/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/221110.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, November 10, 2022, Vol. 26, No. 313 Headlines 303 INVESTMENTS: Property Flipper Files Subchapter V Case ABRAXAS PETROLEUM: Egan-Jones Ups Local Currency Unsec Rating to B- ACI WORLDWIDE: Egan-Jones Keeps 'B+' Local Currency Unsec. Rating ADAMS 3 LLC: Lender Seeks to Prohibit Cash Collateral Access ADINA 74 REALTY: SARE Files for Chapter 11 Bankruptcy ALPHATEC HOLDINGS: Incurs $37 Million Net Loss in Third Quarter AMERICAN AXLE: Egan-Jones Retains 'B' Rating on Commercial Paper APHEX BIOCLEANSE: Trustee Gets OK to Hire Trenam Law as Counsel ARCHDIOCESE OF SANTA FE: Files Amendment to Disclosure Statement ATLANTIC WEST ONE: Has Deal on Cash Collateral Access AVIS BUDGET: Egan-Jones Hikes Local Currency Unsec. Ratings to B+ AYRO INC: Incurs $5.7 Million Net Loss in Third Quarter BEAULIEU GROUP: Bid to Determine Sufficiency of RFA Granted in Part BLUE MOON: Voluntary Chapter 11 Case Summary BRAND 44: Gets OK to Hire Sloan and Associates as Accountant BRAVO MULTINATIONAL: Incurs $127K Net Loss in Third Quarter C & L DINERS: Case Summary & 20 Largest Unsecured Creditors CALAMP CORP: Egan-Jones Keeps 'C' Rating on Commercial Paper CARNIVAL CORP: Egan-Jones Retains CCC+ Local Currency Unsec. Rating CARVANA CO: Widens Net Loss to $508 Million in Third Quarter CC HILLCREST: Wins Interim OK to Access Cash Collateral CEDAR FAIR: Egan-Jones Retains CCC+ Local Currency Unsec. Rating CGSRE ACQUISITION: Unsecureds Will Get 100% of Claims in Plan CHENIERE ENERGY: Egan-Jones Keeps 'B' Rating on Commercial Paper CINEWORLD GROUP: Committee Taps Pachulski as Legal Counsel CLEAN HARBORS: Egan-Jones Ups Local Currency Unsec. Rating to BB CM RESORT: MAR Living Trust Proposes Sale Plan CMR REAL ESTATE: Seeks to Hire VanBaker as Property Manager CONSOLIDATED ELEVATOR: Seeks to Hire RHM Law as Bankruptcy Counsel CSI COMPRESSCO: Incurs $4.5 Million Net Loss in Third Quarter CYTOSORBENTS CORP: Incurs $12.2 Million Net Loss in Third Quarter D FINDLEY: Court OKs Deal on Cash Collateral Access DEAN ST BROOKLYN: Seeks to Hire Joel M. Aresty as Legal Counsel DELEK US: S&P Alters Outlook to Positive, Affirms 'BB-' ICR DELUXE CORP: Egan-Jones Retains 'B' Sr. Unsec. Debt Rating DIVERSIFIED MERCURY: Direct Results Untimely Documents are Stricken EASY CONSTRUCTION: Seeks to Hire Shaw & Hanover as Legal Counsel EDGEWELL PERSONAL: Egan-Jones Keeps B Local Currency Unsec. Rating EIF CHANNELVIEW: S&P Affirms 'BB+' Rating on Secured Term Loan B EKSO BIONICS: Posts $4.3 Million Net Loss in Third Quarter ELEVATE ACADEMY: S&P Assigns 'BB' ICR, Outlook Stable ENDO INTERNATIONAL: Creditors Panel Seeks to Hire Dundon Advisers ENDO INTERNATIONAL: Creditors Panel Seeks to Hire Kramer as Counsel ENDO INTERNATIONAL: Opioid Committee Taps Cooley as Counsel ENDO INTERNATIONAL: Opioid Panel Seeks to Hire Financial Advisor ENDO INTERNATIONAL: Opioid Panel Seeks to Hire Investment Banker ENDO INTERNATIONAL: Opioid Panel Taps Akin as Special Counsel FIRST FRUITS: Wins Cash Collateral Access Thru Dec. 1 FISERV INC: Egan-Jones Retains BB+ Local Currency Unsec. Rating FLORIDA MULCH: Case Summary & 20 Largest Unsecured Creditors FMC TECHNOLOGIES: Egan-Jones Retains 'BB' LC Unsecured Rating FORD MOTOR: Egan-Jones Hikes Local Currency Unsec. Rating to B+ FREON LOGISTICS: Voluntary Chapter 11 Case Summary GEORGE WESTON: Egan-Jones Retains BB Local Currency Unsec. Rating GEX MANAGEMENT: Joseph Frontiere Quits as CEO, CFO GIRARDI: Erika Trashed by Lawyer Fighting Over Diamond Earrings GLOBALSTAR INC: Incurs $204.4 Million Net Loss in Third Quarter GREEN TAXI: Court Confirms 2nd Amended Plan H&R BLOCK: Egan-Jones Retains BB+ Local Currency Unsec. Rating HARSCO CORP: Egan-Jones Keeps BB- Local Currency Unsec. Rating HAWAIIAN HOLDINGS: Egan-Jones Keeps CCC- Local Curr. Unsec. Rating HELIX FITNESS: Files Emergency Bid to Use Cash Collateral HONX INC: Unsecured Creditors to Propose 'Different Path' for Case HOUSTON REAL ESTATE: Seeks to Hire Hayward PLLC as Counsel IAMGOLD CORP: Egan-Jones Lowers Local Currency Unsec. Rating to B+ INSULATION COATINGS: Seeks Approval to Hire Schaffner as Accountant K & I BEAUTY: Unsecureds Owed $20K to Get 50% of Claims KABBAGE INC: Court OKs Interim Cash Collateral Access KEYSTONE CLEANING: Seeks Cash Collateral Access LANNETT COMPANY: Posts $28 Million Net Loss in First Quarter LATAM AIRLINES: Davis Polk Advised Delta in LatAm Restructuring LOTUS SKY LLC: Seeks to Hire Bowers & Shenk as Accountant LOTUS SKY: Wins Interim Cash Collateral Access MARTIN MIDSTREAM: Incurs $28 Million Net Loss in Third Quarter MDWERKS INC: Incurs $49,652 Net Loss in Third Quarter MEDICAL TECHNOLOGY: Judge Lifts Stay to Compel Arbitration METHANEX CORP: Egan-Jones Retains 'BB' Local Currency Unsec. Rating MINESEN COMPANY: Trustee Taps Peter Matsumoto as Accountant MMC JUICE: Gets OK to Hire Springer Larsen Greene as Legal Counsel MONARCH PCM: Seeks Cash Collateral Access, $500,000 DIP Loan MP ZEBULON: Seeks to Hire GGG Partners as Restructuring Advisor N & N ELECTRIC: Seeks Approval to Hire HB Morgan as Accountant NATIVE ENGINEERS: Gets Interim OK to Tap Sternberg as Legal Counsel NEKTAR THERAPEUTICS: Posts $59 Million Net Loss in Third Quarter NEPHROS INC: Posts $3.2 Million Net Loss in Quarter Ended Sept. 30 NORTH AMERICAN: Court Denies Bid to Have Trial Exhibits Unredacted OBSTETRIC & GYNECOLOGIC: Files for Chapter 11 After $97M Verdict ONE IMPORTERS: Seeks Cash Collateral Access PANOP CAB: Nov. 30 Hearing on Disclosures and Plan PECO ELECTRIC: Dec. 14 Plan Confirmation Hearing Set PIPELINE HEALTH: Pulmonary Exchange Says Plan Unfair PLAYA HOTELS: Posts $2.2 Million Net Loss in Third Quarter Q BIOMED: Posts $1.4 Million Net Loss in Third Quarter RITE AID: S&P Downgrades ICR to 'CC' on Distressed Tender Offer ROHAN TRANSPORT: Seeks to Hire Eric A. Liepins as Legal Counsel RVR GENERAL: Court Confirms Amended Chapter 11 Plan SNOWBIRD II CONDOMINIUMS: Gets Court OK to Hire Insurance Counsel SPRINGFIELD HOUSE: Taps RE/MAX Centre as Real Estate Broker SS&C TECHNOLOGIES: Egan-Jones Keeps BB Local Currency Unsec Rating STONEBRIDGE VENTURES: Taps Shaw & Hanover as Legal Counsel STONEBRIDGE VENTURES: Trustee Taps Malcolm Cisneros as Counsel SUPERIOR SEPTIC: Unsecured Creditors to Split $20K over 36 Months T.J. MCDERMOTT: Court OKs Final Cash Collateral Access Thru Dec 15 TARINA TARANTINO: Gets $8.5-Mil. Offer for Building TC ENERGY: Egan-Jones Retains BB+ Local Currency Unsec. Rating TENNECO INC: Egan-Jones Cuts Local Currency Unsec. Rating to B TITAN INT'L: Egan-Jones Raises LC Unsec. Debt Ratings to 'BB-' TRANSALTA CORP: Egan-Jones Retains BB Local Currency Unsec. Rating TRANSOCEAN LTD: Incurs $28 Million Net Loss in Third Quarter TREETOP DEVELOPMENT: Taps Bryan Cave Leighton as Substitute Counsel TYCOON PRODUCTIONS: Seeks to Hire Ron Torry Tax as Accountant URBAN ONE: Egan-Jones Retains 'B' Local Currency Unsecured Rating VAIL RESORTS: Egan-Jones Retains B+ Local Currency Unsec. Rating VECTOR GROUP: Egan-Jones Retains CCC+ Local Currency Unsec. Rating VERINT SYSTEMS: Egan-Jones Keeps 'BB' Local Currency Unsec. Rating VICTORIA TOWERS: $250K Carve-Out in Sanford/Chengyi Plan VYANT BIO: Sells Unit's US Operations to Reaction Biology for $5.5M WILDFL0WER GROUP: Seeks Cash Collateral Access WL HOUSTONS: Unsecureds Will Get 100% of Claims in Sale Plan WORKDAY INC: Egan-Jones Retains 'B' Local Currency Unsec. Rating [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 303 INVESTMENTS: Property Flipper Files Subchapter V Case --------------------------------------------------------- 303 Investments Inc. filed for chapter 11 protection in the Middle District of Colorado. The Debtor elected on its voluntary petition to proceed under Subchapter V of chapter 11 of the Bankruptcy Code. The Debtor purchases raw land and has homes built on it for sale. The Debtor also purchases land with residential improvements on the land and fixes and flips the properties. According to court filings, 303 Investments estimates $500,000 to $1 million in debt to 1 to 49 creditors. The petition states that funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Dec. 5, 2022, at 9:00 AM, at Telephonic Chapter 11. The conference line number for creditors and parties in interest to call in is (888) 497-4718. Parties will then need to enter the following passcode to join the meeting: 6026644#. Proofs of claim are due by Jan. 10, 2023. About 303 Investments Inc. 303 Investments Inc. filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 22-14267) on Nov. 1, 2022. In the petition filed by Derrick Myers, as president, the Debtor reported assets between $10 million and $50 million and liabilities between $500,000 million and $1 million. Alison Goldenberg has been appointed as Subchapter V trustee. The Debtor is represented by Aaron A Garber of Wadsworth Garber Warner Conrardy, P.C. ABRAXAS PETROLEUM: Egan-Jones Ups Local Currency Unsec Rating to B- ------------------------------------------------------------------- Egan-Jones Ratings Company, on October 5, 2022, raised the local currency senior unsecured rating on debt issued by Abraxas Petroleum Corp to B- from CCC+. EJR also retained its C rating on commercial paper issued by the Company. Headquartered in San Antonio, Texas, Abraxas Petroleum Corporation operates as an exploration and production company. ACI WORLDWIDE: Egan-Jones Keeps 'B+' Local Currency Unsec. Rating ----------------------------------------------------------------- Egan-Jones Ratings Company, on October 6, 2022, retained its 'B+' local currency senior unsecured ratings on debt issued by ACI Worldwide Inc. Headquartered in Miami, Florida, ACI Worldwide, Inc. develops, markets, and supports software products for the global electronics funds transfer market. ADAMS 3 LLC: Lender Seeks to Prohibit Cash Collateral Access ------------------------------------------------------------ Dashco, Inc. asks the U.S. Bankruptcy Court for the District of Columbia to prohibit Adams 3, LLC from using cash collateral. The Debtor owns three contiguous parcels of real property on the 18th Street corridor of Washington, DC, and the whole of the Debtor's liquid assets -- including all commercial and residential rental revenues derived from the troika of assets -- constitute the cash collateral of Dashco. For reasons that are not readily discernable, however, the Debtor has initiated this case without endeavoring to negotiate an agreement for the use of cash collateral and without seeking any first day relief that would otherwise permit the use of cash collateral. On October 15, 2019, the Debtor borrowed $3.360 million from Capital Bank, N.A. The First Loan is secured by a Deed of Trust and Security Agreement that was recorded amongst the land records of the District of Columbia on October 23, 2019. A UCC Financing Statement was filed in the District of Columbia, also on October 23, 2019, giving notice of the security interests granted under the First DOT. The First DOT was subsequently assigned to Dashco, with said assignment being recorded amongst the land records on March 17, 2022. On January 21, 2020, Dashco loaned $510,204 to the Debtor, being in addition to the obligation created by the First Loan. The Second Loan is secured by a deed of trust recorded amongst the land records of the District of Columbia on January 22, 2020. On November 18, 2020, the Debtor took a third loan, from F & N Enterprises, LLC, for $600,000, with that debt also being secured against the Real Property. As of the Petition Date, the Debtor owed Dashco $3.598 million on the First Loan and, additionally, in the amount of $690,118 on the Second Loan. As a starting point, while the Debtor has not filed any first day motions in the case, it is evident the entirety of the Debtor's liquid assets as of the Petition Date -- together with any rental income realized by the Debtor on a forward-looking basis -- constitute the cash collateral of Dashco. The Lender contends these are the precise forms of assets the Bankruptcy Code is designed to protect from expenditure or dissipation yet, remarkably, the Debtor has now been in bankruptcy for almost a week and has not so much as filed a motion seeking leave to utilize these funds, much less arranged a hearing thereupon. The Lender asserts the Debtor is so deeply indebted, and the Real Property is so badly underwater, that the only viable option is to prohibit the use of cash collateral and direct all extant cash, and all forward-looking rental income, be paid over to Dashco. A copy of the motion is available at https://bit.ly/3tdUmhO from PacerMonitor.com. About Adams 3 LLC Adams 3 LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 22-00205) on Nov. 1, 2022. In the petition filed by Napoleon Ibiezugbe, as officer, the Debtor reported assets and liabilities between $1 million and $10 million. The Debtor is represented by the Law Office of Frank Morris, II. ADINA 74 REALTY: SARE Files for Chapter 11 Bankruptcy ----------------------------------------------------- Adina 74 Realty Corp. filed for chapter 11 protection in the Southern District of New York. The Debtor, a Single Asset Real Estate, says its principal asset is located at 6 East 74th Street New York, NY 10021. According to court filings, Adina 74 Realty Corp. estimates $1 million to $10 million in debt to 1 to 49 creditors. The petition states that funds will not be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Dec. 2, 2022, at 2:00 PM at Office of UST (TELECONFERENCE ONLY) - CHAPTER 11s. About Adina 74 Realty Corp. Adina 74 Realty Corp. is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). Adina 74 Realty Corp. filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-11458) on Nov. 2, 2022. In the petition filed by Ezra Chammah, as president, the Debtor reported assets between $10 million and $50 million and liabilities between $1 million and $10 million. The Debtor is represented by Dawn Kirby of Kirby Aisner & Curley, LLP. ALPHATEC HOLDINGS: Incurs $37 Million Net Loss in Third Quarter --------------------------------------------------------------- Alphatec Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $37 million on $89.84 million of total revenue for the three months ended Sept. 30, 2022, compared to a net loss of $43.03 million on $62.88 million of total revenue for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss of $117.16 million on $244.92 million of total revenue compared to a net loss of $104.14 million on $169.25 million of total revenue for the same period in 2021. As of Sept. 30, 2022, the Company had $516.28 million in total assets, $125.48 million in total current liabilities, $348.32 million in long-term debt, $26.95 million in operating lease liabilities (less current portion), $14.48 million in other long-term liabilities, $23.60 million in redeemable preferred stock, and a total stockholders' deficit of $22.57 million. "We are executing on our innovation and financial commitments and I am confident we can continue to do so in the years ahead," said Pat Miles, Chairman and chief executive officer. "During the third quarter, ATEC's Organic Innovation Machine introduced multiple outcome-improving approaches and technologies, which were enthusiastically received. It is increasingly clear: surgeons are buying in to our clinical thesis which will go well beyond lateral." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1350653/000095017022021960/atec-20220930.htm About Alphatec Holdings Alphatec Holdings, Inc. (ATEC) (www.atecspine.com), through its wholly-owned subsidiaries, Alphatec Spine, Inc. and SafeOp Surgical, Inc., is a medical device company dedicated to revolutionizing the approach to spine surgery through clinical distinction. ATEC architects and commercializes approach-based technology that integrates seamlessly with the SafeOp Neural InformatiX System to provide real-time, objective nerve information that can enhance the safety and reproducibility of spine surgery. Alphatec reported a net loss of $144.33 million for the year ended Dec. 31, 2021, a net loss of $78.99 million for the year ended Dec. 31, 2020, a net loss of $57 million for the year ended Dec. 31, 2019, and a net loss of $28.97 million for the year ended Dec. 31, 2018. AMERICAN AXLE: Egan-Jones Retains 'B' Rating on Commercial Paper ---------------------------------------------------------------- Egan-Jones Ratings Company, on October 6, 2022, retained the 'B' local currency rating on commercial paper issued by American Axle & Manufacturing Holdings Inc. EJR also retained the 'B-' local currency senior unsecured rating on debt issued by the Company. Headquartered in Detroit, Michigan, American Axle & Manufacturing Holdings, Inc. operates as an automotive supplier of driveline and drivetrain systems and related components for light trucks, SUVs, passenger cars, crossover, and commercial vehicles. APHEX BIOCLEANSE: Trustee Gets OK to Hire Trenam Law as Counsel --------------------------------------------------------------- Gerard McHale, Jr., Chapter 11 trustee for Aphex BioCleanse Systems, Inc., received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Trenam Law to handle its Chapter 11 bankruptcy case. The firm will be paid at these rates: Lynn Welter Sherman, Partner $475 per hour Tanya A. Yatsco, Paralegal $235 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. Lynn Welter Sherman, Esq., a partner at Trenam Law, 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: Lynn Welter Sherman, Esq. Trenam Law 200 Central Avenue, Suite 1600 St. Petersburg, FL 33701 Tel: (727) 896-7171 Email: lsherman@trenam.com About Aphex BioCleanse Systems Aphex BioCleanse Systems Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 22 01917) on May 12, 2022, with $450,093 in assets and $1,213,865 in liabilities. On Oct. 12, 2022, the court issued an order revoking the Debtor's Subchapter V designation and directing the appointment of a Chapter 11 trustee. Judge James L. Garrity Jr. oversees the case. The Debtor tapped Laurie L. Blanton, Esq., at Holland Law Group, P.A. as bankruptcy counsel. Gerard A. McHale, Jr., the Chapter 11 trustee appointed in the Debtor's case, is represented by Lynn Welter Sherman, Esq., at Trenam Law. ARCHDIOCESE OF SANTA FE: Files Amendment to Disclosure Statement ---------------------------------------------------------------- The Roman Catholic Church of the Archdiocese of Santa Fe submitted an Amended Disclosure Statement to accompany First Amended Plan of Reorganization dated November 3, 2022. The Debtor proposes the Plan in order to pay compensation to survivors of Abuse perpetrated by individuals associated with the Archdiocese. The Debtor has worked since the Petition Date to obtain funding for a Plan by: (a) liquidating many of its assets; (b) obtaining contributions from the Settling Insurers pursuant to the Insurer Settlement Agreements and the Participating Religious Order Settlement Agreements; (c) obtaining contributions from others who may have liability for some of the Claims because of their relationships with the Debtor, including the Parishes; (d) accepting donations from individuals and organizations who support the purpose of the Plan; and (e) obtaining loans. Each of the Participating Parties, including the Settling Insurers, the Participating Religious Orders and their corresponding general liability carriers, and the ASF Participating Parties, including Parishes and other Catholic organizations, have made substantial contributions and commitments to help fund the Plan. The Debtor, the ASF Participating Parties, and the Settling Insurers, will fund the ASF Settlement Trust in the original negotiated amount of $121,500,000.00. Participating Religious Orders (and their respective general liability carriers) are contributing an additional $8,475,000.00 for distribution to Class 3 Tort Claimants and Class 4 Unknown Tort Claimants. All Class 3 and Class 4 Tort Claimants will benefit from the Participating Religious Orders settlements, but Class 3 Tort Claimants asserting claims against the Participating Religious Orders and the Debtor will receive a substantially greater benefit from this additional source of compensation. The ASF Settlement Trust's fees and expenses will be paid by the Reorganized Debtor, except for those fees and expenses directly related to administering the Claims against Participating Religious Orders, which will be paid from the Religious Orders Reserves, as described in the ASF Settlement Trust. If any other Religious Orders participate in the Plan, it is anticipated that the additional contributions from the Religious Orders will be distributed to Class 3 Tort Claims and Class 4 Tort Claims in accordance with the respective settlement agreements and the applicable trust documents. The Settling Insurers will contribute a total of $46,500,000 to the Escrow Account which will in turn fund, in part, the ASF Settlement Trust. The funds in the ASF Settlement Trust will be distributed to compensate only holders of Class 3 Tort Claims in accordance with the Tort Claims Allocation Protocol that was developed by the Committee and for advancement of Trust expenses. The Debtor and the Participating Religious Orders (and their respective liability carriers) will fund the Unknown Tort Claims Trust in an amount to be approved by the Court as part of the Plan. The Unknown Tort Claims Trust will be used exclusively for the compensation of Class 4 Unknown Tort Claimants pursuant to the Unknown Tort Claims Allocation Protocol and for advances of Trust expenses. No part of the ASF Settlement Trust will be used to compensate Unknown Tort Claimants. The Participating Religious Orders, as part of their proposed settlements, will contribute $400,000 to the Unknown Tort Claims Trust. The ASF Settlement Trust will distribute the funds after review of the Class 3 Tort Claims and related Channeled Claims is complete. The Tort Claims Reviewer, in accordance with the Tort Claims Allocation Protocol, determines whether a Class 3 Tort Claimant receives a distribution, and the amount of such distribution. * The Debtor's Initial Contribution was transferred to the Escrow Account, and the Note and Mortgage were executed. * The Bankruptcy Court holds the Confirmation Hearing and soon thereafter enters the Confirmation Order, an order approving Insurer Settlement Agreements, and an order approving the Participating Party Agreement. * The Bankruptcy Court enters the order(s) approving the Participating Religious Order Settlement Agreements. * The Effective Date -- All cash contributions by the Settling Insurers will be contributed to the Escrow Account, and the Note and Mortgage will be delivered to the ASF Settlement Trust. * The Escrow Agent will deliver the funds in the Escrow Account to the ASF Settlement Trust and the Unknown Tort Claims Trust in the amounts set forth in the Plan. When the funds have cleared, the ASF Settlement Trustee will make distributions in accordance with the ASF Trust Documents and the Class 3 Tort Claims Allocation Protocol. The Honorable Michael Hogan has completed his analysis and recommends that the Unknown Tort Claims Fund be funded in the amount of $2,500,000.00 to pay allowed Unknown Tort Claims. Judge Hogan recommends that the Unknown Tort Claims Fund and to receive an initial deposit of $500,000.00 and that the Debtor continue to replenish up to the total recommended amount over a period of five years. The initial funding will be provided by the Debtor and the Participating Religious Orders (and their respective liability carriers). The Unknown Tort Claims Trust will be managed by a trustee in accordance with the Unknown Tort Claims Trust Agreement and the Unknown Tort Claims Allocation Protocol. Class 5 General Unsecured Claims may pursue recovery from insurance. Uninsured Class 5 Claims, if allowed, will receive payment, without interest, in annual installments over 10 years. In the alternative, certain Class 5 Claimants, may elect a cash payment of $2,500 within 30 days of the Effective Date, at the Claimant's option. Upon: (a) the Confirmation Order becoming a Final Order, (b) the conditions precedent in each Insurer Settlement Agreement being satisfied, including without limitation the occurrence of the Settlement Agreement Effective Date as defined in the Insurer Settlement Agreements, and (c) subject to any termination provisions in an Insurer Settlement Agreement, the Insurer Settlement Agreements shall become fully binding on the ASF Settlement Trust, the Unknown Tort Claims Trust, the Protected Parties, the Reorganized Debtor, the Committee, Settling Insurers, the Tort Claimants, holders of Channeled Claims, parties in interest in the Bankruptcy Case, and any of the foregoing Persons' successors and assigns. The Insurer Settlement Agreements shall survive the confirmation, effectiveness, and substantial consummation of the Plan. A full-text copy of the Amended Disclosure Statement dated November 3, 2022, is available at https://bit.ly/3FX3K0V from PacerMonitor.com at no charge. Attorneys for the Debtor: ELSAESSER ANDERSON, CHTD Ford Elsaesser Bruce A. Anderson 320 East Neider Avenue, Suite 102 Coeur d'Alene, ID 83815 (208) 667-2900 Fax: (208) 667-2150 Email: ford@eaidaho.com Email: brucea@eaidaho.com - and - WALKER & ASSOCIATES, P.C. Thomas D. Walker 500 Marquette Ave NW, Suite 650 Albuquerque, NM 87102 (505) 766-9272 (505) 766-92878 (fax) Email: twalker@walkerlawpc.com About Roman Catholic Church of The Archdiocese of Santa Fe The Roman Catholic Church of the Archdiocese of Santa Fe -- https://www.archdiosf.org/ -- is an ecclesiastical territory or diocese of the southwestern region of the United States in the state of New Mexico. At present, the Archdiocese of Santa Fe covers an area of 61,142 square miles. There are 93 parish seats and 226 active missions throughout this area. The Archdiocese of Santa Fe sought Chapter 11 protection (Bankr. D.N.M. Case No. 18-13027) on Dec. 3, 2018, to deal with child abuse claims. It reported total assets of $49,184,579 and total liabilities of $3,700,000 as of the bankruptcy filing. Judge David T. Thuma oversees the case. The archdiocese tapped Elsaesser Anderson, Chtd. and Walker & Associates, P.C., as bankruptcy counsel; Stelzner, Winter, Warburton, Flores, Sanchez & Dawes, P.A as special counsel; and REDW, LLC as accountant. ATLANTIC WEST ONE: Has Deal on Cash Collateral Access ----------------------------------------------------- Atlantic West One, Inc. and the U.S. Small Business Administration advised the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection. On July 14, 2020, the Debtor executed a U.S. Small Business Administration Note, pursuant to which the Debtor obtained a loan in the amount of $134,400. On October 4, 2021, the Debtor executed a first Modification of Note, pursuant to which the Debtor obtained additional loan funds such that the cumulative principal total of the SBA Loan was $500,000. The terms of the Note Modification require the Debtor to pay principal and interest payments of $2,512 every month beginning 12 months from the date of the Note over the 30-year term of the SBA Loan, with a maturity date of July 14, 2050. The SBA Loan has an annual rale of interest of 3.75% and may be prepaid at any time without notice of penalty. Pursuant to the SBA Loan Authorization and Agreement executed on July 14, 2020, the Debtor is required to "use all the proceeds of this Loan solely as working capital to alleviate economic injury" caused by the COVID-19 pandemic and pay Uniform Commercial Code lien filing fees and a third-party UCC handling charge of $100 which will be deducted from the Loan amount. As evidenced by the Amended Security Agreement executed on October 4, 2022, and a validly filed UCC-1 on July 25, 2020 as Filing Number U200004778932, the SBA Loan is secured and properly perfected by all tangible and intangible personal property. The SBA consents to the Debtor's use of cash collateral on agreed upon terms. The Debtor represents to the SBA that it will make no additional or unauthorized use of the cash collateral retroactive from the SBA Loan date until February 28, 2023 or the entry of an Order Confirming the Debtor's Plan of Reorganization, whichever occurs earlier. SBA consents to the Debtor's use of cash collateral for ordinary and necessary expenses. As adequate protection, retroactive to the Petition Date, the SBA will receive a replacement lien on all presently-owned or hereafter acquired assets of the Debtor. The scope of the replacement lien is limited to the amount (if any) that cash collateral diminishes post-petition as a result of the Debtor's post-petition use of cash collateral. The replacement lien is valid, perfected and enforceable and shall not be subject to dispute, avoidance, or subordination, and this replacement lien need not be subject to additional recording. As adequate protection, the Debtor will commence monthly payments of $2,512 to the SBA on December 14, 2022, continuing until further Court order or entry of an Order Confirming the Debtor's Plan of Reorganization, whichever occurs earlier. The SBA will be entitled to a super-priority claim over the life of the Debtor's bankruptcy case, pursuant to 11 U.S.C. sections 503(b) and 507(b), which claim shall be limited to any diminution in the value of SBA's collateral, pursuant to the SBA Loan, as a result of Debtor's use of cash collateral on a post-petition basis. The Debtor agrees to maintain insurance on the Personal Property Collateral and to designate SBA as a loss payee or additional insured in accordance with the SBA Loan and related loan documents and agrees to provide proof of insurance within seven days upon written request of SBA. The Stipulation will remain in effect until February 28, 2023, or until the Parties enter into a further Stipulation or a consensual Chapter 11 Plan, or until the case is converted or dismissed, whichever first occurs. A hearing on the matter is set for November 17, 2022 at 11 a.m. A copy of the stipulation is available at https://bit.ly/3DWLRwm from PacerMonitor.com. About Atlantic West One, Inc. Atlantic West One, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-15535) on October 11, 2022. In the petition signed by Mike Lavi, chief executive officer, the Debtor disclosed up to $1 million in both assets and liabilities. Giovanni Orantes, Esq., at the Orantes Law Firm, A.P.C., is the Debtor's counsel. AVIS BUDGET: Egan-Jones Hikes Local Currency Unsec. Ratings to B+ ----------------------------------------------------------------- Egan-Jones Ratings Company, on October 3, 2022, raised the local currency senior unsecured rating on debt issued by Avis Budget Group Inc to B+ from B. Headquartered in Parsippany-Troy Hills, New Jersey, Avis Budget Group, Inc. operates as a vehicle rental and mobility solution service. AYRO INC: Incurs $5.7 Million Net Loss in Third Quarter ------------------------------------------------------- AYRO, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $5.68 million on $373,186 of revenue for the three months ended Sept. 30, 2022, compared to a net loss of $12 million on $559,370 of revenue for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss of $16.23 million on $2.38 million of revenue compared to a net loss of $25.30 million on $1.87 million of revenue for the nine months ended Sept. 30, 2021. As of Sept. 30, 2022, the Company had $62.13 million in total assets, $3.68 million in total liabilities, and $58.44 million in total stockholders' equity. "We reached a milestone recently with the introduction of the AYRO Vanish, a low-speed electric vehicle (LSEV) based on our core AYRO platform, sourced primarily from a North American and European supply chain," commented AYRO CEO Tom Wittenschlaeger. "The Vanish is lightweight, yet rugged enough to support both light-duty and heavy-duty applications and features fully swappable payloads. It is ideally suited for urban last-mile delivery, stadium and campus environments, and situations where toxic fumes are a concern. "As we wrap up the initial bench testing and prototype units, we are simultaneously scaling up our manufacturing and assembly facility in Round Rock in anticipation of first article production of the Vanish in the first quarter of 2023. We intend to rely on e-commerce channels for direct delivery where possible and other distribution channels, including our fleet management partner Element and our food-box partner Gallery Carts. Furthermore, we intend to target other distributors across the country that see the value proposition that a next-generation LSEV offers, in addition to maximizing sales through the federal government's GSA channel later in 2023. "Should the Vanish be successful, we may be in position to target different segments of the electric vehicle market, should we desire. Using the same components, subsystems, and chassis as the Vanish, we can easily configure additional vehicles with different outer frames to meet the demands of other segments. "Financial performance in the third quarter of 2022 was negatively impacted by defective components that came from a former supplier that limited our inventory of the Club Car Current. While revenue was negatively impacted due to this defective supply situation, ultimately the success of AYRO will be determined by how effective our team is at designing, developing, assembling, and selling the Vanish and any other new vehicles that come out of our factory. "Our cash and marketable securities balance at the end of the third quarter was $55.2 million. We certainly look forward to ramping unit production, developing sales, and shipping the Vanish to customers in 2023 accordingly," concluded Mr. Wittenschlaeger. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1086745/000149315222030275/form10-q.htm About AYRO Texas-based AYRO, Inc., formerly known as DropCar, Inc. -- http://www.ayro.com-- engineers and manufactures purpose-built electric vehicles to enable sustainable fleets. AYRO's EVs are an eco-friendly microdistribution alternative to gasoline vehicles. Ayro reported a net loss of $33.08 million for the year ended Dec. 31, 2021, a net loss of $10.76 million for the year ended Dec. 31, 2020, a net loss of $8.66 million for the year ended Dec. 31, 2019, and a net loss of $18.75 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $73.07 million in total assets, $3.60 million in total liabilities, and $69.46 million in total stockholders' equity. BEAULIEU GROUP: Bid to Determine Sufficiency of RFA Granted in Part ------------------------------------------------------------------- Bankruptcy Judge Barbara Ellis-Monro grants in part the Motion to Determine Sufficiency of Answers and Objections to Requests for Admission and for Attorneys' Fees filed by the Plaintiff Engineered Floors, LLC in the adversary case IN RE: BEAULIEU GROUP, LLC, et al., Chapter 11, Debtors. ENGINEERED FLOORS, LLC, Plaintiff, v. BEAULIEU OF AMERICA, INC., et al., Defendant, Case No. 17-41677-BEM, Adversary Proceeding No. 18-4031-BEM, (Bank. N.D. Ga.). At issue in this case are three categories of carpet and related product defect claims as follows: Bucket 1: carpet manufactured and sold by the Debtors Beaulieu Group LLC and its affiliates; Bucket 2: carpet manufactured in whole or part by the Debtors and sold by the Plaintiff; Bucket 3: carpet manufactured and sold by the Plaintiff. In the Summary Judgment Order, the Court found that the Plaintiff is not liable for Bucket 1 claims but is not immune from liability for Bucket 2 and Bucket 3 claims. Shortly after entering the Summary Judgment Order, the Court entered a separate order granting the Defendants Lakeshore Equipment Company's motion to sever and dismissing all of the Plaintiff's claims against Lakeshore and all of Lakeshore's counterclaims for lack of jurisdiction — and also denied all pending motions as moot (the "Severance Order"). Both the Summary Judgment Order and the Severance Order were appealed to the district court. The district court affirmed the Summary Judgment Order, and that decision—including the issue of whether the Plaintiff is liable for Bucket 2 claims—is currently pending on appeal in the Eleventh Circuit Court of Appeals. With respect to the Severance Order, the district court reversed the dismissal of the Plaintiff's claim for contempt against Lakeshore (Count 9 of the amended complaint) and remanded for further proceedings. That ruling was also appealed to the Eleventh Circuit, but the appeal was dismissed for lack of jurisdiction. These rulings put the Plaintiff's contempt claim back before this Court, and the Court reopened discovery on a limited basis. Now, the Plaintiff seeks the Court for a ruling that certain requests for admission ("RFA") that it served on Lakeshore be deemed admitted because Lakeshore's responses to those RFAs were incorrect, insufficient, and evasive. In response, Lakeshore contends that its responses were sufficient at the time they were provided, that it has now amended its responses rendering moot any issues with the original responses because the Court has not ruled on its objections to the RFAs and the Plaintiff has not shown the RFAs are of substantial importance to the contempt claim. At issue here are First RFAs 2, 3, 6, and 8, and Second RFA 10. First RFA 2: Lakeshore did not assert an objection to this RFA. The first sentence of the amended response admits the RFA, and the Plaintiff does not argue otherwise but notes that Lakeshore refuses to admit the RFA as stated. However, the second sentence of the amended response includes a denial that Lakeshore was a creditor of the Debtor at the time it received notice of the bankruptcy. Lakeshore's status as a creditor was not put into issue by the RFA and does not go to the substance of the RFA and is therefore, not an appropriate qualification. Accordingly, the Court strikes the second sentence of Lakeshore's amended response. First RFA 3: Lakeshore did not assert an objection to First RFA 3. Both the original and the amended response deny the RFA based on insufficient information, but the amended response is qualified. The qualification is specific about what Lakeshore knew, how Lakeshore knew it, and when Lakeshore knew it. It responds to matters put into issue by the RFA and does not inject uncalled for argument. Furthermore, the assertion of lack of sufficient information satisfies Rule 36 because it states that Lakeshore made a reasonable inquiry based on information known or readily obtainable. Therefore, the Court finds Lakeshore's amended response to First RFA 3 is sufficient. First RFA 6: Lakeshore raises three objections to First RFA 6. Lakeshore objects first that the RFA is vague and second that it is overly broad; both objections were made without elaboration or explanation. The Court, however, finds that the RFA is neither vague nor overly broad as it is seeking admission of one discrete item. Third, Lakeshore objects that the RFA seeks a legal conclusion. The Court finds that Lakeshore has been asked to admit the corporate status of two other entities whose relationship is the subject of the APA and Sale Order — which is a request for the application of law to facts. Accordingly, the Court overrules Lakeshore's objections. Turning to the sufficiency of the amended response, Lakeshore admits that the Plaintiff and the Debtor did not merge but qualifies that admission with the statement that it originally thought otherwise based on representations made by an employee of the Plaintiff. The Court finds that the qualification goes to the substance of the RFA, which is Lakeshore's knowledge regarding the structure of the sale. Therefore, the Court finds the amended response to First RFA 6 is sufficient. First RFA 8: Lakeshore raised no objections in its initial response. In the amended response, Lakeshore does not expressly object but states First RFA 8 seeks admission of a legal conclusion. Generally, when a party fails to timely and properly object to a discovery request, such objections are waived. Rule 36(a)(3) provides that an RFA is deemed admitted unless an answer or objection is filed within 30 days after service of the RFA. The objection here was not lodged within 30 days of service of the RFA. The Court finds that, to the extent Lakeshore objected to First RFA 8, that objection is waived. Second RFA 10: Lakeshore did not assert an objection to Second RFA 10. In its amended response, Lakeshore admits that the APA was attached to the motion for the Sale Order filed on Oct. 6, 2017, and that the Court entered the Sale Order on Oct. 31, 2017. Lakeshore denies it was a creditor on those dates, but admits it was a customer at the time. Lakeshore admits it is bound by the APA and Sale Order if the Court intended them to bind non-creditor customers. Lakeshore's qualification about whether it is bound is not based on lack of notice but rather on the specific universe of parties bound. The Court finds that the various qualifications to the amended response — including the filing of the motion for a Sale Order, the entry of the Sale Order, and the effect of the Sale Order on different constituencies — all go to the binding effect of the Sale Order and who is bound, such that the amended response fairly meets the substance of the matters sought. Hence, the Court finds that the amended response to Second RFA 10 is sufficient. A full-text copy of the Order dated Oct. 31, 2022, is available at https://tinyurl.com/mr2uvahu from Leagle.com. About Beaulieu Group Founded in 1978 by Carl M. Bouckaert and Mieke D. Hanssens, Beaulieu Group LLC -- http://www.beaulieuflooring.com/-- is a privately-owned American company that manufactures and distributes high-end quality products in carpet, engineered hardwood, laminate and luxury vinyl. Beaulieu Group has 2,500 full- and part-time hourly and salaried employees. Beaulieu Group, along with the two other affiliates, filed voluntary petitions seeking relief under the provisions of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 17-41677) on July 16, 2017. The cases are jointly administered before the Honorable Judge Mary Grace Diehl. Scroggins & Williamson, P.C., is the Debtors' bankruptcy counsel. McGuireWoods is the special corporate counsel and Armory Strategic Partners is the restructuring advisor. American Legal Claim Services, LLC, is the claims and noticing agent. An Official Committee of Unsecured Creditors was appointed on July 21, 2017. The Committee retained Thompson Hine LLP as counsel; Fox Rothschild LLP as co-counsel; and Phoenix Management Services LLC as financial advisor. No trustee or examiner has been appointed in this case. BLUE MOON: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Blue Moon Property Group, LLC 17600 Pacific Hwy Unit 338 Marylhurst, OR 97036 Business Description: Blue Moon Property Group, LLC Chapter 11 Petition Date: November 9, 2022 Court: United States Bankruptcy Court District of Oregon Case No.: 22-31873 Judge: Hon. Teresa H. Pearson Debtor's Counsel: Douglas R. Ricks, Esq. VANDEN BOS & CHAPMAN, LLP 319 SW Washington Suite 520 Portland, OR 97204 Tel: 503-241-4869 Fax: 503-241-3731 Email: doug@vbcattorneys.