways to better understand consumers consumption habits while improving each unique customers interaction. Our AI solutions are successfully used for public safety, traffic control, automation of Parking, terror prevention and law enforcement. The new retail and QSR markets create a new dimension to our business which we hope to be a game changer for us." Omniq's proprietary technology will integrate into the CRM (Customer Relationship Management system) allowing for dynamic decisions based on each unique customer visit. This first of a kind integration will also include vital data collection services providing a more complete solution. Lustgarten continued: "The current employment environment is challenging to all industries especially the retail and restaurant sector. Companies are looking for ways to handle fewer employees while improving the level of customer service. We are thrilled to be bringing our proprietary AI based solution into the fast-food industry as part of our strategic plan, helping to alleviate pressures many companies are facing today while improving the customer experience." This order follows the recent announcements of projects and purchase orders including the receipt of a $29 Million project for supply chain equipment from a Fortune 100 corporation, the award of an $11 Million project for the Government of Israel and the award of $4.1 Million for supply chain and data collection systems, resulting in an all- time backlog of orders and projects. About omniQ Corp. Headquartered in Salt Lake City, Utah, omniQ Corp. (OTCQB: OMQS) -- http://www.omniq.com-- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real time surveillance and monitoring for supply chain management, homeland security, public safety, traffic and parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments. Omniq reported a net loss of $13.14 million for the year ended Dec. 31, 2021, a net loss of $11.50 million for the year ended Dec. 31, 2020, and a net loss attributable to the company's common stockholders $5.31 million. As of June 30, 2022, the Company had $69.75 million in total assets, $74.65 million in total liabilities, and a total deficit of $4.90 million. PFS HOLDING: Bank Debt Trades at 60% Discount --------------------------------------------- Participations in a syndicated loan under which PFS Holding Corp is a borrower were trading in the secondary market around 40 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD280 million facility is a term loan that matured in 2021. As of October 28, 2022, the amount was fully drawn and outstanding. PFS Holding Corp operates as a holding company. The Company, through its subsidiaries, provides pet food products. PHOENIX SERVICES INTERNATIONAL: Bank Debt Trades at 78% Discount ---------------------------------------------------------------- Participations in a syndicated loan under which Phoenix Services International LLC is a borrower were trading in the secondary market around 22.1 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$465 million facility is a term loan that is scheduled to mature in March 2025. As of October 28, 2022, the amount was fully drawn and outstanding. Phoenix Services International LLC produces steel products from scrap metal. PHOENIX SERVICES: Equipment Lessor Drops DIP Loan Objection ----------------------------------------------------------- Several equipment lessors to bankrupt steel plant services company Phoenix Services Topco LLC objected Monday, October 24, 2022, to its Chapter 11 debtor-in-possession financing, saying it would grant lenders liens on assets that the lessors that the lessors should be able to claim first. Objections and joinders were raised by: * Cleveland-Cliffs Steel LLC * 36th Street Capital Partners, LLC * De Lage Landen Financial Services, Inc. * North American Stainless. "As of now, the DIP Secured Parties are forcing the Debtors and their customers into an unnecessary game of chicken. The interim and final relief Milestones and other excessive protections are not appropriate. All told, the Debtors and DIP Secured Parties have agreed to push through an aggressive DIP Credit Facility that requires the Debtors to negotiate on a truncated schedule. To date, that schedule has not allowed sufficient time for the Debtors to provide Cliffs, and presumably other similarly situated customers, with the necessary information to allow Cliffs to negotiate in good faith," Cliffs said. A couple of days later, on Nov. 1, 2022, Cleveland-Cliffs Steel LLC and North American Stainless informed the Court that they are withdrawing their objections. Cliffs said that, after discussions between counsel for Cliffs and the Debtors, it has determined to withdraw the limited objection. About Phoenix Services Topco Phoenix Services Topco, LLC provides a suite of services to global steel-producing companies, primarily including the removal, handling, and processing of molten slag at customer sites, as well as the preparation and transportation of metal scraps, raw materials, and finished products. Phoenix Services Topco, LLC and 8 affiliates, including Phoenix Services Holdings Corp., sought protection under Chapter 11 of the U.S. Bankruptcy Code on Sept. 27, 2022. Phoenix Services Topco, LLC is the lead case (Bankr. D. Del. Lead Case No. 22-10906). In the petitions signed by Robert A. Richard, chief financial officer, the Debtor disclosed up to $1 billion in both assets and liabilities. Judge Mary J. Walrath oversees the case. The Debtors tapped Weil, Gotshal, and Manges LLP as legal counsel, AlixPartners, LLP as financial advisor, PJT Partners Inc. as investment banker, and Stretto as claims and noticing agent. Barclays Bank PLC, as DIP/First Lien Group lender, is represented by Gibson, Dunn & Crutcher LLP. Credit Suisse Loan Funding LLC, as DIP Lender, is represented by Pachulski Stang Ziehl & Jones LLP. PHOENIX SERVICES: Gets OK to Hire AlixPartners as Financial Advisor ------------------------------------------------------------------- Phoenix Services Topco, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ AlixPartners, LLP as their financial advisor. The firm's services include: a. assisting the Debtors in developing their rolling 13-week cash receipts and disbursements forecasting tool designed to provide on-time information related to the Debtors' liquidity; b. assisting the Debtors in developing and implementing cash management strategies, tactics and processes; c. assisting the Debtors in developing their business plan and such other related forecasts and analyses in connection with negotiations with stakeholders or for other corporate purposes; d. assisting the Debtors in the design and implementation of a restructuring strategy; e. assisting the Debtors in developing contingency plans in the event an out-of-court restructuring cannot be achieved, including providing testimony on matters that fall within AlixPartners' expertise; f. assisting in the negotiation and implementation of restructuring initiatives; g. assisting the Debtors with diligence, communications and negotiations with outside parties including stakeholders; h. assisting the Debtors in other matters that fall within AlixPartners' expertise. AlixPartners will be paid at these rates: Managing Director $1,060 to $1,335 per hour Director $840 to $990 per hour Senior Vice President $700 to $795 per hour Vice President $510 to $685 per hour Consultant $190 to $505 per hour Paraprofessional $320 to $340 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. The firm received from the Debtor a retainer $400,000. Pilar Tarry, a managing director at AlixPartners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. AlixPartners can be reached at: Pilar Tarry AlixPartners, LLP 909 Third Avenue, Floor 30 New York, NY 10022 Tel: (212) 825-0132 Email: ptarry@alixpartners.com About Phoenix Services Topco Phoenix Services Topco, LLC provides services to global steel-producing companies, including the removal, handling, and processing of molten slag at customer sites, and the preparation and transportation of metal scraps, raw materials, and finished products. Phoenix Services Topco and eight affiliates, including Phoenix Services Holdings Corp., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10906) on Sept. 27, 2022. In the petitions signed by its chief financial officer, Robert A. Richard, Phoenix Services Topco disclosed $500 million to $1 billion in both assets and liabilities. Judge Mary J. Walrath oversees the cases. The Debtors tapped Weil, Gotshal, and Manges, LLP and Richards Layton & Finger, P.A. as legal counsels; AlixPartners, LLP as financial advisor; PJT Partners, Inc. as investment banker; and Stretto, Inc. as claims and noticing agent and administrative advisor. Barclays Bank PLC, as DIP and First Lien Group lender, is represented by Gibson, Dunn & Crutcher LLP while Credit Suisse Loan Funding LLC, as DIP lender, is represented by Pachulski Stang Ziehl & Jones, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Oct. 11, 2022. Justin R. Alberto, Esq., at Cole Schotz P.C. is the committee's legal counsel. PHOENIX SERVICES: Gets OK to Hire PJT Partners as Investment Banker ------------------------------------------------------------------- Phoenix Services Topco, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ PJT Partners, LP as investment banker. The firm's services include: a. assisting in the evaluation of the Debtors' businesses and prospects; b. assisting in the development of the Debtors' long-term business plan and related financial projections; c. assisting in the development of financial data and presentations to the Debtors' board of directors, the special committee, creditors and other parties; d. analyzing the Debtors' financial liquidity and evaluating alternatives to improve such liquidity; e. analyzing various restructuring scenarios and the potential impact of these scenarios on the recoveries of those stakeholders impacted by the restructuring; f. providing strategic advice with regard to restructuring or refinancing the Debtors' obligations; g. evaluating the Debtors' debt capacity and alternative capital structures; h. participating in negotiations among the Debtors and their creditors, suppliers, lessors and other interested parties; i. valuing securities offered by the Debtors in connection with a restructuring; j. advising the Debtors and negotiating with lenders with respect to potential amendments; k. assisting in arranging financing for the Debtors, as requested; l. providing expert witness testimony concerning any of the subjects encompassed by the other investment banking services; and m. providing other advisory services. The firm will be paid as follows: a. A monthly advisory fee of $175,000. Fifty percent (50%) of all monthly fees paid to PJT after the sixth full monthly fee is paid (i.e., after $1,050,000 has been paid) shall be credited against any restructuring fee payable pursuant to the engagement letter, up to a maximum total credit against the restructuring fee of 25% of the gross amount of such fee (i.e., maximum crediting of $1,375,000). b. A capital raising fee for any capital raise earned and payable upon the earlier of the receipt of a binding commitment letter and the closing of such capital raise. The capital raising fee will be calculated as follows: i. Senior Debt: 1.5% of the total issuance or committed amount of senior debt financing; ii. Junior Debt: 3.0% of the total issuance or committed amount of junior debt financing (including, without