/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/230403.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, April 3, 2023, Vol. 27, No. 92 Headlines 44 HUDSON JV: Auction for 44 Prime Interests on May 3 723 QUINCY: Voluntary Chapter 11 Case Summary ACCELERATED HEALTH: $875M Bank Debt Trades at 26% Discount ALL-CARE PHARMACY: Voluntary Chapter 11 Case Summary ALLEN MEDIA: $110M Bank Debt Trades at 15% Discount ALTOSGROUPS LLC: Files Amendment to Disclosure Statement AMC ENTERTAINMENT: $2B Bank Debt Trades at 27% Discount AMC ENTERTAINMENT: Amazon Reportedly Eyeing Theater Chain AMSTERDAM HOUSE: Court OKs Interim Cash Collateral Access AMSTERDAM HOUSE: Files for Chapter 11 Bankruptcy for 3rd Time ARSENAL INTERMEDIATE: Arsenal Health Unsecureds Will Get 0%-25% ASP LS ACQUISITION: $455M Bank Debt Trades at 36% Discount ASTRALABS INC: Seeks to Hire Lane Law Firm as Bankruptcy Counsel ATLAS PURCHASER: $610M Bank Debt Trades at 30% Discount AUBSP OWNERCO: Seeks to Extend Plan Exclusivity to June 2 AVEANNA HEALTHCARE: $860M Bank Debt Trades at 15% Discount AVENIR MEMORY: Voluntary Chapter 11 Case Summary B GSE GROUP: Court OKs Cash Collateral Access Thru April 25 BH FROZEN: Exclusivity Period Extended to June 5 BIG DADDY GUNS: Seeks Cash Collateral Access BOY SCOUTS OF AMERICA: Beats Bankruptcy Settlement Plan Appeal BROOKLYN PARK: Case Summary & 20 Largest Unsecured Creditors BULLDOG PURCHASER: $125M Bank Debt Trades at 22% Discount BYJU'S ALPHA: $1.20B Bank Debt Trades at 18% Discount C&L DINERS: Wins Interim Cash Collateral Access CASH DEVELOPMENT: Seeks Continued Cash Collateral Access CINEWORLD GROUP: Nears Deal With Creditors on Exit Plan CODIAK BIOSCIENCES: Hits Chapter 11 Bankruptcy Protection COLOUROZ INVESTMENT 2: $111.9M Bank Debt Trades at 31% Discount CYXTERA DC HOLDINGS: $100M Bank Debt Trades at 16% Discount DAWG'S SPORTS: Unsecured Creditors' Recovery Hiked to 6% in Plan DFW GRANITE: Case Summary & Four Unsecured Creditors DIGITAL AEROLUS: Seeks to Hire Ocean Tomo Transactions as Broker DIGITAL MEDIA: $225M Bank Debt Trades at 20% Discount DIMENSIONS IN SENIOR LIVING: Taps Plaza Commercial as Realtor DIOCESE OF ROCKVILLE CENTRE: Abuse Victims Want Case Tossed EARLY BIRD: Case Summary & 20 Largest Unsecured Creditors ELEVATE TEXTILES: $585M Bank Debt Trades at 41% Discount ENERGY ACQUISITION: $115M Bank Debt Trades at 22% Discount ENVISION HEALTHCARE: $1B Bank Debt Trades at 84% Discount ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 75% Discount ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 77% Discount EQUINOX HOLDINGS: $150M Bank Debt Trades at 10% Discount ESCO LTD: Case Summary & 20 Largest Unsecured Creditors EYECARE PARTNERS: $300M Bank Debt Trades at 22% Discount FINASTRA USA: $1.25B Bank Debt Trades at 18% Discount FINTHRIVE SOFTWARE: $460M Bank Debt Trades at 36% Discount FREE SPEECH: Judge Troubled by Jones' Bankruptcy Evasion FROZEN WHEELS: Exclusivity Period Extended to June 5 FTX GROUP: Prosecutors Charge SBF for Bribing Chinese Officials GOLDEN SEAHORSE: Business Revenue & Contribution to Fund Plan GWG HOLDINGS: Class 4(a) Unsecureds Owed $20M to Get 0% to 100% HALLMARK RV: Files for Chapter 11 Bankruptcy HAMON HOLDINGS: Seeks to Hire Colliers International as Broker HAPPY UNCLE: Taps Law Offices of Charles M. Maynard as Counsel HOLLEY INC: $100M Bank Debt Trades at 16% Discount HORNBLOWER: $60M Bank Debt Trades at 25% Discount HUNYGIRLS VENTURES: Unsecured Creditors to Recover 13.5% in 3 Years INDRA HOLDINGS: $50M Bank Debt Trades at 60% Discount INLAND BOAT: Unsecureds Will Get 17% of Claims in Subchapter V Plan ISAGENIX INTERNATIONAL: $375M Bank Debt Trades at 65% Discount ISLAND DOG: Seeks to Extend Plan Exclusivity to August 31 KENNESAW LOFTBNB: Claims Will be Paid from Property Sale/Refinance KJ TRADE: Wins Interim Cash Collateral Access Thru April 13 LAKE DISTRICT: Hits Chapter 11 Bankruptcy Protection LEVEL 3 FINANCING: $3.11B Bank Debt Trades at 16% Discount LIFSEY REAL ESTATE: Taps Hill Ward Henderson as Special Counsel LIGADO NETWORKS: $117.6M Bank Debt Trades at 73% Discount LINCOLN POWER: Case Summary & 30 Largest Unsecured Creditors MAVENIR SYSTEMS: $145M Bank Debt Trades at 29% Discount MERLIN BUYER: $85M Bank Debt Trades at 7% Discount MLN US HOLDCO: $576M Bank Debt Trades at 43% Discount MOJ REALTY: Case Summary & Eight Unsecured Creditors MORGAN TURF: Unsecureds Will Get 50% of Claims over 60 Months NEW FRONTERA: $75M Bank Debt Trades at 43% Discount NEW TROJAN: $110M Bank Debt Trades at 38% Discount NGV GLOBAL: Exclusivity Period Extended to September 18 NMN HOLDINGS: $70M Bank Debt Trades at 16% Discount NORTH AMERICAN ACCEPTANCE: Amends First Horizon Claims Pay ONE CALL: $700M Bank Debt Trades at 25% Discount ORCHID FINCO: $400M Bank Debt Trades at 17% Discount OUTPUT SERVICES: $180.3M Bank Debt Trades at 46% Discount PACIFICCO INC: Seeks Cash Collateral Access PANOS FITNESS: Files Emergency Bid to Use Cash Collateral PDC WELLNESS: S&P Downgrades ICR to 'B-' on Weak Performance PECF USS INTERMEDIATE: $2B Bank Debt Trades at 15% Discount PLATFORM II LAWNDALE: Unsecureds Will Get 25% of Claims in 5 Years POLAR US BORROWER: $1.48B Bank Debt Trades at 16% Discount QUORUM HEALTH: $732M Bank Debt Trades at 38% Discount RAC DEALERSHIP: American Car Center Files for Chapter 7 Bankruptcy RENNASENTIENT INC: Taps Abacus Accounting Center as Tax Preparer REVERSE MORTGAGE: Seeks to Extend Plan Exclusivity to June 28 RICE ENTERPRISES: Taps Trinkle Marakovits & MacKenzie as Accountant RICH'S DELICATESSEN: Capital Infusion to Fund Plan Payments RICH'S FOOD: Capital Infusion to Fund Plan Payments SERTA SIMMONS: Contested Key Debt Deal Gets Court Blessing SHUTTERFLY LLC: $1.11B Bank Debt Trades at 50% Discount SILICON VALLEY BANK: FDIC Probes Management Conduct in Failures SKAR CONSTRUCTION: Seeks to Extend Plan Exclusivity to September 12 SOLER & SOLER HAULING: Miami Trucking Seeks Chapter 11 Bankruptcy SORRENTO THERAPEUTICS: Agrees to Creation of Shareholder Committee SOUTHFIELD VENTURES: Voluntary Chapter 11 Case Summary SPARKLES BEAUTY: Unsecured Creditors to Get 0% in Plan SPIN HOLDCO: $2B Bank Debt Trades at 16% Discount STARRY GROUP: Unsecureds to Recover 0.4% to 4% in Joint Plan STEEL-BRITE POLISHING: Case Summary & Four Unsecured Creditors STRUCTURAL TECHNOLOGY: Court OKs Final Cash Collateral Access SUNSET DEBT: $1.63B Bank Debt Trades at 16% Discount SUNSHINE ADULT: Unsecureds Will Get 63.35% Dividend in Plan TELEGRAPH SQUARE II: Seeks to Extend Plan Exclusivity by 90 Days TERRA MANAGEMENT: Seeks to Extend Plan Exclusivity to June 15 TRICIDA INC: Assets Sold to Liquidity & Renibus; Plan Hearing May 3 US TELEPACIFIC: $655M Bank Debt Trades at 74% Discount USA STEEL: Seeks to Hire Eric A. Liepins P.C. as Legal Counsel VICI WELLNESS: Files Emergency Bid to Use Cash Collateral VOYAGER DIGITAL: Sale to Binance Halted by District Court W.A. LYNCH: Exclusivity Period Extended to May 1 WALL VENTURES: Fine-Tunes Plan Documents WICHITA HOOPS: Files for Chapter 11 to Stop Eviction WILDCAT MET: Seeks to Extend Plan Exclusivity to 180 Days WILDFLOWER GROUP: Subchapter V Plan Confirmed by Judge WINTERFELL CONSTRUCTION: Taps Professional Management as Accountant WW INTERNATIONAL: $945M Bank Debt Trades at 42% Discount XPLORNET COMMS: $200M Bank Debt Trades at 40% Discount XPLORNET COMMS: $995M Bank Debt Trades at 19% Discount ZAYO GROUP: $750M Bank Debt Trades at 17% Discount ZEP INC: $175M Bank Debt Trades at 42% Discount [^] BOND PRICING: For the Week from March 27 to 31, 2023 ********* 44 HUDSON JV: Auction for 44 Prime Interests on May 3 ----------------------------------------------------- In accordance with applicable provisions of the Uniform Commercial Code of the States of Delaware and New York, CPIF WTB LLC, a successor-in-interest of CPIF Lending LLC, ("secured party") will sell at public auction all limited liability company interest held by 44 Hudson JV LLC ("pledgor") in 44 Prime Manhattan Development LLC ("pledged entity"). The equity interest secured indebtedness owing by pledgor to secured party in a principal amount of not less than $11,150,000 plus unpaid interest, attorney's fees and other charges including the costs to sell the equity interests ("debt"). The public auction will be held at 2:00 p.m. (EST) on May 3, 2023 by virtual bidding via zoom via the following zoom meeting link: https://bit.ly/44HudsonUCC, meeting ID: 859 3529 7378, passcode: 042629 or by telephone at +1-646-558-8556 (US), using same meeting ID and passcode. The public sale will be conducted by auctioneer Matthew D. Mannion of Mannion Auctions. Parties interested in bidding on the equity interests must contact Brock Cannon, secured party's broker, Newmark, via email at NewmarkUCCTeam@ngkf.com. Upon execution of a standard non-disclosure agreement, additional documentation and information will be available. Additional information can be found at https://rimarketplace.com/listing/29974/ucc-foreclosure-sale-mixed-use-building-new-york-ny. 723 QUINCY: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: 723 Quincy Street LLC 723 Quincy Street Brooklyn, NY 11221 Business Description: The Debtor is the fee simple owner of a property located at 723 Quincy Street valued at $1.62 million. Chapter 11 Petition Date: March 31, 2023 Court: United States Bankruptcy Court Eastern District of New York Case No.: 23-41117 Judge: Hon. Nancy Hershey Lord Debtor's Counsel: Michael A. King, Esq. MICHAEL A. KING, ESQ. 41 Schermerhorn Street, Suite 228 Brooklyn, NY 11201 Tel: 646-824-9710 Fax: 347-227-1266 Email: Romeo1860@aol.com Total Assets: $1,615,200 Total Liabilities: $987,000 The petition was signed by Wilma Cayson as managing member. The Debtor stated it has no creditors holding unsecured claims. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/KGKXEOA/723_Quincy_Street_LLC__nyebke-23-41117__0001.0.pdf?mcid=tGE4TAMA ACCELERATED HEALTH: $875M Bank Debt Trades at 26% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Accelerated Health Systems LLC is a borrower were trading in the secondary market around 73.9 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $875 million facility is a Term loan that is scheduled to mature on February 15, 2029. The amount is fully drawn and outstanding. Accelerated Health Systems, LLC provides healthcare services. The Company offers athletic training, physical therapy, occupational therapy, and fitness services to affiliations including high schools, colleges, and many professional sports teams. ALL-CARE PHARMACY: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: All-Care Pharmacy, LLC d/b/a Avrio Pharmacy 9015 E. Pima Center Parkway, Suite 3 Scottsdale, AZ 85258 Chapter 11 Petition Date: March 31, 2023 Court: United States Bankruptcy Court District of Arizona Case No.: 23-02061 Judge: Hon. Brenda K. Martin Debtor's Counsel: Michael A. Jones, Esq. ALLEN, JONES & GILES, PLC 1850 N. Central Avenue, Suite 1150 Phoenix, AZ 85004 Tel: 602-256-6000 Fax: 602-252-4712 Email: mjones@bkfirmaz.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Raef Hamaed as member. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/K4RAHVI/ALL-CARE_PHARMACY_LLC__azbke-23-02061__0001.0.pdf?mcid=tGE4TAMA ALLEN MEDIA: $110M Bank Debt Trades at 15% Discount --------------------------------------------------- Participations in a syndicated loan under which Allen Media LLC is a borrower were trading in the secondary market around 84.8 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $110 million facility is a Term loan that is scheduled to mature on February 10, 2027. The amount is fully drawn and outstanding. Allen Media LLC operates as a media company. The Company specializes in video production, photography, senior pictures, business portraits, graphic design work, photo editing, and screenplay analysis services. ALTOSGROUPS LLC: Files Amendment to Disclosure Statement -------------------------------------------------------- AltosGroups, LLC (Florida) ("Altos-FL") and AltosGroups, LLC (North Carolina) ("Altos-NC") submitted an Amended Joint Disclosure Statement describing Joint Plan of Liquidation dated March 28, 2023. Debtors are soliciting votes to accept the Plan, the overall purpose of which is to provide for the liquidation of the Debtors' assets and liabilities in a manner designed to maximize recoveries to all stakeholders. During the course of dealing with the fallout from the Altos/Dragon arrangement, Mr. Ingram also battled two different types of cancer which prevented him from managing the Debtors' day-to-day operations. Mr. Ingram's cancer has since been in remission, and he continues to receive daily chemotherapy treatments for a second form of cancer which he has been able to manage for several years. On January 9, 2023, the Debtors entered Chapter 11 at which time Mr. Ingram anticipated restructuring the Debtors' financial affairs and continuing operations in the financial services industry with a specific focus on the origination, underwriting and servicing of real estate development loans. However, since the Petition Date, Mr. Ingram has elected to no proceed with continued operations as the day-to-day management of the Debtors and their Chapter 11 cases has proven a difficult task to manage in his current condition. As such, Mr. Ingram has elected to pursue a plan to liquidate the Debtors' respective assets for the benefit of all creditors and the Chapter 11 estates, which liquidation effort will include the return of deposits and the distribution of proceeds recovered from Causes of Action. On February 16, 2023, the Debtors filed their Joint Disclosure Statement and Chapter 11 Plan of Reorganization (no hearing was ever set to consider approval of the Debtors' Joint Plan of Reorganization). Mr. Ingram has decided that he is not capable of continuing the Debtors' respective operations and has decided to liquidate the Debtors' respective assets. The Plan generally contemplates paying Holders of Allowed Claims from: (i) cash on hand; (ii) retainer funds held in trust, and (iii) proceeds derived from the Debtors' pursuit of Causes of Action against, in particular, Dragon Fund USA, N.A. Prior to the Effective Date, the Debtors will perform a full analysis of their potential claims and causes of action, including those against Dragon Fund USA, N.A., an entity with whom the Debtors maintained a contractual relationship with to provide loan origination, servicing, and underwriting services. The Plan also provides that the Debtors' existing membership and equity interests will be extinguished on the effective date of the Plan. The Plan provides the respective Holders of Allowed Administrative Claims, Allowed Priority Claims, and Allowed Priority Tax Claims, if any, will be paid in full on the Effective Date or in accordance with the treatment specified herein. The Plan further provides that Holders of Allowed Claims will receive full or partial payment from: (1) the return of deposits, and/or (2) the net proceeds recovered from Causes of Action. Class 1 consists of the Allowed Claims of One 10 Hotel Holdings, LLC and One 10 Hotel HRKC, LLC (collectively referred to as "One 10") against the Debtors. In full and final satisfaction of the Allowed Class 1 Claim, One10 shall receive: (i) cash funds the amount of $3,000,674.00 on the Effective Date, minus the costs payable to the Office of the United States Trustee on account of such disbursement if applicable; and (ii) a pro rata share of 100% of the net proceeds of any Causes of Action after payment of all Administrative Claims, Priority Claims, and post-Effective Date professional fees and costs as approved by the Court in accordance with Local Rule 2016-1. The Class 1 Claimholder's pro rata share of the net proceeds of any Causes of Action after payment of all Administrative Claims, Priority Claims, Priority Tax Claims, and post-Effective Date professional fees and costs shall be distributed within 30 days of the Debtor's receipt of such proceeds. Recovery from the Causes of Action is speculative and may result in no Distribution to the Class 1 Claimholder. After the Effective Date, the Debtor shall send quarterly reports informing the Class 1 Claimholder, and all Claimholders receiving proceeds from Causes of Action, of the status of any Causes of Action filed. The maximum Distribution to the Class 1 Claimholder under the Plan shall be equal to the total amount of the Allowed Class 1 Claim. Class 1 is Impaired. Class 2 consists of the Allowed Claims of 900 Broadway KC Development, LLC, CKlomhaus, LLC, Jeffrey Shanahan, Oak Holdings, LLC, Pedersen Development Company, LLC, Remsk, LLC, Scott J. Pedersen, and Shanahan Development Company, LLC (collectively referred to as "Hyatt House KC") against the Debtors. In full and final satisfaction of the Allowed Class 2 Claim, Hyatt House shall receive: (i) cash funds in the amount of $200,416.06 on the Effective Date, minus the costs payable to the Office of the United States Trustee on account of such disbursement if applicable; (ii) a pro rata share of 100% of the net proceeds of any Causes of Action after payment of all Administrative Claims, Priority Tax Claims, Priority Claims, and post-Effective Date professional fees and costs as approved by the Court in accordance with Local Rule 2016-1. The Class 2 Claimholder's pro rata share of the net proceeds of any Causes of Action after payment of all Administrative Claims, Priority Tax Claims, Priority Claims, and post-Effective Date professional fees and costs shall be distributed within 30 days of the Debtor's receipt of such proceeds. Recovery from the Causes of Action is speculative and may result in no Distribution to the Class 2 Claimholder. After the Effective Date, the Debtor shall send quarterly reports informing the Class 2 Claimholder, and all Claimholders receiving proceeds from Causes of Action, of the status of any Causes of Action filed. The maximum Distribution to the Class 2 Claimholder under the Plan shall be equal to the total amount of the Allowed Class 2 Claim. Class 2 is Impaired. Class 3 consists of the Allowed Unsecured Claim of Maumee Point, LLC against the Debtors. In full and final satisfaction of the Allowed Class 3 Claim, Maumee shall receive: (i) cash funds in the amount of $229,474.08 on the Effective Date, minus the costs payable to the Office of the United States Trustee on account of such disbursement if applicable; (ii) a pro rata share of 100% of the net proceeds of any Causes of Action after payment of all Administrative Claims, Priority Tax Claims, Priority Claims, and post-Effective Date professional fees and costs as approved by the Court in accordance with Local Rule 2016-1. The Class 3 Claimholder's pro rata share of the net proceeds of any Causes of Action after payment of all Administrative Expenses, Priority Tax Claims, Priority Claims, and post-Effective Date professional fees and costs shall be distributed within 30 days of the Debtor's receipt of such proceeds. Recovery from the Causes of Action is speculative and may result in no Distribution to the Class 3 Claimholder. After the Effective Date, the Debtor shall send quarterly reports informing the Class 3 Claimholder, and all Claimholders receiving proceeds from Causes of Action, of the status of any Causes of Action filed. The maximum Distribution to the Class 3 Claimholder under the Plan shall be equal to the total amount of the Allowed Class 3 Claim. Class 3 is Impaired. Class 4 consists of the Allowed Unsecured Claims of A&B Kanab Hotels, LLC against the Debtors. In full and final satisfaction of the Allowed Class 4 Claim, A&B Kanab shall receive: (i) cash funds in the amount of $1,232,105.87 on the Effective Date, minus the costs payable to the Office of the United States Trustee on account of such disbursement if applicable; and (ii) a pro rata share of 100% of the net proceeds of any Causes of Action after payment of all Administrative Claims, Priority Tax Claims, Priority Claims, and post-Effective Date professional fees and costs as approved by the Court in accordance with Local Rule 2016-1. The Class 4 Claimholder's pro rata share of the net proceeds of any Causes of Action after payment of all Administrative Claims, Priority Tax Claims, Priority Claims, and post-Effective Date professional fees and costs shall be distributed within 30 days of the Debtor's receipt of such proceeds. Recovery from the Causes of Action is speculative and may result in no Distribution to the Class 4 Claimholder. After the Effective Date, the Debtor shall send quarterly reports informing the Class 4 Claimholder, and all Claimholders receiving proceeds from Causes of Action, of the status of any Causes of Action filed. The maximum Distribution to the Class 4 Claimholder under the Plan shall be equal to the total amount of the Allowed Class 4 Claim. Class 4 is Impaired. Class 5 consists of all Allowed General Unsecured Claims against Altos-FL not otherwise classified in Classes 1 through 4. In full and final satisfaction of the Allowed Class 5 Claims, Class 5 Claimholders shall receive a pro rata share of 100% of the net proceeds of any Causes of Action after payment of all Administrative Claims, Priority Tax Claims, Priority Claims, and post-Effective Date professional fees and costs as approved by the Court in accordance with Local Rule 2016-1. The Class 5 Claimholder's pro rata share of the net proceeds of any Causes of Action after payment of all Administrative Claims, Priority Tax Claims, and Priority Claims, and post-Effective Date professional fees and costs shall be distributed within 30 days of the Debtor's receipt of such proceeds. Recovery from the Causes of Action is speculative and may result in no Distribution to the Class 5 Claimholders. After the Effective Date, the Debtor shall send quarterly reports informing the Class 5 Claimholders, and all Claimholders receiving proceeds from Causes of Action, of the status of any Causes of Action filed. The maximum Distribution to the Class 5 Claimholder under the Plan shall be equal to the total amount of the Allowed Class 5 Claim. Class 5 is Impaired. Class 6 consists of all Allowed General Unsecured Claims against Altos-NC not otherwise classified in Classes 1 through 4. In full and final satisfaction of the Allowed Class 6 Claims, Class 6 Claimholders shall receive: (i) a pro rata share of 100% of the net proceeds of any Causes of Action after payment of all Administrative Claims, Priority Tax Claims, Priority Claims, and post-Effective Date professional fees and costs as approved by the Court in accordance with Local Rule 2016 1; and (ii) the net proceeds from the liquidation of Altos-NC's Personal Property. The Class 6 Claimholder's pro rata share of the net proceeds of any Causes of Action after payment of all Administrative Expenses, Priority Tax Claims, Priority Claims, and post-Effective Date professional fees and costs shall be distributed within 30 days of the Debtor's receipt of such proceeds. Recovery from the Causes of Action is speculative and may result in no Distribution to the Class 6 Claimholders. After the Effective Date, the Debtor shall send quarterly reports informing the Class 6 Claimholders, and all Claimholders receiving proceeds from Causes of Action, of the status of any Causes of Action filed. Class 6 is Impaired. Class 7 consists of all membership interests in Altos-FL. All equity interests will be extinguished upon the Effective Date. Class 7 is Impaired. Class 8 consists of all equitable interests in Altos-NC. All equity interests will be extinguished upon the Effective Date. Class 8 is Impaired. As it pertains to Causes of Action, the Debtors have done an initial investigation by reviewing their books and records and have identified a potential Causes of Action against Dragon Fund, US N.A., which the Debtors believe include claims for damages between $65- $70 million for breach of their Remote Origination Agreement, which damages include unpaid origination, servicing and underwriting fees. Funds generated from the Debtor's operations through the Effective Date will be used for Plan Payments; however, the Debtor's cash on hand and retainers held in trust as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Amended Disclosure Statement dated March 28, 2023 is available at https://bit.ly/3Kq9thG from PacerMonitor.com at no charge. Counsel for Debtors: Daniel A. Velasquez, Esq. Latham Luna Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: jluna@lathamluna.com About Altosgroups LLC AltosGroups, LLC is a direct fund program funding commercial, income producing real estate projects and assets. It is based in Davenport, Fla. AltosGroups sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00048) on Jan. 9, 2023, with total assets of $4,662,769 and total liabilities of $286,973,940. David Ingram, president of AltosGroups, signed the petition. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine, LLP. AMC ENTERTAINMENT: $2B Bank Debt Trades at 27% Discount ------------------------------------------------------- Participations in a syndicated loan under which AMC Entertainment Holdings Inc is a borrower were trading in the secondary market around 73 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $2 billion facility is a Term loan that is scheduled to mature on April 22, 2026. About $1.92 billion of the loan is withdrawn and outstanding. AMC Entertainment Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides theatrical exhibition, movie screening, food distribution, online ticket booking, and other related services. AMC ENTERTAINMENT: Amazon Reportedly Eyeing Theater Chain --------------------------------------------------------- The Intersect reports that Amazon founder Jeff Bezos has dispatched his investment advisors and top entertainment chiefs to explore acquisition plans for embattled theater chain AMC Entertainment, according to multiple senior sources familiar with the discussions. The thinking is that Amazon can use AMC's nearly 600 theaters across North America, Europe and the Middle East as "marketing weigh stations," said one Amazon insider. This would be used for promoting Amazon Prime movies for awards contention, cross-selling services such as grocery delivery, serving as local distribution hubs, and collecting crucial data from AMC's annual 200 million moviegoing customers. It would also throw a lifeline to AMC, the world's largest theater chain whose financials were torpedoed by the COVID pandemic chased by Hollywood's cut-throat pivot to their own streaming services. The cinema chain -- whose stock traded a year ago at $34 and now languishes at about $4 -- can be scooped up cheaply (and without a major premium) for just a few billion dollars. The discussions inside Amazon's headquarters in Seattle and entertainment offices in Los Angeles are fluid, and there is no certainty that the retail giant will even make an offer. One insider told The Intersect that Bezos may just bide his time should AMC's stock continue to erode, or even pounce on AMC assets if the company buckles into bankruptcy -- a strategy reminiscent of British banking giant Barclays' takeover of Lehman Bros. during the financial crisis. "This is a distressed asset," said one analyst who covers the company for a major investment bank, which would be in the running to represent one side of a potential sale. "Buying this kind of marketing real estate is a coup." AMC Entertainment bonds "would likely see significant upside" if the company were acquired by Amazon, Bloomberg Intelligence analyst Stephen Flynn wrote. 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. AMSTERDAM HOUSE: Court OKs Interim Cash Collateral Access --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York authorized Amsterdam House Continuing Care Retirement Community, Inc. to use cash collateral on an interim basis. The Debtor is obligated to UMB Bank, N.A. for the benefit of the beneficial holders of the Bonds, authorized and issued by Nassau County Industrial Development Agency. The Issuer issued (1) $40.710 million Continuing Care Retirement Community Taxable Revenue Bonds (Amsterdam at Harborside Project), Series 2021A, and (2) $127.327 million Continuing Care Retirement Community Tax Exempt Refunding Revenue Bonds, Series 2021B pursuant to the Indenture of Trust dated September 1, 2021. As of the Petition Date, the amounts due and owing by the Debtor with respect to the Bonds and the obligations under the Bond Documents are: (i) unpaid principal on the Bonds in the amount of $168.037 million; (ii) accrued but unpaid interest on the Bonds in the amount of $2.3 million as of the Petition Date; and (iii) unliquidated, accrued and unpaid fees and expenses of the Bond Trustee and its professionals incurred through the Petition Date. Such amounts, when liquidated, will be added to the aggregate amount of the Bond Claim. As adequate protection for any diminution in the value of cash collateral resulting from the Debtor's use thereof after the Petition Date, and solely to the extent of any Diminution, the Bond Trustee will have a valid, perfected, and enforceable replacement lien and security interest in (i) all assets of the Debtor existing on or after the Petition Date of the same type as the Bond Collateral, together with the proceeds, rents, products, and profits thereof and (ii) all other assets of the Debtor. As additional adequate protection for any Diminution, the Bond Trustee will have a superpriority administrative expense claim pursuant to 11 U.S.C. section507(b) of the Bankruptcy Code with recourse to and payable from any and all assets of the Debtor's estate other than the Debtor's rights under the LSA. The Secured Party Superpriority Claim will have priority, pursuant to 11 U.S.C. section 507(b)of the Bankruptcy Code, over any and all administrative expenses, diminution claims, and all other claims against the Debtor. The Debtor's authority to use cash collateral will terminate without any further action by the Court, and a Termination Event will occur without prior notice, upon the occurrence of any of the following: (i) The Chapter 11 Case is dismissed or converted to a case under Chapter 7 of the Bankruptcy Code; (ii) The Interim Order becomes stayed, reversed, vacated, amended, or otherwise modified in any respect without the prior written consent of the Bond Trustee; (iii) The Debtor violates any term or condition of the Interim Order; (iv) The Debtor pays any line-item expenses in a manner, time or amount that is inconsistent with the Cash Collateral Budget; (v) The Debtor fails to provide the stalking horse purchaser letter of intent/term sheet to the Bond Trustee by March 27, 2023; or (vi) The Debtor fails to provide a comprehensive response to the Bond Trustee's debtor-in-possession financing term sheet by March 28, 2023. The Bond Trustee consents to certain expenses incurred during the Interim Period that will be superior in all instances to the liens and claims of the Bond Trustee and all other parties. The Carve Out means the statutory fees of the U.S. Trustee pursuant to 11 U.S.C. section 1930 and the fees of the Clerk of the Court plus any interest at the statutory rate. A further interim hearing on the matter is set for April 15, 2023 at 11 a.m. A copy of the order is available at https://bit.ly/3zqu272 from PacerMonitor.com. About Amsterdam House Continuing Care Amsterdam House Continuing Care Retirement Community, Inc., doing business as The Amsterdam at Harborside, operates Nassau County's first and only continuing care retirement community licensed under Article 46 of the New York Public Health Law, which provides residents with independent living units, enriched housing and memory support services, comprehensive licensed skilled nursing care, and related health, social, and quality of life programs and services. Amsterdam House Continuing Care Retirement Community filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-70989) on March 22, 2023. In the petition signed by Brooke Navarre, president and chief executive, officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Alan S. Trust oversees the case. Gregory M. Juell, Esq., at DLA Piper LLP (US), represents the Debtor as legal counsel. AMSTERDAM HOUSE: Files for Chapter 11 Bankruptcy for 3rd Time ------------------------------------------------------------- James T. Madore of NewsDay reports that Harborside retirement community, Amsterdam House Continuing Care Retirement Community, Inc., in Port Washington, has filed for bankruptcy protection from its creditors for the third time in nine years, citing difficulty in paying its bills because of reduced occupancy. The Harborside, formerly called the Amsterdam at Harborside, listed assets of $100 million to $500 million against liabilities in the same range. The largest unsecured creditors are the families of 30 deceased residents who, as a group, are owed $29 million in entrance-fee refunds, according to documents filed in federal court in Central Islip on Wednesday. The nonprofit retirement community, opened in 2010, has negotiated an agreement for a loan of up $9 million to continue operating. The money would go toward paying the salaries of 98 employees and providing meals, health care and other services to residents, many of whom are in their 80s, the documents state. The Harborside also has been in talks to sell itself to another nonprofit: New England Life Plan Communities Corp., the documents state. New England Life was founded in fall 2021 and is based in Lincoln, Massachusetts, west of Boston, based on incorporation records. What to know The Harborside retirement community in Port Washington has filed for bankruptcy for the third time in nine years because its low occupancy rate is making it difficult to pay the bills. The nonprofit, with 329 units, is seeking a $9 million loan to continue operating and pay 98 employees and provide health care, meals and other services to its residents. New England Life Plan Communities Corp., in Massachusetts, is interested in purchasing the Harborside, according to documents filed in federal bankruptcy court in Central Islip on Wednesday. Any sale of the Harborside would likely be the result of an auction supervised by the U.S. Bankruptcy Court, according to officials. The Harborside "board has unanimously determined that it is in the interests of the Harborside and its creditors, residents and other interested parties that a petition be filed with the [bankruptcy court] by the Harborside seeking relief under Chapter 11 of the Bankruptcy Code," states a resolution adopted by the nonprofit's board on Tuesday, March 21, 2023. About Amsterdam House Continuing Care Amsterdam House Continuing Care Retirement Community, Inc., doing business as The Amsterdam at Harborside, operates Nassau County's first and only continuing care retirement community licensed under Article 46 of the New York Public Health Law, which provides residents with independent living units, enriched housing and memory support services, comprehensive licensed skilled nursing care, and related health, social, and quality of life programs and services. Amsterdam House filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 