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ronald G. Sapp as agent of Member. The Debtor stated it has no creditors holding unsecured claims. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/5WS3NIQ/Blue_Moon_Property_Group_LLC__orbke-22-31873__0001.0.pdf?mcid=tGE4TAMA BRAND 44: Gets OK to Hire Sloan and Associates as Accountant ------------------------------------------------------------ Brand 44, LLC received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Sloan and Associates, Inc. as its accountant. The Debtor requires an accountant to prepare its tax returns. Sloan and Associates will be paid at the rate of $200 per hour and will be reimbursed for out-of-pocket expenses incurred. David Sloan, a partner at Sloan and Associates, 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 Sloan Sloan and Associates, Inc. 455 N Sherman St., Suite 480 Denver, CO 80203 Tel: (303) 777-6660 Fax: (303) 777-5575 Email: info@davidsloan.com About Brand 44 Denver-based Brand 44, LLC designs, manufactures and sells outdoor activities products through a variety of distribution channels, including through online sales, sporting good retailers, specialty catalogs and large retail stores. It produces and sells products through five product brand names: Slackers, Playzone Fit, 4Fun, American Ninja Warrior, and Plum Play. Brand 44 sells its products in the United States and internationally on all five continents. The company sells to its customers online through a number of avenues, including Amazon.com, Wayfair.com, Dicks.com and directly through the website: www.b4adventures.com. Its customers also include large retail stores, including Target. Brand 44 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 22-13369) on Sept. 1, 2022, with up to $10 million in both assets and liabilities. Judge Elizabeth E. Brown oversees the case. J. Brian Fletcher, Esq., at Onsager Fletcher Johnson, LLC and Sloan and Associates, Inc. serve as the Debtor's legal counsel and accountant, respectively. BRAVO MULTINATIONAL: Incurs $127K Net Loss in Third Quarter ----------------------------------------------------------- Bravo Multinational Incorporated filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the period ended Sept. 30, 2022. Net loss for the three months ended Sept. 30, 2022 and 2021 were $127,132 and $127,203, respectively. The decrease during the three months ending Sept. 30, 2022 was attributable to reductions in general and administrative costs compared to the three months ending Sept. 30, 2021 loss of $127,203. Net loss for the nine months ended Sept. 30, 2022 and 2021 were $401,427 and $400,526, respectively. The increase during the nine months ending Sept. 30, 2022 was attributable to increases in professional fees. As of Sept. 30, 2022, the Company had $103 in total assets, $1.64 million in total liabilities, and a total stockholders' deficit of $1.64 million. As of Sept. 30, 2022, the Company had an accumulated deficit of $90,814,089 and a working capital deficit of $1,640,833. The Company stated, "We need capital for the implementation of our business plan, and we will need additional capital for continuing our operations. We do not have sufficient revenues to pay our operating expenses at this time. Unless the company is able to raise working capital, it is likely that the Company will either have to cease operations or substantially change its methods of operations or change its business plan. For the next 12 months the Company has an oral commitment from its CEO and CFO to advance funds as necessary in meeting our operating requirements." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1444839/000109181822000148/brvo-20220930.htm.htm About Bravo Multinational Based in Ontario, Canada, Bravo Multinational Incorporated -- http://www.bravomultinational.com-- is currently engaged in the business of leasing and selling gaming equipment. The Company, however, ceased operations in Nicaragua in 2017 due to political and economic instabilities. The Company is planning to operate its business in the US and other more stable democracies in Latin America. Bravo reported a net loss of $420,126 for the year ended Dec. 31, 2021, compared to a net loss of $60.47 million for the year ended Dec. 31, 2020. Lakewood, Co-based BF Borgers CPA PC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Feb. 17, 2022, citing that the Company's minimal activities raise substantial doubt about its ability to continue as a going concern. C & L DINERS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- C & L Diners, LLC 22-50599 61 Newton Rd Danbury, CT 06810 Pacific Restaurants, LLC 22-50600 444 Quaker Lane Unit 5 Warnick, RI 02886 C & L Hartford, LLC 22-50601 61 Newton Road Danbury, CT 06810 Business Description: The Debtors are in the restaurants business. Chapter 11 Petition Date: November 8, 2022 Court: United States Bankruptcy Court District of Connecticut Debtors' Bankruptcy Counsel: HELLER, DRAPER & HORN, LLC Debtors' Local Counsel: Ira S. Greene, Esq. LOCKE LORD LLP 1 Landmark Square, Suite 1650 Stamford, CT 06901 Tel: (203) 353-6879 Tel: (203) 353-6880 Fax: (888) 325-9691 Email: ira.greene@lockelord.com - and - Tara L. Trifon, Esq. 20 Church Street, 20th Floor Hartford, CT 06103 Tel: (860) 525-5065 Fax: (860) 527-4198 Email: tara.trifon@lockelord.com C & L Diners, LLC's Total Assets as of Sept. 30, 2022: $2,725,736 C & L Diners, LLC's Total Liabilities as of Sept. 30, 2022: $3,131,688 Pacific Restaurants' Total Assets as of Sept. 30, 2022: $448,722 Pacific Restaurants' Total Liabilities as of Sept. 30, 2022: $165,512 C & L Hartford's Total Assets as of Sept. 30: $847,369 C & L Hartford's Total Liabilities as of Sept. 30, 2022: $719,318 The petitions were signed by Herman Li as operating member. Full-text copies of the petitions containing, among other items, lists of the Debtors' 20 largest unsecured creditors are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/UMHZ53I/C__L_Diners_LLC__ctbke-22-50599__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2SDVHCQ/C__L_Hartford_LLC__ctbke-22-50601__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2462EDY/Pacific_Restaurants_LLC__ctbke-22-50600__0001.0.pdf?mcid=tGE4TAMA CALAMP CORP: Egan-Jones Keeps 'C' Rating on Commercial Paper ------------------------------------------------------------ Egan-Jones Ratings Company, on October 6, 2022, retained the 'C' local currency rating on commercial paper issued by CalAmp Corp. EJR also retained the 'CCC' local currency senior unsecured rating on debt issued by the Company. Headquartered in Irvine, California, CalAmp Corp. delivers wireless access and computer technologies. CARNIVAL CORP: Egan-Jones Retains CCC+ Local Currency Unsec. Rating ------------------------------------------------------------------- Egan-Jones Ratings Company, on October 7, 2022, retained its 'CCC+' local currency senior unsecured rating on debt issued by Carnival Corp. EJR also retained its 'B' local currency rating on commercial paper issued by the Company. Headquartered in Miami, Florida, Carnival Corporation owns and operates cruise ships offering cruises to all major vacation destinations including North America, United Kingdom, Germany, Southern Europe, South America, and Asia Pacific. CARVANA CO: Widens Net Loss to $508 Million in Third Quarter ------------------------------------------------------------ Carvana Co. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $508 million on $3.38 billion of net sales and operating revenues for the three months ended Sept. 30, 2022, compared to a net loss of $68 million on $3.48 billion of net sales and operating revenues for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss of $1.45 billion on $10.76 billion of net sales and operating revenues compared to a net loss of $105 million on $9.06 billion of net sales and operating revenues for the same period in 2021. As of Sept. 30, 2022, the Company had $9.62 billion in total assets, $9.25 billion in total liabilities, and $374 million in total stockholders' equity. "We made significant progress in Q3 driving operational efficiencies despite the considerable headwinds facing our industry. Our committed team achieved notable cost reductions across our business while continuing to deliver exceptional customer experiences," said Ernie Garcia, Carvana founder and CEO. "This economic environment remains uncertain, but we are focussed squarely on the goal of driving the business to profitability. While progress is rarely linear, we remain on the path to becoming the largest and most profitable auto retailer." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1690820/000169082022000313/cvna-20220930.htm About Carvana Founded in 2012 and based in Tempe, Arizona, Carvana Co. -- http://www.carvana.com-- is an e-commerce platform for buying and selling used cars. Carvana Co. reported a net loss of $287 million in 2021, a net loss of $462 million in 2020, a net loss of $365 million in 2019, a net loss of $254.74 million in 2018, and a net loss of $164.32 million in 2017. As of June 30, 2022, the Company had $10.50 billion in total assets, $9.64 billion in total liabilities, and $864 million in total stockholders' equity. * * * As reported by the TCR on Aug. 18, 2022, S&P Global Ratings revised its outlook on Carvana Co. to stable from positive and affirmed its 'CCC+' issuer credit rating. S&P said, "The stable outlook reflects our expectation that Carvana will maintain sufficient liquidity over the next 12 months to support its cash burn while it continues to try and reduce its costs and improve profitability back toward breakeven." In April 2022, Moody's Investors Service downgraded Carvana Co.'s, corporate family rating to Caa1 from B3. Moody's said the downgrade reflects Carvana's very weak credit metrics, persistent lack of profitability and negative free cash flow generation which Moody's expect to continue as the company embarks on building out, adequately staffing and ramping up acquired sites and existing locations to where they are cash flow positive on a sustained basis. The downgrade also reflects governance considerations particularly Carvana's financial policies which support its external floor plan facilities going current despite the expectation for significant negative free cash flow as well as its decision to finance the ADESA acquisition partially with debt despite its very high leverage. CC HILLCREST: Wins Interim OK to Access Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, authorized CC Hillcrest, LLC to use cash collateral on an interim basis in accordance with the budget, with a 15% variance. The Debtor requires the use of cash collateral to continue the operation of its business. The Debtor is a party to a Loan Agreement dated as of September 17, 2020, with NEF Preservation PB Fund I LP. The Debtor also executed a Promissory Note in the principal amount of $18.575 million in favor of the Secured Lender, and a Deed of Trust, Security Agreement, Financing Statement, Fixture Filing and Assignment of Leases and Rents in favor of the Secured Lender. The Secured Lender asserts that, pursuant t the Loan Documents, substantially all of the Debtor's assets are subject to the prepetition liens of the Secured Lender including liens on rents. As adequate protection, the Secured Lender is granted valid, binding, enforceable, and automatically perfected liens first priority replacement and additional liens and security interests. The Post-Petition Liens granted to the Secured Lender in the Order are automatically perfected without the need for filing of a UCC-1 financing statement with the Secretary of State's Office or any other such act of perfection. To the extent the Post-Petition Liens are not sufficient to adequately protect the Secured Lender for the diminution in value of its interests, the Secured Lender will have an allowed super-priority administrative expense claim as set forth under section 364(c)(1) of the Bankruptcy Code. As additional adequate protection, the Debtor will pay monthly debt service payments that would be required under the Loan Documents, at the dates and times required under the Loan Documents. A further hearing on the matter is scheduled for December 1, 2022, at 1:30 9.m. A copy of the order and the Debtor's budget is available at https://bit.ly/3Ei0Lid from PacerMonitor.com. The Debtor projects $207,327 in gross income and $6,514 in total administrative expenses on a monthly basis. About CC Hillcrest, LLC CC Hillcrest, LLC operates an apartment complex in Mesquite, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-31362) on July 29, 2022. In the petition signed by Jared Remington, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Scott W. Everett oversees the case. Joyce W. Lindauer Attorney, PLLC, is the Debtor's counsel. CEDAR FAIR: Egan-Jones Retains CCC+ Local Currency Unsec. Rating ---------------------------------------------------------------- Egan-Jones Ratings Company, on October 7, 2022, retained its 'CCC+' local currency senior unsecured rating on debt issued by Cedar Fair LP. EJR also retained its 'B' local currency rating on commercial paper issued by the Company. Headquartered in Sandusky, Ohio, Cedar Fair, L.P. owns and operates amusement parks. CGSRE ACQUISITION: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------- CGSRE Acquisition Corp. filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement for Plan of Reorganization dated November 3, 2022. The Debtor is engaged in the business of owning and leasing the real property consisting of a commercial building known as and located at 68 Runyon Avenue, Yonkers, New York, 10710 (the "Property"). Dated as of September 26, 2017, the Debtor executed and delivered to Dynasty LLC a Secured Promissory Note (the "Dynasty LLC Note"), to evidence a loan from Dynasty LLC to the Debtor in the principal sum of $850,000, with interest accruing thereon at the rate set forth in the Dynasty LLC Note. The Debtor, as mortgagor, executed and delivered Dynasty LLC, as mortgagee, a Mortgage, Assignment of Leases and Rents and Security Agreement (the "Dynasty LLC Mortgage"), granting to Dynasty LLC a mortgage on the Mortgaged Premises and Chattel. By letter dated October 12, 2018, Dynasty LLC advised the Debtor that a purported "Event of Default" had occurred under the Dynasty LLC Note and Dynasty LLC Mortgage. On August 11, 2022, the Debtor filed for protection under Chapter 11 the United States Bankruptcy Code. No trustee, examiner or creditors committee has been appointed in this case. The Debtor is in possession of its assets and is continuing to manage its property in accordance with sections 1107 and 1108 of the Bankruptcy Code. Class 1 consists of Priority Claims. On the Effective Date, or as soon as practicable after such Claims become Allowed Claims, each holder of a Priority Claim shall receive payment from the Disbursing Agent, (i) in Cash, in the full amount of its Priority Claim, or (ii) as may be otherwise agreed in writing between the Debtor and the holder of such Claim, from the Plan Proceeds. Class 2 consists of the claims of New York City Secured Claims. The Class 2 Claimant shall be paid equal monthly installments of $2,145 commencing on the Effective Date of the Plan, calculated at an interest rate equal to the one year constant maturity treasury index amortized over 4 ½ years (paid 5 years from the petition date). Class 3 consists of the allowed secured claim of Dynasty, LLC. On the Effective Date the holder of the Class 4 Claim shall be paid in equal monthly installments of $8,619.20, representing monthly installments of interest only payments calculated at a fixed interest rate of 5% on the allowed secured claim of the Class 3 Claimant. The Dynasty Loan is cross collateralized by way of a first mortgage encumbering the property located at 129 Lyncroft Rd., New Rochelle, NY 10804 and therefore, Dynasty is treated as fully secured under the plan. Class 4 consists of all Allowed Unsecured Claims. Each holder of an allowed Class 4 General Unsecured Claim shall be paid in full, in cash, on the later of the Effective Date of this Plan, or the date on which such claim is allowed by a final non appealable order, or as may be otherwise agreed in writing between the Debtor and the holder of such Claim. Class 5 consists of Allowed Interests. On the Effective Date, the Debtor's sole member James Harte shall retain his interests in the Debtor. Except as set forth elsewhere in this Plan, all payments required to be made under this Plan shall be made by the Disbursing Agent in accordance with the terms of this Plan from the Plan Proceeds, the 1414 Protective Advance, and any Cash on hand with the Debtor Consequently, the Debtor believes that the plan, as proposed, provides to secured and unsecured creditors what they would receive were the Debtor's case converted to one under Chapter 7 of the Bankruptcy Code. The plan proposes to pay general unsecured creditors 100% of their total claims. A full-text copy of the Disclosure Statement dated November 3, 2022, is available at https://bit.ly/3TBPCgV from PacerMonitor.com at no charge. Proposed Counsel for the Debtor: Joel Shafferman, Esq. Shafferman & Feldman LLP 2810 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 About CGSRE Acquisition CGSRE Acquisition Corp. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-22536) on Aug. 11, 2022. In the petition signed by James Harte, president, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Sean H. Lane oversees the case. Joel Shafferman, Esq. at Shafferman & Feldman, LLP is the Debtor's counsel. CHENIERE ENERGY: Egan-Jones Keeps 'B' Rating on Commercial Paper ---------------------------------------------------------------- Egan-Jones Ratings Company, on October 6, 2022, retained the 'B' local currency rating on commercial paper issued by Cheniere Energy Inc. EJR also retained the CCC+ local currency senior unsecured rating on debt issued by the Company. Headquartered in Houston, Texas, Cheniere Energy, Inc. is an energy company focused on LNG-related businesses. CINEWORLD GROUP: Committee Taps Pachulski as Legal Counsel ---------------------------------------------------------- The official committee of unsecured creditors of Cineworld Group, PLC and its subsidiaries seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Pachulski Stang Ziehl & Jones, LLP as its legal counsel. The firm's services include: a. representing the committee in its consultations with the Debtors regarding the administration of their Chapter 11 cases; b. assisting the committee in analyzing the Debtors' assets and liabilities, investigating the extent and validity of liens, and participating in and reviewing any proposed asset sales, asset dispositions, financing arrangements, and cash collateral stipulations or proceedings; c. assisting the committee in any manner relevant to reviewing and determining the Debtors' rights and obligations under leases and other executory contracts; d. assisting the committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtors, the Debtors' operations, and the desirability of the continuance of any portion of those operations, and any other matters relevant to the cases or to the formulation of a Chapter 11 plan; e. participating in the negotiation, formulation and drafting of a plan of liquidation or reorganization; f. advising the committee on issues concerning any proposed sale of assets; g. advising the committee regarding its powers and duties under the Bankruptcy Code and the Bankruptcy Rules; h. assisting the committee in the evaluation of any claims and on any litigation matters, including avoidance actions and claims against directors, officers and any other party; and i. other necessary legal services. The firm will be paid at these rates: Partners $945 - $1,775 per hour Of Counsel $725 - $1,425 per hour Associates $675 - $825 per hour Paraprofessionals $460 - $495 per hour Bradford Sandler, Esq., a partner at Pachulski, disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Sandler disclosed that: -- Pachulski has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- None of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- Pachulski has not represented the committee in the 12 months prior to the Debtors' Chapter 11 filing; and -- Pachulski anticipates that the committee's professional fees will be initially governed by the court's debtor-in-possession financing order and budget approved in these cases. The firm can be reached through: Bradford J. Sandler, Esq. Pachulski Stang Ziehl & Jones, LLP 919 North Market Street, 17th Floor Wilmington, DE 19801 Tel: 302-778-6424 Fax: 212-561-7704 Email: bsandler@pszjlaw.com About Cineworld Group 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 United States. 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. The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as bankruptcy counsels; PJT Partners, LP as investment banker; AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP as tax service provider. Kroll Restructuring Administration, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Sept. 23, 2022. The committee tapped Weil, Gotshal & Manges, LLP and Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI Consulting, Inc. as financial advisor; and Perella Weinberg Partners, LP as investment banker. CLEAN HARBORS: Egan-Jones Ups Local Currency Unsec. Rating to BB ---------------------------------------------------------------- Egan-Jones Ratings Company, on October 6, 2022, raised the local currency senior unsecured rating on debt issued by Clean Harbors Inc to BB from BB-. Headquartered in Norwell, Massachusetts, Clean Harbors, Inc. provides hazardous and non-hazardous material management and disposal services. CM RESORT: MAR Living Trust Proposes Sale Plan ---------------------------------------------- MAR Living Trust submitted a Third Amended Joint Disclosure Statement for the Third Amended Joint Plan of Reorganization for CM Resort, LLC, et al. The MAR Living Trust is a creditor and 100% equity owner of all the Debtors. CM Resort LLC is the owner of approximately 1,854 acres in Palo Pinto County, Texas; Specfac Group LLC is the owner of approximately 470 acres in Palo Pinto County, Texas; and Sundance Lodge LLC is the owner of approximately 105 acres of land in Palo Pinto County, Texas (collectively the "Real Property"). The Plan is a joint plan of reorganization filed by the Plan Proponent to provide for the reorganization of all the Debtors. On the Effective Date of the Plan, CM Resort LLC, Specfac Group LLC and Sundance Lodge LLC will sell all their Real Property to CM Capital Group, LLC in exchange for the cash sum of $3,600,000, pursuant to the provisions and under the authority of 11 U.S.C. Section 363. The Reorganized Debtors will then use those funds to make all payments due under the Plan. CM Capital is a single purpose entity recently formed for the purpose of acquiring the Real Property of the Reorganized Debtors pursuant to the Plan. The Purchase Price will be funded in whole by Texas Land Venture 12, LLC ("TLV"). TLV is a single-purpose entity recently formed for the purpose of contributing the Purchase Price to CM Capital. No later than 14 days prior to the Confirmation Hearing, TLV will provide to the Plan Proponent a verifiable bank account statement in TLV's name confirming the presence of at least $3,600,000.00 in cash in the account, and the Plan Proponent will offer the bank statement into evidence at the Confirmation Hearing as proof of TLV's ability to fund the Purchase Price to CM Capital. At the Confirmation Hearing, an authorized representative of TLV will appear and offer evidence of TLV's ability and willingness to fund the Purchase Price under the terms of the Plan. In exchange for its contribution of the Purchase Price, TLV will receive an equity interest in CM Capital and will be the Manager of CM Capital. The remaining equity of CM Capital will be owned by Carlota Irrevocable Trust I and Carlota Irrevocable Trust II. The trustee of both trusts will be Gregory Ginn. The beneficiary of the Carlota Irrevocable Trust I will be Mark Ruff. The beneficiaries of the Carlota Irrevocable Trust II will be Jennifer Ruff and her two children. The Plan Proponent will request the Court to enter an order (which may be a part of the Confirmation Order) finding that the sale of the Real Property to CM Capital was conducted pursuant to provisions and under the authority of 11 U.S.C. Section 363 and that the conveyance of title to the Real Property is free and clear of all liens, claims, interests and encumbrances pursuant to Section 363(f) of the Bankruptcy Code, and that CM Capital will receive the protections afforded by Section 363(m). All current Equity Interests will be cancelled under the Plan and new equity interests comprising 100% ownership of the Reorganized Debtors will be issued. On a date prior to the Confirmation Hearing to be set by the Court, counsel for the Chapter 11 Trustee (or, if the Trustee declines, counsel for the Plan Proponent) ) will conduct an auction of the new equity interests, which will be sold to the highest bidder. The Plan Proponent will submit an opening bid of $10,000 for the new equity interests. The winning bidder will be responsible for fulfilling all duties of the Reorganized Debtors under the Plan. All proceeds from the Equity Auction shall be distributed Pro Rata first to Allowed non-Insider Unsecured Claims and then, if those Claims are paid in full, to Allowed Insider Claims. The Plan will treat claims as follows: * Claims against CM Resort, LLC: Class CM Resort 3 Allowed Unsecured Claims Other than Class 4 Claims total $172,620.00. These Claimants shall each receive on the Payment Date their Pro Rata share (up to 100% of each Allowed Claim) of the pool of funds remaining from the Purchase Price after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. This pool of funds shall also include all proceeds from the sale of new equity in the Debtor at the Equity Auction. This shall be a single pool of funds to be shared by all non-duplicative Allowed Unsecured non-Insider Claims in all the Cases. The amount of the recovery of each of these Claimants depends on the collective amount of the Allowed Claims as compared to the total funds remaining after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. These Claims are Impaired and the Claimants in this Class are entitled to vote to accept or reject the Plan. * Claims against CM Resort Management, LLC: Class CM Mgt. 1 Allowed Unsecured Claims Other Than Class 2 Claims total $172,620. These Claimants shall each receive on the Payment Date their Pro Rata share (up to 100% of each Allowed Claim) of the pool of funds remaining from the Purchase Price after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. This pool of funds shall also include all proceeds from the sale of new equity in the Debtor at the Equity Auction. This shall be a single pool of funds to be shared by all non-duplicative Allowed Unsecured non-Insider Claims in all the Cases. The amount of the recovery of each of these Claimants depends on the collective amount of the Allowed Claims as compared to the total funds remaining after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. These Claims are Impaired and the Claimants in this Class are entitled to vote to accept or reject the Plan. * Claims against Destination Development Partners, Inc.: Class DD Ptrs. 1 Allowed Unsecured Claims Other Than Class 2 Claims total $172,870. These Claimants shall each receive on the Payment Date their Pro Rata share (up to 100% of each Allowed Claim) of the pool of funds remaining from the Purchase Price after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. This pool of funds shall also include all proceeds from the sale of new equity in the Debtor at the Equity Auction. This shall be a single pool of funds to be shared by all non-duplicative Allowed Unsecured non-Insider Claims in all the Cases. The amount of the recovery of each of these Claimants depends on the collective amount of the Allowed Claims as compared to the total funds remaining after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. These Claims are Impaired and the Claimants in this Class are entitled to vote to accept or reject the Plan. * Claims against Destination Development Community III, Ltd.: Class DD Comm. 1 Allowed Unsecured Claims Other Than Class 2 Claims total $153,370.00. These Claimants shall each receive on the Payment Date their Pro Rata share (up to 100% of each Allowed Claim) of the pool of funds remaining from the Purchase Price after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. This pool of funds shall also include all proceeds from the sale of new equity in the Debtor at the Equity Auction. This shall be a single pool of funds to be shared by all non-duplicative Allowed Unsecured non-Insider Claims in all the Cases. The amount of the recovery of each of these Claimants depends on the collective amount of the Allowed Claims as compared to the total funds remaining after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. These Claims are Impaired and the Claimants in this Class are entitled to vote to accept or reject the Plan. * Claims against Specfac Group, LLC: Class Specfac 3 Allowed Unsecured Claims Other than Class 4 Claims total $160,420.00. These Claimants shall each receive on the Payment Date their Pro Rata share (up to 100% of each Allowed Claim) of the pool of funds remaining from the Purchase Price after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. This pool of funds shall also include all proceeds from the sale of new equity in the Debtor at the Equity Auction. This shall be a single pool of funds to be shared by all non-duplicative Allowed Unsecured non-Insider Claims in all the Cases. The amount of the recovery of each of these Claimants depends on the collective amount of the Allowed Claims as compared to the total funds remaining after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. These Claims are Impaired and the Claimants in this Class are entitled to vote to accept or reject the Plan. * Claims against Sundance Lodge, LLC: Class Sun. Ldg. 3 Allowed Unsecured Claims Other than Class 4 Claims total $165,870.00. These Claimants shall each receive on the Payment Date their Pro Rata share (up to 100% of each Allowed Claim) of the pool of funds remaining from the Purchase Price after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. This pool of funds shall also include all proceeds from the sale of new equity in the Debtor at the Equity Auction. This shall be a single pool of funds to be shared by all non-duplicative Allowed Unsecured non-Insider Claims in all the Cases. The amount of the recovery of each of these Claimants depends on the collective amount of the Allowed Claims as compared to the total funds remaining after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. These Claims are Impaired and the Claimants in this Class are entitled to vote to accept or reject the Plan. * Claims against Sundance Residence Club, LLC: Class Sun. Club 1 Allowed Unsecured Claims Other Than Class 2 Claims total $153,870.00. These Claimants shall each receive on the Payment Date their Pro Rata share (up to 100% of each Allowed Claim) of the pool of funds remaining from the Purchase Price after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. This pool of funds shall also include all proceeds from the sale of new equity in the Debtor at the Equity Auction. This shall be a single pool of funds to be shared by all non-duplicative Allowed Unsecured non-Insider Claims in all the Cases. The amount of the recovery of each of these Claimants depends on the collective amount of the Allowed Claims as compared to the total funds remaining after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. These Claims are Impaired and the Claimants in this Class are entitled to vote to accept or reject the Plan. * Claims against Sundance Partners, LLC: Class Sun. Ptrs. 1 Allowed Unsecured Claims Other Than Class 2 Claims total $166,870.00. These Claimants shall each receive on the Payment Date their Pro Rata share (up to 100% of each Allowed Claim) of the pool of funds remaining from the Purchase Price after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. This pool of funds shall also include all proceeds from the sale of new equity in the Debtor at the Equity Auction. This shall be a single pool of funds to be shared by all non-duplicative Allowed Unsecured non-Insider Claims in all the Cases. The amount of the recovery of each of these Claimants depends on the collective amount of the Allowed Claims as compared to the total funds remaining after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. These Claims are Impaired and the Claimants in this Class are entitled to vote to accept or reject the Plan. * Claims against Sundance Residences, LLC: Class Sun. Res. 1 Allowed Unsecured Claims Other Than Class 2 Claims total $153,870.00. These Claimants shall each receive on the Payment Date their Pro Rata share (up to 100% of each Allowed Claim) of the pool of funds remaining from the Purchase Price after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. This pool of funds shall also include all proceeds from the sale of new equity in the Debtor at the Equity Auction. This shall be a single pool of funds to be shared by all non-duplicative Allowed Unsecured non-Insider Claims in all the Cases. The amount of the recovery of each of these Claimants depends on the collective amount of the Allowed Claims as compared to the total funds remaining after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. These Claims are Impaired and the Claimants in this Class are entitled to vote to accept or reject the Plan. * Claims against Icarus Investments, Inc.: Class Icarus 1 Allowed Unsecured Claims Other Than Class 2 Claims total $143,469.00. These Claimants shall each receive on the Payment Date their Pro Rata share (up to 100% of each Allowed Claim) of the pool of funds remaining from the Purchase Price after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. This pool of funds shall also include all proceeds from the sale of new equity in the Debtor at the Equity Auction. This shall be a single pool of funds to be shared by all non-duplicative Allowed Unsecured non-Insider Claims in all the Cases. The amount of the recovery of each of these Claimants depends on the collective amount of the Allowed Claims as compared to the total funds remaining after payment of the Break Up Fee, Allowed Administrative Expenses and Allowed Secured Claims in full. These Claims are Impaired and the Claimants in this Class are entitled to vote to accept or reject the Plan. The Plan Proponent estimates that the total pool of funds available for non-Insider Allowed Unsecured Claims after payment in full of the Break Up Fee, Allowed Administrative Expense Claims and Allowed Secured Claims will be $1,477,632.00, which would result in a recovery of approximately 86% to these Claimants. This percentage may change depending on possible claim duplications and adjustments. Attorneys for MAR Living Trust, Plan Proponent: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 A copy of the Disclosure Statement dated Oct. 28, 2022, is available at https://bit.ly/3SPRCBH from PacerMonitor.com. About CM Resort Based in Gordon, Texas, CM Resort LLC, a single asset real estate, filed a voluntary petition for bankruptcy under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 18-43168) on Aug. 15, 2018. The case is jointly administered with the Chapter 11 cases filed by CM Resort Management LLC and nine other companies. Case No. 18-43168 is the lead case. In the petition signed by Mark Ruff, member and authorized agent, CM Resort estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Russell F. Nelms presides over the case. Gerrit M. Pronske, Esq., at Pronske Goolsby & Kathman, P.C., is CM Resort's legal counsel. John Dee Spicer was appointed as Chapter 11 trustee. The trustee is represented by Cavazos Hendricks Poirot, P.C. CMR REAL ESTATE: Seeks to Hire VanBaker as