/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/230628.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, June 28, 2023, Vol. 27, No. 178 Headlines 152 WEST PICO: Unsecureds Owed $986K to Get 100% in 5 Years 1618 17TH STREET: Involuntary Chapter 11 Case Summary 2202 EAST ANDERSON: Trustee Taps Dumas & Kim as Legal Counsel 2377 NW KEARNEY: Seeks to Hire Keith Y. Boyd PC as Legal Counsel 344 SOUTH STREET: Gets OK to Hire Weir Greenblatt Pierce as Counsel 4312 KENNEDY BLVD: Joseph Schwartz Named Subchapter V Trustee 5280 AURARIA: Disclosure Statement Hearing on July 12 5280 AURARIA: Plan Mulls Sale or Refinancing to Pay Off Claims 77 VARET: Unsecureds Except Tort Claims to Be Paid in Full in Plan 77 VARET: UST Has Plan Objection Due to Non-Retenion of CRO AAA TREE SERVICE: Seeks to Hire Goe Forsythe & Hodges as Counsel ADVENTURE ATTRACTION: Robert Handler Named Subchapter V Trustee AEQUOR MGT: CL V Says Plan Disclosures Inadequate AEQUOR MGT: Committee Says Plan Patently Unconfirmable AEROFARMS INC: U.S. Trustee Appoints Creditors' Committee ALIERA COMPANIES: Unsecureds to Get 15%-35% in Plan ALLIED HEALTHCARE: Seeks to Hire McMahon Berger as Labor Counsel ARTERA SERVICES: $135M Bank Debt Trades at 33% Discount ARTHROSCOPIC & LASER: Continued Operations to Fund Plan ATLAS GLOBAL: Ernst & Young Appointed as Receiver Over Assets BANYAN CAY: July 25 Hearing on Plan & Disclosures BATSU ENTERPRISES: Taps Quilling as Bankruptcy Counsel BDC GROUP: U.S. Trustee Appoints Creditors' Committee BED BATH & BEYOND: Will Sell Digital Assets to Overstock.com BIG VILLAGE: Unsecureds to Get 1% to 2% After Assets Sales BINION CREEK: Seeks Approval to Hire Hayward PLLC as Counsel BRIAN DEVRIES: Seeks to Hire Jeffrey S. Shinbrot as Legal Counsel CARDINAL PARENT: $146.5M Bank Debt Trades at 19% Discount CHICK LUMBER: Unsecureds to Get Share of Cash Flow for 120 Months CHOYDA INC: Voluntary Chapter 11 Case Summary CINEWORLD GROUP: Court Won't Reconsider Denial of Equity Panel CLEARY PACKAGING: Sets Disclosures Hearing for July 11 CLOVIS ONCOLOGY: Court Confirms Liquidating Plan COBRA HOLDINGS: $205M Bank Debt Trades at 17% Discount COMPREHENSIVE PAIN: Case Summary & 20 Largest Unsecured Creditors CONTEMPORARY MANAGEMENT: Charles Persing Named Subchapter V Trustee E-BOX LLC: Seeks Approval to Hire SC&H Group as Expert Witness EAST BROADWAY: Court Rejects Debtor's Disclosure Statement ENSEMBLE RCM: Moody's Rates $200MM Extended & Upsized Debt 'B2' ENVIVA INC: Moody's Lowers CFR to B2 & Alters Outlook to Stable EVANGELICAL RETIREMENT: Taps Stretto as Claims and Noticing Agent EVANGELICAL RETIREMENT: U.S. Trustee Appoints Creditors' Committee FARAJI ENTERPRISE: Unsecureds Owed $3,991 to Get Full Payment FREE SPEECH: Alex Jones Asks Court to Retain Attorney Pattis GAI REMODELING: Seeks to Hire Kerkman & Dunn as Legal Counsel GEORGINA FALU: Case Summary & One Unsecured Creditor GLOBAL FOOD: EUR245M Bank Debt Trades at 16% Discount GLOBAL TEL LINK: $475M Bank Debt Trades at 20% Discount GREELEY LAND: Creditors to Be Paid From Phase 2 Sale GREELEY LAND: Taps Newmark Multifamily as Real Estate Broker HMH CONSTRUCTION: U.S. Trustee Appoints Creditors' Committee HTG MOLECULAR: U.S. Trustee Appoints Creditors' Committee IDEAL SLEEVES: Case Summary & 20 Largest Unsecured Creditors INDUS ARCHITECTS: Taps Berger Fischoff Shumer Wexler as Counsel INMET MINING: Seeks Approval to Tap 'Ordinary Course' Professionals INSTANT BRANDS: PIMCO, Ad Hoc Group Hold $258M of Term Loans KIDDE-FENWAL: Saccullo, Kelley Drye Advise Government Claimants KJ TRADE: Proposes Immaterial Modifications to Plan LECLAIRRYAN PLLC: Trustee Proposes Tax Debts Settlement LG TRUCKING: Seeks to Hire The Bush Law Firm as Legal Counsel LIBERTY POWER: Joint Liquidating Plan Confirmed by Judge LIFESCAN GLOBAL: $1.01B Bank Debt Trades at 18% Discount LINDEN CENTER: Seeks Approval to Hire A.Y. Strauss as Counsel LINDEN CENTER: Seeks to Hire North Point as Real Estate Broker LITIGATION PRACTICE: Trustee Taps Grobstein Teeple as Accountant LITIGATION PRACTICE: U.S. Trustee Appoints Creditors' Committee LORDSTOWN MOTORS: Case Summary & 30 Largest Unsecured Creditors LORDSTOWN MOTORS: Files for Chapter 11 Amid Foxconn Dispute LTI HOLDINGS: $315M Bank Debt Trades at 15% Discount LUCKY BUCKS: Arbour Lane, Fortress Lead TL Ad Hoc Group LUCKY BUCKS: BC Partners, Monarch Lead Holdings PIK Noteholders LUNYA COMPANY: David Klauder Named Subchapter V Trustee M & J DUMP TRUCKING: Creditors to Get Proceeds From Liquidation MAIMONIDES MEDICAL: $15.7M Bank Debt Trades at 16% Discount MAIMONIDES MEDICAL: $16.8M Bank Debt Trades at 16% Discount MASTERS III: Copper Tan USA Seeks Chapter 11 MBLA LLC: Case Summary & 10 Unsecured Creditors MBMB LLC: Case Summary & Nine Unsecured Creditors MED PARENTCO: $360M Bank Debt Trades at 16% Discount MELRAYS INC: Case Summary & Two Unsecured Creditors MISSISSIPPI CENTER: Taps Brunini Grantham as Special Counsel MISSISSIPPI CENTER: Taps Haddox Reid Eubank Betts as Accountant MISSISSIPPI CENTER: Taps Law Offices of Craig M. Geno as Counsel MISSISSIPPI CENTER: Taps Priester Law Firm as Special Counsel MLCJR LLC: Seeks to Hire Latham & Watkins as Bankruptcy Counsel MOUNTAINEER MERGER: $200M Bank Debt Trades at 12% Discount MUSCLEPHARM CORP: Equity Holder Says Plan Patently Unconfirmable NABIEKIM ENTERPRISES: Continued Operations to Fund Plan NAUTILUS POWER: $486M Bank Debt Trades at 25% Discount NEO ACCOUNTING: Case Summary & Largest Unsecured Creditors NINETY-FIVE MADISON: Taps Moss & Moss LLP as Special Labor Counsel NOB HILL INN: Mark Sharf Named Subchapter V Trustee NORWICH DIOCESE: Land Sale to Mohegan Tribe Okayed ONH 14 53RD: Membership Interests Set for August 9 Auction ORION TECHNOLOGIES: Seeks to Tap Meland Budwick as Legal Counsel PATAGONIA HOLDCO: $1.30B Bank Debt Trades at 17% Discount PEOPLEMOVER LLC: Involuntary Chapter 11 Case Summary PHOENIX SERVICES: Gets Court Okay for Chapter 11 Debt Swap Plan PINNACLE DRILLING: Taps Edge Realty as Real Estate Broker POINT BUCKLER: Says Payout to Unsecureds to Start in 2026 PROFIT CONNECT: Receiver Sets Sept. 11, 2023 Deadline for Claims R.B. DWYER CO: Case Summary & 20 Largest Unsecured Creditors R.B. DWYER: Case Summary & 20 Largest Unsecured Creditors RE-HOLD INC: Involuntary Chapter 11 Case Summary RISING TIDE: $397M Bank Debt Trades at 39% Discount RJT FOOD: Trustee Gets Approval to Hire LaMonica Herbst as Counsel RL ENTERPRISES: Creditor Says Plan Not Filed in Good Faith ROCKPORT CO: Gets Court OK for $40.9-Mil. of DIP Financing SAFFIRE VAPOR: Case Summary & Four Unsecured Creditors SILVERADO STREET: JPM Says Plan Not Feasible SKYREACH CONSTRUCTION: Seeks to Hire Bruner Wright as Counsel SPIRIT AEROSYSTEMS: Moody's Puts 'B2' CFR on Review for Downgrade T-ROLL CONSTRUCTION: Disposable Income to Fund Plan TANTUM COMPANIES: Case Summary & 20 Largest Unsecured Creditors TECHNICOLOR CREATIVE: $42.1M Bank Debt Trades at 16% Discount TOSCA SERVICES: $626.5M Bank Debt Trades at 21% Discount VERITAS US: EUR748.6M Bank Debt Trades at 17% Discount WHITTAKER CLARK: Wins Challenge to Remain in Chapter 11 WILLOW LAKE: Unsecureds Expected to Get Full Payment in Plan YIWAN TRADING: Voluntary Chapter 11 Case Summary [*] Sklar Kirsh Partners Named Lawdragon Leading Bankruptcy Lawyers ********* 152 WEST PICO: Unsecureds Owed $986K to Get 100% in 5 Years ----------------------------------------------------------- 152 West Pico, LLC, submitted a Plan of Reorganization and a Disclosure Statement. Future earnings from continued operations of the Debtor business which is the rental income in the amount of $37,000 after September 2023 and continuing during five years until June 1, 2028. Under the Plan, Class 2 consists of Unsecured Claims totaling $986,847. Creditors will get 100% of their claims. The Debtor proposes to pay an initial payment of $49,342 on Oct. 15, 2023, and thereafter a monthly payment of $16,447 to pay the total amount of claim on June 15, 2028 (60 months from effective date of Plan). Class 2 is impaired. The fair market value of all assets equals $8,519,000. Total liabilities equal $5,815,314. Plan payments will come from the continued operation of the Debtor's business. Attorney for the Debtor: Onyinye N. Anyama, Esq. ANYAMA LAW FIRM, A PROFESSIONAL CORPORATION 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Tel: (562) 645-4500 Fax: (562) 645-4494 E-mail: info@anyamalaw.com A copy of the Disclosure Statement dated June 14, 2023, is available at https://tinyurl.ph/JJLQc from PacerMonitor.com. About 152 West Pico LLC 152 West Pico LLC owns a property located at 152 West Pico Blvd Los Angeles, CA, valued at $8.52 million (based on comparable sales valuation). 152 West Pico LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11537) on March 17, 2023. In the petition filed by Payam Ebrahimian, as managing member, the Debtor reported total assets of $8,519,000 and total liabilities of $6,475,215. The Debtor is represented by Onyinye N. Anyama, Esq., at Anyama Law Firm, A Professional Corp. 1618 17TH STREET: Involuntary Chapter 11 Case Summary ----------------------------------------------------- Alleged Debtor: 1618 17th Street Flats LLC 5614 Connecticut Avenue, NW Suite 134 Washington DC 20015 Business Description: The Debtor is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Involuntary Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court District of Columbia Case No.: 23-00167 Petitioner's Counsel: Maurice B. VerStandig, Esq. THE VERSTANDIG LAW FIRM, LLC 1452 W. Horizon Ridge Pkwy, #665 Henderson, Nevada 89012 Tel: 301-444-4600 E-mail: mac@mbvesq.com A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VKWVCKA/1618_17th_Street_Flats_LLC__dcbke-23-00167__0001.0.pdf?mcid=tGE4TAMA Alleged creditor who signed the petition: Entity Nature of Claim Claim Amount ------ --------------- ------------ WCP Fund I LLC Money Loaned $1,095,827 8401 Greensboro Drive, Suite 960 McLean, Virginia 22102 2202 EAST ANDERSON: Trustee Taps Dumas & Kim as Legal Counsel ------------------------------------------------------------- Carolyn Dye, Chapter 11 trustee for 2202 East Anderson Street, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Dumas & Kim, APC as her legal counsel. The trustee requires legal counsel to: a. provide the trustee with opinions regarding the legal basis, if any, to sell, avoid or otherwise dispose of assets of the estate; b. investigate and recover claims for rents and note payments; c. negotiate agreements with creditors; d. investigate the validity of any asserted liens against estate assets; e. investigate and, if appropriate, commence litigations to avoid transfers of property fraudulently conveyed; f. analyze collectability of accounts receivable and pursue collection through litigation where necessary and cost effective; g. assist in the preparation of such other applications, pleadings, claims objections and orders as are required for the orderly administration of this estate; h. assist the trustee in resolving any disputed claims, if necessary; and i. assist with other matters as necessary to ensure the trustee's actions in her administration of the estate comply with the Bankruptcy Code and other applicable law. The firm will be paid at these rates: James A. Dumas, Jr. $550 per hour Christian T. Kim $390 per hour Associate Attorney $320 per hour Law Clerks $150 per hour James Dumas, Jr., founder of Dumas & Kim, disclosed in a court filing that the firm's attorneys are disinterested persons under Section 101(14) of the Bankruptcy Code. The firm can be reached through: James A. Dumas, Jr., Esq. Dumas & Kim, APC 915 Wilshire Boulevard, Suite 1775 Los Angeles, CA 90017 Phone: 213.368.5000 Fax: 213.368.5009 Email: jdumas@dumas-law.com About 2202 East Anderson Street 2202 East Anderson Street, LLC is a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). 2202 East Anderson Street filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-11695) on March 23, 2023, with $1 million to $10 million in both assets and liabilities. Susan K. Seflin has been appointed as Subchapter V trustee. Judge Neil W. Bason oversees the case. The Debtor is represented by Stephen F. Biegenzahn, Esq., at the Law Offices of Stephen F. Biegenzahn. Carolyn A. Dye, the Debtor's Chapter 11 trustee, is represented by Dumas & Kim, APC. 2377 NW KEARNEY: Seeks to Hire Keith Y. Boyd PC as Legal Counsel ---------------------------------------------------------------- 2377 NW Kearney, LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Keith Y. Boyd, P.C. to serve as legal counsel in its Chapter 11 case. The firm received a retainer of $25,000 from Morale Orchards, LLC. Of that amount $22,500 represents a retainer for attorney's fees and $2,500 for costs including the filing fee. The hourly rates of the firm's counsel and staff are as follows: Keith Y. Boyd $400 Melissa A. Arnold $150 Law Clerk $200 Legal Assistants $50 - $100 In addition, the firm will seek reimbursement for expenses incurred. Keith Boyd, Esq., the firm's principal, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Keith Y. Boyd, Esq. Keith Y. Boyd, P.C. 724 S. Central Ave., Suite 106 Medford, OR 97501 Telephone: (541) 973-2422 Facsimile: (541) 973-2426 Email: keith@boydlegal.net About 2377 NW Kearney 2377 NW Kearney, LLC, a company in Portland, Ore., filed a Chapter 11 petition (Bankr. D. Ore. Case No. 22-31209) on July 26, 2022, with between $1 million and $10 million in both assets and liabilities. Jacqueline Alexander, member, signed the petition. Judge David W. Hercher oversees the case. The Law Offices of Keith Y. Boyd and the Law Office of Conde Cox serve as the Debtor's bankruptcy counsel and special counsel, respectively. 344 SOUTH STREET: Gets OK to Hire Weir Greenblatt Pierce as Counsel ------------------------------------------------------------------- 344 South Street Corp. received approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Weir Greenblatt Pierce, LLP as its counsel. The Debtor requires legal counsel to: (a) advise and assist the Debtor with respect to its rights, powers and duties and take all necessary actions to protect and preserve the Debtor's estates; (b) prepare legal documents; (c) handle inquiries and calls from creditors and counsel to interested parties regarding pending matters and the general status of this Chapter 11 case; (d) appear in court; (e) attend meetings and negotiate with representatives of creditors and other parties-in-interest; (f) advise and assist the Debtor in maximizing value in connection with the formulation, negotiation and promulgation of a sale of assets, other transaction, or a disclosure statement and Chapter 11 plan and all documents related thereto; and (g) perform all other necessary legal services for the Debtor in connection with the prosecution of this Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Partners $360 - $700 Associates $260 - $450 Paralegals $185 - $260 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $9,500. Jeffrey Cianciulli, Esq., an attorney at Weir Greenblatt Pierce, 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: Jeffrey S. Cianciulli, Esq. Weir Greenblatt Pierce, LLP The Widener Building 1339 Chestnut St., Suite 500 Philadelphia, PA 19107 Telephone: (215) 665-8181 Facsimile: (215) 665-8464 Email: jcianciulli@wgpllp.com About 344 South Street 344 South Street Corp. has operated as a restaurant, serving Spanish and Mexican cuisine in Philadelphia's South Street District. Recognizable for its bright blue exterior with green accents, the Copabanana was opened on the corner of 4th and South streets in 1978 by William Curry. The restaurant is most known for its menu, which includes margaritas, burgers and fries, and its live events and nightlife. 344 South Street Corp. filed for bankruptcy three times in the past nine years. The two previous filings in 2015 and 2019 had since been closed. Both of the filings were related to taxes and other payments owed to the City of Philadelphia and the Internal Revenue Service. 344 South Street Corporation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 23-11548) on May 26, 2023, with as much as $50,000 in both assets and liabilities. Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC, has been appointed as Subchapter V trustee. Judge Patricia M. Mayer oversees the case. The Debtor is represented by Jeffrey S. Cianciulli, Esq., at Weir Greenblatt Pierce, LLP. 4312 KENNEDY BLVD: Joseph Schwartz Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Joseph Schwartz Esq., at Riker Danzig Scherer Hyland & Perretti, LLP as Subchapter V trustee for 4312 Kennedy Blvd, LLC. Mr. Schwartz will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwartz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph L. Schwartz, Esq. Riker Danzig Scherer Hyland & Perretti, LLP One Speedwell Avenue, Morristown, NJ 07962-1981 Phone: (973) 451-8506 Email: jschwartz@riker.com About 4312 Kennedy 4312 Kennedy Blvd, LLC owns three multi-unit commercial and residential real estate buildings in Union City, N.J. 4312 Kennedy Blvd filed a Chapter 11 petition (Bankr. D.N.J. Case No. 23-15007) on June 8, 2023, with $1 million to $10 million in both assets and liabilities. Betty Davis, manager, signed the petition. Jay L. Lubetkin, Esq., at Rabinowitz, Lubetkin & Tully, LLC is the Debtor's legal counsel. 5280 AURARIA: Disclosure Statement Hearing on July 12 ----------------------------------------------------- In the Chapter 11 case of 5280 Auraria, LLC, the Bankruptcy Court will convene a hearing on July 12, 2023, 10:30 a.m., to consider approval of the Debtor's Second Amended Disclosure Statement. The Debtor filed its Second Amended Plan of Reorganization on Jan. 16, 2023, and the Second Amended Disclosure Statement on June 21, 2023. A copy of the Second Amended Disclosure Statement is available at https://www.pacermonitor.com/case/44849312/5280_Auraria,_LLC/455 Attorneys for the Debtor: Michael J. Pankow, Esq. Anna-Liisa Mullis, Esq. Amalia Y. Sax-Bolder, Esq. BROWNSTEIN HYATT FARBER SCHRECK, LLP 675 Fifteenth Street, Suite 2900 Denver, CO 80202-4432 Telephone: (303) 223-1100 Facsimile: (303) 223-1111 E-mail: mpankow@bhfs.com amullis@bhfs.com asax-bolder@bhfs.com About 5280 Auraria 5280 Auraria, LLC, owns Auraria Student Lofts, a high-rise building in downtown Denver aimed at providing housing for college students. 5280 Auraria's sole member and manager is Nelson Partners, LLC, a Utah limited liability company. The individual principal is Patrick Nelson. 5280 Auraria sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 22-12059) on June 9, 2022. In the petition filed by Patrick Nelson, as managing member, the Debtor listed between $50 million and $100 million in both assets and liabilities. Judge Kimberley H. Tyson oversees the case. Michael J. Pankow, Esq., at Brownstein Hyatt Farber Schreck, LLP, is the Debtor's counsel. 5280 AURARIA: Plan Mulls Sale or Refinancing to Pay Off Claims -------------------------------------------------------------- 5280 Auraria, LLC submitted a Second Amended Plan of Reorganization on Jan. 16, 2023, and the Second Amended Disclosure Statement on June 21, 2023. The Debtor owns certain real property located at 1051 14th Street, Denver, Colorado 80202 and 1405 Curtis Street, Denver, Colorado 80202 (also known as the "Auraria Student Lofts"). The Auraria Student Lofts provides off-campus student housing apartments near the University of Colorado -- Denver, Metropolitan State University, Denver Community College, and the University of Denver. The Property has 125 rental units with 438 beds, occupying 153,860 square feet in downtown Denver. The Debtor's Plan provides for the continued operations until a refinancing event or a sale occurs of the principal asset of the Debtor, the Auraria Student Lofts, under Chapter 11 of the Bankruptcy Code. Pursuant to the Plan, once the Debtor's assets have been liquidated or the Debtor has refinanced, the Debtor shall distribute the net proceeds to creditors in conformity with the Bankruptcy Code. The Debtor believes that the Plan represents the best alternative for providing the maximum value for creditors. The Plan provides creditors with a distribution on their Claims in an amount greater than any other potential known option available to the Debtor. Under the Plan, Class 3 Allowed General Unsecured Claims are impaired. Class 3 consists of General Unsecured Claims in an amount greater than $1,500 that do not elect to be treated as a Convenience Claim. * The holders of Allowed Unsecured Claims in Class 3 will receive their Pro Rata share of Net Sale Proceeds upon the closing of the Sale in accordance with the Waterfall Recovery specified in Section 4.04 below (subject to the provisions for Disputed Claims set forth in Section 4.05 below). The foregoing payments will be in full and final satisfaction, compromise, settlement, release, and discharge of the Class 3 claimant's Allowed Claim. * In the event the Real Property is not sold and the Debtor refinances, the Debtor must pay 50% of the Allowed General Unsecured Claims by the Payment Deadline. * The Auraria Stub Secured Claim is treated as an Allowed General Unsecured Claim under the Plan. * For the avoidance of doubt, a Class 3 claimant will not receive a greater amount under this Plan than the amount of its Allowed Claim. The reorganized Debtor shall operate the Real Property consistent with the Debtor's practices during the Chapter 11 case. Unless the Court provides for a different priority in the Confirmation Order, all Net Sale Proceeds (less any account minimum required by the bank where the account is maintained), and subject to provisions for Disputed Claims provided herein, shall be allocated and paid to the applicable holders of Claims from time to time in the following priority (the "Waterfall Recovery"), in each case on a Pro Rata basis: (i) first, any property tax claims or other claims secured by a lien provided by statute having a higher priority than recorded deeds of trust; (ii) second, to the holder of Class 1.a Claim in the amount of the Allowed Secured Claim plus any unpaid interest accrued after the Effective Date; (iii) third, to the holder of the Class 1.b Claim in the amount of the Allowed Secured Claim plus any unpaid interest accrued after the Effective Date; (iv) fourth, to the holder of Class 1.c Claim in the amount of the Allowed Secured Claim plus any unpaid interest accrued after the Effective Date; (v) fifth, to holders of Allowed Administrative Claims and the holder of the DIP Loan Claim; (vi) sixth, to holders of Class 3 Claims; (vii) seventh, to the extent any Net Sale Proceeds are remaining, they shall be paid to the holder of the Class 5 Equity Interest Claim. Attorneys for the Debtor: Michael J. Pankow, Esq. Amalia Y. Sax-Bolder, Esq. BROWNSTEIN HYATT FARBER SCHRECK, LLP 675 Fifteenth Street, Suite 2900 Denver, CO 80202-4432 Telephone: (303) 223-1100 Facsimile: (303) 223-1111 E-mail: mpankow@bhfs.com asax-bolder@bhfs.com A copy of the Second Amended Plan of Reorganization dated June 16, 2023, is available at https://tinyurl.ph/vrIkF from PacerMonitor.com. About 5280 Auraria 5280 Auraria, LLC, owns Auraria Student Lofts, a high-rise building in downtown Denver aimed at providing housing for college students. 5280 Auraria's sole member and manager is Nelson Partners, LLC, a Utah limited liability company. The individual principal is Patrick Nelson. 5280 Auraria sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 22-12059) on June 9, 2022. In the petition filed by Patrick Nelson, as managing member, the Debtor listed between $50 million and $100 million in both assets and liabilities. Judge Kimberley H. Tyson oversees the case. Michael J. Pankow, Esq., at Brownstein Hyatt Farber Schreck, LLP, is the Debtor's counsel. 77 VARET: Unsecureds Except Tort Claims to Be Paid in Full in Plan ------------------------------------------------------------------ 77 Varet Holding Corp. submitted a Revised Second Amended Chapter 11 Joint Plan of Reorganization and a corresponding Disclosure Statement. The Debtors' major asset consists of two residential apartment buildings located on the Upper East Side of Manhattan at 162-164 East 82nd Street, New York, NY. 162-164 82nd St. LLC is the fee holder of the Property, while 77 Varet Holding Corp. is the 100% member of 162-164 82nd St. LLC. The Property is subject to both a senior mortgage lien and a mezzanine loan, totaling approximately $17,500,000. The Plan is primarily designed to address outstanding mortgage debt at the Property and mezzanine level. Pre-petition, the Lender's claim totaled $17,550,741 on account of both loans, including all principal, accrued interest, fees, and costs. As part of the negotiations with the Lender, the Debtors sought and obtained the Lender's consent to a reduced payoff if paid on or before April 1, 2023. The Debtors retained Rosewood Realty Group as broker so as to pursue both a refinancing based on the reduced payoff and a potential sale. In any event, as noted, since the Debtors did not timely refinance the secured debt, the Plan is based solely on the auction sale of the Property, subject to the Lender's credit bid rights. Under the Plan, the Lender shall receive either (a) the net sale proceeds if the Property is sold to a third party, after payment of the Residual Plan Payments, consisting of allowed Administrative Claims as capped pursuant to the Cash Collateral Stipulation, U.S. Trustee fees and Priority Claims, plus payment of non-insider General Unsecured Creditors from a $50,000 fund, or (b) title to the Property if Lender makes a credit bid, whereupon the Lender shall be responsible to pay the Residual Plan Payments. In either event, the Debtors project that the Residual Plan Payments will be sufficient to pay all creditors in full except the Lender, subject to the personal injury claim. Under the Plan, Class 4 consists of the allowed Unsecured Claims of Non-Insider General Creditors, including all pre-petition vendors, service providers, and insiders. On the Effective Date, each holder of an Allowed Class 4 Unsecured Claim will be paid a pro-rata share of $50,000 as part of the Residual Plan Payments. Only four Class 4 creditors are currently holding timely filed claims aggregating $39,027. In the unlikely event of a shortfall, the balance, if any, necessary to pay Allowed Class 4 Claims in full shall be paid by the Debtors' equity interest holders under the Guaranty. However, the Guaranty does not extend to any tort claims which may be filed against the Debtors or their Estates pursuant to an amended bar order to be sought with respect to the tort claim alleged by Sari Rosenberg. Class 4 is potentially impaired. Class 5 consists of the allowed Unsecured Claims of Insiders. There are 4 Insider creditors holding claims aggregating $1,660,207. Insiders are waiving their right to immediate payment of their claims in consideration for the concessions made by the Lender, including the release of all guaranties given to the Lender upon consummation of the Plan. Upon the sale of the Property, the allowed Class 5 claims of Insiders as filed and scheduled will be entitled to receive a pro-rata payment of the residual sale proceeds, if any, as soon as is practicable after all priority claims, administrative expenses, and Class 1, 2, 3 and 4 claims are paid in full. Class 5 is impaired. The Plan will be funded with residual cash available in the DIP account, subject to the terms of the Cash Collateral Stipulation, and by sale proceeds generated either from a third-party buyer or the Lender's funding obligations under its credit bid. For a point of emphasis, since the Debtors were unsuccessful in obtaining a refinancing then the Plan has automatically and indefeasibly "toggled" in favor of the sale of the Property, and the Debtors are required to convey title to the Property pursuant to approved bidding procedures following an auction and approval of the sale by the Bankruptcy Court either to a third-party purchaser or Lender as applicable. The transfer of the Property shall be free and clear of all claims, liens and encumbrances pursuant to Sections 1123(a)(5)(D), and 1141(c) of the Bankruptcy Code. Attorneys for the Debtors: J. Ted Donovan, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Avenue, 12th Floor New York, NY 10017 A copy of the Revised Second Amended Disclosure Statement dated June 14, 2023, is available at https://tinyurl.ph/iSNiI from PacerMonitor.com. About 77 Varet Holding Corp. 77 Varet Holding Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-42316) on Sept. 21, 2022. In the petition filed by David Goldwasser, as manager, the Debtor reported assets between $10 million and $50 million and liabilities between $1 million and $10 million. Judge Nancy Hershey Lord oversees the case. Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, is the Debtor's counsel. 77 VARET: UST Has Plan Objection Due to Non-Retenion of CRO ----------------------------------------------------------- William K. Harrington, the United States Trustee for Region 2, filed a limited objection to the confirmation of the Amended Plan of the jointly administered cases of 77 Varet Holding Corp. and 162-164 82nd St. LLC. The United States Trustee objects to confirmation of the Plan because the Debtors have not satisfied the requirements under Secs. 1129(a)(2) and (4). The Plan contemplates a payment of $65,000 to FIA Capital Partners ("FIA"), a purported Chief Restructuring Officer who has not been retained in the case. The Court should, therefore, deny confirmation of the Plan until either the Debtors move to retain FIA or remove the Plan provisions providing for payment to FIA as an administrative expense. The Debtors cannot delay in seeking FIA's retention post confirmation because Section 363(b) relief is available only to debtors-inpossession and cannot be granted nunc pro tunc to the Petition Date. In addition, FIA has not performed its duties or made the appropriate disclosures as the purported CRO in the case. The United States Trustee expressly reserves his right to (i) supplement this Objection regarding any amended or modified Disclosure Statement and Plan (ii) further object to at a hearing on confirmation of the same. About 77 Varet Holding Corp. 77 Varet Holding Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 22-42316) on Sept. 21, 2022. In the petition filed by David Goldwasser, as manager, the Debtor reported assets between $10 million and $50 million and liabilities between $1 million and $10 million. Judge Nancy Hershey Lord oversees the case. The Debtor tapped Kevin J. Nash, Esq., at Goldberg Weprin Finkel Goldstein LLP, as counsel. AAA TREE SERVICE: Seeks to Hire Goe Forsythe & Hodges as Counsel ---------------------------------------------------------------- AAA Tree Service, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Goe Forsythe & Hodges, LLP as its bankruptcy counsel. The Debtor requires legal counsel to: a. advise the Debtor with respect to compliance with the requirements of the United States Trustee; b. advise the Debtor regarding matters of bankruptcy law, including the rights and remedies of the Debtor with respect to its assets and with respect to the claims of creditors; c. advise the Debtor regarding assumption and rejection of executory contracts and leases; d. represent the Debtor in any proceedings or hearings in the bankruptcy court where its rights under the Bankruptcy Code may be litigated or affected; e. conduct examinations of witnesses, claimants or adverse parties, and prepare or assist in the preparation of reports, accounts and pleadings related to the Debtor's Chapter 11 case; f. advise the Debtor concerning the requirements of the bankruptcy court and applicable rules as the same affect the Debtor in this proceeding; g. assist the Debtor in negotiation, formulation, confirmation, and implementation of a Chapter 11 plan of reorganization; h. make any bankruptcy court appearances on behalf of the Debtor; and i. take such other action and perform such other services as the Debtor may require in connection with this Chapter 11 case. The firm received a retainer in the amount of $40,000, of which $19,657.50 remains as of the petition date. Goe Forsythe & Hodges will be paid at these rates: Attorneys Robert P. Goe $595 per hour Marc C. Forsythe $595 per hour Ronald S. Hodges $595 per hour Reem J. Bello $550 per hour Charity J. Manee $535 per hour Ryan S. Riddles $465 per hour Charlene Busch $450 per hour Brandon Iskander $435 per hour Jeffrey M. Yostano $385 per hour Lauren Raya $375 per hour Paralegals Britney Bailey $195 per hour Arthur Johnston $195 per hour Kerry A. Murphy $195 per hour Lauren Gillen $185 per hour Of Counsels Elizabeth A. LaRocque $385 per hour Brian Van Marter $625 per hour Greg Preston $625 per hour Taylor DeRosa $400 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Robert Goe, Esq., a partner at Goe Forsythe & Hodges, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Rober P. Goe, Esq. Goe Forsythe & Hodges, LLP 17701 Cowan, Suite 210 Irvine, CA 92614 Tel: (949) 798-2460 Fax: (949) 955-9437 Email: rgoe@goeforlaw.com About AAA Tree Service AAA Tree Service, LLC provides tree removals and trimming services in Winchester, Calif. AAA Tree Service sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-12229) on May 25, 2023. In the petition signed by CEO Stacy Manqueros, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Magdalena Reyes Bordeaux oversees the case. Robert P. Goe, Esq., at Goe Forsythe and Hodges, LLP, represents the Debtor as legal counsel. ADVENTURE ATTRACTION: Robert Handler Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Robert Handler of Commercial Recovery Associates, LLC as Subchapter V trustee for Adventure Attraction Associates, Inc. Mr. Handler will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Handler declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Handler Commercial Recovery Associates, LLC 205 West Wacker Drive, Suite 918 Chicago, IL 60606 Tel. (312) 845-5001 x221 Email: rhandler@com-rec.com About Adventure Attraction Adventure Attraction Associates, Inc. filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 23-07810) on June 15, 2023, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge A. Benjamin Goldgar oversees the case. The Debtor is represented by David P. Lloyd, Esq., at David P. Lloyd, Ltd. AEQUOR MGT: CL V Says Plan Disclosures Inadequate ------------------------------------------------- CL V Funding, LLC, objects to the Disclosure Statement in Support of Aequor Mgt LLC's Joint Consolidated Plan of Liquidation. The Disclosure Statement should not be approved as it omits crucial information, including but not limited to, a detailed description of assets, valuation data, information adequate to provide creditors with the risks being taken, or any support for which their incomplete conclusions are drawn – all of which are at the heart of the required disclosures. CL V points out that the Disclosure Statement submitted by Debtors is woefully inadequate in that Debtors' fail to provide information sufficient to allow creditors to evaluate the Proposed Plan and make an informed judgment about the Proposed Plan. The Debtors fail to sufficiently describe the legal bases for their actions, provide generic descriptions of their assets, fail to value the assets of each Debtor or provide an explanation as to how they intend to do so, and leave completely blank key sections of the Disclosure Statement that would allow creditors to properly assess and make informed decisions regarding the plan. CL V further points out that the Debtors provide under the Proposed Plan that to effectuate the liquidation, they intend to substantively consolidate the Debtors to create a Creditor Trust that will be vested with all assets of the Debtors, except for certain assets surrendered for secured debt under the Proposed Plan, consisting of the ITX Equipment and the Proterra Interests. First, it is unclear from the Disclosure Statement, what assets exist beyond those which are encumbered by secured debt or what will happen if the estates are consolidated. Second, the Debtors completely gloss over what substantive consolidation is, the criteria that must be met for substantive consolidation, or why they believe substantive consolidation is appropriate in this Bankruptcy Case. Third, because Debtors do not provide the adequate information described above, it is impossible to determine if substantive consolidation is unduly prejudicial to creditors of one estate over the other. It is highly likely that CL V will oppose substantive consolidation of these two estates. Without the necessary disclosures and analysis, the Disclosure Statement fails to provide sufficient information for creditors to determine if these estates can be consolidated much less whether they should be as provided for in the Proposed Plan. According to CL V, in their Disclosure Statement, the Debtors leave certain categories completely to the imagination of their creditors. Specifically, Debtors do not provide any information related to the retention of the Committee's Professionals, the retention of RPA Advisors, the DIP Loan or certain Bankruptcy Rule 2004 Examinations. Understanding that some of these items remain outstanding or unresolved, the Debtors should have provided some background information as to each category and explained why each is relevant to the creditors understanding of the Bankruptcy Case. Moreover, Debtors leave one of the most critical aspects of its Proposed Plan completely blank -- the Liquidation Analysis. Again, although Debtors are still in the process of creating a complete analysis, the Disclosure Statement should have provided some detail into the Debtors' proposal. It is abundantly clear that Debtors' Disclosure Statement is woefully inadequate and should not be approved, CL V tells the Court. Attorneys for CL V Funding LLC: Vince Slusher, Esq. Kristen L. Perry, Esq. 1717 Main Street, Suite 5400 Dallas, TX 752017367 Telephone: (469) 357-2500 Facsimile: (469) 327-0860 E-mail: vince.slusher@faegredrinker.com kristen.perry@faegredrinker.com - and - Michael R. Stewart, Esq. 2200 Wells Fargo Center, 90 S. 