14-73348) on July 22, 2014, in Central Islip, New York, to implement a prenegotiated bankruptcy-exit plan. The plan provided for a restructuring of its revenue bonds and for unsecured creditors to recover 100 cents on the dollar. Amsterdam House Continuing Care Retirement Community filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 21-71095) on June 14, 2021. Its reorganization plan was confirmed in August 2021. Its member, Amsterdam Continuing Care Health System, Inc., agreed to contribute $9,000,000 to the Debtor in exchange for retaining control, and unsecured creditors were slated to recover 15 cents on the dollar. Amsterdam House Continuing Care Retirement Community filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-70989) on March 22, 2023. In the petition signed by Brooke Navarre, president and chief executive, officer, the Debtor disclosed up to $500 million in both assets and liabilities. DLA Piper LLP (US), led by Gregory M. Juell, is the legal counsel in the new Chapter 11 case. ARSENAL INTERMEDIATE: Arsenal Health Unsecureds Will Get 0%-25% --------------------------------------------------------------- Arsenal Intermediate Holdings, LLC, and its Affiliated Debtors submitted an Amended Joint Chapter 11 Plan of Liquidation dated March 28, 2023. As set forth more fully in the Bidding Procedures and Sale Motion, the Debtors are engaged in a marketing process to sell or substantially all of their assets through one or more sales. The Debtors believe that this marketing process will test the market and result in a lump-sum payment through one or more sales that maximizes value for the benefit of all Creditors. The Sale Proceeds and recoveries under Retained Causes of Action, among other things, will be used to make the distributions set forth in this Plan. Following the sale, the Debtors will cease operations and, as such, no financial projections are set forth in this Plan. Class 4 consists of General Unsecured Claims. Unless the holder of a Class 3 General Unsecured Claim agrees to different treatment, each holder of an Allowed General Unsecured Claim shall receive its pro rata share of the GUC Distribution Amount. Arsenal Intermediate Creditors shall recover 5-25%. Arsenal Health Creditors shall recovery 0-25%. Class 5 consists of Intercompany Claims. On the Effective Date, all Intercompany Claims shall be cancelled and discharged, with the holders of such Intercompany Claims receiving no distribution on account of such Intercompany Claims. Class 6 consists of Interest Holders. On the Effective Date, all Interests in the Debtors shall be extinguished as of the Effective Date, and the owners thereof shall receive no distribution on account of such Interest. The transactions contemplated by the Plan shall be approved and effective as of the Effective Date, without the need for any further state or local regulatory approvals or approvals by any non-Debtor parties, and without any requirement for further action by the Debtors or any other person or entity. As set forth in detail in the Bidding Procedures and Sale Motion, the Debtors are currently marketing their assets and engaged in a Sale Process to sell all or substantially all of the assets of Arsenal Health and Arsenal Insurance pursuant to section 363 of the Bankruptcy Code. Accordingly, the assets available for distribution to the Debtors' creditors are contingent on the outcome of the Sale Process. Without the benefit of knowing the outcome of the Sale Process, the Debtors cannot represent whether there will be meaningful proceeds to distribute. On or before the Effective Date, the Debtors and the prevailing purchasers will have consummated the Sale or Sales, as applicable, pursuant to the terms and conditions of the forthcoming purchase agreements, including, without limitation, selling their assets free and clear of certain liens and encumbrances to the extent set forth in the purchase agreements, and assuming and assigning to the prevailing purchasers certain Executory Contracts and Unexpired Leases. The Debtors shall receive the Cash Proceeds of the Sale(s) and distributing or retaining the Cash Proceeds of the Sale(s). On the Effective Date, the Debtors shall fund from the Cash Proceeds the Wind Down Budget Reserve Account with the Wind Down Budget Cash Amount. The balance of Cash Proceeds from any Sale shall be held by the Debtors and distributed in accordance with the Plan on the Effective Date. With respect to any particular Claim, the specific date set by the Bankruptcy Court as the last day for filing proofs of claim, motions for allowance of Administrative Claims, or proofs of Interest against the Debtors in the Chapter 11 Cases for that specific Claim or Interest, which, for the avoidance of doubt, shall mean April 26, 2023 for Holders of General Unsecured Claims and July 25, 2023 for governmental entities. For the avoidance of doubt, the Bar Date applicable to beneficiaries of Health Benefit Plans is September 27, 2023 and the Bar Date applicable to sponsors of Health Benefit Plans is June 27, 2023. Counsel to the Debtors: Sean M. Beach, Esq. Elizabeth S. Justison, Esq. S. Alexander Faris, Esq. Shella Borovinskaya, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1256 E-mail: sbeach@ycst.com ejustison@ycst.com afaris@ycst.com sborovinskaya@ycst.com About Arsenal Intermediate Holdings Arsenal Intermediate Holdings, LLC was founded in 2006 as an independent captive management and alternative-risk manager. It provides broad customer solutions in risk management for captive insurance companies and various other insurance entities through its office location in Alabama. Arsenal Intermediate Holdings and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 23-10097) on Jan. 26, 2023, listing up to $500,000 in assets and up to $10 million in liabilities. Michael Wyse, chief restructuring officer, signed the petition. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as legal counsel; Polsinelli PC as special regulatory counsel; and Wyse Advisors LLC to provide chief restructuring officer and additional personnel. Kroll Restructuring Administration LLC is the Debtors' claims and noticing agent and administrative advisor. ASP LS ACQUISITION: $455M Bank Debt Trades at 36% Discount ---------------------------------------------------------- Participations in a syndicated loan under which ASP LS Acquisition Corp is a borrower were trading in the secondary market around 63.9 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $455 million facility is a Term loan that is scheduled to mature on May 7, 2029. The amount is fully drawn and outstanding. ASP LS Acquisition Corp. was formed to effectuate the acquisition of Laser Ship, Inc. by the private equity firm American Securities LLC. ASTRALABS INC: Seeks to Hire Lane Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- Astralabs Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Lane Law Firm, PLLC as its legal counsel. The Debtor requires legal counsel to: a. assist, advise and represent the Debtor relative to the administration of its 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 representatives of secured creditors; d. assist the Debtor in the preparation, analysis and negotiation of any plan of reorganization and disclosure statement; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear, as appropriate, before the bankruptcy court and other courts; and g. perform all other necessary legal services. The firm will be paid at these rates: Robert C. Lane, Partner $550 per hour Associate Attorneys $375 to $425 per hour Paralegals/Legal Assistants $150 to $190 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $20,000 from the Debtor. Robert Lane, Esq., a partner at The Lane Law Firm, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert C. Lane, 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 About Astralabs Inc. Astralabs Inc. -- https://newchip.com/ -- doing business as Newchip, operates an accelerator program delivered by online curriculum. The company is based in Austin, Texas. Astralabs filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 23-10164) on March 17, 2023, with $1,763,754 in assets and $4,389,867 in liabilities. Jack Cartwright, vice president of finance, signed the petition. Judge Shad Robinson oversees the case. The Debtor is represented by Robert Chamless Lane, Esq., at The Lane Law Firm, PLLC. ATLAS PURCHASER: $610M Bank Debt Trades at 30% Discount ------------------------------------------------------- Participations in a syndicated loan under which Atlas Purchaser Inc is a borrower were trading in the secondary market around 69.8 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $610 million facility is a Term loan that is scheduled to mature on May 18, 2028. The amount is fully drawn and outstanding. Atlas Purchaser, Inc., which does business as Alvaria, Inc., acquired the assets of Aspect Software in a leveraged buyout. Aspect is a provider of call center software and solutions. AUBSP OWNERCO: Seeks to Extend Plan Exclusivity to June 2 --------------------------------------------------------- AUBSP Ownerco 8, LLC and AUBSP Ownerco 9, LLC ask the U.S. Bankruptcy Court for the Southern District of Florida to extend their exclusive period to file a Chapter 11 plan and solicit acceptances thereof to June 2, 2023. This is the Debtors' second motion to extend their exclusivity period. Their exclusivity period was previously extended to April 3, 2023. The Debtors stated that they were required by the state trial court in Idaho to execute certain transfer documents that may impact certain assets. The Debtors explained that they are still analyzing the impact of these transfer documents on a potential plan of reorganization and need further time to incorporate this development into their respective plans. The Debtors also stated that they are removing a state court case filed by them and other non-debtors in West Palm Beach, Florida from which potential damages are recoverable to the Debtors. AUBSP Ownerco 8, LLC and AUBSP Ownerco 9, LLC are represented by: Thomas M. Messana, Esq. Scott A. Underwood, Esq. Megan W. Murray, Esq. Adam Gilbert, Esq. UNDERWOOD MURRAY, P.A. 100 N. Tampa St., Suite 2325 Tampa, FL 33602 Tel: (813) 540-8401 Email: tmessana@underwoodmurray.com sunderwood@underwoodmurray.com mmurray@underwoodmurray.com agilbert@underwoodmurray.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 Stoel Rives, LLP and Cross & Simon, LLC as special counsels. AVEANNA HEALTHCARE: $860M Bank Debt Trades at 15% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Aveanna Healthcare LLC is a borrower were trading in the secondary market around 85.3 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $860 million facility is a Term loan that is scheduled to mature on July 15, 2028. About $849.3 million of the loan is withdrawn and outstanding. Aveanna Healthcare LLC provides health care services. The Company offers pediatric skilled nursing, therapy, autism, enteral nutrition, and adult services. AVENIR MEMORY: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Avenir Memory Care @ Knoxville LP 11648 E. Shea Blvd #101 Scottsdale, AZ 85259 Business Description: The Debtor operates a nursing care facility (skilled nursing facility). Chapter 11 Petition Date: March 31, 2023 Court: United States Bankruptcy Court District of Arizona Case No.: 23-02047 Judge: Hon. Brenda Moody Whinery Debtor's Counsel: Philip R. Rudd, Esq. SACKS TIERNEY P.A. 4250 N Drinkwater Blvd. 4th Floor Scottsdale, AZ 85251-3693 Tel: 480-425-2600 Email: Philip.Rudd@SacksTierney.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by David L. Craik as president & director of the General and Limited Partners. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/63IVACA/AVENIR_MEMORY_CARE__KNOXVILLE__azbke-23-02047__0001.0.pdf?mcid=tGE4TAMA B GSE GROUP: Court OKs Cash Collateral Access Thru April 25 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of North Carolina, Charlotte Division, granted B GSE Group LLC authority to use cash collateral on an interim basis in accordance with the budget, with a 10% variance, through the date of the continued hearing set for April 25, 2023 at 9:30 a.m. The Debtor is permitted to use cash collateral for ordinary and necessary business expenses consistent with the specific items and amounts contained in the budget. Truist Bank and the United States Small Business Administration may have an interest in the cash collateral. As adequate protection, the Lenders are granted valid, attached, choate, enforceable, perfected and continuing security interests in, and liens upon all postpetition accounts receivable of the Debtor, and the proceeds thereof, to the same extent and validity as the liens and encumbrances of the Lenders attached to the Debtor's accounts receivable pre-petition. The Debtor has been required to pay $15,000 per month to Truist Bank beginning in February 2023 as adequate protection pursuant to 11 U.S.C. section 361 by the last day of the applicable month. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/3lTXPC2 from PacerMonitor.com. The Debtor projects $505,000 in cash collections and $487,925 in total expenses for April 2023. About B GSE Group LLC B GSE Group LLC, doing business as Bullerdick GSE LLC, delivers turnkey system solutions to Military and Commercial airport terminals, ramps, and hangars around the globe -- cutting capital maintenance costs, saving time, and reducing fuel consumption. B GSE Group LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 23-30013) on Jan. 6, 2023. In the petition filed by Mark Allen, as manager, the Debtor reported assets and liabilities between $1 million and $10 million. David Schilli has been appointed as Subchapter V trustee. Judge J. Craig Whitley oversees the case. The Debtor is represented by Richard S. Wright, Esq., at Moon Wright & Houston, PLLC. BH FROZEN: Exclusivity Period Extended to June 5 ------------------------------------------------ Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida extended B"H Frozen Wheels, LLC's exclusive periods to file a plan of reorganization and to solicit acceptance thereof to June 5, 2023 and August 4, 2023, respectively. B"H Frozen Wheels, LLC is represented by: Eric D. Jacobs, Esq. VENABLE, LLP 100 SE 2nd Street, Suite 4400 Miami, FL 33131 Tel: 305-349-2300 Email: edjacobs@venable.com About B"H Frozen Wheels Miami-based B"H Frozen Wheels, LLC filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 22-18641) on Nov. 7, 2022, with up to $50,000 in assets and $10 million to $50 million in liabilities. Issac Halwani, manager, signed the petition. Judge Laurel M. Isicoff oversees the case. Glenn D. Moses, Esq., at Venable LLP serves as the Debtor's legal counsel. BIG DADDY GUNS: Seeks Cash Collateral Access -------------------------------------------- Big Daddy Guns, Inc. and Big Daddy Guns 2, Inc. ask the U.S. Bankruptcy Court for the Northern District of Florida, Gainesville Division, for authority to use cash collateral and provide adequate protection. The creditors that may claim an interest in the cash collateral are: 1) Sports South LLC, pursuant to a UCC-1 Financing Statement filed only on BDG, on August 13, 2019, 2) Worldwide Distributors, pursuant to a UCC-1 Financing Statement filed on both of the Debtors, on January 19, 2021 in the Florida Secured Transaction Registry, 3) Zen Capital, pursuant to a UCC-1 Financing Statement filed on BDG on December 30, 2021 and BDG 2 on December 31, 2021 respectively in the Florida Secured Transaction Registry, 4) MEGED Funding Group Corp., pursuant to a UCC-1 Financing Statement filed on both of the Debtors on January 11, 2022 in the Florida Secured Transaction Registry, 5) Redstone Advance, Inc., pursuant to a UCC-1 Financing Statement filed on both of the Debtors on March 10, 2022 in the Florida Secured Transaction Registry, and 6) RSR Group, Inc., pursuant to a UCC-1 Financing Statement filed on BDG on March 19, 2022, and BDG 2 on February 13, 2023 in the Florida Secured Transaction Registry. As of March 21, 2023, the Debtors' assets combined include approximately $1.4 million in inventory, equipment, cash, and bank accounts. Redstone is holding approximately $367,513 of the Debtors' inventory pursuant to multiple pre-petition replevins. As adequate protection, the Debtors propose to provide post-petition replacement liens to those creditors that are secured by the cash collateral, to the extent of their nature and validity that existed as of the Petition Date. A copy of the motion is available at https://bit.ly/3JYY0nQ from PacerMonitor.com. A copy of the budget is available at https://bit.ly/40woeov from PacerMonitor.com. The Debtor projects total expenses, on a weekly basis, as follows: $10,233 for the week ending April 7, 2023; $8,741 for the week ending April 14, 2023; $6,788 for the week ending April 21, 2023; and $34,104 for the week ending April 30, 2023. About Big Daddy Guns Big Daddy Guns Inc. is a gun shop in Florida. Big Daddy Guns Inc. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-10053) on March 21, 2023. In the petition filed by Anthony W. McKnight as president, the Debtor reported assets between $1 million and $10 million and liabilities between $10 million and $50 million. The Debtor is represented by Jose I Moreno, P.A. BOY SCOUTS OF AMERICA: Beats Bankruptcy Settlement Plan Appeal -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the Boy Scouts of America defeated an appeal of its bankruptcy reorganization plan that will pay $2.46 billion to thousands of child sexual abuse victims through a settlement trust. A Delaware federal judge on Tuesday, March 28, 2023, issued a 150-page opinion affirming a bankruptcy court's approval of the Boy Scouts' Chapter 11 plan, which will establish the largest sex abuse settlement in US history. The judge rejected arguments from several insurance companies, as well as two individual groups of abuse survivors, that have opposed features of the deal. The settlement was supported by a large majority of the roughly 82,000 abuse claimants. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. BROOKLYN PARK: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Brooklyn Park Slope Fitness LLC d/b/a Retro Fitness of Brooklyn Park Slope 25 12th Street 3rd Fl Brooklyn, NY 11215 Business Description: The Debtor operates a gym. Chapter 11 Petition Date: March 31,2 023 Court: United States Bankruptcy Court Eastern District of New York Case No.: 23-41129 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Fred B. Ringel, Esq. LEECH TISHMAN ROBINSON BROG, PLLC 875 Third Avenue New York, NY 10022 Tel: (212) 603-6300 Total Assets: $438,845 Total Liabilities: $1,521,906 The petition was signed by Fidelia Perez as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/KLHLSRI/Brooklyn_Park_Slope_Fitness_LLC__nyebke-23-41129__0001.0.pdf?mcid=tGE4TAMA BULLDOG PURCHASER: $125M Bank Debt Trades at 22% Discount --------------------------------------------------------- Participations in a syndicated loan under which Bulldog Purchaser Inc is a borrower were trading in the secondary market around 78.1 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $125 million facility is a Term loan that is scheduled to mature on September 5, 2026. The amount is fully drawn and outstanding. Bulldog Purchaser Inc. owns and operates fitness and recreational centers. The Company offers its services in the United States. BYJU'S ALPHA: $1.20B Bank Debt Trades at 18% Discount ----------------------------------------------------- Participations in a syndicated loan under which BYJU's Alpha Inc is a borrower were trading in the secondary market around 82.1 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.20 billion facility is a Term loan that is scheduled to mature on November 24, 2026. About $1.19 billion of the loan is withdrawn and outstanding. Bengaluru, India-based Byju's provides online educational services and study materials for state boards and government exams. C&L DINERS: Wins Interim Cash Collateral Access ----------------------------------------------- The U.S. Bankruptcy Court for the District of Connecticut, Bridgeport Division, authorized C & L Diners, LLC and its debtor-affiliates to use cash collateral on an interim basis in accordance with the budget, with a 20% variance. As adequate protection, secured creditors McLane Foodservice Distribution, Inc., Stearns Bank, Pawnee Leasing Company and Merlin Business Bank are granted replacement security interests in and liens upon all post-petition inventory and accounts receivable acquired by the Debtors that replaces any pre-petition inventory and accounts receivable that was consumed or used post-petition. The Debtor, as additional adequate protection, will maintain an inventory in an amount equal to 1.1x the value at cost of the food and beverage inventory that existed as of the Petition Date. The Adequate Protection Liens granted to the Secured Creditors will be in the same rank, extent and priority as such Secured Creditor possessed in the Debtors' cash collateral that existed on the Petition Date. A continued hearing on the matter is set for May 9 at 3 p.m. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/42S7ud3 from PacerMonitor.com. The budget provides for total cash paid out, on a weekly basis, as follows: $156,335 for the week ending April 5, 2023; $51,735 for the week ending April 12, 2023; $111,235 for the week ending April 19, 2023; $71,235 for the week ending April 26, 2023; and $135,156 for the week ending May 3, 2023. About C & L Diners, LLC C & L Diners, LLC and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Lead Case No. 22-50599) on November 8, 2022. In the petition filed by Herman Li, operating member, the Debtors disclosed up to $10 million in both assets and liabilities. Judge Julie A. Manning oversees the case. Ira S. Greene, Esq. and Tara L. Trifon, Esq., at Locke Lord LLP, represent the Debtors as legal counsel. CASH DEVELOPMENT: Seeks Continued Cash Collateral Access -------------------------------------------------------- Cash Development, LLC asks the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, for authority to continue using cash collateral in accordance with the budget, with a 15% variance. On March 1, 2023, Comerica Bank and the Debtor entered into a fourth stipulation which, among other things, changed the date of February 28, 2023 to April 5, 2023. Pursuant to the Stipulations, the Lender has consented to the Debtor's use of cash collateral through April 5, 2023. On March 31, 2023, the Lender informed the Debtor that it would not agree to continued use of cash collateral after April 5, 2023, without an adequate payment of $175,000 from the Debtor and its affiliates. Making an adequate protection payment of $175,000 would jeopardize the Debtor's ability to operate. The Debtor anticipates entering into an asset purchase agreement with Matter Management Enterprises, LLC prior to the Disclosure Statement Hearing set for April 5, 2023, to sell its Georgia operations for $5.5 million. The Debtor intends on amending its Plan to provide for the proceeds of such sale to be distributed to the Lender. The Debtor requires the use of cash collateral to pay the operating expenses of the business. The Debtor also requests that the Court conduct a hearing on the matter on or before April 5, 2023. A copy of the motion and the Debtor's budget is available at https://bit.ly/3lYtORM from PacerMonitor.com. The Debtor projects total operating costs, on a weekly basis, as follows: $165,514 for the week starting April 2, 2023; $138,131 for the week starting April 9, 2023; $153,728 for the week starting April 16, 2023; $125,131 for the week starting April 23, 2023; and $149,714 for the week starting April 30, 2023. About Cash Development Cash Development, LLC specializes in hauling, disposal, and recycling of construction demolition waste with its headquarters located at 2859 Paces Ferry Road, Suite 1150, Atlanta, Ga. Cash Development sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-41007) on Aug. 26, 2022. In the petition filed by its authorized representative, Carson Cash King, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Barbara Ellis-Monro oversees the case. Cameron M. McCord, Esq., at Jones & Walden, LLC and Baker Donelson Bearman Caldwell & Berkowitz, PC serve as the Debtor's bankruptcy counsel and special counsel, respectively. Windham Brannon, LLC is the Debtor's accountant. CINEWORLD GROUP: Nears Deal With Creditors on Exit Plan ------------------------------------------------------- Amelia Pollard of Bloomberg Law reports that Cineworld Group Plc is set to submit its bankruptcy-exit plan after reaching a deal with creditors to trim billions of dollars of debt from its balance sheet, according to a lawyer for the company. Cineworld expects to file the plan alongside a restructuring support agreement — a deal in which a troubled company's key creditors agree to back a debt-cutting proposal. Both agreements should be filed publicly on Wednesday, March 29, 2023, Josh Sussberg, a bankruptcy lawyer for Cineworld, said in a court hearing Tuesday, March 28, 2023. "We are down to literally dotting 'i's and crossing 't's," Mr. Sussberg said. As of March 31, 2023, the Company hasn't filed its new bankruptcy-exit plan in Bankruptcy Court. Cineworld has solicited offers for the business. Two strategic suitors potentially were interested in the full company, but the offers were too lowball to consider moving forward with, Mr. Sussberg said, according to Deadline. Offers are still due on March 10, 2023. A status conference has been scheduled for April 3, 2023, at 1:30 p.m. (prevailing Central Time), before Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas. A Plan confirmation hearing will be held on May 26, 2023, at at 8:00 a.m. 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. CODIAK BIOSCIENCES: Hits Chapter 11 Bankruptcy Protection --------------------------------------------------------- Vandana Singh of Benzinga reports that Codiak BioSciences Inc. voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and will seek to pursue a sale process for its assets. The company began a marketing process ahead of the Chapter 11 filing to determine the level of market interest and is in ongoing discussions with several parties. The company expects to consummate a sale of the entire business or its core assets. Codiak BioSciences' executive management team, including the CEO, CFO, Chief Medical Officer, and Chief Scientific Officer, will depart effective April 7, 2023. Douglas Williams (CEO) will remain on the Board. Konstantin Konstantinov, (Chief Technology Officer) will remain with the company. In August 2022, the company announced a reprioritization of its clinical and research initiatives, accelerating discussions related to potential strategic corporate and program-based partnerships and restructuring operations to support a streamlined set of priorities. Codiak BioSciences also raised $20 million via equity in September last 2022 Price Action: CDAK shares are down 54.40% at $0.20 on the last check Monday, March 28, 2023. About Codiak Biosciences Codiak Biosciences Inc. -- https://www.codiakbio.com/ -- is a clinical-stage biopharmaceutical company focused on pioneering the development of exosome-based therapeutics, a new class of medicines with the potential to transform the treatment of a wide spectrum of diseases with high unmet medical need. Codiak Biosciences sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10350) on March 27, 2023. In the petition signed by Paul Huygens, as chief restructuring officer, the Debtor disclosed $106,167,706 in assets and $85,374,781 in liabilities. The Debtor tapped Ryan M. Bartley, Esq., at Young Conaway Stargatt & Taylor, LLP as legal counsel, and Province, LLC as restructuring advisor. Stretto, Inc., is the claims, noticing agent and administrative advisor COLOUROZ INVESTMENT 2: $111.9M Bank Debt Trades at 31% Discount --------------------------------------------------------------- Participations in a syndicated loan under which ColourOZ Investment 2 LLC is a borrower were trading in the secondary market around 69.1 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $111.9 million facility is a Term loan that is scheduled to mature on September 7, 2023. The amount is fully drawn and outstanding. ColourOZ Investment 2 LLC provides industrial paint products. CYXTERA DC HOLDINGS: $100M Bank Debt Trades at 16% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Cyxtera DC Holdings Inc is a borrower were trading in the secondary market around 84.2 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $100 million facility is a Term loan that is scheduled to mature on May 1, 2024. About $97.5 million of the loan is withdrawn and outstanding. Cyxtera DC Holdings, Inc. provides data center services. The Company operates in the United States. DAWG'S SPORTS: Unsecured Creditors' Recovery Hiked to 6% in Plan ---------------------------------------------------------------- Dawg's Sports Bar and Grill, LLC, submitted an Amended Chapter 11 Plan of Reorganization for Small Business dated March 27, 2023. Debtor was obligated to daily, weekly, and monthly merchant cash advance loans. The payment of the merchant cash advance loan payment did not allow for sufficient cash flow for the continued operation of the bar and restaurant. Debtor began having to keep less inventory and this was leading to a reduction in its customer base. If Debtor had continued, Debtor would have suffered losses with its customer base that would not have been rectifiable. Debtor has cured the problems that lead to the filing by addition of breakfast operation during the weekdays. Debtor has also added food delivery through Door Dash. Debtor not being obligated to pay the merchant cash advances has lead to the building of appropriate inventory of food and beverage options. These options were not previously available and allowed Debtor to budget and buy in quantities to reduce cost. Debtor is also now using ADP for payroll services. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtor estimates approximately 6% will be paid on account of general unsecured claims pursuant to the Plan. Class 4 consists of General Unsecured Claims. Payment to be made annually. Each creditor to receive 1.5% of allowed claim amount prior to December 31, 2024 and each subsequent year by December 31st through December 31, 2027. No creditor shall receive in excess of 6% of its allowed claim. The Debtor will implement and fund the plan from its continued operation of the restaurant and bar over the life of the plan. The Debtor's financial projections demonstrate sufficient cash on hand to satisfy obligations due on the Effective Date of the Plan, including payment of the Allowed Administrative Claims, U.S. Trustee Fees, and cure amounts, in accordance with the Bankruptcy Code or as otherwise agreed. The Debtor's financial projections demonstrate the Debtor's ability to make all future Plan payments in the aggregate amount of $904,976.00 during the Plan term (the "Plan Funding"). Plan Funding is in an amount equal to the Debtor's disposable income as defined in §1191(d) of the Bankruptcy Code. A full-text copy of the Amended Plan dated March 27, 2023 is available at https://bit.ly/3zkHn0H from PacerMonitor.com at no charge. The Debtor is represented by: Corey J. Sacca, Esq. Bononi & Company, P.C. 20 N. Pennsylvania Ave, Ste. 201 Greensburg, PA 15601 Tel: (724) 832-2499 Fax: (724) 836-0370 Email: csacca@bononilaw.com About Dawg's Sports Bar and Grill Dawg's Sports Bar and Grill, LLC, is a Pennsylvania Limited Liability Company and operates a bar and restaurant to generate income. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 22-22322) on Nov. 22, 2022, with as much as $1 million in both assets and liabilities. The Debtor is represented by Corey J. Sacca, Esq., at Bononi & Company, P.C. DFW GRANITE: Case Summary & Four Unsecured Creditors ---------------------------------------------------- Debtor: DFW Granite & Glass Installation L.L.C. 4739 Don Drive Dallas, TX 75247 Chapter 11 Petition Date: March 31, 2023 Court: United States Bankruptcy Court Northern District of Texas Case No.: 23-30604 Judge: Hon. Stacey G. Jernigan Debtor's Counsel: Robert C. Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com Total Assets: $106,204 Total Debts: $2,178,094 The petition was signed by Michael Thompson as owner. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/IQ76ENI/DFW_Granite__Glass_Installation__txnbke-23-30604__0001.0.pdf?mcid=tGE4TAMA DIGITAL AEROLUS: Seeks to Hire Ocean Tomo Transactions as Broker ---------------------------------------------------------------- Digital Aerolus, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Ocean Tomo Transactions, LLC as its broker. The firm's services include: (a) cataloguing and marketing the Debtor's assets, including the intellectual property; (b) sourcing of any potential qualified buyers; (c) assisting with the creation of all bidding or auction procedures, including obtaining a "stalking horse" if necessary; review and analysis of all bids; negotiation of any sales or related documents and any other services deemed necessary to complete any sale; (d) assisting in providing any necessary financial analysis on behalf of the Debtor to any potential new lenders, sourcing potential buyers or any other designated third parties that may be involved in these transactions, and providing any needed closing services as reasonably requested by the Debtor; (e) providing the Debtor with reasonable transactional support and negotiation assistance in the discretion of the Debtor; (f) providing testimony in support of any sales; and (g) assisting the Debtor and its counsel as necessary through closing on a best effort basis. Ocean Tomo will be compensated as follows: (a) Initial Fee. A fee of $20,000 was paid by the Debtor to Ocean Tomo prior to the bankruptcy filing. (b) Success Fee. In the event of a sale of the Debtor's assets, Ocean Tomo will be entitled to a "success fee" equal to 15 percent of the total sales price including any seller financing or other deferred or alternative forms of payment approved by the court. The initial fee shall be credited against any amount due as a success fee. As disclosed in the court filings, Ocean Tomo is a "disinterested person" within the meaning of Bankruptcy Code Section 101(14). The firm can be reached through: Ryan Zurek Ocean Tomo Transactions, LLC 200 West Madison St., Suite 1020 Chicago, IL 60606 Phone: +1 312 327 8006 Email: Ryan.Zurek@jsheld.com About Digital Aerolus Digital Aerolus, Inc., a company in Overland Park, Kan., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 23-20226) on March 10, 2023, with $407,497 in assets and $3,790,513 in liabilities. Sanford Peterson, secretary, signed the petition. Jill D. Olsen, Esq., at The Olsen Law Firm, LLC represents the Debtor as counsel. DIGITAL MEDIA: $225M Bank Debt Trades at 20% Discount ----------------------------------------------------- Participations in a syndicated loan under which Digital Media Solutions LLC is a borrower were trading in the secondary market around 80 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $225 million facility is a Term loan that is scheduled to mature on May 25, 2026. About $222.2 million of the loan is withdrawn and outstanding. Digital Media Solutions LLC, a subsidiary of Digital Media Solutions, Inc. (NYSE: DMS) -- https://digitalmediasolutions.com/ -- a provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers. The DMS first-party data asset, proprietary advertising technology, significant proprietary media distribution and data-driven processes help digital advertising clients de-risk their advertising spend while scaling their customer bases. DIMENSIONS IN SENIOR LIVING: Taps Plaza Commercial as Realtor ------------------------------------------------------------- Dimensions In Senior Living, LLC and its affiliates received approval from the U.S. Bankruptcy Court for the District of Nebraska to employ Plaza Commercial Realty to market and sell their property located at Business Loop 70W, Columbia, Mo. The broker will receive a commission equal to 6 percent of the sales price. Plaza Commercial Realty is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Paul Land Plaza Commercial Realty 2501 Bernadette Drive Columbia, MO 65203 Phone: 573-445-1020 Fax: 573-445-2613 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 between $1 million and $10 million in both assets and liabilities. Judge Brian S. Kruse oversees the cases. The Debtors are represented by Patrick Raymond Turner, Esq., at Turner Legal Group, LLC and Erickson & Sederstrom PC, LLC. B. Riley Advisory Services is the Debtors' financial advisor. DIOCESE OF ROCKVILLE CENTRE: Abuse Victims Want Case Tossed ----------------------------------------------------------- Sex abuse claimants of Long Island's Roman Catholic Diocese of Rockville Centre are asking a judge to throw out the diocese's bankruptcy case. On Jan. 27, 2023, without the support of the Committee and after refusing to engage in further negotiation with the Committee, the Diocese filed the proposed Chapter 11 Plan of Reorganization for The Roman Catholic Diocese of Rockville Centre, New York. The Diocese Plan provides for full releases for its parishes (and potentially hundreds of other) "Co-Insured Parties" and other release recipients (collectively, the "Covered Parties"). The Covered Parties (or some subset thereof) are contributing $11.1 million, which amounts to $22,653 per pending state court action. The Official Committee of Unsecured Creditors on March 27, 2023, filed a motion to dismiss the Chapter 11 case for "cause," which includes a "substantial or continuing loss to or diminution of the estate and the absence of a reasonable likelihood of rehabilitation." The Committee consists of nine individuals who hold claims against the Debtor, including eight individuals who were sexually abused as minors by perpetrators for whom the Debtor was responsible and one representative of a minor with a civil rights claim against the Debtor. "After nearly two and a half years in chapter 11, the Diocese has no likelihood of rehabilitation. It cannot confirm the plan it has proposed2 and will not propose the only plan it can confirm: one that only treats claims against the Diocese. Its proposed plan releases its affiliates for a mere $11.1 million, or $22,653 per filed abuse claim. As the joinders to this Motion will evince, Survivors will not approve such a plan, rendering it unconfirmable. These affiliates (parishes and related parties that the Diocese insists are all independent but for which it seeks releases) did not elect to file their own bankruptcy cases. While a plan that does not contain coercive releases of those affiliates might be confirmable, the Diocese refuses to propose it. At the same time, the Committee anticipates that the Diocese will vigorously oppose a Committee sponsored plan that addresses only the Diocese's liability, needlessly expending funds and further delaying and reducing Survivor recoveries. After all this time, the case is gridlocked with absolutely no indication of movement toward a consensual confirmable plan," the Creditors Committee said. "Meanwhile, the estate is incurring substantial and continuing losses. The Diocese has consistently lost over $1 million per month, primarily due to professional fees spent on a bankruptcy that is not furthering the interests of the estate or its creditors and has no prospect of doing so. In fact, it has lost $58 million in unrestricted assets during this case." "The Diocese's actions demonstrate that it has an irreconcilable conflict of interest between the interests of its affiliates and those of its creditors, and that the Diocese has "resolved" that conflict by elevating the interests of its affiliates over those of its creditors, in derogation of its fiduciary duties. Both before and during this case it has aggressively shifted assets to affiliates it insists are independent, and sought to protect those putatively independent affiliates from claims by Survivors, rather than recovering those assets and maximizing creditor recoveries. That conflict of interest is driving its administration of this case, a breach of its fiduciary obligations as a debtor-in-possession that constitutes additional cause for dismissal," the Committee added. "There is no prospect of successfully resolving this case. Meanwhile, Survivors are aging and dying awaiting their day in court, and the estate is hemorrhaging funds while the Diocese fights to reduce rather than maximize its assets and creditor recoveries. These losses, inability to reorganize and disregard of fiduciary obligations constitute cause for dismissal under section 1112(b)(4)(A) of the Bankruptcy Code." A hearing is scheduled for May 16, 2023, at 2:00 PM at Courtroom 523. Responses are due by Apirl 28, 2023. About The Roman Catholic Diocese of Rockville Centre, New York The Roman Catholic Diocese of Rockville Centre, New York, is the seat of the Roman Catholic Church on Long Island. The Diocese has been under the leadership of Bishop John O. Barres since February 2017. The State of New York established the Diocese as a religious corporation in 1958. The Diocese is one of eight Catholic dioceses in New York, including the Archdiocese of New York. The Diocese's total Catholic population is approximately 1.4 million, roughly half of Long Island's total population of 3.0 million. The Diocese is the eighth largest diocese in the United States when measured by the number of baptized Catholics. The Roman Catholic Diocese of Rockville Centre, New York, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020, listing as much as $500 million in both assets and liabilities. Judge Martin Glenn oversees the case. The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal North America, LLC, as restructuring advisor, and Sitrick and Company, Inc., as communications consultant. Epiq Corporate Restructuring, LLC is the claims agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Diocese's Chapter 11 case. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin Moscou Faltischek, PC, as its bankruptcy counsel and special real estate counsel, respectively. Robert E. Gerber, the legal representative for future claimants of the Diocese, is represented by the law firm of Joseph Hage Aaronson, LLC. EARLY BIRD: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Early Bird Pediatric Therapy Clinic, Inc. 1351 N. Zaragoza Bldg. G El Paso, TX 79936 Business Description: Early Bird Pediatric is a comprehensive facility offering physical therapy, occupational therapy, speech therapy, and applied behavior analysis for children from birth to 20 years old. Chapter 11 Petition Date: March 31, 2023 Court: United States Bankruptcy Court Western District of Texas Case No.: 23-30315 Judge: Hon. H. Christopher Mott Debtor's Counsel: Robert C. Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston, TX 77036-3369 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com Total Assets: $508,403 Total Debts: $2,495,804 The petition was signed by Jane Concha as director. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MJXYV3I/Early_Bird_Pediatric_Therapy_Clinic__txwbke-23-30315__0001.0.pdf?mcid=tGE4TAMA ELEVATE TEXTILES: $585M Bank Debt Trades at 41% Discount -------------------------------------------------------- Participations in a syndicated loan under which Elevate Textiles Inc is a borrower were trading in the secondary market around 59.1 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $585 million facility is a Term loan that is scheduled to mature on May 1, 2024. About $515.5 million of the loan is withdrawn and outstanding. Elevate Textiles, Inc. manufactures and supplies textile products worldwide. ENERGY ACQUISITION: $115M Bank Debt Trades at 22% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Energy Acquisition Co Inc is a borrower were trading in the secondary market around 78.4 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $115 million facility is a Term loan that is scheduled to mature on June 26, 2026. The amount is fully drawn and outstanding. Energy Acquisition Company, Inc. manufactures electronics components. ENVISION HEALTHCARE: $1B Bank Debt Trades at 84% Discount --------------------------------------------------------- Participations in a syndicated loan under which Envision Healthcare Corp is a borrower were trading in the secondary market around 15.8 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $1 billion facility is a Term loan that is scheduled to mature on March 31, 2027. The amount is fully drawn and outstanding. Envision Healthcare Corporation provides health care services. The Hospital offers surgery, pharmacy, medical imaging, emergency care, and other related health care services. Envision Healthcare serves patients in the United States. ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 75% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Envision Healthcare Corp is a borrower were trading in the secondary market around 24.9 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $2.20 billion facility is a Term loan that is scheduled to mature on March 31, 2027. The amount is fully drawn and outstanding. Envision Healthcare Corporation provides health care services. The Hospital offers surgery, pharmacy, medical imaging, emergency care, and other related health care services. Envision Healthcare serves patients in the United States ENVISION HEALTHCARE: $5.45B Bank Debt Trades at 77% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Envision Healthcare Corp is a borrower were trading in the secondary market around 23.1 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $5.45 billion facility is a Term loan that is scheduled to mature on October 10, 2025. About $3.72 billion of the loan is withdrawn and outstanding. Envision Healthcare Corporation provides health care services. The Hospital offers surgery, pharmacy, medical imaging, emergency care, and other related health care services. Envision Healthcare serves patients in the United States. EQUINOX HOLDINGS: $150M Bank Debt Trades at 10% Discount -------------------------------------------------------- Participations in a syndicated loan under which Equinox Holdings Inc is a borrower were trading in the secondary market around 90.3 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $150 million facility is a Term loan that is scheduled to mature on March 8, 2024. The amount is fully drawn and outstanding. Equinox Holdings Inc., through its subsidiaries, provides fitness services such as yoga classes and studio cycling. ESCO LTD: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: ESCO, Ltd. d/b/a Shoe City DBA YCMC 1800 Woodlawn Drive Gwynn Oak, MD 21207-4007 Business Description: ESCO retails apparel and footwear. Chapter 11 Petition Date: March 31, 2023 Court: United States Bankruptcy Court District of Maryland Case No.: 23-12237 Debtor's Counsel: Daniel Jack Blum, Esq. POLSINELLI PC 1401 Eye "I" Street, N.W. Suite 800 Washington, DC 20005 Tel: 202-772-8483 Email: jack.blum@polsinelli.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Stanley W. Mastil as chief restructuring officer. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BTFWMIQ/ESCO_Ltd__mdbke-23-12237__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. New Balance Athletic Shoe Trade $1,596,386 100 Guest St Boston, MA 02135 Joe Preston Tel: 800-343-1395 Email: customersupport@ newbalance.com 2. Timberland Trade $1,407,234 VF Outdoor, LLC 200 Domain Drive Stratham, NH 03885 Jon Waterhouse Tel: 888-802-9947 3. Funding Circle USA PPP Loan $1,384,840 707 17th Street Suite 2200 Denver, CO 80202 Lisa Jacobs Tel: 866-679-7966 4. Puma North America, Inc. Trade $1,351,740 455 Grand Union Blvd Somerville, MA 02145-1455 Tel: 800-662-7862 Email: customerservice.us@puma.com 5. Nike USA, Inc. Trade $664,023 One Bowerman Drive Account #80604 Beaverton, OR 97005 John Donahoe Tel: 800-521-6453 6. Under Armour, Inc. Trade $622,897 Customer ID 11560145 1020 Hull Street Baltimore, MD 21230-2080 Shari Manning Tel: 888-427-6687 7. New Era Cap, LLC Trade $470,656 160 Delaware Ave Buffalo, NY 14202-2404 James Grundtisch Tel: 800-989-0445 8. Adidas America, Inc. Trade $360,630 5055 N Greeley Avenue Portland, OR 97217 Scott Lustig Tel: 800-423-4327 9. The CIT Group/ Factored $289,518 Commercial Services Payables 11 W 42nd St New York, NY 10036-8002 Tel: 855-462-2652 10. Mondawmin LLC Landlord $265,337 Attn: Law/Lease Dept. Mondawmin Business Trust Chicago, IL 60654-1607 Allan Hang Brookfield Prop Tel: 312-960-5833 11. Donald E. Heasley Deferred $218,796 625 Quarry View Court Compensation Unit #106 Reisterstown, ND 21136 Tel: 410-627-4512 12. Karen S. Mishler Deferred $202,443 2519 East Ave Compensation Baltimore, MD 21219 Tel: 410-371-9473 13. Fila USA, Inc. Trade $199,897 930 Ridgebrook Rd Ste 200 Sparks, MD 21152-9482 Tel: 410-773-3000 14. PR Prince George's Landlord $195,908 Plaza LLC c/o Preit Service, LLC 2005 Market Street, Suite 1000 Tel: 215-875-0700 15. Harvic International Limited Trade $168,981 10 West 33rd Street #508 New York, NY 10001 Attn: Legal Counsel Tel: 212-967-6666 16. Iverson PAK Development LLC Landlord $155,905 3737 Branch Ave, Ste 203 Hillcrest Heights, MD 20748 Tel: 301-423-7400 17. Cedar-East River Park LLC Landlord $141,357 928 Carmans Road Massapequa, NY 11758 c/o Cedar Realty Trust Partnership, LP Tel: 516-767-6492 18. Brian Brothers, Inc. Trade $141,180 601 16th St Carlstadt, NJ 07072-1932 Attn: Legal Counsel 19. ASICS America Corporation Trade $137,351 7755 Irvine Center Drive Suite 400 Irvine, CA 92618 Richard Sullivan Tel: 949-453-8888 Fax: 949-453-0292 20. Reebok International Ltd. Trade $134,457 25 Drydock Ave Ste 110E Boston, MA 02210-2344 Barry Lynn Tel: 302-656-2931 Email: talexander@cordish.com EYECARE PARTNERS: $300M Bank Debt Trades at 22% Discount -------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 78.1 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $300 million facility is a Term loan that is scheduled to mature on November 15, 2029. The amount is fully drawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. FINASTRA USA: $1.25B Bank Debt Trades at 18% Discount ----------------------------------------------------- Participations in a syndicated loan under which Finastra USA Inc is a borrower were trading in the secondary market around 81.6 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.25 billion facility is a Term loan that is scheduled to mature on June 13, 2025. The amount is fully drawn and outstanding. Finastra USA, Inc. provides financial software solutions. The Company specializes in retail and transaction banking, lending, and treasury and capital markets. Finastra USA serves customers in the United States. FINTHRIVE SOFTWARE: $460M Bank Debt Trades at 36% Discount ---------------------------------------------------------- Participations in a syndicated loan under which FinThrive Software Intermediate Holdings Inc is a borrower were trading in the secondary market around 63.7 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $460 million facility is a Term loan that is scheduled to mature on December 17, 2029. The amount is fully drawn and outstanding. FinThrive is a provider of revenue cycle management software solutions to the healthcare sector. FREE SPEECH: Judge Troubled by Jones' Bankruptcy Evasion -------------------------------------------------------- Dietrich Knauth of Reuters reports that a U.S. bankruptcy judge said on Monday, March 27, 2023, he was "troubled" by right-wing conspiracy theorist Alex Jones' recent effort to shift advertising revenue away from his bankrupt company Free Speech Systems, saying he was on high alert for other signs of misconduct. U.S. Bankruptcy Judge Christopher Lopez, at a hearing in Houston, said the payments appeared to ignore existing court orders that limit Jones' ability to withdraw money from his bankrupt company. "I'm troubled by what I see now, I hope it's not a pattern," Lopez said. Jones had claimed that the killing of 20 students and six staff members in the 2012 Sandy Hook elementary school massacre in Newtown, Connecticut, was staged with actors as part of a government plot to seize Americans' guns. Jones and his company filed for bankruptcy protection in July and December last year, respectively, after parents of the children killed accused him and FSS of profiting off lies about the shooting for years and won two defamation judgments totaling about $1.5 billion. The parents of a slain 6-year-old have asked Lopez to allow a third defamation trial to proceed. Jones has since acknowledged the shooting occurred. FSS's court-appointed chief restructuring officer discovered by reviewing Jones' bankruptcy filings that Jones personally took more than $157,000 in advertising revenue that otherwise would have gone to the company, FSS attorney Ray Battaglia said Monday. Battaglia said Jones and his newly founded advertising company Mountain Way that received the payments had agreed to return all the money and cease selling ads for Jones' online show, Infowars. Kyle Kimpler, an attorney for the families, said the Mountain Way disclosure raised concerns that Jones could make further efforts to evade bankruptcy rulings. "I'm a little bit concerned at the idea that there is 'no harm, no foul' here," Kimpler said. Lopez said he would wait for more information from an ongoing investigation into Jones' finances, but warned that he would take action if he saw evidence that the Mountain Way payments were more than a "one-off." Jones' attorney Vickie Driver said Jones "is not making enough money" from FSS, but noted that he would be more careful about complying with bankruptcy rules. "He understands that he is not allowed to do anything of this sort," Driver said. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. The Debtors agreed to the dismissal of the Chapter 11 cases in June 2022 after the Sandy Hook victim families dismissed the three bankrupt companies from their lawsuits. Free Speech Systems filed a voluntary petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 22-60043) on July 29, 2022. In the petition filed by W. Marc Schwartz, as chief restructuring officer, the Debtor reported assets and liabilities between $50 million and $100 million. Melissa A Haselden has been appointed as Subchapter V trustee. Alexander E. Jones filed for personal bankruptcy under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 4:22-bk-60043) on Dec. 2, 2022, listing $1 million to $10 million in assets against liabilities of $1 billion to $10 billion in liabilities. Raymond William Battaglia, of Law Offices of Ray Battaglia, PLLC, is FSS's counsel. Raymond W. Battaglia and Crowe & Dunlevy, P.C., led by Vickie L. Driver, Christina W. Stephenson, Shelby A. Jordan, and Antonio Ortiz are representing Alex Jones. FROZEN WHEELS: Exclusivity Period Extended to June 5 ---------------------------------------------------- Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida extended Frozen Wheels, LLC's exclusive periods to file a plan of reorganization and to solicit acceptance thereof to June 5, 2023 and August 4, 2023, respectively. Frozen Wheels, LLC is represented by: Eric D. Jacobs, Esq. VENABLE, LLP 100 SE 2nd Street, Suite 4400 Miami, FL 33131 Tel: 305-349-2300 Email: edjacobs@venable.com About Frozen Wheels Frozen Wheels, LLC filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 22-18638) on Nov. 7, 2022. In the petition signed by Isaac Halwani, manager, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. Judge Laurel M. Isicoff oversees the case. Glenn D. Moses, Esq., at Venable LLP serves as the Debtor's legal counsel. FTX GROUP: Prosecutors Charge SBF for Bribing Chinese Officials --------------------------------------------------------------- Ava Benny-Morrison of Bloomberg Law reports that Sam Bankman-Fried was charged with bribing Chinese officials, adding a new dimension to the US government's case against the FTX co-founder. The new charge was unsealed Tuesday, March 28, 2023, in a revised indictment by federal prosecutors in Manhattan. Bankman-Fried is accused of authorizing the payment of $40 million to get Chinese officials to unfreeze accounts at Alameda Research, a Hong Kong-based trading firm affiliated with FTX, holding more than $1 billion. 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 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, 2022, 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. GOLDEN SEAHORSE: Business Revenue & Contribution to Fund Plan ------------------------------------------------------------- Golden Seahorse LLC, d/b/a Holiday Inn Manhattan Financial District, filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement to accompany Plan of Reorganization. The Debtor owns and operates the Hotel. The Hotel has been managed by Crescent for several years, a third-party unaffiliated management company that is known as one of the leading hotel management companies in the industry. In addition to the Hotel, the Debtor also owns an adjacent neighboring property located at 103 Washington Street, New York, NY 10006 whereby the Debtor leases space to a restaurant which is owned by a relative of the Debtor's primary equity interest holder. Initially the real property known as 99 Washington Street, New York, NY, Block 53 Lot 2 (the "Real Property") was purchased by McSam DT. The Plan is premised upon a cure and reinstatement of the Loan currently held by Wilmington Trust and HI FIDI pursuant to sections 1123(a)(5)(G) and 1124(2) of the Bankruptcy Code. In the event the Bankruptcy Court determines the Debtor is required to pay default interest as a condition to reinstating the Loan, and the Debtor is unable or unwilling to raise all the monies required to pay the default interest necessary to reinstate the Loan, the Plan provides for a modification of the Loan which will entitle Wilmington Trust the right to vote for or against the Plan. The Debtor believes the fair market value of the Hotel as of the Confirmation Date is between $140 million to $180 million. The Debtor does not have a recent appraisal of the Hotel but believes Wilmington Trust obtained an appraisal in or about December 2022, which has not been shared with the Debtor, despite repeated requests. Depending upon whether the Debtor is able to reinstate the Loan without paying the default interest and related fees, including late fees, a special servicing fee and a liquidation fee (according to Wilmington Trust, the default interest and foregoing fees aggregate approximately $19.5 million), the value of the Hotel may have a material effect upon the Debtor's ability to confirm the Plan. The Debtor generates excess cash flow after payment of the monthly operating expenses and Wilmington Trust's non-default interest payments under the Loan. Currently, the Debtor has cash on hand of approximately $4,500,000.00. The Debtor is current on all post-petition obligations. The Debtor estimates total Allowed Unsecured Claims will be between $1,000,000 and $6,000,000 excluding monies owed to insiders and excluding any potential Deficiency Claim held by Wilmington Trust. The Debtor reserves the right to object to Claim No. 20 filed by HI Wall Street in the amount of $4,925,553.97. In addition, prior to the Confirmation Date, the Debtor also intends to object to Claim No. 21 filed by W&D Consultants Corp. in the amount of $9,015,500 as the Debtor never entered into an agreement with W&D Consultants Corp. and the Bankruptcy Court never approved any agreement between the Debtor and W&D Consultants Corp. Class 4 consists of the holders of General Unsecured Claims. These Claims include trade Creditors, Claims of professionals, the EB-5 Loan and Claims of Insiders for loans made to the Debtor and depending upon the value of the Property (and whether the Debtor is able to reinstate the Loan), may include Wilmington Trust's Deficiency Claim. The Debtor believes the total Allowed Class 4 Claims are between $5,500,000.00 and $6,000,000.00. However, W&D Consultants Corp. filed a Class 4 Claim of approximately $9,015,500 and if this Claim is ultimately determined to be an Allowed Class 4 Claims the total Allowed Class 4 Claims could be as much as $17 million. Class 4 is impaired and entitled to vote for or against the Plan. The Plan provides in the event the total Allowed Class 4 Claims are $1 million or less, holders of Allowed Class 4 Claims shall be paid in full without interest on the Effective Date. The Plan provides in the event if the Allowed Class 4 Claims exceed $1 million, all holders of Allowed Class 4 Claims shall be paid their Pro Rata share of $1 million on the Effective Date and the balance of their Allowed Class 4 Claims shall be paid in full without interest over a 2-year period from the Effective Date with the first payment on the first year anniversary of the Effective Date and the final payment on the second year anniversary of the Effective Date. In the event the Property is sold after Confirmation of the Plan, the Allowed Class 4 Claims shall be paid any remaining unpaid amount of their Distributions from the Sale Proceeds. Class 5 consists of Equity Interests. Hysendal is the sole Class 5 Equity Interest Holder and it shall retain its Equity Interest as it existed on the Petition Date in exchange for the Plan Contribution. The Debtor estimates the Plan Contribution will be between $5 million to $7 million. Hysendal shall not receive any Distribution under the Plan. However, in the event the Property is sold, the Class 5 Equity Interest Holder shall receive any Sale Proceeds left over after payment of Allowed Administrative Claims and Class 1 through 4 Claims. Class 5 is not impaired under the Plan. The Debtor anticipates funding the Plan from the revenue generated at the Hotel, as well as the Plan Contribution. Assuming the Bankruptcy Court permits the Debtor to reinstate the Loan by paying the unpaid contractual non-default interest, the Debtor estimates it will need a Plan Contribution between $5 million to $7 million in addition to the funds on hand generated from the Hotel's operations. The Debtor believes based upon its projections the Hotel will continue to generate sufficient cashflow to remain current on the monthly interest payment of approximately $612,000 under the resinstated Loan. A full-text copy of the Disclosure Statement dated March 28, 2023 is available at https://bit.ly/3M7LncA from PacerMonitor.com at no charge. Attorneys for Debtor: Scott S. Markowitz, Esq. Rocco A. Cavaliere, Esq. Jill Makower, Esq. Tarter Krinsky & Drogin LLP 1350 Broadway, 11th Floor New York, NY 10018 Telephone: (212) 216-8000 Email: smarkowitz@tarterkrinsky.com rcavaliere@tarterkrinsky.com jmakower@tarterkrinsky.com About Golden Seahorse Golden Seahorse LLC, doing business as Holiday Inn Manhattan Financial District, operates the Holiday Inn hotel, which is a full-service hotel located at 99 Washington St., New York. It also owns an adjacent neighboring property at 103 Washington St., New York, whereby it leases space to Amazon Restaurant and Bar (doing business as St. George Tavern). The COmpany believes the value of the hotel is at least $165 million, an amount greater than the $137.2 million in principal, together with accrued interest, due pre-bankruptcy lenders. Golden Seahorse sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-11582) on Nov. 29, 2022. In the petition signed by Jubao Xie, managing member of Hysendal USA, LLC, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Philip Bentley oversees the case. Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, is the Debtor's counsel. GWG HOLDINGS: Class 4(a) Unsecureds Owed $20M to Get 0% to 100% --------------------------------------------------------------- GWG Holdings, Inc., et al., submitted a Disclosure Statement for Modified Second Amended Joint Chapter 11 Plan dated March 27, 2023. The Second Amended Plan provides that the Debtors will be liquidated and two liquidating trusts will be created: (i) the Wind Down Trust and (ii) the Litigation Trust. The Wind Down Trust will take all necessary steps to wind down the business affairs of the Debtors and liquidate the Wind Down Trust Assets, which include the Debtors' equity interests in the Policy Portfolio (i.e., the Policy Portfolio Equity Interests), Beneficient and FOXO, with a view toward maximizing the value of such assets for the benefit of creditors and promptly distributing such liquidation proceeds to creditors. The trustee of the Wind Down Trust will be the Debtors' Chief Executive Officer and Chief Restructuring Officer, Jeffrey S. Stein (or an affiliate of Mr. Stein). The Wind Down Trust will issue trust interests (the New WDT Interests) to Holders of Claims and Interests that are not paid in full in cash on the Effective Date of the Second Amended Plan. Distributions resulting from the monetization of the Policy Portfolio Equity Interests and the Debtors' interests in Beneficient and FOXO will be distributed to holders of New WDT Interests pursuant to the priority of payment waterfall set forth in the Second Amended Plan. The Litigation Trust will receive all non-released litigation assets of the Debtors as well as the Debtors' interests in the D&O Liability Insurance Policies. The trustee for the Litigation Trust (i.e., the Litigation Trustee) will have the sole authority to make decisions and take action with respect to the Initial Litigation Trust Assets, the Retained Causes of Action, and the Litigation Trust Reconciliation Claims, and shall have the duty to maximize the value of the assets of the Litigation Trust in accordance with the Litigation Trust Agreement. The distribution of any proceeds from the Wind Down Trust Assets is described in Article VII.C of this Disclosure Statement and will be made in the following order of priority among Holders of Claims and Interests: * first, to Indenture Fee and Expense Claims; * second, to the prepetition amount of Allowed Bondholder Claims (other than the LBM Subordinated Claim); * third, to the prepetition amount of the LBM Subordinated Claim; * fourth, to all Allowed Bondholder Claims up to the amount of interest accrued under the New WDT Documents from April 20, 2022, at a rate of 9% per annum; * fifth, to the prepetition amounts of Allowed General Unsecured Claims; * sixth, to postpetition interest on Allowed General Unsecured Claims calculated at the Federal Judgment Rate * seventh, to Existing Preferred Interests holders on a pari passu basis; * eighth, to common stock holders. Class 2 consists of Other Priority Claims. Except to the extent that a Holder of an Allowed Other Priority Claim agrees to a less favorable treatment of its Allowed Claim, each Holder of an Allowed Other Priority Claim shall receive treatment in a manner consistent with section 1129(a)(9) of the Bankruptcy Code. The amount of claim in this Class total $15,150. Class 4(a) consists of General Unsecured Claims. Except to the extent that a Holder of a General Unsecured Claim agrees to a less favorable treatment of its Allowed Claim, on the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive its pro rata share of the New Series B WDT Interests. The New Series B WDT Interests may be redeemed at any time without penalty at stated value and, pending any such redemption, shall be entitled to Cash distributions, but only pursuant to the priority of payment waterfalls described in the Second Amended Plan. The allowed unsecured claims total $20,278,288. This Class will receive a distribution of 0-100% of their allowed claims. Class 4(b) consists of GUC Convenience Claims. Except to the extent that a Holder of a GUC Convenience Claim agrees to a less favorable treatment of its Allowed Claim, in full and final satisfaction, settlement, release, and discharge of, and in exchange for each Allowed GUC Convenience Claim, each Holder thereof shall receive, and the option of the applicable Debtor, either: (i) payment in full in Cash of the due and unpaid portion of its Allowed GUC Convenience Claim on the later of (x) the Effective Date, or (y) as soon as practicable after the date such Claim becomes due and payable; or (ii) such other treatment rendering its Allowed GUC Convenience Claim Unimpaired. Pursuant to the Second Amended Plan, a "GUC Convenience Claim" means an Allowed Claim in an amount greater than $0.01 but less than or equal to $ 2,750.00, that would otherwise qualify as a General Unsecured Claim; provided, that any Holder of an Allowed General Unsecured Claim may elect to have such Claim reduced to $2,750.00 and treated as an Allowed GUC Convenience Claim for purposes of the Second Amended Plan; provided, further, that notwithstanding the foregoing, the total GUC Convenience Claims shall not exceed $150,000 in the aggregate. The Wind Down Trustee shall make an initial Cash distribution to holders of New WDT Interests consisting of the Net Cash Proceeds, if any, within 60 days after the Effective Date, and on a semi annual basis thereafter to the extent of any Net Cash Proceeds; provided, that the Wind Down Trustee may, in its sole discretion, make additional special distributions to the extent of any Net Cash Proceeds available; provided, further, that, in each instance, no distribution shall be required unless the Net Cash Proceeds then held by the Wind Down Trustee is equal to or greater than the Minimum Distribution Amount of $15,000,000 in Cash. A full-text copy of the Disclosure Statement dated March 27, 2023 is available at https://bit.ly/40xQR50 from Donlinrecano the claims agent. Co-Counsel for the Debtors: Matthew D. Cavenaugh, Esq. Kristhy M. Peguero, Esq. JACKSON WALKER LLP 1401 McKinney Street, Suite 1900 Houston, TX 77010 Telephone: (713) 752-4200 E-mail: kpeguero@jw.com mcavenaugh@jw.com Counsel for the Debtors: Charles S. Kelley, Esq. MAYER BROWN LLP 700 Louisiana Street, Suite 3400 Houston, TX 77002-2730 Telephone: (713) 238-3000 E-mail: ckelley@mayerbrown.com - and - Thomas S. Kiriakos, Esq. Louis S. Chiappetta, Esq. Jamie R. Netznik, Esq. Lisa Holl Chang Joshua R. Gross, Esq. Jade Edwards, Esq. 