Property Manager ----------------------------------------------------------- CMR Real Estate Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ VanBaker Properties, LLC to manage its assets. The firm's services include maintenance, cash management, advertising, leasing, evictions and other legal proceedings. The firm will be paid as follows: -- Management Fee: 10 percent of gross rent collected from occupied units only. -- Leasing Fee [New]: 100 percent of first month's rent; -- Leasing Renewal Fee: 25 percent of first month's rent; -- Margin Fee for Subcontracted Repairs: 20 percent -- After-hours Fee for General Maintenance: $50 to $100 per hour. -- Settlement of Existing Tenant Default Fee: 25 percent of settlement amount. Ryan Baker, a partner at VanBaker, 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: Ryan Baker VanBaker Properties, LLC 83 South Maple Street Akron, OH 44321 Tel: (330) 745-0356 About CMR Real Estate Investments CMR Real Estate Investments, LLC, a ompany in Akron, Ohio, filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 22-51057) on Sept. 7, 2022, with $1 million to $10 million in both assets and liabilities. M. Colette Gibbons has been appointed as Subchapter V trustee. Judge Alan M. Koschik oversees the case. The Debtor tapped Richard H. Nemeth, Esq., at Nemeth & Associates, LLC as legal counsel and VanBaker Properties, LLC as property manager. CONSOLIDATED ELEVATOR: Seeks to Hire RHM Law as Bankruptcy Counsel ------------------------------------------------------------------ Consolidated Elevator Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire RHM Law, LLP as its bankruptcy counsel. The firm's services include: a. advice and assistance regarding compliance with the requirements of the United States Trustee; b. advice regarding matters of bankruptcy law, including the rights and remedies of the Debtor with respect to its assets and claims of its creditors; c. advice regarding cash collateral matters; d. examinations of witnesses, claimants or adverse parties, and the preparation of reports, accounts and pleadings; e. advice concerning the requirements of the Bankruptcy Code and applicable rules; f. negotiation, formulation and implementation of a Chapter 11 plan of reorganization; and g. court appearances. RHM Law will charge these hourly fees: Matthew D. Resnik, Partner $550 per hour Roksana D. Moradi-Brovia, Partner $500 per hour Russell J. Stong Ill, Associate $350 per hour David M. Kritzer, Associate $350 per hour W. Sloan Youkstetter, Associate $350 per hour Pardis Akhavan, Associate $300 per hour Rosario Zubia, Paralegal $135 per hour Priscilla Bueno, Paralegal $135 per hour Rebeca Benitez, Paralegal $135 per hour Max Bonilla Paralegal $135 per hour Susie Segura, Paralegal $135 per hour The firm received an initial retainer fee of $26,738. Roksana Moradi-Brovia, Esq.., a partner at RHM Law, disclosed in a court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Roksana D. Moradi-Brovia, Esq. Matthew D. Resnik, Esq. RHM Law, LLP 17609 Ventura Blvd, Suite 314 Encino, CA 91316 Phone: (818) 285-0100 Fax: (818) 855-7013 Email: roksana@RHMFirm.com matt@RHMFirm.com About Consolidated Elevator Company Consolidated Elevator Company, Inc. is a company in Covina, Calif., which provides elevator repairs services. Its employees consist of mechanics, salespeople and support staff. Consolidated Elevator Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-15611) on Oct. 14, 2022. In the petition signed by its chief financial officer, David J. Sandoval, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sandra R. Klein oversees the Debtor's Chapter 11 case. RHM Law, LLP is the Debtor's bankruptcy counsel. CSI COMPRESSCO: Incurs $4.5 Million Net Loss in Third Quarter ------------------------------------------------------------- CSI Compressco LP filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $4.45 million on $94.89 million of total revenues for the three months ended Sept. 30, 2022, compared to a net loss of $10.49 million on $77.68 million of total revenues for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss of $17.85 million on $259.43 million of total revenues compared to a net loss of $33 million on $223.98 million of total revenues for the same period during the prior year. As of Sept. 30, 2022, the Company had $730.33 million in total assets, $98.02 million in total current liabilities, $652.62 million in total other liabilities, and a total partners' capital of ($20.31) million. Management Commentary "During the third quarter of 2022, CSI Compressco financial and operating results reflected improvement in many areas that translated to improved EBITDA. Revenues for the fleet and aftermarket services continued to grow. The net realization from those revenue increases to EBITDA was much stronger this quarter than the second quarter of 2022. Utilization improved as we deployed more of our idle fleet, and we were able to continue to increase pricing on our existing fleet as we recoup the effects of inflation in our business. In the third quarter, revenue increases were able to outpace inflation as we saw overall EBITDA improve quarter over quarter by more than 10%. The third quarter saw some tempering of the costs increases from the first half of the year. While costs have generally continued to increase through the third quarter of 2022, the percentage increase was lower than the first half of 2022," commented John Jackson, chief executive officer of CSI Compressco LP. "As we look forward, we continue to see strong demand and have additional contracted horsepower that will be deployed in the fourth quarter of 2022 and the first quarter of 2023. At that point, we will be reaching near full utilization of our reciprocating fleet. Our price increases will continue as we attempt to move our fleet to current market pricing as units come off term and move to month-to-month. It has been and continues to be difficult to predict the impact of inflation, supply chain disruptions, and the related cost impact. Specifically in the oil and gas space, people are in short supply in general, and parts costs continue to increase. We are remaining nimble, adjusting quickly to the market dynamics, and working with our customers to provide great service while being fairly compensated for the work." "Our incremental capital expenditure focus for the near term will be spent primarily deploying our available fleet as efficiently as possible, which includes converting existing units to electric motor-drive and building a modest amount of new large horsepower units. Lead times for key components for new build units such as engines, frames and electric drive motors remain at nine to twelve months. Customers are acutely aware of the lead times and as a result we are seeing quote activity requests from customers into 2024. While we do not currently have guidance for 2023 growth capital, we plan to spend less than 2022 growth capital, generate free cash flow, and increase liquidity during 2023." "We are the most optimistic we have been in some time about our industry. The fundamentals look to be strong for 2023 and natural gas continues to be a necessary, reliable, and growing commodity in the worldwide economy. We are well positioned to participate in the growth of the natural gas market and look to the future with excitement. I want to thank all our employees for their hard work in helping position CSI Compressco for a successful future." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1449488/000144948822000033/cclp-20220930.htm About Compressco CSI Compressco is a provider of compression services and equipment for natural gas and oil production, gathering, artificial lift, transmission, processing, and storage. CSI Compressco's compression and related services business includes a fleet of approximately 4,800 compressor packages providing approximately 1.2 million in aggregate horsepower, utilizing a full spectrum of low-, medium-and high-horsepower engines. CSI Compressco also provides well monitoring and automated sand separation services in conjunction with compression and related services in Mexico. CSI Compressco's aftermarket business provides compressor package reconfiguration and maintenance services. CSI Compressco's customers comprise a broad base of natural gas and oil exploration and production, midstream, transmission, and storage companies operating throughout many of the onshore producing regions of the United States, as well as in a number of foreign countries, including Mexico, Canada and Argentina. CSI Compressco is managed by Spartan Energy Partners. CSI Compressco reported a net loss of $50.27 million for the year ended Dec. 31, 2021, a net loss of $73.84 million for the year ended Dec. 31, 2020, and a net loss of $20.97 million for the year ended Dec. 31, 2019. As of Dec. 31, 2021, the Company had $722.36 million in total assets, $71.29 million in total current liabilities, $649.91 million in total other liabilities, and $1.15 million in total partners' capital. * * * As reported by the TCR on Feb. 25, 2021, Moody's Investors Service has completed a periodic review of the ratings of CSI Compressco LP and other ratings that are associated with the same analytical unit. Moody's said CSI Compressco's Caa1 corporate family rating reflects its modest scale relative to its peers and high but improving debt leverage. CYTOSORBENTS CORP: Incurs $12.2 Million Net Loss in Third Quarter ----------------------------------------------------------------- Cytosorbents Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $12.20 million on $8.11 million of total revenue for the three months ended Sept. 30, 2022, compared to a net loss of $6.41 million on $9.76 million of total revenue for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss of $32.05 million on $25.30 million of total revenue compared to a net loss of $15.25 million on $32.38 million of total revenue for the nine months ended Sept. 30, 2021. As of Sept. 30, 2022, the Company had $62.27 million in total assets, $23.13 million in total liabilities, and $39.14 million in total stockholders' equity. Liquidity and Capital Resources Cytosorbents stated, "Since inception, our operations have been primarily financed through the issuance of debt and equity securities. As of September 30, 2022, we had current assets of approximately $32.4 million including unrestricted cash on hand of approximately $22.6 million and current liabilities of approximately $10.1 million. As of September 30, 2022, $25 million of our total shelf amount was allocated to our ATM facility, all of which remains available. In addition, we have $15 million of debt availability, providing financial flexibility, if needed. In April of 2022, we received approximately $0.7 million in cash from the approved sale of our net operating losses and research and development credits from the State of New Jersey. "We are also managing our resources proactively, continuing to invest in key areas such as our U.S. clinical program, while driving cost-cutting throughout our Company. At the beginning of Q2 2022, we began instituting tighter cost controls and have reduced our headcount internationally by 10%, with the goal of reducing our cash burn. A reduction in product sales and product gross margins, as well as a delay in realizing headcount reduction cost savings in Europe, have offset these cost cutting efforts. We are currently actively engaged in making further reductions to our operating costs to reduce our future cash burn. "Including cash related to the use of a portion of our available debt facility, we believe that we have sufficient cash to fund the Company's operations beyond twelve months from the issuance of these consolidated financial statements." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1175151/000141057822002932/ctso-20220930x10q.htm About CytoSorbents Based in Monmouth Junction, N.J., CytoSorbents Corporation is engaged in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb, is approved in the European Union with distribution in more than 70 countries around the world as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical illnesses that may result in massive inflammation, organ failure and patient death. CytoSorbents reported a net loss of $24.56 million for the year ended Dec. 31, 2021, a net loss of $7.84 million for the year ended Dec. 31, 2020, a net loss of $19.26 million for the year ended Dec. 31, 2019, and a net loss of $17.21 million for the year ended Dec. 31, 2018. As of June 30, 2022, the Company had $71.21 million in total assets, $23.65 million in total liabilities, and $47.56 million in total stockholders' equity. D FINDLEY: Court OKs Deal on Cash Collateral Access --------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Arkansas, Central Division, authorized D Findley Construction, LLC to use cash collateral, subject to the interest of Ascentium Capital, on an interim basis in accordance with its agreement with the U.S. Small Business Administration. Pre-petition, the Debtor executed a U.S. Small Business Administration Note, pursuant to which the Debtor obtained a loan in the amount of $150,000. Te SBA Loan is secured by all tangible and intangible personal property. The parties agreed that any and all of the Personal Property Collateral constitutes the cash collateral of the SBA. The Debtor's use of cash collateral may be renewed upon subsequent stipulation with SBA or by Court order. As adequate protection, the SBA will receive a replacement lien to the extent that the automatic stay, pursuant to 11 U.S.C. section 362, as well as the use, sale, lease or grant results in a decrease in the value of the SBA's interest in the Personal Property Collateral on a post-petition basis. The replacement lien is valid, perfected and enforceable and will not be subject to dispute, avoidance, or subordination, and the replacement lien need not be subject to additional recording. The Debtor agrees to maintain insurance on the Personal Property Collateral and to designate SBA as a loss payee or additional insured in accordance with the SBA Loan and related loan documents and agrees to provide proof of insurance within 14 days upon written request of SBA. These events constitute an Event of Default: (a) the failure to maintain property insurance; (b) the conversion of the Debtor’s Bankruptcy Case to any other chapter; or (c) the dismissal of the Debtor’s bankruptcy case. The Debtor's right to use cash collateral under the order will terminate upon the earliest to occur of any of the following that has not been waived by Ascentium or SBA: (i) the failure of the Debtor to comply with any term of the order; (ii) the dismissal of Debtor's Chapter 11 case, the conversion of the Debtor's Chapter 11 Case to a case under Chapter 7 of the Bankruptcy Code, or appointment of a chapter 11 Trustee with expanded powers in the Debtor's Chapter 11 case. A copy of the order is available at https://bit.ly/3G2Fcno from PacerMonitor.com. About D Findley Construction D Findley Construction sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 22-12060) on July 29, 2022. In the petition signed by Danny Findley, member/owner, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Bianca M. Rucker oversees the case. Brandon Haubert, Esq., at WH Law is the Debtor's counsel. DEAN ST BROOKLYN: Seeks to Hire Joel M. Aresty as Legal Counsel --------------------------------------------------------------- Dean St Brooklyn LLC (DE) seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Joel M. Aresty, P.A. as its legal counsel. The firm's services include: (a) advising the Debtor regarding its powers and duties and 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 documents; (d) protecting the interest of the Debtor in all matters pending before the court; and (e) representing the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan. The Debtor agreed to pay the sum of $11,000 as compensation for the firm's services. Joel Aresty, Esq., 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: Joel M. Aresty, Esq. Joel M. Aresty, P.A. 309 1st Ave S Tierra Verde FL 33715 Tel: (305) 904-1903 Fax: (800) 899-1870 Email: Aresty@Mac.com About Dean St Brooklyn LLC (DE) Dean St Brooklyn LLC (DE) sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-18042) on Oct 11, 2022, with up to $500,000 in assets and up to $1 million in liabilities. Judge Laurel M. Isicoff oversees the case. Joel M. Aresty, Esq. at Joel M. Aresty, P.A. serves as the Debtor's legal counsel. DELEK US: S&P Alters Outlook to Positive, Affirms 'BB-' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook on Delek US Holdings Inc. to positive from stable. S&P also affirmed its 'BB-' issuer credit rating on the company. At the same time, S&P assigned its 'BB+' issue-level rating to the proposed term loan B. S&P's '1' recovery rating indicates its expectation of very high (90%-100%; rounded estimate 95%) recovery in the event of payment default. The positive outlook reflects the robust refining margins environment that can allow Delek US to operate at net debt to EBITDA well below 3.5x. S&P expects the company to continue to repay debt if refining margins remain strong in 2023. Delek US will repay $150 million of debt with cash on hand. The remainder of the term loan will be refinanced with a new term loan B due in 2027 and borrowings on the company's credit facility. S&P expects Delek US to maintain leverage below 3.5x through the cycle. S&P expects Delek's refining performance to be strong, driven by high crack spreads and utilization. Refining conditions have improved materially in 2022 driven by increased demand for gasoline and distillates and elevated global commodity prices. The U.S. Gulf Coast 3-2-1 crack spread rose in late February, peaking at almost $60 per barrel (/bbl) in June. U.S. refiners, including Delek, are taking advantage of the strong margins and are running high utilization levels. S&P expects Delek's average utilization to be in the mid- to high-90% area in 2022. Its forecast assumes 2023 margins will be commensurate with a mid-cycle commodity price environment and utilization to be in the low-90% area. Delek's extension of the asset-backed lending (ABL) facility improves liquidity. On Oct. 26, 2022, Delek extended its ABL facility by five years to 2027 or 90 days before the maturity of the term loan B if there is more than $200 million outstanding on the term loan B. The facility has been upsized to $1.1 billion from $1 billion. Delek Logistics Partners L.P.'s (DKL) acquisition of 3Bear Delaware Holdings – NM LLC will increase cash flow from the midstream segment. Earlier this year DKL acquired 3Bear, which expanded DKL's scale and improved business and customer diversity. S&P said, "We expect that acquisition to add $100 million of EBITDA to DKL. As a result, we raised our issuer credit rating on DKL to 'BB-' from 'B+' on Oct. 17, 2022. Delek owns 80% of DKL. In our view, the partnership's assets are integral to Delek US' refining operations, and we expect Delek US to maintain control of the partnership. We consolidate the master limited partnership's (MLP) debt and EBITDA when assessing Delek US' credit measures." The positive outlook reflects the robust refining margin environment that can allow Delek US to operate at net debt to EBITDA below 3.5x. S&P could revise the outlook to stable if Delek: -- Shifted to a more aggressive financial policy, or -- Sustained consolidated adjusted debt to EBITDA above 3.5x. S&P could raise the rating if: -- The company used excess cash flow to reduce total outstanding debt, and -- S&P expected the company to maintain consolidated debt to EBITDA below 3.5x through the cycle. ESG credit indicators: E-4, S-2, G-2 Environmental factors are a negative consideration in our credit rating analysis of Delek US Holdings Inc. Its four refineries face increasingly stringent greenhouse gas regulations and the potential for pollution risk or other environmental incidents. Similar to many of its peers, environmental costs are likely to be elevated in the near term, specifically related to RINs costs, but the company has successfully received an annual small refinery exemption for some of its refineries in the past." DELUXE CORP: Egan-Jones Retains 'B' Sr. Unsec. Debt Rating ---------------------------------------------------------- Egan-Jones Ratings Company, on October 6, 2022, retained the 'B' local currency senior unsecured rating on debt issued by Deluxe Corp. Deluxe Corp. is a check printer in the US. Checks, along with printing business forms, account for the majority of its sales; it also sells checkbook covers, business forms, address labels, self-inking stamps, fraud prevention services, and customer retention programs. DIVERSIFIED MERCURY: Direct Results Untimely Documents are Stricken ------------------------------------------------------------------- In the adversary case styled In re: Diversified Mercury Communications, LLC. George L. Miller, Chapter 7 Trustee, v. Direct Results Radio, Inc., Case No. 19-10757 (KBO), Adv. Proc. 21-50249 (KBO), Case No. 19-10757 (KBO), Adv. Proc. 21-50249 (KBO), (Bank. D. Del.), Bankruptcy Judge Karen B. Owens grants the motion to strike the documents that the Defendant Direct Results Radio, Inc. tardily produced and any other document it has not yet produced but may seek to introduce at trial ("Untimely Documents"). Plaintiff George L. Miller, Chapter 7 Trustee, filed the motion seeking to strike and prohibit Direct Results from referring to or offering into evidence at the upcoming November 9 trial the following: (1) an historical payment chart attached to Direct Results' pretrial brief as Exhibit 7 ("First Payment Chart"), (2) documents produced to the Trustee in October bates stamped DRR 001643-001754, which include two additional payment charts bates stamped DRR 00172-73 ("Second Payment Chart") and DRR 001753-54 ("Third Payment Chart"); and (3) any other documents that were not produced in discovery that Direct Results may seek to introduce. The Trustee also requests that Direct Results pay his reasonable expenses, including attorney's fees, incurred in connection with the Motion to Strike. In late December 2021, during fact discovery, the Trustee requested that Direct Results produce: (1) prepetition communications between the debtors and Direct Results; (2) Direct Results' complete prepetition payment history with the debtors, including the date of each payment the debtor made to Direct Results and the invoice numbers, amounts, and dates that relate to each payment; (3) all invoices issued by Direct Results to the debtors; (4) all documents evidencing the invoices' sent dates; and (5) all documents evidencing the manner by which Direct Results sent its invoices to the debtors. The time period relevant for production was four years prior to DMC's petition date. Direct Results objected to this timeframe as overly burdensome. After conferring, the parties agreed that a two-year period for the production request would be sufficient. A day after the production, the Trustee requested that Direct Results produce certain invoices and communications he believed were missing. Direct Results responded to the request by representing that it had produced all invoices and emails requested by the Trustee. On March 11, the deadline for fact discovery closed pursuant to the Court's amended scheduling order. The parties then secured the November 9 trial date and obtained a pretrial order that required the submission in August and September of stipulated facts, a statement of disputed facts, and pretrial briefing. On July 18, Direct Results alleges that it sent the First Payment Chart to the Trustee to include in the joint statement of facts. And on September 19, Direct Results filed its pretrial brief with the First Payment Chart. Thereafter, on October 6, 7, and 10, Direct Results produced to the Trustee over 100 pages of new documents to supplement its January document production to support the parties' historical payment practices. Then, on October 10, Direct Results transmitted the Second Payment Chart — that adds two columns to the First Payment Chart for due dates and invoice numbers. On October 12, Direct Results emailed the Trustee an amended exhibit list for trial, which purportedly included two new exhibits that were neither produced to the Trustee during discovery nor included in Direct Results' supplemental productions. These documents are bates stamped DRR 001744-54. One of these new exhibits is the Third Payment Chart. The Trustee provided a redline comparison between the Second Payment Chart and the Third Payment Chart, which shows that the Third Payment Chart modifies certain invoice dates and sent dates. The Trustee argues that producing the Untimely Documents seven months after the close of discovery, after the close of pretrial briefing, and just weeks before trial is not a "timely" supplement. Based on the timeline of events, Direct Results knew by at least July that it intended to rely upon a historical period beyond two years. Moreover, Direct Results admits that it has known the factual underpinnings of its defense, including the relevant historical data points, and intended to rely on them since the parties' initial communications. This is not an acceptable excuse — it should have been done during fact discovery. Direct Results' attempt to cast the blame on the Trustee's demand for proof is inappropriate — it is Direct Results' burden to prove its own defense. Thus, The Court finds that Direct Results' supplemental production of these documents was not in a timely manner under Rule 26(e). The Court also finds that Direct Results' failure to timely produce the Untimely Documents was caused by a lack of attentiveness or preparation, which is not an acceptable excuse — filing of these documents should have been done during fact discovery. The Court rules that Direct Results' attempt to cast the blame on the Trustee's demand for proof is inappropriate — it is Direct Results' burden to prove its own defense. The Court notes that "if the Untimely Documents were timely produced, the Trustee would have had the opportunity to further consider, investigate, and prepare for the defense, including taking additional discovery to test the sufficiency and accuracy of the documents and submitting pretrial briefing addressing Direct Results' version of the parties' alleged historical payment practices. However, the Trustee can no longer do that without reopening discovery deadlines (that have long been closed), adjourning the trial, and supplementing the briefing. This will force the chapter 7 estate to bear additional costs and to delay its administration. . . The Trustee has been prejudiced. . . the Trustee has been wrongly surprised." Accordingly, the Court orders that the Untimely Documents are stricken and Direct Results is prohibited from referring to or offering into evidence at trial any of the Untimely Documents. In addition, the Court does not believe Direct Results has justified its failure to timely produce the documents at issue. For that reason, the Court finds it appropriate for Direct Results to pay the Trustee's reasonable expenses, including attorney's fees, incurred in connection with the Motion to Strike. A full-text copy of the Ruling dated Oct. 31, 2022, is available at https://tinyurl.com/39sd4d99 from Leagle.com. About Diversified Mercury An involuntary chapter 7 petition for relief (Bank. D. Del. Case No. 19-107570) was filed with the Court against debtor Diversified Mercury Communications, LLC on April 3, 2019. Thereafter, the Order for Relief in an Involuntary Case was entered against DMC. On May 23, 2019, the debtor DTR Advertising, Inc., an affiliate of DMC, filed a voluntary petition for relief under chapter 7 of the Bankruptcy Code. The debtors' chapter 7 cases have been jointly administered, and George L. Miller was appointed as the chapter 7 trustee. EASY CONSTRUCTION: Seeks to Hire Shaw & Hanover as Legal Counsel ---------------------------------------------------------------- Easy Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Shaw & Hanover, PC as its legal counsel. The firm's services include: a. advising and assisting the Debtor in complying with the requirements of the Office of the U.S. Trustee; b. conducting examinations of witnesses, claimants or adverse parties, and preparing related court documents; c. advising the Debtor regarding matters of bankruptcy laws, including its rights and remedies with respect to its assets and claims of its creditors; d. representing the Debtor in court proceedings or hearings; e. advising the Debtor concerning the requirements of the bankruptcy court, the Federal Rules of Bankruptcy Procedure, and the Local Bankruptcy Rules; f. filing legal papers to effectuate the Debtor's reorganization; g. reviewing claims filed in the Debtor's Chapter 11 case, and, if appropriate, preparing objections to disputed claims; h. representing the Debtor in litigation in the bankruptcy court; i. assisting the Debtor in the negotiation, formulation and implementation of a Chapter 11 plan; and j. other necessary legal services related to the bankruptcy case. Shaw & Hanover will be paid at these rates: Summer Shaw, Managing Attorney $500 per hour Associate Attorney $400 per hour Jennifer Blanton, Paralegals $175 per hour Teresa Stone, Paralegals $175 per hour Kyla Rist, Administrative Assistant $75 per hour The firm received a retainer in the amount of $25,000. As disclosed in court filings, Shaw & Hanover is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Summer Shaw, Esq. Shaw & Hanover, PC 42-600 Cook Street, Suite 210 Palm Desert, CA 92211 Telephone No:(760) 610-0000 Facsimile No: (760) 687-2800 Email: ss@shaw.law About Easy Construction Easy Construction, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-13971) on Oct. 21, 2022, with up to $1 million in both assets and liabilities. Judge Scott H. Yun oversees the case. Summer M Shaw, Esq., at Shaw & Hanover, PC represents the Debtor as counsel. EDGEWELL PERSONAL: Egan-Jones Keeps B Local Currency Unsec. Rating ------------------------------------------------------------------ Egan-Jones Ratings Company, on October 4, 2022, retained the 'B' local currency senior unsecured rating on debt issued by Edgewell Personal Care Co. Headquartered in Shelton, Connecticut, Edgewell Personal Care Company operates as a personal care company. EIF CHANNELVIEW: S&P Affirms 'BB+' Rating on Secured Term Loan B ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' rating on EIF Channelview Cogeneration LLC's (EIF's) senior secured term loan B and revolver; the recovery rating remains '1' (rounded recovery estimate: 95%). The financial counterparty backing project's debt service reserve account is no longer constraining the project debt rating. The outlook is positive because if debt paydowns via cash-flow sweeps are above S&P's expectations in the upcoming year, and it has more certainty that the term loan B will be fully repaid by its maturity date with no need to be refinanced, S&P could upgrade the project debt, which would bring the rating into the investment-grade category. EIF is an 856-megawatt (MW) combined-cycle gas-fired cogeneration power plant located adjacent to LyondellBasell Industries' Equistar Chemicals L.P. (Equistar) refinery east of Houston. The project sells steam and a portion of its electricity to Equistar. The remainder of the electrical output is sold to third parties under short-term contracts and into the Electric Reliability Council of Texas (ERCOT) energy-only merchant power market. The project is owned by Ares EIF Management LLC, operated by Siemens A.G. (subcontracted to the Worley Group), and managed by Power Plant Management Services LLC. The 'BB+' rating and positive outlook continue to reflect EIF's very low leverage compared to that of other merchant power projects. The project materially reduced its outstanding debt in 2021 when Winter Storm Uri in Texas allowed it to generate and dispatch electricity at record prices. S&P said, "Given that it needed to apply 50% of free cash flows to prepay its term loan B according to the debt conditions, we raised the debt rating to 'BB+' from 'B+' in early 2021. The rating also reflects the project's material dependence on cash-flow sweeps to reach the debt-maturity date with limited or no refinancing risk. We would likely upgrade the project if, by the end of 2023, EIF continues to reduce its outstanding debt so that we become more certain about its ability to fully repay the debt by March 2025, when it matures. In addition, to raise the ratings, we would need to believe the merchant project debt warrants an investment-grade rating." S&P said, "The positive outlook reflects our view that we could raise the rating if the project sweeps a material amount of cash in the upcoming year and we consider that from a qualitative standpoint, the project is so underleveraged that it can be rated investment grade despite being a merchant power asset. Given the low leverage, we expect DSCRs above 3x and a full repayment of the term loan B by its maturity date in March 2025." The potential for downgrade is limited because the project has significantly reduced leverage, leading to an improved DSCR. However, S&P could lower the rating if: -- The project pursues any changes to the existing capital structure that increase leverages; or -- Power prices significantly decline such that they erode the cushion in the project's coverage ratios and we anticipate that there could be higher refinancing risk. S&P could raise the rating on the project's debt over the next 12 months if leverage continue to materially decrease so that it envisions limited refinancing risk, and it believes this merchant project warrants being rated in the investment-grade category. EKSO BIONICS: Posts $4.3 Million Net Loss in Third Quarter ---------------------------------------------------------- Ekso Bionics Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $4.30 million on $3.33 million of revenue for the three months ended Sept. 30, 2022, compared to a net loss of $1.96 million on $3.05 million of revenue for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss of $11.90 million on $9.36 million of revenue compared to a net loss of $6.90 million on $7.17 million of revenue for the nine months ended Sept. 30, 2021. As of Sept. 30, 2022, the Company had $39.31 million in total assets, $10.70 million in total liabilities, and $28.61 million in total stockholders' equity. Cash on hand at Sept. 30, 2022 was $29.2 million, compared to $40.4 million at Dec. 31, 2021. "Our third quarter results reflected continued revenue growth underscored by solid network operator customer demand for multi-unit orders," said Steven Sherman, Chairman and chief executive officer of Ekso Bionics. "Led by our commercial team's success in raising customer engagement levels, we achieved a record quarter of EksoNR bookings. This was driven by a sharp increase in international orders, highlighting our global growth potential. With a strong demand environment and by proactively addressing supply chain and higher product cost issues, we are well-positioned to deliver solutions to patients in need." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1549084/000154908422000071/ekso-20220930.htm About Ekso Bionics Ekso Bionics Holdings, Inc. -- http://www.eksobionics.com-- designs, develops, and markets exoskeleton products that augment human strength, endurance and mobility. Its exoskeleton technology serves multiple markets and can be utilized both by able-bodied persons and persons with physical disabilities. Ekso Bionics reported a net loss of $9.76 million for the year ended Dec. 31, 2021, a net loss of $15.83 million for the year ended Dec. 31, 2020, a net loss of $12.13 million for the year ended Dec. 31, 2019, and a net loss of $26.99 million for the year ended Dec. 31, 2018. As of June 30, 2022, the Company had $40.52 million in total assets, $8.79 million in total liabilities, and $31.73 million in total stockholders' equity. ELEVATE ACADEMY: S&P Assigns 'BB' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating (ICR) to Elevate Academy Inc. (Elevate Caldwell), which represents the Elevate Academy Network of Schools (Elevate), operating three charter schools across Idaho: Elevate Caldwell, Elevate Nampa, and Elevate North. The outlook is stable. "The rating reflects our view of Elevate's ability to ramp up enrollment to Caldwell's facility capacity by its third year despite the pandemic, its working relationship with its authorizer, its capable management team and engaged board of directors, and its healthy cash position," said S&P Global Ratings credit analyst Mikayla Mahan. Elevate had approximately $2.2 million in total debt outstanding as of fiscal 2022, consisting of an escalating lease for its Caldwell facility and a nominal loan for five buses. The school plans to purchase the Caldwell building and refinance its existing bus loan through the Equitable Facilities Fund (EFF) for an amount not to exceed $13.3 million, though the loan will likely close closer to $12 million, according to management. The EFF loan is secured by a first-lien mortgage on Elevate Caldwell's facility and a first-priority lien on Elevate Caldwell's revenues. Although only the revenues from Caldwell are pledged to the loan, based on S&P Global Ratings' group rating methodology criteria, released July 1, 2019, the rating analysis encompasses the entire Elevate organization given the shared strategic oversight and financial decision-making of the Elevate network. S&P said, "We do not yet have audited financial results for Elevate's foundation or its two new campuses that opened in the fall 2022 (Elevate Nampa and Elevate North). However, we plan to incorporate these into Elevate's financial profile once we have audited results at fiscal 2023 year-end. Thus, we expect Elevate's total debt outstanding to further increase in fiscal 2023 once these entities are folded into Elevate's existing financials." S&P said, "The rating reflects our view of Elevate's short institutional tenure, with only three years of operating history at its flagship Caldwell campus; its expected moderation of its financial performance and maximum annual debt service (MADS) coverage once Caldwell's debt comes online and one-time funds are spent; and the network's overall rising debt burden. These risks are offset in part by the network's rapid enrollment growth since its inception, solid school-age population, healthy waitlist, good cash position, and experienced management team. We assessed the network's enterprise profile as adequate and its financial profile as vulnerable; combined, these support an anchor of 'bb' and a final rating of 'BB'. "We analyzed the school's environmental, social, and governance (ESG) risks and consider them neutral in our credit rating analysis." ENDO INTERNATIONAL: Creditors Panel Seeks to Hire Dundon Advisers ----------------------------------------------------------------- The official committee of unsecured creditors of Endo International plc and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Dundon Advisers, LLC as co-financial advisor with Berkeley Research Group, LLC. The firm will be paid at these rates: Senior Adviser/Subject Matter Expert $1,145 per hour Principals $850 per hour Managing Directors/Other Senior Advisors $760 per hour Senior Directors $700 per hour Directors $625 per hour Associate Directors $550 per hour Senior Associates $475 per hour Associates $370 per hour Matthew Dundon, a principal at Dundon Advisers, disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Dundon Dundon Advisers LLC Ten Bank Street, Suite 1100 White Plains, NY 10606 Telephone: (917) 838-1930 Email: md@dundon.com 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 legal counsels, and Ducera Partners, LLC as investment banker. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on Sept. 2, 2022. The committee tapped Kramer Levin Naftalis & Frankel as legal counsel; Lazard Freres & Co. LLC as investment banker; and Dundon Advisers, LLC and Berkeley Research Group, LLC as financial advisors. Meanwhile, the official committee representing the Debtors' opioid claimants tapped Cooley, LLP as bankruptcy counsel; Akin Gump Strauss Hauer & Feld, LLP as special counsel; Province, LLC as financial advisor; and Jefferies, LLC as investment banker. ENDO INTERNATIONAL: Creditors Panel Seeks to Hire Kramer as Counsel ------------------------------------------------------------------- The official committee of unsecured creditors of Endo International plc and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Kramer Levin Naftalis & Frankel, LLP as its legal counsel. The firm's services include: a. administration of the Debtors' Chapter 11 cases and the exercise of oversight with respect to the Debtors' affairs; b. preparation of legal papers; c. appearances in court, participation in litigation as a party-in-interest and at statutory meetings of creditors; d. negotiation, drafting and confirmation of any Chapter 11 plan of reorganization, Chapter 7 plan of liquidation or structured dismissal order, and matters related thereto; e. evaluating, negotiating, and at the direction of the unsecured creditors' committee, responding to any bidding procedures or proposed sale under Section 363 of the Bankruptcy Code; f. evaluating and negotiating modifications to the Debtors' proposed second-day relief, and at the direction of the unsecured creditors' committee, responding to the Debtors' proposed second day relief, including as adjourned; g. investigating the claims and liens of the Debtors' secured creditors, and potentially filing a standing motion and complaint pursuant to the cash collateral order; h. investigation, directed by the unsecured creditors' committee, of among other things, assets, liabilities, and financial condition of the Debtors, prior transactions, including pre-bankruptcy bonus and retention payments, and operational issues concerning the Debtors that may be relevant to the cases; i. communications with the unsecured creditors' committee's constituents in furtherance of its responsibilities; and j. performance of all of the unsecured creditors' committee's duties and powers under the Bankruptcy Code and the Bankruptcy Rules. The firm will be paid at these rates: Partners $1,200 to $1,685 per hour Counsel $1,215 to $1,660 per hour Special Counsel $1,100 to $1,340 per hour Associates $675 to $1,195 per hour Paraprofessionals $340 to $520 per hour In addition, the firm will receive reimbursement for its out-of-pocket expenses. Kenneth Eckstein, Esq., a partner at Kramer, disclosed in a court filing that hisfirm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kenneth H. Eckstein, Esq. Kramer Levin Naftalis & Frankel, LLP 1177 Avenue of the Americas New York, NY 10036 Tel: (212) 715-9100 Fax: (212) 715-8000 Email: keckstein@kramerlevin.com 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 legal counsels, and Ducera Partners, LLC as investment banker. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on Sept. 2, 2022. The committee tapped Kramer Levin Naftalis & Frankel as legal counsel; Lazard Freres & Co. LLC as investment banker; and Dundon Advisers, LLC and Berkeley Research Group, LLC as financial advisors. Meanwhile, the official committee representing the Debtors' opioid claimants tapped Cooley, LLP as bankruptcy counsel; Akin Gump Strauss Hauer & Feld, LLP as special counsel; Province, LLC as financial advisor; and Jefferies, LLC as investment banker. ENDO INTERNATIONAL: Opioid Committee Taps Cooley as Counsel ----------------------------------------------------------- The official committee representing opioid claimants of Endo International plc and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Cooley, LLP as bankruptcy counsel. The firm will provide these services: (a) lead all meetings of the opioid claimants' committee; (b) review substantially all of the Debtors' first-day pleadings and advise the opioid claimants' committee with regard thereto; (c) analyze and negotiate the budget and the terms governing the Debtors' use of cash collateral; (d) advise and represent the opioid claimants' committee with regard to any litigation arising from the Debtors' use of cash collateral; (e) investigate and analyze all matters relating to the Debtors' pre-bankruptcy debt transactions, and advise the opioid claimants' committee regarding any potential litigation thereof; (f) review financial and operational information furnished by the Debtors to the opioid claimants' committee, including as it relates to valuation of the Debtors' enterprise, and represent the committee in connection with any valuation–related litigation (if any); (g) review and analyze the Debtors' proposed sale process (including any proposed bidding procedures), and represent the opioid claimants' committee in connection with the sale and any objections related thereto; (h) review the Debtors' schedules, statements of financial affairs, and business plan, and provide analysis to the opioid claimants' committee with regard thereto; (i) advise the opioid claimants' committee as to the ramifications regarding all of the Debtors' activities and motions before the court; (j) review and analyze the Debtors' financial advisors' work product and report to the opioid claimants' committee; (k) provide the opioid claimants' committee with legal advice in relation to the Debtors' Chapter 11 cases; (l) prepare various pleadings to be submitted to the court for consideration and represent the opioid claimants' committee in all court proceedings; and (m) perform other necessary legal services for the opioid claimants' committee. The firm will be paid at these rates: Partners $1,175 to $1,925 per hour Counsel $1,160 to $1,440 per hour Associates $620 to $1,155 per hour Paralegals $185 to $560 per hour Professional Staff $150 to $385 per hour In addition, the firm will receive reimbursement for its out-of-pocket expenses. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Cooley disclosed 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: If you represented the client in the 12 months pre-petition, disclose your billing rates and material financial terms for the pre-petition engagement, including any adjustments during the 12 months pre-petition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The firm expects to develop a prospective budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which the firm reserves all rights. Cullen Speckhart, Esq., a partner at Cooley, 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: Cullen D. Speckhart, Esq. Michael Klein, Esq. Evan Lazerowitz, Esq. Cooley LLP 55 Hudson Yards New York, NY 10001 Telephone: (212) 479-6000 Facsimile: (212) 479-6275 Email: cspeckhart@cooley.com mklein@cooley.com elazerowitz@cooley.com 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 legal counsels, and Ducera Partners, LLC as investment banker. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on Sept. 2, 2022. The committee tapped Kramer Levin Naftalis & Frankel as legal counsel; Lazard Freres & Co. LLC as investment banker; and Dundon Advisers, LLC and Berkeley Research Group, LLC as financial advisors. Meanwhile, the official committee representing the Debtors' opioid claimants tapped Cooley, LLP as bankruptcy counsel; Akin Gump Strauss Hauer & Feld, LLP as special counsel; Province, LLC as financial advisor; and Jefferies, LLC as investment banker. ENDO INTERNATIONAL: Opioid Panel Seeks to Hire Financial Advisor ---------------------------------------------------------------- The official committee representing opioid claimants of Endo International plc and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Province, LLC as its financial advisor. The firm's services include: a. analyzing the Debtors' cash collateral budget, assets and liabilities, and overall financial condition; b. reviewing financial and operational information furnished by the Debtors to the opioid claimants' committee; c. analyzing the Debtors' proposed business plan and developing alternative scenarios, if necessary; d. assessing the Debtors' various pleadings and proposed treatment of opioid claims therefrom; e. analyzing the financial relationships and agreements among various Debtors and with non-debtor affiliated entities to determine the impact on the constituents of the opioid claimants' committee; f. developing and analyzing various recovery scenarios or waterfalls under individual debtor entity or substantively consolidated scenarios; g. preparing or reviewing, as applicable, avoidance action and claim analyses; h. assisting the opioid claimants' committee in reviewing the Debtors' financial reports, including, but not limited to, statement of financial affairs, schedules, cash budgets, and monthly operating reports; i. advising the opioid claimants' committee on the current state of the Debtors' Chapter 11 cases; j. advising the opioid claimants' committee in negotiations with the Debtors, debtholders and other parties as necessary; k. if necessary, participating as a witness in hearings before the bankruptcy court with respect to matters upon which Province has provided advice; and l. other activities approved by the opioid claimants' committee and its legal counsel and agreed to by Province. The firm will be paid at these rates: Managing Directors and Principals $860 to $1,180 per hour Vice Presidents/Directors/ Senior Directors $580 to $860 per hour Analysts/Associates/ Senior Associates $300 to $580 per hour Paraprofessionals $220 to $300 per hour Michael Atkinson, a partner at Province, 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: Michael Atkinson Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Telephone: (702) 685-5555 Email: matkinson@provincefirm.com 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 legal counsels, and Ducera Partners, LLC as investment banker. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on Sept. 2, 2022. The committee tapped Kramer Levin Naftalis & Frankel as legal counsel; Lazard Freres & Co. LLC as investment banker; and Dundon Advisers, LLC and Berkeley Research Group, LLC as financial advisors. Meanwhile, the official committee representing the Debtors' opioid claimants tapped Cooley, LLP as bankruptcy counsel; Akin Gump Strauss Hauer & Feld, LLP as special counsel; Province, LLC as financial advisor; and Jefferies, LLC as investment banker. ENDO INTERNATIONAL: Opioid Panel Seeks to Hire Investment Banker ---------------------------------------------------------------- The official committee representing opioid claimants of Endo International plc and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Jefferies, LLC as investment banker. The committee requires an investment banker to: (a) analyze the business, operations, properties, financial condition and prospects of the Debtors; (b) advise the opioid claimants' committee on the current state of the "restructuring market;" (c) assist the opioid claimants' committee in developing a general strategy for accomplishing a Transaction; (d) assist the opioid claimants' committee in implementing a transaction involving the Debtors; (e) evaluating and analyzing a transaction, including any securities or debt instruments that may be issued in such transaction; and (f) provide other investment banking services. The firm will be paid as follows: a. A monthly fee of $225,000 until the termination of Jefferies' employment. Fifty percent of the monthly fees in excess of $2.025 million actually paid to Jefferies shall be credited once, without duplication, against any transaction fee subsequently payable to the firm, provided, however, that in no event shall any transaction fee be reduced by more than $1 million due to such credits. b. A $7.5 million fee upon the consummation of a transaction. Only one transaction fee may be payable to Jefferies under the agreement. c. Reimbursement of work-related expenses. Leon Szlezinger, a managing director and joint global head of Jefferies' Debt Advisory & Restructuring, disclosed in court filings 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: Leon Szlezinger Jefferies, LLC 520 Madison Avenue New York, NY 10022 Telephone: (212) 284-2300 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 legal counsels, and Ducera Partners, LLC as investment banker. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on Sept. 2, 2022. The committee tapped Kramer Levin Naftalis & Frankel as legal counsel; Lazard Freres & Co. LLC as investment banker; and Dundon Advisers, LLC and Berkeley Research Group, LLC as financial advisors. Meanwhile, the official committee representing the Debtors' opioid claimants tapped Cooley, LLP as bankruptcy counsel; Akin Gump Strauss Hauer & Feld, LLP as special counsel; Province, LLC as financial advisor; and Jefferies, LLC as investment banker. ENDO INTERNATIONAL: Opioid Panel Taps Akin as Special Counsel ------------------------------------------------------------- The official committee representing opioid claimants of Endo International plc and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Akin Gump Strauss Hauer & Feld, LLP as special counsel. The committee requires a special counsel to: (a) assist in investigating and analyzing the voluntary opioid term sheet and determine as to whether it is in the best interests of the opioid claimants to support the settlement outlined in the term sheet; (b) analyzing and negotiating how value will be allocated among unsecured creditors and opioid claimants, and reaching a resolution with regard thereto; (c) assist the opioid claimants' committee in analyzing any trusts that may be established for the benefit of opioid claimants; (d) advise the opioid claimants' committee in connection with any proposed or approved noticing program, claim process, bar date or similar process, including with regard to the Debtors' potential sale of substantially all of their assets with respect to opioid claims; (e) assist the opioid claimants' committee in negotiations and discussions with the future claimants' representative regarding future claims issues relating to opioid claims; (f) investigating various estate causes of action that arise out of the Debtors' opioid-related activities; (g) assist the opioid claimants' committee in investigating the Debtors' insurance assets relating to opioid claims; (h) advise the opioid claimants' committee regarding the terms of the voluntary operating injunction pertaining to the Debtors' manufacture and sale of opioid products contemplated in the restructuring term sheet, as well as the creation of a public document repository, as also contemplated in the term sheet; (i) advise the opioid claimants' committee with respect to any automatic stay or preliminary injunction issues involving implications for opioid claimants; (j) advise the opioid claimants' committee on any opioid-related issues that arise in connection with any of the Debtors' operational motions; (k) act as a liaison between the opioid claimants' committee and any opioid claimants regarding questions on opioid-related issues, and between the opioid claimants' committee and all other stakeholders; (l) provide guidance to the opioid claimants' committee with regard to how opioid-related issues that arise in the Debtors' Chapter 11 cases were handled in the three previous opioid manufacturer cases; (m) if applicable, advise the opioid claimants' committee regarding the estimation of individual or aggregate opioid claims; and (n) to the extent applicable, advise the opioid claimants' committee with respect to any issues regarding the winddown of the Debtors' estates. The firm will be paid at these rates: Partners $1,125 to $1,995 per hour Senior Counsel $845 to 1,415 per hour Counsel $990 to $1,225 per hour Associates $605 to $1,045 per hour Paraprofessionals $215 to $475 per hour In addition, the firm will receive reimbursement for its out-of-pocket expenses. Arik Preis, Esq., a partner at Akin, 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: Arik Preis, Esq. Mitchell P. Hurley, Esq. Theodore James Salwen, Esq. Akin Gump Strauss Hauer & Feld, LLP One Bryant Park New York, NY 10036-6745 Tel: (212) 872-1000 Fax: (212) 872-1002 Email: apreis@akingump.com mhurley@akingump.com jsalwen@akingump.com 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 legal counsels, and Ducera Partners, LLC as investment banker. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on Sept. 2, 2022. The committee tapped Kramer Levin Naftalis & Frankel as legal counsel; Lazard Freres & Co. LLC as investment banker; and Dundon Advisers, LLC and Berkeley Research Group, LLC as financial advisors. Meanwhile, the official committee representing the Debtors' opioid claimants tapped Cooley, LLP as bankruptcy counsel; Akin Gump Strauss Hauer & Feld, LLP as special counsel; Province, LLC as financial advisor; and Jefferies, LLC as investment banker. FIRST FRUITS: Wins Cash Collateral Access Thru Dec. 1 ----------------------------------------------------- The U.S. Bankruptcy Court for the District of South Carolina authorized First Fruits Business Ministry, LLC to use cash collateral on an interim basis through December 1, 2022. The Court said all other terms of the October 17, 2022 Interim Order remain unchanged. As previously reported by the Troubled Company Reporter, the U.S. Small Business Administration filed a UCC-1 on June 28, 2020, and a proof of claim on October 12, 2022, asserting a lien upon the Debtor's cash collateral. The Debtor has a loan with Ross Harrison, who asserts a lien against its receivables. The Debtor believes the lien may be unperfected because no UCC-1 has been filed. As adequate protection, the SBA was granted a replacement lien on future cash collateral in the same validity and priority as its pre-petition liens, to the extent of any diminution in its cash collateral post-petition. A final hearing on the matter is set for December 1 at 11 a.m. A copy of the order is available at https://bit.ly/3NPNMaT from PacerMonitor.com. About First Fruits Business Ministry, LLC First Fruits Business Ministry, LLC is a privately held company which focuses on health/wellness and fitness through patented and proprietary products that are "safe with no negative side effects", as well as being all-natural and plant-based. Its patents and products focus on losing body fat and building lean muscle. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 22-02747) on October 7, 2022. In the petition signed by Roger Catarino, its chief executive officer, the Debtor disclosed $23,348,908 in assets and $1,628,225 in liabilities as of July 31, 2022. Judge David R. Duncan oversees the case. Jane H. Downey, Esq., at Moore Bradley Myers Law Firm, P.A., is the Debtor's counsel. FISERV INC: Egan-Jones Retains BB+ Local Currency Unsec. Rating --------------------------------------------------------------- Egan-Jones Ratings Company, on October 4, 2022, retained the 'BB+' local currency senior unsecured rating on debt issued by Fiserv Inc. Headquartered in Brookfield, Wisconsin, Fiserv, Inc. provides integrated information management and electronic commerce systems and services. FLORIDA MULCH: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Florida Mulch, Inc. 4754 Kenansville Rd. Saint Cloud, FL 34773 Business Description: The Debtor is engaged in the business of manufacturing and installing traditional mulch, pine bark mulch, and enviro products. Chapter 11 Petition Date: November 9, 2022 Court: United States Bankruptcy Court Middle District of Florida Case No.: 22-04018 Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: dvelasquez@lathamluna.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Wilard palmer as president/sole shareholder. 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/KX4DD6A/Florida_Mulch_Inc__flmbke-22-04018__0001.0.pdf?mcid=tGE4TAMA FMC TECHNOLOGIES: Egan-Jones Retains 'BB' LC Unsecured Rating ------------------------------------------------------------- Egan-Jones Ratings Company, on October 6, 2022, retained the 'BB' local currency senior unsecured rating on debt issued by FMC Technologies Inc. Headquartered in Houston, Texas, FMC Technologies, Inc. provides oilfield services and equipment. FORD MOTOR: Egan-Jones Hikes Local Currency Unsec. Rating to B+ --------------------------------------------------------------- Egan-Jones Ratings Company, on October 5, 2022, raised the local currency senior unsecured rating on debt issued by Ford Motor Co to B+ from B. Headquartered in Dearborn, Michigan, Ford Motor Company designs, manufactures, and services cars and trucks. FREON LOGISTICS: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Freon Logistics 8200 North Laurelgien Blvd., No. 1906 Bakersfield, CA 93311 Chapter 11 Petition Date: November 8, 2022 Court: United States Bankruptcy Court Eastern District of California Case No.: 22-11907 Debtor's Counsel: Leonard K. Welsh, Esq. LAW OFFICE OF LEONARD K. WELSH 1800 30th Street, Fourth Floor Bakersfield, CA 93301 Tel: 661-328-5328 Fax: 661-760-9900 Email: lwelsh@lkwelshlaw.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Hardeep Singh as chief executive officer. 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/ZRPIEWQ/FREON_LOGISTICS__caebke-22-11907__0001.0.pdf?mcid=tGE4TAMA GEORGE WESTON: Egan-Jones Retains BB Local Currency Unsec. Rating ----------------------------------------------------------------- Egan-Jones Ratings Company, on October 4, 2022, retained the 'BB' local currency senior unsecured rating on debt issued by George Weston Ltd/Old. Headquartered in Toronto, Ontario, Canada, George Weston Limited, often referred to as Weston or Weston's, is a Canadian food processing and distribution company. GEX MANAGEMENT: Joseph Frontiere Quits as CEO, CFO -------------------------------------------------- GEX Management, Inc. announced that Joseph Frontiere will resign as the chief executive officer and chief financial officer of the company effective immediately. Sri Vanamali will succeed Mr. Frontiere as the company's chief executive officer and chief financial officer, as disclosed in a Form 8-K filed with the Securities and Exchange Commission. About GEX Management GEX Management, Inc. -- http://www.gexmanagement.com-- is a management consulting company providing Strategy and Enterprise Technology Consulting solutions to public and private companies across a variety of industry sectors. GEX Management is strategically purposed to provide tailored business service products and services to its clients. GEX Management reported a net loss of $6.05 million for the year ended Dec. 31, 2021, compared to a net loss of $224,947 for the year ended Dec. 31, 2020. As of June 30, 2022, the Company had $277,779 in total assets, $5.50 million in total liabilities, and a total shareholders' deficit of $5.22 million. Houston, Texas-based Hudgens CPA, PLLC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated July 20, 2022, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. GIRARDI: Erika Trashed by Lawyer Fighting Over Diamond Earrings --------------------------------------------------------------- Real Housewives of Beverly Hills star Erika Jayne's fight to get back a pair of $1 million diamond earrings -- that were ordered to be sold off as part of her husband's bankruptcy -- has started to hear up, RadarOnline.com has learned. According to court documents obtained by RadarOnline.com, lawyers have shown up to the court to oppose Jayne's appeal of the decision that required her to turn over the pricey set of jewelry. As RadarOnline.com previously reported, back in 2020, Jayne's husband Tom Girardi and his law firm Girardi Keese were pushed into Chapter 7 bankruptcy by creditors. In court, the once-respected lawyer was accused of running his law firm like a Ponzi scheme. Many former clients said they were stiffed on money owed to them from legal settlements. As part of the case, ex-clients have claimed Girardi secured them a lucrative settlement but had excuses when it came time to pay out. For the past couple of years, the victims have dragged Jayne into various legal disputes. They have accused her of benefitting from the alleged embezzlement. The Bravo star has denied having any knowledge of her husband's alleged misdeeds. Jayne argued she was an innocent wife that had no role in Girardi's law firm. Recently, it was alleged that Girardi used $750,000 of his client's money to buy Jayne a pair of diamond earrings in 2007. The trustee presiding over the law firm's bankruptcy demanded the reality star return the jewelry after making the discovery. Jayne refused to turn over the earrings. The judge ended up ordering the jewelry to be handed over and an auction is set to take place in the next couple of weeks. However, the reality star appealed the decision ordering her to turn over the items -- in the hopes of convincing the higher court that the lower court ruled in error. In her appeal, Jayne made several arguments as to why she believed the order was problematic. Now, the trustee has fired back in response. "Thomas V. Girardi ("Girardi") is a disgraced and disbarred attorney who embezzled millions of dollars from settlement funds deposited in his law firm's client trust accounts, over a span of years," the filing starts off. The trustee said the case is very simple. He said Girardi took $750,000 from an account holding his client's funds and used it to buy the earrings for Jayne. In court documents, the trustee said, "Mrs. Girardi has neither a legal nor equitable claim to the Earrings and, therefore, lacks standing to assert her claim. Her refusal to turn over the stolen property upon demand when told of its status is a crime, freshly committed, under California's Penal Code § 496 (a); and, under § 496 (c) subjects her to treble damage civil liability." They added, "The Trustee's rights to possession of the Earrings are superior in law and equity to Mrs. Girardi's desire to maintain her "rich & famous" lifestyle. The trustee demanded the earrings be sold off at the upcoming auction and Jayne be shut down once and for all. The higher court has yet to rule. As RadarOnline.com previously reported, Jayne is still facing a $25 million lawsuit brought by the trustee. The lawsuit demands she return the $25 million that Girardi's law firm spent to pay the bills for her company, EJ Global. Jayne has moved to dismiss the lawsuit. On top of all that, the RHOBH star recently learned about a massive $2.2 million tax bill she does "not have the ability to pay." For his part, Girardi lives in a senior living home in Orange County, California. His family told the court the disgraced ex-lawyer has been diagnosed with dementia. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It was known for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys: Andrew Goodman Goodman Law Offices, Apc Tel: 818-802-5044 E-mail: agoodman@andyglaw.com Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7 trustee can be reached at: Elissa D. Miller 333 South Grand Ave., Suite 3400 Los Angeles, California 90071-1406 Telephone: (213) 626-2311 Facsimile: (213) 629-4520 E-mail: emiller@sulmeyerlaw.com An involuntary Chapter 7 petition was also filed against Thomas Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7 trustee can be reached at: Jason M. Rund Email: trustee@srlawyers.com 840 Apollo Street, Suite 351 El Segundo, CA 90245 Telephone: (310) 640-1200 GLOBALSTAR INC: Incurs $204.4 Million Net Loss in Third Quarter --------------------------------------------------------------- Globalstar, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $204.36 million on $37.63 million of total revenue for the three months ended Sept. 30, 2022, compared to a net loss of $30.88 million on $32.61 million of total revenue for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company recorded net loss of $251.58 million on $107.20 million of total revenue compared to net loss of $88.67 million on $89.82 million of total revenue for the same period during the prior year. As of Sept. 30, 2022, the Company had $746.54 million in total assets, $146.94 million in total current liabilities, $464.01 million in total non-current liabilities, and $135.58 million in total stockholders' equity. As of Sept. 30, 2022, the Company held cash and cash equivalents of $14.7 million. The Company's current sources of cash also include operating cash flows generated from the business and vendor financing. The Company expects its uses of cash over the next twelve months to include operating costs, capital expenditures and the repayment of vendor financing. The Company is pursuing a new debt financing arrangement to fund amounts due under the Procurement Agreement, which provide for deferral of milestone payments through mid-December 2022, as amended. "The third quarter of 2022 was transformational for Globalstar," commented Dave Kagan, chief executive officer of Globalstar, referring to the September 7 announcement and Form 8-K filing. Kagan continued, "Globalstar is now well positioned as a next-generation telecom infrastructure provider, offering long-term connectivity solutions to customers from space and over terrestrial networks, with stable cash flows that will drive innovation and growth into the future. In addition to meaningful operational highlights that represent a series of successful milestones across wholesale services, terrestrial spectrum and product innovation, we continue to report strong financial results, including year-over-year revenue up 19% through the first nine months of 2022, and we look forward to continued growth from here." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1366868/000136686822000089/gsat-20220930.htm About Globalstar, Inc. Globalstar Inc. provides Mobile Satellite Services ("MSS") including voice and data communications services globally via satellite. The Company offers these services over its network of in-orbit satellites and our active ground stations, which the Company refers to collectively as the Globalstar System. In addition to supporting Internet of Things ("IoT") data transmissions in a variety of applications, the Company provides connectivity in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters. Globalstar reported a net loss of $112.63 million in 2021 following a net loss of $109.64 million in 2020. GREEN TAXI: Court Confirms 2nd Amended Plan ------------------------------------------- Judge Elizabeth E. Brown has entered an order approving and confirming Green Taxi Cooperative's Second Amended Plan of Reorganization dated July 14, 2022. The hearing scheduled for Nov. 1, 2022, at 1:30 p.m., is vacated. Not later than 14 days after the Plan is substantially consummated as defined in Section 1101(2)(A), (B), and (C), the Debtor must file with the Court and serve on the Subchapter V Trustee, the U.S. Trustee and all parties in interest, notice of such substantial consummation. Green Taxi's Second Amended Plan of Reorganization provides that Class 2 unsecured claims totaling $95,000 will receive a pro-rata distribution of a variable percentage of $28,800 generated at the rate of $800 per month over a three-year period. Class 2 Claimants are anticipated to receive approximately 65% of their allowed claims. Class 3 interest holders are unimpaired and will retain their interests. Pursuant to the Debtor's operating agreement, only those members that are current on their dues to the Debtor shall be allowed to retain their membership in the Debtor. A full-text copy of the Second Amended Plan dated Sept. 8, 2022, is available at https://bit.ly/3L8XuUl from PacerMonitor.com at no charge. About Green Taxi Cooperative Green Taxi Cooperative is a Colorado cooperative that operates a taxi service in the greater Denver area. The Cooperative is owned by members, and the active members drive their personal vehicles to perform taxi services. The Coop currently has 35 active drivers. A default judgment entered again the Debtor in 2021 for alleged past due insurance premiums under an old policy decimated the Debtor's cash flow. Green Taxi Cooperative sought protection for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-11290) on April 15, 2022, listing $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Elizabeth E Brown presides over the case. Jenny M.F. Fujii, at Kutner Brinen Dickey Riley, P.C., serves as the Debtor's counsel. H&R BLOCK: Egan-Jones Retains BB+ Local Currency Unsec. Rating -------------------------------------------------------------- Egan-Jones Ratings Company, on October 6, 2022, retained the 'BB+' local currency senior unsecured rating on debt issued by H&R Block Inc. Headquartered in Kansas City, Missouri, H&R Block, Inc. provides professional services. HARSCO CORP: Egan-Jones Keeps BB- Local Currency Unsec. Rating -------------------------------------------------------------- Egan-Jones Ratings Company, on October 3, 2022, retained the 'BB-' local currency senior unsecured rating on debt issued by Harsco Corp. Headquartered in Camp Hill, Pennsylvania, Harsco Corporation is an industrial services and engineered products company. HAWAIIAN HOLDINGS: Egan-Jones Keeps CCC- Local Curr. Unsec. Rating ------------------------------------------------------------------ Egan-Jones Ratings Company, on October 3, 2022, retained the 'CCC-' local currency senior unsecured rating on debt issued by Hawaiian Holdings Inc. EJR also retained its 'C' local currency rating on commercial paper issued by the Company. Hawaiian Holdings Inc. is a Delaware-based holding company conducting operations through its subsidiary Hawaiian Airlines, Inc. Honolulu-based, its Hawaii's first and largest airline, providing scheduled and charter air transportation of passengers, cargo and mail among the islands of Hawaii and between Hawaii and nine gateway cities on the mainland and two destinations in the South Pacific. HELIX FITNESS: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Helix Fitness, Inc. asks the U.S. Bankruptcy Court for the District of Massachusetts for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to continue ordinary course operations while it reorganizes. Helix owns 11 domestic and international patents for proprietary mechanical therapeutic exercise devices. Clinical testing later revealed that the fitness technology had substantial positive outcomes for some of the most chronic pain conditions such as knee and hip pain. As a result, Helix formed a medical advisory board comprised of orthopedists, sports medicine doctors, physical therapists, and chiropractors. Helix then pivoted to position its products as therapeutic devices and introduced a small home device to address knee and hip pain, the Scoop Lateral Trainer. Helix has sold over 60,000 devices and 6,500 consumers attend online classes using its equipment. With the pivot in 2019 to therapeutics, sales grew steadily until 2022. Sales were approximately $1,700,000 in 2019; $4,100,000 in 2020, and $7,500,000 in 2021. The Debtor placed an emphasis on brand recognition after the development of its newest product. While the marketing campaign was successful and sales grew dramatically, the sales and administrative expenses caused the company to incur operating losses. These losses were exacerbated by economic circumstances brought on by the COVID-19 pandemic. As a result of these difficulties, the Debtor, like many small businesses in distress, turned to alternative financing arrangements, many of which had exorbitant repayment terms and, while providing short term relief, were unsustainable from a business perspective. The Debtor believes it has a viable business model and that, with appropriate adjustment to its debt and capital structure, it can successfully reorganize. The Debtor's lending arrangements are: a. A loan from John Pingel made in March 2020 in the principal amount of $500,000, secured by a lien upon substantially all assets of the Debtor; b. An Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration in the amount of $500,000 dated November 5, 2020, secured by a lien upon substantially all of the Debtor's assets; c. A Credit Agreement with Citizens Bank, N.A. dated June 4, 2021, in the principal amount of up to $250,000, secured by a lien upon substantially all assets of the Debtor; d. A Revenue Share Agreement dated June 17, 2022 with CFT Clear Finance Technology Corp. in the principal amount of $280,000, and a remittance of 20% daily from applicable accounts receivable in repayment of the loan; e. A Shopify Capital Agreement (undated) with Shopify Capital, Inc. with advances in the principal amount of $200,000, and a remittance of 15% daily from applicable accounts receivable in repayment of the loan; f. A Shopify Capital Agreement (undated) with Shopify Capital, Inc., with advances in the principal amount of $41,000, and a remittance of 17% daily from applicable accounts receivable in repayment of the loan; g. A Shopify Capital Agreement (undated) with Shopify Capital, Inc., with advances in the principal amount of $150,000, and a remittance of 7% daily from applicable accounts receivable in repayment of the loan; h. A PayPay Business Loan Agreement (undated) from WebBank as lender in the amount of $150,000, with weekly payments of $3,175 and secured by a lien upon substantially all assets of the Debtor; i. A PayPal working capital account (undated) from WebBank as lender in the principal amount of $117,000, repaid based upon a percentage of PayPal sales proceeds, and secured by a lien upon PayPal proceeds; and j. A Loan Agreement with Amazon Capital Services, Inc. (undated) in the principal amount of $147,000, secured by a lien upon substantially all of the Debtor's assets. The only Uniform Commercial Code Financing Statement on file with the State of Delaware is that of Citizens Bank. Bank of America may assert a right of setoff in funds held in the Debtor's accounts as of the Petition Date. As of the Petition Date, the Debtor estimates its cash balance is approximately $60,000. The Debtor has accounts receivable of approximately $8,000 and has inventory with a cost value of approximately $370,000. The Debtor owns tooling equipment and intellectual property with undetermined value. The Debtor also has amounts owed to multiple state taxing authorities tor unpaid sales taxes in the estimated amount of $150,000. The Debtor also has credit card indebtedness and vendor claims estimated to be at least $500,000. As adequate protection, Helix proposes to provide the Creditors with a replacement lien upon the same assets in which the Creditors maintained a security interest prior to the filing, including accounts receivable, and the proceeds thereof, with the same validity, priority, and extent as existed prior to the petition date to secure any diminution in the value of its collateral from continued operations. A copy of the motion is available at https://bit.ly/3DL31NC from PacerMonitor.com. About Helix Fitness Inc. Helix Fitness Inc. is engaged in the sale of fitness equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-11609) on November 7, 2022. In the petition signed by Leonard Snyderman, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Andrew G. Lizotte, Esq., at Murphy and