/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/230717.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, July 17, 2023, Vol. 27, No. 197 Headlines 1600 HICKS ROAD: Updates EH National & Exotic Motors Claims Pay 1ST CAPITAL FINANCE: Christine Brimm Named Subchapter V Trustee 246-18 REALTY: Court OKs Cash Collateral Access Thru Aug 2 2CM LLC: L. Todd Budgen Named Subchapter V Trustee 2M RESEARCH: September 13 Plan Confirmation Hearing Set 34 SUMNER: Court OKs Cash Collateral Access Thru July 20 ACE LINEN: Seeks Cash Collateral Access AEMETIS INC: BlackRock Inc. Has 1.5% Stake as of June 30 AERKOMM INC: Unit Awarded Satellite Operators License in Taiwan AEROFARMS INC: Lands $42.5-Mil. Bid from Lenders AEROSPACE ENGINEERING: Seeks Cash Collateral Access ALL AMERICAN BLACK: Unsecureds to Get 100 Cents on Dollar in Plan ALPINE SUMMIT: Court OKs $15.5MM New Money DIP Loan from Bank7 AMERITRANS EXPRESS: Seeks Cash Collateral Access Thru Oct 31 ANTHONY'S 31 COURTYARD: Jean Goddard Named Subchapter V Trustee APOSTOLIC ASSEMBLY: Chris Quinn Named Subchapter V Trustee ARS SPECIALTY: Court OKs Interim Cash Collateral Access ASP LS: $455M Bank Debt Trades at 29% Discount AVENIR FAYETTEVILLE: Seeks Cash Access to Pay for Insurance AVENIR KNOXVILLE: Seeks Cash Access to Pay for Insurance AVENTIV TECHNOLOGIES: $1.02B Bank Debt Trades at 18% Discount BAUSCH HEALTH: $2.50B Bank Debt Trades at 22% Discount BCPE NORTH: $225M Bank Debt Trades at 19% Discount BED BATH & BEYOND: Cleared to Sell BuyBuy Name for $15.5 Million BIO365 LLC: Unsecureds to Split $700K via Quarterly Payments BLOCKFI INC: Creditors Say Management Dismissed Warnings Over FTX BLOCKFI INC: Settles With Management Over Collapse BONA VISTA 1606: Exclusivity Period Extended to September 22 BOXED INC: MSG to Purchase IP Assets for $1.6M; Files Amended Plan BROIT BUILDERS: Files Emergency Bid to Use Cash Collateral BULLDOG PURCHASER: $125M Bank Debt Trades at 19% Discount BW NHHC HOLDCO: $195M Bank Debt Trades at 70% Discount CAIR HEATING: Case Summary & 20 Largest Unsecured Creditors CALAMP CORP: Incurs $4 Million Net Loss in First Quarter CANOO INC: Signs $27M Securities Purchase Agreement With YA II CAPSTONE GREEN: Delays Form 10-K for Period Ended March 31 CAPSTONE GREEN: Inks 4th Amendment to Goldman Sachs Purchase Deal CARTER TABERNACLE: Aaron Cohen Named Subchapter V Trustee CCI HOLDINGS: Case Summary & 20 Largest Unsecured Creditors CELSIUS NETWORK: Insurers Can Cover Execs' Defense Costs CENTEX REI: Fine-Tunes Plan Documents CHASE COLLEGIATE: Case Summary & One Unsecured Creditor COLONY DONKEY: Mark Weisbart Named Subchapter V Trustee CORONET CERAMICS: Unsecureds to Get 3.5 Cents on Dollar in Plan CSC 1 LLC: Court OKs Cash Collateral Access on Final Basis DAILEY LAW FIRM: Court OKs Interim Cash Collateral Access DE LA REINA: SARE Files Subchapter V Case DIOCESE OF SYRACUSE: Jeff Anderson Represents Abuse Claimants DIRECT MARKETING: Seeks Cash Collateral Access E.R. BAKEY: Wins Cash Collateral Access Thru Aug 15 EDGEWATER CONSTRUCTION: Court OKs Cash Access Thru Aug 30 ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 76% Discount ENVISION HEALTHCARE: Meland Budwick Updates List of PI Claimants EQUISEK INC: Court OKs Continued Cash Collateral Access EQUISEK INC: Subchapter V Plan Confirmed by Judge EQUIVALENT FINANCIAL: Unsecureds to Split $7,200 over 36 Months EVANGELICAL RETIREMENT: Court OKs Interim Cash Access EYECARE PARTNERS: $250M Bank Debt Trades at 23% Discount EYECARE PARTNERS: $300M Bank Debt Trades at 28% Discount EYECARE PARTNERS: $440M Bank Debt Trades at 21% Discount EYECARE PARTNERS: $750M Bank Debt Trades at 18% Discount FARADAY FUTURE: Appoints Jonathan Maroko as Interim CFO FILE STORAGE: William Homony Named Subchapter V Trustee FIRST TO THE FINISH: Wins Cash Collateral Access Thru Aug 17 FITNESS FACTORY: Matthew Brash Named Subchapter V Trustee FOCUSED ENTERPRISES: Gerard Luckman Named Subchapter V Trustee FOR PAWS BLUE: Case Summary & 20 Largest Unsecured Creditors FOREST CITY: $1.24B Bank Debt Trades at 17% Discount FTX TRADING: Media Wins Bid to Unseal Names of Non-U.S. Customers FULL-CIRCLE ATHLETE: Jodi Daniel Dubose Named Subchapter V Trustee GALLERIA 2425: Files Emergency Bid to Use Cash Collateral GAUCHO GROUP: Investors Convert Notes Into Equity GLOBAL AVIATION: Exclusivity Period Extended to July 28 GLOBAL MEDICAL: $1.94B Bank Debt Trades at 40% Discount GLOBAL MEDICAL: $1.98B Bank Debt Trades at 40% Discount GOOD HANDS: Files Emergency Bid to Use Cash Collateral GRAPE AND VINE: Court OKs Interim Cash Collateral Access GREELEY LAND: Seeks Cash Collateral Access Thru July 31 GRS RESTAURANT: Gina Klump Named Subchapter V Trustee HAMMOND ENTERPRISES: July 19 Hearing on Continued Cash Access HANDPICKED INC: Wins Interim Cash Collateral Access HAYWARD HOLDINGS: Gets OK to Hire Abbasi Law Corp. as Counsel HEART HEATING: Files Emergency Bid to Use Cash Collateral HENDERSON INTERNATIONAL: Case Summary & One Unsecured Creditor HONX INC: Future Claims Sticking Point in Chapter 11 Plan Proposal INDIAN PIPE: Seeks to Hire Compass Westhampton as Broker INNOVATIVE DESIGNS: Incurs $113K Net Loss in Second Quarter INSTANT BRANDS: Seeks to Hire Davis Polk & Wardwell as Counsel INSTANT BRANDS: Seeks to Hire Haynes and Boone as Co-Counsel IVCINYA COMPANY: Files Emergency Bid to Use Cash Collateral J&P FLASH: Property Sale Proceeds & Disposable Income to Fund Plan KING INTERPRETING: Court OKs Cash Collateral Access on Final Basis LAKE MARY LAND: Case Summary & One Unsecured Creditor LEWISVILLE DONKEY: Mark Weisbart Named Subchapter V Trustee LTL MANAGEMENT: Reaches Settlement w/ Supporting Counsel & Insurers MADERA COMMUNITY: Wins Cash Collateral Access Thru July 29 MAGENTA BUYER: $750M Bank Debt Trades at 38% Discount MAINE CONSULTING: Gregory Jones Named Subchapter V Trustee MALLINCKRODT: Sued for Misstating Vigor as Opioid Payment Loomed MARK V CONSTRUCTION: Douglas Stanger Named Subchapter V Trustee MLAND MAINTENANCE: Ongoing Income to Fund Plan Payments NASCAR HOLDINGS: S&P Alters Outlook to Positive, Affirms 'BB+' ICR NEW MONARCH: Amends Unsecureds & KeyBank Secured Claims Pay OBSIDIAN ENERGY: S&P Affirms 'B-' ICR, Outlook Stable OCEAN POWER: Paragon Has 3.9% Equity Stake as of July 7 PALMER DRIVES: Seeks $1.5MM DIP Loan from Goodman Capital PALMETTO INTERSTATE: Claims to be Paid from Continued Operation PERFORMERS THEATRE: Seeks Cash Collateral Access POLK AZ: Christopher Simpson Named Chapter 11 Trustee POLK AZ: Court Okays Appointment of Chapter 11 Trustee PURE BIOSCIENCE: Issues $1 Million Convertible Notes to Lenders R.B. DWYER: Wins Cash Collateral Access Thru July 26 REVERE POWER: $445M Bank Debt Trades at 21% Discount REVERE POWER: $70M Bank Debt Trades at 20% Discount RICH'S DELICATESSEN: Court OKs Cash Collateral Access Thru Aug 9 RS LAND: Case Summary & Two Unsecured Creditors RTW CONSTRUCTION: Unsecureds Will Get 10.7% of Claims over 3 Years RUNNER BUYER: S&P Alters Outlook to Negative, Affirms 'B-' ICR SATURNO DESIGN: Wins Interim Cash Collateral Access SKINNY & CO: Court OKs Cash Collateral Access Thru Aug 19 SOUTHEAST ASSOCIATION: Jodi Dubose Named Subchapter V Trustee SP PF BUYER: $744M Bank Debt Trades at 23% Discount ST. CHARLES MEMORY: Court OKs Interim Cash Collateral Access ST. SEBASTIAN'S HOTELS: Sylvia Mayer Named Subchapter V Trustee STAT EMERGENCY: Charles Mouranie Named Subchapter V Trustee STULTZ & STEPHAN: Wins Cash Collateral Access Thru Dec. 31 SUREFUNDING LLC: Unsecureds Will Get 100% in Liquidating Plan SVB FINANCIAL: Sues FDIC to Recover $2-Bil. Seized Deposits SYNTHESIS INDUSTRIAL: August 23 Plan & Disclosure Hearing Set TABULA RASA: Seeks Cash Collateral Access TAMPA BAY PLUMBERS: Seeks Cash Collateral Access TECH-MAR ENTERPRISES: Cash Collateral Access OK'd Thru July 28 THUNDER INC: Amends Pace Finance & Bank of America Secured Claims TRISTAR DRYWALL: Joli Lofstedt Named Subchapter V Trustee TRUCK DEPOT: Amy Mitchell Named Subchapter V Trustee VICE MEDIA: Gets Clearance to Hand Over Showtime Deal to New Owners VISTAGEN THERAPEUTICS: BlackRock No Longer Owns Common Shares VOLEL PROFESSIONAL: Wins Cash Collateral Access Thru July 20 VOYAGER DIGITAL: $250Mil. Flows Out After It Resumes Withdrawals VYERA PHARMACEUTICALS: Blank Rome Represents Shareholder Group VYERA PHARMACEUTICALS: Creditors to Get Proceeds From Liquidation WASHINGTON MEDICAL: Seeks Cash Collateral Access WHITETAIL GENERAL: Court OKs Deal on Cash Collateral Access WW INTERNATIONAL: $945M Bank Debt Trades at 31% Discount YAK ACCESS: $419.1M Bank Debt Trades at 10% Discount YARDBOYS & YARDGIRLS: Seeks Cash Collateral Access YORK UNITED: Case Summary & Five Unsecured Creditors [^] BOND PRICING: For the Week from July 10 to 14, 2023 ********* 1600 HICKS ROAD: Updates EH National & Exotic Motors Claims Pay --------------------------------------------------------------- 1600 Hicks Road, LLC, submitted an Amended Disclosure Statement describing Plan of Reorganization. The Debtor's Plan of Reorganization provides for payment in full of all creditors. All general unsecured creditors will be paid a 100% distribution, in quarterly payments, over a period of five years. The sole secured creditor to be paid under the Plan will be paid a 100% distribution, with interest at 5% per annum, in monthly installments over a 30-year amortization, and a balloon payment due at the end of seven years. The Debtor projects sufficient income to pay all required payments under the plan. The principal of Probidder LLC, the successful bidder at the foreclosure sale, is Bardan Azari. Neither Bardan Azari nor Probidder LLC is an insider of the Debtor. Neither Probidder LLC nor Mr. Azari owns any part of the debtor limited liability company or of Exotic Motors, Inc., nor is either an investor or co-owner in any entity owned or controlled by the Debtor, Exotic Motors, or either Anam or Saleem Qadri. Neither Probidder LLC nor Mr. Azari is a creditor of the Debtor. The only connection between Probidder LLC and the Debtor is that Mr. Azari is known to Saleem Qadri as a person who bids at foreclosure sales, and Saleem Qadri approached Mr. Azari to ask him to bid on the 1600 Hicks property at foreclosure. Exotic Motors, Inc., paid Probidder LLC the $1,280,001 for it to bid at the foreclosure sale. There was no written agreement between the parties regarding the foreclosure sale; there was merely an informal agreement that Probidder LLC would transfer the certificate of sale to Exotic Motors, or the Debtor, or another entity, at the direction of Exotic Motors. The parties did not enter into a written agreement regarding the foreclosure sale, as the parties trusted each other. Further, as Probidder LLC, the successful purchaser, had been paid by Exotic Motors and did not put its own money into the sale, it had the leverage that, it will hold the certificate of sale until the Debtor and Exotic Motors take the necessary steps to acquire the certificate of sale. Exotic Motors trusted Probidder LLC not to try to obtain a deed to the property because it has evidence that it paid Probidder the sale price and it would be a serious breach of good faith, and probably the law, for Probidder to try to acquire title to the property. Now that the sale has been confirmed, Probidder LLC is free to obtain a certificate of sale from the court and obtain a deed to the property. Probidder LLC has informed the Debtor that it intends to keep its end of the informal arrangement and transfer the certificate of sale to the Debtor when directed to do so by Exotic Motors. Like in the prior iteration of the Plan, Class IV general unsecured claims will receive a 100% distribution, in equal quarterly payments commencing on the first day of the calendar quarter following the Effective Date of the Plan, and continuing for five years. Class III consists of the claim of EH National Bank. The claim of EH National Bank, in the amount of $1,597,720.47, will be paid a 100% distribution, in equal quarterly payments commencing on the first day of the calendar quarter following the Effective Date of the Plan, and continuing for five years. The amount to be paid to EH National Bank is $1,597,720.47, and $1,597,720.47 is the amount to be paid. This constitutes 100% of the claim amount of EH National Bank. This payment will constitute payment in full of all claims of EH National Bank against the Debtor and all co-obligors. The quarterly payment on all claims in this class will be approximately $79,886.04/quarter. Class V consists of the claim of Exotic Motors, Inc. The claim of Exotic Motors, Inc., is a net amount of $650,001.00, based on the foreclosure bid amount of $1,280,001, less the rent claim of $630,000. This secured claim will be paid in full, with interest at 5% per annum, amortized over a period of 30 years or 360 months, in equal monthly payments, commencing on the first day of the month following the Effective Date, with a final balloon payment of all amounts then due, at the end of seven years. The monthly payment on this claim will be $3,489.35/month. The Debtor will not make these payments directly to Exotic Motors, Inc., but will deduct this monthly amount from the rental payments payable by Exotic Motors, Inc., to the Debtor, in the amount of $10,000.00/month. The law is unclear as to what type of claim Exotic Motors holds against the Debtor. Exotic Motors paid Probidder LLC, the successful bidder at the foreclosure sale of the Debtor's real estate at 1600 Hicks Road, Rolling, Meadows, Illinois. This was with the knowledge and consent of the Debtor, as the Debtor's owners are also the owners of Exotic Motors. Exotic Motors may claim at least an equitable lien on the Debtor's real estate, as it is entitled to obtain the certificate of sale from the foreclosure sale, and the certificate of sale may be surrendered to the Circuit Court in exchange for a deed to the property. The claim of Exotic Motors is treated as fully secured, and the Debtor proposes to pay the claim in full. The Debtor's sole tenant is Exotic Motors, Inc. The owners of the Debtor are also owners of Exotic Motors, Inc., and actively manage Exotic Motors. Exotic Motors is a co-obligor on the Debtor's unsecured debt to EH National Bank. Exotic Motors is obliged to the Debtor for back rent in the amount of $630,000. Exotic Motors funded the purchase, by Probidder, LLC, of the Debtor's real estate at the foreclosure sale, in the amount of $1,280,001. Setting off the $630,000 rent claim against the $1,280,001 claim arising from the foreclosure sale, the Debtor computes the claim of Exotic Motors to be $650,001. The Debtor will pay this claim at 5% per annum amortized over a 30-year period, with payments of $3,489.35/month. Exotic Motors, Inc., will obtain the certificate of sale from Probidder, LLC, upon confirmation of the Plan. Exotic Motors will hold the certificate of sale until payment in full of its claim, or after five years from the Effective Date of the Plan, at which time the full balance of the Exotic Motors claim will be due, and at which time the parties anticipate restructuring the balance due. Exotic Motors, Inc., has agreed to pay rent at $10,000/month for the premises at 1600 Hicks Road, Rolling Meadows, Illinois. The Debtor will not make the $3,489.35/month debt payment to Exotic Motors, but will apply the amount as a setoff against the $10,000/month rent. Exotic Motors will pay the net amount of $6,510.65/month for the five-month period of the Plan. A full-text copy of the Amended Disclosure Statement dated July 11, 2023 is available at https://urlcurt.com/u?l=kixkU4 from PacerMonitor.com at no charge. Attorney for the Debtor: David P. Lloyd, Esq. David P. Lloyd, Ltd. 615B S. LaGrange Rd. LaGrange IL 60525 Telephone: (708) 937-1264 Facsimile: (708) 937-1265 Email: info@davidlloydlaw.com About 1600 Hicks Road Rolling Meadows, Ill.-based 1600 Hicks Road, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-13205) on Nov. 14, 2022. Anam Qadri, partner, signed the petition. At the time of the filing, the Debtor disclosed total assets of $1,930,100 and total liabilities of $2,700,000. Judge David D. Cleary oversees the case. David P. Lloyd, Esq. at David P. Lloyd, Ltd. represents the Debtor as counsel. 1ST CAPITAL FINANCE: Christine Brimm Named Subchapter V Trustee --------------------------------------------------------------- Gerard Vetter, Acting U.S. Trustee for Region 4, appointed Christine Brimm, Esq., as Subchapter V trustee for 1st Capital Finance of South Carolina, Inc. Ms. Brimm, a practicing attorney in Myrtle Beach, S.C., will be paid an hourly fee of $350 for her services as Subchapter V trustee and an hourly fee of $150 for paralegal services. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Brimm declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christine E. Brimm P.O. Box 14805 Myrtle Beach, SC 29587 Telephone: 803-256-6582 Email: cbrimm@bartonbrimm.com About 1st Capital Finance 1st Capital Finance of South Carolina, Inc. offers commercial car title loan, motorcycle title loan, semi-truck title loan and a box truck title loan. It is based in Clover, S.C. The Debtor filed Chapter 11 petition (Bankr. D. S.C. Case No. 23-01938) on June 30, 2023, with $4,025,187 in assets and $131,064 in liabilities. Wesley Harden, president, signed the petition. Judge Helen E. Burris oversees the case. Jane H. Downey, Esq., at Baker Donelson represents the Debtor as counsel. 246-18 REALTY: Court OKs Cash Collateral Access Thru Aug 2 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York authorized 246-18 Realty LLC to use cash collateral on an interim basis in accordance with the budget, with a 10% variance through August 2, 2023, or until a later time as the Court may permit. The Debtor requires the use of cash collateral to pay for expenses incurred by it in the ordinary course of business and in connection with the Chapter 11 case. 244 246 W 18 SME LLC may assert an interest in the Debtor's cash collateral. On October 30, 2020, the Debtor and Emerald Creek Capital 3, LLC, as Administrative Agent, executed and entered into a Loan Agreement, Amended, Restated, and Consolidated Note, Mortgage, and Assignment of Leases and Rents and related documents. As of the Petition Date, the Debtor believes the total amount owed to SME is not less than $8 million. SME asserts it holds a duly perfected security interest in and lien upon the Debtor's real property and rents generated arising therefrom. As adequate protection, SME is granted a valid, perfected, and enforceable, post-petition replacement lien on and security interest in all of the Debtor's assets constituting SME's Pre-Petition Collateral and the proceeds thereof. The SME Replacement Lien will be subject to all other validly and properly perfected pre-petition liens and security interests in favor of third parties that were senior to and had priority over SME's security interest and lien as of the Petition Date. The Replacement Lien(s) granted are deemed perfected, without the necessity of filing any documents or otherwise complying with nonbankruptcy law in order to perfect security interests and record liens, with such perfection being binding upon all parties. To the extent that the Replacement Liens and other relief granted do not provide SME with adequate protection of their respective interests in the cash collateral, SME is granted super-priority administrative expense claims in the order of their respective priority under 11 U.S.C. Sec. 507(b). The Replacement Liens and the Super-Priority Claims will be subordinate only to the fees and expenses of the Clerk of the Bankruptcy Court and the fees of the Office of the United States Trustee pursuant to 28 U.S.C. Sec. 1930(a) plus applicable interest on any such fees. These events constitute a "Termination Event:" a. Entry of any order dismissing the within case or converting the within case to Chapter 7 of the Bankruptcy Code; b. Entry of an order authorizing the appointment of a Chapter 11 trustee, or examiner with expanded powers in the Chapter 11 case; c. Failure of the Debtor to cure any other default under the Order, after five days written notice (whether by fax, e-mail, U.S. Mail, or overnight delivery) to the Debtor's counsel, the Office of the United States Trustee and the top 20 unsecured creditors or the Official Committee of Unsecured Creditors, if appointed; and/or d. August 2, 2023, unless further extended by consent of SME or by Court order. A copy of the Court's order and the Debtor's budget https://urlcurt.com/u?l=xrH60m from PacerMonitor.com. The Debtor projects $19,430 in total expenses for 30 days. About 246-18 Realty LLC 246-18 Realty LLC owns real property located at 244-246 West 18th Street, New York, New York. The Property is comprised of two real estate parcels. The first parcel, located at 244 West 18th Street, is a building comprised of single residential occupancy units and is currently vacant. The second parcel is located at 246 West 18th Street, New York, New York and is a multi-family residential apartment building comprising of 14 residential apartments units. Currently 13 of these units are rented. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10796) on May 19, 2023. In the petition signed by Joseph Nabavi, authorized signatory for 244,246 Holdco LLC, managing member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Philip Bentley oversees the case. Clifford A. Katz, Esq., at Platzer, Swergold, Goldberg, Katz and Jaslow, LLP, represents the Debtor as legal counsel. 2CM LLC: L. Todd Budgen Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., as Subchapter V trustee for 2CM, LLC. Mr. Budgen 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. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Telephone Number: (407) 232-9118 Email: Todd@C11Trustee.com About 2CM LLC 2CM, LLC is a Florida corporation based in Jacksonville that sells pet supplies both online and at its brick-and-mortar store. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01569) on July 5, 2023, with as much as $500,000 in both assets and liabilities. Howland Russell, owner, signed the petition. Judge Jason A. Burgess oversees the case. Thomas Adam, Esq., represents the Debtor as legal counsel. 2M RESEARCH: September 13 Plan Confirmation Hearing Set ------------------------------------------------------- 2M Research Services, LLC and Marcus E. Martin filed with the U.S. Bankruptcy Court for the Northern District of Texas a Joint Disclosure Statement for Joint Plan of Reorganization. On July 11, 2023, Judge Mark X. Mullin approved the Joint Disclosure Statement and ordered that: * Sept. 13, 2023, at 1:30 p.m. at 501 W. Tenth Street, Room 128, Fort Worth, Texas 76102 is the hearing on the Joint Plan of Reorganization. * Sept. 6, 2023 is fixed as the last day to file and serve objections to confirmation of the Plan. * Sept. 6, 2023 is fixed as the last day to submit ballots accepting or rejecting the Plan of Reorganization. A copy of the order dated July 11, 2023 is available at https://urlcurt.com/u?l=n4EXtr from PacerMonitor.com at no charge. Proposed Attorneys for Debtors: Joyce W. Lindauer, Esq. Joyce W. Lindauer Attorney, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 Email: joyce@joycelindauer.com About 2M Research Services 2M Research Services, LLC, a company in Mansfield, Texas, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 23-40271) on Jan. 30, 2023. In the petition signed by Marcus Martin, manager and member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mark X. Mullin oversees the case. The Debtor tapped Roquemore Skierski, PLLC and Joyce W. Lindauer Attorney, PLLC, as legal counsel. 34 SUMNER: Court OKs Cash Collateral Access Thru July 20 -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts, Western Division, authorized 34 Sumner Realty LLC to continue using cash collateral on an interim basis under the same terms and conditions as the previous order through July 20, 2023. A hearing on the matter is set for July 20 at 10:30 a.m. As previously reported by the Troubled Company Reporter, the Debtor is attempting to operate its businesses and manage its affairs and properties, although its efforts are being thwarted by the first mortgagee on its properties, Mooring NC IV, LLC. The first mortgage on the Debtor's property located in 34 Sumner Avenue, Springfield, Massachusetts -- save perhaps one condominium and certain parking places -- was originally held by Security Mutual Insurance Company of New York, and was transferred to Mooring in May or June 2022. Security Mutual took possession of the 34 Sumner Avenue Property approximately three years ago, and Mooring has continued to possess the property, receiving rents. There is a second mortgage held by Belvidere Capital LLC. The Debtor said it needs to use the cash collateral assets generated by the rentals to continue paying condominium fees, utilities, insurance, real estate taxes, maintenance, and related items. The Debtor proposed to retain any balance in its debtor-in-possession account. These creditors assert security interests in the Debtors' properties: -- Mooring NC IV, LLC, with a principal place of business at 100 Court Street, P.O. Box 1625, Binghamton, New York, 13902. Mooring claims a first mortgage on the real properties of the Debtor, securing a loan of approximately $3,500,000; this loan was a refinance of the original mortgage obligation incurred in the purchase of the Debtor's real properties. -- Belvidere Capital, LLC, 396 Andover Street, Lowell, MA 01852, claims a second mortgage on the real properties of the Debtor, securing a loan of approximately $3,000,000. The Debtor did not receive the benefits of this loan, but rather an affiliate of the Debtor did. As adequate protection to the extent that the Debtor's use of cash collateral results in a decrease in the value of the Secured Creditors' interest in their collateral, the Secured Creditors are granted replacement liens and security interests in all of the Debtor's assets in which the Secured Creditors possess a security interest as of the Petition Date, to the same extent, validity, priority and enforceability of their perfected security interests that they would have had in the absence of the bankruptcy filing. A copy of the order is available at https://urlcurt.com/u?l=nDRnId from PacerMonitor.com. About 34 Sumner Realty LLC 34 Sumner Realty LLC owns various condominium units, garage units, retail unit, and storage unit, at 34 Sumner Avenue, Springfield, MA, with an aggregate value of $4 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-30073) on March 2, 2023. In the petition signed by Louis Masaschi, as manager, the Debtor disclosed $4,000,000 in assets and $7,000,000 in debts. Judge Elizabeth D. Katz oversees the case. The Law Offices of Louis S. Robin serves as counsel to the Debtor. ACE LINEN: Seeks Cash Collateral Access --------------------------------------- Ace Linen and Dust, L.L.C. asks the U.S. Bankruptcy Court for the Middle District of Alabama for authority to use cash collateral incident to expenses incurred in the normal course of business. On September 9, 2022, the Debtor suffered a significant loss of equipment caused by a fire at its facility. In order to continue operating and serving its customers, the Debtor agreed to allow Sanico Clanton, LLC to assist with daily operations and services. Sanico Clanton assisted Debtor-in-Possession for a short period of time; and, thereafter made certain demands of the Debtor and its members. On September 16, 2022, Brad Belyeu, who is the majority interest holder of the Debtor, executed an Asset Purchase Agreement whereby certain of the Debtor's assets were allegedly sold to Sanico Clanton. Cory Belyeu did not execute the Asset Purchase Agreement. Both interest holders simultaneously executed non-compete agreements. Almost immediately, issues arose between the Debtor and Sanico Clanton. Sanico Clanton ceased remitting payments to the Debtor under the Asset Purchase Agreement. Sanico Clanton refused to remit the second payment of $50,000 to the Debtor. Sanico Clanton also refused to remit monthly payments of approximately $20,000 based on percentages of services and sales to the Debtor, and has not remitted any payment to the Debtor since November 12, 2022. The Debtor and Sanico Clanton have taken the positions that the other breached the Asset Purchase Agreement which has resulted in litigation in the Circuit Court of Tuscaloosa County, Alabama. Recently, injunctive relief was entered in the state court matter, however, the remainder of the matters, specifically regarding damages as to claims and counterclaims by and between these parties, are expected to be set for later disposition. River Bank & Trust acquired or may have acquired security interests in, among other property, the Debtor's cash and cash equivalents. The Debtor proposes that adequate protection to River Bank includes a replacement lien on the Debtor's post-petition receivables and projected positive cash flow. A copy of the motion is available at https://urlcurt.com/u?l=0qR9dj from PacerMonitor.com. About Ace Linen and Dust, L.L.C. Ace Linen and Dust, L.L.C. operates and/or operated a linen services and paper products business in Autauga County, Alabama. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 23-31336) on July 11, 2023. In the petition signed by Brad Belyeu, member, the Debtor disclosed up to $500,000 in both assets and liabilities. Anthony Bush, Esq., at The Bush Law Firm, LLC, represents the Debtor as legal counsel. AEMETIS INC: BlackRock Inc. Has 1.5% Stake as of June 30 -------------------------------------------------------- BlackRock, Inc. disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of June 30, 2023, it beneficially owns 557,795 shares of common stock of Aemetis, Inc., representing 1.5 percent of the shares outstanding. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/738214/000130655023009508/us00770k2024_070723.txt About Aemetis Headquartered in Cupertino, California, Aemetis, Inc. -- http://www.aemetis.com-- is an international renewable natural gas, renewable fuels and byproducts company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products. The Company operates in two reportable geographic segments: "North America" and "India." Aemetis reported a net loss of $107.76 million for the year ended Dec. 31, 2022, compared to a net loss of $47.15 million for the year ended Dec. 31, 2021. As of March 31, 2023, the Company had $210.38 million in total assets, $103.63 million in total current liabilities, $329.17 million in total long-term liabilities, and a total stockholders' deficit of $222.42 million. AERKOMM INC: Unit Awarded Satellite Operators License in Taiwan --------------------------------------------------------------- Aerkomm Taiwan Inc., the wholly owned subsidiary of Aerkomm Inc. USA, was awarded a Satellite Service Operators License by the Taiwan Ministry of Digital Affairs on April 27, 2023. Following this award, Aerkomm Taiwan Inc., submitted an application for approval of the satellite fixed communication radio frequency usage. The Taiwan Ministry of Digital Affairs issued the approval letter to Aerkomm Taiwan Inc., for the qualification for frequency allocation for satellite fixed communication on July 7, 2023. A copy of the Taiwan Ministry of Digital Affairs approval letter, both in the original language and a translation, is available for free at: https://www.sec.gov/Archives/edgar/data/1590496/000121390023056245/ea181647ex99-1_aerkomm.htm About Aerkomm Headquartered in Nevada, USA, Aerkomm Inc. -- http://www.aerkomm.com-- is a full-service development stage provider of in-flight entertainment and connectivity (IFEC) solutions, intended to provide airline passengers with a broadband in-flight experience that encompasses a wide range of service options. Those options include Wi-Fi, cellular, movies, gaming, live TV, and music. The Company plans to offer these core services, which it is currently still developing, through both built-in in-flight entertainment systems, such as a seat-back display, as well as on passengers' own personal devices. Aerkomm Inc. reported a net loss of $11.88 million in 2022, a net loss of $9.38 million in 2021, a net loss of $9.38 million in 2021, a net loss of $9.11 million in 2020, a net loss of $7.98 million in 2019, and a net loss of $8.15 million in 2018. AEROFARMS INC: Lands $42.5-Mil. Bid from Lenders ------------------------------------------------ James Nani of Bloomberg Law reports that bankrupt AeroFarms Inc. received a bid valued at about $42.5 million from its lenders and board members to start a sale auction for its Virginia farm and related assets. The bid includes $500,000 cash and eliminating $32 million in pre-bankruptcy debt, the indoor vertical farming business said in a Monday filing with the US Bankruptcy Court for the District of Delaware. The lenders would also forgive the remaining balance on a $10 million bankruptcy loan as part of the deal. The stalking horse bidders include Grosvenor Food & AgTech, INGKA Investments Ventures US BV, Cibus Fund LP and Cibus Clara. 