71 S. Wacker Drive Chicago, IL 60606 Telephone: (312) 782-0600 E-mail: tkiriakos@mayerbrown.com lchiappetta@mayerbrown.com jnetznik@mayerbrown.com lhollchang@mayerbrown.com jgross@mayerbrown.com jedwards@mayerbrown.com - and - Adam C. Paul, Esq. Lucy F. Kweskin, Esq. Ashley Anglade, Esq. 1221 Avenue of the Americas New York, NY 10020-1001 Telephone: (212) 506-2500 E-mail: apaul@mayerbrown.com lkweskin@mayerbrown.com aanglade@mayerbrown.com About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly-owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. HALLMARK RV: Files for Chapter 11 Bankruptcy -------------------------------------------- Truck Camper Adventure has learned that Hallmark RV filed for Chapter 11 Bankruptcy on March 9, 2023. Matt Ward, Hallmark Director of Marketing, said that the Fort Lupton, Colorado-based company will continue to deliver campers on schedule as it resolves a lawsuit with C.F. Maier Composites, the company that used to manufacture all fiberglass parts for Hallmark. As a matter of fact, Hallmark is now working with another company to manufacture new molds. "Yeah, my brother and I personally built these molds back in 2006 and were were able to start reproducing them again with the help from some old friends. Nearly three-quarters of all molds are done," Matt said. It's unfortunate that this has happened to the venerable, 54-year-old company, yet we can say that it's likely that the company will come out of it stronger as it works with this new company to get things back on track. Matt explained that they have a long-lasting relationship with this new company having worked with them for over 40 years. Hallmark RV is fully operational and is fulfilling all customer orders as it moves forward with the legalities of the Chapter 11 proceedings and the pending lawsuit. The only real negative in all of this is that Hallmark will be a no-show at all of the 2023 Overland Expos. About Hallmark Manufacturing Hallmark Manufacturing Inc. -- http://www.hallmarkrv.com/-- manufactures factory direct low-profile and light-weight pop-up truck campers for off-road, overland, and off-the-grid travel and adventure. Hallmark Manufacturing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 23-10868) on March 9, 2023. In the petition filed by William Ward, as president, the Debtor reported estimated assets and liabilities up to $50,000. The Debtor is represented by: Steven T Mulligan, Esq. Coan, Payton & Payne, LLC 12524 Weld County Rd. 25 1/2 Fort Lupton, CO 80621 HAMON HOLDINGS: Seeks to Hire Colliers International as Broker -------------------------------------------------------------- Hamon Holdings Corporation and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Colliers International Indiana, LLC as their exclusive broker for the real property located at 7335 SR 59, Brazil, Ind. Colliers is willing to charge a commission equal to 6 percent. As disclosed in court filings, Colliers is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The broker can be reached through: Jeorge Manley Colliers International Indiana LLC 241 N Pennsylvania St. Indianapolis, IN 46204 Phone: +1 317-713-2100 Email: Jeorge.Manley@colliers.com About Hamon Holdings Corporation Hamon Holdings Corp., a Delaware-based engineering and contracting company, and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10375) on April 24, 2022. In the petition filed by Joseph DeMartino, vice-president, Hamon Holdings listed up to $50,000 in assets and up to $50,000 in liabilities. Judge Thomas M. Horan oversees the cases. Jarret P. Hitchings, Esq., at Duane Morris, LLP and Gellert Scali Busenkell & Brown, LLC serve as the Debtors' bankruptcy counsel and conflicts counsel, respectively. HAPPY UNCLE: Taps Law Offices of Charles M. Maynard as Counsel -------------------------------------------------------------- Happy Uncle, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire The Law Offices of Charles M. Maynard to handle its Chapter 11 case. The firm will charge these hourly fees: Partners $350 Associates $250 Paralegal $100 The firm received a retainer in the amount of $15,000. As disclosed in court filings, the Law Offices of Charles M. Maynard is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles M. Maynard, Esq. Law Office of Charles M. Maynard 200-A Monroe Street, Suite #115 Rockville, MD 20850 Phone: (301) 294-6003 Fax: (301) 294-6004 Email: cmaynard@maynardlawgroup.com About Happy Uncle Happy Uncle, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 23-11822) on March 19, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Maria Ellena Chavez-Ruark oversees the case. Charles M. Maynard, Esq., at the Law Office of Charles M. Maynard represents the Debtor as counsel. HOLLEY INC: $100M Bank Debt Trades at 16% Discount -------------------------------------------------- Participations in a syndicated loan under which Holley Inc is a borrower were trading in the secondary market around 83.6 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $100 million facility is a Delay-Draw Term loan that is scheduled to mature on November 18, 2028. About $28.8 million of the loan is withdrawn and outstanding. Holley Inc. operates as an automobile company. The Company designs, manufactures, and distributes carburetors, fuel pumps, fuel injection and nitrous oxide injection systems, superchargers, exhaust headers, mufflers, ignition components, engine tuners, and automotive performance plumbing products for car and truck enthusiasts. HORNBLOWER: $60M Bank Debt Trades at 25% Discount ------------------------------------------------- Participations in a syndicated loan under which Hornblower Sub LLC is a borrower were trading in the secondary market around 75.1 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $60 million facility is a Term loan that is scheduled to mature on April 29, 2024. Hornblower Sub, LLC is a charter yacht and public dining cruise operator. HUNYGIRLS VENTURES: Unsecured Creditors to Recover 13.5% in 3 Years ------------------------------------------------------------------- Hunygirls Ventures Inc., d/b/a Sun Graphic Technologies, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization for Small Business Under Subchapter V dated March 27, 2023. The Debtor is a wide-format printing company based in Sarasota, Florida that provides a variety of commercial printing services to its diverse customer base. The Debtor was incorporated October 2019 and purchased the business at that time, but the business was originally established in 1976. Like many small businesses across the country, beginning in March 2020, the Debtor suffered financial difficulties due to the global COVID-19 pandemic, which led to many weeks without any customer orders. A lingering decrease in customer demand continued for the balance of 2020. Beginning in 2021, supply chain issues caused the Debtor to lose out on orders due to a prolonged inability to source certain materials. In late 2021 and into 2022, the Debtor's financial problems became exacerbated by rapidly rising inflation, which resulted in a sharp increase in its materials prices. In an effort the carry the Debtor through this period, it turned to short-term funding sources with high cost of capital known as merchant cash advance ("MCA") funding with various companies. This, however, only served to further the Debtor's problems as MCA funders began siphoning the Debtor's cash flow. The Debtor filed this case primarily to obtain relief from this financial pressure. As a result of these issues, the Debtor's financial difficulties mounted such that this chapter 11 case became the best alternative to allow the Debtor to restructure its obligations and reorganize for the benefit of all creditors. The Debtor anticipates that the Effective Date of the Plan will be in June of 2023. Payments to Class 13 general unsecured creditors shall be made annually commencing on approximately June 30, 2024. The Debtor's project that total distributions to unsecured creditors will be approximately $118,736 which is the total amount of the Debtor's projected disposable income over the three-year period following the Effective Date of the Plan. This Plan of Reorganization proposes to pay creditors of the Debtor from cash on hand, cash flow from operations, and any Cause of Action Recoveries. Non-priority unsecured creditors holding allowed claims will receive distributions from the Debtor's projected disposable income over the three years following the Effective Date of the Plan, for the treatment of Class 13 claims. Based on the Debtor's projected disposable income over the three-year period after the Effective Date, unsecured creditors are projected to receive approximately 13.5% of their unsecured claim amount based on timely filed claims to date. Class 13 consists of all nonpriority unsecured claims. Class 13 claims are impaired by the Plan. Every holder of a non-priority unsecured claim against the Debtor shall receive its pro-rata share of the Debtor's projected disposable income after payment of administrative, priority tax, and secured claims, for a three-year period following the Effective Date. Payments shall be made annually on the last day of the month following the anniversary of the Effective Date. The Debtor projects that total distributions to unsecured creditors will be approximately $118,736 (the "General Unsecured Distribution Amount"). Any Cause of Action Recoveries received by the Debtor, after payment of any fees and costs in connection with such recoveries, and after payment of any unpaid administrative expense claims, shall be distributed to Class 13 general unsecured creditors within a reasonable time after receipt, up to the General Unsecured Distribution Amount. Payments to Class 13 claimants from Cause of Action Recoveries shall be credited to the General Unsecured Distribution Amount, such that the value of the property to be distributed to Class 13 claimants under the three-year period following the Effective Date shall be not less than the General Unsecured Distribution Amount. Cause of Action Recoveries in excess of the General Unsecured Distribution amount shall be retained by the Debtor. Class 14 consists of All Equity Interests. Class 14 consists of all equity interests in the Debtor, which are owned by Michael Kisha and Hunygirls Ventures, Inc. 401(k) Plan FBO Michael R. Kisha. The existing equity holders will retain their equity interests in the Debtor. Class 14 is unimpaired by the Plan. Payments required under the Plan will be funded from (i) existing cash on hand on the Effective Date; (ii) revenues generated by continued operations; and (iii) any Cause of Action Recoveries. A full-text copy of the Plan of Reorganization dated March 27, 2023 is available at https://bit.ly/3nCtDf7 from PacerMonitor.com at no charge. Attorney for Debtor: Matthew B. Hale, Esq. Stichter, Riedel, Blain & Postler, P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Telephone: (813) 229-0144 Email: mhale@srbp.com About Hunygirls Ventures Hunygirls Ventures, Inc., is a wide-format graphics and signage manufacturer and screen printer. Hunygirls Ventures, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-05092) on December 27, 2022. In the petition signed by Michael R. Kisha, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Roberta A. Colton oversees the case. Matthew B. Hale, Esq., at Stichter, Riedel, Blain and Postler, P.A., represents the Debtor as counsel. INDRA HOLDINGS: $50M Bank Debt Trades at 60% Discount ----------------------------------------------------- Participations in a syndicated loan under which Indra Holdings Corp is a borrower were trading in the secondary market around 40.4 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $50 million facility is a Term loan that is scheduled to mature on December 23, 2024. The amount is fully drawn and outstanding. Indra Holdings Corp was founded in 2014. The company's line of business includes holding or owning securities of companies other than banks. INLAND BOAT: Unsecureds Will Get 17% of Claims in Subchapter V Plan ------------------------------------------------------------------- Inland Boat Club, LLC, filed with the U.S. Bankruptcy Court for the District of Utah a Plan of Reorganization under Subchapter V dated March 27, 2023. The Debtor was founded as a Utah limited liability company on March 4, 2019, by Blomquist. The Debtor operates a boat sharing service, where parties to club contracts may use premium boats owned by the Debtor on lakes and reservoirs in Utah. The Debtor currently owns 24 Boats that are of the highest quality on the market. They are manufactured by Nautique, models G23 and G25. The manufacturer's standard retail price for these boats is currently $285,000. On October 27, 2022, the Bankruptcy Court approved the Debtor's sale of a 2021 Nautique G23 Paragon owned by the Debtor for $245,000 to Open Waters, LLC. The Court ordered the Debtor to segregate the full amount of the sale proceeds pending further order of the Court regarding who is entitled to the proceeds of the sale. On December 16, 2022, the Debtor and Babeak Holdings LLC signed a Letter of Intent for the sale of most of the Debtor's Assets to Babeak Holdings LLC for $5,000,000, subject to an auction for which the Debtor will seek approval and filed a motion for approval of an auction and procedures related to the auction. Babeak Holdings LLC did not make the required $250,000 earnest money deposit and the Debtor eventually agreed to an offer from Westover for the purchase of most of the Debtor's assets for $5,000,000, consisting of a credit bid of $3,670,000 and cash of $1,330,000 subject to an auction. By a memorandum of understanding dated February 17, 2023 (the "Westover MOU"), the Debtor and Westover agreed to a sale on these terms and on February 18, 2023, filed an amended motion for approval an auction and auction procedures. The Debtor also modified the Plan to reflect the Westover MOU. The Plan and a separate auction and sale motion being filed by the Debtor contemplate the sale of the Debtor's Assets. The Sale Proceeds, which should be approximately $5,000,000 from the Sale of Assets and other Assets of the Debtor that are not being sold to the Purchaser are sufficient to pay most Allowed Secured Claims, Allowed Administrative and Priority Claims, provide funds for the Reorganized Debtor and Subchapter V Trustee to dispute claims made by certain parties asserting claims against the Debtor and causes of action including Avoiding Actions, and to make a meaningful distribution to Allowed Unsecured Claims. Class 3 consists of General Unsecured Claims. After satisfaction in full or adequate provision for satisfaction in full of all Allowed Secured Claims, Allowed Administrative Expense Claims and Allowed Priority Claims, each holder of an Allowed Class 3 Claim will receive from the Distribution Fund payment up to in full of its Allowed Class 3 Claim, without interest. Following satisfaction in full or adequate provision for satisfaction in full of all Allowed Administrative Expense Claims and Allowed Priority Claims, each holder of an Allowed Class 3 General Unsecured Claim will receive its pro rata share (subject to reserves for Unsecured Claims that have been objected to and/or are unliquidated) will receive its pro rata share of amounts available from the Distribution Fund on a quarterly basis. The Debtor has projected that holders of General Unsecured Claims will receive approximately 17% of the amount of their Allowed General Unsecured Claims. Following resolution of all disputed Class 3 Claims and payment of the Reorganized Debtor's costs associated with such resolution, final distributions shall be made from the Distribution Fund. Class 3 is impaired by the Plan. Class 4 consists of Equity Interests: * Class 4A Interests – Class A Units. Allowed Class 4A Interests, which consist of outstanding Class A Units, will be treated as follows: In the unlikely event that all Classes of Claims are paid in full under the Plan, holders of Class 4A Interests will receive any remaining funds based on their ownership in the Debtor. Following final distributions from the Distribution Fund, the Reorganized Debtor may file articles of dissolution under state law to dissolve the corporation. Class 4A is impaired by the Plan. * Class 4B Interests – Class B Units. Allowed Class 4B Interests, which consist of outstanding Class B Units, will be treated as follows: In the unlikely event that all Classes of Claims are paid in full under the Plan, holders of Class 4B Interests will receive any remaining funds based on their ownership in the Debtor. Following final distributions from the Distribution Fund, the Reorganized Debtor may file articles of dissolution under state law to dissolve the corporation. Class 4B is impaired by the Plan. The funds required for the confirmation and performance of this Plan shall be provided from: (a) the credit bid of Westover, if it is the prevailing bidder, which has the effect of reducing the Allowed Secured Claim of Westover and is equivalent to cash; (b) cash proceeds of the Sale of the Debtor's Assets; (c) all other funds held by the Debtor as property of the estate on the date distributions begin under this Plan; and (d) recoveries by the Debtor, the Reorganized Debtor, the Subchapter V Trustee, and the Insider Litigation Trustee in Avoiding Actions pursued before and/or after confirmation of the Plan. Most of the Debtor's Assets are to be sold to the Purchaser pursuant to the Sale, either pursuant to the Confirmation Order or the Sale Order. The Sale should provide sufficient funds to Pay (or satisfy through credit bid) Allowed Secured Claims, Allowed Administrative Expense Claims, and Allowed Priority Claims, and to pay Professional Claims incurred in pursuing objections to Claims and in litigation, including Avoiding Actions. A full-text copy of the Subchapter V Plan dated March 27, 2023 is available at https://bit.ly/42MpTYG from PacerMonitor.com at no charge. Attorneys for the Debtor: Kenneth L. Cannon II, Esq. Penrod W. Keith, Esq. Dentons Durham Jones Pinegar, P.C. 111 South Main Street, Suite 2400 P.O. Box 4050 Salt Lake City, UT 84110-4050 Telephone: (801) 415-3000 Facsimile: (801) 415-3500 Email: Kenneth.Cannon@dentons.com Penrod.Keith@dentons.com About Inland Boat Club Inland Boat Club, LLC -- https://www.inlandboatclub.com/ -- is a boat club for avid boaters and water sport enthusiasts. It is based in Lindon, Utah. Inland Boat Club sought bankruptcy protection under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 22-21879) on May 20, 2022, listing as much as $10 million in both assets and liabilities. D. Ray Strong of Berkeley Research Group serves as Subchapter V trustee. Judge R. Kimball Mosier oversees the case. Kenneth L. Cannon, II, Esq., and Penrod W. Keith, Esq., at Dentons Durham Jones Pinegar P.C. are the Debtor's bankruptcy attorneys. ISAGENIX INTERNATIONAL: $375M Bank Debt Trades at 65% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Isagenix International LLC is a borrower were trading in the secondary market around 34.5 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $375 million facility is a Term loan that is scheduled to mature on June 14, 2025. About $295.3 million of the loan is withdrawn and outstanding. Isagenix International LLC is a privately held multi-level marketing company that sells dietary supplements and personal care products. The company, based in Gilbert, Arizona, was founded in 2002 by John Anderson, Jim Cover, and Kathy Cover. ISLAND DOG: Seeks to Extend Plan Exclusivity to August 31 --------------------------------------------------------- Island Dog Too, LLC asks the U.S. Bankruptcy Court for the Northern District of Florida to extend the exclusive period within which it may file a plan and solicit acceptances thereof to August 31, 2023. The Debtor's current exclusive period expires on May 3, 2023. The Debtor explained that its case involves mostly straight- forward legal issues, but the contingencies in the proposed sale of its real property and business has added a level of complexity. Island Dog Too, LLC is represented by: Byron Wright III, Esq. Robert C. Bruner, Esq. BRUNER WRIGHT, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Tel: (850) 385-0342 Email: twright@brunerwright.com rbruner@brunerwright.com About Island Dog Too Island Dog Too, LLC a company in Eastpoint, Fla., filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Fla. Case No. 22-40353) on Nov. 4, 2022. In the petition signed by its manager, Sheryl H. Simmons, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Karen K. Specie oversees the case. The Debtor tapped Byron Wright III, Esq., at Bruner Wright, PA as bankruptcy counsel and Georgia Evans, CPA, at Professional Management Systems, Inc. as accountant. KENNESAW LOFTBNB: Claims Will be Paid from Property Sale/Refinance ------------------------------------------------------------------ Kennesaw LoftBnB, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Reorganization dated March 28, 2023. The Debtor is a Georgia-based company that owns a commercial property located at 2881 North Main Street, Kennesaw, GA 30144 (the "Property" and the "Business"). The Property is a medical office building. Wayne Sisco is the Sole Member and Manager of the Debtor. The Debtor has worked diligently since the Petition Date to comply with all of the requirements of being a Debtor in Possession. At the time of the filing of this Disclosure Statement, there is a pending motion from Patch of Land, LLC ("POL"), the lender with a first-priority security deed on the Property, requesting relief from the automatic stay (the "MFR"). POL provides in its MFR that they have a buyer but will not voluntarily disclose who that buyer is to the Debtor. Upon information and belief, the amount this potential buyer would pay to purchase the Property would be enough to satisfy POL's claim completely and provide a floor price for bidding to take place on the Property. The Debtor believes the Property is worth at least $1,600,000.00. Because the Property is being sold or refinanced and all creditors are being paid in full, creditors will receive at least as much as they would in a Chapter 7. If a Chapter 7 Trustee were to sell the Property over the objection of POL for $1,600,000.00, the Chapter 7 Trustee would be entitled to a $71,250.00 statutory commission, in addition to legal fees. These are administrative costs that are not present in a Chapter 11 case. The Debtor has filed a request to hire a real estate agent to market and sell the Property. At this time, POL has objected to the Debtor's application. Debtor will prosecute its application to employ its real estate agent and be seeking information from POL that it has knowingly and willfully withheld from the estate regarding a potential buyer of the Property. Should the Court approve the Debtor's application to employ a real estate broker, the Debtor will market the Property and attempt to get multiple offers on the Property. Over the course of this case, the Debtor has also continued to run the Business and has diligently pursued either a refinance or sale of the Property. The Plan provides for the satisfaction of all allowed administrative claims on the Effective Date, unless otherwise agreed by the holder of such claim. As to each administrative claim allowed thereafter, payment will be made as soon as practicable. The Plan also provides for the satisfaction of all priority tax indebtedness on the Effective Date. The IRS has filed an estimated proof of claim for $45,359.86. The claim is based on FICA taxes for an entity with no employees; therefore, Debtor will dispute this claim and file the appropriate objection or work out a consent with the IRS regarding the resolution of its claim. Patch of Land, LLC holds a lien on the Property. The Debtor proposes to pay the payoff as of the Effective Date to POL in full on the Effective Date. Debtor and POL do not agree on the payoff amount. POL has added a $282,000 late fee to its payoff that, among other things, Debtor disputes. Genesis Elevator Company, Inc. is a secured creditor by virtue of a Materialman's and Mechanic's Lien. The Debtor believes the total current amount of Phoenix's claim is $11,610.00. The Debtor proposes to pay the secured claim of Genesis in full on the Effective Date. The Debtor estimates, based on its schedules and proofs of claims that have been filed, that there will be approximately $0.00 in allowed general unsecured claims. The Debtor proposes to pay General Unsecured Claims with post-petition interest in full on the Effective Date, if any exist. The Reorganized Debtor shall not make any distributions or pay any dividends related to any Equity Interests unless and until all distributions related to all Allowed Claims in Classes 1-3 have been made in full. The cash distributions contemplated by the Plan shall be funded by cash generated from the sale or refinance of the Property. A full-text copy of the Disclosure Statement dated March 28, 2023 is available at https://bit.ly/3nFwUKF from PacerMonitor.com at no charge. Attorneys for the Debtor: Will B. Geer, Esq. Rountree Leitman Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Facsimile: (404) 704-0246 Email: wgeer@rlkglaw.com About Kennesaw LoftBnB Kennesaw LoftBnB, LLC is a unique boutique hotel atop the General Store Food Hall, with a side of 24/7 Kennesaw Curbside. The company is based in Kennesaw, Ga. Kennesaw LoftBnB filed a petition for relief under of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-60646) on Dec. 30, 2022, with $1 million to $10 million in both assets and liabilities. Wayne Sisco, sole member, signed the petition. Judge Jeffery W. Cavender oversees the case. Will B. Geer, Esq., at Rountree Leitman Klein & Geer, LLC serves as the Debtor's counsel. KJ TRADE: Wins Interim Cash Collateral Access Thru April 13 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, authorized KJ Trade Ltd Inc. to use cash collateral on an interim basis in accordance with the budget, with a 15% variance, through the date of the final hearing set for April 13, 2023 at 11 a.m. The Debtor must have access to cash to pay its labor force, purchase inventory and pay its other operating expenses. Magoo Financial, the U.S. Small Business Administration, Shopify Capital Inc., Corporation Service Company, as representative, CT Corporation System, as representative, AJ Equity Group, LLC, Redstone Advance, and First Corporate Solutions as representative assert a lien or security interest in the Debtor's cash collateral. The SBA asserts a first priority lien on the Debtor's cash collateral pursuant to a pre-petition loan in the amount of approximately $1.5 million. As adequate protection, the Respondents are granted replacement liens in the Debtor's assets of the same type as Respondent's pre-petition collateral to the extent that Debtor's use of the Respondents' cash collateral results in a decrease in value of Respondent's interest in such property. As further adequate protection, the Respondents reserve any right to seek administrative claims under 11 U.S.C. sections 503(b)(1), 507(a), and 507(b). These events constitute an "Event of Default": (i) The conversion or dismissal of the case; or (ii) The appointment of a trustee or an examiner with expanded powers in the case; and (iii) The Debtor's failure to comply with the Order. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/3TZjPYJ from PacerMonitor.com. The Debtor projects total operating expenses, on a weekly basis, as follows: $152,077 for the week starting March 27, 2023; $120,697 for the week starting April 3, 2023; $120,697 for the week starting April 10, 2023; $120,697 for the week starting April 17, 2023; $120,697 for the week starting April 24, 2023; and $120,697 for the week starting May 1, 2023. About KJ Trade Ltd Inc. KJ Trade Ltd Inc. is an affordable, luxury lifestyle women's swimwear e-commerce brand doing business as Matte Collection. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-51681) on February 21, 2023. In the petition signed by Justinz Wilkerson, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffery W. Cavender oversees the case. Leslie M. Pineyro, Esq., at Jones & Waldern LLC, represents the Debtor as legal counsel. LAKE DISTRICT: Hits Chapter 11 Bankruptcy Protection ---------------------------------------------------- Lucas Finton of Memphis Commercial Appeal reports that The Lake District development the developer of The Lake District, a major mixed-use development in Lakeland, on Friday filed for Chapter 11 bankruptcy and announced plans to reorganize the same day the development was slated to be auctioned off. Lenders for The Lake District, which filed the foreclosure sales notice in February, were set to auction off the property at noon on March 24. The auction was canceled. The lenders, TIG Rompsen US Master Mortgage LP, asked for $60 million, which was the original principal sum, according to the foreclosure notice. The development also faced foreclosure proceedings in 2017, but the developer worked out a deal with lenders. Friday's, March 24, 2023, bankruptcy filing showed more than $47 million in liabilities for The Lake District -- with more than $800,000 in promised improvements to tenant spaces, more than $373,000 owed in construction or development costs and $2.6 million in loans owed to creditor Gilad Development Corporation. "The Lake District is exploring financing and equity investment options and expects to file its reorganization plan within 90 days with the court, which will detail its plan to restructure its debt and pay its creditors," according to a statement from the developer, Yehuda Netanel, and his attorneys. Netanel is also head of Gilad Development. "In the interim, The Lake District remains operating in the ordinary course of business as it continues to develop the premier retail, commercial and residential district in Lakeland." The property, including real and personal property, was valued at $80.24 million, and the development cited having $6,911 in liquid assets on-hand -- and expects about $207,000 to come through accounts receivable. Chapter 11 bankruptcy proceedings allow developers to outline a reorganization, ensuring they can continue operating while working out how to pay creditors over time. Lakeland Mayor Josh Roman did not immediately respond to The Commercial Appeal for comment on The Lake District's bankruptcy filing, but has previously voiced his support of Netanel and the project. "I support the businesses with my personal discretionary dollars, and I'm grateful for their investment in Lakeland," Roman told The CA in March, after the foreclosure notice was filed. "This is not the first time this developer has been in this position and he successfully navigated a path to where the project is now with many great businesses we enjoy." Where The Lake District stands now Sitting on 160 acres off Canada Road in Lakeland, surrounding a 10-acre man-made lake, The Lake District hopes to feature dozens of retail stores, restaurants, hotels, homes and apartments. Developers also see the location as a wedding hotspot in the future. Currently, the development is home to 11 businesses, but Netanel told The Commercial Appeal he expects seven more stores to open in 2023. Presently open at The Lake District are Starbucks, Activate IV and Cryotherapy, Cyclebar, Chose Lines Boutique, Gloss Nail Bar, Frost Bake Shop, Boba Society, Lake District Wine and Liquor, Olive House Mediterranean Grocery, Villa Castrioti and Stretch Lab. Netanel said the development will also include a hotel, 109 townhomes, 172 custom homes, 393 apartments and 168 apartments for people over the age of 55. The Lake District dodged a foreclosure sale in 2017, after Netanel paid back the lender. To retain his interest in the Lakeland property, Netanel and the lender formed a financial agreement where he was to pay $1 million to the lender, which he did. The property was purchased in 2006, with the intent to upgrade the mall that was located there, but Netanel eventually took a different route. In 2016, he announced the $300 million project as a lifestyle center and broke ground four years later, in 2020. Phase one of the project was expected to conclude in 2020, including a hotel, 146,000 square feet of inline retail and eight commercial outparcels, but some of the project's first phase is still underway as of March 2023. About The Lake District LLC Lake District LLC is a retail and residential development in Lakeland, TN. Lake District LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 23-21496) on March 24, 2023. In the petition filed by Yehuda Netanel, as manager, the Debtor listed total assets of $80,244,507 and total liabilities of $47,247,115. The case is overseen by Honorable Bankruptcy Judge Jennie D. Latta. The Debtor is represented by: Michael P. Coury, Esq. GLANKLER BROWN PLLC 6000 Poplar Ave Suite 400 Memphis, TN 38119 Tel: 901-525-1322 Fax: 901-525-2389 Email: mcoury@glankler.com LEVEL 3 FINANCING: $3.11B Bank Debt Trades at 16% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Level 3 Financing Inc is a borrower were trading in the secondary market around 83.8 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $3.11 billion facility is a Term loan that is scheduled to mature on March 1, 2027. About $2.41 billion of the loan is withdrawn and outstanding. Level 3 Financing, Inc. provides telecommunication services. The Company offers adaptive network, cloud connect, data centers, manged IT and hosting, and private line, as well as other related products and services. Level 3 Financing serves customers worldwide. LIFSEY REAL ESTATE: Taps Hill Ward Henderson as Special Counsel --------------------------------------------------------------- Lifsey Real Estate & Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Hill Ward Henderson, P.A. as its special counsel. The firm will represent the Debtor in two appeals pending before the Second District Court of Appeal (Case No. 2D22-0336 and Case No. 2D22-3014) and assist the Debtor in evaluating the merits and likelihood of success of the other two appeals (Case No. 2D22-2153 and Case No. 2D22-3576). The firm will be paid at these rates: Attorneys $285 - $560 per hour Paralegals $125 - $195 per hour The firm will seek reimbursement of costs and expenses incurred in connection with this representation. As disclosed in court filings, Hill Ward Henderson neither holds nor represents any interest adverse to the Debtor's estate with respect to the matters upon which it is to be employed. The firm can be reached through: Gregory P. Brown, Esq. Tori C. Simmons, Esq. Hill Ward Henderson, P.A. 101 E. Kennedy Blvd., Suite 3700 Tampa, FL 33602 Tel: (813) 221-3900 Email: Tori.Simmons@hwhlaw.com About Lifsey Real Estate & Holdings Lifsey Real Estate & Holdings, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00817) on March 3, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Roberta A. Colton oversees the case. Kathleen DiSanto, Esq., at Bush Ross, P.A. represents the Debtor as counsel. LIGADO NETWORKS: $117.6M