limitation, financing that is junior in right of payment, second lien, subordinated (structurally or otherwise) and unsecured debt and preferred equity); and iii. Equity Financing: 5.0% of the issuance or committed amount of common and other non-preferred equity financing. c. An amendment fee in the event of any amendment equal to 0.3% of the aggregate amount of any obligations subject to such amendment. d. A restructuring fee equal to $5.25 million, earned and payable upon consummation of a restructuring. The fee cap under the engagement letter is $8 million. The fee cap does not include PJT Partners' out-of-pocket expenses. Prior to the petition date, the firm received advance payments from the Debtors in the aggregate amount of $273,333.33. John Singh, a partner at PJT Partners, 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: John Singh PJT Partners, LP 280 Park Avenue New York, NY 10017 Tel: (212) 364-7800 About Phoenix Services Topco Phoenix Services Topco, LLC provides services to global steel-producing companies, including the removal, handling, and processing of molten slag at customer sites, and the preparation and transportation of metal scraps, raw materials, and finished products. Phoenix Services Topco and eight affiliates, including Phoenix Services Holdings Corp., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10906) on Sept. 27, 2022. In the petitions signed by its chief financial officer, Robert A. Richard, Phoenix Services Topco disclosed $500 million to $1 billion in both assets and liabilities. Judge Mary J. Walrath oversees the cases. The Debtors tapped Weil, Gotshal, and Manges, LLP and Richards Layton & Finger, P.A. as legal counsels; AlixPartners, LLP as financial advisor; PJT Partners, Inc. as investment banker; and Stretto, Inc. as claims and noticing agent and administrative advisor. Barclays Bank PLC, as DIP and First Lien Group lender, is represented by Gibson, Dunn & Crutcher LLP while Credit Suisse Loan Funding LLC, as DIP lender, is represented by Pachulski Stang Ziehl & Jones, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Oct. 11, 2022. Justin R. Alberto, Esq., at Cole Schotz P.C. is the committee's legal counsel. PHOENIX SERVICES: Gets OK to Hire Stretto as Administrative Advisor ------------------------------------------------------------------- Phoenix Services Topco, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stretto, Inc. as administrative advisor. The Debtors require an administrative advisor to: (a) assist with, among other things, solicitation, balloting and tabulation of votes, and prepare any related reports in support of confirmation of a Chapter 11 plan; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs and gather data in conjunction therewith; (d) provide a confidential data room; (e) manage and coordinate any distributions pursuant to a chapter 11 plan if designated as distribution agent under such plan; and (f) provide other solicitation, balloting and other administrative services. The firm will be paid at these rates: Analyst Waived Consultant (Associate/Senior Associate) $70 to $200 per hour Director/Managing Director $210 to $250 per hour Executive Management Waived Solicitation Associate $230 per hour Director of Securities & Solicitations $250 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. Prior to the petition date, the Debtor paid the firm a retainer of $25,000. Sheryl Betance, a 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, Ste. 100 Irvine, CA 92602 Tel: (714) 716-1872 Email: Sheryl.betance@stretto.com About Phoenix Services Topco Phoenix Services Topco, LLC provides services to global steel-producing companies, including the removal, handling, and processing of molten slag at customer sites, and the preparation and transportation of metal scraps, raw materials, and finished products. Phoenix Services Topco and eight affiliates, including Phoenix Services Holdings Corp., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10906) on Sept. 27, 2022. In the petitions signed by its chief financial officer, Robert A. Richard, Phoenix Services Topco disclosed $500 million to $1 billion in both assets and liabilities. Judge Mary J. Walrath oversees the cases. The Debtors tapped Weil, Gotshal, and Manges, LLP and Richards Layton & Finger, P.A. as legal counsels; AlixPartners, LLP as financial advisor; PJT Partners, Inc. as investment banker; and Stretto, Inc. as claims and noticing agent and administrative advisor. Barclays Bank PLC, as DIP and First Lien Group lender, is represented by Gibson, Dunn & Crutcher LLP while Credit Suisse Loan Funding LLC, as DIP lender, is represented by Pachulski Stang Ziehl & Jones, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Oct. 11, 2022. Justin R. Alberto, Esq., at Cole Schotz P.C. is the committee's legal counsel. PHOENIX SERVICES: Taps Richards Layton & Finger as Co-Counsel ------------------------------------------------------------- Phoenix Services Topco, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Richards Layton & Finger, P.A. as co-counsel with Weil Gotshal & Manges, LLP. The firm's services include: (a) advising the Debtors of their rights, powers, and duties under Chapter 11 of the Bankruptcy Code; (b) assisting in preparing legal papers; (c) taking all necessary actions to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the estates; (d) assisting with the sale of the Debtors' assets; (e) assisting in preparing the Debtors' disclosure statement and other documents necessary to solicit votes on their plan of reorganization; (f) assisting in preparing the Debtors' Chapter 11 plan; (g) prosecuting any proposed plan and seeking approval of all transactions contemplated therein; and (h) performing all other necessary legal services in connection with the prosecution of the Debtors' Chapter 11 cases. Richards Layton & Finger will be paid at these rates: Directors $850 to $1,300 per hour Counsels $725 to $750 per hour Associates $425 to $700 per hour Paraprofessionals $315 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. Prior to the petition date, the Debtors paid the firm a retainer of $150,000. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Richards Layton & Finger provided the following: a. The firm did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. b. None of the firm's professionals, included in this engagement, varied their rate based on geographic location for these Chapter 11 cases. c. The firm has advised the Debtors in connection with their restructuring efforts and in contemplation of their Chapter 11 cases since Sept. 6. Except for the firm's standard and customary periodic rate adjustments, the billing rates and material financial terms have not changed post-petition from the pre-bankruptcy arrangement. d. The firm, in conjunction with the Debtors, is developing a prospective budget and staffing plan for these Chapter 11 cases. Daniel DeFranceschi, Esq., a partner at Richards Layton & Finger, 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: Daniel DeFranceschi, Esq. Richards, Layton & Finger, P.A. One Rodney Square, 920 North King Street Wilmington, DE 19801 Tel: (302) 651-7816 Email: defranceschi@rlf.com About Phoenix Services Topco Phoenix Services Topco, LLC provides services to global steel-producing companies, including the removal, handling, and processing of molten slag at customer sites, and the preparation and transportation of metal scraps, raw materials, and finished products. Phoenix Services Topco and eight affiliates, including Phoenix Services Holdings Corp., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10906) on Sept. 27, 2022. In the petitions signed by its chief financial officer, Robert A. Richard, Phoenix Services Topco disclosed $500 million to $1 billion in both assets and liabilities. Judge Mary J. Walrath oversees the cases. The Debtors tapped Weil, Gotshal, and Manges, LLP and Richards Layton & Finger, P.A. as legal counsels; AlixPartners, LLP as financial advisor; PJT Partners, Inc. as investment banker; and Stretto, Inc. as claims and noticing agent and administrative advisor. Barclays Bank PLC, as DIP and First Lien Group lender, is represented by Gibson, Dunn & Crutcher LLP while Credit Suisse Loan Funding LLC, as DIP lender, is represented by Pachulski Stang Ziehl & Jones, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Oct. 11, 2022. Justin R. Alberto, Esq., at Cole Schotz P.C. is the committee's legal counsel. PHOENIX SERVICES: Taps Weil Gotshal & Manges as Lead Counsel ------------------------------------------------------------ Phoenix Services Topco, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Weil Gotshal & Manges, LLP as their legal counsel. The firm's services include: a. taking all necessary actions to protect and preserve the Debtors' estates, including the prosecution of actions on behalf of the Debtors, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved and the preparation of objections to claims filed against the estates; b. preparing legal papers; c. taking all necessary actions in connection with the Debtors' post-petition restructuring process, any Chapter 11 plan and related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; d. taking all necessary actions to protect and preserve the value of the Debtors' estates, including advising with respect to the Debtors' affiliates and all related matters; and e. performing all other necessary legal services for the Debtors. Weil will be paid at these rates: Partners $1,250 to $1,950 per hour Associates $1,200 per hour Paraprofessionals $275 to $495 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. During the 90-day period prior to the Debtors' bankruptcy filing, the firm received payments and advances totaling $4,853,616.36. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Weil provided the following: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: The firm represented the Debtors for approximately three months prior to the petition date. Its billing rates and material financial terms have not changed since the Debtors engaged the firm. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Weil is developing a prospective budget and staffing plan for these Chapter 11 cases. The firm and the Debtors will review such budget following the close of the budget period to determine a budget for the next period. As disclosed in court filings, Weil is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey D. Saferstein, Esq. Garrett Fail, Esq. Ray C. Schrock. P.C. Weil Gotshal & Manges, LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: ray.schrock@weil.com jeffrey.saferstein@weil.com garrett.fail@weil.com About Phoenix Services Topco Phoenix Services Topco, LLC provides services to global steel-producing companies, including the removal, handling, and processing of molten slag at customer sites, and the preparation and transportation of metal scraps, raw materials, and finished products. Phoenix Services Topco and eight affiliates, including Phoenix Services Holdings Corp., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10906) on Sept. 27, 2022. In the petitions signed by its chief financial officer, Robert A. Richard, Phoenix Services Topco disclosed $500 million to $1 billion in both assets and liabilities. Judge Mary J. Walrath oversees the cases. The Debtors tapped Weil, Gotshal, and Manges, LLP and Richards Layton & Finger, P.A. as legal counsels; AlixPartners, LLP as financial advisor; PJT Partners, Inc. as investment banker; and Stretto, Inc. as claims and noticing agent and administrative advisor. Barclays Bank PLC, as DIP and First Lien Group lender, is represented by Gibson, Dunn & Crutcher LLP while Credit Suisse Loan Funding LLC, as DIP lender, is represented by Pachulski Stang Ziehl & Jones, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Oct. 11, 2022. Justin R. Alberto, Esq., at Cole Schotz P.C. is the committee's legal counsel. REALD INC: Bank Debt Trades at 58.3% Discount --------------------------------------------- Participations in a syndicated loan under which RealD Inc is a borrower were trading in the secondary market around 41.75 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD60 million facility is a term loan that is scheduled to mature in 2024. As of October 28, 2022, the amount was fully drawn and outstanding. RealD Inc. is a private company known for its RealD 3D system, which is used for projecting films in stereoscopic 3D using circularly polarized light. REPLICEL LIFE: Private Placement Extended Until Nov. 18 ------------------------------------------------------- RepliCel Life Sciences Inc. said that the TSX Venture Exchange has granted a 30-day extension until Nov. 18, 2022 for completion of the Company's non-brokered private placement, previously announced in its News Release of Sept. 6, 2022. The terms of the Offering provide for the issuance of up to 8,000,000 units at a price of $0.10 per Unit for gross proceeds of up to $800,000. Each Unit consists of one common share of the Company and one-half of one share purchase warrant. Each whole Warrant entitles the holder thereof to purchase one additional Share of the Company at a price of $0.20 per Share for a period of three years from closing of the Offering. The Offering is subject to the approval of the Exchange. Insiders may participate in the Offering. Finders' fees may be payable in connection with the Offering in accordance with the policies of the Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The aggregate gross proceeds from the sale of the Offering will be used for general working capital. About Replicel RepliCel Life Sciences Inc. is a regenerative medicine company focused on developing cell therapies for aesthetic and orthopedic conditions affecting what the Company believes is approximately one in three people in industrialized nations, including aging/sun-damaged skin, pattern baldness, and chronic tendon degeneration. These conditions, often associated with aging, are caused by a deficit of healthy cells required for normal tissue healing and function. These cell therapy product candidates are based on RepliCel's innovative technology, utilizing cell populations isolated from a patient's healthy hair follicles. Replicel Life reported a net loss and comprehensive loss of C$4.07 million for the year ended Dec. 31, 2021, compared to a net loss and comprehensive loss of C$1.58 million for the year ended Dec. 31, 2020. As at Dec. 31, 2021, the Company had C$591,794 in total assets, C$7.43 million in total liabilities, and a total shareholders' deficiency of C$6.84 million. Vancouver, British Columbia-based BDO Canada LLP, the Company's auditor since 2010, issued a "going concern" qualification in its report dated June 28, 2022, citing that the Company has accumulated losses of $42,231,642 since its inception and incurred a loss of 4,073,315 during the year ended Dec. 31, 2021. These events or conditions, along with other matters, indicate that a material uncertainty exists that may cast substantial doubt about its ability to continue as a going concern. REPLICEL LIFE: Warrants Expiry Date Extended to 2025 ---------------------------------------------------- RepliCel Life Sciences Inc. said it has received approval from the TSX Venture Exchange to extend the term of 1,819,555 share purchase warrants. The original term of the Warrants was three years and expires on July 16, 2023. The Company has received approval to extend the expiry date of the Warrants to May 5, 2025. In all other respects the terms of the Warrants will remain unchanged. About Replicel RepliCel Life Sciences Inc. is a regenerative medicine company focused on developing cell therapies for aesthetic and orthopedic conditions affecting what the Company believes is approximately one in three people in industrialized nations, including aging/sun-damaged skin, pattern baldness, and chronic tendon degeneration. These conditions, often associated with aging, are caused by a deficit of healthy cells required for normal tissue healing and function. These cell therapy product candidates are based on RepliCel's innovative technology, utilizing cell populations isolated from a patient's healthy hair follicles. Replicel Life reported a net loss and comprehensive loss of C$4.07 million for the year ended Dec. 31, 2021, compared to a net loss and comprehensive loss of C$1.58 million for the year ended Dec. 31, 2020. As at Dec. 31, 2021, the Company had C$591,794 in total assets, C$7.43 million in total liabilities, and a total shareholders' deficiency of C$6.84 million. Vancouver, British Columbia-based BDO Canada LLP, the Company's auditor since 2010, issued a "going concern" qualification in its report dated June 28, 2022, citing that the Company has accumulated losses of $42,231,642 since its inception and incurred a loss of $4,073,315 during the year ended Dec. 31, 2021. These events or conditions, along with other matters, indicate that a material uncertainty exists that may cast substantial doubt about its ability to continue as a going concern. REVERE POWER: S&P Lowers Senior Secured Debt Rating to 'B-' ----------------------------------------------------------- S&P Global Ratings lowered its rating on Revere Power LLC's senior secured debt to 'B-' from 'B+'. The recovery rating was revised to '3' from '2', given the projected higher debt balance. This indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery. The negative outlook reflects the possibility that the project could become vulnerable to unfavorable business, financial, and economic conditions. This could occur if Revere fails to sweep the expected levels of excess cash against its term loan B (TLB) balance. S&P could also lower its rating if it views Revere's liquidity as becoming constrained. Revere is a project-financed entity that wholly owns and controls three combined-cycle gas plants in New England, with a combined winter capacity of 1,143 megawatts (MW). The Bridgeport, Tiverton, and Rumford plants sell all their output on a merchant basis within the ISO-New England (ISO-NE) independent system operator jurisdiction. S&P projects a higher-than-expected TLB balance at maturity, given the historically low level of cash sweeps. S&P is now projecting a TLB balance of about $385 million at maturity in 2026 compared with our previous expectation of $320 million. This is largely spurred by minimal cash swept historically against the TLB, due, in part, to lower-than-expected capacity factors. As of June 2022, the TLB balance is $422 million, compared with an initial issuance amount of $445 million in March 2019. Historically, the project has prioritized repaying amounts drawn on its revolving credit facility (RCF), which were largely spurred by its collateral requirements. The project has repaid $37 million of a working capital loan drawn on its RCF in the first half of 2022. The project was also negatively affected by mark-to-market settlements, due to previous hedges set at lower power prices. The project should be able to meet its collateral requirements through its newly established collateral lien-based capacity of $90 million. The project is also largely unhedged in 2023, aside from some heat rate call options outstanding. As a result, depending on total generation and operational performance, Revere should be better positioned to sweep some cash against its TLB in 2023 and 2024. Operational performance will be a key credit factor that we will continue monitoring. S&P notes that the project experienced some outages in the first half of 2022, which resulted in an overall lower capacity factor than expected. S&P said, "We expect normalized long-term energy margins, combined with modestly increasing capacity prices. "We expect currently high spark spreads will moderate and normalize starting in 2024 from elevated levels in 2022-2023. We also anticipate that capacity prices in ISO-NE will improve slightly from current levels, reaching $3.50/kilowatt-month (kW-Mo) by 2028-2029. "The last auction results were largely in line with our expectations. This ISO is split in three zones, with Revere having a plant in each zone. The Rest of Pool (ROP) zone is the most meaningful for Revere, as this is where Bridgeport is located. ROP cleared as expected, at $2.59/kW-Mo for 2025-2026 delivery year. Northern New England (NNE) and Southeast New England (SENE) also cleared in line, respectively, at $2.53/kW-Mo and $2.64/kW-Mo." Additional factors could also further stress Revere's projected cash sweep. Similar to its peers, Revere is exposed to other factors that might pressure its profitability. S&P sees rising emission compliance costs and higher interest rates as potentially meaningful. Regional Green House Gas Initiative (RGGI) prices have increased and cleared at about $13.45 per ton (/ton) in the latest auction in September 2022, which is materially higher than $5.65/ton in March 2020. Rising interest rates could also be significant for Revere, considering its exposure to floating rates post 2024. The higher-than-expected debt balance is also resulting in overall higher interest rate expenses, therefore magnifying the impact of rising rates. Refinancing could be challenged due to the higher debt quantum. Eventual refinancing at the time of TLB maturity could be challenged by Revere's lagging performance and higher projected debt balance. We now anticipate that the TLB balance at maturity will be about $385 million in 2026. As a result, S&P now forecasts lower minimum DSCR of 0.58x in the post-refinancing period, which is materially below its previous expectation of 1.18x. S&P said, "Under our revised base-case scenario, we now project a minimum DSCR below 1.0x in the post-refinancing period, which is materially lower than our previous expectation. At the same time, we view Revere's projected financial performance as particularly sensitive to our modeling assumptions, including capacity prices. We project DSCR pre-refinancing will be above 1.1x on a sustained basis." S&P views Revere's liquidity as adequate given its one-year horizon. S&P said, "Given our 12-month outlook horizon, we view Revere's liquidity as adequate, with sources over uses of about 3x. Total projected liquidity sources include a cash-funded debt service reserve of $17 million, $39 million available on the RCF, and projected cash flows available for debt service of about $45 million. This should cover projected debt service of about $31 million. "We also note that Revere's RCF matures in March 2024. We assume the RCF facility will be extended beyond this date. If the project is unable to extend beyond that time, we could revise our assessment of Revere's liquidity as becoming more constrained. "The negative outlook reflects the possibility that we will lower the rating if Revere becomes vulnerable to unfavorable business, financial, and economic conditions in meeting its financial commitments. This could occur if upcoming capacity prices or energy margins do not improve from projected levels, which would