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 E-mail: Michael.stewart@faegredrinker.com About Aequor Mgt Aequor Mgt, LLC -- https://BurroSand.com/ -- claims to be the lowest cost producer of 100 Mesh frac sand in the Permian Basin serving oil and gas producers. The company is based in Tyler, Texas. Aequor Mgt and Aequor Holdings, LLC filed petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Texas Lead Case No. 23-60010) on Jan. 5, 2023. Aequor Mgt scheduled $57.7 million in total assets against $90.7 million in total liabilities. Judge Joshua P. Searcy oversees the cases. The Debtors are represented by Davor Rukavina, Esq., at Munsch Hardt Kopf & Harr, P.C. AEQUOR MGT: Committee Says Plan Patently Unconfirmable ------------------------------------------------------ The Official Committee of Unsecured Creditors in the Aequor Mgt LLC case filed an objection to the Disclosure Statement in Support of Aequor Mgt LLC, and Aequor Holdings, LLC's Joint Consolidated Plan of Liquidation. According to the Committee, the Disclosure Statement does not provide adequate information necessary for creditors to make an informed judgment because key aspects of the proposed Plan are not disclosed. "For example, the Disclosure Statement does not include the terms regarding a proposed "DIP Loan" or a proposed cash infusion. In addition, the Debtors fail to adequately disclose the treatment of the secured claim of Independence TX, LLC ("ITX"), a non-debtor affiliate. The Debtors also fail to disclose the basis for the broad non-Debtor releases that are proposed in the Plan. Creditors are left to speculate about these and other components of the Plan," the Committee said. "In addition, the Disclosure Statement describes a patently unconfirmable Plan. Among other issues, the releases provided to the Released Parties (as defined in the Plan and Disclosure Statement) run afoul of Fifth Circuit precedent, and do not satisfy the "good faith" and "best interests of creditors" requirements under section 1129 of title 11 of the United States Code (the "Bankruptcy Code")." Moreover, according to the Committee, the proposed oversight of and funding for the Creditor Trust established under the Plan is inadequate. Finally, the Committee is concerned with two additional elements of the Plan: * First, the success of the Plan is contingent on the value of the IRS Priority Claim, which the Debtors assert is worthless. * Second, substantive consolidation of the Debtors would impair the ability of the Aequor MGT to assert claims against Aequor Holdings LLC ("Aequor Holdings") and challenge other claims asserted against the Debtors. Counsel to the Official Unsecured Creditors' Committee: Eric M. English, Esq. Bryan L. Rochelle, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002-2764 Telephone: (713) 226-6000 Facsimile: (713) 226-6248 E-mail: eenglish@porterhedges.com brochelle@porterhedges.com About Aequor Mgt Aequor Mgt, LLC -- https://BurroSand.com/ -- claims to be the lowest cost producer of 100 Mesh frac sand in the Permian Basin serving oil and gas producers. The company is based in Tyler, Texas. Aequor Mgt and Aequor Holdings, LLC filed petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Lead Case No. 23-60010) on Jan. 5, 2023. Aequor Mgt scheduled $57.7 million in total assets against $90.7 million in total liabilities. Judge Joshua P. Searcy oversees the cases. The Debtors are represented by Davor Rukavina, Esq., at Munsch Hardt Kopf & Harr, P.C. AEROFARMS INC: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of AeroFarms, Inc. and its affiliates. The committee members are: 1. Morgan Mechanical Contractors, Inc. Attn: Matt Morgan 204 W Stadium Dr Eden, NC 27288 Phone: 281.447.6278 Fax: 336.623.4204 Email: mattmorgan@morganmech.com 2. Seeds By Design Attn: Robb Baumann 175 W 2700 S Suite 200 Salt Lake City, UT 84115 Phone: (801) 491-8700 Email: robb@mvseeds.com 3. i.e. Smart Systems LLC Attn: Laura Chalfant 23219 W Hardy Road Spring, TX 77373 Phone: 281.447.6278 Fax: 346.447.2399 Email: laura.chalfant@iesmartsystems.com 4. Sunbelt Rentals, Inc. Attn: Ron Matley 1275 West Mound Street Columbus, OH 43223 Phone: 703.627.3374 Fax: 803.578.6560 Email: rmatley@sunbeltrentals.com 5. Turatti SRL Attn: Masoud A. Vaghefi P.O. Box 1848 Salinas, CA 93902 Phone: 831.837.7762 Fax: 831.785.2900 Email: mvaghefi@turatti.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About AeroFarms Inc. AeroFarms, Inc. is engaged in large-scale commercial indoor vertical farming, using proprietary aeroponic technology to grow differentiated leafy greens products while using up to 95% less water and zero pesticides. It operates two commercial farms, which are located in Danville, Va., and Newark, N.J., where they also have their company headquarters. AeroFarms and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10737) on June 8, 2023. In the petition signed by Guy Blanchard, president and chief executive officer, AeroFarms disclosed $100 million to $500 million in assets and $50 million to $100 million in liabilities. Judge Mary F. Walrath oversees the cases. The Debtors tapped DLA Piper LLP (US) as general bankruptcy counsel; CloudPoint Capital LLC as investment banker; ICR, LLC as communications and consulting services provider; and Omni Agent Solutions as notice and claims agent. ALIERA COMPANIES: Unsecureds to Get 15%-35% in Plan --------------------------------------------------- The Aliera Companies Inc. d/b/a Aliera Healthcare, Inc., et al. and The Official Committee of Unsecured Creditors submitted a Combined First Amended Disclosure Statement and Plan of Liquidation. The Plan constitutes a liquidating chapter 11 plan for the Debtors. The Plan provides for the Debtors' assets already liquidated or to be liquidated over time and for the proceeds to be distributed to Holders of Allowed Claims in accordance with the terms of the Plan. Except as otherwise provided by order of the Bankruptcy Court, Distributions will occur on the Effective Date or as soon thereafter as is practicable and at various intervals thereafter. The Plan provides for the establishment of the Trust which shall, as provided for in the Plan and the Trust Agreement, be the means to effect such liquidation and Distributions. Under the Plan, Class 2 Unsecured Priority Claims will receive payment in full on the later of (a) the Effective Date; or (b) the date on which such Person becomes the Holder of such an Allowed Unsecured Priority Claim. Creditors will recover 100% of their claims. Class 3 Unsecured Trade Claims total $10,000,000 to $15,000,000 and will receive a pro rata share of UTC Cash available after payment of or reserve for Allowed Claims on the later of: (a) the date or dates determined by the Liquidating Trustee, to the extent there is Cash available for distribution in the judgment of the Liquidating Trustee, having due regard for the anticipated and actual expenses, and the likelihood and timing, of the process of liquidating or disposing of the Assets; and (b) the date on which such Claim becomes Allowed. Creditors will recover 15 - 35% of their claims. UTC Cash means all amounts to be Distributed to Holders of Unsecured Trade Claims from the Liquidating Trust pursuant to the Unsecured Creditor Settlement and the Plan. Class 4 Unsecured Medical Claims total $660,667,598 and will receive a pro rata share of UMC Cash available after payment of or reserve for Allowed Claims on the later of: (a) the date or dates determined by the Liquidating Trustee, to the extent there is Cash available for distribution in the judgment of the Liquidating Trustee, having due regard for the anticipated and actual expenses, and the likelihood and timing, of the process of liquidating or disposing of the Assets; and (b) the date on which such Claim becomes Allowed. Creditors will recover 1 - 5% of their claims. UMC Cash means all amounts to be Distributed to Holders of Unsecured Medical Claims from the Trust pursuant to the Unsecured Creditor Settlement and the Plan. This Plan will be primarily funded by a combination of the Assets that are Cash on hand and proceeds from liquidation or other disposition of non-cash Assets, including Avoidance Actions Recoveries and General Litigation Claim Recoveries. Certain funding may also be provided from other Trust Assets. Counsel for the Debtors: J. Robert Williamson, Esq. Ashley Reynolds Ray, Esq. SCROGGINS & WILLIAMSON, P.C. 4401 Northside Parkway, Suite 450 Atlanta, GA 30327 Tel: (404) 893-3880 - and - Rachel B. Mersky, Esq. MONZACK MERSKY AND BROWDER, P.A. 1201 Orange Street, Suite 400 Wilmington, DE 19801 Tel: (302) 656-8162 Fax: (302) 656-2769 E-mail: rmersky@monlaw.com Counsel for the Official Committee of Unsecured Creditors: Dennis A. Meloro, Esq. GREENBERG TRAURIG, LLP 1007 North Orange Street, Suite 1200 Wilmington, DE 19801 Tel: (302) 661-7000 E-mail: melorod@gtlaw.com - and - John D. Elrod, Esq. 3333 Piedmont Road, NE, Suite 2500 Atlanta, GA 30305 Tel: (678) 553-2259 Fax: (678) 553-2269 E-mail: elrodj@gtlaw.com A copy of the Combined First Amended Disclosure Statement and Plan of Liquidation dated June 14, 2023, is available at https://tinyurl.ph/XQJGb from Epiq, the claims agent. About Aliera Cos. Inc. Aliera Cos. Inc. is focused on providing a full spectrum of revolutionary options and services to a multitude of industries that fit every need and budget. The company provides services to support its subsidiaries which focus on the unique aspects of the health care industry. Plaintiffs in a case -- docketed as Hanna Albina and Austin Willard, individually and on behalf of others similarly situated, Plaintiffs, v. The Aliera Companies, Inc., Trinity Healthshare, Inc. and Oneshare Health, LLC Unity Healthshare, LLC, Case No. 20-CV-00496, (E.D. Ky., Dec. 11, 2020) -- filed an involuntary petition under Chapter 11 of the Bankruptcy Code against Aliera (Bankr. D. Del. Case No. 21-11548) on Dec. 5, 2021. Joseph H. Huston, Jr., Esq., of Stevens & Lee, P.C., is the petitioners and plaintiffs' counsel. On Dec. 21, 2021, Aliera filed a voluntary Chapter 11 petition (Bankr. N.D. Ga. Case No. 21-59493), disclosing assets of $1 million to $10 million and liabilities of $500 million to $1 billion. Advevo LLC and three other Aliera affiliates -- Ensurian Agency LLC, Tactic Edge Solutions LLC and USA Benefits & Administrators LLC -- also filed voluntary Chapter 11 petitions on Dec. 21, 2021. On Jan. 25, 2022, the petitioning creditors obtained an order granting their motion to transfer the voluntary Chapter 11 cases to the Delaware Bankruptcy Court, which has been overseeing the liquidation of Aliera's affiliated corporation, Trinity Healthshare, Inc., now known as Sharity Ministries, Inc. On Feb. 16, 2022, Judge John T. Dorsey of the Delaware Bankruptcy Court ordered the consolidation of Aliera's voluntary Chapter 11 proceeding with the involuntary case filed by the petitioning creditors (with Case No. 21-11548 being the surviving case number) and terminated the company's voluntary proceeding. Meanwhile, Judge Dorsey ordered the joint administration of the involuntary proceeding and the four other voluntary cases filed by the Aliera affiliates, with Case No. 21-11548 as the lead bankruptcy case. The Debtors tapped J. Robert Williamson, Esq., at Scroggins & Williamson, P.C. and Monzack Mersky and Browder, PA as bankruptcy counsels; SeatonHill Partners, LP as financial advisor; and Katie Goodman, managing member of GGG Partners, LLC, as chief liquidation officer. Epiq Corporate Restructuring, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors on Feb. 21, 2022. The committee is represented by Greenberg Traurig, LLP. ALLIED HEALTHCARE: Seeks to Hire McMahon Berger as Labor Counsel ---------------------------------------------------------------- Allied Healthcare Products, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ McMahon Berger, P.C. as its labor counsel. The firm will render these services: a. assist as labor counsel for issuing arising and related to the Closedown, including WARN notices; and b. provide such other services to Debtor as may be necessary in this Case. The firm will charge these hourly fees: Daniel G. Fritz (Partner) $350 Partners $350 Associates $275 Daniel Fritz, Esq., disclosed in a court filing that he and his firm do not represent any interest adverse to the Debtor. The firm can be reached through: Daniel G. Fritz, Esq. McMahon Berger, P.C. 2730 N. Ballas Road, Suite 200 St. Louis, MO 63131 Tel: (314) 567-7350 Fax: (314) 567-5968 Email: fritz@mcmahonberger.com About Allied Healthcare Products Allied Healthcare Products Inc. is a manufacturer of AHP300 transport ventilator, carbon dioxide absorbent, suction regulators and aspirators, ventilators, emergency products, and medical gas systems. The company is based in Saint Louis, Mo. Allied Healthcare Products filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 23-41607) on May 8, 2023, with $10 million to $50 million in both assets and liabilities. Akash Amin, president and chief restructuring officer, signed the petition. Judge Brian C. Walsh oversees the case. The Debtor tapped Spencer Fane LLP as bankruptcy counsel; McMahon Berger, P.C. as labor counsel; MorrisAnderson & Associates, Ltd. as restructuring management and financial advisor; and Ravinia Capital, LLC as broker and investment banker. ARTERA SERVICES: $135M Bank Debt Trades at 33% Discount ------------------------------------------------------- Participations in a syndicated loan under which Artera Services LLC is a borrower were trading in the secondary market around 67.3 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $135 million facility is a Term loan that is scheduled to mature on March 6, 2026. The amount is fully drawn and outstanding. Artera Services, LLC provides utility line construction services. The Company offers installation, repair, and maintenance of gas and electric distribution lines, as well as civil excavation, feasibility studies, horizontal directional drilling, and pollution prevention planning services. ARTHROSCOPIC & LASER: Continued Operations to Fund Plan ------------------------------------------------------- Arthroscopic & Laser Surgery Center of San Diego, L.P., filed with the U.S. Bankruptcy Court for the Southern District of California a Plan of Reorganization for Small Business dated June 22, 2023. Debtor is a California limited partnership. Debtor operates a healthcare facility for outpatient surgeries at 5471 Kearny Villa Rd. Suite 100, San Diego, CA 92123 ("Facility"). It has three operating rooms. Saratoga Surgery Center Group, Inc. is the general partner and holds a 17/100 limited partner units in the Debtor. Dr. David Chao is a limited partner and holds 21/100 limited partner units. The remaining 62/100 limited partner units are held in Debtor's treasury. Saratoga is a California corporation that is owned and controlled by Dr. Chao. Previously, Debtor would accept all military cases without close scrutiny as to whether each case would be profitable. This worked well enough for a time when Debtor had ample cushion from private cases. However, as Debtor grew increasingly reliant on military cases, the deleterious effect of unprofitable cases ate away at Debtor's bottom line and caused Debtor to incur substantial trade debt to suppliers and vendors. Going forward, Debtor's reorganization will focus on profitability over volume. Debtor is refusing unprofitable cases and replacing them with profitable ones. By simply narrowing the types of military cases to those procedures known to be profitable, Debtor will stabilize its operations and cash flow, and fund a reorganization plan for the benefit of creditors. This Plan has a 60-month term which ends on October 31, 2028. Over this term, the Debtor will have $197,500.00 in projected disposable income. Under the Plan, the Debtor proposes to pay $239,837.00 to creditors. Plan payments will be paid on a quarterly basis with each quarterly payment due not later than the last day of each calendar quarter (i.e., March 31, June 30, September 30, and December 31). This Plan of Reorganization proposes to pay creditors of the Debtor from disposable operating income from normal business operations. Overall, the Plan will pay a 6.7% distribution on all claims ($3,576,666.72) and a 15.3% distribution on undisputed claims ($1,013,300.16). With respect to each class of creditors, the Plan provides as follows: * The Plan provides for the payment of administrative expense claims ($110,000 est.) and priority claims ($1,600.00) in full by 3Q'24. * The Plan provides for the payment of fifteen (15) quarterly payments of $8,000.00 (total $120,000) from 1Q'25 to 3Q'28. These payments shall be paid to (i) Alicia Clark (Class 2(d)) to the extent the Clark Claim is allowed as a secured claim, and then (ii) pro rata to general unsecured creditors (Class 3(a)) for the remainder. Class 3(a) consists of General Unsecured Claims. Class 3(a) is impaired by this Plan, and each holder of an allowed Class 3(a) claim will be paid from payments made under the Plan following payment in full of administrative expense claims, priority claims (Class 1), and the Clark Claim (Class 2(d). Class 3(c) consists of Unsecured Claims which are Postpetition Transferees. Class 3(c) is impaired by this Plan. Debtor objects to the Class 3(c) claims because the Postpetition Transferees are transferees of avoidable postpetition transfers under Section 549 of the Bankruptcy Code. Debtor objects to the claims of the Postpetition Transferees pursuant to Section 502(d) of the Bankuptcy Code. The Postpetition Transferees shall return to Debtor the amount of the Postpetition Transfers received within 90 days after the Effective Date. If a Postpetition Transferee timely returns the amount of the Postpetition Transfer received, then its claim under Class 3(c) shall be allowed and reclassified as general unsecured claims under Class 3(d). Class 3(d) consists of Unsecured Claims which are Subordinated Insider Claim. Class 3 is impaired by this Plan, and each holder of an allowed Class 3 claim will be paid from payments made under the Plan following payment in full of administrative expense claims, priority claims (Class 1), and the Clark Claim (Class 2(d)) in full. Class 4 Equity security interests of the Debtor. Class 4 is unimpaired by this Plan, and each holder of a Class 4 Interest will be conclusively presumed to have voted to accept the Plan. The holders of each Class 4 Interest will retain their rights and interests without impairment and will not receive any payments on account for their Class 4 Interests during the life of the Plan. The Plan will be funded with the following: (i) cash on hand, (ii) Debtor's protected disposable income over a period of sixty (60) months, and (iii) pursuit of other estate claims and causes of action, if any. A full-text copy of the Plan of Reorganization dated June 22, 2023, is available at https://urlcurt.com/u?l=Nn1gO8 from PacerMonitor.com at no charge. About Arthroscopic & Laser Surgery Center of San Diego Arthroscopic & Laser Surgery Center of San Diego, L.P. operates an outpatient care center in San Diego, Calif. It conducts business under the name Oasis Surgery Center. Arthroscopic & Laser Surgery Center of San Diego filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Cal. Case No. 23-00778) on March 24, 2023, with $471,349 in assets and $3,234,976 in liabilities. Judge Laura S. Taylor oversees the case. The Debtor is represented by the Bankruptcy Law Center and the Law Office of Donald W. Reid. ATLAS GLOBAL: Ernst & Young Appointed as Receiver Over Assets ------------------------------------------------------------- Atlas Global Brands Inc. ("Atlas Global", or the "Company") (CSE: ATL) on June 27 disclosed that further to the Company's news release dated June 2, 2023, Ernst & Young Inc. has been appointed as receiver and manager (the "Receiver") over certain current and future assets of Atlas Biotechnologies Inc. ("ABL"), a direct wholly-owned subsidiary of the Company, and Atlas Growers Ltd. (together with Atlas Biotechnologies, the "Atlas Subsidiaries"), an indirect wholly-owned subsidiary of the Company, under the Bankruptcy and Insolvency Act (Canada) and the Personal Property Security Act (Alberta). The Atlas Subsidiaries' senior lender, the Agriculture Financial Services Corporation (the "AFSC"), obtained the receivership order from the Court of King's Bench of Alberta (the "Court") with the consent of the Atlas Subsidiaries. The order follows on the Company's decision to cease operations at its facility in Gunn, Alberta and liquidate the assets of the Atlas Subsidiaries in an orderly manner as it focuses on cost reductions, savings and production efficiencies across its operations and the cannabis value chain. A copy of the order is or soon will be available on the Receiver's website which can be accessed at https://documentcentre.ey.com/. As would be expected in the circumstances, the AFSC has also filed a statement of claim against the Company with the Court in connection with the enforcement of an existing $1.4 million limited parental guarantee of the Company in respect of the indebtedness of ABL to the AFSC. The Company and the AFSC are in discussions concerning payment plan of the parental guarantee in the event the proceeds from the liquidation of the Atlas Subsidiaries' assets are not sufficient to satisfy amounts due to the AFSC. About Atlas Global Brands Atlas Global -- http://www.atlasglobalbrands.com/-- is a global cannabis company operating in Canada and Israel with expertise across the cannabis value chain, including cultivation, manufacturing, marketing, distribution. Atlas currently distributes to seven countries: Australia, Canada, Denmark, Germany, Israel, Norway, and the United Kingdom. In addition to a differentiated product mix, Atlas operates two licensed cannabis facilities: (1) an EU-GMP facility in Chatham, ON, and; (2) a GACP and IMC-GAP facility in Stratford, ON. Atlas also has a majority interest in 3 medical pharmacies in Israel and has entered into binding agreements for the acquisition of a majority interest in a Trading House and 6 additional medical cannabis pharmacies in Israel. BANYAN CAY: July 25 Hearing on Plan & Disclosures ------------------------------------------------- Judge Erik P. Kimball will convene a combined hearing, at which time the judge will consider, among other things, the adequacy of the Disclosure Statement and confirmation of the Plan of Banyan Cay Resort & Golf, LLC, et al., on July 25, 2023, at 1:30 p.m., prevailing Eastern Time. The deadline to submit a ballot to vote in favor or against the Plan will be July 18, 2023, at 5:00 p.m., prevailing Eastern Time. Any objections to the adequacy of the Disclosure Statement and confirmation of the Plan must have been received by July 18, 2023 at 5:00 p.m., prevailing Eastern Time. Any brief in support of confirmation of the Plan and reply to any objections must be filed on or before July 20, 2023 at 5:00 p.m., prevailing Eastern Time. Counsel for the Debtors: Jessey Krehl, Esq. PACK LAW, P.A. 51 Northeast 24th Street, Suite 108 Miami, FL 33137 Tel: (305) 916-4500 E-mail: jessey@packlaw.com About Banyan Cay Resort & Golf Banyan Cay Resort & Golf, LLC, and affiliates constitute a business enterprise that invests in, owns, and operates an approximately 200-acre resort and golf complex in West Palm Beach, Florida called Banyan Cay Resort & Golf Club, along with the ownership of certain real property incidental thereto and the provision of services related thereto. Banyan Cay Resort first acquired the property upon which the Development sits in August 2015 from Palm Tree Golf Management, LLC. Banyan Cay Resort and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-12386) on March 29, 2023. In the petition signed by Gerard A. McHale, McHale, P.A., proposed chief restructuring officer, Banyan Cay Resort disclosed up to $500 million in both assets and liabilities. Judge Mindy A. Mora oversees the cases. Gerard McHale of McHale, PA, has been designated as CRO and CEO of the Debtors. Joseph A. Pack and Jessey J. Kreh of Pack Law, serve as the Debtors' counsel. Keen-Summit Capital Partners LLC serves as marketing agent and broker for the Debtors. BATSU ENTERPRISES: Taps Quilling as Bankruptcy Counsel ------------------------------------------------------ Batsu Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Quilling, Selander, Lownds, Winslett & Moser, P.C. as its legal counsel. The firm's services include: (a) providing legal advice to the Debtor regarding its powers, duties and responsibilities and the continued management of its affairs and assets under Chapter 11; (b) preparing legal papers; (c) preparing a status report and Chapter 11 plan of reorganization; (d) investigating and prosecuting preference and fraudulent transfers actions arising under the avoidance powers of the Bankruptcy Code; and (e) performing all other legal services for the Debtor, which may be necessary. The firm's hourly rates are as follows: Shareholders $350 to $700 Associates $250 to $385 Paralegals $135 to $175 Quilling holds a post-petition retainer of $23,000. Hudson Jobe, Esq., a shareholder of the firm, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Hudson M. Jobe, Esq. Quilling, Selander, Lownds, Winslett & Moser, P.C. 2001 Bryan Street, Suite 1800 Dallas, TX 75201 Tel: (214) 880-1851 Email: jstanford@qslwm.com About Batsu Enterprises Batsu Enterprises, LLC, a Dallas-based company, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 23-31012) on May 23, 2023, with $1 million to $10 million in both assets and liabilities. James R. Campbell, manager, signed the petition. Hudson Jobe, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C. is the Debtor's counsel. BDC GROUP: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------- Mary Jensen, Acting U.S. Trustee for Region 12, appointed an official committee to represent unsecured creditors in the Chapter 11 case of BDC Group, Inc. The committee members are: 1. Tammy Kemp, Chief Credit Officer Liquid Capital Exchange 5075 Yonge Street, Ste 700 Toronto, Ontario Canada M2N 6C6 Phone: 416-707-4202 Email: tammy.kemp@garringtonco.com 2. Brandon Kuenzi, Secretary West Pacific Drilling, Inc. P.O. Box 882 Silverton, OR 97381 Phone: 503-931-9252 Email: brandonkuenzi@westpacificdrilling.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About BDC Group Inc. BDC Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No. 23-00484) on June 13, 2023. In the petition signed by Dennis Bruce, president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Thad J. Collins oversees the case. Austin J. Peiffer, Esq., at AG & Business Legal Strategies, represents the Debtor as legal counsel. BED BATH & BEYOND: Will Sell Digital Assets to Overstock.com ------------------------------------------------------------ Sana Pashankar of Bloomberg Law reports that Bed Bath and Beyond Inc. is set to sell its intellectual property and some of its digital assets to Overstock.com Inc. for $21.5 million, according to a bankruptcy court filing on Thursday, June 22, 2023. The terms of the deal, which must still be approved by a bankruptcy court in New Jersey next Tuesday, June 20, 2023, also include the company's Internet properties and business data. The sale doesn't include the company's Buy Buy Baby brand. A separate auction for those assets is set for June 28, 2023. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing chapter 11 cases, implementing full scale winddowns of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind down of operations. The cases are pending before the Honorable Vincent F. Papalia and have requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BIG VILLAGE: Unsecureds to Get 1% to 2% After Assets Sales ---------------------------------------------------------- Big Village Holding LLC, et al., submitted a Combined Disclosure Statement and Joint Chapter 11 Plan. The Committee, the Prepetition Lenders, Lake Capital, and the Debtors engaged in extensive, detailed good faith and arm's-length negotiations to resolve any outstanding issues and to formulate a fully consensual chapter 11 plan supported by the Committee and the Prepetition Lenders. The Committee, Prepetition Lenders, Lake Capital, and the Debtors finalized those discussions and ultimately agreed to the terms of the Global Settlement, the terms of which are: i. The Committee supports the Plan, including but not limited to the release and exculpation provisions set forth in Article XIV hereof. ii. $795,000 of the Prepetition Lenders' Cash Collateral (as defined in the Final Cash Collateral Order) shall be carved out of the Prepetition Lenders' Class 3 recovery and contributed to fund the GUC Cash Allocation. iii. Under the Plan, all of the available sale proceeds and available Cash shall be distributed to the Prepetition Lenders after funding of any reserves required under the Plan and payment of allowed administrative expenses and priority claims in full, subject to the following. iv. The GUC Cash Allocation shall be reserved for the sole and exclusive purpose of satisfying Allowed General Unsecured Claims in accordance with this Plan, which Allowed General Unsecured Claims against each of the Debtors shall be consolidated for purposes of voting, allowance, and distribution provided, however, that the Prepetition Lenders waive the Prepetition Loan Deficiency Claim and shall not participate in any Distributions from of the GUC Cash Allocation, and provided further, that the Lake Capital Claims shall also not participate in any Distributions from of the GUC Cash Allocation. v. Any and all Avoidance Actions shall be waived and extinguished upon the Effective Date. vi. The Debtors, in consultation with the Committee shall exercise commercially reasonable efforts prior to the Effective Date to administer and reconcile General Unsecured Claims so that (a) the pool of allowed general unsecured claims is determined as soon as possible (taking into account that distributions will represent a small percentage of projected Allowed General Unsecured Claims), and (b) distributions can be made by the Debtors out of the GUC Cash Allocation promptly following the Effective Date of the Plan. The Debtors shall provide draft claim objections to the Committee 3 days prior to filing, and will make appropriate personnel and advisors available to address any questions or concerns regarding such claim objections. vii. All approved fees and expenses of the Committee's professionals shall be paid in full through the Effective Date of this Plan in accordance with the approved budget set forth in the Final Cash Collateral Order. Under the Plan, Class 4 General Unsecured Claims total $63,993,127. Each Holder of a General Unsecured Claim shall receive such Holder's pro rata share of the GUC Cash Allocation, solely on account of the Global Settlement, provided, however that the Lake Capital Claims and the Prepetition Loan Deficiency Claim shall not participate in any Distributions from the GUC Cash Allocation. Creditors will recover 1% to 2% of their claims. Class 4 is impaired. "GUC Cash Allocation" shall me the reserve of $795,000 funded into escrow within 5 Business Days of the Effective Date for the sole and exclusive purpose of satisfying Allowed General Unsecured Claims in accordance with this Plan, provided, however, that the Lake Capital Claims and the Prepetition Loan Deficiency Claim shall not participate in any Distributions from the GUC Cash Allocation. The Debtors' paramount goal in the Chapter 11 Cases is to maximize the value of the estates for the benefit of the Debtors' creditor constituencies and other stakeholders through the sale of substantially all of the Assets. On the Petition date, the Debtors filed a motion (the "Bidding Procedures Motion") seeking authority to proceed with a bidding and auction process to consummate a sale or series of sales (the "Sale Process") that the Debtors expect will generate maximum value for their assets. The Debtors worked extensively to implement a robust and expeditious Sale process. On March 13, 2023, the Bankruptcy Court entered the Bidding Procedures Order, establishing, among other things, April 3, 2023, as the bid deadline, April 4, 2023, as the auction date, and April 6, 2023, as the hearing to approve the Sales. The stalking horse agreements served as the baseline for all prospective bidders to negotiate from, and were subject to higher or otherwise better bids for the assets. Stephens contacted or received inbound interest from 24 potentially interested parties, including various parties that had been contacted prior to the Petition Date, regarding the Assets related to the Agency and Insight business. As to the Debtors' EMX business, Stephens contacted or received inbound interest from 45 parties through the postpetition marketing process, including various parties that had been contacted prior to the Petition Date. The Debtors commenced an auction on April 4, 2023, which lasted two days. Following several off-the-record working sessions with the bidders and spirited live-auction bidding -- which included 38 rounds of bidding on the Agency and Insights businesses alone -- the following parties were declared as the winning bidders: a. Agency and Insights Businesses (together): Bright Mountain Media, Inc. for $19,274,000. b. Managed Services Business: ZStream Acquisition, LLC (the EMX Stalking Horse), for the stalking horse purchase price of $2.1 million, plus 100% of the accounts receivable for the managed services business estimated at approximately $1.5-1.6 million. c. Balihoo Business: Insticator, Inc. for $900,000 The Debtors were able to realize $8.174 million in cash value over and above the stalking horse bid for the Agency, Insights and Balihoo businesses and approximately $3.6-3.7 million in cash value for the managed services business. These cash values do not include any assumed liabilities and/or cure claims, which the Debtors' estimate to be an additional $8-9 million in sale consideration. On April 5, 2023, the Debtors commenced the second day of the auction for the SSP Sale. The winning bidder for the assets related to the SSP business was Cadent LLC for a cash purchase price of $4,900,000 plus a cash payment equal to 70% of the SSP business's accounts receivable, which the Debtors estimate to be $2,184,000, for a total purchase price of $7,084,000. Notably, the Debtors had no stalking horse purchaser for these assets. The Bankruptcy Court entered orders approving the sales on April 10, 2023, and April 12, 2023. The sales closed between April 14 and April 22, 2023. Counsel for the Debtors: Michael R. Nestor, Esq. Joseph Barry, Esq. Joseph M. Mulvihill, Esq. Heather P. Smillie, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 North King Street, Rodney Square Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 E-mail: mnestor@ycst.com jbarry@ycst.com jmulvihill@ycst.com hsmillie@ycst.com A copy of the Combined Disclosure Statement dated June 10, 2023, is available at https://tinyurl.ph/wIxmy from PacerMonitor.com. About Big Village Holding Big Village Holding LLC and its affiliates are a global advertising, technology, and data company with operations in the United States, European Union, and Australia. They deliver their advertising and digital content across multiple media channels and online platforms, and facilitate the implementation of targeted, data-driven advertising strategies which encompass all of the technology and intelligence necessary to execute global advertising campaigns. Big Village Holding LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10174) on February 8, 2023. In the petition signed by Kasha Cacy, global chief executive officer, the Debtors disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Craig T. Goldblatt oversees the case. The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal counsel; Portage Point Partners, LLC as restructuring advisor; and Stephens, Inc. as investment banker. Kroll Restructuring Administration, LLC is the claims and noticing agent and administrative advisor. BNP Paribas, as administrative agent under the Debtors' prepetition credit agreement, is represented by Mayer Brown LLP's attorneys, Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's attorney, L. Katherine Good. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Steven Golden, Esq. BINION CREEK: Seeks Approval to Hire Hayward PLLC as Counsel ------------------------------------------------------------ Binion Creek Reserves, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Hayward, PLLC as its legal counsel. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties in the continued operation of its business and management of its property; b. advising the Debtor of its responsibilities under the Bankruptcy Code; c. preparing and filing legal papers; d. assisting the Debtor in preparing and filing its schedules, statement of affairs, monthly financial reports, and initial report; e. representing the Debtor in adversary proceedings and other contested and uncontested matters, both in the bankruptcy court and in other courts of competent jurisdiction, concerning any and all matters related to its bankruptcy proceedings and financial affairs; f. representing the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining approvals by the court; and g. assisting the Debtor in the formulation of a plan of reorganization and in taking the necessary steps to obtain confirmation of the plan. The firm will be paid at these rates: Todd Headden $375 per hour Ron Satija $500 per hour Other attorneys $250 - $450 per hour Paralegals $150 - 195 per hour Legal Assistant $95 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Hayward received $5,000 out of the $10,000 retainer fee from an affiliate of the Debtor, which includes the Debtor's filing fee. Todd Headden, Esq., a partner at Hayward, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Todd Headden, Esq. Ron Satija, Esq. Hayward, PLLC 7600 Burnet Road, Suite 530 Austin, TX 78757 Phone: (737) 881-7104 Email: theadden@haywardfirm.com rsatija@haywardfirm.com About Binion Creek Reserves Binion Creek Reserves, LLC is a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). Binion Creek Reserves filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas Case No. 23-10397) on June 5, 2023, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Drew G. Hall, executive vice president, signed the petition. Hayward, PLLC represents the Debtor as counsel. BRIAN DEVRIES: Seeks to Hire Jeffrey S. Shinbrot as Legal Counsel ----------------------------------------------------------------- Brian DeVries Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Jeffrey S. Shinbrot, APLC to handle its Chapter 11 case. The firm will be paid at the rate of $675 per hour for attorneys and $150 per hour for paralegals. In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The Debtor paid the firm a pre-bankruptcy retainer in the amount of $26,738. Jeffrey Shinbrot, Esq., disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey S. Shinbrot, Esq. Jeffrey S. Shinbrot, APLC 15260 Ventura Blvd., Suite 1200 Sherman Oaks, CA 91403 Telephone: (310) 659-5444 Facsimile: (310) 878-8304 Email: jeffrey@shinbrotfirm.com About Brian DeVries Construction Brian DeVries Construction Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-11142) on June 2, 2023, with $500,001 to $1 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Jeffrey S. Shinbrot, Esq., at Jeffrey S. Shinbrot, APLC represents the Debtor as counsel. CARDINAL PARENT: $146.5M Bank Debt Trades at 19% Discount --------------------------------------------------------- Participations in a syndicated loan under which Cardinal Parent Inc is a borrower were trading in the secondary market around 80.9 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $146.5 million facility is a Term loan that is scheduled to mature on November 12, 2028. The amount is fully drawn and outstanding. Cardinal Parent, Inc. operates as an investment holding company. The Company serves customers in the United States. CHICK LUMBER: Unsecureds to Get Share of Cash Flow for 120 Months ----------------------------------------------------------------- Chick Lumber, Inc., filed an Amended Plan of Reorganization and an Amended Disclosure Statement dated June 16, 2023. In the Plan, the Debtor offers to compromise and settle all of the disputes between the Debtor and Citizens pursuant to Bankruptcy Rule 9019 if confirmed by the Bankruptcy Court. The Debtor offers to (1) dismiss with prejudice the Citizens Adversary, (2) consolidate all of the Citizens Claims, which include the Citizens Loan, the secured claim purchased from American Express National Bank, (3) bifurcate the consolidated Citizens Claims into the Citizens Allowed Secured Claim and Citizens Allowed Subordinated Non-Priority Claim into the Citizens Allowed Secured Claim and Citizens Allowed Subordinated Non-Priority Claim and (4) allow Citizens the Citizens Allowed Secured Claim in the amount of $701,000 and the Citizens Allowed Subordinated Non-Priority Unsecured Claim in the amount of $1,175,867. The Citizens Allowed Secured Claim will be paid in full, with interest at the rate of 3.25%, in 60 consecutive, equal monthly installments of principal and interest in the estimated amount of $12,674 each, beginning on the 30th day following the Effective Date and on the same date of each month thereafter. The Citizens Allowed Subordinated Non-Priority Unsecured Claim will be paid dividends and treated as an Allowed Non-Priority Unsecured Claim after other Non-Priority Allowed Unsecured Creditors to have received 25% of the dividends becoming due them on account of their Non-Priority Allowed Unsecured Claims. The payment of the Citizens Allowed Secured Claim will be secured by first priority security interests in and to all assets of the Debtor, subject to the senior security interests preserved for the benefit of Minor Secured Creditors and such purchase money security interests as may be granted purchase money lenders and sellers in the future to the extent provided for in this Plan. In addition, the offer requires the Debtor and Citizens to exchange releases, which discharge, release and relinquish all debts, demands, judgments and liabilities, Causes of Action and remedies therefor, except for post-confirmation Causes of Action arising from, out of or incidental to any breach of or default under the Plan or the Citizens Preserved Transaction Documents, as modified by the Plan. The Plan provides for a resolution of all claims by and between the Debtor and the Massas (subject to Bankruptcy Court Approval in the Massa Bankruptcy Cases) on the one hand and the Herget Defendants on the other and all other beneficiaries of the Herget Trusts. The Debtor and the Massas (subject to any necessary Bankruptcy Court Approval) will execute and deliver a release that discharges, releases and relinquishes all debts, demands, judgments and liabilities, Causes Of Action, equitable and statutory rights and other claims of any and every nature whatsoever and remedies therefor any of them may have against the Herget Defendants including, without limitation, the claims asserted in Chick Lumber, Inc. v. Herget Building Supply, Inc., Adv. Pro. 21-1028-BAH, and in Ansa Building Supply, Inc. now Known as Chick Lumber, Inc. v. Carroll County Leasing Company, Rockingham County Superior Court, New Hampshire, Docket No. 218-2019-CV-01235 and will dismiss, with prejudice the HBS Adversary and the Rockingham County Action, except for those arising from a breach of or default under the Plan with respect to the Herget Defendants. In return, CCLC will withdraw with prejudice its Motion for Allowance of an Administrative Expense Claim pursuant to which is seeks payment of $33,399, subordinate its claim for damages arising from the Debtor's rejection of its lease to all claims of other creditors which, apart from any defenses arising from the HBS Adversary, might be allowed at $226,070. In addition, CCLC will vote in favor of the plan. No Herget Defendant will object to the Plan, and HBS will expressly assent to the terms of the Citizens Adversary Resolution and its treatment of the HBS Note. Finally, the Herget Defendants will deliver a general release that discharges, releases and relinquishes all debts, demands, judgments and liabilities, causes of action, equitable and statutory rights and other claims of any and every nature whatsoever and remedies therefor in favor of the Debtor and the Massas. To make the Plan feasible, a number of Plan Parties made significant concessions. Counsel to the Debtor and the Committee agreed to accept the payment of any allowed Administrative Expense Claim in up to 60 monthly installments of principal and interest as did counsel to the Committee although the Debtor reserves the right to pay the claims faster if it can do so prudently (the "Debtor's Counsel" and "Committee Counsel," respectively). The Debtor's Counsel and Committee counsel agreed to cap the amount of fees they would seek at $250,000 and $50,000, respectively. The Committee agreed that allowed unsecured claims will be paid from the Unsecured Creditors' Share of Free Standing Cash Flow as provided for in the Plan for a period of up to 10 years beginning on or as of January 1, 2023 notwithstanding the later Effective Date. The Goldberg Foundation, one of the Debtor's landlords, agreed to accept a payment of $10,000 and roll the balance of its post-petition rent claim into the Goldberg Lease to be entered into with the Debtor pursuant to the Plan. As a result of the concessions made by senior creditors, the Plan gives Non-Priority Creditors a meaningful and realistic prospect of payment if the Plan is Confirmed by the Court. Like the earlier versions of the Plan built on the Citizens Adversary Resolution and the Herget Settlement, the Plan subordinates the Nonpriority Unsecured Claims held by Citizens and CCLC and disallows any other claims held by either party. The Plan is expected to become effective on September 1, 2023, which is the target date. The actual Effective Date may be different. For the purpose of computing and paying the Dividends due Non-Priority Allowed Unsecured Creditors, Citizens and CCLC from the Unsecured Creditors' Share of Free Standing Cash the amount thereof shall be calculated as of January 1, 2023 to give Non-Priority Allowed Unsecured Creditors the benefit of a full, first year and ease the accounting process. Under the Plan, Class 3 Non-Priority Unsecured Claims total $1,972,222 to $4,240,352 and have a projected dividend or dividend range of $663,664 to be shared pro rata. A pro rata share of the $1,204,807 projected to be distributed as free standing cash over 10-year period beginning on January 1, 2023 notwithstanding later Effective Date. Class 3 is impaired. The Class 4 Citizens Subordinated Unsecured Claim totals $1,175,867 to $1,207,153 and has projected dividend or dividend range of $101,320.39. Unsecured Creditors' Share of Free Standing Cash over the 10-year period beginning on January 1, 2023 notwithstanding later Effective Date after Class 3 Allowed Creditors have received Dividends equal to 25% of their subject to the subordination provision of the Plan. Class 4 is impaired. Counsel for the Debtor: William S. Gannon, Esq. WILLIAM S. GANNON PLLC 740 Chestnut Street Manchester NH 03104 Tel: (603) 621-0833 Fax: (603) 621-0830 E-mail: bgannon@gannonlawfirm.com A copy of the Amended Disclosure Statement dated June 16, 2023, is available at https://tinyurl.ph/WBiqE from PacerMonitor.com. About Chick Lumber Chick Lumber, Inc. -- https://www.chicklumber.com/ -- is a dealer of lumber, plywood, steel beams, engineered wood, trusses, steel and asphalt roofing, windows, doors, siding, trim, stair parts, and finish materials. It also offers drafting and design, installation, delivery, outside sales, and plan reading and estimating services. The Debtor sought Chapter 11 protection (Bankr. D.N.H. Case No. 19-11252) on Sept. 9, 2019, in Concord. In the petition signed by Salvatore Massa, president, the Debtor disclosed between $1 million and $10 million in both assets and liabilities. Judge Bruce A. Harwood oversees the case. William S. Gannon PLLC is the Debtor's legal counsel. The Office of the U.S. Trustee appointed a committee of unsecured creditors on Oct. 3, 2019. The Committee is represented by Goldstein & McClintock, LLLP as its legal counsel. CHOYDA INC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: ChoyDa, Inc. 3 Jouett Square Alameda, CA 94501 Business Description: ChoyDa owns two properties located in Oakland and Fremont, California valued at $8.2 million. Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court Northern District of California Case No.: 23-40753 Judge: Hon. Charles Novack Debtor's Counsel: E. Vincent Wood, Esq. THE LAW OFFICES OF E. VINCENT WOOD 2950 Buskirk Ave., #300 Walnut Creek, CA 94597 Tel: (925) 278-6680 Fax: (925) 955-1655 Email: vince@woodbk.com Total Assets: $8,200,000 Total Liabilities: $4,215,549 The petition was signed by Peter Choy as CEO shareholder. 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/A6PP3BQ/ChoyDa_Inc__canbke-23-40753__0001.0.pdf?mcid=tGE4TAMA CINEWORLD GROUP: Court Won't Reconsider Denial of Equity Panel -------------------------------------------------------------- The ad hoc group of non-insider shareholders of Cineworld Group plc failed to convince a U.S. bankruptcy judge to reconsider his ruling denying its motion to appoint an equity committee in the company's Chapter 11 case. Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas denied the motion from non-insider shareholders who challenged the perceived insolvency of Cineworld. In his order, Judge Marvin Isgur said it would be inappropriate to force the company's estate to bear the substantial costs of an equity committee in what he described as a "hopelessly insolvent case" given the content of the motion and the evidence at the June 16 hearing. At the evidentiary hearing, the judge denied the ad hoc group's bid to appoint an equity committee and articulated certain criteria that the group should meet to convince him to reconsider his ruling. 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. CLEARY PACKAGING: Sets Disclosures Hearing for July 11 ------------------------------------------------------ Cantwell-Cleary Co., Inc., and Cleary Packaging, LLC, filed a consent motion to amend the order and notice of Hearing on Disclosure Statement. On June 8, 2023, the parties filed a Consent Motion for Entry of Order Setting Deadlines and Procedures Related to Plan Confirmation , requesting an expedited hearing on the disclosure statements and setting forth procedures regarding discovery in connection with the plan. The consent motion was granted by order entered on June 9, 2023. On June 16, 2023, the Court entered an Order and Notice for Hearing on Disclosure Statements, establishing June 24, 2023 as the deadline to object to the disclosure statements, and setting a hearing on June 27, 2023. The Debtor, Cantwell-Cleary and the United States Trustee conferred regarding the proposed time for objections and the notice of the hearing on disclosure statements. An issue raised by the United States Trustee for the parties' consideration concerned adequacy of notice to creditors and parties-in-interest. Out of an abundance of caution, and in consultation with the United States Trustee, the Debtor and Cantwell-Cleary respectfully request that the deadlines set forth in the Order and Notice for Hearing on Disclosure Statements be modified to the following: i. Deadline to distribute the Court's Amended Order and Notice of Hearing and Deadline for Objections on Disclosure Statements in accordance with Federal Rule of Bankruptcy Procedure 3017(a): June 20, 2023. ii. Last day to file Objections to disclosure statements: 12:00 p.m. noon EST on July 6, 2023. iii. Hearing on disclosure statements: to be set forth by further order or notice. Insofar as the Court has imposed a deadline of August 31, 2023 for the Debtor to obtain approval of an exit from bankruptcy, the parties jointly submit that cause exists to grant the relief requested. At the behest of the parties, the Court ordered that * The hearing to consider approval of the Disclosure Statements shall be held on July 11, 2023 at 11:00 a.m., in Courtroom 9-C, 101 W. Lombard Street, Baltimore, Maryland 21201. * July 6, 2023 at 12:00 noon EST, is fixed as the last day for filing and serving in accordance with Federal Rule 3017(a) written objections to the Disclosure Statements. Attorneys for Cantwell-Cleary Co. Inc.: Steven L. Goldberg, Esq. MCNAMEE, HOSEA, P.A 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Fax: (301) 982-9450 E-mail: sgoldberg@mhlawyers.com Attorneys for the Debtor: Paul Sweeney, Esq. YVS LAW, LLC 11825 West Market Place, Suite 200 Fulton, MD 20759 Tel: (443) 569-5972 E-mail: psweeney@yvslaw.com About Cleary Packaging Cleary Packaging, LLC is a wholesale distributor of packaging and janitorial supplies. The company sought protection under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 21-10765) on Feb. 7, 2021. At the time of the filing, the Debtor disclosed assets of between $1 million and $10 million and liabilities of the same range. The Debtor tapped Yumkas, Vidmar, Sweeney & Mulrenin as its legal counsel and George S. Magas CPA, PC as its accountant. Scott W. Miller has been appointed as Subchapter V Trustee for the Debtor. CLOVIS ONCOLOGY: Court Confirms Liquidating Plan ------------------------------------------------ Judge J. Kate Stickles has entered an order approving the Disclosure Statement of Clovis Oncology, Inc., et al. on a final basis. The Third Amended Joint Chapter 11 Plan of Liquidation of Clovis Oncology, Inc., et al., as and to the extent modified by this Confirmation Order, is approved and confirmed pursuant to Section 1129 of the Bankruptcy Code. The Effective Date shall not occur unless the conditions precedent set forth in Section 10.1 of the Plan have been satisfied or waived in accordance with Section 10.2 of the Plan: (a) the Court shall have entered the Confirmation Order, and the Confirmation Order shall not be subject to any stay, modification, or vacation on appeal; (b) all funding, actions, documents and agreements necessary to implement and consummate the Plan and the transactions and other matters contemplated thereby, shall have been effected or executed, including the funding of the Wind-Down Reserve; and (c) the Creditors' Committee Challenge and Claim Objection and the Allowed amount of the Prepetition Financing Claims having been heard at the Confirmation Hearing and having been determined by Final Order of the Court or any settlement with respect to the Allowed amount or treatment of the Prepetition Financing Claims pursuant to the Plan being satisfactory in form and substance to the Debtors, the Creditors' Committee, and the Prepetition Financing Agent; (d) the FAP Sale Transaction shall have been consummated in accordance with the relevant acquisition agreement and Sale Order; (e) the Rubraca Sale Transaction shall have been consummated in accordance with the relevant acquisition agreement and Sale Order; (f) the Liquidation Trust shall be established and validly existing and the Liquidation Trust Agreement shall have been executed; (g) all professional fees and expenses of the Debtors, the Creditors' Committee, the DIP Lenders, the Prepetition Financing Agent, and the Equity Committee that, as of the Effective Date, were due and payable under an order of the Court shall have been paid in full, other than any Fee Claims subject to approval by the Court; (h) the Debtors shall have funded the Professional Fees Account in accordance with Section 2.2 of the Plan; (i) the Debtors shall have sufficient Cash on hand to pay in full, or reserve for, the projected Allowed Administrative Expense Claims, Allowed Fee Claims, Allowed Priority Tax Claims, Allowed Other Priority Claims, Allowed Other Secured Claims and U.S. Trustee Fees; (j) no governmental entity or federal or state court of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law or order (whether temporary, preliminary or permanent), in any case which is in effect and which prevents or prohibits consummation of the Plan or any of the other transactions contemplated hereby or in the Plan, and no governmental entity shall have instituted any action or proceeding (which remains pending at what would otherwise be the Effective Date) seeking to enjoin, restrain or otherwise prohibit consummation of the transactions contemplated by the Plan; (k) all authorizations, consents, regulatory approvals, rulings or documents that are necessary to implement and effectuate the Plan as of the Effective Date shall have been received, waived or otherwise resolved; and (l) all documents and agreements necessary to implement the Plan, including those set forth in the Plan Supplement, shall have (i) been tendered for delivery and (ii) been effected or executed by all Entities party thereto, and all conditions precedent to the effectiveness of such documents and agreements shall have been satisfied or waived pursuant to the terms of such documents or agreements. Pursuant to section 1123 of the Bankruptcy Code, upon the Effective Date, all settlements and compromises set forth in the Plan are approved in all respects, and constitute good faith compromises and settlements. Notwithstanding anything to the contrary in this Confirmation Order, the Plan or the Plan Supplement (including the Assumption Schedule, the stated cure amount therein for the FAP Stalking Horse APA and the other FAP Transaction Documents (as such term is defined and provided for in the Sale Order), and the Liquidation Trust Agreement), (i) nothing in this Confirmation Order, the Plan or the Plan Supplement (including the Assumption Schedule, the stated cure amount therein for FAP Stalking Horse APA and the other FAP Transaction Documents, and the Liquidation Trust Agreement) shall affect, prejudice, limit, modify, release, alter, enjoin or otherwise preclude (a) the provisions of the Sale Order, the FAP Stalking Horse APA or the other FAP Transaction Documents or (b) Novartis Innovative Therapies AG's rights, demands, defenses and claims under and in accordance with the FAP Stalking Horse APA and the other FAP Transaction Documents and the Sale Order, including, without limitation, rights to offset or setoff against any milestone payment in accordance with the FAP Stalking Horse APA and the other FAP Transaction Documents and the Sale Order; (ii) the Debtors' rights, privileges, benefits and obligations (including the Wind-Down Estate's obligations) under the FAP Stalking Horse APA and the other FAP Transaction Documents shall remain in full force and effect and shall not be affected, limited, modified, released, altered, enjoined or changed by this Confirmation Order, the Plan or the Plan Supplement (including the Assumption Schedule, the stated cure amount therein for FAP Stalking Horse APA and the other FAP Transaction Documents, and the Liquidation Trust Agreement), with the Debtors and the Wind-Down Estate bound to the rights, privileges, benefits and obligations of the Debtors thereunder; (iii) nothing in this Confirmation Order, the Plan or the Plan Supplement (including the Assumption Schedule and the Liquidation Trust Agreement) shall authorize or provide for the assignment of the FAP Stalking Horse APA and the other FAP Transaction Documents to the Liquidation Trust, the Liquidation Trustee, or the Delaware Trustee other than in accordance with the terms of the FAP Stalking Horse APA and other FAP Transaction Documents, as applicable; and (iv) the jurisdiction provisions in the FAP Stalking Horse APA and the other FAP Transaction Documents shall control in all respects and shall not be modified, altered or otherwise changed by any provisions in the Confirmation Order, the Plan, or the Plan Supplement (including the Liquidation Trust Agreement); and to the extent of any dispute related to, arising under or related to the FAP Stalking Horse APA and the other FAP Transaction Documents, the determination of jurisdiction over such dispute shall be determined solely by the applicable jurisdiction provision in the FAP Stalking Horse APA and the other FAP Transaction Documents, without regard to any other provision in the Confirmation Order, the Plan, or the Plan Supplement (including the Liquidation Trust Agreement). The evidence establishes that it is in the best interests of the Debtors' stakeholders to resolve the Creditors' Committee Challenge and Claim Objection on the terms set forth in the Joint Motion of the Debtors and Creditors' Committee to Approve Settlement Among the Debtors, the Prepetition Secured Parties and the Creditors' Committee Pursuant to 11 U.S.C. s 105(a) and Fed. R. Bankr. P. 9019 and the Plan, including the Plan Settlement. Third Amended Plan Clovis Oncology, Inc., et al., submitted a Third Amended Joint Chapter 11 Plan of Liquidation. Under the Plan, holders of Class 4 Unsecured Note Claims against the Debtors will receive its Pro Rata Share (measured by reference to the aggregate amount of Allowed Claims in Classes 4 and 5A) of the GUC CVRs. Class 4 is impaired. GUC CVR means the contingent value rights of holders of (i) Allowed Unsecured Note Claims, and (ii) Allowed U.S. General Unsecured Claims, in each case to receive contingent Cash payments pursuant to this Plan and the GUC CVR Agreement. Holders of Class 5A U.S. General Unsecured Claims against the Debtor Clovis Oncology, Inc. will receive the Pro Rata Share (measured by reference to the aggregate amount of Allowed Claims in Classes 4 and 5A) of the GUC CVRs; provided that 30% of any recoveries otherwise distributable on account of the Allowed Prepetition Financing Deficiency Claims shall be deemed waived by the holders of such Allowed Prepetition Financing Deficiency Claims and shall instead be deemed a Liquidation Trust Asset that shall be distributed to the other holders of the GUC CVRs, other than the holders of Allowed Prepetition Financing Deficiency Claims, or, if all Allowed Claims in Classes 1, 2, 3, 4, and 5A are repaid in full, holders of the Interest CVRs. Class 5A is impaired. Holders of Class 5B U.K. General Unsecured Claims against Debtor Clovis Oncology UK Limited will not receive or retain any distribution under the Plan on account of such U.K. General Unsecured Claim. Class 5B is impaired. Holders of Class 5C Ireland General Unsecured Claims against Debtor Clovis Oncology Ireland Limited will not receive or retain any distribution under the Plan on account of such Ireland General Unsecured Claim. Class 5C is impaired. Distributions under the Plan will be funded from Cash on hand and the proceeds of the Sales Transactions that are received before, on, or after the Effective Date. Attorneys for the Debtors: Rachel C. Strickland, Esq. Andrew S. Mordkoff, Esq. Erin C. Ryan, Esq. WILLKIE FARR & GALLAGHER LLP 787 Seventh Avenue New York, NY 10019 Telephone: 212-728-8000 Facsimile: 212-728-8111 - and - Robert J. Dehney, Esq. Andrew R. Remming, Esq. Matthew O. Talmo, Esq. MORRIS NICHOLS ARSHT & TUNNELL LLP 1201 North Market Street, 16th Floor, P.O. Box 1347 Wilmington, DE 19899-1347 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 A copy of the Order dated June 16, 2023, is available at https://tinyurl.ph/TOESZ from Kroll, the claims agent. About Clovis Oncology Clovis Oncology, Inc., is an American pharmaceutical company, which mainly markets products for treatment in oncology. The company is based in Boulder, Colo. Clovis Oncology and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bank. D. Del. Lead Case No. 22-11292) on Dec. 11, 2022. In the petition signed by Paul E. Gross, executive vice president and general counsel, Clovis Oncology disclosed $319,164,834 in assets and $754,564,457 in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped Morris Nichols Arsht and Tunnell, LLLP and Wilkie Farr & Gallagher, LLP as bankruptcy counsels; Alixpartners, LLP as financial advisor; Perella Weinberg Partners, LP as investment banker; and Ernst & Young, LLP as tax services provider. Kroll Restructuring Administration, LLC is the claims, noticing and solicitation agent. The U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Debtors' cases. The committee tapped Morrison & Foerster, LLP as lead bankruptcy counsel; Potter Anderson & Corroon, LLP as Delaware counsel; Alvarez & Marsal North America, LLC as financial advisor; and Jefferies, LLC as investment banker. The U.S. Trustee also appointed an official committee to represent the Debtors' equity security holders. Baker & McKenzie, LLP and Chipman Brown Cicero & Cole, LLP serve as the equity committee's bankruptcy counsel and Delaware counsel, respectively. COBRA HOLDINGS: $205M Bank Debt Trades at 17% Discount ------------------------------------------------------ Participations in a syndicated loan under which Cobra Holdings Inc is a borrower were trading in the secondary market around 82.9 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $205 million facility is a Term loan that is scheduled to mature on July 6, 2029. The amount is fully drawn and outstanding. Cobra Holdings PLC is retail and wholesale insurance broking group. COMPREHENSIVE PAIN: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Comprehensive Pain Solutions, PLLC d/b/a Prizm Pain Specialists, PLLC d/b/a Horizon Integrated Therapies 6200 N. Haggerty Road Canton, MI 48187 Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 23-45664 Judge: Hon. Maria L. Oxholm Debtor's Counsel: Daniel J. Weiner, Esq. SCHAFER AND WEINER, PLLC 40950 Woodward Ave., Suite 100 Bloomfield Hills, MI 48304 Tel: (248) 540-3340 Email: dweiner@schaferandweiner.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jeffrey M. Rosenberg as manager. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7TINPGA/Comprehensive_Pain_Solutions_PLLC__miebke-23-45664__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7JVKZNQ/Comprehensive_Pain_Solutions_PLLC__miebke-23-45664__0001.0.pdf?mcid=tGE4TAMA CONTEMPORARY MANAGEMENT: Charles Persing Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Charles Persing, a certified public accountant at Bederson LLP, as Subchapter V trustee for Contemporary Management Services, LLC and its affiliates. Mr. Persing will be paid an hourly fee of $490 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Persing declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles N. Persing, CPA/CFF, CVA, CIRA, CFE Bederson LLP 100 Passaic Avenue, Suite 310 Fairfield, NJ 07004 Phone: (973) 530-9181 Fax: (862) 926-2481 Email: cpersing@bederson.com About Contemporary Management Contemporary Management Services is a management company that provides management services to its affiliates, including Dale D. Goldschlag D.D.S. P.C. and various non-debtor entities, including Manhattan Dental Implant Solutions P.C. CMS manages the back-office, non-doctor staff, call centers, equipment and other supplies, scheduling of patients, marketing and all of the non-clinical work of the dental practices. Dale D. Goldschlag, which operates under the trade name Contemporary Dental Implant Centre, is a professional corporation through which a New York based dental practice is operated. Refined Dental Laboratory LLC fabricated the crowns used by the professional corporations when servicing patients. It owns certain inventory and finances certain equipment all presently housed at the laboratory facility in Valley Stream, NY. Total Dental Implant Solutions LLC, which did business as Genicore, is a medical device company specializing in dental implants. CDIC Holdings, LLC is a real estate entity and exists as the counterparty to a majority of the leases from which each dental office operates. On June 15, 2023, CMS and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-22459). At the time of the filing, CMS disclosed $4,444 in assets and $781,268 in liabilities. Judge Sean H. Lane oversees the cases. Davidoff Hutcher & Citron, LLP is the Debtors' legal counsel. E-BOX LLC: Seeks Approval to Hire SC&H Group as Expert Witness -------------------------------------------------------------- E-Box, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ SC&H Group, Inc. as its expert witness. The firm will provide expert witness testimony in regard to the sale process conducted for the Debtor, in particular the interpretation of the court's order with respect to payment of a break-up fee due to the approved stalking horse bidder. SC&H will charge $500 per hour for Henry Waida, principal, to prepare for the hearing and appear in court and $250 per hour for travel time, plus travel expenses. Mr. Waida disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Henry Waida SC&H Group, Inc. 910 Ridgebrook Road Sparks, MD 21152 Phone: 410-403-1500 About E-Box LLC E-Box, LLC, an electronic manufacturing company in Collierville, Tenn., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 22-23526) on Aug. 23, 2022, with up to $50 million in assets and up to $10 million in liabilities. Byron Brown, member of E-Box, signed the petition. Judge M. Ruthie Hagan oversees the case. The Debtor tapped The Law Offices of Craig M. Geno, PLLC and Payne Law Firm as legal counsels; Bob Mims, CPA and Tracy Cooper, CPA as accountants; and Dustin Lough of CR3 Partners, LLC as chief restructuring officer. EAST BROADWAY: Court Rejects Debtor's Disclosure Statement ---------------------------------------------------------- Judge David S. Jones has entered an order denying East Broadway Mall's motion for approval of its Disclosure Statement for the reasons stated on the record at the June 14, 2023 hearing. The Court considered all submissions, including objections to the Debtors' Motion filed by the United States Trustee, the Bank of Hope and the City of New York, and Debtor's Reply, as well as the statements of all interested parties who appeared at the June 14, 2023 hearing US Trustee Objection to Debtor Disclosures The U.S. Trustee said in court filings that the Debtor's Disclosure Statement Statement does not adequately describe the terms of the Plan or provide adequate information to evaluate the feasibility of the Plan. The Debtor's Plan is premised on a proposal to the City of New York and Bank of Hope which, according to the Debtor, is contingent upon the City's acceptance of the proposal. The Debtor's proposes to assume and modify the lease (the "Lease") for land beneath the Manhattan Bridge, originally designated as 59-77 Division Street, Manhattan, and later re-designated as 88 East Broadway (the "Property") and assign the Lease to a new entity being formed by the Debtor and its two anchor tenants at the Property. "There is neither a term sheet, nor a proposed modified lease attached to the Plan, the Disclosure Statement, or any other filing before this Court. The Disclosure Statement and Plan purport to incorporate certain of the proposed terms by reference," the U.S. Trustee said. "Furthermore, the Debtor proposes to pay approximately $5 million to various creditors on the Effective Date. According to the Debtor's last monthly operating report filed with the Court, the Debtor has only $54,828 on deposit in its bank account. There is not a scintilla of evidence that the Debtor will be able to remit payments totaling approximately $5 million. Not only is the Disclosure Statement devoid of any financial documentation as to how claimants will be paid under the Plan, but priority tax claimants, whose claims total $679,738.24, must also be paid the total value of their claims within five years of the commencement of this case. The Statement should address how, if at all, the Plan complies with section 1129(a)(9)(C) of the Bankruptcy Code." U.S. Trustee Also Objects to BOH Disclosures William K. Harrington, the United States Trustee for Region 2, filed an objection to the Third Amended Disclosure Statement and proposed Third Amended Chapter 11 Plan of Liquidation for debtor East Broadway Mall, Inc., filed by secured creditor Bank of Hope ("BOH"). The Plan is premised on a non-binding term sheet negotiated between and among BOH, the City of New York (the "City"), and Broadway East Group LLC ("BEG") or such other Approved New Tenant as may be agreed to by BOH and the City as disclosed in the Plan Supplement before the Confirmation Hearing. BEG is the proposed assignee of the Debtor's interest in a lease (the "Lease") for land beneath the Manhattan Bridge, originally designated as 59-77 Division Street, Manhattan, and later re-designated as 88 East Broadway. The United States Trustee points out that while the Third Disclosure Statement and Plan provides more information concerning the proposed agreement between and among BOH, the City, and BEG than the First Statement and Plan and the Second Statement and Plan, it is still unclear as to when and how administrative, priority, and general unsecured claims will be paid under the Plan. Additionally, with respect to administrative claims, the United States Trustee objects to any payments to BOH's attorneys that fail to comply with Section 503(b) of the Bankruptcy Code. And, with respect to priority tax claims, the Disclosure Statement is unclear as to how tax claims will be paid the total value of their claims within five years of the commencement of this case. Although, the United States Trustee understands the Debtor's financial condition limits its options, the Third Disclosure Statement and Plan should address how, if at all, the Plan complies with 11 U.S.C. s 1129(a)(4), (9)(C) and (11). Furthermore, the United States Trustee also objects to the broad exculpation clause that (a) protects non-fiduciaries, and (b) does not contain a government carve-out. Still further, the United States Trustee objects to the provision of the Plan that a claim filed after the Bar Date is "deemed disallowed . . . without any further notice to or action, or approval of the Bankruptcy Court"; a claim filed after the Bar Date should be deemed a "late- filed" claim. Finally, the Third Disclosure Statement and Plan contain contradictory provisions regarding the responsible party for filing post effective date reports and payment of United States Trustee's quarterly fees. For these reasons, the United States Trustee requested that the Court decline to give final approval of the Disclosure Statement and deny the Plan unless modified to address these issues. About East Broadway Mall East Broadway Mall, Inc., operates a commercial mall located at 88 East Broadway in the City, County and State of New York. On March 1, 1985, the Company entered into a 50-year lease commercial lease, with the City through the New York City Department of General Services for use of land beneath the Manhattan Bridge. Upon execution of the lease, the Company expended more than $1 million to construct a mall on the land. East Broadway Mall, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 19-12280) on July 12, 2019. In the petition signed by its president, Grace Chan, the Debtor was estimated to have assets and debts of less than $50,000. The Debtor hired Sferrazza & Keenan, PLLC, as counsel, and The Carey Group LLC, as special counsel. ENSEMBLE RCM: Moody's Rates $200MM Extended & Upsized Debt 'B2' --------------------------------------------------------------- Moody's Investors Service assigned a B2 rating to Ensemble RCM, LLC's proposed extended and upsized $200 million revolving credit facility due 2028. All other ratings, including the B2 corporate family rating, the B2-PD probability of default rating, and the B2 rating on the upsized $1.713 billion first lien term loan due 2026 (including the proposed new $297.7 million incremental term loan) are unaffected. The outlook is stable. The incremental term loan will be fungible with the company's existing $1.4 billion term loan due 2026 and the proceeds will be used to repay the $300 million term loan issued in 2022. Moody's will subsequently withdraw the 2022 incremental term loan at close of the transaction. Moody's considers the transaction as credit positive because it increases Ensemble's total availability liquidity by $125 million and extends the maturity of its revolver facility to 2028 from August 2024 (subject to an acceleration to 90 days prior to the first lien term loan maturity in 2026 should more than $100 million of term loan debt remaining outstanding). The refinancing of the first lien term loan is also expected by Moody's to generate around $4 million in annual interest expense savings. Moody's believes that the increased revolver capacity will remain reserved for general corporate purposes versus acquisition activity. Importantly, the new $200 million revolver and $62 million of cash on hand as of March 31, 2023 provides good support for the cash needs of the company over the next 12 to 18 months, as Moody's expects free cash flow to be negative $40 million range in 2023 before turning positive in 2024. The cash flow deficit is driven by a combination of higher interest rates, labor cost inflation, and costs incurred to ramp up new clients from business won in 2022. Although leverage is high at 6.3x through March 31, 2023, (Moody's adjusted including a partial adjustment for its management equity plan), Moody's expects leverage should approach 5x by mid-2024 driven by revenue growth rates in the low-to-mid 20% range and from improved profitability as new clients are fully ramped up. Assignments: Issuer: Ensemble RCM, LLC Senior Secured 1st Lien Revolving Credit Facility, Assigned B2 RATINGS RATIONALE The B2 CFR reflects Ensemble's high leverage and a financial policy that Moody's views as aggressive given the company's partial private equity ownership. Two debt funded shareholder returns, one in 2021 and one in 2022, increased leverage to very high levels before gradually improving thereafter. The company has demonstrated high revenue growth historically (22.8% growth through the twelve months ended March 31, 2023) and has good revenues stability and predictability over the next 12 months, given the contracted nature of the business, known contracts wins, and low incentive fees ( ENVIVA INC: Moody's Lowers CFR to B2 & Alters Outlook to Stable --------------------------------------------------------------- Moody's Investors Service has downgraded Enviva Inc.'s Corporate Family Rating to B2 from Ba3 and Probability of Default Rating to B2-PD from Ba3-PD. Moody's also downgraded the ratings on the senior unsecured notes due 2026, The Industrial Development Authority of Sumter County, Alabama tax-exempt facilities revenue bonds, Series 2022, and tax exempt revenue bonds, Series 2022, issued by the Mississippi Business Finance Corporation (MBFC) to B3 from B1. The Speculative Grade Liquidity Rating (SGL-3) is unchanged. The outlook is revised to stable from negative. Governance considerations are a key driver of this rating action. Moody's revised Enviva's ESG Credit Impact Score (CIS) to CIS-5 from CIS-3 to reflect the change in the Governance Issuer Profile Score (IPS). The IPS was changed to G-5 from G-3 to indicate heightened risks associated with the company's financial strategy and risk management, management credibility and track record, and financial reporting and compliance subfactor scores. The subfactor score for financial strategy and risk management was changed to 5 from 3. Enviva has exhibited an aggressive financial policy under its prior capital allocation strategy that has led to elevated leverage while the failure to maintain adequate cost controls illustrates weak risk management. Moody's also changed the subfactor score for management credibility and track record to 4 from 2. After lowering guidance last year, the company once again reduced adjusted EBITDA guidance for 2023 in May to a range of $200-$250 million from previous guidance of $305-$335 million at the company's investor day only one month earlier in April. Moreover, Moody's changed the subfactor score for compliance and reporting to 4 from 2 because of material weakness that were identified during the audit related to internal controls to assess the recoverability of recognized customer assets. Moody's recognizes these internal control weaknesses as having potentially adverse credit implications, although the auditors determined there was no change to their fairness opinion on the consolidated financial statements. "The downgrade reflects significant governance issues arising from lack of management oversight that resulted in poor operating performance, higher costs and significantly weaker financial results versus expectations," said Domenick R. Fumai, Vice President and lead analyst for Enviva Inc. Downgrades: Issuer: Enviva Inc. Corporate Family Rating, Downgraded to B2 from Ba3 Probability of Default Rating, Downgraded to B2-PD from Ba3-PD Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from B1 Issuer: Mississippi Business Finance Corporation Backed Senior Unsecured Revenue Bonds, Downgraded to B3 from B1 Issuer: The Industrial Development Authority of Sumter County Senior Unsecured Revenue Bonds, Downgraded to B3 from B1 Outlook Actions: Issuer: Enviva Inc. Outlook, Changed To Stable From Negative RATINGS RATIONALE The multi-notch rating downgrade to B2 from Ba3 reflects the rapid deterioration in earnings related to weaker-than-expected operating performance arising from governance issues. As a result of the lack of oversight regarding costs, operational challenges, including a delay in the ramp up and significantly higher costs for new plants, results significantly deviated from Moody's expectations. While management has indicated that it has started to address some of these issues, including strategic procurement activities to lower fiber and other input costs, in addition to increased emphasis on cost management, risks remain around the uncertainty of the timing and ability to achieve the cost savings. In addition, spot prices for wood pellets in Europe remain challenged with excess inventories in the supply chain due to the relatively warm winter. Prices are not likely to improve until next winter at the earliest due to the quantity of material in the chain. The B2 rating is constrained by elevated leverage. While Enviva has taken steps to preserve liquidity and manage leverage, including eliminating the substantial dividend and issuing $250 million of equity to reduce outstanding borrowings under the revolving credit facility, elevated capex will limit the company's future debt reduction capability. Moody's forecasts that free cash flow will continue to be negative as a result of lower earnings and increased capex. Positively, much of the capex financing needs in 2023 to build the Epes, Alabama, plant have been pre-funded and is classified as restricted cash on the balance sheet following tax-exempt industrial revenue bonds issued last year by The Industrial Development Authority of Sumter County. Moody's view is that future capex will be met with a mix of operating cash and debt. Moody's now expects adjusted financial leverage (Debt/EBITDA) will be roughly 7.0x-7.5x in FY 2023 despite the debt reduction in 2023 because of lower EBITDA generation. For FY 2024, Moody's projects that volumes will grow, operational expenses such as energy moderate and the benefit from cost-cutting measures will lead to EBITDA improvement in FY 2024, but that additional borrowing will be necessary to fund the completion of the Bond plant. As a result, financial leverage will range between 6.0x-6.5x compared to Moody's prior estimate of 4.5x, which is above Moody's previous downgrade trigger of 5.0x. Further considerations include relatively small scale, with sales of about $1.1 billion, though Moody's expects the company to continue growing over time by adding capacity and new contract awards. Enviva has announced nine new contracts in 2022 and three additional contracts in 1Q23. Significant operational concentration in the Southeast US is another factor that tempers the rating. The company is highly dependent on their customers receiving continued government tax support, tariffs and subsidies in Europe and Asia in order to displace coal with biomass. Additionally, Enviva faces the risk of adverse changes in the regulatory environment, though Moody's believes that the final vote for the Renewable Energy Directive (RED) III will remain supportive for the biomass industry. The B2 also recognizes the volatility in wood pellet prices that can occur due to unusually warm or cold winter weather conditions and the fact that the company's contractual arrangements do not fully insulate Enviva from market conditions. Other challenges include the threat of technological advances that continue to make other renewable resources more competitive as compared to biomass. To that end, Enviva continues to grow other areas such as sustainable aviation fuel (SAF) and industrial customers in steel, lime and cement industries as well as new geographies. Enviva's B2 rating benefits from its leading industry position in the global wood pellets industry driven by positive fundamentals for the biomass market in Europe and Asia as a result of an increase in renewable energy regulation in order to reduce carbon emissions. The company also benefits from its access to abundant and relatively low-cost supply of wood fiber in the Southeast US in close proximity to its manufacturing facilities and transportation. Enviva has long term take-or-pay contracts with a backlog totaling roughly $23 billion and an average weighted remaining contract length of 14.5 years. The rating is further supported by improved customer diversification and credit quality of its counterparties, though concentration to six major customers represent a substantial portion of expected sales in FY 2023. The stable outlook reflects Moody's expectations that there is a steady reduction in leverage over the next 12-18 months, no further deterioration in operating performance and that Enviva is able to execute progress towards improving its cost structure. Moreover, it assumes that more normal winter (2023/2024) weather conditions in Europe resolve the excess market inventories. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Although not likely over the next 12-18 months, Moody's could upgrade the ratings if adjusted financial leverage remains consistently below 4.75x and retained cash flow-to-net debt (RCF/Net Debt) is maintained above 15%. An upgrade would also require a demonstrated track record of improved operating efficiencies, cost controls and further growth in firm contract awards such that it meets or exceeds earnings expectations while maintaining adherence to a conservative financial policy. Enviva's ratings could be downgraded if adjusted Debt/EBITDA remains above 7.0x for a sustained period. Moody's would also consider lowering the rating if the company fails to achieve operational improvements and cost reductions. Ratings could also be downgraded if the company's capital allocation policies are modified to include reinstatement of the dividend, a large debt-financed share repurchase program, or acquisition. A material adverse change in the regulatory environment in the company's key markets or failure to renew maturing contracts could also result in a downgrade. Moody's would also view a debt repurchase at a significant discount to par as a distressed exchange and a type of default. LIQUIDITY The SGL-3 Speculative Grade Liquidity rating reflects expectations for Enviva to maintain adequate liquidity over the next 12 months. As of March 31, 2023, the company had unrestricted cash of approximately $5.3 million, cash earmarked for construction of approximately $216 million and roughly $413 million of availability under its unrated $570 million senior secured revolving credit facility. However, Moody's does expect the revolver to be occasionally utilized to meet short-term funding needs such as working capital and capex. The revolving credit facility contains a total leverage ratio covenant of equal to or below 5.75x and a minimum interest coverage of not less than 2.25x. The credit agreement includes a number of material add-backs and excludes the impacts of the DGMT with leverage of approximately 4.0x as of March 31, 2023. Moody's expects the company to be in compliance with the covenants over the next 12 months. STRUCTURALCONSIDERATIONS The B3 rating of the senior unsecured notes and tax-exempt facilities revenue bonds, one notch below the B2 CFR, reflects their subordinated position relative to the amount of senior secured debt, including the unrated senior secured revolving credit facility and term loan, with priority claims on the company's assets. Enviva Inc., headquartered in Bethesda, MD, is engaged in the production of utility-grade wood pellets. The company aggregates and processes wood fiber into transportable wood pellets sold under long-term take-or-pay supply contracts to major power generators in Europe and Asia who use the pellets in dedicated biomass or co-fired coal plants. Enviva is the largest supplier of industrial wood pellets as measured by production capacity, enjoying an estimated 14% market share of global pellet supply. For the twelve months ended March 31, 2023, the company generated approximately $1.1 billion in revenues. The principal methodology used in these ratings was Manufacturing published in September 2021. EVANGELICAL RETIREMENT: Taps Stretto as Claims and Noticing Agent ----------------------------------------------------------------- Evangelical Retirement Homes of Greater Chicago, Incorporated received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Stretto, Inc. The Debtor requires a claims, noticing and solicitation agent to serve notices to creditors, equity security holders and other concerned parties, and provide computerized claims-related services. The Debtors provided Stretto a retainer in the amount of $10,000. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto, Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About Evangelical Retirement Homes of Greater Chicago Evangelical Retirement Homes of Greater Chicago, Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-07541) on June 9, 2023. In the petition signed by its chief executive officer, Michael Flynn, the Debtor disclosed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Timothy A. Barnes oversees the case. Bruce C. Dopke, Esq., at Dopkelaw LLC, represents the Debtor as legal counsel. Stretto is the claims, noticing and solicitation agent. EVANGELICAL RETIREMENT: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------------ The U.S. Trustee for Region 11 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Evangelical Retirement Homes of Greater Chicago, Incorporated. The committee members are: 1. Kathryn Dahl 350 W. Schaumburg Road, C351 Schaumburg, IL 60194 2. Estate of Robert Gerlach Representative: Lawrence A. Gerlach 715 South White Willow Bay Palatine, IL 60067 3. Barbara Hershberger 350 W. Schaumburg Road, C359 Schaumburg, IL 60194 4. Estate of Margarite A. Hower Representative: Matthew Hower 41 Crabapple Lane Barrington Hills, IL 60010 5. Jerry A. Horney 141 Garden Way Schaumburg, IL 60194 6. Leonard R. Kofkin 350 W. Schaumburg Road, #1516 Schaumburg, IL 60194 7. Joseph A. Scheibenreif, Trustee Representative: Daniel M. Scheibenreif 3572 E. 1925th Road Ottawa, IL 61350 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Evangelical Retirement Homes of Greater Chicago Evangelical Retirement Homes of Greater Chicago, Incorporated sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-07541) on June 9, 2023. In the petition signed by its chief executive officer, Michael Flynn, the Debtor disclosed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Timothy A. Barnes oversees the case. Bruce C. Dopke, Esq., at Dopkelaw LLC, represents the Debtor as legal counsel. FARAJI ENTERPRISE: Unsecureds Owed $3,991 to Get Full Payment ------------------------------------------------------------- Faraji Enterprise, LLC, submitted an Amended Chapter 11 Small Business Plan and a Disclosure Statement dated June 14, 2023. Faraji Enterprises, LLC, through its beneficial interest in the Hirsch God Trust Agreement dated January 24, 2017, and known as Trust No. 469, has an exclusive ownership interest in the Property located at: 469 – 73 Hirsch Avenue Calumet City, IL 60409 (the "Hirsch Property"). Since the Petition Date, Debtor has remained in possession of the Property. The Debtor has maintained stringent control over cash expenditures and all operating expenses. The Debtor has also remained current with all post petition mortgage payments and adequate protection payments as they have accrued. With all 15 units, now completely occupied and Covid restrictions removed tenants are incentivized to pay rent in a timely manner and the Debtor has streamlined the Section 8 payment for tenants to avoid any potential delay or backlog in receipt of payment. Prior to filing the Chapter 11 case, the Debtor fired its previous property manager which the debtor found to be inefficient and derelict in its duties as property manager. The Debtor has hired Williamson Realty Solutions, Inc., to manage the building and is pleased with the thorough and meticulous management style of Williamson Realty. The Plan will be funded from the Debtor's available cash, which will be revested in the Reorganized Debtor as of the Effective Date. Under the Plan, Class 2 consists of the Unsecured Non-Priority Claims in the aggregate amount of $3,991. These claims receive the full amount of their claims over 60 months in the monthly payment amount of $66.51, without interest. Counsel for Faraji Enterprises, LLC: William E. Jamison, Jr., Esq. WILLIAM E. JAMISON & ASSOCIATGES 53 West Jackson Blvd., Suite# 801 Chicago, IL 60604 Tel: (312) 226 – 8500 A copy of the Disclosure Statement dated June 14, 2023, is available at https://tinyurl.ph/LVujR from PacerMonitor.com. About Faraji Enterprise Faraji Enterprise, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-14998) on Dec. 30, 2022, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Deborah L. Thorne oversees the case. William E. Jamison, Jr., Esq., at the Law Office William E. Jamison, is the Debtor's legal counsel. FREE SPEECH: Alex Jones Asks Court to Retain Attorney Pattis ------------------------------------------------------------ Aaron Keller of Law360 reports that despite apparent rancor during the underlying representation, Infowars host Alex Jones has asked a Texas bankruptcy judge if he can retain attorney Norm Pattis, who is fighting a since-stayed suspension order, to appeal a $1.5 billion Connecticut state court judgment involving Jones' Sandy Hook shooting broadcasts. According to court filings, subject to the Court's approval, the Debtor desires to employ and retain Pattis & Smith as its special counsel in connection with the following cases: * Erica Lafferty, David Wheeler, Francine Wheeler, Jacqueline Barden, Mark Barden, Nicole Hockley, Ian Hockley, Jennifer Hensel, Jeremy Richman, Donna Soto, Carlee Soto Parisi, Carlos M. Soto, Jillian Soto, and William Aldenberg v. Alex Emric Jones and Free Speech Systems, LLC, Case No., X06-UWY-CV-18-6046436-S (the "Lafferty Matter") * William Sherlach v. Alex Emric Jones and Free Speech Systems, LLC, X06-UWY-CV-18-6046437-S William Sherlach and Robert Parker v. Alex Emric Jones and Free Speech Systems, LLC, X06-UWY-CV-l8-6046438-S. All the proceedings described above before the Connecticut Superior Court, Waterbury District and consolidated in the Lafferty matter state court litigation (collectively, the "Sandy Hook Lawsuits"). The judgment entered in the Sandy Hook Lawsuits was in excess of $1 billion. Subsequently, Debtor maintains that the judgment was granted in error and Debtor has appealed the judgment. Prior to the Petition Date, Pattis & Smith represented Debtor and FSS throughout the Sandy Hook Lawsuits. The Debtor filed this motion in connection with his efforts to defend himself in the upcoming appeal(s) of the Connecticut Sandy Hook Lawsuits and the appeal that will follow. 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. GAI REMODELING: Seeks to Hire Kerkman & Dunn as Legal Counsel ------------------------------------------------------------- GAI Remodeling, LLC and GAI Vape, LLC seek approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Kerkman & Dunn as their legal counsel. The Debtors require legal counsel to: (a) give advice regarding the duties and powers of the Debtors under the Bankruptcy Code; (b) advise the Debtors on the conduct of the Chapter 11 cases; (c) attend meetings and negotiate with representatives of the creditors and other parties involved in the Debtors' bankruptcy cases; (d) prosecute actions on behalf of the Debtors, defend actions commenced against the Debtors, and represent the Debtors' interests in negotiations concerning litigation in which the Debtors are involved; (e) prepare pleadings; (f) advise the Debtors in connection with any potential sale of their assets; (g) appear before the court; (h) assist the Debtors in preparing, negotiating and implementing a Chapter 11 plan, and advise with respect to any rejection and reformulation of the plan, if necessary; (i) assist the Debtors in state court actions related to judgments and collection actions initiated by or against the Debtors that are necessary for an effective reorganization; and (j) perform other necessary legal services. The hourly rates of the firm's counsel and staff are as follows: Jerome R. Kerkman $525 Evan P. Schmit $435 Gregory M. Schrieber $410 Nicholas W. Kerkman $295 Non-Attorney Paraprofessionals $125 In addition, the firm will seek reimbursement for expenses incurred. Jerome Kerkman, Esq., an attorney at Kerkman & Dunn, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jerome R. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202-3744 Telephone: (414) 277-8200 Facsimile: (414) 277-0100 Email: jkerkman@kerkmandunn.com About GAI Remodeling and GAI Vape GAI Remodeling LLC and GAI Vape, LLC sought protection under Chapter 11 of the U.S Bankruptcy Code (Bankr. E.D. Wis. Lead Case No. 23-22646) on June 9, 2023. In the petition signed by Hunter G. Arms, manager, the Debtors disclosed up to $1 million in both assets and liabilities. Nicholas W. Kerkman, Esq., at Kerkman and Dunn, represents the Debtor as legal counsel. GEORGINA FALU: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Georgina Falu Co, LLC 333 E. 118th Street 1B New York, NY 10035 Business Description: The Debtor is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: June 27, 2023 Court: United States Bankruptcy Court Southern District of New York Case No.: 23-11004 Judge: Hon. Michael E. Wiles Debtor's Counsel: Charles Higgs, Esq. THE LAW OFFICES OF CHARLES A. HIGGS 2 Depot Plaza First Floor, Office 4 Bedford Hills, NY 10507 Tel: (917) 673-3768 Email: charles@freshstartesq.com Total Assets: $2,430,026 Total Liabilities: $1,497,164 The petition was signed by Georgina Falu as CEO. The Debtor listed Small Business Administration as its only unsecured creditor holding a claim of $75,000 on account of SBA loan. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/T22LOCA/Georgina_Falu_Co_LLC__nysbke-23-11004__0001.0.pdf?mcid=tGE4TAMA GLOBAL FOOD: EUR245M Bank Debt Trades at 16% Discount ----------------------------------------------------- Participations in a syndicated loan under which Global Food Solutions Sarl is a borrower were trading in the secondary market around 84.1 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR245million facility is a Term loan that is scheduled to mature on February 11, 2028. Global Food Solutions is a progressive food service partner, uniquely positioned to create affordable and inspired foods. GLOBAL TEL LINK: $475M Bank Debt Trades at 20% Discount ------------------------------------------------------- Participations in a syndicated loan under which Global Tel*Link Corp is a borrower were trading in the secondary market around 80 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $475 million facility is a Term loan that is scheduled to mature on November 29, 2026. The amount is fully drawn and outstanding. Global Tel*Link provides integrated technology solutions. The Company offers communication, intelligence, education, enterprise management, payment and deposit solutions, as well as inmate services GREELEY LAND: Creditors to Be Paid From Phase 2 Sale ---------------------------------------------------- Greeley Land, LLC, submitted a Modified Plan of Liquidation and a corresponding Disclosure Statement on June 14, 2023. The Debtor's Plan provides for the sale of the principal asset of the Debtor, University Flats – Phase 2 ("Phase 2"), under chapter 11 of the Bankruptcy Code, along with an adjacent student housing multi-family property commonly known as University Flats – Phase 1 ("Phase 1"). Phase 1 is owned by Greeley Flats, DST ("Greeley I"). Greeley I is not in bankruptcy and will not file for bankruptcy, as it is generally paying debts as they become due and not presently under default under its mortgage. Greeley I is ready, willing, and able to sell Phase 1 with Phase 2, as a joint sale will maximize value for investors of Greeley I. Phase 1 and Phase 2 have historically been managed by the same property manager and share common amenities. Specifically, the entities have a cost-sharing and reciprocal use agreement in place such that Phase 2 can use the pool and other amenities on Phase 1. The leasing office and clubhouse are also on Phase 1. If Phase 2 were to be sold separately through bankruptcy, the property would fetch a much lower market price. The purpose of marketing and selling the Debtor's assets with nonbankrupt assets is to increase the value of the estate assets and maximize the return to all creditors and stakeholders. The Debtor's Plan provides for the operation and sale of the principal asset of the Debtor, Phase 2, under Chapter 11 of the Bankruptcy Code. Pursuant to the Plan, once the Debtor's assets have been liquidated, the Debtor shall distribute the net proceeds to creditors in conformity with the Bankruptcy Code. If the Plan is approved by the Court, the Plan is the permanent restructuring of the Debtor's financial obligations. The Plan also provides a means through which the Debtor will restructure or repay its obligations. Under the Plan, holders of Class 6 General Unsecured Claims will be paid Pro Rata from the Net Sale Proceeds upon the closing of the Sale in accordance with the Waterfall Recovery specified in Section 4.06 of the Plan. Class 6 is impaired. The Debtor's Real Property and associated Personal Property will be sold along with Phase 1 and its associated personal property under a post-confirmation sale process separate from the Plan. Net Sale Proceeds will be allocated in accordance with the terms of this Plan. The portion of Net Sale Proceeds allocable to Phase 2 will be used to pay Allowed Claims and, if sufficient, provide a return to the Class 7 Claim holder. The Debtor shall, and Greeley I has agreed to, conduct the Sale in accordance with the following provisions: a. Marketing. In conjunction with a reputable broker, engaged in the chapter 11 Case subject to approval of the Court, the Debtor shall establish and promulgate written procedures and deadlines in consultation with Pathfinder. The Debtor may modify the procedures from time to time in its business judgment, after consultation. The Debtor will provide access to information in a data room and make certain of the Debtor's Assets available for inspection to qualified buyers who have signed an appropriate nondisclosure agreement, if one is deemed advisable. b. Initial Bids. Pursuant to a separate order of the Court (either auction and sale procedures or the Confirmation Order), the Debtor shall establish a deadline for submission of initial bids that shall be accompanied by a deposit determined by the Debtor and Greeley I and evidence of financial ability to close, if not previously provided, acceptable to the Debtor and Greeley I in their discretion. c. Discretion to Select Stalking Horse. The Debtor and Greeley I may, in their discretion after consultation with Pathfinder, negotiate with a potential bidder and execute a purchase and sale agreement, subject to higher and better bids, and provide customary bid protections as part of the agreement. d. Right to Refinance. If the Debtor obtains funding sufficient to pay all Allowed Claims (in case or as may be negotiated), including sufficient reserves for Disputed Claims in accordance with Section 4.03(c) of the Plan, the Debtor may proceed with such transaction at any time, subject to the rights, if any, of a stalking horse bidder. e. Auction. If adequate bids are received, the Debtor may conduct the Sale through an auction to be held on a date established in the Confirmation Order. The Debtor may establish rules and procedures for conduct of the auction and may modify them from time to time as deemed appropriate. f. Back-Up Bidder. The Debtor may select a back-up bidder who will remain bound by its bid through the closing date of Sale to the bid selected as highest and best. If the Sale to the buyer designated as having the highest and best bid does not close, the Debtor may close the Sale with the back-up bidder. g. Allocation of Purchase Price. The Net Sale Proceeds shall be split between the Debtor and Greeley I such that 60% of Net Sale Proceeds shall belong to Greeley I and 40% of the Net Sale Proceeds shall be distributed in accordance with Section 4.06 of the Plan. The value allocation between Phase 1 and Phase 2 is primarily based upon their respective net operating income ("NOI") and capitalization rate. The shared amenities between the two properties, including the clubhouse, leasing office, pool, and parking, contribute significantly to the value of Phase 1 and Phase 2. Phase 1 generates a significantly higher NOI compared to Phase 2, due in part to the amenities it shares with Phase 2. Specifically, the NOI of Phase 1 is approximately 60% higher than that of Phase 2, and Phase 2 is highly dependent on the amenities of Phase 1. Based on the performance of the NOI and the dependency on the shared amenities, if the combined properties were to sell for $40 million, it is reasonable to expect that Phase 1 would be valued at approximately 60% of that amount, or $24 million, while Phase 2 would be valued at the remaining 40%, or $16 million. Further, if the properties were to sell separately, the market value of Phase 2 would materially decrease due to the lack of amenities—resulting in both higher vacancy and lower rent rate targets. h. Reserve Price. To the extent the highest bid is less than $40 million (derived from a bid of approximately $24 million for Phase 1 and approximately $16 million for Phase 2), Greeley I reserves the right to withdraw its support for the sale and Plan, and the Debtor reserves the right to sell Phase 2 separately or refinance its outstanding debt. i. Sale Free and Clear of Liens. The Sale shall be subject to Court approval and will be free and clear of liens, with liens attaching to proceeds and distributed pursuant to the terms of this Plan. Upon selection of the highest and best bid, the Debtor shall seek Court approval of the Sale. j. Leases and Executory Contracts. Any and all tenant leases entered into with the Debtor that are in effect on the date of the closing of the Sale are to be assumed as part of a Sale. All other leases and contracts shall be evaluated and assumed or rejected on a case-by-case basis, pending decision from the purchaser to assume and assign contracts. k. Financial Projections. The Debtor's Financial Projections do not take into account the Net Sale Proceeds, costs of Sale, including the commissions payable to the broker engaged in the chapter 11 Case, or U.S. Trustee fees that will be payable related to distribution of Net Sale Proceeds. Projections are inherently uncertain, but the financial projections are the Debtor's best effort to project the results of operations for the Debtor based on all facts and circumstances presently known to the Debtor. Attorneys for the Debtor: Michael J. Pankow, Esq. Amalia Y. Sax-Bolder, Esq. Suzanne K. Daigle, Esq. BROWNSTEIN HYATT FARBER SCHRECK, LLP 675 15th Street, Suite 2900 Denver, CO 80202 Tel: (303) 223-1100 Fax: (303) 223-1111 E-mail: mpankow@bhfs.com asax-bolder@bhfs.com sdaigle@bhfs.com A copy of the Disclosure Statement dated June 14, 2023, is available at https://tinyurl.ph/VPZCz from PacerMonitor.com. About Greeley Land Greeley Land, LLC, an apartment building operator, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-14864) on Dec. 13, 2022, listing $10 million to $50 million in both assets and liabilities. Judge Michael E. Romero presides over the case. Michael J. Pankow, Esq., and Amalia Y. Sax-Bolder, Esq., at Brownstein Hyatt Farber Schreck, LLP are the Debtor's bankruptcy attorneys. GREELEY LAND: Taps Newmark Multifamily as Real Estate Broker ------------------------------------------------------------ Greeley Land, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Newmark Multifamily as its real estate broker. The Debtor requires a broker to market and sell its real property located at 1700 6th Ave., Greeley, Colo., commonly known as University Flats -- Phase 2. Newmark will receive a 1.14 percent commission of the final purchase price of the properties. Todd Fletcher, executive managing director at Newmark, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The broker can be reached through: Todd Fletcher O'Boyle Properties, Inc. dba Newmark Multifamily 1800 Larimer St, Suite 1700 Denver, CO 80202 Phone: 303-260-4470 Email: todd.fletcher@nmrk.com About Greeley Land Greeley Land, LLC, an apartment building operator, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-14864) on Dec. 13, 2022, with $10 million to $50 million in both assets and liabilities. Judge Michael E. Romero presides over the case. Michael J. Pankow, Esq., and Amalia Y. Sax-Bolder, Esq., at Brownstein Hyatt Farber Schreck, LLP are the Debtor's bankruptcy attorneys. HMH CONSTRUCTION: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------ Gregory Garvin, Acting U.S. Trustee for Region 18, appointed an official committee to represent unsecured creditors in the Chapter 11 case of HMH Construction, LLC. The committee members are: 1. Syman, LLC Tamara Simpson, Co-Manager 2101 Delta Dr. Nampa, ID 83687 Attorney: Nathan Thomas Peak Law 9201 W. State St. Ste 108 Boise, ID 83714 2. Steel National, LLC Lucus Hansen, Owner 4114 Nelson Lane Caldwell, ID 83605 Attorney: Nathan Thomas Peak Law 9201 W. State St. Ste 108 Boise, ID 83714 3. P.C.A.S., LLC Joe Leatham 111 E. 39th St. Garden City, ID 83714 Attorney: Henry Rudolph Skinner Fawcett, LLP 250 W. Bobwhite Ct. Ste 240 Boise, ID 83701-0708 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About HMH Construction HMH Construction, LLC, a company in Meridian, Idaho, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 23-00191) on April 20, 2023, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. John Odom, managing member, signed the petition. Judge Joseph M. Meier presides over the case. The Debtor tapped D. Blair Clark, Esq., at the Law Offices of D. Blair Clark, PC as bankruptcy counsel and BC Business Services, Inc. as accountant. HTG MOLECULAR: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 case of HTG Molecular Diagnostics, Inc. The committee members are: 1. NuvoGen Research, LLC Attn: Richard Kris (c/o Isaac Rothschild, Esq.) 259 N. Meyer Ave. Tucson, AZ 85701 Phone: (520) 270-5209 Email: richardmkris@gmail.com 2. In-Position Technologies Attn: Neil Jacques 7403 West Boton St. Chandler, AZ 85226 Phone: (480) 893-8086 Fax: (877) 478-4342 Email: legal@iptech1.com 3. Maryam Rastegar (an individual) Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About HTG Molecular Diagnostics, Inc. HTG Molecular Diagnostics, Inc. is a commercial-stage company that develops and markets a technology platform to facilitate the routine use of complex molecular profiling. The Tucson, Arizona-based Company's HTG Edge and HTG EdgeSeq platforms, which is comprised of instrumentation, consumables and software analytics, automates the molecular profiling of genes and gene activity. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10732) on June 5, 2023. In the petition signed by Shaun McMeans, senior vice president and chief financial officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Kate Sickles oversees the case. Frederick B. Rosner, Esq., at The Rosner Law Group, LLC, represents the Debtor as legal counsel. Silicon Valley Bank, as lender, is represented by Alex Rheaume, Esq., at Morrison & Foerster LLP. IDEAL SLEEVES: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Ideal Sleeves International, LLC 182 Courtright Street Wilkes Barre, PA 18702 Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court Middle District of Pennsylvania Case No.: 23-01418 Debtor's Counsel: Jeffrey Kurtzman, Esq. KURTZMAN | STEADY, LLC 555 City Avenue Suite 480 Bala Cynwyd, PA 19004 Tel: (215) 883-1600 Fax: (609) 482-8011 Email: kurtzman@kurtzmansteady.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by James B. Dwyer as managing member. 