Bank Debt Trades at 73% Discount --------------------------------------------------------- Participations in a syndicated loan under which Ligado Networks LLC is a borrower were trading in the secondary market around 27 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $117.6 million facility is a Term loan that is scheduled to mature on May 27, 2023. The amount is fully drawn and outstanding. Ligado Networks LLC operates as a special purpose entity. The Company provides mobile satellite coverage, as well as develops innovative solutions that will accelerate 5G and IoT network deployments. LINCOLN POWER: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Lincoln Power, L.L.C. 13860 Ballantyne Corporate Place, Suite 300 Charlotte NC 28277 Business Description: The Debtors comprise a power company that owns two gas-fired power-generation facilities -- one of which is located in Elgin, Illinois, and the other of which is located in East Dundee, Illinois. Chapter 11 Petition Date: March 31, 2023 Court: United States Bankruptcy Court District of Delaware Eight affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Lincoln Power, L.L.C. (Lead Case) 23-10382 Cogentrix Lincoln Holdings, LLC 23-10383 Cogentrix Lincoln Holdings II, LLC 23-10384 Elgin Energy Center Holdings, LLC 23-10385 Elgin Energy Center, LLC 23-10387 Valley Road Holdings, LLC 23-10388 Valley Road Funding, LLC 23-10389 Rocky Road Power, LLC 23-10390 Judge: Hon. Laurie Selber Silverstein Debtors' Counsel: Michael R. Nestor, Esq. Kara Hammond Coyle, Esq. Heather P. Smillie, Esq. Kristin L. McElroy, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: mnestor@ycst.com kcoyle@ycst.com hsmillie@ycst.com kmcelroy@ycst.com - and - George A. Davis, Esq. Andrew D. Sorkin, Esq. Brett M. Neve, Esq. Randall Carl Weber-Levine, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Tel: (212) 906-1200 Fax: (212) 751-4864 Email: george.davis@lw.com andrew.sorkin@lw.com brett.neve@lw.com randall.weber-levine@lw.com - and - Caroline Reckler, Esq. 330 North Wabash Avenue, Suite 2800 Chicago, Illinois 60611 Tel: (312) 876-7700 Fax: (312) 993-9767 Email: caroline.reckler@lw.com Debtors' Financial Advisor & Investment Banker: GUGGENHEIM SECURITIES, LLC Debtors' Claims & Noticing Agent: OMNI AGENT SOLUTIONS Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million The petitions were signed by Justin D. Pugh as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ZU4DAVI/Lincoln_Power_LLC__debke-23-10382__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. PJM Interconnection, LLC Penalty $38,886,733 Attn: Jeannette Mittan, Sr Administrator 2750 Monroe Blvd Audubon, PA 19403 Tel: 610-666-8876 Email: Jeannette.Mittan@pjm.com 2. Deloitte & Touche, LLP Trade $59,850 Attn: Renee Vega P.O. Box 844708 Dallas, TX 75284-4708 Tel: 713-982-2593 Email: pshimer@deloitte.com; rarrieux@deloitte.com 3. Siemens Energy, Inc. Trade $55,596 Dept Ch10169 Palatine, IL 60055-0169 Tel: 215-283-4775 Email: support@siemens-energy.com 4. Network & Security Technologies Trade $33,997 161 N Middletown Rd Pearl River, NY 10965 Tel: 845-620-9500 Email: info@nst.us 5. Nicor Gas February $30,064 P.O. Box 5407 Gas Carol Stream, IL 60197-5407 Payable Tel: 888-642-6748 Email: customercare@nicorgas.com 6. MKD Electric, Inc Trade $21,141 2590 Alft Ln, Unit A Elgin, IL 60124 Tel: 847-608-8244 Email: Smasino@Mkdelectric.com 7. Hill Fire Protection LLC Trade $15,452 11045 Gage Ave Franklin Park, IL 60131 Tel: 219-307-0405 Email: info@hillgrp.com; daniel.hruska@hillgrp.com 8. Sherman Mechanical Trade $8,615 1075 Alexander Ct Cary, IL 60013-1891 Email: info@shermanmech.com 9. PME of Ohio, Inc Trade $8,400 518 W Crescentville Rd Cincinnati, OH 45246 Tel: 513-671-3767 Email: Mike@Pmebearings.com 10. Fusion Cloud Services LLC Trade $7,824 P.O. Box 51341 Los Angeles, CA 90051-5641 Tel: 866-252-9216 Email: Accountsreceivable@Birch.com 11. Mostardi Platt Trade $7,394 888 Industrial Dr Elmhurst, IL 60126 Tel: 630-418-7196 Email: Jbogner@Mp-Mail.com 12. BTI Communications Group Ltd Trade $7,304 c/o Verve, a Credit Union 323 N Carpenter St Chicago, IL 60607 Tel: 312-432-5330 Email: Dknoop@Btigroup.com 13. Chromalox, Inc Trade $4,050 P.O. Box 536435 Atlanta, GA 30353-6435 Tel: 704-841-0797 Email: sales@chromalox.com 14. Instamation Systems Inc Trade $2,580 P.O. Box 4862 Boise, ID 83711 Tel: 661-589-2219 Email: support@instamation.com 15. Cintas Corp Trade $2,568 P.O. Box 630921 Cincinnati, OH 45263-0921 Email: customerservice@cintas.com 16. Sound, Inc Trade $2,074 1550 Shore Rd Naperville, IL 60585 Email: info@soundinc.be; tchannel@soundinc.com 17. Mead Obrien Inc Trade $1,618 P.O. Box 412461 Kansas City, MO 64141-2461 Email: sales@meadobrien.com 18. Amazon Capital Services, Inc Trade $899 P.O. Box 035184 Seattle, WA 98124 Tel: 757-268-4058 Email: Barkann@Amazon.com 19. Heritage Crystal Clean LLC Trade $873 13621 Collections Center Dr Chicago, IL 60693 Tel: 877-938-7948 Email: cc_contact@crystal-clean.com 20. Ohio Semitronics Inc Trade $694 4242 Reynolds Dr Hilliard, OH 43026 Email: sales@ohiosemitronics.com 21. Ingersoll Rand Co Trade $620 15768 Collections Center Dr Chicago, IL 60693 Tel: 508-573-1550 Email: Benjamin.Dagostina@Ircom.com 22. ASAP Cleaning Service Trade $350 725 Cheyenne Ln Elgin, IL 60123 Email: albert@asapcleaningservices.com; jayausmom@yahoo.com 23. De Lage Landen Financial Trade $321 Services, Inc Sbs Leasing a Program of De Lage Landen Fin Svcs Attn: Tom Lograsso P.O. Box 41602 Philadelphia, PA 19101-1602 Tel: 980-253-6619 Email: Tom.Lograsso@Sharpusa.com 24. Altorfer Industries Inc Trade $316 P.O. Box 809239 Chicago, IL 60580-920 Tel: 630-279-4400 Email: Walup@Pattencat.com 25. Jani-King of Illinois Trade $291 2791 Momentum Pl Chicago, IL 60689-5327 Email: info@janiking.com; chi@janiking.com 26. WW Grainger, Inc Trade $209 Dept 852013051 Palatine, IL 60038-0001 Tel: 856-234-2524 Email: veronica.chaidez@grainger.com 27. Weldstar Co Trade $160 Attn: Steve Riva, Controller P.O. Box 1150 Aurora, IL 60507 Tel: 630-859-3100 Fax: 630-859-3199 Email: Sriva@Weldstar.com 28. SD Myers, LLC Trade $110 180 South Ave Tallmadge, OH 44278 Tel: 330-630-7000 Email: info@sdmyers.com 29. Mid Central Pest Control Inc Trade $105 1747 Autumn Wind Ln Aurora, IL 60504 Tel: 800-698-1750 Email: drakemcpc@gmail.com 30. Linde Gas & Equipment Inc Trade $88 Attn: Marisa Taylor, Accounts Rep Dept Ch 10660 Palatine, IL 60055-0660 Tel: 515-257-5057; 800-266-4369 Email: Marisa.Taylor@Linde.com MAVENIR SYSTEMS: $145M Bank Debt Trades at 29% Discount ------------------------------------------------------- Participations in a syndicated loan under which Mavenir Systems Inc is a borrower were trading in the secondary market around 70.6 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $145 million facility is a Term loan that is scheduled to mature on August 18, 2028. About $144.3 million of the loan is withdrawn and outstanding. Mavenir Systems, Inc. provides software-based networking solutions. The Company offers internet protocol based voice, videos, communication, and messaging services, as well as multimedia subsystem, evolved packet core, and session border controller. MERLIN BUYER: $85M Bank Debt Trades at 7% Discount -------------------------------------------------- Participations in a syndicated loan under which Merlin Buyer Inc is a borrower were trading in the secondary market around 93.3 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $85 million facility is a Term loan that is scheduled to mature on December 14, 2029. The amount is fully drawn and outstanding. The Company's country of domicile is the United States. MLN US HOLDCO: $576M Bank Debt Trades at 43% Discount ----------------------------------------------------- Participations in a syndicated loan under which MLN US Holdco LLC is a borrower were trading in the secondary market around 57.5 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $576 million facility is a Term loan that is scheduled to mature on October 18, 2027. The amount is fully drawn and outstanding. MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada, provides phone systems, collaboration applications (voice, video calling, audio and web conferencing, instant messaging etc.) and contact center solutions through on-site and cloud offerings. The company's customer focus is on small and medium sized businesses. Mitel is majority-owned by Searchlight Capital Partners, a private equity firm. MOJ REALTY: Case Summary & Eight Unsecured Creditors ---------------------------------------------------- Debtor: MOJ Realty, LLC 1610 FL Highway 60 Valrico, FL 33594 Business Description: The Debtor is a Single Asset Real Estate Chapter 11 Petition Date: March 31, 2023 Court: United States Bankruptcy Court Middle District of Florida Case No.: 23-01259 Debtor's Counsel: Leon Williamson, Esq. LAW OFFICE OF LEON A. WILLIAMSON, JR., P.A. 306 S Plant Ave Ste B Tampa, FL 33606-2323 Tel: (813) 253-3109 Email: leon@lwilliamsonlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by William A. Guzman as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's eight unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/EOAZNEA/MOJ_Realty_LLC__flmbke-23-01259__0001.0.pdf?mcid=tGE4TAMA MORGAN TURF: Unsecureds Will Get 50% of Claims over 60 Months ------------------------------------------------------------- Morgan Turf, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Chapter 11 Plan dated March 28, 2023. The Debtor is a Florida limited liability company doing business in Polk County, Florida. The Debtor began operating in September 2019. The Debtor rents commercial office space located at 2080 Winter Lake Road, Winter Haven, FL 33880. From the formation of the Debtor in 2019 up through including the date on which the bankruptcy petition was filed, the office, director, manager or other person in control of the Debtor was Ivan Velez. The Debtor suffered financial problems caused by non-payment for contracts performed by the Debtor and by virtue of certain accidents which resulted in litigation and the entry of a final judgment against the Debtor. Unfortunately, the Debtor did not have insurance to cover those accidents. The judgment creditor garnished Debtor's bank account which further aggravated Debtor's financial situation. Due to various changes made by the Debtor ongoing costs of operations as well as its prepetition debt in accordance with the plan of reorganization proposed to its creditors. The Debtor intends to continue the operation of its business in a manner similar to its operation prepetition. Debtor believes that the revenues being generated will be sufficient to pay current operating expenses and Plan payments given the reduction in its costs of operation and reduction of debt service requirements. Class 1 consists of the Secured Claim of U.S. Small Business Administration. The amount of this creditor's claim is approximately $79,200.00. This creditor's claim shall be paid in accordance with the contract between the parties and as a result is unimpaired by this Plan. Class 2 consists of the Secured Claim of Dobbs Equipment, LLC. This creditor has a lien by virtue of a Garnishment Judgment to the extent of $8,106.47. The claim shall be paid in full upon the effective date of this plan with no interest. Class 3 consists of General Unsecured Claims. These claims total approximately $131,000.00. These Creditors will be paid 50% of their allowed claims over 60 months with 0% interest. The first payment will be due and payable 30 days after the effective date of this Plan. These creditors will be given a promissory note memorializing the amount they will be paid and the amount of each payment. Payments and distributions under the Plan will be funded by the continued business operations of the Debtor. A full-text copy of the Disclosure Statement dated March 28, 2023 is available at https://bit.ly/40wvHUQ from PacerMonitor.com at no charge. Attorney for Debtor: Pierce J. Guard, Jr., Esq. THE GUARD LAW GROUP, PLLC 2511 Orleans Avenue Lakeland, FL 33803 Telephone: 863-619-7331 Email: jguardjr@aol.com About Morgan Turf LLC Morgan Turf LLC is a Florida limited liability company doing business in Polk County, Florida. Morgan Turf filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 8:22-bk-04620-CPM) on Nov. 18, 2022. Judge Catherine Peek McEwen is assigned the case. The Debtor is represented by Pierce J Guard, Jr, Esq. at The Guard Law Group, PLLC. NEW FRONTERA: $75M Bank Debt Trades at 43% Discount --------------------------------------------------- Participations in a syndicated loan under which New Frontera Holdings LLC is a borrower were trading in the secondary market around 56.8 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $75 million facility is a Term loan that is scheduled to mature on July 28, 2028. The amount is fully drawn and outstanding. Frontera Holdings LLC owns a natural gas plant near the U.S.-Mexico border. The Company won confirmation of a Chapter 11 plan in April 2021, about two and a half months after filing for bankruptcy protection. NEW TROJAN: $110M Bank Debt Trades at 38% Discount -------------------------------------------------- Participations in a syndicated loan under which New Trojan Parent Inc is a borrower were trading in the secondary market around 62.4 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $110 million facility is a Term loan that is scheduled to mature on January 6, 2029. The amount is fully drawn and outstanding. New Trojan Parent, Inc. is the acquirer of Strategic Partners Acquisition Corp., an indirect parent company of branded medical apparel company Careismatic, Inc. NGV GLOBAL: Exclusivity Period Extended to September 18 ------------------------------------------------------- Judge Mark X. Mullin of the U.S. Bankruptcy Court for the Northern District of Texas extended NGV Global Group, Inc.'s exclusive periods to file a plan of reorganization and solicit acceptances thereof to September 18, 2023 and November 16, 2023, respectively. About NGV Global Group NGV Global Group, Inc. is a global technology company that designs, manufactures, distributes and supports natural gas operated medium and heavy-duty commercial vehicles sold worldwide. It manufactures natural gas engines, fuel storage units and fueling systems for application in its own products and for sale to third party companies interested in the conversion of trucks and buses to operate on natural gas completely (dedicated) or in conjunction (duel-fuel) with diesel fuel. NGV Global Group also owns and operates a gas transportation company, which is registered with the U.S. Department of Transportation (DOT) allowing it to safely transport multiple substances across the U.S. including: CNG, LNG, Hydrogen, Oxygen, Nitrogen and other hazardous materials and gases. On Nov. 17, 2022, NGV Global Group and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 22-42780). In the petition signed by its chief executive officer, Farroukh Zaidi, NGV Global Group disclosed up to $50 million in assets and up to $100,000 in liabilities. Judge Mark X. Mullin oversees the cases. Jeff P. Prostok, Esq., at Forshey Prostok, LLP and Harney Partners serve as the Debtors' legal counsel and financial advisor, respectively. NMN HOLDINGS: $70M Bank Debt Trades at 16% Discount --------------------------------------------------- Participations in a syndicated loan under which NMN Holdings III Corp is a borrower were trading in the secondary market around 84.5 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $70 million facility is a Delay-Draw Term loan that is scheduled to mature on November 13, 2025. The amount is fully drawn and outstanding. NMN Holdings III Corp operates as a holding company. The Company, through its subsidiaries, provides medical devices. NORTH AMERICAN ACCEPTANCE: Amends First Horizon Claims Pay ---------------------------------------------------------- North American Acceptance Financial LLC submitted a First Amended Subchapter V Plan of Reorganization dated March 27, 2023. The Debtor's financial projections shows that it will have projected disposable income of at least $17,929.00 which will be used to fund the Plan. Under this Plan, the Debtor intends to distribute cash generated from its operations to holders of Allowed Claims. This Plan provides for the treatment of Claims and Interests as follows: * One Class of Secured Claims which will be paid its secured value plus interest over time; and * One Class of Unsecured Claims which will be paid in full on the Effective Date. * Larry Verges and Eric Wallis, the Debtor's equity interest holders, will retain their ownership interests in the Debtor. Class 1 relates to the Claim of First Horizon which has a security interest in all of the Debtor's accounts and accounts receivable. The Debtor's First Horizon loan matured on November 17, 2022. As of the filing of the bankruptcy petition, the outstanding amount due to First Horizon on the loan was according to the proof of claim was $2,225,592.29, which includes default interest at the rate of 21%. First Horizon has agreed to amend its proof of claim to back out the default rate interest, which reduced the secured claim to $2,207,290.34. This amount shall be treated as fully secured by the Debtor's accounts, chattel paper and general intangibles. In particular, First Horizon's collateral includes but is not limited to proceeds received by the Debtor from (i) collection on its retail installment contracts; (ii) collection under its' rent to own contracts; and (iii) collection on judgments and garnishments. The secured claim of $2,207,290.34, plus annual interest of 7.5%, over a 20-year amortization, in 36 monthly installments of $17,781.79, followed by a final balloon payment due in month 37. However, if in month 36 the Debtor makes an additional principal payment of $50,000.00, First Horizon will agree to give the Debtor an additional 12 months to finance the loan. In this case, the Debtor will continue making its monthly payments of $17,781.79 beginning in month 37 and continuing for the subsequent 12 months, with a final balloon payment due on month 49. Like in the prior iteration of the Plan, General Unsecured Creditor Class shall be paid in full from the Debtor's cash on hand upon the Plan Effective Date. The Debtor will fund its monthly plan payments from its monthly income earned from the Debtor's operations. A full-text copy of the First Amended Plan dated March 27, 2023 is available at https://bit.ly/40KQ2p2 from PacerMonitor.com at no charge. Counsel for the Debtor: Robin De Leo, Esq. The De Leo Law Firm, LLC 800 Ramon Street Mandeville, LA 70448 Telephone: (985) 727-1664 Email: elaine@northshoreattorney.com About North American Acceptance North American Acceptance Financial, LLC, is a subprime indirect automobile finance lender. Acceptance Financial was organized in 2009 to both originate and service auto loans. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 22-11537) on Dec. 12, 2022. In the petition signed by Larry Verges, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Meredith S. Grabill oversees the case. Robin R. De Leo, Esq., at The De Leo Law Firm, LLC, serves as the Debtor's counsel. ONE CALL: $700M Bank Debt Trades at 25% Discount ------------------------------------------------ Participations in a syndicated loan under which One Call Corp is a borrower were trading in the secondary market around 74.8 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $700 million facility is a Term loan that is scheduled to mature on April 22, 2027. The amount is fully drawn and outstanding. One Call Corporation operates in providing health care services. ORCHID FINCO: $400M Bank Debt Trades at 17% Discount ---------------------------------------------------- Participations in a syndicated loan under which Orchid Finco LLC is a borrower were trading in the secondary market around 82.9 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $400 million facility is a Term loan that is scheduled to mature on January 27, 2029. About $366 million of the loan is withdrawn and outstanding. OUTPUT SERVICES: $180.3M Bank Debt Trades at 46% Discount --------------------------------------------------------- Participations in a syndicated loan under which Output Services Group Inc is a borrower were trading in the secondary market around 54.3 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $180.3 million facility is a Term loan that is scheduled to mature on June 27, 2026. The amount is fully drawn and outstanding. Output Services Group, Inc. offers printing services. PACIFICCO INC: Seeks Cash Collateral Access ------------------------------------------- Pacificco Inc., Catalina Marketing Corporation and their debtor-affiliates ask the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. The Debtors require the use of cash collateral to fund working capital obligations, administer the estates, pay operating expenses, maintain assets, and effectuate the contemplated sale of the Debtors' Japanese business. The Debtors are seeking to emerge from chapter 11 on an expedited timeframe consistent with their obligations under the Restructuring Support Agreement, dated as of March 28, 2023, by and among the Debtors and the lenders party thereto. Notably, the Prepackaged Plan provides that holders of general unsecured claims, including the Debtors' vendors, suppliers, and customers, will be unimpaired. Catalina Marketing Corporation, as borrower, and certain of the other Debtors, as guarantors, GLAS USA LLC, as administrative agent, GLAS AMERICAS LLC, as collateral agent, and the lender parties thereto are parties to the Super Priority Senior Term Loan Credit Agreement, dated as of February 27, 2023, under which the Super Priority Lenders agreed to provide to CMC a $20 million term loan facility. The Super Priority Term Loan matures on June 30, 2023. On March 23, 2023, the Company and the lenders party to the Super Priority Term Loan entered into the Amendment No. 1 to Senior Term Loan Credit Agreement, which provided an incremental $10 million in term loans on the same terms as the initial Super Priority Term Loan. The Super Priority Term Loan is secured by a first-priority lien on, and security interest in, the collateral under that certain Security Agreement, dated as of February 27, 2023. As of the Petition Date, $36 million (plus accrued and unpaid interest) is outstanding under the Super Priority Term Loan. CMC, as borrower, and certain of the other Debtors, as guarantors, GLAS USA LLC, as administrative agent, GLAS Americas LLC, as collateral agent, the holders of first-out tranche debt, and the holders of last-out tranche debt are parties to the Senior Term Loan Credit Agreement, dated as of February 15, 2019 under which the subordinated First-Out Lenders were deemed to provide to the borrower a $125 million term loan facility and the Subordinated Last-Out Lenders were deemed to provide to the borrower a $150 million term loan facility. The Subordinated First-Out Term Loan matured on February 15, 2023, and the Subordinated Last-Out Term Loan matures on August 15, 2023. There is significant overlap among the Subordinated First-Out Lenders and Subordinated Last-Out Lenders, and all of the Subordinated Term Loan Lenders are party to the Subordinated Credit Agreement. The Subordinated Term Loan is secured by a lien on, and security interest in, the collateral under that certain Security Agreement, dated as of February 15, 2019. To the extent the collateral under the Subordinated Security Agreement is also collateral under the Super Priority Security Agreement, the liens securing the Subordinated Term Loan rank junior to the liens securing the Super Priority Term Loan. The Subordinated Last-Out Term Loan ranks junior to the Subordinated First-Out Term Loan in right of payment. As of the Petition Date, approximately $110.4 million is outstanding under the Subordinated First-Out Term Loan, and approximately $224.0 million is outstanding under the Subordinated Last-Out Term Loan. As adequate protection for their proposed use of cash collateral, among other things, the Debtors propose to provide the following to the Prepetition Secured Parties to the extent of any diminution in value in those parties' interests in the Prepetition Collateral: a. Adequate Protection Liens. To the Prepetition Secured Parties, an additional and replacement postpetition security interests in and liens on, subject to limited exceptions, all present and after-acquired property of the Debtors. b. Superpriority Claims. To the Super Senior Agent, for the benefit of the Super Priority Lenders, and the Subordinated Agent, for the benefit of the Subordinated Term Loan Lenders, an allowed superpriority administrative expense claim that is junior only to (i) the Carve Out and (ii) in the case of Superpriority Claims granted to the Subordinated Agent, the Superpriority Claims granted to the Super Senior Agent. The Debtors' authorization, and the Prepetition Secured Parties' consent, to use cash collateral will terminate on the earliest to occur of: * May 31, 2023, subject to extension. * The termination or non-consensual modification of the Interim Order or the failure of the Interim Order to be in full force and effect. * The entry of a Court order terminating the Debtors' right to use cash collateral. * The dismissal of the chapter 11 cases or the conversion of the chapter 11 cases to cases under chapter 7 of the Bankruptcy Code. * The appointment of a trustee or an examiner with expanded powers. * The delivery of a Termination Date Declaration upon the occurrence and at any time during the continuation of an Event of Default. * The first business day that is 40 days after the Petition Date if the Final Order, in form and substance acceptable to Required Super Senior Lenders, has not been entered by the Court on or before such date. * The consummation of the Prepackaged Plan or an Acceptable Plan. A copy of the motion is available at https://bit.ly/42WJV2U from PacerMonitor.com. About Catalina Marketing Catalina Marketing Corporation provides an extensive network of in-store, point-of-sale data acquisition and promotional delivery systems, present in approximately 22,000 retail locations in the U.S. Catalina is currently party to agreements with approximately 59 retailer partners to utilize Catalina's networked servers and high-speed printers at multiple POS locations in each of the retailers' stores. Catalina Marketing and 14 affiliated entities sought Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York on March 28, 2023. Affiliate PacificCo Inc. (Bankr. S.D.N.Y. Case No. 23-10470) is the lead case. The Debtors listed $100 million to $500 million in estimated assets and liabilities on a consolidated basis. The petitions were signed by Michael Huffmaster as chief financial officer. The Hon. Philip Bentley oversees the cases. Garty T. Holtzer, Esq., Kevin Bostel, Esq., and Rachael Foust, Esq., at Weil, Gotshal & Manges LLP, serve as the Debtors' counsel. FTI Consulting, Inc., serves as the Debtors' financial advisor. Houlihan Lokey is the Debtors' investment banker. Kurtzman Carson Consultants LLC is the Debtors' claims, noticing and solicitation agent. Catalina and several affiliates previously sought Chapter 11 bankruptcy protection on Dec. 12, 2018 with a prepackaged plan that would reduce debt by $1.6 billion. The 2018 lead case was In re Checkout Holding Corp. (Bankr. D. Del. Case No. 18-12794). In the 2018 petition, Catalina disclosed funded debt of $1.9 billion as of the bankruptcy filing. Assets were in the range of $1 billion to $10 billion. On January 31, 2019, the Hon. Kevin Gross confirmed the company's Plan of Reorganization allowing Catalina to reduce debt by more than 80% from about $1.9 billion to about $280 million upon emergence. In the 2018 Plan, first lien lenders owed $55 million on a first lien revolver and $1.02 billion on a first lien term loan were slated to receive their pro rata share of 90% of the equity in the reorganized Debtors, subject to dilution by a contemplated management incentive plan. Second Lien Lenders owed $460 million on a second-lien term loan will receive their pro rata share of 10% of the New Common Stock, subject to dilution. Allowed general unsecured claims were paid in the ordinary course and otherwise unimpaired. PANOS FITNESS: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Panos Fitness, LLC asks the U.S. Bankruptcy Court for the Northern District of New York for authority to use cash collateral and provide adequate protection through April 14, 2023, pursuant to the budget. The Debtor seeks to use cash collateral for (i) working capital purposes from and after the Petition Date; (ii) payment of adequate protection payments, if any, to DCC; and (iii) the allowed administrative costs and expenses of the Subchapter V Case, including the allowed Subchapter V trustee's fees and allowed fees of the Debtor's professionals, in accordance with the budgets. DCC Shamrock, LLC has an interest in the Cash Collateral. According to the Debtor, the amount of the prepetition secured creditor's claim far exceeds the value of the Debtor's assets. As such, any other creditor asserting a prepetition security interest in the cash collateral would be an unsecured creditor. On January 8, 2018, the Debtor, as borrower, executed and delivered a Promissory Note to KeyBank National Association pursuant to which the Original Lender extended a line of credit to the Debtor in the principal amount of $2 million. The Line of Credit Note included the Debtor's promise to make certain payments to the Original Lender and to perform various other obligations. On November 28, 2018, the Debtor executed and delivered to Key Equipment Finance, a Division of KeyBank, National Association, a Master Lease Agreement pursuant to which KEF financed certain equipment purchased by the Debtor and the Debtor agreed to repay KEF in 60 monthly installments. On January 7, 2022, the Debtor and DCC entered into a loan modification agreement, whereby the Debtor stipulated and agreed that, as of December 31, 2021, the Debtor's obligation under the Line of Credit Note and related Loan Documents was $973,455 plus interest, attorneys' fees, costs, and expenses incurred after the date thereof. The Debtor also stipulated and agreed that, as of December 31, 2021, the Debtor's obligation under the Equipment Loan was $368,953, plus interest, attorneys' fees, costs, and expenses incurred after the date thereof. Under the terms of the Loan Modification Agreement, starting in January 2022, the Debtor agreed to make monthly principal and interest payments to DCC in the amount of $13,697 on account of the Equipment Loan Debt, and monthly interest-only payments on the Line of Credit Debt, for two years, and thereafter make principal and interest payments in the amount of $13,697 for approximately two years on the Line of Credit Debt. The Debtor is current on its Monthly Payments due DCC. In addition to the Monthly Payments, to reduce the Line of Credit Debt, the Debtor agreed to pay DCC $100,000 on or before February 24, 2023, and $100,000 on or before February 24, 2024. The Debtor, however, did not make the payment due February 24, 2023. As of the Petition Date, the total indebtedness due DCC under the Line of Credit was $973,455 and the total indebtedness due under the Term Loan was $210,129. To adequately protect DCC's interest in the cash collateral, the Debtor is proposing to continue to operate its business, to grant DCC Rollover Liens, and to provide certain reporting and other protections. A copy of the motion is available at https://bit.ly/42VfvOh from PacerMonitor.com. About Panos Fitness, LLC Panos Fitness, LLC operates physical fitness facilities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 23-30184) on March 29, 2023. In the petition signed by Dean S. Panos, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Wendy A. Kinsella oversees the case. Stephen A. Donato, Esq., at Bond, Schoeneck & King, PLLC, represents the Debtor as legal counsel. PDC WELLNESS: S&P Downgrades ICR to 'B-' on Weak Performance ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating and first-lien term loan rating to 'B-' on U.S.