King, Professional Corporation, represents the Debtor as counsel. HONX INC: Unsecured Creditors to Propose 'Different Path' for Case ------------------------------------------------------------------ The Official Committee of Unsecured Creditors in Honx Inc.'s case says it is not objecting to a request by the Debtor to extend its exclusive plan filing and solicitation periods through and including January 31, 2023 and March 2, 2023, respectively, notwithstanding the Committee's pending motion to dismiss the case. "In light of the present stage and circumstances of this Chapter 11 Case, the Committee does not object to these requested extensions. Indeed, the Committee has worked constructively with the Debtor, the Future Claimants' Representative and other parties in interest throughout this case, including in mediation, and intends to continue to do so for as long as the Chapter 11 Case continues. The Committee nevertheless submits this Statement to highlight certain concerns regarding the Debtor's proposed path forward and reserve all rights in respect of any further extension requested by the Debtor, as well as the right to seek to terminate the Debtor's Exclusivity Periods to the extent the Committee deems it appropriate and necessary," the Committee said in court filings on Oct. 28, 2022. The Debtor has made clear its commitment to pursuing an estimation and claims allowance process, which the Debtor contends will serve as a prelude to a section 524(g) plan to "fully and finally resolve asbestos litigation in the bankruptcy court." Indeed simultaneously with the Extension Motion, the Debtor filed a motion seeking to establish an asbestos claims bar date, and a motion seeking to estimate asbestos claims. The Committee, however, has a different view regarding how the Chapter 11 Case should proceed. Specifically, the Committee believes that the chapter 11 case should be dismissed. To the extent that the case is not dismissed, however, the Committee believes that the Court and the parties should explore alternatives to the Debtor's proposed estimation process that may better serve the needs of this Chapter 11 Case. This position will be set forth in further detail at the appropriate time. As such, the Committee is concerned that the Debtor retaining exclusive authority to file a chapter 11 plan that incorporates the outcome of the Debtor’s desired estimation process may become an impediment to reaching an ultimate resolution in this case, let alone the sweeping result that absolves both the Debtor and Hess of all liability, which such parties apparently seek. "[P]rogress in this case to date has been limited; and, as noted supra, the Committee fears that the Debtor's desired approach is unlikely to result in a consensual or otherwise viable outcome. Mediation, which was conducted at the Committee’s request, has failed. And the Debtor's proposed estimation process is not guaranteed (or even likely) to result in a confirmable plan, nor can it even be construed as a meaningful effort "to negotiate with creditors" given that a nonbinding estimate of the Debtor's liabilities is unlikely to progress the Debtor towards a confirmable plan supported by the requisite supermajority of creditors," the Committee said. "Notwithstanding the Committee's concerns regarding the trajectory of this Chapter 11 Case, the Committee is willing to continue to work constructively with the Debtor and other parties in interest in an effort to find a viable path forward. To the extent these efforts are unsuccessful, however, the Committee stands ready and willing to discuss and/or propose a different plan for this Chapter 11 Case, including a potential "Debtor only" plan." About Honx Inc. Honx Inc. is a subsidiary of Hess Corporation, a publicly-traded global energy company. HONX is the corporate successor of Hess Oil Virgin Islands Corporation, which owned and operated an oil refinery in St. Croix, U.S. Virgin Islands from the beginning of its construction in 1965 until a non-operating entity with minimal assets consisting primarily of a 50% ownership in a joint venture from 1998 to 2016, and post-2016 it has continued its corporate existence solely to manage its alleged asbestos liabilities related to the refinery. Honx sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 22-90035) on April 28, 2022. In the petition signed by Todd R. Snyder, chief administrative officer, the Debtor disclosed $10 million to $50 million in assets and $500 million to $1 billion in liabilities. Judge Marvin Isgur oversees the case. The Debtor tapped Kirkland & Ellis and Jackson Walker, LLP as bankruptcy counsels; Piper Sandler Companies/TRS Advisors, LLC as investment banker and financial advisor; and Bates White, LLC as asbestos consultant. Stretto, Inc. is the claims, noticing and solicitation agent. The Honorable Barbara J. Houser (Ret.) was appointed as the legal representative for future asbestos claimants in this Chapter 11 case. Ms. Houser tapped Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel; O'ConnorWechsler, PLLC as local counsel; FTI Consulting, Inc., as financial advisor; and NERA Economic Consulting as consultant. HOUSTON REAL ESTATE: Seeks to Hire Hayward PLLC as Counsel ---------------------------------------------------------- Houston Real Estate Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Hayward, PLLC as its legal counsel. The firm's services include: a. providing the Debtor with legal advice regarding its powers and duties in the continued operation of its business and management of its property; b. advising the Debtor of its responsibilities under the Bankruptcy Code; c. preparing legal papers; d. assisting the Debtor in preparing and filing the required schedules, statement of affairs, monthly financial reports, and other documents; e. representing the Debtor in adversary proceedings and other contested and uncontested matters; f. representing the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by the bankruptcy court; and g. assisting the Debtor in the formulation of a plan of reorganization and in taking the necessary steps to obtain confirmation of the plan. The hourly rates charged by the firm's attorneys and paralegals are as follows: Ron Satija $475 per hour Other attorneys $225 - $500 per hour Paralegal $150 - 195 per hour As disclosed in court filings, Hayward does not hold nor represent any interest adverse to the Debtor and its estate. The firm can be reached through: Ron Satija, Esq. Hayward, PLLC 901 Mopac Expressway South Building 1, Suite 300 Austin, TX 78746 Phone: (737) 881-7102 Email: RSatija@HaywardFirm.com About Houston Real Estate Houston Real Estate Properties, LLC, a real estate company in Texas, filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-32998) on Oct. 10, 2022. In the petition filed by its manager, Dward Darjean, the Debtor reported $1 million to $10 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. The Debtor is represented by Ron Satija, Esq., at Hayward, PLLC. IAMGOLD CORP: Egan-Jones Lowers Local Currency Unsec. Rating to B+ ------------------------------------------------------------------ Egan-Jones Ratings Company, on October 4, 2022, lowered the local currency senior unsecured rating on debt issued by IAMGOLD Corp to B+ from BB-. Headquartered in Toronto, Canada, IAMGOLD Corporation is a mid-tier gold mining company. INSULATION COATINGS: Seeks Approval to Hire Schaffner as Accountant ------------------------------------------------------------------- Insulation Coatings & Consultations, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Schaffner Knight Minnaugh & Co. as its accountant. The firm's services include: a. providing the Debtor with financial and accounting advice; b. assisting the Debtor in the preparation of tax returns; c. assisting the Debtor in the preparation of its monthly operating reports and disclosure statement for its plan of reorganization; d. assisting the Debtor with its response to the Internal Revenue Service tax claims, including testifying in court; and e. performing other accounting services for the Debtor as may be necessary and appropriate in connection with its bankruptcy case. The firm will be paid $130 to $275 per hour and will be reimbursed for out-of-pocket expenses incurred. Dennis Grow, a partner at Schaffner, 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: Dennis Grow Schaffner Knight Minnaugh & Company, PC 1545 West 38th Street Erie, PA 16508 Tel: (814) 454-1997 Email: skm@skmco.com About Insulation Coatings & Consultations Insulation Coatings & Consultants, LLC provides acoustical and thermal insulations that have been used in commercial, industrial and institutional projects nationwide. The Debtor serves the New York, Pennsylvania, and Ohio areas. Insulation Coatings & Consultants sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-10340) on Aug. 9, 2022. In the petition signed by its manager, Charles C. Sorce, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Taddonio oversees the case. Guy C. Fustine, Esq., at Knox McLaughlin Gornall & Sennett, PC and Schaffner Knight Minnaugh & Co. serve as the Debtor's legal counsel and accountant, respectively. K & I BEAUTY: Unsecureds Owed $20K to Get 50% of Claims ------------------------------------------------------- K & I Beauty, LLC, submitted a First Amended Chapter 11, Subchapter V Plan of Reorganization. The Debtor anticipates that this bankruptcy will provide it with a much-needed break from the distractions of the District Court matter and allow the debtor to emerge with viable and profitable operations that maximizes value for the Debtor's creditors pursuant to a plan of reorganization. Under the Plan, Class 1 Allowed Unsecured Debt Claims will be all Allowed Claims made by any of the Debtor's vendors unsecured creditors incurred in the ordinary course of Allowed Administrative Expense or Priority Tax Claims set forth in Sections 1.1 and 1.2 of this Plan, and in full and complete satisfaction, discharge and release of the Class 1 Claims. The total $20,512.00 in Class 1 claims. The Debtor has reached an agreement with Class 1 unsecured creditors in that they will receive a 50% payout of the total value of their claims. The Debtor shall pay the Holders of Allowed Class 1 Claims without interest their 50% payout available from Disposable Income of the Debtor. Distributions to Holders of Allowed Class 1 Claims shall occur on a bi-annual basis (in accordance with the priorities hereinabove set forth), with a maximum of 10 distributions in total, which distributions will be made on a bi-annual basis with the first distribution occurring on the later to occur of: after satisfaction of the Administrative Expense Claims, and any Priority Tax Claims. Any payment to a Class 1 Creditor holding a Disputed Claim is also contingent upon entry of a Final Order allowing such Claim. Said installment payments shall continue to be paid on every December 15th and April 15th thereafter, ending on December 15, 2027. The amount of each of said disbursements shall equal $1,026. Class 1 is Impaired and, therefore, the Holders of a Class 1 Claim are entitled to vote to accept or reject the Plan. During the term of this Plan, the Debtor shall pay all available Disposable Income necessary for the performance of the Plan. Disposable Income shall mean the Net Income of the Debtor less payment of expenditures necessary for the continuation, preservation, and operation of the Debtor's business, including reserves to account for the cyclical nature of the Debtor's business. Counsel for the Debtor: Terry E. Morris, Esq. MORRIS-PALERM, LLC 751 Rockville Pike Suite 2A Rockville, MD 20852 Tel: (301) 424-6290 E-mail: tmorris@morrispalerm.com A copy of the Disclosure Statement dated Oct. 28, 2022, is available at https://bit.ly/3Win5ze from PacerMonitor.com. About K & I Beauty K & I Beauty, LLC is a Maryland limited liability company founded in 2012 with its offices and retail locations situated in Montgomery County, Maryland. Iris Granados is the managing co-owner of K & I and oversees business operations. The Debtor filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 22-13530) on June 28, 2022, listing up to $50,000 in assets and up to $500,000 in liabilities. Stephen Metz has been appointed as Subchapter V trustee. Terry E. Morris, Esq., at Morris Palerm, LLC is the Debtor's counsel. KABBAGE INC: Court OKs Interim Cash Collateral Access ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized Kabbage, Inc. d/b/a KServicing, and its debtor-affiliates to use cash collateral on an interim basis in accordance with the budget. The Debtor requires the use of cash collateral to pay the expenses incurred to administer the Debtors' Chapter 11 Cases and working capital necessary to operate its business. KServicing services a series of Paycheck Protection Program loans which are pledged as Collateral for the Obligations under the Program Agreements and are guaranteed by the U.S. Small Business Administration. As of the Petition Date, the Debtors were indebted to the Reserve Bank (i) in the aggregate principal amount of approximately $536.4 million in respect of outstanding Advances under the Program Agreements plus (ii) accrued and unpaid interest and costs and expenses including, without limitation, attorney's fees, agent's fees, other professional fees and disbursements and other obligations owing under the Program Agreements. The Debtors' business solely consists of servicing its loan portfolio, which, as of the Petition Date, consists in part of loans issued to small businesses under the Paycheck Protection Program with an aggregate outstanding principal amount of approximately $1.3 billion. The Debtors partnered with the SBA to originate and service PPP Loans, which consisted partly of PPP Loans that the Debtors originated pursuant to the Reserve Bank's Paycheck Protection Program Liquidity facility. The Debtors own and service such loans and have pledged these loans as collateral to the Reserve Bank, which are guaranteed by the SBA. The Debtors are providing the Reserve Bank with adequate protection in the form of, among other things: adequate protection liens, payment of professional fees, covenants including working cooperatively with the Reserve Bank to identify potential third-party loan servicers for the remaining PPP Loans that constitute PPPLF Collateral and to cooperate and reasonably assist in the transfer of the loan portfolio to a third-party servicer, and informational and reporting rights. The Debtors' right to use the cash collateral will terminate automatically and without the need for notice or demand by the Reserve Bank or any further Court order upon the occurrence of any of the following, unless waived by the Reserve Bank: (a) The appointment of a chapter 11 trustee or of an examiner with expanded powers in the Chapter 11 Cases; (b) The conversion of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code; (c) The dismissal of the Chapter 11 Cases; (d) A determination by the Court that a material violation or breach of any of the provisions of the Proposed Order has occurred; (e) Any other (i.e., not material) violation or breach of any of the provisions of the Proposed Order that is not disputed or cured within five business days of written notice from the Reserve Bank; (f) The effective date of any plan of liquidation in the Chapter 11 Cases that has been confirmed by Court order. A copy of the order is available at https://bit.ly/3WPnCJq from PacerMonitor.com. About Kabbage Inc. Founded in 2010 and headquartered in Atlanta, Georgia, Legacy Kabbage (a predecessor of KServicing) -- http://www.kservicing.com/ -- was one of the leading fintech providers of working capital to small businesses for over a decade. Legacy Kabbage began as a proprietary online lending platform for small businesses, providing loan services to over 250,000 American small businesses, many of which were businesses that struggled to receive adequate funding through traditional banking institutions. From 2020-2021, the Company provided and facilitated necessary funding to small business owners through PPP loans during the COVID-19 pandemic. The Company's technology infrastructure spearheaded its PPP work, which led to a total of $7 billion in loans being originated by the Company. The origination and servicing of PPP Loans and small business loans to eligible borrowers was critical during a time of unprecedented health and economic uncertainty brought about by the COVID-19 pandemic. On Aug. 16, 2020, much of the Company's business was sold to American Express Travel Related Services Company, Inc. As a result of the merger, KServicing now operates in a limited capacity as (i) a servicer and subservicer of PPP Loans, (ii) a software services provider for lenders of PPP Loans, and (iii) a servicer of a minor portfolio of non-PPP small business loans. To implement the wind down of their businesses, on Oct. 3, 2022, Kabbage, Inc. d/b/a KServicing and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10951). Judge Craig T. Goldblatt oversees the cases. Kabbage Inc. estimated $500 million to $1 billion in assets and debt as of the bankruptcy filing. The Debtors tapped Weil, Gotshal & Manges, LLP as general counsel; Richards, Layton & Finger, PA as local counsel; AlixPartners, LLC as financial advisor; KPMG International Limited as fraud review services provider; and Jones Day, LLP as government investigations counsel. Greenberg Traurig is counsel to the Debtors' board of directors. Omni Agent Solutions, Inc. is the claims agent and administrative advisor. KEYSTONE CLEANING: Seeks Cash Collateral Access ----------------------------------------------- Keystone Cleaning Services LLC asks the U.S. Bankruptcy Court for the Western District of Pennsylvania for authority to use cash collateral. The Debtor requires the use of cash collateral to continue its operations and attempt to reorganize. The Debtor requests an expedited hearing on its request. There are five UCC Financing Statements filed with the State of Pennsylvania with respect to the assets of the Debtor that have not been terminated: a) File Number 2020030900763 filed on March 9, 2020 by Corporation Service Company, as Representative. b) File Number 2020032600886 filed on March 26, 2020 by Corporation Service Company, as Representative. c) File Number 2020081301928 filed on August 13, 2020 by C T Corporation System, as Representative. d) File Number 2021082501317 filed on August 25, 2021 by C T Corporation System, as Representative. e) File Number 2022060601375 filed on June 6, 2022 by Corporation Service Company, as Representative. A copy of the motion is available at https://bit.ly/3UnOHlg from PacerMonitor.com. About Keystone Cleaning Services LLC Keystone Cleaning Services LLC does business as a commercial cleaning service in Western Pennsylvania. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Penn. Case No. 22-22193) on November 11, 2022. In the petition signed by Gregory W. Hutcherson, managing member, the Debtor disclosed up to $500,000 in assets and up to $50,000 in liabilities. Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., is the Debtor's legal counsel. LANNETT COMPANY: Posts $28 Million Net Loss in First Quarter ------------------------------------------------------------ Lannett Company, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $28.02 million on $75.08 million of net sales for the three months ended Sept. 30, 2022, compared to a net loss of $22.34 million on $101.52 million of net sales for the three months ended Sept. 30, 2021. As of Sept. 30, 2022, the Company had $467.30 million in total assets, $744.86 million in total liabilities, and a total stockholders' deficit of $277.56 million. "For the quarter, our financial results improved compared with the preceding quarter and were better than expected, with higher product sales across the portfolio and adjusted gross margin exceeding our estimates," said Tim Crew, chief executive officer of Lannett. "This performance was in part driven by increased sales of generic Adderall in response to a market shortage where we were able to maintain supply, the sale, at a better than company average gross margin, of certain products under a private label agreement, a continuing normalization of our product return rates and, a more favorable pricing environment than we anticipated. Our cash position was approximately $78 million at September 30, 2022; we continue to expect to receive approximately $20 million of income tax refunds within the next couple of months. "Turning to our pipeline, several product opportunities are nearing launch, subject to approval, in the current fiscal year, a few of which have the potential to be meaningful contributors to our financial results. For both our biosimilar insulin glargine and biosimilar insulin aspart products, timelines remain largely on track. "Looking ahead, while we have reiterated our full-year guidance, we now believe our adjusted gross margin will be nearer the top end of the range. We remain focused on commercializing product opportunities, further growing our contract manufacturing business and advancing our high-value pipeline of insulin and respiratory products." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/57725/000155837022016155/lci-20220930x10q.htm About Lannett Company Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com. The Company reported a net loss of $231.62 million for fiscal year ended June 30, 2022, a net loss of $363.47 million for fiscal year ended June 30, 2021, and a net loss of $33.37 million for fiscal year ended June 30, 2020. * * * As reported by the TCR on Feb. 11, 2022, S&P Global Ratings lowered its issuer-level rating on Lannett Inc. to 'CCC+' from 'B-'. The outlook is negative. S&P said, "The negative outlook reflects the possibility of another downgrade if we believed that Lannett were likely to consider a distressed exchange offer or sub-par redemption. This could occur if we expected continued pricing erosion within its key products or delays in new product launches to meaningfully reduce FOCF prospects and liquidity. In November 2021, Moody's Investors Service downgraded the ratings of Lannett Company, Inc., including the Corporate Family Rating to Caa1 from B3. Moody's said the downgrade follows continued deterioration in operating performance as Lannett's base portfolio of oral generic drugs erodes due to intense competitive pricing pressures. LATAM AIRLINES: Davis Polk Advised Delta in LatAm Restructuring --------------------------------------------------------------- Davis Polk advised Delta Air Lines, Inc., in connection with the chapter 11 cases of LATAM Airlines Group S.A. and its affiliated debtors. LATAM filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in May and July 2020 in the United States Bankruptcy Court for the Southern District of New York. Davis Polk guided Delta through all phases of LATAM's chapter 11 cases, including structuring and documenting a unique debtor-in-possession financing during the height of the COVID-19 pandemic; defending the DIP financing from challenges by various creditor constituencies; securing the assumption of key contracts between Delta and LATAM, which paved the way for the consummation of a valuable joint venture between Delta and the largest Latin American airline group; defending Delta against fraudulent transfer claims pursued by a committee of unsecured creditors; and actively participating in structuring and mediating a plan of reorganization (the "Plan") that allowed LATAM to emerge from bankruptcy. LATAM's Plan was confirmed on June 18, 2022, and provided for, among other things, the receipt by unsecured creditors of their pro rata share of the new convertible notes Class A or, upon additional new money investment, new convertible notes Class C in satisfaction of their allowed claims, along with the impairment, reinstatement and repayment of other classes. In connection with LATAM's emergence, LATAM also completed the issuance of $5.4 billion in new securities, which were offered to prepetition shareholders via preemptive rights offerings and backstopped by certain unsecured creditors and prepetition shareholders. Pursuant to its participation in the preemptive rights offerings and the backstop commitment that it provided to LATAM, Delta purchased approximately $657 million of new convertible notes Class B in the reorganized LATAM and, upon conversion of such notes, is expected to obtain an approximately 10% equity ownership interest in LATAM. On November 3, 2020, upon the consummation of a series of transactions contemplated by the Plan, LATAM emerged from bankruptcy. LATAM is Latin America's leading airline group, operating domestic flights in Brazil, Chile, Colombia, Ecuador and Peru and international services within Latin America as well as to Europe, the United States, Africa, Asia, Oceania and the Caribbean. The company was founded in 1929 and is headquartered in Santiago, Chile. The Davis Polk restructuring team included partners Marshall S. Huebner and Adam L. Shpeen and associates Jinhe Hu, Abraham Bane and Motty Rivkin. The litigation team included partner Lara Samet Buchwald and associate Nicholas D'Angelo. The finance team included partner Vanessa L. Jackson, counsel Mayer J. Steinman and associate Adela Troconis. Partner Maurice Blanco provided securities regulation advice. All members of the Davis Polk team are based in the New York office. About LATAM Airlines Group LATAM Airlines Group S.A. -- http://www.latam.com/-- is a pan-Latin American airline holding company involved in the transportation of passengers and cargo and operates as one unified business enterprise. It is the largest passenger airline in South America. Before the onset of the COVID-19 pandemic, LATAM offered passenger transport services to 145 different destinations in 26 countries, including domestic flights in Argentina, Brazil, Chile, Colombia, Ecuador and Peru, and international services within Latin America as well as to Europe, the United States, the Caribbean, Oceania, Asia and Africa. LATAM and its 28 affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 20-11254) on May 25, 2020. Affiliates in Chile, Peru, Colombia, Ecuador and the United States are part of the Chapter 11 filing. The Debtors disclosed $21,087,806,000 in total assets and $17,958,629,000 in total liabilities as of Dec. 31, 2019. The Hon. James L. Garrity, Jr., is the case judge. The Debtors tapped Cleary Gottlieb Steen & Hamilton LLP as bankruptcy counsel, FTI Consulting as restructuring advisor, Lee Brock Camargo Advogados as local Brazilian litigation counsel, and Togut, Segal & Segal LLP and Claro & Cia in Chile as special counsel. The Boston Consulting Group, Inc. and The Boston Consulting Group UK LLP serve as the Debtors' strategic advisors. Prime Clerk LLC is the claims agent. The official committee of unsecured creditors formed in the case tapped Dechert LLP as its bankruptcy counsel, Klestadt Winters Jureller Southard & Stevens, LLP as conflicts counsel, UBS Securities LLC as investment banker, and Conway MacKenzie, LLC as financial advisor. Ferro Castro Neves Daltro & Gomide Advogados is the committee's Brazilian counsel. The Ad Hoc Group of LATAM Bondholders tapped White & Case LLP as counsel. Glenn Agre Bergman & Fuentes, LLP, led by managing partner Andrew Glenn and partner Shai Schmidt, has been retained as counsel to the Ad Hoc Committee of Shareholders. LOTUS SKY LLC: Seeks to Hire Bowers & Shenk as Accountant --------------------------------------------------------- Lotus Sky, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Bowers & Shenk as its accountant. The firm's services include assisting the Debtor in the accounting of all payroll reports, and in preparing and completing payroll. Bowers & Shenk will be paid at the rate of $100 per hour and will be reimbursed for out-of-pocket expenses incurred. Jonathan Bowers, a partner at Bowers & Shenk, 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: Jonathan Bowers Bowers & Shenk 3505 Olsen Blvd Amarillo, TX 79109 Tel: (806) 352-3759 About Lotus Sky Lotus Sky, LLC is a company in Amarillo, Texas, which operates in the traveler accommodation industry. Lotus Sky sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 22-31618) on Sept. 2, 2022, with up to $10 million in both assets and liabilities. Kunal Patel, owner, signed the petition. Judge Michelle V. Larson oversees the case. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC and Bowers & Shenk serve as the Debtor's legal counsel and accountant, respectively. LOTUS SKY: Wins Interim Cash Collateral Access ---------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, authorized Lotus Sky, LLC to use cash collateral on an interim basis in accordance with the budget, with a 15% variance. An immediate and critical need exists for the Debtor to obtain funds to continue the operation of its business. New Millennium Bank may claim that substantially all of the Debtor's assets are subject to its Prepetition Liens as secured lender. To the extent of any diminution in value in the Pre-Petition Collateral of the Secured Lender, New Millennium Bank is granted valid, binding, enforceable, and perfected liens co-extensive with the Secured Lender's pre-petition liens in all currently owned or hereafter acquired property and assets of the Debtor. The replacement liens granted are automatically perfected without the need for filing of a UCC-1 financing statement with the Secretary of State's Office or any other such act of perfection. The Debtor will pay to the Secured Lender $4,000 on or before the 5th of each month starting in October 2022, as adequate protection for use of cash collateral. The final hearing on the matter is set for December 1, 2022, at 10:30 a.m. A copy of the order and the Debtor's budget is available at https://bit.ly/3G2kweV from PacerMonitor.com. The Debtor projects $40,000 in gross revenue and $34,718in total expenses for one month. About Lotus Sky, LLC Lotus Sky, LLC operates as an OYO Hotel in Amarillo, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-31618) on September 2, 2022. In the petition signed by Kunal Patel, owner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michelle V. Larson oversees the case. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's counsel. MARTIN MIDSTREAM: Incurs $28 Million Net Loss in Third Quarter -------------------------------------------------------------- Martin Midstream Partners L.P. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $28.04 million on $229.30 million of total revenues for the three months ended Sept. 30, 2022, compared to a net loss of $6.91 million on $211.26 million of total revenues for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss of $9.96 million on $775.50 million of total revenues compared to a net loss of $11.01 million on $596.53 million of total revenues for the nine months ended Sept. 30, 2021. As of Sept. 30, 2022, the Company had $627.98 million in total assets, $687.20 million in total liabilities, and a total partners' deficit of $59.22 million. Bob Bondurant, president and chief executive officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, "During the third quarter, which is typically the Partnership's weakest quarter due to seasonal lows in the fertilizer and butane businesses, both the Transportation and the Terminalling and Storage segments continued to outperform our internal projections. In the Transportation segment, demand for reliable, experienced tank truck hauling continues to be strong and our expansion in Florida has been positive. On the marine side, rates have now recovered to pre-pandemic levels and asset utilization has improved. In the Terminalling and Storage segment, the underlying drivers of the lubricants and specialty products businesses are positive resulting in higher than anticipated sales volumes. However, the Sulfur and Natural Gas Liquids segments experienced volatility during the third quarter. In the Sulfur segment, both the fertilizer and sulfur groups faced pricing instability resulting in lower fertilizer sales volumes. In addition, the pure sulfur business was impacted by unplanned maintenance expense related to the marine assets deployed in support of the business. Finally, within the NGL segment the butane blending market was negatively impacted by steeply falling prices in September, resulting in a significant non-cash inventory value adjustment. "Although the markets and the factors that influence them are unpredictable at this time, the Partnership has been able to improve our financial results year over year. However, as commodity prices continue to move erratically from the risk of a global recession and fears of weak oil demand, we are revising our fourth quarter adjusted EBITDA guidance to between $19 and $24 million, resulting in a range of $116 to $121 million for full year 2022." Capitalization At Sept. 30, 2022, the Partnership had $547 million of total debt outstanding, including $202 million drawn on its $275 million revolving credit facility, $54 million of senior secured 1.5 lien notes due 2024 and $291 million of senior secured second lien notes due 2025. At Sept. 30, 2022, the Partnership had liquidity of approximately $44 million from available capacity under its revolving credit facility. The Partnership's adjusted leverage ratio, as calculated under the revolving credit facility, was 3.63 times and 3.46 times on September 30, 2022 and June 30, 2022, respectively. The Partnership was in compliance with all debt covenants as of Sept. 30, 2022. The Partnership's revolving credit facility matures on Aug. 31, 2023, therefore the outstanding borrowings under the facility are presented as a current liability on the Sept. 30, 2022 financial statements. The Partnership said it is in the process of refinancing the credit facility, and although no assurance of success can be given, management presently believes the measures being taken will enable the Partnership to successfully extend the maturity of the credit facility. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1176334/000117633422000197/mmlp-20220930.htm About Martin Midstream Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution and transportation services. Martin Midstream Partners L.P. reported a net loss of $211,000 for the year ended Dec. 31, 2021, a net loss of $6.77 million for the year ended Dec. 31, 2020, and a net loss of $174.95 million for the year ended Dec. 31, 2019. As of June 30, 2022, the Company had $636.16 million in total assets, $667.02 million in total liabilities, and a total partners' deficit of $30.85 million. * * * In August 2022, Moody's Investors Service changed Martin Midstream Partners L.P.'s (MMLP) outlook to positive from stable. Concurrently, Moody's affirmed MMLP's Corporate Family Rating at Caa1. "The change in Martin Midstream's outlook to positive reflects Moody's expectation for MMLP to maintain low leverage over the next 12-18 months, and once it addresses its refinancing needs the rating could be upgraded," said Jonathan Teitel, a Moody's analyst. MDWERKS INC: Incurs $49,652 Net Loss in Third Quarter ----------------------------------------------------- MDwerks, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $49,652 for the three months ended Sept. 30, 2022, compared to a net loss of $10,913 for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss of $58,298 compared to net income of $46,923 for the nine months ended Sept. 30, 2021. As of Sept. 30, 2022, the Company had zero assets, $49,652 in total liabilities, and a total stockholders' deficit of $49,652. MDwerks said, "We believe that if we do not raise additional capital in the foreseeable future, we may be required to suspend or cease the implementation of our business plans. If we are unable to raise additional funds, there is substantial doubt as to our ability to continue as a going concern. "We had liabilities aggregating $50,000 and $231,000 as of September 30, 2022 and December 31, 2021, respectively. We anticipate that our current cash and cash equivalents and cash generated from financing activities will be insufficient to satisfy our liquidity requirements for the next 12 months. To date, the Company has incurred an accumulated deficit of $352,000. "The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses. We believe that there is substantial doubt about our ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. "We expect to incur marketing, professional, and administrative expenses as well expenses associated with maintaining our filings with the Commission. We will require additional funds during this time and will seek to raise the necessary additional capital. If we are unable to obtain additional financing, we may be required to reduce the scope of our business development activities, which could harm our business plans, financial condition and operating results. Additional funding may not be available on favorable terms, if at all. The Company intends to continue to fund its business by way of equity or debt financing and advances from related parties. Any inability to raise capital as needed would have a material adverse effect on our business, financial condition and results of operations. "If we cannot raise additional funds, we will have to cease business operations. As a result, investors in the Company's common stock would lose all of their investment." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1295514/000149315222030420/form10-q.htm About MDWerks MDwerks, Inc. is a public shell company seeking to create value for its shareholders by merging with another entity with experienced management and opportunities for growth in return for shares of its common stock. No potential merger candidate has been identified at this time. The Company does not propose to restrict its search for a business opportunity to any particular industry or geographical area and may, therefore, engage in essentially any business in any industry. The Company has unrestricted discretion in seeking and participating in a business opportunity, subject to the availability of such opportunities, economic conditions, and other factors. MDwerks reported net income of $37,976 for the year ended Dec. 31, 2021, compared to a net loss of $20,553 for the year ended Dec. 31, 2020. As of June 30, 2022, the Company had zero asset, $239,444 in total liabilities, and a total stockholders' deficit of $239,444. Diamond Bar, Calif.