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 percent less water and zero pesticides. AeroFarms operates two commercial farms, which are located in Danville, Virginia and Newark, New Jersey, 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 CEO, the Debtor disclosed up to $500 million in assets and up to $100 million in liabilities. Judge Mary F. Walrath oversees the case. 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, Omni Agent Solutions as notice and claims agent. AEROSPACE ENGINEERING: Seeks Cash Collateral Access --------------------------------------------------- Aerospace Engineering and Support, Inc. asks the U.S. Bankruptcy Court for the District of Utah for authority to use cash collateral on an interim basis. The Debtor intends to use the cash collateral to pay post-petition expenses incurred in the ordinary course of business and pay any pre-petition expenses the Court permits to be paid. The cash collateral secures the advance payments the creditors made to the Debtor. The entities with known interest in the cash collateral are the U.S. Small Business Administration and Floram Investment, LLC. According to the Debtor's records, the SBA's claim as of the petition date was approximately $490,000. The amount owing to Floram Investment is approximately $1.9 million. The Debtor is current on its payments to the SBA, but not current on its payments to Floram, which is an affiliate of the Debtor because both entities are owned primarily by Dan Florence. While the Debtor lacks unencumbered funds to run its operations without the cash collateral, its revenue and cash flow positions are improving as it accelerates its work on various projects. The Debtor projects that the Creditors will improve their security positions relative to the Debtor's accounts if the Debtor is allowed to use the cash collateral to continue operating. A copy of the motion is available at https://urlcurt.com/u?l=R0uxvD from PacerMonitor.com. About Aerospace Engineering & Support, Inc. Aerospace Engineering & Support, Inc. is part of the aerospace products and parts manufacturing industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 23-22868) on July 7, 2023. In the petition signed by Lacey Remkes, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Peggy Hunt oversees the case. M. Darin Hammond, Esq., at Smith Knowles, P.C., represents the Debtor as legal counsel. ALL AMERICAN BLACK: Unsecureds to Get 100 Cents on Dollar in Plan ----------------------------------------------------------------- All American Black Car Service, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a Plan of Reorganization under Subchapter V dated July 11, 2023. The Debtor is a corporation which was organized in 2003. The Debtor has been in the business of providing high-end luxury car rentals to the general public. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of up to $39,453. The Debtor will apply cash on hand of up to $78,191 to arrive at a proposed dividend as shown as proposed dividend on the Budget. This Plan proposes to pay creditors from the Debtor's regular income and the proceeds (if any) of claims the Debtor holds against third parties. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 2.1 consists of the Allowed Secured Claim of Swift Financial. Swift Bank shall receive a quarterly dividend of $4,475 for each of the 20 quarters. Class 2.2 consists of the Allowed Secured Claim of Ally Financial. Ally Financial shall receive a dividend of $5,721 until the claim of All Financial shall have been satisfied. Class 3 consists of General Unsecured Creditors. General Unsecured Creditors shall receive, pro rata, a quarterly dividend in the amount designated as proposed dividend as set forth in the Budget until all allowed general unsecured claims shall have been paid. Class 4 consists of Equity security holders of the Debtor. The equity interest of any equity security holder is not treated under this Plan. The holders of any equity security interest of any equity security holder shall hold the same quantity and quality of interest as such person did on the day before the filing of the Petition for Relief. There are no distributions to holders of equity security interests under this Plan. The Plan will be funded by the Debtor projected disposable income shown as net cash flow within the Budget and as supplemented by the Debtor's cash to constitute the proposed dividend. The Debtor will also apply the Net Proceeds of the Adversary Claims to satisfy its obligations under this Plan; however, since these Net Proceeds may not be received with any predictable frequency, the Net Proceeds are not set forth in the Budget. A full-text copy of the Plan of Reorganization dated July 11, 2023 is available at https://urlcurt.com/u?l=E9539v from PacerMonitor.com at no charge. Counsel for the Debtor: John P. Forest, II, Esq. 11350 Random Hills Rd, Ste 700 Fairfax, VA 22030-6044 Phone: (703) 691-4940 Email: john@forestlawfirm.com About All American Black Car Service All American Black Car Service, Inc., designs, builds, and installs custom closet packages. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 23-10468) on March 23, 2023. In the petition signed by Sohail Cheema, president, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Brian F. Kenney oversees the case. John P. Forest, II, Esq., at the Law Office of John P. Forest, II, represents the Debtor as legal counsel. ALPINE SUMMIT: Court OKs $15.5MM New Money DIP Loan from Bank7 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, authorized Alpine Summit Energy Partners, Inc. and its debtor-affiliates to use cash collateral on an interim basis and obtain post-petition financing from Bank7, an Oklahoma banking corporation, for itself and CommerceOne Bank, Amarillo National Bank, and American Bank, N.A. The Debtors have obtained a priming, senior secured, superpriority debtor-in-possession credit facility consisting of: (i) a multiple-draw delayed draw term loan facility in the aggregate maximum principal amount of up to $15.5 million; and (ii) upon entry of the Final Order, conversion of $31 million of prepetition loans to loans under the DIP Facility. Upon the conversion of the Roll-Up Loans pursuant to the Final Order, $31 million of the Prepetition Loans will cease to be indebtedness under the Prepetition Credit Agreement and will be deemed DIP Obligations and DIP Facility Loans in all respects. The Debtor is permitted to draw up to $8 million of new money on an interim basis. The New Money Loans and the Roll-Up Loans will accrue interest at Prime Rate + 2% per annum, with a default interest rate of 15% per annum, each of which will be payable monthly in kind and added to the principal balance of the DIP Facility. The DIP Facility will provide for a closing fee of 1% of the DIP Facility Commitment, which shall be added to the principal balance of the DIP Facility on the Closing Date. The Debtors are required to comply with these milestones: 1. The Bankruptcy Court will have entered the Interim Order by the date that is no later than five days after the Petition Date. 2. The Bankruptcy Court will have entered the Final Order by the date that is no later than 35 days after the Petition Date. 3. The Debtor will file, by the date that is no late than 7 days after the Petition Date, a motion to sell the following: (a) all or substantially all of the Debtor's assets, including but not limited to all of the Debtor's wells, proved reserves (whether classified as proved developed producing, proved developed non-producing, proved developed behind pipe, proved developed shut in, proved undeveloped, probable and possible reserves, or any other reserve category), leasehold interests, mineral and fee interests, equipment and other assets of any kind, excluding the Debtor's assets commonly referred to as the "Giddings Interests", and (b) the Giddings Interests through sales pursuant to 11 U.S.C. section 363 of the Bankruptcy Code in form and substance reasonably acceptable to the DIP Lender, through sales pursuant to section 363 of the Bankruptcy Code in form and substance reasonably acceptable to the DIP Lender. 4. The Bankruptcy Court will have entered an order approving the bidding procedures of the sales contemplated by the Sale by the date that is no later than 40 days after the Petition Date. 5. The Bankruptcy Court will have entered (a) an order approving the Main Sale by the date that is no later than 90 days after the Petition Date and (b) an order approving the Giddings Sale by the date that is no later than100 days after the Petition Date. 6. The Main Sale will be consummated by the date that is no later than 105 days after the Petition Date, and the Giddings Sale will be consummated by the date that is no later than 115 days after the Petition Date. 7. If the Main Sale is to be accomplished through a liquidating chapter 11 plan, the plan will be consummated by the date that is no later than 105 days after the Petition Date. If the Giddings Sale is to be accomplished through a liquidating chapter 11 plan, such plan will be consummated by the date that is no later than 115 days after the Petition Date. 8. The extension of any Milestone is subject to the written consent of the DIP Lender at its sole discretion. The DIP Facility and the Debtor's right to use cash collateral will automatically terminate without further notice or court proceedings on the earliest to occur of: i. 115 days after the Petition Date; ii. The effective date of a plan of reorganization or liquidation for the Debtor confirmed in the Case; iii. [Reserved]; iv. The date of termination of the commitments under the DIP Facility and/or acceleration of any outstanding borrowings under the DIP Facility, in each case, by the DIP Lender following the occurrence of an Event of Default and upon the delivery of a Termination Notice to the Remedies Notice Parties, in each case, subject to the Debtor's right to use cash collateral during the Remedies Notice Period, and pending the outcome of the Stay Relief Hearing; v. The first business day on which the Interim Order expires by its terms or is terminated, unless the Final Order has been entered and become effective prior thereto; vi. The conversion of the Case to a case under chapter 7 of the Bankruptcy Code unless otherwise consented to in writing by the DIP Lender; vii. The dismissal of the Case, unless otherwise consented to in writing by the DIP Lender; and viii. the repayment in full in cash of all obligations and termination of all commitments under the DIP Facility, unless extended, with the DIP Lender's prior written consent. As of the Petition Date, the Debtors' primary traditional debt obligations consisted of about $54.5 million under a prepetition revolving credit facility with Bank7. As of the Petition Date, the Debtors estimate that various trade vendors and suppliers may assert roughly $90.7 million of outstanding accounts payable against the Debtors, with some vendors and suppliers asserting liens. The Debtors dispute a significant portion of this number and are in the process of evaluating both the validity of the vendor and supplier claims as well as any liens asserted. Additionally, Alpine Summit Funding LLC (SPV), a wholly owned subsidiary of HB2 Origination, LLC and a non-debtor, issued two tranches of notes, initially in an aggregate principal amount of $135 million, under an asset backed securitization facility with affiliates of Kuvare Insurance Services LP. The ABS Facility is secured by substantially all of the SPV's assets -- as well as a pledge by Alpine Summing Funding Holdings LLC (another wholly owned subsidiary of HB2 that is not a debtor) of the equity interests of the SPV -- which assets are not part of the Bank7 collateral. UMB Bank, N.A. serves as the ndenture Trustee under the ABS Facility. Debtor HB2 Origination, LLC provided a limited guaranty of the ABS Facility. On March 23, 2023, the SPV obtained a waiver of any covenant breaches through July 1, 2023 and obtained an extension of the initial maturity date of the first tranche under the ABS Facility until July 1. Pursuant to the Court's Interim Order, the Debtors are authorized to use the proceeds of the Interim Advance and cash collateral solely for the purposes set forth on the Approved Budget. The Debtors are authorized to pay from the Interim Advance $510,363 to the DIP Lender in satisfaction of outstanding interest owed to the DIP Lender as of July 5, 2023. Subject in all cases to a carve-out for clerk of court fees, U.S. Trustee fees and approved bankruptcy professional fees, the Prepetition Lender will receive adequate protection in the form of payment in kind (monthly) and added to the principal balance of the DIP Facility for the Debtor's use of the collateral securing the Prepetition Loans, including, but not limited to: 1. with respect to Prepetition Debt that is not converted to Roll-Up Loans, payment of all interest accruing thereon under the Prepetition Loan Documents at the Floating Rate as and when due pursuant to the Prepetition Loan Documents; and 2. replacement liens and security interests in DIP Collateral and superpriority administrative expense claims under 11 U.S.C. sections 503 and 507, in each case junior only to the DIP Liens, Permitted Prior Liens, DIP Obligations, and the Carve-Out, to the extent of any diminution in the value of the Prepetition Lender's interest in any cash collateral or other collateral securing the Prepetition Debt. A final hearing on the matter is set for August 2, 2023 at 2 p.m. A copy of the motion is available at https://urlcurt.com/u?l=OpGfbI from PacerMonitor.com. A copy of the order is available at https://urlcurt.com/u?l=z2s5p2 from PacerMonitor.com. About Alpine Summit Energy Partners Alpine Summit Energy Partners Inc. and its affiliates develop, own, and operate oil and gas properties in several formations in Texas. Alpine Summit Energy Partners and its affiliates, including HB2 Origination, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90739) on July 5, 2023. In the petition filed by Craig Perry, CEO and Chairman of Alpine Summit Energy Partners' Board of Directors, Alpine Summit Energy Partners estimated assets up to $50,000 and liabilities between $500,000 and $1 million. Affiliate Ageron Energy II, LLC estimated $100 million to $500 million in assets and $1 million to $10 million in liabilities. Affiliate HB2 Origination, LLC estimated $100 million to $500 million in assets and $50 million to $100 million in liabilities. The Honorable Bankruptcy Judge David R. Jones oversees the cases. The Debtors tapped PORTER HEDGES LLP as counsel; HOULIHAN LOKEY CAPITAL, INC., as investment banker; and HURON CONSULTING SERVICES LLC as financial advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the claims agent. AMERITRANS EXPRESS: Seeks Cash Collateral Access Thru Oct 31 ------------------------------------------------------------ Ameritrans Express, LLC asks the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, for authority to use cash collateral in the ordinary course of its business through October 31, 2023. The entities that assert an interest in the Debtor's cash collateral are AJ Equity Group, LLC, the U.S. Small Business Administration, Canon Advance LLC, EagleBank, EBF Holdings LLC dba Everest Business Funding, Epic Advanced, LLC, Fiji Funding, LLC, Fora Financial Business Loans, I Fund Experts, LLC, Masada Funding, Navitas Credit Corp., Quick Bridge Funding, LLC, Union Funding Source, C T Corporation System, Corporation Service Company, as Representative, Secured Lender Solutions and Vernon Capital Group. The Debtor does not have sufficient available sources of working capital and financing to carry on the operation of the business without the use of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=pQOVlB from PacerMonitor.com. About Ameritrans Express Ameritrans Express LLC is part of the general freight trucking industry. Ameritrans Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 23-11055) on June 29, 2023. In the petition filed by Frederick Amankwaa, as owner, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Jonathan B. Vivona, Esq. at VIVONA PANDURANGI, PLC. ANTHONY'S 31 COURTYARD: Jean Goddard Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed Jean Goddard of NGS, LLP as Subchapter V trustee for Anthony's 31 Courtyard, LLC. Ms. Goddard will be paid an hourly fee of $250 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goddard declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jean M. Goddard CPA CFE CIRA NGS, LLP 6120 Paseo del Norte, Suite A-1 Carlsbad, CA 92011 Phone: (760) 930-0282 Email: jgoddard@NGSLLP.com About Anthony's 31 Courtyard Anthony's 31 Courtyard, LLC filed Chapter 11 petition (Bankr. S.D. Calif. Case No. 23-01966) on July 5, 2023, with as much as $50,000 in both assets and liabilities. Judge Christopher B. Latham oversees the case. Vincent Renda, Esq., at Pinnacle Legal P.C. is the Debtor's legal counsel. APOSTOLIC ASSEMBLY: Chris Quinn Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for The Apostolic Assembly of Love. Mr. Quinn 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. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com About The Apostolic Assembly The Apostolic Assembly of Love is a tax-exempt religious organization in Houston, Texas. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 23-32494) on July 3, 2023, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Louis Willie Osborne, Jr., president, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Susan Tran Adams, Esq., at Tran Singh, LLP represents the Debtor as legal counsel. ARS SPECIALTY: Court OKs Interim Cash Collateral Access ------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, authorized ARS Specialty Contractors LLC to use cash collateral on an interim basis in accordance with the budget, with a 10% variance. The Debtor has an immediate need to use the cash collateral of Frost Bank, Great American Insurance Group, and Advance Service Group LLC, the Debtor's secured creditors claiming liens on the Debtor's personal property including cash and accounts, in order to continue operations. As adequate protection for the diminution in value of the Secured Creditors' interests, the Secured Creditors are granted replacement liens and security interests, in accordance with Bankruptcy Code Sections 361, 363, 364(c)(2), 364(e), and 552, co-extensive with their prepetition liens. The replacement liens granted to the Secured Creditors are automatically perfected without the need for filing of a UCC-1 financing statement with the Secretary of State's Office or any other such act of perfection. During the pendency of the order, the Debtor will maintain insurance on the Secured Creditors' collateral and pay taxes when due. A final hearing on the matter is set for July 21, 2023 at 1 p.m. A copy of the Court's order is available at https://urlcurt.com/u?l=VEN8Ji from PacerMonitor.com. About ARS Specialty Contractors LLC ARS Specialty Contractors LLC is a foundation, structure, and building exterior contractor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 23-50751) on June 15, 2023. The petition was signed by Elizabeth Yetman Chavez, the Debtor's president. The Debtor has $24.6 million in total assets and total liabilities of $10.7 million, according to its schedules. Judge Craig A. Gargotta oversees the case. Joyce W. Lindauer, Esq., at JOYCE W. LINDAUER ATTORNEY, PLLC, represents the Debtor as legal counsel. Frost Bank, as creditor, is represented by Luttrell + Carmody Law Group. Creditor Great American Insurance Company, as creditor, is represented by Weinstein Radcliff Pipkin LLP. ASP LS: $455M Bank Debt Trades at 29% Discount ---------------------------------------------- Participations in a syndicated loan under which ASP LS Acquisition Corp is a borrower were trading in the secondary market around 70.7 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $455 million facility is a Term loan that is scheduled to mature on May 7, 2029. The amount is fully drawn and outstanding. ASP LS Acquisition Corp. was formed to effectuate the acquisition of Laser Ship, Inc. by the private equity firm American Securities LLC. AVENIR FAYETTEVILLE: Seeks Cash Access to Pay for Insurance ----------------------------------------------------------- Avenir Memory Care @ Fayetteville LP asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral to pay downpayment for insurance premiums and enter into insurance premium financing agreements. The Debtor owns a memory care facility known as Avenir Memory Care @Fayetteville located at 1967 W. Truckers Drive in Fayetteville, Arkansas. The Facility is encumbered by an asserted first position lien favor of Merchant's Bank of Indiana. The Bank asserts a blanket lien in all of the Debtor's assets, including the Facility and any revenues generated by the Facility. The Debtor's business operations require that the Debtor have certain insurance policies in place, including General Liability, Professional Liability, Excess Coverage, Property and Wind/Hail policies. The Debtor's pre-petition Policies expired as of June 21, 2023 but the Debtor has bound insurance coverage under new Policies effective as of June 21, 2023. The Debtor worked with Commercial West Insurance to explore the market and identify the best rates for the new Policies. To that end, the Broker has been able to secure new Policies for the Debtor and the Debtor has bound coverage under the new Policies. The Broker has also located an insurance premium financing company, First Insurance Funding, which has agreed to finance the premiums for the new Policies. The Debtor's GL, Professional and Excess coverages are provided by MMIC Risk Retention Group, Inc. The total premium for the GL, Professional and Excess coverage, for both the Debtor and Avenir @ Little Rock, is $213,466. The Debtor's allocated share of the total premium is $106,483. The Debtor has not sought to finance the payment of this premium; rather, the premium is paid through a downpayment and monthly direct bills to MMIC to the Debtor. MMIC has required that the Debtor (and Avenir @ Little Rock) make a downpayment on the premium, in the total amount of $53,374, no later than July 28, 2023. As indicated in the Detail Statement, the Debtor's share of the Total MMIC Downpayment is $26,623. The total premiums (for both the Debtor and Avenir @ Knoxville but not Avenir @ Little Rock3) for (a) the Property coverage, is $65,162 plus taxes in the amount of $1,000 and fees in the amount of $2,646 and (b) the Wind/Hail coverage, is $17,231 plus taxes in the amount of $500 and fees in the amount of $709. The Finance Company has agreed to finance the payment of the Property Premiums pursuant to the terms of the Premium Finance Agreement. Pursuant to the Property Financing Agreement, the Finance Company has agreed to finance the Property Premiums in the total principal amount of $87,249. The Finance Company will charge interest on the total amount financed at the rate of 14.3% per annum for a total finance charge of $3,892. Pursuant to the Property Financing Agreement, this financing requires a total downpayment of $22,937 to be paid by July 21, 2021 and requires total monthly payments of $7,578 per month. The financing will be secured by a first priority lien on and security interest in the financed policies and any additional premium required under the financed policies listed in the Schedule of Policies. The Debtor's pro rata share of the downpayment is $11,216 and its share of the monthly payment is $3,706. A copy of the motion is available at https://urlcurt.com/u?l=quoze5 from PacerMonitor.com. About Avenir Memory Care @ Fayetteville LP Avenir Memory Care @ Fayetteville LP owns a memory care facility known as Avenir Memory Care @ Fayetteville located at 1967 W. Truckers Drive in Fayetteville, Arkansas. The facility consists of 59 private, furnished units, a full kitchen, dining areas, meeting rooms and lounging areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 23-02640) on April 25, 2023. In the petition signed by David L. Craik, president and director of the General and Limited Partners, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda Moody Whinery oversees the case. Philip R. Rudd, Esq., at Sacks Tierney PA, represents the Debtor as legal counsel. AVENIR KNOXVILLE: Seeks Cash Access to Pay for Insurance -------------------------------------------------------- Avenir Memory Care @ Knoxville LP asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral to pay the downpayment for insurance premiums and to enter into insurance premium financing agreements. The Debtor owns a memory care facility known as Avenir Memory Care located at 901 Concord Rd. in Knoxville, Tennessee. The Facility is encumbered by an asserted first position lien favor of Merchant's Bank of Indiana. The Bank asserts a blanket lien in all of the Debtor's assets, including the Facility and any revenues generated by the Facility. The Debtor's business operations require that the Debtor have certain insurance policies in place, including General Liability, Professional Liability, Excess Coverage, Property and Wind/Hail policies. The Debtor's pre-petition Policies expired as of June 21 but the Debtor has bound insurance coverage under new Policies effective as of June 21. The Debtor worked with Commercial West Insurance to explore the market and identify the best rates for the new Policies. To that end, the Broker has been able to secure new Policies for the Debtor and the Debtor has bound coverage under the new Policies. The Broker has also located an insurance premium financing company, First Insurance Funding, which has agreed to finance the premiums for the new Policies. The premium for the GL and Excess coverage is $33,500 plus fees in the amount of $1,734, and the premium for the Professional coverage is $53,548 plus taxes in the amount of $750 and fees in the amount of $2,810. The Finance Company has agreed to finance the payment of the GL Premiums pursuant to the terms of the Premium Finance Agreement. Pursuant to the GL Financing Agreement, the Finance Company has agreed to finance the GL Premiums in the total principal amount of $92,341. The Finance Company will charge interest on the total amount financed at the rate of 14.3% per annum for a total finance charge of $4,158. Pursuant to the GL Financing Agreement, this financing requires a downpayment of $23,648 to be paid by July 21 and requires monthly payments of $8,095 per month. The financing will be secured by a first priority lien on and security interest in the financed policies and any additional premium required under the financed policies listed in the Schedule of Policies. The total premiums (for both the Debtor and Avenir @ Fayetteville but not Avenir @ Little Rock3) for (a) the Property coverage, is $65,162 plus taxes in the amount of $1,000 and fees in the amount of $2,646 and (b) the Wind/Hail coverage, is $17,231 plus taxes in the amount of $500 and fees in the amount of $709. The Finance Company has agreed to finance the payment of the Property Premiums pursuant to the terms of the Premium Finance Agreement. Pursuant to the Property Financing Agreement, the Finance Company has agreed to finance the Property Premiums in the total principal amount of $87,249. The Finance Company will charge interest on the total amount financed at the rate of 14.3% per annum for a total finance charge of $3,892. Pursuant to the Property Financing Agreement, this financing requires a total downpayment of $22,937 to be paid by July 21, 2021 and requires total monthly payments of $7,578 per month. The financing will be secured by a first priority lien on and security interest in the financed policies and any additional premium required under the financed policies listed in the Schedule of Policies. A copy of the motion is available at https://urlcurt.com/u?l=08Lt3a from PacerMonitor.com. About Avenir Memory Care @ Knoxville LP Avenir Memory Care @ Knoxville, LP operates a memory care facility known as Avenir Memory Care located at 901 Concord Rd. in Knoxville, Tennessee. Avenir Memory Care @ Knoxville filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-02047) on March 31, 2023, with $10 million to $50 million in both assets and liabilities. David L. Craik, president and director of the General and Limited Partners, signed the petition. Judge Brenda Moody Whinery oversees the case. Philip R. Rudd, Esq., at Sacks Tierney, P.A. represents the Debtor as counsel. AVENTIV TECHNOLOGIES: $1.02B Bank Debt Trades at 18% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Aventiv Technologies LLC is a borrower were trading in the secondary market around 82.1 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.02 billion facility is a Term loan that is scheduled to mature on November 1, 2024. About $970.8 million of the loan is withdrawn and outstanding. Aventiv Technologies is a diversified technology company that provides innovative solutions to customers in the corrections and government services sectors. BAUSCH HEALTH: $2.50B Bank Debt Trades at 22% Discount ------------------------------------------------------ Participations in a syndicated loan under which Bausch Health Americas Inc is a borrower were trading in the secondary market around 78.5 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $2.50 billion facility is a Term loan that is scheduled to mature on February 1, 2027. About $2.37 billion of the loan is withdrawn and outstanding. Bausch Health Americas, Inc. operates as a pharmaceutical company. The Company discovers, develops, manufactures, and markets a range of pharmaceutical products in the areas of infectious disease, neurology, and dermatology. Bausch Health serves customers worldwide. BCPE NORTH: $225M Bank Debt Trades at 19% Discount -------------------------------------------------- Participations in a syndicated loan under which BCPE North Star US Holdco 2 Inc is a borrower were trading in the secondary market around 81.5 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $225 million facility is a Term loan that is scheduled to mature on June 10, 2029. The amount is fully drawn and outstanding. BCPE North Star US Holdco 2 (Dessert Holdings) operates as a manufacturer of dessert cakes, cheesecakes, brownies, and bars. The Company sells dessert cakes, cheesecakes, brownies, and bars to retail and foodservice customers across the US and Canada. BED BATH & BEYOND: Cleared to Sell BuyBuy Name for $15.5 Million ---------------------------------------------------------------- Steven Church of Bloomberg News reports that Bed Bath & Beyond Inc. won court permission to sell the name of its BuyBuy Baby unit for $15.5 million after the business, once considered the retailer’s prized asset, failed to attract any bidders willing to keep the company going. The stores will be shut down and the leases will either be canceled, or sold off to another retailer willing to take over the spaces, according to court documents. "I share the disappointment in the lack of bids," US Bankruptcy Judge Vincent F. Papalia said during a court hearing Tuesday, July 11, 2023, afternoon. 