-based PDC Wellness & Personal Care Co. (PDC). The recovery rating on the term loan remains '3', indicating its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. The negative outlook reflects PDC's recent performance deterioration against a probable slowing economic backdrop, weak pro forma interest coverage, and high debt amortization which could lead to revolver borrowings over the next year. It also reflects the potential for a not insignificant nonextended term loan debt maturity in June 2024. PDC's margins were pressured for most of 2022. Last year, PDC faced a challenging backdrop as consumers dealt with unprecedented inflation and the company's largest retailing partners implemented initiatives to reduce store-wide inventories. Moreover, PDC was not able to fully offset its own cost inflation with price increases, and volumes were pressured for the majority of the brands in its product portfolio. The resulting effect for full year results was a roughly flat top line with nearly 500 basis points (bps) of gross margin contraction. S&P acknowledges a fourth quarter sequential rebound in gross margin of nearly 600 bps as the full effect of pricing actions during the year began to take hold and cost inflation on key commodities started to ease. However, S&P does not believe it is enough evidence that the company has reached an operating performance inflection point. S&P said, "For 2023, we expect weak consumer spending will remain a headwind for volume performance; however, we believe retailer order behavior will begin to normalize, albeit with enhanced focus on aligning replenishment to products with stronger point-of-sale demand. This could result in continued struggles for PDC's weaker or in-transition brands, particularly in the fragrance segment or the Cantu line that is in the process of refreshing packaging. PDC's best performing and largest brand, Dr. Teal's, experienced dollar share gains on-shelf, aided by an average unit retail price increase of about a dollar (to $6 from $5). We estimate that Dr. Teal's accounts for roughly half of PDC's consolidated net revenues. We also expect the trend of gross margin recapture to continue as key commodity prices for inputs such as resin, glycerin, and select surfactants continue declining, underpinning our estimate for roughly 150 bps of gross margin expansion in 2023. Altogether, our base case contemplates marginal EBITDA improvement, along with significant contractual term loan pre-payment, resulting in S&P Global Ratings-adjusted leverage of around 6.3x in 2023." There is risk that PDC will be unable to fully address the upcoming 2024 maturity extension. PDC may face challenges in amending and extending its existing credit agreement, including a sizable original issue discount, high contractual amortization, and a much wider interest margin compared to the existing terms. These factors will reduce liquidity materially. Moreover, there may be a $65 million non-extended term loan portion due in June 2024, depending on existing lenders willingness to extend commitments, supplemented by the ability to bring in new lenders. S&P's ratings continue to reflect PDC's small scale, significant customer concentration, and narrow business focus in the bath and beauty industry. PDC lacks scale and business diversity in the highly competitive bath and beauty categories. S&P said, "We acknowledge the company has greatly expanded distribution and increased the brand equity of its flagship products, Dr. Teal's and Cantu, over the past couple of years. However, PDC is still a relatively small player with significant product concentration compared to larger beauty conglomerates such as Unilever, L'Oreal, and Coty. These competitors have significantly more scale and resources for manufacturing, advertising, and distribution, along with greater access to capital markets. We also view PDC's customer concentration and reliance on Walmart and Target as a key risk because decreased order flow from these customers has significantly affected operating performance and credit metrics." In the first half of 2022, Walmart and Target slowed purchasing across many categories to sell off excess inventory, and PDC was not immune to this. The negative outlook reflects PDC's recent performance deterioration against a probable slowing economic backdrop, weak pro forma interest coverage, and high debt amortization which could lead to revolver borrowings over the next year. It also reflects the potential for a not insignificant non-extended term loan debt maturity in June of 2024. S&P could lower the ratings at any time over the next 12 months if we deem the capital structure to be unsustainable, which could be driven by: -- Inability to extend the new term loan tranche with near 100% commitments; -- Onerous deal terms threaten the company's liquidity position and weaken credit metrics, such as EBITDA interest coverage below 1.5x or free operating cash flow is minimal; -- The company uses the revolver to service debt; or -- The transaction does not close. S&P could revise the outlook to stable if the company successfully addresses the full extent of its upcoming 2024 debt maturity, as well as demonstrates success toward deleveraging, including leverage below 7.5x and EBITDA interest coverage well above 1.5x with FOCF in excess of $30 million. This could occur if: -- Demand for the company's products increases and the company gains share in its key categories; and -- Management prioritizes allocating free cash flow toward debt pre-payment. ESG credit indicators: E-2, S-2, G-3 PECF USS INTERMEDIATE: $2B Bank Debt Trades at 15% Discount ----------------------------------------------------------- Participations in a syndicated loan under which PECF USS Intermediate Holding III Corp is a borrower were trading in the secondary market around 84.6 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $2 billion facility is a Term loan that is scheduled to mature on December 15, 2028. About $1.98 billion of the loan is withdrawn and outstanding. PECF USS Intermediate Holding III Corporation is the issuing entity for a debt extended to United Site Services Inc., a provider of portable sanitation and related site services. PLATFORM II LAWNDALE: Unsecureds Will Get 25% of Claims in 5 Years ------------------------------------------------------------------ Platform II Lawndale LLC filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement describing Chapter 11 Plan dated March 28, 2023. The Debtor is an Illinois limited liability company and owner of a self-storage facility at 1750 North Lawndale Avenue in Chicago's West Logan Square neighborhood. The Debtor operates a storage facility in the Logan Square neighborhood in Chicago. When the Debtor opened for business, it hired CubeSmart Self Storage, a third-party manager specializing in owning and managing similar properties. CubeSmart Self Storage breached its agreement with the Debtor by mismanaging the property and intentionally understating revenues and overstating expenses, and suppressing occupancy. The Debtor believes that CubeSmart Self Storage defrauded the Debtor by seeking to cause the property to underperform industry standards, so it could eventually purchase the property at a substantial discount. Because of the low occupancy, the property did not generate sufficient cash flow to allow the Debtor to service its mortgage debt. The lender, GreenLake Real Estate Fund, LLC, the Debtor's lender, filed a foreclosure lawsuit with a scheduled sale leading to the filing of the Chapter 11 Case. CubeSmart Self Storage resigned as the manager of the Debtor's facility in September 2022, and the last day CubeSmart Self Storage managed the Debtor's property was October 4, 2022. Since that date, occupancy has increased, and customer service has improved. Further, the Debtor has increased its revenues and cut operating expenses, causing the Debtor's net income to improve. The Debtor reasonably anticipates sustaining its earning capability over the Plan's five-year period. The Debtor's regular income will allow it to fund the Plan. The Debtor projects its average after-tax monthly income will be $67,920.60 projected over the five-year Plan period. Total Payments as a percentage of Revenue are 117.60% due to the receipt of financing. The Plan provides that on its Effective Date, the Debtor will retain its assets and pay its Creditor's Claims. The Debtor will use member contributions and its operating income to pay Claims. The Debtor has one secured Creditor, GreenLake Real Estate Fund, LLC, whose loan is secured by a mortgage on the Debtor's storage facility. The Debtor will extend the secured portion of the lender's Claim by loan term by paying it on the Effective Date. Class 3a consists of General Unsecured Creditors. Each Class 3a Claim Holder shall receive quarterly payments totaling 25% of their Claims over five years (20 quarters). The payments will allow them to receive 1/20th of the total each quarter. There are 13 claimants in Class 3a. The sum to be paid to Class 3a Claims is $99,319.21 and 6.29% of the proceeds from litigation. The percentage of Claims is twenty-five cents on the dollar (25%). The Debtor will distribute litigation proceeds, whether obtained by judgment or settlement, within 30 days of receipt. He allowed unsecured claims total $361,154.39. Class 3b consists of Convenience Class. The holder of each Class 3b Claim shall be paid in a single payment equal to 25% of their Claims. There are 8 claimants in Class 3b. The total to be paid to Class 3a Claims is $5,374.00 and 6.29% of the proceeds from litigation. The percentage of Claims is twenty-five cents on the dollar (25%). The Debtor will distribute litigation proceeds, whether obtained by judgment or through settlement within 30 days of receipt. The allowed unsecured claims total $45,161.00. Class 3c consists of the Schindler Elevator Unsecured Claim. Schindler Elevator holds the Class 3c Unsecured Claim for $17,197.40 arising from a mechanics lien for which no equity exists to pay it. In full and final satisfaction of the Class 3c Claim, the holder shall be paid in quarterly payments equal to 25% of its Claim over five years (20 quarters). The payments will allow it to receive 1/20th of the total each quarter. The sum to be paid to Class 3c Claims is $4,299.35 and 1.05% of the proceeds from litigation up to the amount of its Claim. The percentage of Claims is twenty-five cents on the dollar (25%). The Debtor will distribute litigation proceeds, whether obtained by judgment or through settlement within 30 days of receipt. Class 3d consists of Coda Design + Build, LLC Unsecured Claim. Coda Design + Build, LLC shall be paid in quarterly payments equal to 25% of its Claims over five years (20 quarters). The payments will allow it to receive 1/20th of the total each quarter. The sum to be paid to Coda Design + Build, LLC is $299,772.00 and 73.37% of the proceeds from litigation up to the amount of its Claim. The percentage of the Claim is twenty-five cents on the dollar (25%). The Debtor will distribute litigation proceeds, whether obtained by judgment or through settlement within 30 days of receipt. The Debtor's members each hold an interest due to equity contributions. The Debtor will not make any distributions on account of their Interests. The Debtor has obtained a commitment for a post-confirmation loan from Red Oak Capital Holdings. To the extent the loan proceeds are insufficient to pay Claims, the Debtor has received funds from certain of its pre-petition investors to fund the Plan. A full-text copy of the Disclosure Statement dated March 28, 2023 is available at https://bit.ly/3ZyDWOA from PacerMonitor.com at no charge. Counsel for the Debtor: Gregory J. Jordan, Esq. Mark Zito, Esq. Jordan & Zito LLC 350 North LaSalle Drive, Suite 1100 Chicago Illinois 60654-4980 Telephone: (312) 854-7181 Email: gjordan@jz-llc.com mzito@jz-llc.com About Platform II Lawndale LLC Platform II Lawndale LLC is an Illinois limited liability company that owns a self-storage facility at 1750 North Lawndale Avenue in Chicago's West Logan Square neighborhood. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-07668) on July 11, 2022. In the petition signed by Scott Krone, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Deborah L. Thorne oversees the case. Gregory J. Jordan, Esq., at Jordan & Zito LLC is the Debtor's counsel. POLAR US BORROWER: $1.48B Bank Debt Trades at 16% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Polar US Borrower LLC is a borrower were trading in the secondary market around 83.6 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.48 billion facility is a Term loan that is scheduled to mature on October 15, 2025. About $1.36 billion of the loan is withdrawn and outstanding. Polar US Borrower, LLC is the pass-through entity of ultimate parent, SK Blue Holdings, LP, an affiliate of private investment firm, SK Capital Partners. SI Group manufactures performance additives for use in polymer, rubber, lubricants, fuels, adhesives applications, surfactants in addition to some specialty chemicals. QUORUM HEALTH: $732M Bank Debt Trades at 38% Discount ----------------------------------------------------- Participations in a syndicated loan under which Quorum Health Corp is a borrower were trading in the secondary market around 62.5 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $732.2 million facility is a Term loan that is scheduled to mature on April 29, 2025. About $713.9 million of the loan is withdrawn and outstanding. Quorum Health Corporation is an operator and manager of hospitals and outpatient services in non-urban areas of the US. RAC DEALERSHIP: American Car Center Files for Chapter 7 Bankruptcy ------------------------------------------------------------------ Jackson Brown of abc24 reports that American Car Center, the Memphis-based used car dealer which suddenly closed all locations in February, has officially filed for bankruptcy in a Delaware court. According to federal court records, the company, also known as RAC Dealership, LLC, filed for Chapter 7 bankruptcy in the Delaware Bankruptcy Court on March 14, 2023. Chapter 7 bankruptcy is filed without the requirement of a repayment plan, and as such, involves the bankruptcy trustee gathering and selling the assets of the person or business filing bankruptcy. According to American Car Center's bankruptcy petition, the company has between 1,000 and 5,000 creditors to pay out, with between $50 million and $100 million in assets and that same value range in debt. American Car Center's website lists more than 40 locations mainly across the southeast. The Tennessee State Department of Labor also has a notice on its website saying the agency was notified of a permanent closure on February 24, 2023. A message on American Car Center's website tells customers their payments are now being handled by Westlake Portfolio Management, who will also handle all lease-related customer service needs. These are the options they listed for customers to continue to make payments: Pay online through the payment portal Pay by phone by calling (877) 720-4477 Pay in person at a CheckFreePay location An apology was also included in the message; they also mentioned updates would be posted on the website. About American Car Center American Car Center is the Memphis-based used car dealer. RAC Dealership, LLC, doing business as American Car Center, sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10318) on March 14, 2023. In its petition, the Debtor listed assets and liabilities between $50 million and $100 million. The Debtor is represented by: Joseph M Mulvihill, Esq. Young Conaway Stargatt & Taylor, LLP Rodney Square 1000 N. King Street Wilmington, DE 19801 302-571-6600 Email: bankfilings@ycst.com RENNASENTIENT INC: Taps Abacus Accounting Center as Tax Preparer ---------------------------------------------------------------- Rennasentient, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Abacus Accounting Center, LLC to assist in filing tax returns for 2022. The firm estimates the cost of preparing the Debtor's 2022 tax returns to be $2,500. As disclosed in court filings, Abacus Accounting Center is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Trey D. Horton, CPA Abacus Accounting Center, LLC 1660 South Albion St., Suite 518 Denver, CO 80222 Main: 303-275-8910 Fax: 303-275-8914 Email: gh@abacusaccountingcenter.com About Rennasentient Inc. Rennasentient, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-00485) on February 21, 2023, with up to $1 million in assets and up to $10 million in liabilities. Eric Webb, president of Rennasentient, signed the petition. Judge David M. Warren oversees the case. Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as legal counsel. REVERSE MORTGAGE: Seeks to Extend Plan Exclusivity to June 28 ------------------------------------------------------------- Reverse Mortgage Investment Trust Inc. asks the U.S. Bankruptcy Court for the District of Delaware to extend by approximately 90 days its exclusive periods to file a Chapter 11 plan and solicit acceptances thereof to June 28, 2023 and to August 28, 2023, respectively. The Debtor explained that although it has obtained conditional approval of the Amended Disclosure Statement and commenced solicitation of votes prior to the expiration of the current exclusive periods, it is seeking the required extension out of an abundance of caution to allow sufficient time to, if necessary, modify the Amended Plan and resolicit votes within the exclusive periods. Reverse Mortgage Investment Trust Inc. is represented by: Michael J. Barrie, Esq. Jennifer R. Hoover, Esq. Kevin M. Capuzzi, Esq. John C. Gentile, Esq. BENESCH, FRIEDLANDER, COPLAN & ARONOFF LLP 1313 North Market Street, Suite 1201 Wilmington, DE 19801 Tel: (302) 442-7010 Email: mbarrie@beneschlaw.com jhoover@beneschlaw.com kcapuzzi@beneschlaw.com jgentile@beneschlaw.com - and - Stephen Hessler, Esq. Thomas Califan, Esq. Anthony Grossi, Esq. SIDLEY AUSTIN LLP 787 Seventh Avenue New York, New York 10019 Tel: (212) 839-5300 Email: shessler@sidley.com tom.califano@sidley.com agrossi@sidley.com About Reverse Mortgage Investment Trust Reverse Mortgage Investment Trust Inc. is an originator and servicer of reverse mortgage loans. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-11225) on November 30, 2022. In the petition signed by Craig Corn, chief executive officer, the Debtors disclosed up to $50 billion in both assets and liabilities. Judge Mary F. Walrath oversees the case. The Debtors tapped Sidley Austin LLP as general bankruptcy counsel, Benesch, Friedlander, Coplan, and Aronoff LLO as local bankruptcy counsel, FTI Consulting Inc. as financial advisor, and Kroll Restructuring Administration LLC as noticing and claims agent. Leadenhall Capital Partners LLP, as agent to the postpetition secured lenders, is advised by Latham & Watkins LLP and Young, Conaway Stargatt & Taylor LLP, as counsel; BRG, as financial advisor; and Moelis as investment banker. Texas Capital Bank has retained Paul, Weiss, Rifkind, Wharton & Garrison LLP as counsel. Longbridge Financial, LLC has retained Weil, Gotshal & Manges LLP, Lowenstein Sandler LLP, and Richards, Layton & Finger as counsel; and Houlihan Lokey, Inc., as financial advisor. RICE ENTERPRISES: Taps Trinkle Marakovits & MacKenzie as Accountant ------------------------------------------------------------------- Rice Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Trinkle Marakovits & MacKenzie, P.C. as its accountant. The firm's services include: a. providing the Debtor with financial advice regarding the continued operation of its business; b. performing the following duties on behalf of the Debtor: 1. Accounts Payable 2. Bank Reconciliations 3. Preparation of financial statements 4. Preparation of the Monthly Operating Reports required by this Court. 5. Preparing Budgets 6. Tax Preparation 7. Consulting c. performing all other necessary accounting services. The Debtor will pay the accountant a monthly fee of $600 per restaurant or a total of $5,280 per month for all eight restaurants. As of Jan. 1, the hourly rates for any additional work are as follows: Steve Marakovitz $400 Jodi Mackenzie $400 Tyler Clemmer $200 Kathy Rush $150 Dawn Mackenzie $400 As disclosed in court filings, Trinkle Marakovits & MacKenzie does not represent interests adverse to the Debtor or the estate in the matters upon which it is to be engaged. The firm can be reached through: Stephen A. Marakovits, CPA Trinkle Marakovits & MacKenzie PC 3939 West Dr #100 Center Valley, PA 18034 Phone: +1 484-442-1330 About Rice Enterprises Rice Enterprises, LLC operates in the restaurants industry. The company is based in Pittsburgh, Pa. Rice Enterprises filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-20556) on March 15, 2022, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Michelle Rice, sole member of Rice Enterprises, signed the petition. Judge Bohm oversees the case. The Debtor tapped Kirk B. Burkley, Esq., at Bernstein-Burkley, P.C. as legal counsel and Trinkle Marakovits & MacKenzie, P.C. as accountant. RICH'S DELICATESSEN: Capital Infusion to Fund Plan Payments ----------------------------------------------------------- Rich's Delicatessen & Liquors, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a First Amended Plan of Reorganization for Small Business under Subchapter V dated March 27, 2023. Rich's Delicatessen and Liquors, Inc. ("Rich's Deli"), is an Illinois corporation which operates a family-owned grocery store business. Rich's Deli opened for business in 1990 at 857 N. Western Ave., Chicago, Illinois 60622 and has operated from that location continuously. Originally, Richard Machnicki and his wife, Kathy Machnicki were the sole shareholders of the business and Richard ran the day-to-day operations of the store. However, in 2017, Richard and Kathy were involved in an acrimonious divorce proceeding in which Kathy was awarded sole ownership of the Debtor. Izabella Machnicki, the daughter of Richard and Kathy, was thereafter appointed as an officer and director of the Debtor and currently runs the day-to-day operations of Rich's Deli. However, when Izabella took over the operation of the business in 2002, she discovered the accounting system for the business was in disarray, that employees had been stealing both monies and product, and that many accounting records were missing. In 2022, the Debtor received an IRS levy for delinquent payroll taxes and the Internal Revenue Service was threatening to take further collection and enforcement actions against the Debtor. Accordingly on November 28, 2022, the company sought protection from its creditors under Chapter 11 of the Bankruptcy Code as a Small Business. Because ownership has never defaulted on payment to its creditors, the sole shareholder of the Debtor will infuse sufficient capital into the business to pay all creditors a 100% dividend upon the Effective Date of the Plan. This Plan of Reorganization proposes to pay creditors of the Debtor from an infusion of sufficient capital from its sole shareholder. The Plan provides for payment of one class of priority claims and one class of general unsecured nonpriority claims. Both priority and non-priority unsecured creditors holding allowed claims will receive payment, within 90 days from the Effective Date of the Plan of 100% of their Claim which will made by Eduardo Izzi as the disbursing agent on behalf of the Debtor if the Plan is consensual. If this is not a consensual plan, the distributions will be made by the Subchapter V Trustee, Neema T Varghese. This Plan also provides for the payment of administrative claims. The Plan does not provide for any payments or distributions to the holder of the equity interest. Class 1 consists of the Secured Claim of the Small Business Administration ("SBA"). Secured Claim of the SBA shall be paid in accordance with the terms of the loan. Class 2 consists of all Priority Claims, including those of the Internal Revenue Service, the Illinois Department of Revenue, and the Illinois Department of Employment Security. Priority Claims shall be paid, in full, in cash, within 90 days of the Effective Date of the Plan. The holders of Priority Tax Claims shall be limited to the cash payments provided herein and shall neither receive nor retain on account of such Claims any interest in, claims against, or rights, privileges or powers in respect of the Debtor, or any of the Debtor's assets or property. Class 3 consists of Allowed General Unsecured Non-Priority Claims. General Unsecured Non-Priority Claims aggregate approximately $6,343.11 as set forth on the Unsecured Non-Priority Claims Register. Class 4 consists of Equity Interest of Kathy Machnicki. No property or other consideration will be paid or distributed to the holder, Kathy Machnicki, who will retain his 100% stock ownership of the Debtor. This Plan is self-executing. The Debtor shall not be required to execute any newly created documents to evidence the claims, liens or terms of repayment to the holder of an Allowed Claim. The Plan shall be funded by the infusion of sufficient capital from its sole shareholder, Kathy Machnicki, to entirely fund the Plan within 90 days from the Effective Date of the Plan. A full-text copy of the First Amended Plan dated March 27, 2023 is available at https://bit.ly/3znwgEq from PacerMonitor.com at no charge. Attorneys for the Debtor: David R. Herzog, Esq. Law Office of David R. Herzog, LLC 53 West Jackson St., Suite 1442 Chicago, IL 60604 Telephone: (312) 977-1600 Email: drh@dherzoglaw.com About Rich's Deli Rich's Food & Liquors, Inc., and Rich's Delicatessen & Liquors, Inc. are family-owned and operated specialty European grocery stores. Both stores feature mostly European and Polish products. Rich's Food store is located at 4747 N Harlem Ave., Harwood Heights, Ill., while Rich's Deli store is located at 857 N Western Ave., Chicago, Ill. Rich's Food & Liquors, Inc., and Rich's Delicatessen & Liquors Inc. each filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22 13563 and 22-13693) on Nov. 28, 2022. In the petitions filed by their manager, Mark Allen, Rich's Food disclosed $1 million to $10 million in both assets and liabilities while Rich's Deli reported $100,000 to $500,000 in assets and $500,000 to $1 million in liabilities. Judge Jacqueline P. Cox oversees the cases. The Debtors are represented by David R. Herzog, Esq., at the Law Office of David R. Herzog, LLC. RICH'S FOOD: Capital Infusion to Fund Plan Payments --------------------------------------------------- Rich's Food & Liquors, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a First Amended Plan of Reorganization for Small Business under Subchapter V dated March 27, 2023. The Debtor is an Illinois corporation which operates a family-owned grocery store business. Rich's Foods opened for business in 2001 at 4747 N. Harlem Ave., Harwood Heights, Illinois 60706 and has operated from that location continuously. Originally, Richard Machnicki and his wife, Kathy Machnicki were the sole shareholders of the business and Richard ran the day-to-day operations of the store. However, in 2017, Richard and Kathy were involved in an acrimonious divorce proceeding in which Kathy was awarded sole ownership of the Debtor. Izabella Machnicki, the daughter of Richard and Kathy, was thereafter appointed as an officer and director of the Debtor and currently runs the day-to-day operations of Rich's Foods. However, when Izabella took over the operation of the business in 2002, she discovered the accounting system for the business was in disarray, that employees had been stealing both monies and product, and that many accounting records were missing. The Debtor was advised in the late summer of 2022 that Rich's Foods was delinquent in payment of its payroll taxes to the IRS which was threatening to levy on the Debtor's assets. Accordingly on November 22, 2022, the company sought protection from its creditors under Chapter 11 of the Bankruptcy Code as a Small Business. Because ownership has never defaulted on payment to its creditors, the sole shareholder of the Debtor will infuse sufficient capital into the business to pay all creditors a 100% dividend upon the Effective Date of the Plan. This Plan of Reorganization proposes to pay creditors of the Debtor from an infusion of sufficient capital from its sole shareholder. The Plan provides for payment of one class of priority claims and one class of general unsecured nonpriority claims. Both priority and non-priority unsecured creditors holding allowed claims will receive payment, within 90 days from the Effective Date of the Plan of 100% of their Claim which will made by Eduardo Izzi as the disbursing agent on behalf of the Debtor if the Plan is consensual. If this is not a consensual plan, the distributions will be made by the Subchapter V Trustee, Neema T Varghese. This Plan also provides for the payment of administrative claims. The Plan does not provide for any payments or distributions to the holder of the equity interest. Class 1 Priority Claims shall be paid, in full, in cash, within 90 days of the Effective Date of the Plan. Class 2 consists of General Unsecured Non-Priority Claims. General Unsecured Non-Priority Claims aggregate approximately $388,650.98 as set forth on the Unsecured Non-Priority Claims Register. Class 3 consists of Equity Interest. No property or other consideration will be paid or distributed to the holder, Kathy Machnicki, who will retain his 100% stock ownership of the Debtor. This Plan is self-executing. The Debtor shall not be required to execute any newly created documents to evidence the claims, liens or terms of repayment to the holder of an Allowed Claim. The Plan shall be funded by the infusion of sufficient capital from its sole shareholder, Kathy Machnicki, to entirely fund the Plan within 90 days from the Effective Date of the Plan. A full-text copy of the First Amended Plan dated March 27, 2023 is available at https://bit.ly/3nzlsR5 from PacerMonitor.com at no charge. Attorneys for the Debtor: David R. Herzog, Esq. Law Office of David R. Herzog, LLC 53 West Jackson St., Suite 1442 Chicago, IL 60604 Telephone: (312) 977-1600 Email: drh@dherzoglaw.com About Rich's Deli Rich's Food & Liquors, Inc., and Rich's Delicatessen & Liquors, Inc. are family-owned and operated specialty European grocery stores. Both stores feature mostly European and Polish products. Rich's Food store is located at 4747 N Harlem Ave., Harwood Heights, Ill., while Rich's Deli store is located at 857 N Western Ave., Chicago, Ill. Rich's Food & Liquors, Inc., and Rich's Delicatessen & Liquors Inc. each filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-13563 and 22-13693) on Nov. 28, 2022. In the petitions filed by their manager, Mark Allen, Rich's Food disclosed $1 million to $10 million in both assets and liabilities while Rich's Deli reported $100,000 to $500,000 in assets and $500,000 to $1 million in liabilities. Judge Jacqueline P. Cox oversees the cases. The Debtors are represented by David R. Herzog, Esq., at the Law Office of David R. Herzog, LLC. SERTA SIMMONS: Contested Key Debt Deal Gets Court Blessing ---------------------------------------------------------- Amelia Pollard of Bloomberg Law reports that Serta Simmons Bedding LLC's bankruptcy judge blessed one of the most disputed aspects of a now-infamous 2020 debt deal that sparked litigation among lenders. The emergency refinancing at issue provided Serta with $200 million of fresh cash in order to stay afloat more than two years ago, but pushed some lenders back in the repayment line. US Bankruptcy Judge David R. Jones said during a hearing on Tuesday, March 28, 2023, that the transaction complied with a key aspect of the credit agreement signed with lenders years earlier, finding it counted as an "open-market purchase." About Serta Simmons Bedding Serta Simmons Bedding, together with its non-debtor affiliates, are manufacturers and marketers of bedding products in North America, operating various bedding manufacturing facilities across the United States and Canada. Serta Simmons Bedding, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90020) on Jan. 23, 2023. The petitions were signed by John Linker, chief financial officer, treasurer and assistant secretary. At the time of filing, the Debtors estimated $1 billion to $10 billion in both assets and liabilities. Gabriel Adam Morgan, Esq. at the Weil, Gotshal & Manges represents the Debtor as counsel. The Debtor also tapped Evercore Group, LLC as its investment banker; FTI Consulting, Inc. as its Financial Advisor; Epiq Corporate Restructuring, LLC as its claims and noticing agent; and Pricewaterhousecoopers LLP as its tax services advisor. SHUTTERFLY LLC: $1.11B Bank Debt Trades at 50% Discount ------------------------------------------------------- Participations in a syndicated loan under which Shutterfly LLC is a borrower were trading in the secondary market around 49.7 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.11 billion facility is a Term loan that is scheduled to mature on September 25, 2026. About $1.09 billion of the loan is withdrawn and outstanding. Shutterfly, LLC is an American photography, photography products, and image sharing company, headquartered in Redwood City, California. SILICON VALLEY BANK: FDIC Probes Management Conduct in Failures --------------------------------------------------------------- Stephanie Stoughton of Bloomberg Law reports that the Federal Deposit Insurance Corp. has launched investigations into managers' conduct in the Silicon Valley Bank and Signature Bank failures. "It is worth noting that these two institutions were allowed to fail," Martin Gruenberg, the agency's chairman, said in prepared remarks for a Senate Banking Committee hearing set for Tuesday, March 28, 2023. "Shareholders lost their investment. Unsecured creditors took losses. The boards and the most senior executives were removed." About Silicon Valley Bank Silicon Valley Bank was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, 2023, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation (FDIC). The FDIC on March 13, 2023, disclosed that it transferred all deposits -- both insured and uninsured -- and substantially all assets of the former Silicon Valley Bank of Santa Clara, California, to a newly created, full-service FDIC-operated "bridge bank" in an action designed to protect all depositors of Silicon Valley Bank. SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin Glenn is the bankruptcy judge. The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. Centerview Partners LLC is proposed financial advisor, Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed restructuring advisor to SVB Financial Group as debtor-in-possession. Kroll is the claims agent. SKAR CONSTRUCTION: Seeks to Extend Plan Exclusivity to September 12 ------------------------------------------------------------------- SKAR Construction, Inc. asks the U.S. Bankruptcy Court for the Northern District of Florida to extend the exclusive period within which it may file a plan and solicit acceptances thereof to September 12, 2023. The Debtor's current exclusive period expires on May 3, 2023. The Debtor requests this extension to provide it with additional time to stabilize its business operations and propose a confirmable plan. SKAR Construction, Inc. is represented by: Byron Wright III, Esq. Robert C. Bruner, Esq. BRUNER WRIGHT, P.A. 2810 Remington Green Circle Tallahassee, FL 32308 Tel: (850) 385-0342 Email: twright@brunerwright.com rbruner@brunerwright.com About SKAR Construction SKAR Construction, Inc. sought Chapter 11 bankruptcy protection (Bankr. N.D. Fla. Case No. 22-40365) on Nov. 16, 2022, with up to $1 million in both assets and liabilities. Judge Karen K. Specie oversees the case. Byron Wright III, Esq., at Bruner Wright, PA serves as the Debtor's counsel. SOLER & SOLER HAULING: Miami Trucking Seeks Chapter 11 Bankruptcy ----------------------------------------------------------------- Clarissa Hawes of FreightWaves reports that a Miami-based trucking company and freight brokerage, Soler & Soler Hauling Inc., which also owns a CDL training school, filed for Chapter 11 bankruptcy protection recently. According to its website, Soler & Soler Hauling was founded in 2011 by two brothers, Edisley Soler Negrin, 37, of Miami, who serves as its president, and Elisbel Soler Negrin, 38, who is the vice president of the company. The company's broker authority was granted in March 2019, according to the Federal Motor Carrier Safety Administration SAFER website The company, which has 22 tractors and 42 drivers, hauls mainly refrigerated freight throughout the U.S. and Canada. Its website states it also hauls general freight, building materials and paper products. In court filings, Soler & Soler Hauling cited "financial hardship in the past 12 months, with the most recent months being particularly difficult," as one of the main reasons it was forced to file for bankruptcy protection. The owners listed that "negative cash flow in the past eight months, high fuel prices and a higher than usual cost to keep their fleet active" were also contributing factors. Soler & Soler Hauling's trucks had been inspected 44 times, and 13 had been placed out of service for a 29.5% out-of-service rate. That is higher than the industry's national average of around 22%, according to FMCSA data. About Soler & Soler Hauling Soler & Soler is a family-owned cargo hauling company that operates interstate in 48 states. Soler & Soler Hauling, Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-11917) on March 10, 2023. The petition was signed by Edisley Soler Negrin as president. At the time of filing, the Debtor estimated $1,187,949 in assets and $5,946,472 in liabilities. Timothy S. Kingcade, Esq. at KINGCADE, GARCIA & MCMAKEN, P.A., represents the Debtor. SORRENTO THERAPEUTICS: Agrees to Creation of Shareholder Committee ------------------------------------------------------------------ Rick Archer of Law360 reports that Sorrento Therapeutics reached a deal Monday, March 27, 2023, with a shareholder group to allow an official equity committee in its Chapter 11 case at a hearing where a Texas bankruptcy judge expressed doubts about the pharmaceutical research company's claimed valuation. The Debtors previously filed an objection to the request by shareholders for an official committee. "An equity committee will not add anything to these chapter 11 cases in which the Debtors are working under a tight DIP budget and case timeline. First, the Debtors' estates already have independent fiduciaries well-positioned to ensure the integrity of the chapter 11 process. Second, investigation of potential estate causes of action is already underway through the Debtors’ independent Chief Restructuring Officer. Third, the Movants' counsel have demonstrated that they are prepared to actively participate in these cases and ably represent their clients’ interests. Fourth, the litigation claims underlying the Debtors' mediation are not at their core, shareholder-specific issues, and the fact there will be a mediation on such issues certainly is not a justification for appointment of an equity committee. And fifth, an equity committee is not needed for plan negotiations—the Debtors and their Chief Restructuring Officer have duties to all stakeholders, including shareholders", Sorrento said in court filings. "Simply put, an equity committee will impose burdensome and unnecessary costs (on an already tight budget) and these chapter 11 cases are at a critical juncture -- the Debtors are gearing up for mediation, are working collaboratively with the Official Committee of Unsecured Creditors, have kicked off a sale and financing process, and are focused on progressing these chapter 11 cases as expeditiously as possible. As such, the Debtors cannot afford further costly distraction." Eagle Rock Capital Management, Atlas Fundamental Advisors, HZ Investments, LLC, Invictus Global Management, LLC, Kenneth Grossman, Kevin Barnes, Michael Connell and Adam Gui had filed an emergency motion to direct the U.S. Trustee to appoint an official equity committee. According to an agreed order signed March 29, 2023, the Debtors and the Creditors' Committee have agreed to the appointment of an official committee of equity security holders on these terms: * The fees of the Official Equity Committee, inclusive of any fees of any legal and financial advisors of the Official Equity Committee, shall be limited to an initial amount of $350,0000 plus expenses not to exceed $50,000.00 (the "EC Cap"). * The Debtors' estates shall not pay the fees and expenses of the Official Equity Committee that exceed the EC Cap unless (i) the allowed claims of the general unsecured creditors are paid in full in cash, or (ii) (x) the allowed claims of the general unsecured creditors are paid in full under a plan in assets other than cash, (y) such plan is supported by the Debtors and the Creditors' Committee, and (z) the Creditors’ Committee acknowledges that such payment constitutes payment in full of allowed claims of the general unsecured creditors. * The Official Equity Committee's advisors shall be paid in accordance with any order establishing procedures for interim compensation and reimbursement of expenses for professionals. * The allowance of fees and expenses incurred by the Official Equity Committee and any advisors retained by the Official Equity Committee shall be in compliance with sections 328, 330, and 331 of the Bankruptcy Code (as applicable) and applicable provisions of the Bankruptcy Rules, Local Rules, and any other applicable procedures and orders of the Bankruptcy Court. Subject to the approval of the Court, the parties agree that the Official Equity Committee may seek third-party financing that will have recourse solely to, but shall be repaid in full before, any recovery afforded to the holders of the Debtors' equity interests. About Sorrento Therapeutics Sorrento Therapeutics, Inc. (OTC: SRNEQ -- http://www.sorrentotherapeutics.com/-- is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as next-generation tyrosine kinase inhibitors ("TKIs"), fully human antibodies ("G-MAB(TM) library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions, including COVIMARK(TM). Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of $1 billion and liabilities of about $235 million as of Feb. 10, 2023. Judge David R. Jones oversees the cases. Jackson Walker LLP and Latham & Watkins LLP are serving as legal counsel to Sorrento. M3 Partners is serving as restructuring advisor. Stretto Inc. is the claims agent. On Feb. 28, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by the law firms of Norton Rose Fulbright US, LLP and Milbank, LLP. SOUTHFIELD VENTURES: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Southfield Ventures, LLC 28100 Franklin Road Southfield, MI 48034 Business Description: Southfield Ventures is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: March 30, 2023 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 23-42948 Debtor's Counsel: Robert Bassel, Esq. Tel: 248-677-1234 Email: bbassel@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ernest Charles Barreca as principal. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ZAVMMSY/Southfield_Ventures_LLC__miebke-23-42948__0001.0.pdf?mcid=tGE4TAMA SPARKLES BEAUTY: Unsecured Creditors to Get 0% in Plan ------------------------------------------------------ Sparkles Beauty Bar LLC filed with the U.S. Bankruptcy Court for the District of Nevada a Disclosure Statement for Small Business dated March 28, 2023. The Debtor is a Limited Liability Company. Since 2021, the Debtor has been in the business of offering salon services. The Debtor has two locations in Las Vegas and no other locations currently in operation, although the Debtor seeks to expand operations as the opportunity arises. The Debtor's business experienced a slowdown in the aftermath of the pandemic which led the Debtor to seek loans in the form of cash advance loans with onerous repayment terms. The Debtor became overextended in the repayment of these loans which led to delinquency on basic operating expenses such as lease payments for each business location. General unsecured creditors are classified in Class 7, and will receive a distribution of 0.00% (zero) of their allowed claims, to be distributed pro-rata. Class 1 consists of the Secured claim of Palm Deluxe Plaza, LLC for pre-petition arrears on Lease agreement in the amount of $12,520.04. The stipulation between Debtor and Palm Deluxe Plaza, LLC shall govern the treatment for this claim. The Class 1 creditor shall receive payment of their claim in full by Sept 20, 2023. Payments shall be disbursed by Debtor directly to Creditor. Class 2 consists of the Secured claim of The Shops at Summerlin North, LP for pre-petition arrears on Lease Agreement in the amount of$31,597.70. Class 2 creditor(s) shall receive payment of their claim in full at 0.00% interest over the life of the plan. Payments will be disbursed by debtor directly to the creditor. Class 3 consists of the Secured claim of Business Funding in the amount of $14,889.53. Class 3 creditor(s) shall receive payment of their claim in full at 7.00% interest over the life of the plan. Payments will be disbursed by debtor directly to the creditor. Class 4 consists of the Secured claim of Fox Business Funding in the amount of $30,000.00, Creditor(s) shall receive payment of their claim in full at 7.00% interest over the life of the plan. Payments will be disbursed by debtor directly to the creditor. Class 5 consists of the Secured claim of Premier Capital Funding in the amount of $50,000.00. Class 5 creditor(s) shall receive payment of their claim in full at 0.00% interest over the life of the plan. Payments will be disbursed by debtor directly to the creditor. Class 6 consists of the Secured claim of Sport Clips / V Blotique in the amount of $70,000.00. Class 6 creditor(s) shall receive payment of their claim in full at 0.00% interest over the life of the plan. Payments will be disbursed by debtor directly to the creditor. Class 7 consists of General Unsecured Claims estimated in the amount of$129,690.75. This Class will receive a distribution of 0.00% of their allowed claims. Equity security holder(s) shall not receive any distributions under the plan, shall retain their interest in the Debtor, and shall pay "new value" to the Debtor in the amount of $5,000. Payments and distributions under the Plan will be funded by income or profit from the debtor, and each disbursement shall be disbursed by the debtor directly to the creditor. The Plan Proponent's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post-confirmation taxes, of $53,642. The final Plan payment is expected to be paid on June 1, 2033. A full-text copy of the Disclosure Statement dated March 28, 2023 is available at https://bit.ly/40ThvoI from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Seth D. Ballstaedt, Esq. Ballstaedt Law Firm dba Ball Bankruptcy 8751 W. Charleston Blvd., Suite 220 Las Vegas, NV 89117 Telephone: (702) 715-0000 Facsimile: (702) 666-8215 Email: help@bkvegas.com About Sparkles Beauty Bar LLC Sparkles Beauty Bar LLC is a Limited Liability Company. Since 2021, the Debtor has been in the business of offering salon services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bakr. D. Nev. Case No. 22-13453) on September 26, 2022. In the petition signed by Stacey Bledsoe, managing member, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge August B. Landis oversees the case. Seth D. Ballstaedt, Esq., at Fair Fee Legal Services, is the Debtor's legal counsel. SPIN HOLDCO: $2B Bank Debt Trades at 16% Discount ------------------------------------------------- Participations in a syndicated loan under which Spin Holdco Inc is a borrower were trading in the secondary market around 84.3 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $2 billion facility is a Term loan that is scheduled to mature on March 4, 2028. The amount is fully drawn and outstanding. Spin Holdco Inc. provides laundry solutions. The Company offers residential and commercial laundry solutions, as well as tire inflation and vacuum vending services at convenience stores and gas stations. Spin Holdco serves clients in North America and Europe. STARRY GROUP: Unsecureds to Recover 0.4% to 4% in Joint Plan ------------------------------------------------------------ Starry Group Holdings, Inc., and its Debtor Affiliates submitted an Amended Disclosure Statement for Amended Joint Chapter 11 Plan of Reorganization dated March 28, 2023. The Plan is the product of extensive, vigorous, arm's-length and good-faith negotiations among the Debtors and the Consenting Prepetition Lenders. The Debtors are pursuing on parallel paths both the Restructuring and a Sale Transaction. Any Sale Transaction may be implemented pursuant to the Plan and the Confirmation Order or pursuant to a separate 363 Sale Order. The Debtors may sell all or substantially all of their assets or the Reorganized Starry Holdings Equity in a Sale Transaction under the Plan or a 363 Sale Order, in which case the proceeds thereof shall be distributed in accordance with the applicable provisions of the Plan, the Debtors will be wound down, and the Restructuring will not occur. If the Debtors do not sell all or substantially all of their assets or the Reorganized Starry Holdings Equity under the Plan or a 363 Sale Order, they will consummate the Restructuring. In the event of a Restructuring, the Plan will allow the Debtors to strengthen their balance sheet as described more fully herein, and will also ensure that the Debtors continue to operate as a going concern, preserving the jobs of the Debtors' employees. United States Trustee Statutory Fees and Related Reporting Requirements. All fees pursuant to 28 U.S.C. § 1930(a)(6) and any interest assessed pursuant to 31 U.S.C. § 3717 ("U.S. Trustee Fees") that are due and owing as of the Effective Date shall be paid by the Debtors in full in Cash on the Effective Date. The Debtors shall file all monthly operating reports due prior to the Effective Date when they become due, using UST Form 11-MOR. After the Effective Date, the Debtors, Reorganized Debtors and Plan Administrator, as applicable, shall file with the Bankruptcy Court separate UST Form 11-PCR reports when they become due. After the Effective Date, the Debtors, Reorganized Debtors, and Plan Administrator, as applicable, shall pay any and all applicable U.S. Trustee Fees in full in Cash when due and payable. The Debtors, Reorganized Debtors, and Plan Administrator, as applicable, shall remain obligated to pay any applicable U.S. Trustee Fees until the earliest of the closure, dismissal, or conversion to a case under Chapter 7 of the Bankruptcy Code of the case of that particular Debtor for whom the Debtors, Reorganized Debtors, or Plan Administrator, as applicable, is responsible. The U.S. Trustee shall not be treated as providing any release under the Plan. U.S. Trustee Fees are Allowed. The U.S. Trustee shall not be required to file any proof of claim or any request for administrative expense for U.S. Trustee Fees. These Claims are unclassified under the Plan and are not entitled to vote. Class 3 consists of Prepetition Term Loan Claims. The amount of claim in this Class total $256,016. This Class will receive a distribution of 39% of their allowed claims. On the Effective Date, the Prepetition Agent shall receive Cash in an amount sufficient to pay all outstanding unreimbursed fees and expenses, if any, and except to the extent that a Holder of an Allowed Prepetition Term Loan Claim agrees to less favorable treatment, each Holder of an Allowed Prepetition Term Loan Claim shall receive, in full and final satisfaction of its Allowed Prepetition Term Loan Claim: * In the event of a Restructuring, its Pro Rata of the New Common Equity (subject to dilution by the Management Incentive Plan and New Warrants); or * In the event of a Sale Transaction, except as otherwise provided in and giving effect to any applicable Sale Order, its Pro Rata Share of (1) Cash held by the Debtors immediately prior to consummation less, (2) without duplication, (a) the Cash to be distributed to Holders of Claims, (b) the amount required to fund the Professional Fee Escrow Account, and (c) the Wind-Down Budget. Class 4 consists of General Unsecured Claims. The allowed unsecured claims total $50,000 - $70,000. This Class will receive a distribution of 0.4 - 4.0% of their allowed claims. On the Effective Date, except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtor against which such Allowed General Unsecured Claim is asserted agree to less favorable treatment for such Holder, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of its Allowed General Unsecured Claim: * In the event of a Restructuring: Each Participating GUC Holder shall receive in full and final satisfaction of its Allowed General Unsecured Claim, its Pro Rata Share of the greater of (a) $250,000; and (b) the difference between (i) the amount of professional fees of the Debtor Professionals and Committee Professionals set forth in the Initial Budget minus (ii) the actual amount of professional fees and expenses Allowed to such Retained Professionals at any time, subject to a cap of $2,000,000; and * In the event of a Sale Transaction: Each Participating GUC Holder shall receive in full and final satisfaction of its Allowed General Unsecured Claim, its Pro Rata Share of the greatest of (a) $250,000; (b) the difference between (i) the amount of professional fees of the Debtor Professionals and Committee Professionals set forth in the Initial Budget minus (ii) the actual amount of professional fees and expenses Allowed to such Retained Professionals at any time, subject to a cap of $2,000,000; and (c) except as otherwise provided in and giving effect to any applicable Sale Order, after the Holders of Allowed Prepetition Term Loan Claims and the Holders of Allowed Claims entitled to priority of payment under 11 U.S.C. § 507 have been satisfied in full in Cash, the amount of Cash, if any, to which Allowed General Unsecured Claims are legally entitled under the Bankruptcy Code. In the event of a Restructuring, the Debtors' exit financing will comprise (1) new money funding to the Reorganized Debtors in the amount $11 million on a committed basis and $10 million on an uncommitted basis on terms sufficient to establish feasibility of the Plan and as otherwise set forth in the Exit Facility Term Sheet; and (2) Rollover Exit Facility Loans in the approximate amount of $80.3 million representing the estimated total amount of accrued DIP Facility Claims as of the Effective Date converted on a dollar-for-dollar basis into exit financing. The Plan provides that, in the event of a Restructuring, within 120 days after the Effective Date, the New Board shall adopt the Management Incentive Plan. Confirmation of the Plan does not constitute the Court's approval of or endorsement of the terms of the Management Incentive Plan. The provides for consolidation of the Debtors solely for purposes of voting, Confirmation, and distribution, but not for any other purpose. The Debtors reserve the right to seek substantive consolidation of the Debtors. in connection with Confirmation, but substantive consolidation shall not affect the legal and organizational structure of the Reorganized Debtors or their separate corporate existences and will not change the distributions to Holders of Claims compared to what is proposed in the Plan. A full-text copy of the Amended Disclosure Statement dated March 28, 2023 is available at https://bit.ly/3m2blnq from KURTZMAN CARSON CONSULTANTS LLC, claims agent. Proposed Counsel for Debtors: LATHAM & WATKINS LLP Jeffrey E. Bjork, Esq. Ted A. Dillman, Esq. Jeffrey T. Mispagel, Esq. 355 South Grand Avenue, Suite 100 Los Angeles, California 90071 Telephone: (213) 485-1234 Facsimile: (213) 891-8763 Email: jeff.bjork@lw.com ted.dillman@lw.com jeffrey.mispagel@lw.com - and -- Jason B. Gott, Esq. 330 North Wabash Avenue, Suite 2800 Chicago, Illinois 60611 Telephone: (312) 876-7700 Facsimile: (312) 993-9767 Email: jason.gott@lw.com YOUNG CONAWAY STARGATT & TAYLOR, LLP Michael R. Nestor, Esq. Kara Hammond Coyle, Esq. Joseph M. Mulvihill, Esq. Timothy R. Powell, Esq. Rodney Square, 1000 North King Street Wilmington, Delaware 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: mnestor@ycst.com kcoyle@ycst.com jmulvihill@ycst.com tpowell@ycst.com 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 Feb. 20, 2023. The petitions were signed by William J. Lundregan as authorized officer. As of Sept. 30, 2022, Starry Group had $270.6 million in total assets against $309.7 million in total liabilities. The Hon. Karen B. Owens oversees the cases. YOUNG CONAWAY STARGATT & TAYLOR, LLP and LATHAM & WATKINS LLP serve as counsel to the Debtors; PJT PARTNERS LP serves as their investment banker; and FTI CONSULTING, INC. as their financial advisors. KURTZMAN CARSON CONSULTANTS LLC is the claims and noticing agent. STEEL-BRITE POLISHING: Case Summary & Four Unsecured Creditors -------------------------------------------------------------- Debtor: Steel-Brite Polishing Corp. 860 Townley Avenue Union, NJ 7083 Chapter 11 Petition Date: March 31, 2023 Court: United States Bankruptcy Court District of New Jersey Case No.: 23-12693 Debtor's Counsel: Eric S. Landau, Esq. LAW OFFICE OF ERIC S. LANDAU 50 Fountain Plaza Suite 1400 Buffalo, NJ 14202 Tel: 718-440-6723 Email: ericslandau@gmail.com Total Assets: $1,300,000 Total Liabilities: $695,000 The petition was signed by Elliot Gindi as president. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7QRTOFI/Steel-Brite_Polishing_Corp__njbke-23-12693__0001.0.pdf?mcid=tGE4TAMA STRUCTURAL TECHNOLOGY: Court OKs Final Cash Collateral Access ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona authorized Structural Technology Custom Homes LLC to use cash collateral on a final basis in accordance with the budget, with a 20% variance. The Debtor is permitted to use cash collateral to pay post-petition operating expenses in the ordinary course of its businesses. This includes a monthly adequate protection payment to the Small Business Administration in the amount of $731 per month, starting February 1, 2023. The Court said any creditor holding a valid and enforceable prepetition security interest in any pre-petition property of the estate will have: -- a post-petition replacement lien on the same type of post-petition assets acquired by the Debtor after the Petition Date, if any, and in the same validity, priority, and extent as such creditor possessed a lien on property on the Petition Date, and -- all the rights and remedies of a secured creditor in connection with the replacement liens granted by the Order, except to the extent that the Bankruptcy Code may affect such rights and remedies. The liens will be effective without perfection and as against any successors of the Debtor, including any trustee. A copy of the order is available at https://bit.ly/3TV5Qn1 from PacerMonitor.com. A copy of the budget is available at https://bit.ly/3JYSbqj from PacerMonitor.com. The Debtor projects total expenses, on a monthly basis, as follows: $27,729 for April 2023; $27,729 for May 2023; $27,729 for June 2023; $27,729 for July 2023; and $27,729 for August 2023. About Structural Technology Custom Homes LLC Structural Technology Custom Homes LLC is a home repair company serving Mesa, Ariz., and the surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 23-00080) on January 6, 2023. In the petition signed by Joseph Rubanow, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Brenda K. Martin oversees the case. D. Lamar Hawkins, Esq., at Guidant Law, PLC, represents the Debtor as legal counsel. SUNSET DEBT: $1.63B Bank Debt Trades at 16% Discount ---------------------------------------------------- Participations in a syndicated loan under which Sunset Debt Merger Sub Inc is a borrower were trading in the secondary market around 84.4 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.63 billion facility is a Term loan that is scheduled to mature on October 6, 2028. The amount is fully drawn and outstanding. SIWF Holdings Inc. (Sunset Debt Merger Sub Inc.) was formed by AEA Investors LP and British Columbia Investment Management Corporation to facilitate their acquisition of Springs Window Fashions LLC from Golden Gate Capital. Springs Window Fashions supplies retailers and distributors with a line of blinds, shades, specialty treatments and window hardware. SUNSHINE ADULT: Unsecureds Will Get 63.35% Dividend in Plan ----------------------------------------------------------- Sunshine Adult Social Center, Corp., submitted an Amended Small Business Disclosure Statement describing Amended Plan of Reorganization dated March 28, 2023. The Debtor will continue its operation as a Nursing and Personal Care Center for Adults. The Plan will be financed from continuing operating income, reorganized business operations of the Debtor, from the timely collections of outstanding receivables, as well as from funds accumulated in the Debtor's DIP accounts. Class I consists of claims of general unsecured Creditors in the Debtor's case totaling approximately $253,902.55. The Debtor proposes to pay 63.35% dividend of their allowed claims as set forth herein: * The claim of Consolidated Edison Company of New York, Inc. will be paid 63.35% dividend ($3,956.08) in the following manner: (a) an initial payment of $772.62 will be made on the effective date of the Plan; (b) the balance of $3,183.46 shall be paid within 60 months by equal installment payments of $53.06 commencing on the next month after the initial payment. * The claim of NYS Department of Labor is a placeholder claim with no monetary amount assigned, thus no monetary distribution shall be made to such claimant. * CitiBusiness will not receive any treatment under the Plan of reorganization as the debt will be forgiven. * The claim of Citi Business Card will be paid 63.35% dividend ($3,717.97) in the following manner: (a) an initial payment of $726.11 will be made on the effective date of the Plan; (b) the balance of $2,991.86 shall be paid within 60 months by equal installment payments of $49.86 commencing on the next month after the initial payment. * Ellen Rose Associates, LLC: Pursuant to the term of the Consent Order assuming lease and setting forth cure terms pursuant to section 365 of the bankruptcy court reached between the Debtor and Ellen Rose Associates, the Landlord, the total pre-petition cure amount required to assume lease, as per the terms of agreement between the parties, is $127,779.25 ("cure payments") to be payable by the Debtor in the following manner: (i) a lump sum payment of $25,000.00, which represents 19.53% of total cure payments, shall be paid within 7 business days of the bankruptcy court entry of the consent order; (ii) the balance of $102,779.25, which represents 80.47% of cure payments, shall be paid over the course of 60 months in equal monthly installments of $1,712.98, with such installments beginning March 1, 2023, and on the 1st day of each month thereafter until paid in full. The cure payment of $127.779.25 represents 63.35% of the general unsecured claim of Ellen Rose Associates. Class II consists of Equity interest holders. Arkady Khavulya, the equity interest holder, shall retain his interest in the Debtor following confirmation, in consideration of a new value contribution, being made by them as the equity holders, toward the payment of general unsecured creditor claims. The Debtor's president will contribute funds in installments over the life of the plan, on as needed basis. The Plan will be financed from continuing operating income, reorganized business operations of the Debtor, from timely collections of outstanding receivables, as well as from funds accumulated in the Debtor's DIP account. A full-text copy of the Amended Disclosure Statement dated March 28, 2023 is available at https://bit.ly/42WaoO0 from PacerMonitor.com at no charge. Attorney for Debtor: Alla Kachan, Esq. 2799 Coney Island Ave., Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-315 E-mail: alla@kachanlaw.com About Sunshine Adult Social Center Sunshine Adult Social Center sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 20-44231) on Dec. 9, 2020, disclosing $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Jil Mazer-Marino oversees the case. The Debtor tapped the Law Offices of Alla Kachan as its legal counsel and Wisdom Professional Services Inc. as its accountant. TELEGRAPH SQUARE II: Seeks to Extend Plan Exclusivity by 90 Days ---------------------------------------------------------------- Telegraph Square II, a Condominium Unit Owners Association asks the U.S. Bankruptcy Court for the Eastern District of Virginia to extend its exclusive right to file and solicit acceptances of a Chapter 11 plan of reorganization by a period of 90 days. The Court previously granted the Debtor's third motion to extend the period to exclusively file a plan of reorganization and to solicit acceptances thereof to April 23, 2023 and June 12, 2023, respectively. Prior to the petition date, the Debtor caused an appeal to be filed with the Court of Appeals of Virginia from the judgment entered in a civil action that was commenced by one of its unit owners. The Debtor stated that it is seeking a further extension of exclusivity which will preserve its exclusivity while allowing the appeal to conclude. Telegraph Square II is represented by: Robert M. Marino, Esq. REDMON PEYTON & BRASWELL, LLP 510 King Street, Suite 301 Alexandria, VA 22314 Tel: (703) 684-2000 Email: rmmarino@rpb-law.com About Telegraph Square II Telegraph Square II, a Condominium Unit Owners Association is engaged in activities related to real estate. The association is based in Fairfax, Va. Telegraph Square sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 22-10302) on March 16, 2022, with $248,032 in assets and $1,129,919 in liabilities. Stephanie Tavares, secretary and treasurer, signed the petition. Judge Klinette H. Kindred oversees the case. The Debtor tapped Robert M. Marino, Esq., at Redmon Peyton & Braswell, LLP as bankruptcy counsel; Reed Smith, LLP as special counsel; and Analytic Financial Group, LLC, doing business as Corporate Matters, as financial services provider. TERRA MANAGEMENT: Seeks to Extend Plan Exclusivity to June 15 ------------------------------------------------------------- Terra Management Group, LLC and Littleton Main Street LLC ask the U.S. Bankruptcy Court for the District of Colorado for a final extension to the exclusivity period to obtain acceptances of a chapter 11 plan of reorganization to June 15, 2023. The Debtors' acceptance period was previously extended to December 30, 2022. Prior to the expiration of the extended acceptance period, the Debtors filed another motion requesting that the acceptance period be extended to March 29, 2023. This motion is currently pending before the Court. The Debtors believe good cause exists for granting an extension of the acceptance period to June 15. The Debtors explained that they have moved forward in the case in good faith by having a plan on file and attending mediation in their Colorado state court litigation with Kathleen Keaten and her daughter Delaney Keaten. The mediation is concluded and, on March 16, 2023, Keatens’ state court judgment was affirmed. At a status conference on March 16, 2023, the Court ordered that any plan amendments be filed by April 6, 2023 and that the next hearing in the case will be on May 4, 2023. Terra Management Group, LLC and Littleton Main Street LLC are represented by: Michael J. Pankow, Esq. Amalia Y. Sax-Bolder, Esq. BROWNSTEIN HYATT FARBER SCHRECK, LLP 410 17th Street, Suite 2200 Denver, CO 80202 Tel: (303) 223-1100 Email: mpankow@bhfs.com asax-bolder@bhfs.com About Terra Management Group and Littleton Main Street Terra Management Group, LLC is an Englewood, Colo.