/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/221228.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, December 28, 2022, Vol. 26, No. 361 Headlines 1300U SPE LLC: Unsecured Creditors to be Paid in Full in Plan 16 JUDGE LLC: SARE Files for Chapter 11 Bankruptcy 8TH AVENUE FOOD: $100M Bank Debt Trades at 43% Discount 942 PENN RR: Reaches Settlements to Resolve Several Claims Issues AIKIDO PHARMA: Changes Name to Dominari Holdings Inc. ASPIRA WOMEN'S: James LaFrance Quits as Director ATLAS PURCHASER: $610M Bank Debt Trades at 29% Discount AVENTIV TECHNOLOGIES: $282.5M Bank Debt Trades at 32% Discount BADGER FINANCE: $268.7M Bank Debt Trades at 19% Discount BELLA VENEZIA: Unsecureds Will Get 100% of Claims in 36 Months BLUE RIBBON: $368M Bank Debt Trades at 23% Discount BRENT JARRETT: Unsecured Creditors to Split $7,500 over 36 Months CANO HEALTH: $644M Bank Debt Trades at 20% Discount CARESTREAM HEALTH: $540M Bank Debt Trades at 24% Discount CCS-CMGC HOLDINGS: $500M Bank Debt Trades at 20% Discount CHESTER, PA: Appointment of Retirees Committee Sought CITIUS PHARMACEUTICALS: Widens Loss to $33.6M in FY Ended Sept. 30 CITY BREWING: $850M Bank Debt Trades at 53% Discount CITY LIVING KC: Ongoing Operations, Sale & Refinance to Fund Plan COMPUTE NORTH: Includes Global Settlement; Files Amended Plan CURIA GLOBAL: $1.19B Bank Debt Trades at 17% Discount DIEBOLD NIXDORF: EUR415M Bank Debt Trades at 30% Discount DNATRIX INC: Gets OK to Hire Bielli & Klauder as Bankruptcy Counsel DNATRIX INC: Taps Dwyer Murphy Calvert as Corporate Counsel DNATRIX INC: Taps Griffin Financial Group as Investment Banker DODGE DATA: $130M Bank Debt Trades at 32% Discount DODGE DATA: $455M Bank Debt Trades at 22% Discount E-BOX LLC: Seeks to Hire Dustin Lough of CR3 Partners as CRO EMPLOYEE LOAN: Files for Chapter 11 Bankruptcy ENVISION HEALTHCARE: $1B Bank Debt Trades at 66% Discount ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 58% Discount EYECARE PARTNERS: $750M Bank Debt Trades at 18% Discount FAST RADIUS: Unsecureds to Recover 1% in Sybridge Sale Plan FRANKIE'S COMICS: Court OKs Interim Cash Collateral Access FREE SPEECH: Alex Jones' Bid for $1.3-Mil. Salary Pushed Back GAUCHO GROUP: Stockholders Approve 1.25M Shares Issuance GIRARDI & KEESE: CFO Kamon Charged With Felony Wire Fraud Claims GLOBAL TEL LINK: $475M Bank Debt Trades at 23% Discount HANSABEN INVESTMENTS: Bank Files Amendment to Disclosure Statement HOBBY LOBBY: Court OKs Interim Cash Collateral Access HUMANIGEN INC: Agrees to Settle Dispute With Catalent for $12-Mil. JOURNEY PERSONAL: Moody's Cuts CFR & First Lien Term Loan to Caa2 K&N PARENT: $100M Bank Debt Trades at 81% Discount KC FXE AVIATION: Voluntary Chapter 11 Case Summary KNIGHT HEALTH: $450M Bank Debt Trades at 40% Discount LEADING LIFE: Wins Cash Collateral Access, DIP Loan LEVEL FOUR ORTHOTICS: Unsecureds to Recover 10% to 13% in Plan LTL MANAGEMENT: Sues Famous Doctor for Concealing Evidence M5 ROCHESTER: Amends Plan to Resolve Capital Funding Claim Issues MAGENTA BUYER: $750M Bank Debt Trades at 16% Discount MOUNTAIN PROVINCE: Moody's Withdraws 'Caa3' CFR on Debt Repayment MOUNTAINEER MERGER: $200M Bank Debt Trades at 34% Discount MSRP COMPANY: Files Without Counsel, Faces Dismissal NAPA MANAGEMENT: $610M Bank Debt Trades at 17% Discount NEKTAR THERAPEUTICS: Unit Closes Sale of Indian Facility for $12.2M NICAS GROUP: Unsecured Creditors to Split $150K in Plan NORTHWEST SENIOR: Unsecureds to Get Share of Litigation Proceeds NUZEE INC: Incurs $11.8 Million Net Loss in FY Ended Sept. 30 POINDEXTER PROPERTIES: $10.9M Bank Debt Trades at 15% Discount PUG LLC: EUR452M Bank Debt Trades at 18% Discount R & E PETROLEUM: Unsecureds Will Get 100 Cents on Dollar in Plan RADIATE HOLDCO: $3.42B Bank Debt Trades at 18% Discount REAL BRANDS: M&K CPAS Replaces L&L CPAS as Auditor RED PLANET BORROWER: $1.4B Bank Debt Trades at 36% Discount REDSTONE HOLDCO: $450M Bank Debt Trades at 47% Discount REMARK HOLDINGS: Effects 1-for-10 Reverse Stock Split RESEARCH NOW: $250M Bank Debt Trades at 33% Discount RESOLUTE INVESTMENT: $725M Bank Debt Trades at 19% Discount REVLON CONSUMER: $1.8B Bank Debt Trades at 80% Discount REVLON INC: Reaches Deal With Lenders for $2.7-Bil. Equity Swap REWALK ROBOTICS: Board OKs $5.8M Repurchase Program Extension RISING TIDE: $400M Bank Debt Trades at 36% Discount RUBY PIPELINE: Amends Subordinated Notes Claims Pay Details SAMEH H. AKNOUK: Court OKs Cash Collateral Access Thru Jan 4 SANUWAVE HEALTH: Stockholders Approve Reverse Common Stock Split SCREENVISION LLC: Incremental Loan No Impact on Moody's Caa1 CFR SIERRA ENTERPRISES: Moody's Lowers CFR to Caa3, Outlook Negative SNIPER SERVICES: Unsecureds Will Get 100% with Interest in Plan SUPERIOR PLUS: Moody's Puts 'Ba2' CFR on Review for Downgrade TBD RESTAURANTS: Capital Infusion to Fund Plan Payments TECHNICAL COMMUNICATIONS: Auditor Raises 'Going Concern' Doubt TERMINAL VENTURES: Case Summary & One Unsecured Creditor TORRID LLC: $350M Bank Debt Trades at 18% Discount TRUGREEN LP: $275M Bank Debt Trades at 15% Discount UNIQUE TOOL: Trustee Files Liquidating Plan VECTRA CO: $140M Bank Debt Trades at 51% Discount VISION DEMOLITION: Wins Final OK to Access Cash Collateral VTV THERAPEUTICS: Falls Short of Nasdaq Bid Price Requirement WEWORK INC: Inks Fifth Amended Credit Deal With SoftBank, et al. WHEEL PROS INC: $1.18B Bank Debt Trades at 32% Discount WRIGHT EXPERIENCE: Unsecureds Will Get 100% of Claims in Plan ********* 1300U SPE LLC: Unsecured Creditors to be Paid in Full in Plan ------------------------------------------------------------- 1300U SPE, LLC and Co-Proponent Newco filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Plan of Reorganization dated December 20, 2022. The Debtor is a Delaware limited liability company created on December 1, 2019 as a real estate investment company. The Debtor's sole equity member is CIP 1300 U Street Owner LLC. CIP 1300 U Street Owner LLC's managing member is Robert Clippinger. The Debtor owns a 47,300 square foot office building located at 1300 U Street, 1330 U Street and 1329 V Street, Sacramento, CA 95814; APNs 009-0144-001-0000, 009- 0144-002-0000, 009-0144-003 0000 (the "Property"). The Debtor values the property at $10,250,000 based upon an appraisal report dated July 22, 2022. The Debtor acquired the Property for $9,850,000 on January 26, 2021. The Debtor financed the purchase of the property with a $6,122,000 loan from Fox Capital Mortgage Fund, LP ("FCMF"). This case was filed on August 4, 2022 in order to stop a foreclosure sale of the Debtor's Property and so that it can reorganize its financial affairs via refinance of the FCMF loan. Sponsor shall cooperate fully with NEWCO in order to implement this Plan including and executing any and all documents necessary to the confirmation closing and performance of the Plan requirement. Class 1 consists of the Secured Claim of Red Fox Capital Mortgage Fund. Claimant holds the senior lien on the Debtor's real property located at 1300 U Street, 1330 U Street and 1329 V Street, Sacramento, CA 95814 (APNs 009-0144-001-0000, 009-0144-002-0000, 009-0144-003 0000), in the amount of approximately $6,377,197 (per POC No. 6). This claim shall be paid in full from the proceeds of the refinance of the Mortgaged Property. Class 2 consists of the Secured Claim of Vista Capital. Vista Capital asserts that it holds a lien in the amount of approximately $169,395 (per POC No. 1) secured by all assets of the Debtor. This alleged claim will not be paid. The Debtor will object to this claim as Vista Capital filed a UCC-1 Financing Statement against the Debtor's assets related to a debt that is not owed by the Debtor or its assets. Class 3 consists of the Secured Claim of Sacramento County Treasurer and Tax Collector. Claimant holds a tax lien in the amount of approximately $75,345. This claim shall be paid in full, from the proceeds of the refinance of the Mortgaged Property, directly from escrow. The claim will accrue interest at 18% per annum pursuant to 11 U.S.C. § 511 until paid in full. Class 4 consists of General Unsecured Claims. In the present case, the Debtor estimates that Class 5 general unsecured claims total approximately $1,057,386. Allowed unsecured claims shall be paid in full on the Effective Date, from the proceeds of the refinance of the Mortgaged Property, directly from escrow. This Class is unimpaired. This class includes the claim of Turton Commercial Real Estate. The Debtor will object to POC No. 7 filed by this claimant because it asserts that it is owed a general unsecured claim of $1,295,061.37. However, the invoice from this claimant provided to the Debtor in April of 2022 states $610,363.19. As such, the POC filed reflects a significant and arbitrary overstatement of the amount due. The Court's ultimate order will control the amount and extent of the claim. Class 5 consists of Equity Interest Holders. On the Effective Date, members of this class shall exchange their ownership interests in the Debtor for a minority interest in NEWCO. The Proponents intend to fund the Plan from the funds provided by NEWCO and Arzan IC prior to the Effective Date. Except as otherwise provided herein or in the Confirmation Order, the Confirmation Order shall authorize Reorganized Debtor to, upon the Effective Date or any time thereafter and without further Order of the Bankruptcy Court, transfer all the property of Debtor, Reorganized Debtor, and their respective Estates to NEWCO except to the extent any such property is disposed of under the terms and provisions of this Plan. From and after the Effective Date, NEWCO is and shall be authorized to operate and use, acquire, and dispose of property, and compromise and settle any claims or causes of actions without supervision or consent of the Bankruptcy Court and is free of any restrictions of the Bankruptcy Code or Bankruptcy Rules. A full-text copy of the Disclosure Statement dated December 20, 2022, is available at https://bit.ly/3WtaOro from PacerMonitor.com at no charge. Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW, LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 E-mail: matt@rhmfirm.com About 1300U SPE LLC 1300U SPE LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)) 1300U SPE LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-14236) on Aug. 4, 2022. In the petition filed by Robert W. Clippinger, as managing member, the Debtor reported assets between $10 million and $50 million and liabilities between $1 million and $10 million. Matthew D. Resnik, of RHM Law LLP, is the Debtor's counsel. 16 JUDGE LLC: SARE Files for Chapter 11 Bankruptcy -------------------------------------------------- 16 Judge LLC filed for chapter 11 protection in the Eastern District of New York. The Debtor disclosed $2,328,000 in assets against $2,540,242 in liabilities in its schedules. The Debtor owns the property at 16 Judge Street, in Brooklyn, NY 11211, valued at $2,300,000. Amalgamated Bank, which holds a first mortgage on the property, is owed $2,340,242. According to court filings, 16 Judge LLC estimates between $1 million and $10 million in debt owed 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 Jan. 23, 2022, at 1:45 PM at Teleconference - Brooklyn. About 16 Judge LLC 16 Judge LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). 16 Judge LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-43135) on Dec. 16, 2022. In the petition filed by DanielHilpert, of AHDH Capital Partners, LLC, the Debtor reported assets and liabilities between $1 million and $10 million. The Debtor is represented by: Rachel S. Blumenfeld, Esq. Law Office of Rachel S. Blumenfeld 16 Judge Street Brooklyn, NY 11211 8TH AVENUE FOOD: $100M Bank Debt Trades at 43% Discount ------------------------------------------------------- Participations in a syndicated loan under which 8th Avenue Food & Provisions Inc is a borrower were trading in the secondary market around 57.1 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $100 million facility is a term loan that is scheduled to mature on October 1, 2026. The amount is fully drawn and outstanding. 8th Avenue Food & Provisions, Inc. provides food catering services. The Company supplies organic and conventional peanut and other nut butters, baking nuts, raisins, other dried fruit, and trail mixes to leading grocery retailers, top food service distributors, and industrial bakeries. 942 PENN RR: Reaches Settlements to Resolve Several Claims Issues ----------------------------------------------------------------- 942 Penn RR, LLC, submitted a Disclosure Statement for its Third Amended Plan of Reorganization dated December 19, 2022. On July 21, 2022, CDI initiated Adversary No. 22-01214-LMI by filing a complaint to determine the validity, priority and extent of liens in the Property against Immokalee, Ontario, Proulx and Marjam and for equitable subordination against Immokalee and Ontario (the "CDI Complaint"). CDI dismissed the CDI Complaint with prejudice on September 7, 2022. Withdrawal of CDI Claim Creative Directions, Inc. ("CDI") is a Florida corporation that is owned 50% by Raz and 50% by Mendez. Debtor originally listed CDI in Schedule D as holding an undisputed secured claim in the amount of $8,675,000.00 and listed the value of the Property at $1,617,630.00 based on the Miami-Dade County, Florida property tax records. Debtor then amended its schedules to reflect the value of the Property as $11,800,000.00 based on the Broker's Price Opinion. On July 8, 2022, CDI filed Proof of Claim No. 3 as a secured claim in the amount of $11,205,000.00 (the "CDI Claim"). In a good faith effort to try to resolve various issues with the Trustee, the other creditors and the bankruptcy estate, the CDI Claim was withdrawn with prejudice on September 7, 2022 and CDI dismissed Adversary Proceeding No. 22-1214-LMI (in which CDI sought the entry of a final judgment determining that it had a valid first-priority lien on the Property over all other secured creditors) with prejudice. Thereafter, on September 9, 2022, Debtor filed an Amended Schedule D which deleted CDI as a creditor. Debtor also withdrew its Joint Plan and Disclosure Statement. Because of CDI's waiver of its claim, the total amount of filed disputed claims in this estate is now $3,780,190.03 ($14,985,190.03 of total filed claim minus the $11,205,000.00 CDI Claim). However, the scheduled value of the Property is $11,800,000.00. On November 7, 2022, Debtor filed a renewed objection to Ontario's claim. Ontario has filed a response. The parties participated in a Judicial Settlement Conference ("JSC") with Judge Paul G. Hyman beginning on October 25, 2022, and concluding on November 8, 2022, in an attempt to resolve the claims objections. As a result of the JSC, the Trustee, the Debtor, Raz, Mendez, Marjam, G. Proulx and Immokalee reached global settlements, which have been approved by the Court. The Trustee and Ontario reached a settlement but the Debtor, Raz and Mendez did not agree to the settlement. The Trustee's Motion to Approve Settlement with Ontario and the Debtor's renewed objection to Ontario's claim is set for hearing for January 5, 2023. Class 1A, the Unsecured Priority Claim of the Internal Revenue Service, in the amount of $11,700.00 shall be paid in full on the Effective Date, is unimpaired by this Plan. Future federal income taxes will be paid in the ordinary course. Class 1B, the Unsecured Priority Claim of State of Florida Department of Revenue, in the amount of $231,698.00 shall be paid in full on the Effective Date, is unimpaired by this Plan. Class 1C, the Unsecured Priority Claim of the City of Miami Beach in the amount of $28,569.29 shall be paid in full on the Effective Date, is unimpaired by this Plan. Class 6, the unsecured creditors, including holders of any deficiency claims as determined by the Court after the resolution of the claims objection process shall be paid in full. The Class 6 Claimants are unimpaired and are not entitled to vote on the Plan. Class 7 consists of the Debtor's interest in property of the estate, which is retained under this Plan. Upon payment to all creditors any remaining property of the estate shall be deemed to vest in the Debtor. Class 7 is presumed to accept the Plan and not entitled to vote. The means necessary for the execution of this Plan is the payment in full of all allowed claims. The Effective Date shall be 30 days after the entry of a final non-appealable order by the Court confirming this Plan. The sources of the funding for the payment of all Allowed Claims shall be from a third-party loan in the amount of up to $5, 500,000 with Limitless Capital, LLC with said loan to be collateralized by a first lien on the Property, along with any cash in the estate's bank account as of the Effective Date (the "Plan Funding Loan"). Upon the filing of the Notice of Closing of Plan Funding with the Court stating that all Allowed Claims have either been paid in full or the amount of any remaining disputed claims being held in the law firm trust account of Mark S. Roher, P.A. pending the Court's determination of any disputed claim, possession of the Property shall immediately re-vest in the Debtor and Mukamal and his court approved professionals shall be relieved of any all responsibilities and duties in this case. Mukamal and his court approved professionals shall be entitled to seek compensation and reimbursement of costs through the date upon which the Notice of Plan Funding is filed. The Debtor and its principals shall have the right to object to any such compensation. A full-text copy of the Disclosure Statement dated December 19, 2022, is available at https://bit.ly/3YQXiQb from PacerMonitor.com at no charge. Counsel for Debtor: Mark S. Roher, Esq. Law Office of Mark S. Roher, PA 1806 N. Flamingo Road, Suite 300 Pembroke Pines, FL 33028 Telephone: (954) 353-2200 Email: mroher@markroherlaw.com About 942 Penn RR 942 Penn RR, LLC is the fee simple owner of a real property also known as 942 Pennsylvania, Avenue, Miami Beach, Fla., valued at $1.62 million. 942 Penn RR filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-14038) on May 23, 2022. In the petition filed by Raziel Ofer, manager, the Debtor disclosed $1,617,630 in total assets and $27,179,541 in total liabilities. Judge Robert A. Mark oversees the case. The Law Office of Mark S. Roher, PA serves as the Debtor's counsel. AIKIDO PHARMA: Changes Name to Dominari Holdings Inc. ----------------------------------------------------- AIkido Pharma Inc. announced it has changed its name from AIkido Pharma Inc. to Dominari Holdings Inc. and its ticker symbol from "AIKI" to "DOMH." The name change was approved at a meeting of the board of directors held on Dec. 5, 2022. Anthony Hayes, CEO of Dominari Holdings Inc., commented, "Rebranding of the Company reflects the board's long-range strategic goal to diversify away from the healthcare sector and into the financial services sector. We are actively recruiting new team members and building out operations space for our newly created financial services subsidiary, Dominari Financial Inc., which is acquiring the financial services business of a registered broker-dealer. We have deployed approximately $3.2 million of capital in support of the establishment and operations of this new subsidiary, including the broker-dealer acquisition, and expect to continue to make additional contributions as required from time to time." About Dominari Holdings Inc. Dominari Holdings Inc. (f/k/a Aikido Pharma Inc.) until recently was focused primarily on the development of a diverse portfolio of small-molecule anticancer and antiviral therapeutics and related patent technology. In September 2022, the Company agreed to acquire a registered broker-dealer and transition its primary business operations to fintech and financial services. Upon the final closing of this acquisition, the Company's fintech and financial services business will be operated through its subsidiary, Dominari Financial Inc. The Company continues to develop its therapeutics and related patent technology, as well as other ventures, through its subsidiary, Aikido Labs, LLC. Aikido reported a net loss of $7.17 million for the year ended Dec. 31, 2021, compared to a net loss of $12.34 million for the year ended Dec. 31, 2020, and a net loss of $4.18 million for the year ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had $84.45 million in total assets, $2.60 million in total liabilities, and $81.85 million in total stockholders' equity. ASPIRA WOMEN'S: James LaFrance Quits as Director ------------------------------------------------ James T. LaFrance resigned from the board of directors of Aspira Women's Health Inc., effective Dec. 15, 2022. Following Mr. LaFrance's resignation, the Board appointed Dr. Robert Auerbach to the Audit Committee of the Board, according to a Form 8-K filed with the Securities and Exchange Commission. About Aspira Women's Health Formerly known as Vermillion, Inc., Aspira Women's Health Inc. -- http://www.aspirawh.com-- is transforming women's health with the discovery, development and commercialization of innovative testing options and bio-analytical solutions that help physicians assess risk, optimize patient management and improve gynecologic health outcomes for women. OVA1 plus combines its FDA-cleared products OVA1 and OVERA to detect risk of ovarian malignancy in women with adnexal masses. ASPiRA GenetiXSM testing offers both targeted and comprehensive genetic testing options with a gynecologic focus. With over 10 years of expertise in ovarian cancer risk assessment ASPIRA has expertise in cutting-edge research to inform its next generation of products. Its focus is on delivering products that allow healthcare providers to stratify risk, facilitate early detection and optimize treatment plans. Aspira Women's reported a net loss of $31.66 million for the year ended Dec. 31, 2021, a net loss of $17.91 million for the year ended Dec. 31, 2020, a net loss of $15.24 million for the year ended Dec. 31, 2019, and a net loss of $11.37 million for the year ended Dec. 31, 2018. As of Sept. 30, 2022, the Company had $23.94 million in total assets, $12.76 million in total liabilities, and $11.18 million in total stockholders' equity. ATLAS PURCHASER: $610M Bank Debt Trades at 29% Discount ------------------------------------------------------- Participations in a syndicated loan under which Atlas Purchaser Inc is a borrower were trading in the secondary market around 71.1 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $610 million facility is a term loan that is scheduled to mature on May 8, 2028. The amount is fully drawn and outstanding. Atlas Purchaser, Inc., which does business as Alvaria, Inc, acquired the assets of Aspect Software in a leveraged buyout in 2021. Aspect is a provider of call center software and solutions. AVENTIV TECHNOLOGIES: $282.5M Bank Debt Trades at 32% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Aventiv Technologies LLC is a borrower were trading in the secondary market around 68.1 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $282.5 million facility is a term loan. It is scheduled to mature on November 1, 2025. The amount is fully drawn and outstanding. Aventiv Technologies is a diversified technology company that provides innovative solutions to customers in the corrections and government services sectors. Aventiv is the parent company to Securus Technologies and AllPaid. BADGER FINANCE: $268.7M Bank Debt Trades at 19% Discount -------------------------------------------------------- Participations in a syndicated loan under which Badger Finance LLC is a borrower were trading in the secondary market around 80.7 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $268.7 million facility is a term loan that is scheduled to mature on September 28, 2024. About $257.2 million of the loan is withdrawn and outstanding. Based in Little Chute, Wisconsin, Badger Finance, LLC is an intermediate holding company of Trilliant Food and Nutrition, LLC., Horseshoe Beverage Company, LLC, and affiliated companies. The company is a U.S. manufacturer of private label and value branded beverage products, mainly single serve coffee pods. The company's branded coffee products are primarily sold under its Victor Allen brand. Badger also recently expanded into ready-to-drink (RTD) coffee beverages through its Horseshoe Beverages subsidiary. Badger is sponsored by private equity firm Blackstone Group, which acquired the company in 2017 and holds a majority equity interest in the company. BELLA VENEZIA: Unsecureds Will Get 100% of Claims in 36 Months -------------------------------------------------------------- Bella Venezia 211, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Chapter 11 Plan dated December 18, 2022. The Debtor is a Limited Liability Corporation owned by MGR JJLB Property Management LLC In turn owned by Laurent Benzaquen. Debtor owns a condominium unit 525 W 69 St Hialeah, FL 33014 valued at $200,000. This chapter 11 was filed to prevent foreclosure of the property by so that Debtor could reconcile the debt with the condo association and bank to preserve property from foreclosure from foreclosure of first mortgage, and reorganize. Debtor has contributed new value including attorneys' fees, substantial costs of repairs, and will be funding plan payments, along with US Trustee fees, and payments to unsecured and administrative creditors, adding up to a significant sum. New value is counted as a credit against the absolute priority rule. General Unsecured Creditors $12,800 Yohan Lellouche is not a statutory insiders or otherwise an insider because the transactions were an arms' length transaction. During the two years prior to the date on which the bankruptcy petition was filed, the officers, directors, managers or other persons in control of the Debtor (collectively the "Managers") were MGM JJLB Property Management LLC (DE)Managing Member Laurent Benzaquen. After the effective date of the order confirming the Plan, the directors, officers, and voting trustees of the Debtor, any affiliate of the Debtor participating in a joint Plan with the Debtor, or successor of the Debtor under the Plan (collectively the "Post Confirmation Managers"), will be MGM JJLB Property Management LLC (DE) Managing Members Laurent Benzaquen. Class 5 consists of General Unsecured Creditor Yohan Lellouche. Allowed unsecured claims $12,600 will be paid 100% in 36 equal payments $350 beginning effective date. This Class is impaired. Class 6 consists of Equity Security Holders of the Debtor. Equity Holders will forfeit their membership interests and be issued new memberships for new value paid in this case or retain their interests. Payments and distributions under the Plan will be funded by Lauren Benzaquen and affiliates and any rent income. Debtor will be able to make the payments required under the plan from continuing contributions outside of the plan and the rent. Also, proponent owns multiple other properties in Miami, Miami Beach, Doral, and Brickell, in partnerships with different investors. A full-text copy of the Disclosure Statement dated December 18, 2022, is available at https://bit.ly/3WENSFo from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Joel M. Aresty, Esq. Joel M. Aresty, P.A. 309 1st Ave S Tierra Verde FL 33715 Phone: 305-904-1903 Fax: 800-899-1870 Email: Aresty@Mac.com About Bella Venezia Bella Venezia 211, LLC filed a petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 22-11738) on March 2, 2022, listing as much as $500,000 in both assets and liabilities. Laurent Bezaquen, authorized representative, signed the petition. Judge Robert A. Mark oversees the case. The Debtor tapped Joel M. Aresty P.A. as legal counsel. BLUE RIBBON: $368M Bank Debt Trades at 23% Discount --------------------------------------------------- Participations in a syndicated loan under which Blue Ribbon LLC is a borrower were trading in the secondary market around 76.6 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $368.0 million facility is a term loan that is scheduled to mature on May 7, 2028. About $354.2 million of the loan is withdrawn and outstanding. Blue Ribbon, LLC (parent company of Pabst Brewing Company) is one of the largest privately held independent brewers in the US, with a portfolio of iconic American beer brands. BRENT JARRETT: Unsecured Creditors to Split $7,500 over 36 Months ----------------------------------------------------------------- Brent Jarrett, D.D.S., P.A. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan of Reorganization dated December 19, 2022. The Debtor is a dental practice. The Debtor is an active Florida professional association formed on December 25, 2001. The Debtor is solely owned and operated by Brent Jarrett, D.D.S. in Margate, Florida. The Debtor suffered a dramatic downturn in business because of the COVID-19 pandemic. Patients, at first, were not able to obtain services because of government shutdowns. Even after the government shut downs were eased, there were still patients that did not elect to have non-essential dental work done because of the pandemic. The Plan provides for payment in full of all administrative claims and priority tax claims and a distribution to general unsecured creditors which would not be available to the unsecured creditors absent this case remaining as a Chapter 11. Class 7 consists of non-priority unsecured claims. The Debtor shall pay to non-priority, general unsecured creditors the total sum of $7500.00 over 36 months in equal semi-annual payments commencing on the 180th day following the effective date. Class 7 is impaired. The equity interest in the Debtor is owned 100% by Dr. Brent Jarrett, DDS. Dr. Brent Jarrett will retain his 100% equity interest in the reorganized Debtor. Dr. Brent Jarrett, DDS shall remain the chief executive officer/president of the Debtor. The Debtor will continue to operate and generate income from the existing dental practice. Confirmation of this Plan will allow the Debtor to reorganize and restructure its debt and allow creditors to be paid under the Plan. A full-text copy of the Subchapter V Plan dated December 19, 2022, is available at https://bit.ly/3PX4IgK from PacerMonitor.com at no charge. About Brent Jarrett, D.D.S. Brent Jarrett, D.D.S., P.A. filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 22-17329) on Sept. 20, 2022, with up to $1 million in both assets and liabilities. Judge Scott M. Grossman oversees the case. The Debtor is represented by Alan R. Crane, Esq., at Furr Cohen, P.A. CANO HEALTH: $644M Bank Debt Trades at 20% Discount --------------------------------------------------- Participations in a syndicated loan under which Cano Health LLC is a borrower were trading in the secondary market around 79.6 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $644.4 million facility is a term loan that is scheduled to mature on November 23, 2027. About $639.6 million of the loan is withdrawn and outstanding. Cano Health, LLC operates primary care centers and supports affiliated medical practices. The Company specializes in primary care for seniors, as well as promotes activities and care to improve both physical health and well-being and offers population health management programs. Cano Health serves patients in the United States. CARESTREAM HEALTH: $540M Bank Debt Trades at 24% Discount --------------------------------------------------------- Participations in a syndicated loan under which Carestream Health Inc is a borrower were trading in the secondary market around 76.3 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $540.8 million facility is a term loan that is scheduled to mature on September 30, 2027. The amount is fully drawn and outstanding. Carestream Health, Inc., headquartered in Rochester, New York, is a supplier of imaging and IT systems to the medical and dental communities and to other markets. CCS-CMGC HOLDINGS: $500M Bank Debt Trades at 20% Discount --------------------------------------------------------- Participations in a syndicated loan under which CCS-CMGC Holdings Inc is a borrower were trading in the secondary market around 79.9 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $500 million facility is a term loan that is scheduled to mature on October 1, 2025. The amount is fully drawn and outstanding. CCS-CMGC Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides health care services. CCS-CMGC Holdings serves patients in the United States. CHESTER, PA: Appointment of Retirees Committee Sought ----------------------------------------------------- A group of retirees asked the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to appoint an official committee that will represent retired employees in the Chapter 9 case of the City of Chester, Pa. The group, which calls itself the Ad Hoc Committee of Retired Municipal Employees of the City of Chester, said retired employees lack "adequate representation" although they are the largest creditors in the case and the city government's retirement benefit obligations constitute its largest obligations. The city government owes approximately $127 million in unfunded pension liabilities and over $232 million for unfunded retiree healthcare benefits, according to documents it filed in court. Robert Gordon, Esq., an attorney at Jenner & Block, LLP, who represents the ad hoc committee, said retired employees need an official committee to represent them in the judicial mediation requested by the city government to address certain issues. Among the issues identified by the city government are the funding of pension plans and the adjustment of pensions as well as retiree medical and prescription benefits. The city government encourages participation in the mediation by all major creditors, including retirees. "The ad hoc retiree committee recognizes the need for expeditious resolution of the various complex issues facing the city but the retirees must be afforded the opportunity to participate in that process through an appropriate legal representative," Mr. Gordon said in court papers. The ad hoc committee can be reached through: Robert D. Gordon, Esq. Carl Wedoff, Esq. Jenner & Block, LLP 1155 Avenue of the Americas New York, NY 10036 Phone: (212) 891-1600 Email: rgordon@jenner.com cwedoff@jenner.com - and - William J. Burnett, Esq. Flaster/Greenberg, P.C. 1717 Arch St., Suite 3300 Philadelphia, PA 19103 Phone: (215) 279-9383 Email: william.burnett@flastergreenberg.com About City of Chester The City of Chester, Pennsylvania, filed a Chapter 9 bankruptcy petition (Bankr. E.D. Pa. Case No. 22-13032) on Nov. 10, 2022. Judge Ashely M. Chan oversees the case. Tobey M. Daluz, Esq., at Ballard Spahr, LLP is the Debtor's counsel. The Ad Hoc Committee of Retired Municipal Employees of the City of Chester is represented by the law firms of Jenner & Block, LLP and Flaster/Greenberg, P.C. CITIUS PHARMACEUTICALS: Widens Loss to $33.6M in FY Ended Sept. 30 ------------------------------------------------------------------ Citius Pharmaceuticals, Inc. reported a net loss of $33.64 million on zero revenue for the year ended Sept. 30, 2022, compared to a net loss of $23.05 million on zero revenue for the year ended Sept. 30, 2021, according to the Company's latest Form 10-K filed with the Securities and Exchange Commission. The increase in net loss is primarily due to the $5.4 million increase in the Company's research and development expenses, a $1.9 million increase in general and administrative expenses, and a $2.4 million increase in stock-based compensation expense. "In 2022, we focused on execution across our key development programs: I/ONTAK, Mino-Lok and Halo-Lido. These efforts, combined with a prudent use of funds, enabled us to meaningfully advance our pipeline. We believe we have sufficient runway through December 2023 to realize additional value-creating milestones, including a potential FDA approval and two anticipated trial completions in the coming calendar year," stated Leonard Mazur, chairman and CEO of Citius. As of Sept. 30, 2022, the Company had $114 million in total assets, $10.57 million in total liabilities, and $103.43 million in total equity. As of Sept. 30, 2022, the Company had $41.7 million in cash and cash equivalents. As of Sept. 30, 2022, the Company had 146,211,130 common shares outstanding. The Company estimates that its available cash resources will be sufficient to fund its operations through December 2023. The Company experienced negative cash flows from operations of $28,361,256 and $24,250,414, for the years ended Sept. 30, 2022 and 2021, respectively. The Company had working capital of approximately $40 million at Sept. 30, 2022. Citius stated, "The Company has generated no operating revenue to date and has principally raised capital through the issuance of debt and equity instruments to finance its operations. However, the Company's continued operations beyond December 2023, including its development plans for E7777, Mino-Lok, Mino-Wrap, Halo-Lido and NoveCite, will depend on its ability to obtain regulatory approval to market E7777 and/or Mino-Lok and generate substantial revenue from the sale of E7777 and/or Mino-Lok and on its ability to raise additional capital through various potential sources, such as equity and/or debt financings, strategic relationships, or out-licensing of its product candidates. However, the Company can provide no assurances on regulatory approval, commercialization, or future sales of E7777 and/or Mino-Lok or that financing or strategic relationships will be available on acceptable terms, or at all. If the Company is unable to raise sufficient capital, find strategic partners or generate substantial revenue from the sale of Mino-Lok, there would be a material adverse effect on its business. Further, the Company expects in the future to incur additional expenses as it continues to develop its product candidates, including seeking regulatory approval, and protecting its intellectual property." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1506251/000121390022082217/f10k2022_citiuspharma.htm About Citius Headquartered in Cranford, NJ, Citius Pharmaceuticals, Inc. -- http://www.citiuspharma.com-- is a specialty pharmaceutical company dedicated to the development and commercialization of critical care products targeting unmet needs with a focus on anti-infectives, cancer care and unique prescription products. Citius reported a net loss of $17.55 million for the year ended Sept. 30, 2020, a net loss of $15.56 million for the year ended Sept. 30, 2019, a net loss of $12.54 million for the year ended Sept. 30, 2018, and a net loss of $10.38 million for the year ended Sept. 30, 2017. As of June 30, 2022, the Company had $120.31 million in total assets, $9.98 million in total liabilities, and $110.33 million in total equity. CITY BREWING: $850M Bank Debt Trades at 53% Discount ---------------------------------------------------- Participations in a syndicated loan under which City Brewing Co LLC is a borrower were trading in the secondary market around 47.2 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $850 million facility is a term loan that is scheduled to mature on April 5, 2028. The amount is fully drawn and outstanding. City Brewing Company, LLC operates as a brewery company. The Company produces beverages by contract, including beer, malts, teas, and energy drinks. CITY LIVING KC: Ongoing Operations, Sale & Refinance to Fund Plan ----------------------------------------------------------------- City Living KC, LLC filed with the U.S. Bankruptcy Court for the Western District of Missouri a Plan of Reorganization for Small Business. The Debtor is a Limited Liability Company owned by Quashena Wallace. Since 2019, the Debtor has been in the business of property management and real estate sales in the Kansas City, MO metropolitan area. The Debtor primarily owns and manages single family residences. Debtor intends to rehabilitate and sell properties as necessary to complete proposed plan payments. To the extent necessary, Quashena Wallace will make additional capital contributions. This Plan of Reorganization proposes to pay creditors of the Debtor from ongoing operations, sale of properties, capital contributions, and refinance of debt. Class 2 consists of the Secured claim of Residential DPV Mortgage Trust, et al as serviced by Fay Servicing, LLC. The Debtor shall make the ongoing contractual monthly principal and interest payment of $684.45 along with the monthly escrow of $293.74. In addition, the Debtor shall cure the total prepetition arrearage of $16,489.36 over 60 months at the contract rate of 5.15% beginning April 1, 2023 with the monthly payment of $312.31. With these timely payments, the loan shall be cured and current as of March 1, 2028. Class 3 consists of the Secured claim of U.S. Bank Trust National Association et al as serviced by Fay Servicing, LLC. The Debtor shall make the ongoing contractual monthly principal and interest payment of $684.45 along with the monthly escrow of $293.74. In addition, the Debtor shall cure the total prepetition arrearage of $14,901.10 over 60 months at the contract rate of 5.0% beginning April 1, 2023 with the monthly payment of $281.20. With these timely payments, the loan shall be cured and current as of March 1, 2028. Class 4 consists of the Secured claim of Residential DPV Mortgage Trust, et al as serviced by Fay Servicing, LLC. The Debtor shall make the ongoing contractual monthly principal and interest payment of $1,040.51 along with the monthly escrow of $630.04. In addition, the Debtor shall cure the total prepetition arrearage of $2,219.30 over 60 months at the contract rate of 5.125% beginning April 1, 2023 with the monthly payment of $42.01. With these timely payments, the loan shall be cured and current as of March 1, 2028. Class 5 consists of the Secured claim of Jackson County Collection Department. The Debtor shall pay the secured claim of Jackson County Collection Department of $1,453.24 over 60 months at the claimed rate of 18% beginning April 1, 2023 with a monthly payment of $36.90. Class 6 consists of the Secured claim of Asset Bridge Capital, LLC. The Debtor shall pay $115,000 at 5% interest with a monthly payment of $617.34 beginning April 1, 2023 with a balloon payment on March 1, 2028 in which the entire remaining balance shall be paid in full. Class 7 consists of the Secured claim City Line, LLC. The Debtor shall pay $137,000 at 5% interest with a monthly payment of $735.45 beginning April 1, 2023 with a balloon payment on March 1, 2028 in which the entire remaining balance shall be paid in full. Class 8 consists of Non-priority unsecured creditors. All unsecured claims, if any, shall be paid in full over 60 months beginning April 1, 2023. There are currently no unsecured claims. Class 9 consists of Equity security holders of the Debtor. Quashena Wallace shall retain her interest in the Debtor, but otherwise not receive any distributions because of her ownership interest. The Chapter 11 Plan will be implemented from Debtor's ongoing operations, sale of properties, capital contributions, and refinance of debt. Quashena Wallace shall remain the manager and owner of the Debtor. A full-text copy of the Plan of Reorganization dated December 19, 2022, is available at https://bit.ly/3VjEKoJ from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Colin N. Gotham, Esq. Evans & Mullinix, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Phone: (913) 962-8700 Fax: (913) 962-8701 Email: cgotham@emlawkc.com About City Living KC, LLC City Living KC, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 22-41170) on September 20, 2022. In the petition signed by Quashena Wallace, owner, the Debtor disclosed up to $10 million in assets and up to $1 million in liabilities. Judge Brian T. Fenimore oversees the case. Colin Gotham, Esq., at Evans & Mullinix, P.A., is the Debtor's counsel. COMPUTE NORTH: Includes Global Settlement; Files Amended Plan ------------------------------------------------------------- Compute North Holdings, Inc., et al., submitted a Disclosure Statement for the Second Amended Joint Liquidation Plan dated Dec. 19, 2022. The Plan constitutes a liquidating Chapter 11 plan for the Debtors and provides for Distribution of the Debtors' Assets already liquidated or to be liquidated over time to Holders of Allowed Claims in accordance with the terms of the Plan and the priority provisions of the Bankruptcy Code. The Plan contemplates the appointment of a Plan Administrator to implement the terms of the Plan and make Distributions in accordance with its terms. Except as otherwise provided by Order of the Bankruptcy Court, Distributions will occur at various intervals after the Effective Date as determined by the Plan Administrator in accordance with the Plan. The primary objective of the Plan is to maximize the value of recoveries to all Holders of Allowed Claims and Allowed Interests and to distribute all property of the Estates that is or becomes available for distribution generally in accordance with the priorities established by the Bankruptcy Code. The Debtors believe that the Plan accomplishes this objective and is in the best interest of the Estates and therefore seek to confirm the Plan. Generally speaking, the Plan: (a) provides for the full and final resolution of all Claims against and Interests in the Debtors; (b) contemplates the appointment of a Plan Administrator to (i) market and sell any remaining assets of the Debtors and otherwise wind down the Debtors' businesses and affairs; (ii) pay and reconcile Claims; and (iii) administer the Plan in an efficacious manner; (c) provides for Cash distributions in accordance with the Plan; and (d) pays Allowed Administrative Claims and Allowed Priority Claims. The Debtors believe that Confirmation of the Plan will maximize the value of the Debtors' remaining assets, and will avoid the lengthy delay and additional cost of liquidation under chapter 7 of the Bankruptcy Code. Class 3 consists of all General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall be entitled to receive its Pro Rata Share of the Wind-Down Distributable Cash remaining after satisfaction of all Allowed Administrative Claims, Allowed Priority Tax Claims, and Allowed Claims in Class 1 and Class 2, on account of such General Unsecured Claim. Distributions of Wind Down Distributable Cash shall be distributed by the Distribution Agent on the applicable Distribution Date in accordance with the Plan until all Allowed General Unsecured Claims in Class 3 are paid in full (taking into account any distributions made by the Litigation Trust on account of Allowed General Unsecured Claims) or the Wind-Down Distributable Cash is exhausted. Class 3A consists of all CNCC GUC Claims. On the Effective Date, each CNCC GUC Claim shall be cancelled, released and extinguished, and each Holder of a CNCC GUC Claim shall not receive or retain any distribution, property, or other value on account of its CNCC GUC Claim. Class 3A is Impaired under the Plan. The Debtors shall fund distributions under the Plan with Wind-Down Distributable Cash. The Debtors' Cash on hand, collection of accounts receivable, the proceeds of Asset Sales, and liquidation of the Debtors' remaining assets, provide adequate liquidity to fund distributions to be made under the Plan and shall fund the Administrative and Priority Claims Reserve, the Secured Claims Reserve, the Professional Fee Escrow Account, the Plan Administration Operating Reserve, and other obligations under the Plan. As of the date hereof, the Debtors had approximately $18.4 million in Cash for satisfaction of Claims and their obligations under the Plan. In addition, the Debtors expect to close Asset Sales in advance of confirmation of the Plan for approximately $10.5 million in Cash. Supplemental Disclosure Regarding the Plan's Global Settlement The Plan represents a Global Settlement between the Debtors and their various stakeholders. In that regard, the Plan is a motion to the Bankruptcy Court under Bankruptcy Rule 9019 for approval of the Global Settlement and, if the Plan is confirmed by the Bankruptcy Court, it would result in a settlement and release of certain claims and Causes of Action that the Debtors may have against third parties. As part of such transactions, the Debtors exchanged general mutual releases with certain parties to these transactions or agreed to allow Claims held by such parties against one or more of the Debtors. These transactions include (a) the sale of the equity in CN Borrower LLC to an affiliate of Generate Lending, LLC, (b) the sale of CN Member's equity interests in TZRC LLC to an affiliate of U.S. Data Mining Group, Inc. and related settlement with NextEra Energy Resources, LLC and certain of its affiliates, (c)m the sale of substantially all of the Debtors other projects and assets to Foundry Digital LLC and (d) a settlement with Marathon Digital Holdings, Inc. As such, potential claims against the parties to these transactions have already been reduced and/or released pursuant to Bankruptcy Court order in exchange for significant consideration to the Debtors and their Estates. In addition to the approximately $13.6 million in cash proceeds received by the Debtors in these transactions, the Debtors also estimate that they received approximately $217.3 million in non-cash consideration in connection with these transactions (not including the release of guaranty claims aggregating more than $203 million), which greatly reduced the Debtors' claims pool, thereby significantly enhancing creditor recoveries. As a result, many potentially significant claims and causes of action that otherwise would have been available for prosecution and/or settlement by the Debtors or the Litigation Trust, as the case may be, have already been settled, waived and/or released during these Chapter 11 Cases. A full-text copy of the Disclosure Statement dated December 19, 2022, is available at https://bit.ly/3VoGEEx from PacerMonitor.com at no charge. Counsel to the Debtors: James T. Grogan III, Esq. PAUL HASTINGS LLP 600 Travis Street, 58th Floor Houston, TX 77002 Telephone: (713) 860-7300 Facsimile: (713) 353-3100 E-mail: jamesgrogan@paulhastings.com - and - Luc Despins, Esq. Sayan Bhattacharyya, Esq. Daniel Ginsberg, Esq. 200 Park Avenue New York, NY 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 E-mail: lucdespins@paulhastings.com sayanbhattacharyya@paulhastings.com danielginsberg@paulhastings.com - and - Matthew Micheli, Esq. Michael Jones, Esq. 71 South Wacker Drive, Suite 4500 Chicago, IL 60606 Telephone: (312) 499-6000 Facsimile: (312) 499-6100 E-mail: mattmicheli@paulhastings.com michaeljones@paulhastings.com About Compute North Holdings Computer North Holdings, Inc. -- https://www.computenorth.com/ -- is a crypto mining data center company. Compute North has four facilities in the U.S. -- two in Texas and one in both South Dakota and Nebraska, according to its website. While cryptocurrency prices skyrocketed during the pandemic (with bitcoin surging by 300% in 2020), the Federal Reserve's decision to curb rising inflation by hiking interest rates has since ushered in some of the crypto market's biggest losses in history. After amassing a record value above $3 trillion in November 2021, the cryptocurrency market posted its worst first half ever -- plummeting more than 70% through July. Terra's luna token, a once top cryptocurrency worth more than $40 billion, lost virtually all its value within a week in May after sister token TerraUSD, a stablecoin meant to hold a price of $1, broke its dollar peg as markets collapsed. Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now include crypto lenders Celsius Network, Three Arrows Capital, Voyager Digital, and crypto mining firm Compute North. Compute North Holdings and 18 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90273) on Sept. 22, 2022. In the petitions signed by Harold Coulby, as authorized signatory, the Debtors reported assets and liabilities between $100 million and $500 million. Judge Marvin Isgur oversees the cases. The Debtors tapped Paul Hastings, LLP as bankruptcy counsel; Jefferies, LLC as investment banker; and Portage Point Partners as financial advisor. Epiq Corporate Restructuring, LLC is the claims, noticing and solicitation agent. On Oct. 6, 2022, the Office of the U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped McDermott Will & Emery LLP as its counsel. CURIA GLOBAL: $1.19B Bank Debt Trades at 17% Discount ----------------------------------------------------- Participations in a syndicated loan under which Curia Global Inc is a borrower were trading in the secondary market around 82.8 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $1.19 billion facility is a term loan that is scheduled to mature on August 30, 2026. The amount is fully drawn and outstanding. Curia Global, Inc., operates as an integrated chemistry outsourcing company. The Company offers discovery biology, synthetic and medicinal chemistry, DMPK and bioanalytical, and small-scale manufacturing services. Curia Global serves pharmaceutical and biotech companies worldwide. DIEBOLD NIXDORF: EUR415M Bank Debt Trades at 30% Discount --------------------------------------------------------- Participations in a syndicated loan under which Diebold Nixdorf Inc is a borrower were trading in the secondary market around 69.6 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR415 million facility is a term loan. It is scheduled to mature on November 6, 2023. About EUR326.3 million of the loan is withdrawn and outstanding. Diebold Nixdorf, Incorporated provides automatic teller machines, financial, and point of sale (POS) services. The Company offers electronic card systems, monitoring software, fraud control, retail cash cycle management, and electronic shelf labeling services. DNATRIX INC: Gets OK to Hire Bielli & Klauder as Bankruptcy Counsel ------------------------------------------------------------------- DNAtrix, Inc. received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Bielli & Klauder, LLC as its bankruptcy counsel. The firm's services include: (a) providing the Debtor with legal advice with respect to its powers and duties in the continued operation of its business and management of its properties; (b) assisting in taking all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of Debtor, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the estate; (c) preparing or assisting in preparing legal documents; (d) preparing responses to applications, motions, other pleadings, notices, and other papers that may be filed and served in the Debtor's Chapter 11 case; (e) appearing before the bankruptcy court and such other courts as may be appropriate to represent the interests of the Debtor and assisting the Debtor in negotiations; (f) advising the Debtor concerning actions it might take to collect and recover property for the benefit of the estate; (g) advising the Debtor concerning executory contracts and unexpired lease assumption, assignment and rejection; (h) advising the Debtor in connection with the contemplated sale of all or substantially all of its assets under Section 363 of the Bankruptcy Code; (i) advising the Debtor in formulating and preparing a Chapter 11 plan and disclosure statement, and assisting the Debtor in connection with the solicitation and confirmation processes; and (j) other necessary legal services. The firm will be paid at these rates: David M. Klauder, Esq. $400 per hour Thomas Bielli, Esq. $375 per hour Angela M. Mastrangelo, Esq. $375 per hour Associates $250 to $300 per hour Paraprofessionals and Law Clerks $115 to $175 per hour The Debtor paid $35,000 to the firm as a retainer fee. David Klauder, Esq., a member of Bielli & Klauder, 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: David M. Klauder, Esq. Bielli & Klauder, LLC 1204 N. King Street Wilmington, DE 19801 Tel.: (302) 803-4600 Fax: (302) 397-2557 Email: dklauder@bk-legal.com About DNAtrix Inc. DNAtrix Inc. -- https://www.dnatrix.com -- is a clinical stage, biotechnology company in Carlsbad, Calif., which develops virus-driven immunotherapies for cancer. Its lead product, DNX-2401, is a modified common cold virus that targets and kills cancer cells selectively. DNAtrix filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 22-11193) on Nov. 16, 2022, with between $1 million and $10 million in both assets and liabilities. Jami B. Nimeroff has been appointed as Subchapter V trustee. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Bielli & Klauder, LLC as bankruptcy counsel; Dwyer Murphy Calvert, LLP as corporate counsel; and Griffin Financial Group, LLC as investment banker. DNATRIX INC: Taps Dwyer Murphy Calvert as Corporate Counsel ----------------------------------------------------------- DNAtrix, Inc. received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Dwyer Murphy Calvert, LLP as corporate counsel. The firm will provide the Debtor with general corporate advice and will assist in consummating certain transactions that may arise out of the Debtor's bankruptcy such as sales of assets or businesses or similar type transactions. Dwyer will be paid at these rates: Partners $550 per hour Associates $375 per hour Paralegals $220 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. The firm received a retainer of $4,678. Drew Calvert, Esq., a partner at Dwyer, 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: Drew S. Calvert, Esq. Dwyer Murphy Calvert, LLP 1301 West 25th Street Suite 560 Austin, TX 78705 Tel: (512) 610-9600 Email: info@dmc-law.com About DNAtrix Inc. DNAtrix Inc. -- https://www.dnatrix.com -- is a clinical stage, biotechnology company in Carlsbad, Calif., which develops virus-driven immunotherapies for cancer. Its lead product, DNX-2401, is a modified common cold virus that targets and kills cancer cells selectively. DNAtrix filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 22-11193) on Nov. 16, 2022, with between $1 million and $10 million in both assets and liabilities. Jami B. Nimeroff has been appointed as Subchapter V trustee. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Bielli & Klauder, LLC as bankruptcy counsel; Dwyer Murphy Calvert, LLP as corporate counsel; and Griffin Financial Group, LLC as investment banker. DNATRIX INC: Taps Griffin Financial Group as Investment Banker -------------------------------------------------------------- DNAtrix, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Griffin Financial Group, LLC as investment banker. The Debtor requires an investment banker to: a. assist in compiling summary information and prepare a summary information memorandum; b. assist the Debtor in developing a targeted list of suitable potential buyers or investors who will be contacted on a discreet and confidential basis after approval by the Debtor; c. assist the Debtor to prepare a "teaser letter" to be sent to potential buyers; d. coordinate the Debtor's preparation, review, execution, and processing of confidentiality agreements with potential buyers or investors wishing to review the information memorandum; e. assist the Debtor in coordinating due diligence site visits for interested buyers or investors, if any, and work with the management team to prepare for any such visits with management; f. assist the Debtor in the solicitation of competitive offers from potential buyers or investors; g. assist the Debtor in negotiating any sale transaction or restructuring transaction on behalf of the Debtor; h. assist the Debtor in developing and reviewing possible sales transaction or restructuring transactions structures, including the financial impact of using different pricing and forms of consideration; i. assist the Debtor in preparing various financial analyses to assist during any and all negotiations; and j. assist the Debtor, its accountants and attorneys in negotiating and closing a sale transaction or restructuring transaction. The firm will be paid as follows: -- A retainer fee of $25,000. -- Three monthly fees each in the amount of $30,000 shall be due and payable on Jan. 1, Feb. 1 and March 1, 2023. -- Upon completion of a sale transaction, the Debtor shall pay Griffin a fee, contingent and as a condition of such completion, payable in cash, in federal funds via wire transfer or certified check, if and to the extent that a buyer outbids the stalking horse bidder. The Debtor shall pay Griffin 5% of the amount of a bid in excess of the stalking horse bid of $2,550,000 up to a $3,550,000, and 4% of the amount of a bid in excess of 3,550,001. Thomas Whalen, a partner at Griffin, 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 through: Thomas G. Whalen Griffin Financial Group, LLC 620 Freedom Business Center, Suite 210 P.O. Box 61926 King of Prussia, PA 19406 Tel: (610) 205-6100 Email: tgw@griffinfingroup.com About DNAtrix Inc. DNAtrix Inc. -- https://www.dnatrix.com -- is a clinical stage, biotechnology company in Carlsbad, Calif., which develops virus-driven immunotherapies for cancer. Its lead product, DNX-2401, is a modified common cold virus that targets and kills cancer cells selectively. DNAtrix filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 22-11193) on Nov. 16, 2022, with between $1 million and $10 million in both assets and liabilities. Jami B. Nimeroff has been appointed as Subchapter V trustee. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Bielli & Klauder, LLC as bankruptcy counsel; Dwyer Murphy Calvert, LLP as corporate counsel; and Griffin Financial Group, LLC as investment banker. DODGE DATA: $130M Bank Debt Trades at 32% Discount -------------------------------------------------- Participations in a syndicated loan under which Dodge Data & Analytics LLC is a borrower were trading in the secondary market around 68.5 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $130 million facility is a term loan that is scheduled to mature on February 23, 2030. The amount is fully drawn and outstanding. Dodge Data & Analytics LLC provides software solutions. The Company offers analytics and software-based workflow integration solutions for the construction industry. DODGE DATA: $455M Bank Debt Trades at 22% Discount -------------------------------------------------- Participations in a syndicated loan under which Dodge Data & Analytics LLC is a borrower were trading in the secondary market around 78.3 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $455 million facility is a term loan that is scheduled to mature on February 22, 2029. The amount is fully drawn and outstanding. Dodge Data & Analytics LLC provides software solutions. The Company offers analytics and software-based workflow integration solutions for the construction industry. E-BOX LLC: Seeks to Hire Dustin Lough of CR3 Partners as CRO ------------------------------------------------------------ E-Box, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ CR3 Partners, LLC and designate Dustin Lough as chief restructuring officer. The Debtor requires a restructuring advisor to: b. establish a communication protocol with stakeholders, including working with the Debtor's employees, professionals, lenders, landlords, creditors and other stakeholders; c. provide leadership to the daily operation of the Debtor; d. lead the preparation of financial projections and cash flow budgets, including implementing cash conservation strategies, tactics and processes where appropriate and feasible; e. identify liquidity needs and assist the management team in the solicitation and negotiation of debtor-in-possession (DIP) financing; f. assist in managing the sale or liquidation of the Debtor's assets and the closing of such sale; g. assist in the preparation of first day motions, statements of financial affairs, schedules of assets and liabilities, and monthly operating reports; h. assist the Debtor's legal counsel and provide testimony in any legal proceeding; i. negotiate with creditors and other constituents of the Debtor concerning restructuring of debt or a plan of reorganization or liquidation; and j. provide other necessary services. The firm will be paid at the rate of $775 per hour and will be reimbursed for out-of-pocket expenses incurred. The retainer is $30,000. As disclosed in court filings, CR3 Partners is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Dustin Lough CR3 Partners, LLC 13355 Noel Road, Suite 2005 Dallas, TX 75240 Phone: (214) 215-3940 Email: dustin.lough @cr3partners.com About E-Box LLC E-Box, LLC, an electronic manufacturing company in Collierville, Tenn., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 22-23526) on Aug. 23, 2022, with up to $50 million in assets and up to $10 million in liabilities. Byron Brown, member of E-Box, signed the petition. Judge M. Ruthie Hagan oversees the case. The Debtor tapped The Law Offices of Craig M. Geno, PLLC and Payne Law Firm as legal counsels; Bob Mims, CPA and Tracy Cooper, CPA as accountants; and Dustin Lough of CR3 Partners, LLC as chief restructuring officer. EMPLOYEE LOAN: Files for Chapter 11 Bankruptcy ---------------------------------------------- Employee Loan Solutions LLC filed for chapter 11 protection in the Southern District of California. The Debtor markets and services a web-based employee benefit platform called TrueConnect, a trademarked brand since 2016. TrueConnectis an employee financial wellness benefit offered at no cost or financial risk to employers. Once employers agree to enroll in the TrueConnect program, their employees are able to access the financial wellness benefits available on the TrueConnect web-based platform. One product on the TrueConnect platform is the patented No-Credit Check Advance program, which was invented and patented in 2008. The Debtor owns the patent for this program. Once an employer enrolls in the TrueConnectbenefit program, employees can access a No-Credit Check loan up to $5,000 without regard to their credit score or credit history. The loan decision is automated in the TrueConnect technology platform based on the employee's income and length of employment, which is derived from an exchange of the employer's payroll data with the TrueConnectplatform as described in the patent. All loans are offered at either 19.99% or 24.99% APR with no fees, depending on the employer, and they have an historical charge-off rate of about 3.5% of the outstanding principal. About 15,000 employees from over 120 different employers will have taken a No-Credit Check advance in 2022 totaling about $30,000,000 in consumer loans. Over the next twelve months, more than $18,000,000 in loan payments will be processed by TrueConnect through payroll deduction. The Debtor is a wholly-owned subsidiary of Emp Loan Holdings Inc. In February of 2018, Employee Loan Solutions Inc. converted to the current corporate structure simultaneously with the closing of two loans from Sunrise Banks, National Association totaling $7,600,000. The Bank is a non-statutory insider of the Debtor because the Bank's Chairman and CEO, David Reiling, was one of the original investors in the Debtor. Mr. Reiling also owns 51,075 shares of Holdings. The Debtor became cash-flow positive in 2022, however, it will be unable to pay off the Loan with the Bank by the maturity date of December 31, 2022. Since the summer of 2020, the Debtor has approached the Bank multiple times in an attempt to restructure, extend or renegotiate the approximate $7,600,000 debt owed, without success. In July of 2022, the Debtor engaged an investment banker, Impact Capital, to assist the Debtor in a potential sale or capital infusion. Although Impact Capital has solicited several interested purchasers and potential lenders, the Bank has refused to extend the Maturity Date, which necessitated the Debtor's bankruptcy filing. According to court filings, Employee Loan Solutions estimates between $1 million to $10 million in total debt owed 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 Jan. 10, 2023, at 10:00 a.m. at 880 Front St., Edward J. Schwartz Bldg, 1st Fl, Room 1234 (B), San Diego, CA 92101. To access telephonic 341 meeting, call 877-327-1920 and enter passcode 7293433# when prompted. Proofs of claim are due by Feb. 24, 2023. About Employee Loan Solutions Employee Loan Solutions LLC provides safe, affordable financial support and hope to employees in need. Employee Loan Solutions LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 22-03210) on Dec. 16, 2022. In the petition filed by Douglas Farry, as CEO, the Debtor reported assets between $10 million and $50 million and liabilities between $1 million and $10 million. The Debtor is represented by: Caroline Djang, Esq. Buchalter 10755 Scripps Poway Parkway San Diego, CA 92131 ENVISION HEALTHCARE: $1B Bank Debt Trades at 66% Discount --------------------------------------------------------- Participations in a syndicated loan under which Envision Healthcare Corp is a borrower were trading in the secondary market around 34.3 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $1 billion facility is a term loan. It is scheduled to mature on March 31, 2027. The amount is fully drawn and outstanding. Envision Healthcare Corporation provides health care services. The Hospital offers surgery, pharmacy, medical imaging, emergency care, and other related health care services. Envision Healthcare serves patients in the United States. ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 58% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Envision Healthcare Corp is a borrower were trading in the secondary market around 42.1 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $5.45 billion facility is a term loan. It is scheduled to mature on October 10, 2025. About $3.75 billion of the loan is withdrawn and outstanding. Envision Healthcare Corporation provides health care services. The Hospital offers surgery, pharmacy, medical imaging, emergency care, and other related health care services. Envision Healthcare serves patients in the United States. EYECARE PARTNERS: $750M Bank Debt Trades at 18% Discount -------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 81.6 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $750 million facility is a term loan. It is scheduled to mature on February 20, 2027. The amount is fully drawn and outstanding. Eyecare Partners, LLC provides eye care services. The Company offers eye care practices, treatment, eye wears, lenses, and other related products and services. Eyecare Partners serves customers in the United States. FAST RADIUS: Unsecureds to Recover 1% in Sybridge Sale Plan ----------------------------------------------------------- Fast Radius, Inc., and its debtor-affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Joint Chapter 11 Plan dated December 19, 2022. During the chapter 11 cases, the Debtors, their management team, and their advisors continued work tirelessly to market the Debtors' business with the goal of identifying the optimal buyer or financial partner as part of the chapter 11 process. On Dec. 7 and Dec. 8, 2022, the Debtors conducted the auction in person and via remote video for the sale of substantially all of their assets. Upon the conclusion of the auction, 36 hours later, SyBridge Digital Solutions LLC was named the successful bidder and BigBear and TRG were named the backup bidders. The Debtors estimate that the SyBridge going-concern transaction generates a total estimated value of nearly $17 million, inclusive of more than $13 million of cash, offers to 75% of the Debtors' employees, the proposed assumption of more than 100 contracts and up to more than $2.4 million of liabilities, among other things. The SyBridge transaction was proposed and entered into by the Purchaser and the Debtors in good faith, after arm's length negotiations, and without collusion. The SyBridge transaction constitutes the highest or otherwise best offer for the assets, and the Debtors' determination, in consultation with the consultation parties, that the transactions contemplated under the Purchase Agreement constitute the highest or otherwise best offer for the Debtors' assets based on a review of the components of the bid as compared to the next highest bid and discussion of those factors with both the consultation parties and the Debtors' board of directors (excluding Mr. Rassey) and based on advice the Board received from its professional advisors: Lincoln, DLA Piper LLP (US), and Alvarez & Marsal North America, LLC. On Dec. 16, 2022, the Closing Date—the Debtors and the Purchaser consummated the Sale Transaction. Pursuant to, and subject to the terms of, the Sale Order, on the Closing Date, the Debtors distributed approximately $7.8 million of Cash to SVB and approximately $2.0 million to SVB Capital while escrowing the remaining $2.0 million of Cash consideration paid by the Purchaser as part of the Sale Transaction. The Debtors also escrowed $1.5 million pursuant to the Sale Order in respect of Lincoln's potential fees. Class 4 shall consist of all General Unsecured Claims against the Debtors. Class 4 Claims are Impaired by the Plan. Each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, settlement, and release, and in exchange for, such General Unsecured Claim, (i) its Pro Rata share of the GUC Recovery; and (ii) if such Holder votes to accept the Plan, such Holder shall be deemed a Released Party for all purposes hereunder. This Class will receive a distribution of less than 1% of their allowed claims. Class 5 shall consist of all Intercompany Claims and Intercompany Interests. Each Allowed Intercompany Claim or Intercompany Interest, unless otherwise provided for under the Plan, will either be Reinstated or cancelled and released at the option of the Debtors. Class 6A shall consist of all Interests in Debtor Fast Radius, Inc. Because Holders of such Class 6A Interests will not receive any Distribution under the Plan, Holders of Class 6A Interests are deemed to reject the Plan and, therefore, not entitled to vote on the Plan. On the Effective Date, Interests in Debtor Fast Radius, Inc. shall be canceled, released, and expunged without any Distribution on account of such Interests, and such Interests will be of no further force or effect. The Wind-Down Debtor will fund distributions under the Plan with Cash held on the Effective Date by or for the benefit of the Debtors or the Wind-Down Debtor, including the remaining Sale Transaction Cash proceeds due and payable under the Purchase Agreement and Sale Order after the Closing Date, the proceeds of any non-Cash assets held by the Wind-Down Debtor, and the assumption of liabilities by the Purchaser under the Purchase Agreement and Sale Order. On the Effective Date, Debtor Fast Radius Operations, Inc. shall continue in existence after the Effective Date as the Wind-Down Debtor for purposes of (a) winding down the Debtors' businesses and affairs as expeditiously as reasonably possible and liquidating any assets held by the Wind-Down Debtor after the Effective Date and after the consummation of the Sale Transaction, (b) performing the Debtors' obligations under the Purchase Agreement or any transition services agreement entered into on or after the Effective Date by and between the Debtors and the Purchaser, (c) resolving any Disputed Claims, (d) paying or otherwise satisfying Allowed Claims, (e) filing appropriate tax returns, and (f) administering the Plan in an efficacious manner. A full-text copy of the Combined Disclosure Statement and Plan dated Dec. 19, 2022, is available at https://bit.ly/3I4faAV from Stretto, Inc., claims agent. Co-Counsel for Debtors: Rachel Ehrlich Albanese, Esq. DLA Piper, LLP (US) 1251 Avenue of the Americas New York, NY 10020 Phone: 212-335-4775 Fax: +1 212 884 8575 Email: Rachel.albanese@us.dlapiper.com R. Craig Martin, Esq. 1201 N. Market Street, Suite 2100 Wilmington, Delaware 19801 Telephone: (302) 468-5700 Facsimile: (302) 394-2341 Email: craig.martin@us.dlapiper.com W. Benjamin Winger, Esq. 444 West Lake Street, Suite 900 Chicago, Illinois 60606 Telephone: (312) 368-4000 Facsimile: (312) 236-7516 Email: benjamin.winger@us.dlapiper.com Co-Counsel for the Debtors: Daniel N. Brogan, Esq. Bayard, P.A. 600 N. King Street, Suite 400 P.O. Box 25130 Wilmington, DE 19899 Tel: (302) 429-4242 Email: dbrogan@bayardlaw.com About SyBridge Technologies SyBridge Technologies was established in 2019 by Crestview Partners to create a global technology leader that provides value-added design and manufacturing solutions across multiple industries. SyBridge is the combination of 13 acquisitions made to combine different products, services and technologies into a singular technology enabled solution. SyBridge is based in Southfield, Michigan and has operations in the United States, Canada, Mexico and Ireland. On the Web: http://www.sybridgetech.com/ About Fast Radius Fast Radius, Inc. (OTCMKTS: FSRDQ) is a cloud manufacturing and digital supply chain company in Chicago, Ill. Fast Radius, Inc. and affiliates, Fast Radius Operations, Inc. and Fast Radius PTE Ltd., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-11051) on Nov. 7, 2022. In the petition signed by Patrick McCusker, authorized signatory, Fast Radius, Inc. disclosed $69.329 million in assets and $55.212 in liabilities. The Debtors tapped DLA Piper LLP (US) and Bayard, P.A., as legal counsels; Lincoln Partners Advisors, LLC, as investment banker; Alvarez & Marsal North, America, LLC as financial advisor; and Stretto, Inc. as claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Nov. 18, 2022. The committee is represented by Potter Anderson Corroon, LLP. FRANKIE'S COMICS: Court OKs Interim Cash Collateral Access ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina Raleigh Division, authorized Frankie's Comics LLC to use cash collateral on an interim basis in accordance with the budget. The Debtor requires the use of the funds in the bank account to continue normal operations and to maintain its going concern value. Frankie's Comics started doing business as an online retailer of comic books in 2015. In 2021, Frankie's Comics opened a brick-and-mortar store in Apex, North Carolina. Sales declined as the pandemic wore on in the end of 2021. Frankie's Comics took out several high-interest loans, which burdened its ability to operate. The Debtor closed the brick-and-mortar store, but plans to re-open the store in 2023. Frankie's Comics continues to run its online comic sales business. A review of the North Carolina Secretary of State's UCC filings reveals the following financing statements which might perfect a lien on cash collateral: a. File # 20200061763J recorded May 26, 2020, in favor of U.S. Small Business Administration, 2 North Street, Suite 320, Birmingham, AL 35203; b. File # 20220080891C recorded June 8, 2022, in favor of CHTD Company, P.O. Box 2576, Springfield, IL 62708; c. File # 20220097680H recorded June 14, 2022, in favor of First Corporate Solutions, as representative, 914 S. Street, Sacramento, CA 95811; d. File # 20220122362C recorded September 6, 2022, in favor of Corporation Service Company as representative, P.O. Box 2576. Springfield, IL 62708; e. File # 20220145062F recorded October 26, 2022, in favor of CT Corporation System, as representative, 330 N. Brand Blvd., Suite 700: ATTN: SPRS, Glendale, CA 90210; and f. File # 20220153194M recorded on November 15, 2022, in favor of Corporation Service Company as representative, P.O. Box 2576. Springfield, IL 62708. As adequate protection, and to the extent that cash collateral is used, the Potential Secured Creditors will receive a post-petition lien on the Debtor's cash and inventory to the extent of the use and to the extent that the pre-petition lien in the same type of collateral was valid, perfected, enforceable, and non-avoidable as of the petition date. A further hearing on the matter is set for January 11, 2023 at 1 p.m. A copy of the order is available at https://bit.ly/3hIgcYO from PacerMonitor.com. About Frankie's Comics, LLC Frankie's Comics, LLC is a comic book store in Apex, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 22-02892) on December 14, 2022. In the petition signed by Kevin Fields, owner/manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC, represents the Debtor as legal counsel. FREE SPEECH: Alex Jones' Bid for $1.3-Mil. Salary Pushed Back ------------------------------------------------------------- Vince Sullivan of Law360 reports that a Texas bankruptcy judge delayed considering a requested increase in salary for right-wing conspiracy monger Alex Jones from his bankrupt podcast company Monday, December 19, 2022, saying he needs to see the $1.3 million employment contract Jones signed with debtor Free Speech Systems before ruling on the matter. About Alex Jones and Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. The Debtors agreed to the dismissal of the Chapter 11 cases in June 2022 after the Sandy Hook victim families dismissed the three bankrupt companies from their lawsuits. Free Speech Systems filed a voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-60043) on July 29, 2022. In the petition filed by W. Marc Schwartz, as chief restructuring officer, the Debtor reported assets and liabilities between $50 million and $100 million. Melissa A Haselden has been appointed as Subchapter V trustee. Alexander E. Jones filed for personal bankruptcy under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 4:22-bk-60043) on Dec. 2, 2022, listing $1 million to $10 million in assets against liabilities of $1 billion to $10 billion in liabilities. Raymond William Battaglia, of Law Offices of Ray Battaglia, PLLC, is FSS's counsel. Raymond W. Battaglia and Crowe & Dunlevy, P.C., led by Vickie L. Driver, Christina W. Stephenson, Shelby A. Jordan, and Antonio Ortiz are representing Alex Jones. GAUCHO GROUP: Stockholders Approve 1.25M Shares Issuance -------------------------------------------------------- As previously reported in Gaucho Group Holdings, Inc.'s Quarterly Report on Form 10-Q for the period ended Sept. 30, 2022 and as filed with the Securities and Exchange Commission on Nov. 18, 2022, the Company commenced an offering of a series of 7% convertible promissory notes to accredited investors in the amount of up to $1,500,000 (inclusive of principal and interest), assuming a conversion price of the Notes at $2.40, and an additional $3,750,000 assuming exercise of all the warrants at $6.00. On Dec. 19, 2022, at a special meeting of the stockholders of the Company, the stockholders approved, for purposes of complying with Nasdaq Listing Rule 5635(d), the issuance of up to 1,250,000 shares of the Company's common stock upon the conversion of the Notes without giving effect to the 19.99% cap provided under Nasdaq Rule 5635(d). Also on Dec. 19, 2022, Notes representing a total of $1,484,000 of principal and $13,710 of interest were mandatorily converted into 624,084 units consisting of one share of common stock and one warrant to purchase one share of common stock at a conversion price of $2.40 per unit. The Warrants are exercisable at a price of $6.00 per share and carry a term of one year. For this sale of securities, there was no general solicitation and no commissions paid, all purchasers were accredited investors, and the Company is relying on the exemption from registration available under Section 4(a)(2) and/or Rule 506(b) of Regulation D promulgated under the Securities Act with respect to transactions by an issuer not involving any public offering. A Form D was filed with the SEC on Oct. 19, 2022, and an amended Form D was filed on Dec. 23, 2022. About Gaucho Group Headquartered in New York, NY, Gaucho Group Holdings, Inc. -- http://www.algodongroup.com-- was incorporated on April 5, 1999. Effective Oct. 1, 2018, the Company changed its name from Algodon Wines & Luxury Development, Inc. to Algodon Group, Inc., and effective March 11, 2019, the Company changed its name from Algodon Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned subsidiaries, GGH invests in, develops and operates real estate projects in Argentina. GGH operates a hotel, golf and tennis resort, vineyard and producing winery in addition to developing residential lots located near the resort. In 2016, GGH formed a new subsidiary and in 2018, established an e-commerce platform for the manufacture and sale of high-end fashion and accessories. The activities in Argentina are conducted through its operating entities: InvestProperty Group, LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its wines in Europe through its United Kingdom entity, Algodon Europe, LTD. Gaucho Group reported a net loss of $2.39 million for the year ended Dec. 31, 2021, a net loss of $5.78 million for the year ended Dec. 31, 2020, and a net loss of $6.96 million for the year ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had $25.39 million in total assets, $6.86 million in total liabilities, and $18.53 million in total stockholders' equity. GIRARDI & KEESE: CFO Kamon Charged With Felony Wire Fraud Claims ---------------------------------------------------------------- Joyce E. Cutler and David McAfee of Bloomberg Law report Ex-Girardi Keese chief financial officer Christopher Kamon is facing in California federal criminal wire fraud charges for what prosecutors said was a $10 million scheme to steal from the now-defunct law firm. Mr. Kamon was held without bail in a Maryland jail on a warrant from the US District Court for the Central District of California that prosecutors say remains sealed. US Marshals on Nov. 7, 2022, arrested Kamon at Baltimore-Washington International Airport. The California bar and a Chicago federal judge said plaintiffs' lawyer Thomas Girardi stole client funds owed to victims and co-counsel in order to feed a lavish lifestyle for himself and his celebrity wife, Real Housewives of Beverly Hills star Erika Jayne Girardi. Creditors, including former named partner Robert Keese, forced Girardi and the firm into involuntary bankruptcy. Girardi, who has since been deemed incompetent to manage his own affairs, was disbarred in June. Mr. Kamon stole more than $10 million through a lucrative "side fraud" that funded numerous new cars, several swanky homes in California and the Bahamas, and an escort on his personal payroll whom he paid $20,000 per month, Assistant US Attorney Colleen McGuinn told Magistrate Judge Matthew Maddox at a Nov. 10 hearing at the US District Court for the District of Maryland. Mr. Kamon has been expected to appear in California pending his cross-country transfer. Mr. Kamon separately is defending a racketeering lawsuit that Edelson PC filed against Girardi Keese and some of its former attorneys and officers. Edelson was local counsel working with Girardi Keese in litigation against Boeing Co. concerning the 2018 crash of Indonesia's Lion Air flight 610. More than $495 million in claims were filed in US Bankruptcy Court for the Central District of California against Girardi Keese, and another $243 million in claims against Girardi himself. Skadden, Arps, Slate, Meagher & Flom LLP represents Kamon. The case is United States v. Kamon, C.D. Cal., 12/19/22. 