/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/230307.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, March 7, 2023, Vol. 27, No. 65 Headlines 2340 ND CORP: Seeks to Hire Rosenberg Musso & Weiner as Counsel 274 ATLANTIC: Liquidating Plan Confirmed by Judge 476 GATES REALTY: Taps Backenroth Frankel & Krinsky as Counsel 772 & 720 HOLDING: Exclusivity Period Extended to May 28 A&R CHAVIRA LLC: Gets OK to Hire Miranda & Maldonado as Counsel ABSOLUT FACILITIES: Grants in Part EEOC's Default Letter ACTITECH LP: Turnover of Equipment at Sherman Facility Denied AD1 URBAN: Wins Cash Collateral Access Thru Oct 15 ADAMIS PHARMACEUTICALS: Signs Merger Agreement With DMK Pharma ADVANCED EDUCATIONAL: Dismissal of Adversary Proceeding Affirmed AGILE THERAPEUTICS: Granted 180-Day Extension by Nasdaq AIBUY HOLDCO: Chapter 11 Plan Confirmed as Modified ALACRITY HOLDINGS 6: Seeks to Extend Plan Exclusivity to July 29 ALLEGIANCE COAL: March 10 Deadline Set for Panel Questionnaires ALLEGIANCE COAL: Wins Cash Collateral Access Thru March 24 ALLIANCE PARTNERS: Seeks to Hire Joel Schechter as Legal Counsel AMC ENTERTAINMENT: APE Stock Case to Get Court Hearing ANDERBY BREWING: Court OKs Cash Collateral Access Thru March 30 ARCHDIOCESE OF NEW ORLEANS: Moody's Withdraws 'Caa1' Bond Rating ARETEC GROUP: Moody's Ups CFR to B2 & Alters Outlook to Stable ART & ARCHITECTURE: Ownership Dispute on Banksy Artwork Stayed ASA ROOFING: Gets More Time to Retain Control of Bankruptcy AUBSP OWNERCO 8: Seeks to Extend Plan Exclusivity to April 3 AUBSP OWNERCO: Seeks to Hire Dorsey & Whitney as Special Counsel BARTECH GROUP: Court OKs Cash Collateral Access Thru March 10 BERNARD L. MADOFF: Zephyros Limited's Motion to Dismiss Denied BIG VILLAGE: Gets OK to Hire Kroll as Administrative Advisor BIG VILLAGE: Gets OK to Hire Young Conaway Stargatt as Counsel BIG VILLAGE: Seeks to Hire Stephens Inc. as Investment Banker BUCKHARDT TECHNOLOGIES: Wins Cash Collateral Access Thru March 30 BURTS CONSTRUCTION: Amends Plains State Bank Claims Pay Details C & A TRANSPORTATION: Seeks to Hire McNair as Accountant CANOPY GROWTH: Raises $150MM in Subscription Deal With Verition CBC RESTAURANT: Corner Bakery Files for Chapter 11 Bankruptcy CBC RESTAURANT: Court OKs Cash Collateral Access Thru March 17 CBC RESTAURANT: Gets OK to Hire Kurtzman as Claims Agent CBC RESTAURANT: March 9 Deadline Set for Panel Questionnaires CEN TEX: Seeks to Hire Lane Law Firm as Bankruptcy Counsel CENTURY ALUMINUM: Incurs $14.1 Million Net Loss in 2022 CINEMARK HOLDINGS: CEO & Founder Resigns from Board of Directors CINEWORLD GROUP: No Cash Offers Received; Shareholders Out of Money CORNELL WEST 34: Seeks to Extend Plan Exclusivity to April 17 CRISTY NURSING: Seeks to Hire Angel Miguel Roman Ongay as Counsel CUSTOM ALLOY: Court OKs Cash Collateral Access Thru March 11 DANNY & CORIE: Seeks to Hire Margaret McClure as Legal Counsel DIMENSIONS IN SENIOR: PCO Submits Initial Report for Wilcox DISPENSER BEVERAGES: Wins Cash Collateral Access Thur March 16 DIXIE HOME: Seeks Cash Collateral Access Thru Aug 31 DIXIE HOME: UST Appoints Brian Rothschild as Subchapter V Trustee DOMTAR CORP: Moody's Confirms 'Ba2' CFR & Alters Outlook to Stable EMERGENT BIOSOLUTIONS: Moody's Lowers CFR to B3, Outlook Negative FAAVEE LLC: Seeks to Tap Watters International Realty as Realtor FIRST PREMIER: Seeks to Hire Bach Law Offices as Bankruptcy Counsel FRANKO CATH LLC: Seeks to Hire Richard S. Feinsilver, Esq. as Couns FTX TRADING: Debtors Publish Second Presentation for Stakeholders GAME COURT: Seeks to Hire Mark M. Flanigan as Accountant GARCIA GRAIN: Seeks to Tap Mullin Hoard & Brown as Legal Counsel GEX MANAGEMENT: To File Add'l Disclosures of 2021 Note Transaction GOODLIFE PHYSICAL: UST Appoints Tamar Terzian as PCO H-CYTE INC: CFRS Investments, Frederick Lynch Report 8.9% Stake HALE & HEARTY: Hilco Streambank Offers Brand, Recipes for Sale HEXION INC: Moody's Assigns 'B3' CFR on Hexion Holdings Merger HOUSTON HOME: Amends Priority Tax Claims Details IBIO INC: Vanguard Group Has 5.28% Equity Stake as of Dec. 30 IKON WEAPONS: Cash Collateral Access Terminated INFINERA CORP: Incurs $76 Million Net Loss in 2022 INTERPACE BIOSCIENCES: Douglas Singer Has 8.32% Stake as of Dec. 31 J&B EXPRESS: Seeks to Tap Steph's Bookkeeping Service as Accountant JAGUAR HEALTH: Joshua Mailman Lowers Equity Stake to 1.4% JLK CONSTRUCTION: Lender Seeks to Terminate Cash Collateral Access KABBAGE INC: Keeps Exclusive Right to Propose Plan KENT WYTHE: Unsecureds Will Get 100%; Confirmation Hearing March 13 KUBERLAXMI LLC: Amends Celtic Bank Secured Claim Pay Details LANNETT CO: Highbridge Capital Has 6.45% Stake as of Dec. 31 LASERSHIP INC: Moody's Lowers CFR to Caa1 & First Lien Debt to B3 LEXAGENE HOLDINGS: Seeks Chapter 7 Liquidation LEXARIA BIOSCIENCE: Invenomic Capital Has 7.95% Stake as of Dec. 31 LONGRUN P.B.C: Files Emergency Bid to Use Cash Collateral LOVING KINDNESS: No Patient Care Concern, 1st PCO Report Says LOYALTY VENTURES: Opportunity Deal No Impact on Moody's 'Caa2' LUCIRA HEALTH: Will Seek Chapter 11 Bids Early April 2023 MACEDON CONSULTING: Unsecured Creditors to be Paid in Full in Plan MAGNA GOLD: Files Petition Under Canada's BIA MATHESON FLIGHT: Unsecured Creditors to Recover 100% in 48 Months MICHAELANGELO GIIK: March 22 Auction for Flatiron Building MOBIQUITY TECHNOLOGIES: Tasso Partners Has 5.8% Stake as of Dec. 31 MOVING PROS: Gets Approval to Hire Premiere Tax as Accountant MRVANDY INC: Seeks Cash Collateral Access MULVADI CORPORATION: Unsecureds to Get Share of Income for 5 Years MYOMO INC: Hewlett Fund Has 4.78% Stake as of Feb. 14 NANI WALE O'PUAKO: Unsecureds Will Get 100% of Claims in Plan NATIONAL CINEMEDIA: Cinemark Media Acquires 41.9MM Common Shares NATIONAL CINEMEDIA: Skips $6.6MM Interest Payment on 2026 Notes NATIONAL PHARMACY: UST Appoints Richmond as Subchapter V Trustee NEW ERA TECHNOLOGY: Midcap Marks $1.7M Loan at 47% Off NEWAGE INC: Court Confirms Chapter 11 Liquidation Plan NGL & EROSION: Case Summary & Seven Unsecured Creditors NORMANDIE LOFTS: Court OKs Cash Collateral Access Thru March 31 NORTHEAST TOMATO: Wins Cash Collateral Access Thru March 16 O'CONNOR CONSTRUCTION: Seeks to Extend Solicitation Period to May 3 ONE IMPORTERS: Wins Cash Collateral Access Thru April 18 OUTLOOK THERAPEUTICS: Jason Hope Has 7.8% Stake as of Feb. 16 PACIFIC ISLANDER: Seeks to Hire Jeffrey Schreiber as Legal Counsel PARLEE CYCLES: Taps Harvard Financial as Financial Advisor PARLEE CYCLES: Taps Jamie Bradley as Chief Operating Officer PARTY CITY: Bradley, Illinois Store Included in Closures PENTA STATE: Exclusivity Period Extended to May 9 PHI GROUP: To Invest in Saigon Silicon City PIEDMONT DRAGWAY: Court OKs Interim Cash Collateral Access POSEIDON MOVING: Court OKs Interim Cash Collateral PREMIER BRANDS: Moody's Affirms Caa3 CFR & Alters Outlook to Stable PRO-VIGIL: Midcap Financial Marks $23.1M Loan at 32% Off PROPERTY HOLDERS: Court OKs Interim Cash Collateral Access RE/MAX: S&P Alters Outlook to Negative, Affirms 'BB' ICR REFRESH2O WATER: Court OKs Interim Cash Collateral Access REGIONAL HEALTH: All Three Proposals Passed at Annual Meeting RESOLUTE FOREST: Moody's Withdraws 'Ba3' CFR on Debt Repayment SAHENE CONSTRUCTION: Hires Sternberg Nacarri & White as Counsel SALEM MEDIA: Moody's Affirms B3 CFR & Rates New Secured Notes B3 SAN LUIS & RIO: April 20 Plan Confirmation Hearing Set SAN LUIS & RIO: Files Amended Plan; Confirmation Hearing April 20 SAS AB: Expects to Exit Chapter 11 Later This Year SAVESOLAR CORP: Court OKs Cash Collateral Access Thru March 24 SAVESOLAR CORPORATION: Taps CohnReznick LLP as Financial Advisors SENECAL CONSTRUCTION: Court OKs Interim Cash Collateral Access SILVERGATE CAPITAL: Moody's Lowers Long Term Issuer Rating to Ca SIMEIO GROUP: Midcap Financial Marks $1.7M Loan at 30% Off SKILLZ INC: Appoints Kevin Chessen to Board of Directors SONOMA PHARMACEUTICALS: Amends Offering Agreement With Ladenburg SOUTH AMERICAN BEEF: Committee Taps Dundon as Financial Advisor SPARKS ELECTRIC: Court OKs Interim Cash Collateral Access SPIRIT AIRLINES: Unveils Warrant and Convertible Note Adjustments STARRY GROUP: Court Approves Stock Trading Procedures STONEBRIDGE VENTURES: Trustee Taps Brian Thompson as Broker STONEBRIDGE VENTURES: Trustee Taps Hahn Fife & Co. as Accountant T.G. HOLDINGS: Cannon's Chophouse Okayed to Use Cash for Operations T.G. HOLDINGS: Seeks to Hire Quinn Law Firm as Legal Counsel TECHNICAL ORDNANCE: Seeks to Hire Dal Lago Law as Legal Counsel TEGNA INC: Extends Merger Agreement Outside Date to May 22 TELA BIO: Midcap Financial Marks $16.6M Loan at 20% Off TELEGRAPH SQUARE: Taps James Surman & Goldberg CPA as Accountant TELESOFT HOLDINGS: Midcap Financial Marks $2.2M Loan at 94% Off TERRY GRAHAM: Tracey Day's Summary Judgment Bid Granted TESSEMAE'S LLC: Seeks to Tap Aurora Management as Financial Advisor TEVA PHARMACEUTICAL: Fitch Gives 'BB' Rating on Unsecured Notes TIGERTRADE SERVICES: Automatic Stay is Lifted in Koral Suit TREACE MEDICAL: Midcap Financial Marks $35M Loan at 60% Off TROIKA MEDIA: Kevin James VanBeek Reports 12.4% Equity Stake UNCHAINED LABS: Midcap Financial Marks $6.7M Loan at 39% Off UPTOWN 240 LLC: Dillon, Colo. Condo Files for Chapter 11 UPTOWN 240: Seeks to Hire Kutner Brinen Dickey Riley as Counsel VOYAGER DIGITAL: Equity Holders Denounce FTX Loan Deal VOYAGER DIGITAL: Reaches FTX Settlement; Files Amended Plan W.A. LYNCH: Seeks to Extend Time to File Chapter 11 Plan to May 1 WYTHE BERRY: Court OKs Final Cash Collateral Access [*] Bankruptcy Filings Up 18% in February 2023, Epiq Data Show [^] Large Companies with Insolvent Balance Sheet ********* 2340 ND CORP: Seeks to Hire Rosenberg Musso & Weiner as Counsel --------------------------------------------------------------- 2340 ND Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Rosenberg Musso & Weiner, LLP to serve as legal counsel in its Chapter 11 case. The current billing is $700 per hour for partners and $600 per hour for associates. In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The retainer fee is $8,500. Robert Musso, Esq., a partner at Rosenberg, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert J. Musso, Esq. Rosenberg Musso & Weiner, LLP 26 Court Street, Suite 2211 Brooklyn, NY 11242 Tel: (718) 855-6840 Fax: (718) 625-1966 Email: courts@nybankruptcy.net About 2340 ND Corp. 2340 ND Corp. is primarily engaged in activities related to real estate. The Debtor owns in fee simple title a real property located at 2340 National Drive, Brooklyn, N.Y., valued at $1.6 million. 2340 ND filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40412) on Feb. 7, 2023, with total assets of $1,600,000 and total liabilities of $931,124. Eugene Burshtein, president and owner of 2340 ND, signed the petition. Judge Nancy Hershey Lord oversees the case. The Debtor is represented by Robert J. Musso, Esq., at Rosenberg Musso & Weiner, LLP. 274 ATLANTIC: Liquidating Plan Confirmed by Judge ------------------------------------------------- Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida has entered findings of fact, conclusions of law and order confirming the First Amended Plan of Liquidation of 274 Atlantic Isles LLC. The Plan proposed by the Debtor is the result of good faith, arms-length negotiations among the Debtor and its key creditor constituencies. The Plan provides the framework for liquidating the Debtor's remaining assets and distributing proceeds to stakeholders in a manner consistent with the priorities in the Bankruptcy Code. The Court finds that the Plan was proposed by the Debtor in good faith and not by any means forbidden by law. As such, the Plan complies with Section 1129(a)(3) of the Bankruptcy Code. Section 1129(a)(7) requires that with respect to each Impaired Class, each Holder of an Allowed Claim or Interest in such Class has voted to accept the Plan or will receive under the Plan on account of such Claim or Interest property of a value, as of the Effective Date, that is not less than the amount such Holder would receive or retain if the Debtor were liquidated on the Effective Date under Chapter 7 of the Bankruptcy Code. Pursuant to the Ballot Report, no Impaired Class voted under the Plan. As such, there are no Impaired dissenting Classes under the Plan. Thus, the Plan satisfies the requirements of Section 1129(a)(7) of the Bankruptcy Code. The Court finds that the Plan is feasible given that payment to Holders of Allowed Claims shall be made on the Effective Date, or as soon thereafter as is practicable, and as evidenced by the Ballot Report, the Debtor has sufficient funds available to make the payments required to be made on the Effective Date of the Plan. The Court therefore finds that Confirmation of the Plan is not likely to be followed by the liquidation, or the need for further financial reorganization, of the Debtor or any successor to the Debtor. Accordingly, the requirements of Section 1129(a)(11) of the Bankruptcy Code are satisfied. The Plan appropriately provides for the preservation by the Debtor of the Litigation Claims, including the Brian Gaines Adversary Proceeding in accordance with Section 1123(b)(3)(B) of the Bankruptcy Code. The provisions regarding the Litigation Claims, including the Brian Gaines Adversary Proceeding in the Plan are appropriate and are in the best interests of the Debtor, its Estate and Holders of Claims. A copy of the Confirmation Order dated February 28, 2023 is available at https://bit.ly/3ETCbUH from PacerMonitor.com at no charge. Attorneys for 274 Atlantic LLC: Glenn D. Moses, Esq. Eric D. Jacobs, Esq. GENOVESE JOBLOVE & BATTISTA, P.A. 100 Southeast Second Street, Suite 4400 Miami, FL 33131 Tel: (305) 349-2300 Fax: (305) 349-2310 About 274 Atlantic Isles 274 Atlantic Isles, LLC, a company in Sunny Isles, Fla., filed for Chapter 11 protection (Bankr. S.D. Fla. Case No. 22-14810) on June 22, 2022, listing as much as $10 million in both assets and liabilities. Isaac Halwani, manager, signed the petition. Judge Laurel M. Isicoff oversees the case. Glenn D. Moses, Esq., at Genovese Joblove & Battista, P.A., is the Debtor's legal counsel. 476 GATES REALTY: Taps Backenroth Frankel & Krinsky as Counsel -------------------------------------------------------------- 476 Gates Realty, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Backenroth Frankel & Krinsky, LLP as its legal counsel. The firm's services include: a. providing the Debtor with legal advice regarding its powers and duties in the continued operation of its business and management of its property during the pendency of its Chapter 11 case; b. preparing legal documents; c. formulating and negotiating a plan of reorganization with creditors; and d. other legal services including, but not limited to, the institution of actions against third parties, objections to claims, and the defense of actions, which may be brought by third parties against the Debtor. The firm will be paid at these rates: Abraham J. Backenroth, Esq. $750 per hour Mark A. Frankel, Esq. $675 per hour Scott A. Krinsky, Esq. $625 per hour Paralegal $125 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The firm received from the Debtor an initial retainer of $35,000. As disclosed in court filings, Backenroth is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark A. Frankel, Esq. Backenroth Frankel & Krinsky, LLP 800 Third Avenue New York, NY 10022 Telephone: (212) 593-1100 Facsimile: (212) 644-0544 Email: mfrankel@bfklaw.com About 476 Gates Realty 476 Gates Realty, LLC is engaged in activities related to real estate. The Debtor is the fee simple owner of a property located at 476 Gates Ave., Brooklyn, N.Y., valued at $4.1 million. 476 Gates Realty filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40351) on Feb. 1, 2023, with $1 million and $10 million in both assets and liabilities. Theordore Feldheim, member, signed the petition. Judge Jil Mazer-Marino oversees the case. The Debtor is represented by Mark A. Frankel, Esq., at Backenroth Frankel & Krinsky, LLP. 772 & 720 HOLDING: Exclusivity Period Extended to May 28 -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York extended the time 772 & 720 Holding, LLC can keep exclusive control of its Chapter 11 case, giving the company until May 28 to file a bankruptcy plan and until July 27 to solicit votes on that plan. The company will use the extension to obtain a loan to refinance its properties before it pursues a plan of reorganization. 772 & 720 Holding owns two buildings that are mixed-use walk-up apartments with commercial space located at 772 59th St. and 720 57th St., Brooklyn, N.Y. After the company regained management of the properties, the rent roll has almost tripled. Moreover, all but one of the tenants are current on the rental payments, according to the company's attorney, Julie Cvek Curley, Esq., at Kirby Aisner & Curley, LLP. "The [company's] efforts have increased the value of the properties, which will either enable the [company] to obtain a refinance or maximize the value of the properties for a sale process," the attorney said in court papers. About 772 & 720 Holding 772 & 720 Holding, LLC is a single asset real estate (as defined in 11 U.S.C. Sec. 101(51B)). The company is based in Brooklyn, N.Y. 772 & 720 Holding filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-42435) on Sept. 30, 2022. In the petition filed by its managing member Bao Zhi Liu, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Jil Mazer-Marino oversees the case. The Debtor is represented by Kirby Aisner & Curley, LLP. A&R CHAVIRA LLC: Gets OK to Hire Miranda & Maldonado as Counsel --------------------------------------------------------------- A&R Chavira, LLC received approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Miranda & Maldonado, P.C. as its legal counsel. The firm's services include: a) giving the Debtor legal advice with respect to its powers and duties and the continued operation and management of its business; b) attending the initial debtor conference and §341 meeting of creditors; c) preparing legal documents; d) reviewing pre-bankruptcy executory contracts and unexpired leases entered by the Debtor to determine which should be assumed or rejected; e) assisting the Debtor in the preparation of a disclosure statement, the negotiation of a plan of reorganization with the creditors in its Chapter 11 case, and any amendments thereto, and seeking confirmation of the plan; and f) other necessary legal services. The firm will be paid at these rates: Carlos A. Miranda, Esq. $325 per hour Carlos G. Maldonado, Esq. $275 per hour Legal Assistant $125 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The firm received from the Debtor a retainer of $15,000. Carlos Miranda, Esq., an attorney at Miranda & Maldonado, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Carlos A. Miranda, Esq. Carlos G. Maldonado, Esq. Miranda & Maldonado, PC 5915 Silver Springs, Bldg. 7 El Paso, TX 79912 Telephone: (915) 587-5000 Facsimile: (915) 587-5001 Email: cmiranda@eptxlawyers.com cmaldonado@eptxlawyers.com About A&R Chavira A&R Chavira, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Texas Case No. 23-30067) on Jan. 24, 2023, with as much as $1 million in both assets and liabilities. Judge H. Christopher Mott oversees the case. The Debtor is represented by Miranda & Maldonado, PC. ABSOLUT FACILITIES: Grants in Part EEOC's Default Letter -------------------------------------------------------- In the Adversary Proceeding captioned as In re: Absolut Facilities Management, LLC, Chapter 11, et al., Debtors. EQUAL EMPLOYMENT OPPORTUNITY COMMISSION, Plaintiff, v. ABSOLUT FACILITIES MANAGEMENT, LLC, et al., Defendants, Case No. 19-76260-ast, Adv. Proc. No. 20-8055-AST, (Bankr. E.D.N.Y.), Chief Bankruptcy Judge Alan S. Trust grants in part the Default Letter and the Dec. 12 Letter filed by the Equal Employment Opportunity Commission. In its Default Letter, the EEOC suggests that an appropriate remedy for the Defendants' discovery violation would be an order (1) granting default judgment in favor of EEOC and releasing the $425,000 Settlement Funds pursuant to the Consent Decree, or, (2) at a minimum, directing that the matters embraced in the Discovery Order or other designated facts be taken as established for purposes of the action, and prohibiting Defendants from supporting or opposing designated claims or defenses. In its Dec 12 Letter, the EEOC requests that the Defendants and Avante Care Management LLC be subject to sanctions, including contempt, for their failure to fully comply with the Court's Discovery Order and/or the Avante Subpoena. Further, the EEOC requests that the Defendants and Avante be ordered to fully comply with the Court's Discovery Order and/or the Avante Subpoena. The Court does not find the requisite willfulness, bad faith or other fault that would justify entry of a default judgment, nor does it find that the information the EEOC is entitled to is lost or that the Defendants acted with the intent to deprive the EEOC of the information's use in this litigation. Rather, the Court finds that the Defendants improperly sought to shift to Avante their obligations to retain the ESI and/or provide the discovery to the EEOC. Thus, an appropriate sanction short of a default judgment is warranted. The Court also finds that Avante has failed to fully comply with the Avante Subpoena. Accordingly, the Court orders as follows: (a) The Defendants are prohibited from opposing the EEOC's claims that the Settlement Fund was created on Nov. 27, 2018 pursuant to the Consent Decree; (b) The Defendants are prohibited from introducing any evidence disputing that the Settlement Fund was deposited on or about Nov. 27, 2018 into a Settlement Funds Escrow Account at M&T Bank ending in 7673, under an account held by Absolute Facilities Management, LLC; (c) The Defendants are prohibited from disputing that Defendants did not disclose the Settlement Fund as an asset of Defendants in their initial filings submitted to this Court in the main bankruptcy proceeding; are prohibited from disputing that, and that at no time prior to the commencement of this adversary proceeding did Defendants ever identify the Settlement Fund as property of the bankruptcy estates on any of the schedules submitted to this Court; (d) The Defendants are prohibited from disputing that Defendants did not amend their disclosures to include the Settlement Fund as an asset; (e) The Defendants will make a diligent search for all books, records, files, and other documents (whether written, digital or electronic) required to be produced under the Discovery Order and will produce all documents requested in the Plaintiff's June 17, 2022 discovery demands in its possession or under its custody or control by March 6, 2023, and by March 6, 2023 file an affidavit of a person with knowledge of the search for such documents identifying all efforts made to locate and produce such documents, and identifying by categories of requests all such documents which have been produced; and (f) Avante Care Management LLC will make a diligent search for all books, records, files, and other documents (whether written, digital or electronic) required to be produced under the Avante Subpoena and will produce all documents requested in the Avante Subpoena in its possession or under its custody or control by March 6, 2023, and by March 6, 2023 file an affidavit of a person with knowledge of the search for such documents identifying all efforts made to locate and produce such documents, and identifying by categories of requests all such documents which have been produced. The Court has scheduled a pre-trial conference to be held on May 23, 2023 at 2:00 p.m. A full-text copy of the Order dated Feb. 13, 2023, is available at https://tinyurl.com/c7csbkkb from Leagle.com. About Absolut Facilities Management Absolut Facilities Management, LLC, through its subsidiaries, owns six skilled nursing facilities and one assisted living facility in the state of New York, have sought Chapter 11 protection. On Sept. 10, 2019, Absolut Facilities Management, LLC and seven related entities each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-76260). Loeb & Loeb LLP is the Debtors' counsel. Prime Clerk LLC is the claims and noticing agent. The Office of the U.S. Trustee on Oct. 3, 2019, appointed five creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases. ACTITECH LP: Turnover of Equipment at Sherman Facility Denied ------------------------------------------------------------- In the adversary case styled IN RE: ACTITECH, L.P., (Chapter 11; Subchapter V) Reorganized Debtor. ACTITECH, L.P., and ACTICHEM, L.P., Plaintiffs, v. LACORE NUTRACEUTICALS, INC., MC-GP, LLC, JOHN LABONTE SHERMAN 301-B, LLC, and SHERMAN 301-A, LLC, Defendants, Case No. 22-30049, Adversary No. 22-03001, (Bankr. N.D. Tex.), Bankruptcy Judge Stacey G. Jernigan issues her Findings of Fact and Conclusions of Law in support of her decision (a) declaring that the Reorganized Debtor -- ActiTech, L.P. -- is not the owner of disputed property at Sherman, Texas manufacturing facility; and (b) denying the request for turnover of such property, pursuant to section 542 of the Bankruptcy Code. The Debtor ActiTech, and Actichem, L.P., the Debtor's sister company (a nondebtor), are the Plaintiffs. Actichem acquired a large manufacturing facility (more than 500,000 square feet in size) from Johnson & Johnson in Sherman, Texas for the Debtor's operations. This property was located at 301 W. FM 1417, Sherman, TX 75090. Eventually, the Plaintiffs decided to sell the Sherman Facility. Actichem conveyed to MC-GP LLC the Sherman Facility on June 9, 2021. Now, the Plaintiffs filed this Adversary Proceeding seeking turnover of much of the manufacturing equipment at the Sherman Facility. This Adversary Proceeding all boils down to what property was conveyed and what was excluded from the Purchase and Sale Agreement and Bill of Sale. The Defendants argue that just about everything at the Sherman Facility was conveyed. They argue that the PSA and Bill of Sale contemplated the purchase of a $19 million manufacturing facility, essentially lock, stock, and barrel. The Defendants argue that the only excluded property at the Sherman Facility was inventory (in various stages of completion or noncompletion -- including raw materials), books and records, some furniture and office equipment, and some personal items of Ms. Elysiann Bishop. Meanwhile, the theory of the Plaintiffs' case is largely that the Debtor ActiTech was the operating company and Actichem was a mere real estate holding company. Accordingly, the Plaintiffs assert that ActiTech was the owner of everything at the Sherman Facility that was not an improvement or real estate fixture that might have become a part of the real property. ActiTech takes the position that much of what is at the Sherman Facility was in the nature of ActiTech's removable trade fixtures. Though there were bolts and sometimes concrete fixing machinery and equipment to the ground, all of this could be removed they say -- and that was the parties' intention. The Court took notice of the evidence (dozens of pictures) presented at trial showed that almost everything at the facility is bolted or affixed to the ground in one form or another. The Court finds that the Plaintiffs failed to introduce sufficient evidence to show the property in question was owned by ActiTech, not Actichem. Additionally, the Plaintiffs failed to prove that the Disputed Property either: (a) were not "fixtures"; or (b) if "fixtures," constituted ActiTech's "trade fixtures." Suffice it to say that the machinery and equipment are in many cases very large or heavy and, as noted earlier, are typically bolted or, in some cases, concreted to the real property. By any reasonable interpretation, they became a part of the realty to which they are connected and were adapted to the use or purpose of the realty -- i.e., manufacturing. The Court further finds that Actichem breached the PSA by failing to remove all of the Inventory within the Temporary Access Period in accordance with the Temporary Access Agreement. The Inventory has occupied approximately 140,000 square feet of the total space at the Sherman Facility without the consent of any of the Defendants. As a result of Plaintiffs' trespass, LaCore Nutraceuticals, Inc. (lessee) has incurred storage costs. The Court concludes that ActiTech's continued possession of the Sherman Facility, by virtue of its failure to remove the Inventory, without the consent of any of the Defendants, constitutes a trespass for which ActiTech is liable. As such, the Plaintiffs are not entitled to judgment against the Defendants for turnover relief. A full-text copy of the Findings of Fact and Conclusions of Law dated Feb. 13, 2023, is available at https://tinyurl.com/y9th83u8 from Leagle.com. About ActiTech LP ActiTech, LP is a Dallas-based manufacturer of personal care nutraceuticals and food and beverage products. ActiTech filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 22-30049) on Jan. 10, 2021, listing as much as $10 million in both assets and liabilities. Areya Holder Aurzada serves as Subchapter V trustee. Judge Stacey G. Jernigan oversees the case. The Debtor tapped Neligan LLP as bankruptcy counsel; Friedman & Feiger, LLP as special litigation counsel; and CRS Capstone Partners LLC as financial advisor. AD1 URBAN: Wins Cash Collateral Access Thru Oct 15 -------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized AD1 Urban Palm Bay, LLC and affiliates to use cash collateral on a final basis in accordance with the budget. The Debtors require the use of cash collateral to continue operating their businesses in the ordinary course and maintain their property. HPS Investment Partners, LLC made a loan to Debtors AD1 LBV1, LLC; AD1 Celebration Hotels, LLC; AD1 Daytona Hotels, LLC; AD1 PB Airport Hotels, LLC; AD1 SW Property Holdings, LLC; AD1 Urban Palm Pay Place, LLC; and AD1 Urban Palm Bay, LLC pursuant to a loan agreement dated December 10, 2021. As of the Petition Date, the outstanding principal amount under the Loan Documents is approximately $165 million, plus accrued and accruing interest, charges, fees, costs, and expenses. The Debtors are authorized to use cash collateral, solely in accordance with the Budget, until the earlier of (a) October 15, 2023 (unless such date is extended by the written consent of the Agent) or (b) five business days after receipt of written notice of an Event of Default. The events that constitute an "Event of Default" includes: (a) The closing of a sale of a material portion of the Debtors' assets; (b) The effective date of a plan of reorganization; (c) The entry of any order appointing a trustee or examiner with expanded powers in the Chapter 11 Cases; (d) The entry of an order converting or dismissing the Chapter 11 Cases; and (e) The failure by the Debtors to perform, in any material respect, any of the terms, provisions, conditions, covenants or obligations under the Interim Order. The Debtors will have access to all funds in the Reserve allocated for use on capital expenditures as of the date of the Final Order and will be entitled to use $100,000 per month through June 30, 2023 for use at all Properties, including specifically renovation of the Crowne Plaza, but excluding use on the Daytona following approval of the use of such funds by construction consultant Mark G. Anderson Consultants, Inc. and Fulcrum Hospitality, LLC. Notwithstanding the foregoing, CapEx Funds may be used for the Daytona exclusively in an emergency situation where failure to take immediate action will either present an imminent risk of damage to the surrounding properties or the environment or result in significant diminution in Daytona's value, as agreed by the Debtors and Agent. The Debtors will have the immediate ability to utilize insurance proceeds received by the Debtors specifically related to damage as a result of Hurricanes Ian or Nicole for the needed repairs and remediation at properties suffering damage from Hurricanes Ian or Nicole following approval of proposed repairs and remediation work by construction consultant Mark G. Anderson Consultants, Inc. As adequate protection of the Lender's interests in the Prepetition Collateral against any diminution in Value of such interests, pursuant to sections 361 and 363(e) of the Bankruptcy Code, the Secured Parties are granted replacement security interests and liens on any and all of the Debtors' and their estates' property, whether now owned or in existence on the Petition Date or thereafter acquired or existing and wherever located, to the same extent, scope, priority, validity and enforceability that the Lender's prepetition security interests and liens had with respect to the cash collateral that is used by the Debtors. To the extent of any Diminution in Value of the interests of the Lender in the Prepetition Collateral, the Lender is granted an allowed superpriority administrative expense claim pursuant to sections 503(b), 507(a), and 507(b) of the Bankruptcy Code, which Adequate Protection Superpriority Claim will be payable from any and all prepetition and postpetition property of the Debtors and the proceeds thereof. A copy of the order is available at https://bit.ly/3SPTpYU from PacerMonitor.com. About AD1 Urban Palm Bay, LLC AD1 Urban Palm Bay, LLC and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10074) on January 22, 2023. In the petition signed by Alex Fridzon, as responsible fiduciary, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Karen B. Owens oversees the case. Ian J. Bambrick, Esq., at Faegre Drinker Biddle and Reath LLP, represents the Debtor as counsel. ADAMIS PHARMACEUTICALS: Signs Merger Agreement With DMK Pharma -------------------------------------------------------------- Adamis Pharmaceuticals Corporation and DMK Pharmaceuticals, Corp., a private, clinical-stage biotechnology company at the forefront of endorphin-inspired drug design focused on developing novel treatments for opioid use disorder (OUD) and other neuro-based diseases, announced that the companies have entered into an Agreement and Plan of Merger and Reorganization. Pursuant to the Agreement, Adamis will acquire DMK, including its library of approximately 750 small molecule neuropeptide analogues and on-going government funding for its development programs. "Last fall, we initiated a process to explore strategic alternatives for the company with the goal of maximizing stockholder value," stated David J. Marguglio, CEO of Adamis. "After engaging in a thorough process of exploring potential alternatives and transactions, we believe a merger with DMK is the best path forward for Adamis and the strategy that has the potential to deliver significant value to Adamis' shareholders. I believe by combining Adamis' commercial products and development infrastructure with DMK's clinical-stage programs and library of small molecules, under Dr. Versi's leadership, the new company will have the potential to develop multiple groundbreaking treatments and ultimately grow shareholder value." At the close of the merger, Eboo Versi, the current CEO of DMK, will assume the role of CEO and chairman of the combined company. Dr. Versi explained, "There are substantial synergies between Adamis and DMK. The combined company will have both the expertise and infrastructure to further the development of DMK's potentially life-changing products to address large unmet medical needs. I believe that each of our clinical-stage product candidates has blockbuster potential, and we only need one to succeed to significantly increase shareholder value. I believe the combined companies present a risk diversified portfolio which is especially important in a time of market uncertainty." Transaction Details On Feb. 24, 2023, Adamis entered into the Agreement with DMK and Aardvark Merger Sub ("Merger Sub"), a newly created wholly-owned subsidiary of Adamis, pursuant to which DMK will merge with and into Merger Sub, with Merger Sub as the surviving corporation of the Merger and a wholly owned subsidiary of Adamis. Subject to approval by the Adamis stockholders of proposals relating to the transaction and the satisfaction of other closing conditions, in connection with and before the effective time of the Merger, a reverse stock split of Adamis Common Stock will be consummated, pursuant to which a number of outstanding shares of Adamis Common Stock (determined by the Reverse Stock Split Ratio) will be converted into one share of Adamis Common Stock at a ratio to be determined by the Adamis board of directors. About Adamis Pharmaceuticals Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) -- http://www.adamispharmaceuticals.com-- is a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including allergy, opioid overdose, respiratory and inflammatory disease. Adamis reported a net loss applicable to common stock of $45.83 million for the year ended Dec. 31, 2021, compared to a net loss applicable to common stock of $49.39 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $12.14 million in total assets, $9.13 million in total liabilities, $157,303 in convertible preferred stock, and $2.84 million in total stockholders' equity. San Diego, California-based BDO USA, LLP, 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 has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. ADVANCED EDUCATIONAL: Dismissal of Adversary Proceeding Affirmed ---------------------------------------------------------------- In the appealed case entitled Morris L. Horwitz, Chapter 7 Trustee of Advanced Educational Products, Inc., Plaintiff-Appellant, v. Elizabeth Sellan, Defendant-Appellee, Case No. 22-CV-643 (JLS), (W.D.N.Y.), District Judge John L. Sinatra, Jr. for the Western District of New York affirms the bankruptcy court's Aug. 11, 2022 Order granting the motion to dismiss. The Plaintiff-Appellant Morris L. Horwitz appeals from an order of the bankruptcy court entered on Aug. 11, 2022, which granted the Defendant-Appellee Elizabeth Sellan's motion to dismiss. The Trustee alleges -- before the bankruptcy court and on appeal -- that it was defrauded by the Defendant into a lower settlement of alleged preference claims. In particular, according to the Trustee, the Defendant failed to disclose to the Trustee business relationships and asset transfers, and "fraudulently misappropriated" funds. In possession of allegedly incomplete information, the Trustee sent a demand letter to the Defendant's LLC and settled with the LLC for $1,500 -- which settlement was approved by the bankruptcy court in a Jan. 17, 2020 Order. The Jan. 17 Order provides that "the Trustee shall have no further claim against [the LLC], its agents or employees arising out of the payments made by the Debtor to [the LLC]." As a result, the release order resolved any dispute between the parties and has res judicata effect. Nevertheless, citing these alleged frauds, the Trustee sued the Defendant, prompting the bankruptcy court's dismissal order, which is at issue on this appeal. Because the Trustee's allegations do not amount to a fraud on the Court, the Trustee is bound by (and barred by) the one-year limitation of Rule 60(c)(1) applicable to claims of fraud by an opposing party. Thus, Judge Sinatra finds and concludes that the bankruptcy court correctly held that any challenge to the order was untimely, and that no suit against the Defendant could proceed in light of the preclusive effect of its order approving the settlement and releasing the Defendant as one of the LLC's agents. A full-text copy of the Decision and Order dated Feb. 15, 2023 is available at https://tinyurl.com/bd66be5t from Leagle.com. About Advanced Educational Products Based in Buffalo, New York, Advanced Educational Products, Inc. -- http://www.aepbooks.com/-- is a HUBZone Certified Small Business Concern and New York State contractor offering book and multimedia acquisition services to public and private institutions worldwide. Established in 1992, the company offers a comprehensive suite of fulfillment services tailored to meet the needs of government and institutional customers and their unique ordering and reporting requirements. The company's gross revenue amounted to $16.32 million in 2016 and $16.87 million in 2015. Kenneth A. Pronti holds a 100% shareholder interest in Advanced, and is its sole office and director. Advanced Educational Products, based in Buffalo, New York, filed a Chapter 11 petition (Bankr. W.D.N.Y. Case No. 17-12576) on Dec. 4, 2017. In its petition, the Debtor disclosed $2.18 million in assets and $6.54 million in liabilities. Arthur G. Baumeister, Jr., Esq., at Baumeister Denz, LLP, is the Debtor's bankruptcy counsel. A committee of unsecured creditors was appointed in the Debtor's case. The committee retained Lowenstein Sandler LLP as its bankruptcy counsel; Andreozzi Bluestein LLP as local counsel; and Casciano Consulting Group, LLC as business consultant. AGILE THERAPEUTICS: Granted 180-Day Extension by Nasdaq ------------------------------------------------------- Agile Therapeutics, Inc. announced it has received written notification from the Listing Qualifications Department of the Nasdaq Stock Market LLC granting the Company's request for a 180-day extension to regain compliance under Nasdaq Listing Rule 5550(a)(2). The Company now has until Aug. 14, 2023 to meet the requirement. The extension notice from Nasdaq has no immediate effect on the listing or trading of the Company's shares, which will continue to trade on the Nasdaq Capital Market under the symbol "AGRX." If at any time prior to the Compliance Date, the bid price of the Company's common stock closes at, or above, $1.00 per share for a minimum of 10 consecutive business days, the Nasdaq Listing staff will provide the Company with written confirmation of compliance and the matter will be closed. On Aug. 15, 2022, the Company was notified by the Nasdaq Listing Qualifications Department of Nasdaq of its failure to maintain a minimum bid price of $1.00 per share under Nasdaq Listing Rule 5550(a)(2). The Company originally had 180 calendar days, or until Feb. 13, 2023 to regain compliance. The Company will continue to monitor the bid price of its common stock. If the Company does not meet the minimum bid price requirement prior to the Compliance Date, the Nasdaq Listing Qualifications Department will notify the Company that its common stock will be subject to delisting. At such time, the Company may appeal the delisting determination to the Nasdaq Hearings Panel. There can be no assurance that if the Company does appeal a subsequent delisting determination, that such appeal will be successful. About Agile Therapeutics Inc. Agile Therapeutics, Inc. is a women's healthcare company dedicated to fulfilling the unmet health needs of today's women. The Company's product and product candidates are designed to provide women with contraceptive options that offer freedom from taking a daily pill, without committing to a longer-acting method. Its initial product, Twirla, (levonorgestrel and ethinyl estradiol), a transdermal system, is a non-daily prescription contraceptive. As of September 30, 2022, the Company had $18.4 million in total assets, $12.2 million in total liabilities, and $6.3 million in total stockholders' equity. In its Quarterly Report for the period ended September 30, 2022, the Company indicated that management has concluded that there is substantial doubt about the Company's ability to continue as a going concern through the 12 months following the filing of the Quarterly Report. The Company noted it has generated losses since inception, used substantial cash in operations, and anticipates it will continue to incur net losses for the foreseeable future. The Company's future success depends on its ability to obtain additional capital or implement various strategic alternatives, and there can be no assurance that any financing can be realized by the Company, or if realized, what the terms of any such financing may be, or that any amount that the Company is able to raise will be adequate. If the Company is unable to obtain funds when needed or on acceptable terms, the Company then will be unable to continue the commercialization of Twirla, and be required to cut operating costs, and forego future development and other opportunities. AIBUY HOLDCO: Chapter 11 Plan Confirmed as Modified --------------------------------------------------- Chief Bankruptcy Judge Stacey G. Jernigan for the Northern District of Texas has issued Findings of Fact, Conclusions of Law and Order confirming the Joint Chapter 11 Plan of Reorganization of AiBUY Holdco, Inc. and its affiliates, and approves the Plan Supplement, including the documents contained therein. Among other provisions, the Plan provides for the following: Provisions Relating to Gas Monkey Holdings: Upon the assumption of the Assignment, License & Royalty Agreement dated Jan. 31, 2013, with Gas Monkey Holdings, LLC, neither the Plan nor the Confirmation Order will impair or modify the determination of "Adjusted Gross Revenue" or "Royalty" under the GMH Agreement, regardless of whether the amounts determined thereunder arose prior to or after the Petition Date or the Effective Date. Provisions Relating to Oracle America, Inc.: Oracle America, Inc., by timely filing its objection to the Third-Party Release and thereby opting out of the Third-Party Release, will not be a Releasing Party under the Plan and will not be bound by the Third-Party Release. Provisions Regarding Itransition: On the Effective Date, the Debtors' Master Professional Service Agreement with Itransition Group Limited is assumed. Itransition has agreed to a cure amount in the amount of $1.23 million if such amount is paid in full on or before March 7, 2023. If payment of the Itransition Cure Principal is made after March 7, 2023, Itransition reserves its right to assert additional amounts for reasonable attorneys' fees under the Itransition MSA as the appropriate cure amount to be paid under Bankruptcy Code section 365(b), with all parties reserving their rights as to that assertion of the additional cure amount. Modifications to the Plan: A. on the Effective Date, (a) each Allowed Interest in AiBUY Holdco, including, but not limited to, all common stock and all preferred stock, will be cancelled, released, and extinguished, and will be of no further force or effect, and no Holder of Interests in AiBUY Holdco will be entitled to any recovery or distribution under the Plan on account of such Interests; and (b) 100% of the New Common Equity will be issued and distributed to Stinv or its designee in partial satisfaction of the Class 3 Prepetition Stinv Claims; and B. on the Effective Date, the Reorganized Debtors will execute and deliver the Restructured Stinv Note to Stinv: (i) in its capacity as DIP Lender and in full satisfaction of the DIP Claims and all Liens securing such DIP Claims; (ii) in its capacity as Plan Sponsor on account of the Plan Contribution; and (iii) in its capacity as a Holder of Class 3 Prepetition Stinv Claims on account of the balance of the Prepetition Stinv Claims after accounting for the distribution of New Common Equity as set forth in paragraph 7(a) of this Confirmation Order. A full-text copy of the Findings of Fact, Conclusions of Law and Order dated Feb. 15, 2023 is available at https://tinyurl.com/33v75acx from Leagle.com. About AiBuy Holdco Based in Texas, AiBUY Inc., also known as Cinsay Inc. [www.aibuy.io], enables a frictionless in-content shopping experience across the digital ecosystem. With 82 granted patents, the overlay technology powers an end-to-end e-commerce solution. AiBUY has integrated with leading e-commerce platforms such as Shopify, Salesforce, Magento and more, to power shoppable experiences for clients across sports, entertainment and lifestyle industries. An involuntary Chapter 11 petition has been filed against Aibuy Holdco Inc. (Bankr. N. Texas, Case No. 22-31737) on Sept. 23, 2022. The petitioners who assert $2.2 million in claims against the Debtor are Jon Gunderson, John Kutasi and Deposit Inc. The petitioners' counsel is Katten Muchin Rosenman, LLP. On Nov. 1, 2022, AiBUY Opco, LLC filed a voluntary petition for Chapter 11 protection (Bankr. N. Texas, Case No. 22-32077). The case is jointly administered with Aibuy Holdco's Chapter 11 case. Judge Stacey G. Jernigan oversees both cases. The Debtors tapped Foley & Lardner, LLP as legal counsel; CR3 Partners, LLC as restructuring advisor; and Stretto, Inc. as claims and noticing agent. Greg Baracato, a partner at CR3 Partners, serves as the Debtors' chief restructuring officer. ALACRITY HOLDINGS 6: Seeks to Extend Plan Exclusivity to July 29 ---------------------------------------------------------------- Alacrity Holdings 6, LLC asks the U.S. Bankruptcy Court for the Northern District of Georgia to extend the exclusive periods during which it may file and solicit acceptances of a Chapter 11 plan of reorganization to July 29 and September 28, respectively. The Debtor disclosed that it is currently litigating an adversary proceeding in connection with its commercial property in 4331 Pio Nono Avenue, Macon, Georgia, and that it has also filed an objection to the claim of Madam Popli. The debtor explained that its plan of reorganization will be significantly impacted by the outcome of this litigation as it involves a dispute regarding the extent and validity of the claims of one of its larger creditors. This is the debtor's third request for an extension of the exclusivity periods. Unless extended, the debtor's exclusivity periods will expire on March 31 and May 31, respectively. About Alacrity Holdings 6 Alacrity Holdings 6, LLC is registered as a domestic liability company located at 7530 Saint Marlo Country Club Parkway, Duluth, Ga. Alacrity Holdings 6 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-20284) on April 5, 2022, with as much as $10 million in both assets and liabilities. On April 12, 2022, the Debtor amended its petition to remove its Subchapter V election. The court issued a notice that the case would no longer proceed under Subchapter V on April 19, 2022. Judge James R Sacca oversees the case. Rountree Leitman, Klein & Geer, LLC and Perry A. Phillips, LLC serve as the Debtor's bankruptcy counsel and special counsel, respectively. ALLEGIANCE COAL: March 10 Deadline Set for Panel Questionnaires --------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Allegiance Coal USA Limited. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://bit.ly/3ISlxGj and return by email it to Timothy Fox -- Timothy.Fox@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Friday, March 10, 2023. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Allegiance Coal USA Limited Allegiance Coal USA Limited is a listed Australian company focused on seaborne met coal mine development and operations, with operating mines in southeast Colorado, central Alabama, as well as a development project in northwest British Columbia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10234) on February 21, 2023. In the petition signed by Jonathan Romcke, chief executive officer, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP, represents the Debtor as legal counsel. ALLEGIANCE COAL: Wins Cash Collateral Access Thru March 24 ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized Allegiance Coal USA Ltd. and its debtor-affiliates to use cash collateral on an interim basis in accordance with the budget. The Debtors require the use of cash collateral to, among other things, fund the orderly continuation of their business, maintain the confidence of their customers and vendors, pay their operating expenses, and preserve their going-concern value. As previously reported by the Troubled Company Reporter, as of the Petition Date, the majority of the Debtors' liabilities consists of senior secured funded indebtedness. On May 24, 2022, Debtor ACUSA and non-Debtor AHQ entered into the Convertible Note Agreement with Collins St Convertible Notes Pty Ltd ACN 657 773 754, as trustee for The Collins St Convertible Notes Fund ABN 30 216 289 383, dated May 24, 2022. Under the Collins Note Agreement, ACUSA issued to the Prepetition Lender two tranches of convertible notes: (i) Tranche 1, with a face value of $30.7 million, and (ii) Tranche 2, with a face value of $12.157 million. As of the Petition Date, the aggregate principal amount outstanding under the Collins Notes is approximately AUD42.857 million. On October 26, 2020, NECC entered into the Promissory Note in favor of Cline Mining Corporation in the amount of $35.120 million. The Cline Note has a maturity date of July 1, 2030. As of the Petition Date, the aggregate principal amount outstanding under the Cline Note was approximately US$26 million. As adequate protection, Warrior Met Coal Land, LLC and the prepetition lender are granted replacement liens on the proceeds of the Debtors' mineral leases and unencumbered assets, as well as superpriority claims. Warrior Met Coal Land, LLC also has valid, perfected security interests, liens, or mortgages on the Debtor's cash collateral. The Debtors' right to use cash collateral pursuant to the Interim Order will terminate on any of the following: a. March 24, 2023 (without prejudice to future or amended orders granting extensions of such date); or b. Any of the following happens in respect of the Debtors' chapter 11 cases: (i) appointment of a chapter 11 trustee or examiner, or (ii) conversion of the cases to chapter 7. A copy of the order is available at https://bit.ly/41KUcP0 from PacerMonitor.com. A copy of the budget is available at https://bit.ly/3msv1k9 from PacerMonitor.com. The Debtor projects total cash flow, on a weekly basis, as follows: $333,000 for the week ending March 10, 2023; $2,073,000 for the week ending March 17, 2023; and $1,871,000 for the week ending March 24, 2023. About Allegiance Coal USA Limited Allegiance Coal USA Limited is a listed Australian company focused on seaborne met coal mine development and operations, with operating mines in southeast Colorado, central Alabama, as well as a development project in northwest British Columbia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10234) on February 21, 2023. In the petition signed by Jonathan Romcke, chief executive officer, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. Judge Craig T. Goldblatt oversees the case. Robert J. Dehney, Esq., at Morris, Nichols, Arsht & Tunnell LLP, represents the Debtor as legal counsel. ALLIANCE PARTNERS: Seeks to Hire Joel Schechter as Legal Counsel ---------------------------------------------------------------- Alliance Partners, Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Law Offices of Joel A. Schechter as its counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and financial affairs; (b) prepare legal papers; and (c) perform all other legal services for the Debtor. The Debtor and the firm agreed to a retainer payment of $6,000, plus costs. Joel Schechter, Esq., disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W. Jackson Blvd., Suite 1522 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About Alliance Partners Alliance Partners, Ltd. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-00418) on Jan. 12, 2023, with $100,001 to $500,000 in assets and $50,001 to $100,000 in liabilities. Judge A. Benjamin Goldgar oversees the case. The Law Offices of Joel A. Schechter is the Debtor's counsel. AMC ENTERTAINMENT: APE Stock Case to Get Court Hearing ------------------------------------------------------ Mike Leonard of Bloomberg Law reports that AMC Entertainment Holdings Inc. shareholders will get the chance to fast-track their challenge to the company's alleged efforts to sideline "meme stock" investors who rescued it from the brink of bankruptcy two years ago. Vice Chancellor Morgan T. Zurn set a hearing for March 10 -- four days before a key shareholder vote -- on motions by a pension fund and two individual investors requesting expedited status for their parallel lawsuits. The suits in Delaware's Chancery Court accuse AMC of a complex corporate engineering scheme aimed at restoring power to insiders. About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hot dogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. AMC operates over 900 theatres with 10,000 screens globally, including over 661 theatres with 8,200 screens in the United States and over 244 theatres with approximately 2,200 screens in Europe. The Company's subsidiary also includes Carmike Cinemas, Inc. AMC was forced to shutter its theaters when the Covid-19 pandemic struck in March 2020. But the cinema industry struggling to recover from the pandemic with 2021 and 2022 attendance still below pre-pandemic levels. AMC, the world's biggest theater chain, warned in October 2020 that liquidity will be largely depleted by the end of 2020 or early 2021 if attendance doesn't pick up, and it's exploring actions that include asset sales and joint ventures. However, AMC managed to raise $1.8 billion in 2021, capitalizing on the rally triggered by retail investors' interest in meme stocks. * * * In December 2022 , S&P Global Ratings lowered its issuer credit rating on AMC Entertainment Holdings Inc. to 'CC' from 'CCC+'. In addition, S&P also lowered its issue-level rating on the second-lien notes due 2026 to 'CC' from 'CCC-'. The negative outlook reflects S&P's expectation that it will lower its issuer credit rating on the company to 'SD' (selective default) upon the completion of the proposed exchange offer. AMC announced it is exchanging $100 million of its second-lien notes due 2026 for preferred equity. S&P said it views the debt-for-equity exchange as distressed and tantamount to default. ANDERBY BREWING: Court OKs Cash Collateral Access Thru March 30 --------------------------------------------------------------- The U.S. Bankruptcy Court for the North District of Georgia, Atlanta Division, authorized Anderby Brewing, LLC to use cash collateral on an interim basis in accordance with the budget, with a 20% variance. The Debtor requires the use of cash collateral to pay employees, rent, utilities, vendors who provide raw materials and supplies, insurers, and other ordinary expenses. A review of the Uniform Commercial Code Financing Statements filed as to the Debtor in the Georgia Superior Court Clerk Cooperative UCC index shows that several entities might potentially assert an interest in cash collateral which are the Fifth Third Bank, U.S. Small Business Administration, U.S. Bank Equipment Finance, and Pawnee Leasing Corporation. Fifth Third and Debtor entered into a Security Agreement pre-petition, pursuant to which the Debtor granted to Lender a security interest in all of the Debtor's assets. Lender filed a UCC1 financing statement to perfect its interest in all assets of Debtor, including without limitation Debtor's accounts receivable and cash, which was recorded on April 30, 2019. An unknown entity asserts a security interest in the Debtor's inventory, goods, merchandise, raw materials, supplies, other tangible personal property, accounts, and accounts receivable under a UCC Financing Statement filed on December 30, 2022, GSCCC File No. 038-2022-037873, which did not list the name of the secured creditor. This unknown entity might assert an interest in the cash collateral. As adequate protection, the creditors are granted valid, perfected and enforceable security interest with the same validity, to the same extent, and with the same priority as its pre-petition liens. The Replacement Liens granted: (i) are in addition to all security interests, liens and rights of set-off existing in favor of Lender on the Petition Date; (ii) are valid, perfected, enforceable and effective as of the date of the entry of the Interim Order without any further action by the Debtor or Lender and without the necessity of the execution, filing or recordation of any financing statements, security agreements, filings with the United States Patent and Trademark Office, mortgages or other documents; and (iii) will secure the payment of indebtedness to Lender, as the case may be, in an amount equal to the aggregate cash collateral used or consumed by the Debtor other than the cash collateral paid to the Lender. The Debtor will at all times maintain insurance in the form and to the extent required under the Loan Documents. These events constitute an "Event of Default:" (a) Failure of Debtor to abide by the terms, covenants, and conditions of the Interim Order or the Budget; (b) Failure to maintain insurance; (c) Payment to an insider of the Debtor of Cash Collateral without authorization by Lender and the Court, other than the ordinary wages of Michell Smelt; (d) Appointment of a Chapter 11 trustee; or (f) Conversion of the case to a case under Chapter 7. A further hearing on the matter is set for March 30, 2023 at 2 p.m. A copy of the Debtor's motion and budget is available at https://bit.ly/3mrMRns from PacerMonitor.com. The Debtor projects total expenses, on a monthly basis, as follows: $77,098 for March 2023; $77,098 for April 2023; $77,098 for May 2023; $77,098 for June 2023; $77,098 for July 2023; and $77,098 for August 2023. About Anderby Brewing, LLC Anderby Brewing, LLC owns and operates a brewery in Peachtree Corners, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-51983) on March 1, 2023. In the petition signed by Michael Preston Smelt, president, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Sage M. Sigler oversees the case. Michael D Robl, Esq., at Robl Law Group LLC, represents the Debtor as legal counsel. ARCHDIOCESE OF NEW ORLEANS: Moody's Withdraws 'Caa1' Bond Rating ---------------------------------------------------------------- Moody's Investors Service has withdrawn the Archdiocese of New Orleans, LA's Caa1 (negative) bond rating due to a lack of sufficient information. RATINGS RATIONALE Moody's has decided to withdraw the ratings because it believes it has insufficient or otherwise inadequate information to support the maintenance of the ratings. PROFILE The Archdiocese of New Orleans, the second oldest archdiocese in the country, currently operates in the eight civil parishes in the metropolitan New Orleans area. With over 514,000 parishioners, the archdiocese consists of 112 parishes and supports and administers 71 schools with approximately 31,600 students. It also provides administrative support for affiliated, separately incorporated nursing homes, affordable senior living facilities and other community service facilities consistent with the mission of the Archdiocese. ARETEC GROUP: Moody's Ups CFR to B2 & Alters Outlook to Stable -------------------------------------------------------------- Moody's Investors Service upgraded Aretec Group, Inc.'s corporate family rating to B2 from B3, its senior secured bank credit facility rating to B1 from B2, and its senior unsecured rating to Caa1 from Caa2. Moody's also assigned a B1 rating to Aretec's proposed $750 million senior secured term loan addon and a B1 rating to its $175 senior secured revolving credit facility due October 2024. Moody's has withdrawn its B2 rating on Aretec's $175 million senior secured 1st lien revolving credit facility due October 2023. Moody's has changed Aretec's outlook to stable from positive. The rating action is based on Aretec's intention to issue a $750 million addon to its existing senior secured bank credit facility to help fund its planned acquisition of the retail wealth business of Securian Financial Group, Inc.