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/YRGWPRY/Ideal_Sleeves_International_LLC__pambke-23-01418__0001.0.pdf?mcid=tGE4TAMA INDUS ARCHITECTS: Taps Berger Fischoff Shumer Wexler as Counsel --------------------------------------------------------------- Indus Architects, PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Berger, Fischoff, Shumer, Wexler & Goodman, LLP as its legal counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties in the continued management of its business and property; b. representing the Debtor at court hearings on matters pertaining to its affairs; c. assisting the Debtor in the preparation and negotiation of a plan of reorganization with its creditors; d. preparing legal papers; and e. other legal services necessary to administer the Debtor's Chapter 11 case. The firm's hourly rates are as follows: Partners $550 - $635 Associates $400 - $500 Paralegals $185 Berger Fischoff will be paid a retainer of $18,000, plus $1,738 for the filing fee. Berger Fischoff does not represent any interest adverse to the Debtor and its bankruptcy estate, according to court papers filed by the firm. The firm can be reached through: Heath S. Berger, Esq. Berger Fischoff Shumer Wexler & Goodman LLP 6901 Jericho Turnpike #230 Syosset, NY 1179 Phone: 800-806-1136 Email: hberger@bfslawfirm.com About Indus Architects Indus Architects, PLLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-71961) on June 1, 2023, with $500,001 to $1 million in both assets and liabilities. Ronald Friedman, Esq., at SilvermanAcampora, LLP, has been appointed as Subchapter V trustee. Judge Robert E. Grossman oversees the case. Heath S. Berger, Esq., at Berger, Fischoff, Shumer, Wexler & Goodman, LLP represents the Debtor as legal counsel. INMET MINING: Seeks Approval to Tap 'Ordinary Course' Professionals ------------------------------------------------------------------- Inmet Mining, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ professionals utilized in the ordinary course of business. The "ordinary course" professionals include: Melanie Kilpatrick Williams Kilpatrick, PLLC 3151 Beaumont Centre Circle, Suite 375 Lexington, KY 40513 The firm represents the Debtor in the mine safety case. Its fee is capped at $8,000. About Inmet Mining Inmet Mining, LLC is a company in Knoxville, Tenn., which operates in the coal mining industry. Inmet Mining sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 23-70113) on April 5, 2023, with $50 million to $100 million in assets and $100 million to $500 million in liabilities. Jeffrey Strobel, chief restructuring officer, signed the petition. Judge Gregory R. Schaaf oversees the case. Jeffrey Phillips, Esq., at Steptoe & Johnson, PLLC is the Debtor's legal counsel. Paul Randolph, Acting U.S. Trustee for Region 8, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Dentons Bingham Greenebaum, LLP and Whiteford, Taylor & Preston, LLP as legal counsels; and BDO Consulting Group, LLC as financial advisor. INSTANT BRANDS: PIMCO, Ad Hoc Group Hold $258M of Term Loans ------------------------------------------------------------ The Ad Hoc Group of Unaffiliated Holders of Term Loans Issued by Instant Brands Holdings Inc. filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. Starting in October 2022, members of the Ad Hoc Group retained attorneys with the firm of Ropes & Gray LLP to represent them as counsel in connection with their holdings of the outstanding indebtedness of the Debtors. The members of the Ad Hoc Group, collectively, beneficially own or manage (or are the investment advisors or managers for funds or accounts that beneficially own or manage) $258.11 million in term loans under the Senior Secured Credit Agreement. In accordance with Bankruptcy Rule 2019, the name and address of each member of the Ad Hoc Group, and the nature and amount of disclosable economic interests held by each member in relation to the Debtors as of June 12, 2023 are: 1. Aegon USA Investment Management, LLC 222 West Adams Street, Suite 2050 Chicago, IL 60606 * Term Loans: $36,167,237 2. AGL Credit Management LP 535 Madison Avenue 37th Floor New York, NY 10022 * Term Loans: $38,504,640 3. AP MA Investor 13-5 LLC 4445 Willard Avenue Suite 1100 Chevy Chase, MD 20815 * Term Loans: $21,718,750 4. MJX Asset Management LLC 12 East 49 th Street 38th Floor New York, NY 10017 * Term Loans $27,800,000 5. Canaras Capital Management, LLC 1540 Broadway, Suite 1630 New York, NY 10036 * Term Loans: $6,550,844 6. Citadel Advisors LLC Southeast Financial Center 200 South Biscayne Boulevard, Suite 3300 Miami, FL 33131 * Term Loans: $7,400,000 7. Jefferies Leveraged Credit Products, LLC, 520 Madison Avenue New York, NY 10022 * Term Loans: $7,563,211 8. Monroe Capital LLC 311 South Wacker Drive Suite 6400 Chicago, IL 60606 * Term Loans: $13,031,250 9. NCC CLO Manager LLC 17 Old Kinds Highway South Darien, CT 06820 * Term Loans: $10,425,000 10. Pacific Investment Management Company LLC 650 Newport Center Drive Newport Beach, CA 92660 * Term Loans: $83,284,276 11. Saratoga Investment Corp CLO 2013-1 Ltd. 535 Madison Avenue, 4th Floor New York, NY 10022 * Term Loans: $3,942,576 12. Tikehau Structured Credit Management, LLC 412 West 15th Street New York, NY 10011 * Term Loans: $1,737,500 Ropes & Gray also represents Wilmington Trust, National Association in its capacity as (i) successor administrative agent and collateral agent under the Senior Secured Credit Agreement and (ii) proposed administrative agent and collateral agent under the Debtors' proposed term loan debtor-in-possession financing facility in the Debtors' chapter 11 cases. Counsel to the Ad Hoc Group: Matthew M. Roose, Esq. Ryan Preston Dahl, Esq. Matthew M. Roose, Esq. Daniel Gwen, Esq. Lindsay C. Barca, Esq. Eric P. Schriesheim, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, NY 10036-8704 Telephone: (212) 596-9000 Facsimile: (212) 596-9090 E-mail: ryan.dahl@ropesgray.com matthew.roose@ropesgray.com daniel.gwen@ropesgray.com lindsay.barca@ropesgray.com eric.schriesheim@ropesgray.com About Instant Brands Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Instant, Pyrex, Corelle, Corningware, Snapware, Chicago Cutlery, ZOID and Visions. Instant Brands Acquisition Holdings Inc. and its affiliates, including Instant Brands LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90716) on June 12, 2023. Judge David R. Jones oversees the case. In addition, the Company commenced ancillary proceedings in Canada under the Companies' Creditors Arrangement Act (CCAA) seeking recognition of the U.S. Chapter 11 proceedings in Canada. In the Chapter 11 petition signed by Adam Hollerbach, chief restructuring officer, Instant Brands disclosed up to $1 billion in both assets and liabilities. In the Chapter 11 cases, Davis Polk & Wardwell LLP is serving as Instant Brands' legal counsel and AlixPartners is serving as restructuring advisor. Guggenheim Securities LLC is the investment banker. Haynes and Boone, LLP, is the Debtors' Texas counsel and Stikeman Elliott LLP is the Canadian counsel. Epiq Corporate Restructuring, LLC, is the claims, noticing, agent, solicitation and administrative advisor. KIDDE-FENWAL: Saccullo, Kelley Drye Advise Government Claimants --------------------------------------------------------------- The Ad Hoc Group of Governmental Claimants in the chapter 11 case of Kidde-Fenwal, Inc., filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. The Committee members hold unliquidated unsecured claims against the Debtor's estate related to the Debtor's design, manufacture, distribution, and sale of aqueous film-forming foam. The members of the Ad Hoc Group of Governmental Claimants are: 1. The State of Maryland 2. The Commonwealth of Massachusetts 3. The State of New Mexico 4. The State of New Hampshire 5. The State of New Jersey 6. The State of North Carolina 7. Commonwealth of the Northern Mariana Islands 8. The State of Oregon 9. The State of Rhode Island 10. The State of Tennessee 11. The State of Texas Counsel to the Ad Hoc Committee of Governmental Claimants Anthony M. Saccullo, Esq. Mark T. Hurford, Esq. Mary E. Augustine, Esq. A. M. SACCULLO LEGAL, LLC 27 Crimson King Drive Bear, DE 19701 Tel: (302) 836-8877 Fax: (302) 836-8787 E-mail: ams@saccullolegal.com mark@saccullolegal.com meg@saccullolegal.com - and - James S. Carr, Esq. KELLEY DRYE & WARREN LLP 3 World Trade Center 175 Greenwich Street New York, NY 10007 Tel: 212-808-7800 Fax: 212-808-7897 E-mail: Jcarr@kelleydrye.com - and - Sean T. Wilson, Esq. KELLEY DRYE & WARREN LLP 515 Post Oak Blvd, Suite 900 Houston, TX 77027 Telephone: (212) 808-7612 Facsimile: (713) 355-5001 E-mail: Swilson@kelleydrye.com About Kidde-Fenwal Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures fire protection systems. It offers products such as fire control systems, explosion aircraft protection, laser-based smoke detection devices, electronic gas ignitions, and fire suppressions. Kidde-Fenwal markets its products to mining, manufacturing, education, and commercial sectors. Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the petition filed by its chief transformation officer, James Mesterharm, the Debtor reported assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht & Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC as investment banker. Stretto, Inc. is the claims and noticing agent and administrative advisor. KJ TRADE: Proposes Immaterial Modifications to Plan --------------------------------------------------- KJ Trade LTD Inc. submitted a Modification to Plan of Reorganization dated June 22, 2023. The Debtor modified the Plan in accordance with Sections 1125 and 1127 of Chapter 11 of Title 11 of the United States Code. The changes do not materially or adversely affect the rights of any parties in interest which have not had notice and an opportunity to be heard with regard thereto. The Plan, and specifically Article 4, Section 4.1, Class 1 of the Plan, is amended as follows: * Class 1 consists of any Secured Claim or Priority Tax Claim against Debtor held by the Internal Revenue Service (the "IRS") which was assessable or due and payable prior to the Filing Date or treated as arising prior to the Filing Date pursuant to Section 502(i) of the Bankruptcy Code (the "Class 1 IRS Tax Claim"). On April 13, 2023, the IRS filed a proof of claim, assigned Proof of Claim No. 3, asserting (i) an unsecured priority claim in the amount of $1,046,039.30 and (ii) a general unsecured claim in the amount of $78,985.92. On March 17, 2023, the IRS amended its Proof of Claim No. 3 to assert (i) an unsecured priority claim in the amount of $3,085,487.98 and (ii) general unsecured claims in the amount of $1,229,404.17(which is classified and treated as a Class 7 General Unsecured Claim and referred to herein as the "Asserted IRS Class 7 Claim"). On May 25, 2023, the IRS amended Proof of Claim No. 3 ("IRS Total Asserted Claim") to assert (i) an unsecured priority claim in the amount of $3,078,173.04 (the "Asserted IRS Class 1 Claim") and (ii) general unsecured claims in the amount of $1,229,404.17(which is classified and treated as a Class 7 General Unsecured Claim and referred to herein as the "Asserted IRS Class 7 Claim"). The vast majority of the IRS Total Asserted Claim is based on proposed additional amounts, which are under audit with the IRS. Specifically, tax years 2018, 2019 and 2020 are currently under audit and disputed by Debtor. * Upon Debtor's information and belief, the amount of the IRS Total Asserted Claim is vastly overstated, and Debtor is disputing the same in tax court, as to the 2018 and 2019 amounts. The 2020 audit is still under way and has not yet proceeded to tax court. Additionally, the IRS has estimated Debtor may owe $605,104.00 for tax year 2022; however, Debtor anticipates a net operating loss for tax year 2022 and does not anticipate owing any state or federal income taxes for 2022. The Debtor and the IRS reserve all rights with respect to the sums claimed in the IRS Total Asserted Claim, including but not limited to the IRS's right of setoff and right to assess unpaid taxes, penalties, and interest and the Debtor's right to object to same. The Allowed amount of the IRS Total Asserted Claim will be as determined in accordance with applicable law without the necessity of Debtor filing an objection to the IRS proof of claim provided that Debtor reserves the right to object to the same or to request this Court estimate or determine Debtor's tax liability, pursuant to Section 505 of the Bankruptcy Code. Debtor shall pay any allowed claims of the IRS, arising prior to the Filing Date or treated as arising prior to the Filing Date pursuant to Section 502(i) of the bankruptcy Code on the terms herein. * Any priority or secured Class 1 IRS Tax Claim shall be paid pursuant to Class 1, and any IRS general unsecured tax claim shall be paid pursuant to the General Unsecured Class 7. Debtor shall pay any Allowed Class 1 IRS Tax Claim in monthly payments as provided in the Plan Payment Procedures in Section 4.9 of the Plan provided, however, that any Allowed Class 1 IRS Tax Claim that has not been paid in full on or before the 5th anniversary of the Filing Date shall be paid with a final balloon payment on the 5th anniversary of the Filing Date (i.e. February 21, 2028) unless the IRS agrees to a longer payment term in writing after the entry of the Confirmation Order. Interest on the Class 1 IRS Tax Claim shall be paid shall accrue daily at the rate of 9% per annum, unless at the time of confirmation of the Plan a different rate applies under Section 511 of the Bankruptcy Code, Section 6621 of the Bankruptcy Code, and any applicable Revenue Ruling. * Notwithstanding anything to the contrary contained herein or in the Plan, nothing shall require the IRS to file a request for payment of an administrative expense in order to receive payment for any liability described in Bankruptcy Code sections 503(b)(1)(B) and (C) in accordance with Bankruptcy Code section 503(b)(1)(D). To the extent that any allowed IRS claim under Bankruptcy Code section 503, if any, is not paid in cash in full on or prior to the Effective Date, such administrative claim shall accrue interest and penalties as provided by non-bankruptcy law until paid in full. * Notwithstanding anything to the contrary contained herein or in the Plan, failure by the Debtor to make any payment to the IRS pursuant to the terms of the confirmed Plan shall be an event of default. If the Debtor fails to cure an event of default within 15 days after the date of a written notice of default by the IRS to the Debtor and its attorney, then the administrative collection powers and rights of the United States, acting through the IRS, will be reinstated as such powers and rights existed prior to the filing of the bankruptcy petition by the Debtor and the IRS may (a) engage in administrative collection activity, (b) institute a collection action to enforce and collect the entire amount of its outstanding tax claim; (c) exercise and pursue any and all available remedies any and all rights and remedies it may have under applicable non-bankruptcy law or regulation without further leave of Court; and/or (d) seek such relief as may be appropriate. * Section 4.9.4.2 is modified to provide that if it is determined by this Court or any other tribunal of competent jurisdiction that the IRS has been overpaid on the Class 1 IRS Tax Claim, upon a refund claim by the Debtor in accordance with the requirements of Sections 6511 and 7422 of the Bankruptcy Code and the related Treasury regulations, the United States, by and through the IRS will refund the net overpayments within 60 days of entry of a final decision pursuant to Sections 7481 and 7483 of the Bankruptcy Code, unless otherwise agreed to by the parties or ordered by this Court or any other tribunal of competent jurisdiction The Plan, and specifically Article 4, Section 4.4, Class 4 of the Plan, is amended to provide that the amount necessary to cure the arrearage under Class 4 is $69,853.00 (representing 7 months at $9,979.00 per month). A full-text copy of the Modified Plan dated June 22, 2023 is available at https://urlcurt.com/u?l=JsSvio from PacerMonitor.com at no charge. Attorney for Debtor: JONES & WALDEN LLC Leslie M. Pineyro Georgia Bar No. 969800 699 Piedmont Ave NE Atlanta, Georgia 30308 Phone: (404) 564-9300 Email: lpineyro@joneswalden.com 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. The Debtor tapped Leslie M. Pineyro, Esq., at Jones & Waldern LLC as legal counsel and Riolene Ibok, CPA, at Accounting & Tax Advisory Group, PC as accountant. LECLAIRRYAN PLLC: Trustee Proposes Tax Debts Settlement ------------------------------------------------------- Aysha Bagchi of Bloomberg Law reports that the bankruptcy estate trustee for former law firm LeClairRyan PLLC and firm co-founder Gary LeClair have reached a settlement agreement addressing his share of the estate and responsibility for tax debts. The trustee filed the settlement agreement with the US Bankruptcy Court for the Eastern District of Virginia on Friday, June 16, 2023, after filing a June 13, 2023 motion for approval of the compromise. She asked to shorten the notice period for the motion to 14 days rather than the normal 21 days, saying that LeClair is the only compromised party with a financial interest and he is the settlement counterparty. About LeClairRyan PLLC Founded in 1988, LeClairRyan PLLC is a national law firm with 385 attorneys, including 160 shareholders, at its peak. The firm represented thousands of clients, including individuals and local, regional, and global businesses. Following massive defections by its attorneys LeClairRyan, members of the firm in July 2019 voted to effect a wind-down of the Debtor's operations. LeClairRyan PLLC sought Chapter 11 protection (Bankr. E.D. Va. Case No. 19-bk-34574) on Sept. 3, 2019, to effect the wind-down of its affairs. In its Chapter 11 petition, the firm listed a range of 200-999 creditors owed between $10 million and $50 million. The firm claims assets of $10 million to $50 million. The Hon. Kevin R Huennekens is the case judge. Richmond attorneys Tyler Brown and Jason Harbour of Hunton Andrews Kurth represented LeClairRyan in the case. Protiviti was the Debtor's financial adviser for the liquidation. The bankruptcy case was converted to a Chapter 7 liquidation on Oct. 24, 20219. Lynn L. Tavenner was named a Chapter 7 trustee, and then Benjamin C. Ackerly, a successor trustee. The Chapter 7 trustee Ackerly's counsel: Tyler P. Brown Hunton Andrews Kurth LLP Tel: 804-788-8200 E-mail: tpbrown@huntonak.com LG TRUCKING: Seeks to Hire The Bush Law Firm as Legal Counsel ------------------------------------------------------------- LG Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire The Bush Law Firm, LLC as its counsel. The firm's services include: a. advising the Debtor as to its rights, powers and duties; b. preparing and filing legal documents; c. representing the Debtor at court hearings; d. preparing and filing status report and Chapter 11 plan; e. defending challenges to the automatic stay set forth within Section 362(a); and f. providing other legal services. The firm will charge $300 per hour for attorneys, $75 per hour for paralegals and $50 per hour for administrative assistants, and will seek reimbursement for work-related expenses. The Bush Law Firm received a retainer in the amount of $15,000, which includes the court filing fee of $1,738. As disclosed in court filings, The Bush Law Firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anthony B. Bush, Esq. The Bush Law Firm, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Phone: (334) 263-7733 Facsimile: (334) 832-4390 Email: anthonybbush@yahoo.com abush@bushlegalfirm.com About LG Trucking LG Trucking, LLC operates a timber harvesting or logging business in Lee County, Ala. LG Trucking sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 23-80613) on June 9, 2023. In the petition signed by Grady Holmes, Jr., member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Anthony Bush, Esq., at The Bush Law Firm, LLC, represents the Debtor as legal counsel. LIBERTY POWER: Joint Liquidating Plan Confirmed by Judge -------------------------------------------------------- Judge Scott M. Grossman has entered findings of fact, conclusions of law and order confirming the Joint Plan of Liquidation of Liberty Power Holdings, LLC, LPT, LLC, Liberty Power Maryland, LLC, and Liberty Power District of Columbia, LLC. The Plan is the result of extensive arms'-length negotiations among the Debtors and BETM regarding the best means for completing the liquidation of the remaining Assets, winding down the Debtors' affairs, and maximizing the value of the Estates and the return to creditors. The Debtors have prosecuted these Chapter 11 Cases with an honest belief that liquidation pursuant to chapter 11 of the Bankruptcy Code is fair and appropriate under the circumstances of this case and that the Plan is the best alternative available to Holders of Claims and Interests. The Debtors and BETM and each of their officers, directors, employees, advisors and professionals: (a) acted in good faith in negotiating, formulating and proposing, where applicable, the Plan and the agreements, compromises, settlements, transactions and transfers contemplated thereby, including the BETM Plan Settlement, and (b) will be acting in good faith in proceeding to (i) consummate and implement the Plan and the agreements, compromises, settlements, transactions, transfers and documentation contemplated thereby, including the BETM Plan Settlement, and (ii) take any actions authorized, directed or contemplated by this Order or the Plan. Thus, the Plan satisfies the requirements of section 1129(a)(3) of the Bankruptcy Code. Because the Plan is a plan of liquidation, it does not provide for the appointment of proposed officers and directors of the Reorganized Debtors or continuance of officers and directors. Instead, the Plan call for the eventual dissolution of the Debtors. Therefore, these disclosures satisfy section 1123(a)(5) of the Bankruptcy Code. The Liquidation Analysis attached to the Disclosure Statement as Exhibit 3 and the other evidence related thereto that was proffered or adduced at the Confirmation Hearing, (a) is reasonable; (b) utilizes reasonable methodologies and assumptions; (c) has not been controverted by other evidence; and (d) establishes that the approval of the BETM Plan Settlement will allow for the holders of the Agreed Senior Claims to receive more under the Plan than such holders would receive in a liquidation under chapter 7 of the Bankruptcy Code. Thus, the Plan satisfies the requirements of section 1129(a)(7) of the Bankruptcy Code. A full-text copy of the Plan Confirmation Order dated June 22, 2023 is available at https://urlcurt.com/u?l=tNHlUS from Stretto, the claims agent. Counsel for the Debtors: Paul J. Battista, Esq. Mariaelena Gayo-Guitian, Esq. Heather L. Harmon, Esq. VENABLE, LLP 100 SE 2nd Street, 44th Floor Miami, FL 33131 Telephone: (305) 349-2300 Facsimile: (305) 349-2310 About Liberty Power Established in 2001 and headquartered in Fort Lauderdale, Fla., Liberty Power Holdings, LLC is one of the largest and longest-tenured owner-operated retail electricity providers in the United States. It provides large and small businesses, government agencies and residential customers with competitively-priced electricity, sustainability solutions and exceptional customer service. Liberty Power filed a voluntary petition for Chapter 11 reorganization (Bankr. S.D. Fla. Case No. 21-13797) on April 20, 2021. On June 4, 2021, LPT, LLC, Liberty Power Maryland, LLC and Liberty Power District of Columbia, LLC sought Chapter 11 protection. The cases are jointly administered under Case No. 21-13797 and have been assigned to Judge Scott M. Grossman. At the time of the filing, Liberty Power disclosed total assets of up to $100 million and total liabilities of up to $500 million. The Debtors tapped Venable, LLP as legal counsel and Berkeley Research Group, LLC as restructuring advisor. Robert Butler, managing director at Berkeley, serves as the Debtors' chief restructuring officer. Stretto is the claims and noticing agent. Boston Energy Trading and Marketing, LLC, as DIP lender, is represented by Eversheds Sutherland (US) LLP. LIFESCAN GLOBAL: $1.01B Bank Debt Trades at 18% Discount -------------------------------------------------------- Participations in a syndicated loan under which LifeScan Global Corp is a borrower were trading in the secondary market around 82.3 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.01 billion facility is a Term loan that is scheduled to mature on December 31, 2026. About $971.3 million of the loan is withdrawn and outstanding. Lifescan Global Corporation is a provider of blood glucose monitoring systems for home and hospital use. LINDEN CENTER: Seeks Approval to Hire A.Y. Strauss as Counsel ------------------------------------------------------------- Linden Center, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire A.Y. Strauss LLC as its counsel. The firm's services include: (a) providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; (b) taking all necessary actions to protect and preserve the Debtor's estate during the pendency of the Debtor's Chapter 11 case; (c) preparing legal papers; (d) counseling the Debtor with regard to its rights and obligations under the Bankruptcy Code; (e) appearing in court; and (f) performing all other legal services for the Debtor which may be necessary and proper in these proceedings and in furtherance of the Debtor's operations. The firm's hourly rates are as follows: Partners $500 - $650 Counsel $475 Associates $425 - $450 Paralegals $200 In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The retainer fee is $25,000. Eric Horn, Esq., a partner at A.Y. Strauss, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Eric H. Horn, Esq. Heike M. Vogel, Esq. A.Y. Strauss, LLC 101 Eisenhower Parkway, Suite 412 Roseland, NJ 07068 Tel: (973) 287-5006 Fax: (973) 226-4104 Email: ehorn@aystrauss.com About Linden Center Linden Center, LLC is the owner of a certain real property located at 33-37 Farrington St. (also known as 34-20 Linden Place), in Flushing, N.Y. The property was acquired in 2017 for approximately $21 million from a bankruptcy estate. The property is a multi-story commercial retail building that may currently be occupied by multiple commercial tenants, including dining establishments, a day care, and a doctor's office. Linden Center filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41820) on May 24, 2023, with $1 million to $10 million in both assets and liabilities. Mark Allen, manager, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor is represented by Eric H. Horn, Esq., at A.Y. Strauss, LLC. LINDEN CENTER: Seeks to Hire North Point as Real Estate Broker -------------------------------------------------------------- Linden Center LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire North Point Real Estate Group. The Debtor requires a real estate broker to market and sell its real property located at 33-37 Farrington St., Flushing, N.Y. The sale of the property will be subject to a buyer's premium, which ranges from 1.8 percent to 3.5 percent of the purchase price. As disclosed in court filings, North Point is a disinterested person pursuant to Section 101(14) of the Bankruptcy Code. The broker can be reached through: Greg Corbin North Point Real Estate Group 433 Fifth Avenue, 4th Floor New York, NY 10016 Phone: (212) 359-9904 Email: Greg@rosewoodrg.com About Linden Center Linden Center, LLC is the owner of a certain real property located at 33-37 Farrington St. (also known as 34-20 Linden Place), in Flushing, N.Y. The property was acquired in 2017 for approximately $21 million from a bankruptcy estate. The property is a multi-story commercial retail building that may currently be occupied by multiple commercial tenants, including dining establishments, a day care, and a doctor's office. Linden Center filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41820) on May 24, 2023, with $1 million to $10 million in both assets and liabilities. Mark Allen, manager, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor is represented by Eric H. Horn, Esq., at A.Y. Strauss, LLC. LITIGATION PRACTICE: Trustee Taps Grobstein Teeple as Accountant ---------------------------------------------------------------- Richard Marshack, the Chapter 11 trustee for The Litigation Practice Group P.C., seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Grobstein Teeple, LLP as his accountant. The Debtor requires an accountant to: a. obtain and evaluate financial records; b. evaluate assets and liabilities of the Debtor and estate; c. evaluate tax issues related to the Debtor and estate; d. prepare tax returns; e. provide litigation consulting, if required; f. provide accounting and consulting services requested by the Debtor and its legal counsel; g. review and examine the Debtor’s books, records and accounts; and h. review and analyze the scope and extent of the Debtor's assets, liabilities and business operations. The firm will charge these hourly fees: Partners / Principals $375 to $595 Managers/ Directors $250 to $405 Professionals $85 to $275 Paraprofessionals $85 to $145 Joshua Teeple, CPA, a partner at Grobstein Teeple, disclosed in court filings that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joshue R. Teeple, CPA Grobstein Teeple, LLP 23832 Rockfield Boulevard, Suite 245 Lake Forest, CA 92630 Telephone: (949) 381-5655 Facsimile: (949) 381-5665 Email: jteeple@gtllp.com; documents@gtllp.com About The Litigation Practice Group The Litigation Practice Group P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10571) on March 20, 2023, with as much as $1 million in both assets and liabilities. Judge Scott C. Clarkson presides over the case. The Debtor tapped Khang & Khang, LLP as legal counsel and Grobstein Teeple, LLP as accountant. LITIGATION PRACTICE: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------------- The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Chapter 11 case of The Litigation Practice Group, PC. The committee members are: 1. Alexadra Lufti 2. April Reidy 3. Denise Burtchell 4. Angela Dows, Esq. 5. Thomas Ray Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About The Litigation Practice Group The Litigation Practice Group P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10571) on March 20, 2023, with as much as $1 million in both assets and liabilities. Judge Scott C. Clarkson presides over the case. Khang & Khang, LLP represents the Debtor as legal counsel. Richard A. Marshack, the Debtor's Chapter 11 trustee, is represented by Marshack Hays, LLP. LORDSTOWN MOTORS: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Lordstown Motors Corp. 2300 Hallock Young Road Lordstown OH 44481 Business Description: Lordstown Motors is an electric vehicle OEM developing innovative light duty commercial fleet vehicles. Lordstown Motors has engineering, research and development facilities in Farmington Hills, Michigan and Irvine, California. Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court District of Delaware Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Lordstown Motors Corp. (Lead Case) 23-10831 Lordstown EV Corporation 23-10832 Lordstown EV Sales LLC 23-10833 Debtors' Local Restructuring Counsel: Kevin Gross, Esq. RICHARDS, LAYTON & FINGER, P.A. 920 N. King Street Wilmington DE 19801 Tel: (302) 651-7700 Email: gross@rlf.com Debtors' Restructuring Counsel: WHITE & CASE LLP Debtors' Investment Banker: JEFFERIES LLC Debtors' Claims & Noticing Agent and Administrative Advisor: KURTZMAN CARSON CONSULTANTS LLC Total Assets as of Dec. 31, 2022: $452,312,000 Total Debts as of Dec. 31, 2022: $70,280,000 The petitions were signed by Edward T. Hightower as chief executive officer. Full-text copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LVOLFMQ/Lordstown_Motors_Corp__debke-23-10831__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JNGMWNQ/Lordstown_EV_Corporation__debke-23-10832__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JXGJFHQ/Lordstown_EV_Sales_LLC__debke-23-10833__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Teijin Automotive Trade Payable $2,083,980 Technologies, Inc. John Ruterbusch 255 Rex Blvd Auburn Hills, MI 48326 Phone: (989) 714-0101 Email: john.ruterbusch@cspplastics.com 2. ZF Passive Safety Trade Payable $1,981,531 Systems US Inc. Mike Godlewski 4505 W 26 Mile Rd Washington, MI 48094 Fax: (586) 232-8356 Email: ssc-sb9-ar.ssc-sb9-ar@zf.com; mssc-or9-ar.mssc-or9-ar@zf.com 3. Marelli North America Inc. Trade Payable $1,614,252 Junko Smith DBA Calsonickansel North America Inc. 1 Calsonic Way Shelbyville, TN 37160 Phone: (931) 680-6753 Email: rosa.cardona@marelli.com 4. Greatech Integration Trade Payable $1,532,600 (M) SDN. Bhd Ha Lai Plot 287(A), Lengkok Kampung Jawa Satu Bayan Lepas Fiz Phase 3 11900 Penang, Malaysia Tel: (604) 646-3260 Fax: 60 604 646 3261 Email: halai@greatech-group.com 5. Barry L. Leonard and Trade Payable $1,361,252 Company Inc. Barry Leonard DBA Trans Machine Technologies 920 Brenner St Winston-Salem, NC 27101 Phone: (336) 971-9758 Email: barry@trans-macnine.com 6. JVIS USA LLC Trade Payable $1,237,946 Amanda Campana - Remittance PO Box 530 Mt Clemens, MI 48046 Tel: (586) 506-2034 Fax: (586) 884-5725 Email: campana@jvis.us 7. Three-Dimensional Services Trade Payable $1,208,981 Garry Kasaczun DBA 3 Dimensional Services Group 2547 Product Dr Rochester Hilsl, MI 48309 Tel: (586) 484-7117 Fax: (248) 852-2110 Email: garryk@3dimensional.com 8. Pektron EV Limited Trade Payable $1,038,549 Alfreton Road Derby, DE21 4AP United Kingdom Tel: (248) 565-7242 Fax: 44-0-1332-835706 Email: afield@pektron.com 9. Superior Cam Inc. Trade Payable $851,488 John Basson 31240 Stephenson Hwy Madison Heights, MI 48071 Tel: (248) 588-1100 Fax: (248) 588-1104 Email: jbasso@diversifiedtoolinggroup.com; ar@superiorcam.com 10. Bossard Inc. Trade Payable $659,217 Jon Dabney 6521 Production Dr Cedar Falls, IA 50613 Tel: (319) 859-3663 Fax: (319) 277-2964 Email: jdabney@bossard.com 11. Nexteer Automotive Trade Payable $568,511 Corporation Bryan Harris 3900 E Holland Rd Saginaw, MI 48601 Tel: (810) 893-4584 Fax: (989) 757-4022 Email: bryan.harris@nexteer.com 12. Harco Manufacturing Group, LLC Trade Payable $491,209 Matthew Knepp 3535 Kettering Blvd Moraine, OH 45439 Phone: (330) 219-8246 Email: mknepp@harcoonline.com 13. Amphenol Interconnect Trade Payable $442,839 Products Corp Sophia 20 Valley St Endicott, NY 13760 Phone: (607) 754-4444 Email: lijuan.yi@amphenol-ipc.com; fanny.ning@amphenol-ipc.com 14. VIA Optronics LLC Trade Payable $434,781 Brett Gaines 6220 Hazeltine National Dr Ste 120 Orlando, FL 32822 Phone: (408) 483-6226 Fax: (407) 745-5037 Email: bgaines@via-optronics.com; us-viallc-customers@via-optronics.com 15. Elaphe Propulsion Trade Payable $424,444 Technologies Ltd Luka Ambrozic Teslova Ulica 30 1000 Ljubljana, Slovenia Phone: 386-41-943-173 Email: gregor.golja@elphe-ev.com 16. Cognizant Mobility, Inc. Trade Payable $423,337 Aneil Shah 1391 Wheaton Ste 700 Troy, MI 48083 Phone: (734) 355-5141 Email: aneil.shah@cognizant.com 17. SA Automotive Ltd Trade Payable $380,030 Shar Hedayat 1307 Highview Dr Webberville, MI 48892 Tel: (517) 521-4205 Fax: (517) 521-4520 Email: shar.hedayat@saautomotive.com 18. Ventra Group Co. Trade Payable $328,875 Laura Correa DBA Flex-N-Gate Bradford 1 Riverside Drive West Ste 700 Windsor, ON N9A-5K3 Canada Phone: (586) 519-2095 Email: lcorrea@flenxgate-mi.com 19. Sharp Dimension Inc. Trade Payable $323,060 Tracy Tran 4240 Business Center Dr Fremont, CA 94538 Tel: (510) 656-8938 Fax: (510) 656-8940 Email: tracy@sharpdimension.com 20. The Timken Corporation Trade Payable $316,514 Charles Wojdyla 4500 Mount Pleasant Street NW North Canton, OH 44720 Fax: (234) 262-6628 Email: charles.wojdyla@timken.com; acctsrec@timken.com 21. Proper Group Holdings LLC Trade Payable $300,464 Alex Williams DBA Proper Tooling LLC 13870 E Eleven Mile Rd Warren, MI 48089 Tel: (248) 767-2991 Email: awilliams@pcamco.com; ar@proper.net 22. St. Clair Technologies Inc. Trade Payable $267,321 827 Dufferin Ave Wallaceburg, ON N8A 2V5 Canada Phone: (586) 215-7008 Email: tarmstrong@stclairtech.com 23. Fiberdyne Research Pty Ltd Trade Payable $250,128 Julian Merrit 14 Carmel Ave Fentree Gully, VIC 3156 Australia Phone: 61 3 9465 5997 Email: julian.merritt@fiverdyne.com.au 24. Quality Metalcraft Inc. Trade Payable $209,017 Brian Papke 28101 Schoolcraft Rd Livonia, MI 48150 Phone: (248) 261-6700 Email: brian.papke@qmc-emi.com; accounts.receivable.emi@qmc-emi.com 25. Laval Tool & Mould Ltd. Trade Payable $189,977 David Wightman 4965 8th Concession Rd Maidstone, ON N0R 1K0 Canada Phone: (519) 737-1323 Fax: (519) 737-1747 Email: dwightman@lavaltool.net 26. Thyssenkrupp Materials Trade Payable $184,156 NA, Inc. Allyson Fridley DBA Ken-Mac Metals or Thyssenkrupp Steel Services 22355 W Eleven Mile Rd Southfield, MI 48033 Tel: (440) 821-9801 Fax: (248) 233-5699 Email: allyson.fridley@thyssenkrpp-materials.com 27. Foxconn EV Systems LLC Trade Payable $161,001 Matt Auffenorde 2300 Hallock Young Rd Warren, OH 44481 Phone: (248) 466-6647 Email: matthew.auffenorde@fevsys.com scot.mcmillin@fevsys.com 28. HRB Industries Corp Trade Payable $153,204 Kevin Yao 3485 Swenson Ave Saint Charles, IL 60174 Phone: (630) 513-0700 Email: kevin.yao@hrbindustries.com; sherwin.zhang@hrbindustries.com 29. Ceva Contract Logistics US Inc. Trade Payable $145,881 Jim Zoltowski 15350 Vickery Dr Houston, TX 77032 Phone: 734-502-5278 Email: ar@cevalogistics.com 30. Technology Solutions Trade Payable $129,905 Anywhere LLC Sagar Maramreddy DBA Readysoft 5966 Lovewood CT Canton MI 48187 Phone: (734) 502-7555 Email: sagarm@readysoftind.com LORDSTOWN MOTORS: Files for Chapter 11 Amid Foxconn Dispute ----------------------------------------------------------- U.S. electric truck manufacturer Lordstown Motors (Nasdaq: RIDE) filed for Chapter 11 bankruptcy protection to get a breathing room while it pursues a sale of the business. Unable to resolve a dispute over a promised investment from Taiwan's Foxconn, Lordstown Motors said it is pursuing a "strategic restructuring process" to maximize the value of its assets: its on-the-road