lead to lower-than-expected sweeps, and potentially challenge the maturity extension of the RCF. If the project was not able to extend the maturity of its RCF due March 2024, this could affect our assessment of Revere's liquidity and lead to further negative rating actions. "We could lower our rating if Revere becomes vulnerable to unfavorable business, financial, and economic conditions, which would limit its ability to meet its financial commitments. This could occur if upcoming capacity price, energy margins, or operational performance negatively affect cash flow generation, which in turn would lead to a higher-than-projected TLB balance at maturity and greater pressure on refinancing. We could also lower the rating if we view the project as having constrained liquidity or it violates its financial covenants. "Although unlikely in the near term, we could revise the outlook to stable if the minimum DSCR increases to above 1.1x on a sustained basis and we believe that the project's refinancing prospects have improved. This could occur due to higher-than-expected capacity payments in uncleared periods or materially higher performance in terms of cash flow sweep due to better energy margins." REVLON CONSUMER: Bank Debt Trades at 60% Discount ------------------------------------------------- Participations in a syndicated loan under which Revlon Consumer Products Corp is a borrower were trading in the secondary market around 40 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD1.8 billion facility is a term loan that is scheduled to mature in September 2023. As of October 28, 2022, USD862.5 million of the amount was drawn and outstanding. RIVERBED TECHNOLOGY: Bank Debt Trades at 61% Discount ----------------------------------------------------- Participations in a syndicated loan under which Riverbed Technology Inc is a borrower were trading in the secondary market around 39.4375 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD900 million facility is a PIK term loan. The loan is scheduled to mature in December 2026. As of October 28, 2022, the amount was fully drawn and outstanding. Riverbed Technology is an American information technology company. Its products consist of software and hardware focused on Unified Observability, Network Visibility, End User Experience Management, network performance monitoring, application performance management, and wide area networks (WANs), including SD-WAN and WAN optimization. RJRAMDHAN GROUP: Taps Van Horn Law Group as Bankruptcy Counsel -------------------------------------------------------------- RJramdhan Group, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Van Horn Law Group, P.A. as its legal counsel. The firm's services include: (a) advising the Debtor regarding its powers and duties in the continued management of its business operations; (b) advising the Debtor regarding its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) preparing legal papers; (d) protecting 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 Chapter 11 plan. The firm will be paid at these rates: Chad Van Horn, Esq. $450 per hour Associate Attorneys $350 per hour Senior Paralegals $225 and $250 per hour Law Clerks/Paralegals $175 per hour In addition, the firm will seek reimbursement for expenses incurred. The Debtor paid the firm a total retainer of $10,000. Chad Van Horn, Esq., an attorney at Van Horn Law Group, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chad Van Horn, Esq. Van Horn Law Group, PA 330 North Andrews Avenue, Suite 450 Fort Lauderdale, FL 33301-1012 Telephone: (954) 637-0000 Email: chad@cvhlawgroup.com About RJramdhan Group RJRamdhan Group LLC is in the business of retreading semi-trucks tires, operating from its owned premises located at 2060 W. 21st St., Jacksonville, Fla. RJRamdhan Group filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01998) on Oct. 4, 2022. In the petition filed by its manager, Jonathan Ramdhan, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Jason A. Burgess oversees the case. The Debtor is represented by Chad T. Van Horn, Esq., at Van Horn Law Group PA. RODAN & FIELDS: Bank Debt Trades at 62% Discount ------------------------------------------------ Participations in a syndicated loan under which Rodan & Fields LLC is a borrower were trading in the secondary market around 37.561 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The US$600 million facility is a term loan. The loan is scheduled to mature in June 2025. As of October 28, 2022, US$574.5 million of the amount was drawn and outstanding. Rodan & Fields, LLC, known as Rodan + Fields or R+F, is an American multi-level marketing company specializing in skincare products. RONALD A. GOODWIN: Proposes Ritchie Auction & Sale of Equipment --------------------------------------------------------------- Ronald A. Goodwin and Michelle L. Goodwin filed with the U.S. Bankruptcy Court for the District of Kansas a notice of their auction and sale of the following described equipment: a. 2012 JCI-KPI FT2650 Tracked mobile jaw Crushing Plant Machine, S/N 412078; b. Powerscreen Chieftain 1600 Screen Plant; c. Powerscreen M70 Conveyor; d. John Deere 892E Tracked Excavator, S/N FF892EX007207; and e. Caterpillar 325B L with Okada OSC-200A Concrete Pulverizer Tracked Excavator, S/N 2JR01722. The Equipment will be auctioned by Ritchie Bros. Auctioneers (America), Inc. via online auction through Ritchie's online bidding platform. The terms of the auction are set forth in the Multi-Channel Sales Agreement to the Debtors' Application to Employ Ritchie filed contemporaneously with the Notice. The Debtors have not claimed the Equipment as exempt. The Equipment will be sold in its present, "as is" condition, with no express or implied warranties. The Debtors' interest in the Equipment will be sold free and clear of all liens and encumbrances, with any such liens attaching to the sale proceeds from the sale. From the proceeds of the sale, the Debtors will pay Ritchie its fees as set forth in the Auction Agreement, which fees are 10% of the gross sales proceeds, plus inspection fees totaling $2,825.00, plus additional fees assessed to buyers of the Equipment. Upon completion of the auction, Ritchie will deduct from the gross sale proceeds its fees and charges under the attached Auction Agreement and pay to the Trust Account of the Debtors' counsel the remaining balance to be held pending an order of the Bankruptcy Court on how the same should be distributed. The Debtors further move the Court to cancel the 14-day stay set forth at Fed.R.Bankr.P. 6004(h). Ronald A. Goodwin and Michelle L. Goodwin sought Chapter 11 protection (Bankr. D. Kan. Case No. 16-12205) on Nov. 8, 2017. The Debtors tapped Mark J. Lazzo, Esq., as counsel. SANDY ROAD: Proposed United Country Auction of Assets Approved -------------------------------------------------------------- Judge Dale L. Somers of the U.S. Bankruptcy Court for the District of Kansas authorized Sandy Road Farms, LLC's auction sale of real property, equipment, and personal property through United Country Commercial Auction Services. The Debtor owns and has operated a 200,000+ head hog farm based in Plains, Kansas. Situated in Seward and Meade Counties, the production facilities consist of numerous buildings and barns for the purposes of commercial breeding, farrowing, nursery, feeding, and preparation for market. The facilities are spread out over 15 farm locations. The Debtor, its counsel, and United Country negotiated the Exclusive Right to Sell Auction Listing Contract and the Agreement for Sale of Equipment by Auction in order to implement an auction process for the sale of the Assets. The Auction Contracts contain the terms and conditions of the auctionee's employment and the terms and conditions for the sale of the Assets. The Auction Contracts inclusive of the procedures, terms, and conditions set forth therein are approved. The salient terms and conditions of the Auction Contracts are: a. The real property auction will be conducted on Nov. 7, 2022, and the equipment and personal property auction will be conducted on or about Nov. 8, 2022. The auctions will be held both in person and online. b. The real property auction will be conducted in a "multi-par" format such that the property will be divided into smaller tracts that can be bid on individually or in any desired combination. While standard auction conventions still apply, "multi-parcel" or "multi-par" actions are more complex and have the potential to produce both improved offers from buyers and a higher return to the Debtor. C. United Country will complete a credit check and preliminary due diligence to ensure registered bidders are legitimate buyers. d. The successful real property buyers will be required to deposit earnest money with American Title & Abstract Specialists. Earnest money will be deposited within two days of the acceptance of the prevailing bid. Escrow will be paid $2,000 per parcel of property for its title services. e. The Successful buyer(s) from the auction will deposit the balance due and owing no later than 30 days after the completion of the auction. f. Proceeds of the sale of each asset will be accurately tracked and delineated between each parcel of real estate, equipment, other personal property and any unsecured assets in order to ensure proper distribution and disbursal. The proceeds will be disbursed in accordance with the Auction Contracts, and the residual net amount disbursed to Debtor will be deposited into a separate bank account and held pending further order from the Court. g. Pursuant to the Real Estate Auction Contract, United Country will receive a commission of 4% of the sale price of the real property. If a buyer purchases the entirety of the real property, United Country's commission will be discounted in accordance with the Real Estate Auction Contract. h. Pursuant to the Equipment Auction Contract, United Country will receive a commission of 8% of the sale price of the item(s). If an item is sold or withdrawn prior to auction, United Country will receive a commission of 8% of the sale price or appraisal value of the item(s), whichever is higher. Sale of the Assets free and clear of all liens, encumbrances, claims, and interests is authorized and any valid and perfected liens against the Assets will attach to the proceeds. The disbursements of the sale proceeds are authorized in accordance with the Auction Contracts. The stay provision of Bankruptcy Rule 6004(h) will not apply to the sale of Assets authorized. About Sandy Road Farms Sandy Road Farms LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 22-40446) on Aug. 1, 2022. In the petition signed by Glenn Karlberg, manager, the Debtor disclosed between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Dale L. Somers oversees the case. The law firms McDowell Rice Smith & Buchanan and Cairncross & Hempelmann serve as the Debtor's counsel. Glenn Karlberg at CFO Solutions, LLC is the chief restructuring officer. SERTA SIMMONS: $851M Bank Debt Trades at 50% Discount ----------------------------------------------------- Participations in a syndicated loan under which Serta Simmons Bedding LLC is a borrower were trading in the secondary market around 49.622 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD851 million facility is a term loan. The loan is scheduled to mature in August 2023. As of October 28, 2022, the amount was fully drawn and outstanding. Headquartered in Atlanta, Georgia, Serta Simmons Bedding, LLC -- https://sertasimmons.com -- is one of the leading mattress manufacturers in North America with its iconic Serta, Beautyrest, Simmons and Tuft & Needle brands. SHERIDAN PRODUCTION: Bank Debt Trades at 72.5% Discount ------------------------------------------------------- Participations in a syndicated loan under which Sheridan Production Partners II-A LP is a borrower were trading in the secondary market around 27.5 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD93.4 million facility is a term loan that matured in 2020. As of October 28, 2022, USD63.4 million of the amount was drawn and outstanding. Sheridan Production Partners II-A, L.P. specializes in buyouts in oil and gas properties. The Company offers capital reinvestment, operational improvements, and enhanced recovery services. SHOPS AT BROAD: Realty Capital Buying Mansfield Property for $2.25M ------------------------------------------------------------------- Shops at Broad, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to sell approximately 6.87 acres (part of Lot 10 R and all of Lot 11R, Block 1) located at 1741 E. Broad Street, in Mansfield, Texas 76096, to Realty Capital Management, LLC, for $2.25 million, free and clear of liens, claims, encumbrances, and interests. Objections, if any, must be filed within 21 days from the date of service. SAB owns over 80 acres comprised of both developed and undeveloped land projects. It has received an offer from the Buyer to purchase the Property for $2.250 million, in accordance with the terms of their Contract of Sale and Purchase of Real Property and any amendments thereto. As clarification, the survey attached to the sales contract includes a total of 7.976 acres. However, the sale is not for 7.976 acres, but instead only for 6.87 acres as more particularly described in the legal description. Prior to the bankruptcy filing, Debtor had been actively marketing this Property for sale along with several other tracts of land. In addition to operating a large shopping center, the Debtor's business involves the purchase and sale of real property to developers and end users. The offer received from the Buyer is the highest and best offer the Debtor has received to purchase the Property. The proposed purchaser is not an insider of the Debtor, and the Debtor believes the sales price represents the fair market value of the Property. Trez Shops at Broad, LP is owed approximately $60.75 million with senior secured liens asserted against the Property. However, there in approximately $3.4 million owed in current and outstanding ad valorem taxes owed to Tarrant County against the Property in part that would be in a first lien position. If the sale of the Property is approved, the Debtor will pay the outstanding taxes owed to Tarrant County against the Property with the remaining sales proceeds paid toward Trez's secured claim which will significantly aid in its reorganization. The Debtor requests authority to (a) consummate and close the sale of the Property and (b) pay the sales proceeds first to Tarrant County for the outstanding taxes owed against the Property (c) second, pay Trez the remaining sales proceeds pursuant to its asserted secured claim while (d) selling the Property free and clear of liens, taxes, claims, encumbrances, and interests. It further requests that the Court waives the 14-day stay under Federal Rule of Bankruptcy Procedure 6004(h) so that upon approval of the relief sought, the Order granting such will be effective immediately. A copy of the Contract is available at https://tinyurl.com/33maczrp from PacerMonitor.com free of charge. About Shops at Broad Shops at Broad, LLC, a company in Mansfield, Texas, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 22-42059) on Sept. 2, 2022. In the petition signed by Stewart Geyer, authorized representative, the Debtor disclosed between $50 million and $100 million in both assets and liabilities. Judge Edward L. Morris oversees the case. Areya Holder Aurzada, Esq., at Holder Law serves as the Debtor's counsel. SIXTH STREET XXI: S&P Assigns Prelim BB-(sf) Rating on Cl. E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to Sixth Street CLO XXI Ltd./Sixth Street CLO XXI LLC's floating-rate notes. The transaction is managed by Sixth Street CLO XXI Management LLC. The debt issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade (rated 'BB+' or lower) senior secured term loans. The preliminary ratings are based on information as of Oct. 31, 2022. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- S&P's view of the collateral pool's diversification; -- The credit enhancement provided through subordination, excess spread, and overcollateralization; -- The experience of the collateral manager's team, which can affect the performance of the rated notes through portfolio identification and ongoing management; and -- The transaction's legal structure, which is expected to be bankruptcy remote. Preliminary Ratings Assigned Sixth Street CLO XXI Ltd./Sixth Street CLO XXI LLC Class A loan(i), $171.5 million: Not rated Class A(i), $84.5 million: Not rated Class B, $45.6 million: AA (sf) Class C (deferrable), $24.0 million: A (sf) Class D (deferrable), $22.4 million: BBB- (sf) Class E (deferrable), $12.4 million: BB- (sf) Subordinated notes, $42.5 million: Not rated (i)At the request of the class A loan holders, all or a portion of the class A loans held by such holders may be converted into class A notes. No class A notes may be converted into class A loans at any time. TEAL PROPERTIES: Taps Lefkovitz & Lefkovitz as Legal Counsel ------------------------------------------------------------ Teal Properties, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Lefkovitz & Lefkovitz, PLLC to handle its Chapter 11 case. The firm will be paid at these rates: Partners $525 per hour Associates $350 per hour Paralegals $125 per hour In addition, the firm will receive reimbursement for its out-of-pocket expenses. The retainer is $6,738. Steven Leftkovitz, Esq., a partner at Lefkovitz & Lefkovitz, 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: Steven L. Leftkovitz, Esq. Lefkovitz & Lefkovitz, PLLC 908 Harpeth Valley Place Nashville, TN 37219 Tel: (615) 256-8300 Fax: (615) 255-4516 Email: slefkovitz@lefkovitz.com About Teal Properties Teal Properties, Inc. filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tenn. Case No. 22-12203) on Sept. 30, 2022, with up to $1 million in both assets and liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by Lefkovitz & Lefkovitz, PLLC. TELESAT LLC: Bank Debt Trades at 47% Discount --------------------------------------------- Participations in a syndicated loan under which Telesat LLC is a borrower were trading in the secondary market around 53 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD1.9 billion facility is a term loan. The loan is scheduled to mature in December 2026. As of October 28, 2022, USD1.5 billion of the amount was drawn and outstanding. Telesat LLC offers satellite delivered communications solutions to broadcast, telecom, corporate, and government customers, as well as provides technical consultancy services. THOMPSON PUBLISHING: Bank Debt Trades at 54% Discount ----------------------------------------------------- Participations in a syndicated loan under which Thompson Publishing Group Inc is a borrower were trading in the secondary market around 45.6 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD100 million facility is a term loan that was scheduled to mature in 2014. As of October 28, 2022, the amount was fully drawn and outstanding. Thompson Publishing Group, Inc. provides consulting services in the areas of education, energy law, environmental compliance, finance and securities regulation, and human resources. TIMBER PHARMACEUTICALS: EC Grants Orphan Designation for TMB-001 ---------------------------------------------------------------- Timber Pharmaceuticals, Inc. said that the European Commission (EC) has granted orphan designation for TMB-001 for the treatment of autosomal recessive congenital ichthyosis (ARCI). The European Medicines Agency (EMA) Pediatric Committee (PDCO) also provided positive comments on the Pediatric Investigation Plan (PIP) for the treatment of ARCI and X-linked recessive ichthyosis (XLRI), setting the basis for a final discussion in mid-November, which is a prerequisite for filing a Marketing Authorization Application (MAA) with the EMA. "The most severe inherited types of congenital ichthyosis can be life threatening and patients around the world often have to spend several hours a day caring for their skin because there are limited treatment options available," said John Koconis, chairman and chief executive officer of Timber. "We are executing on a well-defined plan to address these unmet needs, not just in the U.S., but around the world, including Europe and other regions. Our most recent milestones in Europe, including orphan designation for ARCI, the submission of a PIP, and the initiation of clinical trial sites in several European countries over the next few months, begin to lay a solid foundation for TMB-001 in the region. We believe this is an attractive opportunity to partner in an ex-U.S. licensing agreement and we will continue to engage with patient advocacy groups internationally, including in Italy, France, and Germany, as we progress with this important clinical development program." TMB-001 is a topical isotretinoin, formulated using the Company's patented IPEG delivery system, in development for the treatment of moderate to severe forms of congenital ichthyosis. Congenital ichthyosis is a group of rare genetic keratinization disorders that lead to dry, thickened, and scaling skin. In patients with ARCI and XLRI, cutaneous manifestations include large, dark scaling throughout the body. Timber has received European orphan designation for TMB-001 for the treatment of ARCI and will continue to expand its program by applying for European orphan designation for TMB-001 for XLRI. The Company is currently assessing the efficacy, pharmacokinetics and safety of TMB-001 (0.05% isotretinoin) in the ongoing pivotal Phase 3 ASCEND clinical trial at leading research centers in the U.S., Canada, Italy, France, and Germany. The study will enroll approximately 142 patients with moderate to severe congenital ichthyosis. The EMA's orphan designation is available to companies developing treatments for rare diseases that are life-threatening or chronically debilitating that affect fewer than five in 10,000 people across the European Union (EU). Medicines that are granted orphan designation by the EMA qualify for financial and regulatory incentives including protocol assistance at reduced fees during product development, access to centralized marketing authorization, and 10 years of marketing exclusivity in the EU after product approval. About Timber Pharmaceuticals Timber Pharmaceuticals, Inc. f/k/a BioPharmX Corporation -- http://www.timberpharma.com-- is a biopharmaceutical company focused on the development and commercialization of treatments for orphan dermatologic diseases. The Company's investigational therapies have proven mechanisms-of-action backed by decades of clinical experience and well-established CMC (chemistry, manufacturing and control) and safety profiles. The Company is initially focused on developing non-systemic treatments for rare dermatologic diseases including congenital ichthyosis (CI), facial angiofibromas (FAs) in tuberous sclerosis complex (TSC), and localized scleroderma. Timber Pharmaceuticals reported a net loss of $10.64 million for the year ended Dec. 31, 2021, compared to a net loss of $15.12 million for the year ended Dec. 31, 2020. As of June 30, 2022, the Company had $9.91 million in total assets, $8.56 million in total liabilities, and $1.35 million in total stockholders' equity. Short Hills, New Jersey-based KPMG LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2022, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. TRADITION BREWING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Tradition Brewing Company LLC 700 Thimble Shoals Blvd, Suite 103 Newport News, VA 23606 Business Description: The Debtor is in the beverage manufacturing business. Chapter 11 Petition Date: October 31, 2022 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 22-50715 Debtor's Counsel: Lynn L. Tavenner, Esq. TAVENNER AND BERAN, PLC 20 N 8th Street, 2nd Floor Richmond, VA 23219 Tel: (804) 783-8300 Email: ltavenner@tb-lawfirm.