-based TAAD LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2022, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. MEDICAL TECHNOLOGY: Judge Lifts Stay to Compel Arbitration ---------------------------------------------------------- In the adversary proceeding In re: MEDICAL TECHNOLOGY ASSOCIATES II, INC., Chapter 11, Debtor. MEDICAL TECHNOLOGY ASSOCIATES II, INC., Plaintiff, v. CARL W. RAUSCH AND WORLD TECHNOLOGY EAST II, LIMITED, Defendants, Adv. Pro. No. 22-50389 (CTG), (Bank. D. Del.), Bankruptcy Judge Craig T. Goldblatt grants the Defendants Carl W. Rausch and World Technology East II, Limited's motion for relief from stay so that the district court may resolve the pending motion to compel arbitration. The Debtor Medical Technology Associates II, Inc. ("MedTech") is a biotech startup. It plans to develop and commercialize a hemoglobin-based oxygen carrier. As the first-day declaration explains, the debtor's business remains in the research and development stage. It does not yet have a commercial product and thus generates no revenue. Through its bankruptcy case, the Debtor hopes to "cancel existing equity and facilitate a new equity infusion to provide the Debtor with sufficient operating capital to continue its research and development and bring its technology to market eventually." A key obstacle to the Debtor's plan, however, is a dispute with Carl W. Rausch (MedTech's founder, former president and chief executive officer) over ownership of the intellectual property rights related to the hemoglobin-based oxygen carriers. MedTech filed a complaint against Rausch and World Technology (a Hong Kong based company that Rausch owns) in the District Court of Pennsylvania on March 5, 2021. That complaint sought declaratory judgments that (1) MedTech is the sole owner of all intellectual property developed by Rausch during his tenure at MedTech, (2) the development and license agreement is a legal nullity on the grounds that it was fabricated, and (3) MedTech does not owe any payment to World Technology under with the development and license agreement. On Aug. 16, 2021 Rausch and World Technology moved to compel arbitration on the claim of ownership of the Hemoglobin IP. The district court conducted an evidentiary hearing on that issue and directed the parties to submit post-trial briefs. The district court set June 24, 2022 as the due date for MedTech's final reply brief, but MedTech filed for bankruptcy on June 14, 2022. And on July 12, 2022, MedTech filed this adversary proceeding, seeking only declaratory relief that MedTech is the sole owner of all the disputed intellectual property. Rausch and World Technology counterclaimed for a declaration that they own the Hemoglobin IP. Emphasizing that it needs to have the question of ownership of the Hemoglobin IP resolved before it can emerge from bankruptcy, MedTech immediately sought summary judgment on that issue and moved to dismiss the counterclaim. On the other hand, Rausch and World Technology argue that the Court should grant relief from the stay to permit the district court to decide that issue of ownership of the Hemoglobin IP. In the alternative, they ask the Court to dismiss the adversary proceeding in favor of the alleged agreement to arbitrate. They also argue that summary judgment is inappropriate at this stage of the case because they have not had the opportunity to take sufficient discovery. And they argue that the Court should dismiss the case in favor of the district court litigation under the "first-filed doctrine," a judge-made doctrine designed to avoid duplicative litigation. While the Court appreciates the Debtor's sense of urgency in bringing the issue of ownership of the Hemoglobin IP to prompt resolution, principles of judicial economy and respect for the district court's jurisdiction counsel in favor of granting relief from the stay and permitting that court to resolve the question of arbitrability with respect to all of the claims pending before it. Thus, the Court is persuaded that there is cause to lift stay, because even if the Court were otherwise inclined to proceed with the adversary proceeding (notwithstanding the Defendants' contentions about the "first-filed" doctrine), it would need to decide the very same question of arbitrability on which the district court has already held an evidentiary hearing. The Court also believes that, wherever the case may ultimately proceed, Rausch and World Technology are entitled to additional discovery before it would be appropriate for the Court to consider the Debtor's motion for summary judgment. In view of the Debtor's legitimate interest in prompt resolution, the Court will direct the Parties, beginning immediately, to conduct such discovery as is appropriate to permit Rausch and World Technology to respond to the summary judgment motion. The remaining arguments of the parties, including the motion for summary judgment and the contentions that the "first-filed" doctrine counsels in favor of dismissing the adversary proceeding in favor of the district court proceeding, will be held in abeyance pending the district court's resolution of the question of arbitrability. And aside from lifting the stay so that the district court may resolve the question of arbitrability, the automatic stay will remain in place. Once the question of arbitrability is decided, the Court intends to act promptly to ensure that the case moves forward as expeditiously as possible in whatever forum is appropriate. A full-text copy of the Memorandum Opinion dated Oct. 31, 2022, is available at https://tinyurl.com/5hdpcm6j from Leagle.com. About Medical Technology Associates II Medical Technology Associates II, Inc. -- https://www.8biomed.com/ -- is a biotechnology venture company in Thousand Oaks, Calif. It conducts business under the name 8BioMed. Medical Technology Associates II filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 22-10534) on June 14, 2022, listing up to $10 million in assets and up to $50 million in liabilities. Richard E. Furtek has been appointed as Subchapter V trustee. Judge Craig T. Goldblatt oversees the case. Michael G. Busenkell, Esq., at Gellert Scali Busenkell & Brown, LLC and Hangley Aronchick Segal Pudlin & Schiller, P.C. serve as the Debtor's bankruptcy counsel and special litigation counsel, respectively. METHANEX CORP: Egan-Jones Retains 'BB' Local Currency Unsec. Rating ------------------------------------------------------------------- Egan-Jones Ratings Company, on October 7, 2022, retained its 'BB' local currency senior unsecured rating on debt issued by Methanex Corp. Headquartered in Vancouver, Canada, Methanex Corporation produces and markets methanol. MINESEN COMPANY: Trustee Taps Peter Matsumoto as Accountant ----------------------------------------------------------- Dane Field, Chapter 11 trustee for The Minesen Company, seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to employ Peter Matsumoto, CPA as accountant. The trustee requires an accountant to prepare operating reports, tax returns and all necessary tax forms, and to provide tax advice and consultation regarding various transactions in the Debtor's Chapter 11 case. Mr. Matsumoto will be paid at the rate of $220 per hour and will be reimbursed for out-of-pocket expenses incurred. As disclosed in a court filing, Mr. Matsumoto is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. Mr. Matsumoto maintains an office at: Peter K. Matsumoto, CPA P.O. Box 26479 Honolulu, HI 96825 Phone: 808-371-9394 About The Minesen Company The Minesen Company -- http://www.innatschofield.com/-- owns a transient military lodging facility at Schofield Barracks in central Oahu known as the Inn at Schofield Barracks. It is based in Wahiawa, Hawaii. The Minesen Company filed a petition for Chapter 11 protection (Bankr. D. Hawaii Case No. 19-00849) on July 4, 2019, with up to $50 million in assets and up to $10 million in liabilities. Max Jensen, president of The Minesen Company, signed the petition. Judge Robert J. Faris oversees the case. The Debtor tapped Goodsill Anderson Quiin & Stifel as bankruptcy counsel; Snell & Wilmer, LLP, Keith M. Kiuchi, A Law Corporation and Crowell & Moring, LLP as special counsels; Joseph M. Salvator CPA, PC as accountant; and Schlissel & Associates, LLC as tax advisor. Dane S. Field, the Chapter 11 trustee appointed in the Debtor's case, tapped Klevansky Piper, LLP as legal counsel and Peter K. Matsumoto, CPA as accountant. MMC JUICE: Gets OK to Hire Springer Larsen Greene as Legal Counsel ------------------------------------------------------------------ MMC Juice Investors, Co. received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Springer Larsen Greene, LLC as its legal counsel. The firm's services include: (a) consulting with the Debtor concerning its powers and duties, the continued operation of its business and management of the financial and legal affairs of its estate; (b) consulting with the Debtor and with other professionals concerning the negotiation, preparation and prosecution of a Chapter 11 plan and disclosure statement; (c) conferring and negotiating with creditors and other parties in interest concerning the Debtor's financial affairs and property, Chapter 11 plans, claims, liens, and other aspects of the Debtor's Chapter 11 case; (d) appearing in court and preparing legal papers; and (e) providing other necessary legal services. The firm's hourly rates are as follows: Richard G. Larsen, Esq. $455 per hour Joshua D. Greene, Esq. $455 per hour Thomas E. Springer, Esq. $465 per hour The Debtor paid $10,000 to the law firm as a retainer fee. Richard Larsen, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard Larsen, Esq. Springer Larsen Greene, LLC 300 S. County Farm Road, Suite, Suite G Wheaton, IL 60187 Tel: 630-510-0000 Email: rlarsen@springerbrown.com About MMC Juice Investors MMC Juice Investors, Co. operates a restaurant in Naperville, Ill., under a franchise agreement with Clean Juice Franchise Co. It has been in business since 2019. MMC Juice Investors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-11403) on Oct. 3, 2022, with up to $500,000 in both assets and liabilities. Michelle Constantino, president, signed the petition. Judge LaShonda A. Hunt oversees the case. Richard G Larsen, Esq., at Springer Larsen Greene, LLC is the Debtor's counsel. MONARCH PCM: Seeks Cash Collateral Access, $500,000 DIP Loan ------------------------------------------------------------ Monarch PCM, LLC asks the U.S. Bankruptcy Court for the Northern District of Texas, for authority to use cash collateral and obtain up to $500,000 in senior secured postpetition financing from GM Pharmaceuticals Inc. The Debtor says the secured postpetition financing is subordinated to the prepetition secured lender, Susser Bank, and administrative expenses, in the aggregate principal amount of up to $500,000. The Debtor is in urgent need of liquidity. As of the Petition Date, the Debtor lacks the financial wherewithal to fund its operations. Due to the challenging regulatory and economic conditions facing pharmaceutical companies, which was exacerbated during the COVID-19 pandemic, the Debtor's businesses have faced a marked downturn over the past several years. The Debtor needs immediate funding to make payroll without laying off employees, pay its utility bills, and pay its insurance premiums, among many other things. Some of this funding will be used for not only business operations, but also for activities for which the Debtor is legally compelled to take, such as the destruction of expired drugs, and maintaining certain environmental standards. The Debtor has approximately $18.7 million of liabilities, of which approximately $1.7 million is secured debt owed to Susser. The majority of the remaining balance of the Debtor's obligations are the insider claims of GM, and finally, general unsecured claims. Susser extended to the Debtor a loan for $1.2 million upon the Debtor's formation in January 2020, in exchange for a lien on substantially all of the Debtor's assets, which Susser duly perfected. The loan with Susser has been extended and modified several times, and most recently, Susser agreed to extend the maturity date on the loan to February 21, 2023. Susser is currently owed approximately $1.7 million on the Susser Note. The Debtor's unpaid general unsecured obligations, other than the significant insider debt, total approximately $1.9 million. The Debtor proposes to provide Susser with adequate protection to protect against postpetition diminution in value of the cash collateral resulting from the use, sale, or lease of the cash collateral by the Debtor and the imposition of the automatic stay: i. valid and perfected replacement security interests in and liens on substantially all of the Debtor's assets; ii. interest-only monthly payments pursuant to the Susser Note; and iii. an expedited sale process with a Stalking Horse bid that exceeds the amount owed by the Debtor to Susser. The Debtor proposes to provide the DIP Lender with adequate protection to protect against postpetition diminution in value of the cash collateral resulting from the use, sale, or lease of the cash collateral by the Debtor and the imposition of the automatic stay: i. valid and perfected subordinated security interests in and liens on substantially all of the Debtor's assets; and ii. an expedited sale process with a Stalking Horse bid that exceeds the amount owed by the Debtor to Susser, the prepetition lender. A copy of the motion is available at https://bit.ly/3UDtfZe from PacerMonitor.com. About Monarch PCM, LLC Monarch PCM, LLC is engaged in the business of pharmaceutical and medicine manufacturing. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 22-42687) on November 7, 2022. In the petition signed by Sam P. Rizkal, CEO and CFO, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Mark A. Platt, Esq., at Frost Brown Todd, LLC, is the Debtor's legal counsel. MP ZEBULON: Seeks to Hire GGG Partners as Restructuring Advisor --------------------------------------------------------------- MP Zebulon, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire GGG Partners, LLC and designate Richard Gaudet, a partner at GGG, as chief restructuring officer. The firm's services include: a) overseeing the sale process of the Debtors' business and assets; b) investigating, reporting to the court and prosecuting, with counsel of its choice, potential claims held by the Debtors' bankruptcy estates against insiders and equity holders, and adjusting the capital accounts of members and economic interest holders in the Debtors; c) monitoring the operation of the Debtors' businesses and assets and reporting any irregularities to the court; d) making decisions regarding the employment and compensation of Dharmesh and Hetal Patel; and e) providing other services. The firm will charge these hourly fees: Managing Partner (Katie Goodman) $425 Partner (Richard Gaudet) $395 Other GGG Staff as needed $300 - $360 Mr. Gaudet disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard B. Gaudet GGG Partners, LLC 3155 Roswell Rd NE Suite 120 Atlanta, GA 30305 Phone: +1 404-256-0003 Email: rgaudet@gggpartners.com About MP Zebulon MP Zebulon, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 22-51106) on Sept. 23, 2022, with up to $500,000 in both assets and liabilities. Judge Austin E. Carter oversees the case. The Debtor tapped J. Robert Williamson, Esq., at Scroggins & Williamson P.C. as legal counsel, and GGG Partners, LLC as restructuring advisor. Richard Gaudet, a partner at GGG, serves as the Debtor's chief restructuring officer. N & N ELECTRIC: Seeks Approval to Hire HB Morgan as Accountant -------------------------------------------------------------- N & N Electric, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire HB Morgan, Inc. as its accountant. The firm's services include: a. calculation of sales tax; b. preparation of any tax forms that may come due; and c. completion of monthly and quarterly accounting of books and records. HB Morgan will charge the following hourly fees: Alan King, CPA $250 per hour Merri Lynne Morgan, Executive Assistant $250 per hour Ronnie Wrenn, Senior Accounting Specialist $150 per hour Sonia Medina, Accountant $100 per hour As disclosed in court filings, HB Morgan does not hold an interest adverse to the Debtor's estate. The firm can be reached through: Ronnie Wrenn HB Morgan, Inc. 2485 Wendell Blvd Wendell, NC 27591 Tel: (919) 365-9060 Fax: (919) 365-3655 About N & N Electric N & N Electric, Inc. is a family-owned business that provides electrical contracting for commercial clients. The company is based in Selma, N.C. N & N Electric filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-02332) on Oct. 13, 2022, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Stephen Narron, president of N & N Electric, signed the petition. Jason L. Hendren, Esq., at Hendren Redwine & Malone, PLLC and HB Morgan, Inc. serve as the Debtor's legal counsel and accountant, respectively. NATIVE ENGINEERS: Gets Interim OK to Tap Sternberg as Legal Counsel ------------------------------------------------------------------- Native Engineers, LLC received interim approval from U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Sternberg, Nacarri & White, LLC to handle its Chapter 11 case. The firm received a pre-bankruptcy retainer in the amount of $21,738. For services rendered after the Debtor's Chapter 11 filing, Sternberg has agreed to an hourly rate of $350. Ryan Richmond, Esq., a partner at Sternberg, disclosed in a court filing that his firm does not hold nor represent an interest adverse to the Debtor's bankruptcy estate. The firm can be reached through: Ryan J. Richmond, Esq. Sternberg, Naccari & White, LLC 935 Gravier St #2020 New Orleans, LA 70112 Phone: +1 504-324-2141/225-572-2819 Email: ryan@snw.law About Native Engineers Native Engineers, LLC -- https://nativeengineers.com/-- provides engineering, construction management, and program management services. The company is based in Mandeville, La. Native Engineers filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 22-11316) on Oct. 28, 2022, with $1 million to $10 million in both assets and liabilities. Greta M. Brouphy has been appointed as Subchapter V trustee. Judge Meredith S. Grabill oversees the case. The Debtor is represented by Ryan James Richmond, Esq., at Sternberg, Naccari & White, LLC. NEKTAR THERAPEUTICS: Posts $59 Million Net Loss in Third Quarter ---------------------------------------------------------------- Nektar Therapeutics filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $59.05 million on $23.62 million of total revenue for the three months ended Sept. 30, 2022, compared to a net loss of $129.71 million on $24.92 million of total revenue for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss of $308.51 million on $70.03 million of total revenue compared to a net loss of $378.19 million on $76.90 million of total revenue for the same period during the prior year. As of Sept. 30, 2022, the Company had $781.01 million in total assets, $368.78 million in total liabilities, and $412.22 million in total stockholders' equity. "In the third quarter, we made progress advancing our biologics pipeline in oncology and immunology," said Howard W. Robin, president and CEO of Nektar. "With our partner, Eli Lilly, we presented positive proof-of-concept data for NKTR-358 in atopic dermatitis which demonstrate the potential for this first-in-class Treg stimulator to emerge as a differentiated therapy for patients with serious inflammatory conditions. In the first half of 2023, we expect Lilly to report topline data from the Phase 2 study of NKTR-358 in lupus as well as initiate a Phase 2 study in atopic dermatitis." "In addition, we are also advancing NKTR-255 in large B-cell lymphoma, with plans to launch a comparative study in combination with approved autologous CD19 CAR-T therapies," continued Robin. "NKTR-255 targets the IL-15 pathway and we have conducted and published extensive preclinical studies showing that IL-15 can potentiate these approved cell therapies by expanding and extending the persistence of CAR-T cells. Finally, we are planning presentations at both SITC and ASH for both our preclinical and clinical programs that will showcase the strength of our science and lay the foundation for continued pipeline progress." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/906709/000090670922000019/nktr-20220930.htm About Nektar Therapeutics Nektar Therapeutics -- http://www.nektar.com-- is a biopharmaceutical company with a robust, wholly owned R&D pipeline of investigational medicines in oncology and immunology as well as a portfolio of approved partnered medicines. Nektar is headquartered in San Francisco, California, with additional operations in Huntsville, Alabama. Nektar Therapeutics reported a net loss of $523.84 million for the year ended Dec. 31, 2021, a net loss of $444.44 million for the year ended Dec. 31, 2020, and a net loss of $440.67 million for the year ended Dec. 31, 2019. As of June 30, 2022, the Company had $861.99 million in total assets, $403.26 million in total liabilities, and $458.73 million in total stockholders' equity. NEPHROS INC: Posts $3.2 Million Net Loss in Quarter Ended Sept. 30 ------------------------------------------------------------------ Nephros, Inc. reported a net loss of $3.15 million on $2.41 million of total net revenues for the three months ended Sept. 30, 2022, compared to a net loss of $1.16 million on $2.58 million of total net revenues for the three months ended Sept. 30, 2021. As of Sept. 30, 2022, the Company had $11.20 million in total assets, $1.62 million in total liabilities, and $9.58 million in total stockholders' equity. Andy Astor, president and chief executive officer commented, "Our third-quarter revenue was not at the level we anticipated, representing a decrease of 7% year-over-year. A significant contributor to the revenue growth shortfall was approximately $300,000 of price increase-related pull-ahead business in Q2." Mr. Astor continued, "Of promising note, Active Customer Sites (ACS) grew to a record 1,391, a year-over-year increase of 18%. Our work to expand domestic sales coverage will support further growth and development of our customer base. Additionally, we agreed to sell our Pathogen Detection Systems (PDS) business to maximize its value and reduce near-term expenses by approximately $300,000 per quarter. This strategic action bolsters our financial position and offers the potential for new future revenue with a profit-sharing provision. Overall, we believe our cash position stands in good condition with no need to raise capital in the foreseeable future, and we remain confident in our capacity to attain positive cash flow by mid-2023." A full-text copy of the press release is available for free at: https://www.sec.gov/Archives/edgar/data/1196298/000149315222030207/ex99-1.htm About Nephros South Orange, New Jersey-based Nephros, Inc. -- www.nephros.com -- is a commercial-stage company that develops and sells water solutions to the medical and commercial markets. Nephros reported a net loss of $3.87 million for the year ended Dec. 31, 2021, a net loss of $4.53 million for the year ended Dec. 31, 2020, a net loss of $3.18 million for the year ended Dec. 31, 2019, and a net loss of $3.32 million for the year ended Dec. 31, 2018. As of June 30, 2022, the Company had $14.95 million in total assets, $2.47 million in total liabilities, and $12.48 million in total stockholders' equity. NORTH AMERICAN: Court Denies Bid to Have Trial Exhibits Unredacted ------------------------------------------------------------------ In the adversary case captioned IN RE: ALL MATTERS RELATED TO NORTH AMERICAN REFRACTORIES COMPANY, et al. in Case No. 02-20198, as affected by the May 24, 2013 Order Entering Final decree entered at Doc. No. 7940, Debtors. HONEYWELL INTERNATIONAL, INC., Plaintiff, v. NORTH AMERICAN REFRACTORIES COMPANY PERSONAL INJURY SETTLEMENT TRUST, Defendant, Misc. Case No. 15-204-TPA, Adv. No. 21-2097-TPA, (Bank. W.D. Pa.), Bankruptcy Judge Thomas P. Agresti denies the Insurers's motion to have certain trial exhibits unredacted. The motion was filed by the Insurers TIG Insurance Company, Everest Reinsurance Company, The North River Insurance Company, and United States Fire Insurance Company — these are insurance companies who have been permitted to intervene for a limited purpose of filing a response to the TAC/FCR Motion, and who have self-designated as the Public Access Proponents. This Adversary Proceeding involves disputes over various issues pertaining to the operation of the Defendant North American Refractories Company Asbestos Personal Injury Settlement Trust ("Trust"), which is an asbestos settlement trust, funded by Honeywell International, Inc., that was created pursuant to 11 U.S.C. Section 524(g) and a confirmed bankruptcy Chapter 11 plan. North American Refractories Company Asbestos Trust Advisory Committee ("TAC") and the Future Claimants' Representative ("FCR") were permitted to intervene because they represent the Trust beneficiary constituency groups. They filed a motion on April 22, 2022, where they sought to require any such claimant law firm identifying information to be redacted from documents or other evidence introduced at trial, and where necessary to instead refer to a firm or attorney by a replacement identifier such as "Attorney 1" or "Firm A." In a footnote the TAC/FCR Motion stated that the Parties had all agreed among themselves that any identifying information as to individual claimants (as opposed to law firms and attorneys) — such as name, address and social security number — would be redacted from filings or exhibits offered into evidence. The Trust did not oppose the requested relief in the TAC/FCR Motion, and Honeywell filed a response in opposition. Consequently, all of the Insurers filed a motion seeking leave to intervene for the limited purpose of opposing the TAC/FCR Motion. The Court granted the Insurer's motion to intervene for the limited purpose of filing a response to the TAC/FCR Motion and being heard at the argument on it. At the May 5, 2022 hearing, counsel for the Insurers stated that his clients were not seeking the social security numbers, addresses, or medical records of claimants, but that they did believe the names and a description of the claimed injury/illness of each claimant should be available to public access. On May 12, 2022, the Court issued its decision on the TAC/FCR Motion, granting it in part and denying it in part. More specifically, the Court found that the materials at issue had not yet been filed in the case so were not "judicial records" for purposes of any right to public access. The current Motion of the Insurers challenges the redactions that were made to 28 Exhibits that were admitted into evidence at the trial. A summary attached to the Motion indicates that claimant names were redacted in all 28 of the challenged Exhibits. Other categories of redacted information as indicated on the summary, and the number of affected Exhibits as to each shown in parentheses, were: address (16), social security number (13), date of birth (9), case caption (8), personal representative (2), affiant identifiers (8), deponent identifiers (4), spouse name (3), directives (2), date and location of affidavit (1), law firm (1), document title (1), driver's license number (1), family members (1), coworkers (1), supervisors (1), witnesses (1), and military serial number (1). Relying on the general right of public access, the public interest in the transparency of asbestos bankruptcies, their own interest in ferreting out fraudulent or defective claims made to the Trust, and the requirements of 11 U.S.C. Section 107 and Fed. R. Bankr. P. 9037, the Insurers now seek to have much of the redactions agreed to by the Parties undone. The Court notes that the Insurers' request represents an expansion of what they were seeking as stated in their response and oral argument to the TAC/FCR Motion prior to trial when they said they were only interested in claimant names and a general description of their medical condition. The unredacted versions of the relevant Exhibits with the claimant-related information that the Interveners would like to see were delivered to the Court's Chambers prior to the final pretrial conference. The Court notes that its "standard 'Pretrial Scheduling Order' requires parties to submit paper and electronic copies of potential exhibits prior to the final pretrial conference, but that such exhibits are not placed on the docket at that time. After the conclusion of a trial, the Court's usual practice is to direct each party to file on the dockets only its exhibits that were actually admitted at trial. And that is exactly what was done here. In other words, the unredacted versions of the Exhibits were never filed on the docket." Thus, the Court concludes that the Motion must be denied because the unredacted version of the Exhibits that the Insurers would like to see were never "filed" under Section 107 and never became "judicial records" under the common law and thus there is no right of public access. The Court sees nothing improper about the Parties to litigation tailoring their submission of exhibits so as to avoid the disclosure of information they would prefer to keep from public access if they do not believe the inclusion of such information is necessary to prove their case. Like in this case, where the Parties believed that certain information about Trust claimants did not need to be submitted into evidence for the Court to be able to decide the issues before it, and therefore agreed among themselves to redact such information from documents before presenting them at trial. Although the Court decides the Motion on that basis, the Court also notes that even if it had found a right of public access in the unredacted Exhibits it would have limited any required disclosure at most to the claimants' names and general medical condition based on the representations made by the Insurers at the May 5, 2022 argument on the TAC/FCR Motion — such were the only categories of information that they wanted, which the Court views as a limiting waiver. A full-text copy of the Memorandum Opinion and Order dated Oct. 31, 2022, is available at https://tinyurl.com/4a2tp2hu from Leagle.com. About North American Refractories Co. Based in Pittsburgh, Pennsylvania, North American Refractories Company manufactured and sold refractory products. The Company and its affiliates sought Chapter 11 protection on Jan. 4, 2002 (Bankr. W.D. Pa. Case No. 02-20198) after suffering a slump in the domestic economy and encountering an overwhelming number of claims from individuals asserting injuries or illnesses caused by exposure to asbestos containing products it manufactured. The Company reported $27.5 billion in assets and $18.6 billion in liabilities at the time of the filing. The Hon. Judith K. Fitzgerald confirmed a Third Amended Plan of Reorganization filed by North American Refractories Company and its debtor-affiliates, I-Tec Holding Corp., Intertec Company, and Tri-Star Refractories, Inc., on Sept. 24, 2007. That plan estimated that unsecured non-asbestos creditors would recover about 90 cents-on-the-dollar. Asbestos claims were channeled to a 524(g) trust funded by Honeywell International Inc. and 79% of the stock of the Reorganized Debtor. James J. Restivo, Jr., Esq., Robert P. Simmons, Esq., and David Ziegler, Esq., at Reed Smith LLP represents the Debtor. Kroll Zolfo Cooper LLC is the Debtors' bankruptcy consultants and special financial advisors. The Official Committee of Unsecured Creditors is represented by McGuire Woods, LLP. KPMG, LLP, is the Creditors Committee's financial advisor. The Asbestos Claimants Committee is represented by attorneys at Caplin & Drysdale, Chartered and Campbell & Levine, LLC. L. Tersigni Consulting, PC was the Asbestos Committee's financial advisor. Lawrence Fitzpatrick was appointed as the Future Asbestos Claimants Representative. Mr. Fitzpatrick is represented by attorneys at Young Conaway Stargatt & Taylor LLP and Meyer, Unkovic & Scott LLP. OBSTETRIC & GYNECOLOGIC: Files for Chapter 11 After $97M Verdict ---------------------------------------------------------------- Iowa OB-GYN Clinic, an obstetrics clinic, has filed for Chapter 11 protection in an Iowa federal bankruptcy court in the face of a record $97.4 million malpractice verdict earlier this 2021 for its involvement in a 2018 delivery that left an infant with brain injuries. The Debtor has identified S.K. by and through his conservator Tomas Tarbox ("Judgment Creditor") as holding a disputed, unsecured claim in the amount of $97,402,549, the nature of which is a judgment pending appeal ($75,652,549.00 attributable to the Debtor, due to the impact of fault-sharing and joint and several liability). The Judgment was entered on March 23, 2022 in the case styled, Kromphardt, et al. v. Mercy Hospital Iowa City, et al., No. 06521 LACV 081421 (Iowa Dist. Ct. Johnson Cty. Nov. 22, 2019) (the "State Court Action"). The Judgment is currently on appeal with the Iowa Supreme Court, No. 22-1317. Execution on the Judgment was not stayed pending the Appeal. The Debtor and MMIC Insurance Inc. are parties to a claim made on an Insurance Policy as such policy has been amended, extended, or restated. Under the Policy, MMIC has agreed to pay up to $12 million (the "Insurance Proceeds") to the Debtor to cover Debtor’s liability for certain covered medical incidents. The Debtor and MMIC jointly filed with the Bankruptcy Court a motion to place the insurance proceeds in escrow while the Iowa Supreme Court addresses the Appeal. The Debtor and MMIC maintain that the Insurance Proceeds would be property of the estate, under section 541(a) of the Bankruptcy Code, depending upon the contingent outcome of the Appeal which will either affirm or reverse the Judgment. But both before and after the Petition Date, Judgment Creditor has aggressively sought to take possession of the Insurance Proceeds from MMIC and to frustrate the Debtor's rights under the terms of the Policy with all such actions. Among other things, Judgment Creditor made numerous and improper demands to MMIC to turn over the Insurance Proceeds-- notwithstanding the pendency of the Appeal. The Debtor and MMIC maintain that MMIC's obligation to pay the Insurance Proceeds does not become final until all appellate avenues are exhausted, and the Judgement is affirmed on a final basis. As such, the Parties seek to place the Insurance Proceeds into an escrow account until, after all appellate avenues are exhausted, either it becomes legally obligated to pay the Insurance Proceeds to the Debtor under the Policy, i.e., the Iowa Supreme Court affirms the Judgment thereby permanently and irrevocably fixing the Debtor's liability, or a demand to return the Insurance Proceeds, i.e., the Iowa Supreme Court reverses the Judgment. Even if the Insurance Proceeds were due and owing to Debtor, which they are not, such proceeds would be property of the estate under section 541(a) of the Bankruptcy Code, the Debtor tells the Court. About Obstetric and Gynecologic Associates of Iowa City Obstetric and Gynecologic Associates of Iowa City -- https://www.obgyniowacity.com/ -- provides obstetric and gynecologic care services of women through Mercy Hospital in Coralville, Iowa. Obstetric and Gynecologic Associates of Iowa City sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 22-01174) on October 31, 2022. In the petition filed by Jill C. Goodman, as authorized officer, the Debtor listed estimated assets between $500,000 and $1 million and estimated liabilities between $50 million and $100 million. Kristina M. Stanger, Esq., at NYEMASTER GOODE, is the Debtor's counsel. ONE IMPORTERS: Seeks Cash Collateral Access ------------------------------------------- One Importers and Distributors, LLC asks the U.S. Bankruptcy Court for the District of Massachusetts for authority to use cash collateral in accordance with the budget through January 31, 2022 and provide adequate protection. The Debtor requires the use of cash collateral to continue operating its business, purchase supplies, and pay usual and necessary post-petition operating expenses. The Debtor was forced to seek relief under Chapter 11 due to an impending levy on execution by a judgment creditor, Arlindo Galdeano, a former member of the Debtor and its largest creditor. Had the Debtor's real estate been seized and auctioned to satisfy Mr. Galdeano's debt, the Debtor would have been forced to cease operations immediately. As of the Petition Date the Debtor's assets consisted of the real estate at 100 Weymouth Street Unit # G2 in Rockland, Massachusetts, which the Debtor estimates has a fair market value of $425,000, various pieces of equipment and supplies with a total estimated value of $216,000 and $7,450 held in a TD Bank checking account. The U.S. Small Business Administration has a secured interest in the Debtor's cash and other tangible and non-tangible assets. The SBA holds a claim against the Debtor in the amount of $154,780 arising from a disaster relief loan made to the Debtor in or around August 2020. The SBA's claim is secured by a UCC-1 Financing Statement on record with the Massachusetts Secretary of State. Pursuant to the Debtor's contract with the SBA, monthly payments of $699 are scheduled to begin January 23, 2023, and to continue for a 30-year term. The Massachusetts Department of Revenue has recorded a Massachusetts tax lien in the Plymouth County Registry of Deeds in the original stated amount of $1,031. On November 3, 2022, the Principals paid the MDOR $4,283 representing all known amounts owed by the Debtor to the MDOR. The Debtor believes that the SBA's interest in the Debtor's assets is adequately protected by the Debtor's equipment, supplies and cash on hand with a combined estimated value of $223,450 and that no monthly adequate protection payments are necessary or required as there is not anticipated to be any diminution in the value of its collateral in the next 90 days. To the extent necessary, the Debtor proposes that the SBA be granted replacement liens over the Debtor's post-petition cash to the same extent and with the same priority as it enjoyed over the Debtor's pre-petition cash. A copy of the Debtor's request is available at https://bit.ly/3UEPSfV from PacerMonitor.com. About One Importers and Distributors, LLC One Importers and Distributors, LLC operates a wholesale commercial bakery at 100 Weymouth Street, Unit # G2, Rockland, Massachusetts. It owns the commercial condominium unit in which it operates. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-11592) on November 11, 2022. In the petition signed by Maria Betania Damota, manager, the Debtor disclosed up to $1 million in both assets and liabilities. Marques C. Lipton, Esq., at Lipton Law Group, LLC, is the Debtor's counsel. PANOP CAB: Nov. 30 Hearing on Disclosures and Plan -------------------------------------------------- Judge Jil Mazer-Marino has entered an order conditionally approving the Amended Disclosure Statement of Panop Cab, Corp., et al. Nov. 30, 2022, at 11:00 A.M., is fixed for the hearing on final approval of the Amended Disclosure Statement and confirmation of the Amended Plan and will be held telephonically or by video. Nov. 24, 2022, is fixed as the last day for filing an affidavit in support of the Amended Plan and a certification of balloting. All ballots voting in favor of or against the Amended Plan are to be submitted so as to be actually received by counsel for the Debtors on or before Nov. 23, 2022, at 4:00 p.m. Nov. 23, 2022, is fixed as the last day for filing and serving written objections to final approval of the Amended Disclosure Statement and confirmation of the Amended Plan. About Panop Cab, et al. Panop Cab, Corp., et al., are taxi mini fleet corporations located at 1620 Caton Avenue, Brooklyn, New York 11226. Panop Cab, Corp., based in Brooklyn, NY, and its debtor-affiliates sought Chapter 11 protection (Bankr. E.D.N.Y. Lead Case No. 19-47710) on Dec. 26, 2019. In their petitions, the Debtors estimated these assets and liabilities: Total Assets Total Liabilities ------------ ----------------- Panop Cab, Corp. $310,200 $1,135,000 Matreiya Trans Corp. $157,164 $330,000 222 East Corp. $314,700 $1,135,000 Rainee Trans, Corp. $312,752 $1,135,000 MLS Managment Corp $311,692 $1,135,000 The petitions were signed by Michael L. Simon, president. The LAW OFFICES OF ALLA KACHAN, P.C. serves as bankruptcy counsel. PECO ELECTRIC: Dec. 14 Plan Confirmation Hearing Set ---------------------------------------------------- Judge Joseph N. Callaway has entered an order conditionally approving the Disclosure Statement of PECO Electric Incorporated. The hearing on confirmation of the Plan is scheduled on Wednesday, Dec. 14, 2022 at 11:00 AM in Randy D. Doub United States Courthouse, 2nd Floor Courtroom,150 Reade Circle, Greenville, NC 27858. Dec. 7, 2022, is fixed as the last day for filing and serving written objections to the Disclosure Statement. Dec. 7, 2022, is fixed as the last day for filing written acceptances or rejections of the Plan. The enclosed ballot should be completed and filed with the plan proponent on or before that date. Dec. 7, 2022, is fixed as the last day for filing and serving written objections to confirmation of the Plan pursuant to Rule 3020(b)(1), Federal Rules of Bankruptcy Procedure. The Plan proponent must prepare and file a summary report on the votes, with a copy of each ballot attached, with the court by 5:00 pm one day prior to the confirmation hearing. About Peco Electric Inc. Peco Electric Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-01444) on July 1, 2022. In the petition signed by Thomas Ballard, Jr., president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Joseph N. Callaway oversees the case. Jonathan E. Friesen, Esq., at Gillespie & Murphy PA, is the Debtor's legal counsel. PIPELINE HEALTH: Pulmonary Exchange Says Plan Unfair ---------------------------------------------------- Unsecured claimant Pulmonary Exchange, Ltd., objects to the Disclosure Statement for the Joint Plan of Reorganization filed by Pipeline Health Systems, LLC and its Debtor Affiliates on October 3, 2022. Pulmonary Exchange is the holder of an as-of-yet unfiled, unsecured claim in the amount of approximately $751,760. At least a portion of the claim is in Class 5 of the Joint Chapter 11 Plan of Reorganization. According to Pulmonary Exchange, the Plan proposes to "ghost" Pulmonary Exchange' unsecured claim; in other words, it proposes to deliver to Pulmonary Exchange (and all other unsecured creditors) nothing. Such disclosure is buried in the Disclosure Statement, in lawyerese, and is not readily apparent to creditors. Furthermore, the Disclosure Statement fails to include information necessary or sufficient to analyze the Plan; it contains no liquidation analysis, no feasibility analysis, and no description of the Debtors' available assets or liabilities. The Debtors have not yet filed their bankruptcy schedules, and have until Nov. 10, 2022 to do so -- three days after the hearing on the disclosure statement. Because the treatment of Pulmonary Exchange is unfair, because the process by which the Plan is being proposed is unfair, and because the disclosure is inadequate, Pulmonary Exchange objects to the adequacy of the Disclosure Statement and asks the Court to deny approval of the Disclosure Statement. Attorneys for Pulmonary Exchange, Ltd: Edmond J. Ford, Esq. Ryan M. Borden, Esq. FORD, McDONALD, McPARTLIN & BORDEN, P.A. 10 Pleasant Street, Suite 400 Portsmouth, NH 03801 Tel: (603) 373-1600 Fax: (603) 242-1381 E-mail: eford@fordlaw.com rborden@fordlaw.com About Pipeline Health Systems Pipeline Health Systems, LLC, is an independent, community-focused healthcare network that offers a wide range of medical services to the communities it serves, including maternity care, cancer treatment, behavioral health, rehabilitation, general surgery, and hospice care. Headquartered in El Segundo, California, Pipeline's operations include seven safety net hospitals across California, Texas, and Illinois, with approximately 310 physicians and over 1,150 beds to serve patients, and a company-wide workforce of over 4,200. Pipeline Health Systems and its affiliates sought Chapter 11 protection (S.D. Texas Lead Case No. 22-90291) on Oct. 2, 2022. In the petition signed by Andrei Soran, authorized signatory, Pipeline Health Systems disclosed $500 million to $1 billion in assets and liabilities. The Hon. David R. Jones is the case judge. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Jackson Walker, LLP as local bankruptcy counsel; Ankura Consulting Group, LLC as restructuring advisor; and Jefferies, LLC, as financial advisor and investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. PLAYA HOTELS: Posts $2.2 Million Net Loss in Third Quarter ---------------------------------------------------------- Playa Hotels & Resorts N.V. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.23 million on $204.62 million of total revenue for the three months ended Sept. 30, 2022, compared to a net loss of $12.37 million on $151.28 million of total revenue for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported net income of $71.04 million on $645.46 million of total revenue compared to a net loss of $89.88 million on $357.84 million of total revenue for the nine months ended Sept. 30, 2021. As of Sept. 30, 2022, the Company had $2.15 billion in total assets, $1.43 billion in total liabilities, and $713.73 million in total shareholders' equity. Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts, stated, "We continued to execute on our strategic objectives during the third quarter despite the uncertain macroeconomic backdrop, above-average inflation and hurricane-related disruption in the Dominican Republic. Our business momentum was broad-based as we successfully lapped last year's record ADR and Owned Resort EBITDA Margins. "The underlying performance in the quarter and our current strength in booking demand give us a continued sense of optimism as we approach our high season. Demand has remained strong across our portfolio, and as of mid-October, our revenue on the books for the first quarter of 2023 is up nearly 40% year-over-year for our Playa owned and managed resorts, with increased ADRs driving nearly one-third of the gains. "In the Dominican Republic, repair work is going well and we are on track to have the resorts open for business in time for the important high season. Our team's efforts in the aftermath of the storm have been exceptional in the face of severe adversity. Our guest support has also been phenomenal, as we have seen steady demand and have had no major MICE group cancellations for 2023." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1692412/000169241222000102/plya-20220930.htm About Playa Hotels & Resorts Playa Hotels & Resorts N.V. is an owner, operator and developer of all-inclusive resorts in prime beachfront locations in popular vacation destinations in Mexico and the Caribbean. As of Sept. 30, 2022, Playa owned and/or managed a total portfolio consisting of 25 resorts (9,352 rooms) located in Mexico, Jamaica, and the Dominican Republic. In Mexico, Playa owns and manages Hyatt Zilara Cancun, Hyatt Ziva Cancún, Wyndham Alltra Cancún, Wyndham Alltra Playa del Carmen, Hilton Playa del Carmen All-Inclusive Resort, Hyatt Ziva Puerto Vallarta and Hyatt Ziva Los Cabos. In Jamaica, Playa owns and manages Hyatt Zilara Rose Hall, Hyatt Ziva Rose Hall, Hilton Rose Hall Resort & Spa, Jewel Grande Montego Bay Resort & Spa and Jewel Paradise Cove Beach Resort & Spa. In the Dominican Republic, Playa owns and manages the Hilton La Romana All-Inclusive Family Resort, the Hilton La Romana All-Inclusive Adult Resort, Hyatt Zilara Cap Cana and Hyatt Ziva Cap Cana. Playa owns two resorts in the Dominican Republic that are managed by a third-party and manages eight resorts on behalf of third-party owners, one of which is currently closed for renovations but expected to open in late 2022. Playa Hotels reported a net loss of $89.68 million for the year ended Dec. 31, 2021, a net loss of $262.37 million for the year ended Dec. 31, 2020, and a net loss of $4.36 million for the year ended Dec. 31, 2019. As of June 30, 2022, the Company had $2.10 billion in total assets, $1.39 billion in total liabilities, and $715.84 million in total shareholders' equity. Q BIOMED: Posts $1.4 Million Net Loss in Third Quarter ------------------------------------------------------ Q Biomed Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss attributable to common stockholders of $1.37 million on $26,271 of net sales for the three months ended Aug. 31, 2022, compared to a net loss attributable to common stockholders of $1.91 million on $45,675 of net sales for the three months ended Aug. 31, 2021. For the nine months ended Aug. 31, 2022, the Company reported a net loss attributable to common stockholders of $5.68 million on $271,817 of net sales compared to a net loss attributable to common stockholders of $6.55 million on $90,675 of net sales for the same period in 2021. As of Aug. 31, 2022, the Company had $498,034 in total assets, $7.73 million in total liabilities, and a total stockholders' deficit of $7.23 million. Q Biomed said, "We have not yet established an ongoing source of significant revenues and must cover our operating costs through debt and equity financings to allow us to continue as a going concern. We had approximately $138,000 in cash as of August 31, 2022. Our ability to continue as a going concern depends on the ability to obtain adequate capital to fund operating losses until we generate adequate cash flows from operations to fund our operating costs and obligations. If we are unable to obtain adequate capital, we could be forced to cease operations. "Our primary requirements for liquidity are to fund our working capital needs, capital expenditures and general corporate needs. Our ongoing capital expenditures are principally related to expanding revenue generating sales efforts and ongoing research and development costs. We estimate our capital expenditures will be approximately $7.7 million for the next 18 months period. "We depend upon our ability, and will continue to attempt, to secure equity and/or debt financing. We cannot be certain that additional funding will be available on acceptable terms, or at all. Our management determined that there was substantial doubt about our ability to continue as a going concern within one year after the condensed consolidated financial statements were issued, and management's concerns about our ability to continue as a going concern within the year following this report persist." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1596062/000141057822002927/tmb-20220831x10q.htm About Q BioMed Inc. Q BioMed Inc. -- http://www.QBioMed.com-- is a biotech acceleration and commercial stage company. The Company is focused on licensing and acquiring undervalued biomedical assets in the healthcare sector. Q BioMed is dedicated to providing these target assets the strategic resources, developmental support, and expansion capital needed to ensure they meet their developmental potential, enabling them to provide products to patients in need. Q Biomed reported a net loss of $8.24 million for the year ended Nov. 30, 2021, compared a net loss of $13.49 million for the year ended Nov. 30, 2020. As of May 31, 2022, the Company had $470,088 in total assets, $7.56 million in total liabilities, and a total stockholders' deficit of $7.09 million. New York, NY-based Marcum LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated Feb. 28, 2022, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. RITE AID: S&P Downgrades ICR to 'CC' on Distressed Tender Offer --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based drugstore retailer Rite Aid Corp. to 'CC' from 'CCC+'. S&P said, "At the same time, we lowered our issue-level ratings on the notes subject to the repurchase transactions to 'CC' from 'CCC-'. Our ratings on the debt instruments not subject to the repurchase transaction are unchanged. "The negative outlook reflects that we will lower our issuer credit rating on Rite Aid to 'SD' (selective default) and our issue-level ratings on the senior notes subject to the repurchase transaction to 'D' when it closes. "We view the exchange offer as distressed and not opportunistic. The downgrade follows Rite Aid's announcement that it has commenced a below-par cash tender offer for up to $200 million in aggregate principal amount of its 7.5% senior secured notes due in 2025. Under the proposed transaction, the company would repurchase debt at about 25% below par. We view the proposed transaction as distressed because the discount in not minimal and the company does not have significant excess cash reserves on its balance sheet to fund it without incurring additional debt. "We view the amount of debt being repurchased as more than de minimis and continue to believe the company's ability to execute a sustained turnaround of its operations is uncertain. Rite Aid is conducting the tender several quarters before the maturity of the tendered notes, which somewhat offsets these considerations. The company's cash balances totaled $46.8 million, and it had about $1.3 billion of borrowing capacity under its $2.8 billion asset-based lending revolver as of Aug. 27, 2022. Rite Aid does not have any upcoming debt maturities until 2025, when its revolver and term loan come due. However, we believe the company would not withstand a low-probability, high-impact event without refinancing. Also, we do not think it has a generally satisfactory or high standing in the credit markets given its history of below-par debt transactions. For more information, see our most recent research update on Rite Aid, published July 1, 2022, on RatingsDirect. "The negative outlook reflects that we will lower our issuer credit rating on Rite Aid to 'SD' and our issue-level ratings on the affected debt instruments to 'D' once the transaction closes. If completed, the exchange will slightly reduce the company's funded debt and alleviate some interest expense. However, it will only marginally benefit Rite Aid's credit profile. Therefore, we expect to raise our issuer credit rating on the company to 'CCC+' from 'SD' a few days after completion of the tender given the persistent weakness in its business." ROHAN TRANSPORT: Seeks to Hire Eric A. Liepins as Legal Counsel --------------------------------------------------------------- Rohan Transport Services, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Eric A. Liepins, PC as its bankruptcy counsel. The Debtor requires legal assistance to liquidate its assets, reorganize claims of the estate, and determine the validity of claims asserted against the estate. The hourly rates of the firm's attorney and staff are as follows: Eric A. Liepins $275 per hour Paralegals and Legal Assistants $30 - $50 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $5,000, plus the filing fee. Eric Liepins, Esq., the firm's sole shareholder, 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: Eric A. Liepins, Esq. Eric A. Liepins, PC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 991-5788 Email: eric@ealpc.com About Rohan Transport Services Rohan Transport Services, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 22-32019) on Oct. 28, 2022, with up to $50,000 in assets and up to $1 million in liabilities. Eric A. Liepins, P.C. represents the Debtor as counsel. RVR GENERAL: Court Confirms Amended Chapter 11 Plan --------------------------------------------------- Judge Magdalena Reyes Bordeaux has entered an order confirming the Amended Chapter 11 Plan of Reorganization of RVR General Construction, Inc. The Court will hold a status conference on Dec. 15, 2022, at 2:00 PM to review the Debtor's performance under the Plan and other items related to the case. The treatment of allowed claims and allowed interests as provided in the Plan is approved. Objections to confirmation of the Plan that have been withdrawn shall be and they are, deemed withdrawn with prejudice. Requests for payment of Administrative Claim (except for any claims of the Office of the United States Trustee, the Subchapter V Trustee, or Debtor's current bankruptcy counsel, M Jones & Associates, PC) that have risen or will arise in the period of the Petition Date through and including the Effective Date must be filed and service on Reorganized Debtor and its counsel, no later than 30 days after entry of this Confirmation Order. Service of the Plan upon the non-debtor parties to any executory contract or unexpired lease is deemed adequate notice of this claims bar date. Because the confirmation of the Plan is pursuant to 11 U.S.C. Section 1191(b), the Debtor will be granted a discharge as provided by 11 U.S.C. Section 1192 upon completion of the 36-month Plan, even if the payment to the Class 5 creditor as provided by the terms of the Plan continues beyond the 36 months of the Plan. Attorney for the Debtor: Michael Jones, Esq. M. JONES & ASSOCIATES, PC 505 N Tustin Ave., Ste 105 Santa Ana, CA 92705 Telephone: (714) 795-2346 Facsimile: (888) 341-5213 E-mail: mike@MJonesOC.com About RVR General RVR General Construction, Inc., is a foundation, structure and building exterior contractor in Fontana, California. RVR General Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-10891) on March 12, 2022, listing $1,253,217 in assets and $4,584,498 in liabilities. Caroline Djang serves as Subchapter V trustee. Judge Magdalena Reyes Bordeaux oversees the case. The Debtor tapped M. Jones & Associates, PC, as legal counsel. SNOWBIRD II CONDOMINIUMS: Gets Court OK to Hire Insurance Counsel ----------------------------------------------------------------- The Snowbird II Condominiums Association, Inc. received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Levin Sitcoff Waneka, P.C. as insurance counsel. The firm will be paid at these rates: Bradley Aaron Levin, Esq. $525 per hour Paralegals $135 per hour In addition, the firm will receive reimbursement for its out-of-pocket expenses. Bradley Aaron Levin, Esq., a partner at Levin Sitcoff Waneka, 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: Bradley Aaron Levin, Esq. Levin Sitcoff Waneka, P.C. 1512 Larimer Street Suite 650 Denver, CO 80202 Tel: (303) 575-9390 Fax: (303) 575-9385 Email: bal@levinsitcoff.com About The Snowbird II Condominiums Association Inc. The Snowbird II Condominiums Association, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-13181) on Aug. 23, 2022, listing up to $100,000 in assets and up to $1 million in liabilities. Harvey Sender serves as Subchapter V trustee. Judge Thomas B. Mcnamara presides over the case. Kevin S. Neiman, Esq., at the Law Offices of Kevin S. Neiman, PC and Levin Sitcoff Waneka, P.C. serve as the Debtor's bankruptcy counsel and insurance counsel, respectively. SPRINGFIELD HOUSE: Taps RE/MAX Centre as Real Estate Broker ----------------------------------------------------------- Springfield House Bed & Breakfast, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ RE/MAX Centre Realty to market for sale its real estate located at 126 East Main St., Boalsburg, Pa. The firm will be paid a commission of 6 percent of the gross sales price. Eric Hurvitz, a partner at RE/MAX, 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: Eric Hurvitz RE/MAX Centre Realty 1375 Martin St. State College, PA 16803 Tel: (814) 231-8200 About Springfield House Bed & Breakfast Springfield House Bed and Breakfast, LLC filed a Chapter 11 bankruptcy petition (Bankr. M.D. Pa. Case No. 22-01675) on Sept. 7, 2022, with up to $1 million in both assets and liabilities. Judge Mark J. Conway oversees the case. Brent C. Diefenderfer, Esq., at CGA Law Firm is the Debtor's legal counsel. SS&C TECHNOLOGIES: Egan-Jones Keeps BB Local Currency Unsec Rating ------------------------------------------------------------------ Egan-Jones Ratings Company, on October 3, 2022, retained the 'BB' local currency senior unsecured rating on debt issued by SS&C Technologies Holdings Inc. Headquartered in Windsor, Connecticut, SS&C Technologies Holdings, Inc. develops and markets computer software for financial services providers. STONEBRIDGE VENTURES: Taps Shaw & Hanover as Legal Counsel ---------------------------------------------------------- Stonebridge Ventures, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Shaw & Hanover, PC as its legal counsel. The firm's services include: a. advising and assisting the Debtor in complying with the requirements of the Office of the U.S. Trustee; b. conducting examinations of witnesses, claimants or adverse parties, and preparing related court documents; c. advising the Debtor regarding matters of bankruptcy laws, including its rights and remedies with respect to its assets and claims of its creditors; d. representing the Debtor in court proceedings or hearings; e. advising the Debtor concerning the requirements of the bankruptcy court, the Federal Rules of Bankruptcy Procedure, and the Local Bankruptcy Rules; f. filing legal papers to effectuate the Debtor's reorganization; g. reviewing claims filed in the Debtor's Chapter 11 case, and, if appropriate, preparing objections to disputed claims; h. representing the Debtor in litigation in the bankruptcy court; i. assisting the Debtor in the negotiation, formulation and implementation of a Chapter 11 plan; and j. other necessary legal services related to the bankruptcy case. Shaw & Hanover will be paid at these rates: Summer Shaw, Managing Attorney $500 per hour Associate Attorney $400 per hour Jennifer Blanton, Paralegals $175 per hour Teresa Stone, Paralegals $175 per hour Kyla Rist, Administrative Assistant $75 per hour The firm received a retainer in the amount of $11,738. As disclosed in court filings, Shaw & Hanover is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Summer Shaw, Esq. Shaw & Hanover, PC 42-600 Cook Street, Suite 210 Palm Desert, CA 92211 Telephone No:(760) 610-0000 Facsimile No: (760) 687-2800 Email: ss@shaw.law About Stonebridge Ventures Stonebridge Ventures, LLC, a company in Newport Beach, Calif., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-11556) on Sept. 10, 2022, with up to $10 million in both assets and liabilities. Joshua R. Pukini, director and chief financial officer, signed the petition. Judge Theodor Albert oversees the case. The Debtor is represented by Summer M. Shaw, Esq., at Shaw & Hanover, PC. STONEBRIDGE VENTURES: Trustee Taps Malcolm Cisneros as Counsel -------------------------------------------------------------- Arturo Cisneros, Chapter 11 trustee for Stonebridge Ventures, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Malcolm Cisneros, A Law Corporation as his legal counsel. The firm's services include: a) advising the trustee on all matters pertaining to the Debtor's properties; b) advising the trustee on all matters pertaining to the filing of a liquidating Chapter 11 plan or conversion of the Debtor's Chapter 11 case to Chapter 7; c) evaluating avoidance actions, and, if necessary, prosecuting them; d) commencing a turnover action or unlawful detainer against the occupant of 2 Makena; e) taking actions necessary to liquidate assets of the Debtor's estate; f) preparing all documents necessary to obtain court approval of any compromises, and appearing in court as necessary; g) conduct legal examination of claims; h) examine witnesses, claimants or adverse parties with respect to any action where the rights of the estate or trustee may be affected; and i) other necessary legal services. The firm will be paid at these rates: Attorneys $375 to $575 per hour Paralegal $130 to $220 per hour As disclosed in court filings, Malcolm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erica Pedraza, Esq. Malcolm Cisneros, A Law Corporation 2112 Business Center Drive Irvine, CA 92612 Tel: (949) 252-9400 Fax: (949) 252-1032 Email: erica@mclaw.org. About Stonebridge Ventures Stonebridge Ventures, LLC, a company in Newport Beach, Calif., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-11556) on Sept. 10, 2022, with up to $10 million in both assets and liabilities. Joshua R. Pukini, director and chief financial officer, signed the petition. Judge Theodor Albert oversees the case. The Debtor is represented by Summer M. Shaw, Esq., at Shaw & Hanover, PC. The court appointed Arturo M. Cisneros as the Debtor's Chapter 11 trustee. The Trustee taps Malcolm Cisneros, A Law Corporation, as his counsel. SUPERIOR SEPTIC: Unsecured Creditors to Split $20K over 36 Months ----------------------------------------------------------------- Superior Septic, LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement with regard to Chapter 11 Plan dated November 3, 2022. The Debtor is a septic company providing services for new installations, cleaning, and repairs of septic systems and lift stations for residential and commercial properties. Due to a dispute between the Debtor's members, the Debtor was unable to pay its operating expenses which led to Kubota Credit Corp., USA accelerating the loans for the Debtor's excavators which are necessary to its business operations. Therefore, the Debtor initiated this bankruptcy proceeding to reorganize its secured and unsecured debts. Class 1 consists of the secured claim of Synchrony Bank. Debtor shall pay the Secured Class 1 Claim amortized over a 36-month term with interest accruing at the annual rate of 6% from the Effective Date with payment commencing on the 10th of the month following the Effective Date and continuing by the 10th day of each subsequent month in the estimated amount of $258.59 per month and shall send such payments directly to Synchrony. Synchrony shall retain its lien on the Class 1 Collateral and the lien shall be valid and fully enforceable to the same validity, extent and priority as existed on the Petition Date ($8,500.00). Class 2 consists of the secured claim of Kubota Credit Corp., USA as to the U55 Excavator. Debtor shall pay the Secured Class 2 Claim amortized over a 36-month term with the contractual interest rate of 0% from the Effective Date with payment commencing on the 10th of the month following the Effective Date and continuing by the 10th day of each subsequent month in the estimated amount of $1,611.11 per month and shall send such payments directly to Kubota. Kubota shall retain its lien on the Class 2 Collateral and the lien shall be valid and fully enforceable to the same validity, extent and priority as existed on the Petition Date ($58,000.00). Class 3 consists of the secured claim of Kubota Credit Corp., USA as to the U17 Excavator. Debtor shall pay the Secured Class 3 Claim amortized over a 36-month term with the contractual interest rate of 0% from the Effective Date with payment commencing on the 10th of the month following the Effective Date and continuing by the 10th day of each subsequent month in the estimated amount of $519.75 per month and shall send such payments directly to Kubota. Kubota shall retain its lien on the Class 3 Collateral and the lien shall be valid and fully enforceable to the same validity, extent and priority as existed on the Petition Date ($18,711.16). Class 4 consists of the secured claim of Citizens Bank, N.A. Citizens asserts a first priority security interest the Debtor's 2016 GMC Sierra (VIN ending in 9325) (the "Class 4 Collateral"). If there are any pre-petition or postpetition arrears owed on the Class 4 Claim, Debtor shall make 60 equal monthly payments beginning on the 5th day of the month following the Effective Date. Class 5 consists of the secured claim of Capital One Auto Finance. Chase filed a Motion for Relief from Stay on April 15, 2022 and Debtor agreed to surrender the Class 5 Collateral to Chase. As the Debtor has surrendered or will be surrendering the Class 5 Collateral to Chase, the secured portion of Chase's claim is valued at $0.00. Further, Debtor valued the Class 5 Collateral at $45,000 pursuant to 11 U.S.C. § 506. Any remaining Deficiency Claim (the amount owed by the Debtor to Chase in excess of the value of the Class 5 Collateral) shall be treated as a Class 6 General Unsecured Claim. Accordingly, Chase will only be entitled to vote with the Class 6 General Unsecured Claims. Class 6 consists of all general unsecured claims against the Debtor. Holders of Class 6 claims shall be paid $20,000.00 over 36 months, to be paid a pro rata payment with payment commencing on the 10th of the month following the Effective Date and continuing by the 10th day of each subsequent month that will end on the 36th month anniversary of the Effective Date for a total of 36 payments. Payments on Class 6 claims shall be mailed to the address of the creditor on the proof of claim, unless the creditor files a change of address notice with the Court. This class is impaired. Class 7 consists of the Equity Security Holders of the Debtor, which upon confirmation of this Plan, shall solely be Haynes Bernstein based on the following contributions: payment of the general unsecured claim of Durham & Taylor Supply Co. in the amount of $3,011.86; payment of the general unsecured claim of SunTrust Bank (now Truist Bank) in the amount of $1,900.71; purchase of a 2010 International 4000 work vehicle for the Debtor in the amount of $24,000.00; and a down payment of $60,000.00 on real property which Mr. Bernstein intends to purchase for the Debtor as its principal place of business. The total contribution of Mr. Bernstein to the Debtor is $88,912.57. The source of funds for payments pursuant to the Plan will be the profits of Debtor's septic business. The Plan provides that Debtor shall act as the Disbursing Agent to make payments under the Plan unless Debtor appoints some other entity to do so. A full-text copy of the Disclosure Statement dated November 3, 2022, is available at https://bit.ly/3tgZqSu from PacerMonitor.com at no charge. Attorney for Debtor: William A. Rountree, Esq. Rountree Leitman & Klein, LLC Century Plaza I 2987 Clairmont Road, Suite 175 Atlanta, GA 30329 Telephone: (404) 584-1238 Facsimile: (404) 704-0246 Email: wrountree@rlklawfirm.com About Superior Septic Superior Septic, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-50200) on Jan. 7, 2022, listing $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Lisa Ritchey Craig oversees the case. William A. Rountree, Esq., and Caitlyn Powers, Esq., at Rountree, Leitman & Klein, LLC are the Debtor's attorneys. T.J. MCDERMOTT: Court OKs Final Cash Collateral Access Thru Dec 15 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey authorized T.J. McDermott Transportation Co. to use cash collateral on final basis in accordance with the budget, with a 20% variance, through December 15, 2022. The Debtor is permitted to use cash collateral for these purposes: a. To maintain and preserve its business assets. b. To continue operation of its business, including but not limited to payroll, payroll taxes, employee expenses, insurance costs, and any required monthly payments to Berkshire Bank; and c. To purchase replacement supplies, etc. as required to operate. As adequate protection for use of the cash collateral, Berkshire Bank is granted a replacement perfected security interest under 11 U.S.C. section 361. To the extent the adequate protection provided for proves insufficient to protect Berkshire Bank's interest in and to the cash collateral as set forth in the Motion, Berkshire Bank will have a super-priority administrative expense claim, pursuant to 11 U.S.C. section 507(b), senior to any and all claims against the Debtor. Beginning November 1, 2022, the Debtor is required to continue to make monthly payments to Berkshire Bank as adequate protection payments in the amount of $25,624 for the duration of the Court Order. A copy of the order is available at https://bit.ly/3UlPVxu from PacerMonitor.com. About T.J. McDermott Transportation Co., Inc. T.J. McDermott Transportation Co., Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 22-17912) on October 5, 2022. In the petition signed by Leeanna Roman Lozada, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jerrold N. Poslusny, Jr. oversees the case. E. Richard Dressel, Esq., at Lex Nova Law, LLC, is the Debtor's counsel. TARINA TARANTINO: Gets $8.5-Mil. Offer for Building --------------------------------------------------- Alex Wolf of Bloomberg Law reports that a bankrupt downtown Los Angeles building featuring a mural painted by famed street artist Banksy is set to be sold for $8.5 million to a local personal injury attorney. Tarina Tarantino Management LLC, the bankrupt owner of the seven-story building in LA's Fashion District, told the US Bankruptcy Court for the Central District of California on Tuesday, November 1, 2022, that attorney Farid Yaghoubtil submitted the highest and best offer for the property. The company is exploring other options but will proceed with the pending deal if it doesn’t receive a better offer before a Nov. 8, 2022 sale hearing, it said in court. About Tarina Tarantino Management Tarina Tarantino Management, LLC is the 100% owner of a commercial real property located at 908-910 S. Broadway, Los Angeles, CA. Tarina Tarantino sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-11910) on April 5, 2022. In the petition signed by Alfonso Campos, president, the Debtor disclosed $18,181,129 in assets and $8,317,564 in liabilities. Judge Barry Russell oversees the case. David B. Golubchik, Esq., at Levene, Neale, Bender, Yoo and Golubchik, LLP is the Debtor's counsel. TC ENERGY: Egan-Jones Retains BB+ Local Currency Unsec. Rating -------------------------------------------------------------- Egan-Jones Ratings Company, on October 7, 2022, retained its 'BB+' local currency senior unsecured rating on debt issued by TC Energy Corp. Headquartered in Calgary, Canada, TC Energy Corporation operates as an energy infrastructure company. TENNECO INC: Egan-Jones Cuts Local Currency Unsec. Rating to B -------------------------------------------------------------- Egan-Jones Ratings Company, on October 6, 2022, lowered the local currency senior unsecured rating on debt issued by Tenneco Inc to B from B+. Headquartered in Lake Forest, Illinois, Tenneco Inc. designs, manufactures, and markets emission control and ride control products and systems for the automotive original equipment market and the aftermarket. TITAN INT'L: Egan-Jones Raises LC Unsec. Debt Ratings to 'BB-' -------------------------------------------------------------- Egan-Jones Ratings Company, on October 10, 2022, lowered the foreign currency and local currency senior unsecured ratings on debt issued by Titan International Inc to BB- from B+. Headquartered in Quincy, Illinois, Titan International, Inc. manufactures mounted tire and wheel systems for off-highway equipment used in agriculture, construction, mining, military, recreation, and grounds care. TRANSALTA CORP: Egan-Jones Retains BB Local Currency Unsec. Rating ------------------------------------------------------------------ Egan-Jones Ratings Company, on October 10, 2022, retained its 'BB' foreign currency and local currency senior unsecured ratings on debt issued by TransAlta Corp. Headquartered in Calgary, Canada, TransAlta Corporation is a non-regulated electric generation and marketing company with its growth focused in developing coal and gas-fired generators. TRANSOCEAN LTD: Incurs $28 Million Net Loss in Third Quarter ------------------------------------------------------------ Transocean Ltd. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $28 million on $691 million of contract drilling revenues for the three months ended Sept. 30, 2022, compared to a net loss of $130 million on $626 million of contract drilling revenues for the three months ended Sept. 30, 2021. For the nine months ended Sept. 30, 2022, the Company reported a net loss of $271 million on $1.97 billion of contract drilling revenues compared to a net loss of $331 million on $1.93 billion of contract drilling revenues for the same period in 2021. As of Sept. 30, 2022, the Company had $20.62 billion in total assets, $1.50 billion in total current liabilities, $7.88 billion in total long-term liabilities, and $11.23 billion in total equity. "The Transocean team continued to provide safe, reliable and efficient operations during the third quarter, resulting in uptime of 97.5%," said Chief Executive Officer Jeremy Thigpen. "I would like to extend my sincere gratitude to the entire Transocean team – offshore and onshore – for delivering for our customers and continuing to take the steps necessary to maximize value for our shareholders." Thigpen added, "The robust demand for our assets and services helped us secure an incremental $1.6 billion since our July 25 Fleet Status Report, contributing to our already industry-leading backlog. We remain encouraged by the sustained strength in the offshore drilling market globally and expect demand for the increasingly scarce high-capability drilling rigs Transocean owns and operates to remain strong for the foreseeable future, resulting in higher utilization and dayrates." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1451505/000145150522000101/rig-20220930x10q.htm About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Transocean reported a net loss of $591 million for the year ended Dec. 31, 2021, a net loss of $568 million for the year ended Dec. 31, 2020, and a net loss of $1.25 billion for the year ended Dec. 31, 2019. As of June 30, 2022, the Company had $20.55 billion in total assets, $1.53 billion in total current liabilities, $7.84 billion in total long-term liabilities, and $11.17 billion in total equity. * * * As reported by the TCR on Oct. 18, 2022, S&P Global Ratings raised the issuer credit rating on Switzerland-domiciled offshore drilling contractor Transocean Ltd. to 'CCC' from 'SD'. The upgrade reflects Transocean's enhanced liquidity runway. TREETOP DEVELOPMENT: Taps Bryan Cave Leighton as Substitute Counsel ------------------------------------------------------------------- Treetop Development, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Bryan Cave Leighton Paisner, LLP to substitute for Lewis R. Landau, Attorney-at-Law. The firm's services include: (a) advising the Debtor with respect to its powers and duties in the continued management, operation, and development of its property; (b) advising and consulting the Debtor and its other professionals on the conduct of its Chapter 11 case, including all of the legal and administrative requirements of operating in Chapter 11; (c) advising the Debtor with respect to its corporate governance, entity and ownership structure, and corporate formalities, and taking all appropriate action with respect thereto; (d) attending meetings and negotiating with representatives of creditors and other parties-in-interest; (e) assisting and advising the Debtor with respect to the review and reconciliation of claims asserted against its estate, including negotiating with creditors and preparing, prosecuting, and resolving objections thereto; (f) taking all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the bankruptcy estate, or otherwise coordinating with any conflicts or special litigation counsel that may be appointed to handle the same; (g) preparing pleadings; (h) advising the Debtor in connection with effort to obtain debtor-in-possession financing, assisting the Debtor in complying with the terms of such financing, engaging with any lenders or other sources of such financing, and addressing all such other issues as may arise during the course of its Chapter 11 case; (i) potentially advising the Debtor in connection with a proposed sale of its property; (j) appearing before the bankruptcy court and any appellate courts; (k) advising the Debtor regarding tax matters; (l) advising the Debtor regarding insurance and regulatory matters; (m) taking any necessary action to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; and (n) initiating adversary proceedings or otherwise commencing litigation to enforce the rights of the Debtor and its estate; (o) performing all other necessary legal services for the Debtor, including: (i) analyzing the Debtor's contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtor; and (iii) advising the Debtor on corporate and litigation matters. The firm will be paid at these rates: Partners & Counsel $345 - $1330 per hour Associates $350 - $875 per hour Paraprofessionals $215 - $445 per hour Bryan received a deposit in the amount of $300,000 from non-debtor Atrium Building, LLC. Sharon Weiss, Esq., a partner at Bryan, 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. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Ms. Weiss disclosed the following: -- Bryan has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; -- None of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case; -- Bryan has not represented the Debtor in the 12 months prior to its bankruptcy filing; and -- The Debtor has approved the budget and staffing plan for a six-month period from Oct. 7, 2022. The firm can be reached through: Sharon Z. Weiss (SBN 169446) Olivia J. Scott (SBN 329725) Bryan Cave Leighton Paisner, LLP 1920 Main Street, Suite 1000 Irvine, CA 92614-7276 Tel: (949) 223 7000 Fax: (949) 223 7100 Email: sharon.weiss@bclplaw.com olivia.scott3@bclplaw.com About Treetop Development Mohamed Anwar Hadid is a Jordanian-American real estate developer. He is known for building luxury hotels and mansions, mainly in the Bel Air neighbourhood of Los Angeles and the city of Beverly Hills, Calif. Hadid's 901 Strada, LLC, based in Los Angeles, CA, filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 19-23962) on Nov. 27, 2019. Strada was entity formed for the purpose of developing and ultimately selling the real property perched on a hillside, and with views to the ocean, located at 901 Strada Vecchia Road, Bel Air, California. 901 Strada sought bankruptcy after the City of Los Angeles revoked the building permits and a court ordered the partially finished structures to be towrn down. Hadid's Coldwater Development, LLC, and Lydda Lud, LLC, filed for Chapter 11 bankruptcy in January 2021 (Bankr. C.D. Cal. Lead Case No. 21-10335). Coldwater and Lydda Lud owned six highly prized, vacant, residential estate lots, totaling 65.63 acres located in the Santa Monica Mountains above Beverly Hills, California. The debtors said the property was worth $130 million but was embroiled in a dispute with the activist group "Friends of the Hastain Trail", which has pushed for a recreational trail easement through the property. The cases have since been converted to Chapter 7 liquidation and the property sold by the bankruptcy trustee for just $1.7 million in April 2022. Hadid's Treetop Development LLC, owner of a 9650 Cedarbrook Drive in Beverly Hills, California, which is a planned 78,000-square-foot home that's currently on the market for $250 million, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14165) on August 2, 2022. In the petition filed by its manager, Mr. Hadid, the Debtor reported assets between $100 million and $500 million and liabilities between $10million and $50 million. Judge Sheri Bluebond oversees the Debtor's Chapter 11 case. Bryan Cave Leighton Paisner, LLP is the Debtor's legal counsel. TYCOON PRODUCTIONS: Seeks to Hire Ron Torry Tax as Accountant ------------------------------------------------------------- Tycoon Productions, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Ron Torry Tax & Accounting as its accountant. The Debtor requires an accountant to give advice regarding tax issues and assist in the formulation of a Chapter 11 plan of reorganization. The firm will charge $250 per hour for its services. As disclosed in court filings, Ron Torry Tax & Accounting is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ron Torry Ron Torry Tax & Accounting 106 Old Court Road, Suite 301 Pikesville, MD 21208 Tel: 443-273-5030 Cell: 443-303-7266 Fax: 443-548-2881 Email: accounting@rontorry.com About Tycoon Productions Tycoon Productions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 22-15669) on Oct. 13, 2022. In the petition signed by its owner, Dominique A. Hannah, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge David E. Rice oversees the case. Damani K. Ingram, Esq., at The Ingram Firm, LLC and Ron Torry Tax & Accounting serve as the Debtor's legal counsel and accountant, respectively. URBAN ONE: Egan-Jones Retains 'B' Local Currency Unsecured Rating ----------------------------------------------------------------- Egan-Jones Ratings Company, on October 3, 2022, retained the 'B' local currency senior unsecured rating on debt issued by Urban One Inc. Headquartered in Silver Spring, Maryland, Urban One, Inc. provides radio broadcasting services. VAIL RESORTS: Egan-Jones Retains B+ Local Currency Unsec. Rating ---------------------------------------------------------------- Egan-Jones Ratings Company, on October 5, 2022, retained the 'B+' local currency senior unsecured rating on debt issued by Vail Resorts Inc. Headquartered in Broomfield, Colorado, Vail Resorts, Inc. operates resorts in Colorado. VECTOR GROUP: Egan-Jones Retains CCC+ Local Currency Unsec. Rating ------------------------------------------------------------------ Egan-Jones Ratings Company, on October 3, 2022, retained the 'CCC+' local currency senior unsecured rating on debt issued by Vector Group Ltd. EJR also retained its 'B' rating on commercial paper issued by the Company. Headquartered in Miami, Florida, Vector Group Ltd. operates as a holding company. VERINT SYSTEMS: Egan-Jones Keeps 'BB' Local Currency Unsec. Rating ------------------------------------------------------------------ Egan-Jones Ratings Company, on October 7, 2022, retained its 'BB' local currency senior unsecured ratings on debt issued by Verint Systems Inc. Headquartered in Huntington, New York, Verint Systems Inc. provides analytic solutions for communications, interception, digital video security and surveillance, and enterprise business intelligence. VICTORIA TOWERS: $250K Carve-Out in Sanford/Chengyi Plan -------------------------------------------------------- Sanford Avenue Partner LLC, the senior secured creditor of Victoria Towers Development Corp., the debtor, together with American Chengyi Investment Management Group Inc. filed a Second Amended Plan of Liquidation and a Second Amended Disclosure Statement for the Debtor. The Debtor's Chapter 11 case was jointly administered with affiliated single-asset real estate debtors Lucky Star-Deer Park LLC, Flushing Landmark Realty LLC and In re Queen Elizabeth Realty Corp. (collectively, "SARE Debtors"). Those other debtors and their assets will need be dealt with by a separate chapter 11 plan(s) or other procedure or order of the Bankruptcy Court. The cases of Lucky Star and Flushing Landmark are subject to plans filed by the Debtors and 41-60 Main Street, LLC ("41-60"), the secured creditor in those cases. In order for the Plan proposed by the Plan Proponents to become effective, chapter 11 plans consistent with the Plan need to be confirmed in the Lucky Star and the Flushing Landmark cases. The Debtor's exclusive period to file a plan expired on Feb. 27, 2021. Originally, the Debtor, along with certain other debtor affiliates (i.e., Lucky Star, Flushing Landmark and QERC as well as Myint Kyaw a/k/a Jeffrey Wu, the individual debtor filed under In re Myint J. Kyaw a/k/a Jeffrey Wu (Case No. 02-72407)), had filed chapter 11 plans that operated together and provided for Myint Kyaw a/k/a Jeffrey Wu to obtain substantial exit financing, however, Myint Kyaw a/k/a Jeffrey Wu was unable to obtain such financing, the various plans were not confirmed, and the Bankruptcy Court converted Myint Kyaw a/k/a Jeffrey Wu's individual bankruptcy proceeding to a case under Chapter 7 of the Bankruptcy Code. Since then, the other SARE Debtors (except for QERC) have filed new chapter 11 plans, but the disclosure statements for such plans have not been approved. Given the long delay, and the inability -- to date -- for the Debtors to have any plans confirmed, the increasing interest accumulating on the Plan Proponents' Claims, and the dependence of the Victoria Plan on the approval of chapter 11 Plans for Lucky Star and Flushing Landmark which are now before this Court, the Plan Proponents decided that they needed to file their own Plan that provides for the liquidation of the Debtor by auctioning to the highest and best bidder the Debtor's real property and improvements thereon and use the proceeds from the sale to pay Claims. On Sept. 7, 2022, the Court entered an order requiring the SARE Debtors to show cause why the cases should not be converted from Chapter 11 to Chapter 7 (the "OTSC"). Oppositions to the OTSC were filed. A hearing on the OTSC was held on Oct. 3, 2022. The Court ruled that the cases of Victoria, Lucky Star and Flushing Landmark should remain in Chapter 11 and that a hearing on the adequacy of the disclosure statements filed by the Plan Proponents for Victoria and 41-60 for Lucky Star and Flushing Landmark will be held on Oct. 17, 2022. The real property owned by the Debtor is commonly known as Victoria Towers Condominium and is located at 133-38 Sanford Avenue, Flushing, New York, New York (the "Real Property"). The Plan Proponents intend to advertise the sale of the Victoria Property and, if qualified bids are received, to conduct an auction to sell the Real Property (the "Sale") pursuant to Sections 363 and 1123(a)(5)(D) of the Bankruptcy Code. The sale shall be conducted following confirmation of the Plan. The Plan Proponents intend on obtaining approval of the Bankruptcy Court for bid procedures in connection with the approval of this Disclosure Statement. Because the Debtor is not generating cash and the sale of the Real Property is not expected to generate assets in excess of the allowed secured claims of the Plan Proponents, as part of the Plan, Sanford has contributed a Carve-Out of $250,000 to pay certain administrative expenses and provide a distribution to allowed unsecured claims. As to Class 6 Allowed General Unsecured Claims, the allowed general unsecured creditors total $15,518,655. Unsecured creditors in class 6 will receive (i) a pro rata distribution of the Carve-Out (after payment of allowed administrative claims, US Trustee fees, and all other fees and expenses described in the Carve-Out which come ahead of the unsecured creditors); and (ii) funds generated from the sale of the Real Property in excess of amounts paid to Sanford and Chengyi in full satisfaction of their claims and after post - confirmation expenses, to the extent there are any. Class 6 is impaired under the Plan and is entitled to vote. The specific unsecured claims scheduled or asserted against the Debtor are: * W&L Group Construction, Inc. was scheduled in an unknown amount. On December 28, 2020, W&L Group Construction, Inc. ("W&L") filed a proof of claim in the amount of $8,670,082.19 (Claim No. 13). Claim No. 13 arises out of work performed by W&L for the Debtor and monies loaned to or for the benefit of the Debtor and is the subject of a pending litigation styled W&L Construction Group, Inc., v. Victoria Towers Development Corp., Victoria Realty Group, LLC, Victoria Development Realty Corp., and Jeffrey Wu, bearing Index No. 717487/2018 in the Supreme Court of the State of New York, County of Queens. W&L shall not assert a claim against the Debtor and receive a full release of any and all claims upon the Effective Date of the Plan. The portion of Claim No. 13 related to the loan shall remain as part of the Individual claims. In addition to Claim No. 13, W&L filed a claim in the amount of $8,445,205.48 against the Myint Kyaw a/k/a Jeffrey Wu estate which was assigned Claim No. 20-1 (the "W&L Wu Claim"). In addition, for the avoidance of doubt, in the event that the Proponents' Plan is not confirmed as contemplated, Claim No. 13 shall revert to the full amount due and owing and shall be paid in order of priority upon the liquidation of the Debtor's property. In exchange for this treatment, W&L will waive any right to payment on any guaranty or other claim from the bankruptcy estate in the bankruptcy case of In re Myint J. Kyaw a/k/a Jeffrey Wu (Case No. 02-72407). * Bai was scheduled in an unknown amount. On December 28, 2020, Bai filed a proof of claim in the amount of $8,347,300.00 (Claim No. 6), plus costs and expenses as well as damages as of the Petition Date, related to the settlement agreement described herein and the purchase of certain units (the "Bai Units") to wit: 8A, 8B, 8C, 8D, 8E, 8F, 8G, 10A, 10C, 10D, 10E and 10F. Because title to the Bai Units did not transfer to Bai, Bai has demanded that the Debtor turnover Bai's deposit for the Bai Units in the amount of $417,365.00 which is currently held by Certilman because it is not property of the estate. To the extent the $417,365.00 (or any portion thereof) is not turned over to Bai, because it is determined to be property of the estate as argued by Leser (or otherwise), Sanford asserts a first priority position to those funds. In addition to Claim No. 6 Bai filed a proof of claim in the amount of $12,378,911.12 in the Myint Kyaw a/k/a Jeffrey Wu case. Bai will receive a pro rata distribution of the Carve-Out and, and, if proceeds of the Sale of the Units generate sufficient funds to distribute to Allowed General Unsecured Creditors, a pro rata distribution of those amounts. * Bai's remaining claims are being treated in the Myint Kyaw a/k/a Jeffrey Wu case. Upon the entry of the Order confirming the Plan, the Debtor, Myint Kyaw a/k/a Jeffrey Wu and Veronica Wu shall be deemed to have released Bai in connection with or related to Claim No. 6 filed in the Debtor's chapter 11 bankruptcy case. Bai's claim in the Myint Kyaw a/k/a Jeffrey Wu case shall be treated in that case and not be extinguished until Bai is paid in full. In addition, for the avoidance of doubt, in the event of that the Proponents' Plan is not confirmed as contemplated, Claim No. 6 shall revert to the full amount due and owing and shall be paid in order of priority upon the liquidation of the Debtor's property. * Westchester Fire Insurance Company ("Westchester") on December 15, 2020, timely filed Claim No. 2 in the amount of $1,001,130.06. This claim is alleged to be in connection with the discharge of a mechanic's lien, however there are no bona fides provided by the claimant. By motion dated November 5, 2021, the Debtor objected to this claim. The Debtor's objection has been granted by order of the Court. The Proponents have not included this claim in the Allowed General Unsecured Claims. * The Leser Allowed Unsecured Claim shall be treated as an Allowed General Unsecured Claim and shall receive a pro rata distribution of the Carve-Out and, in the event there are funds from the sale of the Real Property in to pay the Allowed General Unsecured Creditors, a pro rata distribution from those funds. * Zhen En Lin ("Lin") on Dec. 28, 2020, timely filed Claim No. 7 in the amount of $453,000 relating to the purchase of a Unit. Claim No. 7 shall receive a pro rata distribution of the Carve-Out. In the event that the proposed sale of the Sanford Units and/or the Chengyi Sale Units generates funds to pay Allowed General Unsecured Creditors, Claim No. 7 shall receive a pro rata distribution from those funds. In the event that the Proponents' Plan is not confirmed as contemplated, Claim No. 7 shall revert to the full amount due and owing, with all rights and remedies reserved, preserved and reinstated to status quo ante and shall be paid in order of priority upon the liquidation of the Debtor's property. * Xing Mei Ni ("Ni") on Dec. 28, 2020, timely filed Claim No. 8 in the amount of $453,000 relating to the purchase of a Unit. Claim No. 8 shall receive a pro rata distribution of the Carve-Out. In the event that the proposed sale of the Sanford Units and/or the Chengyi Sale Units generates funds to pay Allowed General Unsecured Creditors, Claim No. 8 shall receive a pro rata distribution from those funds. In the event that the Proponents' Plan is not confirmed as contemplated, Claim No. 8 shall revert to the full amount due and owing, with all rights and remedies reserved, preserved and reinstated to status quo ante and shall be paid in order of priority upon the liquidation of the Debtor's property. * Qui Hui Lin ("Qui Lin") on December 28, 2020, timely filed Claim No. 9 in the amount of $487,200 relating to the purchase of a Unit. Claim No. 9 shall receive a pro rata distribution of the Carve-Out. In the event that the proposed sale of the Sanford Units and/or the Chengyi Sale Units generates funds to pay Allowed General Unsecured Creditors, Claim No. 9 shall receive a pro rata distribution from those funds. In the event that the Proponents' Plan is not confirmed as contemplated, Claim No. 9 shall revert to the full amount due and owing, with all rights and remedies reserved, preserved and reinstated to status quo ante and shall be paid in order of priority upon the liquidation of the Debtor's property. * Meng Hua Wang on Dec. 28, 2020, timely filed Claim No. 10 in the amount of $1,880,080 relating to the purchase of a Unit. Claim No. 10 shall receive a pro rata distribution of the Carve-Out. In the event that the proposed sale of both the Sanford Units and/or the Chengyi Sale Units generates funds to pay Allowed General Unsecured Creditors, Claim No. 10 shall receive a pro rata distribution from those funds. In the event that the Proponents' Plan is not confirmed as contemplated, Claim No. 10 shall revert to the full amount due and owing, with all rights and remedies reserved, preserved and reinstated to status quo ante and shall be paid in order of priority upon the liquidation of the Debtor's property. * Liang Wen Pan on Dec. 28, 2020, timely filed Claim No. 11 in the amount of $786,480 relating to the purchase of a Unit. Claim No. 11 shall receive a pro rata distribution of the Carve-Out. In the event that the proposed sale of both the Sanford Units and/or the Chengyi Sale Units generates funds to pay Allowed General Unsecured Creditors, Claim No. 11 shall receive a pro rata distribution from those funds. In the event that the Proponents' Plan is not confirmed as contemplated, Claim No. 11 shall revert to the full amount due and owing, with all rights and remedies reserved, preserved and reinstated to status quo ante and shall be paid in order of priority upon the liquidation of the Debtor's property. * Hui Lin on Dec. 28, 2020, timely filed Claim No. 12 in the amount of $638,000 relating to the purchase of a Unit. Claim No. 12 shall receive a pro rata distribution of the Carve-Out. However, in the event that the proposed sale of both the Sanford Units and/or the Chengyi Sale Units generates funds to pay Allowed General Unsecured Creditors, Claim No. 12 shall receive a pro rata distribution from those funds. In the event that the Proponents' Plan is not confirmed as contemplated, Claim No. 12 shall revert to the full amount due and owing, with all rights and remedies reserved, preserved and reinstated to status quo ante and shall be paid in order of priority upon the liquidation of the Debtor's property. The Plan provides for the liquidation of the Debtor by selling the Debtor's only material asset, the condominium Units, to generate proceeds to pay Allowed Claims of the Debtor's estate. Counsel to Sanford Avenue Partner, LLC: Margarita Y. Ginzburg, Esq. KRAVIT PARTNERS, LLC 27 Red Barn Road Hyde Park, New York 12538 Tel: (212) 252-0550 Counsel to American Chengyi Investment Management Group Inc.: Scott K. Levine, Esq. Allison Arotsky, Esq. MORITT HOCK & HAMROFF LLP 400 Garden City Plaza Garden City, NY 11530 Tel: (516) 873-2000 A copy of the Second Amended Disclosure Statement dated Oct. 28, 2022, is available at https://bit.ly/3zsJvUQ from PacerMonitor.com. About Victoria Towers Development Flushing, N.Y.-based Victoria Towers Development Corp. is the owner of fee simple title to 29 residential condo units located at 133 38 Sanford Avenue, Flushing N.Y., having an appraised value of $33.37 million. Victoria Towers filed a Chapter 11 petition (Bankr. E.D.N.Y. Case No. 20-73303) on Oct. 30, 2020. In its petition, the Debtor is closed $33,370,000 in assets and $39,217,115 in liabilities. The petition was signed by Myint J. Kyaw, president. The Hon. Robert E. Grossman presides over the case. Rosen & Kantrow, PLLC, serves as the Debtor's bankruptcy counsel. VYANT BIO: Sells Unit's US Operations to Reaction Biology for $5.5M ------------------------------------------------------------------- Reaction Biology Corporation, a provider of drug discovery services, and Vyant Bio, Inc. said they have closed on a definitive agreement for Reaction to acquire Vyant Bio's subsidiary vivoPharm LLC, located in Hershey, Pennsylvania. Reaction will retain U.S. personnel from the acquired operations to establish its Hershey, Pennsylvania presence, which includes in vitro and in vivo capabilities. Through the acquisition, Reaction gains laboratory facilities, equipment, employees, cell lines and capabilities (in pharmacology, toxicology, pathology and bio analytics) that further expand the industry-leading suite of drug discovery services that Reaction provides for its biopharmaceutical customers. The purchase price for this transaction is $5.5 million in an upfront cash payment, subject to customary adjustments for working capital, closing cash, indebtedness and transaction expenses. After these closing adjustments were reflected, $5.5 million was paid at closing. Vyant Bio expects to net approximately $4.4 million in cash after tax and transaction related expenses, as well as incur $0.6 million in exit costs associated with this transaction. "vivoPharm's U.S. operations are highly complementary to Reaction's existing suite of drug discovery CRO services, enabling us to build upon our legacy of excellent science and customer-centric innovation," said John H. Johnson, chief executive officer of Reaction Biology. "This investment in talent, infrastructure and resources is an important step in our roadmap for fully realizing Reaction's potential as a provider of solutions for discovery and development of new drug candidates." "This transaction provides non-dilutive capital and enables Vyant Bio to further concentrate our efforts to more rapidly advance our therapeutic pipeline in genetic CNS disorders," said Jay Roberts, president and chief executive office of Vyant Bio. "Reaction is an ideal partner to leverage vivoPharm's preclinical oncology and immuno-oncology drug discovery services, including one of the broadest collections of syngeneic tumor models, well-characterized tumor cell lines and highly qualified technicians using our state-of-the art laboratories." White & Case LLP served as Reaction's legal counsel. Lowenstein Sandler LLP served as Vyant Bio's legal counsel. Colliers Securities LLC and Lake Street Capital Markets LLC acted as financial advisors to Vyant Bio in the transaction. About Vyant Bio Vyant Bio, Inc. (formerly known as Cancer Genetics, Inc.) is an innovative biotechnology company reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders. Its central nervous system drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. Vyant Bio reported a net loss of $40.86 million for the year ended Dec. 31, 2021, a net loss of $8.65 million for the year ended Dec. 31, 2020, a net loss of $6.71 million for the year ended Dec. 31, 2019, and a net loss of $20.37 million for the year ended Dec. 31, 2018. As of March 31, 2022, the Company had $32.53 million in total assets, $10.16 million in total liabilities, and $22.37 million in total stockholders' equity. WILDFL0WER GROUP: Seeks Cash Collateral Access ---------------------------------------------- The Wildflower Group LLC asks the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to: -- fund payroll and other taxes, -- maintain its relations with vendors and suppliers, -- satisfy its working capital needs, and -- pay taxes, inventory, supplies, overhead, insurance and other necessary expenses. The Debtor's assets are subject to a first priority, fully protected secured claim in favor of the U.S. Small Business Administration. As of the commencement of the bankruptcy proceeding, the SBA was owed approximately $482,000. The Debtor's primary asset is inventory, whose book value is approximately $368,000. However, the Debtor believes the forced sale value of its inventory is less than $50,000. Diverse Capital LLC, Amerifi Capital LLC, Cloudfund, LLC, and Elemental Capital, LLC are alleged junior priority secured creditors having a fully perfected liens on substantially all of the Debtor's assets, junior in priority to the senior priority lien of the SBA. However the financial statements for Cloudfund and Elemental were filed during the preference period. As of the commencement of the bankruptcy proceeding. Diverse Capital is owed approximately $246,600, Amerifi Capital is owed approximately $261,000, Cloudfund is owed approximately Si 76,000 and Elemental approximately $770,000. Based on the true value of the Debtor's inventory, the Debtor believes all of such alleged junior priority secured creditors are fully unsecured. The Debtor's unsecured debt totals in excess of $2 million. Based on the value of its inventory, the Debtor believes all other alleged secured creditors are wholly unsecured, the Debtor does not believe adequate protection is required vis-a-vis those other creditors in connection with the use of cash collateral. Nevertheless, to the extent of any diminution in the value of their collateral, the Debtor is prepared to provide the alleged secured creditors with junior priority replacement liens on their assets as adequate protection and junior priority superpriority administrative expense claims pursuant to 11 U.S.C. section 507(b), to the extent of any diminution in value of their collateral, all excluding avoidance actions, which the Debtor submits sufficiently provides such creditors with adequate protection. The Interim Cash Collateral Order provides adequate protection for the Debtor's use of the cash collateral of the SBA in the form of a replacement security interest and lien on the Debtor's post-petition property (excluding avoidance actions) to the extent such post-petition lien does not cover post-petition property under 11 U.S.C. section 552. Additionally, in accordance with Sections 364(c)(1) and 507(b), the Interim Order provides that the SBA is granted a claim with priority in payment over any and all administrative expenses of the kind specified or ordered pursuant to any provision of the Bankruptcy Code, including, but not limited to, Sections 105, 326, 328, 330, 331, 503(b). A copy of the motion and the Debtor's budget is available at https://bit.ly/3fNQ1iq from PacerMonitor.com. The budget provides for total expenses, on a weekly basis, as follows: $44,862 for the week beginning November 5, 2022; $87,006 for the week beginning November 12, 2022; $93,335 for the week beginning November 19, 2022; and $93,335 for the week beginning November 26, 2022. About The Wildflower Group LLC The Wildflower Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 22-18793) on November 4, 2022. In the petition signed by Michael Carlisle, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Jay L. Lubetkin, Esq., at Rabinowitz, Lubetkin & Tully, LLC, represents the Debtor as legal counsel. WL HOUSTONS: Unsecureds Will Get 100% of Claims in Sale Plan ------------------------------------------------------------ W L Houston's Business Investments LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement and Combined Plan dated November 3, 2022. Debtor was formed on June 8, 2021. The debtor was formed mainly for business investments of all kinds, including buying and selling real property. The debtor owns one piece of real estate located at 3402 Crosby Landing, Missouri City, Texas 77459 valued at approximately $550,000.00. In an attempt to help a friend, the Debtor used its resources to purchase a residential property to help a friend. The agreement involved the friend paying the loan note and maintaining the property while repairing his credit to refinance and purchase the property from Debtor. The note was not being paid as agreed. The debtor attempted to sell the property to salvage its creditor. The property could not be sold or leased to another because the friend moved into the premises and refused to leave or pay anything. The property was being posted for foreclosure. To prevent foreclosure and attempt to restructure, Debtor sought protection under chapter 11 to reorganize and sell the property. Debtor plans to sell the property located at 3402 Crosby Landing, Missouri City, Texas 77459, and pay the note off along with all other creditors associated with the property. At the date of filing, October 30, 2022, the Debtor had $318,896.11 secured claims. The debtor will sell the secured asset and pay the claim in full according to the filed proof of claim. At the date of filing, October 30, 2022, the Debtor had two unsecured creditors. In this regard, the Debtor proposes to pay the unsecured debt 100% of the allowed claims. The total payment will represent 100% of the current balance or $13,351.01. Warren L. Houston is President and 100% owner of Debtor. Warren L. Houston has infused personal cash into the Debtor. Warren L. Houston will not be paid any money toward repayment of any cash infused into the Debtor, unless and until all other debts are paid in full as represented in the plan. The debtor is not aware of any priority claims. If any priority claims are brought forth and allowed, the Debtor proposes to pay any priority claims, secured claims, and unsecured creditors 100% after the sale of the asset. Equity security holders shall retain their equity in the Debtor. Debtor believes that since the plan proposes to pay all creditors of their claims in full upon completing the sale of the listed asset, it is likely that Debtor will be able to make the payments proposed in this Plan. A full-text copy of the Disclosure Statement dated November 3, 2022, is available at https://bit.ly/3NOAf3i from PacerMonitor.com at no charge. Attorney for Debtor: SAMUEL L. MILLEDGE State Bar No. 14055300 2500 East T.C. Jester Blvd., Suite 510 Houston, Texas 77008 Telephone: (713)812-1409 Telecopier: (714)812-1418 About W L Houstons Business Investments W L Houstons Business Investments LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). W L Houstons Business Investments LLC sought protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-31575) on June 6, 2022. In the petition filed by Warren Houston, as managing member, the Debtor reported assets and liabilities of up to $50,000 each. Samuel L Milledge, of The Milledge Law Firm, PLLC, is the Debtor's counsel. WORKDAY INC: Egan-Jones Retains 'B' Local Currency Unsec. Rating ---------------------------------------------------------------- Egan-Jones Ratings Company, on October 6, 2022, retained the 'B' local currency senior unsecured rating on debt issued by Workday Inc. Headquartered in Pleasanton, California, Workday, Inc. provides enterprise cloud-based applications. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re ACRDGROUP LLC Bankr. E.D. Wisc. Case No. 22-24848 Chapter 11 Petition filed October 31, 2022 See https://www.pacermonitor.com/view/XG3P43Q/ACRDGROUP_LLC__wiebke-22-24848__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Francisco J. Ortega and Snizhana Ortega Bankr. C.D. Cal. Case No. 22-15985 Chapter 11 Petition filed November 1, 2022 represented by: Jeffrey Shinbrot, Esq. In re 2 Big Legacy, LLC Bankr. N.D. Ga. Case No. 22-58826 Chapter 11 Petition filed November 1, 2022 Case Opened In re Samuel C. Pignato Bankr. N.D. Ga. Case No. 22-21125 Chapter 11 Petition filed November 1, 2022 represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC In re Theodore Fiore, Sr. Bankr. D.N.J. Case No. 22-18679 Chapter 11 Petition filed November 1, 2022 represented by: David Stevens, Esq. In re Donna D Ferrato Bankr. S.D.N.Y. Case No. 22-11457 Chapter 11 Petition filed November 1, 2022 represented by: Linda Tirelli, Esq. In re Burley Foods, LLC Bankr. W.D.N.C. Case No. 22-30532 Chapter 11 Petition filed November 1, 2022 See https://www.pacermonitor.com/view/6IYC6FA/Burley_Foods_LLC__ncwbke-22-30532__0001.0.pdf?mcid=tGE4TAMA represented by: Cole Hayes, Esq. COLE HAYES E-mail: cole@colehayeslaw.com In re AiBUY Opco, LLC Bankr. N.D. Tex. Case No. 22-32077 Chapter 11 Petition filed November 1, 2022 See https://www.pacermonitor.com/view/FJTHYNY/AiBUY_Opco_LLC__txnbke-22-32077__0001.0.pdf?mcid=tGE4TAMA represented by: Mark C. Moore, Esq. FOLEY & LARDNER LLP E-mail: mmoore@foley.com In re Tango Homes, LLC Bankr. W.D. Tex. Case No. 22-51238 Chapter 11 Petition filed November 1, 2022 See https://www.pacermonitor.com/view/VKOCMPI/Tango_Homes_LLC__txwbke-22-51238__0001.0.pdf?mcid=tGE4TAMA represented by: William R. Davis, Jr., Esq. LANGLEY & BANACK, INC. E-mail: wrdavis@langleybanack.com In re Occupy Real Estate Group LLC Bankr. M.D. Fla. Case No. 22-02240 Chapter 11 Petition filed November 2, 2022 See https://www.pacermonitor.com/view/PPAR53I/Occupy_Real_Estate_Group_LLC__flmbke-22-02240__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Two Deluna, LLC Bankr. N.D. Fla. Case No. 22-30620 Chapter 11 Petition filed November 2, 2022 See https://www.pacermonitor.com/view/ONZK5JI/Two_Deluna_LLC__flnbke-22-30620__0001.0.pdf?mcid=tGE4TAMA represented by: J. Steven Ford, Esq. WILSON, HARRELL, FARRINGTON, FORD, ET, AL E-mail: sford@wilsonharrell.com In re 8617 West Fort Foote LLC Bankr. D. Md. Case No. 22-16122 Chapter 11 Petition filed November 2, 2022 See https://www.pacermonitor.com/view/LXW3XGQ/8617_West_Fort_Foote_LLC__mdbke-22-16122__0001.0.pdf?mcid=tGE4TAMA represented by: Steven H. Greenfeld, Esq. LAW OFFICES OF STEVEN H. GREENFELD, LLC E-mail: steveng@cohenbaldinger.com In re Name Your Sport, LLC Bankr. D.N.J. Case No. 22-18730 Chapter 11 Petition filed November 2, 2022 See https://www.pacermonitor.com/view/FDRFZYY/Name_Your_Sport_LLC__njbke-22-18730__0001.0.pdf?mcid=tGE4TAMA represented by: Carrie J. Boyle, Esq. BOYLE & VALENTI LAW P.C. E-mail: cboyle@b-vlaw.com In re RSBRMK LLC Bankr. E.D.N.Y. Case No. 22-42748 Chapter 11 Petition filed November 2, 2022 See https://www.pacermonitor.com/view/WJS6B2A/RSBRMK_LLC__nyebke-22-42748__0001.0.pdf?mcid=tGE4TAMA represented by: Solomon Rosengarten, Esq. E-mail: vokma@aol.com In re Three Star Trucking, LLC Bankr. E.D.N.C. Case No. 22-02512 Chapter 11 Petition filed November 2, 2022 See https://www.pacermonitor.com/view/YPQJHBI/Three_Star_Trucking_LLC__ncebke-22-02512__0001.0.pdf?mcid=tGE4TAMA represented by: George Mason Oliver, Esq. THE LAW OFFICES OF OLIVER & CHEEK, PLLC E-mail: george@olivercheek.com In re Initio Group Advisors, Inc II Bankr. N.D. Cal. Case No. 22-41112 Chapter 11 Petition filed November 3, 2022 Filed Pro Se In re Rachel Ann Euler Bankr. S.D. Fla. Case No. 22-18573 Chapter 11 Petition filed November 3, 2022 represented by: Michael Nardella, Esq. In re Sabrinas Atlantic Window Cleaning and Pressure Cleaning, LLC Bankr. S.D. Fla. Case No. 22-18568 Chapter 11 Petition filed November 3, 2022 See https://www.pacermonitor.com/view/XC44Q3Q/Sabrinas_Atlantic_Window_Cleaning__flsbke-22-18568__0001.0.pdf?mcid=tGE4TAMA represented by: Michael A. Nardella, Esq. NARDELLA & NARDELLA, PLLC E-mail: mnardella@nardellalaw.com In re 178-45 120 Avenue LLC Bankr. E.D.N.Y. Case No. 22-42770 Chapter 11 Petition filed November 3, 2022 See https://www.pacermonitor.com/view/BAGYDRQ/178-45_120_Avenue_LLC__nyebke-22-42770__0001.0.pdf?mcid=tGE4TAMA represented by: Narissa A. Joseph, Esq. LAW OFFICE OF NARISSA A. JOSEPH E-mail: njosephlaw@aol.com In re Rogers Partners NY LLC Bankr. E.D.N.Y. Case No. 22-42765 Chapter 11 Petition filed November 3, 2022 See https://www.pacermonitor.com/view/OZTQCRA/Rogers_Partners_NY_LLC__nyebke-22-42765__0001.0.pdf?mcid=tGE4TAMA represented by: Vivian Sobers, Esq. SOBERS LAW, PLLC E-mail: vsobers@soberslaw.com In re Diana Lynn Day-Cartee Bankr. M.D. Tenn. Case No. 22-03559 Chapter 11 Petition filed November 3, 2022 represented by: Steven Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC In re CCC Operations, LLC Bankr. S.D. Tex. Case No. 22-70181 Chapter 11 Petition filed November 3, 2022 See https://www.pacermonitor.com/view/W5IPVVA/CCC_Operations_LLC__txsbke-22-70181__0001.0.pdf?mcid=tGE4TAMA represented by: Matthew B. Probus, Esq. THE PROBUS LAW FIRM E-mail: matthewprobus@theprobuslawfirm.com In re Cambridge Estates Homeowners' Association Bankr. D. Ariz. Case No. 22-07438 Chapter 11 Petition filed November 4, 2022 See https://www.pacermonitor.com/view/7HC4WBA/Cambridge_Estates_Homeowners_Association__azbke-22-07438__0001.0.pdf?mcid=tGE4TAMA represented by: Wesley D. Ray, Esq. SACKS TIERNEY P.A. E-mail: Wesley.Ray@sackstierney.com In re One Importers and Distributors, LLC Bankr. D. Mass. Case No. 22-11592 Chapter 11 Petition filed November 4, 2022 See https://www.pacermonitor.com/view/NFCJM4A/One_Importers_and_Distributors__mabke-22-11592__0001.0.pdf?mcid=tGE4TAMA represented by: Marques C. Lipton, Esq. LIPTON LAW GROUP, LLC E-mail: marques@liptonlg.com In re Meli Melo Restaurant & Lounge, LLC Bankr. E.D.N.Y. Case No. 22-73085 Chapter 11 Petition filed November 4, 2022 See https://www.pacermonitor.com/view/YTUOFOA/Meli_Melo_Restaurant__Lounge__nyebke-22-73085__0001.0.pdf?mcid=tGE4TAMA represented by: Heath S. Berger, Esq. BERGER, FISCHOFF, SHUMER, WEXLER & GOODMAN, LLP E-mail: hberger@bfslawfirm.com/ gfischoff@bfslawfirm.com In re 937 Second Ave Corp. Bankr. S.D.N.Y. Case No. 22-11467 Chapter 11 Petition filed November 4, 2022 See https://www.pacermonitor.com/view/NZJA6GY/937_Second_Ave_Corp__nysbke-22-11467__0001.0.pdf?mcid=tGE4TAMA represented by: Bruce Weiner, Esq. ROSENBERG MUSSO & WEINER, LLP E-mail: courts@nybankruptcy.net In re Shea's Seneca Catering LLC Bankr. W.D.N.Y. Case No. 22-11029 Chapter 11 Petition filed November 4, 2022 See https://www.pacermonitor.com/view/YVKUX2Y/Sheas_Seneca_Catering_LLC__nywbke-22-11029__0001.0.pdf?mcid=tGE4TAMA represented by: Arthur G. Baumeister, Jr., Esq. BAUMEISTER DENZ LLP E-mail: abaumeister@bdlegal.net In re Keystone Cleaning Services LLC Bankr. W.D. Pa. Case No. 22-22193 Chapter 11 Petition filed November 4, 2022 See https://www.pacermonitor.com/view/KCMYUPI/Keystone_Cleaning_Services_LLC__pawbke-22-22193__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG, P.C. E-mail: chris.frye@steidl-steinberg.com In re Rakki LLC Bankr. N.D. Tex. Case No. 22-42669 Chapter 11 Petition filed November 4, 2022 See https://www.pacermonitor.com/view/NSUAQSY/RAKKI_LLC__txnbke-22-42669__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C. Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re Wakasa LLC Bankr. S.D. Tex. Case No. 22-33323 Chapter 11 Petition filed November 4, 2022 See https://www.pacermonitor.com/view/DAPBA2Q/Wakasa_LLC__txsbke-22-33323__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C. Lane, Esq. THE LANE LAW FIRM E-mail: notifications@lanelaw.com In re J & T Ellis Trucking LLC Bankr. D. Utah Case No. 22-24370 Chapter 11 Petition filed November 4, 2022 See https://www.pacermonitor.com/view/UNO3FDY/J__T_Ellis_Trucking_LLC__utbke-22-24370__0001.0.pdf?mcid=tGE4TAMA represented by: Geoffrey L. Chesnut, Esq. RED ROCK LEGAL SERVICES, PLLC E-mail: courtmailrr@expresslaw.com In re Michigan Medical Hemp, LLC Bankr. E.D. Mich. Case No. 22-21106 Chapter 11 Petition filed November 5, 2022 See https://www.pacermonitor.com/view/5RTABDQ/Michigan_Medical_Hemp_LLC__miebke-22-21106__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey H. Bigelman, Esq. OSIPOV BIGELMAN, P.C. E-mail: jhb@osbig.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2022. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***