Endurance all-electric (EV) pickup truck and the intellectual property, platform and people that developed it. Lordstown said in a statement Tuesday that it filed litigation against global technology company Hon Hai Technology Group (TWSE: 2317; LSE:HHPD) and certain of its affiliates, including Foxconn Ventures Pte. Ltd. (collectively, "Foxconn"), in the United States Bankruptcy Court for the District of Delaware. The litigation details Foxconn's fraud and willful and consistent failure to live up to its commercial and financial commitments to the Company. Foxconn's actions led to material damage to the Company as well as its future prospects. In addition, and as a consequence of Foxconn's material and irreparable harm, Lordstown is commencing a comprehensive marketing and sale process for the Endurance vehicle and related assets. To accomplish this expeditiously and provide a prospective buyer with a going concern asset that is free and clear of any legacy issues, Lordstown is restructuring under Chapter 11 of the U.S. Bankruptcy Code. Lordstown further anticipates that the restructuring will enable an expedited timeline for hearing Lordstown's litigation against Foxconn. Edward Hightower, CEO & President of Lordstown, said, "As one of the early entrants to the EV industry, we have delivered the Endurance, an innovative and highly-capable EV with significant commercial and retail potential – and had subsequently engaged with Foxconn in a purposeful, strategic partnership to leverage this expertise into a broader EV development platform. Despite our best efforts and earnest commitment to the partnership, Foxconn willfully and repeatedly failed to execute on the agreed-upon strategy, leaving us with Chapter 11 as the only viable option to maximize the value of Lordstown's assets for the benefit of our stakeholders. We will vigorously pursue our litigation claims against Foxconn accordingly." Lawsuit Against Foxconn The complaint filed against Foxconn centers on a transformative, strategic partnership Lordstown's management team entered into with Foxconn to combine Lordstown's innovation, technology, accomplished vehicle engineering team and manufacturing facility in Lordstown, Ohio with Foxconn's resources, supply chain capabilities and position as one of the world's largest electronics manufacturers with stated significant automotive capabilities to form a new, scalable joint vehicle development platform. Under the partnership, Lordstown agreed to divest its most valuable assets to Foxconn, namely its Lordstown, Ohio manufacturing facility, which is one of the largest in North America, along with its highly talented and experienced manufacturing and operational employees. The up-front purchase price for the Lordstown manufacturing facility reflected the expected benefits of the contractual assurances from Foxconn that Foxconn would support the Endurance pickup truck in a variety of ways and follow through on a joint vehicle development program, leveraging what was purported to be Foxconn's established and extensive EV ecosystem and meeting its commitments to the Lordstown community. The lawsuit details the fact that Foxconn had no intention of living up to its commitments, particularly with respect to the new vehicle development platform. As the lawsuit describes, Foxconn simply used its variety of contractual arrangements with the Company as a tool to maliciously and in bad faith destroy Lordstown's business -- while leveraging resources gained through the partnership to advance its own business interests. The case is Lordstown Motors Corp., Lordstown EV Corporation vs. Hon Hai Precision Industry Co., Ltd, Foxconn EV Technology, Inc., Foxconn Ventures Pte. Ltd., Foxconn (Far East) Limited, Foxconn EV System LLC, Adv. Pro. No. 23-50414, In re Lordstown Motors Corp., et al. (Bankr. D. Del. Case No. 23-10831). Sec. 363 Sale In addition to its lawsuit against Foxconn, Lordstown seeks to maximize the value of the Company's assets and efficiently resolve its contingent liabilities through a Chapter 11 restructuring process. Lordstown has filed motions with the Court seeking authority to commence a comprehensive marketing and sale process under section 363 of the U.S. Bankruptcy Code to realize the full value of its innovative Endurance vehicle and related assets. The Endurance is a fully homologated and certified, production-launched vehicle that can serve as a springboard for the right OEM or other strategic purchaser into the broader North American EV full-size truck market at a fraction of the cost and time it would take to develop a program from the ground-up. The Company is confident that a buyer could utilize the Endurance platform to create multiple EV variants and take the product to the next level. First Day Motions To ensure a smooth transition into Chapter 11, the Company filed with the Court a series of customary "first day" motions to continue operating the business and uphold its commitments to stakeholders during the process. The Company expects to receive approval of these routine "first day" requests in short order. The Company enters Chapter 11 with significant cash on hand and is debt-free. Mr. Hightower said, "We remain confident that an orderly, expedited sale process will maximize value for our stakeholders and enable the talent and technology behind the Endurance to find new and supportive ownership. While in Chapter 11, Lordstown will continue to support our customers. We are grateful for the Lordstown team for their commitment and dedication to our vision and to our customers, suppliers and business partners for believing in the Endurance and in the EV evolution." No Funded Debt As of the Petition Date, none of the Debtors are borrowers or obligors with respect to any funded debt obligations. Instead, the Company's capital comes from the SPAC Merger, additional capital raises, and sales of the Company's Series A Convertible Preferred Stock, $0.0001 par value per share and Common Stock, as well as the sale of the 6.2 million square foot automotive assembly plant (the "Plant") in Lordstown, Ohio, to Foxconn. As of the Petition Date, the Company estimates that there are 300,000 outstanding shares of Preferred Stock held by Foxconn. As of the Petition Date, there were 15,952,991 shares of Common Stock either outstanding or in the process of being settled for equity awards that vested prior to the Petition Date, which reflects the reverse stock split implemented on May 23, 2023. As of the Petition Date, Foxconn holds 8.4% of the common stock and there are no other holders that hold 5% or more of common stock. For the date prior to the Petition Date, the closing common stock share price was $2.76. As of the Petition Date, the Company has $136 million in cash on hand, which the Company believes is entirely unencumbered by any liens, with the exception of one $100,000 account related to the debtors purchase card program, deposits with landlords, and customs bonds. In addition, as of Dec. 31, 2022, the Company estimated that it had valuable tax attributes including, without limitation, (i) federal NOLs of approximately $629.6 million, which generated a deferred tax asset of $132 million, (ii) local NOLs of $327 million, which generated a deferred tax asset of $3.7 million, and (iii) an indeterminate amount of net unrealized built-in loss. 243 Employees As of the Petition Date, the Debtors had approximately 243 employees across three main locations in Lordstown, Ohio, Farmington Hills, Michigan and Irvine, California. The Debtors operate out of the following leased facilities: (1) office space leased from Foxconn at the Plant in Lordstown, Ohio (from which approximately 15 employees operate); (2) two sites Farmington Hills, Michigan, including space for engineering, product development, vehicle inspection and benchmarking, labs for testing, validation and prototyping, and corporate offices (and from which approximately 192 employees operate); and (3) an engineering, vehicle development, and service center in Irvine, California, primarily for developing advanced electronic hardware and software for infotainment systems as well as vehicle cybersecurity, connected vehicle and fleet services systems (and from which approximately 27 employees operate). In addition, approximately 9 of the Debtors' employees work remotely, serving in managerial, administrative, and research and development role. About Lordstown Motors Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- is an electric vehicle ("EV") OEM developing innovative light duty commercial fleet vehicles, with the Endurance all electric pickup truck as its first vehicle. Lordstown Motors has engineering, research and development facilities in Farmington Hills, Michigan and Irvine, California. On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). The cases are pending before the Honorable Mary F. Walrath, and the Debtors have requested joint administration of the cases under Case No. 23-10831. Jefferies is acting as financial advisor to the Company, and White & Case LLP is acting as legal counsel. KCC is the claims agent. LTI HOLDINGS: $315M Bank Debt Trades at 15% Discount ---------------------------------------------------- Participations in a syndicated loan under which LTI Holdings Inc is a borrower were trading in the secondary market around 84.6 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $315 million facility is a Term loan that is scheduled to mature on September 6, 2026. The amount is fully drawn and outstanding. LTI Holdings, Inc. (Boyd Corporation) is a California-based manufacturer of customized, precision products that provide thermal management (prevent overheating) and environmental sealing (protect from heat, moisture or radio-frequency) solutions to customers serving a broad array of end markets including mobile electronics, medical, and aerospace and defense among others. LUCKY BUCKS: Arbour Lane, Fortress Lead TL Ad Hoc Group ------------------------------------------------------- Certain unaffiliated beneficial holders and/or investment advisors or managers of beneficial holders of loans under the TL Facility (the "TL Ad Hoc Group"), filed a verified statement under F.R.B.P. Rule 2019 in the chapter 11 cases of Lucky Bucks, LLC, et al. The TL Ad Hoc Group engaged Akin Gump Strauss Hauer & Feld LLP on October 27, 2022 and Cole Schotz P.C. on May 17, 2023 to represent it in connection with various potential transactions with the OpCo Debtors, including a potential restructuring of the OpCo Debtors' estates. Akin and Cole Schotz have been advised by the individual members of the TL Ad Hoc Group that the individual members of the TL Ad Hoc Group either hold claims or manage accounts that hold claims against the OpCo Debtors' estates arising out of the TL Facility. The names, addresses and the "nature and amount of all disclosable economic interests" held as of June 7, 2023 in relation to the OpCo Debtors by each member of the TL Ad Hoc Group are: 1. Anchorage Collateral Management, L.L.C. 610 Broadway, 6th floor New York, NY 10012 * $53,525,847 of the Term Loans 2. Arbour Lane Capital Management LP 700 Canal Street Stamford, Conn. 06902 * $85,537,212 of the Term Loans 3. Bardin Hill Investment Partners LP 299 Park Avenue, 24th Floor, New York, NY 10171 * $48,545,598 of the Term Loans 4. Beach Point Capital Management LP 1620 26th Street, Suite 6000N Santa Monica, Calif. 90404 * $37,073,289 of the Term Loans 5. Black Diamond Capital Management LLC 2187 Atlantic Street, 9th Floor Stamford, Conn. 06902 * $16,951,964 of the Term Loans 6. Contrarian Capital Management, LLC 411 West Putnam Avenue, Suite 425 Greenwich, Conn. 06830 * $44,026,158 of the Term Loans 7. Ellington Management Group, LLC 53 Forest Avenue, Suite 301 Old Greenwich, Conn. 06870 * $13,237,329 of the Term Loans 8. Fortress Credit Advisors LLC 1345 Avenue of the Americas, Floor 46 New York, NY 10105 * $62,594,800 of the Term Loans 9. FS Credit Opportunities Corp. 10 East 53rd Street, 20th Floor New York, NY 10022 * $22,135,006 of the Term Loans 10. Hayfin Capital Management LLC 767 Fifth Avenue, Suite 16A New York, NY 10153 * $13,482,970 of the Term Loans 11. Jefferies Leveraged Credit Products, LLC 520 Madison Ave, 10th Floor New York, NY 10022 * $7,864,770 of the Term Loans 12. Macquarie Capital Funding LLC 125 W 55th St, New York, NY 10019 * $10,917,385 of the Term Loans * $10,250,000 of the Revolving Loans 13. Metlife Investment Management, LLC 1717 Arch Street, Suite 1500, Philadelphia, Penn. 19103 * $45,058,706 of the Term Loans 14. PennantPark Investment Advisers, LLC 1691 Michigan Avenue Miami Beach, Fla. 33139 * $9,334,364 of the Term Loans 15. PhenixFIN Corp. 445 Park Avenue, 10th Floor New York, NY 10022 * $11,053,852 of the Term Loans 16. Willow Tree Credit Partners, LP 450 Park Avenue, 29th Floor New York, NY 10022 * $58,080,486 of the Term Loans Counsel to the TL Ad Hoc Group: Justin Alberto, Esq. Patrick J. Reilley, Esq. Stacy L. Newman, Esq. COLE SCHOTZ P.C. 500 Delaware Avenue, Suite 1410 Wilmington, DE 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 E-mail: jalberto@coleschotz.com preilley@coleschotz.com snewman@coleschotz.com - and - Philip C. Dublin, Esq. Sara L. Brauner, Esq. Anna Kordas, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, NY 10036 Telephone: (212) 872-1000 Facsimile: (212) 872-1002 E-mail: pdublin@akingump.com sbrauner@akingump.com akordas@akingump.com About Lucky Bucks Lucky Bucks, LLC -- https://luckybucksga.com/ -- is a digital skill-based COAM operator based in and incorporated under the laws of the State of Georgia in the U.S. Its team has a combined 45 years of experience in the Georgia COAM industry. After reaching a deal for a plan to equitize substantially all of Lucky Bucks' secured debt, Lucky Bucks and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10758) on June 9, 2023. In the petition signed by James Boyden, executive vice president, Lucky Bucks disclosed up to $500 million in assets and up to $1 billion in liabilities. As of the Petition Date, the Debtors have outstanding funded debt obligations in the aggregate principal amount of $610 million. Judge Karen B. Owens oversees the case. Dennis F. Dunne, Esq., and Tyson Lomazow, Esq., at Milbank LLP; and Russell C. Silberglied, Esq., at Richards, Layton & Finger P.A., serve as the Debtors' legal counsel. Evercore Group L.L.C. serves as the Debtors' investment banker. M3 Advisory Partners, L.P. serves as the Debtors' financial advisor. Epiq Corporate Restructuring, LLC serves as the Debtors' claims and noticing agent. LUCKY BUCKS: BC Partners, Monarch Lead Holdings PIK Noteholders --------------------------------------------------------------- Certain beneficial holders of holding company notes -- Holdings PIK Notes -- issued pursuant to a Note Purchase Agreement, dated as of November 29, 2021, by and among Lucky Bucks Holdings, LLC, each purchaser from time to time party thereto, and Alter Domus (US) LLC, as administrative agent and collateral agent, filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. In early January 2023 and thereafter, the members of the Ad Hoc Group of Holdings PIK Noteholders retained Proskauer Rose LLP as counsel in connection with a potential restructuring of the Debtors' outstanding debt obligations. Morris, Nichols, Arsht & Tunnell LLP was subsequently engaged by the Ad Hoc Group of Holdings PIK Noteholders in June 2023. As of June 12, 2023, the names and disclosable economic interests of Ad Hoc Group of Holdings PIK Noteholders are: 1. BC Partners 650 Madison Ave New York, NY 10022 * $100,054,745 principal amount of Holdings PIK Notes and accrued interest * $31,920,000 principal amount of OpCo Notes 2. CION Investment Corporation 100 Park Avenue, 25th Floor New York, NY 10017 * $23,572,355 principal amount of Holdings PIK Notes and accrued interest * Beneficial owner of solely an economic interest in the proceeds of $10,500,000 in principal amount of OpCo Notes and $50,693 in accrued interest 3. First Trust Capital Management 225 W Wacker Drive, Suite 2160 Chicago, IL 60606 * $5,829,207 principal amount of Holdings PIK Notes and accrued interest 4. Hamilton Lane Advisors, L.L.C. 110 Washington Street Conshohocken, PA 19428 * $41,443,266 principal amount of Holdings PIK Notes and accrued interest 5. Marathon Asset Management LP 1 Bryant Park, 38th Floor New York, NY 10036 * $57,149,847 principal amount of Holdings PIK Notes and accrued interest 6. Monarch Alternative Capital LP 535 Madison Avenue 26th Floor New York, NY 10022 * $63,588,708 principal amount of Holdings PIK Notes and accrued interest. Counsel to the Ad Hoc Group of Holdings PIK Noteholders: Robert J. Dehney, Esq. Matthew B. Harvey, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 North Market Street, 16th Floor Wilmington, DE 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 E-mail: rdehney@morrisnichols.com mharvey@morrisnichols.com - and - Vincent Indelicato, Esq. Michael T. Mervis, Esq. Adam Farbiarz, Esq. PROSKAUER ROSE LLP Eleven Times Square New York, NY 10036 Tel: (212) 969-3000 Fax: (212) 969-2900 E-mail: vindelicato@proskauer.com mmervis@proskauer.com afarbiarz@proskauer.com - and - Charles A. Dale, Esq. PROSKAUER ROSE LLP One International Place, Boston, MA 02110-2600 Tel: (617) 526-9600 E-mail: cdale@proskauer.com About Lucky Bucks Lucky Bucks, LLC -- https://luckybucksga.com/ -- is a digital skill-based COAM operator based in and incorporated under the laws of the State of Georgia in the U.S. Its team has a combined 45 years of experience in the Georgia COAM industry. After reaching a deal for a plan to equitize substantially all of Lucky Bucks' secured debt, Lucky Bucks and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10758) on June 9, 2023. In the petition signed by James Boyden, executive vice president, Lucky Bucks disclosed up to $500 million in assets and up to $1 billion in liabilities. As of the Petition Date, the Debtors have outstanding funded debt obligations in the aggregate principal amount of $610 million. Judge Karen B. Owens oversees the case. Dennis F. Dunne, Esq., and Tyson Lomazow, Esq., at Milbank LLP; and Russell C. Silberglied, Esq., at Richards, Layton & Finger P.A., serve as the Debtors' legal counsel. Evercore Group L.L.C. serves as the Debtors' investment banker. M3 Advisory Partners, L.P. serves as the Debtors' financial advisor. Epiq Corporate Restructuring, LLC serves as the Debtors' claims and noticing agent. LUNYA COMPANY: David Klauder Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed David Klauder, Esq., at Bielli & Klauder, LLC, as Subchapter V trustee for Lunya Company. Mr. Klauder will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Klauder declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David M. Klauder, Esq. Bielli & Klauder, LLC 1204 N. King Street Wilmington, DE 19801 Phone: (302) 803-4600 Fax: (302) 397-2557 Email: dklauder@bk-legal.com About Lunya Company Lunya Company is a Los Angeles-based brand selling sleepwear through its own ecommerce site (Lunya.co), seven own-branded retail stores, and certain select wholesale partners. The Debtor filed a Chapter 11 petition (Bankr. D. Del. Case No. 23-10783) on June 16, 2023, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Blair Lawson, chief executive officer, signed the petition. Judge Brendan Linehan Shannon oversees the case. Joseph C. Barsalona II, Esq., at Pashman Stein Walder Hayden, P.C. is the Debtor's legal counsel. M & J DUMP TRUCKING: Creditors to Get Proceeds From Liquidation --------------------------------------------------------------- M & J Dump Trucking, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a First Amended Chapter 11 Plan of Liquidation dated June 22, 2023. The Debtor's dump truck business started in 2012 to haul dirt and rock for construction work. While the business had a period of growth, in the winter of 2022, it became clear that due to changes in the industry the Debtor couldn't continue as a going concern. Equipment that was critical to the Debtor's operation had been repossessed and the Debtor didn't believe that a turnaround could be achieved. As a result, on or about February 23, 2023, the Debtor filed a Chapter 11 to effectuate an orderly liquidation of the Debtor's assets. Due to personal guarantees signed by Janice Allardice, who is the majority owner of the Debtor, John and Jannice Allardice filed a personal Chapter 13 bankruptcy proceeding, which is currently pending, under bankruptcy case number 3:23-bk-00578. The goal in this Chapter 11 has been for the Debtor to manage the liquidation of assets in an effort to maximize the return and minimize the risk that creditors would not be paid in full and consequently could go after the personal guarantees. Class 4 shall consist of all unsecured claims. The claims in this class estimated at $247,653.32 shall be paid a lump sum payment from the available cash of the Debtor on the Effective Date. Currently, the Debtor estimates to have sufficient cash on-hand to pay the general unsecured creditors in full on the Effective Date. If the Debtor does not have sufficient cash on-hand to pay the general unsecured creditors in full, then the general unsecured creditors in this shall receive a pro-rata distribution based on the available cash on-hand on the Effective Date. The Debtor will retain all ownership rights in property of the estate. The Debtor anticipates the funds to meet the plan payments shall come from the liquidation of the assets of the Debtor. A full-text copy of the First Amended Liquidating Plan dated June 22, 2023 is available at https://urlcurt.com/u?l=dPN11u from PacerMonitor.com at no charge. Attorney for Debtor: Steven L. Lefkovitz, Esq. Lefkovitz & Lefkovitz, PLLC 908 Harpeth Valley Place Nashville, Tennessee 37221 Phone: (615) 256-8300 Fax: (615) 255-4516 Email: slefkovitz@lefkovitz.com About M & J Dump Trucking M & J Dump Trucking LLC is a construction company providing dump truck, belly dump & side dump hauling. M & J Dump Trucking LLC filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-00643) on February 23, 2023. In the petition filed by Janice Allardice , as majority shareholder, the Debtor reported assets and liabilities between $1 million and $10 million. Glen Coy Watson has been appointed as Subchapter V trustee. The Debtor is represented by: Steven L. Lefkovitz, Esq. LEFKOVITZ AND LEFKOVITZ, PLLC 1240 Liberty Lane Gallatin, TN 37066 MAIMONIDES MEDICAL: $15.7M Bank Debt Trades at 16% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Maimonides Medical Center is a borrower were trading in the secondary market around 84.4 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $15.7million facility is a Term loan that is scheduled to mature on June 18, 2031. About $14.6 million of the loan is withdrawn and outstanding. Maimonides Medical Center is a non-profit, non-sectarian hospital located in Brooklyn. Maimonides is both a treatment facility and academic medical center with 711 beds, and more than 70 primary care and sub-specialty programs. MAIMONIDES MEDICAL: $16.8M Bank Debt Trades at 16% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Maimonides Medical Center is a borrower were trading in the secondary market around 84.4 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $16.8million facility is a Term loan that is scheduled to mature on June 18, 2031. About $16 million of the loan is withdrawn and outstanding. Maimonides Medical Center is a non-profit, non-sectarian hospital located in Brooklyn. Maimonides is both a treatment facility and academic medical center with 711 beds, and more than 70 primary care and sub-specialty programs. MASTERS III: Copper Tan USA Seeks Chapter 11 -------------------------------------------- Eman Elshahawy of South Florida Business Journal reports that a South Florida tanning salon chain filed for Chapter 11 reorganization in U.S. District Court on June 19, 2023 with more than $1 million in debt. Stanley Olszewski, managing member of Masters III LLC, which does business as Copper Tan USA, submitted a 39-page voluntary petition listing $1,072,897.92 in total liabilities, over $10,300 in cash and $108,000 in personal property assets, consisting of tanning beds and other salon equipment at its five Palm Beach County salons in Delray Beach, Boynton Beach, Palm Beach Gardens, Wellington and West Palm Beach. The petition listed the U.S. Small Business Administration (SBA) as the company's largest creditor, with $650,000 in disputed total claims. According to the SBA, the West Palm Beach-based company received a combined total of $249,840 in two rounds of Payment Protection Program loans from Wells Fargo in May 2020 on behalf of 33 jobs. Despite this, Copper Tan stated in its case management summary that its tanning salons were unable to generate sales following the pandemic and incurred too much debt. The company's second-largest financial burden comes from a $277,000 federal tax obligation, followed by a $65,000 business loan from Chicago-based lender Wellen Capital. Some of the company's smaller business loans from banks include a $15,243 loan from Ally Bank, American Express Blue debt for $4,308.96 and just over $1,000 from PNC Bank. Master III, which also owns subsidiary Haley Ryan LLC, currently has its cash deposited in two Wells Fargo accounts. The company has petitioned the court for an emergency motion to approve the use of its cash collateral and interim payment relief to continue business operations without any interruption in service. About Masters III LLC Masters III LLC, which does business as Copper Tan USA, is a South Florida tanning salon chain. Masters III LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-14750) on June 19, 2023. In the petition filed by Stanley Olszewski, managing member, the Debtor reported $1,072,897.92 in total liabilities, over $10,300 in cash and $108,000 in personal property assets. The Debtor's counsel: Julianne R. Frank 561-389-8660 julianne@jrfesq.com MBLA LLC: Case Summary & 10 Unsecured Creditors ----------------------------------------------- Debtor: MBLA, LLC 236 St. John Street, 2nd Floor New Haven, CT 06511 Business Description: MBLA, LLC is engaged in activities related to real estate. Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court District of Connecticut Case No.: 23-30455 Debtor's Counsel: Stuart H. Caplan, Esq. LAW OFFICES OF NEIL CRANE, LLC 2679 Whitney Avenue Hamden, CT 06518 Tel: 203-230-2233 Fax: 203-230-8484 Email: stuart@neilcranelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kenneth Hill as member manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 10 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/XBKX3PQ/MBLA_LLC__ctbke-23-30455__0001.0.pdf?mcid=tGE4TAMA MBMB LLC: Case Summary & Nine Unsecured Creditors ------------------------------------------------- Debtor: MBMB, LLC 236 St. John Street, 2nd Floor New Haven, CT 06511 Business Description: The Debtor is engaged in activities related to real estate. Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court District of Connecticut Case No.: 23-30456 Debtor's Counsel: Stuart H. Caplan, Esq. LAW OFFICES OF NEIL CRANE, LLC 2679 Whitney Avenue Hamden, CT 06518 Tel: 203-230-2233 Fax: 203-230-8484 Email: stuart@neilcranelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kenneth Hill as member manager. A full-text copy of the petition containing, among other items, a list of the Debtor's nine unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/XU3AO2A/MBMB_LLC__ctbke-23-30456__0001.0.pdf?mcid=tGE4TAMA MED PARENTCO: $360M Bank Debt Trades at 16% Discount ---------------------------------------------------- Participations in a syndicated loan under which MED ParentCo LP is a borrower were trading in the secondary market around 84.1 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $360million facility is a Term loan that is scheduled to mature on August 30, 2027. The amount is fully drawn and outstanding. MED ParentCo LP. (MyEyeDr) provides management services to MyEyeDr.O.D. optometrists and their practices. MyEyeDr practices offer vision care services, prescription eyeglasses and sunglasses, and contact lenses. MyEyeDr has been controlled by affiliates of Goldman Sachs Merchant Banking Division since August 2019. MELRAYS INC: Case Summary & Two Unsecured Creditors --------------------------------------------------- Debtor: Melrays, Inc. 45 Ridge Road North Arlington, NJ 07031 Chapter 11 Petition Date: June 27, 2023 Court: United States Bankruptcy Court District of New Jersey Case No.: 23-15511 Debtor's Counsel: Mercedes Diego, Esq. COHN LIFLAND PEARLMAN HERRMANN & KNOPF LLP Park 80 West-Plaza One 250 Pehle Ave., Suite 401 Saddle Brook, NJ 07663 Tel: 201-845-9600 Fax: 201-845-9423 Email: bb@njlawfirm.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael V. Filippone, Jr. as sole member. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/Z2KSWQQ/Melrays_Inc__njbke-23-15511__0001.0.pdf?mcid=tGE4TAMA MISSISSIPPI CENTER: Taps Brunini Grantham as Special Counsel ------------------------------------------------------------ Mississippi Center for Advanced Medicine, P.C. seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire Brunini, Grantham, Grower & Hewes, PLLC as its special counsel. The firm's initial representation of the Debtor will involve legal services related to a conflict with the University of Mississippi Medical Center relating to professional service agreements. In the future, the firm's representation may include general, construction, corporate, and employment-related legal advice, depending on the nature of the particular matter that the Debtor requested. The firm will charge $350 per hour for the services rendered by Samuel Kelly, Esq., a member of Brunini Grantham. Mr. Kelly disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Samuel C. Kelly, Esq. Brunini, Grantham, Grower & Hewes, PLLC 190 E Capitol St Suite 100 Jackson, MS 39201 Tel: 601-960-6907 Fax: 601-960-6902 Email: skelly@brunini.com About Mississippi Center for Advanced Medicine Mississippi Center for Advanced Medicine, P.C. is a healthcare organization in Mississippi that integrates subspecialty care, clinical pharmacy services, and care coordination for patients with pediatric, congenital, and maternal fetal disorders. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-00962) on April 21, 2023, with $1 million to $10 million in both assets and liabilities. Greta Brouphy, Esq., a partner at Heller, Draper and Horn, LLC, has been appointed as Subchapter V trustee. Judge Jamie A. Wilson oversees the case. The Debtor tapped Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC as bankruptcy counsel; Priester Law Firm, PLLC and Brunini, Grantham, Grower & Hewes, PLLC as special counsels; and Haddox Reid Eubank Betts, PLLC as accountant. MISSISSIPPI CENTER: Taps Haddox Reid Eubank Betts as Accountant --------------------------------------------------------------- Mississippi Center for Advanced Medicine, P.C. seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire Haddox Reid Eubank Betts, PLLC. The Debtor requires an accountant to: a. assume primary responsibility for the filing of necessary tax returns; b. prepare financial statements in accordance with the tax basis of accounting and apply accounting and financial reporting expertise to assist the Debtor in the presentation of financial statements; and c. provide other general accounting services as the Debtor may require. The firm will charge its standard hourly rates. Ted Edwards, CPA, tax member at Haddox, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ted B. Edwards, CPA Haddox Reid Eubank Betts PLLC 1020 Highland Colony Pkwy Suite 600 Ridgeland, MS 39157 Phone: +1 601-948-2924 Email: TedEdwards@haddoxreid.com About Mississippi Center for Advanced Medicine Mississippi Center for Advanced Medicine, P.C. is a healthcare organization in Mississippi that integrates subspecialty care, clinical pharmacy services, and care coordination for patients with pediatric, congenital, and maternal fetal disorders. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-00962) on April 21, 2023, with $1 million to $10 million in both assets and liabilities. Greta Brouphy, Esq., a partner at Heller, Draper and Horn, LLC, has been appointed as Subchapter V trustee. Judge Jamie A. Wilson oversees the case. The Debtor tapped Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC as bankruptcy counsel; Priester Law Firm, PLLC and Brunini, Grantham, Grower & Hewes, PLLC as special counsels; and Haddox Reid Eubank Betts, PLLC as accountant. MISSISSIPPI CENTER: Taps Law Offices of Craig M. Geno as Counsel ---------------------------------------------------------------- Mississippi Center for Advanced Medicine, P.C. seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire the Law Offices of Craig M. Geno, PLLC as its counsel. The firm's services include: a. advising and consulting with the Debtor regarding questions arising from certain contract negotiations during the operation of the Debtor's business; b. evaluating and objecting to claims of various creditors who may assert security interests in the assets and who may seek to disturb the continued operation of the business; c. appearing in, prosecuting, or defending suits and proceedings, and taking all necessary steps and other matters involved in or connected with the affairs of the estate of the Debtor; d. representing the Debtor in court hearings and assisting in the preparation of legal documents; e. advising and consulting with the Debtor in connection with any proposed Chapter 11 reorganization plan; and f. other necessary legal services. The Law Offices of Craig M. Geno will be paid at these rates: Craig M. Geno $650 per hour Associates $275 per hour Paralegals $275 per hour The firm received a retainer in the amount of $20,648.75, which includes the filing fee of $1,738. Craig Geno, Esq., an attorney at the Law Offices of Craig M. Geno, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Tel: 601-427-0048 Fax: 601-427-0050 Email: cmgeno@cmgenolaw.com About Mississippi Center for Advanced Medicine Mississippi Center for Advanced Medicine, P.C. is a healthcare organization in Mississippi that integrates subspecialty care, clinical pharmacy services, and care coordination for patients with pediatric, congenital, and maternal fetal disorders. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-00962) on April 21, 2023, with $1 million to $10 million in both assets and liabilities. Greta Brouphy, Esq., a partner at Heller, Draper and Horn, LLC, has been appointed as Subchapter V trustee. Judge Jamie A. Wilson oversees the case. The Debtor tapped Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC as bankruptcy counsel; Priester Law Firm, PLLC and Brunini, Grantham, Grower & Hewes, PLLC as special counsels; and Haddox Reid Eubank Betts, PLLC as accountant. MISSISSIPPI CENTER: Taps Priester Law Firm as Special Counsel ------------------------------------------------------------- Mississippi Center for Advanced Medicine, P.C. seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire Priester Law Firm, PLLC as its special counsel. The firm will represent the Debtor in certain state and federal court proceedings. The firm will charge $100 to $360 per hour and a retainer of $10,000 for its services. As disclosed in court filings, Priester Law Firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charlene Priester, Esq. Priester Law Firm, PLLC 5375 Executive Place Jackson, MS 39206 Phone: (601) 353-2460 Fax: (601) 353-2074 About Mississippi Center for Advanced Medicine Mississippi Center for Advanced Medicine, P.C. is a healthcare organization in Mississippi that integrates subspecialty care, clinical pharmacy services, and care coordination for patients with pediatric, congenital, and maternal fetal disorders. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-00962) on April 21, 2023, with $1 million to $10 million in both assets and liabilities. Greta Brouphy, Esq., a partner at Heller, Draper and Horn, LLC, has been appointed as Subchapter V trustee. Judge Jamie A. Wilson oversees the case. The Debtor tapped Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC as bankruptcy counsel; Priester Law Firm, PLLC and Brunini, Grantham, Grower & Hewes, PLLC as special counsels; and Haddox Reid Eubank Betts, PLLC as accountant. MLCJR LLC: Seeks to Hire Latham & Watkins as Bankruptcy Counsel --------------------------------------------------------------- MLCJR LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Latham & Watkins, LLP as their bankruptcy counsel. The Debtors require legal counsel to: a. give advice with respect to the powers and duties of the Debtors in the continued management and operation of their businesses and properties; b. advise and consult on the conduct of the Debtors' bankruptcy cases, including all of the legal and administrative requirements of operating in Chapter 11; c. advise the Debtors and take all necessary action to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors' interests in negotiations concerning litigation in which the Debtors are involved; d. analyze proofs of claim filed against the Debtors and object to such claims as necessary; e. represent the Debtors in connection with obtaining authority to continue using cash collateral and post-petition financing; f. attend meetings and negotiate with representatives of creditors, interest holders, and other parties in interest; g. analyze executory contracts and unexpired leases and potential assumptions, assignments or rejections of such contracts and leases; h. prepare pleadings; i. advise the Debtors in connection with any potential sale of their assets; j. take necessary actions to obtain approval of a disclosure statement and confirmation of a Chapter 11 plan; k. appear before the bankruptcy court or any appellate courts; l. advise on corporate, litigation, environmental, finance, tax, employee benefits and other legal matters; and m. perform all other necessary legal services for the Debtors. The firm's hourly rates are as follows: Partners $1,360 to $2,230 Counsel $1,300 to $1,690 Associates $705 to $1,400 Professional Staff $210 to $1,050 Paralegals $300 to $660 The firm holds a retainer in the amount of $750,000. In accordance with Appendix B-Guidelines for reviewing fee applications filed by attorneys in larger Chapter 11 cases, Latham & Watkins disclosed that: -- The firm has not agreed to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement. -- None of the professionals included in the engagement vary their rate based on the geographic location of the bankruptcy case. -- The firm's current hourly rates for services rendered on behalf of the Debtors are set forth above. These rates have been used since Jan. 1 of this year. All material financial terms have remained unchanged since the pre-bankruptcy period. -- In connection with the DIP Loan Agreement, the firm prepared a budget that was approved by the Debtors. Keith Simon, Esq., a partner at Latham & Watkins, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Latham & Watkins can be reached through: Keith A. Simon, Esq. Latham & Watkins, LLP 1271 Avenue of the Americas New York, NY 10020 Tel: +1-212-906-1200 Fax: +1-212-751-4864 Email: keith.simon@lw.com About MLCJR LLC, Cox Operating et al. Cox Operating L.L.C. -- https://coxoperating.com/ -- and several affiliated entities including Cox Oil Offshore, L.L.C., Energy XXI GOM, LLC, Energy XXI Gulf Coast, LLC, EPL Oil & Gas, LLC, M21K, LLC, and MLCJR, LLC, a group of affiliated companies whose business involves the extraction of offshore oil and gas in the Gulf of Mexico. They are privately held entities indirectly owned by Cox Investment Partners, LP, through Phoenix Petro Services LLC. On May 12, 2023, certain trade creditors filed an involuntary petition under Chapter 7 of the Bankruptcy Code against Cox Operating (Bankr. E.D. La. Case No. 23-10734). The petitioning creditors -- Keystone Chemical, LLC, et al. -- are represented by the Slyvester Law Firm. Cox Operating and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90328) on May 14, 2023. The cases are jointly administered under In re MLCJR LLC (Bankr. S.D. Tex. Lead Case No. 23-90324). In the petitions signed by Craig Sanders, authorized person, the Debtors disclosed up to $500 million in estimated assets and in liabilities. Judge Christopher Lopez oversees the Debtors' cases. Lawyers at Latham & Watkins LLP and Jackson Walker LLP represent the Debtor as legal counsel. Moelis & Company LLC, led by Bassam J. Latif, its Managing Director, serves as the Debtors' investment banker. Alvarez & Marsal North America, LLC, serves as financial advisor, providing a chief restructuring officer to the Debtors. Kroll Restructuring serves as claims and noticing agent. Kelly Hart & Pitre LLP and Underwood Law Firm, P.C., serve as counsel to Amarillo National Bank as Prepetition Lender and Prepetition Collateral Agent. Haynes and Boone LLP serves as counsel to BP Energy Company as Prepetition Swap Party, and Houlihan Lokey, Inc. as its financial advisor, and Looper Goodwine P.C. as its regulatory counsel. MOUNTAINEER MERGER: $200M Bank Debt Trades at 12% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Mountaineer Merger Corp is a borrower were trading in the secondary market around 87.6 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $200 million facility is a Term loan that is scheduled to mature on October 22, 2028. Mountaineer Merger Corporation, dba Gabe's, owns and operates departmental stores. MUSCLEPHARM CORP: Equity Holder Says Plan Patently Unconfirmable ---------------------------------------------------------------- Creditor, equity holder, and interested party, Ryan Drexler filed an objection to Musclepharm Corporation's Motion for the Entry of an Order: (i) Approving the Disclosure Statement; (ii) Approving the Form of Ballots and Proposed Solicitation and Tabulation Procedures; (iii) Fixing the Voting Deadline with Respect to the Debtor's Chapter 11 Plan; (iv) Prescribing the Form and Manner of Notice Thereof; (v) Fixing the Last Date for Filing Objections to the Chapter 11 Plan; (vi) Scheduling a Hearing to Consider Confirmation of the Chapter 11 Plan; and (vii) Appointing Stretto as Solicitation and Tabulation Agent. Drexler says the Disclosure Statement submitted by the Debtor and the Official Committee of Unsecured Creditors proposes a plan that is patently unconfirmable on its face. The facial invalidity of the Proposed Plan is based primarily on a legally improper multi-step treatment of Drexler's secured claim which has the effect of obliterating it: * In violation of section 1122 of the Bankruptcy Code, Drexler's secured claim (covered by a pledge of all assets) is classified in a class of "other" secured claims that have pledges of different collateral instead of in a separate class of its own. Relatedly, Empery Tax Efficient, LP's ("Empery") secured claim and the Prestige capital Finance, LLC's ("Prestige") secured claim (now owned by MP Collateral, LLC, for which Empery serves as its financing and collateral agent), which are secured by the same collateral as Drexler's, are placed in a separate class. * In violation of section 1124 of the Bankruptcy Code, Drexler's secured claim is characterized as "unimpaired," notwithstanding that no provision is made for him to receive the proceeds of his collateral and that, in violation of section 363, Drexler's liens do not attach to the proceeds of the sale of his collateral. * The Proposed Plan concocts a distinction between the "Allowed Empery Secured Claim" of $18 million and the "Empery Payoff Amount" of $12 million that Empery will accept to be considered paid in full to create an illegal gifting mechanism. Under the Proposed Plan, Empery will "gift" the value of the "Net Sale Proceeds" (arising from the sale of the collateral that secures both Empery's and Drexler's claims) which exceed the Empery Payoff Amount (but are below the Allowed Empery Secured Claim) to general unsecured creditors (through a Litigation Trust), skipping Drexler's secured claim in violation of the Bankruptcy Code's priority rules. Id. If Empery's claim were allowed in the agreed payoff amount of $12 million, there would be no question that the next proceeds above $12 million would go to satisfy other creditors holding a security interest in the Debtor's assets, including Drexler. * Because the Plan Proponents and Empery have violated the foregoing Bankruptcy Code provisions to deprive Drexler of the junior secured status to which he would be entitled under the ISA, it also violates section 1129(a)(3) by not being proposed in good faith, and it violates the best interests of creditors test under Section 1129(a)(7). In a chapter 7 liquidation, such gifting, based on a plan's manipulation of claim allowance and payment amounts, would not be possible, and Drexler would be paid his portion of the Net Sale Proceeds on his junior secured claim in the normal "waterfall" of priorities. In its reply in support of its motion to enforce the ISA, Empery has suggested that the Plan Support Agreement (the "PSA") and the Proposed Plan benefit Drexler because his unsecured claims will be treated as part of the pool of general unsecured creditors who will receive auction sale proceeds. It is obviously not a benefit to receive pro rata distributions of lower amounts in a class of unsecured claims where, as here, the Bankruptcy Code requires that a junior secured claim be accorded undiluted distributions as a secured creditor on account of the proceeds of sale of pledged estate assets before any distributions may be made to unsecured claims. * The Debtor, the Committee, Empery, and others have made themselves the beneficiaries of exculpation provisions that would immunize them from liability for this scheme. The exculpation provisions are so impermissibly broad as to constitute yet another reason the proposed plan is unconfirmable on its face. Counsel for Ryan Drexler: Michael P. Richman, Esq. STEINHILBER SWANSON LLP 122 W. Washington Ave., Suite 850 Madison, WI 53703 Telephone: (608) 630-8990 Facsimile: (608) 630-8991 E-mail: mrichman@steinhilberswanson.com - and - Dawn M. Cica, Esq. Tracy M. O'steen, Esq. CARLYON CICA CHTD. 265 E. Warm Springs Road, Suite 107 Las Vegas, NV 89119 Telephone: (702) 685-4444 Facsimile: (725) 220-4360 E-mail: dcica@carlyoncica.com tosteen@carlyoncica.com About MusclePharm Corporation Headquartered in Denver, Colorado, MusclePharm Corporation (OTCQB: MSLP) -- http://www.musclepharm.com/and http://www.musclepharmcorp.com/-- is a lifestyle company that develops, manufactures, markets and distributes branded nutritional supplements. It offers a broad range of performance powders, capsules, tablets, gels and on-the-go ready to eat snacks that satisfy the needs of enthusiasts and professionals alike. MusclePharm filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 22-14422) on Dec. 15, 2022. In the petition filed by its chief executive officer, Ryan Drexler, the Debtor reported assets and liabilities between $10 million and $50 million. The Honorable Natalie M. Cox is the case judge. The Debtor tapped Samuel A. Schwartz, Esq., at Schwartz Law, PLLC as legal counsel; Foley & Lardner, LLP as special securities counsel; and Portage Point Partners, LLC as restructuring advisor. Jeffrey Gasbarra of Portage Point Partners serves as the Debtor's chief restructuring officer. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's case. Pachulski Stang Ziehl & Jones, LLP and Larson & Zirzow, LLC serve as the committee's bankruptcy counsel and Nevada counsel, respectively. NABIEKIM ENTERPRISES: Continued Operations to Fund Plan ------------------------------------------------------- Nabiekim Enterprises, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of California a Subchapter V Plan of Reorganization. In approximately 2017, Kaye Kim and Calvin Kim, sister and brother, decided to open a Korean Fusion restaurant in Fresno, California. Kaye Kim invested approximately $500,000.00 in the business and Calvin Kim invested approximately $155,000.00 in the business. Initially, Debtor was a franchise of Bonchon Franchise, LLC (or related entities). However, after approximately a year in operation, Debtor decided that continuation of the franchise relationship was not advisable and the franchise relationship was terminated. After some dispute with Bonchon, Debtor rebranded its restaurant as "Bulldoc Korean Fusion." Due to continuing pressure from the pandemic and price increases, Debtor was not able to make the required payments to Calvin based on the share purchase. Debtor attempted to negotiate with Calvin regarding this debt, but he was unwilling to negotiate and eventually sued Debtor in December of 2022. Because Debtor did not have the funds to defend this lawsuit or to pay any amount to Calvin, Debtor filed in the instant bankruptcy case to reorganize its debts. This is an operating Plan. Debtor will continue to operate its business and will use revenues generated from that operation to fund the Plan. Upon approval of the Plan, the Plan will be binding upon all creditors and equity interests. The financial projections contained in this Plan represent the Debtor's projections of future events based on certain assumptions. The Plan also provides that remaining new equity interests will require investment from the new equity interest holder in the amount of $2,000 per month, for a total of $120,000. This amount is not income to Debtor that would be included as part of Debtor's projected disposable income, because it is equity investment. But these additional funds that can be used as a reserve that can be utilized if Debtor is not able to meet the projections. The Class 1 claim consists of the secured claim of Small Business Administration ("SBA"). The Class 1 Claim shall be modified as follows: (1) the claim shall accrue interest at the rate of 10% per year after the Effective Date of the Plan, (2) the Class 1 claim shall be amortized for payment of interest and principal in full with equal monthly payments over 60 months in the amount of $1,055.07 per month, (3) payments for this class shall be paid through the Distribution Fund, unless otherwise agreed between the Class 1 creditor and Debtor, (4) the claim shall be paid in full within sixty months of the Effective Date, and (5) upon confirmation of the Plan, Debtor shall be authorized to use cash collateral without further court order. Class 2 includes all allowed general unsecured claims in this case, including the unsecured portion of previously secured claims. Debtor believes that a substantial portion of the SBA claim is unsecured. This class shall be paid pro rata from payments received by the Distribution Fund after the Class 1 claim and all higher priority claims have been paid. This class is impaired under the Plan. Class 3 consists of all equity interests (stock interests) of the Debtor. All existing Class 3 equity interests shall be canceled upon the Effective Date. Also upon the Effective Date, 10,000 new shares of Debtor's stock shall be issued to Kaye Kim in exchange for payment of $120,000 to Debtor, which amount shall be paid in equal monthly installments of $2,000 per month to Debtor over the 60 months following the Effective Date. Such payments shall begin in the month following the Effective Date. Following confirmation of the Plan, the Debtor will set aside sufficient money from operation of Debtor's business into a fund that will be used to pay administrative claims and impaired creditors in this case. Beginning on the 15th day of the month following the Effective Date, Debtor shall fund the Plan by paying the Plan Payment Amount into a distribution fund (the "Distribution Fund") for a total of 60 months. A full-text copy of the Subchapter V Plan dated June 22, 2023 is available at https://urlcurt.com/u?l=rlar1I from PacerMonitor.com at no charge. Attorney for the Debtor: Peter L. Fear, Esq. Gabriel J. Waddell, Esq. Peter A. Sauer, Esq. Fear Waddell, P.C. 7650 North Palm Avenue, Suite 101 Fresno, CA 93711 Telephone: (559) 436-6575 Facsimile: (559) 436-6580 Email: pfear@fearlaw.com gwaddell@fearlaw.com psauer@fearlaw.com About Nabiekim Enterprises Nabiekim Enterprises, Inc., operates a Korean Fusion restaurant in Fresno, Calif. NabieKim filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-10571) on March 24, 2023, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. David Sousa has been appointed as Subchapter V trustee. Judge Jennifer E. Niemann oversees the case. Fear Waddell, P.C. is the Debtor's legal counsel. NAUTILUS POWER: $486M Bank Debt Trades at 25% Discount ------------------------------------------------------ Participations in a syndicated loan under which Nautilus Power LLC is a borrower were trading in the secondary market around 75.2 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $486 million facility is a Term loan that is scheduled to mature on November 16, 2026. The amount is fully drawn and outstanding. Nautilus Power, LLC provides utility services. The Company generates, transmits, and distributes electric energy. NEO ACCOUNTING: Case Summary & Largest Unsecured Creditors ---------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. NEO Accounting & Tax Services LLC (Lead Case) 23-50868 1378 Pearl Rd Brunswick, OH 44212-3469 Pearl Road Real Estate, LLC 23-50869 1378 Pearl Rd Brunswick, OH 44212-3469 Business Description: Pearl Road is a Single Asset Real Estate as defined in 11 U.S.C. Section 101(51B). NEO is the operating entity. Chapter 11 Petition Date: June 27, 2023 Court: United States Bankruptcy Court Northern District of Ohio Judge: Hon. Alan M. Koschik Debtors' Counsel: Anthony J. DeGirolamo, Esq. ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW 3930 Fulton Dr., Ste. 100B Canton, Ohio 44718 Tel: (330) 305-9700 Fax: (330) 305-9713 E-mail: tony@ajdlaw7-11.com NEO Accounting's Total Assets: $1,255,817 NEO Accounting's Total Liabilities: $4,188,118 Pearl Road's Total Assets: $900,550 Pearl Road's Total Liabilities: $1,841,538 The petitions were signed by Brett J. Mangon as managing member. Full-text copies of the petitions containing, among other items, lists of the Debtors' largest unsecured creditors are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VZHGZ3Y/NEO_Accounting__Tax_Services__ohnbke-23-50868__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/3SIUNPY/Pearl_Road_Real_Estate_LLC__ohnbke-23-50869__0001.0.pdf?mcid=tGE4TAMA NINETY-FIVE MADISON: Taps Moss & Moss LLP as Special Labor Counsel ------------------------------------------------------------------ Ninety-Five Madison Company, L.P. received approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Moss & Moss LLP as its special labor counsel. Moss & Moss will provide legal services and professional advice to the Debtor in connection with the labor dispute involving some of the Debtor's employees. Moss & Moss's current hourly billing rates are: Partners $550 - $650 Of Counsel Attorneys $400 - $500 Associates $300 The firm requires the Debtor to pay a retainer fee of $7,500. John O. C. Moss, a partner of Moss & Moss, assured the court that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Donald C. Moss, Esq. Dena S. Moss, Esq. John O. C. Moss, Esq. MOSS & MOSS LLP 381 Park Ave S New York, NY 10016 Phone: +1 212-644-1000 Email: info@mossandmoss.com About Ninety-Five Madison Company Ninety-Five Madison Company, L.P. filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 21-10529) on May 22, 2021, listing up to $100 million in assets and up to $10 million in liabilities. Judge Sean H. Lane oversees the case. The Debtor tapped Glenn Agre Bergman & Fuentes, LLP as bankruptcy counsel. Rosenberg & Estis, P.C. and Quinn McCabe, LLP serve as the Debtor's special counsel. The Debtor filed its proposed Chapter 11 plan of reorganization on Sept. 12, 2021, which provides for payment in full of its creditors. NOB HILL INN: Mark Sharf Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Nob Hill Inn City Plan Owners. Mr. Sharf will charge $600 per hour for his services as Subchapter V trustee. He will also seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark. M. Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Nob Hill Inn City Plan Owners Association Nob Hill Inn City Plan Owners Association is the owner of Nob Hill Inn, a 21-unit hotel located at 1000 Pine St., San Francisco, Calif. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-30368) on June 10, 2023, with $8,537,769 in assets and $222,858 in liabilities. Mark M. Sharf has been appointed as Subchapter V trustee. Judge Dennis Montali oversees the case. The Debtor tapped Michael St. James, Esq., at St. James Law, P.C. as bankruptcy counsel, and Thomas O'Brien of Vacation Resorts International, Inc. as property manager. NORWICH DIOCESE: Land Sale to Mohegan Tribe Okayed -------------------------------------------------- Brian Steele of Law360 reports that a Hartford bankruptcy judge has approved the Norwich Roman Catholic Diocese's plan to sell its St. Bernard School campus and surrounding land for $6.55 million, weeks after an entity owned entirely by the Mohegan Tribe submitted the winning bid. The Norwich Bulletin reports that the Diocese of Norwich has sold 113.19 acres of property to the Mohegan Tribe, located at 1593 Route 32, Montville. The property includes the St. Bernard School and was approved by Judge James J. Tancredi of the U.S. Bankruptcy Court in Hartford. According to the Bulletin's report, in addition to the $6,550,000 sale price, the bid terms include an initial 20-year lease of the property to St. Bernard School, which under the terms of the bid will remain open. "This is a great result for all the parties involved. The Diocese receives the funds to compensate alleged sexual abuse survivors and the St. Bernard School remains open to serve the needs of students and families," said Louis DeLucia, attorney for the Diocese and a partner at Ice Miller. "This is a big step toward resolving claims against the Diocese as we continue to work diligently to reach consensus on a chapter 11 plan of reorganization." "The Committee of Unsecured Creditors recognizes and appreciates that the $6.55 million paid by the Mohegan Tribe is a substantial and appropriate amount," said Stephen M. Kindseth of Zeisler & Zeisler, P.C., counsel for the Official Committee of Unsecured Creditors. "We anticipate that the net proceeds of this sale will constitute an important component of the entire settlement fund established through the Norwich Diocese's bankruptcy case for the benefit of survivors of sexual abuse." About The Norwich Roman Catholic Diocesan Corporation The Norwich Roman Catholic Diocesan Corporation is a nonprofit corporation that gives endowments to parishes, schools, and other organizations in the Diocese of Norwich, a Latin Church ecclesiastical territory or diocese of the Catholic Church in Connecticut and a small part of New York. The Norwich Roman Catholic Diocesan Corporation sought Chapter 11 protection (Bankr. D. Conn. 21-20687) on July 15, 2021. The Debtor estimated $10 million to $50 million in assets against liabilities of more than $50 million. Judge James J. Tancredi oversees the case. The Debtor tapped Ice Miller, LLP as bankruptcy counsel and Robinson & Cole, LLP as Connecticut counsel. Epiq Corporate Restructuring, LLC is the claims and noticing agent. ONH 14 53RD: Membership Interests Set for August 9 Auction ---------------------------------------------------------- The 100% of the membership interests in ONH 14 53rd ST LLC will be offered for sale at a public auction and sold to the highest qualified bidder on Aug. 9, 2023, at 11:00 a.m. (New York Time). The sale will be held virtually via https://bit.ly.WhaleUCC. The principal asset of the Company is the property located at 14 53rd Street, Brooklyn, New York. The sale is held to enforce the rights of 14 53rd Street LLC, as secured party, under (a) that certain (i) senior loan agreement dated Sept 25, 2020 by and among the Company and TPG RE Finance 2 Ltd., (ii) amended and restated building loan agreement dated as of Sept. 25, 2020 by and among the Company and TPG, and (iii) project loan agreement dated Sept. 25, 2020 by and among the Company and TPG, and (b) that certain pledge and security agreement dated as of Sept. 25, 2020, executed by ONH 14 53rd St Mezz LLC in favor of TPG, both of which are currently held by the Secured Party. The secured party reserves the right to reject all bids and terminate or adjourn the sale to another time, without further publication. Interested parties who would like additional information regarding the Company, the collateral property visits, and terms of the public sale should contact Greg Corbin at Rosewood Realty Group at (212) 359-9904 to obtain a non-disclosure agreement which must be executed before obtaining access to the Rosewood Realty Group due diligence Web site. ORION TECHNOLOGIES: Seeks to Tap Meland Budwick as Legal Counsel ---------------------------------------------------------------- Orion Technologies LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Meland Budwick, P.A. as its legal counsel. The firm's services include: (a) advising the Debtor regarding its powers and duties in the continued management of its business operations; (b) advising the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) preparing legal papers; (d) protecting the interests of the Debtor and its estate in all matters pending before the court; and (e) representing the Debtor in negotiations with its creditors and other parties-in-interest, and in the preparation of a plan. The firm received a post-petition fee retainer of $100,000 and cost retainer of $5,000. Joshua Dobin, Esq, a partner at Meland Budwick, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joshua W. Dobin, Esq Meland Budwick, PA 3200 Southeast Financial Center 200 South Biscayne Boulevard Miami, FL 33131 Telephone: (305) 358-6363 Facsimile: (305) 358-1221 Email: jdobin@melandbudwick.com About Orion Technologies Orion Technologies, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01867) on May 17, 2023, with $2,047,840 in assets and $20,342,885 in liabilities. Judge Tiffany P. Geyer oversees the case. James C. Moon, Esq., at Melano Budwick, P.A. is the Debtor's legal counsel. PATAGONIA HOLDCO: $1.30B Bank Debt Trades at 17% Discount --------------------------------------------------------- Participations in a syndicated loan under which Patagonia Holdco LLC is a borrower were trading in the secondary market around 83.2 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.30 billion facility is a Term loan that is scheduled to mature on August 1, 2029. The amount is fully drawn and outstanding. Patagonia Holdco LLC is a holding company fully owned and established by Stonepeak Partners LP, a private equity firm specializing in infrastructure and real estate investments, to hold the Latin American assets acquired from Lumen Technologies, Inc. PEOPLEMOVER LLC: Involuntary Chapter 11 Case Summary ---------------------------------------------------- Alleged Debtor: Peoplemover LLC 305 Gordons Corner Road Manapalan NJ 07726 Business Description: Peoplemover is a Single Asset Real Estate as defined in 11 U.S.C. Section 101(51B)). Involuntary Chapter 11 Petition Date: June 27, 2023 Court: United States Bankruptcy Court District of New Jersey Case No.: 23-15520 Petitioner's Counsel: Daniel W. Heinkel, Esq. HEINKEL LAW LLC PO Box 1345 West Caldwell NJ 07007 Tel: 973-784-2088 Email: daniel@heinkellaw.com A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/JVRNXFI/Peoplemover_LLC__njbke-23-15520__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Bridge Plaza Condominium Condominium $20,000 Association, Inc., a New Jersey Assessments Nonprofit Corporation c/o Cedarcrest Property Management 91 Clinton Road, Suite 2D PHOENIX SERVICES: Gets Court Okay for Chapter 11 Debt Swap Plan --------------------------------------------------------------- Vince Sullivan of Law360 reports that bankrupt steel plant servicer Phoenix Services Topco received court approval June 21, 2023, in Delaware for its Chapter 11 plan calling for the equitization of $150 million of its debt that will also keep the business operating as a going concern. As reported in the TCR, the Debtors commenced Chapter 11 cases to implement a comprehensive financial restructuring that, among other things, delevers the Company's balance sheet and repairs their portfolio of Customer Contracts. The Restructuring is expected to leave the Debtors with a delivered balance sheet and sufficient liquidity, and the Company better positioned to maintain its market leading position as a service provider to steel mills domestically. The Plan contemplates the consummation of a "Restructuring Transaction" which generally provides for the following treatment on the Effective Date for holders of Claims and Interests: * DIP Claims. All Allowed DIP Claims shall, in full satisfaction, settlement, release, and discharge of the Allowed DIP Claims, be exchanged, subject in all respects to the terms of the Acceptable Plan Agreement and pursuant to the Acquisition Transaction, for (i) on account of the Roll-Up DIP Loans, its Pro Rata share (based on such holder's proportionate share of all Allowed DIP Claims on account of the Roll-Up DIP Loans) of 99.0% of the New Interests that are issued and outstanding on the Effective Date, subject to dilution by the Management Incentive Plan, the Participation Premium, and the Backstop Premium; (ii) on account of the New Money DIP Loans, its Pro Rata share (based on such holder's proportionate share of all Allowed DIP Claims on account of the New Money DIP Loans) of the principal amount of the Takeback Debt; and (iii) on account of the New Money DIP Loans, its Pro Rata share (based on such holder's proportionate share of all Allowed DIP Claims on account of the New Money DIP Loans) of the Newco Participation Contract Right. * Priority Claims. All Administrative Expense Claims (which excludes DIP Claims and Intercompany Claims), Priority Tax Claims, Other Secured Claims, and Allowed Priority Non-Tax Claims are unimpaired by the Plan. * Prepetition Lender Claims. All Allowed Prepetition Lender Claims will be released and extinguished, and each holder of an Allowed Prepetition Lender Claim shall receive, in full and final satisfaction of such Allowed Prepetition Lender Claim its Pro Rata share (based on such holder's proportionate share of all Allowed Prepetition Lender Claims) of 1.0% of the New Interests that are issued and outstanding on the Effective Date, subject to dilution by the Management Incentive Plan, the Participation Premium, and the Backstop Premium. * General Unsecured Claims. Each Allowed General Unsecured Claim will be released and extinguished, and each holder of an Allowed General Unsecured Claim shall not receive any distribution on account of its General Unsecured Claim. A copy of the Disclosure Statement dated May 5, 2023, is available at https://bit.ly/3VUso8x from Stretto, the claims agent. About Phoenix Services Topco Phoenix Services Topco, LLC provides services to global steel-producing companies, including the removal, handling, and processing of molten slag at customer sites, and the preparation and transportation of metal scraps, raw materials, and finished products. Phoenix Services Topco and eight affiliates, including Phoenix Services Holdings Corp., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-10906) on Sept. 27, 2022. In the petitions signed by its chief financial officer, Robert A. Richard, Phoenix Services Topco disclosed $500 million to $1 billion in both assets and liabilities. Judge Mary J. Walrath oversees the cases. The Debtors tapped Weil, Gotshal, and Manges, LLP and Richards Layton & Finger, P.A. as legal counsels; AlixPartners, LLP as financial advisor; PJT Partners, Inc. as investment banker; and Stretto, Inc. as claims and noticing agent and administrative advisor. Barclays Bank PLC, as DIP and First Lien Group lender, is represented by Gibson, Dunn & Crutcher LLP while Credit Suisse Loan Funding LLC, as DIP lender, is represented by Pachulski Stang Ziehl & Jones, LLP. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on Oct. 11, 2022. Squire Patton Boggs (US), LLP, Cole Schotz, P.C. and FTI Consulting, Inc. serve as the committee's lead bankruptcy counsel, Delaware counsel and financial advisor, respectively. PINNACLE DRILLING: Taps Edge Realty as Real Estate Broker --------------------------------------------------------- Pinnacle Drilling Services, LLC seeks approval from the U.S. Bankruptcy Code for the Northern District of Texas to hire Edge Realty Capital Markets, LLC as its real estate broker. The Debtor requires a broker to market its real property located at 359 Hwy 180 East, Seminole, Texas. Its services include pre-marketing due diligence on the property, developing a customized marketing campaign, and securing one or more buyers for the property. Edge will charge the Debtor a commission of 6 percent of the gross sales price. As disclosed in court filings, Edge is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mart Martindale Edge Realty Capital Markets, LLC 5950 Berkshire, Ste. 700 Dallas, TX 75225 Phone: (214) 545-6916 Fax: (214) 545-6905 Email: mmartindale@edge-cm.com About Pinnacle Drilling Services Pinnacle Drilling Services, LLC -- https://www.pinnacledrillingservices.com/ -- is one of the fastest growing drilling companies in Texas. Pinnacle Drilling Services sought Chapter 11 bankruptcy protection (Bankr. N.D. Texas Case No. 22-50037) on March 31, 2022, with $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. Robert Nathis, president, signed the petition. J. Seth Moore, Esq., at Condon Tobin Sladek Thornton Nerenberg, PLLC is the Debtor's counsel. POINT BUCKLER: Says Payout to Unsecureds to Start in 2026 --------------------------------------------------------- Point Buckler Club, LLC, submitted a Chapter 11 Plan and a Disclosure Statement. The Debtor currently owns Point Buckler which is a small island in Suisun Marsh that was once operated as a managed wetland for duck hunting. In 2011, the debtor's managing member, John Sweeney bought the island. In the following years, he undertook a number of unpermitted construction and development projects there, which included restoring the Site's exterior levee which had been breached in multiple places. In October 2014, Sweeney transferred title to the Point Buckler Club, LLC. Thereafter, San Francisco Bay Conservation and Development Commission (hereafter "BCDC") concluded that the island was no longer a managed wetland because in its view, the island had long ago reverted to a tidal marsh due to neglect, abandonment, and/or the forces of nature. Currently, the Debtor cannot now pay off the claims because the cases brought against the Debtor by the United States, San Francisco Bay Regional Water Quality Control Board ("Regional Board") and the San Francisco Bay Conservation and Development Commission ("BCDC", jointly "Government Agencies") have created such uncertainty about the value of the island that no one would buy it or invest in it. The Plan will be implemented, and the Debtor's claims paid by resolving the litigation and restoring the value of the island. Under the Plan, Class 6 Unsecured Creditors total $2,990,452. Creditors will be paid $235,000 beginning on April 1, 2026 and each quarter thereafter until paid in full. Class 6 is impaired. Attorney for the Debtor, Point Buckler Club, LLC: Marc Voisenat, Esq. 2329A Eagle Avenue Alameda, CA 94501 Tel: (510) 263-8664 Fax: (510) 272-9158 A copy of the Disclosure Statement dated June 10, 2023, is available at https://tinyurl.ph/ZrDmq from PacerMonitor.com. About Point Buckler Club Point Buckler Club, LLC, owns Point Buckler which is a small island in Suisun Marsh that was once operated as a managed wetland for duck hunting. Point Buckler Club, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 23-20755) on March 10, 2023. In the petition signed by John Sweeney, managing member, the Debtor disclosed $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Fredrick E. Clement oversees the case. Marc Voisenat, Esq., serves as the Debtor's counsel. PROFIT CONNECT: Receiver Sets Sept. 11, 2023 Deadline for Claims ---------------------------------------------------------------- The U.S. District Court, District of Nevada, has set Sept. 11, 2023, as the deadline for investors and creditors of Profit Connect Wealth Services Inc. to submit claims to the receiver, Geoff Winkler, of American Fiduciary Services. Claim forms may be completed and submitted electronically at https://kcconnect.com/profitconnect. If you prefer to complete a hard copy of the claim form please contact AFS at contact@profitconnect-receivership.com. Claims must be submitted electronically or received by the Receiver's claims agent by Sept. 11, 2023. The claims that are received late will not receive a distribution from the Receiver or the receivership estate. R.B. DWYER CO: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: R.B. Dwyer Co., Inc. 2891 E. Miraloma Avenue Anaheim, CA 92806 Business Description: R.B. Dwyer is a family-owned and operated flexible packaging company focused on providing products and services to multiple industries including pharmaceutical, automotive, fresh fruit, and craft beer and wine. Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court Middle District of Pennsylvania Case No.: 23-01420 Debtor's Counsel: Jeffrey Kurtzman, Esq. KURTZMAN | STEADY, LLC 555 City Avenue Suite 480 Bala Cynwyd, PA 19004 Tel: (215) 883-1600 Fax: (609) 482-8011 E-mail: kurtzman@kurtzmansteady.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by James B. Dwyer as president. 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/CUFS3JY/RB_Dwyer_Co_Inc__pambke-23-01420__0001.0.pdf?mcid=tGE4TAMA R.B. DWYER: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: R.B. Dwyer Co., Inc. 2891 E. Miraloma Avenue Anaheim, CA 92806 Business Description: R.B. Dwyer is a family-owned and operated flexible packaging company focused on providing products and services to multiple industries including pharmaceutical, automotive, fresh fruit, and craft beer and wine. Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court Middle District of Pennsylvania Case No.: 23-01420 Judge: Hon. Mark J. Conway Debtor's Counsel: Jeffrey Kurtzman, Esq. KURTZMAN | STEADY, LLC 555 City Avenue Suite 480 Bala Cynwyd, PA 19004 Tel: (215) 883-1600 Fax: (609) 482-8011 Email: kurtzman@kurtzmansteady.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by James B. Dwyer as president. 