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. BIO365 LLC: Unsecureds to Split $700K via Quarterly Payments ------------------------------------------------------------ Bio365 LLC filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization dated July 11, 2023. The Debtor currently manufactures 9 unique, trademarked, and patented living soil products that are custom formulated for indoor, greenhouses, and outdoor cultivators. The Stockton Facility, on its face, could have reached the Debtor's goals of doubling its production and reducing transcontinental transportation costs. However, the COVID-19 pandemic and its ensuing macroeconomic effects created insurmountable headwinds to reaching the Debtor's previously achievable and projected growth. The MCA Loans, inability to complete the Stockton Facility, and transportation costs have weighed down the entire operations. In the Fall of 2022, the Debtor undertook efforts to renegotiate the terms of its contracts and outstanding liabilities with creditors. While some progress was made, not enough liquidity was created to sustain long-term stability for the Debtor. Prior to the Petition Date, following an in-depth analysis of the Debtor's cashflow and projections, the Debtor determined that it was in the best interest of the company to wind-down its operations in Stockton, California and shed burdensome contracts. The Debtor utilized most of May to wind-down operations and move critical equipment east to the Cortland Facility. Following the sale of all equipment at the Stockton Facility, the turnover of the Stockton Facility and resolution of the landlord's claims were the sole items remaining to complete the winddown of the Debtor's California operations. By June 23, 2023, the Debtor had vacated the Stockton Facility and turned over the premises back to the landlord. The Debtor has utilized the Bankruptcy Case to efficiently wind down its California operations and maximize production of the Cortland Facility. The Debtor anticipates filing an additional motion to approve a compromise with at least one additional creditor, seek the employment of a special IP counsel and special food regulatory counsel, review and file claim objections to finalize the claims universe, and file Chapter 5 Claims and MCA Actions. Through the Plan, the Debtor proposes to continue operating its business and, over time beginning on the Effective Date, make Distributions to its Creditors from Exit Financing provided from its current Chief Executive Officer, Michael Klein, cash-on-hand, and future operating revenue. The Plan provides for three classes of claims and one class of interests. The first class consists of the secured claim of the Northview Capital, which the Debtor proposes to pay in full, upon the Effective Date. The second class of claims consists of all priority unsecured claims, which the Debtor proposes to pay in full, upon the Effective Date. The third class consists of all general unsecured claims, which the Debtor proposes through a consensual plan to pay pro rata a total of $700,000 over a 5-year period. The sole class of interests consists of the same Interest Holders as they existed on the Petition Date. The Plan proposes to allow Interest Holders to retain their equity interests and, upon confirmation of the Plan, retain such Allowed Interests in the Reorganized Debtor. Class 3 shall consist of all Allowed General Unsecured Claims not otherwise classified. Except as set forth in Section 10.01 of this Plan, the GUC Distribution of $700,000, in aggregate, shall be paid to Holders of Allowed Class 3 Claims on a Pro Rata basis at the beginning of each annual quarter commencing January 2025, and then on the first month of each subsequent quarter thereafter through 2027. The Debtor shall pay the GUC Distribution quarterly as follows: (A) $200,000 in 2025; (B) $200,000 in 2026; and (C) $300,000 in 2027. The liquidation analysis demonstrates that if the Bankruptcy Case was converted to a case under Chapter 7 of the Bankruptcy Code, the Holders of Allowed Class 3 Claims would receive, at most, an 11% Distribution. A conversion to Chapter 7 would cause the immediate cessation of business operations, loss of dozens of jobs, diminution of nearly all value, and inability to pay creditors anything. The Debtor's Plan proposes to pay the general unsecured creditors $700,000 over a 5-year period. The Plan will be funded with cash on hand, future operating revenue, and the Exit Financing. Klein will make the Exit Financing available on the Effective Date for the Debtor to utilize, as necessary, to warrant the feasibility of the Plan. A full-text copy of the Plan of Reorganization dated July 11, 2023 is available at https://urlcurt.com/u?l=v8pFGR from PacerMonitor.com at no charge. Debtor's Counsel: Kevin H. Morse, Esq. Clark Hill, PLC 130 E. Randolph Street, Suite 3900 Chicago, ILs 60601 Fax: (312) 517-7593 Tel: (312) 985-5556 Email: kmorse@clarkhill.com About Bio365 LLC Bio365, LLC produces biologically activated and nutrient dense biochar soils for professional cultivation. The company is based in Santa Rosa, Calif. Bio365 filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-10180) on April 12, 2023, with $1 million to $10 million in both assets and liabilities. Christopher Hayes has been appointed as Subchapter V trustee. Judge William J. Lafferty oversees the case. The Debtor tapped Kevin Harvey Morse, Esq., at Clark Hill, PLC as legal counsel and Kander, LLC as financial advisor. Robert Marcus, managing director at Kander, LLC, serves as the Debtor's chief restructuring officer. BLOCKFI INC: Creditors Say Management Dismissed Warnings Over FTX ----------------------------------------------------------------- The Official Committee of Unsecured Creditors in BlockFi Inc.'s Chapter 11 cases recently unsealed a report relating to the collapse of BlockFi Inc. When this bankruptcy case started, BlockFi immediately distanced itself from other cryptocurrency debtors accused of fraudulent, manipulative, and/or otherwise wrongful prepetition behavior. BlockFi presented itself as an island of integrity in a sea of malfeasance and an innocent victim of market conditions and FTX's collapse. Promptly upon appointment, the Committee tasked its professionals to conduct an investigation testing the accuracy of the Company's case narrative. Those conclusions do not square with BlockFi's contentions to the Court or to its stakeholders. According to the Committee's report filed July 14, 2023, the evidence produced lead the investigative team to draw four categorical conclusions: (1) BlockFi's business model was fundamentally flawed, prompting unreasonable risk-taking; (2) BlockFi's efforts to skirt regulatory compliance necessitated even more unreasonable risk-taking; (3) warnings issued by BlockFi's risk management team went unheeded; and (4) BlockFi's reliance on Alameda/FTX led to foreseeable (actually foreseen) losses of a staggering quantum. As part of the investigation, counsel obtained documents from the Debtors, Committee members, and certain customers or vendors of the Debtors. To date, approximately 30,000 documents have been delivered and reviewed. Counsel interviewed six individuals, namely, Zachary ("Zac") Prince (founder, CEO), Amit Cheela (CFO), Rob Loban (CAO), Yuri Mushkin (CRO), Jonathan Mayers (GC), and Michelle Henry (Head of Private Client). "BlockFi's marketing strategy was personified by "Zac and Flori," and supplemented by executives and employees with impressive credentials, all of whom presented well to the public. Collectively, they exuded a "trust your local community banker" ethos and messaged "Transparency Builds Trust." BlockFi created and promoted the hashtag #TBT and indicated that it was transparent "in all aspects: across teams, with our clients, with our investors." Using BlockFi's platform was supposed to be safe and boring. Although BlockFi Interest Accounts ("BIA") and loan agreements gave BlockFi broad power to invest BIA and loan collateral deposits as management saw fit, Zac and Flori assured clients that their funds were safe – just as one might expect when depositing with one's local community bank. The depositing community warmly embraced the message, and BlockFi generated enormous volumes of customer deposits," according to the report. "Behind the marketing veneer, however, was a flawed business model, with operational and regulatory obstacles that grew commensurately with the deposit levels. This led BlockFi to take on unreasonable business risks that, in turn, led to cataclysmic loss. It may be true that Alameda/FTX's downfall triggered BlockFis downfall, but BlockFi's demise was rooted in business practices and decisions well preceding Alameda/FTX's bankruptcy filing. That included senior management's staunch refusal to follow (i.e., over-ruling) repeated warnings by the Company's credit risk department not to loan enormous sums to Alameda, collateralized by FTT. Indeed, senior management was repeatedly told that such loans were tantamount to very high-risk gambles. Mr. Prince, in response, told his team to learn to "get comfortable" with much of the Company's cash being deployed this way. The Company's business practices and decisions were materially inconsistent with what was promised to customers." FTX Concerns The Committee's investigation revealed that BlockFi failed to complete basic due diligence on FTX and Alameda more than two years after signing its loan agreement with Alameda and even after BlockFi originated approximately $650 million of new loans to Alameda from August 18, 2020 to September 30, 2021. In addition, according to the report, BlockFi executives began to disregard the advice of their credit risk team as early as August 2021, when the team drafted its first Credit Memo regarding Alameda. This Credit Memo detailed how a prospective loan package of "up to $1bn gross (overcollateralized by FTT/SOL/SRM)" would exceed the recently established credit limits for "Tier 1C" crypto native funds. Additionally, the memo flagged how Alameda presented wrong-way risk, had unaudited financials, relied on illiquid tokens, and was offering volatile collateral. By August 2021, BlockFi had lent Alameda approximately $114 million, secured by FTT. Although the risk management function at BlockFi warned that accepting FTT Tokens as collateral presented a wrong-way risk that could spiral to a 50-75% collateral loss, Mr. Prince expressed a desire to "go through the exceptions process," emphasizing that "we should get comfortable with them being a three arrows size borrower, just with FTT and other collateral types instead of GBTC shares." By January of 2022, BlockFi was contemplating lending nearly $1 billion worth of Bitcoin, Ether, and USD to Alameda. The risk management function of BlockFi indicated that for a loan of this level the appropriate collateralization level would be between 180-200% of the loan value, with a preference for SOL over FTT. Yet again, Mr. Prince pushed back on risk management's conclusions, stating that "we should offer terms that we think the client could say yes to." In June 2022, the cryptocurrency market was in turmoil, following the devaluation of LUNA and UST, and the collapse of Three Arrows Capital. At this time, BlockFi recalled its loans from Alameda, and Alameda repaid its outstanding balance to almost zero. BlockFi then could have walked away from the relationship. Instead, it re-lent Alameda nearly $900 million (between July and September 2022), almost exclusively collateralized by FTT. According to the report, evaluations and recommendations by the risk management team were routinely dismissed by senior management, especially when it came to FTX's Alameda. About BlockFi Inc. BlockFi Inc. is building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi is the latest crypto firm to seek bankruptcy amid a prolonged slump in digital asset prices. Lenders Celsius Network LLC and Voyager Digital Holdings Inc. also filed for court protection this year. Kirkland & Ellis is also advising Celsius and Voyager in their separate Chapter 11 cases. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis and Haynes and Boone, LLP as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC, as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC, as strategic and communications advisor. Kroll Restructuring Administration, LLC, is the notice and claims agent. BLOCKFI INC: Settles With Management Over Collapse -------------------------------------------------- Jonathan Randles of Bloomberg Law reports that BlockFi Inc.'s past business with FTX appeared legitimate and gave management no reason to worry about lending to Sam Bankman-Fried's crypto platform before it melted down amid allegations of fraud last 2022, according to a probe by independent BlockFi directors and its lawyers. Findings of the seven-month investigation were made public Monday in New Jersey bankruptcy court to support a BlockFi settlement that would resolve potential legal claims related to the crypto lenders' collapse against co-founders Zac Prince and Flori Marquez, as well as other company officers. About BlockFi Inc. BlockFi Inc. is building a bridge between digital assets and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi was founded in 2017 by Zac Prince and Flori Marquez and in its early days had backing from influential Wall Street investors like Mike Novogratz and, later on, Valar Ventures, a Peter Thiel-backed venture fund as well as Winklevoss Capital, among others. BlockFi made waves in 2019 when it began providing interest-bearing accounts with returns paid in Bitcoin and Ether, with its program attracting millions of dollars in deposits right away. BlockFi grew during the pandemic years and had offices in New York, New Jersey, Singapore, Poland and Argentina. BlockFi worked with FTX US after it took an $80 million hit from the bad debt of crypto hedge fund Three Arrows Capital, which imploded after the TerraUSD stablecoin wipeout in May 2022. BlockFi had significant exposure to the companies founded by former FTX Chief Executive Officer Sam Bankman-Fried. BlockFi received a $400 million credit line from FTX US in an agreement that also gave FTX the option to acquire BlockFi through a bailout orchestrated by Bankman-Fried over the summer. BlockFi also had collateralized loans to Alameda Research, the trading firm co-founded by Bankman-Fried. BlockFi is the latest crypto firm to seek bankruptcy amid a prolonged slump in digital asset prices. Lenders Celsius Network LLC and Voyager Digital Holdings Inc. also filed for court protection this year. Kirkland & Ellis is also advising Celsius and Voyager in their separate Chapter 11 cases. BlockFi Inc. and eight affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-19361) on Nov. 28, 2022. In the petitions signed by their chief executive officer, Zachary Prince, the Debtors reported $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors taped Kirkland & Ellis and Haynes and Boone, LLP as general bankruptcy counsels; Walkers (Bermuda) Limited as special Bermuda counsel; Cole Schotz, P.C., as local counsel; Berkeley Research Group, LLC, as financial advisor; Moelis & Company as investment banker; and Street Advisory Group, LLC, as strategic and communications advisor. Kroll Restructuring Administration, LLC, is the notice and claims agent. BONA VISTA 1606: Exclusivity Period Extended to September 22 ------------------------------------------------------------ Judge Robert A. Mark of the U.S. Bankruptcy Court for the Southern District of Florida extended Bona Vista 1606 LLC's exclusivity periods for filing a chapter 11 plan and disclosure statement and for soliciting acceptances thereof to September 22, 2023 and November 22, 2023, respectively. Bona Vista 1606 LLC is represented by: Joel M. Aresty, Esq. JOEL M. ARESTY, P.A. 309 1st Ave S Tierra Verde, FL 33715 Phone: (305) 904-1903 Email: aresty@mac.com About Bona Vista 1606 Bona Vista 1606, LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 22-16461) on Aug. 22, 2022, with up to $1 million in both assets and liabilities. Judge Robert A. Mark oversees the case. The Debtor is represented by Joel M. Aresty, P.A. BOXED INC: MSG to Purchase IP Assets for $1.6M; Files Amended Plan ------------------------------------------------------------------ Boxed, Inc., et al., submitted a First Amended Combined Joint Chapter 11 Plan of Liquidation and Disclosure Statement dated July 11, 2023. Following substantial, arms'-length negotiations, the Debtors and the Prepetition First Lien Secured Lenders agreed in principle to terms for the purchase of substantially all of the Debtors' Spresso business by an entity owned and designated by the Prepetition First Lien Secured Lenders for a credit bid of $26.25 million. To facilitate the sale, on the Petition Date, the Debtors filed the Motion of the Debtors for Entry of an Order (i) Authorizing the Private Sale of Certain Assets Free and Clear of All Liens, Claims, Encumbrances and Other Interests, (ii) Approving Credit Bid Under Section 363(K) of the Bankruptcy Code, (iii) Authorizing the Assumption and Assignment of Certain Executory Contracts, and (iv) Granting Other Related Relief (the "Sale Motion"). On May 1, 2023, the Court entered the Order (I) Authorizing the Private Sale of Certain Inventory Assets Free and Clear of All Liens, Claims, Encumbrances and Other Interests, (II) Authorizing the Debtors to Designate a Purchaser, and (III) Granting Other Related Relief (the "Spresso Sale Order") and subsequently the Debtors and Buyer consummated the sale of the Spresso Business. On June 1, 2023, the Debtors filed the Debtors' Motion for Entry of an Order, Pursuant to Sections 105 and 363 of the Bankruptcy Code, (I) Authorizing the Sale of Certain Intangible Assets Free and Clear of Liens, Claims, Encumbrances, and Other Interests, and (II) Granting Related Relief (the "IP Sale Motion"). On July 10, 2023, an auction was held for the IP Assets. MSG Distributors, Inc. was declared to be the highest and best bidder for the IP Assets with a sales price of $1,600,000 and on July 12, 2023, the Bankruptcy Court approved the sale of the IP Assets. A closing is expected to occur on or before August 15, 2023. This Plan is a joint plan for each of the Debtors and presents together Classes of Claims against, and Interests in, the Debtors. The Plan provides for the limited substantive consolidation of the Debtors' Estates, but solely for the purposes of this Plan, including voting on this Plan by the Holders of Claims and making any Distributions to Holders of Claims. Specifically, on the Effective Date, (i) all assets and liabilities of the Debtors will, solely for voting and Distribution purposes, be treated as if they were merged, (ii) each Claim against the Debtors will be deemed a single Claim against and a single obligation of the Debtors, (iii) any Claims filed or to be filed in the Chapter 11 Cases will be deemed single Claims against all of the Debtors, (iv) all guarantees of any Debtor of the payment, performance, or collection of obligations of any other Debtor shall be eliminated and canceled, (v) all transfers, disbursements and Distributions on account of Claims made by or on behalf of any of the Debtors' Estates hereunder will be deemed to be made by or on behalf of all of the Debtors' Estates, and (vi) any obligation of the Debtors as to Claims will be deemed to be one obligation of all of the Debtors. Like in the prior iteration of the Plan, each Holder of an Allowed Unsecured Claim will receive a beneficial interest in the Liquidation Trust entitling such Holder to such treatment with respect to the Liquidation Trust Distribution Proceeds. Creditors will recover 0% to 100% of their claims. The Liquidation Trust Distribution Proceeds will be distributed as follows: (i) first, Holders of Allowed Prepetition First Lien Lenders Secured Claim in Class 2 shall be repaid the amount of the Liquidation Trust Funding Payment, (ii) second, after the amount of the Liquidation Trust Funding Payment has been Paid in Full to Holders of Allowed Prepetition First Lien Lender Secured Claims in Class 2, Holders of Allowed Unsecured Claims in Classes 3 (Allowed Prepetition Second Lien Term Loan Deficiency Claims and Allowed Prepetition Second Lien Term Loan Unsecured Claims) and 6 (Allowed Unsecured Claims) shall share the distribution of any Liquidation Trust Distribution Proceeds on 50/50 basis until such time as the Allowed Prepetition First Lien Lender Secured Claims in Class 2 have been Paid in Full, (iii) once the Allowed Prepetition First Lien Lender Secured Claims in Class 2 have been Paid in Full, all further distributions of Liquidation Trust Distribution Proceeds shall be made on a Pro Rata basis to Holders of Allowed Unsecured Claims in Classes 3 (Allowed Prepetition Second Lien Term Loan Deficiency Claims and Allowed Prepetition Second Lien Term Loan Unsecured Claims) and 6 (Allowed Unsecured Claims). The Debtors and the Liquidation Trustee will establish the Liquidation Trust on behalf of the Beneficiaries pursuant to the Liquidation Trust Agreement, with the Beneficiaries to be treated as the grantors and deemed owners of the Liquidation Trust Assets. The Debtors will irrevocably transfer, assign, and deliver to the Liquidation Trust, on behalf of the Beneficiaries, all of their rights, title, and interests in the Liquidation Trust Assets, notwithstanding any prohibition on assignment under non-bankruptcy law. The Liquidation Trust will accept and hold the Liquidation Trust Assets in the Liquidation Trust for the benefit of the Beneficiaries, subject to the Plan and the Liquidation Trust Agreement. A copy of the First Amended Combined Plan and Disclosure Statement dated July 11, 2023, is available at https://urlcurt.com/u?l=H0axoB from Epiq11, the claims agent. Counsel to the Debtors: Madlyn Gleich Primoff, Esq. Scott D. Talmadge, Esq. Alexander Adams Rich, Esq. FRESHFIELDS BRUCKHAUS DERINGER US LLP 601 Lexington Avenue, 31st Floor New York, NY 10022 Telephone: (212) 277-4000 Facsimile: (212) 277-4001 E-mail: madlyn.primoff@freshfields.com scott.talmadge@freshfields.com alexander.rich@freshfields.com - and - M. Blake Cleary, Esq. Jeremy W. Ryan, Esq. Katelin A. Morales, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 E-mail: bcleary@potteranderson.com jryan@potteranderson.com kmorales@potteranderson.com About Boxed Inc. Boxed, Inc. (OTCMKTS: BOXDQ) -- http://www.boxed.com/-- is an e-commerce retailer and an e-commerce enabler in New York. It operates an e-commerce retail service that provides bulk pantry consumables to businesses and household customers, without the requirement of a "big-box" store membership. This service is powered by the company's own purpose-built storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies. Boxed further enables e-commerce through its Software & Services business, which offers customers in need of an enterprise-level e-commerce platform access to its end-to-end technology. Boxed and four affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10397) on April 2, 2023. In the petition signed by its chief executive officer, Chieh Huang, Boxed disclosed $100 million to $500 million in both assets and liabilities. Judge Brendan Linehan Shannon presides over the cases. The Debtors tapped Freshfields Bruckhaus Deringer US, LLP and Potter Anderson & Corroon, LLP as legal counsels; FTI Consulting, Inc. as financial advisor; and Solomon Partners, L.P. as investment banker. Epiq Corporate Restructuring, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Fox Rothschild, LLP and Alvarez & Marsal North America, LLC serve as the committee's legal counsel and financial advisor, respectively. BROIT BUILDERS: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- Broit Builders, Inc., d/b/a Broit Lifting, asks the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, for authority to use cash collateral effective as of the petition date. The Debtor requires the use of cash collateral to fund all necessary operating expenses of the Debtor's business. Several purported creditors have asserted security interests in all money in which the Debtor has an interest via UCC-1 Financing Statements filed in the Florida Secured Transaction Registry. These creditors are Alliance Funding Group, CSC, Lien Solutions, Dakota Financial, LLC, Financial Pacific Leasing, Inc., First Corporate Solutions, U.S. Small Business Administration, RBR Global, LLC, Stearns Bank Equipment Finance, Stearns Bank, T & C Leasing dba Team Funding Solutions, CT Corporation System, Midland States Bank, Blue Ridge Financial, Commercial Capital Company, LLC, U.S. Bank Equipment Finance, Mitsubishi HC Capital America, Inc., and North Mill Credit Trust. As adequate protection for the use of the Collateral, including the cash collateral, the Debtor offers the Claimants: a. Post-petition replacement liens to the same extent, validity and priority as existed pre-petition; b. The right, upon providing the Debtor five days' notice, to inspect the cash collateral, provided that said inspection does not interfere with the operations of the Debtor; and c. Copies of monthly financial documents generated in the ordinary course of business and other information as Claimants may reasonably request with respect to the Debtor's operations. A copy of the motion is available at https://urlcurt.com/u?l=CTxCYo from PacerMonitor.com. About Broit Builders, Inc. Broit Builders, Inc. offers tile transport, storage, and loading services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00762) on July 10, 2023. In the petition signed by Troy Broitzman, CFO, the Debtor disclosed $4,362,604 in total assets and $5,922,297 in total liabilities. Mike Dal Lago, Esq., at Dal Lago Law, represents the Debtor as legal counsel. BULLDOG PURCHASER: $125M Bank Debt Trades at 19% Discount --------------------------------------------------------- Participations in a syndicated loan under which Bulldog Purchaser Inc is a borrower were trading in the secondary market around 80.8 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $125 million facility is a Term loan that is scheduled to mature on September 5, 2026. The amount is fully drawn and outstanding. Bulldog Purchaser Inc. owns and operates fitness and recreational centers. The Company offers its services in the United States. BW NHHC HOLDCO: $195M Bank Debt Trades at 70% Discount ------------------------------------------------------ Participations in a syndicated loan under which BW NHHC Holdco Inc is a borrower were trading in the secondary market around 30.1 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $195 million facility is a Term loan that is scheduled to mature on May 15, 2026. About $10.0 million of the loan is withdrawn and outstanding. BW NHHC HoldCo Inc. is the primary borrower for the merger between Jordan Health Services and Great Lakes Caring Home Health and Hospice. Combined, the company provides skilled home health, personal care and hospice services, primarily to Medicare and Medicaid patients. CAIR HEATING: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Cair Heating and Cooling, LLC 1821 Cargo Court Louisville, KY 40299 Chapter 11 Petition Date: July 14, 2023 Court: United States Bankruptcy Court Western District of Kentucky Case No.: 23-31622 Debtor's Counsel: Dean A. Langdon, Esq. DELCOTTO LAW GROUP PLLC 200 North Upper St. Lexington, KY 40507 Tel: (859) 231-5800 Fax: (859) 281-1179 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kevin Clapp 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/ENUKNJI/Cair_Heating_and_Cooling_LLC__kywbke-23-31622__0001.0.pdf?mcid=tGE4TAMA CALAMP CORP: Incurs $4 Million Net Loss in First Quarter -------------------------------------------------------- CalAmp Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $4.03 million on $70.89 million of total revenues for the three months ended May 31, 2023, compared to a net loss of $12.17 million on $64.73 million of total revenues for the three months ended May 31, 2022. As of May 31, 2023, the Company had $372.23 million in total assets, $359.79 million in total liabilities, and $12.44 million in total stockholders' equity. CalAmp said, "Consistent with fiscal 2023, our primary recurring cash needs have been for working capital purposes and to a lesser extent, capital expenditures. We have historically funded our principal business activities through cash flows generated from operations and cash on hand. As we continue to grow our customer base to a subscription model while increasing our revenues, there will be a need for working capital in the future. While our subscription arrangements create recurring multi-year revenue, they elongate the cash conversion cycle as we must outlay cash for the associated device but recover this cash outlay over a subscription period. Our operations have consumed substantial amounts of cash, and we may continue to incur substantial losses and negative cash flow from operations for the foreseeable future. As of May 31, 2023, we had $35.0 million of cash and cash equivalents a decrease from February 28, 2023 of $7.0 million. While we expect to continue to finance our operations with cash on hand and cash generated from operations, our future performance is subject to economic, operational, financial, competitive and other factors, including the current inflationary environment, supply chain constraints and the impact of uncertain international trade relations." Jeff Gardner, CalAmp's CEO, commented: "First quarter revenues came in at $70.9 million, up 10% year over year, and we recognized another sequential increase in gross margin and cost efficiencies from our continued expense management efforts which all contributed to a solid first quarter Adjusted EBITDA of $6.0 million. Strategically, we have converted the installed base to a subscription model, focused the sales organization on selling full stack solutions, stood up a customer success team to drive retention and upselling, and restructured the business to improve cash flow and profitability. With the recent release of exciting new products--such as our next generation Video Dash Camera--CalAmp is positioned to drive high-margin recurring revenue growth from direct fleet customers." "Over the past few years, CalAmp has been executing a strategy to create shareholder value as an independent company. In the past weeks, we have received unsolicited inbound inquiries, as a result of which the Board of Directors has engaged advisors and formed a special committee to help us explore all strategic alternatives." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000730255/000095017023032383/camp-20230531.htm About CalAmp CalAmp Corp. is a connected intelligence company that leverages a data-driven solutions ecosystem to help people and organizations improve operational performance. The Company solves complex problems for customers within the market verticals of transportation and logistics, commercial and government fleets, industrial equipment, K12 fleets, and consumer vehicles by providing solutions that track, monitor, and protect their vital assets. CalAmp Corp. reported a net loss of $32.49 million for the year ended Feb. 28, 2023, a net loss of $27.99 million for the year ended Feb. 28, 2022, a net loss of $56.31 million for the year ended Feb. 28, 2021, and a net loss of $79.30 million for the year ended Feb. 29, 2020. CANOO INC: Signs $27M Securities Purchase Agreement With YA II -------------------------------------------------------------- Canoo Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on June 30, 2023, it entered into a securities purchase agreement with YA II PN, Ltd. (Yorkville), in connection with the issuance and sale by the Company of convertible debentures in an aggregate principal amount of $26,595,745 and pursuant to which the Company granted Yorkville an option to purchase additional convertible debentures in an aggregate principal amount of up to $53,191,489 subject to the terms and conditions set forth in the Purchase Agreement. The Convertible Debentures bear interest at a rate of 3.0% per annum, subject to increase to 15.0% per annum upon the occurrence of certain events of default. The Initial Debenture will mature on Aug. 30, 2024, and may be extended at Yorkville's option. The Option Debenture, to the extent issued, will mature 14 months after the date the Option Debenture is issued. The Initial Debenture was purchased at a purchase price equal to 94.0% of aggregate principal amount, resulting in gross proceeds to the Company of approximately $25.0 million. The Option Debenture, to the extent issued, will be purchased at a purchase price equal to 94.0% of the aggregate principal amount of the Option Debenture, resulting in gross proceeds to the Company of approximately $50.0 million assuming the Option is exercised in full. The Option may only be exercised by Yorkville during the period of 5 trading days following the date on which the Company has publicly announced that it has obtained the Stockholder Approvals. The Convertible Debentures are convertible at the option of the holder into a number of shares of the Company's common stock, par value $0.0001 per share, equal to the applicable Conversion Amount divided by the lower of (a)(i) in the case of the Initial Debenture, $0.50 per share and (ii) in the case of the Option Debenture, $0.5358 per share (each of (i) and (ii), (the "Fixed Conversion Price") and (b) 95% of the lowest daily volume-weighted average price of the Common Stock during the five consecutive trading days immediately preceding the applicable conversion date (the "Variable Conversion Price"), but not lower than $0.10 per share (the "Floor Price"). The Convertible Debentures may be converted in whole or in part, at any time and from time to time, subject to the Exchange Cap. The Conversion Amount with respect to any requested conversion will equal the principal amount requested to be converted plus all accrued and unpaid interest on the Convertible Debentures as of such conversion (the "Conversion Amount"). In addition, no conversion will be permitted to the extent that, after giving effect to such conversion, the holder together with the certain related parties would beneficially own in excess of 9.99% of the Common Stock outstanding immediately after giving effect to such conversion, subject to certain adjustments. The Company shall not issue any Common Stock upon conversion of the Convertible Debentures held by Yorkville if the issuance of such shares of Common Stock underlying the Convertible Debentures would exceed the aggregate number of shares of Common Stock that the Company may issue upon conversion of the Convertible Debentures in compliance with the Company's obligations under the rules or regulations of Nasdaq Stock Market. The Exchange Cap will not apply under certain circumstances, including if the Company obtains the approval of its stockholders as required by the applicable rules of the Nasdaq Stock Market for issuances of shares of Common Stock in excess of such amount. The Convertible Debenture provides the Company, subject to certain conditions, with an optional redemption right pursuant to which the Company, upon 10 trading days' prior written notice to Yorkville, may redeem, in whole or in part, all amounts outstanding under the Convertible Debentures; provided that the trading price of the Common Stock is less than the applicable Fixed Conversion Price at the time of the Redemption Notice. The redemption amount shall be equal to the outstanding principal balance being redeemed by the Company, plus the redemption premium of 5.0% of the principal amount being redeemed, plus all accrued and unpaid interest in respect of such redeemed principal amount. Upon the occurrence of certain trigger events, the Company will be required to make monthly cash payments of principal in the amount of $7,500,000 (or such lesser amount as may then be outstanding) plus a premium equal to 5.0% of such principal amount plus all accrued and unpaid interest as of such payment. Such payments will commence 10 trading days following the occurrence of a trigger event and continue on a monthly basis thereafter until the Convertible Debentures are repaid in full or until the conditions causing the trigger event are addressed in the manner provided for in the Convertible Debentures. In addition, in connection with the Purchase Agreement, the Company issued to Yorkville a warrant to purchase 49,637,448 shares of Common Stock at an exercise price of $0.5358. If Yorkville exercises the Option, the Company will issue to Yorkville an additional warrant for a number of shares of Common Stock determined by dividing the principal amount so exercised (up to $53,191,489) by 0.5358. The Initial Warrant is immediately exercisable and will expire on June 30, 2028. The Option Warrant, to the extent issued, will be issued on the same terms as the Initial Warrant except that the exercise price of the Option Warrant will be $0.67 per share. The Warrants include customary adjustment provisions for stock splits, combinations and similar events. Prior to obtaining approval of stockholders, the Company may not issue any shares of Common Stock that exceed the number of shares that it may issue pursuant to Nasdaq Stock Market rules under the Warrants or other warrants issued to Yorkville. In connection with the execution of the Purchase Agreement, the Company has agreed to hold an annual or special meeting of its stockholders on or before the 60th day following the Agreement Date to: (i) obtain the consent of the stockholders of the Company pursuant to Nasdaq Listing Rules 5635(b) for the issuance of all shares of its Common Stock that could be issued pursuant to the Convertible Debentures and the Warrants (including, without limitation, the Option Debenture and Option Warrant) and (ii) obtain the consent of the stockholders to amend the Pre-Paid Advance Agreement entered into on July 20, 2022 between the Company and Yorkville and all convertible debentures issued by the Company to Yorkville prior to the Agreement Date to provide for a floor price of $0.10 per share (each of (i) and (ii). Registration Rights Agreement In connection with the Purchase Agreement, on the Agreement Date, the Company entered into a registration rights agreement with Yorkville pursuant to which the Registrable Securities held by Yorkville, subject to certain conditions, will be entitled to registration under the Securities Act of 1933, as amended. Pursuant to the Registration Rights Agreement, the Company is required to, within 30 calendar days of the Agreement Date, file with the Securities and Exchange Commission (at its sole cost and expense) one or more registration statements covering the resale by Yorkville of all shares issuable upon exercise of the Initial Warrant and at least 100,000,000 shares of Common Stock issuable upon conversion of the Initial Debenture. Within 15 calendar days following the issuance of the Option Debenture and the Option Warrant, the Company shall file one or more additional Registration Statements covering such number of shares of Common Stock as Yorkville shall require, not to exceed 200% of all shares issuable upon conversion of the Convertible Debentures (assuming conversion at the Floor Price) and upon exercise of the Warrants. The Company has agreed to use its best efforts to ensure any registration statement filed thereunder is effective within 60 days of filing such registration statement. If the Company fails to file the Registration Statements with the SEC by the applicable filing deadline or obtain effectiveness by the applicable effectiveness deadline, or if a Registration Statement fails to remain continuously effective, if the Company is not permitted to utilize a Registration Statement for a certain period of time, or if the Company fails to comply with certain public information requirements, such event will be deemed an Event of Default (as defined in the Convertible Debenture). Under the Registration Rights Agreement, Yorkville was also granted demand registration rights for any Registrable Securities not included in the Registration Statements and piggyback registration rights. About Canoo Torrance, California-based Canoo Inc. -- www.canoo.com -- is a mobility technology company with a mission to bring electric vehicles to everyone and provide connected services that improve the vehicle ownership experience. The Company is developing a technology platform that it believes will enable the Company to rapidly innovate and bring new products, addressing multiple use cases, to market faster than its competition and at lower cost. Canoo reported a net loss and comprehensive loss of $487.69 million for the year ended Dec. 31, 2022, compared to a net loss and comprehensive loss of $346.77 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $496.47 million in total assets, $259.90 million in total liabilities, and $236.57 million in total stockholders' equity. Los Angeles, California-based Deloitte & Touche LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 30, 2023, citing that the Company has suffered recurring losses from operations, has generated recurring negative cash flows from operating activities, and expects to continue to incur net losses and negative cash flows from operating activities in accordance with its ongoing activities. These matters raise substantial doubt about the Company's ability to continue as a going concern. CAPSTONE GREEN: Delays Form 10-K for Period Ended March 31 ---------------------------------------------------------- Capstone Green Energy Corporation filed a Form 12b-25 with the Securities and Exchange Commission with respect to its Annual Report on Form 10-K for the fiscal year ended March 31, 2023. Capstone Green was unable to file the Annual Report as the Company needs additional time as a result of the following: * The Company is still in the process of compiling required information to complete the Annual Report and Marcum LLP, its independent registered public accounting firm, requires additional time to complete its audit of the consolidated financial statements as of and for the year ended March 31, 2023 to be incorporated in the Annual Report, which includes, but is not limited to, completing its procedures pertaining to certain matters being reviewed by the Company's Audit Committee and matters relating to the NPA. * As the end of the year ended March 31, 2023 the Company was, and the Company currently is, in violation of certain of its covenants, including the minimum liquidity covenant, contained in its Amended and Restated Note Purchase Agreement, as amended, with Goldman Sachs Specialty Lending Group, L.P. To address those defaults and other matters (including the maturity of the notes on Oct. 1, 2023), the Company has been working with Goldman to enter into a waiver and amendment to the NPA, which has consumed a significant amount of the Company's finance and accounting personnel's time. There can be no assurance that the Company will be able to enter into a waiver and amendment, and such waiver and amendment will likely impose additional burdens on the Company. Although it is the Company's goal to file the Annual Report no later than the fifteenth calendar day following the prescribed filing date, there can be no assurance that the Company will be able to do so. About Capstone Green Headquartered in Van Nuys, California, Capstone Green Energy Corporation -- http://www.capstonegreenenergy.com-- is a provider of customized microgrid solutions, on-site resilient green Energy as a Service (EaaS) solutions, and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone reported a net loss of $20.21 million for the year ended March 31, 2022, a net loss of $18.38 million for the year ended March 31, 2021, a net loss of $21.90 million for the year ended March 31, 2020, and a net loss of $16.66 million for the year ended March 31, 2019. For the nine months ended Dec. 31, 2022, the Company reported a net loss of $12.19 million. CAPSTONE GREEN: Inks 4th Amendment to Goldman Sachs Purchase Deal ----------------------------------------------------------------- Capstone Green Energy Corporation disclosed in a Form 8-K filed with the Securities and Exchange Commission that it entered into a Fourth Amendment to the Amended and Restated Note Purchase Agreement dated Oct. 1, 2020 among the Company, certain subsidiaries of the Company, Goldman Sachs Specialty Lending Group, L.P. (as successor in interest to Goldman Sachs Specialty Lending Holdings, Inc.), as collateral agent and the purchaser party thereto. The Fourth Amendment provides for (i) the waiver by the Purchaser and the Collateral Agent of the Company's breach of the minimum Consolidated Liquidity covenant contained in the A&R Note Purchase Agreement, the failure to make the interest payment for the most recently ended quarter and certain other breaches specified therein; (ii) the extension of the maturity of the $50 million aggregate principal amount of notes outstanding pursuant to the A&R Note Purchase Agreement from Oct. 1, 2023 to Sept. 1, 2024; (iii) an amendment fee payable by the Company at maturity equal to 1.00% of the principal balance of the Notes on the Effective Date; (iv) a due date for the next interest payment on the date that is 30 days from the Effective Date, which interest payment was originally due on July 3, 2023; (v) following the Company's entry into a Transaction Support Agreement, the payment-in-kind of the quarterly interest payments that are due following the next interest payment; (vi) a new minimum Consolidated Liquidity covenant requirement of $4.0 million, commencing on July 14, 2023, which amount will increase to $4.5 million on Aug. 16, 2023 and to $6.0 million on Aug. 31, 2023; (vii) the replacement of the Adjusted LIBO Rate with a Term SOFR interest rate benchmark; (viii) the ability for Goldman to either (A) force a conversion of the interest rate benchmark to Base Rate or (B) impose default interest during an Event of Default; (ix) the right for one designated Goldman board observer to attend the meetings of the Company's Board of Directors (and committees thereof) in a non-voting capacity, subject to certain customary exceptions; and (x) the amendment to certain provisions of the A&R Note Purchase Agreement, including to add a number of new covenants. Those new covenants include requirements that the Company (i) enter into a transaction support agreement with one or more lenders in form and substance mutually satisfactory to Goldman and the Company within 30 days of the Effective Date; (ii) subject to necessary stockholder approvals, execute and deliver, or reach agreement on substantially final versions of, the definitive documentation with respect of the transactions specified in the Transaction Support Agreement (which the Company understands may contemplate one or more transaction structures, which may include a structure or structures involving bankruptcy proceedings, but the proposed form of which has not yet been provided to the Company) in form and substance satisfactory to the Collateral Agent within 45 days after the Effective Date; (iii) close the transactions specified by the Transaction Support Agreement by Sept. 15, 2023; and (iv) provide a Section 382 analysis (i.e., an analysis relating to the potential limitation of the use of the Company's net operating loss carryforwards due to ownership changes, which loss carryforwards the Company understands may be potentially valuable in one or more transaction structures) to Goldman on a quarterly basis. The Fourth Amendment also imposes restrictions on the Company's ability to (i) pay professional fees for the next 30 days in excess of $2,000,000 in the aggregate; (ii) make certain other cash disbursements in excess of thresholds set forth in the Fourth Amendment; and (iii) amend existing, or enter into new, employment agreements or pay or incur any bonus or severance payment. About Capstone Green Headquartered in Van Nuys, California, Capstone Green Energy Corporation -- http://www.capstonegreenenergy.com-- is a provider of customized microgrid solutions, on-site resilient green Energy as a Service (EaaS) solutions, and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone reported a net loss of $20.21 million for the year ended March 31, 2022, a net loss of $18.38 million for the year ended March 31, 2021, a net loss of $21.90 million for the year ended March 31, 2020, and a net loss of $16.66 million for the year ended March 31, 2019. For the nine months ended Dec. 31, 2022, the Company reported a net loss of $12.19 million. CARTER TABERNACLE: Aaron Cohen Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Carter Tabernacle Christian Methodist Episcopal Church, Inc. Mr. Cohen will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Carter Tabernacle Carter Tabernacle Christian Methodist Episcopal Church, Inc. is a church in Orlando, Fla. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02613) on June 29, 2023, with $3,773,092 in assets and $2,884,315 in liabilities. Lenita C. Frith, chair, Board of Stewards, signed the petition. Judge Tiffany P. Geyer oversees the case. Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as legal counsel. CCI HOLDINGS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: CCI Holdings Group, LLC 2451 N. McMullen Booth Rd. Ste. 241 Clearwater, FL 33759 Business Description: CCI is a licensed and bonded concrete contractor. Chapter 11 Petition Date: July 14, 2023 Court: United States Bankruptcy Court Middle District of Florida Case No.: 23-02988 Debtor's Counsel: Buddy D. Ford, Esq. BUDDY D. FORD, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 Email: All@tampaesq.com Total Assets: $786,813 Total Liabilities: $1,330,069 The petition was signed by Petar J. Pitesa as authorized 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/2R5DVCA/CCI_Holdings_Group_LLC__flmbke-23-02988__0001.0.pdf?mcid=tGE4TAMA CELSIUS NETWORK: Insurers Can Cover Execs' Defense Costs -------------------------------------------------------- Jonathan Randles of Bloomberg Law reports that a bankruptcy judge ruled Monday, July 10, 2023 that Celsius Network insurers can cover defense costs incurred by former CEO Alex Mashinsky and other current and former executives of the crypto lender in private lawsuits and federal and state regulatory investigations. Judge Martin Glenn authorized Celsius insurance providers to advance defense costs to the firm's current and former directors and officers. Insurers issued the underlying policy before Celsius filed Chapter 11 in July 2022 and provides a liability limit of $1.5 million, according to court documents. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankrupty counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC serve as the examiner's legal counsel and financial advisor, respectively. CENTEX REI: Fine-Tunes Plan Documents ------------------------------------- CenTex REI LLC submitted an Amended Plan of Reorganization dated July 11, 2023. The Debtor is proposing a plan of reorganization that contemplates the repayment of all secured and priority unsecured claims as well as a 100% dividend payout to all general unsecured creditors. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow generated by the sale of real properties through the operations of Debtor's business. The Debtor plans to pay 100% of its existing general unsecured creditor liabilities. All allowed administration expenses, secured claims and priority unsecured claims will be paid in full. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately one hundred cents on the dollar. Like in the prior iteration of the Plan, Class 3 Non-priority Unsecured Claims will be paid in full as funds are available from the sale of real property. Each claim shall be entitled to a pro rata amount of any excess sales proceeds available after the payment of secured creditors. Debtor will commence payment upon the closing of the sale of the first real property. A full-text copy of the Amended Plan of Reorganization dated July 11, 2023 is available at https://urlcurt.com/u?l=AKO4vy from PacerMonitor.com at no charge. Attorney for Debtor: Morris E. White III, Esq. Villa & White, LLP 1100 NW Loop 410 #802 San Antonio, TX 78213 Phone: (210) 225-4500 Fax: (210) 212-4649 Email: treywhite@villawhite.com About CenTex REI Centex REI, LLC, operates a residential real estate business. Centex REI filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-50371) on April 3, 2023, with $1 million to $10 million in both assets and liabilities. Judge Michael M. Parker oversees the case. Morris E. White III, Esq., at Villa & White, LLP, is the Debtor's legal counsel. CHASE COLLEGIATE: Case Summary & One Unsecured Creditor ------------------------------------------------------- Debtor: Chase Collegiate Land, LLC 1775 Village Center Circle Suite 110 Las Vegas, NV 89134 Chapter 11 Petition Date: July 13, 2023 Court: United States Bankruptcy Court District of Nevada Case No.: 23-12855 Judge: Hon. Hilary L. Barnes Debtor's Counsel: Brett A. Axelrod, Esq. FOX ROTHSCHILD LLP 1980 Festival Plaza Drive, Suite 700 Las Vegas, NV 89135 Tel: (702) 262-6899 E-mail: baxelrod@foxrothschild.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Frederick Waid as manager. The Debtor listed Rayford International, Inc. as its sole unsecured creditor holding a claim of $2.9 million. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CZFEPMQ/CHASE_COLLEGIATE_LAND_LLC__nvbke-23-12855__0001.0.pdf?mcid=tGE4TAMA COLONY DONKEY: Mark Weisbart Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 6 appointed Mark Weisbart of Hayward, PLLC as Subchapter V trustee for Colony Donkey, LLC. Mr. Weisbart will be paid an hourly fee of $515 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Weisbart 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 A. Weisbart Hayward, PLLC 10501 N. Central Expy, Suite 106 Dallas, TX 75231 Phone: (972) 755-7103 Phone/Fax Email: MWeisbart@HaywardFirm.com About Colony Donkey Colony Donkey, LLC owns and operates a restaurant in The Colony, Texas. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No. 23-41174) on July 3, 2023, with up to $50,000 in assets and up to $500,000 in liabilities. Jessica Putnam, managing member, signed the petition. Eric A. Liepins, Esq., represents the Debtor as legal counsel. CORONET CERAMICS: Unsecureds to Get 3.5 Cents on Dollar in Plan --------------------------------------------------------------- Coronet Ceramics, Inc., filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated July 11, 2023. The Debtor was formed in 1978, initially incorporated in the state of California, and throughout its history has primarily generated revenue through the sales of ceramic products, and more recently has offered fuel delivery services. The Plan Proponent's financial projections show that the Debtor will have projected disposable income $822 per month. The final Plan payment is expected to be paid on September 1, 2028. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 3.5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 7 Non-priority unsecured creditors shall be paid prorata a total sum of $50,000. The Plan will be funded through the ongoing business operations of the Debtor. The Debtor has reviewed its cash flow projections and financial situation and believes it has, and will continue to have, sufficient liquidity to operate its business and make the necessary distributions under the Plan. Post-confirmation, the Debtor's business will continue to be operated by its current President, Mia Goldberg. Ms. Goldberg will maintain responsibility for the day-to-day operations and the strategic direction of the business. Any changes to the existing management team, if necessary, will be consistent with the interests of creditors, equity security holders, and public policy. A full-text copy of the Plan of Reorganization dated July 11, 2023 is available at https://urlcurt.com/u?l=SgZKXp from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Seth D. Ballstaedt, Esq. Ballstaedt Law Firm 8751 W Charleston Blvd #230 Las Vegas, NV 89117 Tel: (702) 715-0000 Email: help@bkvegas.com About Coronet Ceramics Coronet Ceramics Inc., a Las Vegas-based ceramic manufacturing company, filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 23-11425) on April 12, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Jeanette E. McPherson has been appointed as Subchapter V trustee. Judge Mike K. Nakagawa oversees the case. The Debtor is represented by Seth D. Balstaedt, Esq., at Ballstaedt Law Firm. CSC 1 LLC: Court OKs Cash Collateral Access on Final Basis ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York authorized CSC 1 LLC to use of cash collateral on a final basis in accordance with the budget, with a 20% variance. The Debtor requires the use of cash collateral for the continued preservation and maximization of the Debtor's estate. The New York State Department of Taxation and Finance has a secured first priority claim established by the filing of tax warrants of approximately $105,000. Mission Valley Bank and Vital Cap (Emerald Group Holdings LLC) have filed UCC-1 financing statements against the Debtor, which financing statements document loans that are junior to DTF's as to their secured interest. Between the Junior Creditors, Mission Valley Bank has priority over Vital Cap Fund. In addition to the existing rights and interests of DTF and the Junior Creditors in the Collateral and for the purpose of adequately protecting the DTF and the Junior Creditors from Collateral Diminution, the DTF and the Junior Creditors are granted replacement liens to the same extent, validity and priority that existed on the Petition Date, on all post-petition property of the Debtor's estate and all proceeds, rents, and profits thereof. The Replacement Liens are subject and subordinate only to: (a) United States Trustee fees payable under 28 U.S.C. section 1930 and 31 U.S.C. section 3717; (b) professional fees of duly retained professionals in the Chapter 11 case as may be awarded pursuant to Sections 330 or 331 of the Bankruptcy Code or pursuant to any monthly fee order entered in the Debtor's Chapter 11 case; (c) the fees and expenses of a hypothetical Chapter 7 trustee to the extent of $10,000; and (d) the recovery of funds or proceeds from the successful prosecution of avoidance actions pursuant to section 502(d), 544,545, 548, 549, 550 or 553 of the Bankruptcy Code. DTF and the Debtor have agreed that initial adequate protection payments will be $1,000 per month on the first of the month and any additional cash adequate protection payments to DTF will be evaluated as the case progresses. If an agreement is reached, a modified order will be submitted for Court approval, which will not require a separate hearing unless the Court so warrants. A copy of the order is available at https://urlcurt.com/u?l=aWnqVO from PacerMonitor.com. About CSC 1 LLC CSC 1 LLC operates a retail sandwich deli located at 99-103 Third Avenue in New York, serving drug free meats, nitrate-free north country smokehouse bacon, cage-free brown eggs, and Balthazar croissants. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10943) on June 16, 2023. In the petition signed by Richard D. Zaro, manager of owner, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Lisa G. Beckerman oversees the case. H Bruce Bronson, Esq., at Bronson Law Office, P.C., represents the Debtor as legal counsel. DAILEY LAW FIRM: Court OKs Interim Cash Collateral Access --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, authorized Dailey Law Firm PC to use the cash collateral of the Internal Revenue Service, the Michigan Department of Treasury, and On Deck Capital Inc. on an interim basis in accordance with the budget, with a 10% variance. The Debtor sought authority to use $525,800 of cash collateral for the first three months of the case. Prior to the Petition Date, the Debtor and the IRS, SOM, and On Deck were parties to various agreements. As a consequence of the foregoing, the IRS, SOM, and On Deck claim they possess valid and perfected security agreements in substantially all of the Debtor's property, whether tangible or intangible, and wherever located, and whether now or hereafter acquired and all cash, cash equivalents, proceed, products, and profits in existence before, on, or after the Petition Date. Retroactive to the Petition Date and without the necessity of any additional documentation or filings, as adequate protection for and to protect the IRS, SOM, and On Deck against any diminution in value of the pre-petition collateral, the Debtor grants to IRS, SOM, and On Deck a fully perfected replacement lien having the same validity as, on the same types of collateral (whether arising prior to, on or after the Petition Date) as and of the same relative lien priority as held by the IRS, SOM, and On Deck respective pre-petition liens and security interests held with respect to the collateral. The Adequate Protections Liens granted are in addition to all security interests, liens, rights of IRS, SOM, and On Deck existing as of the Petition Date. The relative priorities and rights of payment between and among IRS, SOM, and On Deck as of the Petition Date will remain the same as they were prior to the Petition Date and shall remain in full force and effect pursuant to the Order. A final hearing on the matter is set for August 3, 2023 at 11 a.m. A copy of the order is available at https://urlcurt.com/u?l=zWsbxL from PacerMonitor.com. About Dailey Law Firm PC Dailey Law Firm PC currently practices litigation in personal injury, medical malpractice, social security, class action, mass tort, and criminal defense. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-45970) on July 7, 2023. In the petition signed by Brian Dailey, president, the Debtor disclosed $50,000 in assets and up to $1 million in liabilities. Judge Maria L. Oxholm oversees the case. Scott M. Kwiatkowski, Esq., at Goldstein Bershad & Fried PC, represents the Debtor as legal counsel. DE LA REINA: SARE Files Subchapter V Case ----------------------------------------- De La Reina Developments Corporation filed for chapter 11 protection in the Southern District of Texas. The Debtor elected on its voluntary petition to proceed under Subchapter V of chapter 11 of the Bankruptcy Code. According to court filings, De La Reina Developments Corporation has $1,607,799 in debt owed to 1 to 49 creditors. The petition states that funds will be available to unsecured creditors. A teleconference meeting of creditors under 11 U.S.C. Section 341(a) is slated for August 8, 2023 at 11:00 p.m. About De La Reina Developments Corporation De La Reina Developments Corporation is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Debtor owns property 134 E. Bracebridge Circle, Spring Texas. The Debtor believes the Property's current value is between $1.24 million and $1.52 million. De La Reina Developments Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-32488) on July 3, 2023. In the petition filed by Juan Luis Perez Soberon, as president and director, the Debtor reported total assets of $1,520,000 and total liabilities of $1,607,799. Sylvia Mayer has been appointed as Subchapter V Trustee. The Debtor is represented by: Anabel King, Esq. Wauson King 134 E Bracebridge Circle Spring, TX 77382 Tel: 281-242-0303 Email: aking@w-klaw.com DIOCESE OF SYRACUSE: Jeff Anderson Represents Abuse Claimants ------------------------------------------------------------- In the Chapter 11 case of The Roman Catholic Diocese of Syracuse, New York, Jeff Anderson & Associates, P.A., filed a verified statement in accordance with Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that it is representing around 100 sexual abuse claimants. Due to confidentiality, each Claimant has been identified by their Sexual Abuse Proof of Claim Form number. The names and addresses of the confidential Claimants are available to permitted parties who have executed a confidentiality agreement and have access to the Sexual Abuse Claim Forms. Jeff Anderson & Associates individually represents each Claimant in partnership with other firms: * LaFave, Wein & Frament, PLLC 1 Wall Street Albany, NY 12205 * Steve Boyd, PC 2969 Main Street, Suite 100 Buffalo, NY 14214 * Carino Law LLC l5-65 208th Place Bayside, NY 11360 * Harding & Mazzotti, LLP 1 Wall Street Albany, NY 12205 * Michaels & Smolak l7 East Genesee Street, #401 Auburn, NY 13021 Jeff Anderson & Associates was individually retained by each Claimant to pursue claims for damages against The Roman Catholic Diocese of Syracuse, New York as a result of sexual abuse. This includes representing and acting on behalf of each Claimant in the Diocese's bankruptcy case. The firm may be reached at: Jeffrey R. Anderson, Esq. Michael G. Finnegan, Esq. Taylor C. Stippel, Esq. JEFF ANDERSON & ASSOCIATES, P.A. 366 Jackson Street, Suite 100 St. Paul, MN 55101 Telephone: 651-227-9990 E-mail: jeff@andersonadvocates.com mike@andersonadvocates.com taylor @andersonadvocates.com About The Roman Catholic Diocese of Syracuse The Roman Catholic Diocese of Syracuse, New York -- http://www.syracusediocese.org/-- through its administrative offices (a) provides operational support to the Catholic parishes, schools and certain other Catholic entities that operate within the territory of the Diocese in support of their shared charitable, humanitarian and religious missions; (b) conducts school operations by managing tuition and scholarship payments, employee payroll, and other school-related operating expenses for separately incorporated Diocesan schools, as well as providing parish schools with financial, operational and educational support; and (c) provides comprehensive risk management services to the OCEs through the Diocese's insurance program. The Roman Catholic Diocese of Syracuse, New York filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen A. Breen, chief financial officer, signed the petition. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Margaret M. Cangilos-Ruiz oversees the case. Bond, Schoeneck and King, PLLC serves as the Debtor's bankruptcy counsel. The Debtor also tapped Mullen Coughlin LLC as special counsel, Arete Advisors LLC as cybersecurity consultant, and Moxfive LLC as technical advisor. Stretto is the claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Debtor's bankruptcy case. The committee tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research Group, LLC as its bankruptcy counsel, local counsel and financial advisor, respectively. DIRECT MARKETING: Seeks Cash Collateral Access ---------------------------------------------- Direct Marketing Group, LLC asks the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, for authority to use cash collateral. The Debtor needs to use the funds in the DIP account to continue normal operations and maintain its going concern value. The Debtor believes that the parties that may have an interest in its cash collateral are: a. Blue Vine Capital, Inc. -- by way of Security Agreement and UCC1 financing statement number 20220054201K on April 19, 2022 with the North Carolina Secretary of State. b. Credibly Retail Capital, LLC -- by way of Security Agreement and UCC-1 financing statement number 20230037276C on March 22, 2023 with the North Carolina Secretary of State. c. Arena Funding Source, LLC -- by way of Security Agreement and UCC-1 financing statement numbers 20230056110A on May 3, 2023 and 20230079211J on June 22, 2023 with the North Carolina Secretary of State. At the time of the petition, the Debtor had cash on hand of approximately $11,715 in its bank accounts, all of which was transferred to the Debtor's DIP account after filing and personal property -- including inventory, equipment, furnishings, raw materials and finished goods -- valued at approximately $156,300. The Debtor believes its cash will be replenished through normal operations such that the total value of cash and personal property will increase over time. The Debtor proposes to adequately protect the Potential Secured Creditors by giving them a replacement lien on post-petition cash and personal property to the same extent, and with the same priority, as any pre-petition perfected lien. The Debtor further proposes adequate protection payments to Blue Vine in the amount of $1,415 and to Credibly in the amount of $1,754. The amounts are equal to the Debtor's expected secured payments to these creditors after its anticipated cram down in the Debtor's plan of reorganization. A copy of the motion is available at https://urlcurt.com/u?l=X2QL4Z from PacerMonitor.com. About Direct Marketing Group, LLC Direct Marketing Group, LLC is a North Carolina limited liability company that has operated for the past nine years as an online marketing company throughout the Southeastern U.S., focusing primarily in online marketing for automotive dealerships. Its principal, Ryan Fuller, worked for years in the automotive industry and his contacts and relationships have allowed the company to develop a large, reliable customer base. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-01891) on July 7, 2023. In the petition signed by Ryan Fuller, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. E.R. BAKEY: Wins Cash Collateral Access Thru Aug 15 --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, authorized E.R. Bakey, Inc. to use cash collateral on an interim basis in accordance with the budget, through August 15, 2023. Barrington Bank & Trust Company has a valid blanket lien on the Debtor's assets as of the bankruptcy filing date and the cash proceeds thereof. The Prepetition Secured Lender holds a security interest in all of the Debtor's assets by way of a valid lien duly filed. The Bank asserts the amount due and owing totals no less than $40,268. Other potential lien holders are: a) Ace Funding Source b) U.S Small Business Administration c) On Deck Capital d) Pay Pal Credit e) WebBank As adequate protection for its interest in the collateral, the Debtor will make monthly payments commencing on July 31 to these secured creditors in the following amount: i) Barrington Bank and Trust Company - $1,461 ii) Pay Pal - $500 In return for the Debtor's continued interim use of cash collateral, and for any diminution in value of lien holders' interest in the cash collateral from and after the petition date, the Prepetition Secured Lender and all Additional Lien Holders will receive an administrative expense claim pursuant to 11 U.S.C. section 507(b). In further return for the Debtor's continued interim use of cash collateral, the Prepetition Secured Lender and all Additional Lien Holders are granted a replacement lien in substantially all of the Debtor's assets, including cash collateral equivalents and the Debtor's cash and accounts receivable, among other collateral to the extent and validity as held pre-petition. The Debtor must maintain and pay premiums for insurance to cover the Collateral from fire, theft, and water damage, and the Prepetition Secured Lender and Additional Lien Holders consent to the payment of such premiums from their cash collateral. The Prepetition Secured Lender and all other Additional Lien Holders are granted replacement liens, attaching to the Collateral, but only to the extent of their pre-petition liens and only to the extent of priority that existed on the date of filing. This order is without prejudice to any future avoidance of any of the liens. A further hearing on the matter is set for August 15, 2023 at 1:30 p.m. A copy of the Court's order and the Debtor's budget is available at https://urlcurt.com/u?l=rB3OTZ from PacerMonitor.com. The Debtor projects $40,000 in income and $32,684 in total expenses for the period from July 11 to August 15, 2023. About E.R. Bakey, Inc. E.R. Bakey, Inc. is a subcontractor involved in material hauling for road projects involving the Illinois toll way system. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-06297) on May 12, 2023. In the petition signed by Eric Bakey, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Jacqueline Cox oversees the case. Richard G Larsen, Esq., at SpringerLarsenGreene, LLC, represents the Debtor as legal counsel. EDGEWATER CONSTRUCTION: Court OKs Cash Access Thru Aug 30 --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, authorized Edgewater Construction Group, Inc. to use cash collateral on an interim basis in accordance with the budget, through August 30, 2023. As previously reported by the Troubled Company Reporter, on February 25, 2022, the Debtor and Banesco USA entered into a loan transaction wherein Banesco provided a $500,000 revolving line of credit to the Debtor as evidenced by a revolving promissory note executed by the Debtor in favor of Banesco on even date. As security for the Banesco Loan, the Debtor granted a blanket lien upon substantially all of the Debtor's assets as evidenced by the UCC-1 Financing Statement 202201078862. In addition to the Debtor's assets, Edgewater 6962 LLC (an entity owned by Ulysses and Dulce Vazquez) granted Banesco a mortgage and assignment of rents in certain real property located at 6962 SW 47th Street, Miami, FL 33155. The Debtor is not aware of the exact current balance on the Banesco Loan as of the Petition Date but believes it to be approximately $500,000. On June 28, 2020, the Debtor obtained a COVID-19 Economic Injury Disaster Loan from the US Small Business Administration in the principal amount of $150,000. The EIDL Loan provides for a 30-year term from the date of the promissory note and bears interest at a rate of 3.75% per annum. In connection with the closing of the EIDL Loan, the SBA filed a form UCC-1 Financing Statement with the Florida Secured Transaction Registry under File No. 202002560925, which indicates that the SBA has a perfected interest on all of the Debtor's assets. The Debtor is not aware of the exact current balance on the EIDL Loan as of the Petition Date but believes it to be approximately $155,250. The Court said all provisions and terms set forth in the First Interim Cash Collateral Order will remain unaltered and in full force and effect. A continued hearing on the matter is set for August 9, 2023 at 9:30 a.m. A copy of the Debtor's motion and budget is available at https://urlcurt.com/u?l=dPPV4s from PacerMonitor.com. Edgewater Construction Group Edgewater Construction Group, Inc. is a Miami-based company that provides general contractor services. The company has been in business since February 1999. Edgewater filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-12217) on March 22, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Ulysses Vazquez, II, president of Edgewater, signed the petition. Judge Laurel M. Isicoff presides over the case. The Debtor tapped Jacqueline Calderin, Esq., at Agentis, PLLC as bankruptcy counsel and Touron Law as special construction counsel. ENVISION HEALTHCARE: $2.20B Bank Debt Trades at 76% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Envision Healthcare Corp is a borrower were trading in the secondary market around 23.8 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $2.20 billion facility is a Term loan that is scheduled to mature on March 31, 2027. The amount is fully drawn and outstanding. Envision Healthcare Corporation provides health care services. The Hospital offers surgery, pharmacy, medical imaging, emergency care, and other related health care services. Envision Healthcare serves patients in the United States. ENVISION HEALTHCARE: Meland Budwick Updates List of PI Claimants ---------------------------------------------------------------- The law firm of Meland Budwick, P.A., filed on July 13, 2023, a first amended verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure, to update the list of personal injury claimants it is representing in the Chapter 11 cases of Envision Healthcare Corporation, et al. As of July 13, 2023, Meland Budwick represents these creditors in their capacity as personal injury claimants: 1. DeAngelo Barkley Murielle Barkley 2. Estate of Ivan Blakely Shavona Blakely Ivan Blakely, Jr. Javonna Nicola Blakely Shakayla Sharell Blakely, and J.R.B., a minor 3. Katherine (Frame) Dewar Rodrick Kyle Dewar 4. Chad Eric 5. Jerry Hall Debbie Hall Robert "Robb" Howell, Esq. 6. Mar Halphen Vanessa Halphen 7. Craig Janssen as personal representative of the Estate of Laura Janssen, deceased 8. Corina Kowalski Robert Kowalski, M.D. 9. Jeffrey Raymond LaGrasso Deborah Elizabeth LaGrasso I.D.L., a minor 10. Pamela Sue McLelland, as personal representative of the Estate of Warren Lex McLelland, deceased 11. Estate of Juanona Reed, Janice Cooper a/k/a Janice Russell Jhaniya Vontrell Knight X.M.R., a minor K.L.R., a minor 12. Jamie E. Roberts J.R., a minor L.R., a minor W.R., a minor 13. Luis Rodriguez Boada Luisa F. Rodriguez Neira 14. Patricia Ruberto, as Personal Representative of the Estate of Leo Ruberto, deceased 15. Melissa Shepard Brad Shepard N.S., a minor 16. Kevin Sparks Denise Sparks 17. Tara L. Suarez Cesar A. Suarez 18. Ashley Van Peer f/k/a Ashley Kidd Anna Van Peer 19. Stephen Vealey 20. Kelley Dawn Verbal 21. Richard Anthony Wyzik Zina Ann Figgiani-Wyzik B.A.W, a minor 22. Caroline Washington c/o Nicholas C. Johnson, Esq. Cohen Milstein Sellers & Toll PLLC 11780 US Highway One, Suite N500 Palm Beach Gardens, FL 33408 E-mail: njohnson@cohenmilstein.com Tel: (561) 515-1400 Caroline Washington asserts unliquidated and unsecured claims for professional medical negligence and vicarious liability against Debtors Envision Physician Services, LLC and Sheridan Healthcorp, Inc. Caroline Washington v. Steven Benson, CRNA, et al., Case No. 50-2023-CA- 009545-XXXX-MB (15th Jud. Cir., Palm Beach Cty., Florida). The PI Claimants' counsel in the Chapter 11 cases can be reached at: James C. Moon, Esq. MELAND BUDWICK, P.A. 3200 Southeast Financial Center 200 South Biscayne Boulevard Miami, FL 33131 Telephone: (305) 358-6363 Telecopy: (305) 358-1221 E-mail: jmoon@melandbudwick.com About Envision Healthcare Corporation Envision Healthcare Corporation -- http://www.EnvisionHealth.com/ -- is a national medical group that delivers physician and advanced practice provider services, primarily in the areas of emergency and hospitalist medicine, anesthesiology, radiology, teleradiology and neonatology. As a leader in ambulatory surgical care, AMSURG holds ownership in more than 250 surgery centers in 41 states and the District of Columbia, with medical specialties ranging from gastroenterology to ophthalmology and orthopedics. In total, the medical group offers a differentiated suite of clinical solutions on a national scale with a local understanding of communities, creating value for health systems, payers, providers and patients. On May 15, 2023, Envision and affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90342). Envision reported $1 billion to $10 billion in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Jackson Walker, LLP as conflict counsel and co-counsel with Kirkland & Ellis; Alvarez & Marsal North America, LLC as restructuring advisor; PJT Partners, LP as investment banker; and KPMG, LLP as tax consultant. Kroll Restructuring Administration, LLC is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by White & Case, LLP. EQUISEK INC: Court OKs Continued Cash Collateral Access ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts authorized Equisek, Inc. to continue using cash collateral through the effective date of a plan of reorganization. As previously reported by the Troubled Company Reporter, UniBank for Savings and the U.S. Small Business Administration assert an interest in the Debtor's cash collateral. As adequate protection to UniBank and the SBA: a. The Debtor will grant to UniBank and the SBA continuing replacement liens and security interests to the same validity, extent and priority that each would have had in the absence of the bankruptcy filing; b. The Debtor will remain within its Budget, within an overall margin of 10%. c. The Debtor will make monthly adequate protection payments to UniBank in the amount of $1,624; d. The Debtor will make monthly adequate protection payments to the SBA in the amount of $2,377; e. The Debtor make the regular contractual payments due to Citizens on account of the Vehicle Loan in the amount of $696 per month; and f. Application of payments to principal, interest or otherwise will be subject to further Court order. A copy of the order is available at https://urlcurt.com/u?l=mxRdar from PacerMonitor.com. About Equisek, Inc. Equisek, Inc. specializes in daily, weekly and monthly rentals of computer and audio-visual technology. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-40048) on January 20, 2023. In the petition signed by Ralph Tirro, president, the Debtor disclosed $432,840 in assets and $1,066,463 in liabilities. Judge Elizabeth D. Katz oversees the case. David B. Madoff, Esq., at Madoff and Khoury LLP, represents the Debtor as counsel. EQUISEK INC: Subchapter V Plan Confirmed by Judge ------------------------------------------------- Judge Elizabeth D. Katz has entered an order confirming the Subchapter V Plan of Reorganization of Equisek, Inc. The Debtor has proposed the Plan in good faith and not by any means forbidden by law. All payments made or promised under the Plan for services or for costs and expenses in or in connection with this Chapter 11 case, or in connection with the Plan and incident to the Chapter 11 case, have been disclosed to the Court, are reasonable, and have been approved by the Court, or shall be approved by separate order. Accordingly, the requirements of section 1129(a)(4) of the Bankruptcy Code have been met. The Plan provides adequate means for the execution and implementation of the Plan. Accordingly, the Plan complies with section 1123(a)(5) of the Bankruptcy Code. Each holder of a Claim in an impaired class has either accepted the Plan or will receive or retain under the Plan on account of such Claim or interest property of a value, as of the Effective Date of the Plan, that is not less than the amount that such holder would receive or retain if the Debtor's assets were liquidated under Chapter 7 of the Bankruptcy Code on such date. Accordingly, the Plan complies with section 1129(a)(7)(A) of the Bankruptcy Code. The Plan is feasible. The Debtor has proffered evidence that its Plan Budget is attainable and that the payments proposed to be made under the Plan are realistic and feasible so that confirmation and consummation of the Plan are not likely to be followed by the liquidation, or the need for further financial reorganization, of the Debtor. Accordingly, the Plan complies with section 1129(a)(11) of the Bankruptcy Code. A full-text copy of the Plan Confirmation Order dated July 10, 2023 is available at https://urlcurt.com/u?l=gLPcw5 from PacerMonitor.com at no charge. Debtor's Counsel: David B. Madoff, Esq. Steffani M. Pelton, Esq. Madoff & Khoury, LLP 124 Washington Street Foxboro, MA 02035 Phone: 508-543-0040 Email: madoff@mandkllp.com About Equisek Inc. Equisek, Inc. specializes in daily, weekly and monthly rentals of computer and audio visual technology. The company is based in Marlborough, Mass. Equisek filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 23-40048) on Jan. 20, 2023, with $432,840 in assets and $1,066,463 in liabilities. Ralph Tirro, president of Equisek, signed the petition. David B. Madoff, Esq., at Madoff & Khoury, LLP, is serving as the Debtor's legal counsel. EQUIVALENT FINANCIAL: Unsecureds to Split $7,200 over 36 Months --------------------------------------------------------------- Equivalent Financial, LLC, submitted a Corrected First Amended Plan of Reorganization dated July 11, 2023. This First Amended Plan of Reorganization proposes to pay creditors of the Debtor from its net disposable income. This is a 36-month Plan. The Debtor anticipates that the First Amended Plan will be confirmed with the consent of the largest creditors in the case and does not anticipate any objections to the First Amended Plan. The Debtor anticipates that the Plan will be confirmed in July of 2023, the Plan will be effective on or about August 1, 2023, the first monthly distribution to unsecured creditors will be made on August 1, 2023 and the final monthly distribution to unsecured creditors will be made on July 1, 2026. The distributions under the Plan will be derived from (i) existing cash on hand on the Effective Date, and (ii) revenues generated by continued business operations. The financial projections are based on the Debtor's current operations and the amount of claims as filed. The Debtor anticipates some increase in revenue and also intends to object to claims in order to reduce amounts due to creditors which should decrease the monthly payments under this Plan. These numbers will be amended as necessary and appropriate. Class consists of 7 All Unsecured Claims, including the unsecured portions of any bifurcated claims of the Creditors in Classes 2 through 6 and any remaining unsecured claims. Class 7 claims are impaired by the Plan. Except as may be provided for in another provision of this Plan, every holder of a non-priority unsecured claim shall receive its pro-rata share of the Debtor's projected disposable income as defined by Section 1191(d) of the Bankruptcy Code. Payments shall be made on a monthly basis over a period of 3 years, commencing August 1, 2023 or one month after the Effective Date, whichever is later. The minimum amount paid into this class is $7,200.00. The Current Unsecured Claims Pool total $696,480.94. Class 8 consists of Equity interests in the Debtor. Class 8 is impaired under the plan. Holders of equity interests shall retain their interests. Payments required under the Plan will be funded from (i) existing cash on hand on the Effective Date, and (ii) revenues generated by continued operations. A full-text copy of the Corrected First Amended Plan dated July 11, 2023 is available at https://urlcurt.com/u?l=nnIbYt from PacerMonitor.com at no charge. Counsel for the Debtor: Robert Reynolds, Esq. Law Offices Of Robert F. Reynolds, P.A. 515 East Las Olas Blvd. 850 Fort Lauderdale, FL 33301 Tel: (954) 755-9928 Email: rreynolds@robertreynoldspa.com About Equivalent Financial Miami, Fla.-based Equivalent Financial, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 21-15250) on May 28, 2021. Thomas Fuhrman, managing member, signed the petition. In the petition, the Debtor disclosed total assets of up to $50,000 and total liabilities of up to $10 million. Judge Jay A. Cristol oversees the case. The Law Offices Of Robert F. Reynolds, P.A. serves as the Debtor's legal counsel. EVANGELICAL RETIREMENT: Court OKs Interim Cash Access ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, authorized Evangelical Retirement Homes of Greater Chicago, Incorporated, d/b/a Friendship Village of Schaumburg, to use cash collateral on an interim basis, in accordance with the budget, with a 10% variance. UMB Bank, N.A. is the bond trustee under a Bond Trust Indenture dated as of December 1, 2017, by and between the Illinois Finance Authority and the Debtor. The Bond Trustee holds a perfected first priority security interest on certain real and personal property owned by the Debtor. The Indenture and the liens granted thereunder secure two separate obligations: a. Illinois Finance Authority Revenue Bonds, Series 2017 (Friendship Village of Schaumburg) in the aggregate principal amount of $122.55 million pursuant to the Bond Indenture which on April 30, 2023, had a principal balance of $115.18 million and interest due of $6.2 million, totaling $120.77 million; and b. Evangelical Retirement Homes of Greater Chicago, Incorporated Direct Note Obligation, Series 2017 (UMB Bank, National Association - Friendship Senior Options, NFP Guaranty), in the original principal amount of $13.75 million and having as of January 31, 2023, a current principal amount due of approximately $10.11 million principal and $153,387 interest, totaling $10.27 million. The bond debt secured by the liens and security interests of the Bond Trustee totals $131.1 million. As adequate protection, the Bond Trustee is granted valid, perfected, and enforceable senior priority replacement liens in (i) all assets of the Debtor existing on or after the Petition Date of the same type as the Pre-Petition Collateral, together with the proceeds, rents, products, and profits thereof, whether acquired or arising before or after the Petition Date, to the same extent, validity, perfection, enforceability, and priority of the liens and security interests of the Bond Trustee as of the Petition Date; and (ii) all other assets of the Debtor of any kind or nature whatsoever within the meaning of 11 U.S.C. section 541. As additional adequate protection for any Diminution in Value, the Bond Trustee will have a superpriority administrative expense claim pursuant to 11 U.S.C. section 507(b) with recourse to and payable from any and all assets of the Debtor's estate, except the account ending in 4931 at Schaumburg Bank & Trust Company, N.A. A final hearing on the matter is set for August 4 at 10 a.m. A copy of the Court's order and the Debtor's budget is available at https://urlcurt.com/u?l=1L7OTG from PacerMonitor.com. The Debtor projects total operating disbursements, on a weekly basis, as follows: $2,985,292 for the week ending June 30, 2023; $497,408 for the week ending July 7, 2023; $1,201,069 for the week ending July 14, 2023; $1,206,052 for the week ending July 21, 2023; and $1,206,052 for the week ending July 28, 2023. 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. The Debtor tapped Bruce C. Dopke, Esq., at Dopkelaw, LLC and Polsinelli, PC as legal counsels, and WYSE Advisors, LLC as financial advisor. The U.S. Trustee for Region 11 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Crane, Simon, Clar & Goodman. EYECARE PARTNERS: $250M Bank Debt Trades at 23% Discount -------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 76.8 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $250 million facility is a Term loan that is scheduled to mature on November 15, 2028. About $248.1 million of the loan is withdrawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. EYECARE PARTNERS: $300M Bank Debt Trades at 28% Discount -------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 72.5 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $300 million facility is a Term loan that is scheduled to mature on November 15, 2029. The amount is fully drawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. EYECARE PARTNERS: $440M Bank Debt Trades at 21% Discount -------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 78.8 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $440 million facility is a Term loan that is scheduled to mature on November 15, 2028. The amount is fully drawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. EYECARE PARTNERS: $750M Bank Debt Trades at 18% Discount -------------------------------------------------------- Participations in a syndicated loan under which Eyecare Partners LLC is a borrower were trading in the secondary market around 81.6 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $750 million facility is a Term loan that is scheduled to mature on February 20, 2027. The amount is fully drawn and outstanding. EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a medically focused eye care services provider. EyeCare Partners is vertically integrated, providing optometry, ophthalmology and retail products. FARADAY FUTURE: Appoints Jonathan Maroko as Interim CFO ------------------------------------------------------- Faraday Future Intelligent Electric Inc. announced the appointment of Jonathan Maroko as interim chief financial Officer, effective July 24, 2023, replacing Yun Han, who will continue in her role as the Company's chief accounting officer, effective July 5, 2023. Prior to joining Faraday Future, Mr. Maroko has served as external CFO at several companies during their growth phase including Gladstein Neandross & Associates, Willow, Lifeforce A-Frame Brands, Kwell Labs and Arcadia Earth. Reporting to Mr. Xuefeng Chen, Global CEO of FF, Mr. Maroko brings over 17 years of investment and finance experience to the role of CFO, previously serving as Discretionary Global Macro Portfolio Manager at Mulholland Vista Capital Advisors, LLC, as an Investment Analyst at Vanadium Capital Management, and beginning his career as investment Banking Analyst at Bank of America Merrill Lynch. Mr. Maroko earned a Bachelor of Science in Business (Accounting and Finance) from Indiana University, Kelley School of Business. With the appointment, FF has formed a finance and capital markets team consisting of Interim CFO Jonathan Maroko, CAO Yun Han, and recently joined Head of Finance Operations Edward (Ed) Darwick. This team will contribute to improving FF's investment and financing management, internal controls, while enhancing financial operations. "We are very excited to welcome Jonathan to our growing finance team and thank Yun for her continued contributions to FF as we are entering our next stage of product deliveries and a complete operational cycle," said Xuefeng Chen, Global CEO of Faraday Future. "Jonathan brings a wealth of financial experience to the Company at this crucial period, the newly formed finance and capital market team will help the Company to strengthen the cash flow management, financial management, and Financial Planning & Analysis to support the rapid development of the Company's business, which will help attract strategic investors and grow the Company as FF establishes a strong presence in the global EV marketplace." The Company also announced that the Audit Committee of the Company's Board of Directors determined, based on the recommendation of management that the Company's previously issued financial statements included in the Company's Annual Report on Form 10-K for the period ended Dec. 31, 2022 and Quarterly Reports on Form 10-Q for the periods ended March 31, 2023 and Sept. 30, 2022 should no longer be relied upon due to errors identified in the Affected Periods primarily due to an error stemming from a non-cash and non-operating item related to the change in the fair value upon conversion of the notes issued under the Company's Securities Purchase Agreements. The Company is actively working on the restatements and expects to file restated financial statements for the Affected Periods on Form 10-K/A and Form 10-Q/A, as applicable, as soon as reasonably practical. Due to this restatement, the previously issued financial statements for the Affected Periods, as well as the relevant portions of any communication which describes or are based on such financial statements, should no longer be relied upon. The Company does not anticipate that the restatement of the previously issued financial statements for the Affected Periods will impact its previously announced FF 91 2.0 Futurist Alliance delivery timeline. The Company intends to hold a shareholder communication meeting next Monday after the close of market. About Faraday Future Gardena, CA-based Faraday Future (NASDAQ: FFIE) -- http://www.ff.com-- is a luxury electric vehicle company. The Company has pioneered numerous innovations relating to its products, technology, business model, and user ecosystem since inception in 2014. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet. Faraday Future reported a net loss of $552.07 million for the year ended Dec. 31, 2022, a net loss of $516.50 million for the year ended Dec. 31, 2021, compared to a net loss of $147.08 million for the year ended Dec. 31, 2020. New York, NY-based Mazars USA LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 9, 2023, citing that the Company has incurred operating losses since inception, has continued cash outflows from operating activities, and has an accumulated deficit. These conditions raise substantial doubt about its ability to continue as a going concern. FILE STORAGE: William Homony Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed William Homony of Miller Coffey Tate, LLP as Subchapter V trustee for File Storage Partners, LLC. Mr. Homony 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. Homony declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: William A. Homony, CIRA Miller Coffey Tate, LLP 1628 John F. Kennedy Boulevard, Suite 950 Philadelphia, PA 19103 Telephone: (215) 561-0950 ext. 26 Fax: (215) 561-0330 Email: bhomony@mctllp.com About File Storage Partners File Storage Partners, LLC offers data processing, hosting, and related services. The company is based in San Juan, P.R. File Storage Partners filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Case No. 23-10877) on June 30, 2023, with $12,230,623 in assets and $30,962,750 in liabilities. Timothy Furey, chief restructuring officer, signed the petition. Judge Craig T. Goldblatt oversees the case. Evan T. Miller, Esq., at Bayard, P.A. represents the Debtor as legal counsel. FIRST TO THE FINISH: Wins Cash Collateral Access Thru Aug 17 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Illinois authorized Michael E. Collins, the Chapter 11 Trustee for First to the Finish Kim and Mike Viano Sports Inc., to use cash collateral until August 17, 2023. The terms of the Agreed Interim Cash Collateral Order dated July 11, 2023, are extended until the August 17 hearing date. CNB Bank & Trust, N.A., Nike USA, Inc., and the Bank of Springfield have asserted a perfected security interest in the Debtor's bankruptcy estate. As adequate protection, the Secured Lenders are granted access to examine the books and records of the Debtor and take an inventory of assets of the Estate. The parties will use their best efforts to coordinate on mutually available dates and times to avoid duplication and disruptions on the operations. As further adequate protection, and only to the extent of (a) the diminution of value of a Secured Lender's interest in the Prepetition Collateral occurring from the Petition Date to the Termination Date, and (b) the prepetition validity and priority of each the Secured Lender's respective security interests in the Prepetition Collateral, the Secured Lenders are granted valid and perfected, security interests in, and liens including, but not limited to, replacement liens on all of the right, title, and interest of the Estate. A copy of the Court's order is available for free at https://urlcurt.com/u?l=DkU8Iz from PacerMonitor.com. About First to the Finish Kim and Mike Viano Sports Inc. First to the Finish Kim and Mike Viano Sports Inc. sells sporting goods, hobbies, and musical instruments. First to the Finish Kim and Mike Viano Sports filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ill. Case No. 20-30955) on October 7, 2020. The petition was signed by Mike Viano, president. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Laura K. Grandy oversees the case. The Debtor is represented by Carmody MacDonald P.C. The Chapter 11 Trustee, Michael E. Collins, is represented by Manier & Herod, P.C. CNB Bank & Trust, N.A., as secured lender, is represented by Silver Lake Group, Ltd. Nike USA, Inc., also a secured lender, is represented by A.M. Saccullo Legal. FITNESS FACTORY: Matthew Brash Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for the Fitness Factory, Inc. Mr. Brash will be paid an hourly fee of $395 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel. (847) 404-7845 Email: mbrash@newpointadvisors.us About The Fitness Factory The Fitness Factory, Inc. owns 100% interest in land trust of a 35,000-square-foot roller skating rink and fitness facility in Chicago. The current value of the Debtor's interest in the property is $2.1 million. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-08357) on June 26, 2023, with $2,330,159 in assets and $1,365,056 in liabilities. Carlos Pouncy, president, signed the petition. Judge Janet S. Baer oversees the case. David P. Leibowitz, Esq., at the Law Offices of David P. Leibowitz, LLC represents the Debtor as counsel. FOCUSED ENTERPRISES: Gerard Luckman Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP, as Subchapter V trustee for Focused Enterprises Ltd. Mr. Luckman will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Focused Enterprises Focused Enterprises Ltd., doing business as Brown Sugar Bar & Restaurant, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42379) on July 6, 2023, with $1 million to $10 million in assets and liabilities. Greg Jordan, president, signed the petition. Judge Jil Mazer-Marino oversees the case. Charles Wertman, Esq., at The Law Offices of Charles Wertman represents the Debtor as counsel. FOR PAWS BLUE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: For Paws Blue Cross Animal Hospital LLC FKA Blue Cross Animal Hospital For Paws For Paws Animal Hospital 1396 S Main St North Canton, OH 44720-4244 Business Description: The Debtor is a full-service animal hospital. It provides general medical care, vaccines, flea and tick medications, laboratory work, dental cleanings, and surgery, as well as preventative care and education. Chapter 11 Petition Date: July 14, 2023 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 23-60829 Judge: Hon. Tiiara NA Patton Debtor's Counsel: Anthony J. DeGirolamo, Esq. ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW 3930 Fulton Dr NW Ste 100B Canton, OH 44718-3040 Tel: (330) 305-9700 Fax: (330) 305-9713 Email: tony@ajdlaw7-11.com Debtor's Accountant & Financial Advisor: COWGILL & COMPANY LLC Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jennifer D. Jellison, DVM 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/B43RKCI/For_Paws_Blue_Cross_Animal_Hospital__ohnbke-23-60829__0001.0.pdf?mcid=tGE4TAMA FOREST CITY: $1.24B Bank Debt Trades at 17% Discount ---------------------------------------------------- Participations in a syndicated loan under which Forest City Enterprises LP is a borrower were trading in the secondary market around 83.5 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.24 billion facility is a Term loan that is scheduled to mature on December 7, 2025. About $890 million of the loan is withdrawn and outstanding. Forest City Enterprises, L.P. provides real estate services. The Company develops, owns, acquires, and manages real estate properties. Forest City Enterprises serves regional malls, retail centers, office buildings, campuses, multi-family properties, and residential communities in the United States. FTX TRADING: Media Wins Bid to Unseal Names of Non-U.S. Customers ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware denied the request of the Ad Hoc Committee of Non-US Customers of FTX.com to file under seal the Verified Statement of Eversheds Sutherland (US) LLP and Morris, Nichols, Arsht & Tunnell LLP pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. In an order entered July 10, 2023, Judge John T. Dorsey ordered that no later than 30 days, the Ad Hoc Committee must file on the public docket an unredacted, amended verified statement pursuant to Bankruptcy Rule 2019, disclosing the members of the Ad Hoc Committee as of that date. The verified statement and the verified first supplemental statement previously filed by the Ad Hoc Committee under seal shall be deemed withdrawn and stricken from the record. In its Motion, the Ad Hoc Committee sought an order to file under the verified statement and any other filings that contain: (i) the names of the Ad Hoc Committee's members that are individual, natural born persons (the "Personally Identifying Information"); and (ii) the names of the Ad Hoc Committee's members that are business entities (the "Entities"). The Ad Hoc Committee is a collective group of FTX customers who hold accounts on the FTX.com platform. The Ad Hoc Committee currently has 27 members serving in individual or representative capacities that together held over $2.0 billion in assets in their FTX.com customer accounts as of the Petition Date. The Members reside or operate in over a dozen countries across the world and range from small individual holders and investment funds to large institutional market makers and asset managers. In January 2023, at the motion of the Debtors, the Court determined that the names of customers of the Debtors are confidential commercial information that should remain sealed pursuant to Section 107(b) of the Bankruptcy Code. At the Jan. 11, 2023 hearing, the Court authorized the Debtors to continue to redact the names and addresses of customers for an additional three months. The Ad Hoc Committee of Non-U.S. Customers asserts that the Personally Identifying Information should remain under seal because the individual Members' names are a "means of identification" under Section 107(c), which, if disclosed, would subject the individual Members to undue risk of identity theft and other unlawful injury. The Personally Identifying Information should also remain under seal because it is protected by foreign data privacy laws, the Committee adds. The Media Intervenors and the United States Trustee, however, filed objections to the Motion. The Media Intervenors -- Bloomberg L.P., Dow Jones & Company, Inc., The New York Times Company and The Financial Times Ltd -- objected to (1) the motion of the Ad Hoc Committee to file under seal its Rule 2019 Statement and the declaration of one of its members; and (2) any extension or continuance of the 90-day period during which the Court has permitted the names of FTX's customer-creditors to remain sealed in Debtors' filings. "The First Amendment to the Constitution of the United States and the Bankruptcy Code guarantee the press and public a presumptive right of access to bankruptcy filings. Litigants who seek to overcome the public's right of access to bankruptcy filings and seal information that is presumptively public bear a heavy burden to justify such secrecy. Here, Debtors previously sought to seal the names of all creditors who are also customers of FTX Trading Ltd. ("FTX"), prompting entry of the Redaction Order; the Committee, for its part, now seeks to seal the names of all of its members, a group of "non-U.S." customer-creditors. Debtors and the Committee -- who rely on substantially overlapping arguments and evidence -- have failed to carry their burden to justify continued sealing. In particular, the evidence they rely on fails to establish that the names of FTX's customer-creditors constitute confidential commercial information under Sec. 107(b)(1) and fails to establish that disclosing the names of FTX's individual customer-creditors would expose those individuals to an "undue risk of identity theft or other unlawful injury" pursuant to Sec. 107(c)," the Media Intervenors said. In its objection, the U.S. Trustee said the Motions should be denied, except as to allow the redaction from public filings of the addresses and e-mail addresses -- but not names –- of individuals who are customers or other creditors of the Debtors, with unredacted versions of the documents directed to be filed under seal with the Court. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent. The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FULL-CIRCLE ATHLETE: Jodi Daniel Dubose Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Jodi Daniel Dubose, Esq., at Stichter, Riedel, Blain & Postler P.A. as Subchapter V trustee for Full-Circle Athlete, LLC. Ms. Dubose will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Dubose declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jodi Daniel Dubose, Esq. Stichter, Riedel, Blain & Postler P.A. 41 N. Jefferson Street, Suite 111 Pensacola, FL 32502 Phone: (850) 637-1836 Email: jdubose@srbp.com About Full-Circle Athlete Full-Circle Athlete, LLC, doing business as D1 Training Tallahassee, is a membership-based state-of-the-art training facility in Tallahassee, Fla. It offers one-on-one training, group activities that encourage goal setting, and an environment that promotes achievement. Full-Circle Athlete filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 23-40240) on July 5, 2023, with $100,241 in assets and $1,152,349 in liabilities. John Simmons, manager, signed the petition. Michael Moody, Esq., at Michael H. Moody Law, P.A. is the Debtor's legal counsel. GALLERIA 2425: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Galleria 2425 Owner LLC asks the U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division, for authority to use cash collateral to continue its operations on an interim basis. The Debtor's primary asset is a Class A office building located at 2425 West Loop South, Houston, Texas 77027. The Property is fully covered by commercial property and liability insurance. As of the Petition Date, the Debtor was allegedly indebted to National Bank of Kuwait, S.A.K.P., New York Branch, pursuant to a loan made to the Debtor by NBK. The Loan is evidenced by: (i) a Loan Agreement by and between the Debtor and NBK dated May 23, 2018; (ii) a Promissory Note dated May 23, 2018, made by the Debtor in the original principal amount of $60,212,817 in favor of NBK; and (iii) the Deed of Trust, Assignment of Leases and Rents and Profits, Security Agreement and Fixture Filing dated May 23, 2018, by and between the Debtor and NBK. As adequate protection, the Debtor proposes to provide the following as adequate protection to secured creditors to the extent of any diminution in the value of their respective collateral: a. superpriority claims, pursuant to 11 U.S.C. sections 361(2), 363(c)(2), 364(d)(1), 503(b)(1), 507(a)(2) and 507(b) with such superpriority claims to be senior to all other postpetition superpriority claims, subject to a carve-out for professional fees and fees owed to the United States Trustee as reflected in the budget; and b. replacement liens on all property now owned or hereafter acquired by the Debtor, with the liens to be subordinate only to the liens of any applicable taxing authority, and subject to a carve-out for professional fees and fees owed to the United States Trustee in accordance with the budget. A copy of the motion is available at https://urlcurt.com/u?l=UUj0TJ from PacerMonitor.com. About Galleria 2425 Owner LLC Galleria 2425 Owner LLC owns a Class A office building located at 2425 West Loop South, Houston, Texas 77027. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-60036) on July 5, 2023. In the petition signed by Dward Darjean, manager, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. The Debtor is a Single Asset Real Estate as defined in 11 U.S.C. Section 101(51B). Judge Christopher M. Lopez oversees the case. Melissa S. Hayward, Esq., at Hayward PLLC, represents the Debtor as legal counsel. GAUCHO GROUP: Investors Convert Notes Into Equity ------------------------------------------------- Gaucho Group Holdings, Inc. previously reported in its Current Report on Form 8-K as filed with the Securities and Exchange Commission on Feb. 21, 2023, on Feb. 21, 2023, that the Company entered into a Securities Purchase Agreement with an institutional investor, pursuant to which the Company agreed to sell to the investor a series of 7% senior secured convertible notes of the Company in the aggregate original principal amount of $5,617,978, and a series of common stock purchase warrants of the Company, which warrants are exercisable into an aggregate of 3,377,099 shares of common stock of the Company for a term of three years. On July 3, 2023, at the election of the investor, a total of $120,000 of principal, $9,979 of interest, and $19,467 of premium was converted into 329,416 shares of common stock of the Company at a conversion price of $0.4538 per share. For this sale of securities, there was no general solicitation and no commissions paid, all purchasers were accredited investors, and the Company is relying on the exemption from registration available under Section 4(a)(2) and/or Rule 506(b) of Regulation D promulgated under the Securities Act with respect to transactions by an issuer not involving any public offering. A Form D was filed with the SEC on March 3, 2023. As previously reported in the Company's Current Report on Form 8-K as filed with the SEC on Feb. 21, 2023, on Feb. 21, 2023, Gaucho Group entered into a Securities Purchase Agreement with an institutional investor, pursuant to which the Company agreed to sell to the investor a series of 7% senior secured convertible notes of the Company in the aggregate original principal amount of $5,617,978, and a series of common stock purchase warrants of the Company, which warrants are exercisable into an aggregate of 3,377,099 shares of common stock of the Company for a term of three years. On June 27, 2023, at the election of the investor, a total of $80,000 of principal, $7,179 of interest, and $13,077 of premium was converted into 329,416 shares of common stock of the Company at a conversion price of $0.4638 per share. A Form D was filed with the SEC on March 3, 2023. For this sale of securities, there was no general solicitation and no commissions paid, all purchasers were accredited investors, and the Company is relying on the exemption from registration available under Section 4(a)(2) and/or Rule 506(b) of Regulation D promulgated under the Securities Act with respect to transactions by an issuer not involving any public offering. About Gaucho Group Headquartered in New York, NY, Gaucho Group Holdings, Inc. -- http://www.algodongroup.com-- was incorporated on April 5, 1999. Effective Oct. 1, 2018, the Company changed its name from Algodon Wines & Luxury Development, Inc. to Algodon Group, Inc., and effective March 11, 2019, the Company changed its name from Algodon Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly owned subsidiaries, GGH invests in, develops and operates real estate projects in Argentina. GGH operates a hotel, golf and tennis resort, vineyard and producing winery in addition to developing residential lots located near the resort. In 2016, GGH formed a new subsidiary and in 2018, established an e-commerce platform for the manufacture and sale of high-end fashion and accessories. The activities in Argentina are conducted through its operating entities: InvestProperty Group, LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its wines in Europe through its United Kingdom entity, Algodon Europe, LTD. Gaucho Group reported a net loss of $21.83 million for the year ended Dec. 31, 2022, compared to a net loss of $2.39 million for the year ended Dec. 31, 2021. As of March 31, 2023, the Company had $21.01 million in total assets, $8.60 million in total liabilities, and $12.40 million in total stockholders' equity. New York, NY-based Marcum LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. GLOBAL AVIATION: Exclusivity Period Extended to July 28 ------------------------------------------------------- Judge Mitchell L. Herren of the U.S. Bankruptcy Court for the District of Kansas extended Global Aviation Technologies LLC's exclusive period to file a disclosure statement and plan to July 28, 2023. Judge Herren also extended the Debtor's exclusive period to obtain confirmation of the plan to September 28, 2023. Global Aviation Technologies LLC is represented by: Nicholas R. Grillot, Esq. Lora J. Smith, Esq. 1617 N. Waterfront Parkway, Ste. 400 Wichita, KS 67206-6639 HINKLE LAW FIRM LLC Tel: (316) 660-6211 / Fax: (316) 660-6523 Email: ngrillot@hinklaw.com lsmith@hinklaw.com About Global Aviation Technologies LLC Global Aviation Technologies LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 23-10111) on February 20, 2023. In the petition signed by Candace Cottner, managing member and director of finance, the Debtor disclosed up to $500,000 in assets and up to $50 million in liabilities. Judge Mitchell L. Herren oversees the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the Debtor as legal counsel. GLOBAL MEDICAL: $1.94B Bank Debt Trades at 40% Discount ------------------------------------------------------- Participations in a syndicated loan under which Global Medical Response Inc is a borrower were trading in the secondary market around 60.2 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.94 billion facility is a Term loan that is scheduled to mature on March 14, 2025. About $1.85 billion of the loan is withdrawn and outstanding. Global Medical Response Inc and GMR Buyer Corp provide emergency air medical services. GLOBAL MEDICAL: $1.98B Bank Debt Trades at 40% Discount ------------------------------------------------------- Participations in a syndicated loan under which Global Medical Response Inc is a borrower were trading in the secondary market around 60.1 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.98 billion facility is a Term loan that is scheduled to mature on October 2, 2025. About $1.94 billion of the loan is withdrawn and outstanding. Global Medical Response Inc and GMR Buyer Corp provide emergency air medical services. GOOD HANDS: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ Good Hands Medical Transportation, LLC asks the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, for authority to use cash collateral to pay for expenses set forth in the budget and any other unforeseeable expenses that may arise and pose a threat to the Debtor's continued operations. A search in the Texas Secretary of State shows that allegedly secured positions are held by the U.S. Small Business Administration (UCC Filing 20-0022568893) and E Advance Services (UCC Filing 23-0011057342). The Debtor depends on the use of cash collateral for payroll and general operating expenses. It is critical to the operation of the Debtor's business, and to its reorganization efforts, that it be permitted to pay contractors/employees and expenses for Debtor's transportation services using cash collateral. Revenue is generated through the Debtor's non-emergency medical transportation business that transports individuals to and from medical appointments in rural areas business. Moreover, the revenue will be deposited by the Debtor in its DIP operating account pending entry of an order allowing use of cash collateral. A copy of the motion is available at https://urlcurt.com/u?l=IYDVlr from PacerMonitor.com. About Good Hands Medical Transportation, LLC Good Hands Medical Transportation, LLC provides non-emergency medical transportation in Houston, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-32634) on July 13, 2023. In the petition signed by Hazem Anwar Bataineh, owner/director, the Debtor disclosed $166,380 in assets and $2,326,632 in liabilities. Judge Eduardo V. Rodriguez oversees the case. Robert C Lane, Esq., at the Lane Law Firm, represents the Debtor as legal counsel. GRAPE AND VINE: Court OKs Interim Cash Collateral Access -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, authorized Grape and Vine, LLC d/b/a Cru Lounge Morrow, to use cash collateral on an interim basis in accordance with the budget, with a 10% variance. As previously reported by the Troubled Company Reporter, the Debtor requires the use of cash collateral to pay operating expenses necessary to the continuity of the Debtor's operations and its reorganization. The Debtor maintains a bank account at Wells Fargo ending in 7360. On the Petition Date, Wells Fargo froze the account and is holding approximately $23,000. On May 4, 2022, a UCC-1 financing statement was filed on behalf of Byz Funding with the Clayton County Superior Court Clerk file number 031-2022-000525 pursuant to which Byz Funding may assert a blanket lien on substantially all of the Debtor's assets including, without limitation, accounts. On May 6, 2022, a UCC-1 financing statement was filed on behalf of Swift Financial with the Coweta County Superior Court Clerk file number 038-2022-016086 pursuant to which Swift Funding may assert a blanket lien on substantially all of the Debtor's assets including, without limitation, accounts. The Court held that, as adequate protection, each of the Respondents are granted a valid, attached, choate, enforceable, perfected and continuing security interest in, and liens upon all post-petition assets. The Respondent's security interests in, and liens upon, the Post-Petition Collateral will have the same validity as existed between each the Respondent and the Debtor, and all other creditors or claimants against the Debtor's estate on the Petition Date. These events constitute an "Event of Default": (i) The conversion or dismissal of the case; (ii) The expansion of the Sub Chapter V Trustee's powers in the case; (iii) The Debtor's failure to maintain casualty insurance insuring the pre-petition collateral or Post-Petition Collateral; (iv) The use of cash collateral to pay any items not contained in the Budget without the consent of the Respondents. A copy of the Court's order and the Debtor's budget is available at https://urlcurt.com/u?l=SpnY8a from PacerMonitor.com. The Debtor projects total expenses, on a monthly basis, as follows: $52,250 for July 2023; $52,250 for August 2023; $50,500 for September 2023; $50,000 for October 2023; $50,000 for November 2023; and $49,000 for December 2023. About Grape and Vine, LLC Grape and Vine, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-55562) on June 13, 2023. In the petition signed by Jessica Booth, its principal officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Barbara Ellis-Monro oversees the case. M. Denise Dotson, Esq., represents the Debtor as legal counsel. GREELEY LAND: Seeks Cash Collateral Access Thru July 31 ------------------------------------------------------- Greeley Land, LLC asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral through July 31, 2023, in accordance with its agreement with Pathfinder 501, LLC and Pathfinder Crismon, LLC. The Debtor requires the use of cash collateral for continued operations of its student housing complex in accordance with the budget, with a 15% variance. The Debtor owns and manages the property known as Phase 2 located at 1700 6th Avenue, Greeley, CO 80631. The Property provides off-campus student housing apartments near the University of Northern Colorado. The Property has 126 beds. Pathfinder 501 asserts a senior security interest in all the Debtor's assets pursuant to a Deed of Trust, Assignment of Rents, and Security Agreement. Crismon also asserts an interest in the cash collateral that is junior to Pathfinder 501’s interest pursuant to a Deed of Trust, Assignment of Rents, and Security Agreement. The Loan matured on November 1, 2021. On October 20, 2022, Pathfinder filed a Complaint and Verified Ex Parte Motion for Order Appointing Receiver in the District Court for Weld County, Case No. 2022CV30788. On October 24, 2022, the State Court appointed Randel Lewis of Foundation, Ltd. as Receiver. The Receiver did not take possession of the Property and instead managed the Debtor's cash, working with the Debtor's property management team. Crismon sought to foreclose on the Property. In accordance with Colorado law, the foreclosure sale date was set for December 14 at 10 a.m. Before the foreclosure sale, the Debtor filed for protection under chapter 11 of the Bankruptcy Code and initiated the bankruptcy case. A copy of the motion is available at https://urlcurt.com/u?l=010e3O from PacerMonitor.com. About Greeley Land, LLC 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. GRS RESTAURANT: Gina Klump Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the Law Office of Gina R. Klump, as Subchapter V trustee for GRS Restaurant Group, Inc. Ms. Klump will be paid an hourly fee of $480 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Klump declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gina Klump, Esq. Law Office of Gina R. Klump 30 5th Street, Suite 200 Petaluma, CA 94952 Phone: (707) 778-0111 Email: gklump@klumplaw.net About GRS Restaurant GRS Restaurant Group, Inc., doing business as Stacks, operates in the restaurant industry. It is based in Burlingame, Calif. The Debtor filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 23-30430) on June 30, 2023, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Geoff R. Swenson, president, signed the petition. Judge Hannah L. Blumenstiel oversees the case. Matthew D. Metzger, Esq., at Belvedere Legal, PC represents the Debtor as counsel. HAMMOND ENTERPRISES: July 19 Hearing on Continued Cash Access ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California authorized Hammond Enterprises, Inc. to continue using cash collateral on an interim basis in accordance with the budget. The Court is scheduled to hold a final hearing on the matter on July 19 at 10:30 a.m. The Debtor sought authority to use cash collateral in the form of its prepetition accounts receivables on an interim basis thru and including July 14 to pay necessary operation expenses, including pre- and post-petition payroll, the Debtor's business normal operation expenses pending a hearing on the entry of a final order, at which time the Debtor will seek authority to use cash collateral through an expiration date by court order. As of the petition date, the Debtor has approximately $1,097 in its unencumbered account at Sunwest Bank and approximately $838,533 in outstanding accounts receivable. As adequate protection to the secured creditors, the Debtor proposed to provide post-petition replacement liens in the same amounts and priority as the secured parties' existing rights in the cash collateral with the exception that no replacement lien will be given in any new inventory or receivables generated as a direct result of any court-approved debtor-in-possession financing to fund production of specific new inventory and in avoidance claims. The Debtor needs to use $140,000 of cash collateral during the next 30 days of its Chapter 11 case. During that same time period, the Debtor projects to generate $235,000 in postpetition receivables. A copy of the motion is available at https://urlcurt.com/u?l=y2skLh from PacerMonitor.com. A copy of the order is available at https://urlcurt.com/u?l=Cch1Yg from PacerMonitor.com. About Hammond Enterprises Inc. Hammond Enterprises Inc. operates a machine shop in Pittsburg, Calif. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40776) on June 29, 2023. In the petition signed by Melissa Kozar, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge William J Lafferty oversees the case. Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner and Little PC, represents the Debtor as legal counsel. HANDPICKED INC: Wins Interim Cash Collateral Access --------------------------------------------------- The U.S. Bankruptcy Court for the District of South Carolina authorized HandPicked, Inc. to use cash collateral on an interim basis in accordance with the budget, with a 10% variance. The Debtor requires the use of cash collateral for the operation of its business and payment of business expenses in the ordinary course. Business Development Corporation, CCA Financial, and the United States Small Business Administration may assert blanket liens in and to substantially all of the Debtor's personal property, including, but not limited to, the Debtor's accounts, receivables, and/or payment rights. As adequate protection, BDC, CCA, SBA, and any other secured creditors who may assert an interest in the cash collateral are granted replacement liens on post- petition cash collateral to the same extent, validity, and priority as their pre-petition liens on the Petition Date in all types and descriptions of collateral that were properly secured and perfected under the applicable, valid, and enforceable pre-petition loan documents, for any post-petition diminution in the pre-petition cash collateral. A further hearing on the matter is set for August 2, 2023 at 10 a.m. A copy of the Court's order and the Debtor's budget is available at https://urlcurt.com/u?l=KaG7NU from PacerMonitor.com. The Debtor projects total cash paid out, on a weekly basis, as follows: $6,910 for the week beginning July 2, 2023; $13,522 for the week beginning July 9, 2023; $9,579 for the week beginning July 16, 2023; $12,585 for the week beginning July 23, 2023; and $9,717 for the week beginning July 30, 2023. About HandPicked Inc. HandPicked, Inc. filed a Chapter 11 petition (Bankr. D.S.C. Case No. 23-01923) on June 30, 2023, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Judge Elisabetta Gasparini oversees the case. William Harrison Penn, Esq., at Penn Law Firm, LLC represents the Debtor as counsel. HAYWARD HOLDINGS: Gets OK to Hire Abbasi Law Corp. as Counsel ------------------------------------------------------------- Hayward Holdings, Inc., received approval from the U.S. Bankruptcy Court for the Central District of California to hire Abbasi Law Corporation. The Debtor requires legal counsel to: 1. give advice regarding the powers and duties of the Debtor in the continued operation of its business; 2. represent the Debtor at court hearings, initial interview and meeting of creditors; 3. prepare legal papers; 4. advise the Debtor regarding matters of bankruptcy law, including its rights and remedies with respect to its assets and the claims of creditors; 5. represent the Debtor in contested matters; 6. assist in the negotiation, preparation and implementation of a Chapter 11 plan of reorganization and disclosure statement; 7. analyze claims filed in the Debtor's Chapter 11 case; 8. negotiate with creditors regarding the amount and payment of their claims; 9. object to claims if appropriate; 10. provide counseling with respect to the general corporate, real estate, litigation, environmental, state regulatory and other legal matters, which may arise during the pendency of the Debtor's Chapter 11 case; and 11. perform all other necessary legal services. The hourly rates charged by the firm's attorneys and staff are as follows: Attorney $400 per hour Paralegal $60 per hour Law Clerk $25 per hour In addition, the firm will receive reimbursement for work-related expenses incurred. Abbasi was paid a retainer of $7,500. As disclosed in court filings, Abbasi is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew Abbasi, Esq. Abbasi Law Corporation 6320 Canoga Ave., Suite 220 Woodland Hills, CA 91367 Tel: 310-358-9341 Fax: (888) 709-5448 Email: matthew@malawgroup.com About Hayward Holdings Hayward Holdings, Inc., is a real estate lessor in Los Angeles, Calif. Hayward Holdings filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-13239) on May 26, 2023, with $1 million to $10 million in both assets and liabilities. Judge Sandra R. Klein oversees the case. Matthew Abbasi, Esq., at Abbasi Law Corporation, is the Debtor's bankruptcy counsel. HEART HEATING: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Heart Heating & Cooling, LLC asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral to continue its operations. The Debtor and its estate are subject to certain pre-petition claims from three creditors/creditor groups, who purport to have priority and/or secured claims on the Debtor's cash on hand, accounts receivable, equipment, inventory, and any proceeds from the foregoing. These creditors/creditor groups are the Colorado Department of Revenue; the Internal Revenue Service; and certain merchant cash advance lenders. Pre-petition, the Debtor incurred unpaid state payroll tax liabilities, interest, and penalties to the CDOR in the approximate amount of $146,210. The CDOR asserts a first and prior lien under C.R.S. section 39-22-604(7)(a), on the Collateral and all other assets of the Debtor and the estate to secure payment of the State Payroll Tax Liability. CDOR asserts it is entitled to a priority claim for the State Payroll Tax Liability pursuant to 11 U.S.C. section 507(a)(8). Pre-petition, the Debtor incurred unpaid federal payroll tax liabilities, interest, and penalties to the IRS in the approximate amount of $792,811. The IRS asserts a lien under 26 U.S.C. section 6321, on all assets of the Debtor and the estate. The Debtor has not yet taken a position on the nature and extent of the IRS' claim. The Debtor entered into numerous loan agreements with the various merchant cash advance lenders. Each MCA Loan is nominally characterized as a "purchase agreement." However, the agreements purport to grant the MCA Lenders security interests in the Debtor's accounts receivable, inventory, and provides substantial recourse against the Debtor. The Debtor has not yet taken a position on the validity and/or priority of the security interests, if any, of the MCA Lenders. The financing statements purportedly filed by the MCA Lenders often fail to provide sufficient identifying information for the Debtor to determine which MCA Lenders have perfected security interests and the priority of same. The MCA Lenders include Westwood Funding Solutions, LLC, WebBank, Newco Capital Group VI, LLC, and Cloudfund, LLC. Nearly all of the Debtor's vehicles are financed or ostensibly leased. As with the MCA Loans, the Debtor asserts the vehicle leases are disguised secured transactions. In each instance, the Debtor took out a loan from the respective lender to purchase an automobile. Under the terms of each loan, the Debtor granted the lender a security interest in the vehicle. Each Automobile Lender asserts a perfected lien on the respective vehicle. The Vehicle Lenders include Ally Financial, Chrysler Capital, Ford Motor Credit, Leasing Associates, Mike Albert Fleet Solutions, Mitsubishi HC Capital, US Bank and Wells Fargo. The total balance of the Vehicle Loans is approximately $3 million. The Debtor proposes the following in order to provide adequate protection to the CDOR, the IRS, the MCA Lenders, and/or the Vehicle Lenders for the Debtor's use of the Operating Funds, the Collateral, and the Vehicles: a. The Debtor will provide a party with a replacement lien on all post-petition accounts receivable to the extent that the use of the receivables results in a decrease in the value of such party’s interest in the receivables pursuant to 11 U.S.C. section 361(2); b. The Debtor will use 50% of all net cash to make adequate protection payments to secured and/or priority creditors on a pro rata basis in order of priority under the Bankruptcy Code and State law governing the perfection and priority of secured interests; c. The Debtor will maintain adequate insurance coverage on all personal property assets and adequately insure against any potential loss; d. The Debtor will provide all periodic reports and information required by the Bankruptcy Code, Local Bankruptcy Rules, and the Office of the United States Trustee; e. The Debtor will only expend Operating Funds and the Collateral pursuant to the projections and budget subject to reasonable fluctuation by no more than 20% for each expense item unless prior written approval is obtained from the appropriate bank; and f. The Debtor will retain in good repair all property in which the CDOR, the IRS, the MCA Lenders and/or the Vehicle Lenders may claim an interest. About Heart Heating & Cooling, LLC Heart Heating & Cooling, LLC is a HVAC contractor in Colorado Springs, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 23-13019) on July 11, 2023. In the petition signed by Robert M. Townsend, chief executive officer, the Debtor disclosed $2,676,312 in assets and $11,173,434 in liabilities. K. Jamie Buechler, Esq., at Buechler Law Office, LLC, represents the Debtor as legal counsel. HENDERSON INTERNATIONAL: Case Summary & One Unsecured Creditor -------------------------------------------------------------- Debtor: Henderson International Land, LLC 1775 Village Center Circle, Suite 110 Las Vegas, NV 89134 Chapter 11 Petition Date: July 13, 2023 Court: United States Bankruptcy Court District of Nevada Case No.: 23-12852 Judge: Hon. Hilary L. Barnes Debtor's Counsel: Brett A. Axelrod, Esq. FOX ROTHSCHILD LLP 1980 Festival Plaza Drive, Suite 700 Las Vegas, NV 89135 Tel: (702) 262-6899 Email: baxelrod@foxrothschild.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Fredrick Waid as manager. The Debtor listed Rayford International, Inc. as its sole unsecured creditor holding a claim of $12 million. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/DDQ5JFI/HENDERSON_INTERNATIONAL_LAND_LLC__nvbke-23-12852__0001.0.pdf?mcid=tGE4TAMA HONX INC: Future Claims Sticking Point in Chapter 11 Plan Proposal ------------------------------------------------------------------ Vince Sullivan of Law360 reports that future claims sticking point in Honx Inc.'s Chapter 11 plan proposal. According to Law360, the Chapter 11 plan disclosure statement for debtor HONX Inc. received court approval Monday in Texas bankruptcy court, but disagreement on the treatment of future asbestos claims under the plan has set up a potential contested confirmation hearing in October 2023. The judge entered an order approving the adequacy of the Disclosure Statement Relating to the First Amended Chapter 11 Plan of Reorganization of HONX, Inc., and setting an Oct. 10, 2023 hearing to consider confirmation of the Plan. Ballots and Plan objections are due Sept. 11, 2023, at 4:00 p.m., prevailing Central Time. The Debtor, Hess, the Official Committee, and the FCR agreed to a court-approved mediation process to explore a potential resolution of the Debtor's current and future asbestos liabilities. In early 2023, the Debtor, Hess, and the Committee restarted negotiations without the FCR. The FCR had no input into the resulting Plan, the structure of the Asbestos Trust, the naming of a Trustee for the Asbestos Trust, or the amount of funding for the constituency she was appointed to represent. The Debtor has held just one in-person meeting with the FCR in the four months since the settlement with the Committee was reached. The FCR says it remains available to engage in good faith negotiations, and is willing to support confirmation of a plan that satisfies all legal requirements and provides for the fair and equitable treatment of future demand holders. About HONX Inc. HONX Inc. is a subsidiary of Hess Corporation, a publicly-traded global energy company. HONX is the corporate successor of Hess Oil Virgin Islands Corporation, which owned and operated an oil refinery in St. Croix, U.S. Virgin Islands from the beginning of its construction in 1965 until a non-operating entity with minimal assets consisting primarily of a 50% ownership in a joint venture from 1998 to 2016, and post-2016 it has continued its corporate existence solely to manage its alleged asbestos liabilities related to the refinery. HONX sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Case No. 22-90035) on April 28, 2022. In the petition signed by Todd R. Snyder, chief administrative officer, the Debtor disclosed $10 million to $50 million in assets and $500 million to $1 billion in liabilities. Judge Marvin Isgur oversees the case. The Debtor tapped Kirkland & Ellis and Jackson Walker, LLP as bankruptcy counsels; Piper Sandler Companies/TRS Advisors, LLC as investment banker and financial advisor; and Bates White, LLC as asbestos consultant. Stretto, Inc. is the claims, noticing and solicitation agent. The Honorable Barbara J. Houser (Ret.) was appointed as the legal representative for future asbestos claimants in this Chapter 11 case. Ms. Houser tapped Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel; O'ConnorWechsler, PLLC as local counsel; FTI Consulting, Inc., as financial advisor; and NERA Economic Consulting as consultant. INDIAN PIPE: Seeks to Hire Compass Westhampton as Broker -------------------------------------------------------- Indian Pipe Drive, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Compass Westhampton, LLC as real estate broker. The Debtor requires the services of a broker in connection with the sale of its residential real property located at 19 Indian Pipe Drive, Quogue, N.Y. The property will be offered for sale at a list price of $1.875 million pursuant to the terms of the Debtor's listing agreement with the broker. The agreement provides that upon closing of a sale, the broker will receive a commission of 5 percent of the gross sale proceeds. As disclosed in court filings, Compass Westhampton is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Charles Manger Compass Westhampton, LLC 88 Main Street Southampton NY 11968 Office: 631-259-9993 Email: charles.manger@compass.com About Indian Pipe Drive Indian Pipe Drive, LLC is primarily engaged in renting and leasing real estate properties. It owns in fee simple title a property located at 19 Indian Pipe Drive, Quogue, N.Y., having an appraised value of $1.87 million. Indian Pipe Drive filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-70882) on March 15, 2023, with total assets of $1,870,000 and total liabilities of $1,073,082. Sandra Sadowski, managing member, signed the petition. Judge Robert E. Grossman oversees the case. Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP is the Debtor's legal counsel. INNOVATIVE DESIGNS: Incurs $113K Net Loss in Second Quarter ----------------------------------------------------------- Innovative Designs, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $112,591 on $27,249 of net revenues for the three months ended April 30, 2023, compared to a net loss of $275,816 on $37,717 of net revenues for the three months ended April 30, 2022. For the six months ended April 30, 2023, the Company reported a net loss of $171,686 on $98,896 of net revenues compared to a net loss of $407,857 on $110,116 of net revenues for the six months ended April 30, 2022. As of April 30, 2023, the Company had $1.38 million in total assets, $434,728 in total liabilities, and $947,327 in total stockholders' equity. The Company had a net loss and a negative cash flow of $(198,286) for the six month period ended April 30, 2023. In addition, the Company has an accumulated deficit of $(10,507,265). Management's plans include cash receipts through sales, sales of Company stock, and borrowings from private parties. The Company said these factors raise substantial doubt regarding the Company's ability to continue as a going concern for a period of one year from the issuance of these financial statements. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1190370/000173112223001281/e4854_10q.htm About Innovative Designs Headquartered in Pittsburgh, Pennsylvania, Innovative Designs, Inc. operates in two separate business segments: cold weather clothing and a house wrap for the building construction industry. Both of its segment lines use products made from INSULTEX, which is a low-density foamed polyethylene with buoyancy, scent block, and thermal resistant properties. The Company has a license agreement directly with the owner of the INSULTEX Technology. Innovative Designs reported a net loss of $225,489 for the year ended Oct. 31, 2022, compared to a net loss of $322,732 for the year ended Oct. 31, 2021. As of Oct. 31, 2022, the Company had $1.48 million in total assets, $474,159 in total liabilities, and $1 million in total stockholders' equity. Kennett Square, PA-based RW Group, LLC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Feb. 13, 2023, citing that the Company had net losses and negative cash flows from operations for the years ended Oct. 31, 2022 and 2021 and an accumulated deficit at Oct. 31, 2022 and 2021. These factors raise substantial doubt about the Company's ability to continue as a going concern for one year from the issuance date of these financial statements. INSTANT BRANDS: Seeks to Hire Davis Polk & Wardwell as Counsel -------------------------------------------------------------- Instant Brands Acquisition Holdings, Inc., and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Davis Polk & Wardwell, LLP as their legal counsel. The firm's services include: (a) preparing reports and legal papers in connection with the administration of the Debtors' estates; (b) advising the Debtors regarding their rights, powers and duties in the continued management and operation of their businesses and properties; (c) providing advice and preparing necessary documentation and pleadings in connection with debt restructuring, statutory bankruptcy issues, post-petition financing, strategic and asset sale transactions, and corporate and tax matters; (d) taking actions to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors’ behalf, the defense of any actions commenced against the Debtors, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the estates; (e) taking actions in connection with any Chapter 11 plan and disclosure statement; (f) taking actions in connection with any potential sale of all or substantially all of the Debtors' assets; and (g) acting as general restructuring counsel for the Debtors and performing all other legal services in connection with their Chapter 11 cases. The hourly rates charged by the firm's attorneys and paraprofessionals are as follows: Partners $1,705-$2,155 per hour Counsel $1,615 per hour Associates $645 - $1,465 per hour Paraprofessionals $420 - $555 per hour In addition, the firm will receive reimbursement for work-related expenses incurred. Davis Polk & Wardwell received payments from the Debtors totaling $6,988,003.86 in the 12 months prior to the bankruptcy filing. Brian Resnick, Esq., a partner at Davis Polk & Wardwell, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. In accordance with Section D.1 of the U.S. Trustee Guidelines, Mr. Resnick provided the following information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Davis Polk & Wardwell Polk has agreed to a discount off of its standard rates. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: As of the petition date, the rates for timekeepers on this matter were as follows: $1,705 to $2,155 per hour for partners; $1,615 per hour for counsel; $645 to $1,465 per hour for associates; and $420 to $555 per hour for paraprofessionals. Davis Polk & Wardwell represented the Debtors during the 12-month period prior to the petition date and, during that time, the range of the firm's rates were as follows: $1,660 to $2,200 per hour for partners; $1,635 to $1,800 per hour for counsel; $805 to $1,550 per hour for associates; and $410 to $725 per hour for paraprofessionals. Davis Polk & Wardwell's billing rates and material financial terms have not changed post-petition. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Davis Polk & Wardwell intends to provide a prospective budget and staffing plan for the period from the petition date through Sept. 30, 2023, to the Debtors and will continue to work with them on the budget and staffing plan. Additionally, the court has approved a general 13-week budget on an interim basis, which includes Davis Polk & Wardwell's engagement. Davis Polk & Wardwell can be reached at: Brian M. Resnick, Esq. Davis Polk & Wardwell, LLP 450 Lexington Avenue New York, NY 10017 Phone: +1 212 450 4213 Email: brian.resnick@davispolk.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 its Chapter 11 petition, Instant Brands disclosed up to $1 billion in both assets and liabilities. The Debtors tapped Davis Polk & Wardwell, LLP and Haynes and Boone, LLP as bankruptcy counsels; Stikeman Elliott, LLP as Canadian counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP as restructuring advisor. Adam Hollerbach, a partner and managing director at AlixPartners, serves as the Debtors' chief restructuring officer. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by James P. Muenker, Esq. INSTANT BRANDS: Seeks to Hire Haynes and Boone as Co-Counsel ------------------------------------------------------------ Instant Brands Acquisition Holdings, Inc., and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Haynes and Boone, LLP as co-counsel with Davis Polk & Wardwell, LLP. The firm's services include: a. performing all legal services necessary in the administration of the Debtors' Chapter 11 cases, including, without limitation, preparing agendas, hearing notices, witness and exhibit lists, and hearing binders of documents and pleadings; b. providing legal advice and services regarding local rules, practices and procedures, including Fifth Circuit case law; c. reviewing and commenting on proposed drafts of pleadings to be filed with the court; d. appearing in court and at any meetings with the U.S. trustee and at any meeting of creditors; e. performing all other services assigned by the Debtors to the firm; and f. providing legal advice on any matter as needed based on specialization. The hourly rates charged by the firm's attorneys and paraprofessionals are as follows: Partners $650 – $1,650 Counsel $575 – $1,500 Associates $340 – $925 Paraprofessionals $450 – $525 Prior to their Chapter 11 filing, the Debtors advanced a retainer to Haynes and Boone for $315,000. In addition, the firm will receive reimbursement for work-related expenses incurred. Charles Beckham, Jr., Esq., a partner at Haynes and Boone, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. In accordance with Section D.1 of the U.S. Trustee Guidelines, Mr. Beckham provided the following information: Question: Did Haynes and Boone agree to any variations from, or alternatives to, Haynes Boone’s standard billing arrangements for this engagement? Answer: No. Haynes and Boone and the Debtors have not agreed to any variations from, or alternatives to, the firm's standard billing arrangements for this engagement. The rate structure provided by Haynes and Boone is appropriate and is not significantly different from (i) the rates that Haynes and Boone charges for other non-bankruptcy representations or (ii) the rates of other comparably skilled professionals. Question: Do any of the Haynes and Boone professionals in this engagement vary their rate based on the geographic location of these Chapter 11 cases? Answer: No. The hourly rates used by Haynes and Boone in representing the Debtors are consistent with the rates that the firm charges other comparable Chapter 11 clients regardless of the location of the Chapter 11 case. Question: If Haynes and Boone has represented the Debtors in the 12 months prepetition, disclose Haynes and Boone's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Haynes and Boone's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Haynes and Boone has represented the Debtors in the month prior to the petition date. The firm used these current hourly rates for pre-bankruptcy services: partners, $650 to $1,650; counsel, $575 to $1,500; associates, $340 to $925; and paraprofessionals, $450 to $525. Question: Have the Debtors approved Haynes and Boone's budget and staffing plan, and, if so, for what budget period? Answer: Haynes and Boone is developing a prospective budget and staffing plan for these Chapter 11 cases, which the firm will review with the Debtors following the close of the budget period to determine the next budget. Haynes and Boone can be reached at: Charles A. Beckham, Jr., Esq. Haynes and Boone, LLP 1221 McKinney Street, Suite 4000 Houston, TX 77010 Tel: +1 713.547.2243/+1 212.659.7300 Fax: +1 713.236.5638 Email: charles.beckham@haynesboone.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 its Chapter 11 petition, Instant Brands disclosed up to $1 billion in both assets and liabilities. The Debtors tapped Davis Polk & Wardwell, LLP and Haynes and Boone, LLP as bankruptcy counsels; Stikeman Elliott, LLP as Canadian counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP as restructuring advisor. Adam Hollerbach, a partner and managing director at AlixPartners, serves as the Debtors' chief restructuring officer. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by James P. Muenker, Esq. IVCINYA COMPANY: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- Ivcinya Company, LLC asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral for the period from July 11 through October 31, 2023. The Debtor requires $17,976 of cash collateral to pay necessary expenses for the period from July 11 to 21, 2023. It is critical for the survival of the Debtor that it keeps its drivers happy by timely paying their wages and allotted allowances/reimbursements that are required for each job without any interruptions. Otherwise, those drivers will quit and find other employment. The Debtor must have the ability to 1) pay for fuel, 2) keep a reserve and pay for any necessary repairs and maintenance of its trucks, and 3) pay for the daily truck storage fees. The Debtor's business was drastically impacted by the COVID-19 pandemic. Shipping of goods slowed down, and this trickled down to trucking businesses. Additionally, in June 2022, port workers requested raises and shippers refused. The port workers have since been threatening to strike. For fear of a strike, shippers have reduced routing to the Port of Los Angeles and routed instead to the East Coast rather than risk having cargo get stuck in the Port of Los Angeles. The Debtor previously did 100 loads per week, which has been reduced to the current 10-20 loads weekly. This case was filed so that the Debtor could obtain a breathing spell from collection efforts of its creditors and complete a financial reorganization via a structured payment plan that addresses each of its debts. The Debtor has determined to immediately reduce expenses by returning four vehicles (four will remain). Additionally, the Debtor has diversified its business by purchasing a 2022 Chevy Suburban and is working on obtaining requisite licensing to be able to provide high-end "black car" chauffeur services. The Debtor has a factoring agreement with TAFS, Inc. The Debtor also entered into an Economic Injury Disaster Loan with the U.S. Small Business Administration for $74,000 on July 22, 2020. The Debtor entered into a receivable purchase agreement with Specialty Capital LLC for $39,900 on April 28, 2023. Although the agreement is allegedly for the purchase of future receivables, the Debtor is investigating whether this transaction is a disguised loan. However, the UCC-1 Financing Statement was filed within the preference period and will be voided pursuant to 11 U.S.C. section 547(b). The Debtor does not know the name of entity that holds the UCC-1 Financing Statement filed on June 29, 2023. The Debtor believes the continued and uninterrupted operation of the business is in the best interest of the estate and all its creditors. The Debtor's use of cash collateral will enhance or preserve the value of the estate because the use of cash collateral is essential to continue the ordinary maintenance and operation of the business. Notwithstanding, the Debtor proposes monthly adequate protection payments of $361 to the SBA (the contractual payment). A copy of the motion is available at https://urlcurt.com/u?l=IZ5SA7 from PacerMonitor.com. About Ivcinya Company, LLC Ivcinya Company, LLC is a trucking company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-14313) on July 11, 2023. In the petition signed by Randy Johnson, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Matthew D. Resnik, Esq., at RHM LAW, LLP., represents the Debtor as legal counsel. J&P FLASH: Property Sale Proceeds & Disposable Income to Fund Plan ------------------------------------------------------------------ J&P Flash, Inc., filed with the U.S. Bankruptcy Court for the Western District of Tennessee a First Amended Small Business Subchapter V Plan of Reorganization dated July 11, 2023. The Debtor is a Tennessee corporation formed in 1993 with its principal place of business in West Memphis, Arkansas. The Debtor owns and operates two ministorage facilities in Arkansas, which it intends to continue to operate. The Debtor owned and operated a portfolio of convenience stores. In 2015, Debtor sold its conveniences stores to a third party for approximately $21,000,000. The Debtor financed the purchase by taking back a purchase money promissory note for $15,000,000 (the "Purchase Money Note"). In 2018, the purchaser defaulted on the note and Debtor foreclosed on the properties. Prior to filing bankruptcy, Debtor surrendered several properties to Magness Oil Company, a secured creditor, via deeds in lieu of foreclosure, in exchanges for a release of claims against the Debtor in excess of the value of the properties deeded. The Debtor has been actively marketing for sale the three ministorage facilities operated by the Debtor. Two of the facilities are owned by the Debtor and the third is operated by the Debtor pursuant to a lease with option to purchase between the Debtor and Magness Oil Company. While the Court approved an initial contract to sell these properties to Mini Mall U.S. Storage Properties Master L.P., the sale ultimately did not close. The Debtor is presently marketing the properties for sale. Class 10 consists of the Allowed Claims of general unsecured creditors, including creditors asserting lien claims against the Debtor whose claims are deemed fully or partially unsecured. The net cash flow of the Reorganized Debtor remaining after making payments to Classes 1 through 8 shall be distributed on a pro rata basis to Class 10 creditors holding allowed claims for a period of three years following the Effective Date. Payments to allowed claims of Class 10 creditors shall be made on or