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Pax Goodson as Board Chairman. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/RX53ENI/Tradition_Brewing_Company_LLC__vaebke-22-50715__0001.0.pdf?mcid=tGE4TAMA ULTRA SEAL CORPORATION: Taps Genova Malin & Trier as Counsel ------------------------------------------------------------ Ultra Seal Corporation and Ultra-Tab Laboratories, Inc. received approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Genova Malin & Trier, LLP to serve as legal counsel in their Chapter 11 cases. The firm's services include: a. providing the Debtors with legal advice with respect to their powers and duties in the management of their property; b. advising the Debtors and taking all necessary or appropriate actions at the Debtors' direction with respect to protecting and preserving the estates, including the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the estates; c. preparing legal papers; and d. performing all other legal services. The firm will be paid based upon its normal and usual hourly billing rates and will be reimbursed for out-of-pocket expenses incurred. Michelle Trier, Esq., a partner at Genova Malin & Trier, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Andrea B. Malin, Esq. Michelle L. Trier, Esq. Genova Malin & Trier LLP 1136 Route 9 Wappingers Falls, NY 12590 Tel: (845) 298-1600 Fax: (845) 298-1265 About Ultra Seal Corporation Ultra Seal Corporation is a privately owned and operated contract packager of pharmaceutical products, nutritional supplements and personal care products located in the heart of New York's Hudson Valley. Affiliate, Ultra-Tab Laboratories, Inc., is a bulk manufacturer of those products. Both are regulated by the U.S. Food and Drug Administration. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-35630) on October 6, 2022. In the petition signed by Dennis Borrello, president, Ultra Seal disclosed $8,861,955 in assets and $5,757,027 in liabilities. Judge Cecelia G. Morris oversees the cases. Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP, is the Debtors' counsel. UNITED LAWYERS: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: United Lawyers Service, Inc. 305 Broadway, Suite 518 New York, NY 10017 Business Description: United provides complete clerical and court services in New York State, and local trial and Appellate courts in the five boroughs of New York City, Nassau, Suffolk, Westchester, Rockland, Putnam, Orange, and Dutchess Counties, as well as all County Clerk offices, Surrogate courts, and Federal District, Bankruptcy, and Appellate courts in the Southern and Eastern Districts of New York and the Second Circuit. It handles virtually all courthouse clerical and calendar matters – the retrieval, copying, filing and e-filing of documents, the answering of calendar calls, the monitoring of cases, and much more. Chapter 11 Petition Date: October 31, 2022 Court: United States Bankruptcy Court Southern District of New York Case No.: 22-11424 Judge: Hon. Martin Glenn Debtor's Counsel: Richard J. McCord, Esq. CERTILMAN BALIN ADLER & HYMAN, LLP 90 Merrick Avenue East Meadow, NY 11554 Tel: (516) 296-7000 Fax: (516) 296-7801 Email: rmccord@certilmanbalin.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Mark A. Plumer as president. A full-text copy of the petition containing, among other items, a list of the Debtor's five unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CBMRQ3Y/United_Lawyers_Service_Inc__nysbke-22-11424__0001.0.pdf?mcid=tGE4TAMA URS HOLDCO: S&P Affirms 'CCC+' ICR on Delayed Volume Recovery ------------------------------------------------------------- S&P Global Ratings affirmed its 'CCC+' issuer credit rating on URS Holdco Inc. The outlook is negative. S&P said, "We also revised our capital structure modifier to negative from neutral given URS' term loan remaining average maturity of less than two years. "At the same time, we affirmed our 'CCC+' issue-level rating on the company's senior secured debt. The recovery rating remains '3'. "The negative outlook reflects continued elevated leverage, negative FOCF, and increased refinancing risk due to the upcoming term loan maturity amid weak automotive demand. "We expect further delays in U.S. domestic light vehicle production recovery to contribute to ongoing weak performance for URS. URS' financial performance is likely to remain weak over the next 12 months amid subdued new vehicle sales in the U.S. They weakened in 2022 on continued semiconductor and other part shortages. The used vehicle segment, after months of strong sales induced by lower production of new vehicles, has also weakened amid rising inflation. Whereas S&P Global Ratings' last forecast in March 2022 was for U.S. light vehicles sales volumes to increase 2%, we now expect a 4%-6% contraction in fiscal 2022 before improving in 2023 as automakers' supply improves. However, downside risks remain as vehicles demand could weaken URS' volumes given a likely recession in the first half of 2023. Although URS has managed to increase its first-half new vehicle transport volumes through a one-time bump from a large automaker, we do not expect it to sustain this growth unless automobile production and demand improve. We now expect new vehicle sales to increase 5%-7% in 2023, though on a lower base, as the supply chain improves. Macroeconomic conditions and successive rate hikes by the U.S. Federal Reserve to tame inflation could still impair demand. Dealerships with understocked inventory due to limited supply from automakers could also account for some additional demand for URS' services as production starts to normalize. Nonetheless, we do not expect significant improvement over the next 12 months as macroeconomic conditions weaken. We expect manufacturers to control supply to protect pricing power." Proceeds from URS' divestiture of Team Drive Away have temporarily supported liquidity in 2022. URS' adjusted FOCF deficits ($2 million in 2020, $16 million in 2021) have deteriorated cash balances significantly over the past two years. URS' liquidity position has benefitted from the cash it received from the sale of its heavy truck transportation segment in March 2022. 'Team Drive Away' was acquired in August 2019 to diversify from its core business operations of transporting light vehicles. However, management's shift of focus back to its core offering led the company to divest this segment. S&P said, "While the sale injected much needed cash, we expect the benefit to liquidity position to be only temporary with FOCF deficits of $3 million in both 2022 and 2023. We expect URS will need to draw on its asset-based lending (ABL) revolving credit facility to fund operations over the next 24 months. We believe URS will likely have sufficient availability to continue operations until September 2024, when the term loan becomes overdue. Despite the weakening liquidity profile, we do not envision a default scenario within the next 12 months." S&P said, "URS' upcoming debt maturity poses significant refinancing risk. Amid ongoing weak performance and slow recovery, we expect URS to face significant challenges refinancing its term debt facility that matures in September 2024. Despite containing its discretionary capital spending, URS' free cash flow has been negative for more than two years. The company has resorted to sale and leaseback of assets in 2020 and segment divestitures in 2022 to stay afloat. Recent interest rate hikes have further increased URS' expected cash interest expense by $3 million to around $33 million in 2022 and by $5 million to around $39 million in 2023. We view URS as having limited flexibility to generate additional cash if its operations remain weak. The negative outlook reflects our view that URS' leverage will continue to be elevated and FOCF will be negative through 2023. While we expect financial performance to improve as automotive volumes start to recover, we estimate debt to EBITDA will be above 10x for fiscal 2023." S&P could lower its ratings on URS if: -- Its liquidity becomes constrained due to the term loan becoming current; or -- A further unanticipated earnings decline leads us to conclude it will likely default over the following 12 months, likely if a recovery in automotive volumes is delayed further or the company cannot manage elevated operating costs. These scenarios include a near-term liquidity shortfall or covenant breach. This could also occur if S&P believes URS will likely implement a distressed exchange or below-par debt redemption over the next 12 months. S&P could revise its outlook on URS to stable over the next 12 months if it: -- Delivers a better-than-expected operating performance; or -- Generates stronger cash flow on a sustained basis. This could occur if market conditions improve more than we expect or URS increases its operating efficiency; -- Improves cushion under the covenants; and -- Refinances its term loan facility. ESG credit indicators: To E-3, S-3, G-3 from E-3, S-4, G-3 S&P said, "Social factors are now a moderately negative consideration in our credit rating analysis. While the COVID-19 pandemic induced health and safety concerns affected automaker production through tight raw material and semiconductor supplies, the effect has started to gradually wane, though production remains below normal due to the still lingering affects COVID-19 has had on supply chains. "Environmental factors are a moderately negative consideration, reflecting potential long-term industry pressures to reduce greenhouse gas emissions for truck haulage firms. Governance factors are a moderately negative consideration because we view its highly leveraged financial risk profile as demonstrating corporate decision-making that prioritizes the controlling owners' interests. This also reflects their generally finite holding periods and a focus on maximizing shareholder returns." US TELEPACIFIC: Bank Debt Trades at 56% Discount ------------------------------------------------ Participations in a syndicated loan under which US TelePacific Corp is a borrower were trading in the secondary market around 44 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD655 million facility is a term loan. The amount has been fully drawn and outstanding. The loan is scheduled to mature in May 2026. U.S. TelePacific Corp., doing business as, TPx Communications, provides telecommunication services. VESTA HOLDINGS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: Vesta Holdings, LLC P.O. Box 25 Montgomeryville, PA 18936-0025 Business Description: Historically, Vesta Holdings, LLC and each of its Debtor and non-Debtor affiliates provided wealth advisory, risk management services, and insurance brokerage services to individual and corporate clients across the United States. In recent years, the Debtors have focused on growing their insurance brokerage services business, which is primarily operated under Debtor Summit Risk Advisors LLC. Summit primarily concentrates on property and casualty insurance offerings. Chapter 11 Petition Date: October 30, 2022 Court: United States Bankruptcy Court District of Delaware Three affiliates that concurrently filed voluntary petitions seeking relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Vesta Holdings, LLC 22-11019 P.O. Box 25 Montgomeryville, PA 18936-0025 Summit Risk Advisors, LLC 22-11020 160 Chapel Road #101 Manchester, CT 06042 Dunham Insurance Agency, LLC 22-11021 11380 Prosperity Farms Road #101 Palm Beach Gardens, FL 33410 Debtors' General Bankruptcy Counsel: Mark R. Somerstein, Esq. Katharine E. Scott, Esq. Lucas W. Brown, Esq. Christine Joh, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, New York 10036 Tel: (212) 596-9000 Fax: (212) 596-9090 E-mail: mark.somerstein@ropesgray.com katharine.scott@ropesgray.com lucas.brown@ropesgray.com christine.joh@ropesgray.com - and - Ryan Preston Dahl, Esq. Benjamin M. Rhode, Esq. ROPES & GRAY LLP 191 North Wacker Drive, 32nd Floor Chicago, Illinois 60606 Tel: (312) 845-1200 Fax: (312) 845-5500 E-mail: ryan.dahl.