-based company engaged in activities related to real estate. Terra Management Group and affiliate, Littleton Main Street, LLC, filed their voluntary petitions for Chapter 11 protection (Bankr. D. Colo. Lead Case No. 21-15245) on Oct. 15, 2021. J. Marc Hendricks, president and manager of Terra Management Group, signed the petitions. At the time of the filing, Terra Management Group listed up to $100,000 in assets and up to $50 million in liabilities while Littleton listed as much as $50 million in both assets and liabilities. The Hon. Kimberley H. Tyson is the case judge. Michael J. Pankow, Esq., at Brownstein Hyatt Farber Schreck, LLP and Haynie & Company serve as the Debtors' legal counsel and tax accountant, respectively. The Debtors filed a Chapter 11 plan of reorganization and disclosure statement on May 13, 2022. TRICIDA INC: Assets Sold to Liquidity & Renibus; Plan Hearing May 3 ------------------------------------------------------------------- Tricida, Inc., submitted a Fourth Amended Disclosure Statement for Chapter 11 Plan of Liquidation dated March 27, 2023. The Plan contemplates a liquidation of the Debtor and its Estate and is therefore referred to as a plan of liquidation. The primary objective of the Plan is to maximize the value of recoveries to Holders of Allowed Claims and to distribute all property of the Debtor's Estate that is or becomes available for distribution in accordance with the Bankruptcy Code and Plan. On January 6, 2021, a putative securities class action was filed in the U.S. District Court for the Northern District of California against Tricida and its Chief Executive Officer and Chief Financial Officer, Pardi v. Tricida, Inc., et al., 21-cv-00076 (the "Pardi Litigation"). In April 2021, the court appointed Jeffrey Fiore as lead plaintiff and Block & Leviton LLP as lead plaintiffs' counsel. On November 23, 2022, lead plaintiff filed a motion for leave to file a second amended complaint. On December 7, 2022, defendants stipulated to the filing of the second amended complaint, reserving all rights to challenge the complaint on any ground. On December 9, 2022, the court granted the parties' stipulation regarding the second amended complaint. In the second amended complaint, lead plaintiff added new allegations regarding certain categories of challenged statements previously dismissed by the court, and additional purported misrepresentations and/or omissions regarding the new drug application review process for veverimer. On February 6, 2023, Tricida's Chief Executive Officer moved to dismiss the second amended complaint. Lead plaintiff's opposition is due March 23, 2023, defendant's reply is due April 24, 2023, and a hearing is set for June 1, 2023. On January 24, 2023, lead plaintiff moved to dismiss Tricida without prejudice from the Pardi Litigation. At a hearing on March 23, 2023, the motion was granted and Tricida was dismissed without prejudice from the Pardi litigation. Derivative Litigation On February 15, 2021, a derivative action was filed in the District of Delaware, brought by and on behalf of Tricida, Inc. as a Nominal Defendant, against the Company's directors as well as its Chief Executive Officer and Chief Financial Officer, Ricks v. Alpern et al., Case No, 1:21-cv000205 (the "Ricks Derivative Case"). On April 8, 2021 a second derivative action was filed in the District of Delaware, brought by and on behalf of Tricida, Inc. as a Nominal Defendant, against the Company's directors as well as its Chief Executive Officer and Chief Financial Officer, Goodman v. Klaerner et al., Case No. 1:21-cv-00510 (the "Goodman Derivative Case"). On May 27, 2021, a third derivative action was filed in the District of Delaware, brought by and on behalf of Tricida, Inc. as a Nominal Defendant, against the Company's directors as well as its Chief Executive Officer and Chief Financial Officer, Verica v. Veitinger et al., Case No, 1:21-cv-00759 (the "Verica Derivative Case" and collectively with the Goodman Derivative Case and Ricks Derivative Case, the "Derivative Cases"). The Derivative Cases were consolidated by order of the District of Delaware Court and lead plaintiffs' counsel has been appointed. Pursuant to an agreement between the parties, the Delaware court issued an order on October 12, 2021, staying the consolidated derivative case pending final resolution of any motions to dismiss filed in the Pardi Litigation. When the Pardi Litigation had moved into discovery, the derivative plaintiffs informed defendants that they planned to file an amended consolidated derivative amended complaint, but has not made any filing to date. On February 15, 2023, following extensive in-person, phone, and email consultation with the Consultation Parties, the Auction was held. The Debtor presented the Assets in two lots at the Auction the first ("Lot One") consisted of the Debtor's equipment, and the second ("Lot Two") comprised all of the Debtor's other Assets. On the record at the Auction, Liquidity Services was determined to have submitted the highest and best bid, and HGP was determined to have submitted the next-highest bid with respect to the equipment assets in Lot One. On February 21, 2023, the Court held a hearing to approve the Sale of Lot One and Lot Two to Liquidity Services and Renibus respectively. With all objections to the proposed Sale resolved, the Court approved the Sale of Lot One and Lot Two. The Renibus Asset Purchase Agreement, attached to the Renibus Sale Order (the "IP Purchase Agreement"), provides for, among other things, certain contingent milestone payments in addition to $250,000 cash consideration due upon closing (together, the "Contingent Payments"). Those contingent milestone payments include: (i) a one-time $2.5 million payment upon certain approvals by the FDA in connection with veverimer and (ii) several additional milestone payments, not to exceed $150 million in the aggregate, upon the occurrence of certain pre-determined Aggregate Net Sales thresholds (as defined and set forth under the Renibus Asset Purchase Agreement) (the "Sale Milestone Payments"). Those Sale Milestone Payments, however, are subject to deduction not to exceed 50% of all consideration pay by Renibus for any right to Third Party Patents (as defined under the Renibus Asset Purchase Agreement) necessary for the manufacturer, use or sale of the Product (as defined under the Renibus Asset Purchase Agreement). The Debtor and Renibus closed the Asset Purchase Agreement on March 9, 2023. The Liquidity Services Asset Purchase Agreement provides for, among other things, a payment of $230,000 cash consideration due upon closing to the Debtor. The Debtor and Liquidity Services closed the Asset Purchase Agreement on February 28, 2023. Class 3 consists of all Noteholder Claims against the Debtor. On the Effective Date, the Noteholder Claims shall be deemed Allowed in the aggregate amount of $201,088,888.89, and except to the extent that a Holder of a Noteholder Claim and the Debtor agree to less favorable treatment for such Holder, in full and final satisfaction of the Allowed Noteholder Claim, each Holder thereof will: (i) be paid in Cash on the Effective Date or as soon as reasonably practicable thereafter, its Noteholder Effective Date Distribution; (ii) receive its pro rata right to recovery from the Liquidating Trust pursuant to the Liquidating Trust Waterfall; and (iii) receive its pro rata right to recovery from the Contingent Payments Holding Trust. Class 4 consists of the Patheon Rejection Claim. Except to the extent that a Holder of a Patheon Rejection Claim and the Debtor agree to less favorable treatment for such Holder, in full and final satisfaction of the Allowed Patheon Rejection Claim, each Holder thereof will: (i) be paid in Cash from the Liquidating Trust pursuant to the Liquidating Trust Waterfall on the date any of its Patheon Rejection Claim is Allowed, or as soon as reasonably practicable thereafter, its Disputed Claim Distribution; (ii) receive its pro rata right to recovery from the Liquidating Trust pursuant to the Liquidating Trust Waterfall; and (iii) receive its pro rata right to recovery from the Contingent Payments Holding Trust. Class 5 consists of all General Unsecured Claims against the Debtor. On the Effective Date, or as soon as reasonably practicable thereafter, except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtor agree to less favorable treatment for such Holder, in full and final satisfaction of the Allowed General Unsecured Claim, each Holder thereof will: (i) be paid in Cash its GUC Effective Date Distribution; (ii) receive its pro rata right to recovery from the Liquidating Trust pursuant to the Liquidating Trust Waterfall; and (iii) receive its pro rata right to recovery from the Contingent Payments Holding Trust. Subject to the provisions of the Plan concerning the Professional Fee Reserve and the Wind-Down Budget, the Debtor, the Liquidating Trustee, the Contingent Payments Trustee, or the Contingent Payments Holding Trustee (as applicable) shall fund distributions under the Plan with Cash on hand on the Effective Date, all other Liquidating Trust Assets, the Contingent Payments Trust Interest, and all Contingent Payments Trust Assets. The Confirmation Hearing will commence on May 3, 2023, at 10:00 a.m. before the Honorable John T. Dorsey, United States Bankruptcy Judge, at the United States Bankruptcy Court for the District of Delaware, 824 N. Market St, Fifth Floor, Courtroom 5, Wilmington, Delaware 19801. Ballots must be received on April 26, 2023 to be counted as votes. The deadline to file objections to the Confirmation of the Plan is April 26, 2023, at 4:00 p.m. A full-text copy of the Fourth Amended Disclosure Statement dated March 27, 2023 is available at https://bit.ly/3Ki4QpN from KURTZMAN CARSON CONSULTANTS LLC, claims agent. Counsel for the Debtor: Sean M. Beach, Esq. Allison S. Mielke, Esq. Andrew A. Mark, Esq. Carol E. Cox, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 - and - Samuel A. Newman, Esq. Julia Philips Roth, Esq. SIDLEY AUSTIN LLP 555 West Fifth Street Los Angeles, CA 90013 Telephone: (213) 896-6000 Facsimile: (213) 896-6600 - and - Charles M. Persons, Esq. Jeri Leigh Miller, Esq. Chelsea McManus, Esq. 2021 McKinney Avenue, Suite 2000 Dallas, TX 75201 Telephone: (214) 981-3300 Facsimile: (213) 981-3400 - and - Michael A. Sabino, Esq. 787 Seventh Avenue New York, NY 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 About Tricida Inc. Tricida Inc. -- https://www.tricida.com/ -- is a pharmaceutical company working to turn the tide on metabolic acidosis and progression of chronic kidney disease. The company is based in South San Francisco, Calif. Tricida filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 23-10024) on Jan. 12, 2023. It disclosed $93,879,000 in total assets against $229,977,000 in total debt as of Sept. 30, 2022. The Debtor tapped Sidley Austin, LLP and Young Conaway Stargatt & Taylor, LLP, as counsels; SerraConstellation Partners, LLC as financial advisor; and Stifel, Nicolaus & Company, Inc., and Miller Buckfire, LLC as investment bankers. Kurtzman Carson Consultants, LLC is the claims agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Womble Bond Dickinson (US) LLP and Rock Creek Advisors, LLC serve as the committee's legal counsel and financial advisor, respectively. US TELEPACIFIC: $655M Bank Debt Trades at 74% Discount ------------------------------------------------------ Participations in a syndicated loan under which US TelePacific Corp is a borrower were trading in the secondary market around 26.4 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $655 million facility is a Term loan that is scheduled to mature on May 2, 2026. The amount is fully drawn and outstanding. US TelePacific Corp., doing business as TPx Communications, provides communications and managed services. USA STEEL: Seeks to Hire Eric A. Liepins P.C. as Legal Counsel -------------------------------------------------------------- USA Steel, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Eric A. Liepins, P.C. as its legal counsel. The Debtor requires legal assistance to liquidate its assets, reorganize the claims of the estate, and determine the validity of claims asserted in the estate. The firm will be paid at these rates: Eric A. Liepins $275 per hour Paralegals and Legal Assistants $30 to $50 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $5,000, plus filing fee. Mr. Liepins, the sole shareholder of the firm, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric A. Liepins, Esq. Eric A. Liepins, PC 12770 Coit Road, Suite 850 Dallas, TX 75251 Telephone: (972) 991-5591 Facsimile: (972) 991-5788 Email: eric@ealpc.com About USA Steel USA Steel, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Case No. 23-40487) on March 21, 2023. At the time of filing, the Debtor estimated up to $50,000 in assets and $500,001 to $1 million in liabilities. Eric A. Liepins, PC represents the Debtor as legal counsel. VICI WELLNESS: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Vici Wellness Inc. asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to use the cash collateral of its secured creditor, On Deck Capital, Inc. The Debtor requires the use of cash collateral to pay the reasonable expenses it incurs during the ordinary course of its business. The Debtor is optimistic about the prospects of its reorganizational efforts and its ability to emerge as a successful reorganized Debtor. The Debtor has only one secured creditor, On Deck Capital, with an outstanding balance of approximately $83,498.78. The Debtor does not have any priority unsecured claims, and the general unsecured creditors include American Express, Kabbage Funding, and The Business Backer with an estimated total claim amount of $538,098. The Debtor is proposing monthly adequate protection payments to On Deck while it works with its counsel on formulating a reorganization plan. On Deck has filed a UCC Financing Statement with the California Secretary of State on August 14, 2021, Filing No.: U210075386936. The value of the Debtor's assets as of the petition date is estimated at $184,429 and includes the balances in a Bank of America checking accounts, a computer, and the Debtor's inventory. The proposes to make monthly adequate protection payments to On Deck in the amount of $1,391. As additional adequate protection, On Deck will receive a replacement lien on all post-petition revenues of the Debtor to the same extent, priority and validity that its lien attached to the cash collateral. The scope of the replacement lien is limited to the amount (if any) that cash collateral diminishes post-petition as a result of the Debtor's post-petition use of cash collateral. A copy of the Court's order and the Debtor's budget is available at https://bit.ly/40Px9RW from PacerMonitor.com. The Debtor projects total expenses, on a monthly basis, as follows: $153,092 for April 2023; $153,092 for May 2023; $153,092 for June 2023; $153,092 for July 2023; $153,092 for August 2023; and $153,092 for September 2023. About Vici Wellness Inc. Vici Wellness Inc. offers a variety of wellness products, including wellness patches, oils, lotions, 14 ayuvedic/aromatherapy rollers, candles, lip balms, matches, sleep masks, and other similar products. It sells its products through its website, https://www.viciwellness.com/ It also utilizes Square 16 and Faire as wholesale platforms for sale of its products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10612) on March 24, 2023. In the petition signed by Kymbirley Brake, chief financial officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, serves as counsel to the Debtor. VOYAGER DIGITAL: Sale to Binance Halted by District Court --------------------------------------------------------- Jeremy Hill of Bloomberg News reports that a federal judge granted the US government's request to temporarily halt Voyager Digital Ltd.'s bankruptcy plan, putting the crypto lender's proposed sale to Binance.US on hold. US District Judge Jennifer Rearden on Monday, March 27, 2023, granted the US government's request for a stay pending appeal of Voyager's recently approved bankruptcy plan, court papers show. An opinion explaining the decision is forthcoming. The deal is a blow to Voyager, which has been trying to exit bankruptcy and repay its customers since filing for Chapter 11 protection last 2022. 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. W.A. LYNCH: Exclusivity Period Extended to May 1 ------------------------------------------------ Judge Jeffrey J. Graham of the U.S. Bankruptcy Court for the Southern District of Indiana extended W.A. Lynch Construction, LLC's time to file a Chapter 11/12 Plan to May 1, 2023. 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. WALL VENTURES: Fine-Tunes Plan Documents ---------------------------------------- Wall Ventures, Inc., submitted a Second Amended Combined Small Business Chapter 11 Plan of Reorganization and Disclosure Statement dated March 27, 2023. Cash generated by ongoing operations shall first be used to fund administrative expenses, including professional and case Trustee fees and expenses, secured and lease claims, and operating expenses. The Plan pays priority claims in accordance with the treatment allowed under the Code. After satisfaction of these claims, general unsecured creditors shall be paid pro rata out of all remaining Plan payments. Class 1 consists of Priority Tax Claims. Priority tax claims will be paid in accordance with the priority set forth in the Code. Such claims are deemed to be impaired under the Plan. IRS has filed a proof of claim based on estimated liabilities that the Debtor believes have been paid but the claim amount can easily be paid from operating revenue if that's not the case. Class 2 consists of Non-Tax Priority Claims. Priority non-tax claims will be paid in accordance with the priority set forth in the Code. Such claims are deemed to be impaired under the Plan. At this time there are no known such claims. Class 3 consists of the claim of Ally. Ally shall be deemed to have an Allowed Secured Claim, (the "Allowed Secured Claim of Ally") equal to amount of such creditor's claim as shown in its proof of claim or as listed by the Debtor. The Debtor shall pay the Allowed Secured Claim of Ally by continuing the regular payments due under the pre-petition agreement between the parties. Payments continue until the Allowed Secured Claim of Ally is paid in full. Class 4 consists of the claim of Financial Pacific. Financial Pacific shall be deemed to have an Allowed Secured Claim, (the "Allowed Secured Claim of Financial Pacific") equal to amount of such creditor's claim as shown in its proof of claim or as listed by the Debtor. The Debtor shall pay the Allowed Secured Claim of Financial Pacific by continuing the regular payments due under the pre-petition agreement between the parties. Payments continue until the Allowed Secured Claim of Financial Pacific is paid in full. Class 5 consists of the claim of Lytx. Lytx is the secured creditor having an interest in the 22 VEDR cameras/monitors listed in the schedules that the Debtor believes is fully secured. Lytx shall be deemed to have an Allowed Secured Claim, (the "Allowed Secured Claim of Lytx") equal to amount of such creditor's claim as shown in its proof of claim or as listed by the Debtor. The Debtor shall pay the Allowed Secured Claim of Lytx by continuing the regular payments due under the pre-petition agreement between the parties. Payments continue until the Allowed Secured Claim of Lytx is paid in full. Class 6 consists of the claim of Newlane. Newlane shall be deemed to have an Allowed Secured Claim, (the "Allowed Secured Claim of Newlane") equal to amount of such creditor's claim as shown in its proof of claim or as listed by the Debtor. The Debtor shall pay the Allowed Secured Claim of Newlane by continuing the regular payments due under the pre-petition agreement between the parties. Payments continue until the Allowed Secured Claim of Newlane is paid in full. Class 7 consists of the claim of Oakmont Capital. Oakmont Capital shall be deemed to have an Allowed Secured Claim, (the "Allowed Secured Claim of Oakmont Capital") equal to amount of such creditor's claim as shown in its proof of claim or as listed by the Debtor. The Debtor shall pay the Allowed Secured Claim of Oakmont Capital by continuing the regular payments due under the pre-petition agreement between the parties. Payments continue until the Allowed Secured Claim of Oakmont Capital is paid in full. Class 8 consists of the claim of the US Small Business Administration. The Debtor shall pay the Allowed Secured Claim of US Small Business Administration by continuing the regular payments due under the pre-petition agreement between the parties. Payments continue until the Allowed Secured Claim of US Small Business Administration is paid in full. Class 9 consists of Allowed General Unsecured Claims. Such claims shall be allowed, settled, compromised, satisfied and paid by a quarterly distribution of the greater of $17,104 or 100% of the net profits of the Debtor for the preceding quarter calculated in accordance with generally accepted accounting principles, less such priority payments, for 12 quarters following confirmation of the Plan. Payment of such claims is expressly subordinate to the payment of priority claims under this Plan. Class 3 is impaired and is entitled to vote on the Plan. Class 4 consists of the Equity Interests, which interests shall be retained by existing interest owners. Debtor shall continue to operate its business in accordance with the projection of income, expense and cash flow attached hereto, and shall pay its net after tax cash profit to satisfy creditor claims. A full-text copy of the Second Amended Combined Plan and Disclosure Statement dated March 27, 2023 is available at https://bit.ly/3JRHLJ6 from PacerMonitor.com at no charge. Attorney for Debtor: KC Cohen, Esq. KC Cohen, Lawyer, PC 151 N. Delaware St., Ste. 1106 Indianapolis, IN 46204-2573 Telephone: (317) 715-1845 Facsimile: (317) 636-8686 Email: kc@smallbusiness11.com About Wall Ventures Wall Ventures, Inc. operates a trucking service that is a specialty last mile delivery contractor for FedEx. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. S.D. Ind. Case No. 22-03961) on Oct. 4, 2022, with as much as $1 million in both assets and liabilities. Judge James M. Carr oversees the case. The Debtor is represented by KC Cohen, Lawyer, PC. WICHITA HOOPS: Files for Chapter 11 to Stop Eviction ---------------------------------------------------- Carrie Rengers of The Wichita Eagle reports that Wichita Hoops filed an emergency Chapter 11 bankruptcy, without which a number of events -- including the National Wheelchair Basketball Association championship -- could have been in jeopardy. "The emergency is an eviction action that was filed by Webb Industrial," said David Prelle Eron, attorney for the Bel Aire athletic facility. Eron said Wichita Hoops is two months behind on rent -- or possibly three at the time of the eviction -- which he said is not much to prompt a landlord to take eviction action. "I'm honestly a little bit confused by it," Eron said. "It surprised me the aggressiveness of Webb Industrial." Webb Industrial partners are Ivan Crossland Jr., Steve Barrett and Dave Murfin. None of the three returned calls for comment. Wichita Hoops used to own its facility, but that changed a couple of years ago when Legacy Bank took over the property and then sold it. Eron said Wichita Hoops co-founder Evan McCorry had tried talking to the partners about some financial issues regarding abatement on the property. "It looks like there was a dispute . . . about certain additional charges," Eron said. He said when McCorry questioned the charges, that's when Webb Industrial served the eviction notice. "Instead of talking, they turned around and filed an eviction action, which for two months of arrears is surprising," Eron said. A trial had been set for Tuesday, he said, "So all of a sudden now, you're dealing with an emergency." Eron said there are all kinds of tournaments "that suddenly don't have a venue" without the bankruptcy protection. "In order to stop that from happening, we had to get a case filed instantly," he said. "It was the only option available to continue operating." Eron said the reorganization bankruptcy is an opportunity to figure out what is owed "and then get back on track." He said there are some others, including a few vendors, who are owed money as well. Still, he said the eviction and subsequent bankruptcy is a lot, "all for a couple months rent, which is completely curable." Eron said it was crucial to get the bankruptcy filed. "It's such an important community institution." About Wichita Hoops Wichita Hoops operates an athletic facility. Wichita Hoops sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 23-10255) on March 27, 2023. In the petition filed by Evan McCorry, as member manager, the Debtor reports assets up to $50,000 and estimated liabilities between $1 million to $10 million. The case is overseen by Honorable Bankruptcy Judge Mitchell L. Herren. The Debtor is represented by: David Prelle Eron, Esq. PRELLE ERON & BAILEY, P.A. 301 N. Main St., Suite 2000 Wichita, KS 67202 Tel: (316) 262-5500 Fax: (316) 262-5559 Email: david@eronlaw.net WILDCAT MET: Seeks to Extend Plan Exclusivity to 180 Days --------------------------------------------------------- Wildcat Met Mining, Inc. asks the U.S. Bankruptcy Court for the Southern District of West Virginia to extend the 120 day exclusivity period to 180 days. "The bankruptcy estate is involved in a dispute regarding the validity of a Coal Lease and the Court previously scheduled an evidentiary hearing on that dispute. The parties have now jointly agreed to proceed to mediation and until such time as mediation has occurred, the filing of a Disclosure Statement and Plan would be speculative," the Debtor explains. Wildcat Met Mining, Inc. is represented by: Joseph W. Caldwell, Esq. CALDWELL & RIFFEE, PLLC P.O. Box 4427 Charleston, WV 25364 Tel.: (304) 925-2100 Email: jcaldwell@caldwellandriffee.com About Wildcat Met Mining Wildcat Met Mining, Inc., a company in Princeton, W.Va., filed its voluntary petition for Chapter 11 protection (Bankr. S.D.W.V. Case No. 22-10080) on Dec. 3, 2022, with $1 million to $10 million in both assets and liabilities. James Trent, president of Wildcat Met Mining, signed the petition. Judge B. Mckay Mignault oversees the case. Joseph W. Caldwell, Esq., at Caldwell & Riffee, PLLC and Lorie Smith Meadows, PLLC serve as the Debtor's legal counsel and accountant, respectively. WILDFLOWER GROUP: Subchapter V Plan Confirmed by Judge ------------------------------------------------------ Judge Vincent F. Papalia has entered an order confirming the Small Business Subchapter V Plan of Reorganization of the Wildflower Group LLC and TWG Konnect LLC. Section 2.6 of the Plan is modified such that the Debtors (and not the Subchapter V Trustee) shall serve as the disbursing agent and shall make all required Plan payments, during the life of the Plan and as modified by this Order. The Subchapter V Trustee shall not serve as disbursing agent under the Plan. Article 9, Default Provisions, is modified to allow a creditor remedy to include the institution of a lawsuit set forth in Article 9 but such remedies shall not be limited to the lawsuit and shall include moving in the Bankruptcy Court to compel compliance and other appropriate relief including, but not limited to, compelling payment of the amount due or conversion of the case, which may be brought by motion. The Stipulation and Agreed Order between Debtors and Peanuts Worldwide LLC regarding the license agreement, so ordered by the Court and filed on the docket shall set forth and resolve all matters regarding the Peanuts License Agreement. A full-text copy of the Plan Confirmation Order dated March 27, 2023 is available at https://bit.ly/3Mau9LI from PacerMonitor.com at no charge. Counsel to Debtors: RABINOWITZ, LUBETKIN & TULLY, LLC Jay L. Lubetkin, Esq. 293 Eisenhower Parkway, Suite 100 Livingston, NJ 07039 (973) 597-9100 About The Wildflower Group The Wildflower Group LLC designs and operates websites, and markets the availability of licensed products through its proprietary websites. The Wildflower Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 22-18793) on Nov. 4, 2022. In the petition signed by Michael Carlisle, member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Jay L. Lubetkin, Esq., at Rabinowitz, Lubetkin & Tully, LLC, represents the Debtor as legal counsel. WINTERFELL CONSTRUCTION: Taps Professional Management as Accountant ------------------------------------------------------------------- Winterfell Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Professional Management Systems, Inc. to provide tax advice, accounting and bookkeeping services. Georgia Evans, CPA at Professional Management Systems will be paid at her hourly rate of $85. Additional accounting services will be invoiced at a rate of $150 per hour. The firm requires a retainer of $1,500 from the Debtor. Ms. Evans disclosed in a court filing that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Georgia Evans, CPA Professional Management Systems, Inc. 512 Pennsylvania Ave. Lynn Haven, FL 32444 Phone: 850-441-2000 Fax: 866-4015685 Email: georgia@promgmtsys.com About Winterfell Construction Winterfell Construction, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-50015) on Jan. 31, 2023, with as much as $500,000 in both assets and liabilities. Judge Karen K. Specie oversees the case. The Debtor tapped Michael A. Wynn, Esq., at Burg Wynn, PA and Professional Management Systems, Inc. as legal counsel and accountant, respectively. WW INTERNATIONAL: $945M Bank Debt Trades at 42% Discount -------------------------------------------------------- Participations in a syndicated loan under which WW International Inc is a borrower were trading in the secondary market around 58.4 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $945 million facility is a Term loan that is scheduled to mature on April 13, 2028. The amount is fully drawn and outstanding. WW International, Inc., formerly Weight Watchers International, Inc., is a global company headquartered in the U.S. that offers weight loss and maintenance, fitness, and mindset services such as the Weight Watchers comprehensive diet program. XPLORNET COMMS: $200M Bank Debt Trades at 40% Discount ------------------------------------------------------ Participations in a syndicated loan under which Xplornet Communications Inc is a borrower were trading in the secondary market around 60.4 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $200 million facility is a Term loan that is scheduled to mature on October 1, 2029. The amount is fully drawn and outstanding. Xplornet Communications Inc operates as a broadband service provider. The Company offers voice and data communication services through wireless and satellite networks. Xplornet Communications serves customers in Canada. XPLORNET COMMS: $995M Bank Debt Trades at 19% Discount ------------------------------------------------------ Participations in a syndicated loan under which Xplornet Communications Inc is a borrower were trading in the secondary market around 81.4 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $995 million facility is a Term loan that is scheduled to mature on October 1, 2028. The amount is fully drawn and outstanding. Xplornet Communications Inc operates as a broadband service provider. The Company offers voice and data communication services through wireless and satellite networks. Xplornet Communications serves customers in Canada. ZAYO GROUP: $750M Bank Debt Trades at 17% Discount -------------------------------------------------- Participations in a syndicated loan under which Zayo Group Holdings Inc is a borrower were trading in the secondary market around 82.8 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $750 million facility is a Term loan that is scheduled to mature on March 9, 2027. The amount is fully drawn and outstanding. Zayo Group Holdings, Inc., or Zayo Group, is a privately held company headquartered in Boulder, Colorado, with European headquarters in London, England. The company provides communications infrastructure services. ZEP INC: $175M Bank Debt Trades at 42% Discount ----------------------------------------------- Participations in a syndicated loan under which Zep Inc is a borrower were trading in the secondary market around 57.9 cents-on-the-dollar during the week ended Friday, March 31, 2023, according to Bloomberg's Evaluated Pricing service data. The $175 million facility is a Term loan that is scheduled to mature on August 11, 2025. The amount is fully drawn and outstanding. Zep, Inc. is an Atlanta, Georgia-based cleaning products manufacturer. It specializes in cleaning and maintenance products for industrial, institutional, food and beverage, vehicle care, and retail customers. [^] BOND PRICING: For the Week from March 27 to 31, 2023 -------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- 99 Escrow Issuer Inc NDN 7.500 42.000 1/15/2026 99 Escrow Issuer Inc NDN 7.500 37.567 1/15/2026 99 Escrow Issuer Inc NDN 7.500 37.567 1/15/2026 Acorda Therapeutics ACOR 6.000 60.958 12/1/2024 Air Methods Corp AIRM 8.000 6.833 5/15/2025 Air Methods Corp AIRM 8.000 7.044 5/15/2025 Amyris Inc AMRS 1.500 28.000 11/15/2026 Applied Optoelectronics AAOI 5.000 75.175 3/15/2024 Audacy Capital Corp CBSR 6.500 6.288 5/1/2027 Audacy Capital Corp CBSR 6.750 6.885 3/31/2029 Audacy Capital Corp CBSR 6.750 6.655 3/31/2029 Avaya Inc AVYA 6.125 9.875 9/15/2028 Avaya Inc AVYA 8.000 26.250 12/15/2027 Avaya Inc AVYA 6.125 27.000 9/15/2028 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Bank of America Corp BAC 7.354 99.441 4/6/2023 Bed Bath & Beyond Inc BBBY 5.165 8.535 8/1/2044 Bed Bath & Beyond Inc BBBY 4.915 6.527 8/1/2034 Bed Bath & Beyond Inc BBBY 3.749 13.229 8/1/2024 Brixmor LLC BRX 6.900 10.275 2/15/2028 BuzzFeed Inc BZFD 8.500 65.000 12/3/2026 Cardlytics Inc CDLX 1.000 42.000 9/15/2025 Citigroup Global Markets Holdings Inc/United States C 8.500 82.300 5/17/2032 Citizens Financial Group Inc CFG 6.000 86.375 N/A Clovis Oncology Inc CLVS 1.250 10.000 5/1/2025 Clovis Oncology Inc CLVS 4.500 11.727 8/1/2024 Clovis Oncology Inc CLVS 4.500 9.337 8/1/2024 Crane Holdings Co CR 4.450 99.488 12/15/2023 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 5.546 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 1.315 8/15/2027 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 2.479 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 11.500 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 2.000 8/15/2027 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 2.479 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 5.410 8/15/2026 Diebold Nixdorf Inc DBD 8.500 39.703 4/15/2024 Diebold Nixdorf Inc DBD 9.375 51.076 7/15/2025 Diebold Nixdorf Inc DBD 9.375 48.189 7/15/2025 Diebold Nixdorf Inc DBD 9.375 51.445 7/15/2025 Diebold Nixdorf Inc DBD 9.375 48.189 7/15/2025 Diebold Nixdorf Inc DBD 9.375 51.445 7/15/2025 Endo Finance LLC / Endo Finco Inc ENDP 5.375 5.000 1/15/2023 Endo Finance LLC / Endo Finco Inc ENDP 5.375 5.000 1/15/2023 Endo Finance LLC / Endo Finco Inc ENER 3.000 0.551 6/15/2013 Envision Healthcare EVHC 8.750 20.317 10/15/2026 Envision Healthcare EVHC 8.750 21.261 10/15/2026 Esperion Therapeutics ESPR 4.000 40.500 11/15/2025 Exela Intermediate LLC / Exela Finance Inc EXLINT 11.500 12.973 7/15/2026 Exela Intermediate LLC / Exela Finance Inc EXLINT 10.000 40.000 7/15/2023 Exela Intermediate LLC / Exela Finance Inc EXLINT 11.500 13.707 7/15/2026 Exela Intermediate LLC / Exela Finance Inc EXLINT 10.000 42.669 7/15/2023 First Citizens Bancshares Inc/TX FIRCTZ 6.000 87.389 9/1/2028 First Citizens Bancshares Inc/TX FIRCTZ 6.000 87.389 9/1/2028 GNC Holdings Inc GNC 1.500 0.819 8/15/2020 General Electric Co GE 4.200 92.250 N/A Goodman Networks Inc GOODNT 8.000 1.000 5/31/2022 Gossamer Bio Inc GOSS 5.000 29.550 6/1/2027 Groupon Inc GRPN 1.125 40.500 3/15/2026 Hallmark Financial Services Inc HALL 6.250 23.314 8/15/2029 Huntington Bancshares Inc/OH HBAN 5.700 88.450 N/A Invacare Corp IVC 5.000 6.000 11/15/2024 Invacare Corp IVC 4.250 6.000 3/15/2026 JPMorgan Chase & Co JPM 2.000 85.555 8/20/2031 Lannett Co Inc LCI 7.750 15.961 4/15/2026 Lannett Co Inc LCI 4.500 5.126 10/1/2026 Lannett Co Inc LCI 7.750 16.796 4/15/2026 Liberty Interactive LLC LINTA 8.500 24.479 7/15/2029 Liberty Interactive LLC LINTA 8.250 24.147 2/1/2030 Lightning eMotors Inc ZEV 7.500 59.500 5/15/2024 MBIA Insurance Corp MBI 16.052 5.250 1/15/2033 MBIA Insurance Corp MBI 16.453 5.114 1/15/2033 Macy's Retail Holdings LLC M 6.900 88.439 1/15/2032 Macy's Retail Holdings LLC M 6.900 88.439 1/15/2032 Mashantucket Western Pequot Tribe MASHTU 7.350 42.000 7/1/2026 Maxim Integrated Products Inc MXIM 3.450 94.942 6/15/2027 Morgan Stanley MS 1.800 73.366 8/27/2036 NTE Mobility Partners Segments 3 LLC FERSM 6.750 99.550 6/30/2028 National CineMedia LLC NATCIN 5.750 1.294 8/15/2026 National CineMedia LLC NATCIN 5.875 29.683 4/15/2028 National CineMedia LLC NATCIN 5.875 29.419 4/15/2028 National Rural Utilities Cooperative Finance Corp NRUC 4.750 97.034 4/30/2043 NiSource Inc NI 5.650 94.500 N/A OMX Timber Finance Investments II LLC OMX 5.540 0.850 1/29/2020 PNC Financial Services Group Inc/The PNC 4.850 94.999 N/A Paratek Pharmaceuticals Inc PRTK 4.750 69.000 5/1/2024 Party City Holdings Inc PRTY 8.750 14.625 2/15/2026 Party City Holdings Inc PRTY 8.750 20.000 2/15/2026 Party City Holdings Inc PRTY 10.130 14.250 7/15/2025 Party City Holdings Inc PRTY 6.625 0.010 8/1/2026 Party City Holdings Inc PRTY 6.625 0.344 8/1/2026 Party City Holdings Inc PRTY 10.130 13.832 7/15/2025 Photo Holdings Merger Sub Inc SFLY 8.500 43.498 10/1/2026 Photo Holdings Merger Sub Inc SFLY 11.000 39.724 10/1/2027 QVC Inc QVCN 4.450 59.499 2/15/2025 RR Donnelley & Sons Co RRD 6.000 98.799 4/1/2024 RR Donnelley & Sons Co RRD 6.500 99.993 11/15/2023 Renco Metals Inc RENCO 11.500 24.875 7/1/2003 Rite Aid Corp RAD 7.700 31.075 2/15/2027 RumbleON Inc RMBL 6.750 34.593 1/1/2025 SVB Financial Group SIVB 4.250 6.500 N/A SVB Financial Group SIVB 4.000 6.500 N/A SVB Financial Group SIVB 4.700 6.375 N/A SVB Financial Group SIVB 4.100 6.625 N/A Shift Technologies Inc SFT 4.750 12.125 5/15/2026 Signature Bancorporation Inc SIGBAN 5.950 93.443 6/1/2028 Signature Bancorporation Inc SIGBAN 5.950 93.443 6/1/2028 Signature Bank/ New York NY SBNY 4.000 4.250 10/15/2030 Signature Bank/ New York NY SBNY 4.125 3.949 11/1/2029 Talen Energy Supply LLC TLN 10.500 40.000 1/15/2026 Talen Energy Supply LLC TLN 6.500 40.500 6/1/2025 Talen Energy Supply LLC TLN 6.500 43.750 9/15/2024 Talen Energy Supply LLC TLN 10.500 33.000 1/15/2026 Talen Energy Supply LLC TLN 6.500 43.277 9/15/2024 Talen Energy Supply LLC TLN 10.500 40.076 1/15/2026 Team Inc TISI 5.000 80.028 8/1/2023 TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019 Tricida Inc TCDA 3.500 10.000 5/15/2027 US Renal Care Inc USRENA 10.625 27.502 7/15/2027 US Renal Care Inc USRENA 10.625 27.488 7/15/2027 UpHealth Inc UPH 6.250 31.180 6/15/2026 Voya Financial Inc VOYA 5.650 96.520 5/15/2053 Voya Financial Inc VOYA 5.650 96.299 5/15/2053 Voya Financial Inc VOYA 5.650 96.299 5/15/2053 WeWork Cos Inc WEWORK 7.875 54.794 5/1/2025 WeWork Cos Inc WEWORK 7.875 54.760 5/1/2025 WeWork Cos LLC / WW Co-Obligor Inc WEWORK 5.000 51.841 7/10/2025 WeWork Cos LLC / WW Co-Obligor Inc WEWORK 5.000 52.184 7/10/2025 Wesco Aircraft Holdings WAIR 9.000 14.128 11/15/2026 Wesco Aircraft Holdings WAIR 8.500 4.000 11/15/2024 Wesco Aircraft Holdings WAIR 13.125 4.952 11/15/2027 Wesco Aircraft Holdings WAIR 8.500 11.875 11/15/2024 Wesco Aircraft Holdings WAIR 13.125 8.076 11/15/2027 Wesco Aircraft Holdings WAIR 9.000 8.500 11/15/2026 Western Global Airlines WGALLC 10.375 40.453 8/15/2025 Western Global Airlines WGALLC 10.375 43.125 8/15/2025 Zions Bancorp NA ZION 5.800 77.900 N/A fuboTV Inc FUBO 3.250 41.750 2/15/2026 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. 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