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/UGPIQOQ/RB_Dwyer_Co_Inc__pambke-23-01420__0001.0.pdf?mcid=tGE4TAMA RE-HOLD INC: Involuntary Chapter 11 Case Summary ------------------------------------------------ Alleged Debtor: Re-Hold, Inc. 305 Gordons Corner Road Manalapan, NJ 07726 Business Description: The Debtor is a Single Asset Real Estate as defined in 11 U.S.C. Section 101(51B)). Involuntary Chapter 11 Petition Date: June 27, 2023 Court: United States Bankruptcy Court District of New Jersey Case No.: 23-15522 Petitioner's Counsel: Daniel W. Heinkel, Esq. HEINKEL LAW LLC PO Box 1345 West Caldwell NJ 07007 Tel: 973-784-2088 Email: daniel@heinkellaw.com A full-text copy of the Involuntary Petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/34WIS5Y/Re-Hold_Inc__njbke-23-15522__0001.0.pdf?mcid=tGE4TAMA Alleged creditor who signed the petition: Petitioner Nature of Claim Claim Amount Bridge Plaza Condominium Condominium $102,000 Association, Inc., a New Assessments Jersey Nonprofit Corporation c/o Cedarcrest Property Management 91 Clinton Road, Suite 2D Fairfield NJ 07004 RISING TIDE: $397M Bank Debt Trades at 39% Discount --------------------------------------------------- Participations in a syndicated loan under which Rising Tide Holdings Inc is a borrower were trading in the secondary market around 60.9 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $397.8 million facility is a payment-in-kind Term loan that is scheduled to mature on June 1, 2028. The amount is fully drawn and outstanding. Rising Tide (d/b/a West Marine) retails recreational and commercial boating supplies, apparel, and other related merchandise. The company operates as a specialty retailer in the marine aftermarket, serving the repair and replacement outfitting needs of active marine enthusiasts and professional customers. Rising Tide is also involved in the wholesale distribution of products to commercial customers and other retailers through its port supply business line and stores. RJT FOOD: Trustee Gets Approval to Hire LaMonica Herbst as Counsel ------------------------------------------------------------------ Salvatore LaMonica, Chapter 11 trustee for RJT Food & Restaurant, LLC, received approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire LaMonica Herbst & Maniscalco, LLP, as his counsel. The trustee requires legal counsel to: a. assist the trustee with an investigation into the Debtor's financial and business affairs including, but not limited to, any pre-bankruptcy and post-petition transfers of property; b. investigate and advise the trustee as to the actions and activities of any insider and the existence of any claims or causes of action that can be pursued for the benefit of the Debtor's estate; c. prepare, file and prosecute motions objecting to claims, as directed by the trustee, that may be necessary to complete the administration of the Debtor's estate; d. prepare and file motions and applications or such other disposition of these estates, as directed by the trustee in connection with his statutory duties; and e. formulate a plan of reorganization or liquidation under Chapter 11 as the circumstances may warrant. LaMonica's hourly rates are as follows: Partners $675 Associates $425 Paraprofessionals $200 As disclosed in court filings, LaMonica is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary F. Herbst, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Ave #201 Wantagh, NY 11793 Phone: (516) 826-6500 Fax: (516) 826-0222 Email: gfh@lhmlawfirm.com About RJT Food & Restaurant RJT Food & Restaurant, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-70447) on Feb. 8, 2023, with $1 million to $10 million in assets and up to $50,000 in liabilities. Richard J. Bivona, president, signed the petition. Judge Robert E. Grossman oversees the case. Ronald D. Weiss, Esq., at Ronald D. Weiss, P.C. represents the Debtor as counsel. RL ENTERPRISES: Creditor Says Plan Not Filed in Good Faith ---------------------------------------------------------- HSBC Bank USA, National Association as Trustee for Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, Series 2006-AR6, Mortgage Pass-Through Certificates; Nationstar Mortgage LLC as servicer, secured creditor of RL Enterprises, Inc., objects to confirmation of the Plan. The Loan is evidenced by a promissory note dated October 20, 2006, executed by Roman Libonao ("Borrower") in the principal sum of $560,000 (the "Note"). The Note is secured by a Deed of Trust ("Deed of Trust") encumbering the real property located at 770 Paularino Avenue, Costa Mesa, CA 92626 (the "Property"). The Deed of Trust reflects it was duly recorded. Subsequently, the Note and Deed of Trust was assigned to Creditor. Creditor has substantial concerns that Debtor and/or its principal are being less than forthright in this case and/or operating in good faith because Debtor is in fact a defunct entity under Nevada law, and/or may not have qualified to do business in the State of California. Creditor states that the Debtor is operating and managing the property of the bankruptcy estate, including the Property securing Creditor's lien as a Debtor in Possession under the Code. This means Debtors in Possession are fiduciaries to their creditors. Creditor points out that while the Debtor does disclose its corporate charter under Nevada law has been revoked, it does not appear Debtor has been successful in reviving its corporate charter in accordance with Nevada law and it remains defunct. Debtor's corporation is a creature of state law not federal law and Debtor provides no basis for the proposition that the Confirmation of the Plan operates to supersede, or override state statutory defects associated with the Debtor's charter. As such, as a matter of Nevada law, while Debtor may be entitled to wind up its affairs like a dissolved entity while it is defunct, Debtor is not generally no permitted to continue to transact business and is deemed forfeit, thereby calling into question any notion of a good faith reorganization. It is unclear the Bankruptcy Court can sanction or approve something that violates state law to this effect. Finally, Debtor's proposed plan treatment does not appear to be based in good faith because the Property does not appear to generate sufficient regular income to make the regular monthly payments and cover property expenses as proposed under the Plan, let alone once a more fair and equitable treatment as argued by Creditor applies. The Debtor proposes a 40-year term with an interest rate well below the prime rate and it is unclear why Debtor proposed or reduced the amount of Creditor's Secured Claim to $700,000 when Debtor's own appraisal attached to the Disclosure Statement indicates the value of the Property as of May 2022 was $1.3 million. Creditor asserts Debtor cannot propose a feasible Chapter 11 Plan as there is presently insufficient evidence to find the Property cash flows. Indeed, even just assuming a regular 30-year mortgage at the current prime rate based upon Debtor's scheduled claim would yield a monthly principal and interest payment of $8,166.27, exclusive of monthly expenses. This payment is only expected to be higher once Creditor's fully Secured Claim is taken into account, and monthly expenses appropriately provided for. Creditor further asserts that the Property certainly does not, and will not generate positive cash flow. Retaining property that is not producing net income is evidence of bad faith and such a plan should not be confirmed. Accordingly, the Plan lacks feasibility and the Debtor should consider surrendering the Property to Creditor with relief from the automatic stay. Based on the foregoing, Confirmation of the Plan must be denied. A full-text copy of the Creditor's objection dated June 22, 2023 is available at https://urlcurt.com/u?l=NC9J10 from PacerMonitor.com at no charge. Attorneys for Creditor: ALDRIDGE PITE, LLP Eddie R. Jimenez, Esq. 9205 West Russell Road, Bldg 3, Suite 240 Las Vegas, Nevada 89148 Telephone: (858) 750-7600 Facsimile: (619) 590-1385 E-mail: ecfnvb@aldridgepite.com About RL Enterprises RL Enterprises, Inc., offers customized training programs that generate results to improve employee skill sets. The company is based in Costa Mesa, Calif. RL Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 22-13254) on Sept. 11, 2022, with between $1 million and $10 million in both assets and liabilities. Roman Libonao, president of RL Enterprises, signed the petition. Judge August B. Landis oversees the case. The Debtor is represented by Matthew L. Johnson, Esq., and Russell G. Gubler, Esq., at Johnson & Gubler, P.C. ROCKPORT CO: Gets Court OK for $40.9-Mil. of DIP Financing ---------------------------------------------------------- Emily Lever of Law360 reports that a Delaware bankruptcy judge in a hearing Wednesday, June 21, 2023, approved $40.9 million in interim debtor-in-possession financing for The Rockport Company LLC with $8.8 million in new money, overruling, in what he said was a "close call," objections from the U.S. trustee that the financing rolled up too much of the shoe company's existing debt. About Rockport Co. LLC Rockport Co. LLC -- https://www.rockport.com/ -- is a company that offers a collection of men's and women's brands that provide comfortable shoes for every occasion. The Rockport Company and its subsidiaries are global designers, distributors, and retailers of comfort footwear in more than 50 markets worldwide. The Rockport Company, et al., first sought Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 18-11145) on May 14, 2018. The business was taken out of bankruptcy after the Court approved the sale of substantially all of The Rockport Company's assets to an affiliate of Charlesbank Equity Fund IX, LP. In the prior Chapter 11 cases, the Debtors tapped Richards, Layton & Finger, P.A. as bankruptcy counsel; Borden Ladner Gervais LLP as Canadian counsel; Houlihan Lokey Capital, Inc., as investment banker; and Alvarez & Marsal North America LLC, as restructuring advisor. The official committee of unsecured creditors tapped Cooley LLP, and Whiteford, Taylor & Preston LLC as counsel. Pachulski Stang Ziehl & Jones LLP represented the Prepetition Noteholders and DIP Note Purchasers. Goodwin Procter LLP and Pepper Hamilton LLP advised CB Marathon Opco, LLC, an affiliate of Charlesbank Equity Fund IX, Limited Partnership, the bidder. Rockport Co. LLC and affiliates again sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10774) on June 15, 2023. In the petition filed by Joseph Marchese, as chief restructuring officer, the Debtor reported assets and liabilities between $50 million and $100 million each. In the new Chapter 11 cases, the Debtors tapped POTTER ANDERSON & CORROON LLP as counsel; STIFEL FINANCIAL CORP. as investment banker; and PKF CLEAR THINKING as personnel provider. EPIQ CORPORATE RESRUCTURING, LLC, is the claims agent. SAFFIRE VAPOR: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Saffire Vapor Holdings, LLC f/k/a Saffire Vapor, Inc. 5215 Linbar Dr. Suite 204 Nashville TN 37211 Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 23-02266 Judge: Hon. Marian F. Harrison Debtor's Counsel: Nancy King, Esq. EMERGELAW, PLC 4235 Hillsboro Pike 350 Nashville TN 37215 Tel: 615 815 1535 Email: nancy@emerge.law Total Assets: $0 Total Liabilities: $8,043,851 The petition was signed by Robert E. Arnold as managing 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/5PZEKGA/Saffire_Vapor_Holdings_LLC__tnmbke-23-02266__0001.0.pdf?mcid=tGE4TAMA SILVERADO STREET: JPM Says Plan Not Feasible -------------------------------------------- JPMorgan Chase Bank, N.A., a secured creditor of debtor Silverado Street, LLC, filed an objection to approval of the Debtor's Chapter 11 Disclosure Statement. The Secured Creditor points out that the Disclosure Statement fails to contain adequate information as required by 11 U.S.C. Section 1125(a)(1): * It is clear the Debtor itself produces no income. Rather, the success of the Debtor's Plan is entirely contingent upon contributions from the Debtor's principals, William and Lisa Barkett. While the Debtor filed the Barkett Declarations, wherein the Barketts alleged they "have the financial capability to make monthly contributions to Debtor for the amount needed to fund its Plan of Reorganization," the Disclosure Statement includes no information regarding the ability of the Barketts to make payments and continue to fund the Plan. The Disclosure Statement includes no information regarding the source of the Barketts' income, the historical nature of the income, and whether the income will be available for the duration of the five-year Plan. * The monthly $35,000 contribution is significantly less than the amount required under the Plan. The Debtor's five-year projections require contributions from the Barketts of approximately $98,000 per month. The contribution increases to $174,000 per month in January and July of each year when the Debtor makes the proposed $76,118 contribution to the unsecured class (requiring contributions of over $1.3 million a year). In addition, a contribution of $3 million is required in month 60 of the Plan (July 2028) to fund the remaining obligations. Without additional information regarding how and when the Barketts generate income and their personal ability to fund the Plan as required, Creditors are unable to evaluate the prospect for a successful reorganization. * The Disclosure Statement and Plan contain no discussion of the pending Criminal Complaint against Mr. Barkett and how a guilty verdict and subsequent prison sentence may impact Mr. Barkett's ability to fund the Plan. The status of the criminal action is unknown, and the Disclosure Statement should be amended to include sufficient information regarding the status of the Criminal Complaint and how an unfavorable verdict may affect the estate and Mr. Barkett's ability to contribute income to the Plan. In addition, the Creditor asserts that the Plan lacks feasibility. * The success of the Debtor's reorganization is contingent upon receipt of contributions by non-Debtors. While the Barketts filed a Declaration committed to fund the Plan, the source of the funds remains a mystery. The Disclosure Statement includes no information regarding the source of the Barketts' income, the historical nature of the income, and whether the income will be available for the duration of the five-year Plan. While the Barkett Declarations indicate the Barketts have been making monthly contributions of $35,000.00 per month, the five-year projections require contributions from the Barketts of approximately $98,000.00 per month. The contribution increases to $174,000.00 per month in January and July of each year, when the Debtor makes the proposed $76,117.80 contribution to the unsecured class (requiring contributions of over $1.3 million a year). In addition, a contribution of $3 million is required in month 60 of the Plan (July 2028) to fund the remaining obligations. Without additional information regarding how and when the Barketts generate income, and their personal ability to fund the Plan as required, Creditors are unable to evaluate the prospect for a successful reorganization. * The Disclosure Statement and Plan contain no discussion of the pending Criminal Complaint against Mr. Barkett. For instance, if Mr. Barkett is ultimately convicted in the criminal case and sentenced to prison, how will the Debtor fund the Plan? Will a criminal conviction impair or eliminate Mr. Barkett's ability to make the proposed contributions to the Plan? Do the Barketts have sufficient resources to pay all creditors under the Plan notwithstanding a criminal conviction? The status of the criminal trial is unknown and undisclosed. At a minimum, these issues should be disclosed, discussed, and analyzed in the Disclosure Statement and Plan. Attorneys for JP Morgan Chase Bank, N.A.: Christopher M. McDermott, Esq. Gregory P. Campbell, Esq. Todd S. Garan, Esq. ALDRIDGE PITE, LLP 8880 Rio San Diego Drive, Suite 725 San Diego, CA 92108 Telephone: (858) 750-7600 Facsimile: (619) 590-1385 E-mail: cmcdermott@aldridgepite.com gcampbell@aldridgepite.com tgaran@aldridgepite.com About Silverado Street Silverado Street, LLC owns a 9,000-square-foot single family residence located at 7724 Prospect Place, La Jolla, Calif., valued at $13 million. The Debtor is a tenant in common on an approximately 1150-acre undeveloped property in Los Angeles County, valued at $5 million. Silverado Street filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 23-00108) on Jan. 20, 2023, with $18,000,000 in total assets and $10,638,073 in total liabilities. William J. Barkett, managing member, signed the petition. Judge Margaret M. Mann oversees the case. The Law Offices of Michael Jay Berger is the Debtor's counsel. SKYREACH CONSTRUCTION: Seeks to Hire Bruner Wright as Counsel ------------------------------------------------------------- Skyreach Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Bruner Wright, P.A. to handle its Chapter 11 case. The firm will be paid at these rates: Robert C. Bruner $450/hour Byron Wright III $375/hour Samantha A. Kelley $350/hour Paralegal $150/hour Bruner Wright was paid $12,000 as a retainer for this proceeding from the Debtor's owner, Anthony McKinney. The Debtor also agreed to pay the firm $1,000 a month to commence 30 days after the petition date. Byron Wright III, a member of Bruner Wright, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Byron Wright III, Esq. Bruner Wright, PA 2810 Remington Green Circle Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: twright@brunerwright.com About Skyreach Construction Skyreach Construction, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-30395) on June 8, 2023, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Jodi Daniel Dubose, Esq., at Stichter, Riedel, Blain & Postler P.A., has been appointed as Subchapter V trustee. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. SPIRIT AEROSYSTEMS: Moody's Puts 'B2' CFR on Review for Downgrade ----------------------------------------------------------------- Moody's Investors Service placed Spirit Aerosystems, Inc. B2 corporate family rating and B2-PD probability of default rating under review for downgrade. Concurrently, Moody's placed the Ba2 rating on the first lien senior secured debt and the B3 rating on the second lien senior secured debt under review for downgrade. Moody's also placed the Caa1 rating on the senior unsecured notes under review for downgrade. Spirit's SGL-3 speculative grade liquidity rating is unchanged. The outlook, previously stable, has been placed under review. The review follows Spirit's suspension of factory production at its main Wichita facility. The suspension of production follows the decision by workers represented by the International Association of Machinists and Aerospace Workers (IAM) to vote against a new labor contract in favor of a strike. "The review for downgrade reflects Moody's concerns that the looming strike by a large portion of Spirit's employees could cause severe operational disruptions that reduce manufacturing throughput and erode Spirit's already weak credit metrics," said Eoin Roche, Vice President – Senior Credit Officer at Moody's Investors Service. Social risk is a key rating consideration given human capital risks and Spirit's large exposure to a unionized workforce. The strike involves around 7,500 Spirit employees who are represented by the IAM and these employees account for around 55% of Spirit's U.S. employees. The strike comes at a time when Spirit is under pressure to ramp up production on key aerospace programs, such as the 737MAX, and coincides with on-going supply chain and labor disruptions that have constrained manufacturing throughput. Spirit has previously announced that it is targeting two MAX production rate increases later this year, to 38/month in August and to 42/month in October, from a current rate of 31/month. Moody's view higher build rates on the MAX as being foundational to improving Spirit's financial health. An extended strike would weigh on the company's already weak metrics and strain its adequate liquidity profile. Moody's review will focus on the degree of operational disruption that will result from the strike, as well as its implications for near-term build rates on Spirit's key commercial aerospace programs. The review will also focus on the likely impact on the company's liquidity and credit metrics. The following is a summary of the rating actions: On Review for Downgrade: Issuer: Spirit Aerosystems, Inc. Corporate Family Rating, Placed on Review for Downgrade, currently B2 Probability of Default Rating, Placed on Review for Downgrade, currently B2-PD Backed Senior Secured Bank Credit Facility, Placed on Review for Downgrade, currently Ba2 Backed Senior Secured First Lien Regular Bond/Debenture, Placed on Review for Downgrade, currently Ba2 Senior Secured Second Lien Regular Bond/Debenture, Placed on Review for Downgrade, currently B3 Backed Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Caa1 Outlook Actions: Issuer: Spirit Aerosystems, Inc. Outlook, Changed To Rating Under Review From Stable RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The B2 corporate family rating reflects Spirit's considerable scale as a strategically important supplier in the aerostructures market. The company maintains a sustainable competitive position underpinned by its life-of-program production agreements and long-term contracts on key Boeing and Airbus platforms. The rating also reflects Spirit's position as the largest independent supplier of aerostructures to Boeing, and the company's role as the sole provider of the Boeing 737 fuselage and critical parts for other aircraft programs. Several years of meaningfully lower production rates on key narrow-body and wide-body platforms have resulted in a large cumulative cash burn (around $1.5 billion between 2020 to 2022) and a weak set of credit metrics, with March 2023 debt-to-EBITDA in excess of 10x. Headquartered in Wichita, Kansas, Spirit Aerosystems, Inc. is a subsidiary of publicly traded Spirit Aerosystems Holdings, Inc. (NYSE: SPR). The company designs and manufactures aerostructures for commercial aircraft. Components include fuselages, pylons, struts, nacelles, thrust reversers and wing assemblies, principally for Boeing but also for Airbus and others. Revenues for the twelve months ended March 2023 were approximately $5.3 billion. The principal methodology used in these ratings was Aerospace and Defense published in October 2021. T-ROLL CONSTRUCTION: Disposable Income to Fund Plan --------------------------------------------------- T-Roll Construction, Inc., filed with the U.S. Bankruptcy Court for the District of Colorado a Plan of Reorganization under Subchapter V dated June 22, 2023. The Debtor is a corporation. Formed in April of 2014, the Debtor has engaged in the construction business. In 2020, Debtor successfully bid on a large construction project involving a multi-unit residential development called Willow Springs Estates. After incurring indebtedness in excess of $400,000, the contractor refused to pay Debtor. That loss was too substantial for the Debtor to service its obligations, and it was the subject of collection matters by third parties, mostly vendors. Debtor has engaged the services of an accountant, Charles Wickstrom. His employment is pending court approval. With his assistance, Debtor has drafted projections for the 5-year period of the Plan. These projections take into consideration the uncertainties of the construction trade. For the five-year total, T-Roll projects $1,096,399 of net cash flow which can be paid to creditors under the "disposable income" requirement of the Code. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. Class 3 consists of the Allowed Claims of unsecured creditors of the Debtor. Allowed Class 3 Unsecured Claims shall be paid the projected Disposable Income on a quarterly basis from the funds deposited into the Creditor Account for the previous quarter on the 15th day of the month following such previous quarter beginning the first full quarter after Allowed Administrative Claims and Class 1 Priority Claims have been paid in full. Class 4 consists of the equity interests in the Debtor. Upon confirmation of the Plan, Seth Cvancara shall retain his equity interests in the Debtor. Debtor has prepared cash flow projections which reflect a realistic prediction of the Debtor's operations during the 5-year period following confirmation of the Plan. These projections show disposable income available to pay creditors in the total approximate amount of $36,000 over the 5-year period. On the Effective Date, Debtor shall establish a new deposit account which shall be deemed the Creditor Account. Debtor will deposit the projected Disposable Income for each month into the Creditor Account by the 15th day of each month for the previous month. All payments to the holders of Allowed Class 3 Unsecured Claims shall be made from the Creditor Account until the payment obligations under the Plan are completed. On the Effective Date for Secured Creditors, Debtor shall establish the Plan Payment Fund from which all Unsecured Claims will be paid. This date is projected to be September 1, 2023. Upon the first full month after the Effective Date of the Plan and every month until Administrative Claims are paid in full and then for the remainder of the Term of the Plan, Debtor shall deposit $600 per month, or 2% of Net Profit, whichever is greater, into the Unsecured Creditor's Account. At the end of each calendar quarter, the balance of the Unsecured Creditor Account will be distributed to the holders of Allowed Administrative Claims on a Pro Rata basis until such time as all holders of Allowed Administrative Claims have been paid in full, and then will be distributed to Class 3 general unsecured creditors that hold Allowed Claims on a Pro Rata basis. A full-text copy of the Plan of Reorganization dated June 22, 2023 is available at https://urlcurt.com/u?l=thIr5z from PacerMonitor.com at no charge. Attorney for the Debtor: Stephen E. Berken, Esq. Sean Cloyes, Esq. Berken Cloyes PC 1159 Delaware Street Denver, CO 80202 Telephone: (303) 623-4359 Email: stephenberkenlaw@gmail.com sean@berkencloyes.com About T-Roll Construction T-Roll Construction, Inc., has engaged in the construction business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 23-11154) on March 24, 2023. In the petition signed by Seth Cvancara, owner and chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Elizabeth E. Brown oversees the case. Stephen Berken, Esq., at Berken Cloyes, PC, is the Debtor's legal counsel. TANTUM COMPANIES: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Tantum Companies, LLC 6100 Fairview Road Suite 1156 Charlotte, NC 28210 Business Description: Tantum is part of the restaurant industry. Chapter 11 Petition Date: June 26, 2023 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 23-30407 Judge: Hon. J. Craig Whitley Debtor's Counsel: Robert A. Cox, Jr., Esq. HAMILTON STEPHENS STEELE + MARTIN, PLLC 525 North Tryon Street, Suite 1400 Charlotte, NC 28202 Tel: 704-344-1117 Fax: 704-344-1483 Email: rcox@lawhssm.com Debtor's Financial Advisor: BLYSTONE & DONALDSON Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Mark Cote as CEO. 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/GZRJVQQ/Tantum_Companies_LLC__ncwbke-23-30407__0001.0.pdf?mcid=tGE4TAMA TECHNICOLOR CREATIVE: $42.1M Bank Debt Trades at 16% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Technicolor Creative Services USA Inc is a borrower were trading in the secondary market around 84.1 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $42.1million facility is a payment-in-kind Term loan that is scheduled to mature on September 28, 2026. The amount is fully drawn and outstanding. Technicolor Creative Services USA, Inc. offers motion pitcure services. The Company provides VFX, animation, sound, mastering, versioning, digital distribution, device interconnection, technology licensing, patent licensing, and brand licensing services. Technicolor Creative Services USA serves customers worldwide. TOSCA SERVICES: $626.5M Bank Debt Trades at 21% Discount -------------------------------------------------------- Participations in a syndicated loan under which Tosca Services LLC is a borrower were trading in the secondary market around 79.1 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The $626.5 million facility is a Term loan that is scheduled to mature on August 18, 2027. About $614.5 million of the loan is withdrawn and outstanding. Tosca Services, LLC manufactures and supplies container solutions. The Company offers plastic containers to transport fruit and vegetable, egg, poultry, meat, and cheese products. Tosca Services serves growers, suppliers, food manufacturers, and retailers in North America. VERITAS US: EUR748.6M Bank Debt Trades at 17% Discount ------------------------------------------------------ Participations in a syndicated loan under which Veritas US Inc is a borrower were trading in the secondary market around 82.8 cents-on-the-dollar during the week ended Friday, June 23, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR748.6 million facility is a Term loan that is scheduled to mature on September 1, 2025. The amount is fully drawn and outstanding. Veritas US Inc. designs and develops enterprise software solutions. WHITTAKER CLARK: Wins Challenge to Remain in Chapter 11 ------------------------------------------------------- Akiko Matsuda of The Wall Street Journal reports that a bankruptcy judge has ruled to allow a Berkshire Hathaway-affiliated defunct talcum powder supplier to remain in bankruptcy to address thousands of personal injury cases, rejecting a request from a state court-appointed receiver to throw the case out of chapter 11. Judge Michael Kaplan of the U.S. Bankruptcy Court in New Jersey said in his ruling Tuesday that the board of directors of former talc supplier Whittaker, Clark & Daniels had the authority to place the company under chapter 11 protection in April 2023. About Whittaker Clark Whittaker, Clark & Daniels, Inc. and affiliates, Brilliant National Services Inc., Soco West Inc. and L.A. Terminals Inc., were engaged in nonmetallic mineral mining and quarrying. The Debtors sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 23-13575) on April 26, 2023. The Debtors estimated $100 million to $500 million in assets against $1 billion to $10 billion in liabilities as of the bankruptcy filing. The Hon. Michael B. Kaplan is the case judge. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Cole Schotz P.C. as co-bankruptcy counsel; and M3 Partners LLC as financial advisor. Stretto, Inc. is the claims agent. WILLOW LAKE: Unsecureds Expected to Get Full Payment in Plan ------------------------------------------------------------ Willow Lake Holdings, LLC and Willow Lake Mitigation, LLC submitted a Second Immaterially Modified First Amended Joint Plan of Reorganization. Willow Lake Holdings, WLH, owns approximately 375 acres of bare wetlands in Cameron Parish, Louisiana (the "Real Estate"), with its interest valued at $800,000. Willow Lake Mitigation, LLC, WLM, as bank Sponsor, holds Mitigation Credits for sale, and estimates the value of current and future credits to be $6,664,000. WLM also has two escrow accounts pledged in favor of the U.S. Army Corps of Engineers ("USACE") in connection with the Mitigation Bank. These Escrow Accounts respectively contained $175,117 and $88,526 as of January 31, 2023. Otherwise, Debtors had a nominal amount of cash (less than $8,000) as of the Petition Date. Both WLH and WLM are parties to contracts creating and related to the Mitigation Bank. The Mitigation Bank adds much greater value to the Real Estate. Debtors also believe they may have causes of action against certain insiders. Under the Plan, Class 2 consists of General Unsecured Claims, the only known claimant in this Class is JMB Companies, Inc., with a claim in the amount of $65,148. The Class 2 General Unsecured Claims will receive no payment until the Class 1 Secured Claims are satisfied in full. The Class 2 General Unsecured Claims are expected to be satisfied, in full and without interest, from the Plan Sale proceeds remaining after surcharge application and full satisfaction of the Class 1 Secured Claims. In the event the remaining Plan Sale proceeds are not sufficient to satisfy Class 2 General Unsecured Claims in full, this class will share in the available proceeds pro rata. Class 2 is impaired. Class 3 consists of Unsecured Non-Debtor Affiliate Claims arising from pre-petition payments by insiders JRC, MRL, and H2Bravo to help fund WLM, and pre-petition payments by insiders JRC and MRL to help fund WLH. This class also includes claims of Daniel Moran, Holcomb Resources, Inc. (HRI), and Ecosystem Renewal, LLC, whether for payments made to fund WLM or WLH, for services provided or rendered, for loss of value, and otherwise. The Class 3 Unsecured Non-Debtor Affiliate Claims will receive no payment, and confirmation of this Plan does not constitute an admission or denial of liability on any said claims. These claims will remain outstanding and will be litigated in state court in the 38th Judicial District Court, Parish of Cameron, State of Louisiana, Docket No. 10-20883, Holcomb Resources, Inc. v. Willow Lake Holdings, LLC, et al. In the event the remaining Plan Sale proceeds are not sufficient to satisfy Class 3 Unsecured Non-Debtor Affiliate Claims in full, this class will share in the available proceeds pro rata after the determination of the amounts of said claims. Class 3 is impaired. The Plan will be funded primarily from the proceeds of the Plan Sale (as outlined in Section 4.6 of this Plan). The Plan Sale is expected to close on or before August 31, 2023, and all liens, mortgages, security interests and other interests and claims in any property sold will be referred to the proceeds, unless specifically reserved. The Plan may also be funded by other income generated by the Debtors' business operations. Plan Sale approval is being sought by separate motion pre-confirmation (the "Sale Motion," Doc. 39). The Plan Sale will be handled by online Auction on July 27, 2023, and is expected to close by August 31, 2023. First South will receive payment on its Class 1 Secured Claims from the net proceeds of the Plan Sale remaining after application of a surcharge in the amount of $125,000.00 for satisfaction of, inter alia, Administrative and Priority Tax Claims, all of which amounts will be subject to Court approval via separate motion(s). The proposed minimum bid set forth in the Sale Motion is calculated to satisfy the Class 1 Secured Claims in full, including post-petition interest and reasonable attorney's fees. The sale will be free and clear of all liens, interests, encumbrances, and claims (except for permitted encumbrances designated in the Sale Motion), referring the same to the proceeds of the Plan Sale. Distributions from the Plan Sale proceed balance remaining after surcharge application will occur within fourteen (14) days after the Effective Date. Attorneys for the Debtors: Bradley L. Drell, Esq. Heather M. Mathews, Esq. GOLD, WEEMS, BRUSER, SUES & RUNDELL 2001 MacArthur Drive Alexandria, LA 71301 Tel: (318) 445-6471 Fax: (318) 445-6476 E-mail: bdrell@goldweems.com A copy of the Disclosure Statement dated June 14, 2023, is available at https://tinyurl.ph/oUYVE from PacerMonitor.com. About Willow Lake Willow Lake Holdings, LLC, owns a 374.91-acre property in Cameron Parish, La., valued at $800,000. Willow Lake Holdings and affiliate, Willow Lake Mitigation, LLC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Lead Case No. 23-20083) on Feb. 27, 2023. In the petition signed by its manager, William Barron, Willow Lake Holdings reported $800,000 in assets and $4,323,619 in liabilities. Judge John W. Kolwe presides over the cases. Bradley L. Drell, Esq., at Gold, Weems, Bruser, Sues & Rundell, APLC, represents the Debtor. YIWAN TRADING: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Yiwan Trading Company Limited 9170 Wilshire Blvd., Ste. 500 #B Los Angeles, CA 90210 Chapter 11 Petition Date: June 27, 2023 Court: United States Bankruptcy Court Central District of California Case No.: 23-13978 Judge: Hon. Vincent P. Zurzolo Debtor's Counsel: Anthony R. Bisconti, Esq. BIENERT KATZMAN LITTRELL WILLIAMS LLP 360 E. 2nd Street, Ste. 625 Los Angeles CA 90012 Tel: 213-528-3400 Email: tbisconti@bklwlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Jiayuan Li as co-president and director. 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/ZOQVH6I/Yiwan_Trading_Company_Limited__cacbke-23-13978__0001.0.pdf?mcid=tGE4TAMA [*] Sklar Kirsh Partners Named Lawdragon Leading Bankruptcy Lawyers ------------------------------------------------------------------- California law firm Sklar Kirsh LLP on June 27 disclosed that Partners Robbin Itkin and Ian Landsberg have been named "Leading Bankruptcy & Restructuring Lawyers" by Lawdragon. "This elite corps of U.S. lawyers represent the best of the best helping companies navigate ailing economies and uncertain times," says the publisher. "We selected these lawyers through our time-honed process combining journalistic research of those lawyers at the forefront of our distressed days with robust submissions from peers, competitors and firms. We vet the candidates with their colleagues and check, as well, that they are respected, if not beloved, by clients and other counsel." Ms. Itkin is a Partner and leader of the firm's Bankruptcy and Financial Restructuring Group. Her experience restructuring billions of dollars of debt includes insolvency resolutions in chapter 11 cases and numerous restructurings outside the courtroom. As a certified mediator, Ms. Itkin uses her problem-solving strength to advise both healthy companies and those in distress, leading them to negotiate effectively with their own creditors and counterparties who are in fragile economic straits. Ms. Itkin's excellence in complex matters has earned her recognition as a Chambers USA-ranked attorney in restructuring and a long-time fellow and 2023 International Committee Co-Chair of the honorary and prestigious American College of Bankruptcy. Mr. Landsberg is a Partner and leader of the firm's Bankruptcy and Financial Restructuring Group, specializing in complex business and real estate litigation, secured transactions, reorganizations, insolvency, bankruptcy litigation, workouts, creditors' rights and landlord representation. From routine to complex state court matters and large retail reorganizations in federal court, he has represented multiple businesses and industries, including real estate developers, architects, and international accounting firms. Mr. Landsberg also has substantial experience with construction loans, guarantor liability, and loan sales by and through the FDIC. Sklar Kirsh LLP -- http://www.SklarKirsh.com/-- is a boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy, and entertainment law as well as commercial, real estate and entertainment litigation. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***