@ropesgray.com benjamin.rhode@ropesgray.com Debtors' Co-Bankruptcy Counsel: Jeremy W. Ryan, Esq. R. Stephen McNeill, Esq. Elizabeth R. Schlecker, Esq. POTTER ANDERSON & CORROON LLP 1313 North Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 E-mail: jryan@potteranderson.com rmcneill@potteranderson.com eschlecker@potteranderson.co Debtors' Financial Advisor: PROVINCE LLC Debtors' Notice, Claims, Solicitation & Balloting Agent: OMNI AGENT SOLUTIONS Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Michael Hines as chief financial officer. Full-text copies the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/65ZQDHY/Vesta_Holdings_LLC__debke-22-11019__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/SX4XFPQ/Summit_Risk_Advisors_LLC__debke-22-11020__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/S5FBUDQ/Dunham_Insurance_Agency_LLC__debke-22-11021__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Angelo LaVecchi Note Payable $409,588 Address on File 2. David Dunham Note Payable $310,382 Address on File 3. Milbank Professional $160,000 55 Hudson Yards Services New York, NY 10001 Tel: (212)-530-8750 Email: billing@millbank.com 4. Moss Adams LLP Professional $157,500 101 Second Street, Suite 900 Services San Francisco, CA 94105 Judas Email: MirelesJudas.Mireles@mossadams.com 5. Julio Baluja Note Payable $136,423 Address on File 6. Gozdecki, Del Giudice, Professional $127,706 Americus, Farkas & Brocato LLP Services One East Wacker, Suite 1700 Chicago, IL 60601 Joseph B. Brocato Tel: (312)-450-8426 Email: j.brocato@gozdel.com 7. Richard Gibbs III Note Payable $41,658 Address on File 8. Morgan, Lewis & Bockius LLP Professional $40,000 1701 Market Street Services Philadelphia, PA 19103 Tel: (215) 963-5000 9. Glenn Willis Note Payable $15,418 Address on File 10. A & A Underwriters Note Payable $13,465 Address on File 11. Ed Mashburn Note Payable $11,018 Address on File 12. Phillip Sharple Note Payable $11,018 Address on File 13. Barry Enlow & Melodye Note Payable $4,791 Duncan Address on File 14. Stevens & Lee Professional $2,767 1600 North Bethlehem Pike Services Second Floor Lower Gwynedd, PA 19002 Michael Mazzone 15. Apex Funding Source LLC Litigation Undetermined The Klein Law Firm LLC Counterparty P.O. Box 714 Lakewood, NJ 08701 Yehuda Klein, Esq. Tel: (646) 330-9077 Email: jay@thekleinfirm.com 16. BMT Capital Group Inc. Litigation Undetermined Law Offices of Isaac H. Counterparty Greenfield, PLLC 2 Executive Blvd., Ste. 305 Suffern, NY 10901 Isaac H. Greenfield, Esq. Tel: (718) 564-6268 Fax: (516) 387-1117 17. Bridge Funding Cap, LLC d/b/a Litigation Undetermined Skyfall Funding Counterparty Hassett & George, P.C. 945 Hopmeadow Street Simsbury, CT 06070 Tel: (860) 651-1333 x105 Fax: (860) 651-1888 18. Cloudfund LLC Litigation Undetermined (dba Unique Capital) Counterparty Vadim Serebro, Esq. 55 Broadway, 3rd Floor New York, NY 10006 Vadim Serebro, Esq. Tel: (646) 517-8956 19. Libertas Funding, LLC Litigation Undetermined BENNETT TUELLER Counterparty JOHNSON & DEEE 3165 East Millrock Drive Suite 500 Salt Lake City, UT 84121 Joshua L. Lee Taylor Jaussi Tel: (801) 438-2000 Email: jlee@btjd.com; tjaussi@btjd.com 20. Palm Towers South Rent Undetermined 1351 Sawgrass Corp. Pkwy, Suite 103 Sunrise, FL 33323 VICKERY CREEK: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: Vickery Creek Properties, LLC 3000 North Field Place #600 Roswell, GA 30076 Chapter 11 Petition Date: October 31, 2022 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 22-58788 Debtor's Counsel: Kevin Cowart, Esq. KEVIN J. COWART P.O. Box 897 Madison, GA 30650 Tel: (706) 438-1000 Email: kevinjcowart@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jonathan Golden as CEO. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/2EO4Q7Q/Vickery_Creek_Properties_LLC__ganbke-22-58788__0001.0.pdf?mcid=tGE4TAMA WENDELL LAWRENCE, JR: Selling 5-Acre Parcel in Meridian for $450K ----------------------------------------------------------------- Wendell Lawrence, Jr., and Kathleen Lydia Lawrence ask the U.S. Bankruptcy Court for the District of Idaho to authorize their sale of 5-acre parcel, legally described in Exhibit A, to Taylor Schmidt for $450,000, in accordance with the terms of their Purchase and Sale Agreement. Among the assets of this bankruptcy estate is the Debtors' interest in the Property. The current offer is all cash with a Nov. 30, 2022, closing date, which the parties agree to extend as necessary to obtain Court approval. The price is all cash $450,000. The sale is "where is, as is," without any warranty express or implied. The Property is a vacant 5-acre parcel, which was subdivided from the Debtors' 10-acre parcel commonly described as 3797 S. Rustler Lane, Meridian, ID 83642. It is important to note that Debtors and the Buyer entered into the purchase and sale agreement pre-petition, and, due to the Debtors' financial condition and subsequent bankruptcy filing, the Buyer took initiative and the financial risk to obtain a survey and to participate in all actions to subdivide the property. Without the Buyer taking said actions at his own cost, the property would not have been subdivided. The property is worth more subdivided than it would have been if it had remained a 10-acre parcel with one house. Accordingly, the Estate wishes to assume the contract with Buyer, as set forth in the Debtors' Chapter 11 Plan, (to be amended, but not in a way that affects this sale). Moreover, $450,000 is the fair market value for the parcel. The Estate's Appraiser, Jody Graham, recently appraised the property, and can testify as to the fair market value if required. The Debtors also request an order approving compensation to the Estate's real estate broker, Karla Childs, in the amount of 6% commission as described in the Order on the Application to Employ Realtor. They understand that the Buyer is representing himself and that Ms. Childs intends to split 3% of her commission with him as a result of the sale. All interests in the property sold free and clear will attach to the proceeds of the sale, except as otherwise provided in the Motion. The Debtors are aware of the following liens secured by the property as well as property taxes: a. Secured Claim of Idaho State Tax Commission ("ISTC") as reflected in Claim No. 3. This Claim totaling $131,347.11 as of Aug. 25, 2021, will be treated as follows: From the sale of Lot 2, ISTC will be paid $5,000, and in exchange, ISTC will partially release its lien on the Debtors’ Real Property located at 3797 S. Rustler Lane, Meridian, ID 83642, as to Lot 2, to facilitate the sale. b. Secured Claim of First Horizon Bank ("FHB"), which is a second position construction loan note secured by a deed of trust on the Debtors' principal residence located at 3797 S. Rustler Lane, Meridian, ID 83642. This Claim No. 4, totaling $324,118.45, with a prepetition arrearage totaling $164,250.91, as of Aug. 25, 2021, will be treated as follows: From the sale of Lot 2, FHB will be paid $164,250.91 on its prepetition arrears, and in exchange FHB will partially release its lien on the Debtors' Real Property located at 3797 S. Rustler Lane, Meridian, ID 83642, as to Lot 2, to facilitate the sale. c. Secured Claim of Stetson Estates Homeowners and Stetson Estate Water Users Association, Inc., filed as Claim No. 7, in the sum of $8,109.04 as of Aug. 25, 2021. This is an HOA lien on the Debtors' principal residence located at 3797 S. Rustler Lane, Meridian, ID 83642. A total of $8,109.04 will be paid on this Claim from the proceeds of the sale of Lot 2. d. Secured Claim of the Internal Revenue Service. This Claim totaling $653,686.59 as filed by the IRS as of Aug. 25, 2021, will be treated as follows: From the sale of Lot 2, IRS will be paid $5,000, and in exchange, IRS will partially release its lien on the Debtors' Real Property located at 3797 S. Rustler Lane, Meridian, ID 83642, as to Lot 2, to facilitate the sale. e. Judgment Lien of the Law Offices of D. Blair Clark secured by the Debtors' principal residence located at 3797 S. Rustler Lane, Meridian, ID 83642. This Claim totaling $73,191.61 as of Aug. 25, 2021, will be paid as follows: i. 60% of this Claim will be paid as a secured claim, with the remainder to be paid as a general unsecured claim. The 60% secured claim will be paid from the proceeds of the sale of Lot 2, together with interest at the judgment rate of 6.25% from the Effective Date, unless paid prior to the Effective Date. This treatment of the Claim is a compromise between Clark and the Estate for the avoidance in part of Clark's judgment lien. ii. Clark will promptly execute all documents to release its lien on both Lot 1 and Lot 2 once paid as set forth, and will execute any necessary documents and order to accomplish the avoidance of 40% of Clark’s judgment lien. To the extent any sums remain after the payment of the realtor's commission and the secured claims, the Debtors will pay administrative claims (subject to Court approval), such as attorneys' fees of Roark Law Offices. The Motion is just intended to facilitate the sale more quickly so the parties do not have to wait for plan confirmation to consummate the sale. Because the Debtors' appraiser has confirmed that $450,000 is still a fair market price for the Property, sale to this private buyer is in the best interest of the Estate. However, if the Court requires overbid procedures, they request approval of overbid procedures that require any proposed overbidder, prior to the hearing on the Motion, to provide their counsel a deposit in the amount of $50,000 ($40,000 deposit and 1st overbid in the amount of $10,000) and provide proof of funds for the balance of the purchase price. Any overbidding will proceed in increments of as determined by the Court. In the event the overbidder is unable to complete the sale within five days of the hearing the deposit will be retained by the Estate as liquidated damages. Any objection must be filed with the Court and served upon the Debtors' Counsel no later than seven days prior to the hearing on the Notice