[1] (Securian, A3 Stable). This retail wealth business operates a broker-dealer, registered investment advisor, insurance agency and trust company providing clients a diversified set of wealth management services. RATINGS RATIONALE Moody's said the rating upgrade reflects Aretec's improving profitability, increasing scale and the strategic benefits of the acquisition which together more than offset the initial increase in debt leverage that will be associated with the acquisition. The business being acquired has more than 1,000 financial professionals and approximately $47 billion in client assets of which $25 billion are assets under management (AUM). The transaction would raise Aretec's total client assets to around $365 billion (pro-forma the acquisition as of December 31, 2022), said Moody's. The bulk of the acquisition is structured so that Aretec acquires only advisor relationships and client assets, and not an entire corporate entity, and thereby partially mitigates integration and execution risks. Moody's said that Aretec has a strong track record of successfully integrating similar acquisitions, and with effective realization of synergies. Moody's expects Aretec to realize substantial synergies from its latest deal, including additional cash sweep program revenue and strategic partner contract alignments. The rating upgrade also reflects Aretec's strong and stable franchise, sizable client asset levels, and a more favorable shift toward advisory fees and away from less predictable transaction-based commission revenue. Moody's said Aretec is strongly positioned to continue to benefit from interest rate increases, with the Federal Reserve having raised its target federal funds rate by a total of four and a half percentage points since March 2022 to a range of 4.50%-4.75%. Moody's expects that higher interest rates will significantly boost Aretec's interest revenue and profitability in 2023. Interest rate-driven revenue generally flows to the firm's bottom-line with little associated incremental expenses because of the rate-insensitivity of client cash balances. These benefits will more than offset lower advisory and commission fees if the level of broad equities markets should moderately decline. Additionally, Moody's expects Aretec to preserve the benefits of higher rates through increasing the portion of client cash swept into fixed rate accounts or through interest rate hedges. Aretec has improved its trailing-12-months debt/EBITDA ratio on a Moody's adjusted basis to around 5.8x at September 30, 2022, compared to 7.1x at December 31, 2021. Moody's said that it expects its pending acquisition to lead to a temporary spike in leverage, but that the higher interest rate environment and Aretec's increasing scale will allow for improvements in its leverage profile. On a pro-forma basis, including the proposed debt issuance and the results of the business to be acquired, Moody's expects Aretec's leverage ratio will improve to around 5.0x at the end of 2023. The change in Aretec's outlook to stable from positive reflects Moody's expectation that the benefits to profitability from higher interest rates will support deleveraging over the next twelve to eighteen months. The stable outlook also reflects Moody's view that inorganic growth will not significantly affect Aretec's key financial metrics or pose an outsized operational integration burden, and that its `financial policies with respect to debt leverage will remain unchanged. Moody's said it has withdrawn its B2 rating on Aretec's $175 million senior secured 1st lien revolving credit facility due October 2023 because this facility has been replaced and extended by the B1-rated $175 million senior secured 1st lien revolving credit facility due October 2024. The B1 ratings assigned to Aretec's planned $750 million Senior Secured 1st Lien term loan add-on and its $175 senior secured revolving credit facility due October 2024, as well as the B1 ratings on its existing first lien senior secured term loan, reflect their priority ranking and relative size in Aretec's capital structure. The Caa1 rating on Aretec's senior unsecured notes reflects the notes' secondary ranking and relative size in its capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Aretec's ratings could be upgraded if the company were to sustainably improve its debt leverage to below 4.5x on a Moody's-adjusted basis. A significant expansion of existing revenue streams, or development of new ones, resulting in a sustainable increase in revenue diversification and less correlation of revenue with the macroeconomic environment could also result in an upgrade. Strong advisor recruitment and improved advisor retention rates leading to growth in client assets and a sustainable improvement in profitability and cash flow could also lead to an upgrade. Moody's said Aretec's ratings could be downgraded if there were a sustained deterioration in the firm's debt leverage to above 6.5x on a Moody's-adjusted basis. A deterioration in revenue, not offset by flexible expense management, resulting in a Moody's-adjusted interest coverage ratio below 2.0x, could also result in a downgrade. Also, a significant decline in the number of financial advisors, or a deterioration in advisor retention levels that results in significant attrition of client assets could also lead to a downgrade. The ratings could also be downgraded if Aretec does not adequately preserve and maintain the benefits of higher interest rates. The principal methodology used in these ratings was Securities Industry Service Providers Methodology published in November 2019. ART & ARCHITECTURE: Ownership Dispute on Banksy Artwork Stayed -------------------------------------------------------------- In the adversary proceeding captioned as In re: Art & Architecture Books of the 21st Century, Chapter 11, Debtor. Sam Leslie, Plan Agent for Art & Architecture Books of the 21st Century, Plaintiff, v. ACE Gallery New York Corporation, et al., Defendants, Case No. 2:13-bk-14135-RK, Adv. No. 2:15-ap-01679-RK, Consolidated with Adv. No. 2:14-ap-01771-RK, (Bankr. C.D. Cal.), Bankruptcy Judge Robert Kwan has issued an order staying proceedings in contested matter over ownership of the Banksy Artwork. Pending in this adversary proceeding is the contested matter of ownership of, and priority of liens in, the artwork purportedly created by the well-known street artist, Banksy, on the premises owned by 400 South La Brea LLC, which premises had been leased by Ace Museum at the time the Banksy Artwork was created. The contested matter was initiated by the Application of Sam S. Leslie, Plan Agent, for Issuance of Order Approving the Issuance of Writ of Execution and Appointment of Plaintiff as Substitute Custodian for U.S. Marshal in Furtherance of Execution of Writ and Notice of Levy; and for Order Approving Sale of Artworks Free and Clear of Any Claim of Lien or Interest, filed on April 7, 2020. Because this contested matter involves claims arising under nonbankruptcy state law, the Court does not have jurisdiction to enter a final judgment in the matter since not all of the parties to the contested matter have consented to this Court entering a final judgment. The Court determines that (1) the Banksy Artwork is property of Ace Museum and (2) the judgment lien of 400 SLB attached first to the Banksy Artwork as property of Ace Museum as the Plan Agent has not shown that his judgment lien was perfected before 400 SLB. Accordingly, the Court recommends that the U.S. District Court enter judgment for declaratory relief in favor of 400 SLB that its judgment lien against Ace Museum attaches to the Banksy Artwork ahead of any lien claim of the Plan Agent and denying the Plan Agent's Application for levy and sale as to the Banksy Artwork and that a final judgment be entered regarding the priority of liens on the Banksy Artwork as the contested matter regarding the competing claims to ownership of the Banksy Artwork are separate and independent of the other claims in this adversary proceeding. Since the parties have settled the adversary proceeding, the Court concludes that there is no need for further litigation of the contested matter over the Banksy Artwork, and therefore, the Court orders that the proceedings in the contested matter relating to the Banksy Artwork be stayed, pending further order of the court. A full-text copy of the Order dated Feb. 15, 2023 is available at https://tinyurl.com/4r4fne33 from Leagle.com. About Art and Architecture Art and Architecture Books of the 21st Century, d/b/a Ace Gallery, filed for a voluntary Chapter 11 petition on Feb. 19, 2013, in the U.S. Bankruptcy Court for the Central District of California, Case No. 13-14135. The petition was signed by Douglas Chrismas, president. Judge Robert Kwan presides over the case. Joseph A. Eisenberg, Esq., at Jeffer Mangels Butler & Mitchell LLP, serves as counsel. The Debtor reported $1 million to $10 million in assets and $10 million to $50 million in debts. ASA ROOFING: Gets More Time to Retain Control of Bankruptcy ----------------------------------------------------------- ASA Roofing, Inc. received court approval to remain in control of its bankruptcy until April 14. The ruling by Judge Brian Kenney of the U.S. Bankruptcy Court for the Eastern District of Virginia allows the company to pursue its own Chapter 11 plan without the threat of a rival plan from creditors. Since its bankruptcy filing, ASA Roofing has cut expenses, reorganized its work crews, and changed its process for estimating jobs in order to be more efficient and more profitable. ASA Roofing will not know the effect of those changes until business begins to pick up this month and, therefore, cannot produce reliable projects upon which to base a plan, according to the company's attorney, Richard Hall, Esq. About ASA Roofing ASA Roofing, Inc. is a roofing contractor serving commercial and residential clients in the Alexandria, Arlington and Northern Virginia areas. The company is based in Alexandria, Va. ASA Roofing filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 22-11555) on Nov. 14, 2022, with up to $50,000 in assets and up to $10 million in liabilities. Judge Brian F. Kenney oversees the case. The Debtor tapped Richard G. Hall, Esq., as legal counsel and Arthur Lander, C.P.A., P.C. as accountant. AUBSP OWNERCO 8: Seeks to Extend Plan Exclusivity to April 3 ------------------------------------------------------------ AUBSP Ownerco 8, LLC and AUBSP Ownerco 9, LLC ask the U.S. Bankruptcy Court for the Southern District of Florida to extend the period during which the debtors have the exclusive right to file a Chapter 11 plan and solicit acceptances to April 30. The debtors explained that they are working towards a consensual plan resolution and are making good faith efforts to resolve disputes with all of its creditors, including two primary adverse creditors, and would require additional time to further the reorganization discussions. Currently, the exclusivity period for the debtors to file a plan of reorganization expires March 4. About AUBSP Ownerco AUBSP Ownerco 8, LLC, formerly known as RA2 Boise-Fairview, LLC, and AUBSP Ownerco 9, LLC, formerly known as RA2 Boise-Overland, LLC, filed petitions for Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 22-18613) on Nov. 4, 2022. In the petitions signed by Richard Sabella, authorized agent, the Debtors disclosed up to $10 million in both assets and liabilities. The Debtors tapped Thomas M. Messana, Esq., at Underwood Murray, P.A. as bankruptcy counsel; and Stoel Rives, LLP and Cross & Simon, LLC as special counsels. AUBSP OWNERCO: Seeks to Hire Dorsey & Whitney as Special Counsel ---------------------------------------------------------------- AUBSP Ownerco 8, LLC and AUBSP Ownerco 9, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ J.B. Evans, Esq., and his firm, Dorsey & Whitney, LLP, as special counsel. Mr. Evans and his former firm, Stoel Rives, LLP, represented the Debtors' interests in Case Nos. CV 01-21-07907 and 21-07909 in the District Court of the Fourth Judicial District of Idaho in and for Ada County, as well as in certain related litigation in state courts in Oregon and California. The attorney voluntarily terminated employment with the firm to join Dorsey & Whitney. Dorsey & Whitney's hourly rates are as follows: J.B. Evans $470 per hour Jake Larson $895 per hour The hourly rates for other Dorsey attorneys and paraprofessionals expected to be involved in the engagement range from $225 to $700. Mr. Evans disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Dorsey & Whitney can be reached through: J.B. Evans, Esq. Dorsey & Whitney, LLP 801 Grand Avenue, Suite 4100 Des Moines, IA 50309-2790 Tel: +1 (515) 283-1000 / (208) 617-2528 Fax: (208) 545 5343 Email: evans.jb@dorsey.com About AUBSP Ownerco AUBSP Ownerco 8, LLC, formerly known as RA2 Boise-Fairview, LLC, and AUBSP Ownerco 9, LLC, formerly known as RA2 Boise-Overland, LLC, filed petitions for Chapter 11 protection (Bankr. S.D. Fla. Lead Case No. 22-18613) on Nov. 4, 2022. In the petitions signed by Richard Sabella, authorized agent, the Debtors disclosed up to $10 million in both assets and liabilities. The Debtors tapped Thomas M. Messana, Esq., at Underwood Murray, P.A. as bankruptcy counsel; and Cross & Simon, LLC and Dorsey & Whitney, LLP as special counsels. BARTECH GROUP: Court OKs Cash Collateral Access Thru March 10 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, authorized the BarTech Group of Illinois, Inc. to use cash collateral on a further interim basis through March 10, 2023 substantially in accordance with the budget. Specifically, the Debtor is authorized to use its cash on hand, funds in its deposit accounts, revenue from the business, and any further proceeds of its assets, including inventory and accounts receivable, which may constitute "cash collateral" of certain lienholders. BarTech is authorized to continue using cash collateral to pay all expenses the Debtor incurred in the operation of their ongoing business post-petition -- or if incurred pre-petition, those expenditures authorized by a specific Order of the Court -- pending the final hearing on the Motion. A further hearing on the matter is set for March 8 at 10 a.m. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/3JdC5dl from PacerMonitor.com. The Debtor projects total cash out, on a weekly basis, as follows: $178,998 for the week ending March 5, 2023; $26,994 for the week ending March 12, 2023; and $71,377 for the week ending March 19, 2023. About The BarTech Group of Illinois Inc. The BarTech Group of Illinois Inc. -- https://www.bartechgroup.biz -- is an MBE and DBE certified electrical construction contractor. The BarTech Group of Illinois Inc. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-10945) on Sept. 23, 2022. In the petition filed by Dwayne Barlow, as president, the Debtor reported assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. William B. Avellone has been appointed as Subchapter V trustee. Alan L. Braunstein, Esq., at Riemer Braunstein LLP is the Debtor's counsel. Ringold Financial Management Services, Inc., is the financial advisor. BERNARD L. MADOFF: Zephyros Limited's Motion to Dismiss Denied -------------------------------------------------------------- In the adversary proceeding captioned as SECURITIES INVESTOR PROTECTION CORPORATION, Plaintiff-Applicant, v. BERNARD L. MADOFF INVESTMENT SECURITIES LLC, Defendant. In re: BERNARD L. MADOFF, Debtor. IRVING H. PICARD, Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC and the Estate of Bernard L. Madoff, Plaintiff, v. ZEPHYROS LIMITED, Defendant, No. 08-01789 (CGM), (Substantively Consolidated), Adv. Pro. No. 12-01278 (CGM), (Bankr. S.D.N.Y.), Bankruptcy Judge Cecelia G. Morris denies the motion to dismiss filed by Zephyros Limited. Following BLMIS's collapse, the Trustee filed an adversary proceeding against Rye Portfolio Limited and related defendants that were managed by Tremont Group Holdings to avoid and recover fraudulent transfers of customer property in the amount of approximately $2.1 billion. In 2011, the Trustee settled with the Tremont Defendants, including Rye Portfolio Limited. As part of the settlement, the Tremont Defendants consented to a judgment in the amount of $1.025 billion. The settlement provides that the Trustee may seek additional recovery from any non-settling defendant or subsequent transferee. The Trustee alleges that BLMIS made initial transfers to Rye Portfolio Limited of approximately $620 million, including $609 million made within six years of the filing date and $350 million made within two years. The Trustee has alleged that based on its investigations $95.38 million of money transferred from BLMIS to Rye Portfolio was subsequently transferred to Zephyros. The Complaint alleges that since Rye Portfolio "invested all or substantially all of its assets into the BLMIS Ponzi scheme," all property it transferred to Zephyros was BLMIS Customer Property. Of the total sought in the original complaint, the Trustee alleged that $73.38 million was transferred from Rye Portfolio to Zephyros. In its motion to dismiss, Zephyros argues that the Complaint fails to allege that the Defendant received BLMIS customer property, that the Defendant is entitled to the good-faith defense, that the safe harbor under Section 546(e) bars most of the claims, and that the Statute of Limitations bars recovering newly pleaded transfers alleged in the Amended Complaint. The Trustee opposes the motion to dismiss. The Trustee pleaded the avoidability of the initial transfer from BLMIS to Rye Portfolio Limited by adopting by reference the entirety of the complaint filed against Tremont and related defendants in adversary proceeding 10-5310 and through additional allegations in the Complaint. The Court believes that Zephyros will not be prejudiced if it allows the Trustee to incorporate the Tremont Complaint by reference. On the other hand, the Court believes that if it will dismiss the Complaint and permit the Trustee to amend his Complaint to include all of the allegations that are already contained in the Tremont Complaint, it would prejudice all parties by delaying the already overly prolonged proceedings. The Defendant argues that the Trustee must tie each of "those transfers to the payment of redemption request from Zephyros." In order to ultimately determine how the initial and subsequent transferees spent the millions of dollars they received from BLMIS, the Court would need to review financial documents in order to trace the BLMIS monies to all of the initial transferees' principals, insiders, creditors, and customers. Undoubtedly, the Court will do this tracing and calculation at a later stage of litigation. At this stage, the Trustee need only assert plausible allegations that the Defendant received BLMIS monies. Zephyros has also raised the safe harbor defense in connection with its contract with Rye Portfolio. The Trustee has sufficiently plead that Rye Portfolio had actual knowledge that BLMIS was not trading securities, which makes the safe harbor inapplicable by its express terms. The Trustee has adequately pleaded, with particularity, the avoidability of the initial transfers due to Tremont's knowledge of BLMIS' fraud. The Complaint and the Tremont Complaint, incorporated by reference, contain sufficient allegations of the initial transferee's actual knowledge to defeat the safe harbor defense on a Rule 12(b)(6) motion. A full-text copy of the Memorandum Decision dated Feb. 13, 2023 is available at https://tinyurl.com/3mxkarbv from Leagle.com. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. As of Jan. 31, 2021, and since his appointment in December 2008, the SIPA Trustee has amassed more than $14.413 billion as a result of recoveries and settlement agreements. These recoveries exceed similar efforts related to prior Ponzi scheme recoveries, in terms of dollar value and percentage of stolen funds recovered. Eligible BLMIS customers have now received almost 70% of their allowed claims, and the SIPA Trustee is optimistic that this figure will rise as the Trustee secure more recoveries and distributions in the future. BIG VILLAGE: Gets OK to Hire Kroll as Administrative Advisor ------------------------------------------------------------ Big Village Holding LLC, and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kroll Restructuring Administration, LLC as administrative advisor. The Debtors require an administrative advisor to: (a) assist with, among other things, solicitation, balloting, and tabulation of votes, prepare any related reports in support of confirmation of a Chapter 11 plan, and process requests for documents; (b) prepare an official ballot certification and, if necessary, testify in support of the ballot tabulation results; (c) assist with the preparation of the Debtors' schedules of assets and liabilities and statements of financial affairs, and gather data in conjunction therewith; (d) provide a confidential data room, if requested; (e) manage and coordinate any distributions pursuant to a Chapter 11 plan; and (f) provide such other processing, solicitation, balloting, and other administrative services. The hourly rates of the firm's professionals are as follows: Analyst $30 to $60 Technology Consultant $35 to $110 Consultant/Senior Consultant $65 to $195 Director $175 to $245 Solicitation Consultant $174 Director of Solicitation $245 On Dec. 5, 2022, the Debtors provided Kroll with an advance in the amount of $20,000. Additionally, Kroll received payment in the amounts of $30,328.43, $6,582.40, $4,679.68 on Jan. 18, 27 and 30, respectively, and $4,241.08 on Feb. 2. Benjamin Steele, a managing director at Kroll Restructuring Administration, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin J. Steele Kroll Restructuring Administration LLC 55 East 52nd Street, 17th Floor New York, NY 10055 Phone: +1 212 593 1000 About Big Village Holding Big Village Holding LLC and its affiliates are a global advertising, technology, and data company with operations in the United States, European Union, and Australia. They deliver their advertising and digital content across multiple media channels and online platforms, and facilitate the implementation of targeted, data-driven advertising strategies which encompass all of the technology and intelligence necessary to execute global advertising campaigns. Big Village Holding LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10174) on February 8, 2023. In the petition signed by Kasha Cacy, global chief executive officer, the Debtors disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal counsel; Portage Point Partners, LLC as restructuring advisor; and Stephens, Inc. as investment banker. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. BNP Paribas, as administrative agent under the Debtors' prepetition credit agreement, is represented by Mayer Brown LLP's attorneys, Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's attorney, L. Katherine Good. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represneted by Steven Golden, Esq. BIG VILLAGE: Gets OK to Hire Young Conaway Stargatt as Counsel -------------------------------------------------------------- Big Village Holding LLC, and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Young Conaway Stargatt & Taylor, LLP as legal counsel. The firm's services include: a. providing legal advice and services with respect to the Debtors' powers and duties in the continued operation of their business and management of their property, and providing substantive and strategic advice on how to accomplish the Debtors' goals in connection with the prosecution of their Chapter 11 cases; b. pursuing the sale of the Debtors' assets and approval of bid procedures related thereto; c. preparing legal papers; d. appearing in court; and e. other legal services that may be necessary and proper in these proceedings. The firm will be paid at these rates: Michael R. Nestor, Partner $1,240 per hour Joseph M. Barry, Partner $1,070 per hour Joseph M. Mulvihill, Associate $695 per hour Catherine C. Lyons, Associate $560 per hour Timothy R. Powell, Associate $560 per hour Andrew Mark, Associate $505 per hour Heather P. Smillie, Associate $505 per hour Emily C.S. Jones, Associate $425 per hour Chad Corazza, Paralegal $355 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The firm received a retainer of $320,000. Joseph Barry, Esq., a partner at Young Conaway, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Mr. Barry disclosed that: -- Young Conaway has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. -- None of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case. -- Young Conaway was retained by the Debtors for restructuring work pursuant to an engagement agreement dated Oct. 31, 2022. The billing rates and material terms of the prepetition engagement are the same as the rates and terms described in this Application, except that a customary increase of hourly rates occurred on January 1, 2023. -- The Debtors have approved or will be approving a prospective budget and staffing plan for Young Conaway's engagement for the post-petition period as appropriate. In accordance with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. The firm can be reached through: Joseph M. Barry, Esq. Young Conaway Stargatt & Taylor, LLP 1000 N. King Street Wilmington, DE 19801 Tel: (302) 571-6600 Email: jbarry@ycst.com About Big Village Holding Big Village Holding LLC and its affiliates are a global advertising, technology, and data company with operations in the United States, European Union, and Australia. They deliver their advertising and digital content across multiple media channels and online platforms, and facilitate the implementation of targeted, data-driven advertising strategies which encompass all of the technology and intelligence necessary to execute global advertising campaigns. Big Village Holding LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10174) on February 8, 2023. In the petition signed by Kasha Cacy, global chief executive officer, the Debtors disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal counsel; Portage Point Partners, LLC as restructuring advisor; and Stephens, Inc. as investment banker. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. BNP Paribas, as administrative agent under the Debtors' prepetition credit agreement, is represented by Mayer Brown LLP's attorneys, Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's attorney, L. Katherine Good. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represneted by Steven Golden, Esq. BIG VILLAGE: Seeks to Hire Stephens Inc. as Investment Banker ------------------------------------------------------------- Big Village Holding LLC, and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Stephens Inc. as investment banker. The firm's services include: (a) assisting the Debtors in the development of a strategic plan and in the evaluation of strategic alternatives; (b) assisting the Debtors with preparing offering materials for one or more transactions; (c) assisting the Debtors in identifying and contacting potential transaction counterparties; (d) assisting the Debtors with making due diligence information available to potential transaction counterparties; (e) assisting the Debtors with soliciting, analyzing, structuring, planning, negotiating and effecting one or more transactions; (f) assisting the Debtors in preparations and negotiations of forbearance agreements, extensions or amendments to the Debtors' credit agreements; (g) providing financial advice to the Debtors and assisting in developing and implementing a restructuring plan; (h) assisting the Debtors on tactics and strategies for negotiating a plan with various stakeholders, including participating in negotiations with creditors and other parties involved in any restructuring; (i) providing expert advice and testimony regarding financial matters related to any Restructuring, if necessary; (j) attending meetings of the Debtors' Board of Directors, creditor groups, official constituencies and other interested parties in connection with any transactions; and (k) providing such financial advisory and investment banking services as may from time to time be agreed upon by Stephens and the Debtors and that are within the scope of the engagement. The firm will be paid at these rates: (a) Monthly Fee. A cash Monthly Fee of $50,000 starting in January 2023. 100 per cent of any Monthly Fee shall be credited once, without duplication, against any M&A Transaction Fee, Restructuring Fee, or Financing Fee subsequently payable to Stephens. (b) M&A Transaction Fees. Upon the consummation of any M&A Transaction, an M&A Transaction Fee equal to an amount to be determined according to the following schedule: (i) for an M&A Transaction involving the Debtors’ Agency business unit, the greater of $400,000 and 5 per cent of the Transaction Value of any such M&A Transaction; (ii) for an M&A Transaction involving the Debtors’ Insight business unit, the greater of $850,000 and 4 per cent of the Transaction Value of any such M&A Transaction; (iii) for an M&A Transaction involving the Debtors’ EMX business unit, the greater of $1,000,000 and 4 per cent of the Transaction Value of any such M&A Transaction; and (iv) for an M&A Transaction involving all or substantially all of the assets or voting stock of the Debtors at the time of such consummation, the greater of $1,250,000 and 3.75 per cent of the Transaction Value of any such M&A Transaction; provided that if the Debtors consummate an M&A Transaction and pay an M&A Transaction Fee pursuant to this clause (iv), the Debtors will not be obligated to pay Stephens any other M&A Transaction Fee with respect to such M&A Transaction. (c) Restructuring Fee. Upon the consummation of a Restructuring, a fee equal to $1,250,000. (d) Financing Fee. Upon the consummation of any Financing, a fee equal to the sum of (i) 2 per cent of the aggregate commitment amount of any senior secured first lien debt Financing, plus (ii) 5 per cent of the aggregate commitment amount of any other Financing. Sachin Lulla, managing director and head of the Capital Solutions Group at Stephens Inc., 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: Sachin Lulla Stephens Inc. 111 Center Street Little Rock, AR 72201 Tel: (501) 377-2000 About Big Village Holding Big Village Holding LLC and its affiliates are a global advertising, technology, and data company with operations in the United States, European Union, and Australia. They deliver their advertising and digital content across multiple media channels and online platforms, and facilitate the implementation of targeted, data-driven advertising strategies which encompass all of the technology and intelligence necessary to execute global advertising campaigns. Big Village Holding LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10174) on February 8, 2023. In the petition signed by Kasha Cacy, global chief executive officer, the Debtors disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal counsel; Portage Point Partners, LLC as restructuring advisor; and Stephens, Inc. as investment banker. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. BNP Paribas, as administrative agent under the Debtors' prepetition credit agreement, is represented by Mayer Brown LLP's attorneys, Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's attorney, L. Katherine Good. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represneted by Steven Golden, Esq. BUCKHARDT TECHNOLOGIES: Wins Cash Collateral Access Thru March 30 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, authorized Buckardt Technologies, Inc., dba Konsultek, to use cash collateral on an interim basis in accordance with the budget through March 30, 2023. BMO Harris Bank, N.A. asserts a senior valid blanket lien on the Debtor's assets. It holds a senior security interest in all of the Debtor's assets by way of a valid lien duly filed of which the amount due and owing totals no less than $381,719. The other potential lien holders are Funding Circle, the Small Business Administration, Internal Revenue Service, and Ingram Micro, Inc. The Prepetition Secured Parties will be secured by a lien to the same extent, priority and validity as existed prior to the Petition date. The Prepetition Secured Parties will receive a security interest in and replacement lien upon all of the Debtor's now existing or hereafter acquired property, real or personal, whether in existence before or after the Petition Date to the extent actually used and for the diminution, if any, in the value of the Prepetition Secured Parties' Collateral securing all indebtedness of the Debtor to the Prepetition Secured Parties. The replacement lien will be the same lien as existed as the prepetition valid liens of record. In further return for the Debtor's continued interim use of cash collateral, BMO Harris Bank is granted a replacement lien in substantially all of the Debtor's assets, including cash collateral equivalents and the Debtor's cash and accounts receivable, among other collateral to the extent and validity as held prepetition. BMO Harris Bank and all other subordinate lien holders are granted replacement liens, attaching to the Collateral, but only to the extent of their prepetition liens and only to the extent of priority that existed on the date of filing. The liens granted will be valid, perfected, and enforceable without any further action by the Debtor or BMO Harris Bank and need not be separately documented. A further hearing on the matter is scheduled for March 30 at 11 a.m. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/41XhwJF from PacerMonitor.com. The Debtor projects $326,174 in total expenses for March 2023. About Buckardt Technologies, Inc. Buckardt Technologies, Inc. is an information and security technology consulting firm. Buckardt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-04420) on April 18, 2022. In the petition signed by Judith A. Buckardt, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Lashonda A. Hunt oversees the case. Richard G. Larsen, Esq., at SpringerLarsenGreene, LLC is the Debtor's counsel. BURTS CONSTRUCTION: Amends Plains State Bank Claims Pay Details --------------------------------------------------------------- Burts Construction, Inc., submitted a First Amended Disclosure Statement describing Chapter 11 Plan dated March 2, 2023. In 2015, the Debtor obtained a Line of Credit with Allegiance Bank to give working capital to the business. Allegiance Bank was secured by a blanket lien on all of the Debtor's non-real estate assets. Allegiance Bank received adequate protection payments in the form of interest payments on the line of credit until October, 2022. In October, 2022, Allegiance received the net proceeds from the auction of the Debtor's equipment in the approximate amount of $490,219.00. The Debtor will pay the remaining balance due Allegiance Bank in the approximate amount of $151,963.37, including attorney's fees, upon receipt of an order authorizing distribution from the Court. The Debtor is seeking Court permission to pay this balance from the proceeds of the sale of its real property. The Ranch The Ranch consists of 3,096 acres of real property in Kinney County, Texas, 12 minutes from Brackettville and 19 miles east of Del Rio. It is located along Highway 90 with almost two miles of highway frontage. The Ranch was listed for sale with Texas Ranch Sales, LLC since December of 2021. With no firm offers, the Burts decided to divide the ranch into two parcels, one consisting of 1,176 acres renamed the Perdido Creek Ranch and the remaining 1,920 acres as the Burts Ranch. The Perdido Creek Ranch consists of raw land with no structural improvements but is high fenced, has a good road system, two wet weather creeks, two ponds and a solar well that feeds 7 troughs and 2 large storage tanks. The Perdido Creek Ranch is being marketed by Robert Dullnig of Dullnig Ranch Sales for $2,250 per acre for a faster sale. Dullnig Ranch Sales is affiliated with Kuper Sotheby's International Realty and therefore has a larger, international presence in the real estate market. The Burts have received an offer and made a counter offer for Burts Ranch. If consummated, it will provide sufficient funds to pay all secured creditors in full and pay the Estate's Note Receivable in full. Plains State Bank holds a lien on Burts Ranch in the amount of $924,306.42. On December 19, 2022, the Court entered an order lifting the automatic stay to allow Plains State Bank to foreclose its lien on Burts Ranch. Although Plains State Bank has Burts Ranch posted for foreclosure on March 7, 2023, the Debtor believes it will withdraw that notice based upon the pending sale and allow the sale to consummate. Consummation of the sale would pay the secured claim of Plains State Bank in full. On September 23, 2022, the Debtor sold its real property located at 7644 Eagle Lane, #62, Spring, Texas 77379 to Northtown Auto Center, GP LLC for $765,000.00. The Debtor's 26-foot scissor lift valued at $6,000.00 was included as part of the sale. After the payment of the underlying mortgage, taxes, closing costs, commissions and other fees, the Debtor netted $494,450.52 from the sale (the "Real Property Proceeds"). The Real Property Proceeds were first deposited into the Debtor's DIP account at Comerica Bank and then transferred into a segregated account to be used to fund the Plan. All of the sales were conducted with Court authority. The Retainage Receivables, the Real Property Proceeds, the Equipment Proceeds, and the Accounts Receivable shall be used to fund the Plan. The Plan of Liquidation proposes to pay the Debtor's creditors their pro-rata share from the orderly liquidation of the Debtor's assets and collection of accounts receivable. The funds from the sale(s) shall be placed in a separate Debtor-in-Possession Account (the "Segregated Account"), pending further Order of this Court or confirmation of the Plan. Class 5 consists of the Claim of Plains State Bank. Class 5 is impaired and consists of the claim of Plains State Bank ("Plains") in the approximate amount of $912,256.20. Plains is both a secured and an unsecured creditor of the Debtor. On the secured portion, Plains holds a lien equal to the amount of funds held on account by the Debtor at Plains as of the date of filing or $64,519.68. The Debtor has paid a total of $28,140.00 towards the secured portion of this claim and shall pay the remainder prior to the Effective Date. As to the unsecured portion of the claim, approximately $847,736.52, the Debtor shall hold in escrow an amount equal to the payment Plains would receive under Class 6 of the Plan (the "Escrowed Funds"). In the event Plains' claim is not satisfied from the sale of the Ranch or by other means two years from the Effective Date, the Debtor shall release the Escrowed Funds to Plains. Plains would then be entitled to its share of further distributions in accordance with Class 6 of the Plan. Class 6 consists of Unsecured Claims. Class 6 is impaired and consists of the unsecured claims in this Estate, excluding insider claims. The claimants in this Class are in the amount of $3,592,001.50. Claimants in Class 6 will receive a pro-rata distribution of the net funds after payment of all other Classes under the Plan. An initial payment will be made on the effective date of the Plan with additional payments made annually as receivables are collected not to exceed five years. The Debtor anticipates the claimants in this class will receive approximately 25% of their claims. In the event any receivables are owed after five years from the Effective Date, they shall be deemed uncollectible and shall be abandoned to the unsecured creditors of the Estate. A full-text copy of the First Amended Disclosure Statement dated March 2, 2023 is available at https://bit.ly/3Jh8yiP from PacerMonitor.com at no charge. Attorneys for the Debtor: Julie M. Koenig, Esq. Cooper & Scully, P.C. 815 Walker St., Suite 1040 Houston, TX 77002 Tel: (713) 236-6800 Fax: (713) 236-6880 Email: julie.koenig@cooperscully.com About Burts Construction Burts Construction, Inc. is a family-owned general contractor that offers, among other services, land clearing, demolition, site preparation, soil stabilization, underground utilities, and paving services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-31700) on June 20, 2022. In the petition signed by Katherine Burts, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Christopher M. Lopez oversees the case. Julie M. Koenig, Esq., at Cooper and Scully, PC is the Debtor's counsel. C & A TRANSPORTATION: Seeks to Hire McNair as Accountant -------------------------------------------------------- C & A Transportation Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to hire McNair, McLemore, Middlebrooks & Co., LLC as its accountant. The Debtor requires an accountant to prepare its Adjusted Employer's Annual Federal Tax Return or claim for refund, IRS Form 941-X, for all quarters of 2020 and the first three quarters of 2021. The firm will charge between $75 and $325 per hour. As disclosed in court filings, McNair neither represents nor holds interests adverse to the interests of the Debtor's estate with respect to the matters on which it is to be employed. The firm can be reached through: Howard Holleman McNair, McLemore, Middlebrooks & Co., LLC 389 Mulberry Street, Suite 300 Macon, GA 31201 Phone: +1 478-746-6277 Email: Phone: hholleman@mmmcpa.com About C & A Transportation C & A Transportation Inc. -- https://www.catransportation.com/ -- is a professional commercial carrier in Macon, Ga. C & A Transportation filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 22-51583) on Dec. 23, 2022, with $1 million to $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 R. Braden Copeland, Esq. at Stone & Baxter, LLP. CANOPY GROWTH: Raises $150MM in Subscription Deal With Verition --------------------------------------------------------------- Canopy Growth Corp. has inked a $150 million subscription agreement with Verition Canada Master Fund Ltd., according to a recent Form 8-K Report the Company filed with the Securities and Exchange Commission. On February 21, 2023, Canopy Growth entered into a Subscription Agreement with Verition pursuant to which the Investor agreed to purchase convertible senior unsecured debentures, with an aggregate principal amount of up to $150 million in a registered direct offering. The Debentures were issued under the Indenture dated February 21, 2023, between the Company and Computershare Trust Company of Canada, in its capacity as trustee. An initial US$100 million aggregate principal amount of the Debentures was sold on February 21, 2023, and the remaining US$50 million aggregate principal amount of the Debentures -- Second Tranche -- will be issued and paid for in the event certain conditions are satisfied. Net proceeds to the Company from the Initial Tranche, after deducting estimated offering expenses, were approximately US$95 million. The Company intends to use the net proceeds from the Initial Tranche and the Second Tranche, if any, for working capital and general corporate purposes. The Debentures were sold pursuant to the Company's registration statement on Form S-3ASR (File No. 333-269877) filed on February 21, 2023 and the related prospectus dated February 21, 2023. Indenture and Debentures The Debentures will bear interest at a rate of 5.0% per annum from the date of issuance, payable at the earlier of (i) the time of conversion of the Debentures; or (ii) February 28, 2028, in each case, in common shares of the Company. Unless earlier converted in accordance with the terms of the Indenture, the Debentures will mature on the Maturity Date. The Debentures will be senior unsecured obligations of the Company and will be subordinated to all existing and future Secured Indebtedness of the Company in accordance with the terms of the Indenture. Each Debenture will rank pari passu with each other Debenture (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other present and future senior unsecured obligations or indebtedness of the Company. The Debentures may be converted into Common Shares at the option of the holder at any time or times prior to the Maturity Date, at a conversion price equal to 92.5% of the VWAP of the Common Shares during the three consecutive trading days ending on the business day immediately prior to the date of conversion. The Company will not issue, be required to issue or be deemed to have issued any Common Shares upon conversion of the Debentures or otherwise pursuant to the terms of the Indenture -- including, for greater certainty, on account of any principal, premium, if any, or interest -- if the issuance of such Common Shares would exceed 19.99% of the Company's issued and outstanding Common Shares as of February 17, 2023, being 98,929,320 Common Shares, and after such number of Common Shares have been issued, the remaining issued and outstanding Debentures will be automatically deemed to be surrendered and cancelled. No cash payment or any other property of the Company will be payable by the Company to the holders of Debentures in connection with, or as a result of, the issuance, conversion or repayment of the Debentures. The Indenture includes certain customary and other events of default. In connection with an Event of Default, the Trustee (i) may, in its discretion and (ii) shall, by request of the holders of not less than 50% in principal amount of Debentures then outstanding, in each case subject to certain provisions of the Indenture and in the manner and to the extent provided in the Trust Indenture Act of 1939, as amended, declare due and payable the principal and interest and premium, if any, and, upon such amounts becoming due and payable, the Company will be required to deliver to the Trustee for the benefit of the holders such number of Common Shares as is equal to the sum of the aggregate principal amount of such Debentures outstanding at such time plus premium due thereon (if any) and all accrued and unpaid interest thereon divided by the Conversion Price, in accordance with the terms of the Indenture. Pursuant to the terms of the Indenture, the Company is not permitted to declare or pay any dividend to the holders of its issued and outstanding Common Shares after the occurrence and continuance of an Event of Default unless and until such Event of Default has been cured or waived or has ceased to exist. In connection with a Change of Control, the Company will be required to make an offer in writing to convert all of the Debentures then outstanding at no less than 101% of the aggregate principal amount thereof plus accrued and unpaid interest thereon to but excluding the Change of Control Purchase Date based upon the Conversion Price as of the Change of Control Purchase Date. The Indenture prescribes other requirements regarding the Change of Control Offer. Among other things, the Change of Control Offer must specify the date and time on which such offer expires, and, unless otherwise required by applicable securities laws, the date of expiry must not be earlier than the close of business on the 35th day and not later than the close of business on the 60th day following the date on which such notice of the Change of Control Offer is delivered to the Trustee. On a date within 10 business days following the expiry of the Change of Control Offer (the "Change of Control Purchase Date"), the Company will convert all Debentures duly tendered in acceptance of the Change of Control Offer in exchange for Common Shares at the Conversion Price as of the Change of Control Purchase Date. In addition to the purchase of the Debentures sold pursuant to the Initial Tranche, the Investor has agreed to purchase from the Company, and the Company has agreed to sell to the Investor, the Second Tranche on the second business day following the date, that occurs on or after the Trigger Date and prior to the 60th day following the Trigger Date, on which all of these conditions have been satisfied or waived: -- the VWAP of the Common Shares on the Exchange during the three consecutive trading days ending on the day before the Trigger Date, or the date the Registration Statement Condition and the Event of Default Condition are satisfied, as applicable, is greater than US$2.00 (the "VWAP Condition"); -- the Registration Statement is available for the sale of the Debentures and the underlying Common Shares as determined by the Company in good faith (the "Registration Statement Condition"); and -- no Event of Default has occurred and is continuing. "Trigger Date" means the first date upon which the Company, whether in one conversion or a series of conversions, has issued, paid or delivered Common Shares pursuant to one or more conversion notices under the Indenture in respect of US$50 million of the aggregate principal amount outstanding under the Indenture and the Debentures. The Investor may at any time prior to Second Closing Deadline irrevocably waive in writing the VWAP Condition and/or the Event of Default Condition, whereupon any such waived condition(s) shall not apply for purposes of the definition of Second Tranche Conditions. The Registration Statement Condition cannot be waived. During the period from the Trigger Date until the earlier to occur of the Second Closing and the Second Closing Deadline, the Company will immediately notify the Investor in writing from time to time: (i) if the Registration Statement Condition is satisfied, and if previously satisfied, ceases to be satisfied, and thereafter is satisfied, and so on; and (ii) if an Event of Default occurs. In the event that the Second Tranche Conditions are not satisfied (or with respect to the VWAP Condition and/or the Event of Default Condition, waived in accordance with the Subscription Agreement and the Indenture) prior to the Second Closing Deadline, then the Second Closing shall not occur. ATB Capital Markets Inc. acted as sole placement agent for the Offering and received a fee equal to 4.0% of the gross proceeds of the Debentures sold in the Initial Tranche and will receive a fee equal to 4.0% of the gross proceeds of the Debentures sold in the Second Tranche, if consummated, in each case, payable in cash at the closing of each such tranche. The Company also agreed to reimburse ATB's and the Investor’s reasonable expenses incurred in connection with the Offering in an amount up to US$262,000. A copy of the Indenture, dated February 21, 2023, between the Canopy Growth Corporation and Computershare Trust Company of Canada, as trustee, is available at https://tinyurl.com/bdeeaczw A copy of the Subscription Agreement, dated February 21, 2023, between Canopy Growth Corporation and Verition Canada Master Fund Ltd., is available at https://tinyurl.com/2p8chrmh About Canopy Growth Corporation Canopy Growth Corporation -- https://www.canopygrowth.com -- is a cannabis consumer packaged goods company which produces, distributes, and sells a diverse range of cannabis, hemp, and CPG products. As of Sept. 30, 2022, the Company had C$3.40 billion in total assets, C$1.74 billion in total liabilities, C$35.90 million in redeemable noncontrolling interest, and a total shareholders' equity of C$1.63 billion. As reported by the TCR on Nov. 17, 2022, S&P Global Ratings lowered its issuer credit rating on Canopy Growth Corp. (CGC) to 'SD' (selective default) from 'CC'. S&P views the recent debt repayment transaction as distressed and tantamount to a default and this assessment reflects the feature of the transaction whereby participating lenders received less value than they were initially promised under the original securities. In July 2022, Fitch Ratings downgraded the Long-Term Issuer Default Ratings (IDR) for Canopy Growth and 11065220 Canada Inc. to 'RD' from 'C' on the completion of Canopy's exchange offer for a portion of the convertible notes due July 2023. CBC RESTAURANT: Corner Bakery Files for Chapter 11 Bankruptcy ------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Corner Bakery filed for Chapter 11 bankruptcy protection, listing assets and liabilities both between $10 million and $50 million. The nationwide restaurant chain, which specializes in breakfast and lunch items like paninis and soups, submitted a petition for relief in the US Bankruptcy Court for the District of Delaware on Wednesday. The company has branded locations across 19 states and the District of Columbia, according to its website. Pandya Restaurant Growth Brands LLC acquired the chain in October 2020 from affiliates of Roark Capital Partners. Pandya also operates the Boston Market restaurant chain. About CBC Restaurant CBC Restaurant -- https://www.cornerbakerycafe.com/ -- also known as Corner Bakery, is an American chain of cafes that specialize in pastries, breads, breakfast dishes, gourmet sandwiches, homemade soups, salads, and pasta. In the petition filed by Jignesh Pandya, as CEO and COO, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. CBC Restaurant Corp. and affiliates Corner Bakery Holding Company and CBC Cardco, Inc., sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-10245) on Feb. 22, 2023. The Debtors tapped CULHANE MEADOWS PLLC as counsel; HILCO TRADING LLC as financial advisor and investment banker. KURTZMAN CARSON CONSULTANTS LLC is the claims agent. CBC RESTAURANT: Court OKs Cash Collateral Access Thru March 17 -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized CBC Restaurant Corp. and its debtor-affiliates to continue using cash collateral on an interim basis in accordance with the budget, with a 15% variance, through March 17, 2023. The Debtors have an immediate and critical need to continue using cash collateral in order to permit, among other things, the orderly continuation of the operation of their organization, to maintain business relationships with vendors, suppliers, and customers, to make payroll, and to satisfy other working capital and operational needs. The Debtors' prepetition lenders extended credit facilities in an aggregate amount not to exceed $177.5 million pursuant to the Credit and Guaranty Agreement, dated as of November 10, 2017 by and among CBC Restaurant Corp., a Delaware corporation, Corner Bakery Holding Company, a Delaware corporation, and certain subsidiaries of the Company, as Guarantors, the Lenders party thereto from time to time and SSCP Restaurant Investors, LLC as the successor by assignment from Goldman Sachs Specialty Lending Group, L.P., as Administrative Agent and Collateral Agent. These facilities consisted of: $155 million aggregate amount of Tranche A Term Loans; and $22.5 million aggregate principal amount of Revolving Commitments, subject to a $9.5 million sublimit for Revolving Loans and a $13 million sublimit for Letters of Credit. Certain Credit Parties also entered into a Pledge and Security Agreement dated as of November 10, 2017, as amended or otherwise modified from time to time, including the Pledge Supplement dated September 30, 2019, and a Trademark Security Agreement, also dated as of November 10, 2017, granted in connection with the Credit Facility. As of the Petition Date, the amount allegedly due under the Credit Agreement -- and disputed by the Debtors -- is approximately $33.8 million. SSCP asserts that pursuant to the Prepetition Agreements, as of the Petition Date, the Credit Parties owed SSCP not less than $42.5 million. SSCP further asserts that certain monetary and non-monetary defaults existed as of the Petition Date pursuant to the Prepetition Agreements, which had not been cured as of the Petition Date. As adequate protection, SSCP is granted replacement liens and security interests in an amount not to exceed the Debtors' Cash Collateral Usage in all accounts and inventory acquired by the Debtors after the Petition Date. The Adequate Protection Liens will be valid, perfected, enforceable and effective against the Debtors, their successors and assigns, including any trustee or receiver in this or any superseding chapter 7 case, without any further action by the Debtors or SSCP and without the execution, delivery, filing or recordation of any promissory notes, financing statements, security agreements or other documents. These events constitute an "Event of Default": a. Any material failure to comply with the terms of the Interim Order; b. If a final interim order granting the continued use of SSCP's cash collateral by the Debtors or approving postpetition financing is not approved by the Court and entered on or before March 30, 2023 or such later date as is agreed to in writing by the Debtors and SSCP; c. If any attempt by any Debtor to seek approval for postpetition financing to be provided by any party other than SSCP that does not provide for the immediate and indefeasible satisfaction of any and all outstanding Adequate Protection Payments owed to SSCP or any administrative expense claims of SSCP related to the Cash Collateral Usage; d. If any representation made by the Debtors after the commencement of the Chapter 11 case in any report or financial statement delivered to SSCP proves to have been false or misleading in any material respect as of the time when made or given; e. If a trustee or examiner, with authority to affect the operation of the business of the Debtors (or any of them) is appointed in the chapter 11 proceedings without the consent of SSCP; f. The grant of any security interest, lien, or encumbrance (excluding any Prior Liens) in any of the Collateral which is pari passu with or senior to the liens, security interests, or claims of SSCP (including, without limitation, the Adequate Protection Liens), including, without limitation, any surcharge of the Collateral, unless SSCP agrees in writing that such security interest, lien, encumbrance, or surcharge does not constitute an Event of Default; g. If any Debtor attempts to vacate or modify the Interim Cash Collateral Orders over the objection of SSCP; h. If any order modifying, reversing, revoking, staying, rescinding, vacating, or amending the Interim Cash Collateral Orders without the consent of SSCP is entered; i. If an order pursuant to USC section 363 approving the sale of any Collateral without the consent of SSCP is entered; j. The failure of the Debtors to timely pay any and all Adequate Protection Fees and Expenses authorized or required in the Interim Cash Collateral Orders; k. Except for the reasonable and necessary sale of inventory and supplies and the collection of accounts receivable in the ordinary course of the Debtors' businesses and as may be provided for in the Budget and consistent with the terms thereof, the sale, transfer, lease, or disposition of, or the imposition of any encumbrance on, any of the Collateral or the Cash Collateral, without the prior written consent of SSCP; l. If the bankruptcy cases of the Debtors (or any of them) are converted to a case under chapter 7 without the consent of SSCP; m. If the bankruptcy cases of the Debtors (or any of them) are dismissed without the consent of SSCP; or n. If any of the Debtors file any pleading or commence any action against SSCP challenging the validity or enforceability of SSCP's pre-petition liens or claims, or seeking to avoid, disallow, subordinate or recharacterize any claim, lien or interest held by SSCP. A copy of the order is available at https://bit.ly/3Znr5zP from PacerMonitor.com. About CBC Restaurant Corp. CBC Restaurant Corp. and its affiliates operate and franchise quick-casual eateries under the name Corner Bakery Cafe. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10245) on February 22, 2023. In the petition signed by Jignesh Pandya, CEO and COO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Karen B. Owens oversees the case. The Debtors tapped Mette H. Kurth, Esq., at Culhane Meadows PLLC as legal counsel, Hilco Trading LLC d/b/a Hilco Global as financial advisor and investment banker, and Kurtzman Carson Consultants LLC as notice, claims, balloting agent, and administrative advisor. CBC RESTAURANT: Gets OK to Hire Kurtzman as Claims Agent -------------------------------------------------------- CBC Restaurant Corp. and its affiliates received approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants, LLC as claims and noticing agent. Kurtzman will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Kurtzman a retainer in the amount of $25,000. Kurtzman will submit monthly invoices to the Debtors. Evan Gershbein, executive vice president of Corporate Restructuring Services at Kurtzman Carson Consultants, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Evan Gershbein Kurtzman Carson Consultants, LLC 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 Facsimile: (310) 823-9133 About CBC Restaurant CBC Restaurant Corp. and its affiliates operate and franchise quick-casual eateries under the name Corner Bakery Cafe. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10245) on February 22, 2023. In the petition signed by its chief executive officer and chief operating officer, Jignesh Pandya, CBC Restaurant disclosed up to $50 million in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors tapped Mette H. Kurth, Esq., at Culhane Meadows PLLC as legal counsel and Hilco Trading LLC, doing business as Hilco Global, as financial advisor and investment banker. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. CBC RESTAURANT: March 9 Deadline Set for Panel Questionnaires ------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of CBC Restaurant Corp. and its affiliates. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://bit.ly/3KTUTzA and return by email it to Linda Casey -- Linda.Casey@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Thursday, March 9, 2023. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About CBC Restaurant Corp. CBC Restaurant Corp. and its affiliates operate and franchise quick-casual eateries under the name Corner Bakery Cafe. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10245) on February 22, 2023. In the petition signed by Jignesh Pandya, CEO and COO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Karen B. Owens oversees the case. The Debtors tapped Mette H. Kurth, Esq., at Culhane Meadows PLLC as legal counsel, Hilco Trading LLC d/b/a Hilco Global as financial advisor and investment banker, and Kurtzman Carson Consultants LLC as notice, claims, balloting agent, and administrative advisor. CEN TEX: Seeks to Hire Lane Law Firm as Bankruptcy Counsel ---------------------------------------------------------- Cen Tex Superior Installation LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ The Lane Law Firm, PLLC as its bankruptcy counsel. The firm will render these services: (a) assist, advise, and represent the Debtor relative to the administration of the Chapter 11 case; (b) assist, advise, and represent the Debtor in analyzing its assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; (c) attend meetings and negotiate with the representatives of the secured creditors; (d) assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; (e) take all necessary action to protect and preserve the interests of the Debtor; (f) appear, as appropriate, before this court, the appellate courts, and other courts in which matters may be heard and to protect the interests of Debtor before said courts and the United States Trustee; and (g) perform all other necessary legal services. The hourly rates of the firm's counsel and staff are as follows: Robert C. Lane, Partner $550 Senior Associates $475 Associate Attorneys $350 - $400 Paralegals/Legal Assistants $125 - $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $45,000 from the Debtor. Mr. Lane disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, Esq. Joshua D. Gordon, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com Joshua.gordon@lanelaw.com About Cen Tex Superior Installation Cen Tex Superior Installation LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 23-10106) on Feb. 27, 2023, with up to $500,000 in both assets and liabilities. Bronson Kendall, managing member, signed the petition. Judge Shad Robinson oversees the case. The Lane Law Firm, PLLC represents the Debtor as legal counsel. CENTURY ALUMINUM: Incurs $14.1 Million Net Loss in 2022 ------------------------------------------------------- Century Aluminum Company has filed with the Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $14.1 million on $2.77 billion of total net sales for the year ended Dec. 31, 2022, compared to a net loss of $167.1 million on $2.21 billion of total net sales for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $1.47 billion in total assets, $410.7 million in total current liabilities, $662 million in total noncurrent liabilities, and $399.3 million in total shareholders' equity. Century Aluminum stated, "We may be unable to generate sufficient cash flow to meet our debt service requirements which may have a material adverse effect on our business, financial position, results of operations and liquidity. "As of December 31, 2022, we had an aggregate of approximately $527.7 million of outstanding debt (including $250.0 million aggregate principal amount of our 7.5% senior secured notes due 2028 (the "2028 Notes") and $86.3 million aggregate principal amount of our convertible senior notes due 2028 (the "Convertible Notes")). Our ability to pay interest on and to repay or refinance our debt will depend upon our access to additional sources of liquidity and future operating performance, which is subject to general economic, financial, competitive, legislative, regulatory, business and other factors, including market prices for primary aluminum, that are beyond our control. The occurrence of unexpected and extraordinary events, such as the COVID-19 pandemic, can also create substantial uncertainty and volatility in the financial markets which may impact our ability to access capital to refinance our existing indebtedness. Accordingly, there can be no assurance that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to pay debt service obligations, refinance our existing debt or to fund our other liquidity needs. If we are unable to meet our debt service obligations or fund our other liquidity needs, we could attempt to restructure or refinance our debt or seek additional equity or debt capital. There can be no assurance that we would be able to accomplish those actions on satisfactory terms, or at all. If we are unable to ultimately meet our debt service obligations and fund our other liquidity needs, it may have a material adverse effect on our business, financial position, results of operations and liquidity." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/949157/000094915723000023/cenx-20221231.htm About Century Aluminum Company Chicago, Illinois-based Century Aluminum Company -- http://www.centuryaluminum.com-- is a global producer of primary aluminum and operates aluminum reduction facilities, or "smelters," in the United States and Iceland. Century Aluminum reported a net loss of $123.3 million for the year ended Dec. 31, 2020, a net loss of $80.8 million for the year ended Dec. 31, 2019, and a net loss of $66.2 million for the year ended Dec. 31, 2018. As of Sept. 30, 2022, the Company had $1.58 billion in total assets, $406.1 million in total current liabilities, $660.9 million in total noncurrent liabilities, and $516.6 million in total shareholders' equity. CINEMARK HOLDINGS: CEO & Founder Resigns from Board of Directors ---------------------------------------------------------------- Cinemark Holdings Inc. disclosed in a recent Form 8-K Report filed with the Securities and Exchange Commission that the Company's CEO and founder Lee Roy Mitchell has resigned from his position on the Board of Directors. On February 15, 2023, Mitchell, the founder of Cinemark Holdings, Inc., a Delaware corporation, and a Class III Director, with a term expiring at the Company's 2025 Annual Meeting of Stockholders, tendered his resignation from his position on the Company's Board of Directors, effective immediately. Mitchell's resignation is not the result of any disagreement with the Company relating to the Company's operations, policies or practices. Under the Director Nomination Agreement, dated as of April 9, 2007, by and among the Company and certain stockholders, the Mitchell Investors (as defined in the Director Nomination Agreement) have a right to designate two nominees to the Board, pursuant to which the Mitchell Investors had previously designated Lee Roy Mitchell as one of their nominees. As a result of Mitchell's resignation, the Mitchell Investors designated Kevin Mitchell pursuant to the Director Nomination Agreement to fill the vacancy on the Board left by Lee Roy Mitchell's resignation. On February 15, 2023, the Board appointed Kevin Mitchell to fill such vacancy, effective immediately, as a Class III Director, with a term expiring at the Company's 2025 Annual Meeting of Stockholders. Kevin Mitchell was not appointed to serve on any committees of the Board in connection with his initial appointment as a director. Kevin Mitchell is the son of Lee Roy Mitchell, who directly and indirectly owns approximately 8.5% of the Company's common stock, par value $0.001 per share, as of February 15, 2023. The Company's related party transactions with Lee Roy Mitchell are described under the caption "Certain Relationships and Related Party Transactions" in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 6, 2022. Kevin Mitchell has been involved in theatrical exhibition for over 35 years. He founded and served as CEO of ShowBiz Cinemas, a bowling, movies and more concept with operations in Texas, Oklahoma, Florida and Wyoming, prior to selling his interest in the company in December of 2021. Kevin Mitchell has also served on multiple Boards of Directors, including former Chairman of the Board for Variety the Children's Charity of Texas, as an Advisory Board Member for National Association of Theatre Owners (NATO) and Will Rogers Motion Picture Pioneers Foundation, as well as a Board Member for Chuck Norris' Kickstart Kids. As a non-employee director of the Company, Kevin Mitchell will participate in the Company's compensation program for non-employee directors described under the caption "Director Compensation" in the Proxy Statement. Except with respect to the Director Nomination Agreement described above, there are no other arrangements or understandings between Kevin Mitchell and any other person pursuant to which Kevin Mitchell was appointed to serve on the Board. There are no family relationships between Kevin Mitchell and any other director or executive officer of the Company. About Cinemark Holdings Inc. Headquartered in Plano, Texas, Cinemark Holdings, Inc. operates as a movie theater. On November 25, 2022, Egan-Jones Ratings Company maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Cinemark Holdings, Inc. EJR also maintained its 'C' rating on commercial paper issued by the Company. CINEWORLD GROUP: No Cash Offers Received; Shareholders Out of Money ------------------------------------------------------------------- Mark Sweeney of The Guardian reports that Cineworld Group PLC announced that it had received no all-cash offers from potential suitors to save its global business, and any bankruptcy rescue deal would wipe out shareholders. The London-listed group, which was forced into bankruptcy in the US despite a wider recovery in cinema-going fuelled by hits such as the sequels to Avatar and Top Gun, said it has received non-binding proposals from a "number of potential transaction counterparties" for its business. However, the world's second-largest cinema operator recently admitted that it had not received any bids for its businesses in the US and UK, its two biggest markets. While potential buyers have expressed "some strategic interest" in its full business -- Cineworld has said it is focused on proposals for the whole group -- bids that have been submitted have mainly been for theatres in central Europe, eastern Europe and Israel. "The company is reviewing such proposals in conjunction with its advisers and key stakeholders," the cinema operator said on Friday, February 24, 2023. "Based on the proposals received to date, it is not expected that any sale transaction will provide any recovery for the holders of the company's equity interests." Earlier this February 2023, it emerged that London-headquartered Vue International, Europe's largest privately held cinema chain, had secured backing from its financial backers to submit a bid. Cineworld filed for US bankruptcy protection, known as Chapter 11, last September 2022 when it succumbed to almost $6bn (£5bn) in debt it could not finance as pandemic restrictions shut cinemas. Under Chapter 11, a struggling company is temporarily sheltered from creditors, and Cineworld updated the status of talks with its backers over a deal to move out of bankruptcy protection later this year. "Discussions between the company and certain of its stakeholders regarding a potential plan are progressing," the company said. "While the discussions suggest that there is a route to the company emerging from the Chapter 11 cases, in light of the level of existing debt that is expected to be released under any plan, the company does not believe that there will be sufficient creditor support for a plan that contemplates any recovery for equity interests." Cineworld was co-founded and is run by Mooky Greidinger, who along with his family controls 20% of the business. Other major investors include the Chinese Jangho Group, Polaris Capital Management, Aberdeen Standard Investments and Aviva Investors. In January, Cineworld denied it had attempted to sell some of its cinemas in the US and Europe to AMC Entertainment, the owner of the rival Odeon chain. "Is the end in sight for Cineworld as a listed business?" asked Russ Mould, the investment director at the analysts AJ Bell. "We could see a break-up of the group even though Cineworld has previously said it had no plans to sell individual assets. "Cineworld has paid the price for being too aggressive with its growth ambitions, weighed down by significant debt when the pandemic struck and the subsequent reopening of the cinema industry being too weak to repair its finances." Cineworld has 128 cinemas in the UK, under the Cineworld and Picturehouse brands, all of which are operating as normal. About Cineworld Group London-based Cineworld Group PLC was founded in 1995 and is the world's second-largest cinema chain. Cineworld operates 751 sites with 9,000 screens in 10 countries, including the Cineworld and Picturehouse screens in the UK and Ireland, Yes Planet in Israel, and Regal Cinemas in the United States. According to The Guardian, the Griedinger family, including Mooky's brother and deputy chief executive, Israel, have struggled to maintain control of the ailing business but have been forced to reduce their stake from 28% in recent years. Cineworld's top five investors include the Chinese Jangho Group at 13.8%, Polaris Capital Management (7.82%), Aberdeen Standard Investments (4.98%) and Aviva Investors (4.88%). The London-listed Cineworld, which has run up debt of more than $4.8 billion after losses soared during the pandemic, is pinning its hopes on a meatier slate of movies in 2022 to bounce back from a two-year lull. Cineworld Group plc and 104 affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead Case No. 22-90168) on Sept. 7, 2022, estimating more than $1 billion in assets and debt. Judge Marvin Isgur oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Jackson Walker, LLP as bankruptcy counsels; PJT Partners, LP as investment banker; AlixPartners, LLP as restructuring advisor; and Ernst & Young, LLP as tax services provider. Kroll Restructuring Administration, LLC is the claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Sept. 23, 2022. The committee tapped Weil, Gotshal & Manges, LLP and Pachulski Stang Ziehl & Jones, LLP as legal counsels; FTI Consulting, Inc., as financial advisor; and Perella Weinberg Partners, LP as investment banker. CORNELL WEST 34: Seeks to Extend Plan Exclusivity to April 17 ------------------------------------------------------------- Cornell West 34 Holder LLC asks the U.S. Bankruptcy Court for the Eastern District of New York to further extend its time to file a plan of reorganization to April 17, and the time to solicit acceptances thereto for an additional 60 days thereafter. The Court previously granted an initial extension of the exclusive period in which to file a plan to March 1 with a concomitant 60 days to solicit acceptances thereafter. The debtor explained that it needed additional time to make a reasoned determination on its Chapter 11 case while a foreclosure action involving certain real property to which it has invested approximately $7.5 million plays out. The debtor sought to maintain the status quo in the meantime through a further extension of exclusivity. About Cornell West 34 Holder Cornell West 34 Holder, LLC is engaged in activities related to real estate. It is a Brooklyn-based holding company whose sole asset is its ownership of 15.03% of 257-263 W 34th Street JV LLC. JV's sole asset is its ownership of 100% of the equity in 257-263 W 34th Mezz LLC. Mezz's sole asset is its ownership of 99.99% of 257-263 W 34th Street LLC. 257-263 W 34th Street's sole asset is the real property located at 257-263 W 34th Street in Midtown Manhattan improved by a commercial building. Cornell West 34 Holder filed for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 22-41888) on Aug. 3, 2022. In the petition filed by its manager, David Goldwasser, the Debtor reported $1 million to $10 million in both assets and liabilities. Judge Elizabeth S. Stong oversees the case. Goldberg Weprin Finkel Goldstein, LLP, is the Debtor's counsel. CRISTY NURSING: Seeks to Hire Angel Miguel Roman Ongay as Counsel ----------------------------------------------------------------- Cristy Nursing Home and Care Corp seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Angel Miguel Roman Ongay, Esq., an attorney practicing in Cabo Rojo, P.R., to handle its Chapter 11 case. The attorney will be paid $3,000 plus costs and expenses for his services. He received a retainer of $500 from the Debtor. Mr. Roman Ongay disclosed in a court filing that he is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Angel Miguel Roman Ongay, Esq. 45 Calle B, Ext. La Concepcion Cabo Rojo, PR 00623 Telephone: (787) 265-8270 Email: mitchroman@hotmail.com About Cristy Nursing Home and Care Corp Cristy Nursing Home and Care Corp filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 23-00507) on Feb. 22, 2023, with as much as $1 million in both assets and liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. Angel Miguel Roman Ongay, Esq., a practicing attorney in Cabo Rojo, P.R., serves as the Debtor's bankruptcy counsel. CUSTOM ALLOY: Court OKs Cash Collateral Access Thru March 11 ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Jersey authorized Custom Alloy Corporation and CAC Michigan, LLC to use the cash collateral of CIBC Bank USA on an interim basis, nunc pro tunc, to March 1, 2023. Custom and CIBC entered into secured financing arrangements pursuant to a Loan and Security Agreement dated as of March 4, 2010. CAC Michigan guaranteed the amounts owed by Custom under the Prepetition Loan Agreement. As of the Petition Date, the outstanding aggregate principal amount of the obligations owing by the Debtors to CIBC under the Prepetition Documents, exclusive of all accrued interest, fees, costs, expenses, charges, and other Obligations (including legal fees and expenses) is not less than $21.910 million. The Debtors' authorization -- and CIBC's consent -- to the use of cash collateral will terminate, at CIBC's election and without further notice or Court order, upon the earlier of: (i) 11:59 pm on March 11, 2023; or (ii) the occurrence of an Event of Default; or (iii) three business days after CIBC has provided written notice to the Debtors of the occurrence of an Event of Default. As adequate protection, CIBC is granted a replacement lien under 11 U.S.C. section 361(2) on all of the Debtors' assets arising after the Petition Date in an amount equal to the aggregate diminution in value (if any) of the Prepetition Collateral resulting from the sale, lease, or use by Debtors of its Prepetition Collateral, or the imposition of the automatic stay pursuant to Section 362. The Replacement Lien granted (i) will be deemed automatically valid and perfected without any further notice or act by any party and (ii) will remain in full force and effect notwithstanding any subsequent conversion or dismissal of either Case. To the extent the adequate protection provided proves insufficient to protect CIBC's interest in and to cash collateral, CIBC will have a super priority administrative expense claim, pursuant to 11 U.S.C. section 507(b), senior to any and all claims against the Debtors section 507(a), whether in this proceeding or in any superseding proceeding, subject to payments due under 28 U.S.C. section 1930(a)(6). Each of these events constitutes an "Event of Default": a. Either Debtor fails to perform any of its obligations with respect to use of cash collateral in accordance with the terms of the Order; b. Either Case is converted to a case under chapter 7 of the Bankruptcy Code; or c. A trustee is appointed or elected in either of the Cases, or an examiner with expanded power to operate either of the Debtor's business is appointed in any of the Debtor's respective Case. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/3ZlXPcw from PacerMonitor.com. The Debtor projects $2.607 million in total cash receipts and $1.992 million in total cash disbursements for the two-week period ending March 11. About Custom Alloy Corporation Custom Alloy Corporation is a manufacturer of specialty metals for seamless and welded pipe fittings & forgings, predominantly for customers requiring time-critical maintenance or repair. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-18143) on October 13, 2022. In the petition signed by Adam M. Ambielli, its CEO and president, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Michael B. Kaplan oversees the case. Jonathan I. Rabinowitz, Esq., at Rabinowitz, Lubetkin & Tully, LLC, is the Debtor's counsel. An official committee of unsecured creditors has retained Fox Rothschild LLP as counsel. DANNY & CORIE: Seeks to Hire Margaret McClure as Legal Counsel -------------------------------------------------------------- Danny & Corie Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Margaret McClure, Esq., an attorney practicing in Houston, Texas, to handle its Chapter 11 case. Ms. McClure will render these legal services: (a) advise the Debtor regarding its powers and duties in the continued operation of its business and management of its property; and (b) perform all other necessary legal services. The attorney will be paid at her hourly rate of $400 and paralegal will be paid at hourly rate of $150, plus reimbursement of expenses incurred. Ms. McClure received a retainer of $25,000 from the Debtor on Oct. 11, 2022. Ms. McClure disclosed in a court filing that she is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Margaret McClure, Esq. 25420 Kuykendahl Road, Suite B300-1043 The Woodlands, TX 77375 Telephone: (713) 659-1333 Facsimile: (713) 658-0334 Email: margaret@mmmcclurelaw.com About Danny & Corie Enterprises Danny & Corie Enterprises, Inc. is a residential and commercial security company with systems and active monitoring, automation networking and access control. Danny & Corie Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 23-30487) on Feb. 10, 2023. In the petition signed by John Daniel Cannon, president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Christopher Lopez oversees the case. Margaret M. McClure, Esq., a practicing attorney in Houston, Texas, is the Debtor's bankruptcy counsel. DIMENSIONS IN SENIOR: PCO Submits Initial Report for Wilcox ----------------------------------------------------------- Abigail Mohs, the duly appointed Patient Care Ombudsman, filed with the U.S. Bankruptcy Court for the District of Nebraska her initial report regarding the status of patient care provided by Wilcox Properties of Fort Calhoun, LLC d/b/a Autumn Pointe Assisted Living, an affiliate of Dimensions in Senior Living, LLC, during the period from December 19, 2022 through February 17, 2023. The PCO reported that the Facility's "Grievance/Compliant Log." The log appears to be a suitable tracking form, though it appears different staff utilize the log differently. On certain entries, there is reference to an "attached report," but no report was attached. The complaints span a variety of topics, from missing items to injuries. The PCO noted that the Debtor appears to be concerned with the full staffing of its Facility. Debtor filed an Employee Wages Motion in order to maintain employee salaries and benefits. Debtor noted in its motion that it must continue to pay for such expenses. The PCO stated that it appears that Debtor has continued to provide services in the same manner post-petition as it did pre petition. A copy of the Ombudsman Report is available for free at https://bit.ly/3IVXVSz from PacerMonitor.com. The ombudsman may be reached at: Abigail T. Mohs, Esq. Baird Holm, LLP 1700 Farnam Street, Suite 1500 Omaha, NE 68102-2068 Phone: 402.636.8296 Email: amohs@bairdholm.com About Dimensions in Senior Living Dimensions in Senior Living, LLC -- https://www.dimsrivg.com/ -- through a series of entities, owns and manages a series of senior living and assisted living facilities in Nebraska, Iowa, Missouri, and Kansas. Dimensions in Senior Living and six affiliates each filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Neb. Lead Case No. 22-80860) on Nov. 21, 2022. In the petition filed by its chief restructuring officer, Amy Wilcox-Burns, Dimensions in Senior Living reported assets and liabilities between $1 million and $10 million. Judge Brian S. Kruse oversees the cases. The Debtors are represented by Patrick Raymond Turner, Esq., at Turner Legal Group, LLC. DISPENSER BEVERAGES: Wins Cash Collateral Access Thur March 16 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, authorized Dispenser Beverages, Inc. to use cash collateral on a further interim basis, through March 16, 2023, on the same terms and conditions set forth in the Interim Order Granting Debtor's Emergency Motion for Authority to Use Cash Collateral dated The Debtor is permitted to use cash collateral to pay: (a) amounts expressly authorized by the Court, including payments to the Subchapter V Trustee for fees; (b) the current expenses set forth in the budget, plus an amount not to exceed 10% for each line item, and 10% in the aggregate, except as otherwise set forth in the Order; and (c) such amounts as may be expressly approved in writing by BankUnited, N.A. Each creditor with a security interest in cash collateral were granted a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as the prepetition lien, without the need to file or execute any document as may otherwise be required under applicable non-bankruptcy law. A further hearing on the matter is set for March 16 at 10 a.m. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/3Zm9mc3 from PacerMonitor.com. The Debtor projects total cash outflow, on a weekly basis, as follows: $4,853 for the week ending February 26, 2023; $23,650 for the week ending March 5, 2023; $8,113 for the week ending March 12, 2023; and $23,700 for the week ending March 19, 2023. About Dispenser Beverages, Inc. Dispenser Beverages, Inc. provides "one stop" beverage solutions for those in the Education, Military, Healthcare, and Hospitality industries. The Company's DispenServe service offers managed service programs for the installation, repair and maintenance of beverage dispensers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00088) on January 12, 2023. In the petition signed by Vincent Bacolini, director, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Catherine Peek McEwen oversees the case. Christopher R. Thompson, Esq., at Burr & Forman LLP, is the Debtor's legal counsel. DIXIE HOME: Seeks Cash Collateral Access Thru Aug 31 ---------------------------------------------------- Dixie Home Solutions, Inc. asks the U.S. Bankruptcy Court for the District of Utah, Central Division, for authority to use cash collateral from the petition date through August 31, 2023, or until the effective date of the Plan, whichever is earlier. The Debtor's operations have been subject to a series of economic events -- difficulties due to tortious interference and payment failures of entities for which the Debtor has sold and installed solar systems but did not receive its commissions relative to those sales, litigation with both former independent contractors used as sales team managers regarding disputed commissions and short-term merchant cash advance creditors -- all contributing to cash flow obstacles. During this time the Debtor has continued to attempt to operate its solar systems sales and installation known as Ionix Smart Solutions, despite the issues causing distress as well as expanding operations in its roof repair and installation known as Eagle Eye Roofing. The combined effect of all of the above has resulted in inconsistent cash flow and, at this time, the Debtor is unable to pay all of its obligations as they come due. The Debtor requires the use of cash collateral to pay ongoing operating expenses. The Debtor has identified four secured creditors it believes have a potential interest in its personal property: -- Consolidated Electrical Distributors, Inc.; -- Corporation Service Company, as Representative, which the Debtor believes to be agent for Austin Business Finance; -- Corporation Service Company, as Representative, which the Debtor believes to be agent for Kalamata Capital Group; and -- Capybara Capital, LLC. Based on the filing dates, CED appears to be the senior creditor, however, its security interests are limited to the purchase money security it holds in inventory purchased from it as well as the proceeds "received and owed to the Debtor as a result of the sale, transfer or exchange of any of the Debtor's inventory" purchased from CED. The Debtor is proposing to return to CED the remaining solar inventory subject to its UCC-1 lien and is not proposing to make adequate protection payments currently. The next senior lien holder appears to be Austin Business, which the Debtor believes has a claim with a balance of $699,388 as of the Petition Date and would leave no remaining security for any other lienholders. The Debtor proposes in exchange for the use of cash collateral, if appropriate, the Debtor may grant replacement liens on new income, to ensure a creditor is adequately protected. The Debtor does not presently propose to make adequate protection payments to Kalamata or Capybara as they are junior to CED and Austin Business and as such are likely unsecured. A copy of the Debtor's motion and budget is available at https://bit.ly/3KVLHdN from PacerMonitor.com. The Debtor projects total disbursements, on a monthly basis, as follows: $106,744 for March 2023; $141,425 for April 2023; $190,175 for May 2023; $238,925 for June 2023; $238,925 for July 2023; and $238,925 for August 2023. About Dixie Home Solutions, Inc. Dixie Home Solutions, Inc. is an umbrella company which has several subsidiaries including a solar sales and installation company (Ionix Smart Solutions) and a roofing repair and maintenance company (Eagle Eye Roofing). These operations are in both Saint George, Utah, and Grand Junction, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 23-20557) on February 20, 2023. In the petition signed by Chris Grover, authorized representative, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge William T. Thurman oversees the case. Geoffrey L. Chesnut, Esq., at Red Rock Legal Services, PLLC, represents the Debtor as legal counsel. DIXIE HOME: UST Appoints Brian Rothschild as Subchapter V Trustee ----------------------------------------------------------------- Patrick S. Layng, United States Trustee for Region 19, appointed Brian M. Rothschild as Subchapter V Trustee for Dixie Home Solutions, Inc. Pending appointment, Mr. Rothschild will be compensated at $430.00 per hour for his service as Subchapter V Trustee, in addition to reimbursement for related expenses incurred. Mr. Rothschild declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. A copy of the notice is available for free at https://bit.ly/3xTXkdC from PacerMonitor.com. Proposed Subchapter V Trustee: Brian M. Rothschild PARSONS BEHLE & LATIMER 201 South Main Street, Suite 1800 Salt Lake City, Utah 84111 Telephone: 801.532.1234 Facsimile: 801.536.6111 Email: BRothschild@parsonsbehle.com About Dixie Home Dixie Home Solutions, Inc. is locally owned & operated solar panels and solar energy company serving residential and commercial customers. The Debtor filed Chapter 11 Petition (Bankr. D. Utah Case No. 23-20557) on February 20, 2023. Hon. William T. Thurman oversees the case. Geoffrey L. Chesnut, Esq. of RED ROCK LEGAL SERVICES, PLLC is the Debtor's Counsel. In the petition signed by Chris Grover, authorized representative, the Debtor disclosed $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. DOMTAR CORP: Moody's Confirms 'Ba2' CFR & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service confirmed Domtar Corporation's Ba2 corporate family rating, Ba2-PD probability of default rating, Ba2 rating on the senior secured bank credit facility, Ba2 rating on the senior secured notes and Ba3 rating on the senior unsecured notes. The confirmation concludes the review initiated on July 6, 2022 when Domtar's owner, The Paper Excellence Group (not rated), announced that Domtar will acquire all of the outstanding common shares of Resolute Forest Products, Inc. for $20.50 per share in a transaction that reflects an enterprise value of $2.7 billion, including pension liabilities. Domtar has received all regulatory and shareholder approvals and closed the transaction on March 1, 2023 funding it with a combination of cash, debt and new equity contribution. Governance was the key driver of this rating action, reflecting acquisition driven growth strategy and financial policy. "The confirmation of Domtar's rating reflects increased scale and diversity of the combined company and expected modest leverage following the acquisition," said Anastasija Johnson, senior analyst at Moody's Investors Service, adding "a portion of the proceeds of expected mill sales will reduce debt under the ABL revolver and offset the expected decline in earnings due to projected price declines in pulp and wood products." Confirmations: Issuer: Domtar Corporation Corporate Family Rating, Confirmed at Ba2 Probability of Default Rating, Confirmed at Ba2-PD Senior Secured Bank Credit Facility, Confirmed at Ba2 (LGD3) Senior Secured Regular Bond/Debenture, Confirmed at Ba2 (LGD3) Senior Unsecured Regular Bond/Debenture, Confirmed at Ba3 (LGD5) Outlook Actions: Issuer: Domtar Corporation Outlook, Changed To Stable From Rating Under Review RATINGS RATIONALE Domtar's Ba2 CFR reflects its increased scale following a transformative acquisition of Resolute with pro forma sales almost doubling to $8.1 billion and a more diverse product offering, including graphic papers, pulp, wood products, containerboard and tissue. The credit profile benefits from good vertical integration and strong market positions in key segments: paper and pulp. The combined company will have additional assets that could be converted to containerboard and grow the company's position in this segment. The credit profile also reflects modest leverage following the acquisition. Moody's adjusted debt/EBITDA will remain around to 2.6x in the 12 months ended September 2022 pro forma for the transaction. Moody's expect leverage to increase above 3x in 2023 due to weaker wood product and pulp prices and lower paper volumes that will likely also pressure paper prices. However, Moody's expect Domtar to use the proceeds from the sale of its Dryden mill and Resolute's Thunder Bay mill to reduce debt and fund some of the capex that will rise after 2023 if the company proceeds with converting another mill to containerboard. On February 28, 2023, Domtar announced that it entered an agreement with First Quality Enterprises, Inc. to sell its Dryden, ON, mill and related assets for the purchase price of $240 million subject to regulatory approvals. The Dryden sale is expected to close in the third quarter. The sale of the Dryden and Thunder Bay mill was a condition to satisfy the Canadian regulator requirements to close on the Resolute transaction. Domtar's credit profile is constrained by its exposure to the graphic paper segment (roughly 43% of EBITDA), which is in secular decline. Domtar's own uncoated freesheet operations, subject to a secular decline, will now be combined with Resolute's newsprint, also in secular decline, and specialty papers. The addition of Resolute's wood products business (roughly 37% of the combined company's EBITDA) to the volatile pulp business will also make the company's earnings more volatile. There is limited overlap between both company's businesses, other than in pulp, therefore Moody's do not expect any synergies from the combination. Paper Excellence intends to run both companies separately with current management remaining in place, reducing the integration risk, however, this leaves the company with duplicated administrative functions and higher costs. The credit profile also reflects an aggressive growth strategy with Resolute acquisition following shortly after Domtar acquisition as the owner builds a conglomerate paper and wood products company in North America. With the core business established, Moody's expect smaller transactions going forward as the company also focuses on its strategy of converting paper machines facing secular volume decline to containerboard production. This strategy is capital intensive and with high execution risk because Domtar does not have its own converting operations and will have to sell to independent converters. The company started up the converted Kingsport, TM, machine in 2022. Domtar Corporation's ESG Credit Impact Score is Highly Negative (CIS-4), reflecting the long-term secular decline in its primary commodity paper business which continues to be replaced by digital alternatives. The challenge of repurposing assets as consumer preferences switch away from commodity paper is a constraint to the credit rating. As a manufacturing company, Domtar is exposed to moderate environmental risks. Moderate governance risks reflect limited track record of operating under Paper Excellence ownership and acquisition-driven growth strategy as evidenced by Resolute transaction. The combined company will have good liquidity. The company is expected to have minimal cash on hand, following the completion of the acquisition. The company has upsized its asset-based revolver to $1 billion, which expires in 2028. At the close of the transaction, the company borrowed $210 million on the revolver, leaving $611 million of availability after $179 million of letters of credit. The revolver has a springing 1 times fixed charge coverage ratio when excess availability is less than the greater of $87.5 million and 10% of the lesser of the borrowing base and maximum borrowing capacity. Moody's do not expect the covenant to be tested and the term loans will have no maintenance covenants. The majority of the US assets are encumbered under the secured credit facilities and secured notes. Amounts equivalent to net proceeds of the asset sales can be reinvested within a 12- to 18-month period provided there is commitment instead of being obligated to repay debt. This provides some alternative liquidity. Resolute has accumulated over $500 million in duties related to the softwood lumber dispute between Canadian and the US producers. If the agreement between the two countries is reached and the duties are returned, Paper Excellence has agreed to distribute all duties collected until June 2022 or up to $500 million to Resolute shareholders, but duties paid after June 2022 will be kept by Domtar and used as an additional source of liquidity. STRUCTURAL CONSIDERATIONS The secured credit facilities and secured note are rated in line with the corporate family rating and reflect a large pension liability, which Moody's would not expect to provide loss absorption in a bankruptcy scenario and therefore it does not provide a loss absorption lift to the secured debt The unsecured notes are rated Ba3, one notch below the corporate family rating, given their subordination to the new secured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectation that operating earnings will decline in 2023 on lower wood product and pulp prices and volume pressures returning in the paper segment. The stable outlook reflects Moody's expectations that the company will use asset sale proceeds to reduce debt and fund capital expenditures. Moody's can upgrade the rating if the company sustains Moody's adjusted debt/EBITDA below 3x, improves (RCF-capex)/Debt above 12% and continues to demonstrate operating earnings improvement. Moody's can also upgrade the rating if the new owner demonstrates commitment to deleveraging and maintains conservative financial policies. Moody's could downgrade the rating if the operating environment and earnings deteriorate, such that debt/EBITDA rises above 4.5x and (RCF-capex)/Debt falls below 6%. Moody's can also downgrade the rating the company pursues more aggressive financial policies. Headquartered in Fort Mill, South Carolina, Domtar Corporation is a producer of graphic papers, pulp, wood products, container board and tissue following the acquisition of Montreal-based Resolute Forest Products in March 2023. The combined company had pro forma sales of $8.1 billion in the twelve months ended September 30, 2022. The principal methodology used in these ratings was Paper and Forest Products published in December 2021. EMERGENT BIOSOLUTIONS: Moody's Lowers CFR to B3, Outlook Negative ----------------------------------------------------------------- Moody's Investors Service downgraded the ratings of Emergent BioSolutions Inc. including the Corporate Family Rating to B3 from B2, the Probability of Default Rating to B3-PD from B2-PD and the senior unsecured rating to Caa2 from Caa1. The Speculative Grade Liquidity Rating remains unchanged at SGL-4. Following this action, the outlook remains negative. The ratings downgrade reflects execution challenges over the next 12 to 18 months related to reversing the operating losses in the CDMO business, managing potential volatility in US government procurement patterns, and successfully commercializing an over-the-counter version of nasal naloxone. These dynamics are likely to constrain earnings to a level below Moody's prior expectations. Although the company's capital structure is subject to change due to pending refinancing and asset sale proceeds, Moody's anticipates gross debt/EBITDA ranging from 6x to 8x over the next 12 to 18 months. Emergent's net debt/EBITDA is likely to be substantially lower, but cash levels will primarily support periods of cash flow burn over the next 12 to 18 months. The outlook is negative, primarily related to refinancing risk but exacerbated by volatility in government procurement patterns. Downgrades: Issuer: Emergent BioSolutions Inc. Corporate Family Rating, Downgraded to B3 from B2 Probability of Default Rating, Downgraded to B3-PD from B2-PD Senior Unsecured Global Notes, Downgraded to Caa2 (LGD5) from Caa1 (LGD5) Outlook Actions: Issuer: Emergent BioSolutions Inc. Outlook, Remains Negative RATINGS RATIONALE Emergent's B3 rating reflects its niche position supplying products that address public health threats. Notwithstanding volatility, Moody's expects generally upward sales of anthrax and smallpox vaccines supplied to the US Strategic National Stockpile, and ongoing purchases of Tembexa as well as other medical countermeasures. Including nasal naloxone, the company's products business has strong gross margins of around 60%. The pending sale of the travel health business will improve earnings due to lower headcount and reduced R&D spend. Tempering these strengths, volatility in US government ordering patterns exacerbates Emergent's other credit challenges including refinancing risk and a declining nasal naloxone franchise. Emergent's CDMO business faces high albeit declining operating costs and uncertain ability to attract significant new business while improving quality controls. Emergent's SGL-4 Speculative Grade Liquidity Rating reflects the approaching October 2023 expiration of the revolver and maturity of the term loan, because Moody's SGL ratings do not assume credit market access. Upon refinancing of the credit agreement, Moody's will reassess Emergent's SGL rating based on factors including cash flow, revolver availability and covenant cushion. As of December 31, 2022, the term loan balance was $363 million, and the $600 million revolver was nearly fully drawn. Emergent reported $642 million of cash on hand at December 31, 2022. In tandem with the announced sale of the travel health business which will result in a $270 million upfront cash inflow, the lenders have agreed to waive certain covenants temporarily including financial maintenance covenants through March 31, 2023. Although Emergent's free cash flow was about negative $140 million in 2022, this largely related to the absence of an expected ACAM2000 procurement order. With a more typical procurement level likely in 2023, Moody's anticipates positive cash flow from operations and substantially lower cash flow burn. Social and governance considerations are material to Emergent's rating and are reflected in the CIS-4 credit impact score, highly negative. Highly negative social risk exposures are reflected in the S-4 score, including customer relations and responsible production exposures related to manufacturing compliance standards. That said, Emergent is less exposed to drug pricing legislative risks compared to many pharmaceutical companies due to its product mix skewed to vaccines supplied directly to the US government. With respect to governance considerations, Emergent faces highly negative exposures, reflected in the G-4 score. Previous compliance problems at the Bayview facility, a recent warning letter at its Camden facility, the mutually agreed termination of the US Center for Innovation in Advanced Development and Manufacturing contract, combined with earnings setbacks have weakened the company's overall track record. This will remain a challenge until the refinancing is completed and earnings growth potential is more clearly established. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to a downgrade include failure to refinance the credit agreement, higher operating losses in the CDMO business, or delays or cancelations in anthrax or smallpox vaccine purchase orders from the US government. Factors that could lead to an upgrade include refinancing of the credit agreement, reduced volatility in government purchase orders, and reduced operating losses in the CDMO business. Quantitatively, debt/EBITDA sustained below 5.5x would support an upgrade. Headquartered in Gaithersburg, Maryland, Emergent BioSolutions Inc. is a life sciences company that provides pharmaceuticals, vaccines, medical devices and contract manufacturing services related to public health threats affecting civilian and military populations. Revenues in 2022 totaled approximately $1.1 billion. The principal methodology used in these ratings was Pharmaceuticals published in November 2021. FAAVEE LLC: Seeks to Tap Watters International Realty as Realtor ---------------------------------------------------------------- Faavee, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Watters International Realty as realtor. The firm will render these services: (a) file real estate listings with Multiple Listing Services (MLS); (b) communicate with and show properties to interested prospective buyers; (c) act as intermediary and broker between the Debtor, prospective buyer, and trustee; (d) cooperate with other brokers to show properties; and (e) perform all other real estate marketing and brokerage services for and on behalf of the Debtor. Watters will receive a commission of 7 percent of the sales price of the properties. Jennifer Rodarte, a realtor at Watters International Realty, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jennifer Vanessa Rodarte Watters International Realty 8240 N. Mopac Austin, TX 78759 Telephone: (281) 733-5867 About Faavee LLC Faavee, LLC is the owner in fee simple title of eight properties in Texas, with an aggregate current value of $2.84 million. The company is based in Buda, Texas. Faavee filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Texas Case No. 22-10870) on Dec. 30, 2022, with $2,849,500 in assets and $1,939,105 in liabilities. Alfredo Garza, sole member of Faavee, LLC, signed the petition. Judge Tony M. Davis oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, PC serves as the Debtor's legal counsel. FIRST PREMIER: Seeks to Hire Bach Law Offices as Bankruptcy Counsel ------------------------------------------------------------------- First Premier Funding, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Bach Law Offices, Inc. as its bankruptcy counsel. The firm will render these services: (a) represent the Debtor in matters concerning negotiation with creditors; (b) prepare a plan and disclosures statement; (c) examine and resolve claims filed against the estate; (d) prepare and prosecute adversary matters; and (e) represent the Debtor in matters before this court. The hourly rates of the firm's counsel are as follows: Paul M. Bach $425 Penelope N. Bach $425 The firm received an initial retainer in the amount of $1,738. Paul Bach, Esq., an attorney at Bach Law Offices, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul M. Bach, Esq. Bach Law Offices, Inc. P.O. Box 1285 Northbrook, IL 60065 Telephone: (847) 564-0808 Facsimile: (847) 564-0985 Email: pnbach@bachoffices.com About First Premier Funding First Premier Funding LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). The Debtor is the holder of the beneficial interest to a property located at 17100 S. Halsted Harvey, Ill. (title is held in private land trust). The Debtor's interest in the property is valued at $2 million. First Premier Funding filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-00811) on Jan. 21, 2023. In the petition filed by Tiffany Webb, member, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Lashonda A. Hunt oversees the case. Paul M. Bach, Esq., and Penelope N. Bach, Esq., at Bach Law Offices, Inc. serves as the Debtor's counsel. FRANKO CATH LLC: Seeks to Hire Richard S. Feinsilver, Esq. as Couns ------------------------------------------------------------------- Franko Cath LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Richard S. Feinsilver, Esq. as counsel. The firm's services include: a. preparation and filing of the chapter 11 petition, schedules and statements; b. negotiations with creditors, as required; c. attendance at all Section 341(a) meetings with creditors and the United States Trustee; d. preparation of the Plan, Disclosure and all amendments to same, as required; e. attendance at all hearings, including hearings on disclosure statements and status conferences with the United States Trustee and creditors, if required. The hourly rates of the firm are as follows: Richard S. Feinsilver, Esq. $350.00 Legal Assistant $60.00 The retainer is $6,500. Richard Feinsilver, Esq., disclosed in a court filing that his firm neither holds nor represents any interests adverse to the Debtor, creditors or other parties in interest. The firm can be reached through: Richard S. Feinsilver, Esq. One Old Country Road, Suite 345 Carle Place, NY 11514 Tel: (516) 873-6330 Fax: (516) 873-6183 Email: feinlawny@yahoo.com About Franko Cath Franko Cath LLC owns in fee simple title a mixed-use property (store/apartments) located at 118-09 Liberty Avenue, South Richmond Hill NY valued at $1.50 million. Franko Cath LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40484) on January 13, 2023. In the petition filed by Franklin Oquendo, as managing member, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. The case is overseen by Honorable Bankruptcy Judge Nancy Hershey Lord. The Debtor is represented by Richard S. Feinsilver, Esq. FTX TRADING: Debtors Publish Second Presentation for Stakeholders ----------------------------------------------------------------- FTX Trading Ltd. and its affiliated debtors (together, the "FTX Debtors") announced that they met with the Official Committee of Unsecured Creditors (the "UCC") in their chapter 11 cases on March 2 and shared a presentation that will be filed on the docket in the chapter 11 cases. The presentation describes for the first time publicly the magnitude of the shortfalls discovered in the fiat bank accounts and digital asset wallets associated with the FTX.com and FTX.US exchanges. "This is the second in what the FTX Debtors anticipate will be a series of presentations as we continue to uncover the facts of this situation," said John J. Ray III, the Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors. "It has taken a huge effort to get this far. The exchanges' assets were highly commingled, and their books and records are incomplete and, in many cases, totally absent. For these reasons, it is important to emphasize that this information is still preliminary and subject to change. We believe it is more important to provide transparency to stakeholders by making this information public now than to wait until we can achieve certainty." The presentation and information can be found on the docket of the chapter 11 cases and posted on the quick links section of the FTX Debtors Kroll site at https://cases.ra.kroll.com/FTX/. Information about the Exchanges The presentation describes the steps taken by the FTX Debtors to identify and inventory the wallets associated with the FTX.com and FTX.US exchanges. The presentation also provides information on how FTX's prepetition management comingled assets, using FTX.com and FTX.US sweep wallets to store, borrow and lend digital assets for the proprietary account of the FTX Debtors and related parties, including employees, suppliers, vendors and business partners, as well as exchange customers. The presentation discloses the present view of the balances in the exchange wallets and associated fiat bank accounts as well as the corresponding amount of customer and related party claims. At FTX.com, the presentation shows a massive shortfall. Using spot prices at the Petition Time, $2.2 billion of total assets have been located in the wallets of the accounts associated with the FTX.com exchange, of which only $694 million constitutes "Category A Assets" (which are the most liquid currencies, such as fiat, stablecoin, BTC or ETH). Other assets at FTX.com include $385 million of customer receivables and substantial claims against Alameda Research LLC and related parties. The presentation shows a $9.3 billion net borrowing by Alameda Research LLC from the FTX.com wallets and accounts at the Petition Time. The presentation shows a shortfall at FTX.US as well. Using spot prices at the Petition Time, $191 million of total assets have been located today in the wallets of the accounts associated with the FTX.US exchange, in addition to $28 million of customer receivables and $155 million of related party receivables. This compares to $335 million of customer claims and $283 million of related party claims payable. With respect to FTX.US, the presentation shows a $107 million net payable by FTX.US to Alameda Research LLC. The presentation also provides information concerning daily deposits and withdrawals from both exchanges during the 90 days prior to the commencement of the chapter 11 cases for the exchanges. Information about Total Liquid Assets The presentation updates the information concerning the total amount of "liquid assets" at the FTX Debtors and their debtor and non-debtor subsidiaries disclosed on January 17, 2023. The total amount of these assets increased from $5.5 billion to $6.1 billion; in each case the digital assets are priced at Petition Time spot prices. This increase results primarily from digital asset pricing source adjustments and newly located digital assets including (i) $202 million of crypto held at Alameda; (ii) $125 million of stablecoin; and (iii) $57 million of crypto held at subsidiaries. "Liquid assets" as defined for purposes of the prior January 17 presentation included Category A Assets and FTT, and the last page of the presentation includes information to reconcile the January 17 information with the new method of categorization that excludes FTT from Category A Assets. Nature and Limitations of the Presentation The FTX Debtors believe the transparency provided through these presentations is important for stakeholders and the public, and to ensure that all stakeholders have roughly contemporaneous access to the preliminary information as it develops. However, the information in the presentation is preliminary and subject to material change. The analysis is further complicated by the incomplete nature of the books and records and financial information maintained by pre-petition management. Importantly, it is not possible to calculate or predict customer recoveries based on the preliminary information in the presentation. Among other reasons: * The presentation does not attempt to adjust for commingling of assets or insider access to assets, which may be the subject of future, material adjustments. * The presentation does not attempt to identify whether any of the assets belong to any particular estate, or whether any customer or related party has a valid or allowable claim. * Actual recoveries will depend on many facts and factors, including (a) the extent of other assets and liabilities of FTX Trading Ltd. and West Realm Shires Financial Services, Inc., (b) the nature of intercompany payables and receivables, (c) claims and causes of action, (d) the resolution of numerous legal issues, (e) recoveries from the liquidation, sale or reorganization of over a hundred companies comprising the FTX group globally and (f) fluctuations in the value of assets. Advisors The FTX Debtors are represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel. The UCC is represented by Paul Hastings LLP as legal counsel, FTI Consulting as financial advisor, Jefferies LLC as investment banker and Young Conaway Stargatt & Taylor LLP as Delaware counsel. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9, 2022, struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GAME COURT: Seeks to Hire Mark M. Flanigan as Accountant -------------------------------------------------------- Game Court Services, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Mark M. Flanigan, PC as its accountant. The Debtor needs an accountant to assist in the preparation of balance sheets, income statements, annual income tax returns, withholding tax returns, personal property tax returns, and annual reports. The hourly rates of the firm's professionals are as follows: Partner $370 Senior Associate $175 - $235 Junior Associate $135 Mark Flanigan, CPA, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark M. Flanigan, CPA Mark M. Flanigan, PC 100 E. Pennsylvania Ave., Ste. 306 Towson, MD 21286 Telephone: (410) 828-4522 Email: admin@flaniganlaw.net About Game Court Services Game Court Services, LLC is in the business of selling, constructing, maintaining and servicing game courts to primarily homeowners in the Maryland, Virginia and the District of Columbia. Game Court Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 22-16824) on Dec. 7, 2022. In the petition signed by its managing member, Paul Ribb, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped Geri Lyons Chase, Esq., at the Law Office of Geri Lyons Chase as bankruptcy counsel and Mark M. Flanigan, PC as accountant. GARCIA GRAIN: Seeks to Tap Mullin Hoard & Brown as Legal Counsel ---------------------------------------------------------------- Garcia Grain Trading Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Mullin Hoard & Brown, LLP as its legal counsel. The firm will render these legal services: (a) prepare legal papers; (b) advise the Debtor regarding the preparation of operating reports, motions for use of cash collateral, motions for sale, and development of a Chapter 11 plan; and (c) provide all other necessary legal services. The hourly rates of the firm's counsel and staff are as follows: Partners/Associates $225 - $520 Paralegals/Law Clerks $125 - $185 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer of $100,000 from the Debtor. David Langston, Esq., a partner at Mullin Hoard & Brown, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David R. Langston, Esq. Mullin Hoard & Brown, LLP P.O. Box 2585 Lubbock, TX 79408-2585 Telephone: (806) 765-7491 Facsimile: (806) 765-0553 Email: drl@mhba.com About Garcia Grain Trading Corp. Garcia Grain Trading Corp.'s line of business includes buying and marketing grain, dry beans, soybeans, and inedible beans. The company is based in Donna, Texas. Garcia Grain Trading sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 23-70028) on Feb. 17, 2023, with up to $50 million in both assets and liabilities. Octavio Garcia, chief executive officer and president, signed the petition. David R. Langston, Esq., at Mullin Hoard & Brown, LLP represents the Debtor as legal counsel. GEX MANAGEMENT: To File Add'l Disclosures of 2021 Note Transaction ------------------------------------------------------------------ The Board of Directors of GEX Management Inc. resolved to file additional disclosures related to a convertible note transaction executed in Q4 2021, in order to satisfy certain covenant requirements related to the note. On Nov. 16, 2021, GEX Management, Inc., in the ordinary course of its business and pursuant to its ongoing plan of operations to fund its business by the use of convertible note transactions, entered into a Securities Purchase Agreement with BHP Capital NY, Inc., an institutional investor and the Lead Investor dated Nov. 16, 2021. Pursuant to the terms of the SPA, the Company issued and sold to BHP a 12% Senior Convertible Note dated Nov. 16, 2021 in the principal amount of $155,000, due and payable on Nov. 16, 2022. About GEX Management GEX Management, Inc. -- http://www.gexmanagement.com-- is a provider of business services, consulting and staffing solutions to corporations across the nation. The Company provides both long and short-term consulting and staffing solution services, including corporate consulting, enterprise strategy and technology consulting, enterprise project management; grey, white and blue collar staffing solutions and Human Capital Management (HCM) solution capabilities. GEX Management reported a net loss of $6.05 million for the year ended Dec. 31, 2021, compared to a net loss of $224,947 for the year ended Dec. 31, 2020. As of June 30, 2022, the Company had $277,779 in total assets, $5.50 million in total liabilities, and a total shareholders' deficit of $5.22 million. Houston, Texas-based Hudgens CPA, PLLC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated July 20, 2022, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. GOODLIFE PHYSICAL: UST Appoints Tamar Terzian as PCO ---------------------------------------------------- Peter C. Anderson, the United States Trustee for Region 16, appointed Tamar Terzian as Patient Care Ombudsman for Goodlife Physical Medicine Corp. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Central District of California approving a stipulation for the appointment of a Patient Care Ombudsman. The United States Trustee is authorized to appoint a patient care ombudsman in this case under Section 333(a)(1) of the Bankruptcy Code. In the PCO's investigation, the PCO discovered no known connections with the Debtor, principles of the Debtor, insiders, the Debtor's creditors, any other party or parties-in-interest, and their respective attorneys or accountants or any person employed in the Office of the United States Trustee. A copy of the notice is available for free at https://bit.ly/3Y1zGGD from PacerMonitor.com. About Goodlife Physical Medicine Corp Goodlife Physical Medicine Corp, a company in Redondo Beach, Calif., filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10340) on Jan. 23, 2023. In the petition filed by its owner, David Carry, the Debtor reported up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Sandra R. Klein oversees the case. The Debtor is represented by Leslie A. Cohen, Esq., at Leslie Cohen Law, PC. H-CYTE INC: CFRS Investments, Frederick Lynch Report 8.9% Stake --------------------------------------------------------------- CFRS Investments, LLC and Frederick J. Lynch disclosed in an amended Schedule 13G filed with the Securities and Exchange Commission that as of Dec. 31, 2022, they beneficially own 85,740 shares of common stock of H-Cyte, Inc., representing 8.95 percent based on an aggregate of 492,610 shares of Common Stock and 438,776 shares of Common Stock underlying Series A Preferred Stock outstanding as of Feb. 2, 2023. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1580705/000119380523000181/e618277_sc13ga-hcyte.htm About H-CYTE Inc. Headquartered in Tampa, Florida, H-CYTE Inc. -- http://www.HCYTE.com-- is a hybrid-biopharmaceutical company dedicated to developing and delivering new treatments for patients with chronic respiratory and pulmonary disorders. H-Cyte reported a net loss of $4.80 million for the year ended Dec. 31, 2021, compared to a net loss of $6.46 million on $2.15 million of revenues for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $240,559 in total assets, $8.39 million in total liabilities, and a total stockholders' deficit of $8.15 million. Tampa, Florida-based Frazier & Deeter, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated Feb. 25, 2022, citing that he Company has negative working capital, has an accumulated deficit, has a history of significant operating losses and has a history of negative operating cash flow. These factors raise substantial doubt about the Company's ability to continue as a going concern. HALE & HEARTY: Hilco Streambank Offers Brand, Recipes for Sale -------------------------------------------------------------- Hilco Streambank is offering for sale the Hale & Hearty(R) brand and recipes. Beloved for its homemade, wholesome, delicious soups and culinary offerings, including sandwiches and salads, Hale & Hearty(R) ladled up hundreds of soups and more to New Yorkers and Bostonians for more than 20 years. The brand is now available to a buyer looking to leverage this widely recognized name, whether to reopen retail locations serving those returning to the office, bring the brand to supermarkets and specialty food stores, extend the brand to offerings beyond soups, and more. BID DEADLINE March 27, 2023 at 12:00 p.m. Noon Eastern AUCTION March 29, 2023 at 12:00 p.m. Noon Eastern The assets are being offered by Gregory M. Messer, solely in his capacity as Chapter 7 Trustee of Hale & Hearty Soups L.L.C. The Trustee has entered into a "stalking horse agreement" with Schnipper Restaurants LLC, which is subject to higher or otherwise better offers through an auction process. In order to participate in the auction, a bidder must submit a bid totaling at least $340,000. Contact Hilco Streambank to learn more and to gain access to a virtual data room containing additional materials. GABE FRIED CEO 617.458.9355 gfried@hilcoglobal.com RICHELLE KALNIT SVP 212.993.7214 rkalnit@hilcoglobal.com JORDON PARKER VP 719.821.0894 jparker@hilcoglobal.com The sale of the assets, the dates set forth herein, and entry into the stalking horse agreement are subject to approval by the United States Bankruptcy Court for the Southern District of New York. HEXION INC: Moody's Assigns 'B3' CFR on Hexion Holdings Merger -------------------------------------------------------------- Moody's Investors Service has assigned a B3 Corporate Family Rating, B3-PD Probability of Default Rating and stable outlook to Hexion Inc. (Hexion) following the merger of Hexion Holdings Corporation and Hexion, Inc. with Hexion Inc. being the surviving entity. The B2 first lien term loan and Caa2 second lien term loan ratings will be moved to Hexion Inc. and will remain unchanged. The CFR, PDR as well as the outlook of Hexion Holdings Corporation have been withdrawn. Assignments: Issuer: Hexion Inc. Corporate Family Rating, Assigned B3 Probability of Default Rating, Assigned B3-PD Withdrawals: Issuer: Hexion Holdings Corporation Corporate Family Rating, Withdrawn, previously rated B3 Probability of Default Rating, Withdrawn, previously rated B3-PD Outlook Actions: Issuer: Hexion Inc. Outlook, Assigned Stables Issuer: Hexion Holdings Corporation Outlook, Changed To Rating Withdrawn From Stable RATINGS RATIONALE Effective December 31, 2022, Hexion, Inc. was merged with its parent, Hexion Holdings Corporation, and Hexion Inc. become the surviving entity. Hexion has been operating all of its businesses through Hexion, Inc., a 100% owned subsidiary of Hexion Holdings Corporation. Hexion Holdings Corporation was the surviving entity pursuant to the acquisition agreement with the affiliates of American Securities LLC. Moody's expects that Hexion's performance and credit metrics will weaken in 2023 due to the slowdown in North American new residential construction and repair and remodeling expenditures. However, Moody's expects a relatively modest decline compared to other chemical companies with exposure the construction industry due to the contractual nature of its sales and ongoing cost reductions. Leverage is expected to be roughly 6.5x on a Moody's adjusted basis. The B3 CFR is supported by Hexion's position as the largest supplier of wood adhesives in North America, long term customer contracts for formaldehyde, and the higher margin Performance Materials business (Versatic Acids and derivatives). Moody's has a positive view of the wood adhesives business given the expected longer term growth in demand in North America, the contractual pass through of raw material costs and limited competition, given the nature of the products sold. This business accounts for 80-85% of the sales and earnings of the entire company, which will provide a relatively steady stream of sales, earnings and cash flow that provides support for a leveraged capital structure. The Performance Materials business is much smaller but is a true specialty chemical business with EBITDA margins that are normally in the mid-20% range. However, like many specialty chemicals, this business has been negatively impacted over the past two years due to rising raw material costs. Hexion's liquidity is adequate due to a committed $240 million ABL revolver (unrated), modest free cash flow generation and relatively loose covenant requirements. At September 30, 2022, the ABL had a $200 million borrowing base and a total of $151 million of outstanding L/C and borrowings. Free cash flow is expected to be weak in 2023 due to the decline in demand in North America and one-time costs related to the right-sizing of overhead costs. Profits and free cash flow are expected to increase in 2024 due to the recovery in housing. The ABL facility due 2027 has a springing fixed charge coverage ratio of 1.0x and will only be tested when availability falls below 10% or $13 million. Moody's expects the facility to be utilized, but not to the level that would trigger the springing covenant. The B2 ratings on the first lien term loans reflect their priority in the capital structure and the first lien on the non-ABL collateral at facilities in the US and two-thirds of the stock of the foreign entities, and a second lien on the ABL collateral. The Caa2 rating on the second lien term loan reflects its subordination to a substantial amount of first lien debt as well the limited value of the collateral package. The stable outlook reflects Moody's expectation that the downturn in 2023 will not result in negative free cash flow or a weakening of liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would consider an upgrade to the rating if leverage falls below 6.0x and annualized free cash flow rises above $50 million on a sustained basis. Moody's would consider a downgrade to the rating if free cash flow is persistently negative or availability is sustained below $60 million. ESG CONSIDERATIONS Hexion's ESG risks have a negative impact on its credit rating (CIS-4), similar to most other private equity owned chemical companies. Governance (G-4) is viewed as highly negative from a credit standpoint due to the sponsor's tolerance for leverage. In addition, highly negative scores for environmental (E-4) and social (S-4) reinforce the negative impact on the rating. Environmental and social risks due to the processing and production of hazardous, flamable and toxic compounds (e.g., formaldehyde, methanol and phenol). Hexion's highly negative credit exposure to environmental risks reflect its exposure to high Waste & Pollution and Carbon Transition risks. Specifically, Moody's is concerned about the level of non-GHG air emissions (SOx, NOx, volatile organic compounds and hazardous air pollutants), as well as high greenhouse gas emissions and energy intensity. The company has set a target of reducing GHG emissions by 20% by 2030. Hexion is using a baseline of 2017. Hexion's has highly negative exposure to social risks related to health and safety due to the hazardous, toxic and/or flammable nature of the company's raw materials, intermediates or finished goods, even though the company has a long track record of successfully managing this risk. Hexion Inc., headquartered in Columbus, OH, is a chemical company with three main lines of business. The largest is its wood adhesive business where it is the largest producer in North America with similar operations in Brazil, Australia and New Zealand. The company is also a merchant producer of formaldehyde under long term contracts in the US and Brazil. The third business is its Performance Materials business, which is a producer of Versatic Acids and Derivatives that are used in a wide variety of applications, including construction materials and architectural and automobile coatings. Revenues are roughly $2 billion per year. The principal methodology used in these ratings was Chemicals published in June 2022. HOUSTON HOME: Amends Priority Tax Claims Details ------------------------------------------------ Houston Home Relief Group, LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a First Modification to the Plan of Reorganization for Small Business dated February 28, 2023. The last five paragraphs of Section III(C) of the Plan, which addresses Priority Tax Claims, are modified as follows: For avoidance of any doubt, these allowed tax claims are secured claims under 11 U.S.C. § 506(b). These allowed tax claims are also secured by a first-in-priority, statutory lien on all of the Debtor's assets pursuant to Tex. Tax Code § 32.01. Allowed amounts are subject to change because the bar date for the filing of governmental claims is June 5, 2023. Notwithstanding anything to the contrary contained within the Confirmed Plan, property taxes due to any ad valorem taxing authority over real property of the estate, including, but not limited to, any ad valorem taxing authority in Fort Bend County, Harris County, and Montgomery County ("Local Texas Taxing Entities"), shall be paid by the Reorganized Debtor upon the sale of each underlying piece of real property, prior to disbursing any sales proceeds to any other person or entity. The property taxes shall bear interest at the statutory rate of 12% per annum beginning February 1, 2023 until said taxes are paid in full. Any and all statutory tax liens securing prepetition and postpetition taxes shall be retained until such taxes are paid in full. Any postpetition property taxes owed to the Local Texas Taxing Entities shall be paid in the ordinary course of business and prior to delinquency under Texas law, and the Local Texas Taxing Entities shall not be required to file an Administrative Expense Claim or request for allowance and payment of their claim. In the event any postpetition property taxes are not paid prior to delinquency under Texas law, penalties and interest shall accrue as provided under Texas law and the Local Texas Taxing Entities shall be authorized to commence any and all collection activities in state court without further order of this Court. Default shall occur if the claims of the Local Texas Taxing Entities are not paid in full prior to July 21, 2023 or if the Debtor fails to pay any postpetition taxes prior to delinquency. In the event of default, the affected Local Texas Taxing Entities shall send written notice of default to Debtors' attorney and to the Debtors. If the default is not cured within 21 days after notice of the default is mailed, the affected Local Texas Taxing Entity may proceed with state law remedies for collection of all amounts due under state law pursuant to the Texas Property Tax Code. A full-text copy of the First Modified Plan dated February 28, 2023 is available at https://bit.ly/3EX8dPZ from PacerMonitor.com at no charge. Counsel for the Debtor: William Haddock, Esq. Pendergraft & Simon, LLP 2777 Allen Parkway Suite 800 Houston, TX 77019 Tel: 713-528-8555 Email: whaddock@pendergraftsimon.com About Houston Home Relief Group Houston Home Relief Group, LLC is primarily engaged in renting and leasing real estate properties. The company is based in Katy, Texas. Houston Home Relief Group filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-33647) on Dec. 6, 2022, with $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Otis Igunbor, Houston Home Relief Group manager, signed the petition. William Haddock, Esq., at Pendergraft & Simon, LLP represents the Debtor as counsel. IBIO INC: Vanguard Group Has 5.28% Equity Stake as of Dec. 30 ------------------------------------------------------------- The Vanguard Group disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Dec. 30, 2022, it beneficially owned 475,593 shares of common stock of iBio Inc., representing 5.28 percent of the Shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/102909/000110465923016174/tv01123-ibioinc.htm About iBio Inc. iBio, Inc. -- http://www.ibioinc.com-- develops next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes, prospectively enabling the discovery of new antibody treatments for hard-to-target cancers and other diseases. iBio reported a net loss attributable to the Company of $50.30 million for the year ended June 30, 2022, a net loss attributable to the Company of $23.21 million for the year ended June 30, 2021, a net loss attributable to the company of $16.44 million for the year ended June 30, 2020, and a net loss attributable to the Company of $17.59 million for the year ended June 30, 2019. As of Dec. 31, 2022, the Company had $51.80 million in total assets, $32.98 million in total liabilities, and $18.82 million in total stockholders' equity. Holmdel, New Jersey-based CohnReznick LLP, the Company's auditor since 2010, issued a "going concern" qualification in its report dated Oct. 11, 2022, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities for the years ended June 30, 2022 and 2021 and has an accumulated deficit as of June 30, 2022. These matters, among others, raise substantial doubt about its ability to continue as a going concern. IKON WEAPONS: Cash Collateral Access Terminated ----------------------------------------------- The U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, terminated the use of cash collateral by Ikon Weapons, effective March 2, 2023. At the hearing on February 23, 2023, the Debtor announced its intention to cease operations effective immediately and terminate its employees. The Court made an oral ruling authorizing the Debtor to use up to $50,000 of cash collateral to pay trailing expenses as authorized by the Court's interim cash collateral orders. At the hearing on March 2, 2023, the Debtor confirmed to the Court that it has in fact ceased operations and terminated all employees; that it has paid all remaining payroll and associated payroll taxes; and that it has closed both of its existing bank accounts; and that all remaining cash has been forwarded to counsel for the Debtor to be held in its trust account pending further Court order. Counsel for Palmetto State Armory, LLC confirmed that PSA has deposited $500,000 into counsel's trust account. PSA asserts an ownership interest in the Debtor's property including accounts and inventory pursuant to constructive, equitable and resulting trust claims, among other claims, all of which the Debtor disputes. PSA did not file a prepetition UCC-1 Financing Statement with respect to any of the Debtor's property. The Court said all replacement liens granted by and reservations of rights recognized by the Seventh Interim Cash Collateral Order remain effective according to the terms of that order. The Debtor's member manager, Mr. Suliban Deaza, will safeguard and protect the Debtor's assets, wherever located, including those assets identified by the Debtor as 3,940 firearms or kits located in Serbia, until such time as the parties obtain approval of the sale of the Debtor's assets, or until further Court order. The Debtor was to return all assets in its immediate control, not currently located at the Mt. Gilead Facility or the Albemarle Facility to the Mt. Gilead Facility immediately and in no event later than March 3, 2023. PSA is authorized, with the Debtor's assistance, to take immediate possession of, adequately insure and secure all of the Debtor's assets currently housed at the Mt. Gilead Facility and the Albemarle Facility as well as all assets, if any, located at any other location including Mr. Deaza's personal residence. PSA may transport, at its sole expense, the secured assets to its warehouse facilities located in South Carolina for safekeeping until further Court order, provided however that title to the assets will not pass to PSA until the Court approves any sale. PSA will inventory the assets at its warehouse facilities and provide the Debtor, Trustee and the Bankruptcy Administrator with a copy of the inventory. At the Debtor's expense, the Debtor's counsel and a representative from Debtor may be present during the inventory. Until further Court order, PSA will store the assets in its secure warehouse facilities and will maintain adequate casualty insurance coverage for the stored assets at no cost to the Debtor. A copy of the order is available at https://bit.ly/3kNiK9l from PacerMonitor.com. About Ikon Weapons, LLC Ikon Weapons, LLC operates as weapon manufacturer, purchaser, and importer. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 22-30424) on September 2, 2022. In the petition signed by Suliban Deaza, member manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Benjamin A. Kahn oversees the case. John C. Woodman, Esq., at Essex Richards, P.A. is the Debtor's counsel. INFINERA CORP: Incurs $76 Million Net Loss in 2022 -------------------------------------------------- Infinera Corporation reported a net loss of $76.04 million on $1.57 billion of total revenue for the year ended Dec. 31, 2022, compared to a net loss of $170.78 million on $1.42 billion of total revenue for the year ended Dec. 25, 2021. As of Dec. 31, 2022, the Company had $1.67 billion in total assets, $703.94 million in total current liabilities, $667.72 million in net long-term debt, $16.87 million in long-term accrued warranty, $23.18 million in long-term deferred revenue, $2.35 million in long-term deferred tax liability, $45.86 million in long-term operating lease liabilities, $29.57 million in other long-term liabilities, and $179.65 million in total stockholders' equity. Infinera stated, "The COVID-19 pandemic created significant uncertainty in global macroeconomic conditions and capital markets, credit markets, and, in particular, supply chains continue to experience high levels of disruption, volatility and uncertainty. High inflation, along with other signs of economic disruption, has also contributed to adverse global macroeconomic conditions. These conditions may also result in the tightening of credit markets, which could limit or delay our customers' ability to obtain necessary financing for their purchases of our products." "Our customers may delay or cancel their purchases or increase the time they take to pay or default on their payment obligations due to a lack of liquidity in the capital markets, the continued uncertainty in the global economic environment or inflationary concerns, which could result in a higher level of bad debt expense and would negatively affect our business and operating results. In addition, currency fluctuations could negatively affect our international customers' ability or desire to purchase our products." "A lack of liquidity and economic uncertainty may also adversely affect our suppliers or the terms on which we purchase products from these suppliers. These impacts could limit our ability to obtain components for our products from these suppliers and could adversely impact our supply chain or the delivery schedule to our customers. Suppliers could also require us to purchase more expensive components, or re-design our products, which could cause increases in the cost of our products and delays in the manufacturing and delivery of our products. Such events could harm our gross margin and harm our reputation and our customer relationships, either of which could harm our business and operating results." A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1138639/000113863923000028/infn-20221231.htm About Infinera Corp. Headquartered in Sunnyvale, Calif., Infinera Corp. -- www.infinera.com -- is a semiconductor manufacturer and global supplier of networking solutions comprised of networking equipment, optical semiconductors, software and services. The Company's portfolio of solutions includes optical transport platforms, converged packet-optical transport platforms, compact modular platforms, optical line systems, coherent optical engines and subsystems, a suite of networking and automation software offerings, and support and professional services. Infinera reported a net loss of $206.72 million for the year ended Dec. 26, 2020, and a net loss of $386.62 million for the year ended Dec. 28, 2019. INTERPACE BIOSCIENCES: Douglas Singer Has 8.32% Stake as of Dec. 31 ------------------------------------------------------------------- Douglas M. Singer disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2022, he beneficially owns 355,165 shares of common stock of Interpace Biosciences, Inc., representing 8.32 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1054102/000119983523000091/form_sc13ga.htm About Interpace Headquartered in Parsippany, NJ, Interpace Biosciences f/k/a Interpace Diagnostics Group, Inc. -- http://www.interpace.com-- specializes in personalized medicine, offering services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications. Interpace Biosciences reported a net loss of $14.94 million for the year ended Dec. 31, 2021, compared to a net loss of $26.45 million for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $15.29 million in total assets, $30.35 million in total liabilities, $46.54 million in redeemable preferred stock, and a total stockholders' deficit of $61.59 million. Woodbridge, New Jersey-based BDO USA, LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 31, 2022, citing that the Company has suffered operating losses, has negative operating cash flows and is dependent upon its ability to generate profitable operations in the future and/or obtain additional financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. These conditions raise substantial doubt about its ability to continue as a going concern. J&B EXPRESS: Seeks to Tap Steph's Bookkeeping Service as Accountant ------------------------------------------------------------------- J&B Express L.L.C. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Steph's Bookkeeping Service, LLC. The Debtor requires an accountant to prepare its monthly operating reports and projections and provide other accounting and bookkeeping services. The firm will charge a one-time fee of $1,350, and a flat fee of $900 per month for its services. Stephanie Conley, a partner at Steph's Bookkeeping Service, 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: Stephanie Conley Steph's Bookkeeping Service, LLC 1400 State Rte 31 Suite 207 McHenry, IL 60050 Tel: (847) 942-3004 Email: steph@stephsbooks.com About J&B Express J&B Express, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 23-20494) on Feb. 7, 2023, with up to $10 million in both assets and liabilities. Mark S. Werner, manager, signed the petition. Judge Rachel M. Blise oversees the case. Nicholas W. Kerkman, Esq., at Kerkman and Dunn, is the Debtor's legal counsel. JAGUAR HEALTH: Joshua Mailman Lowers Equity Stake to 1.4% --------------------------------------------------------- Joshua Mailman disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Feb. 21, 2023, he beneficially owns 28,026 shares of common stock of Jaguar Health, Inc., representing 1.4 percent of the shares outstanding. The ownership information is based upon approximately 2,016,335 shares of Common Stock outstanding as of Nov. 22, 2022 based upon the shares outstanding as reported by the issuer in its proxy statement filed with the SEC on Nov.28, 2022, as adjusted for the 1-for-75 reverse stock split by the issuer as reported in its Current Report on Form 8-K filed with the SEC on Jan. 23, 2023. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1585608/000153949723000330/n3119_x3-sc13ga.htm About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health-- is a commercial stage pharmaceuticals company focused on developing novel, sustainably derived gastrointestinal products on a global basis. The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Its Mytesi (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Jaguar Health reported a net loss and comprehensive loss of $52.60 for the year ended Dec. 31, 2021, a net loss and comprehensive loss of $33.81 million for the year ended Dec. 31, 2020, a net loss and comprehensive loss of $38.54 million for the year ended Dec. 31, 2019, and a net loss of $32.15 million for the year ended Dec. 31, 2018. As of Sept. 30, 2022, the Company had $51.28 million in total assets, $47.69 million in total liabilities, and $3.60 million in total stockholders' equity. JLK CONSTRUCTION: Lender Seeks to Terminate Cash Collateral Access ------------------------------------------------------------------ Newtek Small Business Finance, LLC asks the U.S. Bankruptcy Court for the Western District of Missouri to terminate the use of cash collateral by JLK Construction, LLC. Newtek Small Business Finance, LLC provided the prepetition financing for the Debtor and it is the Debtor's principal secured creditor. Newtek is also the largest creditor in the case with a claim of approximately $5 million. Newtek holds an interest in cash collateral. The Debtor filed its Motion for Authority to use Cash Collateral on an Interim and Final Basis on the Petition Date. The Debtor also sought the scheduling of an emergency hearing on the Cash Collateral Motion and the Court set a hearing on February 15, 2023. Counsel for Newtek and Nodaway Valley Bank, both attended and participated in the hearing. At the February 15 hearing, Newtek raised a number of issues regarding the Cash Collateral Motion and the corresponding use of cash collateral proposed by Debtor. The Court entertained argument by counsel on the issues and determined to conduct another hearing on the following day, February 16. During the course of the February 16 hearing, the Court directed undersigned counsel to prepare the Interim Cash Collateral Order consistent with the Court's comments. The Court entered the Interim Order (I) Authorizing Use of Cash Collateral; (II) Granting Adequate Protection; and (III) Scheduling a Final Hearing Pursuant to Bankruptcy Rule 4001 (b) on February 16, 2023. As provided in the Interim Cash Collateral Order, the Debtor's "interim use of Cash Collateral is expressly conditioned" on a number of requirements including: a) "Debtor shall promptly provide to Secured Creditors copies of insurance binders reflecting the nature and scope of insurance coverage as well as designation of the Secured Creditors as loss payees." b) "Every two weeks the Debtor shall provide a budget to actual report to Nodaway Valley Bank and to Newtek Small Business Finance, LLC. The budget to actual report shall be due on the Wednesday following the end of the two-week period. By way of illustration, the budget to actual report covering the time period of February 13-26,2023 shall be due on Wednesday, March 1, 2023." In the aftermath of entry of the Interim Cash Collateral Order, the Debtor did not act "promptly" to provide the insurance documentation. In the absence of any communication by the Debtor on delivery of the insurance documentation (much less actual performance) and after the lapse of 10 days following issuance of the Interim Cash Collateral Order, Newtek's counsel sent an e-mail on February 26 making demand for compliance by the close of business on March 1. Notwithstanding the specific mandate in the Interim Cash Collateral Order for prompt delivery of the insurance documentation and Newtek's demand for compliance by a date nearly two weeks after issuance of the Interim Cash Collateral Order, the Debtor remains in violation of its performance obligation. As a separate and additional violation, the Debtor has also failed to supply the financial report required by the Interim Cash Collateral Order and due on March 1. The Debtor's ongoing failure to comply with the clear requirements of the Interim Cash Collateral Order necessarily requires judicial intervention. Newtek asserts that the Debtor's failure to comply with the conditions for its use of cash collateral, good cause exists to terminate use of cash collateral immediately. The Debtor cannot be allowed to ignore the requirements of the Interim Cash Collateral Order and the Secured Creditor should no longer be exposed to Debtor's irresponsible conduct and dereliction of its duties. A copy of the motion is available at https://bit.ly/41MXIby from PacerMonitor.com. About JLK Construction, LLC JLK Construction, LLC moves dirt, excavates dirt and does basic concrete flatwork. It is a union shop. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 23-50034) on February 13, 2023. In the petition signed by Jesse L. Kagarice, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Colin N. Gotham, Esq., at Evans and Mullinix, P.A., and Steven R. Fox, Esq., at The Fox Law Corp., Inc., represent the Debtor as legal counsel. KABBAGE INC: Keeps Exclusive Right to Propose Plan -------------------------------------------------- Kabbage, Inc. and its affiliates obtained a court order extending their exclusive right to file a Chapter 11 plan to May 1 and solicit votes on the plan to July 3. The ruling by Judge Craig Goldblatt of the U.S. Bankruptcy Court for the District of Delaware allows the companies to remain in control of their bankruptcy and obtain confirmation of their proposed plan without the threat of a rival plan from creditors. The companies filed a joint Chapter 11 plan of liquidation and disclosure statement on Oct. 5 last year. Solicitation of votes commenced on Jan. 24 following court approval of the disclosure statement on Jan. 19. The hearing on confirmation of the liquidating plan is scheduled for March 13. About Kabbage Inc. d/b/a KServicing Founded in 2010 and headquartered in Atlanta, Ga., Legacy Kabbage, a predecessor of Kabbage Inc. (doing business as KServicing) -- http://www.kservicing.com/-- was one of the leading fintech providers of working capital to small businesses for over a decade. Legacy Kabbage began as a proprietary online lending platform for small businesses, providing loan services to over 250,000 American small businesses, many of which were businesses that struggled to receive adequate funding through traditional banking institutions. From 2020-2021, the company provided and facilitated necessary funding to small business owners through PPP loans during the COVID-19 pandemic. The company's existing technology infrastructure spearheaded its PPP work, which led to a total of $7 billion in loans being originated by the company. The origination and servicing of PPP Loans and small business loans to eligible borrowers was critical during a time of unprecedented health and economic uncertainty brought about by the COVID-19 pandemic. On Aug. 16, 2020, much of the company's business was sold to American Express Travel Related Services Company, Inc. As a result of the merger, KServicing now operates in a limited capacity as (i) a servicer and subservicer of PPP Loans, (ii) a software services provider for lenders of PPP Loans, and (iii) a servicer of a minor portfolio of non-PPP small business loans. To implement the wind down of their businesses, on Oct. 3, 2022, Kabbage, Inc. d/b/a KServicing and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10951). Judge Craig T. Goldblatt oversees the cases. Kabbage Inc. estimated $500 million to $1 billion in assets and debt as of the bankruptcy filing. The Debtors tapped Weil, Gotshal & Manges, LLP as general counsel; Richards, Layton & Finger, PA as local counsel; AlixPartners, LLC as financial advisor; KPMG International Limited as fraud review services provider; Jones Day, LLP as government investigations counsel; and Marc Sullivan, managing director at Phoenix Executive Services, LLC, as chief financial officer. Omni Agent Solutions, Inc. is the Debtors' claims agent and administrative advisor. Greenberg Traurig, LLP serves as counsel to the Debtors' board of directors. KENT WYTHE: Unsecureds Will Get 100%; Confirmation Hearing March 13 ------------------------------------------------------------------- Kent Wythe Holdco LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement for Plan of Reorganization. The Debtor is a limited liability company that is a party to a prospective lease ("Ground Lease") for an assemblage of property located in Brooklyn, New York at 67 Kent Avenue; 73 Kent Avenue; 69 N. 9th Street; 79 N. 9th Street, 120 Wythe Avenue and 55 N. 9th Street ("Assemblage"). The Plan provides for: (1) the Debtor to pay all of its creditors, in full, from its Available Cash on hand as augmented, as needed, by a Capital Contribution to be made from its equity holder ("Restructuring Plan"); and, (2) to the extent the Debtor is able to procure the Acquisition Financing, for the Debtor to close on the Assemblage Acquisition utilizing the Acquisition Financing and to pay all of its creditors in full, from its Available Cash, the Capital Contribution and the cash proceeds from the Acquisition Financing (the "Restructuring and Acquisition Plan"). Under the Restructuring Plan, the Plan Fund shall consist of the Debtor's Available Cash and the Capital Contribution. Under the Restructuring and Acquisition Plan, the Plan Fund will also include the cash proceeds from the Acquisition Financing. The Assemblage Acquisition will be consummated on the Effective Date of the Plan by (i) acquisition of the membership interests of the limited liability companies which own the properties making up the Assemblage, (ii) closing on the Acquisition Financing, (iii) assuming the Escrow Agreement which will trigger the release of the Ground Lease and Ground Lease Guaranty with the Ground Lease serving as collateral for the Assemblage Acquisition Financing and (iv) causing a statutory merger of the entities owning the properties with the Debtor under which the Debtor is the surviving entity. After the release of the Ground Lease signature pages and Ground Lease Guaranty from escrow and the Ground Lease and its future rental stream will serve as security for the Acquisition Financing. The Assemblage Acquisition will take place by the Debtor acquiring all of the membership interests in: 67 Kent Ave LLC, 73 Kent Ave LLC, 69 N. 9th St., LLC, 79 N. 9th St., LLC, 120 Wythe Ave, LLC and FFN9 LLC under purchase and sale agreements and then merge these entities into the Debtor. The Debtor as the Reorganized Debtor will be the surviving entity resulting from the statutory merger. After the merger, the Debtor will own the Assemblage, subject to the Acquisition Financing. The transactions will be governed by two separate purchase and sale agreements: (1) the BEA Contract; and (2) the FFN9 Contract. BEA is the corporate owner of the limited liability companies that own the properties located at 67 Kent Avenue; 73 Kent Avenue; 69 N. 9th Street; 79 N. 9th Street and 120 Wythe Avenue. FFN9 LLC is the limited liability company which owns the property located at 55 N. 9th Street, Brooklyn, New York. The Debtor's 100% owner, Kent Assemblage LLC, has committed to providing the Capital Contribution to the Plan Fund for the Debtor to fund all required payments under the Restructuring Plan. In order to facilitate the transactions contemplated under the Plan, Debtor and its equity owner, Kent Assemblage LLC, each reserve all rights to accept new equity members into their respective LLC's in connection with the Capital Contribution and in obtaining the funds for the Assemblage Acquisition in furtherance of the Restructuring and Acquisition Plan. Class 1 consists of Allowed General Unsecured Claims against the Debtor. Except to the extent that a holder of an Allowed General Unsecured Claim against the Debtor has agreed to less favorable treatment of such Claim, each holder of an Allowed General Unsecured Claim shall receive on the Effective Date, Cash in the amount of such Allowed General Unsecured Claim plus interest at the federal judgment rate payable from the Plan Fund in full and final satisfaction of such Allowed General Unsecured Claim. The allowed unsecured claims total $579,409.69. This Class will receive a distribution of 100% of their allowed claims. Class 1 is Unimpaired. Class 2 consists of Interests in the Debtor. On the Effective Date, equity shall retain its interest in the Debtor. Class 2 is Unimpaired. Under the Restructuring Plan, the Plan Fund shall consist of the Debtor's Available Cash and the Capital Contribution. Under the Restructuring and Acquisition Plan, the Plan Fund shall also include the cash proceeds from the Acquisition Financing. The funds necessary to pay all Claims under the Plan, consisting of Administrative Claims, Fee Claims and Unsecured Claims, will be paid from the Plan Fund. To the extent the Debtor seeks to confirm the Restructuring and Acquisition Plan, a commitment for the Acquisition Financing will be included in the Plan Supplement. The Bankruptcy Court has scheduled March 13, 2023 at 1:00 p.m. as the hearing to consider confirmation of the Plan. March 13, 2023 at 10:00 a.m. as the deadline to file and serve any objection or response to the Plan. A full-text copy of the Disclosure Statement dated March 2, 2023 is available at https://bit.ly/3SREjlO from PacerMonitor.com at no charge. Proposed Attorneys for the Debtor: LEECH TISHMAN ROBINSON BROG PLLC Fred B. Ringel, Esq. Lori Schwartz, Esq. Clement Yee, Esq. 875 Third Avenue New York, New York 10022 Tel. No.: 212-603-6300 About Kent Wythe Kent Wythe Holdco LLC is a limited liability company that is a party to a prospective lease ("Ground Lease") for an assemblage of property located in Brooklyn, New York at 67 Kent Avenue; 73 Kent Avenue; 69 N. 9th Street; 79 N. 9th Street, 120 Wythe Avenue and 55 N. 9th Street ("Assemblage"). Kent Wythe filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 23 40271) on Jan. 26, 2023. The Debtor is represented by Fred B. Ringel, Esq. of LEECH TISHMAN ROBINSON BROG, PLLC. KUBERLAXMI LLC: Amends Celtic Bank Secured Claim Pay Details ------------------------------------------------------------ Kuberlaxmi LLC submitted a First Amended Subchapter V Plan of Reorganization dated February 28, 2023. This First Amended Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from future operations. Class 1 consists of the allowed secured portion of the claim of Celtic Bank with respect to the Hotel Property. The allowed secured claim of Celtic Bank will be set at $1,275,000 in accordance with an appraisal of the property dated April 4, 2022 commissioned by Celtic Bank, will accrue interest at the rate of 5.75% per annum on a 25-year amortization, and will be paid during (i) months 1-30 after the Effective Date at interest only and (ii) during months 31-60 after the Effective Date at the amortized monthly amount under the terms, with payments under the foregoing commencing on the first full day of the of the first full calendar month following the Effective Date. All remaining outstanding amounts will be due and payable (i.e. a balloon payment) on the first day of the 61st full calendar month after the Effective Date. Celtic Bank will retain all security interests and liens through completion of the payments. The nonmonetary provisions of the Promissory Note, Security Agreement, and other loan and security documents entered into between the Debtor and Celtic Bank (the "Existing Loan Documents") will otherwise remain in effect except as modified by the Plan. The Amended Plan does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 3 consists of General Unsecured Claims. The holders of allowed claims in Class 8 will receive a pro rata distribution of the net disposable income of the Debtor each month after the satisfaction of the Plan payments and operating expenses of the Debtor, for period of 60 months after the Effective Date, with a distribution occurring at the end of each calendar quarter commencing with the first full calendar order following the Effective Date. * Class 4 consists of General unsecured claims of insiders. The general unsecured claim of Jatin and Priya Bhatka in the amount of $400,000 will be allowed in full but will receive no distributions under the Plan unless and until all of the claims of Class 3 are paid in full. * Class 5 consists of Equity Interest Holders. The holders of equity interests in the Debtor will retain their interests. Thus, Jatain Bhakta and Priya Bhakta each will retain their 50.00% interest in the Debtor. Jatin Bhakta and Priya Bhakta shall continue to own all units of Kuberlaxmi after the Effective Date. Payments and distributions under the Plan will be funded by the income from the normal operations of the Debtor, and consisting of operations of the Hotel Property. Jatin Bhakta will devote a majority of his to be on-site at the Hotel Property when the hotel lacks a full time on site qualified manager. The Debtor will seek to further increase its long term stays by increasing marketing to local industry which bring large numbers of workers in and out of the Kirksville area. If sufficient revenues exist, the Debtor could employ a third party management company to manage day to day operations and to supplement the marketing efforts of Mr. Bahkta. The Debtor will prosecute its claims against biBERK / Berkshire Hathaway business insurance to obtain funds to (i) reduce the Celtic Bank debt and/or (ii) complete repairs at the hotel property for the rooms that are not being rented. A full-text copy of the First Amended Plan dated February 28, 2023 is available at https://bit.ly/3EY06Te from PacerMonitor.com at no charge. Counsel to the Debtor: Jeff Carruth, Esq. Weycer, Kaplan, Pulaski, & Zuber, P.C. 3030 Matlock Rd., Suite 201 Arlington, Texas 76015 Phone: (713) 341-1058 Facsimile: (866) 666-5322 Email: jcarruth@wkpz.com About Kuberlaxmi LLC Kuberlaxmi, LLC is engaged in the business of hospitality and related services. It owns and operates a 60-room hotel located at 1101 Country Club Dr., Kirksville, Mo. Kuberlaxmi sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 22-51323) on Nov. 26, 2022. In the petition signed by its manager, Jatin Bhakta, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Michael M. Parker oversees the case. Jeff Carruth, Esq., at Weycer, Kaplan, Pulaski and Zuber, P.C. and Stephen W. Cook, CPA, PLLC serve as the Debtor's legal counsel and accountant, respectively. LANNETT CO: Highbridge Capital Has 6.45% Stake as of Dec. 31 ------------------------------------------------------------ Highbridge Capital Management, LLC disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2022, it beneficially owns 2,894,505 shares of Common Stock of Lannett Company, Inc. issuable upon conversion of convertible notes, representing 6.45 percent of the Shares outstanding. The percentage was calculated based upon 41,952,489 shares of Common Stock outstanding as of Nov. 28, 2022, as reported in the Company's Definitive Proxy Statement on Schedule 14A filed with the SEC on Nov. 29, 2022. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/57725/000090266423001440/p23-0728sc13ga.htm About Lannett Company Lannett Company, Inc., founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com. The Company reported a net loss of $231.62 million for fiscal year ended June 30, 2022, a net loss of $363.47 million for fiscal year ended June 30, 2021, and a net loss of $33.37 million for fiscal year ended June 30, 2020. As of Dec. 31, 2022, the Company had $438.36 million in total assets, $750.63 million in total liabilities, and a total stockholders' deficit of $312.27 million. * * * As reported by the TCR on Feb. 11, 2022, S&P Global Ratings lowered its issuer-level rating on Lannett Inc. to 'CCC+' from 'B-'. The outlook is negative. S&P said, "The negative outlook reflects the possibility of another downgrade if we believed that Lannett were likely to consider a distressed exchange offer or sub-par redemption. This could occur if we expected continued pricing erosion within its key products or delays in new product launches to meaningfully reduce FOCF prospects and liquidity. In October 2022, Moody's Investors Service downgraded the ratings of Lannett Company, Inc., including the Corporate Family Rating to Ca from Caa1. The downgrade reflects Moody's expectation for continued deterioration in Lannett's operating performance, as base portfolio of oral generic drugs will continue to erode due to intense competitive pricing pressures. Given the forecast of negative EBITDA over the next year, Moody's views Lannett's debt levels as unsustainably high, and liquidity as weak, with the company continuing to burn through cash balance, well into fiscal year 2024. LASERSHIP INC: Moody's Lowers CFR to Caa1 & First Lien Debt to B3 ----------------------------------------------------------------- Moody's Investors Service downgraded the ratings of LaserShip, Inc., including its corporate family rating to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD. Concurrently, Moody's downgraded the ratings on the company's first-lien credit facilities to B3 from B2 and second-lien credit facility to Caa3 from Caa2. The outlook remains negative. The downgrade reflects Moody's expectation for LaserShip's financial leverage to remain very high and liquidity to remain weak through 2023. LaserShip's significant increase in network capacity last year allowed the company to operate successfully during a critical 2022 peak holiday season. However, package volumes were lower than anticipated in the back half of 2022 resulting in weaker-than-expected earnings for the full year. Further, Moody's expects subdued consumer spending will impact package volumes in 2023 although total volumes are expected to increase moderately as LaserShip expands its network and services in newer geographic regions and adds new customers. Moody's believes that softer volume growth and increased interest costs will constrain LaserShip's ability to meaningfully improve operating leverage and result in negative free cash flow in 2023. The negative outlook reflects the risk that LaserShip may be unable to improve earnings or reduce its cash burn over the next twelve months given a weaker macroeconomic environment. Prolonged weakness will increase the risk that the company's capital structure is unsustainable at currently very high leverage levels. LaserShip's governance issuer profile score of G-5 and credit impact score of CIS-5 reflects Moody's view that the company's aggressive financial policies, including very high leverage that contributes to negative free cash flow, limits the ability to absorb adverse operational developments. Downgrades: Issuer: LaserShip, Inc. Corporate Family Rating, Downgraded to Caa1 from B3 Probability of Default Rating, Downgraded to Caa1-PD from B3-PD Senior Secured First Lien Term Loan, Downgraded to B3 (LGD3) from B2 (LGD3) Senior Secured First Lien Revolving Credit Facility, Downgraded to B3 (LGD3) from B2 (LGD3) Senior Secured Second Lien Term Loan, Downgraded to Caa3 (LGD5) from Caa2 (LGD5) Outlook Actions: Issuer: LaserShip, Inc. Outlook, Remains Negative RATINGS RATIONALE LaserShip's Caa1 CFR reflects the company's very high financial leverage, weak liquidity and moderate scale in the highly competitive e-commerce residential delivery space. LaserShip has grown aggressively over recent years with new customer wins fueled by growth in e-commerce and the acquisition of OnTrac on the west coast in late-2021. Following an inability to handle rapid volume growth during the 2021 holiday season, LaserShip significantly expanded network capacity and implemented new planning processes to meet expected volumes for the 2022 peak shipping season. Operationally, LaserShip had a successful 2022 peak season with markedly improved on-time deliveries, but package volumes were lower than Moody's expectations for the year. Moody's remains cautious on consumer spending in 2023, which will likely constrain growth for LaserShip's package volumes. Moody's expects LaserShip's total revenue, though, to expand in 2023 by at least 8% as its expands into Texas and increases its transcontinental service. In addition, LaserShip's position as a lower-cost option to traditional carriers such as UPS and FedEx should allow it to expand its modest market share in the overall parcel delivery space. Moody's expects LaserShip's debt/EBITDA to only moderately improve in 2023 to between 7.5x – 8.0x from over 8.0x at the end of 2022. Given the recent network capacity expansion, Moody's believes it may take some time for LaserShip to drive meaningful operating leverage as volume growth remains impacted by challenging macroeconomic conditions in 2023. Moody's views LaserShip's liquidity to be weak. Moody's expects negative free cash flow to persist in 2023, albeit at a lower level than 2022 as capex spend will be reduced by more than half. However, higher interest costs will more than offset modest earnings growth and contribute to the company's ongoing cash burn. Moody's expects LaserShip's free cash flow to become moderately positive in 2024. To offset its cash burn, Moody's expects LaserShip to be reliant on its $150 million accounts receivable securitization facility (which permits borrowings up to $250 million from November through February) as well as its $125 million revolving credit facility expiring in 2026 (undrawn at end of September 2022). The revolving credit facility contains a springing first lien net leverage covenant of 7.36x if borrowings exceed 35%. Moody's expects LaserShip to remain in compliance with this covenant when tested, although the cushion is expected to be modest. FACTORS THAT COULD LEAD TO A DOWNGRADE OR UPGRADE OF THE RATINGS The ratings could be downgraded if LaserShip is unable to improve earnings or liquidity resulting in a capital structure that Moody's considers untenable. The ratings could also be downgraded if Moody's believes the probability of a debt restructuring increases. The ratings could be upgraded if LaserShip demonstrates improving and sustainable operating leverage as delivery volumes increase, such that debt/EBITDA is expected to be sustained below 6.5x. Improving liquidity, including generating positive free cash flow and reducing reliance on external credit facilities, would also be necessary to support an upgrade. The principal methodology used in these ratings was Surface Transportation and Logistics published in December 2021. LaserShip, Inc. is a last mile parcel delivery provider with a focus on business to consumer deliveries for leading e-commerce retailers across apparel, health and beauty, food, and mass merchandise markets. Revenue for the twelve months ended September 30, 2022 was approximately $1.8 billion. LEXAGENE HOLDINGS: Seeks Chapter 7 Liquidation ---------------------------------------------- On Feb. 24, 2023, LexaGene Holdings, Inc. announced that it has ceased operations, laid off its staff, and, together with its direct subsidiary LexaGene, Inc., and its indirect subsidiary Bionomics Diagnostics, Inc., filed a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code. The filing, which took place earlier today at the U.S. Bankruptcy Court for the District of Massachusetts, located in Boston, Massachusetts, will result in federal appointment of a bankruptcy trustee to liquidate the Company's assets and distribute any proceeds. Dr. Jack Regan, LexaGene's CEO and founder, stated, "Despite our best efforts, we were unable to secure the necessary funding to continue our operations. Accordingly, the board of directors has exercised its business judgment to commence liquidation proceedings for the Company. My staff and I have truly given our best effort to make this company a success. Unfortunately, market conditions, lack of technology adoption, and the lengthy sales cycle in the biopharma industry have been too much to overcome. We regret the impact this will have on our investors, customers, and employees." The financial results of the liquidation, which is now in the hands of the Bankruptcy Court, are beyond the Company's control and inherently uncertain. At this time the Company does not expect that any liquidation proceeds realized by the bankruptcy trustee will be sufficient to satisfy the claims of all creditors, and it is unlikely that the Company's shareholders will receive any distribution of any liquidation proceeds. The Company does not intend to undertake any proceedings under the Companies’ Creditors Arrangement Act (Canada) or other similar proceedings in Canada. At this time, the Board of Directors of the Company remains intact, and the Company does not intend to seek a voluntary delisting from the TSX Venture Exchange. About LexaGene Holdings LexaGene Holdings Inc. is a molecular diagnostics company that has commercialized the MiQLab System for fast and easy detection of biological contaminants, pathogens and other molecular markers. The System is designed for on-site usage and uses real-time PCR chemistry. LexaGene sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-10262) on Feb. 24, 2023. The Debtor's counsel: Jonathan Horne Murtha Cullina 617-457-4085 jhorne@murthalaw.com The Chapter 7 Trustee: Mark G. DeGiacomo Murtha Cullina LLP 33 Arch Street, 12th Floor Boston, MA 02110 LEXARIA BIOSCIENCE: Invenomic Capital Has 7.95% Stake as of Dec. 31 ------------------------------------------------------------------- Invenomic Capital Management LP disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Dec. 31, 2022, it beneficially owns 473,103 shares of common stock of Lexaria Bioscience Corp., representing 7.95 percent of the common stock believed to be outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1348362/000176945623000005/lexx.htm About Lexaria Lexaria Bioscience Corp. -- http://www.lexariabioscience.com-- is a biotechnology company developing the enhancement of the bioavailability of a broad range of fat-soluble active molecules and active pharmaceutical ingredients using its patented DehydraTECH drug delivery technology. DehydraTECH combines lipophilic molecules or APIs with specific long-chain fatty acids and carrier compounds that improve the way they enter the bloodstream, increasing their effectiveness and allowing for lower overall dosing while promoting healthier oral ingestion methods. Lexaria Bioscience reported a net loss and comprehensive loss of $7.38 million for the year ended Aug. 31, 2022, a net loss and comprehensive loss of $4.19 million for the year ended Aug. 31, 2021, a net loss and comprehensive loss of $4.08 million for the year ended Aug. 31, 2020, and a net loss and comprehensive loss of $4.16 million for the year ended Aug. 31, 2019. As of Nov. 30, 2022, the Company had $6.21 million in total assets, $281,520 in total liabilities, and $5.93 million in total stockholders' equity. LONGRUN P.B.C: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, authorized Longrun, PBC, d/b/a Keto & Co. to use cash collateral on a continuing basis substantially in accordance with the budget. Merchant Financial Corporation, First Savings Bank, the Small Business Administration and U.S. Bank Equipment Finance are granted post-petition replacement liens and security interests in property of the Debtor's estate, to the extent of valid perfected security interests as of the Petition Date not subject to avoidance, in an amount equivalent to the amount of cash collateral expended by the Debtor, of the same type, in the same nature and to the same extent as the Lienholders had in such assets pre-petition to the extent the Lienholders held validly perfected and unavoidable liens and security interests as of the Petition Date. The Post-petition Liens will only secure the amount of any diminution in the value of the Lienholders' prepetition collateral constituting cash collateral resulting from the Debtor's use thereof in the operation of the Debtor's business in the Post-petition Period. As further adequate protection, the Debtor is authorized to make monthly adequate protection payments to the Lienholders as set forth in the Motion and in the Budget. The Post-petition Liens will have the same priority, validity, and enforceability as the Lienholders' liens on their pre-petition collateral. A continued hearing on the matter is set for May 10, 2023 at 1:30 p.m. A copy of the court's order is available at https://bit.ly/3SVgQQD from PacerMonitor.com. About LongRun, P.B.C. LongRun, P.B.C. sells low carb and keto foods wholesale to retailers via amazon.com and its own ecommerce websites; it has no physical store location. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-10140) on February 1, 2023. In the petition signed by Richard Tieken, president and CEO, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Steven Weiss, Esq., at Schatz, Schwartz, and Fenting, P.C. LOVING KINDNESS: No Patient Care Concern, 1st PCO Report Says ------------------------------------------------------------- Sara J. Flasher, the duly appointed Patient Care Ombudsman for Loving Kindness Healthcare Systems, LLC, filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a first report regarding the Debtor's health care facility. The PCO toured the facility on January 10 and determined that the facility was/is unremarkable, clean and organized on the visit based on a review of facility policies. The PCO interviewed 2 consumers where one stated that she receives great care, needs the care and has no complaints; while the other consumer said that she receives really good care, doesn't want to change providers and has no complaints. The Facility is regulated and licensed by the Pennsylvania Department of Health requirements of 28 Pa. Code, Health Facilities. During the January 10, 2023 visit, the Facility was in compliance with no outstanding deficiencies. The PCO concluded that there were no quality-of-care concerns identified. A copy of the Ombudsman Report is available for free at https://bit.ly/3Y4xkHl from PacerMonitor.com. The Ombudsman may be reached at: Sara J. Flasher PO Box 384 Warren, PA 16365 Telephone: 412-977-2437 Fax: 814-253-0500 Email: Legal007@aol.com About Loving Kindness Healthcare Systems Loving Kindness Healthcare Systems, LLC, a home health care service in Pittsburgh, Pa., filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 22 22092) on Oct. 22, 2022. In the petition signed by Scott Taylor, director, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Jeffery A. Deller oversees the case. Brian C. Thompson, Esq., at Thompson Law Group serves as the Debtor's counsel. LOYALTY VENTURES: Opportunity Deal No Impact on Moody's 'Caa2' -------------------------------------------------------------- Moody's Investors Service said that Loyalty Ventures Inc.'s (Caa2 Negative) sale of BrandLoyalty business is credit positive in the short term as it slightly improves free cash flow and relieves some liquidity pressures, however, it reduces the long term value of the company. On March 2, 2023, Loyalty Ventures announced that it entered into an agreement to sell its BrandLoyalty business to Opportunity Partners B.V. for $6 million. Moody's expects the sale, which is subject to regulatory approvals and customary closing conditions, will close in Q2 2023, before the contract terminates on July 1, 2023. Loyalty Ventures' ratings are unchanged as Moody's continues to believe that the company's credit profile remains under severe pressure with significant liquidity risks and heightened probability of debt restructuring. Loyalty Ventures Inc. is a Dallas, Texas-based provider of loyalty and rewards programs to retailers (sponsors) across several retail verticals such as financial services and fuel. LUCIRA HEALTH: Will Seek Chapter 11 Bids Early April 2023 --------------------------------------------------------- Vince Sullivan of Law360 reports that bankrupt COVID-19 testing firm Lucira Health Inc. made an initial appearance Friday, February 24, 2023, in Delaware court, telling the court that it is seeking to complete a fast-paced sale process for its assets with bids due by early April 2023. The Debtor commenced the Chapter 11 Case to facilitate a timely and efficient process aimed at maximizing the value of the Debtor’s estate for the benefit of all stakeholders. Following an extensive prepetition marketing process, the Debtor determined, in consultation with Armanino LLP and the Debtor's other advisors, that an expedited sale process under chapter 11 of the Bankruptcy Code is the best path forward to consummate a value-maximizing sale of its Assets. The Debtor filed a motion to approve proposed bidding procedures while it works to identify a stalking horse bidder for the sale of its assets. The Debtor proposes this timeline for the sale of its assets: * March 21, 2023, at 4:00 p.m. (ET): Deadline for the Debtor to designate a Stalking Horse Bidder and enter into the Stalking Horse APA * April 3, 2023, at 5:00 p.m. (ET): Bid Deadline * April 4, 2023, at 6:00 p.m. (ET): Deadline for Debtor to notify Potential Bidders of whether their Bids are Qualified Bids * April 5, 2023, starting at 10:00 a.m. (ET): Auction (if necessary) * April 6, 2023, at 4:00 p.m. (ET): Deadline to object to the Sale of the Assets * One calendar day following closing of the Auction: Deadline to file and serve Notice of Successful Bidder(s). About Lucira Health Founded in 2013, Lucira is a medical technology company focused on the development and commercialization of transformative and innovative infectious disease test kits. Lucira Health filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 23-10242) on Feb. 22, 2023. As of December 2022, the Debtor posted total assets of $145,897,301 and total debt of $84,720,814. Lawyers at Young Conaway Stargatt & Taylor, LLP and Cooley LLP serve as counsel to the Debtor, Armanino LLP as its financial advisors, and Donlin, Recano & Company, Inc., as its claims and noticing agent. MACEDON CONSULTING: Unsecured Creditors to be Paid in Full in Plan ------------------------------------------------------------------ Macedon Consulting Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a Chapter 11 Plan of Reorganization dated February 28, 2023. Formed in 2009, Macedon is an information technology solutions provider. Macedon resells the Appian Low-Code Platform, a software accelerator that lets Macedon rapidly build custom workflow solutions for commercial and federal government clients. Currently, Macedon employees approximately 74 people and has monthly revenues ranging from $1 million to $1.5 million. In an effort to avoid more layoffs, Macedon engaged counsel to guide it in good faith negotiations with its lessors to mitigate its burdensome lease obligations. While Macedon was able to negotiate a resolution with the lessor of its Austin, Texas office space prior to the Petition Date, it was unsuccessful in reaching a compromise with the lessors of its two office locations in Northern Virginia (the "Lessors"). After the consideration of many alternative approaches, Macedon believes that it is in the best interests of its stakeholders to avail itself of the protections and benefits offered by the Bankruptcy Code. In January and February 2023, following another round of layoffs, Macedon liquidated all of its office furniture, cubicles, and other office accoutrements and disabled its employees' access to the offices. The Debtor believes that the restructuring of its obligations pursuant to this Plan will enable it to continue to operate its business with a positive cash flow that will enable the Debtor's business to continue to thrive and provide income to all of its employees and trade creditors indefinitely into the future. This Plan under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from existing assets of the Debtor. Non-priority unsecured creditors holding allowed claims will receive distributions in accordance with this Plan that will satisfy such allowed claims in full. This Plan also provides for the full payment of administrative claims and expenses and priority claims. Class 1 consists of the allowed secured creditors. The holders of allowed secured claims will be paid in full on or within three business days of the Effective Date. Class 1 is not impaired by the Plan. Class 2 consists of the allowed lease rejection creditors. The holders of allowed unsecured lease rejection claims will be paid in full on or within three business days of the Effective Date. Class 2 is not impaired by the Plan. Class 3 consists of the allowed general unsecured creditors. The holders of allowed unsecured claims will be paid in full on or within three business days of the Effective Date. Class 3 is not impaired by the Plan. Class 4 consists of equity interests of the Debtor. The holder of the equity interest shall retain his interest in the Debtor, but he shall not be entitled, and shall not receive, any distributions from the Plan Payments until the Debtor has paid all of the Class 1, Class 2, and Class 3 Claims in full. Class 4 is impaired by the Plan. The Debtor shall contribute cash to the Plan as is necessary for the execution of the Plan in accordance with 11 U.S.C. § 1190(2). The required Plan Payments during the Plan Period will determine the total plan funding ("Plan Funding"). The Debtor will fund all required Plan Payments in Cash on the Effective Date. A full-text copy of the Plan of Reorganization dated February 28, 2023 is available at https://bit.ly/3y9LsEC from PacerMonitor.com at no charge. About Macedon Consulting Macedon Consulting Inc. d/b/a Macedon Technologies is a computer software company that offers IT services and solutions. The Debtor filed Chapter 11 Petition (Bankr. E.D. Va. Case No. 23-10300) on February 28, 2023. Michael E. Hastings, Esq. of WOODS ROGERS VANDEVENTER BLACK PLC is the Debtor's Counsel. In the petition signed by Austin Rosenfeld, chief executive officer, the Debtor disclosed $8,367,613 in assets and $2,838,342 in liabilities. MAGNA GOLD: Files Petition Under Canada's BIA --------------------------------------------- Magna Gold Corp. ("Magna Gold", and together with its direct and indirect subsidiaries, "Magna" or the "Company"), on March 3, 2023, disclosed that Magna Gold has filed a Notice of Intention to Make a Proposal (the "NOI") under the Bankruptcy and Insolvency Act (Canada) which will provide creditor protection while the Company seeks to restructure its affairs. KSV Restructuring Inc. was appointed as proposal trustee (in such capacity, the "Proposal Trustee") under the NOI to monitor Magna Gold's operations and restructuring. The effect of the NOI is an initial and immediate stay of proceedings in favour of Magna Gold for 30 days, which stay can be extended by court order. As noted, Magna Gold is seeking to restructure; not liquidate. Information and materials filed in connection with the NOI will be available on the Proposal Trustee's website: https://www.ksvadvisory.com/experience/case/magnagold. In coordination with the NOI, Magna Gold's indirect subsidiary, Molimentales del Noroeste S.A. de C.V. ("Molimentales") filed an application for restructuring ("solicitud de concurso mercantil en fase de concurso") and provisional creditor protection ("medidas cautelares") (the "Insolvency Application") before the Second District Court for Insolvency Matters located in Mexico City, Mexico (Juzgado Segundo de Distrito en Materia de Concursos Mercantiles con Residencia en la Ciudad de México y Jurisdicción en toda la República Mexicana; the "Concurso Court") under the Mercantile Insolvency Act ("Ley de Concursos Mercantiles"). Molimentales is the owner and operator of the Company's San Francisco Mine. The initial ruling in connection with the Insolvency Application was issued by the Concurso Court on March 3, 2023 and certain pre-emptive protections were granted in favour of Molimentales including, inter alia, a suspension of all enforcement proceedings against the assets or rights of Molimentales. The decision to seek creditor protection for Magna Gold and Molimentales was made after careful consideration of the Company's cash position, scheduled debt payments, forecast revenue and expenses and all available alternatives. Following consultation with its legal and financial advisors, the Board of Directors of Magna Gold determined that it was in the best interests of Magna Gold and Molimentales and their stakeholders to seek to restructure their affairs under the applicable creditor relief laws. The proceedings are intended to, among other things, facilitate a restructuring of the Company's balance sheet, the injection of additional capital, a sale of the company or its assets, or any combination thereof. Importantly, management of Magna Gold and Molimentales remain responsible for the day-to-day operations, under the general oversight of the Proposal Trustee and the Concurso Court. As a result of the foregoing, the TSX Venture Exchange (the "TSXV") has advised Magna Gold that the trading of Magna Gold's common shares will be transferred to the NEX Board of the TSXV effective at the opening of the market on March 8, 2023. The trading symbol will change from MGR to MGR.H. No directors of Magna Gold have resigned and the board of directors continues to be comprised of six directors. About Magna Gold Corp. Magna (TSXV: MGR) (OTCPINK: MGLQF) is a Mexico focused gold and silver production company engaged in acquiring, exploring, developing and operating quality precious metals properties in Mexico. It is committed to advancing its 100% owned flagship San Francisco Mine, its Margarita Silver Project and other highly prospective mineral properties located in Sonora and in Chihuahua. The primary strength of the Company is the team of highly experienced mining professionals with a proven track record of developing properties in Mexico from discovery to production. Magna employs community members and services in its operations. MATHESON FLIGHT: Unsecured Creditors to Recover 100% in 48 Months ----------------------------------------------------------------- Matheson Flight Extenders, Inc. ("MFE"), Matheson Postal Services, Inc. ("MPS") and Matheson Trucking, Inc. ("MTI" and collectively, "Matheson" or the "Debtors") filed with the U.S. Bankruptcy Court for the Eastern District of California a Disclosure Statement for Joint Chapter 11 Plan of Reorganization dated February 28, 2023. Matheson Flight Extenders, Inc. and Matheson Postal Services, Inc. have provided extensive logistics and mail handling services under contracts with the United States Postal Service ("USPS" or the "Postal Service") and other customers. Due to the combined impacts of: (a) unreimbursed extraordinary costs incurred to operate STCs, (b) the lost revenue from certain HCR and THS contracts, and (c) lower than anticipated volumes (and therefore revenue) at the STCs in 2021, MFE and MPS filed petitions under Chapter 11 of the Bankruptcy Code on May 5, 2022. MTI filed its Chapter 11 case on July 14, 2022. Post-bankruptcy, Matheson undertook a comprehensive review of the pricing under various HCR, THS, and STC contracts, its costs to provide services, and operations. As a result of this endeavor, Matheson implemented several cost-reduction initiatives and changes to the management structure to increase efficiencies and enhance Matheson's ability to provide quality service to its customers. That review also provided important insight into how to price and best manage STC and THS operations. For many months, Matheson and USPS have negotiated over the terms under which Matheson will continue to provide services to USPS after confirmation of the Plan. In connection therewith, USPS and Matheson anticipate execution of a term sheet that, as relevant here, would provide for: (a) the modification of the pricing terms under certain MFE contracts through January 2024, (b) USPS's agreement to reimburse MFE for certain lease obligations if it elects to terminate a contract other than for MFE's default prior to the end of the contract term, and (c) USPS's consent to the assumption of all of the existing contracts with MFE and MPS under Bankruptcy Code section 365. Class 7 consists of all Allowed Unsecured Claims not entitled to priority under a provision of section 507 of the Bankruptcy Code that are not included in Class 5 (Camara Plaintiffs), Class 6 (Claims Covered by Insurance), Class 8 (USPS), Class 9 (Insider Claims), or Class 10 (Claims Under $2,500.00). Class 7 is impaired. Allowed General Unsecured Claims in Class 7 shall receive its Pro Rata share of the amounts the Reorganized Debtors are required by the Plan to deposit into a separate segregated fund referred to in the Plan as the "General Unsecured Creditors' Fund." The Reorganized Debtors shall make a $2,000,000.00 payment into the General Unsecured Creditors Fund on the Effective Date, and starting in October 2023, they will make quarterly payments of $1,279,474.17 into the General Unsecured Creditors Fund until the earlier of the time Class 7 creditors are paid in full, or July 2027. In addition, in the event that the Reorganized Debtors obtain a net recovery on account of its pre-bankruptcy claims against USPS that recovery will also be deposited into the General Unsecured Creditors Fund. The allowed unsecured claims total $22,951,586.69. This Class will receive a distribution of 100% of their allowed claims in 48 months. Class 8 consists of the disputed unsecured non-priority claim of USPS in the amount of $15 million reflected in section 3.345 of MFE's Schedule F filed on June 2, 2022. Class 8 is impaired. USPS contends that MFE owes it $15 million for the prepayment it made to MFE in February 2022. MFE disputes that contention, and believes that USPS in fact owes MFE substantially in excess of $15 million (approximately $9 million more) for its various pre-bankruptcy claims against USPS. The Plan does not resolve these disputes, but rather, preserves the respective rights of USPS and Matheson against each other. The Plan, however, does provide that notwithstanding any order approving assumption of contract 5CLOSV-22-B-0001 for the Atlanta (ATL) and Cap Metro (CBR) Surface Transfer Centers under this Plan or otherwise, no payment shall be made to USPS on account of the Class 8 claim unless and until the disputes between USPS and the Debtors relating to the Class 8 claim and the Debtors' prepetition claims against USPS have been resolved by a Final Order issued by a court of competent jurisdiction. No provision of this Plan or any order authorizing the assumption of contract 5CLOSV-22-B-0001 shall be deemed to have claim or issue preclusive effect upon USPS's right to seek recovery of the Class 8 claim, or any defenses to the Class 8 claim that the Debtors or the Reorganized Debtors may hold. Class 9 consists of Allowed Unsecured Claims not entitled to priority under a provision of section 507 of the Bankruptcy Code that are held by an Insider. Class 9 is impaired. Claims held by Insiders (which generally includes affiliates, officers, directors of a debtor corporation, and family members) are estimated to be approximately $270,000.00. The Plan provides that payment on account of any claim held by an Insider (fixed or contingent) will be deferred until after all Class 7 General Unsecured Claims are paid in full. Class 10 consists of Unsecured Claims which are in an amount less than $2,500.00, or any other Class 7 Claim that votes to accept the Plan and elects in its ballot to reduce its claim to $2,500.00 or less and be treated as a Class 10 Claim Holder. Class 10 is unimpaired. The Plan provides that claims of creditors owed $2,500.00 or less will be paid in full on the Effective Date. The Debtors estimate that this group consists of approximately 401 claims, which in the aggregate are owed approximately $303,000.00. In addition, General Unsecured Creditors in Class 7 who vote to accept the Plan can elect to reduce their claims to $2,500.00 or less and be paid in full on the Effective Date along with Class 10 Claimholders. Class 11 consists of the shareholder, partnership, and/or member interests (as applicable) in any of the Debtors. Class 11 is impaired. The Plan provides that all current holders of equity interests in the Debtors (whether such interest is stock, a partnership interest, or member interest) will retain their interests. However, the Plan precludes the Reorganized Debtors from making any distributions on account of an equity interest until all Allowed General Unsecured Claims in Class 7 are paid in full. On the Effective Date, all assets of the Debtors and the Debtors' Estates shall revest in the Debtors free and clear of all liens, claims, or interests, except to the extent such lien, claim, or interest is preserved through a specific provision of this Plan. The Debtors believe that all creditors will benefit from substantive consolidation. First, it will eliminate intercompany claims, and alleviate the administrative burden of determining the extent of guarantee claims and claims of the same origin that are asserted against multiple debtors. This will make it possible for the Reorganized Debtors to complete the process of reviewing and objecting to claims faster. This in turn means that the Reorganized Debtors will be able to minimize unnecessary or duplicative reserves for disputed claims, and speed the distributions to allowed claimholders. Second, the Debtors' financial analysis suggests that combining the assets and liabilities of three entities into essentially a single company will contribute to the financial health of each of the Debtors compared to what would be the case if they operated on a standalone basis after confirmation of the Plan. The Debtors therefore believe that substantive consolidation will facilitate their ability to pay creditors under the Plan. A full-text copy of the Disclosure Statement dated February 28, 2023 is available at https://bit.ly/3meTmcX from Donlin, Recano & Company, Inc., claims agent. Attorneys for Debtors: Gregory C. Nuti, Esq. Christopher H. Hart, Esq. Kevin W. Coleman, Esq. Nuti Hart, LLP 411 30th Street, Suite 408 Oakland, CA 94609 Tel: 510-506-7153 Email: gnuti@nutihart.com chart@nutihart.com kcoleman@nutihart.com About Matheson Matheson Flight Extenders, Inc. and Matheson Postal Services, Inc. provide short and long-haul transportation, logistics and ground handling services. The companies are based in Sacramento, Calif. Matheson Flight Extenders and Matheson Postal Services sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case Nos. 22-21148 and 22-21149) on May 5, 2022. On July 14, 2022, Matheson Trucking, Inc., an affiliate, filed for Chapter 11 protection (Bankr. E.D. Calif. Case No. 22-21758). The cases are jointly administered under Case No. 22-21148. In the petitions signed by Charles J. Mellor, chief restructuring officer, the Debtors disclosed up to $50 million in both assets and liabilities. Judge Christopher M. Klein oversees the cases. Nuti Hart, LLP and Development Specialists, Inc. serve as the Debtors' bankruptcy counsel and financial advisor, respectively. Donlin, Recano & Company, Inc. is the Debtors' claims, noticing and solicitation agent, and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee of unsecured creditors in the Debtors' cases. The committee is represented by Felderstein Fitzgerald Willoughby Pascuzzi & Rios, LLP. MICHAELANGELO GIIK: March 22 Auction for Flatiron Building ---------------------------------------------------------- Peter A. Axelrod, Esq., referee, will sell at a public auction, to be held at the front entrance of the New York County Courthouse, located at 60 Centre Street, New York, New York, or such other space in said Courthouse as the Supreme Court - County of New York may designate, on March 22, 2023, at 2:00 p.m., the real property owned by Michaelangelo GIIK Flatiron LLC, New Triple Crown LLC, Flatiron Newmark Partners LLC and Flatiorn Acquisition LLC, located at 175 Fifth Avenue, New York, New York, being the building commonly known as "The Flatiron Building" describe as follows: Block 851, Lot 1 on the tax map of the Borough of Manhattan, and more particularly describe as all that certain plot, piece, or parcel of land, lying and being in Borough of Manhattan, County, City, and State of New York, and being more particularly bounded and described as follows: a) Beginning at the corner formed by intersection of the northerly side of East 22nd Street and easterly side of Fifth Avenue. b) Thence easterly along the northerly side of East 22nd Street, 85 feet 8 inches to the westerly side of Broadway. c) Thence northerly along the westerly side of Broadway, 214 feet 6 inches to the southerly of Madison Square South. d) Thence wester along the southerly side of Madison Square South 2 feet to the easterly side of Fifth Avenue, e) Thence southerly along the easterly side of Fifth Avenue, 197 feet 6 inches to the point or place of Beginning. At the conclusion of the auction sale, the successful bidder will be required to agree to be bound by the terms of the interlocutory Judgment and terms of sale, including but not limited to the terms specifying the successful bidder's liability for damages in the event of a default; and to pay a down payment of 10% of the amount of the successful bid as detailed in the interlocutory judgment an d terms of sale. MOBIQUITY TECHNOLOGIES: Tasso Partners Has 5.8% Stake as of Dec. 31 ------------------------------------------------------------------- Tasso Partners, LLC disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Dec. 31, 2022, it beneficially owns 566,000 shares of common stock of Mobiquity Technologies, Inc., representing 5.76 percent based upon 9,834,366 common shares outstanding as of the filing date of this report. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1084267/000168316823000915/tasso_sc13g.htm About Mobiquity Headquartered in Shoreham, NY, Mobiquity Technologies, Inc. is a next-generation marketing and advertising technology and data intelligence company which operates through its proprietary software platforms in the programmatic advertising space. The Company's product solutions are comprised of two proprietary software platforms: its advertising technology operating system (or ATOS) platform; and its data intelligence platform. Mobiquity reported a net comprehensive loss of $34.95 million for the year ended Dec. 31, 2021, a net comprehensive loss of $15.03 million for the year ended Dec. 31, 2020, and a net comprehensive loss of $44.03 million for the year ended Dec. 31, 2019. As of Sept. 30, 2022, the Company had $4.02 million in total assets, $1.83 million in total liabilities, and $2.20 million in total stockholders' equity. Lakewood, Co-based BF Borgers CPA PC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 29, 2022, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. MOVING PROS: Gets Approval to Hire Premiere Tax as Accountant ------------------------------------------------------------- Moving Pros, LLC received approval from the U.S. Bankruptcy Court for the District of Arizona to employ Premiere Tax and Accounting Services, PLLC as its accountant. Premiere will provide general accounting, payroll, and administrative services at a rate of $150 per hour and annual tax preparation services at a rate of $350 per hour. As disclosed in court filings, Premiere and its agents are "disinterested" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brenda M. Hershkowitz, EA Premiere Tax and Accounting Services, PLLC 3623 Crossings Dr Prescott, AZ 86305 Phone: +1 928-460-5908 About Moving Pros Moving Pros, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. 23-00571) on Jan. 30, 2023, with as much as $1 million in both assets and liabilities. Robert Jeager, member, signed the petition. Judge Madeleine C. Wanslee oversees the case. The Debtor tapped Allen Barnes & Jones, PLC as legal counsel and Premiere Tax and Accounting Services, PLLC as accountant. MRVANDY INC: Seeks Cash Collateral Access ----------------------------------------- MrVandy Inc., d/b/a Waters Edge Winery & Bistro asks the U.S. Bankruptcy Court for the Central District of Illinois, Peoria Division, for authority to use cash collateral. The Debtor requires the use of cash collateral to stay a going concern. The Debtor has immediate cash needs, as it is open to the public and hosts private events on a daily basis. According to the Debtor's records and the most recently available public search, the Debtor's primary lender with a security interest against "cash collateral" is Hometown Community Bank, which the Debtor believes holds a first position, perfected security interest in substantially all of the cash collateral. The Debtor suggests that a post-petition lien on its post-petition receivables to replace the loss of any pre-petition receivables, and a lien against the Debtor-In-Possession deposit accounts in favor of HCB would be appropriate. The Debtor has two creditors that appear to be merchant cash advance lenders, National Funding and Quick Bridge Funding, that may assert an interest or lien in the Debtor's current deposit accounts and receivables. The Debtor also requests the Court to set an expedited hearing, if possible. A copy of the order is available at https://bit.ly/3Je1UtO from PacerMonitor.com. A copy of the budget is available at https://bit.ly/3Jq8FJf from PacerMonitor.com. The Debtor projects total expenses, on a monthly basis, as follows: $21,058 for March 2023; $21,058 for April 2023; $22,558 for May 2023; $22,558 for June 2023; $22,558 for July 2023; and $24,078 for August 2023. About MRVandy Inc. MRVandy Inc. is a craft winery in Central Illinois making eco friendly, low sulfite, international wines. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 23-80142) on March 3, 2023. In the petition signed by Michael R. Vandy, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Sumner A. Bourne, Esq., at Rafool & Bourne, P.C., represents the Debtor as legal counsel. Judge Thomas L. Perkins oversees the case. MULVADI CORPORATION: Unsecureds to Get Share of Income for 5 Years ------------------------------------------------------------------ Mulvadi Corporation filed with the U.S. Bankruptcy Court for the District of Hawaii a Small Business Plan of Reorganization under Subchapter V dated February 28, 2023. The Debtor is primarily a wholesaler of various products to grocers and retailers throughout the State of Hawaii, with an emphasis on packaging and distribution of Kona coffee, primarily 100% Kona coffee. The bankruptcy was filed, in part, because the Debtor could not afford the cost of trial in a purported class action lawsuit filed by certain Kona coffee farmers (the "Plaintiffs") in the United States District Court for the Western District of Washington (the "Mainland Lawsuit"). The Debtor accrued in excess of $500,000 in attorneys' fees defending itself in the Mainland Lawsuit. As of the Petition Date, the Debtor's principal assets consisted of approximately $82,893 in inventory, approximately $415,045 in accounts receivable, and cash at the Bank of Hawaii and Central Pacific Bank totaling approximately $55,611. The Debtor's FF&E are estimated to be worth approximately $14,500. The Debtor's vehicles are estimated to be worth approximately $18,000. The Debtor has no secured creditors. As of the Petition Date, the Debtor owed approximately $12,515 in accrued employee benefits, approximately $6,231 of which are afforded priority unsecured status because they were earned in the 180 days immediately prior to the Petition Date. The Debtor scheduled approximately $1,041,566 in non-employee general unsecured claims. The last day for creditors to file pre-petition unsecured claims against the Debtor was fixed by the Court as February 8, 2023. Approximately $481,174 in total unsecured claims has been filed against the Debtor as of February 8, 2023 (excluding the claims asserted by Kona Coffee Plaintiffs which together assert claims totaling approximately $26.34 million). Class 1 consists of claims of Employee benefits earned before the Petition Date. Except to the extent that the holder of an Allowed Class 1 Claim agrees to a different treatment, the holder of an Allowed Class 1 Claim who is not employed by the Debtor as of the Effective Date shall receive on account of such Allowed Claim, Cash in the amount equal to the holder's Allowed Claim, 30 days after the later of (a) the Effective Date; and (b) the date on which an order allowing such Claim becomes a Final Order, and, in each case, or as soon thereafter as is practicable. Class 2 consists of General Unsecured Claims. Pro Rata share of the Debtor's net disposable income over a period of five years (totaling approx. $130,000) in equal quarterly installments beginning on the later of the Effective Date or the date the Claim is Allowed. This Class is impaired. Class 3 consists of Equity Interest holders. Equity interest holders shall retain interest in Debtor. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The Debtor will continue its business operations and pay Plan obligations from its net disposable income. The Debtor's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post-confirmation taxes, of approximately $130,000 over a five-year period. The final Plan payment is expected to be paid in June, 2028. In preparing its financial projections, the Debtor has assumed that the sales will grow moderately through 2028. A full-text copy of the Plan of Reorganization dated February 28, 2023 is available at https://bit.ly/3yc0cTl from PacerMonitor.com at no charge. Attorneys for Debtor: Chuck C. Choi, Esq. Choi & Ito, Attorneys at Law 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Telephone: (808) 533-1877 Facsimile: (808) 566-6900 Email: cchoi@hibklaw.com aito@hibklaw.com About Mulvadi Corporation Mulvadi Corporation is a coffee manufacturer in Honolulu, Hawaii. It ships a variety of Island treats such as granola, mac nuts, mac nut brittles and many other traditional island favorites. Mulvadi filed its voluntary petition for Chapter 11 protection (Bankr. D. Haw. Case No. 22-00855) on Nov. 30, 2022, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Steven Mulgrew, president of Mulvadi, signed the petition. Judge Robert J. Faris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, Attorneys at Law, serves as the Debtor's legal counsel. MYOMO INC: Hewlett Fund Has 4.78% Stake as of Feb. 14 ----------------------------------------------------- The Hewlett Fund LP disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Feb. 14, 2023, it beneficially owns 1,000,000 shares of common stock of Myomo, Inc., representing 4.780%, based on 20,919,682 shares outstanding as of Feb. 14, 2023. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1369290/000121390023011956/ea173747-13ga1hewlett_myomo.htm About Myomo Headquartered in Cambridge, Massachusetts, Myomo, Inc. -- http://www.myomo.com-- is a wearable medical robotics company that offers expanded mobility for those suffering from neurologicaldisorders and upper limb paralysis. Myomo develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury. Myomo reported a net loss of $10.37 million for the year ended Dec. 31, 2021, a net loss of $11.56 million for the year ended Dec. 31, 2020, a net loss of $10.71 million for the year ended Dec. 31, 2019, and a net loss of $10.32 million for the year ended Dec. 31, 2018. As of Sept. 30, 2022, the Company had $12.16 million in total assets, $4.33 million in total liabilities, and $7.82 million in total stockholders' equity. NANI WALE O'PUAKO: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------- Nani Wale O' Puako, LLC and its Affiliates filed with the U.S. Bankruptcy Court for the District of Hawaii a Disclosure Statement for Chapter 11 Plan of Reorganization dated March 2, 2023. In or about 2016, Mr. Paul Allen was the owner of all 4 parcels, TMK No. 7-1-004, TMK No. 7-1-3005, TMK No. 7-1-3006, TMK No. 7-1-3-011. Mr. Brian Anderson began negotiations with Mr. Allen to purchase all 4 parcels. These negotiations were unsuccessful and Mr. Anderson did not complete the purchase. Thereafter, in or about 2018, Mr. Allen passed away and the subject property passed to a trust. Mr. Anderson was in contact with representatives of the trust to purchase the property from the trust. This time the negotiations were successful and Mr. Anderson was able to purchase the 4 parcels for $16 million. The purchase was financed by way of a promissory note, mortgage and guaranty of Mr. Anderson from Superior Investment XIX, Inc. Mr. Anderson was unable to satisfy the April 29, 2019 maturity and the November 1, 2018 note went into default and the note accrued interest at the default rate of 25% interest. On October 13, 2020, Superior filed its Complaint for foreclosure. The requested relief was granted and Mr. Wayne K.T. Mau was appointed as a Foreclosure Commissioner. According to the Commissioner's Report filed on October 14, 2022, the Commissioner conducted an auction sale in compliance with the Rules of the First Circuit Court and there was only one bidder, a credit bid by Superior, for $14 million. Despite the steps taken to conduct a reasonable auction sale, Superior was the only bidder. Class 4 consists of Convenience Claims. Convenience Claims are General Unsecured Claims which are: (i) in the amount of $2,000 or less or (ii) in the amount greater than $2,000 but which the holder agrees to reduce to $2,000 in order to be treated as a Convenience Claim. The Debtors estimate that there may be approximately $5,000 in valid Convenience Claims that fall under the $2,000 threshold. Holders of Allowed Convenience Claims shall receive Cash in an amount equal to 100% of the Allowed amount of such Convenience Claim, 30 days after the Effective Date or as soon thereafter as is practicable. Class 4 is not impaired, and the holders of Allowed Claims in Class 4 are not entitled to vote to accept or reject the Plan. Class 5 consists of General Unsecured Claims. The Debtors estimate that there is approximately $219,130.68 in valid Priority and General Unsecured Claims, as of March 1, 2023. The claims bar date is April 19, 2023. The holder of an Allowed General Unsecured Claims shall receive on account of its Allowed General Unsecured Claim in full and complete satisfaction, discharge and release thereof: 100% of their Allowed Claim with post-petition interest at 3% simple interest per annum, paid in full within 5 years of the Effective Date, or earlier if sales proceeds allow. Class 5 is impaired. Class 6 consists of Deficiency Claim of Class 2 Undersecured Secured Creditor. Superior has filed a secured claim in the amount of $26,886,844.19. The Debtors will file a Motion to Value or agree to a compromised amount as a Superior claim bifurcated into a Class 2 secured claim and a Class 6 undersecured secured claim in the amount to be determined by the Court, as the difference between the claimed amount of $26,886,844.19 and the value of the property as determined by the Court, or $6,886,844 as a Class 6 undersecured secured claim, unless the parties agree on the value of the bifurcated claim. The difference between the claimed secured amount of $26,886,844.19 and the Court determined value of the properties, which may be $20,400,000. The Debtors estimate Superior's Class 6 undersecured secured claim at $6,486,844 to be paid as per the Class 5 general unsecured claim. The holder of the Class 6 claim is impaired Class and has the right to vote to accept or reject the Plan. Class 7 consists of Equity Interests. The holder of an Allowed Equity Interest in the Debtors will retain the same percentage of equity interests in the Reorganized Debtors as the Class 7 pre-petition equity interest held in the Debtors. Even though Class 7 is not impaired, and the holders of the Allowed Equity Interests in the Debtors are deemed to reject the Plan as this Class 7 even though the Class 7 claimants will receive an equity distribution under the Plan in the Reorganized Debtor. The Plan provides that the Reorganized Debtors will retain ownership of the 4 parcels. The Reorganized Debtors' management will be Mr. Brian Anderson. Mr. Anderson's work on real property developments on the Big Island and his real property development experience will provide the management necessary to effect a sale of the 4 parcels. Even this pre-petition appraisal shows a differential of $8 million between "as is" (without permits) fee simple value of $15,040,000 and a fully permitted and entitled value of $23,300,000. The present zoning of a single residence of up to 5,000 square feet, which fully permitted sale would yield substantially more than the "as is" unpermitted property. As each of the 4 parcels are sold, the Class 2 secured creditor would receive the net sales proceeds, after the payment of certain permitting costs and expenses, including sales commissions and the payment of the Class 3 secured real property taxes. If the Plan is not confirmed, the Debtors would toggle or switch to the sales procedure described in Appendix I and sell the assets by auction. The Class 5 and 6 are to be paid pro rata so that the Class 5 and Class 6 creditors receive the same percentage of the net sales proceeds, after the payment of real property taxes, from the surplus proceeds, after the payment of the Class 2 payments are made in full, including costs and expenses. The Class 3 claim will be paid over 5 years, from the net sales proceeds or sooner, as sales occur and the Class 3 claims are paid. A full-text copy of the Disclosure Statement dated March 2, 2023 is available at https://bit.ly/3JdlR3P from PacerMonitor.com at no charge. Attorneys for Debtors: O'CONNOR PLAYDON GUBEN & INOUYE LLP A LIMITED LIABILITY LAW PARTNERSHIP Jerrold K. Guben, Esq. Rachel A. Zelman, Esq. Pacific Guardian Center Mauka Tower, Suite 2340 737 Bishop Street Honolulu, Hawaii 96813 Telephone: (808) 524-8350 Facsimile: (808) 531-8628 Email: JKG@opgilaw.com RAZ@opgilaw.com About Nani Wale O' Puako Nani Wale O' Puako LLC and its affiliates are single asset real estates as defined in 11 U.S.C. Sec. 101(51B). Nani Wale O' Puako, Nani Wale O' Laika LLC, Nani Wale O' Anahulu LLC, and Nani Wale O' 'Anaeho' Omalu LLC each filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Hawaii Lead Case No. 22-00899) on Dec. 14, 2022. In the petition filed by managing member, Brian A. Anderson, Nani Wale O' Puako reported $1 million to $10 million in both assets and liabilities. Judge Robert J. Faris oversees the cases. The Debtors are represented by Jerrold K. Guben, Esq., at O'Connor Playdon & Guben. NATIONAL CINEMEDIA: Cinemark Media Acquires 41.9MM Common Shares ---------------------------------------------------------------- National Cinemedia Inc. disclosed in a recent Form 8-K filed with the Securities and Exchange Commission that Cinemark Media, Inc. has swapped 41,969,862 shares of National CineMedia, LLC common membership units for the same number of National Cinemedia Inc. common stock. The Second Amended and Restated Certificate of Incorporation of National CineMedia, Inc. -- NCM Inc. -- and the Third Amended and Restated Limited Liability Company Operating Agreement, as amended, of National CineMedia, LLC -- NCM LLC -- provide a redemption right to NCM LLC members to exchange common membership units of NCM LLC for shares of NCM Inc.'s common stock on a one-for-one basis, or at NCM Inc.'s option, a cash payment equal to the market price of one share of the Company's Common Stock. On February 17, 2023, the Company received a Notice of Redemption from Cinemark Media for the redemption of 41,969,862 common membership units, with a redemption date of February 23, 2023. Pursuant to the Notice of Redemption, Cinemark surrendered certificates evidencing the common membership units to NCM LLC for cancellation and, the Company contributed an equal number of newly issued shares of its Common Stock to NCM LLC in exchange for the common units surrendered and redeemed by Cinemark. NCM LLC in turn transferred the shares of Common Stock to Cinemark. The shares of Common Stock were issued in reliance upon the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof for transactions not involving a public offering. About National Cinemedia Inc. National CineMedia Inc. (NCM) is a cinema advertising network in the U.S. NCM's Noovie pre-show is presented exclusively in 47 leading national and regional theater circuits including AMC Entertainment Inc. (NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group (a subsidiary of Cineworld Group PLC, LON: CINE). NCM's cinema advertising network offers broad reach and audience engagement with over 20,100 screens in over 1,600 theaters in 195 Designated Market Areas (all of the top 50). NCM Digital and Digital-Out-Of-Home (DOOH) go beyond the big screen, extending in-theater campaigns into online, mobile, and place-based marketing programs to reach entertainment audiences. National CineMedia, Inc. (NASDAQ:NCMI) owns a 48.3% interest in, and is the managing member of, National CineMedia, LLC. On the Web: HTTP://www.ncm.com/ and HTTP://www.noovie.com/ As of Sept. 29, 2022, the Company had $775.4 million in total assets, $1.23 billion in total liabilities, and a total deficit of $453.8 million. * * * As reported by the TCR on Oct. 5, 2022, S&P Global Ratings lowered its issuer credit rating to 'CCC' from 'B-' on National Cinemedia Inc. to reflect the increased risk of a default event due to upcoming debt maturities and expected covenant breaches over the next 12 months. NATIONAL CINEMEDIA: Skips $6.6MM Interest Payment on 2026 Notes --------------------------------------------------------------- National Cinemedia Inc. disclosed in a recent Form 8-K Report filed with the Securities and Exchange Commission that the Company has opted to enter a 30-day grace period for the $6.6 million interest payment for Senior Notes due 2026 under its indenture agreements with secured lenders. National CineMedia, Inc. and NCM LLC are actively engaged in negotiations with certain of NCM LLC's secured lenders regarding NCM LLC's indebtedness. At this time, no agreement has been reached regarding NCM LLC's indebtedness. About National Cinemedia Inc. National CineMedia Inc. (NCM) is a cinema advertising network in the U.S. NCM's Noovie pre-show is presented exclusively in 47 leading national and regional theater circuits including AMC Entertainment Inc. (NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group (a subsidiary of Cineworld Group PLC, LON: CINE). NCM's cinema advertising network offers broad reach and audience engagement with over 20,100 screens in over 1,600 theaters in 195 Designated Market Areas (all of the top 50). NCM Digital and Digital-Out-Of-Home (DOOH) go beyond the big screen, extending in-theater campaigns into online, mobile, and place-based marketing programs to reach entertainment audiences. National CineMedia, Inc. (NASDAQ:NCMI) owns a 48.3% interest in, and is the managing member of, National CineMedia, LLC. On the Web: HTTP://www.ncm.com/ and HTTP://www.noovie.com/ As of Sept. 29, 2022, the Company had $775.4 million in total assets, $1.23 billion in total liabilities, and a total deficit of $453.8 million. * * * As reported by the TCR on Oct. 5, 2022, S&P Global Ratings lowered its issuer credit rating to 'CCC' from 'B-' on National Cinemedia Inc. to reflect the increased risk of a default event due to upcoming debt maturities and expected covenant breaches over the next 12 months. NATIONAL PHARMACY: UST Appoints Richmond as Subchapter V Trustee ---------------------------------------------------------------- David W. Asbach, Acting United States Trustee for Region 5, appointed Ryan J. Richmond as Subchapter V Trustee for the National Pharmacy Acquisition, LLC d/b/a National Infusion Services, et al. Pending appointment, Mr. Richmond will be compensated at $355.00 per hour for his service as Subchapter V Trustee, in addition to reimbursement for related expenses incurred. Mr. Richmond declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. A copy of the notice is available for free at https://bit.ly/3ZjEQyW from PacerMonitor.com. Proposed Subchapter V Trustee: Ryan J. Richmond 251 Florida Street, Suite 203 Baton Rouge, LA 70801-17032 Telephone: 225-412-3667 Facsimile: 225-286-3046 Email: ryan@snw.law About National Pharmacy Acquisition National Pharmacy Acquisition owns and operates a pharmacy-based, decentralized patient care organization that provides care to patients with acute or chronic conditions generally pertaining to parenteral administration of drugs, biologics and nutritional formulae administered through catheters and/or needles in home and alternate sites. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 23-10102) on February 17, 2023. In the petition signed by Sharon LeBouef, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Noel Steffes Melancon, Esq., at The Steffes Firm, LLC, represents the Debtor as legal counsel. NEW ERA TECHNOLOGY: Midcap Marks $1.7M Loan at 47% Off ------------------------------------------------------ Midcap Financial Investment Corporation has marked its $1,732,000 loan extended to New Era Technology, Inc. to market at $913,000 or 53% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in Midcap Financial's Form 10-K for the transition period from April 1, 2022 to December 31, 2022, filed with the Securities and Exchange Commission on February 21, 2023. Midcap Financial is a participant in a First Lien Secured Debt - Revolver to New Era Technology, Inc. The loan accrues interest at a rate of 1.00% (L+625) per annum. The loan matures on October 30, 2026. Midcap Financial is a Maryland corporation incorporated on February 2, 2004. It is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Apollo Investment Management, L.P. is the investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (AGM). Apollo Investment Administration, LLC, an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. New Era Technology, Inc. provides information technology services. The Company offers collaboration, cloud, data networking, security, and managed service solutions. New Era Technology serves customers worldwide. NEWAGE INC: Court Confirms Chapter 11 Liquidation Plan ------------------------------------------------------ Leslie A. Pappas of Law360 reports that direct-to-consumer juice seller NewAge Inc. won a Delaware bankruptcy court's approval of a Chapter 11 liquidation plan after resolving claims with multiple creditors including tax authorities and waiving its rights to pursue other claims. On Oct. 17, 2022, the Bankruptcy Court entered an order approving the sale of substantially all of NewAge's, Ariix's, and Morinda's assets and Holding's equity to DIP Financing LLC with a purchase price consisting of: (i) a credit bid of the full outstanding amounts owed it under the EWB Credit Facility; (ii) a credit bid of the full amount of the DIP Facility; (iii) the payment of all cure costs of assumed and assigned contracts and leases; and (iv) the assumption of certain liabilities as set forth in the Asset Purchase Agreement dated as of August 30, 2022 In November 2022, the Debtors obtained approval to sell the DSD Business to Legacy Distribution Group, LLC, with a purchase price of $4,500,000, subject to net working capital adjustment. Following the sale, the Debtors have worked toward preparing an orderly winddown of the Chapter 11 Cases and the proposal of a liquidating Chapter 11 plan. A copy of the Third Amended Combined Disclosure Statement and Joint Chapter 11 Plan of Liquidation dated Jan. 6, 2023, is available at https://bit.ly/3ZkU3AF from PacerMonitor.com. About NewAge Inc. NewAge Inc. (Nasdaq: NBEV) -- http://www.NewAgeGroup.com/-- a Utah-based company, commercializes a portfolio of organic and healthy products worldwide primarily through a direct-to-consumer (D2C) route to market distribution system across more than 50 countries. The company competes in three major category platforms including health and wellness, inner and outer beauty, and nutritional performance and weight management. NewAge Inc. and certain of its subsidiaries, Ariix LLC, Morinda Holdings, Inc., and Morinda, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10819) on August 30, 2022. NewAge reported total assets of $310,902,000 against total liabilities of $149,447,000 as of the bankruptcy filing. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Greenberg Traurig, LLP as bankruptcy counsel and SierraConstellation Partners, LLC as financial advisor. Houlihan Lokey Capital, Inc., conducted the pre-bankruptcy marketing process for the Debtors. Stretto is the claims agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Sept. 14, 2022. Cole Schotz P.C. and Dundon Advisers LLC serve as the committee's legal counsel and financial advisor, respectively. On Nov. 30, 2022, the Debtors filed a combined disclosure statement and joint Chapter 11 plan of liquidation. NGL & EROSION: Case Summary & Seven Unsecured Creditors ------------------------------------------------------- Debtor: NGL & Erosion Control Group, LLC 624 Atlanta Highway, NW Winder, GA 30680 Business Description: The Debtor provides services to buildings and dwellings. Chapter 11 Petition Date: March 6, 2023 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 23-20266 Debtor's Counsel: G. Frank Nason, IV, Esq. LAMBERTH, CIFELLI, ELLIS & NASON, P.A. 6000 Lake Forest Drive, NW Ste. 435 Atlanta, GA 30328 Tel: 404-262-7373 Email: fnason@lcenlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by James Scott as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's seven unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VE2SVOQ/NGL__Erosion_Control_Group_LLC__ganbke-23-20266__0001.0.pdf?mcid=tGE4TAMA NORMANDIE LOFTS: Court OKs Cash Collateral Access Thru March 31 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, authorized Normandie Lofts Ktown, LLC to use cash collateral on an interim basis in accordance with the budget. The Debtor requires the use of cash collateral to assure continued business operations. Impact Mortgage is an assignee of Rose Community Capital, LLC. Based upon a Loan Agreement dated as of February 5, 2021, Rose made a loan to the Debtor in the original principal amount of $7.550 million to finance 50 affordable apartment units located at 167 Normandie Avenue, Los Angeles, California 90004, and known as "Normandie Lofts". As of the Petition Date, the Debtor owed the Lender in the non-contingent liquidated amount of $8.350 million inclusive of principal, accrued and unpaid interest at the base and post-default rates set forth in the Loan Documents. As of the Petition Date, the Prepetition Obligations were secured by liens and security interests encumbering substantially all of the Debtor's assets. The Court said the Debtor may use cash collateral in accordance with the budget, with a 10% variance from the Petition Date through and including the earlier to occur of March 31, 2023, or a later period as may be agreed to in writing by the Lender. As adequate protection, the Lender is granted valid, binding, and enforceable postpetition liens on and security interests in the Prepetition Collateral, all postpetition assets of the Debtor's estate of the same nature and/or type as the assets that comprise the Prepetition Collateral. As additional adequate protection, the Lender will be granted a postpetition claim against the Debtor's estate, which will be granted an allowed administrative expense of the Debtor's estate. A final hearing on the matter is set for March 10, 2023 at 1:30 p.m. A copy of the order is available at https://bit.ly/3YsYRT2 from PacerMonitor.com. About Normandie Lofts KTown Normandie Lofts KTown LLC owns the "Normandie Lofts," which are affordable apartment units located at 167 Normandie Avenue, Los Angeles, California 90004. Normandie Lofts KTown LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10125) on Jan. 30, 2023. The Debtor is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). In the petition filed by Edward Lorin, as manager, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. The case is overseen by the Honorable Bankruptcy Judge Martin R. Barash. The Debtor is represented by Leslie A Cohen, Esq., at Leslie Cohen Law PC. NORTHEAST TOMATO: Wins Cash Collateral Access Thru March 16 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Pennsylvania authorized Northeast Tomato Distributors Inc. to use cash collateral on an interim basis in accordance with the budget, through the date of the final hearing set for March 16, 2023 at 2 p.m. The Debtor requires the use of cash collateral to pay its expenses and continue its operations. As previously reported by the Troubled Company Reporter, PNC Bank is believed to hold a first priority security interest in most of the personal property of the Debtor, including accounts, accounts receivable and cash. The Debtor is indebted to the Lender in the approximate amount of $300,000. The United States Small Business Association may hold a second priority security interest in some of the personal property of the Debtor, including accounts, and accounts receivable. The Debtor is indebted to the SBA for an EIDL loan that may not be secured. The amount owed on the loan is approximately $500,000. In order to provide adequate protection, the Lenders are granted replacement liens in post-Petition Cash Collateral, and all other assets in which the Lenders have a pre-Petition security interest and lien, only to the extent that the Lenders are secured in pre-Petition Cash Collateral. The replacement lien will only be effective to the extent there is a diminution in the amount of cash collateral post petition. In the event that post-Petition Cash Collateral is insufficient to provide an amount equal to such diminution, then the Lenders will have super priority status and have an administrative claim(s) having priority over all other administrative claims. A copy of the order is available at https://bit.ly/3JcE2qp from PacerMonitor.com. About Northeast Tomato Distributors, Inc. Northeast Tomato Distributors, Inc. is a corporation engaged in business of produce distribution and trucking services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-00432) on February 28, 2023. In the petition signed by Patrick Good, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mark J. Conway oversees the case. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff and Warshawsky PC, represents the Debtor as legal counsel. O'CONNOR CONSTRUCTION: Seeks to Extend Solicitation Period to May 3 ------------------------------------------------------------------- O'Connor Construction Group, LLC asks the U.S. Bankruptcy Court for the Northern District of Texas to extend the exclusive period during which it may solicit acceptances of its Chapter 11 plan until May 31. This is the third motion filed by the debtor to extend its exclusive solicitation period which was last extended to February 28. In its motion, the debtor explained that negotiations with the unsecured creditor constituency was made difficult as there are approximately 300 unsecured creditors without the benefit of committee representation. The debtor also stated that it has generated sufficient revenues to satisfy its post-petition obligation as they come due and that it has already proposed a plan of reorganization which is not only feasible, but also meets confirmation standards. About O'Connor Construction Group Based in Poolville, Texas, O'Connor Construction Group, LLC has over 30 years of experience as a commercial and industrial contractor specializing in food storage and processing facilities and provides turnkey design, construction and construction management services for projects nationwide, but focusing primarily in the South/Southwest. O'Connor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 22-40187-11) on Jan. 28, 2022, with up to $10 million in assets and up to $50 million in liabilities. Paul O'Connor, member and manager, signed the petition. Judge Edward L. Morris oversees the case. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP is the Debtor's legal counsel. Union Funding Source, Inc., as secured creditor, is represented by Shanna M. Kaminski, Esq. at Kaminski Law, PLLC. ONE IMPORTERS: Wins Cash Collateral Access Thru April 18 -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts authorized One Importers and Distributors, LLC to use cash collateral on an interim basis in accordance with the budget through the date of the continued hearing set for April 18, 2023 at 10 a.m. As adequate protection, the creditors holding a secured interest in the Debtors' assets are granted replacement liens to the same extent, priority, and perfection, and only to the extent unavoidable, that such secured creditors would have had in the absence of the bankruptcy filing. As previously reported by the Troubled Company Reporter, the U.S. Small Business Administration asserts an interest in the Debtor's cash collateral. On or before April 12, the Debtor is directed to file as attachments to a notice of supplemental documents to the Cash Collateral Motion (i) an updated 13-week budget, and (ii) a revised form of order, as a well as a redline comparison of the proposed form of order to the Order. The Debtor will file a budget-to-actual report by the 14th day of each month in which this Order remains in effect comparing the Debtor's use of cash collateral in the preceding month to the prior projections and explaining any material deviations therefrom. A copy of the order and the Debtor's budget is available at https://bit.ly/3kMBohK from PacerMonitor.com. The budget provides for total expenses, on a monthly basis, as follows: $24,320 for February 2023; $24,520 for March 2023; and $49,654 for April 2023. About One Importers and Distributors, LLC One Importers and Distributors, LLC operates a wholesale commercial bakery at 100 Weymouth Street, Unit # G2, Rockland, Massachusetts. It owns the commercial condominium unit in which it operates. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 22-11592) on November 11, 2022. In the petition signed by Maria Betania Damota, manager, the Debtor disclosed up to $1 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Marques C. Lipton, Esq., at Lipton Law Group, LLC, is the Debtor's counsel. OUTLOOK THERAPEUTICS: Jason Hope Has 7.8% Stake as of Feb. 16 ------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Jason Hope disclosed that as of February 16, 2023, he beneficially owned 20,000,000 shares of common stock of Outlook Therapeutics Inc., representing 7.8% of the shares outstanding. A full-text copy of the regulatory filing is available for free at https://tinyurl.com/4eyms8yw About Outlook Therapeutics Outlook Therapeutics, Inc., formerly known as Oncobiologics, Inc. -- http://www.outlooktherapeutics.com-- is a biopharmaceutical company working to develop the first FDA-approved ophthalmic formulation of bevacizumab for use in retinal indications, including wet AMD, DME and BRVO. If ONS-5010, its investigational ophthalmic formulation of bevacizumab, is approved, Outlook Therapeutics expects to commercialize it as the first and only on-label approved ophthalmic formulation of bevacizumab for use in treating retinal diseases in the United States, Europe, Japan and other markets. As of December 31, 2022, the Company had $62.6 million in total assets against $46.9 million in total liabilities. The Company has incurred recurring losses and negative cash flows from operations since its inception and has an accumulated deficit of $427.6 million of December 31, 2022. As of December 31, 2022, the Company had $31.8 million of principal and accrued interest due under an unsecured convertible promissory note issued in December 2022, maturing on January 1, 2024. As a result, there is substantial doubt about the Company's ability to continue as a going concern. In its quarterly report on Form 10-Q for the quarterly period ended December 31, 2022, the Company disclosed that through December 31, 2022, it has funded substantially all of its operations with $465.2 million in proceeds from the sale and issuance of equity and debt securities. It also received $29.0 million pursuant to a collaboration and licensing agreements through such date. The Company said its net loss for the three months ended December 31, 2022 was $18.7 million. It also had a net loss of $14.5 million for the three months ended December 30, 2021. It has not generated any revenue from product sales and anticipates incurring additional losses until such time, if ever, that it can generate significant sales of ONS-5010 or any other product candidate it may develop. "We evaluated whether there are conditions or events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern. Our current cash resources of $52.3 million as of December 31, 2022 are expected to fund our operations through the anticipated approval of ONS-5010 in the third calendar quarter of 2023 and into the fourth calendar quarter of 2023. These factors raise substantial doubt about our ability to continue as a going concern. We will need to raise substantial additional capital to fund our planned future operations, receive approval for and commercialize ONS-5010, commence and continue clinical trials, or develop other product candidates," the Company said. "We plan to finance our future operations with a combination of proceeds from potential licensing and/or marketing arrangements with pharmaceutical companies, the issuance of equity securities and the issuance of additional debt, potential collaborations and revenues from potential future product sales, if any. There are no assurances that we will be successful in obtaining an adequate level of financing for the development and commercialization of ONS-5010 or any other current or future product candidates. If we are unable to secure adequate additional funding, our business, operating results, financial condition and cash flows may be materially and adversely affected." PACIFIC ISLANDER: Seeks to Hire Jeffrey Schreiber as Legal Counsel ------------------------------------------------------------------ Pacific Islander Beer Company, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ Jeffrey D. Schreiber, Esq., an attorney practicing in La Jolla, Calif., as its counsel. The attorney will render these services: (a) negotiate with secured creditors for the purpose of obtaining cash collateral orders or stipulations; (b) negotiate with creditors for the purpose of obtaining cooperation for the proposed plan of reorganization; (c) negotiate, prepare, and file the Debtor's plan of reorganization and related disclosure statement; and (d) perform all other legal services for the Debtor, which may be necessary in its Chapter 11 case. The Debtor agreed to pay Mr. Schreiber at his hourly rate of $350 and paralegals at $125 per hour. Mr. Schreiber received an initial retainer of $6,738, including the court filing fee of $1,738. The attorney disclosed in a court filing that he is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey D. Schreiber, Esq. 4275 Executive Square, Suite 200 La Jolla, CA 92037 Telephone: (858) 643-9011 Facsimile: (858) 263-1255 Email: jschreiber@theschreiberlawdfirm.co About Pacific Islander Beer Company Pacific Islander Beer Company, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 23-00340) on February 8, 2023. In the petition signed by Kuuipoalona Lawler, managing member, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Laura S. Taylor oversees the case. Jeffrey D. Schreiber, Esq., represents the Debtor as legal counsel. PARLEE CYCLES: Taps Harvard Financial as Financial Advisor ---------------------------------------------------------- Parlee Cycles, Inc. received approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Harvard Financial Management as financial advisor. The firm will assist the Debtor in preparing budgets, forecasts, profitability analysis and cash flow analysis. The firm will be paid a monthly fee of $10,000, plus anticipated travel and related expenses. Lisa Eisenberg, a partner at Harvard Financial Management, disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lisa Eisenberg Harvard Financial Management P.O. Box 305 Harvard, MA 01451 Tel: (617) 877-3765 Email: leisenberg@harvardfinancialmanagement.com About Parlee Cycles Parlee Cycles, Inc., was founded in 2000 by its principal, Bob Parlee. A manufacturer of high-performance bikes in Beverly, Mass., the company pioneered a unique process to create the first fully customizable carbon-fiber road racing frames. Parlee Cycles sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. D. Mass. Case No. 23-10161) on Feb. 6, 2023, with up to $10 million in both assets and liabilities. Robert K. Parlee, president of Parlee Cycles, signed the petition. David B. Madoff, Esq., at Madoff & Khoury, LLP and Harvard Financial Management serve as the Debtor's legal counsel and financial advisor, respectively. PARLEE CYCLES: Taps Jamie Bradley as Chief Operating Officer ------------------------------------------------------------ Parlee Cycles, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Jamie Bradley as chief operating officer. The Debtor requires a chief operating officer to provide management, leadership, strategy and business support as well as sharing knowledge and experience in collaboration with team members and stakeholders towards achieving agreed upon goals and outcomes, both operational and financial in nature. Mr. Bradley will be paid a monthly fee of $10,000, plus expenses. As disclosed in court filings, Mr. Bradley is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. About Parlee Cycles Parlee Cycles, Inc., was founded in 2000 by its principal, Bob Parlee. A manufacturer of high-performance bikes in Beverly, Mass., the company pioneered a unique process to create the first fully customizable carbon-fiber road racing frames. Parlee Cycles sought protection under Chapter 11 of the U.S. Bankruptcy Code (Banker. D. Mass. Case No. 23-10161) on Feb. 6, 2023, with up to $10 million in both assets and liabilities. Robert K. Parlee, president of Parlee Cycles, signed the petition. David B. Madoff, Esq., at Madoff & Khoury, LLP and Harvard Financial Management serve as the Debtor's legal counsel and financial advisor, respectively. PARTY CITY: Bradley, Illinois Store Included in Closures -------------------------------------------------------- Daily Journal reports that Party City announced Thursday, February 23, 2023, it will be closing 22 stores, including the location at the Bradley Commons shopping center at 2060 N. Illinois Route 50 in Bradley, Illinois. The Bradley Commons complex is anchored by the Kohl's department store and the Super Walmart. Party City, based in Woodcliff Lake, N.J., filed for Chapter 11 bankruptcy protection on January 18, 2023, according to published reports. The party-supplies retailer said it will auction off 12 stores in six states and close another 10 in February 2023, with the possibility that more will close later, according to documents filed in bankruptcy court Thursday, February 23, 2023. Party City moved from a location in the Water Tower Plaza, anchored by Target, in Bourbonnais to the former home of the Gap clothing store in the Bradley Commons shopping center in June of 2018. The vacated 11,400-square-foot Party City store, which was just south of the Target store, became the new home for an Old Navy store, which opened in early 2019. Party City moved into the former 4,000-square-foot Gap location after the store had been in the Water Tower Plaza location for several years. The retail chain operates 823 retail locations, 770 of which were company-owned, according to court documents filed in January 2023. Party City has struggled since the onset of the coronavirus pandemic. Sales were slow during lockdowns, and supply-chain disruptions in the years since have hurt inventory levels, while helium has been in short supply, Reuters reported. No exact date was given for the closing of the Bradley store. About Party City Holdco Party City Holdco Inc. (NYSE: PRTY) is the global leader in the celebrations industry, with its offerings spanning more than 70 countries around the world. It is also the largest designer, manufacturer, distributor, and retailer of party goods in North America. Party City Holdco had 761 company-owned stores as of September 2022. It is headquartered in Woodcliff Lake, N.J. with additional locations throughout the Americas and Asia. On Jan. 17, 2023, Party City Holdco and its domestic subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90005). Party City Holdco disclosed total assets of $2,869,248,000 against total debt of $3,022,960,000 as of Sept. 30, 2022. Judge David R. Jones oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP and Porter Hedges, LLP as legal counsels; Moelis & Company, LLC as investment banker; A&G Realty Partners as real estate consultant; and AlixPartners, LLP as restructuring advisor. David Orlofsky, managing director at AlixPartners, serves as the Debtors' chief restructuring officer. Kroll Restructuring Administration, LLC is the claims, noticing and solicitation agent. Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and investment banker, respectively, to the ad hoc group of first lien holders. PENTA STATE: Exclusivity Period Extended to May 9 ------------------------------------------------- Judge David R. Jones of the U.S. Bankruptcy Court of the Southern District of Texas extended the periods during which Penta State LLC, et al. have the exclusive right to file a chapter 11 plan and to solicit a plan filed during the initial exclusivity period to May 9 and July 8, respectively. Judge Jones found that the extension is in the best interests of the debtors' estates, their creditors, and other parties in interest. About Penta State Penta State, LLC is a Tomball, Texas-based company formed by Dr. Saad Alsaab. Penta State units, Elite Medical Laboratory Solutions, LLC and Graham Tomball, LLC (each doing business as DIAX Labs), operate two independent laboratories based near Houston, Texas. DIAX Labs offers a suite of services, including (a) toxicology, (b) molecular diagnostics, (c) genetics, and (d) blood and wellness testing for patients with commercial insurance and Medicare beneficiaries. Penta State, along with affiliates Nationwide Laboratory Partners LLC, Elite Medical Laboratory Solutions, Graham Tomball, and Zayd Assets, LLC, filed for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90331) on Oct. 11, 2022. Amit Gupta, president of Penta State, signed the petition. In the petition, Penta State reported $10 million to $50 million in both assets and liabilities. Judge David R. Jones oversees the cases. Munsch Hardt Kopf & Harr, P.C. and Spencer Fane, LLP serve as the Debtors' bankruptcy counsel and special counsel, respectively. PHI GROUP: To Invest in Saigon Silicon City ------------------------------------------- Philux Global Group, Inc. (a/k/a PHI Group, Inc.) announced that the Company and two of its subsidiaries have signed an investment commitment agreement with Saigon Silicon City JSC., a Vietnamese joint stock company, to provide the required capital for SSC to complete the development and construction plan for over 51 hectares at Lots I6 & I7, Road D1, Saigon High Technology Park, Long Thanh My Ward, District 9, Ho Chi Minh City, Vietnam (https://www.dropbox.com/s/nhd2laqnirpujf4/CLIP%20SSC.mp4?dl=0) According to the Investment Commitment Agreement, Philux Global Group and its subsidiaries are committed to providing or causing to be provided a total of USD 500 million for investment in Saigon Silicon City for the first phase of construction and subsequent additional capital as needed to complete the SSC's entire development and investment program at Saigon High Technology Park (http://www.shtp.hochiminhcity.gov.vn/Pages/default.aspx). It is expected that within 30 days of the signing of Investment Commitment Agreement, the Company will provide US$50 million for SSC to resume the implementation of its building plan. Additonal tranches of US$50 million will be released to SSC at regular intervals as needed to ensure uninterrupted contruction progress. Subject to further satisfactory due diligence, both parties will determine and stipulate the terms and conditions of the investment tranches in writing prior to the release of funds to SSC. Philux Global Group intends to use portions of the US$4.6 billion from the investment management contracts already committed by certain international ultra-high net worth investment groups as well as additional funds expected to be arranged through Philux Global Funds SCA, SICAV-RAIF to invest in SSC and other select opportunities in Vietnam and elsewhere. Messrs. Nguyen Hoang Kiet and Le Anh Dat, principals of Saigon Silicon City, stated: "Though our project has experienced delays due to adverse impacts from the prolonged Covid-19 pandemic, we are delighted to partner with Philux Global Group at this critical time to move forward and fulfill our development and construction plan as soon as possible, which we believe will bring great benefits to all stakeholders in the near future." Henry Fahman, Chairman and CEO of Philux Global Group, concurred: "We are pleased to cooperate with Saigon Silicon City to advance this special project, which we expect will create significant value for our investors and shareholders." About PHI Group Headquartered in Irvine, California, PHI Group, Inc. (www.phiglobal.com) is primarily engaged in mergers and acquisitions, advancing PHILUX Global Funds, SCA, SICAV-RAIF, a "Reserved Alternative Investment Fund" under the laws of Luxembourg, and establishing the Asia Diamond Exchange in Vietnam. Besides, the Company provides corporate finance services, including merger and acquisition advisory and consulting services for client companies through its wholly owned subsidiary PHILUX Capital Advisors, Inc. (formerly PHI Capital Holdings, Inc.) and invests in selective industries and special situations aiming to potentially create significant long-term value for the Company's shareholders. PHILUX Global Funds intends to include a number of sub-funds for investment in select growth opportunities in the areas of agriculture, renewable energy, real estate, infrastructure, and the Asia Diamond Exchange in Vietnam. PHI Group reported a net loss of $21.15 million for the year ended June 30, 2022, compared to a net loss of $6.55 million for the year ended June 30, 2021. As of Dec. 31, 2022, the Company had $508,632 in total assets, $7.39 million in total liabilities, and a total stockholders' deficit of $6.88 million. Bangalore, India-based M.S. Madhava Rao, the Company's auditor, issued a "going concern" qualification in its report dated Jan. 13, 2023, citing that Company has an accumulated deficit of $71,717,973 and had a negative cash flow from operations amounting to $1,545,570 for the year ended June 30, 2022. These factors raise substantial doubt about the Company's ability to continue as a going concern. PIEDMONT DRAGWAY: Court OKs Interim Cash Collateral Access ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, authorized Piedmont Dragway of NC LLC to use cash collateral on an interim basis in accordance with the budget, with a 5% variance. A review of the North Carolina Secretary of State's UCC filings reveals these financing statements, which might perfect a lien on cash collateral: a. File # 20170026066A recorded March 14, 2017, in favor of Bank of North Carolina, 3239 South Church Street, Burlington, NC 27215, with a continuation filed as file # 20210128555B; b. File # 20190040733M recorded April 18, 2019, in favor of CT Corporation System, as representative, 330 N Brand Blvd, Suite 700, Attn: SPRS, Glendale, CA 91203; and c. File # 20200082212M recorded June 18, 2020, in favor of U.S. Small Business Administration, 2 North Street, Suite 320, Birmingham, AL 35203. 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 accounts receivable and inventory and products and proceeds thereof to the extent of the use and to the extent that the prepetition lien in the same type of collateral was valid, perfected, enforceable, and non-avoidable as of the petition date. The Debtor will pay $3,400 to Pinnacle Bank on or before March 10, 2023 as further adequate protection for its the use of its cash collateral. A further hearing on the matter is set for March 22, 2023 at 11 a.m. A copy of the order is available at https://bit.ly/41ZlIbM from PacerMonitor.com. About Piedmont Dragway of NC LLC Piedmont Dragway of NC LLC is a dragway that hosts drag racing and dirt drag racing competitions and offers concessions. On January 12, 2023, WFO Racing, LLC merged with Piedmont. Piedmont is the surviving company after the merger. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00422) on February 15, 2023. In the petition signed by Ron Senecal as member 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. POSEIDON MOVING: Court OKs Interim Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts authorized Poseidon Moving, Inc. to use cash collateral on a continuing, interim basis in accordance with the budget. IOU Central, Inc., d/b/a IOU Financial, claims a security interest with respect to the Debtor's assets. The Court order grants IOU Financial a continuing lien on the Debtor's postpetition cash collateral, but only to the same degree, extent of perfection, and validity as the original security interest of IOU Financial in the Debtor's pre-petition assets as of the date of the commencement of the bankruptcy case on January 12, 2023, and only to the extent that such security interest is not otherwise avoidable. Further, the post-petition liens will only secure the amount of any diminution in the value of IOU Financial's prepetition collateral constituting cash collateral resulting from the Debtor's use thereof in the operation of the Debtor's business in the postpetition period. A continued telephonic hearing on the matter is set for April 18, 2023 at 11 a.m. by telephone. A copy of the order is available at https://bit.ly/3KUrchE from PacerMonitor.com. About Poseidon Moving Poseidon Moving, Inc. provides moving and temporary storage services to its customers. The majority of its business revenues come from payments from retail and consumer customers. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 23-10031) on Jan. 12, 2023, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Christopher J Panos presides over the case. Richard N. Gottlieb, Esq. at the Law Offices of Richard N. Gottlieb and TicTax, LLC serve as the Debtor's legal counsel and accountant, respectively. PREMIER BRANDS: Moody's Affirms Caa3 CFR & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Investors Service changed Premier Brands Group Holdings LLC's outlook to stable from negative. Concurrently, Moody's affirmed the company's Caa3 corporate family rating and Caa3-PD probability of default rating, and assigned a Caa3 rating to the extended $128.4 million senior secured term loan due 2026. The Caa3 rating on the term loan due 2024 was withdrawn. Premier Brands extended the maturity of its $128 million term loan to March 20, 2026 from March 20, 2024. Prior to the transaction, the company repurchased $4 million of the term loan due 2024 at roughly 80% of par. Premier Brands also obtained an upsized asset-based revolving credit facility (ABL, unrated) of $240 million (from $175 million) expiring in February 2026 and an ABL first-in-last-out (FILO) loan (unrated) of $15 million (from $8 million) also expiring in 2026. The change in outlook to stable from negative reflects the maturity extension of the company's credit facilities and the upsizing of its ABL, as well as Moody's view that the ratings adequately reflect the likelihood of a default and estimated recovery levels. The rating affirmations reflect the company's improved capital structure but still weak overall liquidity, including high revolver borrowing and limited excess availability, during a period of decreasing discretionary consumer spending and high promotional activity in the apparel sector. In addition, leverage remains high pro-forma for the transaction, at 6.3 times Moody's-adjusted debt/EBITDA. Moody's expects leverage to remain near current levels, reflecting lower freight costs and still solid demand in the company's jewelry and apparel business, offset by weakness in its jeanswear business. Moody's took the following rating actions for Premier Brands Group Holdings LLC: Corporate Family Rating, Affirmed Caa3 Probability of Default Rating, Affirmed Caa3-PD Backed Senior Secured 1st Lien Term Loan due 2026, Assigned Caa3 (LGD4) Backed Senior Secured 1st Lien Term Loan due 2024, Withdrawn, previously rated Caa3 (LGD4) Outlook, Changed to Stable from Negative RATINGS RATIONALE Premier Brands' Caa3 CFR reflects the company's elevated risk of default given its improved capital structure but still weak liquidity and high leverage. Moody's expects limited revolver capacity and modest cash flow generation mainly driven by working capital benefits from unwinding elevated inventory levels. The rating also includes governance considerations, specifically Premier Brands' aggressive financial strategy actions including discounted debt repurchases in 2022, which Moody's considered a distressed exchange. In addition, the company operates mature brands that lack meaningful direct-to-consumer presence and are mainly distributed through the department store, mid-tier and club channels. Supporting Premier Brands' value is its portfolio of owned brands and diversified range of products. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity is weaker than anticipated, if the company defaults or if Moody's recovery estimates deteriorate. The ratings could be upgraded if Premier Brands the business demonstrates stable operating performance while improving its liquidity profile, including increased revolver availability. Premier Brands Group Holdings LLC (Premier Brands) is a designer, wholesaler and brand licensor of denim including under the Gloria Vanderbilt brand, women's apparel including Kasper, and jewelry through Napier and lonna & lilly. Licensed brands include Anne Klein, Nine West and Bandolino. The company (formerly named Nine West Holdings, Inc.) emerged from Chapter 11 bankruptcy in 2019 under the majority equity ownership of CVC Credit Partners and Brigade Capital. Revenue for the twelve months ended September 30, 2022 was less than $1 billion. The principal methodology used in these ratings was Apparel published in June 2021. PRO-VIGIL: Midcap Financial Marks $23.1M Loan at 32% Off -------------------------------------------------------- Midcap Financial Investment Corporation has marked its $23,138,000 loan extended to Pro-Vigil Holding Company, LLC to market at $15,643,000, or 68% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in Midcap Financial's Form 10-K for the transition period from April 1, 2022 to December 31, 2022, filed with the Securities and Exchange Commission on February 21, 2023. Midcap Financial is a participant in a First Lien Secured Debt to Pro-Vigil Holding Company, LLC. The loan accrues interest at a rate of 1.00 %(SOFR+850) per annum. The loan matures on January 11, 2025. Midcap Financial is a Maryland corporation incorporated on February 2, 2004. It is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Apollo Investment Management, L.P. is the investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (AGM). Apollo Investment Administration, LLC, an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Pro-Vigil provides mobile and portable surveillance units, live video monitoring, event-based surveillance, and IP health monitoring. PROPERTY HOLDERS: Court OKs Interim Cash Collateral Access ---------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Iowa authorized Property Holders, Ltd. to use cash collateral resulting from the sale of parcels of real estate mortgaged to Greenstate Credit Union. As previously reported by the Troubled Company Reporter, the Debtor has sold three residential properties upon which Greenstate Credit Union has mortgage and judgment liens. One of those sales has closed -- 1751 Higley AVE SE, Cedar Rapids, IA -- with all proceeds being paid to Greenstate for application on the mortgage and judgment liens to which that property was subject. A second -- 1548 7th AVE SE, Cedar Rapids, IA -- closed February 8, 2023, and third sales -- 2208 Mt. Vernon RD SE, Cedar Rapids, IA -- is scheduled to close on March 6, 2023. The two sales will produce net proceeds to the Debtor of approximately $47,630 and approximately $33,400, respectively. The Debtor notes that the motions requesting authority to sell the two properties previously filed and approved by Court order, demonstrate that the sale proceeds will fully satisfy the applicable mortgages and foreclosure costs, including interest accruing to the date of sale, for each of the mortgages and judgments specifically applicable to those properties, and the net proceeds will remain subject to the judgment liens of the in personal judgments entered in each of the other foreclosure cases filed by Greenstate. The balances totaling approximately $81,100, will be deposited into the Debtor's cash collateral bank account for funds upon which Greenstate retains judgment liens following the sale. The funds are being maintained at Dupaco Community Credit Union. Also, the net proceeds of other property sales on which Greenstate has mortgage and judgment liens will be deposited into the cash collateral account until Greenstate's mortgage and judgment liens have been fully satisfied, including any post-filing fees and costs incurred by Greenstate and approved by the court. The Debtor wished to use the cash collateral funds when they come available for general operating expenses, the necessary expenses to prepare the remaining residential properties on which Greenstate has mortgage liens for sale, and pay professional fees as approved by the Court. The total amounts owed Greenstate deducted from the total value of the properties subject to Greenstate's mortgage and judgment liens leaves approximately $680,000 of equity in the properties free and clear of any other liens or interests. Even if 10% of that amount was set aside for accrual of interest and other costs chargeable pursuant to the original contracts between the Debtor and Greenstate, and the potential for sale prices to be slightly less than the values of the relevant properties, there remains net equity of approximately $612,000. The Debtor's properties on which Greenstate has mortgage and judgment liens which have been sold have sold at the values placed on those properties by the Debtor. A copy of the order is available at https://bit.ly/3mwbCyA from PacerMonitor.com. About Property Holders Property Holders, LTD filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Iowa Case No. 22-00744) on Nov. 21, 2022. In the petition filed by Charles A. Davisson, its president, the Debtor reported $2,771,431 in assets and $2,861,618 in liabilities as of Sept. 30, 2022. Judge Thad J. Collins oversees the case. The Debtor tapped Rush M. Shortley, Esq., as bankruptcy counsel and Tom Riley Law Firm, PLC as general civil counsel. RE/MAX: S&P Alters Outlook to Negative, Affirms 'BB' ICR -------------------------------------------------------- S&P Global Ratings revised its outlook on RE/MAX LLC to negative from stable and affirmed all outstanding ratings, including its 'BB' issuer credit rating on the company. S&P said, "Existing home sales declined with rising mortgage rates in 2022, and we expect further declines in 2023 amid a high interest rate environment. Home sale transactions and median home prices directly affect RE/MAX's broker fee revenue, which accounted for about 24% of 2022 revenue (excluding marketing funds fees). Housing affordability decreased significantly through the second half 2022 into early 2023. As 30-year fixed mortgage rates rose to the 6%-7% area, existing home sales plummeted, with volumes down over 30% from November 2022 to January 2023, according to data from the National Association of Realtors. We expect these factors will result in home sale declines of about 15% in 2023, with declines exceeding 20% through the first half of 2023 before improving in the second half of the year. "RE/MAX's leverage increased to 3.3x in 2022, and we forecast leverage will moderately increase to the 3.6x-3.9x area in 2023 as the company's high percentage of recurring revenue partially insulates it from market weakness. The increase in leverage last year resulted from lower transaction volumes that affected EBITDA generation. We expect reduced volumes will persist through the majority of 2023, resulting in moderate EBITDA decline and leverage increasing to the high-3x area. RE/MAX's high percentage of recurring revenue through franchise fees and annual dues (about 64% of 2022 revenue excluding marketing funds fees) insulate the company from steeper revenue declines in line with transaction volume. "Still, a contracting housing market negatively affects agent count and the company's recurring revenue base. RE/MAX's most profitable agent cohort is its U.S. agents, which declined 1%-2% in 2020 and 2021 before accelerating to a 4.3% decline in 2022. We expect it will decline at a low-single-digit percent rate in 2023 due to market contraction, partially offset by the impact of increased incentives offered by RE/MAX to stabilize its U.S. agent base. "We expect minimal discretionary cash flow generation after debt amortization payments in 2023. We forecast RE/MAX to generate free operating cash flow of about $45 million-$50 million in 2023. However, with about $30 million-$35 million in forecast dividends and $4.6 million of required debt amortization, the company will likely generate minimal excess cash flow. RE/MAX increased its share repurchase activity as its stock price slumped in 2022, returning over $34 million to shareholders, which contributed to the company's lower cash balance and increased net leverage at year end. We subtract cash from debt in our adjusted leverage calculation. We expect share repurchase activity will continue in 2023, but at a reduced pace until industry conditions improve." Long-term housing trends remain favorable, but near-term operating performance is still uncertain. There is still a significant shortage of housing in the U.S. due to a lack of supply in the decade following the great financial crisis. General population growth and the sizable millennial cohort reaching the prime age for homeownership should support continued demand. S&P believes RE/MAX will remain a leading real estate franchising company with a well-recognized global brand, and the company's efforts to increase its U.S. agent base and outsource its agent technology should position the company for EBITDA growth as transaction volumes recover. Still, operating performance is uncertain. Existing home sales forecasts from Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors vary widely, with 2023 declines ranging from the high-single-digit percent area to nearly 20% and 2024 improvement expected at 10% or higher. In addition, RE/MAX's efforts to stabilize its agent count may lead to lower revenue per U.S. agent and recurring fees as it revises the fee structure for medium to large teams of six agents or more. The negative outlook reflects the risk that RE/MAX's leverage increases and remains elevated above 3.5x beyond 2023 due to prolonged weakness in the U.S. housing market. S&P could lower the rating if it expected leverage to increase and remain elevated above 3.5x on a sustained basis. This could occur due to a combination of the following: -- Broker fee revenue does not improve in 2024 because the U.S. housing market home sales volumes remain depressed due to high mortgage rates and/or limited housing supply. -- RE/MAX's recurring revenue base materially declines due to agent loss or due to changes to the fee structure. -- A change in financial policy sharply increases debt to fund acquisitions, shareholder distributions, or share repurchases to support the sale of co-founder David Liniger's minority ownership stake. S&P could revise the outlook to stable if it expected RE/MAX's leverage to remain below 3.5x on a sustained basis. This could occur if: -- RE/MAX broker fees improved due to higher home sale volumes. -- The company's recurring revenue base stabilized or improved due to agent growth in the U.S. and Canada. -- The company refrained from high-priced, debt-financed acquisitions or material share repurchase activity that increased net leverage. ESG credit indicators: E-2, S-2, G-2 ESG factors have no material influence on its credit rating analysis of RE/MAX LLC. REFRESH2O WATER: Court OKs Interim Cash Collateral Access --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Pennsylvania authorized Refresh2O Water Systems, Inc. to use cash collateral on an interim basis in accordance with its agreement with the U.S. Internal Revenue Service, the Pennsylvania Department of Revenue, Expansion Capital Group and Pennsylvania Department of Labor & Industry. The Debtor is permitted to use cash collateral through confirmation of a Plan of Reorganization in accordance with the terms of the Stipulation authorizing the Debtor's Interim Use of Cash Collateral filed on March 2, 2023. The Internal Revenue Service holds numerous tax liens filed against the Debtor. Those liens attach on all of the Debtor's assets, including, but not limited to, assets that constitute "Cash Collateral". The Pennsylvania Department of Revenue also holds numerous tax liens filed against the Debtor. The liens also attach on all of the Debtor's assets, including, but not limited to assets that constitute "Cash Collateral." The Pennsylvania Department of Labor & Industry holds several liens against the Debtor for unpaid withholding and employer taxes. Those liens attach on all of the Debtor's assets, including, but not limited to, assets that constitute "Cash Collateral". Expansion Capital Group holds a lien against the Debtor resulting from a Future Receivables Sales Agreement with an effective date of January 11, 2022. The agreement grants a security interest, inter alia, on the Debtor's assets that constitute "Cash Collateral". As adequate protection for the Debtor's use of cash collateral, the Debtor will make these payments: $1,000 per month to the IRS; $1,000 per month to Expansion; $1,500 per month to the Pennsylvania Department of Revenue; $500 per month to Labor & Industry; $500 per month, into a trust account to be held by the Debtor's counsel for the benefit of Jill Durkin, Esq., Subchapter V Trustee, to be distributed to the Subchapter V Trustee to the extent the Subchapter V Trustee's fees are approved by the Bankruptcy Court. All payments will begin on March 1, 2023, and will be due on the 1st of the month every month thereafter. As additional adequate protection for the Debtor's use of cash collateral: a. The Debtor will not use any cash collateral except as authorized by the Stipulation. b. The Debtor will pay all insurance premiums necessary to maintain adequate insurance coverage on all of the Debtor's assets and will pay all taxes levied on said assets when due and payable. These events constitute an "Event of Default": a. The Debtor furnishes or makes any material false, inaccurate or incomplete representation, warranty, certificate, report or summary in or under the Stipulation; b. The Debtor's Chapter 11 case is converted to a case under Chapter 7 of the Bankruptcy Code. A copy of the stipulation is available at https://bit.ly/3Yr55Tf from PacerMonitor.com. A copy of the order is available at https://bit.ly/3Yp9sy3 from PacerMonitor.com. About Refresh2O Water Systems, Inc. Refresh2O Water Systems, Inc. is in the business of in home water treatment sales, installation and service. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-00327) on February 15, 2023. In the petition signed by Farley Lavonne Ferguson, president, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Henry W. Van Eck oversees the case. Gary J. Imblum, Esq., at Imblum Law Offices PC, represents the Debtor as legal counsel. REGIONAL HEALTH: All Three Proposals Passed at Annual Meeting ------------------------------------------------------------- Regional Health Properties, Inc. held its 2022 Annual Meeting of Shareholders, at which the shareholders: (a) elected Michael J. Fox, Kenneth S. Grossman, Steven L. Martin, Brent Morrison, Kenneth W. Taylor, and David A. Tenwick to the Board to serve until the Company's 2023 Annual Meeting of Shareholders and until their successors are elected and qualified, or until their earlier death, resignation or removal, other than Messrs. Grossman and Martin, who will serve until the second consecutive dividend payment date following such time as the Company has paid all accumulated and unpaid dividends on the Series A Preferred Stock; (b) approved, on an advisory basis, the Company's executive compensation; and (c) ratified the appointment of Cherry Bekaert LLP as the Company's independent registered public accounting firm for the year ending Dec. 31, 2022. About Regional Health Properties Regional Health Properties, Inc. (NYSE American: RHE) (NYSE American: RHEpA) -- http://www.regionalhealthproperties.com-- is a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term healthcare through facility lease and sub-lease transactions. Regional Health a net loss of $1.18 million for the year ended Dec. 31, 2021, and a net loss of $688,000 for the year ended Dec. 31, 2020. As of Sept. 30, 2022, the Company had $95.42 million in total assets, $89.52 million in total liabilities, and $5.90 million in total stockholders' equity. * * * This concludes the Troubled Company Reporter's coverage of Regional Health Properties until facts and circumstances, if any, emerge that demonstrate financial or operational strain or difficulty at a level sufficient to warrant renewed coverage. RESOLUTE FOREST: Moody's Withdraws 'Ba3' CFR on Debt Repayment -------------------------------------------------------------- Moody's Investors Service has withdrawn all the ratings of Resolute Forest Products Inc., including the company's on review for downgrade Ba3 corporate family rating. At the time of withdrawal, the outlook was ratings under review. Withdrawals: Issuer: Resolute Forest Products Inc. Corporate Family Rating, Withdrawn, previously rated Ba3, on review for downgrade Probability of Default Rating, Withdrawn, previously rated Ba3-PD, on review for downgrade Speculative Grade Liquidity Rating, Withdrawn, previously rated SGL-1 Senior Unsecured Regular Bond/Debenture, Withdrawn , previously rated B1 (LGD4), on review for downgrade Outlook Actions: Issuer: Resolute Forest Products Inc. Outlook, Changed To Rating Withdrawn From Rating Under Review RATINGS RATIONALE The rating withdrawal follows the successful completion of Resolute's acquisition by Paper Excellence through its subsidiary Domtar Corporation and the repayment of the company's $300 million guaranteed senior unsecured notes. Headquartered in Montreal (Quebec, Canada), Resolute Forest Products Inc. produces lumber, newsprint and specialty paper, market pulp and tissue. SAHENE CONSTRUCTION: Hires Sternberg Nacarri & White as Counsel --------------------------------------------------------------- Sahene Construction LLC received approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Sternberg, Nacarri & White, LLC as its counsel. The firm will give the Debtor legal advice with respect to its powers and duties as a debtor-in-possession and will perform all legal services for the Debtor which may be necessary. Sternberg will be paid at the rate of $350 per hour and will be reimbursed for reasonable out-of-pocket expenses incurred. The firm received in trust a retainer in the amount of $18,000 on December 22, 2022. Ryan J. Richmond, Esq. a partner at Sternberg, Naccari & White, LLC, assures the court that the firm is disinterested and does not hold or represent an interest adverse to the Debtor's bankruptcy estate. The firm can be reached through: Ryan J. Richmond, Esq. Ashley M. Caruso, Esq. Sternberg, Naccari & White, LLC 251 Florida Street, Suite 203 Baton Rouge, LA 70801-1703 Tel: (225) 412-3667 Fax: (225) 286-3046 Email: ryan@snw.law ashley@snw.law About Sahene Construction Sahene Construction LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. La. Case No. 23-10096) on February 15, 2023. The Debtor hires Sternberg, Nacarri & White, LLC as its counsel. SALEM MEDIA: Moody's Affirms B3 CFR & Rates New Secured Notes B3 ---------------------------------------------------------------- Moody's Investors Service affirmed Salem Media Group, Inc.'s B3 Corporate Family Rating and B3-PD Probability of Default Rating and downgraded the existing senior secured notes due 2028 to B3. The new $44.685 million senior secured notes due 2028 were assigned a B3 rating. The outlook is stable. The downgrade of the secured notes due 2028 reflects the issuance of $44.685 million of new senior secured notes due 2028 that will be used to repay the existing senior secured notes due 2024 (2024 Notes) and extend Salem's debt maturity profile. A portion of the net proceeds will also be used to add a modest amount of cash to the balance sheet. Pro forma leverage will be approximately 5.6x as of Q3 2022 and interest expense will increase slightly due to the modestly higher interest rate of the new debt. The 2028 senior notes have a priority claim on the assets compared to the 2024 Notes and will represent the vast amount of Salem's debt following the refinancing except for the $30 million ABL facility due 2024 (not rated by Moody's). As a result of the payment of the 2024 Notes which were effectively subordinated to the 2028 notes, the 2028 notes are rated at the same level as the B3 CFR. The rating on the 2024 Notes will be withdrawn after repayment. Salem's speculative grade liquidity (SGL) rating was downgraded to SGL-3 from SGL-2 due to the modest cash balance and access to a partially drawn $30 million ABL facility. The ABL facility matures in March 2024, but Moody's expects Salem will extend the maturity of the facility in the near term. Downgrades: Issuer: Salem Media Group, Inc. Speculative Grade Liquidity Rating, Downgraded to SGL-3 from SGL-2 Senior Secured Regular Bond/Debenture, Downgraded to B3 (LGD4) from B2 (LGD3) Affirmations: Issuer: Salem Media Group, Inc. Corporate Family Rating, Affirmed B3 Probability of Default Rating, Affirmed B3-PD Assignments: Issuer: Salem Media Group, Inc. Senior Secured Regular Bond/Debenture, Assigned B3 (LGD4) Outlook Actions: Issuer: Salem Media Group, Inc. Outlook, Remains Stable RATINGS RATIONALE Salem's B3 CFR reflects the high pro forma leverage (5.6x as of Q3 2022 excluding Moody's standard lease adjustments) and difficult radio industry trends due recessionary economic conditions and high inflation. The radio industry is also being negatively affected by the shift of advertising dollars to digital mobile and social media as well as heightened competition for listeners from a number of digital music providers. Secular pressures and the cyclical nature of radio advertising demand have the potential to exert substantial pressure on EBITDA performance. Salem is also relatively small in scale and the vast majority of the company's radio stations are less attractive AM stations which further heightens sensitivity to secular pressures. Despite the constraints on the credit profile, Salem has a leading market position in Christian teaching and talk format. Its national block programming revenue is less reliant on advertising dollars recurring, and therefore more stable than other revenue streams of the company. Moody's also projects Salem will continue to benefit from strength in digital revenue over time, supported by new offerings. The company has a relatively broad footprint (in 35 markets), with a station portfolio that is largely in the top 25 markets. ESG CONSIDERATIONS Salem's ESG Credit Impact Score is highly-negative (CIS-4) driven by the company's exposure to governance risks (G-4) and social risks (S-4). Salem operates with a financial policy that tolerates high leverage and a moderately aggressive growth strategy. While free cash flow and asset sale proceeds have been used to repay debt over the past several years, capital expenditures have historically been high with a propensity for new ventures and acquisitions. A significant percentage of the Salem's revenue and profitability are generated from radio broadcasting with a high concentration of AM stations which faces risk from social and demographical trends as competition for listeners from digital music services has increased and advertising dollars have shifted to digital and social media advertising. Salem has also completed a number of related party transactions with management and family members who own the majority of the economic interest and have voting control of the company. Salem's SGL-3 rating reflects limited but adequate liquidity supported by access to a partially drawn $30 million ABL facility due March 2024 (not rated) and approximately $1 million of cash on the balance sheet as of Q3 2022. A portion of the net proceeds of the new senior secured notes will be used to add a modest amount of cash to the balance sheet. Moody's expects Salem to extend the maturity of the ABL facility in the near term. Salem has completed several asset sales over the past few years and used the proceeds along with free cash flow (FCF) to repay debt which will continue in 2023. Free cash flow as a percentage of debt was 3% LTM Q3 2022 and Moody's projects FCF will continue to be in this range in 2023. Capex was curtailed to boost liquidity during the pandemic ($4.6 million in 2020), but increased to $13 million LTM Q3 2022. Capex is likely to decrease in 2023 and support FCF generation and debt repayment. The ABL facility is subject to a fixed charge coverage ratio of 1x when availability is less than the greater of 15% of the maximum revolver amount and $4.5 million. Moody's expects Salem will remain in compliance with the fixed charge covenant going forward. The stable outlook reflects Moody's view that Salem's operating performance will deteriorate in the near term due to higher costs, tough comparison within the publishing division, and a lower radio advertising spending, but recover towards existing levels by year end 2023. While political advertising in a non-election year will decline, Salem's national block programming will benefit from good demand from religious programmers and a portion of FCF will be used for additional debt repayment in 2023. Moody's project leverage will be in the 5.5x range by YE 2023. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Salem's relatively small size limits upward rating pressure, but the ratings could be upgraded if debt-to-EBITDA is sustained in the low 4x range (excluding Moody's lease adjustments) with positive organic revenue and EBITDA growth. A free cash flow-to-debt percentage in the mid to high single digit range would also be required as well as maintenance of a good liquidity profile with no near term debt maturities. The ratings could be downgraded if debt-to-EBITDA was expected to be sustained above 6x for an extended period of time or if FCF was continuously negative. A deterioration of Salem's liquidity profile or inability to extend the maturity of the ABL facility in the near term could also result in a downgrade. Salem Media Group, Inc. (Salem), formed in 1986 and headquartered in Camarillo, CA, is a religious programming and conservative talk radio broadcaster with integrated business operations including digital media and publishing. Salem owns and operates 101 local radio stations (32 FM, 69 AM) in 35 markets as of YE 2021. The digital media business provides digital services including audio and video web streaming of Christian and conservative themed content as well as digital marketing services. Salem's publishing business largely publishes books by conservative authors and offers a self-publishing service. Edward G. Atsinger III (Chairman of the Board of Directors), Stuart Epperson (former Chairman, and brother-in-law of current Chairman), Edward C. Atsinger (son of the Chairman), Nancy A. Epperson (former Chairman's spouse), and their trusts own a majority of the economic interest in the company and have voting control through a dual class share structure with the remaining shares being widely held. Revenue for the LTM ending Q3 2022 was $267 million. Salem is a publicly traded company listed on the NASDAQ Global Market (SALM). The principal methodology used in these ratings was Media published in June 2021. SAN LUIS & RIO: April 20 Plan Confirmation Hearing Set ------------------------------------------------------ On February 27, 2023, William A. Brandt, the chapter 11 trustee (the "Trustee") of the San Luis & Rio Grande Railroad, Inc, filed with the U.S. Bankruptcy Court for the District of Colorado an Amended Disclosure Statement for Second Plan of Liquidation. On February 28, 2023, Judge Thomas B. McNamara approved the Disclosure Statement with the Trustee's insertion of the correct amount of Fletcher & Sippel's fee on page 13 of the Disclosure Statement and ordered that: * April 6, 2023, is fixed as the last day to submit ballots accepting or rejecting the Plan. * April 6, 2023, is fixed as the last day to file and submit any objection to confirmation of the Plan. * April 20, 2023, at 2:00 p.m., at Courtroom E, U.S. Custom House, 721 19th Street, Denver, Colorado is the hearing for consideration of confirmation of the Plan. A copy of the order dated February 28, 2023 is available at https://bit.ly/3SXv7ML from PacerMonitor.com at no charge. Counsel for the Trustee: Jennifer Salisbury, Esq. MARKUS WILLIAMS YOUNG & HUNSICKER LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203 Telephone (303) 830-0800 Facsimile (303) 830-0809 E-mail: jsalisbury@markuswilliams.com About San Luis & Rio Grande Railroad San Luis & Rio Grande Railroad, Inc., operates the San Luis & Rio Grande Railroad. On Oct. 16, 2019, an involuntary Chapter 11 petition was filed against San Luis & Rio Grande Railroad by creditors, Ralco LLC, South Middle Creek Road Association and The San Luis Central Railroad Co. (Bankr. D. Colo. Case No. 19-18905). The petitioning creditors are represented by Brownstein Hyatt Farber Schrec and Graves Dougherty Hearon & Moody. Judge Thomas B. McNamara oversees the case. Williams A. Brandt Jr. was appointed as Chapter 11 trustee for San Luis & Rio Grande Railroad. The Trustee tapped Markus Williams Young & Hunsicker LLC as bankruptcy counsel, and Fletcher & Sippel LLC and Hall & Evans P.C. as special counsel. Development Specialists, Inc. and D'Almeida Consulting, LLC serve as the trustee's accountant and financial consultant, respectively. SAN LUIS & RIO: Files Amended Plan; Confirmation Hearing April 20 ----------------------------------------------------------------- William A. Brandt, Jr., the Chapter 11 Trustee (the "Trustee") of the San Luis & Rio Grande Railroad, Inc., submitted an Amended Disclosure Statement for the Second Amended Plan of Liquidation dated March 2, 2023. The purpose of the Plan is to distribute the proceeds from a sale of the Debtor's rail lines in the San Luis Valley along with other assets of the bankruptcy estate. The Code contains special provisions for railroad bankruptcy cases which prioritize the public interest which is defined as the preservation of the debtor's rail service. The purchaser of the Debtor's rail lines continues to provide rail freight service in the San Luis Valley. The Plan provides that personal property, and any other assets of the Debtor on the Effective Date will be transferred to the Reorganized Debtor pursuant to and in accordance with the Plan. The Plan will be implemented by the appointment of a Plan Administrator of the Reorganized Debtor, who shall be the sole director of the Reorganized Debtor and the sole officer, serving as the President, Treasurer, Vice-President, Secretary, and any other officer of the Reorganized Debtor with delegated authority to carry out the Plan. The Plan Administrator will distribute the funds derived from the sale process initiated by the Trustee's filing of the Motion For Entry Of Order (A) Authorizing And Approving The Sale Of Substantially All Of The Assets Of The San Luis & Rio Grande Railroad, Inc. Free And Clear Of All Liens, Claims And Encumbrances; And (B) Waiving The 14-Day Stay Of Fed. R. Bankr. P. 6004(h) And 6006(d) filed on October 12, 2022 (the "Sale"). Funds from the Sale and any remaining assets of the Estate will be distributed to creditors with Allowed Claims. The specifics of the Plan and priorities of the distribution. In summary, under the Plan, all personal property, and all other assets of the Debtor will be transferred to the Reorganized Debtor on the Effective Date of the Plan. The Plan will be implemented by the appointment of the Plan Administrator, who will be charged with the orderly sale of all assets of the Debtor vested in the Reorganized Debtor and the distribution of the proceeds of those assets to creditors of the Debtor pursuant to the Plan and based on the amounts of their respective Allowed Claims. The Trustee does not anticipate a distribution being made on account of unsecured Claims. For a distribution to occur, the amount of available cash following the closing of the sale would have to be much greater than the amount the Trustee has anticipated. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Each holder of a General Unsecured Claim shall be treated as a Class 5 Claim and shall receive its Pro Rata share of all cash available for distribution by the Plan Administrator up to the full amount of each Allowed Class 5 Claim after satisfaction in full of the Liquidation Expenses, all Allowed Administrative Expenses, all Allowed Priority Tax Claims, all Allowed Class 1, 3 and 4 Claims and the Big Shoulders Distribution. Distributions on Allowed General Unsecured Claims falling within Class 5 shall be made at such time and in such amounts as the Plan Administrator shall determine in his sole discretion. Class 5 is Impaired. * The holders of Allowed Class 6 Interests shall receive no distribution of any kind. Interests held in the Debtor shall be deemed extinguished and cancelled. Class 6 is Impaired. Generally, the Plan provides that the personal property, and all other assets of the Debtor on the Effective Date will be transferred to the Reorganized Debtor. The Plan will be implemented by the appointment of the Plan Administrator, who will be charged with the orderly liquidation of all assets of the Debtor vested in the Reorganized Debtor and distributing the proceeds of those assets to creditors of the Debtor based on the amounts of their respective Allowed Claims. After the Effective Date, the Reorganized Debtor, acting through the Plan Administrator, shall sell or liquidate all remaining assets, if any, and the Plan Administrator shall have the exclusive right to sue on, settle, or compromise any and all causes of action, subject to approval by the Court. The Plan Administrator shall, in his discretion at a reasonable time and in a commercially reasonable and expeditious manner, sell or liquidate the assets, and distribute the proceeds thereof to creditors according to the priorities established under the Code and applicable non-bankruptcy law as set forth in the Plan. The Confirmation Hearing is scheduled to commence on April 20, 2023 at 2:00 p.m., before the Honorable Thomas B. McNamara, in Bankruptcy Courtroom of the United States Bankruptcy Court for the District of Colorado, at 721 19th Street, Denver, Colorado 80202. In order for the vote to be counted, properly completed Ballot must be actually received no later than April 6, 2023 at 5:00 p.m. A full-text copy of the Amended Disclosure Statement dated March 2, 2023 is available at https://bit.ly/3muEBmA from PacerMonitor.com at no charge. The Trustee is represented by: Jennifer Salisbury, Esq. Markus Williams Young & Hunsicker LLC 1700 Lincoln Street, Suite 4550 Denver, CO 80203 Telephone: (303) 830-0800 Facsimile: (303) 830-0809 E-mail: jsalisbury@markuswilliams.com About San Luis & Rio Grande Railroad San Luis & Rio Grande Railroad, Inc., operates the San Luis & Rio Grande Railroad. On Oct. 16, 2019, an involuntary Chapter 11 petition was filed against San Luis & Rio Grande Railroad by creditors, Ralco LLC, South Middle Creek Road Association and The San Luis Central Railroad Co. (Bankr. D. Colo. Case No. 19-18905). The petitioning creditors are represented by Brownstein Hyatt Farber Schrec and Graves Dougherty Hearon & Moody. Judge Thomas B. McNamara oversees the case. Williams A. Brandt Jr. was appointed as Chapter 11 trustee for San Luis & Rio Grande Railroad. The trustee tapped Markus Williams Young & Hunsicker LLC as bankruptcy counsel, and Fletcher & Sippel LLC and Hall & Evans P.C. as special counsel. Development Specialists, Inc. and D'Almeida Consulting, LLC serve as the trustee's accountant and financial consultant, respectively. SAS AB: Expects to Exit Chapter 11 Later This Year -------------------------------------------------- Steven Walker of Simple Flying reports that Scandinavian Airlines (SAS) has released its latest financial report, showing a pre-tax loss of 2.49 billion Swedish Krona ($239 million) for the quarter from November 2022 to January 2023. This represents a slight decrease from the pre-tax loss of 2.60 billion Swedish Krona ($2.49 million) recorded in the same period one year earlier. The airline, which is part-owned by the Swedish and Danish governments, filed for US Chapter 11 bankruptcy protection in July 2022, and anticipates that this process will be completed later this year. SAS also revealed that it expects to return to profitability in 2024, and even beat its earlier predictions of over 3 billion Swedish Krona ($290 million) in profit by the year 2026. A series of financial challenges It has been an extremely challenging three years for SAS - just as the industry was beginning to recover from the effects of the pandemic, SAS was then impacted by the conflict in Ukraine. While not affected to the same extent as Finnair, a number of the airline's key routes were left no longer viable operationally and financially. That said, the reopening of China's borders earlier this year has given SAS a much-needed boost, and the airline recently began to increase its flying schedule to Shanghai (PVG) once more. SAS is also currently attempting to reduce its losses further by implementing a series of cost-cutting measures, such as renegotiating contracts with some of its aircraft lessors. The airline may still encounter unexpected blips in its recovery. Just last week, SAS made headlines for the wrong reasons when it became the victim of a cyberattack that left passengers' data exposed. Incidents such as this tend to damage consumer confidence just when the airline needs it most. Optimism on the horizon Despite its current financial troubles, SAS is still hopeful for the future, and the airline is looking forward to commencing and resuming a series of Transatlantic routes in the near future. The carrier's summer-only routes from Stockholm (ARN) and Copenhagen (CPH) to Toronto (YYZ) will resume at the end of March, and SAS will then launch its new seasonal services from both Aalborg (AAL) and Gothenburg (GOT) to Newark (EWR) on April 27th and April 28th, respectively. All four of the above routes will be operated by the airline's Airbus A321LR aircraft. SAS currently has three Airbus A321LRs in its fleet, each seating a total of 157 passengers in a three-class configuration - 22 in business class (SAS Business), 12 in premium economy (SAS Plus), and 123 in economy class (SAS Go). The latest figures released by SAS show a decrease in pre-tax losses year-on-year, which is a promising start, but there is still a long way to go before the airline achieves financial stability once more. About Scandinavian Airlines SAS SAB, Scandinavia's leading airline, with main hubs in Copenhagen, Oslo and Stockholm, is flying to destinations in Europe, USA and Asia. Spurred by a Scandinavian heritage and sustainable values, SAS aims to be the global leader in sustainable aviation. The airline will reduce total carbon emissions by 25% by 2025, by using more sustainable aviation fuel and its modern fleet with fuel-efficient aircraft. In addition to flight operations, SAS offers ground handling services, technical maintenance and air cargo services. SAS is a founder member of the Star Alliance, and together with its partner airlines offers a wide network worldwide. On the Web: https://www.sasgroup.net SAS AB and its subsidiaries, including Scandinavian Airlines Systems Denmark-Norway-Sweden and Scandinavian Airlines of North America Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10925) on July 5, 2022. In the petition filed by Erno Hilden, as authorized representative, SAS AB estimated assets between $10 billion and $50 billion and liabilities between $1 billion and $10 billion. Judge Michael E Wiles oversees the cases. The Debtors tapped Weil, Gotshal & Manges, LLP as global legal counsel; Mannheimer Swartling Advokatbyra AB as special counsel; FTI Consulting, Inc. as financial advisor; and Seabury Securities, LLC and Skandinaviska Enskilda Banken AB as investment bankers. Seabury is also serving as restructuring advisor. Kroll Restructuring Administration, LLC is the claims agent and administrative advisor. SAVESOLAR CORP: Court OKs Cash Collateral Access Thru March 24 -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Columbia authorized Savesolar Corporation, Inc. and Savesolar Alpha Holdco LLC to use cash collateral on an interim basis in accordance with the budget, with a 10% variance. The Debtor's authority to use cash collateral will terminate on the earliest to occur of: (i) March 24, 2023, unless such date is extended consensually by Leyline in writing or a further extension of authority is granted by the Court; (ii) the dismissal of the chapter 11 cases or conversion to a case under chapter 7 of the Bankruptcy Code, except to the extent that the Court has entered a further interim or final order authorizing the Debtors' continued use of cash collateral beyond the Termination Date. The Debtor is directed not use in excess of $235,300 of Leyline's cash collateral. As adequate protection, Leyline, Amalgamated, and/or other creditors holding liens or security interests in cash collateral are granted additional and replacement valid, binding, enforceable, non-avoidable, and automatically perfected post-petition security interests in and liens on. The liens and interests of Leyline and other holders of liens or security interests in Post-petition Collateral will be in the same priority as their liens and security interests in cash collateral, and will be subject to all claims and defenses of the Debtors and other secured creditors. A final hearing on the matter is set for March 22, 2023 at 10 a.m. About SaveSolar Corporation SaveSolar Corporation is a solar energy company in Washington, D.C. SaveSolar sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 23-00045) on February 2, 2023. In the petition signed by Karl Unterlechner, its president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. Bradford F. Englander, Esq., at Whiteford, Taylor, and Preston LLP, is the Debtor's legal counsel. SAVESOLAR CORPORATION: Taps CohnReznick LLP as Financial Advisors ----------------------------------------------------------------- SaveSolar Corporation, Inc. and SaveSolar Alpha Holdco, LLC seek approval from the U.S. Bankruptcy Court for the District of Columbia to employ CohnReznick, LLP as financial advisor. The firm will render these services: (a) perform a preliminary assessment of the Debtors' short-term budgets; (b) prepare and validate a 13-week cash flow projection; (c) assist the Debtors in assessing use of cash collateral; (d) assist the Debtors with DIP arrangements as to cost to the Debtors and the likelihood that they will be able to comply with the terms of the order; (e) at the request of Debtors' counsel, analyze and review key motions to identify strategic financial issues in the cases; (f) assist the Debtors in the preparation of short and long-term projections; (g) assist the Debtors in the preparation of financial-related disclosures required by the Bankruptcy Court; (h) review and analyze the Debtors' historical financial information; (i) assist the Debtors in negotiating with the Debtors' landlords; (j) assist the Debtors in resolving vendor issues; (k) prepare financial statements and other reports as may be required by the Court or under the United States Trustee Guidelines; (l) prepare tax returns, as necessary; (m) such other professional accounting services as may be required by the Debtors in order to comply with the requirements of the Court, the U.S. Trustee and the Bankruptcy Code; (n) administer the accounting and financial advisory services; (o) assist the Debtors in daily administrative and operational duties; (p) establish reporting procedures that will allow for the monitoring of the Debtors' post-petition operations and sales efforts; (q) monitor, evaluate and/or assist in the bidding procedures and sales process; (r) scrutinize proposed transactions; (s) review the nature and origin of other significant claims asserted against the Debtors; and (t) render such other general services consulting or other such assistance as the Debtors or their counsel may deem necessary. Prior to the petition date, the Debtors were indebted to CohnReznick for fees and costs of $10,922.50. Upon approval of the application, CohnReznick will waive and release all claims on account of unpaid pre-bankruptcy fees and costs. The hourly rates of the firm's professionals are as follows: Partners/Principals $875 - $1,250 Managing Directors/Directors $650 - $995 Senior Managers/Managers $545 - $850 Seniors/Associate Staff $385 - $675 Paraprofessionals $245 - $350 In addition, the firm will seek reimbursement for expenses incurred. Kevin Clancy, a global director at CohnReznick, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin P. Clancy CohnReznick, LLP 14 Sylvan Way Parsippany, NJ 07054 Telephone: (732) 672-0874 Email: benglander@wtplaw.com About SaveSolar Corporation SaveSolar Corporation, Inc. and SaveSolar Alpha Holdco, LLC filed their voluntary petitions for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.D.C. Lead Case No. 23-00045) on Feb. 2, 2023. In the petitions signed by Karl Unterlechner, president, each Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Elizabeth L. Gunn oversees the cases. The Debtors tapped Bradford F. Englander, Esq., at Whiteford Taylor & Preston, LLP as legal counsel and CohnReznick, LLP as financial advisor. SENECAL CONSTRUCTION: Court OKs Interim Cash Collateral Access -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, authorized Senecal Construction Co., Inc. to use cash collateral on an interim basis in accordance with the budget, with a 5% variance. The Debtor needs to use funds in the bank account to continue normal operations and maintain its going concern value. 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 # 20150117465C recorded December 15, 2015, in favor of Pinnacle Bank, PO Box 1148, Thomasville, NC 27361, with a continuation recorded as file # 20200083468E on June 22, 2020. b. File # 20190040733M recorded April 18, 2019, in favor of CT Corporation System, as representative, 330 N Brand Blvd, Suite 700, Attn: SPRS, Glendale, CA 91203. c. File # 20200081903G recorded June 18, 2020, in favor of U.S. Small Business Administration, 2 North Street, Suite 320, Birmingham, AL 35203. d. File # 20200148836F recorded September 24, 2020, 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 accounts receivables and inventory and products and proceeds thereof to the extent of the use and to the extent that the prepetition lien in the same type of collateral was valid, perfected, enforceable, and non-avoidable as of the petition date. The Debtor will pay $3,400 to Pinnacle Bank on or before March 10, 2023 as further adequate protection for the use of its cash collateral. The Debtor's use of cash collateral shall expire or terminate on the earlier of: (i) the Debtor ceasing operations of its business; (ii) dismissal or conversion of the case to a proceeding under Chapter 7 of the Bankruptcy Code; (iii) entry of an order granting Pinnacle Bank relief from the automatic stay; (iv) entry of an order terminating the use of cash collateral; or (v) the noncompliance or default of the Debtor with any terms and provisions of the Order. A further hearing on the matter is set for March 22, 2023 at 11 am. A copy of the court's order and the Debtor's budget is available at https://bit.ly/3kSPQEX from PacerMonitor.com. The Debtor projects $256,002 in total income and $190,439 in total expenses for February to March 2023. About Senecal Construction Co., Inc. Senecal Construction Co., Inc. provides complete management services for New Home Construction, Home Renovations & Additions, and Commercial Construction Projects. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00421) on February 15, 2023. In the petition signed by Roland E. Senecal, Jr., president, 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 and Tadych, PLLC, represents the Debtor as legal counsel. SILVERGATE CAPITAL: Moody's Lowers Long Term Issuer Rating to Ca ---------------------------------------------------------------- Moody's Investors Service has downgraded the ratings of Silvergate Capital Corporation (Silvergate Capital) and its bank subsidiary Silvergate Bank, following the downgrade of the bank's Baseline Credit Assessment (BCA) to caa3 from b2. Silvergate Capital's long-term issuer rating was downgraded to Ca from B3 and its non-cumulative preferred stock to C from Caa3. The bank's long-term deposit rating was downgraded to Caa1 from Ba3 and its long-term issuer rating to Ca from B3. The ratings were also placed on review for downgrade. RATINGS RATIONALE The ratings downgrade is driven by the company's March 1 announcement that it is evaluating its ability to continue as a going concern and that it is unable to timely file its annual report. In addition, the company reported that it has sold additional investment securities to fully repay its outstanding Federal Home Loan Bank advances. As a result of such sale of securities, the company realized additional investment losses, which had previously been recorded as other-than-temporary impairment of securities. The company reported that such additional losses will negatively impact the company's regulatory capital ratios which may result in the company and the bank being deemed less than well-capitalized. Another driver of the ratings action was governance. The delay in being able to timely file its annual report, the asset and liability mismatch leading to higher-than-expected realized losses while selling investment securities, the potential for no longer being deemed well-capitalized, and rising legal and regulatory risks highlight significant governance deficiencies in terms of the bank's risk management and its ability to properly assess and respond to abruptly changing operating conditions for its specialized business model, increasing the institution's exposure to adverse developments. Additionally, the firm's public filing stated that its external auditor needs additional time to complete certain audit procedures, including the review of adjustments not yet recorded and the evaluation of the effectiveness of the company's internal controls over financial reporting. The bank's negative governance risk has a discernible negative impact on Silvergate's credit ratings. The caa3 BCA reflects Moody's expectation that the company will continue to experience further declines in deposits forcing it to continue selling securities, potentially at further losses. In addition, particularly in the event of a winddown, it is uncertain the amount that the bank will realize on its loan portfolio and other assets. The review for downgrade reflects the high level of uncertainty with respect to the bank's financial profile, the bank's viability and the unknown costs in the event of a winddown. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS As the ratings are on review for downgrade, there is currently no upward pressure on the ratings of Silvergate Capital or its bank subsidiary. In the longer term, the BCA could be upgraded if legal and regulatory risks or volatility in the crypto currency market decrease materially and if the bank's capitalization, profitability, and funding profile strengthen materially. The BCA could be downgraded in the event of legal or regulatory findings or if the bank's financial profile deteriorates as a result of a further decline in equity, deposit funding, or liquidity. A lower BCA would likely lead to a ratings downgrade. The principal methodology used in these ratings was Banks Methodology published in July 2021. Downgrades: Issuer: Silvergate Capital Corporation LT Issuer Rating (Local Currency), Downgraded to Ca RUR from B3 NEG; Placed Under Review for further Downgrade Pref. Shelf Non-cumulative (Local Currency), Downgraded to (P)C from (P)Caa3 Pref. Stock Non-cumulative (Local Currency), Downgraded to C from Caa3 Outlook Actions: Issuer: Silvergate Capital Corporation Outlook, Changed To Rating Under Review From Negative Issuer: Silvergate Bank Adjusted Baseline Credit Assessment, Downgraded to caa3 from b2; Placed Under Review for further Downgrade Baseline Credit Assessment, Downgraded to caa3 from b2; Placed Under Review for further Downgrade LT Counterparty Risk Assessment, Downgraded to Caa2(cr) from B1(cr) LT Counterparty Risk Rating (Foreign Currency), Downgraded to Caa3 from B2; Placed Under Review for further Downgrade LT Counterparty Risk Rating (Local Currency), Downgraded to Caa3 from B2; Placed Under Review for further Downgrade LT Issuer Rating (Local Currency), Downgraded to Ca RUR from B3 NEG; Placed Under Review for further Downgrade LT Deposit Rating (Local Currency), Downgraded to Caa1 RUR from Ba3 NEG; Placed Under Review for further Downgrade Affirmations: Issuer: Silvergate Bank ST Counterparty Risk Assessment, Affirmed NP(cr) ST Counterparty Risk Rating (Foreign Currency), Affirmed NP ST Counterparty Risk Rating (Local Currency), Affirmed NP ST Bank Deposit (Local Currency), Affirmed NP Outlook Actions: Issuer: Silvergate Bank Outlook, Changed To Rating Under Review From Negative SIMEIO GROUP: Midcap Financial Marks $1.7M Loan at 30% Off ---------------------------------------------------------- Midcap Financial Investment Corporation has marked its $1,731,000 loan extended to Simeio Group Holdings, Inc. to market at $1,217,000 or 70% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in Midcap Financial's Form 10-K for the transition period from April 1, 2022 to December 31, 2022, filed with the Securities and Exchange Commission on February 21, 2023. Midcap Financial is a participant in a First Lien Secured Debt - Revolver to Simeio Group Holdings, Inc. The loan accrues interest at a rate of 1.00 % (L+550) per annum. The loan matures on February 2, 2026. Midcap Financial is a Maryland corporation incorporated on February 2, 2004. It is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Apollo Investment Management, L.P. is the investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (AGM). Apollo Investment Administration, LLC, an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Simeio offers professional services, Identity and Access Management (IAM) managed services and Identity as a Service. SKILLZ INC: Appoints Kevin Chessen to Board of Directors -------------------------------------------------------- Kevin Chessen has been appointed to Skillz Inc.'s Board of Directors, the company disclosed in a recent Form 8-K report filed with the Securities and Exchange Commission. On February 17, 2023, a majority in voting power of the shares of capital stock of Skillz Inc. appointed Mr. Chessen to the Board. Mr. Chessen, 59, currently serves as an advisor at Argonaut Investments, a privately held commercial real estate investment management firm, a position he has held since January 2022. Previously, Mr. Chessen co-founded BTIG, LLC, a global financial services firm, and its predecessor firm, Baypoint Trading. Prior to that, Mr. Chessen was Head of Listed Trading at Banc of America Securities from 1997 to 2022. Prior to that, Mr. Chessen was Head of Asian Equity Trading at Merrill Lynch from 1992 to 1997. Mr. Chessen began his career in financial services with S.G. Warburg in a variety of roles, including Senior Trader on the International Trading Desk. He received his Bachelor of Arts in Business Economics from the University of California, Santa Barbara. Also, on February 17, 2023, the Board appointed Mr. Chessen to the Audit Committee. The Board affirmatively determined that Mr. Chessen: (i) is an independent director under the applicable rules of the NYSE and as such term is defined in Rule 10A-3(b)(1) under the Securities Exchange Act of 1934, as amended and (ii) meets all applicable requirements for membership on the Audit Committee. There is no arrangement or understanding between Mr. Chessen and any other persons pursuant to which Mr. Chessen was appointed as a director. Furthermore, there are no family relationships between Mr. Chessen and any other director or executive officer of the Company and there are no transactions between Mr. Chessen and the Company that would be required to be reported under Item 404(a) of Regulation S-K. Mr. Chessen will receive compensation consistent with the Company's compensation program for non-employee directors, as described in the Company's proxy statement, filed with the U.S. Securities and Exchange Commission on April 1, 2022. A full-text copy of the regulatory filing is available for free at: https://tinyurl.com/2j74rucu About Skillz Inc. Skillz Inc. -- https://www.skillz.com -- is a mobile games platform that connects players in fair, fun, and meaningful competition. The Skillz platform helps developers build multi-million dollar franchises by enabling social competition in their games. Leveraging its patented technology, Skillz hosts billions of casual esports tournaments for millions of mobile players worldwide, and distributes millions in prizes each month. As of Sept. 30, 2022, the Company had $772.41 million in total assets, $340.11 million in total liabilities, and $432.30 million in total stockholders' equity. * * * As reported by the TCR on March 31, 2022, S&P Global Ratings lowered its issuer credit rating on San Francisco-based mobile gaming platform operator Skillz Inc. to 'CCC+' from 'B-'. Also in March 2022, Moody's Investors Service downgraded the Corporate Family Rating of Skillz Inc. to Caa1 from B3 following the company's recent guidance for greater cash flow losses over the next year, reflecting higher governance risk. SONOMA PHARMACEUTICALS: Amends Offering Agreement With Ladenburg ---------------------------------------------------------------- Sonoma Pharmaceuticals, Inc. said it entered into an amendment to its At-The-Market Offering Agreement, dated Dec. 23, 2022, with Ladenburg Thalmann & Co. Inc. Pursuant to the ATM Amendment, the aggregate offering amount of shares of the Company's common stock, $0.0001 par value per share, which the Company may sell and issue through Ladenburg, as the sales agent, was increased to the Maximum Amount as defined in the Agreement. The Company has already sold $2,699,906 of Shares under the Agreement. Also on Feb. 24, 2023, the Company filed a supplement to the prospectus supplement, dated Dec. 23, 2022, with the Securities and Exchange Commission in connection with the ATM Upsize, for an aggregate offering price of up to $420,838. The issuance and sale of the Shares by the Company under the Agreement will be made pursuant to the Company's registration statement on Form S-3 (File No. 333-250925) which was declared effective by the U.S. Securities and Exchange Commission on Dec. 22, 2020, as supplemented by a prospectus supplement dated Dec. 23, 2022 and the Supplement to the Prospectus Supplement. About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. -- http://www.sonomapharma.com-- is a global healthcare company that develops and produces stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, animal health care, eye care, oral care and dermatological conditions. The Company's products reduce infections, itch, pain, scarring and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to have impressive antipruritic, antimicrobial, antiviral and anti-inflammatory properties. Its stabilized HOCl immediately relieves itch and pain, kills pathogens and breaks down biofilm, does not sting or irritate skin and oxygenates the cells in the area treated assisting the body in its natural healing process. The Company sells its products either directly or via partners in 54 countries worldwide. Sonoma reported a net loss of $5.09 million for the year ended March 31, 2022, compared to a net loss of $3.95 million for the year ended March 31, 2021. As of Dec. 31, 2022, the Company had $13.93 million in total assets, $8.37 million in total liabilities, and $5.56 million in total stockholders' equity. Atlanta, Georgia-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated July 13, 2022, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. SOUTH AMERICAN BEEF: Committee Taps Dundon as Financial Advisor --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 case of South American Beef, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Dundon Advisers, LLC as its financial advisor. The committee requires a financial advisor to: (a) assist in the analysis, review, and monitoring of the restructuring process; (b) review the terms of the Debtor's budget to ensure it provides sufficient liquidity; (c) assist the committee in identifying, valuing, and pursuing estate causes of action; (d) determine whether there are viable alternative paths for the disposition of the Debtor's assets from those being currently proposed by the Debtor; (e) monitor and, to the extent appropriate, assist the Debtor in efforts to develop and solicit transactions which would support unsecured creditor recovery; (f) assist the committee to address claims against the Debtor and identify, preserve, value, and monetize tax assets; (g) advise the committee in negotiations with the Debtor and third parties; (h) assist the committee in reviewing the Debtor's financial reports; (i) review and provide analysis of any proposed disclosure statement and Chapter 11 plan and, if appropriate, assist the committee in developing an alternative Chapter 11 plan; (j) attend meetings and assist in discussions with the committee, the Debtor, its lenders, the U.S. Trustee, and other parties in interest and professionals; (k) present at meetings of the committee, as well as meetings with other key stakeholders and parties; (l) perform such other advisory services for the committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and (m) provide testimony on behalf of the committee as and when may be deemed appropriate. Dundon has proposed to charge the committee for its services on an hourly basis and has agreed to a 20 percent discount to its normal hourly rates. The hourly rates of the firm's professionals through June 30 are as follows: Principals $850 Managing Directors and Senior Advisers $760 Senior Directors $700 Directors $625 Associate Directors $550 Senior Associates $475 Associates $370 In addition, the firm will seek reimbursement for expenses incurred. Peter Hurwitz, principal at Dundon Advisers, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Hurwitz Dundon Advisers, LLC Ten Bank Street, Suite 1100 White Plains, NY 10606 Telephone: (914) 523-0227 Email: ph@dundon.com About South American Beef South American Beef, Inc. specializes in the purchase, import and sales of high-quality beef, lamb, goat, mutton, veal, seafood, and poultry game meats. The company is based in West Des Moines, Iowa. South American Beef sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 22-01341) on Dec. 13, 2022, with $23,567,773 in assets and $23,993,243 in liabilities. Alejandra M. Vidal-Soler, president of South American Beef, signed the petition. Judge Anita L. Shodeen oversees the case. Jeffrey D. Goetz, Esq., at Bradshaw, Fowler, Proctor & Fairgrave PC and Moglia Advisors serve as the Debtor's legal counsel and financial advisor, respectively. On Feb. 1, 2023, the U.S. Trustee appointed an official committee of unsecured creditors in this case. The committee tapped Levenfeld Pearlstein, LLC and Spencer Fane LLP as its legal counsels and Dundon Advisers, LLC as its financial advisor. SPARKS ELECTRIC: Court OKs Interim Cash Collateral Access --------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey authorized Sparks Electric, LLC to use cash collateral on an interim basis in accordance with the budget. The Debtor requires the use of cash collateral to pay its ordinary and necessary operating expenses. As previously reported by the Troubled Company Reporter, prior to the commencement of the bankruptcy case, and a result of the COVID-19 pandemic, the Debtor's income decreased substantially, and the Debtor fell behind on its debts. To maintain operational during the pandemic, the Debtor began taking out short term, high interest merchant loans from Apex Funding Source, LLC, Forever Funding, LLC, and GFE NY, LLC. The payment for these loans were automatically withdrawn from the Debtor's operating account, and since the Debtor was not making enough money to cover the almost weekly payments, the Debtor kept borrowing from the short-term lenders to payback the loans owed and cover its operating expenses. Ultimately, the Debtor did not generate sufficient income to make the loan payments and was forced to file the bankruptcy in an attempt to reorganize its debts. Under the Court order, the Debtor is permitted to pay the Subchapter V Trustee a $10,000 post-petition retainer, which will be held in trust by the Subchapter V Trustee pending the allowance of fees and expenses to the Subchapter V Trustee. As adequate protection for use of cash collateral and to provide Apex Funding Source, Forever Funding and GFE NY with adequate protection for any diminution in the value of collateral that is subject to any security interest or lien as of the Petition Date, caused by the Debtor's use of cash collateral, (a) the Alleged Secured Creditors are granted perfected replacement liens in the Debtor's post-petition collateral and the proceeds thereof, under Section 361(2) of the Bankruptcy Code, to the same extent and in the same priority as their liens as of the Petition Date, to the extent of any diminution in value. A further hearing on the matter is set for April 4, 2023 at 10 a.m. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/3KWYEEu from PacerMonitor.com. The Debtor projects total expenses, on a monthly basis, as follows: $96,800 for March 2023; $96,800 for April 2023; $96,800 for May 2023; and $96,800 for June 2023. About Sparks Electric, LLC Sparks Electric, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-19058) on November 15, 2022. In the petition signed by Manuel Botero, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge John K. Sherwood oversees the case. David Stevens, Esq., at Scura Wigfield, Heyer, Stevens & Cammarota LLP, represents the Debtor as legal counsel. SPIRIT AIRLINES: Unveils Warrant and Convertible Note Adjustments ----------------------------------------------------------------- In a recent Form 8-K Report filed with the Securities and Exchange Commission, Spirit Airlines, Inc. announced an adjustment to: -- the exercise prices and warrants issued to the United States Department of the Treasury; and -- the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026. The adjustments were made following JetBlue Airways Corporation's announcement that it will make a prepayment to Spirit's stockholders in connection with the parties' merger deal. On April 20, 2020, January 15, 2021 and April 29, 2021, respectively, Spirit entered into Warrant Agreements with the Treasury Department, concerning the issuance by Spirit to Treasury of warrants to purchase shares of Spirit's common stock, par value $0.0001, in accordance with the terms of the respective Warrant Agreements pursuant to the PSP1 program, PSP2 program and PSP3 program. On October 26, 2022, JetBlue paid $2.50 in cash per outstanding share of Common Stock, to Spirit's stockholders of record on September 12, 2022 as a prepayment of merger consideration, pursuant to the terms of the Agreement and Plan of Merger, dated as of July 28, 2022, by and among Spirit, JetBlue and Sundown Acquisition Corp. On January 31, 2023, JetBlue paid $0.10 in cash per outstanding share of Common Stock to Spirit's stockholders of record on January 25, 2023 as a prepayment of merger consideration, pursuant to the terms of the Merger Agreement. Additionally, on February 10, 2023, JetBlue announced it will pay $0.10 in cash per outstanding share of Common Stock on February 28, 2023 to Spirit's stockholders of record on February 22, 2023 as a prepayment of merger consideration, pursuant to the terms of the Merger Agreement. Accordingly, on February 21, 2023, Spirit announced an adjustment to the exercise prices and warrant shares of the Warrants. The exercise price in respect of the PSP1 Warrants has been adjusted from $14.08 to $12.43, and the number of warrant shares issuable upon the exercise of the PSP1 Warrants has been adjusted from 520,797 to 589,740. The exercise price in respect of the PSP2 Warrants has been adjusted from $24.42 to $21.57, and the number of warrant shares issuable upon the exercise of the PSP2 Warrants has been adjusted from 137,753 to 155,983. The exercise price in respect of the PSP3 Warrants has been adjusted from $36.45 to $32.19, and the number of warrant shares issuable upon the exercise of the PSP3 Warrants has been adjusted from 80,539 to 91,200. On February 21, 2023, Spirit also announced an adjustment to the conversion rates of its 4.75% Convertible Senior Notes due 2025 and 1.00% Convertible Senior Notes due 2026. The conversion rate in respect of the 2025 Notes has been adjusted from 88.7598 shares to 89.2248 shares of Common Stock per $1,000 principal amount of 2025 Notes, and the conversion rate in respect of the 2026 Notes has been adjusted from 23.0627 shares to 23.1835 shares of Common Stock per $1,000 principal amount of 2026 Notes. About Spirit Airlines Inc. Spirit Airlines Inc. is a major United States ultra-low cost airline headquartered in Miramar, Florida, in the Miami metropolitan area. On January 12, 2023, Egan-Jones Ratings Company maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Spirit Airlines Inc. EJR also maintained its B rating on commercial paper issued by the Company. STARRY GROUP: Court Approves Stock Trading Procedures ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware entered an order establishing procedures with respect to direct and indirect trading, transfers of, and worthlessness deductions with respect to, stock of Starry Group Holdings Inc. and its debtor-affiliates. In certain, circumstances, the stock procedures restrict transactions involving, and require notices of the holdings of the proposed transactions by, any person or group of person that is or, as result of such transaction, would become a substantial stockholder of the common stock issued by the Debtor. For purposes of the stock procedures, a substantial stockholder is any person, in certain cases, group of persons that beneficially own, directly or indirectly at least 7,566,341 shares of the Debtors -- representing about 4.5% of all issued and outstanding shares of the Debtors. The stock procedures and the worthless stock deduction procedures are available on the website of Kurtzman Carson Consultants LLC, the Debtors' Court-approved claims agent, located at http://www.kccllc.net.Starry About Starry Group Boston-based Starry Group Holdings, Inc. (NYSE: STRY) is a licensed fixed wireless technology developer and internet service provider. The Company is an early-stage growth company. Starry Group Holdings, Inc. and 11 affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10219) on February 20, 2023. As of September 30, 2022, Starry Group had $270.6 million in total assets against $309.7 million in total liabilities. The petitions were signed by William J. Lundregan as authorized officer. The Hon. Karen B. Owens oversees the cases. Lawyers at YOUNG CONAWAY STARGATT & TAYLOR, LLP and LATHAM & WATKINS LLP serve as counsel to the Debtors; PJT PARTNERS LP serves as their investment banker; FTI CONSULTING, INC. as their financial advisors; and KURTZMAN CARSON CONSULTANTS LLC as their claims and noticing agent. STONEBRIDGE VENTURES: Trustee Taps Brian Thompson as Broker ----------------------------------------------------------- Arturo Cisneros, the Chapter 11 trustee for Stonebridge Ventures, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Brian Thompson of Winterstone Real Estate and Development as real estate broker. The trustee requires a broker to assist in the marketing and sale of the Debtor's real property located at 2 Makena Lane, Rancho Mirage, Calif. The firm will be paid a commission of 5 percent of the purchase price. Mr. Thompson disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian Thompson Winterstone Real Estate and Development 23792 Rockfield Blvd. Ste 101 Lake Forest, CA 92630 Tel: (949) 981-9120 Email: briant@winterstonerealestate.com brianthompsonre@gmail.com About Stonebridge Ventures Stonebridge Ventures, LLC, a company in Newport Beach, Calif., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 22-11556) on Sept. 10, 2022, with up to $10 million in both assets and liabilities. Joshua R. Pukini, director and chief financial officer, signed the petition. Judge Theodor Albert oversees the case. Summer M. Shaw, Esq., at Shaw & Hanover, PC is the Debtor's legal counsel. Arturo M. Cisneros, the court-appointed Chapter 11 trustee, is represented by Malcolm Cisneros, A Law Corporation. STONEBRIDGE VENTURES: Trustee Taps Hahn Fife & Co. as Accountant ---------------------------------------------------------------- Arturo Cisneros, the appointed trustee in the Chapter 11 case of Stonebridge Ventures, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Hahn Fife & Company, LLP. The bankruptcy trustee requires an accountant to review the Debtor's books and records and financial documents, and prepare any required income tax returns. The firm's hourly rates range from $80 for staff to $490 for partner. In addition, the firm will seek reimbursement for expenses incurred. Donald Fife, a certified public accountant and a partner at Hahn Fife & Company, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Donald T. Fife, CPA Hahn Fife & Company, LLP 790 E. Colorado Bl., 9th Floor Pasadena, CA 91101 Telephone: (626) 792-0855 Facsimile: (626) 270-5701 Email: dfife@hahnfife.com About Stonebridge Ventures Stonebridge Ventures, LLC, a company in Newport Beach, Calif., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-11556) on Sept. 10, 2022, with up to $10 million in both assets and liabilities. Joshua R. Pukini, director and chief financial officer, signed the petition. Judge Theodor Albert oversees the case. The Debtor is represented by Summer M. Shaw, Esq., at Shaw & Hanover, PC. The court appointed Arturo M. Cisneros as the Debtor's Chapter 11 trustee. The trustee tapped Malcolm Cisneros, A Law Corporation, as his legal counsel and Hahn Fife & Company, LLP as accountant. T.G. HOLDINGS: Cannon's Chophouse Okayed to Use Cash for Operations ------------------------------------------------------------------- Keith Gushard of The Meadville Tribune reports that Cannon's Chophouse restaurant's parent firm can use its cash collateral to continue operating while it reorganizes its debts under Chapter 11 federal bankruptcy protection. On Feb. 21, 2023, Judge Carlota Böhm of U.S. Bankruptcy Court for Western Pennsylvania approved T.G. Holdings' motions to use its cash to continue operations as well as motions to pay pre-bankruptcy filing employee wages, taxes and benefits. The court also granted a motion to give T.G. Holdings LLC until March 3 to file all lists, schedules and statement of financial affairs with the court as required. About TG Holdings TG Holdings, doing business as Cannon's Chophouse, is a restaurant in Meadville, Pennsylvania. T.G. Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-10061) on Feb. 8, 2023. In the petition filed by Charles A. Bish, Jr., as managing member, the Debtor estimated assets up to $50,000 and liabilities between $1 million and $10 million. The Debtor is represented by: Michael P. Kruszewski, Esq. Quinn Law Firm 994 Market Street Meadville, PA 16335 T.G. HOLDINGS: Seeks to Hire Quinn Law Firm as Legal Counsel ------------------------------------------------------------ T.G. Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Quinn Law Firm as its legal counsel. The firm's services include: (a) legal advice regarding the Debtor regarding its powers and duties under Chapter 11, including legal matters related to the operation of the Debtor's business; (b) preparation of amendments to Debtor's schedule of assets, schedule of liabilities and statement of financial affairs; (c) preparation and confirmation of the Debtor's Chapter 11 plan of liquidation; (d) prosecution of legal actions, as necessary, to avoid liens, object to claims, enforce the automatic stay, recover preferences, and defend motions or complaints against the Debtor; (e) preparation of legal papers; and (f) other necessary legal services in connection with the Debtor's Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates and will be reimbursed for out-of-pocket expenses incurred. The firm is holding a retainer in the amount of $2,669.60. Michael Kruszewski, Esq., a partner at Quinn Law Firm, disclosed in a court filing that the firm is disinterested within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael P. Kruszewski, Esq. Quinn Law Firm 2222 West Grandview Boulevard Erie, PA 16506-4508 Tel: (814) 833-2222 Fax: (814) 833-6753 Email: mkruszewski@quinnfirm.com About T.G. Holdings TG Holdings, LLC, doing business as Cannon's Chophouse, operates a restaurant in Meadville, Pa. TG Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-10061) on Feb. 8, 2023. In the petition filed by its managing member, Charles A. Bish, Jr., the Debtor reported up to $50,000 in assets and $1 million to $10 million in liabilities. The Debtor is represented by Michael P. Kruszewski, Esq. of Quinn Law Firm. TECHNICAL ORDNANCE: Seeks to Hire Dal Lago Law as Legal Counsel --------------------------------------------------------------- Technical Ordnance Solutions, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Dal Lago Law as legal counsel. The firm will render these services: (a) advise the Debtors regarding their rights and duties in these Chapter 11 cases; (b) prepare pleadings related to the cases; and (c) take any and all other necessary action incident to the proper preservation and administration of the estates. Dal Lago Law received a total pre-petition retainer payment of $37,500. The hourly rates of the firm's counsel and staff are as follows: Mike Dal Lago, Esq. $425 Christian Haman, Esq. $360 Jennifer Duffy Esq. $340 Kim Christian, Paraprofessional $210 Frances Vazquez, Paraprofessional $125 In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. Michael Dal Lago, Esq., the owner and president of Dal Lago Law, disclosed in court filings that the firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael R. Dal Lago, Esq. Christian Garrett Haman, Esq. Dal Lago Law 999 Vanderbilt Beach Road, Suite 200 Naples, FL 34108 Telephone: (239) 571-6877 Email: mike@dallagolaw.com chaman@dallagolaw.com About Technical Ordnance Solutions Technical Ordnance Solutions, LLC is a manufacturer of ordnance accessories in Naples Fla. Technical Ordnance Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00125) on Feb. 5, 2023, with up to $100,000 in assets and up to $10 million in liabilities. Clyde William Colburn, III, owner of Technical Ordnance Solutions, signed the petition. Judge Caryl E. Delano oversees the case. Mike Dal Lago, Esq., at Dal Lago Law, represents the Debtor as legal counsel. TEGNA INC: Extends Merger Agreement Outside Date to May 22 ---------------------------------------------------------- TEGNA Inc. disclosed in a recent Form 8-K Report filed with the Securities and Exchange Commission that the Company has extended the outside date of its merger agreement with Teton Parent Co. and other companies from February 22, 2023 5:00 p.m. to 5:00 p.m. Eastern time on May 22, 2023. TEGNA Inc., a Delaware corporation, entered into the Agreement and Plan of Merger, dated as of February 22, 2022, as amended by Amendment No. 1 thereto on March 10, 2022, by and among Teton Parent Corp., a Delaware corporation, Teton Merger Corp., a Delaware corporation and an indirect wholly owned subsidiary of Parent, and solely for purposes of certain provisions specified therein, certain subsidiaries of Parent, certain affiliates of Standard General L.P., a Delaware limited partnership, CMG Media Corporation, a Delaware corporation, and certain of CMG's subsidiaries. On February 21, 2023, the Company elected, pursuant to the terms of the Merger Agreement, to extend the Outside Date. About Tegna Inc. Headquartered in Tysons, Virginia, TEGNA Inc. is a broadcasting, digital media and marketing services company. On December 23, 2022, Egan-Jones Ratings Company maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by TEGNA Inc. EJR also maintained its 'B' rating on commercial paper issued by the Company. TELA BIO: Midcap Financial Marks $16.6M Loan at 20% Off ------------------------------------------------------- Midcap Financial Investment Corporation has marked its $16,667,000 loan extended to TELA Bio, Inc. to market at $13,333,000 or 80% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in Midcap Financial's Form 10-K for the transition period from April 1, 2022 to December 31, 2022, filed with the Securities and Exchange Commission on February 21, 2023. Midcap Financial is a participant in a First Lien Secured Debt to TELA Bio, Inc. The loan accrues interest at a rate of 1% (SOFR+625) per annum. The loan matures on May 1, 2027. Midcap Financial is a Maryland corporation incorporated on February 2, 2004. It is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Apollo Investment Management, L.P. is the investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (AGM). Apollo Investment Administration, LLC, an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Tela Bio, Inc. operates as a biotechnological company. The Company develops surgical reconstruction of soft tissue for patients healing and repairing purposes. Tela Bio serves customers in the United States. TELEGRAPH SQUARE: Taps James Surman & Goldberg CPA as Accountant ---------------------------------------------------------------- Telegraph Square II, a Condominium Unit Owners Association seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ the accounting firm of James, Surman & Goldberg, CPA. The Debtor needs an accountant to prepare its 2022 federal and state income tax returns and perform any other tasks related to the preparation of said tax returns. The firm will charge the Debtor a flat fee of $1,200. Joseph Thurston, a certified public accountant and member of James, Surman & Goldberg, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph J. Thurston, CPA James, Surman & Goldberg, CPA 6751 N. Federal Hwy, Suite 100 Boca Raton, FL 33487 Telephone: (561) 338-0028 About Telegraph Square II Telegraph Square II, a Condominium Unit Owners Association sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 22-10302) on March 16, 2022. In the petition signed by Stephanie Tavares, secretary and treasurer, the Debtor disclosed $248,032 in total assets and $1,129,919 in total liabilities. The Debtor tapped Robert M. Marino, Esq., at Redmon Peyton & Braswell, LLP as legal counsel and James, Surman & Goldberg, CPA as accountant. TELESOFT HOLDINGS: Midcap Financial Marks $2.2M Loan at 94% Off --------------------------------------------------------------- Midcap Financial Investment Corporation has marked its $2,273,000 loan extended to Telesoft Holdings, LLC to market at $147,000 or 6% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in Midcap Financial's Form 10-K for transition period from April 1, 2022 to December 31, 2022, filed with the Securities and Exchange Commission on February 21, 2023. Midcap Financial is a participant in a First Lien Secured Debt - Revolver to Telesoft Holdings, LLC. The loan accrues interest at a rate of 1%(L+575) per annum. The loan matures on December 16, 2021. Midcap Financial is a Maryland corporation incorporated on February 2, 2004. It is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Apollo Investment Management, L.P. is the investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (AGM). Apollo Investment Administration, LLC, an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Telesoft, LLC provides telecommunications billing and customer care solutions to educational institutions, corporations, and government agencies. The Company offers integrated hardware and proprietary software systems and services. Telesoft serves customers in the United States. TERRY GRAHAM: Tracey Day's Summary Judgment Bid Granted ------------------------------------------------------- Following a jury trial in Louisiana state court in January 2022, a verdict was rendered in favor of the Petitioners against Graham Trucking and Elvis Dean Thompson (one of Graham Trucking's employees) in the total amount of $3.93 million. This judgment resulted from an accident that occurred on one of the interstate highways in Lake Charles, Louisiana, when one of Graham Trucking's 18-wheelers, being driven by Thompson, rearended a vehicle being driven by Tracey Day. The impact caused Tracey Day's vehicle to collide with a vehicle in front of her driven by Teresa Jeffries. Three lawsuits resulted from the crash. First, Bradley and Tracey Day sued Graham Trucking, Thompson, and Graham Tucking's insurer, Prime Insurance Company for their injuries. Second, Teresa Jeffries sued Graham Trucking, Thompson, and Prime Insurance for the injuries she suffered in the crash. Third, Ms. Jeffries' insurer, Financial Indemnity Company, sued Graham Trucking, Thompson, and Prime Insurance to recover the amounts it had paid on Ms. Jeffries' property damage claim. Teresa Jeffries' suit was tried first and a $2.5 million verdict was rendered in her favor. The suit filed by Financial Indemnity Company was also settled and dismissed. This left the Days' suit, which, as noted, resulted in a nearly $4 million verdict in their favor. Bradley and Tracey Day, the Petitioners in this involuntary action, have moved for summary judgment requesting that the Court enter an order of relief under chapter 7 of the Code, claiming that all three factors of Section 303 of the Bankruptcy Code are met in this case. The Bankruptcy Code allows a single creditor to commence an involuntary chapter 7 or chapter 11 bankruptcy proceeding against a person or entity if the following conditions are met: (i) the creditor holds a claim against the person that is neither contingent nor disputed as to liability or amount, which is in an amount that is at least $18,600; (ii) there are fewer than 12 holders of noncontingent, undisputed claims against the person; and (iii) the alleged debtor is generally not paying such debtor's debts as they become due. Based on the Court's review of this evidence, the representative appearing on behalf of Graham Trucking, Terry Graham, established that the company had no creditors other than the Petitioners and Ms. Day's employer. He also stated that the company is not and will not be paying these claimants. The Court concludes that these statements certainly appear to satisfy the last two requirements for the Petitioners to prevail in their involuntary petition against Graham Trucking. Graham Trucking has not attempted to refute these statements with any evidence of its own. The Court, therefore, finds that the Petitioners have met their burden under sections 303(b) and (h) of the Code by establishing that they hold a noncontingent, undisputed claim exceeding the statutory threshold, and by showing that Graham Trucking has fewer than 12 creditors and that it is not paying its debts as they come due. Accordingly, the Court will enter an order of relief under chapter 7 of the Bankruptcy Code. A full-text copy of the Reasons for Ruling dated Feb. 15, 2023 is available at https://tinyurl.com/4jtrmfpt from Leagle.com. TESSEMAE'S LLC: Seeks to Tap Aurora Management as Financial Advisor ------------------------------------------------------------------- Tessemae's LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Aurora Management Partners, Inc. as its financial advisor. The Debtor requires a financial advisor to: (a) assist with the day-to-day operations of the Debtor as requested; (b) assist the Debtor in reconciling its financial records in NetSuite; (c) assist the Debtor in the development of the operating business plans; (d) prepare monthly operating reports, if requested by the Debtor; (e) attend the Debtor's court hearings and testify at the hearings as requested; (f) assist in the development, evaluation, negotiation, and execution of any restructuring, liquidation or sale transaction, if requested by the Debtor; (g) negotiate with lenders, creditors, and other parties in interest in the implementation of a chosen transaction, if requested by the Debtor; (h) render other general business consulting services. The hourly rates of the firm's professionals and services are as follows: Director/Managing Director $375 - $725 Sr. Managing Director/Managing Partner $375 - $725 Associate Director $325 - $375 Consultant, Senior Consultant $250 - $325 Administrative Services $250 In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. David Baker, a managing partner at Aurora Management Partners, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David M. Baker Aurora Management Partners Inc. 100 South Ashley Dr., Suite 600 Tampa, FL 33602 Telephone: (828) 638-5744 Email: dbaker@auroramp.com About Tessemae's LLC Tessemae's, LLC is a flavor-forward food company that makes clean-label, organic salad dressing. The company is based in Baltimore, Md. Tessemae's sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-10675) on Feb. 1, 2023. In the petition signed by its chief strategy officer, Demian Costa, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. The Debtor tapped Gary H. Leibowitz, Esq., at Cole Schotz PC as legal counsel and Aurora Management Partners Inc. as financial advisor. DIP lenders Tesse Fund I, LLC, MCDJR-Tesse, LLC and PMCDTESSE, LLC, are represented by Richard L. Costella, Esq., at Tydings & Rosenberg, LLP. TEVA PHARMACEUTICAL: Fitch Gives 'BB' Rating on Unsecured Notes --------------------------------------------------------------- Fitch Ratings has assigned 'BB-'/'RR4' ratings to the offering of sustainability-linked, senior unsecured notes by Teva Pharmaceutical Finance Netherlands II B.V. and Teva Pharmaceutical Finance Netherlands III B.V. , which are indirect, wholly-owned subsidiaries of Teva Pharmaceutical Industries Limited (Teva), which is rated 'BB-' with a Stable Rating Outlook. The notes offering will rank pari-passu with all other senior unsecured debt of Teva and its subsidiaries. Fitch expects Teva to use the net proceeds from the notes offering, together with cash on hand, to repay outstanding debt upon maturity, to tender or to redeem early existing debt. KEY RATING DRIVERS Leading Global Generic Manufacturer: Teva is one of the leading global generic drug manufacturers with a broad portfolio of specialty, over the counter medicines and active pharmaceutical ingredients (API). Teva operates 39 finished goods and pharmaceutical packaging plants in 27 countries. In addition, it operates 14 API production facilities producing several hundred APIs in various therapeutic categories. With solid expertise in a variety of production technologies and an extensive patent portfolio, Teva is positioned well to capitalize on the demand for both generic and biosimilar drugs over the medium to long term. Increasing Challenge of Revenue growth: Sales of generic products along with Teva's former leading product, Copaxone, continue to experience steady erosion on a reported basis. Fitch continues to forecast relatively flat to modest growth in revenues over the near to medium term. Generic product revenue is expected to emerge between $8.0 billion to $9.0 billion, and will be affected primarily by the adverse challenges in the U.S. generic market caused by pricing pressure and minimal growth from product launches. Copaxone revenues are expected to continue to decline steadily from generic competition and are expected to be replaced largely by growth of Ajovy and Austedo. Fitch does not anticipate significant revenue growth for either drug over the near term because of competition from other biosimilars and the ongoing effects of the coronavirus pandemic. Margin Pressure: Teva's generics business in the U.S. has been negatively affected by additional pricing pressure as a result of customer consolidation into larger buying groups capable of extracting greater price reductions. Accelerated Food & Drug Administration approvals for versions of off-patent medicines have increased competition for Teva's products, and revenue traction for newly launched products is slower than expected. Pricing pressure, particularly in the U.S., will likely continue to meaningfully weigh on revenue and margins in the near term. These pressures will remain a challenge over the medium to long term and may be heightened by the Inflation Reduction Act. Fitch expects aging populations in developed markets and increasing access to healthcare in emerging markets to support volume growth for Teva and its generic pharmaceutical peers, but price erosion is expected to meaningfully offset such growth over the near term. Adjusted Debt Remains High: Fitch believes that Teva's restructuring activities have been effective in rightsizing the company amid persistent revenue declines. Margin improvement will be derived from both a continued focus on costs and disciplined new R&D and capital investment over the forecast period and thereafter with top line growth. Fitch's 2022 adjusted EBITDA leverage is approximately 6.1x, but is expected to decline with further application of FCF to debt reduction. Fitch treats the balance of receivables sold through securitization structures as a component of adjusted debt. As a result of the increase in use of securitization facilities, adjusted EBITDA leverage remains high for the 'BB-' rating. Clarity Around Litigation Profile: Fitch's current forecast assumes litigation and restructuring costs at approximately $400 million per year. Fitch treats litigation settlement payments as a reduction of EBITDA rather than incorporating the liability into an issuer's debt for purposes of setting rating sensitivities. Notwithstanding the potential burden associated with ongoing litigation and restructuring, Fitch's forecast assumes that Teva will continue to generate adequate levels of FCF and be able to extend its debt maturities in order to adequately service its debt. DERIVATION SUMMARY Teva's 'BB-' IDR reflects its position as a leading global generic drug manufacturer, its broad portfolio of products, highly skilled workforce and manufacturing capabilities and a track record of innovation. Offsetting these strengths are its relatively high financial leverage, revenue growth challenge and exposure to litigation claims. Within Fitch's rated universe, Viatris Inc. (BBB/Stable) is a key peer in terms of size and scope of operations in the generics area. Teva is rated lower because of its leverage and litigation exposure. Teva is also experiencing erosion of its top line due to price pressure on its generic drug portfolio and because of increasing competitive pressures influencing the company's branded drug sales. Viatris has lower leverage, more product and geographic diversification and greater profitability, supporting the higher rating. Relative to other healthcare and pharma peers such as Avantor Inc. (BB/Positive) and Jazz Pharmaceuticals (BB-/Positive), Teva is more highly leveraged and has a greater loss contingency profile. Other 'BB-'-rated healthcare companies operating in different industry subsectors typically have leverage sensitivities of 4.0x-5.0x. The ratings of Teva Pharmaceutical Industries Limited and Teva Pharmaceuticals USA, Inc. are determined to be the same under Fitch's Parent-Subsidiary Linkage Criteria. The overall linkage of the two entities is deemed to be strong in light of the strategic, legal and operational ties between the two entities. Hence, there is no notching between the ratings. No Country Ceiling or operating environment aspects have an effect on the rating. Teva has a modest amount of convertible senior debentures outstanding as of Dec. 31, 2022, following the exercise by holders of the debentures to require Teva to redeem such debentures in February 2021. The remaining $23 million are treated as senior unsecured debt in Teva's capital structure and receive no equity credit because the principal amount is paid in cash and only the residual conversion value above the principal amount is paid in shares. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer: - Copaxone revenues of $400 million-$500 million; Austedo revenues of $1.0 billion-$1.4 billion and Ajovy revenues of $400 million-$425 million over the forecast through 2026; no material contribution is assumed from the product pipeline; - Generic medicine revenues decline at a CAGR or 2% over the forecast as generic erosion is counteracted by new generic product launches; - Adjusted EBITDA margins remain between 25%-26% over the forecast; - Cash costs of $200 million for litigation settlements and expenses and $200 million for restructuring are included as a charge to adjusted EBITDA over the forecast; - A modest investment in working capital is assumed through the forecast period, which may fluctuate depending on the level of new product launches; - Debt reduction remains a priority, but declines to levels in line with FCF generation of $1.0 billion-$1.5 billion over the forecast; Fitch's treats the balance of sold receivables at year-end as a component of adjusted debt; - Gross EBITDA leverage declines below 5.0x after FYE 2024; (cash flow from operations/capex) to total debt remains between 5%-10% over the forecast. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Positive rating momentum will be driven primarily by revenue growth, debt reduction and the favorable resolution of the litigation profile; - Gross EBITDA leverage maintained below 5.0x; - Maintaining adequate levels of FCF to continue to pay debt maturities through the forecast period. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Gross EBITDA leverage sustained above 6.0x; - The company cannot maintain stable operating performance and reduce debt, in part due to litigation expenses above forecasts, increased headwinds from the generic pricing environment and an inability to generate meaningful sales from new product launches; - FCF, while positive, declines to levels that meaningfully increase Teva's reliance on asset sales or new external sources of capital to meet debt obligations. LIQUIDITY AND DEBT STRUCTURE Cash Prioritized for Deleveraging: Teva's principal sources of short-term liquidity are cash flow from operations, cash investments, liquid securities, securitization facilities and a $1.8 billion revolving credit facility (RCF), which matures in April 2026 but can be extended twice for one-year periods. The RCF (recently amended in February 2023) contains certain covenants, including limitations on incurring liens and indebtedness and maintaining certain financial ratios, including a maximum net leverage ratio of 4.0x for 4Q23 and 3.5x for 4Q24. Fitch believes that Teva has adequate flexibility under the EBITDA calculation to comply with the amended ratio requirements through FY 2023. Securitization Facilities: Teva has increased it use of receivable securitization facilities in 2022 to accelerate its cash collections. Fitch views the balance of sold receivables as of any balance sheet date to represent a form of collateralized financing and adjusts reported debt and the changes in the balances of sold receivables as a component of financing cash flows. Debt Maturities: Fitch believes that Teva has adequate sources of liquidity from FCF and available cash to meets its obligations through FY 2024, but will need to refinance its maturities thereafter to align its FCF generation with debt maturities. The FCF forecast is principally sensitive to product revenues, revenues from new products, cost reductions and litigation costs. Fitch believes that Teva may benefit over the medium to long term from its focus on innovative and complex pharmaceuticals, which generally command higher prices and margins. However, the commoditized portion of its generic drug portfolio is more prone to pricing pressure. If Teva settles the price-fixing or opioid litigation for an amount significantly in excess of amounts assumed by Fitch or if faster than anticipated payments are required, it could constrain R&D spending, investments and debt-paying capabilities and thus constrain any positive rating momentum or result in negative rating momentum over the near to medium term. ISSUER PROFILE Teva is a global pharmaceutical company operating worldwide with headquarters in Israel and a significant presence in the U.S., Europe and other markets. Its key strengths include world-leading generic medicines expertise and portfolio, focused specialty medicines portfolio and global infrastructure and scale. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch has adjusted historical and forecast EBITDA to reflect reported merger and integration expenses, restructuring costs, impairments, gains from anti-trust legal settlements, litigation charges and LIFO inventory related adjustments. In addition, Fitch has adjusted reported debt and financing cash flows (debt repayment) to include the balance of receivables sold and the annual changes related to such balances, respectively, in connection with EU and U.S. securitization facilities. ESG Considerations Teva has an ESG Relevance Score of '4' for Exposure to Social Impacts due to pressure to contain healthcare spending growth, a highly sensitive political environment, exposure to price-fixing and opioid litigation, and social pressure to contain costs or restrict pricing. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Entity/Debt Rating Recovery ----------- ------ -------- Teva Pharmaceutical Finance Netherlands II B.V. senior unsecured LT BB- New Rating RR4 Teva Pharmaceutical Finance Netherlands III B.V. senior unsecured LT BB- New Rating RR4 TIGERTRADE SERVICES: Automatic Stay is Lifted in Koral Suit ----------------------------------------------------------- In the case captioned as Richard Koral, Plaintiff, v. Tigertrade Services Inc., et al., Defendants, Case No. 20-mc-80226-AGT (N.D. Cal.), Magistrate Judge Alex G. Tse for the Northern District of California has issued an Order lifting stay as to Tigertrade Services Inc. Since the bankruptcy court dismissed the Chapter 7 case entitled In re Tigertrade Services, Inc., No. 22-40455-WJL (Bankr. N.D. Cal. 2022), the automatic stay is lifted as to proceedings against Tigertrade. However, the stay remains in place as to Tanjila Islam. Islam's bankruptcy proceedings have yet to conclude. Before the case was stayed, the Court ordered Tigertrade to sit for a further Debtors' examination. That examination didn't take place because Tigertrade filed for bankruptcy. Now that Tigertrade is no longer in bankruptcy, a managing agent of Tigertrade must sit for a further Debtors' examination on or before March 10, 2023 -- to answer the questions the Court previously ordered Tigertrade to answer. A full-text copy of the Order dated Feb. 16, 2023 is available at https://tinyurl.com/4w7dw6tm from Leagle.com. TREACE MEDICAL: Midcap Financial Marks $35M Loan at 60% Off ----------------------------------------------------------- Midcap Financial Investment Corporation has marked its $35,000,000 loan extended to Treace Medical Concepts, Inc. to market at $14,060,000 or 40% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in Midcap Financial's Form 10-K for the transition period from April 1, 2022 to December 31, 2022, filed with the Securities and Exchange Commission on February 21, 2023. Midcap Financial is a participant in a First Lien Secured Debt to Treace Medical Concepts, Inc. The loan accrues interest at a rate of 1% (SOFR+550) per annum. The loan matures on April 1, 2027. Midcap Financial is a Maryland corporation incorporated on February 2, 2004. It is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Apollo Investment Management, L.P. is the investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (AGM). Apollo Investment Administration, LLC, an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Treace Medical Concepts, Inc. operates as an orthopaedic medical device company. The Company develops lapiplasty 3D bunion correction systems designed to improve the inconsistent clinical outcomes of traditional approaches to bunion surgery. Treace Medical Concepts serves customers worldwide. TROIKA MEDIA: Kevin James VanBeek Reports 12.4% Equity Stake ------------------------------------------------------------ Kevin James VanBeek disclosed in a Schedule 13G filed with the Securities and Exchange Commission that as of Feb. 10, 2023, he directly and beneficially owned 8,381,656 shares of common stock of Troika Media Group, Inc., representing approximately 12.4% of the issued and outstanding shares of Common Stock, and Andrea Lynn VanBeek directly and beneficially owned 4,227,243 shares of Common Stock, representing approximately 6.2% of the issued and outstanding shares of Common Stock. The percentages were calculated based on 67,813,116 shares of the Issuer's Common Stock issued and outstanding as of Nov. 11, 2022, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on Nov. 14, 2022. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1021096/000119312523032810/d414615dsc13g.htm About Troika Troika Media Group, Inc. (fka M2 nGage Group, Inc.) -- thetmgrp.com -- is a professional services company that architects and builds enterprise value in consumer facing brands to generate scalable performance driven revenue growth. The Company delivers three solutions pillars that: CREATE brands and experiences and CONNECT consumers through emerging technology products and ecosystems to deliver PERFORMANCE based measurable business outcomes. Troika Media reported a net loss of $38.69 million for the year ended June 30, 2022, a net loss of $16 million for the year ended June 30, 2021, and a net loss of $14.45 million for the year ended June 30, 2020. As of Sept. 30, 2022, the Company had $205.48 million in tot al assets, $192.07 million in total liabilities, and $13.41 million in total stockholders' equity. UNCHAINED LABS: Midcap Financial Marks $6.7M Loan at 39% Off ------------------------------------------------------------ Midcap Financial Investment Corporation has marked its $6,728,000 loan extended to Unchained Labs, LLC to market at $4,096,000 or 61% of the outstanding amount, as of December 31, 2022, according to a disclosure contained in Midcap Financial's Form 10-K for the transition period from April 1, 2022 to December 31, 2022, filed with the Securities and Exchange Commission on February 21, 2023. Midcap Financial is a participant in a First Lien Secured Debt to Unchained Labs, LLC. The loan accrues interest at a rate of 1% (SOFR+550) per annum. The loan matures on September 8, 2027. Midcap Financial is a Maryland corporation incorporated on February 2, 2004. It is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. Apollo Investment Management, L.P. is the investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (AGM). Apollo Investment Administration, LLC, an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Unchained Labs is a developer of life science biologics tools. UPTOWN 240 LLC: Dillon, Colo. Condo Files for Chapter 11 -------------------------------------------------------- Uptown 240 LLC filed for chapter 11 protection in the District of Colorado. The Debtor is a Colorado limited liability company that owns and is in the process of developing certain real property located at 240 Lake Dillon Drive, in Dillon, CO 80435. According to https://www.uptown240.com/, Uptown 240 is a new luxury real estate development in the heart of downtown Lake Dillon, Colorado. Uptown 240 provides premier mountain contemporary living, and is located just steps away from Lake Dillon and only minutes away from 4 world-class ski and summer resorts. According to court filings, Uptown 240 estimates between $10 million and $500 million in total debt owed to 1 to 49 creditors. The petition states that funds will not be available to unsecured creditors. About Uptown 240 LLC Uptown 240 LLC -- https://www.uptown240.com -- owns and operates a condominium complex in Dillon, Colorado. Uptown 240 residences are an exclusive collection of 80-luxury mountain and lakeview -condominiums. Uptown 240 LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Col. Case No. 23-10617) on February 23, 2023. In the petition filed by Danilo A. Ottoborgo, as president, the Debtor reported assets and liabilities between $10 million and $50 million each. The Debtor is represented by: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: 303-832-2400 Email: klr@kutnerlaw.com UPTOWN 240: Seeks to Hire Kutner Brinen Dickey Riley as Counsel --------------------------------------------------------------- Uptown 240, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Kutner Brinen Dickey Riley, P.C. as its legal counsel. The Debtor requires legal counsel to: (a) give advice with respect to the Debtor's powers and duties under the Bankruptcy Code; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file pleadings, reports and actions, which may be required in the continued administration of the Debtor's property under Chapter 11; (d) take necessary actions to enjoin and stay until final decree continuation of pending proceedings, and enjoin and stay until final decree commencement of lien foreclosure proceedings and all matters provided under Section 362 of the Bankruptcy Code; and (e) perform all legal services for the Debtor which may become necessary. The hourly rates of the firm's counsel and staff are as follows: Jeffrey S. Brinen $500 Jenny Fujii $410 Jonathan M. Dickey $350 Keri L. Riley $350 Contract Attorney $350 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. The firm also requested a post-petition retainer in the amount of $11,147. Keri Riley, Esq., an attorney at Kutner Brinen Dickey Riley, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Keri L. Riley, Esq. Kutner Brinen Dickey Riley, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-3047 Email: klr@kutnerlaw.com About Uptown 240 Uptown 240, LLC owns and operates a condominium complex in Dillon, Colo. The residences are an exclusive collection of 80-luxury mountain and lakeview condominiums. Uptown 240 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 23-10617) on Feb. 23, 2023, with $10 million to $50 million in both assets and liabilities. Danilo A. Ottoborgo, president of Uptown 240, signed the petition. Judge Thomas B. Mcnamara presides over the case. Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, P.C. represents the Debtor as counsel. VOYAGER DIGITAL: Equity Holders Denounce FTX Loan Deal ------------------------------------------------------- The Ad Hoc Group of Equity Holders of Voyager Digital Ltd. ("TopCo"), asked a New York bankruptcy judge on Friday, February 24, 2023, to reject a proposed deal between Voyager and FTX over disputed loan claims, saying it would allow unsecured creditors to strip away funds that could go to them. The Ad Hoc Group of Equity Holders (the "AHG") filed an objection to the Joint Stipulation and Agreed Order Between the Voyager Debtors, the FTX Debtors, and Their Respective Official Committees of Unsecured Creditors. "The Stipulation must not be approved unless all actions to be taken under the Stipulation are subject to further approval of the Court upon proper notice to parties. Baked into the Stipulation is a tactic of the Voyager Official Committee of Unsecured Creditors (the "Committee") to strip TopCo of value that could result in a distribution to TopCo Equity Interests. It is hard to imagine that TopCo, as an independent entity, would approve of this result. The AHG does not," the AHG said in court filings. Prior to the bankruptcy filing, Voyager Digital Holdings, Inc. ("HoldCo") allegedly borrowed $75 million (the "Loan") from Alameda Ventures Ltd. ("FTX"). The amount was allegedly guaranteed (the "Guaranty") by TopCo. FTX filed proofs of claim for this amount -- Claim Nos. 11206, 11209 and 11213. Throughout this case, the Debtors and the Committee have indicated that the Loan is unenforceable. For example, the Debtors' original Plan indicated the Loan was being cancelled. More recently, both the Debtors and the Committee filed scathing objections to the enforceability of the Loan. With this backdrop, it is hard to believe that the $75 million Loan has any value or is a valid claim against one or more Voyager Debtors. In the absence of the Loan Guaranty claim against TopCo, TopCo has de minimis other claims and will likely be in a position to make a distribution to TopCo Equity Interests. Nevertheless, paragraph 1 of the Stipulation provides for the option to assign the Loan to Voyager Digital, LLC ("OpCo"). Should this occur, in the Committee's eyes OpCo will become the lender, HoldCo will be the borrower, and TopCo will be the guarantor. The Committee may then seek to cause OpCo to assert the Guaranty against TopCo. This absurd result could strip TopCo of value that would otherwise be distributed to TopCo Equity Interests. To the extent the Committee thinks OpCo can use the Guaranty claim to offset the intercompany claims OpCo owes to TopCo, Section 553(a)(2)(A) of the Bankruptcy Code disallows setoff if the claim was transferred after the commencement of the bankruptcy case, as would be the situation here. According to the AHG, any attempt by OpCo to obtain the Loan and assert the Guaranty against TopCo must be subject to further application to the Court upon proper notice to all parties. Surely, TopCo would object to any attempted enforcement of the Guaranty in the hands of OpCo against TopCo. The AHG intends to do so. Another option provided for in paragraph 2 of the Stipulation is for FTX to assign its Equity Interests in TopCo to OpCo. It is unclear at this time for what purposes the Committee seeks this assignment. Presumably, the Committee seeks this assignment because the Committee knows that there may be value distributed to TopCo Equity Interests. There could be other reasons. Regardless, because it is unknown what the Committee seeks to cause OpCo to do with FTX Equity Interests in TopCo, and because this proposed assignment will occur under unique circumstances, any assignment of FTX Equity Interests in TopCo to OpCo should similarly be subject to further application to the Court upon proper notice to all parties. Paragraphs 5 and 6 of the Stipulation provide for mediation and the Committee's intervention in all disputes between the Debtors and FTX. The Committee's interests are biased in favor of OpCo and against TopCo. Any mediation of these issues should have an independent TopCo representative present to participate and assert the best interests of TopCo and its stakeholders. The TopCo independent director and the AHG are in the best position to represent the interests of TopCo. The TopCo independent director and the AHG should (i) be allowed to participate in any mediation contemplated by the Stipulation; (ii) be afforded consultation rights in any matter affecting TopCo; and (iii) be allowed to intervene, unopposed by any of the Stipulation parties, in any litigation proceeding among the Stipulation parties to the extent such proceeding affects the rights or interests of TopCo. A Stipulation is being proposed that is designed to advantage one Voyager Debtor (i.e., OpCo) over another Voyager Debtor (i.e., TopCo). The AHG understands that there are multiple competing interests that are sought to be resolved in the proposed mediation. The playing field should be level heading into any mediation that accounts for all competing interest holders especially for those matters that could impact Voyager intra-Debtor issues. Thus the AHG requests that the Court enter an order denying the Stipulation, or, in the alternative, requiring the Debtors to amend the Stipulation so as to address the issues and concerns raised in this Objection. Counsel to the Ad Hoc Group of Equity Holders of Voyager Digital Ltd.: KILPATRICK TOWNSEND & STOCKTON LLP David M. Posner, Esq. Kelly Moynihan, Esq. The Grace Building 1114 Avenue of the Americas New York, New York 10036-7703 Telephone: (212) 775-8700 Facsimile: (212) 775-8800 Email: dposner@kilpatricktownsend.com kmoynihan@kilpatricktownsend.com - and - Paul M. Rosenblatt, Esq. 1100 Peachtree Street NE, Suite 2800 Atlanta, Georgia 30309 Telephone: (404) 815-6500 Facsimile: (404) 815-6555 Email: prosenblatt@kilpatricktownsend.com About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- runs a cryptocurrency platform. Voyager claims to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, chief executive officer, the Debtors estimated assets and liabilities between $1 billion and $10 billion. Judge Michael E. Wiles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; Consello Group as strategic financial advisor; Deloitte Tax, LLP as tax services provider; and Deloitte & Touche, LLP as accounting advisor. Stretto, Inc. is the claims agent. On July 19, 2022, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc. as financial advisor; Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq Corporate Restructuring, LLC as noticing and information agent. The committee also tapped the services of Harney Westwood & Riegels, LP in connection with Three Arrows Capital Ltd.'s liquidation proceedings in British Virgin Islands. On July 6, 2022, the Debtors filed a joint Chapter 11 plan of reorganization. * * * Following an auction process, the Debtors in September 2022 selected the bid submitted by FTX US' West Realm Shires Inc. as the winning bid for the assets. But after a series of events, FTX collapsed in November 2022, before the sale could be completed. After reopening bidding, Voyager Digital selected the offer from U.S. exchange BAM Trading Services Inc. (doing business as "Binance.US") as the highest and best bid for its assets. Binance's bid is valued at $1.022 billion. VOYAGER DIGITAL: Reaches FTX Settlement; Files Amended Plan ----------------------------------------------------------- Voyager Digital Holdings, Inc., et al., submitted a Third Amended Joint Plan dated February 28, 2023. The Plan constitutes a separate chapter 11 plan for each of the Debtors, and accordingly, the classification of Claims and Interests applies separately to each of the Debtors. "FTX Settlement" means the settlement between the Debtors, the Committee, FTX, Alameda, and the official committee of unsecured creditors in the FTX Bankruptcy Proceeding, pursuant to the terms set forth in the Debtors' Motion for Entry of an Order Approving the Joint Stipulation and Agreed Order Between the Voyager Debtors, the FTX Debtors, and Their Respective Official Committees of Unsecured Creditors. Class 3 consists of all Account Holder Claims. Each Holder of an Allowed Account Holder Claim will receive in exchange for such Allowed Account Holder Claim: * If the Sale Transaction is consummated by the Outside Date: -- its Net Owed Coins, as provided in and subject to the requirements of the Asset Purchase Agreement; provided that for Account Holders in Supported Jurisdictions who do not complete the Purchaser's onboarding requirements within 3 months following the Closing Date and Account Holders in Unsupported Jurisdictions and only to the extent that the Purchaser does not obtain the Unsupported Jurisdiction Approval for the jurisdiction in which such Account Holder resides within 6 months following the Closing Date, such Account Holders shall receive, after expiration of such time period, value in Cash at which such Net Owed Coins allocable to such Account Holder are liquidated; -- its Pro Rata share of any Additional Bankruptcy Distributions, in Cryptocurrency or Cash as provided in and subject to the requirements of the Asset Purchase Agreement; -- its Pro Rata share of Distributable OpCo Cash; and -- to effectuate distributions from the Wind-Down Debtor, its Pro Rata share of the Wind-Down Debtor Assets attributable to OpCo; provided that any distributions on account of the Wind-Down Debtor Assets attributable to OpCo shall only be made following payment in full of, or reserve for, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Tax Claims, and Allowed Other Priority Claims at OpCo; * If the Sale Transaction is not consummated by the Outside Date or the Asset Purchase Agreement is terminated: -- its Pro Rata share of Distributable OpCo Cash; -- its Pro Rata share of Distributable Cryptocurrency, which such Account Holder shall be able to withdraw in kind, alternative Cryptocurrency, and/or Cash for a period of 30 days after the Effective Date through the Voyager platform or, if elected by Seller pursuant to the Asset Purchase Agreement, through the Binance.US Platform; provided that if the applicable transfer is made through the Voyager platform and such Account Holder does not withdraw its Pro Rata share of Distributable Cryptocurrency available to such Account Holder from the Voyager platform within such 30 day period, such Account Holder will receive Cash in the equivalent value to its Pro Rata share of Distributable Cryptocurrency; and -- to effectuate distributions from the Wind-Down Debtor, its Pro Rata share of the Wind-Down Debtor Assets attributable to OpCo; provided that any distributions on account of Wind-Down Debtor Assets attributable to OpCo shall only be made following payment in full of, or reserve for, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Tax Claims, and Allowed Other Priority Claims at OpCo. Class 4A consists of all OpCo General Unsecured Claims. Each Holder of an Allowed OpCo General Unsecured Claim will receive in exchange for such Allowed OpCo General Unsecured Claim: * If the Sale Transaction is consummated by the Outside Date: -- its Pro Rata share of Distributable Cryptocurrency in Cash; -- its Pro Rata share of Additional Bankruptcy Distributions, in Cryptocurrency or Cash as provided in and subject to the requirements of the Asset Purchase Agreement; -- its Pro Rata share of Distributable OpCo Cash; and -- to effectuate distributions from the Wind-Down Debtor, its Pro Rata share of the Wind-Down Debtor Assets attributable to OpCo; provided that any distributions on account of the Wind-Down Debtor Assets attributable to OpCo shall only be made following payment in full of, or reserve for, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Tax Claims, and Allowed Other Priority Claims at OpCo; or * If the Sale Transaction is not consummated by the Outside Date or the Asset Purchase Agreement is terminated: -- its Pro Rata share of Distributable Cryptocurrency in Cash; -- its Pro Rata share of Distributable OpCo Cash; and -- to effectuate distributions from the Wind-Down Debtor, its Pro Rata share of the Wind-Down Debtor Assets attributable to OpCo; provided that any distributions on account of the Wind-Down Debtor Assets attributable to OpCo shall only be made following payment in full of, or reserve for, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Tax Claims, and Allowed Other Priority Claims at OpCo. Class 4B consists of all HoldCo General Unsecured Claims. Each Holder of an Allowed HoldCo General Unsecured Claim will receive in exchange for such Allowed HoldCo General Unsecured Claim: * its Pro Rata share of Distributable HoldCo Cash; and * to effectuate distributions from the Wind-Down Debtor, its Pro Rata share of the Wind-Down Debtor Assets attributable to HoldCo; provided that any distributions on account of the Wind Down Debtor Assets attributable to HoldCo shall only be made following payment in full of, or reserve for, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Tax Claims, and Allowed Other Priority Claims at HoldCo. Class 4C consists of all TopCo General Unsecured Claims. Each Holder of an Allowed TopCo General Unsecured Claim will receive in exchange for such Allowed TopCo General Unsecured Claim: * its Pro Rata share of Distributable TopCo Cash; and * to effectuate distributions from the Wind-Down Debtor, its Pro Rata share of the Wind-Down Debtor Assets attributable to TopCo; provided that any distributions on account of the Wind-Down Debtor Assets attributable at TopCo shall only be made following payment in full of, or reserve for, Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Tax Claims, and Allowed Other Priority Claims at TopCo. Class 5 consists of all Alameda Loan Facility Claims. If the FTX Settlement becomes effective, each Holder of an Allowed Alameda Loan Facility Claim shall, at the election of the Debtors with the consent of the Committee, in their sole discretion, following written notice to counsel to FTX, Alameda and to the official committee of unsecured creditors in the FTX Bankruptcy Proceeding of such election, which written notice shall be given no later than the date that is 30 days after the Confirmation Hearing, (a) withdraw its Alameda Loan Facility Claims in their entirety, with prejudice to FTX or any other party reasserting such claims, or (b) contribute the Alameda Loan Facility Claims to OpCo. If the FTX Settlement does not become effective, the Alameda Loan Facility Claims shall be subordinated to all Allowed Claims at OpCo, HoldCo, and TopCo, including, but not limited to, all Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Tax Claims, Allowed Other Priority Claims, Allowed Account Holder Claims, Allowed OpCo General Unsecured Claims, Allowed HoldCo General Unsecured Claims, and Allowed TopCo General Unsecured Claims; provided, however, if the Bankruptcy Court denies subordination of the Alameda Loan Facility Claims, then such Alameda Loan Facility Claims shall be pari passu with General Unsecured Claims at the applicable Debtor entity. Class 6 consists of all Section 510(b) Claims against TopCo. Each Holder of Allowed Section 510(b) Claims against TopCo will receive, to effectuate distributions, if applicable, from the Wind-Down Debtor, its Pro Rata share of the Wind-Down Debtor Assets attributable to TopCo; provided that any distributions on account of the Wind-Down Debtor Assets attributable to TopCo shall only be made following payment in full of, or reserve for, all Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Tax Claims, Allowed Other Priority Claims, and Allowed TopCo General Unsecured Claims at TopCo. Class 7 consists of all Intercompany Claims. Each Intercompany Claim shall receive the treatment for such Intercompany Claim as determined by the Bankruptcy Court. Class 9 consists of all Existing Equity Interests. Each Holder of Existing Equity Interests will receive, to effectuate distributions, if applicable, from the Wind-Down Debtor, its Pro Rata share of the Wind-Down Debtor Assets attributable to TopCo; provided that any distributions on account of Wind-Down Debtor Assets attributable at TopCo shall only be made following payment in full of, or reserve for, all Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Secured Tax Claims, Allowed Other Priority Claims, and Allowed TopCo General Unsecured Claims at TopCo. Pursuant to the Plan Administrator Agreement, the Wind-Down Debtor will be established, formed, merged, or converted. The Wind-Down Debtor shall be the successor-in-interest to the Debtors, and the Wind-Down Debtor shall be a successor to the Debtors' rights, title, and interest to the Wind-Down Debtor Assets. The Wind-Down Debtor will conduct no business operations and will be charged with winding down the Debtors' Estates. The Plan Administrator shall be selected by the Committee, in consultation with the Debtors, and shall be identified in the Plan Supplement. The appointment of the Plan Administrator shall be approved in the Confirmation Order, and the Plan Administrator's duties shall commence as of the Effective Date. The Plan Administrator shall administer the distributions to the Wind-Down Debtor Beneficiaries and shall serve as a representative of the Estates under section 1123(b) of the Bankruptcy Code for the purpose of enforcing Vested Causes of Action belonging to the Estates that are not released, waived, settled, compromised, or transferred pursuant to the Plan and subject to the limitations set forth in the Plan. Distributions under the Plan shall be funded by (i) the proceeds of Purchaser's payment obligations under the Asset Purchase Agreement and distributions of Acquired Coins pursuant to the Asset Purchase Agreement, (ii) the Wind-Down Debtor from the Wind-Down Debtor Assets provided, however, that Allowed Professional Fee Claims shall be paid from the Professional Fee Escrow Account in the first instance. The Wind-Down Debtor Assets shall be used to pay the Wind-Down Debtor Expenses (including the compensation of the Plan Administrator and any professionals retained by the Wind-Down Debtor), and to satisfy payment of Allowed Claims and Interests as set forth in the Plan. A full-text copy of the Third Amended Plan dated February 28, 2022, is available at https://bit.ly/3Zmfukq from Stretto, Inc., claims agent. Counsel to the Debtors: Joshua A. Sussberg, Esq. Christopher Marcus, Esq. Christine A. Okike, Esq. Allyson B. Smith, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, NY 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- runs a cryptocurrency platform. Voyager claims to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, chief executive officer, the Debtors estimated assets and liabilities between $1 billion and $10 billion. Michael E. Wiles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; and Consello Group as strategic financial advisor. Stretto, Inc. is the claims agent. On July 19, 2022, the U.S. Trustee for the Southern District of New York appointed an official committee of unsecured creditors. The Committee tapped McDermott Will & Emery as counsel, and FTI Consulting as financial advisor. Epiq Corporate Restructuring, LLC, is the Commitee's noticing and information agent. W.A. LYNCH: Seeks to Extend Time to File Chapter 11 Plan to May 1 ----------------------------------------------------------------- W.A. Lynch Construction, LLC asks the U.S. Bankruptcy Court for the Southern District of Indiana to extend its time to file a Chapter 11 plan to to May 1. The deadline for the debtor to file the plan is currently March 1. The debtor disclosed that despite its best efforts, it has struggled to recover receivables from its customers to enable it to pay for initial reorganization costs. The debtor further explained that its uncertainty in collection of past-due receivables and its current bid process for new work has made it unable to prepare and formulate a plan of reorganization that realistically and accurately sets out a plan to pay its vendors and creditors at this time. About W.A. Lynch Construction, LLC W.A. Lynch Construction, LLC is in the construction industry focused on commercial concrete, construction, design, and build. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 22-04836) on December 1, 2022. In the petition signed by William A. Lynch, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Jeffrey J. Graham oversees the case. Harley K. Means, Esq., at Kroger, Gardis & Regas, LLP, represents the Debtor as legal counsel. WYTHE BERRY: Court OKs Final Cash Collateral Access --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York authorized Wythe Berry Fee Owner LLC to use cash collateral on a final basis in accordance with the budget. As previously reported by the Troubled Company Reporter, the Debtor executed an Amended and Restated Promissory Note, dated February 28, 2017, in favor of All Year Holdings Limited in the stated principal amount of $166.320 million. The Note is secured, inter alia, by an Agreement of Modification of Mortgage, Security Agreement, Assignment of Rents and Fixture Filing, dated as of February 28, 2017, between the Debtor, as borrower, and AYH, as lender. AYH assigned all of its rights under the Mortgage to Mishmeret Trust Company Limited pursuant to the Assignment of Consolidated Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of March 16, 2021 between AYH, as assignor, and Mishmeret, as assignee. Pursuant to the Assignment of Loan Documents dated as of March 16, 2021 between AYH, as assignor, and Mishmeret, as assignee, AYH assigned all of its rights under the Note, Mortgage and the Loan Documents to Mishmeret. As adequate protection, Mishmeret is granted a valid, binding, perfected, enforceable, first priority replacement security interest in and a lien upon (i) the Pre-Petition Collateral and all Post-Petition proceeds thereof, and (ii) all of the Debtor's presently owned or hereafter acquired property and assets. The Debtor will pay Mishmeret an amount equal to $12.5 million, which amount represents (i) the cash collateral held by the Debtor in its Deposit Account as of the date hereof, less (ii) the amount contained in the Budget, which payment will be applied by Mishmeret in accordance with the terms of the Pre-Petition Mortgage, reducing the amounts due thereunder, subject to Mishmeret's rights. The Debtor is required to comply with these milestones: (1) On or before April 14, 2023, an order will have been entered removing the case currently pending in the Supreme Court of the State of New York (County of Kings) styled as Wythe Berry Fee Owner LLC v. Zelig Weiss et al., Index Number 514152/2021 to the Court; (2) On or before 15 days following the Removal Date, the Debtor will have filed a motion for summary judgment and seek a declaration that the Ground Lease is terminated. (3) On or before August 1, 2023, the Borrower will have filed with the Court either (i) a disclosure statement for a plan of reorganization acceptable to Mishmeret, or (ii) a motion pursuant to section 363 of the Bankruptcy Code seeking approval of bid procedures for a sale of the Debtor's assets; (4) If the Debtor files a Disclosure Statement and Approved Plan, (i) the Court will have entered an order approving the Disclosure Statement no later than 45 days after the filing of the Disclosure Statement and Approved Plan, (ii) the Court will have entered a confirmation order, acceptable to Mishmeret, confirming the Approved Plan no later than 45 days following the Disclosure Statement Approval Date, and (iii) the Debtor will have caused the closing of the transactions contemplated by the Approved Plan no later than 15 days following the Confirmation Date. Each deadline may be extended by no more than 30 days to accommodate the schedule of the Bankruptcy Court; (5) If the Debtor files a Bid Procedures Motion, (i) the Court will have entered an order approving such Bid Procedures Motion within 45 days following the filing of the Bid Procedures Motion, (ii) the Debtor will have held an auction to select a bidder for the Borrower's assets being sold pursuant to section 363 of the Bankruptcy Code no later than 30 days following the approval of the Bid Procedures Motion, (iii) the Court will have entered an order, after notice and a hearing, approving the 363 Sale to the Successful Bidder no later than 45 days following the selection of a Successful Bidder, and (iv) the Debtor will have closed the 363 Sale to the Successful Bidder no later than 25 days following such Bankruptcy Court approval. Each deadline may be extended by no more than 30 days to accommodate the schedule of the Bankruptcy Court. A copy of the order is available at https://bit.ly/3SPF1zP from PacerMonitor.com. About Wythe Berry Fee Owner LLC A group of noteholders, Mishmeret Trust Company Ltd., solely in its capacity as Trustee for the Series C Notes; Yelin Lapidot Provident Funds Management Ltd.; The Phoenix Insurance Company Limited; and Klirmark Opportunity Fund III L.P., filed an involuntary Chapter 11 bankruptcy petition against Wythe Berry Fee Owner LLC (Bankr. S.D.N.Y. Case No. 22-11340) on Oct. 6, 2022. The creditors are represented by Michael Friedman, Esq.,. at Chapman and Cutler LLP. Bankruptcy Judge Martin Glenn, who presides over the case, entered an Order for Relief in January 2023, allowing the bankruptcy proceedings against Wythe Berry Fee Owner LLC to proceed. Judge Glenn denied a request by hotel operator Zelig Weiss to dismiss the involuntary petition. Wythe Berry Fee Owner LLC is the titular owner of a commercial real property complex located in Brooklyn, New York, that includes The William Vale Hotel, one of Brooklyn's few luxury hotels. Wythe Berry Fee Owner is co-owned, indirectly, by Zelig Weiss and YGWV LLC, a wholly owned, direct subsidiary of All Year Holdings Limited, which is a debtor in a chapter 11 case also pending before Judge Glenn. Weiss and YGWV each hold 50% of the membership interests in Member LLC, which, in turn, is the direct parent, and sole member, of Wythe Berry Fee Owner. YGWV purports to be the designated managing member of Member LLC and, thus, purports to control Wythe Berry Fee Owner. Wythe Berry Fee Owner LLC is represented by law firm Herrick, Feinstein LLP. All Year Holdings Limited filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 21-12051) on Dec. 14, 2021, and is represented by Matthew Paul Goren, Esq., at Weil, Gotshal & Manges LLP. Weiss is represented by lawyers at Paul Hastings LLP. [*] Bankruptcy Filings Up 18% in February 2023, Epiq Data Show -------------------------------------------------------------- New bankruptcy filings in February 2023 registered double-digit increases year-over-year across all U.S. major filing categories, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. Epiq Bankruptcy is a division of Epiq, a global technology-enabled services leader to the legal services industry and corporations. The 31,889 total new bankruptcy filings in February were up 18 percent from the 27,006 filings registered in February 2022. Total commercial filings increased 18 percent to 1,696 versus 1,442. Commercial Chapter 11 filings increased 83 percent to 373 filings, up from 204. Subchapter V small business filings increased 45 percent to 120 versus the 83 filings registered the previous year. Continuing year-over-year, total individual filings increased 18 percent to 30,193 versus 25,564 in February 2022. While still below pre-pandemic levels, individual Chapter 7 filings increased 12 percent to 16,991 versus 15,190, and individual Chapter 13 filings increased 28 percent to 13,149 versus 10,311 the previous year. Comparing month-over-month, and considering there are three fewer days in February, the 31,889 total filings were still two percent higher than the 31,161 in January. Total commercial filings decreased one percent to 1,696 from 1,713 the month prior. Total Chapter 11 filings remained flat 373 versus 376 and Subchapter V increased five percent to 120 from 114. Total individual filings increased three percent to 30,193 from 29,448 while individual Chapter 7 filings increased eight percent to 16,991 from 15,717 and the individual Chapter 13 filings decreased four percent to 13,149 from the 13,678 filed in January. "The growing number of households and businesses filing for bankruptcy reflects the mounting economic challenges they now face," said ABI Executive Director Amy Quackenboss. "Debt loads are expanding as the prices of goods and services have gone up with inflation and the cost of borrowing continues to rise. While pandemic relief efforts have largely expired, the safe haven of bankruptcy is continually available for financially distressed businesses and consumers." Comparing open to closed cases, while new filings are on the rise, the current 662,204 total open cases represent another month-over-month decline. There are 36 percent fewer open cases since May 2019 when there were more than one million. Looking back one year, there are 52,662 fewer open cases than the 714,866 in February 2022, a seven percent decline. "Overall, the stimuluses have had a positive effect for individuals and companies, as 10,843 more cases have closed than opened in 2023," said Gregg Morin, Vice President of Business Development and Revenue for Epiq Bankruptcy. "However, as new monthly filings rise, this trend is likely to end." ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq Bankruptcy is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its new Bankruptcy Analytics subscription service provides on-demand access to the industry’s most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com. About Epiq Epiq, a global technology-enabled services leader to the legal services industry and corporations that takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at https://www.epiqglobal.com. About ABI ABI -- http://www.abi.org/-- is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 7GC & CO HOLD-A VII US 231.4 (10.3) (2.2) 7GC & CO HOLDING VIIAU US 231.4 (10.3) (2.2) ABSOLUTE SOFTWRE ABST US 533.6 (8.8) (62.8) ABSOLUTE SOFTWRE OU1 GR 533.6 (8.8) (62.8) ABSOLUTE SOFTWRE ABST CN 533.6 (8.8) (62.8) ABSOLUTE SOFTWRE ABT2EUR EU 533.6 (8.8) (62.8) ABSOLUTE SOFTWRE OU1 GZ 533.6 (8.8) (62.8) ACCELERATE DIAGN AXDX* MM 75.8 (9.8) 56.7 AIR CANADA AC CN 29,507.0 (1,555.0) 312.0 AIR CANADA ADH2 GR 29,507.0 (1,555.0) 312.0 AIR CANADA ACEUR EU 29,507.0 (1,555.0) 312.0 AIR CANADA ADH2 TH 29,507.0 (1,555.0) 312.0 AIR CANADA ACDVF US 29,507.0 (1,555.0) 312.0 AIR CANADA ADH2 QT 29,507.0 (1,555.0) 312.0 AIR CANADA ACEUR EZ 29,507.0 (1,555.0) 312.0 AIR CANADA ADH2 GZ 29,507.0 (1,555.0) 312.0 ALNYLAM PHAR-BDR A1LN34 BZ 3,546.4 (158.2) 1,924.3 ALNYLAM PHARMACE ALNY US 3,546.4 (158.2) 1,924.3 ALNYLAM PHARMACE DUL GR 3,546.4 (158.2) 1,924.3 ALNYLAM PHARMACE DUL QT 3,546.4 (158.2) 1,924.3 ALNYLAM PHARMACE ALNYEUR EU 3,546.4 (158.2) 1,924.3 ALNYLAM PHARMACE DUL TH 3,546.4 (158.2) 1,924.3 ALNYLAM PHARMACE ALNY* MM 3,546.4 (158.2) 1,924.3 ALNYLAM PHARMACE DUL GZ 3,546.4 (158.2) 1,924.3 ALNYLAM PHARMACE ALNYEUR EZ 3,546.4 (158.2) 1,924.3 ALPHA ENERGY INC APHE US 2.2 (1.1) (1.3) ALTICE USA INC-A ATUS US 33,665.0 (503.9) (1,471.3) ALTICE USA INC-A 15PA GR 33,665.0 (503.9) (1,471.3) ALTICE USA INC-A 15PA TH 33,665.0 (503.9) (1,471.3) ALTICE USA INC-A ATUSEUR EU 33,665.0 (503.9) (1,471.3) ALTICE USA INC-A 15PA GZ 33,665.0 (503.9) (1,471.3) ALTICE USA INC-A ATUS* MM 33,665.0 (503.9) (1,471.3) ALTICE USA INC-A ATUS-RM RM 33,665.0 (503.9) (1,471.3) ALTIRA GP-CEDEAR MOC AR 36,954.0 (3,923.0) (1,396.0) ALTIRA GP-CEDEAR MOD AR 36,954.0 (3,923.0) (1,396.0) ALTIRA GP-CEDEAR MO AR 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC PHM7 GR 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO* MM 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO US 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO SW 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MOEUR EU 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO TE 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC PHM7 TH 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO CI 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC PHM7 QT 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MOUSD SW 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC PHM7 GZ 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC 0R31 LI 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC ALTR AV 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MOEUR EZ 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MOCL CI 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC MO-RM RM 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP INC PHM7 BU 36,954.0 (3,923.0) (1,396.0) ALTRIA GROUP-BDR MOOO34 BZ 36,954.0 (3,923.0) (1,396.0) AMC ENTERTAINMEN AMC US 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN AH9 GR 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN AMC4EUR EU 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN AH9 TH 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN AH9 QT 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN AMC* MM 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN AH9 GZ 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN AH9 SW 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN AMC-RM RM 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN A2MC34 BZ 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN APE* MM 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN AH9 BU 9,135.6 (2,624.5) (788.2) AMC ENTERTAINMEN AMCE AV 9,135.6 (2,624.5) (788.2) AMERICAN AIR-BDR AALL34 BZ 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE AAL US 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE A1G GR 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE AAL* MM 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE A1G TH 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE A1G QT 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE A1G GZ 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE AAL11EUR EU 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE AAL AV 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE AAL TE 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE A1G SW 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE 0HE6 LI 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE AAL11EUR EZ 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE AAL-RM RM 64,716.0 (5,799.0) (6,227.0) AMERICAN AIRLINE AAL_KZ KZ 64,716.0 (5,799.0) (6,227.0) AMPLIFY ENERGY C AMPY US 458.2 (35.3) (48.9) AMPLIFY ENERGY C 2OQ GR 458.2 (35.3) (48.9) AMPLIFY ENERGY C MPO2EUR EU 458.2 (35.3) (48.9) AMPLIFY ENERGY C 2OQ TH 458.2 (35.3) (48.9) AMPLIFY ENERGY C 2OQ GZ 458.2 (35.3) (48.9) AMPLIFY ENERGY C 2OQ QT 458.2 (35.3) (48.9) AMYRIS INC AMRS* MM 754.1 (404.8) (36.8) AMYRIS INC A2MR34 BZ 754.1 (404.8) (36.8) AON PLC-BDR A1ON34 BZ 32,704.0 (429.0) 417.0 AON PLC-CLASS A AON US 32,704.0 (429.0) 417.0 AON PLC-CLASS A 4VK GR 32,704.0 (429.0) 417.0 AON PLC-CLASS A 4VK QT 32,704.0 (429.0) 417.0 AON PLC-CLASS A 4VK TH 32,704.0 (429.0) 417.0 AON PLC-CLASS A AON1EUR EU 32,704.0 (429.0) 417.0 AON PLC-CLASS A AONN MM 32,704.0 (429.0) 417.0 AON PLC-CLASS A 4VK GZ 32,704.0 (429.0) 417.0 ASHFORD HOSPITAL AHD GR 3,971.7 (68.8) - ASHFORD HOSPITAL AHT US 3,971.7 (68.8) - ASHFORD HOSPITAL AHT1EUR EU 3,971.7 (68.8) - ASHFORD HOSPITAL AHD TH 3,971.7 (68.8) - ATLAS TECHNICAL ATCX US 528.8 (125.1) 98.7 AUTOZONE INC AZO US 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC AZ5 TH 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC AZ5 GR 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC AZOEUR EU 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC AZ5 QT 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC AZO AV 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC AZ5 TE 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC AZO* MM 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC AZOEUR EZ 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC AZ5 GZ 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC AZO-RM RM 15,545.1 (3,837.9) (1,819.8) AUTOZONE INC-BDR AZOI34 BZ 15,545.1 (3,837.9) (1,819.8) AVALON ACQUISI-A AVAC US 212.6 (8.7) (0.1) AVALON ACQUISI-A 6YL GR 212.6 (8.7) (0.1) AVALON ACQUISI-A AVACEUR EU 212.6 (8.7) (0.1) AVALON ACQUISITI AVACU US 212.6 (8.7) (0.1) AVID TECHNOLOGY AVID US 237.5 (141.4) (22.4) AVID TECHNOLOGY AVD GR 237.5 (141.4) (22.4) AVID TECHNOLOGY AVD TH 237.5 (141.4) (22.4) AVID TECHNOLOGY AVD GZ 237.5 (141.4) (22.4) AVIS BUD-CEDEAR CAR AR 25,927.0 (700.0) (688.0) AVIS BUDGET GROU CUCA GR 25,927.0 (700.0) (688.0) AVIS BUDGET GROU CAR US 25,927.0 (700.0) (688.0) AVIS BUDGET GROU CUCA QT 25,927.0 (700.0) (688.0) AVIS BUDGET GROU CAR2EUR EU 25,927.0 (700.0) (688.0) AVIS BUDGET GROU CAR* MM 25,927.0 (700.0) (688.0) AVIS BUDGET GROU CAR2EUR EZ 25,927.0 (700.0) (688.0) AVIS BUDGET GROU CUCA TH 25,927.0 (700.0) (688.0) AVIS BUDGET GROU CUCA GZ 25,927.0 (700.0) (688.0) BABCOCK & WILCOX BW US 881.6 (17.1) 179.1 BABCOCK & WILCOX UBW1 GR 881.6 (17.1) 179.1 BABCOCK & WILCOX BWEUR EU 881.6 (17.1) 179.1 BATH & BODY WORK LTD0 GR 5,494.0 (2,205.0) 887.0 BATH & BODY WORK LTD0 TH 5,494.0 (2,205.0) 887.0 BATH & BODY WORK BBWI US 5,494.0 (2,205.0) 887.0 BATH & BODY WORK LBEUR EU 5,494.0 (2,205.0) 887.0 BATH & BODY WORK BBWI* MM 5,494.0 (2,205.0) 887.0 BATH & BODY WORK LTD0 QT 5,494.0 (2,205.0) 887.0 BATH & BODY WORK BBWI AV 5,494.0 (2,205.0) 887.0 BATH & BODY WORK LBEUR EZ 5,494.0 (2,205.0) 887.0 BATH & BODY WORK LTD0 GZ 5,494.0 (2,205.0) 887.0 BATH & BODY WORK BBWI-RM RM 5,494.0 (2,205.0) 887.0 BATTERY FUTURE A BFAC/U US 354.9 350.4 0.2 BATTERY FUTURE-A BFAC US 354.9 350.4 0.2 BED BATH &BEYOND BBBY* MM 4,401.4 (798.6) (694.1) BED BATH &BEYOND BBBY-RM RM 4,401.4 (798.6) (694.1) BELLRING BRANDS BRBR US 735.0 (370.3) 304.9 BELLRING BRANDS D51 TH 735.0 (370.3) 304.9 BELLRING BRANDS BRBR2EUR EU 735.0 (370.3) 304.9 BELLRING BRANDS D51 GR 735.0 (370.3) 304.9 BELLRING BRANDS D51 QT 735.0 (370.3) 304.9 BEYOND MEAT INC BYND US 1,062.2 (203.5) 530.6 BEYOND MEAT INC 0Q3 GR 1,062.2 (203.5) 530.6 BEYOND MEAT INC 0Q3 GZ 1,062.2 (203.5) 530.6 BEYOND MEAT INC BYNDEUR EU 1,062.2 (203.5) 530.6 BEYOND MEAT INC 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CHENIERE ENERGY CHQ1 QT 41,266.0 (171.0) (1,187.0) CHENIERE ENERGY LNG2EUR EU 41,266.0 (171.0) (1,187.0) CHENIERE ENERGY LNG* MM 41,266.0 (171.0) (1,187.0) CHENIERE ENERGY CHQ1 SW 41,266.0 (171.0) (1,187.0) CHENIERE ENERGY LNG2EUR EZ 41,266.0 (171.0) (1,187.0) CHENIERE ENERGY CHQ1 GZ 41,266.0 (171.0) (1,187.0) CINEPLEX INC CGX CN 2,150.5 (211.8) (310.3) CINEPLEX INC CX0 GR 2,150.5 (211.8) (310.3) CINEPLEX INC CPXGF US 2,150.5 (211.8) (310.3) CINEPLEX INC CX0 TH 2,150.5 (211.8) (310.3) CINEPLEX INC CGXEUR EU 2,150.5 (211.8) (310.3) CINEPLEX INC CGXN MM 2,150.5 (211.8) (310.3) CINEPLEX INC CX0 GZ 2,150.5 (211.8) (310.3) CITIZENS INC CIA US 1,541.0 (14.2) - COGENT COMMUNICA CCOI US 1,010.2 (518.6) 245.6 COGENT COMMUNICA OGM1 GR 1,010.2 (518.6) 245.6 COGENT COMMUNICA CCOIEUR EU 1,010.2 (518.6) 245.6 COGENT COMMUNICA CCOI* MM 1,010.2 (518.6) 245.6 COHERUS BIOSCIEN CHRS US 550.9 (97.1) 277.0 COHERUS BIOSCIEN 8C5 GR 550.9 (97.1) 277.0 COHERUS BIOSCIEN 8C5 TH 550.9 (97.1) 277.0 COHERUS 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(242.0) 1,057.0 MASCO CORP MAS-RM RM 5,187.0 (242.0) 1,057.0 MATCH GROUP -BDR M1TC34 BZ 4,182.8 (358.9) 326.0 MATCH GROUP INC 0JZ7 LI 4,182.8 (358.9) 326.0 MATCH GROUP INC MTCH US 4,182.8 (358.9) 326.0 MATCH GROUP INC MTCH1* MM 4,182.8 (358.9) 326.0 MATCH GROUP INC 4MGN TH 4,182.8 (358.9) 326.0 MATCH GROUP INC 4MGN GR 4,182.8 (358.9) 326.0 MATCH GROUP INC 4MGN QT 4,182.8 (358.9) 326.0 MATCH GROUP INC 4MGN SW 4,182.8 (358.9) 326.0 MATCH GROUP INC MTC2 AV 4,182.8 (358.9) 326.0 MATCH GROUP INC 4MGN GZ 4,182.8 (358.9) 326.0 MATCH GROUP INC MTCH-RM RM 4,182.8 (358.9) 326.0 MBIA INC MBI US 4,015.0 (849.0) - MBIA INC MBJ GR 4,015.0 (849.0) - MBIA INC MBJ TH 4,015.0 (849.0) - MBIA INC MBJ QT 4,015.0 (849.0) - MBIA INC MBI1EUR EU 4,015.0 (849.0) - MBIA INC MBJ GZ 4,015.0 (849.0) - MCDONALD'S - CDR MCDS CN 50,435.6 (6,003.4) 1,622.1 MCDONALD'S - CDR MDO0 GR 50,435.6 (6,003.4) 1,622.1 MCDONALDS - BDR MCDC34 BZ 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MDO TH 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCD TE 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MDO GR 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCD* MM 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCD US 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCD SW 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCD CI 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MDO QT 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCDUSD EU 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCDUSD SW 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCDEUR EU 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MDO GZ 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCD AV 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCDUSD EZ 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCDEUR EZ 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP 0R16 LN 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCD-RM RM 50,435.6 (6,003.4) 1,622.1 MCDONALDS CORP MCDCL CI 50,435.6 (6,003.4) 1,622.1 MCDONALDS-CEDEAR MCDD AR 50,435.6 (6,003.4) 1,622.1 MCDONALDS-CEDEAR MCDC AR 50,435.6 (6,003.4) 1,622.1 MCDONALDS-CEDEAR MCD AR 50,435.6 (6,003.4) 1,622.1 MCKESSON CORP MCK* MM 62,690.0 (2,089.0) (3,349.0) MCKESSON CORP MCK GR 62,690.0 (2,089.0) (3,349.0) MCKESSON CORP MCK US 62,690.0 (2,089.0) (3,349.0) MCKESSON CORP MCK TH 62,690.0 (2,089.0) (3,349.0) MCKESSON CORP MCK1EUR EU 62,690.0 (2,089.0) (3,349.0) MCKESSON CORP MCK QT 62,690.0 (2,089.0) (3,349.0) MCKESSON CORP MCK GZ 62,690.0 (2,089.0) (3,349.0) MCKESSON CORP MCK1EUR EZ 62,690.0 (2,089.0) (3,349.0) MCKESSON CORP MCK-RM RM 62,690.0 (2,089.0) (3,349.0) MCKESSON-BDR M1CK34 BZ 62,690.0 (2,089.0) (3,349.0) MEDIAALPHA INC-A MAX US 170.1 (86.1) 3.5 MICROSTRATEG-BDR M2ST34 BZ 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTR US 2,410.3 (383.1) (52.8) MICROSTRATEGY MIGA GR 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTREUR EU 2,410.3 (383.1) (52.8) MICROSTRATEGY MIGA SW 2,410.3 (383.1) (52.8) MICROSTRATEGY MIGA TH 2,410.3 (383.1) (52.8) MICROSTRATEGY MIGA QT 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTREUR EZ 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTR* MM 2,410.3 (383.1) (52.8) MICROSTRATEGY MIGA GZ 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTR-RM RM 2,410.3 (383.1) (52.8) MICROSTRATEGY MSTR AR 2,410.3 (383.1) (52.8) MONEYGRAM INTERN MGI US 4,505.2 (145.8) 12.4 MONEYGRAM INTERN 9M1N GR 4,505.2 (145.8) 12.4 MONEYGRAM INTERN 9M1N QT 4,505.2 (145.8) 12.4 MONEYGRAM INTERN 9M1N TH 4,505.2 (145.8) 12.4 MONEYGRAM INTERN MGIEUR EU 4,505.2 (145.8) 12.4 MSCI INC 3HM GR 4,997.5 (1,007.9) 497.4 MSCI INC MSCI US 4,997.5 (1,007.9) 497.4 MSCI INC 3HM QT 4,997.5 (1,007.9) 497.4 MSCI INC 3HM SW 4,997.5 (1,007.9) 497.4 MSCI INC MSCI* MM 4,997.5 (1,007.9) 497.4 MSCI INC MSCIEUR EZ 4,997.5 (1,007.9) 497.4 MSCI INC 3HM GZ 4,997.5 (1,007.9) 497.4 MSCI INC 3HM TH 4,997.5 (1,007.9) 497.4 MSCI INC MSCI AV 4,997.5 (1,007.9) 497.4 MSCI INC MSCI-RM RM 4,997.5 (1,007.9) 497.4 MSCI INC-BDR M1SC34 BZ 4,997.5 (1,007.9) 497.4 NATHANS FAMOUS NATH US 81.8 (46.0) 58.4 NATHANS FAMOUS NFA GR 81.8 (46.0) 58.4 NATHANS FAMOUS NATHEUR EU 81.8 (46.0) 58.4 NEW ENG RLTY-LP NEN US 387.8 (61.0) - NINE ENERGY SERV NINE US 407.5 (32.1) 86.0 NINE ENERGY SERV NEJ GR 407.5 (32.1) 86.0 NINE ENERGY SERV NINE1EUR EU 407.5 (32.1) 86.0 NINE ENERGY SERV NINE1EUR EZ 407.5 (32.1) 86.0 NINE ENERGY SERV NEJ GZ 407.5 (32.1) 86.0 NINE ENERGY SERV NEJ TH 407.5 (32.1) 86.0 NINE ENERGY SERV NEJ QT 407.5 (32.1) 86.0 NOVAVAX INC NVV1 GR 2,258.7 (566.0) 92.0 NOVAVAX INC NVAX US 2,258.7 (566.0) 92.0 NOVAVAX INC NVV1 TH 2,258.7 (566.0) 92.0 NOVAVAX INC NVV1 QT 2,258.7 (566.0) 92.0 NOVAVAX INC NVAXEUR EU 2,258.7 (566.0) 92.0 NOVAVAX INC NVV1 GZ 2,258.7 (566.0) 92.0 NOVAVAX INC NVV1 SW 2,258.7 (566.0) 92.0 NOVAVAX INC NVAX* MM 2,258.7 (566.0) 92.0 NOVAVAX INC 0A3S LI 2,258.7 (566.0) 92.0 NOVAVAX INC NVV1 BU 2,258.7 (566.0) 92.0 NUBURU INC BURU US 13.1 (1.8) (6.1) NUTANIX INC - A NTNX US 2,357.4 (791.0) 524.3 NUTANIX INC - A 0NU GR 2,357.4 (791.0) 524.3 NUTANIX INC - A NTNXEUR EU 2,357.4 (791.0) 524.3 NUTANIX INC - A 0NU TH 2,357.4 (791.0) 524.3 NUTANIX INC - A 0NU QT 2,357.4 (791.0) 524.3 NUTANIX INC - A 0NU GZ 2,357.4 (791.0) 524.3 NUTANIX INC - A NTNXEUR EZ 2,357.4 (791.0) 524.3 NUTANIX INC - A NTNX-RM RM 2,357.4 (791.0) 524.3 NUTANIX INC-BDR N2TN34 BZ 2,357.4 (791.0) 524.3 O'REILLY AUT-BDR ORLY34 BZ 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT OM6 GR 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT ORLY US 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT OM6 TH 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT ORLY SW 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT OM6 QT 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT ORLY* MM 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT ORLYEUR EU 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT OM6 GZ 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT ORLY AV 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT ORLYEUR EZ 12,628.0 (1,060.8) (2,015.6) O'REILLY AUTOMOT ORLY-RM RM 12,628.0 (1,060.8) (2,015.6) OAK STREET HEALT OSH US 2,054.7 (267.3) 395.5 OAK STREET HEALT HE6 GZ 2,054.7 (267.3) 395.5 OAK STREET HEALT HE6 GR 2,054.7 (267.3) 395.5 OAK STREET HEALT OSH3EUR EU 2,054.7 (267.3) 395.5 OAK STREET HEALT HE6 TH 2,054.7 (267.3) 395.5 OAK STREET HEALT HE6 QT 2,054.7 (267.3) 395.5 OAK STREET HEALT OSH* MM 2,054.7 (267.3) 395.5 OMEROS CORP 3O8 GR 457.6 (46.3) 249.0 OMEROS CORP OMER US 457.6 (46.3) 249.0 OMEROS CORP 3O8 TH 457.6 (46.3) 249.0 OMEROS CORP OMEREUR EU 457.6 (46.3) 249.0 OMEROS CORP 3O8 QT 457.6 (46.3) 249.0 OMEROS CORP 3O8 GZ 457.6 (46.3) 249.0 ORACLE BDR ORCL34 BZ 128,469.0 (3,776.0) (9,545.0) ORACLE CO-CEDEAR ORCLC AR 128,469.0 (3,776.0) (9,545.0) ORACLE CO-CEDEAR ORCL AR 128,469.0 (3,776.0) (9,545.0) ORACLE CO-CEDEAR ORCLD AR 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL US 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORC GR 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL* MM 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL TE 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORC TH 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL CI 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL SW 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCLEUR EU 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORC QT 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCLUSD SW 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORC GZ 128,469.0 (3,776.0) (9,545.0) ORACLE CORP 0R1Z LN 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL AV 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCLEUR EZ 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCLCL CI 128,469.0 (3,776.0) (9,545.0) ORACLE CORP ORCL-RM RM 128,469.0 (3,776.0) (9,545.0) ORGANON & CO OGN US 10,437.0 (1,066.0) 1,264.0 ORGANON & CO 7XP TH 10,437.0 (1,066.0) 1,264.0 ORGANON & CO OGN-WEUR EU 10,437.0 (1,066.0) 1,264.0 ORGANON & CO 7XP GR 10,437.0 (1,066.0) 1,264.0 ORGANON & CO OGN* MM 10,437.0 (1,066.0) 1,264.0 ORGANON & CO 7XP GZ 10,437.0 (1,066.0) 1,264.0 ORGANON & CO 7XP QT 10,437.0 (1,066.0) 1,264.0 ORGANON & CO OGN-RM RM 10,437.0 (1,066.0) 1,264.0 OTIS WORLDWI OTIS US 9,819.0 (4,664.0) (700.0) OTIS WORLDWI 4PG GR 9,819.0 (4,664.0) (700.0) OTIS WORLDWI 4PG GZ 9,819.0 (4,664.0) (700.0) OTIS WORLDWI OTISEUR EZ 9,819.0 (4,664.0) (700.0) OTIS WORLDWI OTISEUR EU 9,819.0 (4,664.0) (700.0) OTIS WORLDWI OTIS* MM 9,819.0 (4,664.0) (700.0) OTIS WORLDWI 4PG TH 9,819.0 (4,664.0) (700.0) OTIS WORLDWI 4PG QT 9,819.0 (4,664.0) (700.0) OTIS WORLDWI OTIS AV 9,819.0 (4,664.0) (700.0) OTIS WORLDWI OTIS-RM RM 9,819.0 (4,664.0) (700.0) OTIS WORLDWI-BDR O1TI34 BZ 9,819.0 (4,664.0) (700.0) PAPA JOHN'S INTL PZZA US 864.2 (269.4) (14.1) PAPA JOHN'S INTL PP1 GR 864.2 (269.4) (14.1) PAPA JOHN'S INTL PZZAEUR EU 864.2 (269.4) (14.1) PAPA JOHN'S INTL PP1 GZ 864.2 (269.4) (14.1) PAPA JOHN'S INTL PP1 TH 864.2 (269.4) (14.1) PAPA JOHN'S INTL PP1 QT 864.2 (269.4) (14.1) PAPAYA GROWTH -A PPYA US 296.2 280.8 0.9 PAPAYA GROWTH OP PPYAU US 296.2 280.8 0.9 PAPAYA GROWTH OP CC40 GR 296.2 280.8 0.9 PAPAYA GROWTH OP PPYAUEUR EU 296.2 280.8 0.9 PET VALU HOLDING PET CN 697.3 (25.3) 68.9 PETRO USA INC PBAJ US - (0.1) (0.1) PHATHOM PHARMACE PHAT US 164.8 (26.4) 174.9 PHILIP MORRI-BDR PHMO34 BZ 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PM1EUR EU 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PMI SW 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PM1 TE 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN 4I1 TH 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PM1CHF EU 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN 4I1 GR 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PM US 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PMIZ IX 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PMIZ EB 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN 4I1 QT 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN 4I1 GZ 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN 0M8V LN 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PMOR AV 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PM* MM 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PM1CHF EZ 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PM1EUR EZ 61,681.0 (6,311.0) (7,717.0) PHILIP MORRIS IN PM-RM RM 61,681.0 (6,311.0) (7,717.0) PLANET FITNESS I P2LN34 BZ 2,854.6 (211.6) 311.0 PLANET FITNESS-A PLNT US 2,854.6 (211.6) 311.0 PLANET FITNESS-A 3PL TH 2,854.6 (211.6) 311.0 PLANET FITNESS-A 3PL GR 2,854.6 (211.6) 311.0 PLANET FITNESS-A 3PL QT 2,854.6 (211.6) 311.0 PLANET FITNESS-A PLNT1EUR EU 2,854.6 (211.6) 311.0 PLANET FITNESS-A PLNT1EUR EZ 2,854.6 (211.6) 311.0 PLANET FITNESS-A 3PL GZ 2,854.6 (211.6) 311.0 PROS HOLDINGS IN PH2 GR 453.0 (35.5) 106.3 PROS HOLDINGS IN PRO US 453.0 (35.5) 106.3 PROS HOLDINGS IN PRO1EUR EU 453.0 (35.5) 106.3 PTC THERAPEUTICS PTCT US 1,705.6 (347.1) 287.5 PTC THERAPEUTICS BH3 GR 1,705.6 (347.1) 287.5 PTC THERAPEUTICS P91 TH 1,705.6 (347.1) 287.5 PTC THERAPEUTICS P91 QT 1,705.6 (347.1) 287.5 RAPID7 INC RPD US 1,359.0 (120.1) (21.0) RAPID7 INC R7D GR 1,359.0 (120.1) (21.0) RAPID7 INC RPDEUR EU 1,359.0 (120.1) (21.0) RAPID7 INC R7D TH 1,359.0 (120.1) (21.0) RAPID7 INC RPD* MM 1,359.0 (120.1) (21.0) RAPID7 INC R7D GZ 1,359.0 (120.1) (21.0) RAPID7 INC R7D QT 1,359.0 (120.1) (21.0) REATA PHARMACE-A RETA US 514.5 (65.7) 338.8 REATA PHARMACE-A 2R3 GR 514.5 (65.7) 338.8 REATA PHARMACE-A RETAEUR EU 514.5 (65.7) 338.8 REATA PHARMACE-A 2R3 GZ 514.5 (65.7) 338.8 REATA PHARMACE-A 2R3 TH 514.5 (65.7) 338.8 REATA PHARMACE-A 2R3 QT 514.5 (65.7) 338.8 REDWOODS ACQUISI RWODU US 117.2 112.6 0.3 REDWOODS ACQUISI RWOD US 117.2 112.6 0.3 REVLON INC-A REV* MM 2,520.6 (2,497.1) (6.0) RIMINI STREET IN RMNI US 333.3 (75.4) (61.6) RIMINI STREET IN 0QH GR 333.3 (75.4) (61.6) RIMINI STREET IN RMNIEUR EU 333.3 (75.4) (61.6) RIMINI STREET IN 0QH QT 333.3 (75.4) (61.6) RINGCENTRAL IN-A RNG US 2,073.7 (283.3) 143.5 RINGCENTRAL IN-A 3RCA GR 2,073.7 (283.3) 143.5 RINGCENTRAL IN-A RNGEUR EU 2,073.7 (283.3) 143.5 RINGCENTRAL IN-A 3RCA TH 2,073.7 (283.3) 143.5 RINGCENTRAL IN-A 3RCA QT 2,073.7 (283.3) 143.5 RINGCENTRAL IN-A RNGEUR EZ 2,073.7 (283.3) 143.5 RINGCENTRAL IN-A RNG* MM 2,073.7 (283.3) 143.5 RINGCENTRAL IN-A 3RCA GZ 2,073.7 (283.3) 143.5 RINGCENTRAL-BDR R2NG34 BZ 2,073.7 (283.3) 143.5 RITE AID CORP RAD US 8,209.8 (403.7) 854.1 RITE AID CORP RTA1 GR 8,209.8 (403.7) 854.1 RITE AID CORP RTA1 TH 8,209.8 (403.7) 854.1 RITE AID CORP RTA1 QT 8,209.8 (403.7) 854.1 RITE AID CORP RADEUR EU 8,209.8 (403.7) 854.1 RITE AID CORP RTA1 GZ 8,209.8 (403.7) 854.1 SABRE CORP SABR US 4,962.9 (872.8) 545.9 SABRE CORP 19S GR 4,962.9 (872.8) 545.9 SABRE CORP 19S TH 4,962.9 (872.8) 545.9 SABRE CORP 19S QT 4,962.9 (872.8) 545.9 SABRE CORP SABREUR EU 4,962.9 (872.8) 545.9 SABRE CORP SABREUR EZ 4,962.9 (872.8) 545.9 SABRE CORP 19S GZ 4,962.9 (872.8) 545.9 SBA COMM CORP 4SB GR 10,585.0 (5,244.6) (214.0) SBA COMM CORP SBAC US 10,585.0 (5,244.6) (214.0) SBA COMM CORP 4SB TH 10,585.0 (5,244.6) (214.0) SBA COMM CORP 4SB QT 10,585.0 (5,244.6) (214.0) SBA COMM CORP SBACEUR EU 10,585.0 (5,244.6) (214.0) SBA COMM CORP 4SB GZ 10,585.0 (5,244.6) (214.0) SBA COMM CORP SBAC* MM 10,585.0 (5,244.6) (214.0) SEAGATE TECHNOLO S1TX34 BZ 7,867.0 (470.0) 356.0 SEAGATE TECHNOLO STXN MM 7,867.0 (470.0) 356.0 SEAGATE TECHNOLO STX US 7,867.0 (470.0) 356.0 SEAGATE TECHNOLO 847 GR 7,867.0 (470.0) 356.0 SEAGATE TECHNOLO 847 GZ 7,867.0 (470.0) 356.0 SEAGATE TECHNOLO STX4EUR EU 7,867.0 (470.0) 356.0 SEAGATE TECHNOLO 847 TH 7,867.0 (470.0) 356.0 SEAGATE TECHNOLO STXH AV 7,867.0 (470.0) 356.0 SEAGATE TECHNOLO 847 QT 7,867.0 (470.0) 356.0 SEAGATE TECHNOLO STH TE 7,867.0 (470.0) 356.0 SEAWORLD ENTERTA SEAS US 2,325.8 (437.7) (175.5) SEAWORLD ENTERTA W2L GR 2,325.8 (437.7) (175.5) SEAWORLD ENTERTA W2L TH 2,325.8 (437.7) (175.5) SEAWORLD ENTERTA SEASEUR EU 2,325.8 (437.7) (175.5) SEAWORLD ENTERTA W2L QT 2,325.8 (437.7) (175.5) SEAWORLD ENTERTA W2L GZ 2,325.8 (437.7) (175.5) SILVER SPIKE-A SPKC/U CN 128.5 (6.3) 0.5 SIRIUS XM HO-BDR SRXM34 BZ 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN SIRI US 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN RDO TH 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN RDO GR 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN RDO QT 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN SIRIEUR EU 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN RDO GZ 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN SIRI AV 10,022.0 (3,351.0) (1,943.0) SIRIUS XM HOLDIN SIRIEUR EZ 10,022.0 (3,351.0) (1,943.0) SIX FLAGS ENTERT SIX US 2,665.8 (429.2) (193.5) SIX FLAGS ENTERT 6FE GR 2,665.8 (429.2) (193.5) SIX FLAGS ENTERT SIXEUR EU 2,665.8 (429.2) (193.5) SIX FLAGS ENTERT 6FE TH 2,665.8 (429.2) (193.5) SIX FLAGS ENTERT 6FE QT 2,665.8 (429.2) (193.5) SKYX PLATFORMS C SKYX US 47.8 12.5 15.0 SLEEP NUMBER COR SNBR US 953.9 (438.2) (732.1) SLEEP NUMBER COR SL2 GR 953.9 (438.2) (732.1) SLEEP NUMBER COR SNBREUR EU 953.9 (438.2) (732.1) SLEEP NUMBER COR SL2 TH 953.9 (438.2) (732.1) SLEEP NUMBER COR SL2 QT 953.9 (438.2) (732.1) SLEEP NUMBER COR SL2 GZ 953.9 (438.2) (732.1) SMILEDIRECTCLUB SDC* MM 597.1 (385.2) 180.6 SPIRIT AEROSYS-A S9Q GR 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A SPR US 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A S9Q TH 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A SPREUR EU 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A S9Q QT 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A SPREUR EZ 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A S9Q GZ 6,666.2 (243.8) 1,205.8 SPIRIT AEROSYS-A SPR-RM RM 6,666.2 (243.8) 1,205.8 SPLUNK INC SPLK US 6,343.9 (110.5) 863.0 SPLUNK INC S0U GR 6,343.9 (110.5) 863.0 SPLUNK INC S0U TH 6,343.9 (110.5) 863.0 SPLUNK INC S0U QT 6,343.9 (110.5) 863.0 SPLUNK INC SPLK SW 6,343.9 (110.5) 863.0 SPLUNK INC SPLKEUR EU 6,343.9 (110.5) 863.0 SPLUNK INC SPLK* MM 6,343.9 (110.5) 863.0 SPLUNK INC SPLKEUR EZ 6,343.9 (110.5) 863.0 SPLUNK INC S0U GZ 6,343.9 (110.5) 863.0 SPLUNK INC SPLK-RM RM 6,343.9 (110.5) 863.0 SPLUNK INC - BDR S1PL34 BZ 6,343.9 (110.5) 863.0 SPRING VALLEY AC SVIIU US 0.7 (0.0) (0.7) SPRING VALLEY AC SVII US 0.7 (0.0) (0.7) SQUARESPACE IN-A SQSP US 962.8 (62.1) (98.7) SQUARESPACE IN-A 8DT GR 962.8 (62.1) (98.7) SQUARESPACE IN-A 8DT GZ 962.8 (62.1) (98.7) SQUARESPACE IN-A SQSPEUR EU 962.8 (62.1) (98.7) SQUARESPACE IN-A 8DT TH 962.8 (62.1) (98.7) SQUARESPACE IN-A 8DT QT 962.8 (62.1) (98.7) STARBUCKS CORP SBUX US 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX* MM 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SRB TH 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SRB GR 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX CI 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX SW 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SRB QT 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX PE 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUXUSD SW 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SRB GZ 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX AV 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX TE 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUXEUR EU 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX IM 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUXEUR EZ 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP 0QZH LI 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX-RM RM 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUXCL CI 28,256.1 (8,665.9) (2,311.3) STARBUCKS CORP SBUX_KZ KZ 28,256.1 (8,665.9) (2,311.3) STARBUCKS-BDR SBUB34 BZ 28,256.1 (8,665.9) (2,311.3) STARBUCKS-CEDEAR SBUX AR 28,256.1 (8,665.9) (2,311.3) STARBUCKS-CEDEAR SBUXD AR 28,256.1 (8,665.9) (2,311.3) TABULA RASA HEAL TRHC US 403.8 (31.7) 81.8 TABULA RASA HEAL 43T GR 403.8 (31.7) 81.8 TABULA RASA HEAL TRHCEUR EU 403.8 (31.7) 81.8 TABULA RASA HEAL 43T TH 403.8 (31.7) 81.8 TABULA RASA HEAL 43T GZ 403.8 (31.7) 81.8 TEMPUR SEALY INT TPD GR 4,359.8 (12.3) 214.0 TEMPUR SEALY INT TPX US 4,359.8 (12.3) 214.0 TEMPUR SEALY INT TPXEUR EU 4,359.8 (12.3) 214.0 TEMPUR SEALY INT TPD TH 4,359.8 (12.3) 214.0 TEMPUR SEALY INT TPD GZ 4,359.8 (12.3) 214.0 TEMPUR SEALY INT T2PX34 BZ 4,359.8 (12.3) 214.0 TEMPUR SEALY INT TPX-RM RM 4,359.8 (12.3) 214.0 TRANSDIGM - BDR T1DG34 BZ 18,489.0 (3,328.0) 4,521.0 TRANSDIGM GROUP T7D GR 18,489.0 (3,328.0) 4,521.0 TRANSDIGM GROUP TDG US 18,489.0 (3,328.0) 4,521.0 TRANSDIGM GROUP T7D QT 18,489.0 (3,328.0) 4,521.0 TRANSDIGM GROUP TDGEUR EU 18,489.0 (3,328.0) 4,521.0 TRANSDIGM GROUP T7D TH 18,489.0 (3,328.0) 4,521.0 TRANSDIGM GROUP TDG* MM 18,489.0 (3,328.0) 4,521.0 TRANSDIGM GROUP TDGEUR EZ 18,489.0 (3,328.0) 4,521.0 TRANSDIGM GROUP TDG-RM RM 18,489.0 (3,328.0) 4,521.0 TRAVEL + LEISURE WD5A GR 6,757.0 (904.0) 903.0 TRAVEL + LEISURE TNL US 6,757.0 (904.0) 903.0 TRAVEL + LEISURE WD5A TH 6,757.0 (904.0) 903.0 TRAVEL + LEISURE WD5A QT 6,757.0 (904.0) 903.0 TRAVEL + LEISURE WYNEUR EU 6,757.0 (904.0) 903.0 TRAVEL + LEISURE 0M1K LI 6,757.0 (904.0) 903.0 TRAVEL + LEISURE WD5A GZ 6,757.0 (904.0) 903.0 TRAVEL + LEISURE TNL* MM 6,757.0 (904.0) 903.0 TRIUMPH GROUP TG7 GR 1,597.3 (688.1) 453.2 TRIUMPH GROUP TGI US 1,597.3 (688.1) 453.2 TRIUMPH GROUP TGIEUR EU 1,597.3 (688.1) 453.2 TRIUMPH GROUP TG7 TH 1,597.3 (688.1) 453.2 TUPPERWARE BRAND TUP US 1,053.6 (175.4) 108.1 TUPPERWARE BRAND TUP GR 1,053.6 (175.4) 108.1 TUPPERWARE BRAND TUP QT 1,053.6 (175.4) 108.1 TUPPERWARE BRAND TUP GZ 1,053.6 (175.4) 108.1 TUPPERWARE BRAND TUP TH 1,053.6 (175.4) 108.1 TUPPERWARE BRAND TUP1EUR EU 1,053.6 (175.4) 108.1 UBIQUITI INC 3UB GR 1,268.7 (248.0) 530.1 UBIQUITI INC UI US 1,268.7 (248.0) 530.1 UBIQUITI INC UBNTEUR EU 1,268.7 (248.0) 530.1 UBIQUITI INC 3UB TH 1,268.7 (248.0) 530.1 UNITI GROUP INC UNIT US 4,851.2 (2,271.2) - UNITI GROUP INC 8XC GR 4,851.2 (2,271.2) - UNITI GROUP INC 8XC TH 4,851.2 (2,271.2) - UNITI GROUP INC 8XC GZ 4,851.2 (2,271.2) - UROGEN PHARMA LT URGN US 128.5 (63.3) 102.6 UROGEN PHARMA LT UR8 GR 128.5 (63.3) 102.6 UROGEN PHARMA LT URGNEUR EU 128.5 (63.3) 102.6 VECTOR GROUP LTD VGR GR 908.6 (807.9) 316.7 VECTOR GROUP LTD VGR US 908.6 (807.9) 316.7 VECTOR GROUP LTD VGR QT 908.6 (807.9) 316.7 VECTOR GROUP LTD VGREUR EU 908.6 (807.9) 316.7 VECTOR GROUP LTD VGREUR EZ 908.6 (807.9) 316.7 VECTOR GROUP LTD VGR TH 908.6 (807.9) 316.7 VECTOR GROUP LTD VGR GZ 908.6 (807.9) 316.7 VERISIGN INC VRS TH 1,733.4 (1,562.2) (78.2) VERISIGN INC VRS GR 1,733.4 (1,562.2) (78.2) VERISIGN INC VRSN US 1,733.4 (1,562.2) (78.2) VERISIGN INC VRS QT 1,733.4 (1,562.2) (78.2) VERISIGN INC VRSNEUR EU 1,733.4 (1,562.2) (78.2) VERISIGN INC VRS GZ 1,733.4 (1,562.2) (78.2) VERISIGN INC VRSN* MM 1,733.4 (1,562.2) (78.2) VERISIGN INC VRSNEUR EZ 1,733.4 (1,562.2) (78.2) VERISIGN INC VRSN-RM RM 1,733.4 (1,562.2) (78.2) VERISIGN INC-BDR VRSN34 BZ 1,733.4 (1,562.2) (78.2) VERISIGN-CEDEAR VRSN AR 1,733.4 (1,562.2) (78.2) VIVINT SMART HOM VVNT US 2,959.0 (1,740.2) (528.4) W&T OFFSHORE INC WTI US 1,490.3 (55.0) 229.8 W&T OFFSHORE INC UWV GR 1,490.3 (55.0) 229.8 W&T OFFSHORE INC WTI1EUR EU 1,490.3 (55.0) 229.8 W&T OFFSHORE INC UWV TH 1,490.3 (55.0) 229.8 W&T OFFSHORE INC UWV GZ 1,490.3 (55.0) 229.8 WAYFAIR INC- A W US 3,580.0 (2,550.0) (139.0) WAYFAIR INC- A 1WF GR 3,580.0 (2,550.0) (139.0) WAYFAIR INC- A 1WF TH 3,580.0 (2,550.0) (139.0) WAYFAIR INC- A WEUR EU 3,580.0 (2,550.0) (139.0) WAYFAIR INC- A 1WF QT 3,580.0 (2,550.0) (139.0) WAYFAIR INC- A WEUR EZ 3,580.0 (2,550.0) (139.0) WAYFAIR INC- A 1WF GZ 3,580.0 (2,550.0) (139.0) WAYFAIR INC- A W* MM 3,580.0 (2,550.0) (139.0) WAYFAIR INC- BDR W2YF34 BZ 3,580.0 (2,550.0) (139.0) WEBER INC - A WEBR US 1,560.3 (504.4) (0.9) WEWORK INC-CL A WE* MM 17,863.0 (3,455.0) (1,541.0) WINGSTOP INC WING US 424.2 (390.9) 164.3 WINGSTOP INC EWG GR 424.2 (390.9) 164.3 WINGSTOP INC WING1EUR EU 424.2 (390.9) 164.3 WINGSTOP INC EWG GZ 424.2 (390.9) 164.3 WINMARK CORP WINA US 33.7 (60.4) 9.6 WINMARK CORP GBZ GR 33.7 (60.4) 9.6 WW INTERNATIONAL WW US 1,092.8 (659.5) 89.8 WW INTERNATIONAL WW6 GR 1,092.8 (659.5) 89.8 WW INTERNATIONAL WW6 TH 1,092.8 (659.5) 89.8 WW INTERNATIONAL WTWEUR EU 1,092.8 (659.5) 89.8 WW INTERNATIONAL WW6 QT 1,092.8 (659.5) 89.8 WW INTERNATIONAL WW6 GZ 1,092.8 (659.5) 89.8 WW INTERNATIONAL WTW AV 1,092.8 (659.5) 89.8 WW INTERNATIONAL WTWEUR EZ 1,092.8 (659.5) 89.8 WW INTERNATIONAL WW-RM RM 1,092.8 (659.5) 89.8 WYNN RESORTS LTD WYR GR 13,415.1 (1,640.4) 2,218.2 WYNN RESORTS LTD WYNN* MM 13,415.1 (1,640.4) 2,218.2 WYNN RESORTS LTD WYNN US 13,415.1 (1,640.4) 2,218.2 WYNN RESORTS LTD WYR TH 13,415.1 (1,640.4) 2,218.2 WYNN RESORTS LTD WYNN SW 13,415.1 (1,640.4) 2,218.2 WYNN RESORTS LTD WYR QT 13,415.1 (1,640.4) 2,218.2 WYNN RESORTS LTD WYNNEUR EU 13,415.1 (1,640.4) 2,218.2 WYNN RESORTS LTD WYR GZ 13,415.1 (1,640.4) 2,218.2 WYNN RESORTS LTD WYNNEUR EZ 13,415.1 (1,640.4) 2,218.2 WYNN RESORTS LTD WYNN-RM RM 13,415.1 (1,640.4) 2,218.2 WYNN RESORTS-BDR W1YN34 BZ 13,415.1 (1,640.4) 2,218.2 YUM! BRANDS -BDR YUMR34 BZ 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC YUM US 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC TGR GR 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC TGR TH 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC YUMEUR EU 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC TGR QT 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC YUM SW 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC YUMUSD SW 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC TGR GZ 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC YUM* MM 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC YUM AV 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC YUMEUR EZ 5,846.0 (8,876.0) (56.0) YUM! BRANDS INC YUM-RM RM 5,846.0 (8,876.0) (56.0) ********* 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 2023. 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 ***