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 GLOBAL TEL LINK: $475M Bank Debt Trades at 23% Discount ------------------------------------------------------- Participations in a syndicated loan under which Global Tel*Link Corp is a borrower were trading in the secondary market around 77.2 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $475 million facility is a term loan. It is scheduled to mature on November 29, 2026. The amount is fully drawn and outstanding. Global Tel*Link provides integrated technology solutions. The Company offers communication, intelligence, education, enterprise management, payment and deposit solutions, as well as inmate services. HANSABEN INVESTMENTS: Bank Files Amendment to Disclosure Statement ------------------------------------------------------------------ Poppy Bank, the largest creditor of Debtor Hansaben Investments, LLC, submitted a Second Amended Disclosure Statement in support of Chapter 11 Plan dated December 19, 2022. This is a liquidating Plan. On the Effective Date, a date fifteen days after the Bankruptcy Court enters its Confirmation Order, Atlas Property Group ("Broker"), a real estate broker with expertise in marketing and selling California hotels such as the Debtor's sole asset, will immediately list the Hotel for sale and use its best efforts to procure a signed contract for sale with a competent buyer and operator. The deadline to close a sale ("Sale Transaction"), unless the Bankruptcy Court extends the deadline for cause, will be 5 months after the Effective Date ("Sale Deadline"). Any such sale will be subject to overbid and then, to Bankruptcy Court approval. The Bank will have the right to credit bid as an overbidder in response to any such sale offer. If there is no approved or closed sale by the Sale Deadline, the Bank can complete its foreclosure sale against the Hotel. The Bank believes that any Hotel sale likely will be a short sale, in that the expected proceeds likely will not be sufficient to pay off its liens, the outstanding real property taxes, the past due sums owing to its franchisor, La Quinta Franchising, LLC (whose franchise or license agreement will be assumed under the Plan), the broker's commission, and other costs of sale. Accordingly, the Plan provides that the Bank will pay or cause to be paid, regardless of the outcome of the sale process, all such claims even though it is not obligated to do so. The Plan also requires the Bank to pay or cause to be paid all Allowed Administrative Priority Claims, such as professional fees and costs, and other Unclassified Claims, on the later of the Effective Date or when the Claims become allowed. With regard to the transient occupancy tax claims ("TOT") owing to the City of Fairfield, currently exceeding $305,000 (reduced upon recalculation from the proof of claim amount of $417,000), the Plan provides that TOT will be paid in full over 5 years under the Plan, and likely sooner than that because a purchaser through a Sale Transaction would assume personal liability for TOT under applicable California law, and if it failed to pay or reach agreement to do so with the City of Fairfield, the Bank would pay TOT over time in consideration of indemnity claims against the buyer if it does not pay. The Plan in any case requires the Bank to make or cause to be made the first payment to the City of Fairfield within 90 days of the Effective Date. The Plan provides Creditors who hold Allowed Unsecured Claims with a pot in the amount of $50,000 to be distributed, Pro Rata, to the holders of such Claims on or promptly after the Effective Date. The Bank calculates that amount of the Unsecured Claims totals $603,658.65. This total is derived from the Debtor's Schedules, and from the proofs of claim filed in the case. Included as a general Unsecured Claim is the $519,361.30 claim filed by the United States Small Business Administration ("SBA"), which provided a loan to the Debtor in 2021 secured only by the furniture and equipment at the Hotel, a third priority lien behind the Bank's secured claims, a lien that has no value. Also included as a general Unsecured Claim is $6,060 of a Claim filed by the Franchise Tax Board secured by a fourth priority lien against the Debtor’s personal property. The Plan provides further that if there is a Sale Transaction and there are surplus funds from the sale, those will be distributed Pro Rata to the holders of Allowed Unsecured Claims. The ownership interests in the Debtor will receive no distributions. A full-text copy of the Second Amended Disclosure Statement dated December 19, 2022, is available at https://bit.ly/3I0eWuy from PacerMonitor.com at no charge. Attorneys for Poppy Bank: Mitchell B. Greenberg, Esq. mgreenberg@abbeylaw.com ABBEY, WEITZENBERG, WARREN & EMERY, P.C. 100 Stony Point Road, Suite 200 Santa Rosa, CA 95401 Telephone: 707-542-5050 Facsimile: 707-542-2589 About Hansaben Investments Hansaben Investments, LLC, owns the 60-room franchised La Quinta Inn and Suites located at 316 Pittman Road, Fairfield, CA. The entity is owned by the Patel Family, and Hitesh Patel is the manager. Hansaben Investments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-30258) on May 25, 2022. In the petition filed by Hitesh Patel, manager, the Debtor disclosed $10,030,061 in assets and $8,330,389 in liabilities. Judge Dennis Montali oversees the case. Thomas Willoughby, Esq., at Felderstein Fitzgerald Willoughby Pascuzzi Rios LLP, is the Debtor's counsel. Two other affiliates controlled by the Patel family have sought Chapter 11 protection: Prithvi Investments, LLC, and Rudra Investments, LLC. HOBBY LOBBY: Court OKs Interim Cash Collateral Access ----------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey authorized Hobby Lobby Marine 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 to operate its business. In addition to Hanover Bank's security interests, liens, rights, and other interests in and with respect to its collateral, as adequate protection for and to secure the payment of an amount equal to any diminution in the value of its collateral, the Debtor grants to the Bank postpetition replacement liens/security interests under Bankruptcy Code section 361(2) on all property of the Debtor and its estate. The Replacement Liens granted to the Bank are valid, enforceable, and fully perfected liens without any action by Debtor or the Bank, and no filing or recordation or other act that otherwise may be required under federal or state law in any jurisdiction will be necessary to create or perfect such liens and security interests. The Replacement Liens will survive the entry of any order: (i) converting the Chapter 11 Case to a case under chapter 7 of the Bankruptcy Code; (ii) dismissing the Chapter 11 Case; (iii) appointing a Chapter 11 trustee (other than a Subchapter V trustee) or examiner with expanded powers; and any Replacement Lien granted pursuant to the Interim Order will continue in full force and effect notwithstanding the entry of such an order, and such replacement Lien will maintain any priority granted in the Interim Order. The Replacement Liens will be senior to any other security interests, liens, or encumbrances, subject only to, in the following order of priority (a) valid, perfected, and enforceable prepetition liens which were senior to the Bank's respective liens or security interests as of the Petition Date and (b) the payment of the United States Trustee's fees, pursuant to 28 U.S.C. section 1930 and any court approved fees owed to the Subchapter V Trustee. A final hearing on the matter is set for January 24, 2023 at 10 a.m. A copy of the order and the Debtor's budget is available at https://bit.ly/3WmprwI from PacerMonitor.com. The Debtor projects $24,700in total income and $25,413 in total expenses for January 2023. About Hobby Lobby Marine LLC Hobby Lobby Marine LLC operates a successful and long-standing family-owned marina that has operated in Toms River, NJ since 1961. In addition to selling new and used watercraft and boating equipment, the Debtor rent 84 slips to customers, provide storage solutions, and provide repair and other customary marine services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 22-19381) on November 28, 2022. In the petition signed by Robert Tweer, co-managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Kathryn C. Ferguson oversees the case. The Law Offices of Douglas T. Tabachnik, P.C., is the Debtor's counsel. HUMANIGEN INC: Agrees to Settle Dispute With Catalent for $12-Mil. ------------------------------------------------------------------ Humanigen, Inc. and Catalent Pharma Solutions, LLC have entered into a settlement agreement resolving certain previously reported disputes between the Company and Catalent that had arisen under the Multiple Facility Clinical Supply and Services Agreement ("MSA") dated July 31, 2020, by and between Catalent and the Company, pursuant to which Catalent had agreed to perform certain services relating to the manufacturing of lenzilumab, the Company's lead product candidate. As disclosed in a Form 8-K filed with the Securities and Exchange Commission, the Company agreed to make a one-time payment of $12 million to Catalent in full satisfaction of all of the Company's payment obligations under the MSA for products and prior services, as well as cancellation fees Catalent claimed to be owed. In consideration of its receipt of the Settlement Payment, which the Company made on Dec. 22, 2022, Catalent waived and released Catalent's rights to pursue all payments, claims, or invoices for such products and services and cancellation fees, as well as for some limited additional work to be performed by Catalent, quantified at approximately $23.5 million in the aggregate. The terms and conditions of the MSA generally will remain in full force and effect with respect to any ongoing activities and additional work to be performed by Catalent. About Humanigen Inc. Based in Brisbane, Calif., Humanigen, Inc. (OTCQB: HGEN), formerly known as KaloBios Pharmaceuticals, Inc. -- http://www.humanigen.com -- is a clinical-stage biopharmaceutical company focused on developing lenzilumab, a first-in-class antibody that binds to and neutralizes granulocyte-macrophage colony-stimulating factor. Humanigen is developing lenzilumab as a treatment for chronic myelomonocytic leukemia and acute graft versus host disease. Humanigen is also exploring use of lenzilumab to prevent toxicities associated with CAR-T therapy through investigator-initiated trials. Humanigen is also developing an antibody drug conjugate (ADC) utilizing its EphA-3 targeted monoclonal antibody ifabotuzumab (ifab) for solid tumors. Humanigen reported a net loss of $236.65 million for the 12 months ended Dec. 31, 2021, a net loss of $89.53 million for the 12 months ended Dec. 31, 2020, and a net loss of $10.29 million for the 12 months ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had $25.97 million in total assets, $78.37 million in total liabilities, and a total stockholders' deficit of $52.40 million. Ridgeland, Mississippi-based Horne LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Feb. 28, 2022, citing that the Company has suffered recurring losses from operations and its total liabilities exceed its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. JOURNEY PERSONAL: Moody's Cuts CFR & First Lien Term Loan to Caa2 ----------------------------------------------------------------- Moody's Investors Service downgraded the ratings of Journey Personal Care Corp. including the company's Corporate Family Rating to Caa2 from B3, Probability of Default Rating to Caa2-PD from B3-PD, and the existing first lien term loan rating to Caa2 from B3. The rating outlook is negative. The rating downgrades reflect the company's high financial leverage and weak free cash flow generation driven by high inflationary costs, such as raw materials, ocean freight, utilities, and energy, that are constraining profitability. EBITDA margin erosion through the first nine months of 2022 is meaningful, as Journey has been unable to sufficiently offset historically high raw material costs despite pricing actions and cost savings initiatives. Moody's expects the EBITDA margin to recover by about 500bps in 2023, which will be dependent on the company's ability to continue to raise prices and raw materials costs decreasing. Declining earnings pushed debt/EBITDA leverage extremely high, above 20x as of September 30, 2022 (Moody's adjusted), and while Moody's expects improvement in 2023, leverage is forecast to fall to around 10x to 11x over the next 12 months with free cash flow remaining negative in a range of $10 to $15 million. Governance risk considerations are material to the rating action. The company faces high governance risk reflecting an aggressive financial policy with regards to sustained elevated leverage. Governance risk is further exacerbated by private equity ownership, which increases the risk of shareholder friendly actions that come at the expense of creditors including elevated risk of a distressed exchange. Such risks are key factors in the downgrade and result in the company's Credit Impact Score moving to CIS-5 from CIS-4 and the governance IPS to G-5 from G-4. The following ratings/assessments are affected by the action: Ratings Downgraded: Issuer: Journey Personal Care Corp. Corporate Family Rating, Downgraded to Caa2 from B3 Probability of Default Rating, Downgraded to Caa2-PD from B3-PD Senior Secured Bank Credit Facility, Downgraded to Caa2 (LGD4) from B3 (LGD4) Outlook Actions: Issuer: Journey Personal Care Corp. Outlook, Remains Negative RATINGS RATIONALE Journey's Caa2 CFR reflects the company's very high financial leverage, weak operating margins, rising interest expense that will restrain free cash flow, and uncertainty around when the company will be able to stabilize its operations and return to revenue and earnings growth. Journey's ability to take pricing actions across the healthcare portion of its product portfolio, which accounts for about 50% of revenue, is limited. Specifically, in the portion of the business under reimbursed healthcare tenders, negotiations outside of the contracted terms are unusual, although the company has been successful in working with its customers to partially mitigate the effects of rising costs and taking pricing when contracts are up for renewal. Pricing actions in the retail segment, which accounts for the remaining 50% of revenue, have been effective and are partially mitigating inflationary cost pressures. Moody's forecasts the EBITDA margin will improve to a mid-single digit range in 2023 because of earnings improvement as input costs moderate over the next 12 months. Moody's projects free cash flow will be negative over the next year including headwinds from rising interest rates. Increasing revolver utilization is also weakening liquidity. Journey's credit profile benefits from the company's good market position in branded and private label products, increasing demand for adult incontinence products given the growth of the target population, stable demand in baby diapering products and diversified channel distribution. The company's branded products, a majority of which are sold in its healthcare/institutional and direct to consumer segments, provide a stable source of demand. Journey's strategy will primarily focus on increasing penetration in the adult incontinence category. Other risks include successfully managing the company through an intensely competitive operating environment that will require strong execution. Customer concentration with large retailers is high, though these relationships are good, and Journey's products are important customer traffic drivers. Aggressive financial policies under financial sponsor ownership include high leverage and elevated risk of a distressed exchange. Liquidity is weak, when considering projected negative free cash flow and increasing revolver usage. Journey's cash balance was $24.9 million as of September 30, 2022, and the company also has $62.8 million available under its $120 million asset-based revolver ("ABL", unrated) at the end of September. Moody's believes these cash sources provide adequate coverage for required term loan amortization and operational needs. There are no term loan financial maintenance covenants and Moody's does not expect revolver availability to fall below the 10% level that would trigger the minimum 1.0x fixed charge coverage ratio. The maturity profile is good with the ABL expiring in 2026 and the term loan maturing in 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects Moody's expectation that Journey's market share is vulnerable when compared to better capitalized competitors, expectations that free cash flow will be negative because of inflationary pressures and rising interest, and liquidity that is weakened by increasing revolver usage. The ratings could be downgraded if Journey is unable to stabilize revenue and restore EBITDA growth over the next 12 months, if liquidity weakens for any reason, or debt/EBITDA leverage remains elevated. The ratings could also be downgraded if the company is unable to maintain market share, experiences retail distribution losses, or pricing does not keep pace with costs. Debt funded acquisitions or shareholder distributions could also lead to a downgrade. An upgrade would require that the company stabilize and improve earnings including successfully implementing actions to mitigate cost pressures. An upgrade would also require Journey to generate consistent positive free cash flow and materially reduce leverage. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. Journey Personal Care Corp (dba Attindas Hygiene Partners, headquartered in Raleigh, North Carolina) designs, manufactures and sells a range of branded and partner-branded adult incontinence products including protective underwear, briefs, underpads, and pads as well as diapers and training pants for babies throughout the United States and Europe. Journey generated approximately $946 million in annual revenue for the latest twelve months ending September 30, 2022, and was acquired by private equity firm American Industrial Partners in a March 2021 leveraged buyout. K&N PARENT: $100M Bank Debt Trades at 81% Discount -------------------------------------------------- Participations in a syndicated loan under which K&N Parent Inc is a borrower were trading in the secondary market around 19.0 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $100 million facility is a term loan. It is scheduled to mature on October 20, 2024. The amount is fully drawn and outstanding. K&N Parent, Inc. operates as a designer and manufacturer of performance automotive aftermarket products. The Company offers air filters, intakes, oil filters, cabins, and accessories. KC FXE AVIATION: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: KC FXE Aviation Investments, LLC 5901 NW 24th Way Fort Lauderdale, FL 33309 Chapter 11 Petition Date: December 26, 2022 Court: United States Bankruptcy Court Southern District of Florida Case No.: 22-19815 Judge: Hon. Scott M. Grossman Debtor's Counsel: Michael D. Seese, Esq. SEESE, P.A. 101 N.E. 3rd Avenue Suite 1500 Fort Lauderdale, FL 33301 Tel: 954-745-5897 Email: mseese@seeselaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ignacio Martinez as designated representative. 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/MR7N6NY/KC_FXE_Aviation_Investments_LLC__flsbke-22-19815__0001.0.pdf?mcid=tGE4TAMA KNIGHT HEALTH: $450M Bank Debt Trades at 40% Discount ----------------------------------------------------- Participations in a syndicated loan under which Knight Health Holdings LLC is a borrower were trading in the secondary market around 60.4 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $450.0 million facility is a term loan. It is scheduled to mature on December 23, 2028. The amount is fully drawn and outstanding. Knight Health Holdings LLC is a provider of a community-based acute and post-acute care, with 18 short-term acute care hospitals and 61 long-term acute care facilities across 25 states. LEADING LIFE: Wins Cash Collateral Access, DIP Loan --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, authorized Leading Life Senior Living, Inc. to use cash collateral in accordance with the budget, with a 10% variance, and obtain post-petition financing, on a final basis. The Debtor is permitted to obtain a senior secured super-priority term loan from a special purpose vehicle affiliated with Berkeley Alternative Income Fund I, LLC with a special purpose vehicle affiliated with BAIF as the administrative and collateral agent and granting adequate protection to the Debtor's prepetition secured creditor, UMB Bank, N.A., as indenture trustee. The DIP Facility is a senior secured super-priority delayed draw term loan facility in an aggregate principal amount of up to an amount determined, after consultation with the CRO and the Trustee, in the sole discretion of the DIP Lender and, if such amount exceeds $2.275 million with the consent of the Trustee, based upon the Debtor's liquidity needs. The DIP Loan is a delayed draw term loan and shall not be a revolving credit facility. Therefore, the DIP Loan will not be available to be re-borrowed. The proceeds of the loans made under the DIP Facility will be used by the Debtor (i) for working capital purposes and administrative expenses incurred in the Case in accordance with the Budget, (ii) to pay the fees and expenses of the DIP Lender as provided thereunder and in the DIP Documentation, (iii) to pay adequate protection payments to the Bond Trustee, and (iii) to repay in full all loans and other amounts outstanding under the DIP Loan. The Debtor is obligated to UMB Bank, N.A, solely in its capacity as trustee under the Indenture for the benefit of the beneficial holders of the Bonds authorized and issued by the Oklahoma Development Finance Authority, pursuant to that certain Trust Indenture, dated as of December 1, 2017 by and between the Issuer and the Trustee. Pursuant to the Indenture, Issuer issued $30.275 million aggregate principal amount of Revenue Bonds consisting of: (i) $14.640 million Senior Living Revenue Bonds (Leading Life Senior Living, Inc. - Autumn Leaves Project) Series 2017A-1 (the "Series 2017A1 Bonds"); (ii) $3.240 million Senior Living Revenue Bonds (Leading Life Senior Living, Inc. - Autumn Leaves Project) Taxable Series 2017A-2; and (iii) $12.395 million Senior Living Revenue Bonds (Leading Life Senior Living, Inc. - Autumn Leaves Project) Second Tier Series 2017B. As adequate protection of the interests of the Trustee in the Collateral, the Trustee is granted additional valid and perfected replacement security interests in, and liens on the Collateral, which will be senior to any and all other administrative expense claims, but junior only to the Carve-Out Reserve and DIP Liens. To the extent of a diminution in value and subject to the Carve-Out Reserve and the DIP Claims, the Trustee, will be granted pursuant to Sections 503(b) and 507(b) of the Bankruptcy Code, an allowed super-priority administrative expense claim in the Case with respect to the Debtor and any successor cases, which will have priority in the Case under sections 363(c)(1), 503(b) and 507(b) of the Bankruptcy Code and otherwise over all administrative expense claims and unsecured claims against the Debtor and its estate, junior only to the Carve Out Reserve, the DIP Liens, and the DIP Claims. These events constitute an "Event of Default": a. Failure to meet any of the Milestones absent the written consent and agreement of the DIP Agent and Trustee. b. Failure to obtain entry of the Interim Order by the 5th business day following the Petition Date absent the consent and written agreement of the DIP Agent and Trustee; c. Failure to obtain entry of the Final Order by the 45th day following the Petition Date, absent the consent and written agreement of the DIP Agent and Trustee; d. Failure to comply with the terms of the Interim Order or the Final Order; e. Failure to comply with the Budget (subject to any permitted variances); f. Failure of the Debtor to perform (or to cause the performance of, as applicable), any term, provision, condition, covenant, or obligation under any DIP Documentation and such failure not being remedied within five business days; provided that the foregoing grace period will not apply to (a) entry of a Final Order and (b) failure to meet any of the Milestones, subject to any written extension granted in the discretion of the DIP Agent and the Trustee; g. So long as the Commitment remains below $2.275 million or such higher amount as agreed to by the Trustee, without the consent of the DIP Agent, the filing of any motion by the Debtor seeking approval of (or the entry of an order by the Bankruptcy Code approving) adequate protection to the Trustee that is inconsistent with the Term Sheet or the DIP Order; h. The filing of any motion by the Debtor seeking to obtain credit or incur indebtedness, or the obtaining of credit and incurrence of indebtedness, by any Debtor that is: (i) secured by a security interest, mortgage or other lien on all or any portion of the Collateral which is equal or senior to any security interest, mortgage, or other lien in favor of the DIP Agent described in the Term Sheet or equal or senior to any security interest, mortgage, or other lien in favor of the Trustee, or (ii) entitled to administrative priority status which is equal or senior to the DIP Claims (other than the Carve-Out Reserve and the break-up fee and expense reimbursement under the APA) described in the Term Sheet; i. The filing or commencement of any action or proceeding (other than an action to enforce the Debtor's rights under any breach of the DIP Facility, DIP Documents or orders of the Bankruptcy Court) against the Trustee or the DIP Agent by or on behalf of the Debtor or any of the Debtor's affiliates or any of their respective shareholders or agents; j. The filing or commencement of any action or proceeding for authority to recover by any person from the Collateral or any adequate protection liens granted with respect thereto for any costs of preservation or disposition thereof under section 506(c) of the Bankruptcy Code or authorizing the use of cash collateral without consent in writing by the DIP Agent and the Trustee. k. Institution or support of any judicial proceeding by the Debtor seeking to challenge the validity of any portion of the DIP Documentation, the DIP Loans, the Bond Documents, and the related obligations, or the applicability or enforceability of same, or which seeks to void, limit, subordinate or otherwise adversely affect any security interest or lien created by or in relation to the DIP Documentation, the Prepetition Loan Agreement, or any payment pursuant thereto; l. Any lien or security interest purported to be created under the DIP Documentation or the Bond Documents will cease to be, or will be asserted by the Debtor not to be, a valid and perfected lien on or security interest in any of the Collateral, with the priority set forth in the Term Sheet and in the related loan documents; m. Entry of one or more orders by the Court granting relief from or modifying the automatic stay to allow any one or more creditors to execute upon or enforce liens on or security interests in any assets of the Debtor (other than with respect to those Debtor for which the DIP Agent and the Trustee provide prior written consent to such relief); n. A breach by the Debtor of any of their respective material post-petition obligations under the DIP Facility and/or DIP Documentation, including, without limitation, any obligations arising under any post-petition letter of credit facility; o. Reversal, vacatur, amendment or modification (without the consent of the DIP Agent), for a period in excess of five days, of the Interim Order or Final Order; p. Dismissal of the Debtor's Case, conversion of any such Case to a chapter 7 case, or the appointment of a chapter 11 trustee or of an examiner or responsible officer (in any such case with expanded powers relating to operation of the business) and the relevant order therefor will not be reversed or vacated within 10 days; q. Unless otherwise approved by the DIP Agent, the entry of an order providing for a change of venue with respect to the Case and such order will not be reversed or vacated within 10 days; r. Any material misrepresentation of fact made in writing by the Debtor to the DIP Agent regarding the financial condition of the Debtor, or, the nature, extent, location or quality of any Collateral, or the disposition or use of any Collateral; or s. Failure of the Debtor to comply with any covenant therein. A copy of the order and the Debtor's budget is available at https://bit.ly/3BQZblZ from PacerMonitor.com. The budget provides for total operating cash flow, on a weekly basis, as follows: $222,120 for the week ending November 18, 2022; $79,700 for the week ending November 25, 2022; $275,800 for the week ending December 2, 2022; $192,700 for the week ending December 9, 2022; $10,200 for the week ending December 16, 2022; $163,300 for the week ending