of Motion pursuant to Fed. R. Bankr. P. 6004(b). In addition, the Debtors request that the 14-day stay period imposed by Federal Rule of Bankruptcy Procedure 6004(h) be waived. A copy of the Purchase Agreement & Exhibit A is available at https://tinyurl.com/2p98nsj2 from PacerMonitor.com free of charge. Wendell Lawrence, Jr and Kathleen Lydia Lawrence sought Chapter 11 protection (Bankr. D. Idaho Case No. 21-00555) on Aug. 25, 2021. The Debtors tapped Holly Roark, Esq., as counsel. WILLIAMS LAND: Brocklyn Buying Two 2015 Kenworth Trucks for $160K ----------------------------------------------------------------- Williams Land Clearing Grading and Timber Logger, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to sell its two 2015 Kenworth trucks more particularly described in Exhibit A to Brocklyn Hauling for $80,000 each, free and clear of liens. The Debtor owns the Vehicles. It is not using them in the operation of its business, and wishes to sell them. Both of the Vehicles are subject to a first-priority purchase money security interest in favor of Axis Title LLC, which is a wholly owned subsidiary of Amur Equipment Finance, Inc. The payoff amount for the Axis lien on the first 2015 Kenworth truck, VIN 1XKZD49X2FJ434298, is $74,501.55. The payoff amount for the Axis lien on the second Kenworth truck, VIN 1XKZD49X0FJ434283, is $74,800.29. The Debtor believes that the fair market value of the Vehicles is approximately $80,000 apiece. The Debtor received an offer pre-petition from the Buyer to purchase the Vehicles for $80,000 each, amounting to a total sale price of $160,000 for both Vehicles. It proposes to sell the Vehicles, and distribute the proceeds of the sale first to pay off the first-priority secured claims of Axis with any remaining proceeds to be paid to the Debtor. The Buyer has already paid the lien payoff amounts to Amur Equipment Finance, Inc., which amounts are being held pending approval of this proposed sale. The Debtor proposes any liens on the Vehicles which remain unpaid after the sale will attach to the proceeds of the sale in the amounts and priorities proven. The sale is proposed in good faith and is in the best interest of the estate. A copy of the Exhibit A is available at https://tinyurl.com/juwztzn8 from PacerMonitor.com free of charge. About Williams Land Clearing Grading and Timber Logger Williams Land Clearing, Grading and Timber Logger, LLC is an excavating contractor in Raleigh, N.C. Williams Land sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-02094) on Sept. 16, 2022, with between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Lamonte Williams, manager, signed the petition. Judge Pamela W. Mcafee oversees the case. The Debtor tapped William P, Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC as bankruptcy counsel, and Burns, Day & Presnell, P.A. as special counsel. WINDSOR FALLS: Taps Dunlap & Shipman as Special Counsel ------------------------------------------------------- Windsor Falls Condominium Association, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Dunlap & Shipman, P.A. as special counsel. The Debtor needs the firm's advice on general legal matters related to its operation, rights and responsibilities for compliance with the Florida Condominium Act; the collection of delinquent assessments from unit owners; and general legal matters which are not related specifically to the Debtor's responsibilities in its Chapter 11 case. Dunlap & Shipman will be paid $300 per hour for the services of its attorneys and $90 per hour for paralegal services. The firm will also be reimbursed for out-of-pocket expenses incurred. Kristin Gardner, Esq., a partner at Dunlap & Shipman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kristin Gardner, Esq. Dunlap & Shipman, P.A. 2063 County Highway 395 Santa Rosa Beach, FL 32459 Tel: (850) 231-3315 Fax: (850) 231-5816 About Windsor Falls Condominium Association Windsor Falls Condominium Association Inc. is the homeowner's association for Windsor Falls Condominiums in Jacksonville, Fla. It serves the needs of 384 homeowners. Windsor Falls filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code on (Bankr. M.D. Fla. Case No. 22-01491) on July 27, 2022, with $1 million to $10 million in both assets and liabilities. Robert Altman has been appointed as Subchapter V trustee. Judge Jacob A. Brown oversees the case. Robert D. Wilcox, Esq., at Wilcox Law Firm and Dunlap & Shipman, P.A. serve as the Debtor's bankruptcy counsel and special counsel, respectively. WINDSOR FALLS: Unsecureds to Get $625 Per Month for 3 Years ----------------------------------------------------------- Windsor Falls Condominium Association, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated October 25, 2022. Debtor is the homeowner's association for Windsor Falls Condominiums in Jacksonville, Florida. Debtor is a Florida not for-profit corporation and was formed on or about November 21, 2005. In February 2012, the Association hired Ansbacher Law, P.A. to represent it in connection with the prosecution of a construction defect claim against D.R. Horton, Inc. – Jacksonville for faulty construction of the condominium complex. The litigation, styled as Windsor Falls Condominium Association, Inc. v. D.R. Horton, Inc. – Jacksonville, et al.; Circuit Court, Fourth Judicial Circuit, Duval County, Florida; Case No. 2014-CA 4943 (the "State Court Action"), was initiated in 2014, and was resolved successfully after nearly six and a half years of effort with the defendants agreeing to provide over $18,290,000 in compensation to the Association, including the costs of remediating the complained of construction defects. The terms of the settlement with D.R. Horton are embodied in a Mediation Settlement Agreement dated January 2, 2019 (the "D.R. Horton Settlement Agreement"). After the D.R. Horton Settlement Agreement was finalized, the Association failed to pay Ansbacher's asserted attorney fees, resulting in two years of contentious litigation between the Parties. On September 7, 2022, the Bankruptcy Court entered an order requiring a mediation between the parties, and a mediation was thereafter conducted on September 12, 2022. The mediation was successful, with the parties entering into a settlement agreement with Ansbacher (the "Settlement Agreement") with an effective date of September 7, 2022. Ansbacher agrees to accept, and the Association agrees to pay Ansbacher, $3,760,624.85 (the "Settlement Amount") in full satisfaction of the Indebtedness and all claims asserted by Ansbacher against the Association. The Settlement Amount, repayment terms, and interest are to be evidenced by a negotiable promissory note (the "Note") to be executed within 7 days of bankruptcy court approval and secured. The Settlement Agreement is the product of good faith, arm's length negotiations between the Debtor and Ansbacher, and resolves a number of difficulties facing the Association. By entering into the Settlement Agreement and proposing this Plan of Reorganization, the Association will be able to (a) continue to exist and avoid liquidation, (b) restructure its debts and pay them in accordance with this Plan over time, as opposed to having Ansbacher seize its assets, (c) continue to have the construction defects remediated under the terms of the D.R. Horton Settlement Agreement, and (d) continue to provide services to the Association's members. The purpose of this Plan is to allow the Debtor to reorganize its financial affairs in a way that will permit it to pay the Allowed Claims as proposed in this Plan. To that end, the Debtor proposes to remain in business and continue operations, including providing services to its members. The Reorganized Debtor will continue to operate its business utilizing the existing structure, except as may be amended by orders of the Bankruptcy Court. Such operation will provide sufficient income to cover the day-to-day and monthly operating costs as outlined in the Budget. Following the payment of these costs, Reorganized Debtor will use its Disposable Income, if any, and distribute it pro-rata to the Holders of the General Unsecured Claims. In this case, after paying its ordinary expenses, Allowed Administrative Expenses, and the payments to secured creditors Truist and Ansbacher Law, P.A., the Debtor has $625.00 per month in Disposable Income. It proposes to distribute all its Disposable Income over the three-year plan period, or $22,500, to general unsecured creditors in Class 3. Class 1 shall consist of the Allowed Secured Claim of Truist, filed for $540,831.22. Based on an Allowed Claim amount of $540,831.22, the Debtor shall pay $10,460 per month in principal and interest, with interest accruing at 6.00% per annum. The debt shall continue to be secured by cash, cash equivalents and Certificates of Deposit. Class 2 shall consist of the Allowed Secured Claim of Ansbacher, filed for $3,940,624.85. Beginning on February 1, 2023, the Debtor shall pay $3,760,624.85 (the "Settlement Amount") over 60 months, based on a Variable Rate Note, and in a manner consistent with the Mediation Settlement Agreement between the Debtor and Ansbacher. The Debtor's obligations will be secured by documents identified in the Mediation Settlement Agreement, including but not limited to a Security Agreement, the Variable Rate Note, an Assignment of Assessment and Lien Rights with Retained License. Class 3 shall consist of all Allowed Unsecured Claims. The Debtor shall make payments based on disposable income of $625.00 per month to the class on a pro rata basis, with the actual payments of $7,500.00 per annum due on the first, second and third anniversaries of the Effective Date. The Plan is a reorganizing Subchapter V Chapter 11 plan. The funds required for implementation of the Plan and the distributions hereunder shall be provided from the Debtor's business income, which comes from assessments on the Association's Members. A full-text copy of the Subchapter V Plan dated October 25, 2022, is available at https://bit.ly/3FAwDzI from PacerMonitor.com at no charge. Debtor's Counsel: Robert D. Wilcox, Esq. Wilcox Law Firm 1301 Riverplace Blvd., Suite 800 Jacksonville, FL 32207 Tel: (904) 405-1250 Email: rw@wlflaw.com About Windsor Falls Condominium Association Windsor Falls Condominium Association Inc. is the homeowner's association for Windsor Falls Condominiums in Jacksonville, Florida. It serves the needs of 384 homeowners. Windsor Falls filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code on (Bankr. M.D. Fla. Case No. 22-01491) on July 27, 2022. In the petition filed by Ray Walz, as president, the Debtor estimated assets between $1 million and $10 million and liabilities between $1 million and $10 million. Robert Altman has been appointed as Subchapter V trustee. Robert D Wilcox, Esq., at Wilcox Law Firm, is the Debtor's counsel. YAK ACCESS: Bank Debt Trades at 74% Discount -------------------------------------------- Participations in a syndicated loan under which Yak Access LLC is a borrower were trading in the secondary market around 26 cents-on-the-dollar during the week ended Fri., October 28, 2022, according to Bloomberg's Evaluated Pricing service data. The USD180 million facility is a term loan. It is scheduled to mature in 2026. As of October 28, 2022, the amount was fully drawn and outstanding. YAK ACCESS -- https://www.yakaccess.com/ -- supplies access mats in North America ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. 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