December 23, 2022; $275,800 for the week ending December 30, 2022; $192,700 for the week ending January 6, 2023; $10,200 for the week ending January 13, 2023; $163,300 for the week ending January 20, 2023; $27,200 for the week ending January 27, 2023; $102,800 for the week ending February 3, 2023; and $646,623 for the week ending February 10, 2023. About Leading Life Leading Life Senior Living, Inc. is a not-for-profit Texas corporation that owns two memory care facilities in Oklahoma. The facilities were purchased in 2017 by the Debtor from Edmond Memory Care LLC and Southwest Oklahoma City LLC. The Edmond facility was opened in 2014 and has 42 beds. The Oklahoma City facility was opened in 2015 and has 44 beds. Leading Life Senior Living, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 22-42784) on November 18, 2022. In the petition signed by Joseph V. Pegnia as chief restructuring officer, the Debtor disclosed up to $10 million to $50 million in assets and up to $10 million to $50 million in liabilities. Judge Mark X. Mullins oversees the case. Ferguson, Braswell, Fraser, Kubasta PC is the Debtor's counsel. Omni Agent Solutions is the Debtor's claims agent. LEVEL FOUR ORTHOTICS: Unsecureds to Recover 10% to 13% in Plan -------------------------------------------------------------- Level Four Orthotics & Prosthetics, Inc., d/b/a Restore POC, and its Debtor Affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Subchapter V Plan dated December 19, 2022. Restore POC was a provider of custom prosthetics, orthotics, and cranial remolding products with a mission to provide affordable, quality products and limb loss solutions to patients in need. Many of Restore POC's former customers are U.S. veterans, the elderly, the underserved, and infants. During the COVID-19 pandemic, Restore POC suffered declining sales and mounting losses while it made every effort to preserve value and maintain its highly skilled and specialized workforce. As Restore POC's revenues continued to decline, causing additional mounting losses, the Debtors determined that, to preserve and maximize the value of Restore POC's assets, the best available option is a going concern sale. As such, and after having explored all strategic alternatives in consultation with the Debtor's financial and legal advisors, the Debtors have determined that the optimal path forward is through a § 363 sale of the Debtors' assets in these Chapter 11 Cases. On November 7, 2022, the Debtors filed their Notice of Auction Cancellation and Designation of Successful Bidder which stated that no qualifying bids had been received before the bid deadline and, therefore, the auction was cancelled, and Bionic was designated as the successful bidder. On November 30, 2022, the Court entered the Sale Order approving the sale to Bionic. Bionic paid the Subchapter V Trustee $1.25 million dollars on account of the TSA Holdback on December 2, 2022 and paid the Debtors approximately $2 million dollars on December 5, 2022. Following the sale to Bionic, the remaining assets available for distribution under this Plan are as follows: 1) $3.25 million dollars in gross proceeds from the sale of substantially all of the Debtors' assets to Bionic, 2) payments received from Bionic received on account of work-in-progress completed and delivered within 30 days of closing – estimated to yield a net recovery of up to approximately $77,000.00 after setoff of approximately $33,000 in patient deposit Claims assumed by Bionic, 3) accounts receivable in the approximate face amount of $2.1 million dollars expected to yield an estimated net recovery of up to approximately $1.6 million dollars, 4) the anticipated receipt of approximately $1.5 million dollars in Employee Retention Tax Credits, and 5) recoveries from Avoidance Actions and other Causes of Action retained by the Estates, if any. Class 2 consists of Priority Unsecured Claims. This Class shall be paid in full on the Effective Date. Class 3 consists of General Unsecured Claims. This Class shall be paid in cash. This Class will receive a distribution of 10% to 13% of their allowed claims. This Class is impaired. The Debtors estimate that there are approximately $9 million dollars of General Unsecured Claims including both Scheduled and Filed Claims. The Debtors anticipate that, once the Claims have been fully administered, the ultimate amount of Allowed General Unsecured Claims against the Estates will be in the range of $4.5 to $5.5 million dollars depending in part on the amount of lease rejection claims resulting from Bionic's exercise of its right to designate which leases will be rejected. Class 4 consists of Equity Interest Holders. As of the Effective Date, all Equity Interests shall be deemed void, cancelled, and of no further force and effect. On and after the Effective Date, Holders of Equity Interests shall not be entitled to, and shall not receive or retain any property or interest in property under the Plan on account of such Equity Interests. Class 4 is deemed to have rejected the Plan and, therefore, Holders of Equity Interests are not entitled to vote on the Plan. This Plan will primarily be funded through a combination of 1) $3.25 million dollars in gross proceeds from the sale of substantially all of the Debtors' assets to Bionic Prosthetics and Orthotics Group LLC, 2) payments received from Bionic received on account of work-in-progress completed and delivered within 30 days of closing – estimated to yield a net recovery of up to approximately $77,000.00 after setoff of approximately $33,000 in patient deposit Claims assumed by Bionic, 3) accounts receivable in the approximate face amount of $2.1 million dollars expected to yield an estimated net recovery of up to approximately $1.6 million dollars, 4) the anticipated receipt of approximately $1.5 million dollars in Employee Retention Tax Credits, and 5) recoveries from Avoidance Actions and other Causes of Action retained by the Estates, if any. A full-text copy of the Subchapter V Plan dated December 19, 2022, is available at https://bit.ly/3WI0V91 from PacerMonitor.com at no charge. Counsel for Debtors: Kevin S. Mann, Esq. Cross & Simon, LLC 1105 North Market Street, Suite 901 Wilmington, DE 19801 Telephone: +1 302 777 4200 (ext 105) Fax: +1 302 777 4224 Email: kmann@crosslaw.com -and- James C. Fox, Esq. Ruberto, Israel & Weiner, P.C. 255 State Street, 7th Floor Boston, MA 02109 Phone: (617) 742-4200 Fax: (617) 742-2355 Email: jim_fox@riw.com About Level Four Orthotics Level Four Orthotics & Prosthetics, Inc., doing business as Restore POC, is a provider of custom prosthetics, orthotics, and infant cranial remolding products. It is based in Winter Park, Fla. Level Four and five affiliates, including Cocco Enterprises, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 22-10807) on Aug. 29, 2022. At the time of the filing, Level Four reported assets and debt of $10 million to $50 million. The Debtors have pre-bankruptcy loan obligations totaling $20,235,011 as of the petition date, secured by some or all of the assets of each of the Debtors. Judge Brendan Linehan Shannon oversees the case. The Debtors tapped Ruberto, Israel & Weiner, P.C. as bankruptcy counsel; Cross & Simon, LLC as local counsel; and Verdolino & Lowey, P.C. as accountant and financial advisor. Kroll Restructuring Administration, LLC is the claims agent and administrative advisor. LTL MANAGEMENT: Sues Famous Doctor for Concealing Evidence ---------------------------------------------------------- Alex Wolf of Bloomberg Law reports that a bankrupt Johnson & Johnson unit has accused a prominent doctor of concealing asbestos exposure evidence and knowingly using false claims to disparage Johnson & Johnson's baby powder and Shower to Shower talc products. Jacqueline Moline, a medical expert and witness in over 200 cases alleging J&J products caused mesothelioma, has concealed or disregarded "substantial evidence" that plaintiffs suing the health product giant were exposed to other potential sources of asbestos, bankrupt unit LTL Management LLC said in a Dec. 16, 2022 complaint. About LTL Management LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. About Johnson & Johnson Johnson & Johnson is an American multinational corporation founded in 1886 that develops medical devices, pharmaceuticals, and consumer packaged goods. It is the world's largest and most broadly based healthcare company. Johnson & Johnson is headquartered in New Brunswick, New Jersey, the consumer division being located in Skillman, New Jersey. The corporation includes some 250 subsidiary companies with operations in 60 countries and products sold in over 175 countries. The corporation had worldwide sales of $82.6 billion in 2020. M5 ROCHESTER: Amends Plan to Resolve Capital Funding Claim Issues ----------------------------------------------------------------- M5 Rochester Close, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a First Amended Disclosure Statement describing Plan of Reorganization dated December 19, 2022. Debtor M5 Rochester Close, LLC, is a limited liability company governed by the laws of the State of Tennessee. It is a two-member LLC and is owned and managed equally by Jesse and Cara McInerney. Debtor's sole asset is real property located at 6934 Temple Road, Franklin, Tennessee 37069. Debtor's members (Jesse and Cara McInerney) pay all of Debtor's expenses relating to the property, including taxes, insurance, maintenance, and mortgage payments. Debtor's members have historically not paid rent to the Debtor (other than directly making these expense payments). Debtor's only known unsecured creditor is the Williamson County Trustee, in the total principal amount of $12,732.40. This is a priority claim under § 507(a)(8)(B). This claim will be the Class 5 Claim. In response to Capital Funding Financial, LLC's objection to the disclosure statement, and to the informal objection raised by the U.S. Trustee, Debtor submits this First Amended Disclosure Statement. Class 2 consists of the Secured Claim of Capital Funding Financial, LLC. The Class 2 claim is secured by a first priority lien against Debtor's Real Property. Capital Funding Financial asserts that as of the date of the prospective Chapter 11 Plan confirmation hearing, the secured claim of Capital Funding Financial will likely be in excess of $410,000 (not including attorneys' fees and costs of collection) and Capital Funding Financial asserts that its claim continues to accrue interest at the rate of 18% per annum. Capital Funding further asserts an ownership interests in the rents generated by Debtor's Real Property. Capital Funding further asserts that the Plan cannot be funded without the consent of Capital Funding or until the claim of Capital Funding has been satisfied in full. Debtor disputes that Jesse McInerney's voluntary contributions of his income towards the Plan are rents; and otherwise reserves all rights with regards to Capital Funding Financial's contentions. Class 5 consists of the unsecured, priority claims of the Williamson County Trustee, in the total principal amount of $12,732.40. The Class 5 claim shall be paid within six months of the Effective Date by an additional contribution from Jesse McInerney. The Plan payments will be made by income earned by Jesse McInerney, one of Debtor's two members. Mr. McInerney earns income from his efforts in developing commercial real estate and his projected income can easily support the Plan Payments. Mr. McInerney currently has the projects under contract or further along in the development process and proposes to devote the following income to the Plan, devoting 35% of his net income from these projects to the Plan. Thus, Mr. McInerney conservatively estimates that, within less than one year of the Effective Date he will be able to make Plan Payments of $403,515.00, which is 77% of the principal amount of Classes 1 and 2. In addition, Mr. McInerney has two additional projects where a Purchase and Sale Agreement has been executed which he anticipates will result in over $3M of income to him in 2024. Mr. McInerney also anticipates refinancing the debt on 6934 Temple Road, Franklin, Tennessee 37069 by December 31, 2023. A full-text copy of the First Amended Disclosure Statement dated December 19, 2022, is available at https://bit.ly/3I1uUol from PacerMonitor.com at no charge. Attorney for Debtor: Michael G. Abelow, Esq. SHERRARD ROE VOIGT & HARBISON, PLC 150 3rd Avenue South, Suite 1100 Nashville, Tennessee 37201 615.742.4532 mabelow@srvhlaw.com About M5 Rochester Close M5 Rochester Close sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 22-01757) on June 3, 2022. In the petition filed by Jesse McInerney, as managing member, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Michael G. Abelow, of Sherrard Roe Voigt & Harbison, PLC, is the Debtor's counsel. MAGENTA BUYER: $750M Bank Debt Trades at 16% Discount ----------------------------------------------------- Participations in a syndicated loan under which Magenta Buyer LLC is a borrower were trading in the secondary market around 83.8 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $750 million facility is a term loan. It is scheduled to mature on July 27, 2029. The amount is fully drawn and outstanding. Magenta Buyer LLC is a provider of cybersecurity software that derives revenue from the sale of security products, subscriptions, SaaS, support and maintenance, and professional services. MOUNTAIN PROVINCE: Moody's Withdraws 'Caa3' CFR on Debt Repayment ----------------------------------------------------------------- Moody's Investors Service has withdrawn Mountain Province Diamonds Inc.'s ("MPD") ratings including its Caa3 Corporate Family rating and the Caa3-PD Probability of Default Rating. At the time of withdrawal the outlook was negative. The rating action follows the full repayment of its senior secured second lien notes due 2022. Withdrawals: Issuer: Mountain Province Diamonds Inc. Corporate Family Rating, Withdrawn, previously rated Caa3 Probability of Default Rating, Withdrawn, previously rated Caa3-PD Speculative Grade Liquidity Rating, Withdrawn , previously rated SGL-4 Outlook Actions: Issuer: Mountain Province Diamonds Inc. Outlook, Changed To Rating Withdrawn From Negative RATINGS RATIONALE Moody's has withdrawn the ratings because MPD's debt previously rated by Moody's has been fully repaid. Mountain Province Diamonds Inc., headquartered in Toronto, Ontario, is a publicly-owned company that owns 49% of the Gahcho Kué diamond mine ("GK") located in Canada's Northwest Territories. De Beers Canada owns the other 51% of the joint venture and is the operator. Each company markets its share of rough diamond production. MOUNTAINEER MERGER: $200M Bank Debt Trades at 34% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Mountaineer Merger Corp is a borrower were trading in the secondary market around 66.1 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $200 million facility is a term loan. It is scheduled to mature on October 22, 2028. Mountaineer Merger Corporation owns and operates departmental stores. MSRP COMPANY: Files Without Counsel, Faces Dismissal ---------------------------------------------------- MSRP Company Inc. filed for chapter 11 protection. The Debtor has been ordered to show cause why the case should not be dismissed. The case will be dismissed without further notice if by Dec. 29, 2022, at 4:30 p.m., counsel has not appeared to represent the Debtor. Since the Debtor is a corporation, the Debtor cannot proceed pro se, but must be represented by a lawyer. According to court filings, MSRP Company estimates between $500,000 and $1 million in debt owed 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 Jan. 25, 2023, at 1:00 PM as Telephonic Meeting. About MSRP Company MSRP Company Inc. filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 22-11822) on Dec. 16, 2022. In the petition filed by Milendophe Dupener, as director, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. NAPA MANAGEMENT: $610M Bank Debt Trades at 17% Discount ------------------------------------------------------- Participations in a syndicated loan under which NAPA Management Services Corp is a borrower were trading in the secondary market around 82.8 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $610 million facility is a term loan that is scheduled to mature on February 18, 2029. NAPA Management Services Corporation offers practice management services. The Company provides accounting, billing, consulting, medical personnel contracting, healthcare analyzes, financing, human resources, information technology, insurance, marketing, and operational support services. NEKTAR THERAPEUTICS: Unit Closes Sale of Indian Facility for $12.2M ------------------------------------------------------------------- Nektar Therapeutics (India) Private Limited, an Indian private limited company and a wholly-owned subsidiary of Nektar Therapeutics, completed the sale of its owned facility located in Hyderabad, India for an aggregate amount of Indian Rupees Ninety Nine Crores (approximately $12.15 million USD), subject to certain taxes, expenses and other fees. The sale of the facility was conducted as part of Nektar's strategic reorganization and cost restructuring plans previously announced in April 2022, according to the Company's Form 8-K filed with the Securities and Exchange Commission. About Nektar Therapeutics Headquartered in San Francisco, California, Nektar Therapeutics -- http://www.nektar.com-- is a research-based biopharmaceutical company focused on discovering and developing innovative medicines in areas of high unmet medical need. The Company's research and development pipeline of new investigational drugs includes potential therapies for oncology, immunology and virology. 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 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. NICAS GROUP: Unsecured Creditors to Split $150K in Plan ------------------------------------------------------- Nicas Group Capital, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Georgia a Plan of Reorganization dated December 19, 2022. The Debtor owns unfinished residential real property in Washington State (the "Washington Property") and membership interests in two entities that are involved in large residential apartment complex projects in Atlanta and Athens, Georgia (the "Membership Interests"). The Debtor is in the business of real estate investing involving the financing, purchasing, renovations, leasing, and sale of real property. The Debtor is wholly owned and operated by Nicholas Leap. Due to the COVID-19 pandemic, the Debtor's investments in the Membership Interests have not generated income as anticipated. Further, the Debtor is involved in a dispute with a contractor regarding the Washington Property. The Debtor has filed a motion to sell the Washington Property to Rocket Homes Solutions, LLC but is entertaining higher and better offers as well. Further, the Debtor believes the Washington Property will have a higher market value should construction be completed which would generate profit. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 1 shall consist of the Secured Claim of Wilmington. Wilmington has filed a proof of claim for $951,635.20. Beginning on the first day of the first full month following the Effective Date, the Debtor shall pay the Secured Class 1 Claim in monthly installments of $5,564.57, the contractual interest rate payment, and shall pay the Secured Class 1 Claim in full within 275 days after the Effective Date. Any payments made prior to the Effective Date and post-petition shall be applied to the principal balance of the Secured Class 1 Claim. Class 2 shall consist of the Secured Claim of Hannibal. Hannibal filed a Proof of Claim in the total amount of $544,016.19 claiming a secured portion of $521,030.12. The Debtor listed Hannibal's claim as disputed in its Schedule D at $521,030.00. Pursuant to § 506 of the Bankruptcy Code, no equity exists in Hannibal's purported collateral to which its Claim may attach because the value of that property likely does not exceed the amounts necessary to pay the senior Secured Claim of Wilmington. Therefore, the secured portion of Hannibal's claim is valued at $0.00 (the "Secured Class 2 Claim") under Section 506 of the Bankruptcy Code, with the entirety of the claim to be treated as unsecured. Accordingly, Hannibal will only be entitled to vote with the Class 3 General Unsecured Claims. Upon confirmation of the Plan, Hannibal's claim of lien shall be determined to be void and unenforceable. Hannibal's claim shall receive the same treatment as General Unsecured Creditors. Class 3 shall consist of General Unsecured Claims. If the Plan is confirmed under 11 U.S.C. § 1191(a), the Debtor shall pay the General Unsecured Creditors $150,000 in semi-annual installments beginning 9 months following the Effective Date. General Unsecured Creditors will receive 3 disbursements of $50,000.00 pro rata. If the Plan is confirmed under 11 U.S.C. § 1191(b), Class 3 shall be treated the same as if the Plan was confirmed under 11 U.S.C. § 1191(a). No insiders shall receive any distributions under this Class. The Claims of the Class 3 Creditors are Impaired by the Plan, and the holders of Class 3 Claims are entitled to vote to accept or reject the Plan. Class 4 consists of Nicholas Leap as the only equity interest holder of the Debtor. Mr. Leap shall retain his interest in the reorganized Debtor as the 100% owner of its outstanding shares. The source of funds for the payments pursuant to the Plan is the contribution of cash by the Debtor's principal, Nicholas Leap, and/or the sale of the Debtor's real property. A full-text copy of the Plan of Reorganization dated December 19, 2022, is available at https://bit.ly/3C19AeO from PacerMonitor.com at no charge. Attorneys for the Debtor: William A. Rountree, Esq. Caitlyn Powers, Esq. Rountree Leitman Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Facsimile: (404) 704-0246 Email: wrountree@rlkglaw.com About Nicas Group Capital Nicas Group Capital, LLC -- https://www.nicasgroup.com/ -- is the real estate arm of the Leap Family. Coming to the U.S. as refugees from Cambodia, the Leap Family, through hard work and perseverance, has created several businesses including Nicas Group Capital. Nicas Group Capital filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 22-30499) on Sept. 19, 2022, with as much as $10 million in both assets and liabilities. Robert M. Matson has been appointed as Subchapter V trustee. Judge James P. Smith oversees the case. The Debtor is represented by Will Bussell Geer of Rountree, Leitman, Klein & Geer, LLC. NORTHWEST SENIOR: Unsecureds to Get Share of Litigation Proceeds ---------------------------------------------------------------- UMB Bank, N.A., in its capacity as successor bond trustee and master trustee for the Original Bonds (together, the "Trustee"), and UMB Bank, N.A., in its capacity as lender under the DIP Credit Agreement (the "DIP Lender" and, together with the Trustee, the "Initial Plan Sponsors"), submitted a Third Amended Disclosure Statement for the Third Amended Plan of Reorganization for Northwest Senior Housing Corporation d/b/a Edgemere ("Edgemere"), and Senior Quality Lifestyles Corporation ("SQLC" and together with Edgemere, the "Debtors"). This Plan will implement the Sale Transaction, pursuant to which substantially all the Debtors' assets will be sold to a Purchaser who will continue running the Community as a going concern. An initial Purchaser has been selected by the Plan Sponsors and the parties have agreed to an Asset Purchase Agreement, with the initial Purchaser's offer subject to higher and better bids, including through a potential Auction, pursuant to bidding and sale procedures to be filed with the Bankruptcy Court. The initial Purchaser has offered to purchase the Community for $48.5 million, subject to certain adjustments set forth in the Asset Purchase Agreement. The remaining assets of the Estates shall be transferred to a Litigation Trust to be liquidated for the benefit of creditors. This Plan will also establish a Litigation Trust, into which all assets of the Debtors not purchased through the Sale Transaction, including the Landlord Litigation and other Retained Causes of Action, will be transferred. The Litigation Trustee will prosecute and liquidate the Litigation Trust Assets, with the proceeds from such liquidation distributed on a Pro Rata basis to Holders of Allowed General Unsecured Claims pursuant to the terms and conditions of this Plan and the Litigation Trust Agreement, which will be included in the Plan Supplement. This Plan includes a settlement of all potential Estate, Trustee, DIP Lender and Resident claims against Lifespace in exchange for (i) a $16.5 million payment to the Trustee on the Effective Date for Distribution to current holders of the Original Bonds, pursuant to the terms of the Original Bond Documents, and (ii) subject to certain conditions, annual payments made into a Residents Trust, which funds shall be used to pay Participating Residents for Refund Claims. In exchange for the Lifespace Resident Contributions and the releases provided under Section 8 of this Plan, Lifespace will be entitled to a Pro Rata distribution of Litigation Trust Assets, in accordance with the terms of this Plan and the Litigation Trust Agreement. Class 4 consists of all General Unsecured Claims, including Class 5 and 6 Refund Claims of Residents who OPT OUT of the Lifespace Settlement and the releases, and including vendor claims of approximately $1,500,000, the Bond Deficiency Claim and the Lifespace Resident Claim. Allowed General Unsecured Claims shall be paid a Pro Rata share of the Litigation Trust Proceeds. Holders of Allowed General Unsecured Claims are estimated to receive Distributions ranging from 0% to 50% of their Allowed General Unsecured Claims, depending on the outcome of the Landlord Litigation and the liquidation of other Litigation Trust Assets. The allowed unsecured claims total $206,313,419. Class 4 is Impaired. Class 7 consists of all Claims held by Lifespace against the Debtors. Class 7 Claims shall be waived and released and Lifespace, as holder of such Claims, shall receive no Distribution on account of Class 7 Claims. Class 8 consists of Interests of Lifespace in the Debtors, which Interests shall be terminated on the Effective Date. Consistent with the Asset Purchase Agreement, substantially all of the property in the Estates shall be sold to the Purchaser (including such Purchaser to be identified as the winning bidder following an Auction), free and clear of all Liens, Claims, charges, or other encumbrances pursuant to section 1123(a)(5)(D) of the Bankruptcy Code, with all such Liens, Claims, charges or other encumbrances attaching automatically to the Net Sale Proceeds in the same manner, extent, validity and priority as existed on the Closing Date, with the Net Sale Proceeds to be distributed pursuant to this Plan. An initial Purchaser has been identified, whose purchase offer in the amount of $48.5 million (subject to the adjustments in the Asset Purchase Agreement) is subject to higher and better bids. If a competing qualified bid is received by January 13, 2023 at 4:00 p.m., an Auction shall be held on January 17, 2023 at 10:00 a.m. to determine the ultimate Purchaser. Upon the Closing of the Sale Transaction, all Net Sale Proceeds therefrom after payments required under the Plan to pay any unpaid Allowed Administrative Claims, Priority Tax Claims, Professional Claims, DIP Facility Claims, the Dallas County Claim, Diminution Claim and the U.S. Trustee Fees, shall be paid to the Trustee for Distribution to holders of Original Bonds, pursuant to the terms of the Original Bond Documents. The Litigation Trust shall be established for the purposes of (i) liquidating any non-Cash Litigation Trust Assets; (ii) maximizing recovery of the Litigation Trust Assets for the benefit of the holders of Litigation Trust Interests; (iii) distributing the proceeds of the Litigation Trust Assets to holders of the Litigation Trust Interests in accordance with this Plan and the Litigation Trust Agreement, with no objective to continue or engage in the conduct of a trade or business, except only in the event and to the extent necessary for, and consistent with, the liquidating purpose of the Litigation Trust; (iv) prosecuting or otherwise resolving the Retained Causes of Action for the benefit of the holders of the Litigation Trust Interests; and (v) winding down the Chapter 11 Cases as provided in this Plan. Tax Treatment The Debtors and the Committee will structure the Residents Trust as either a taxable trust or as a grantor trust (and not as a qualified settlement fund within the meaning of Section 1.468B-1 of the Treasury Regulations), with the goal of minimizing the cost and expense of reporting and paying tax on net investment income of the Residents Trust. If structured as a grantors trust, except to the extent allocable to Disputed Claims, consistent with the principles of Revenue Procedure 94-45, 1994-2 C.B. 684, as of the Effective Date, for federal income tax purposes. In Revenue Procedure 94-45, the IRS states that a liquidating trust's term is generally not more than 5 years from the date of creation and that is reasonable based on all fact and circumstances. Although the Residents Trust's term is expected to be 18 years or slightly longer, it is believed that such term is reasonable to carry out the intent of the Residents Trust as a liquidating trust if structured as a liquidating trust. A full-text copy of the Third Amended Disclosure Statement dated Dec. 19, 2022, is available at https://bit.ly/3WPuPbD from Kurtzman Carson Consultants, LLC, claims agent. Counsel to the Plan Sponsors: J. Frasher Murphy, Esq. Thomas J. Zavala, Esq. HAYNES AND BOONE, LLP 2323 Victory Avenue, Suite 700 Dallas, TX 75219 Telephone: (214) 651-5000 E-mail: frasher.murphy@haynesboone.com tom.zavala@haynesboone.com - and - Daniel S. Bleck, Esq. Eric Blythe, Esq. Kaitlin R. Walsh, Esq. MINTZ, LEVIN, COHN, FERRIS, GLOVSKY, AND POPEO, PC One Financial Center Boston, MA 02111 Telephone: (617) 546-6000 E-mail: dsbleck@mintz.com erblythe@mintz.com krwalsh@mintz.com About Northwest Senior Housing Corp. Northwest Senior Housing Corporation, doing business as Edgemere, is a Texas non-profit corporation and is exempt from federal income taxation as a charitable organization described under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. Northwest Senior Housing Corporation was formed for the purpose of developing, owning and operating a senior living community now known as Edgemere. Northwest Senior Housing Corporation and its affiliates sought Chapter 11 bankruptcy protection (Bankr. N.D. Texas Lead Case No. 22-30659) on April 14, 2022. The petitions were signed by Nick Harshfield, treasurer. At the time of the filing, Northwest Senior Housing listed $100 million to $500 million in both assets and liabilities. Judge Michelle V. Larson oversees the cases. Polsinelli, PC and FTI Consulting Inc. serve as the Debtors' legal counsel and business advisor, respectively. Kurtzman Carson Consultants, LLC is the Debtors' notice, claims and balloting agent and administrative advisor. The official committee of unsecured creditors tapped Foley & Lardner, LLP as legal counsel, and Ankura Consulting Group, LLC as financial advisor. The Debtors filed their proposed Chapter 11 plan of reorganization and disclosure statement on Aug. 3, 2022. NUZEE INC: Incurs $11.8 Million Net Loss in FY Ended Sept. 30 ------------------------------------------------------------- Nuzee, Inc. has filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $11.80 million on $3.11 million of net revenues for the year ended Sept. 30, 2022, compared to a net loss of $18.55 million on $1.93 million of net revenues for the year ended Sept. 30, 2021. As of Sept. 30, 2022, the Company had $11.71 million in total assets, $1.97 million in total liabilities, and $9.74 million in total stockholders' equity. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated Dec. 23, 2022, citing that the Company has suffered recurring losses and negative cash flows from operations that raises substantial doubt about its ability to continue as a going concern. Nuzee stated, "Since our inception in 2011, we have incurred significant losses, and as of September 30, 2022, we had an accumulated deficit of approximately $65 million. We have not yet achieved profitability and anticipate that we will continue to incur significant sales and marketing expenses prior to recording sufficient revenue from our operations to offset these expenses. In the United States, we expect to incur additional losses because of the costs associated with operating as an exchange-listed public company. We are unable to predict the extent of any future losses or when we will become profitable, if at all. "To date, we have funded our operations primarily with proceeds from registered public offerings and private placements of shares of our common stock. Our principal use of cash is to fund our operations, which includes the commercialization of our single serve coffee products, the continuation of efforts to improve our products, administrative support of our operations and other working capital requirements." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1527613/000149315222036487/form10-k.htm About NuZee NuZee, Inc. (d/b/a Coffee Blenders) is a specialty coffee company and a single-serve pour-over coffee pouch producer and co-packer. The Company owns packing equipment developed in Asia for single serve pour over production. It co-packs single-serve pour-over coffee and tea bag style coffees for customers in the U.S. market and also co-packs for the South Korean market. NuZee reported a net loss of $9.52 million for the year ended Sept. 30, 2020, and a net loss of $12.21 million for the year ended Sept. 30, 2019. Nuzee reported a net loss of $2.80 million for the three months ended Dec. 31, 2021. As of June 30, 2022, the Company had $12.39 million in total assets, $2.21 million in total liabilities, and $10.18 million in total stockholders' equity. POINDEXTER PROPERTIES: $10.9M Bank Debt Trades at 15% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Poindexter Properties LLC is a borrower were trading in the secondary market around 84.6 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $10.9 million facility is an asset-based term loan. It is scheduled to mature on March 18, 2030. The amount is fully drawn and outstanding. PUG LLC: EUR452M Bank Debt Trades at 18% Discount ------------------------------------------------- Participations in a syndicated loan under which Pug LLC is a borrower were trading in the secondary market around 82.1 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The EUR452 million facility is a term loan. It is scheduled to mature on February 13, 2027. The amount is fully drawn and outstanding. PUG LLC provides an online marketplace for secondary tickets along with payment support, logistics, and customer service. It acquired the StubHub business of eBay Inc. R & E PETROLEUM: Unsecureds Will Get 100 Cents on Dollar in Plan ---------------------------------------------------------------- R & E Petroleum, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Plan of Reorganization under Subchapter V dated December 19, 2022. The Debtor is a Louisiana limited liability company that operates a gas station and convenience store company located at 900 Bridge City Avenue, Westwego, Louisiana 70094. Debtor's financial problems were caused primarily by a dispute with the sublessor of its 1020 Bridge City location and Hurricane Ida. On February 4, 2022, the state court entered Judgment in favor of LKM and against Debtor for $252,056.12 for damages, including past due rent. Prior to entry of the Judgment, Debtor deposited approximately $150,000 into the registry of the state court (the "State Court Escrow") to account for disputed rent, which funds continue to be held in the registry. The Debtor submits that the Plan is feasible. As of the Petition Date, Debtor had $93,280 cash in its bank accounts, plus approximately $150,000 held in the state court registry to cover rent owed on its closed 1020 Bridge City location. Cash plus future revenues will provide sufficient monies to pay amounts due on the Effective Date and future payments to creditors. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plans has valued at 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 1 consists of the Secured Claim of TCF National Bank, Proof of Claim No. 1, in the amount of $62,893.39. The TCF Secured Claim shall be deemed to be secured by perfected and unavoidable Liens on the TCF Collateral. The TCF Secured Claim shall be assumed by the Debtor and paid pursuant to the terms of the applicable agreements between the Debtor and TCF. Class 2 consists of the Secured Claim of the U.S. Small Business Administration in the principal amount of $500,000. The SBA Secured Claim shall be deemed to be secured by second priority, perfected and unavoidable Liens on the Debtors' Collateral. The SBA Secured Claim shall be assumed by the Debtor and paid pursuant to the terms of the applicable agreements between the Debtor and the SBA. Class 3 consists of the Claims of Holders of General Unsecured Claims. Debtor estimates that Class 3 Claims as follows: * LKM Enterprises, L.L.C.: Rejection Damages claim in the amount of $116,160. Amount of the Claim calculated based on 11 U.S.C. § 502(b)(6), and assumption that surrender of the lease premises occurred on or about the time of filing of the Bridge City Lawsuit, and no later than August, 2021, time Hurricane Ida destroyed the 1020 Bridge City location. * IRS: General Unsecured Claim in the amount of $4,839.87. Holders of Allowed General Unsecured Claims shall receive full payment of their Allowed Claims in equal quarterly installments. The first installment shall be made on the first day of the final month of each calendar quarter, with the first payment due on June 1, 2023, and the final installment due on September 1, 2027. Hence, a total of 18 installment payments. Class 4 consists of the Claim of Aridi Consulting LLC in the amount of $650,000. Holders of Insider Claims shall not receive any distributions under the Plan. Class 5 consists of the rights, title and equity interests in the Debtor. Ragheb "Ray" Chaar and Elsie Chaar and shall retain their existing Interests in the Debtor. The Debtor intends to reorganize with its Cash on hand as of the Effective Date and cash flow from future operations. All payments shall be paid directly to the claimant or Creditor by the Debtor. A full-text copy of the Plan of Reorganization dated December 19, 2022, is available at https://bit.ly/3FR5QxH from PacerMonitor.com at no charge. Counsel for the Debtor: Leo D. Congeni, Esq. Congeni Law Firm, LLC 424 Gravier Street New Orleans, LA 70130 Tel: (504) 522-4848 Fax: (504) 581-4962 Email: leo@congenilawfirm.com About R & E Petroleum, LLC R & E Petroleum, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 22-11087) on September 20, 2022. In the petition filed by Ragheb "Ray" Chaar, member/manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Meredith S. Grabill oversees the case. Leo D. Congeni, Esq., at Congeni Law Firm, LLC, is the Debtor's counsel. RADIATE HOLDCO: $3.42B Bank Debt Trades at 18% Discount ------------------------------------------------------- Participations in a syndicated loan under which Radiate Holdco LLC is a borrower were trading in the secondary market around 81.6 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $3.42 billion facility is a term loan. It is scheduled to mature on September 25, 2026. About $3.39 billion of the loan is withdrawn and outstanding. Radiate Holdco LLC, also known as Astound Broadband, manufactures fixed line customer premises equipment. REAL BRANDS: M&K CPAS Replaces L&L CPAS as Auditor -------------------------------------------------- L&L CPAS, P.A., Real Brands Inc.'s independent registered public accounting firm, resigned inasmuch as said firm is no longer performing public audits, according to the Company's Form 8-K filed with the Securities and Exchange Commission. The Company said the reports of L&L CPAS, P.A., on the Company's consolidated financial statements as of and for the years ended Dec. 31, 2021 and 2020 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle. The Audit Committee of the Company's Board of Directors participated in and approved the decision to change independent registered public accounting firms. The Company added that during the years ended Dec. 31, 2021 and 2020 and through Nov. 22, 2022, there have been no disagreements with L&L CPAS, P.A., on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements if not resolved to the satisfaction of L&L CPAS, P.A., would have caused it to make reference thereto in connection with its report on the financial statements for such years. The Company has engaged M&K CPAS, PLLC, Inc. as its new independent registered public accounting firm as of Dec. 21, 2022. During the two most recent fiscal years and through Dec. 21, 2022, the Company has not consulted with M&K CPAS, PLLC regarding any of the following: (1) The application of accounting principles to a specific transaction, either completed or proposed; (2) The type of audit opinion that might be rendered on the Company's consolidated financial statements, and none of the following was provided to the Company: (a) a written report, or (b) oral advice that M&K CPAS, PLLC concluded was an important factor considered by us in reaching a decision as to an accounting, auditing or financial reporting issue; (3) Any matter that was the subject of a disagreement, as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K; or (4) Any matter that was a reportable event, as that item is defined in Item 304(a)(1)(v) of Regulation S-K. About Real Brands Headquartered in North Providence, RI, Real Brands Inc. is a publicly traded, vertically integrated, early entrant (2017) in the hemp-derived cannabinol ("CBD") market that specializes in hemp CBD oil/isolate extraction, wholesaling of CBD oils and isolate, manufacturing, production and sales of hemp-derived CBD consumer, celebrity brands, and white label products. Real Brands is listed in the Over the Counter Pink Sheets ("OTCQB") under the symbol "RLBD". Real Brands reported a net loss of $2.80 million for the year ended Dec. 31, 2021, compared to a net loss of $6.27 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $1.19 million in total assets, $1.84 million in total liabilities, and a total stockholders' deficit of $654,169. Plantation, FL-based L&L CPAS, PA, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 6, 2022, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These factors raise substantial doubt about the Company's ability to continue as a going concern. RED PLANET BORROWER: $1.4B Bank Debt Trades at 36% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Red Planet Borrower LLC is a borrower were trading in the secondary market around 64.0 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $1.40 billion facility is a term loan. It is scheduled to mature on September 30, 2028. About $1.39 billion of the loan is withdrawn and outstanding. Red Planet Borrower, LLC develops application software. REDSTONE HOLDCO: $450M Bank Debt Trades at 47% Discount ------------------------------------------------------- Participations in a syndicated loan under which Redstone Holdco 2 LP is a borrower were trading in the secondary market around 53.5 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $450 million facility is a term loan. It is scheduled to mature on August 6, 2029. The amount is fully drawn and outstanding. Redstone Holdco 2 LP and Redstone Buyer LLC were formed as part of the buyout of the RSA Security business from Dell Inc. REMARK HOLDINGS: Effects 1-for-10 Reverse Stock Split ----------------------------------------------------- Remark Holdings, Inc. announced a reverse stock split of its issued and outstanding shares of common stock at a ratio of 1-for-10 and that it had filed a Certificate of Amendment of its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the reverse split. The reverse split became effective after the market closed on Dec. 21, 2022, at 5:00 p.m. Eastern Time. Remark's common stock will continue to trade on the Nasdaq Capital Market under the symbol "MARK," but will trade on a split-adjusted basis under a new CUSIP number, 75955K300. Remark's stockholders approved the reverse split at a special meeting of stockholders held on Dec. 6, 2022. In connection with approving the reverse split, Remark's stockholders granted authority to the company's Board of Directors to determine, in its sole discretion, the exact ratio of the reverse split within the range of 1-for-10 to 1-for-20. The Board of Directors approved the reverse split on Sept. 15, 2022, and the ratio of 1-for-10 on Dec. 9, 2022. As a result of the reverse split, every 10 pre-split shares of common stock issued and outstanding will automatically combine and convert into one new share of common stock without any action on the part of the holders and with no change in the par value per share of $0.001. The reverse split will proportionately reduce the number of shares of common stock available for issuance under Remark's equity incentive plans and proportionately reduce the number of shares of common stock issuable upon the exercise of stock options and upon the release of restricted stock units outstanding immediately prior to the effectiveness of the reverse split. The reverse split reduces the number of shares of Remark's issued and outstanding common stock from approximately 112 million pre-reverse-split shares to approximately 11.2 million post-reverse-split shares. No fractional shares will be issued as a result of the reverse split. Owners of fractional shares outstanding after the reverse split will be entitled to receive cash for such fractional shares based upon the closing sales price of the common stock as reported on the Nasdaq Capital Market on Dec. 21, 2022. The company's transfer agent, Computershare, Inc., is acting as the exchange agent for the reverse split and will provide instructions to stockholders regarding the process for exchanging their pre-split shares for post-split shares. Additional information about the reverse split can be found in the company's definitive proxy statement filed with the Securities and Exchange Commission on Oct. 24, 2022, a copy of which is available at www.sec.gov and on the company's website. About Remark Holdings Remark Holdings, Inc. (NASDAQ: MARK) -- http://www.remarkholdings.com-- delivers an integrated suite of AI solutions that help organizations monitor, understand, and act on threats in real-time. Remark consists of an international team of sector-experienced professionals that have created video analytics. The Company's GDPR-compliant and CCPA-compliant solutions focus on market sectors including retail, federal and state governmental entities, public safety, hospitality, and transportation. Remark maintains its headquarters in Las Vegas, Nevada, with an additional North American office in New York and New York and international offices in London, England, and Chengdu, China. Remark Holdings reported net income of $27.47 million for the year ended Dec. 31, 2021, compared to a net loss of $13.69 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $16.69 million in total assets, $31.38 million in total liabilities, and a total stockholders' deficit of $14.69 million. Los Angeles, California-based Weinberg & Company, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 31, 2022, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities and has a negative working capital and a stockholders' deficit that raise substantial doubt about its ability to continue as a going concern. RESEARCH NOW: $250M Bank Debt Trades at 33% Discount ---------------------------------------------------- Participations in a syndicated loan under which Research Now Group LLC is a borrower were trading in the secondary market around 66.8 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $250 million facility is a term loan. It is scheduled to mature on December 20, 2025. The amount is fully drawn and outstanding. Headquartered in Plano, Texas, Research Now Group, LLC (formerly Research Now Group, Inc.) and its subsidiary Dynata, LLC (formerly Survey Sampling International, LLC), provides data collection services through online, mobile and offline surveys used by market research firms, consulting firms and corporate customers. RESOLUTE INVESTMENT: $725M Bank Debt Trades at 19% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Resolute Investment Managers Inc is a borrower were trading in the secondary market around 80.6 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $725.5 million facility is a term loan. It is scheduled to mature on April 30, 2024. The amount is fully drawn and outstanding. Resolute Investment Managers, Inc. is a diversified, multi-affiliate asset management platform that partners with more than 30 best-in-class affiliated and independent investment managers. REVLON CONSUMER: $1.8B Bank Debt Trades at 80% Discount ------------------------------------------------------- Participations in a syndicated loan under which Revlon Consumer Products Corp is a borrower were trading in the secondary market around 20.2 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $1.80 billion facility is a term loan. It is scheduled to mature on September 7, 2023. About $862.5 million of the loan is withdrawn and outstanding. Revlon, Inc., is an American multinational company dealing in cosmetics, skin care, fragrance, and personal care. REVLON INC: Reaches Deal With Lenders for $2.7-Bil. Equity Swap --------------------------------------------------------------- Revlon Inc. said that it has reached an agreement with its secured lenders and unsecured creditors to file a Chapter 11 plan that would swap more than $2.7 billion in secured debt for equity swap. After extensive negotiations, on Dec. 19, 2022, the Debtors, Consenting BrandCo Lenders, and the Official Committee of Unsecured Creditors agreed to the terms of the restructuring set forth in the Restructuring Support Agreement. The Debtors on Dec. 23, 2022, filed a Plan and a Disclosure Statement based on the terms of the RSA agreed upon by the parties. The Debtors, the Consenting BrandCo Lenders, and the Creditors' Committee believe that the restructuring reflected in the Plan is the best available option for the Debtors' stakeholders, Estates, and go-forward businesses. Through the restructuring, the Debtors will create a sustainable capital structure that positions the Company for success in the demanding beauty industry. The Debtors believe that the Plan results in appropriate leverage and liquidity to enable the Company to execute on its Business Plan and capture new market opportunities on a go-forward basis. The financial and operational restructuring provided for in the Plan affords the Company a "fresh start" and provides a foundation for the long-term health of its business. The Plan gives effect to the transactions described in the RSA. Among other benefits, the Plan: * reduces the Company's pro forma indebtedness by $2.7 billion versus its existing capital structure (including the DIP Facilities); * capitalizes the Company with $1.8 billion of expected debt financing under the Exit Facilities, which will be used, among other things, to fund plan distributions; * provides for an Equity Rights Offering in the amount of up to $650 million for the purchase of New Common Stock of the Reorganized Debtors, which is expected to be backstopped by the Equity Commitment Parties, the proceeds of which will be used, among other things, to fund plan distributions; * provides the Reorganized Debtors with a minimum cash balance as of the Effective Date of $75 million; * provides for the discharge and cancellation of Interests in Holdings and certain Claims on the Effective Date, and the issuance of New Common Stock to Holders of applicable Claims on the Effective Date; * provides substantial cash distributions to Holders of Allowed General Unsecured Claims and the issuance of New Warrants to Holders of Allowed Unsecured Notes Claims, in each case, subject to acceptance of the Plan by the relevant Class or Holders; * allows the Debtors to pursue and consummate an Acceptable Alternative Transaction if certain conditions are satisfied; * provides for a global and integrated compromise and settlement of all disputes, including, without limitation, the Financing Transactions Litigation Claims, between and among the Debtors, the Creditors' Committee, the Consenting BrandCo Lenders, and other stakeholders in these Chapter 11 Cases; and * has the support of the Creditors' Committee and the Ad Hoc Group of BrandCo Lenders. The Debtors strongly believe that the Plan is in the best interests of the Debtors' estates, represents the Debtors' best available alternative, and provides for a value-maximizing transaction. About Revlon Inc. Revlon Inc. manufactures, markets and sells an extensive array of beauty and personal care products worldwide, including color cosmetics; fragrances; skin care; hair color, hair care and hair treatments; beauty tools; men's grooming products; antiperspirant deodorants; and other beauty care products. Today, Revlon's diversified portfolio of brands is sold in approximately 150 countries around the world in most retail distribution channels, including prestige, salon, mass, and online. Since its breakthrough launch of the first opaque nail enamel in 1932, Revlon has provided consumers with high-quality product innovation, performance and sophisticated glamour. In 2016, Revlon acquired the iconic Elizabeth Arden company and its portfolio of brands, including its leading designer, heritage and celebrity fragrances. Revlon is among the leading global beauty companies, with some of the world's most iconic and desired brands and product offerings in color cosmetics, skin care, hair color, hair care and fragrances under brands such as Revlon, Revlon Professional, Elizabeth Arden, Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos, Christina Aguilera and AllSaints. Revlon sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 22-10760) on June 15, 2022. Fifty affiliates, including Almay, Inc, Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also sought bankruptcy protection on June 15 and June 16, 2022. Revlon disclosed total assets of $2,328,093,000 against total liabilities of $3,689,240,395 as of April 30, 2022. The Hon. David S. Jones is the case judge. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as bankruptcy counsel; Mololamken, LLC as special litigation counsel; PJT Partners, LP as investment banker; KPMG, LLP as tax services provider; and Alvarez & Marsal North America, LLC as restructuring advisor. Robert M. Caruso and Matthew Kvarda of Alvarez & Marsal serve as the Debtors' chief restructuring officer and interim chief financial officer, respectively. Meanwhile, Kroll Restructuring Administration, LLC is the Debtors' claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors on June 24, 2022. Brown Rudnick, LLP, Province, LLC and Houlihan Lokey Capital, Inc. serve as the committee's legal counsel, financial advisor and investment banker, respectively. REWALK ROBOTICS: Board OKs $5.8M Repurchase Program Extension ------------------------------------------------------------- ReWalk Robotics Ltd. said its Board of Directors has approved an extension of the current program to repurchase the Company's Ordinary Shares, par value NIS 0.25 per share, with such extension to be in the aggregate amount of up to $5.8 million. The Company's ongoing $8.0 million repurchase program was previously approved by the Board and an Israeli court for a six month period ending on Jan. 20, 2023. The Board's approval of the $5.8 million repurchase program extension is intended to facilitate purchases of up to an aggregate of $8.0 million of its Ordinary Shares over the life of the repurchase program, as extended. The extension of the program is subject to receipt of Israeli court approval, and ReWalk has filed a motion requesting permission to make purchases for a period of six months following the date of the Court's authorization. "We believe our stock is significantly undervalued and this filing to extend our repurchase program reflects our confidence in the long-term potential of ReWalk," stated Jeff Dykan, Chairman of the Board. "The Board approved the program as part of its ongoing consideration of alternative methods to take advantage of the Company's strong cash position and based on the input of our shareholders. We believe the program represents a prudent use of the Company's capital and signals the Board's priority to maximize shareholder value." "We are acting on multiple activities that are on track to support the future value of our stock," said Larry Jasinski, chief executive officer. "These include the current consideration of individual cases with the CMS MACs, the movement of court cases in Germany to provision of systems, the anticipated rebound in revenue as we are now emerging from the impact of past limits of training due to Covid, and with business development activity in our efforts to add additional product lines." The extension of the share repurchase program was unanimously approved by the Board. The Board believes that extension of the share repurchase program at this time is in the best interests of the Company and its shareholders, and will not impact ReWalk's ability to execute its growth plans. Under the extended program, share repurchases may be made from time to time using a variety of methods, including open market transactions or in privately negotiated transactions. Such repurchases will be made in accordance with all applicable securities laws and regulations, including restrictions relating to volume, price and timing under applicable law, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended (the "1934 Act"). The timing and amount of shares repurchased will be determined by the Company's management, within guidelines to be established by the Board or a committee thereof, based on its ongoing evaluation of ReWalk's capital needs, market conditions, the trading price of the Company's shares, trading volume and other factors, subject to applicable law. For all or a portion of the authorized repurchase amount, ReWalk may enter into a plan compliant with Rule 10b5-1 under the 1934 Act that is designed to facilitate these repurchases. The repurchase program does not require ReWalk to acquire a specific number of shares, and may be suspended or discontinued at any time. The share repurchases will be funded from available working capital. About ReWalk Robotics ReWalk Robotics Ltd. -- http://www.rewalk.com-- develops, manufactures, and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk's mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the U.S., Israel and Germany. ReWalk Robotics reported a net loss of $12.74 million for the year ended Dec. 31, 2021, a net loss of $12.98 million for the year ended Dec. 31, 2020, a net loss of $15.55 million for the year ended Dec. 31, 2019, a net loss of $21.67 million for the year ended Dec. 31, 2018, and a net loss of $24.72 million for the year ended Dec. 31, 2017. As of Sept. 30, 2022, the Company had $80.77 million in total assets, $5.18 million in total liabilities, and $75.59 million in total shareholders' equity. RISING TIDE: $400M Bank Debt Trades at 36% Discount --------------------------------------------------- Participations in a syndicated loan under which Rising Tide Holdings Inc is a borrower were trading in the secondary market around 64.4 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $400 million facility is a term loan. It is scheduled to mature on June 1, 2028. The amount is fully drawn and outstanding. Rising Tide Holdings, Inc. is a specialty marine aftermarket retailer. Rising Tide is controlled by investment funds affiliated with L Catterton following a leveraged buyout in May 2021. RUBY PIPELINE: Amends Subordinated Notes Claims Pay Details ----------------------------------------------------------- Ruby Pipeline, L.L.C., submitted a Second Amended Modified Plan dated December 19, 2022. Under the Plan, each Holder of an Allowed General Unsecured Claim shall receive, in full satisfaction, settlement, discharge and release of its Allowed General Unsecured Claim: (x) a Distribution of Cash equal to the allowed amount of its General Unsecured Claim or (y) subject to the consent of the Buyer, Reinstatement of its Allowed General Unsecured Claim against the Reorganized Debtor. Class 6 consists of all Subordinated Notes Claims. Subordinated Notes Claims shall be Allowed on the Effective Date in the aggregate amount of $240,234,375, inclusive of the principal amount the 2026 Subordinated Notes and accrued prepetition interest as of the Petition Date (the "Allowed Subordinated Notes Claim"). Each Holder of an Allowed Subordinated Notes Claim shall (i) receive, in full satisfaction, settlement, discharge and release of its Allowed Subordinated Notes Claim, (x) its Subordinated Notes Allocable Share of (1) Cash in the amount of (A) $18.5 million, if the Sale Transaction is consummated with the Successful Bidder, or (B) $12.5 million, if the Sale Transaction is consummated with the Back-Up Bidder, and (2) Liquidation Trust Beneficial Interests entitling such Holder to receive its Subordinated Notes Allocable Share of Net Cash Proceeds (if any), and (ii) waive such portion of its Allowed Subordinated Notes Claim as exceeds the Distributions actually received by such Holder of an Allowed Subordinated Notes Claim pursuant to the Plan, including amounts received by such Holder on account of Liquidation Trust Beneficial Interests. Class 6 is Unimpaired. Class 7 consists of all Equity Interests. On the Effective Date, Equity Interests shall be cancelled, released, and extinguished, and be of no further force or effect, whether surrendered for cancellation or otherwise. The Debtor has conducted a marketing and sale process in accordance with the Bidding Procedures. Pursuant to the Bidding Procedures, the Debtor has designated the Successful Bidder and Back-Up Bidder. The Sale Transaction shall be consummated with the Successful Bidder on the Effective Date. If the Tallgrass Investment Agreement is terminated in accordance with its terms, the Sale Transaction shall be consummated with the Back-Up Bidder pursuant to the terms of the EP Ruby Investment Agreement, upon the filing of a notice with the Bankruptcy Court (and without the need for further Bankruptcy Court approval). If the Sale Transaction is consummated with the Successful Bidder, pursuant to the terms of the Tallgrass Investment Agreement, any amounts held in reserves for Excluded Liabilities (as defined in the Tallgrass Investment Agreement) in excess of the actual aggregate amount of Excluded Liabilities payable in accordance with the Plan shall be remitted to the Buyer promptly following the final determination of all Excluded Liabilities. The Distribution Agent shall fund Distributions and satisfy Allowed Claims under the Plan using Cash or Net Cash Proceeds, including Sale Transaction Proceeds, as applicable; provided, however, any post-Effective Date obligations shall be paid from the Liquidation Trust by the Liquidation Trustee. The Debtor shall make an initial distribution of Cash or Net Cash Proceeds on the Effective Date. As the Confirmation Order shall provide, subject to the occurrence of the Effective Date, the Settlement Agreement As Between Kinder Morgan, Inc. at al. and Pembina Pipeline Corporation et al., dated November 18, 2022, shall be deemed to have terminated in its entirety immediately prior to the Debtor’s receipt of 100% of the Settlement Payment (as defined in the Sponsor Settlement Agreement). By not objecting to the Plan, the Sponsors shall be deemed to have submitted to the jurisdiction of the Bankruptcy Court in respect of, to have stipulated to, and to have waived any objection to the Bankruptcy Court's exercise of jurisdiction in respect of, in each case, such termination of such settlement agreement. Attorneys for the Debtor: Ray C. Schrock, Esq. Sunny Singh, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 - and - Kevin Gross, Esq. Daniel J. DeFranceschi, Esq. John H. Knight, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 N. King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 About Ruby Pipeline Ruby Pipeline, LLC, a Houston-based natural gas pipeline company, sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 22-10278) on March 31, 2022. In the petition filed by Will W. Brown, as commercial vice-president, Ruby Pipeline listed $500 million to $1 billion in both assets and liabilities. Judge Craig T. Goldblatt oversees the case. Richards, Layton & Finger, P.A., and Weil Gotshal & Manges, LLP are the Debtor's bankruptcy counsels while PJT Partners, LP, is the investment banker. Kroll Restructuring Administration, LLC, formerly known as Prime Clerk, LLC, is the claims and noticing agent and administrative advisor. Counsel to the Ad Hoc Group and Special Counsel to the Indenture Trustee are Morris, Nichols, Arsht & Tunnell LLP, and Davis Polk & Wardwell LLP. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on April 19, 2022. Brown Rudnick, LLP and Benesch, Friedlander, Coplan & Aronoff LLP serve as the committee's bankruptcy counsel and Delaware counsel, respectively. SAMEH H. AKNOUK: Court OKs Cash Collateral Access Thru Jan 4 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York authorized Sameh H. Aknouk, Dental Services, P.C. to use cash collateral on an interim basis in an amount not to exceed $105,224, subject to a 10% variance, through January 4, 2023. The Debtor requires the use of cash collateral to continue to operate its business. The Debtor has only one secured creditor, the United States Small Business Administration. The Debtor's obligation to the SBA arose out of a $150,000 Economic Injury Disaster Loan which it entered into on June 13, 2020. In connection with the Loan, the Debtor executed a Note which provided for an annual interest rate of 3.75% and the repayment of the Loan in monthly installments of $731 commencing 12 months after the date of the Note, with all remaining principal and interest due and payable 30 years from the date of the Note. Upon information and belief, the commencement of the payments under the Note has since been extended and are presently scheduled to commence later in December 2022. The SBA duly perfected its lien in the Collateral by filing a UCC-1 Financing Statement with the New York Secretary of State on June 29, 2020. As adequate protection, the Secured Creditor is granted a valid, enforceable, fully-perfected, security interest in all of the Debtor's pre-petition and post-petition assets and proceeds. As further adequate protection for the Secured Creditor, the Debtor will make monthly payments, not later than the 30th day of each month (and the last day of February), in the amount of $731 as adequate protection for any diminution in the value of any collateral securing the Secured Claim as a result of the use of cash collateral, commencing in the month of the date of entry of the Order. The Debtor's right to use the cash collateral will terminate immediately upon the occurrence of any of these events: a) The entry of an order of the Court converting or dismissing the Chapter 11 case; b) The entry of an order of the Court confirming a plan of reorganization in the Chapter 11 case; c) The failure of the Debtor (i) to perform any of its obligations under the Order, and (ii) to cure such Default within ten business days after the giving of written notice thereof to the Debtor, the United States Trustee and any official committee appointed in the Chapter 11 Case by the Secured Creditor; d) The amendment, supplementation, waiver or other modification of all or part of the Order without the Secured Creditor having been given at least 72 hours advance, written notice, by overnight service upon the Secured Creditor (unless otherwise prescribed by the Bankruptcy Court having jurisdiction over Debtor's case). However, in no event will the Debtor seek emergency relief concerning the Order from the Court without the Secured Creditor having been given at least 24 hours advance, actual notice (via telephone or electronic mail); or e) The termination of all or substantially all of the operations of the Debtor, whether by voluntary act(s) or omission(s) of the Debtor, or otherwise. A copy of the motion and the Debtor's budget is available at https://bit.ly/3hK85L8 from PacerMonitor.com. The budget provides for total expenses, on a weekly basis, as follows: $22,423 for the week ending December 17, 2022; $22,423 for the week ending December 24, 2022; $22,423 for the week ending December 31, 2022; $22,423 for the week ending January 7, 2023; $22,423 for the week ending January 14, 2023; $22,423 for the week ending January 21, 2023; and $22,423 for the week ending January 28, 2023. About Sameh H. Aknouk, Dental Services, P.C. Sameh H. Aknouk, Dental Services, P.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-11651-mg) on December 8, 2022. In the petition signed by Sameh H. Aknouk, president, the Debtor disclosed up to $50,000 in assets and up t $1 million in liabilities. Judge Martin Glenn oversees the case. Erica Aisner, Esq., at Kirby Aisner & Curley LLP, is the Debtor's legal counsel. SANUWAVE HEALTH: Stockholders Approve Reverse Common Stock Split ---------------------------------------------------------------- SANUWAVE Health, Inc. commenced the solicitation of written consents from its stockholders with respect to the following proposals, which were approved on Dec. 20, 2022: Proposal 1. To approve an amendment to the Company's Articles of Incorporation to effect a reverse stock split of the Company's common stock, par value $0.001, at a reverse stock split ratio ranging from any whole number between 1-for-50 and 1-for-100, subject to and as determined by the Board of Directors. Proposal 2. To approve an amendment to the Company's Articles of Incorporation to increase the number of authorized shares of Common Stock from 800,000,000 to 2,500,000,000. Both proposals received the affirmative requisite vote of the stockholders of the Company. The Consent Solicitation automatically terminated on Dec. 20, 2022 in accordance with its terms, which are more fully described in the Proxy Statement. About SANUWAVE Health Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is a shock wave technology company using a patented system of noninvasive, high-energy, acoustic shock waves for regenerative medicine and other applications. The Company's initial focus is regenerative medicine utilizing noninvasive, acoustic shock waves to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. SANUWAVE reported a net loss of $27.26 million for the year ended Dec. 31, 2021, compared to a net loss of $30.94 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $20.11 million in total assets, $52.96 million in total liabilities, and a total stockholders' deficit of $32.85 million. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated May 13, 2022, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations and the occurrence of the events of default on the Company's debt. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SCREENVISION LLC: Incremental Loan No Impact on Moody's Caa1 CFR ---------------------------------------------------------------- Moody's Investors Service stated that the recent maturity extension of Screenvision, LLC's $25 million senior secured incremental loan (unrated) is a distressed exchange, which is an event of default under Moody's definition of default. Moody's appended a limited default (LD) designation to Screenvision's Caa1-PD probability of default rating changing it to Caa1-PD/LD. The LD designation will be removed, and PDR will revert to Caa1-PD in several business days. The transaction does not affect Screenvision's Caa1 corporate family rating (CFR), the Caa1 senior secured credit facility rating, and the negative outlook. On December 20, 202022, Screenvision completed an amendment to extend the maturity of its $25 million senior secured incremental loan ($3 million outstanding as of September 30, 2022) from December 31, 2022 to February 29, 2024. Moody's views the extension as a distressed exchange (DE) because of Screenvision's weak liquidity, weak operating performance to-date and Moody's view that the company was challenged to meet its original cash debt service obligation as outlined in its original debt agreement. With approximately $1 million cash at the end of the third quarter, no borrowing capacity on the fully drawn revolver, $3 million outstanding on the incremental loan due December 31, 2022 and the need to rely on an external credit line to bridge the timing of cash receipts and disbursements in Q1 2023, the extension of the loan was critical for Screenvision to continue its normal operations. The fourteen-month loan extension provided immediate liquidity relief by allowing to push debt maturity until the company's operating performance and free cash flow improve in 2023 and by maintaining uninterrupted access to a credit line in the coming year, a credit positive. There is still uncertainty about the company's ability to refinance its $10.5 million fully drawn revolver before its expiration in January 2024 and address the extended maturity of its incremental loan by February 29, 2024. Screenvision, headquartered in New York City, is a privately owned operator of a leading in-theater advertising network in the United States. The company is majority-owned by affiliates of Abry Senior Equity V, LP (about 74%), with ownership stakes also held by AMC Entertainment Inc. and the company's management. SIERRA ENTERPRISES: Moody's Lowers CFR to Caa3, Outlook Negative ---------------------------------------------------------------- Moody's Investors Service downgraded Sierra Enterprises LLC's ("Sierra"; owner of Lyons Magnus, LLC) Corporate Family Rating to Caa3 from B3 and Probability of Default Rating to Caa3-PD from B3-PD. In addition, Moody's also downgraded the ratings on the company's first lien revolving credit facility and first lien term loan to Caa2 from B3. The outlook is negative. The downgrades reflect Moody's view that the potential for a debt restructuring, which the rating agency could consider a distressed exchange, has increased materially. Moody's believes there is a risk that the current leverage is unsustainable and is concerned that if fundamentals do not improve in sufficient time, Sierra might not be able to refinance its revolving credit facility due August 2024 and the first lien term loan maturity in November 2024 without impairing creditors or at a manageable interest cost. Moody's thus views default risk as growing including the potential for a distressed exchange transaction such as a discounted debt repurchase by the company or private equity sponsor Paine Schwartz Partners. The action also reflects the correction of an error in our analysis of the first lien term loan. In the prior rating action on May 20, 2022, a second lien loan was incorrectly ranked as equal in priority rather than subordinate to the first lien loan. While the correction of this error resulted in some upward pressure on the rating of the first lien loan, this was outweighed by the increased potential for a debt restructuring. Operating performance challenges over the last twelve months have resulted in elevated leverage and weak liquidity. Moody's projects Sierra's EBITDA will remain relatively weak in the next twelve months as inflationary headwinds impact margins and price increases lead to reduced volumes. In the first nine months of fiscal 2022, Sierra's EBITDA declined by over 60% compared to the first nine months of fiscal 2021. Although management implemented a number of price increases during the period, cost increases outpaced the company's price increases. Raw materials, ingredients, freight, and labor cost increases all contributed to the decline in EBITDA. Moody's is forecasting Sierra's performance to improve in fiscal 2023, as price increases start to offset the inflationary cost pressures. Liquidity is weak based on $38 million of cash, negative free cash flow, and very low incremental capacity on the revolver because additional borrowings would trigger the springing 6.25x net debt to EBITDA leverage covenant (9.84x as 3Q22) with which Moody's believes the company would be unable to comply. Sierra's debt to LTM EBITDA stood at 10.8x on a Moody's adjusted basis as of June 25, 2022, and Moody's is forecasting it to improve to approximately 9x for fiscal 2022. In fiscal 2023, Moody's believes that Sierra should exhibit a further improvement in performance, resulting in debt-to-EBITDA leverage falling below 7x. Free cash flow in the LTM period ended June 25, 2022, was negative $32 million, and Moody's is forecasting Sierra to continue to incur negative free cash flow in fiscal 2022 and the first half of fiscal 2023. For Fiscal 2023, Moody's is projecting Sierra to generate break-even free cash flow. Moody's lowered the credit impact score to CIS-5 from CIS-4 and the governance issuer profile score to G-5 from G-4, reflecting the heightened risk of a pre-emptive distressed exchange or other debt restructuring because of the high leverage and the risk that the private equity sponsor could look to preserve its equity position while addressing the maturities. The following ratings/assessments are affected by the action: Ratings Downgraded: Issuer: Sierra Enterprises LLC Corporate Family Rating, Downgraded to Caa3 from B3 Probability of Default Rating, Downgraded to Caa3-PD from B3-PD GTD Senior Secured 1st Lien Bank Credit Facility, Downgraded to Caa2 (LGD3) from B3 (LGD3) Outlook Actions: Issuer: Sierra Enterprises LLC Outlook, Remains Negative RATINGS RATIONALE The Caa3 Corporate Family Rating reflects Sierra's high financial leverage and customer concentration with its three largest customers accounting for over 50% of revenue. The rating also reflects some execution risk in expansion of low-acid aseptic packaging business. Additionally, the majority of Sierra's customers are quick-service-restaurants, which were materially impacted by shutdowns due to the coronavirus outbreak. Financial policies are aggressive under private equity ownership. The company benefits from its well-established market position as a foodservice supplier of beverage syrups, nutritional beverages, and toppings in the U.S. The company also benefits from long-standing customer relationships and low exposure to fluctuations in raw material costs. The rating reflects Moody's expectation that the company's EBITDA generation will improve in the second half of fiscal 2023 through price increases and continued recovery in foodservice volume, cost rationalization, growth in the aseptic packaging business and a moderation of cost pressures. This should lead to break-even free cash flow generation for fiscal 2023. However, rising interest rates will be a headwind that could weaken free cash flow and make it more challenging for the company to address its revolver and term loan 2024 maturities if operating performance does not improve. Sierra's ESG credit impact score is very highly negative (CIS-5) driven by its exposure to very highly negative governance risks as a result of elevated risks of a distressed exchange or other default. Sierra is moderately negatively exposed to environmental and socials risks. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects the increased risks of default or distressed exchange that Sierra faces due to challenges to improve EBITDA quickly, continued negative free cash flow, and high leverage. These factors are weakening liquidity and will likely create challenges for Sierra to address the approaching maturities including the revolving credit facility that expires in August 2024 as well as the first lien term loan that matures in November 2024. Ratings could be upgraded if the company materially improves its liquidity including sustaining positive free cash flow, increasing effective revolver capacity, and addressing the 2024 maturities. Ratings could be downgraded if Moody's believes the likelihood of default, including a distressed exchange, increases or an expectation for lower recovery rates materializes. The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. Headquartered in Fresno, California, Sierra Enterprises LLC is the owner of Lyons Magnus, LLC. The company produces beverage syrups, toppings, sauces, food ingredients, frozen desserts, and nutritional beverages. Sierra's customers are primarily food manufacturers and food service companies located in the US. The company also has some branded direct-to-retail products such as sauces, juices, and nutritional drinks. Sierra is majority owned and controlled by private equity firm Paine Schwartz Partners since the 2017 acquisition. The company does not publicly disclose financial information. Annual revenue is around $700 million. SNIPER SERVICES: Unsecureds Will Get 100% with Interest in Plan --------------------------------------------------------------- Sniper Services, LLC, submitted an Amended Plan of Reorganization dated Dec. 19, 2022. This Plan is intended to deal with all Claims and Debts against the Debtor of whatever character whether or not contingent or liquidated and whether or not allowed by the Court. Claims and Debts incurred by the Debtor post-petition, including ad valorem taxes, in the ordinary course of business will be paid by the Debtor according to their terms as they come due. The treatment of and consideration to be received by holders of Allowed Claims or interests pursuant to this Article of this Plan shall be in full settlement, release and discharge of their respective Claims, Debts, or interests as against the Debtor subject to the provisions. On the Confirmation Date, the Reorganized Debtor shall assume all duties, responsibilities and obligations for the implementation of this Plan. Class 2 consists of Allowed Internal Revenue Service Claims. The Allowed Amount of Allowed Internal Revenue Service Claims shall be paid out of the revenue from the continued operations of the business. The Internal Revenue Service (IRS) has filed a priority Proof of Claim in the amount of $214,255.34. This claim results almost entirely from unfiled 940 and 941 returns. The Debtor has filed all missing returns and believes the amount owed to the IRS on its priority claim should be $113,960. The amount owing the IRS on its Allowed Priority Claim it will be paid in full over a 60-month period from the Petition Date, commencing on the Effective Date, with interest at the greater of 3% per annum or the rate required by Section 511 of the Bankruptcy Code. Class 6 consists of Allowed Unsecured Creditors. All creditors holding allowed unsecured claims will be paid from the income of the business. The Class 5 Creditors shall receive their pro rata share of 60 monthly payments of $500 commencing on the Effective Date until all Allowed Unsecured Creditors have been paid in full. The unsecured creditors shall receive 100% of their allowed claims under this Plan. The Class 6 creditor shall receive interest on their Allowed Claim at the rate of 7.5% per annum. The Debtor may pre-pay any Class 6 Allowed Claim without penalty. The Class 6 Creditors are impaired under this Plan. Class 7 Claimants (Current Ownership) is not impaired under the Plan and shall be satisfied by retaining his interest in the Debtor. Ownership shall remain 100% in the Debtor. The Class 7 Claimant is not impaired by the Plan. The Debtor's obligations under this Plan will be satisfied out of the ongoing operations of the Reorganized Debtor. The income projections of the Reorganized Debtor are attached to the Disclosure Statement. The Debtor believes the projections to be accurate based upon current business operations. The Debtor does not intend to dramatically alter the current expenses or income over the Plan term. A full-text copy of the Amended Plan of Reorganization dated December 19, 2022, is available at https://bit.ly/3I2bLTs from PacerMonitor.com at no charge. Attorneys for the Debtor: Eric A. Liepins, Esq. ERIC A. LIEPINS, P.C. 12770 Coit Road, Suite 850 Dallas, TX 75251 a Tel: (972) 991-5591 Fax: (972) 991-5788 About Sniper Services Sniper Services, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 22 41502) on July 4, 2022, disclosing up to $50,000 in assets and up to $500,000 in liabilities. Eric A. Liepins, Esq., is the Debtor's counsel. SUPERIOR PLUS: Moody's Puts 'Ba2' CFR on Review for Downgrade ------------------------------------------------------------- Moody's Investors Service placed Superior Plus LP's ratings under review for downgrade, including the Ba2 corporate family rating, Ba2-PD probability of default rating, and Ba3 senior unsecured notes ratings. The SGL-2 speculative grade liquidity (SGL) remains unchanged. The review follows the December 22, 2022 announcement that Superior entered into an agreement to acquire Certarus Ltd. (Certarus), a provider of integrated compressed natural gas services, in a transaction totaling C$1 billion. The proposed deal will be financed with a combination of debt and equity, including a new senior secured C$550 million 3-year revolving credit facility, rollover equity and shares issued to Certarus shareholders. On Review for Downgrade: Issuer: Superior Plus LP Corporate Family Rating, Placed on Review for Downgrade, currently Ba2 Probability of Default Rating, Placed on Review for Downgrade, currently Ba2-PD Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba3 (LGD4) Outlook Actions: Issuer: Superior Plus LP Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS "The review for downgrade reflects an evolving acquisition strategy that tolerates increased financial risks, including leverage sustained at higher levels, less robust liquidity and a tighter maturity profile," said Whitney Leavens, Moody's analyst. "The acquisition enhances Superior's business diversification and provides an opportunity to pursue growth tied to decarbonization trends, but Certarus is highly exposed to the volatile oil & gas industry with a short track record of sustaining EBITDA at current levels," she added. The transaction's immediate impact on adjusted debt/EBITDA is not material; however, Moody's expects leverage to remain closer to 4.5x longer-term, which is high for a Ba2 credit and elevated relative to the peer group. In early 2022, Superior increased its target net debt/EBITDA to a 3.5-4.0x range (from 3.0x-3.5x previously) to accommodate a more accelerated acquisition strategy, and Moody's believes the company will remain above its target into 2024 as it pursues a goal of reaching C$700-C$750 million in EBITDA by 2026. The review will incorporate the final post-transaction capital structure and focus on Moody's assessment of execution risks, cash generation and deleveraging as well as the trajectory of the company's financial policies and M&A strategy. Moody's expects to conclude the review upon closure of the transaction following regulatory approvals expected in Q1-23. The transaction does not require shareholder approval given that equity issued will represent less than 25% of shares currently outstanding. Superior is a wholly owned subsidiary of Superior Plus Corp. (unrated), a publicly traded company located in Toronto, Canada. The company primarily buys and sells propane and related products in Canada and the US, generating about C$400 million in EBITDA through LTM as of September 2022. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. TBD RESTAURANTS: Capital Infusion to Fund Plan Payments ------------------------------------------------------- TBD Restaurants LLC filed with the U.S. Bankruptcy Court for the District of Nevada a Small Business Plan of Reorganization under Subchapter V dated December 19, 2022. The Debtor is a limited liability company which is owned by the companies Nest LLC and G5 Consulting LLC. TBD itself owns several companies that operate pizzeria restaurants. Three of these restaurants are in their own separate Subchapter V Chapter 11 reorganizations which are pending in this district: (1) George D Group, LLC; (2) V&H Pizza 1 LLC; and (3) Brothers Pizza 5 LLC. TBD leases 1275 West Warm Springs Rd., suite 110Ͳ 110, Henderson, Nevada 89013 ("Leased Business Premises") from Exeter 16290 NV, LLC ("Exeter"). TBD then subͲleases the Leased Business Premises to K&H. This Plan under chapter 11 of the Bankruptcy Code proposes to pay creditors from infusion of capital. Class 3 consists of Non-priority unsecured claims. On the Effective Date of the Plan, full lump sum payments shall be made to allowed claimants. As of the filing date of this Plan, according to filed proofs of claims, unsecured claims total $38,838.12. Class 4 consists of Equity security holders of the Debtor. The equity security holder(s), the Debtor's member(s), shall retain all current interests. The means for implementation shall come from, infusion of capital contribution from the one of the Debtor's owners. Nest is the majority owner of TBD and shall contribute monies to fund the Plan. A full-text copy of the Plan of Reorganization dated December 19, 2022, is available at https://bit.ly/3YQ3rfb from PacerMonitor.com at no charge. Attorney for the Debtor: David Riggi, Esq. RIGGI LAW E-mail: riggilaw@gmail.com About TBD Restaurants TBD Restaurants LLC is a limited liability company which is owned by the companies Nest LLC and G5 Consulting LLC. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 22-13362) on Sept. 20, 2022. The Debtor is represented by David Riggi, Esq. of RIGGI LAW. TECHNICAL COMMUNICATIONS: Auditor Raises 'Going Concern' Doubt -------------------------------------------------------------- Westborough, Massachusetts-based Stowe & Degon LLC, Technical Communications Corporation's auditor since 2019, issued a "going concern" qualification in its report dated Dec. 22, 2022, citing that the Company has an accumulated deficit, has suffered significant net losses and negative cash flows from operations and has limited working capital that raise substantial doubt about its ability to continue as a going concern. Technical Communications stated, "For the year ended September 24, 2022, the Company generated a net loss of $2,331,000. For the fiscal year ended September 25, 2021, the Company generated a net loss of $1,088,000 and, the Company suffered recurring losses from operations during the prior seven year period from fiscal 2012 to fiscal 2018 and had an accumulated deficit of $6,485,000 at September 24, 2022. We anticipate that our principal sources of liquidity, including the recent line of credit, will be sufficient to fund our activities through January 2023. We may never achieve or sustain profitability. We must raise additional capital to pursue our development initiatives, penetrate markets for the sale of our products and continue as a going concern. We cannot provide any assurance that we will be able to raise additional capital. If we are unable to secure additional capital, we may be required to curtail our research and development initiatives and take additional measures to reduce costs in order to conserve cash in amounts sufficient to sustain operations and meet our obligations. These factors continue to raise substantial doubt about the Company's ability to continue as a going concern. Such consolidated financial statements do not include any adjustments to reflect the substantial doubt about the Company's ability to continue as a going concern." As of Sept. 24, 2022, the Company had $1.95 million in total assets, $3.65 million in total current liabilities, $84,376 in long-term operating lease liabilities, $148,004 in notes payable, and a total stockholders' deficit of $1.93 million. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/96699/000117184322008187/tcco20220924_10k.htm About Technical Communications Concord, Massachusetts-based Technical Communications Corporation -- http://www.tccsecure.com-- specializes in secure communications systems and customized solutions to protect highly sensitive voice, data and video transmitted over a wide range of networks, serving government entities, military agencies, and corporate enterprises. TERMINAL VENTURES: Case Summary & One Unsecured Creditor -------------------------------------------------------- Debtor: Terminal Ventures, LLC 2700 N. Military Trail Suite 130 Boca Raton, FL 33431 Chapter 11 Petition Date: December 26, 2022 Court: United States Bankruptcy Court Southern District of Florida Case No.: 22-19816 Debtor's Counsel: Michael D. Seese, Esq. SEESE, P.A. 101 N.E. 3rd Avenue Suite 1500 Fort Lauderdale, FL 33301 Tel: 954-745-5897 Email: mseese@seeselaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Ignacio Martinez as manager/designated representative. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/EFYGDLA/Terminal_Ventures_LLC__flsbke-22-19816__0001.0.pdf?mcid=tGE4TAMA Debtor's Unsecured Creditor: Entity Nature of Claim Claim Amount ------ --------------- ------------ Dade County Federal Credit Union Ground Lease Unknown Attn: William H. Walker, V.P. 10900 North Kendall Drive Miami, FL 33176 TORRID LLC: $350M Bank Debt Trades at 18% Discount -------------------------------------------------- Participations in a syndicated loan under which Torrid LLC is a borrower were trading in the secondary market around 82.1 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $350 million facility is a term loan. It is scheduled to mature on June 14, 2028. About $307.7 million of the loan is withdrawn and outstanding. Torrid LLC is a fashion apparel retailer, specializing in plus-size brands. TRUGREEN LP: $275M Bank Debt Trades at 15% Discount --------------------------------------------------- Participations in a syndicated loan under which TruGreen LP is a borrower were trading in the secondary market around 84.6 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $275 million facility is a term loan. It is scheduled to mature on November 2, 2028. The amount is fully drawn and outstanding. TruGreen Limited Partnership provides lawn care services. The Company offers healthy lawn analysis, fertilization, tree and shrub care, weed control, insect control, and other related services. TruGreen serves customers in the United State. UNIQUE TOOL: Trustee Files Liquidating Plan ------------------------------------------- Richardo I. Kilpatrick in his role as Chapter 11 Trustee in the bankruptcy case of Unique Tool & Manufacturing Co., Inc., submitted a Disclosure Statement for Plan of Liquidation dated December 19, 2022. The Debtor s an Ohio Corporation, formed in 1963. It operated from a manufacturing facility located at 100 Reed Road in Temperance Michigan. ("Facility"). Unique was a custom metal stamping company, supplying stampings to the satellite, communications, electrical, appliance, refrigeration, and automotive industries throughout the United States, Canada and Mexico. The Debtor specializes in tool and die manufacturing, brazing, welding, and plating. Unique is owned by three members: (1) Daniel J. Althaus; (2) David H. Althaus; and (3) Douglas Althaus. Douglas, Daniel and David have each filed personal bankruptcy. Daniel and David have received their discharges. Each of the owners had guaranteed the debt owed by Debtor to Waterford and Chemical banks. Before the Petition Date, Waterford filed actions against the guarantors and may have obtained judgments. Subsequently, the claims of Waterford and Chemical were satisfied in full. Unique's balance sheets attached to its monthly operating reports reflect notes payable to AFI ($32,366), Officers ($540,812), Other ($297,759) and Sharon (believed to be Sharon Althaus - $559,607). The Plan Proponent is not aware of supporting documents for any of these obligations and/or claims and therefore will either file objection or seek their subordination to the unsecured class. The Chapter 11 Trustee has liquidated all the assets of Unique. Unique and the Chapter 11 Trustee have collected most of Unique's manufacturing receivables that are easily collectible. The Chapter 11 Trustee has also evaluated the remaining receivables and determined no additional collection efforts are warranted. Among other receivables, Unique has listed receivables owed by Worldtec Distributing Corp. in excess of $1.2 million. The Plan Proponent had initiated and has now completed valuable Avoidance Actions against Grand Mill Funding Corporation (estimated to have received $45,000 during the 90-day preference period) and National Funding, Inc. (estimated to have received $89,000 during the 90-day preference period). Additionally, it has been determined and agreed to that Grand Mill Funding Corporation's and National Funding's asserted security interests are wholly unperfected. Additionally, the Chapter 11 Trustee secured a settlement with Toledo Tool and Die for damages to the premises upon their departure. Unpaid Administrative Claim Holders have rights to seek disgorgement of payments to other Administrative Claim Holders, including payments to Insiders for Administrative Claims for salaries and benefits. Accordingly, in the event any Administrative Claims remain unpaid, such Claim Holders may seek recourse against Insiders. All disgorgement claims against the Chapter 11 Trustee and related to the Agreed Order are prohibited under the Plan. Distributions: First to allowed Administrative Claims, as agree to and set forth in the Plan, then to any priority tax claims or other priority claims, with the exception of any Insider Claims (the Plan Proponent is not aware of any material priority claims), then, with the exception of any Insider Claims, to General Unsecured Creditors until all Claims are paid pro-rata (and without interest with respect to General Unsecured Claims). Debtor is liquidating and will not receive a discharge and, thus, it will likely not be subject to forgiveness of indebtedness income. However, the Plan Proponent believes that if any forgiveness of indebtedness results from a discharge granted by the confirmation of the Plan that will not result in a significant tax consequence to Debtor. The forgiveness of indebtedness, pursuant to the Internal Revenue Code, can be applied either to Debtor's basis in its assets or to its net operating loss carry forward. A full-text copy of the Disclosure Statement dated December 19, 2022, is available at https://bit.ly/3WlWzVi from PacerMonitor.com at no charge. Attorney for Chapter 11 Trustee: GOLD, LANGE, MAJOROS & SMALARZ, PC Stuart A. Gold, Esq. 24901 Northwestern Hwy., Suite 444 Southfield, MI 48075 Telephone: (248) 340-3728 Email: sgold@glmpc.com About Unique Tool & Manufacturing Unique Tool & Manufacturing Co., Inc. - http://www.uniquetool.com/ -- is a custom metal stamping company formed in 1963, which supplies stampings to the satellite, communications, electrical, appliance, refrigeration and automotive industries throughout the United States, Canada and Mexico. It specializes in tool and die manufacturing, brazing, welding, plating and more. Unique Tool & Manufacturing sought Chapter 11 protection (Bankr. N.D. Ohio Case No. 19-32356) on July 26, 2019. Daniel Althaus, president, signed the petition. At the time of the filing, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Mary Ann Whipple oversees the case. Diller and Rice, LLC serves as the Debtor's counsel. The U.S. Trustee for Region 9 appointed a committee of unsecured creditors on Sept. 5, 2019. The creditors' committee retained Wernette Heilman PLLC as its legal counsel. Richardo I. Kilpatrick is the Chapter 11 trustee appointed in the Debtor's case. The trustee tapped Gold, Lange, Majoros and Smalarz PC as bankruptcy counsel, Wernette Heilman, PLLC as special counsel, and C.L. Moore & Associates as accountant. VECTRA CO: $140M Bank Debt Trades at 51% Discount ------------------------------------------------- Participations in a syndicated loan under which Vectra Co is a borrower were trading in the secondary market around 48.8 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $140 million facility is a term loan. It is scheduled to mature on March 9, 2026. The amount is fully drawn and outstanding. Vectra Co. operates as a technology-driven diversified industrial company serving automotive systems, aerospace, industrial and renewable energy. VISION DEMOLITION: Wins Final OK to Access Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, authorized Vision Demolition and Excavating, LLC to use cash collateral in accordance with the provisions of the prior Interim Cash Use Orders, except as modified, including any amount held in an account that was subject to a garnishment order on the Petition Date, in the ordinary course of business. The Debtor is permitted to use cash collateral in accordance with the budget, with a 10% variance. The Debtor represented that Commercial Credit Group may have made loans to the Debtor pursuant to various loan documents. The Debtor is indebted to the Secured Creditor in total approximately $732,486. As adequate protection, the Secured Creditor will be granted valid and perfected security interests and replacement liens in the cash collateral and in the post-petition property of the Debtor of the same nature and to the same extent and in the same priority held in the cash collateral on the Petition Date. The Adequate Protection Liens will be valid and fully perfected without any further action by any party and without the execution or the recordation of any control agreements, financing statements, security agreements, or other documents. As adequate protection to CCG with respect to its interest in non-cash collateral assets, the Debtor will make monthly adequate protection payments to CCG in the amount of $21,013, starting on December 3, 2022, and continuing on the third day of each month thereafter until the effective date of a confirmed chapter 11 plan. Unless agreed to by CCG in writing or otherwise extended by the Court, after notice and hearing, the Debtor's authorization to use the cash collateral will immediately cease and terminate on the earliest to occur of: (a) the date on which CCG provides, via facsimile, e-mail or overnight mail, written notice to the Debtor or the Debtor's counsel, of the occurrence of an Event of Default, and (b) the expiration of a five business day cure period. These events constitute an "Event of Default": a. The removal of the Debtor as debtor-in-possession. b. The Debtor's Chapter 11 case is converted to a Chapter 7 case or dismissed. c. The Debtor fails to comply with any term of the Order, including but not limited to its payment obligations and compliance with the Budget. d. The Debtor makes any payment not set forth in the Budget. e. The Debtor fails to comply with any of the adequate protection or reporting obligations. f. The Debtor ceases operations. g. The Debtor fails to timely pay any postpetition tax obligations, payments or deposits. h. The Debtor fails to timely pay any postpetition insurance obligations, payments or deposits related to any assets that serve as collateral for the obligations owed to CCG. i. Any events that occur subsequent to the Order that materially or adversely affect the value or condition of CCG's collateral or the Debtor's business or financial condition. j. The Debtor's failure to file a chapter 11 plan of reorganization with the Court on or before January 16, 2023. A copy of the order is available at https://bit.ly/3Gcqhqh from PacerMonitor.com. About Vision Demolition and Excavating, LLC Vision Demolition and Excavating, LLC is an excavating contractor specializing in both residential and commercial projects. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-04156) on October 17, 2022. In the petition signed by Stacy Payne Miller, president, the Debtor disclosed $818,300 in assets and $1,060,830 in liabilities. Judge Jeffrey J. Graham oversees the case. KC Cohen, Esq., at KC Cohen, Lawyer, PC, is the Debtor's legal counsel. VTV THERAPEUTICS: Falls Short of Nasdaq Bid Price Requirement ------------------------------------------------------------- vTv Therapeutics Inc. said it received a letter from The NASDAQ Stock Market LLC on Dec. 22, 2022, notifying the Company that it is not in compliance with the requirement of NASDAQ Rule 5550(a)(2) as a result of the closing bid price of the Company's Class A common stock being below $1.00 per share for 30 consecutive business days. This notification has no effect on the listing of the Class A Common Stock on The NASDAQ Capital Market at this time. In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until June 20, 2023, to regain compliance with NASDAQ Listing Rule 5550(a)(2). Compliance can be achieved and without further action by the Company if the closing bid price of the Class A Common Stock is at or above $1.00 per share for a minimum of 10 consecutive business days at any time during the 180-day period. If the Company does not regain compliance during such period, subject to an appeals process, the Class A Common Stock may be removed from The NASDAQ Capital Market. The Company intends to monitor the closing bid price of its Class A Common Stock actively and is currently evaluating its available options to regain compliance with NASDAQ Listing Rule 5550(a)(2). The Company gives no assurance that it will regain compliance with the minimum bid price requirement or maintain compliance with any of the other NASDAQ continued listing requirements. About vTv Therapeutics vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing oral small molecule drug candidates. vTv has a pipeline of clinical drug candidates led by programs for the treatment of type 1 diabetes, Alzheimer's disease, and inflammatory disorders. vTv's development partners are pursuing additional indications in type 2 diabetes, chronic obstructive pulmonary disease (COPD), and genetic mitochondrial diseases. vTv Therapeutics reported a net loss attributable to the company of $12.99 million for the year ended Dec. 31, 2021, a net loss attributable to the company of $8.50 million for the year ended Dec. 31, 2020, and a net loss attributable to the company of $13.04 million for the year ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had $35.52 million in total assets, $27.88 million in total liabilities, $24.21 million in redeemable noncontrolling interest, and a total stockholders' deficit attributable to the company of $16.57 million. Raleigh, North Carolina-based Ernst & Young LLP, the Company's auditor since 2000, issued a "going concern" qualification in its report dated March 29, 2022, citing that the Company has not generated any product revenue, has not achieved profitable operations, has insufficient liquidity to sustain operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. WEWORK INC: Inks Fifth Amended Credit Deal With SoftBank, et al. ---------------------------------------------------------------- WeWork Companies LLC, a wholly owned subsidiary of WeWork Inc., SoftBank Group Corp., a Japanese joint-stock company, SoftBank Vision Fund II-2 L.P., a limited partnership established in Jersey, acting by its manager, SB Global Advisers Limited, a limited company incorporated under the laws of England and Wales, the senior tranche issuing creditors from time to time party thereto, the senior tranche L/C participants from time to time party thereto and Goldman Sachs International Bank, as administrative agent for the Senior Tranche Issuing Creditors and Senior Tranche L/C Participants, entered into the Fifth Amendment to the Credit Agreement, dated as of Dec. 27, 2019, by and among WeWork, the SoftBank Obligor, the Senior Tranche L/C Participants, the Senior Tranche Issuing Creditors, the Senior Tranche Administrative Agent and the other parties thereto from time to time. As disclosed in a Form 8-K filed with the Securities and Exchange Commission, the Fifth Amendment, among other things, (i) extends the termination date of the existing senior tranche letter of credit facility under the Existing Credit Agreement from Feb. 9, 2024 to March 14, 2025, (ii) provides for SBG's resignation as obligor with respect to the senior letter of credit tranche and the SVF Obligor's assumption of all of SBG's obligations with respect to the senior letter of credit tranche with certain collateral support required in respect of the SVF Obligor's obligations thereunder, and (iii) retains SBG's role as the SoftBank Obligor with respect to the junior letter of credit tranche thereunder. In addition, the Fifth Amendment amends the pricing applicable to the senior letter of credit facility such that unreimbursed letter of credit draws thereunder accrue interest at a margin of 6.00%, which may increase if certain conditions are not satisfied. On the effective date of the Fifth Amendment, aggregate commitments under the senior letter of credit tranche are reduced to approximately $1.1 billion, with a further reduction scheduled on Feb. 10, 2023 to approximately $930 million, but the Fifth Amendment provides that the total senior letter of credit tranche commitments may be increased to an amount not to exceed $1,250,000,000 until Feb. 10, 2023 and $1,050,000,000 thereafter with additional commitments at a later date. The Fifth Amendment also provides that if letter of credit reimbursements under the senior letter of credit tranche are made from the proceeds of certain SVF Obligor capital contributions, the commitments in respect of the senior letter of credit tranche will be reduced by a corresponding amount. In connection with the Fifth Amendment, on Dec. 20, 2022, WeWork, the SoftBank Obligor, and the SVF Obligor entered into the Amended and Restated Reimbursement Agreement, dated as of Dec. 20, 2022, which amends and restates that certain Reimbursement Agreement, dated as of Feb. 10, 2020, by and between WeWork and the SoftBank Obligor. The Amended and Restated Reimbursement Agreement, among other things, amends and restates the Existing Reimbursement Agreement to substitute the SVF Obligor for the Softbank Obligor with respect to the senior letter of credit reimbursement rights and obligations, retain the Softbank Obligor's role with respect to the junior letter of credit reimbursement rights and obligations and adjusts WeWork's reimbursement rights and obligations to each party accordingly. In addition, the Amended and Restated Reimbursement Agreement amends the fees payable by WeWork thereunder, such that no fees will be owed to the SVF Obligor in respect of the senior letter of credit issued through Feb. 10, 2024 and thereafter fees will accrue at 7.045% of the face amount of letters of credit issued thereunder, compounding quarterly and payable at the earlier of March 14, 2025 and termination or acceleration of the senior letter of credit tranche. Under the Amended and Restated Reimbursement Agreement, reimbursed amounts owed by WeWork to the SoftBank Obligor and the SVF Obligor bear interest at a rate per annum equal to 4.20% from the date paid by the SoftBank Obligor or the SVF Obligor, as applicable, until paid in full by WeWork. WeWork is required to reimburse amounts paid under the Amended and Restated Reimbursement Agreement no later than the second business day following WeWork's receipt of notice of the payment of such amount. About WeWork WeWork Inc. (NYSE: WE) was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we've become the leading global flexible space provider committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com. WeWork reported a net loss of $4.63 billion in 2021, a net loss of $3.83 billion in 2020, and a net loss of $3.77 billion in 2019. As of Sept. 30, 2022, WeWork had $18.33 billion in total assets, $21.09 billion in total labilities, and a total deficit of $2.74 billion. * * * As reported by the TCR on Dec. 7, 2022, Fitch Ratings downgraded WeWork Companies LLC and WeWork Inc.'s (f/k/a The We Co) Long-Term Issuer Default Ratings (LT IDRs) to 'CCC' from 'CCC+'. WHEEL PROS INC: $1.18B Bank Debt Trades at 32% Discount ------------------------------------------------------- Participations in a syndicated loan under which Wheel Pros Inc is a borrower were trading in the secondary market around 68.5 cents-on-the-dollar during the week ended Friday, December 23, 2022, according to Bloomberg's Evaluated Pricing service data. The $1.18 billion facility is a term loan. It is scheduled to mature on May 11, 2028. The amount is fully drawn and outstanding. Wheel Pros, Inc. manufactures vehicle wheels. The Company distributes wheels, tires, suspension, and accessories for vehicles. Wheel Pros serves customers in the United States and Canada. WRIGHT EXPERIENCE: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------- The Wright Experience, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a Plan of Reorganization for Small Business. Since 1998, the Debtor has been in the business of Aviation History, researching and building authentic Wright Brothers Flyers/Gliders for sale to museums and collectors. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $462,605. The final Plan payment is expected to be paid on Dec. 18, 2023. The numerical projections are based on selling the subleases of hangers after moving the contents of those hangers elsewhere; and auction of equipment and one aircraft or the entire collection of aircraft. This is different from prior experience because (i) what is set forth (a) was not contemplated prior to the bankruptcy because the Debtor was using the subleases of hangers to store aircraft and equipment and plans to sell the unexpired portion of those subleases out of necessity after having determined that the contents of the hangers can be moved to hangers in Fredericksburg, Virginia; and (ii) instead of waiting to try to sell the aircraft and equipment, out of necessity, the Debtor plans as set forth in (b) to auction as needed the applicable aircraft and equipment. If the aircraft and equipment cannot be sold in a year, the Debtor is prepared to agree to sale of the same by the secured creditor. This Plan of Reorganization proposes to pay creditors of the Debtor from the sale of assets. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 1 consists of Priority claims. Class 1 is unimpaired and each holder of a Class 1 Claim will be paid in full, in cash by December 21, 2023, except for that part of the proof of claim by the Internal Revenue Service to which the Debtor has filed an objection. Class 2 consists of the secured claim of McCormick 106, LLC. This Class will receive 100% payment to be made by Dec. 21, 2023. Class 3 consists of Non-priority unsecured creditors. This Class will receive 100% payment to be made by Dec. 21, 2023. Reorganization Plan will be implemented by Ken Hyde, officer of the Debtor. The Plan of Reorganization assumes sale of company assets to resolve all outstanding debts and leaves the company with projected net income to continue operations. A full-text copy of the Plan of Reorganization dated Dec. 19, 2022, is available at https://bit.ly/3I85C83 from PacerMonitor.com at no charge. Counsel for Debtor: Henry W. McLaughlin, Esq. The Law Office of Henry McLaughlin, P.C. 707 E Main St. Ste 1050 Richmond, VA 23219 Tel: (804) 205-9020 Fax: (804) 205-9029 Email: henry@mclaughlinvalaw.com About The Wright Experience The Wright Experience, Inc., a company in Warrenton, Va., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11257) on Sept. 21, 2022, with as much as $1 million to $10 million in both assets and liabilities. Marc E. Albert serves as Subchapter V trustee. Judge Klinette H. Kindred oversees the case. The Law Office of Henry McLaughlin, P.C., is the Debtor's legal counsel. ********* 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 ***