before January 31 of each year following the Effective Date for the preceding calendar year until they have received the greater of (a) payments equal to the greater of the net disposable income remaining after payments to Classes 1 through 8 creditors for a period of three years or (b) payments equal to the net proceeds from the sale of the three mini-storage facilities operated by the Debtor after satisfying any secured claims which have a lien on the sale proceeds and any priority tax claims or administrative claims. Class 10 is impaired. Class 11 consists of the interests of the members of the Debtor as listed in Part 13 of the Debtor's Statement of Financial Affairs filed with the Court or as may be determined by the Court. Upon the Effective Date, ownership of the reorganized debtor shall vest in the prepetition members in the same ownership percentages that existed prior to the filing of the Petition. Class 10 is unimpaired. The Debtor shall fund the Plan out of the proceeds from the sales of its properties and its projected disposable income generated from the operation of its business. Dwayne Jones and Oscar Patterson shall continue to operate the Debtor. The Debtor plans to market and sell all or part of its assets subsequent to the Effective Date in any private sale or any commercially reasonable manner. In the event of a sale of assets, such sale shall be deemed to be free and clear of all liens, claims, interests and encumbrances, with all such liens, claims, interests and encumbrances attaching to the net sale proceeds in the order of their priority. The Debtor plans to actively market for sale the three mini storage facilities which it operates, including the facility located at 4900 I-55 Service Road, Marion, Arkansas, which it operates under a lease with option to purchase from Magness Oil Company. The Debtor anticipates that the sale proceeds of the mini-storage facilities will be sufficient to satisfy all the claims of secured creditors, administrative claims and priority tax and governmental claims and will provide a distribution to Class 10 unsecured creditors. A full-text copy of the First Amended Plan dated July 11, 2023 is available at https://urlcurt.com/u?l=07gAm4 from PacerMonitor.com at no charge. Attorneys for the Debtor: Michael P. Coury, Esq. Ricky L. Hutchens, Esq. Glankler Brown, PLLC 6000 Poplar Avenue, Suite 400 Memphis, TN 38119 Tel: (901) 576-1886 Email: mcoury@glankler.com rhutchens@glankler.com About J&P Flash J&P Flash, Inc., a company in West Memphis, Ariz., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 21-23968) on Dec. 1, 2021, with up to $50,000 in assets and up to $10 million in liabilities. Dwayne Jones, vice president of J&P Flash, signed the petition. Judge Denise E. Barnett oversees the case. Glankler Brown, PLLC, serves as the Debtor's legal counsel. KING INTERPRETING: Court OKs Cash Collateral Access on Final Basis ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, authorized King Interpreting Services LLC to use cash collateral in accordance with the budget, on a final basis. These entities assert an interest in the Debtor's cash collateral: EBF Holding, LLC, d/b/a Everest Business Funding; Fox Capital Group, Inc.; Image Capital Partners, LLC; Independent Funding Group; WEBBANK; Knightsbridge Funding, LLC; Maison Capital Group, Inc.; and PayPal, Inc. Subject to the provisions of the Order, the Debtor is authorized to use cash collateral to pay: (a) amounts expressly authorized by the Court, including payments to the United States Trustee for quarterly fees; (b) the current and necessary expenses set forth in the budget; and (c) additional amounts as may be expressly approved in writing by Creditor within 48 hours of the Debtor's request. The Debtor will be entitled to prompt court hearings on any disputed proposed expenditures. As adequate protection, the Secured Creditors will have a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as the pre-petition lien, without the need to file or execute any documents as may otherwise be required under applicable non-bankruptcy law. The Debtor will maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with Secured Creditors. A copy of the Court's order and the Debtor's budget is available at https://urlcurt.com/u?l=tUSLOo from PacerMonitor.com. The Debtor projects total operating expenses, on a monthly basis, as follows: $32,300 for July 2023; $32,300 for August 2023; and $32,300 for September 2023. About King Interpreting Services King Interpreting Services LLC provides interpreting services for the deaf, blind-deaf/plus, and hard-of hearing community across the U.S. King Interpreting Services LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01273) on April 6, 2023. In the petition signed by Janet King, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Grace E. Robson oversees the case. Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC, is the Debtor's legal counsel. LAKE MARY LAND: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Lake Mary Land, LLC 1775 Village Center Circle Suite 110 Las Vegas, NV 89134 Chapter 11 Petition Date: July 13, 2023 Court: United States Bankruptcy Court District of Nevada Case No.: 23-12856 Judge: Hon. Natalie M. Cox Debtor's Counsel: Brett A. Axelrod, Esq. FOX ROTHSCHILD LLP 1980 Festival Plaza Drive, Suite 700 Las Vegas, NV 89135 Tel: (702) 262-6899 Email: baxelrod@foxrothschild.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Fredrick Waid as manager. The Debtor listed Rayford International, Inc. as its sole unsecured creditor holding a claim of $12 million. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/2ID35MA/LAKE_MARY_LAND_LLC__nvbke-23-12856__0001.0.pdf?mcid=tGE4TAMA LEWISVILLE DONKEY: Mark Weisbart Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 6 appointed Mark Weisbart of Hayward, PLLC as Subchapter V trustee for Lewisville Donkey, LLC. Mr. Weisbart will be paid an hourly fee of $515 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Weisbart 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 A. Weisbart Hayward, PLLC 10501 N Central Expy, Suite 106 Dallas, TX 75231 Phone: (972) 755-7103 Phone/Fax Email: MWeisbart@HaywardFirm.com About Lewisville Donkey Lewisville Donkey, LLC owns and operates a restaurant in The Colony, Texas. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Texas Case No. 23-41176) on July 3, 2023, with up to $50,000 in assets and up to $1 million in liabilities. Jessica Putnam, managing member, signed the petition. Eric A. Liepins, Esq., represents the Debtor as legal counsel. LTL MANAGEMENT: Reaches Settlement w/ Supporting Counsel & Insurers ------------------------------------------------------------------- LTL Management LLC submitted a Disclosure Statement for Amended Plan of Reorganization dated July 11, 2023. During the Debtor's prior chapter 11 case, the extent of the Debtor's liability for cosmetic talc-related claims was the subject of dispute between the Debtor and the claimants. After extensive negotiations, including mediation, the Debtor, Johnson & Johnson ("J&J") and Johnson & Johnson Holdco (NA) Inc., a New Jersey Corporation formerly named Johnson & Johnson Consumer Inc. ("Holdco") reached agreement with various plaintiff law firms who represent approximately 58,000 claimants to settle that dispute and establish the basis for a full resolution of the Debtor's chapter 11 case, including all talc-related liability. That agreement was memorialized in a series of plan support agreements executed by the plaintiff law firms, the Debtor, J&J, and Holdco (the "Plan Support Agreements"). The Plan implements the settlement by, among other things, providing for the creation and funding of a trust to pay the talc-related claims. In addition, the Debtor, with the support of the Ad Hoc Committee of Supporting Counsel, engaged in discussions with counsel to over fifty Third-Party Payors (the "Insurers") asserting direct claims against the Debtor and its affiliates and liens or subrogation claims against proceeds to be received by current talc claimants under the Plan. The Debtor, the Ad Hoc Committee of Supporting Counsel, and the Insurers have reached an agreement in principle whereby $750 million of the approximately $12.08 billion that will be contributed to the Trust will be used to fund a lien claim sub trust to fully and permanently resolve all TTP Lien Claims. Counsel to the Insurers, the Debtor and the Ad Hoc Committee of Supporting Counsel are working to secure final authorization of the settlement, which is currently expected. The Debtor and the Insurers also are in active discussions with representatives of other Third-Party Payors, including the United States Department of Health and Human Services, regarding their agreement to the settlement. This settlement, if finalized and implemented, will provide clarity as to the amount of TTP Lien Claims, and the Specified Insured Individuals will be able to receive compensation for their Talc Personal Injury Claims under the Plan far sooner than they would have otherwise received it. Confirmation of the Plan is subject to a settlement with the Imerys/Cyprus Parties. Because Imerys was a former talc supplier to the Debtor's predecessors, personal injury claimants have and may assert Talc Personal Injury Claims against both the Debtor and the Imerys/Cyprus Parties. The Plan provides that the Imerys/Cyprus Parties will be Protected Parties and that Talc Personal Injury Claims against them will be enjoined by a channeling injunction. The Plan contemplates that a contribution by or on behalf of the Imerys/Cyprus Parties will be made to the talc trust to compensate it for processing and paying the Talc Personal Injury Claims. Confirmation of the Plan is subject to a settlement being reached between the Debtor and the Imerys/Cyprus Parties that provides for a contribution to the talc trust by the Imerys/Cyprus Parties in an amount that is acceptable to the Debtor, J&J, and the Ad Hoc Committee of Supporting Counsel. The Debtor intends to engage in discussions with representatives of the Imerys/Cyprus Parties regarding the Plan in the near future. The talc trust to be created under the Plan will contain three sub-trusts for the payment of talc-related claims: one for all talc-related claims that are governmental unit claims, a second for all TPP Lien Claims, and a third for all other talc-related claims other than governmental unit claims and TPP Lien Claims. The talc trust will be funded with approximately $12.08 billion over 25 years as follows for the benefit of holders of talc related claims against the Debtor. Like in the prior iteration of the Plan, each holder of an Allowed Unsecured Claim against the Debtor will be paid the Allowed Amount of its Unsecured Claim. Such payment will be (i) in full, in Cash, plus Post-petition interest, or (ii) upon such other less favorable terms as may be mutually agreed upon between the holder of such Unsecured Claim and the Debtor or Reorganized Debtor. All Cash for the payment of Cash Contributions, Distributions, and other Cash payments to be made by the Reorganized Debtor pursuant to the Plan and the Talc Personal Injury Trust Documents shall be funded by the Reorganized Debtor. All Cash necessary for the Reorganized Debtor to fund the payment of such Cash Contributions, Distributions, and other Cash payments pursuant to the Plan and the Talc Personal Injury Trust Documents shall be obtained through (a) the Reorganized Debtor's Cash balances or, (b) the Funding Agreement and, if such funding is not provided to the Reorganized Debtor under the Funding Agreement as required pursuant thereto, the Support Agreement, or (c) such other means of financing or funding as determined by the board of managers of the Reorganized Debtor. On the Effective Date, J&J and Holdco shall execute and deliver to the Talc Personal Injury Trust the Cash Contributions Parent Guarantee as provided in the Plan. A full-text copy of the Disclosure Statement dated July 11, 2023 is available at https://urlcurt.com/u?l=UXVKGV from Epiq Corporate Restructuring, LLC, claims agent. Attorneys for Debtor: Gregory M. Gordon, Esq. Brad B. Erens, Esq. Dan B. Prieto, Esq. Amanda Rush, Esq. JONES DAY 2727 N. Harwood Street Dallas, Texas 75201 Tel: (214) 220-3939 Fax: (214) 969-5100 E-mail: gmgordon@jonesday.com bberens@jonesday.com dbprieto@jonesday.com asrush@jonesday.com Paul R. DeFilippo, Esq. Joseph F. Pacelli, Esq. WOLLMUTH MAHER & DEUTSCH LLP 500 Fifth Avenue New York, New York 10110 Tel: (212) 382-3300 Fax: (212) 382-0050 Email: pdefilippo@wmd-law.com jpacelli@wmd-law.com - and - James N. Lawlor, Esq. WOLLMUTH MAHER & DEUTSCH LLP 90 Washington Valley Road Bedminster, NJ 07921 Tel: (973) 733-9200 Email: jlawlor@wmd-law.com About LTL Management LTL Management, LLC is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. MADERA COMMUNITY: Wins Cash Collateral Access Thru July 29 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, authorized Madera Community Hospital to use cash collateral on an interim basis in accordance with the budget, through July 29, 2023. The Court held that, by July 19, the Debtor must file a revised budget of proposed uses for the future period. Objections are due at commencement of the continued hearing. A further hearing on the matter is set for July 25 at 9:30 a.m. A copy of the Court's order and the Debtor's budget is available at ttps://urlcurt.com/u?l=TiBQBx from PacerMonitor.com. The Debtor projects total expenses, on a weekly basis, as follows: $31,625 for the week ending July 15, 2023; and $223,38 for the week ending July 22, 2023. About Madera Community Hospital Madera Community Hospital operates a general medical and surgical hospital in Madera, Calif. Madera Community Hospital sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-10457) on March 10, 2023. In the petition signed by its chief executive officer, Karen Paolinelli, the Debtor disclosed $50 million to $100 million in assets and $10 million to $50 million in liabilities. Judge Rene Lastreto II oversees the case. The Debtor tapped Riley C. Walter, Esq., at Wanger Jones Helsley, as bankruptcy counsel; McCormick Barstow LLP and Ward Legal, Inc. as special counsels; and JWT & Associates, LLP as accountant. The U.S. Trustee for Region 17 appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Perkins Coie, LLP and Sills Cummis & Gross PC as legal counsels and FTI Consulting, Inc. as financial advisor. MAGENTA BUYER: $750M Bank Debt Trades at 38% Discount ----------------------------------------------------- Participations in a syndicated loan under which Magenta Buyer LLC is a borrower were trading in the secondary market around 62.5 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $750 million facility is a Term loan that is scheduled to mature on July 27, 2029. The amount is fully drawn and outstanding. Magenta Buyer LLC is a provider of cyber security software that derives revenue from the sale of security products, subscriptions, SaaS, support and maintenance, and professional services. MAINE CONSULTING: Gregory Jones Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 16 appointed Gregory Jones of Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for Maine Consulting, LLC. Mr. Jones will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gregory K. Jones Stradling Yocca Carlson & Rauth, PC 10100 N. Santa Monica Boulevard, Suite 1400 Los Angeles, CA 90067 Telephone: (424) 214-7000 Facsimile: (424 214-7010 Email: gjones@stradlinglaw.com About Maine Consulting Maine Consulting, LLC provides professional services to customers worldwide. Its line of business includes providing management consulting services. Maine Consulting filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-14168) on July 3, 2023, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. The petition was filed pro se. Judge Neil W. Bason oversees the case. MALLINCKRODT: Sued for Misstating Vigor as Opioid Payment Loomed ---------------------------------------------------------------- Martina Barash of Bloomberg Law reports that Mallinckrodt PLC misled investors about its financial strength and ability to make a $200 million payment to a trust for victims of the opioid crisis, shareholders alleged after the drugmaker said it had negotiated extensions and was considering bankruptcy. Mallinckrodt's stock price dropped 40% and 31% on June 5 and June 15, respectively, as news of the payment delays and possible second Chapter 11 filing came out, the investors said on behalf of a proposed class. They filed their complaint July 7, 2023 in the US District Court for the District of New Jersey. About Mallinckrodt PLC Mallinckrodt -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt plc disclosed $9,584,626,122 in assets and $8,647,811,427 in liabilities as of Sept. 25, 2020. Judge John T. Dorsey oversees the cases. The Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP as restructuring advisor. Prime Clerk, LLC is the claims agent. The official committee of unsecured creditors retained Cooley, LLP, as its legal counsel; Robinson & Cole, LLP as co-counsel; and Dundon Advisers, LLC as financial advisor. On Oct. 27, 2020, the U.S. Trustee for Region 3 appointed an official committee of opioid-related claimants. The OCC tapped Akin Gump Strauss Hauer & Feld, LLP as its lead counsel; Cole Schotz as Delaware co-counsel; Province, Inc. as financial advisor; and Jefferies, LLC as investment banker. * * * Mallinckrodt on June 16, 2022, announced it has successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Implementing the Plan and the Scheme strengthens the Company's balance sheet, reduces its total debt by approximately $1.3 billion and enables it to move forward with more than $250 million in cash and cash equivalents on hand. The Plan and Scheme include key legal settlements that resolve opioid claims brought against the Company and litigation matters involving Acthar Gel, among other claims, and provides for significant equitization of the Company's guaranteed unsecured notes. MARK V CONSTRUCTION: Douglas Stanger Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Douglas Stanger, Esq., at Flaster, Greenberg, PC as Subchapter V trustee for Mark V Construction & Paint, LLC. Mr. Stanger 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. Stanger declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Douglas S. Stanger, Esq. Flaster, Greenberg, PC 646 Ocean Heights Avenue Linwood, NJ 08221 Phone: (609) 645-1881 Email: Doug.stanger@flastergreenberg.com About Mark V Construction Mark V Construction & Paint, LLC filed Chapter 11 petition (Bankr. D.N.J. Case No. 23-15698) on July 2, 2023, with $100,001 to $500,000 in both assets and liabilities. Judge Jerrold N. Poslusny Jr. oversees the case. Ellen M. McDowell, Esq., at Mcdowell Law, PC is the Debtor's legal counsel. MLAND MAINTENANCE: Ongoing Income to Fund Plan Payments ------------------------------------------------------- MLand Maintenance, LLC, filed with the U.S. Bankruptcy Court for the District of Delaware a Chapter 11 under Subchapter V Plan dated July 11, 2023. The Debtor's business is the maintenance and construction of certain properties located in the western suburbs of Chicago. Although there is not a fixed contract, the properties upon which the Debtor performs its services are managed by DynaCom Management, LLC, which is not a debtor in bankruptcy. The Debtor's sole manager, Brenda Nunez, is also the Property Management Team Coordinator for DynaCom. The Debtor believes that its business model is profitable and sustainable, but it encountered distress when one of its former independent contractors, Rodolfo Lechuga, filed suit against it alleging violations of certain labor laws. After incurring tens of thousands of dollars in legal fees, the Debtor was able to reach a settlement with that plaintiff, but then, perhaps smelling an opportunity, another former independent contractor, Luis Manuel Rodriguez-Jimenez, filed a similar action. The Debtor has come to realize that it cannot sustain the legal fees of a second suit and is concerned that other former independent contractors will view these settlements as a further opportunity to bring their own suits. This led to the Debtor's bankruptcy filing on July 11, 2023. The Debtor has no known secured creditors and no known priority tax creditors. The Debtor's intention by this Plan is to use ongoing disposable income to make payments to creditors over a 3-year period. Based on its historical performance, the Debtor believes that its disposable income after expenses will be $25,000 per year, which it intends to pay to its creditors pro rata on a quarterly basis. Class 1 consists of all prepetition creditors. The Debtor shall make twelve $6,250-payments to holders of Class 1 Allowed Claims in consecutive quarterly payments, pro rata on account of their Allowed Claims. Each respective payment shall be made on the first business day of the calendar quarter, beginning on the first business day of the first calendar quarter occurring after the Effective Date. To conserve monies for the benefit of creditors, the Debtor shall make such payments directly to creditors instead of through a trustee. The source of these payments shall be ongoing income. In order to ensure that the Debtor has sufficient funds to make its payments under this Plan, DynaCom has agreed to raise the Debtor's commission to 5% of project expenses. Upon the Effective Date, the Debtor will continue to exist and shall become a reorganized debtor. The current equity holder in the Debtor shall retain its equity interest in the Reorganized Debtor upon confirmation of this Plan. Brenda Nunez will serve initially as the sole officer of the Reorganized Debtor, at the pleasure of the member(s). A full-text copy of the Subchapter V Plan dated July 11, 2023 is available at https://urlcurt.com/u?l=9swo5F from PacerMonitor.com at no charge. Proposed Attorney for the Debtor: Adam Hiller, Esq. HILLER LAW, LLC 300 Delaware Avenue, Suite 210 #227 Telephone: (302) 442-7677 Email: ahiller@adamhillerlaw.com About MLand Maintenance MLand Maintenance, LLC, is in the business of maintenance and construction of certain properties located in the western suburbs of Chicago. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Case No. 23-10924) on July 11, 2023, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Thomas M. Horan oversees the case. Adam Hiller of Hiller Law, LLC is the Debtor's legal counsel. NASCAR HOLDINGS: S&P Alters Outlook to Positive, Affirms 'BB+' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on NASCAR Holdings LLC to positive from stable because S&P believes leverage will remain comfortably below its 3.25x upgrade threshold if the company can successfully renew its broadcast media-rights agreement (around 60% of revenue) expiring after the 2024 season. At the same time, S&P affirmed the 'BB+' issuer credit rating on NASCAR. The positive outlook reflects the potential for a higher rating if the company extends its broadcast media-rights agreement at a similar price and length to the current contract, such that S&P expects its leverage will remain below 3.25x on a sustained basis. A higher rating is contingent on the favorable renewal of NASCAR's media-rights agreement, which currently contributes around 60% of total revenue. NASCAR has a 10-year broadcast media rights agreement for three national touring series with NBC Sports Group and Fox Sports Media Group, ending after the 2024 season. The agreements provide the company with high-margin contractual revenue and include annual price escalators. S&P said, "We believe NASCAR will likely negotiate an increase to its media-rights contract when it renews, though the increase will likely be less than recent contract renewals for other sports leagues. We believe NASCAR is well positioned since the audience ratings for its races have increased in recent years after many years of declining popularity, although its television ratings are down significantly since its last media-rights contract was awarded in 2013. How the league decides to allocate its digital rights will also likely be a significant factor in the next round of contract negotiations with the broadcast networks. We believe the broadcast networks will continue to pay a premium for live sports relative to other types of content because sports generate higher audience ratings and face less competition from similar content on streaming platforms." S&P said, "We expect NASCAR's leverage will decline to around 1x is 2023. We expect NASCAR's attendance will continue to increase in 2023 as lingering, pent-up demand for out-of-home activities overcomes the headwinds from high inflation and slowing economic growth. Cost inflation and elevated investments to expand the league's fan base will more than offset the increase in the company's revenue in 2023 and result in lower EBITDA, though we still expect it to generate free operating cash flow (FOCF) of around $140 million. We believe NASCAR's leverage will improve to around 1x in 2023, with free cash flow generation augmenting asset sale proceeds. This reflects an improvement from 1.75x currently and is well below our 3.25x upgrade threshold. "We believe NASCAR has a conservative financial policy and intends to operate with lower levels of leverage. We believe the company plans to continue reducing its leverage and maintain it at a lower level. The controlling France family had a financial policy of operating NASCAR and International Speedway Corp. with low levels of leverage before the take-private transaction in 2019. Prior to that, NASCAR's S&P Global Ratings-adjusted net leverage was less than 1x. While there can be occasional leveraging events, we believe the company is motivated to subsequently reduce its leverage. We also believe there are few large-scale acquisition opportunities available that could significantly increase NASCAR's leverage above our 3.25x upgrade threshold." NASCAR's event-driven business model is exposed to economic cyclicality and the spending power of its fans. The company's core fan base struggled during the economic recovery following the 2008 recession. This contributed to its lower event attendance over time, which was exacerbated as star NASCAR drivers with large followings retired. S&P said, "While we believe consumer interest in NASCAR has increased in recent years due to new talent emerging, the company's admissions revenue will remain exposed to economic cyclicality. S&P Global Ratings economists expect slow GDP growth in 2023 and 2024, with the Federal Reserve signaling there will be a prolonged period of higher interest rates. If the economy slows more considerably, we believe that the declines in NASCAR's sponsorship, track, and event-related revenue would outpace the drop in U.S. GDP. However, the company demonstrated in 2020 that it can significantly scale back the costs associated with these revenue sources and support its profitability and cash flow with contractual TV revenue in a downturn. We believe that NASCAR's leverage would increase in a downturn but remain below 3.25x." The NASCAR brand benefits from a large fan base despite variability in its viewership from year to year. The company owns and sanctions the NASCAR Cup Series, Xfinity Series, and Craftsman Truck Series, which are the most viewed motorsports series in the U.S. NASCAR also generates a portion of its revenue from national sponsorships, marketing and advertising, and licensing fees for the league's and tracks' intellectual property. The company benefits from its national official status sponsorships and licensing fees, which compares with its peer Speedway Motorsports LLC that primarily generates track-level sponsorships. As such, S&P views NASCAR's business more favorably than Speedway's business. The positive outlook reflects the potential for a higher rating if the company extends its broadcast media-rights agreement (expiring after the 2024 season) at a similar price and length to the current contract, such that we expect its leverage will remain below 3.25x on a sustained basis. S&P could raise the rating if it expects leverage to remain well below 3.25x, with no risk of raising leverageabove this level. This could occur if NASCAR: -- Extends its broadcasting contracts with higher fees and a term length similar to the previous contract; and -- Demonstrates a track record of relatively stable attendance and viewership; and -- Maintains a financial policy that supports leverage remaining below 3.25x. S&P could revise the outlook to stable if it expects leverage to increase above 3.25x on a sustained basis, which could happen if: -- NASCAR renews its media-rights agreement with the networks at less favorable terms, hurting rights fees; or -- Macroeconomic pressures erode the spending ability of its fans such that admissions and event-related revenues face steep declines; or -- NASCAR pursues a large debt-funded acquisition or dividend. ESG credit indicators: E-2, S-2, G-2 NEW MONARCH: Amends Unsecureds & KeyBank Secured Claims Pay ----------------------------------------------------------- New Monarch Machine Tool, Inc., submitted a Second Amended Plan of Reorganization for Small Business. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of approximately $232,000. The Debtor will commit to a distribution to unsecured creditors of $233,000. The first Plan payment is expected to be paid in December 2023, representing projected net disposable income for the period of July 1, 2023 through December 31, 2023 (the "Commitment Period"). The final Plan payment is expected to be made in July 2026. The Commitment Period will be extended by the Debtor for up to six months (for a total of 42 months) if necessary to make total distributions under the Plan equal to $233,000. This Plan of Reorganization proposes to pay creditors of the Debtor from revenue generated from the operation of its business. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 7 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 2 consists of the Secured claim of KeyBank, N.A. The secured claim of KeyBank, N.A., representing unpaid fees and expenses incurred during the pendency of this case, have been paid in full. Should any additional claim for fees and expenses be asserted and allowed, they will be paid in full within 60 days of allowance. Class 3 consists of Non-priority unsecured creditors. Allowed general unsecured claims will receive a pro rata amount of the Debtor's projected disposable income for the Commitment Period. The distributions will be made in annual payments in December of each year, with the exception of the 2026 payment which will be made in July 2026. The Debtor reserves the right to make a lump sum payment at any time equal to the unpaid balance of its projected disposable income for the Commitment Period. Funding for the plan will equal the Debtor's projected disposable income for the Commitment Period. Additionally, the Debtor reserves the right to make a lump sum payment equal to the unpaid balance of its projected disposable income for the Commitment Period, at any time, from any source including the sale of some or all of its assets, in full satisfaction of its obligations under the Plan. A full-text copy of the Second Amended Plan dated July 11, 2023 is available at https://urlcurt.com/u?l=nIPPD4 from PacerMonitor.com at no charge. About New Monarch Machine Tool New Monarch Machine Tool, Inc. -- https://www.monarchmt.com/ -- offers full line of metalworking equipment and services. New Monarch Machine Tool, Inc., filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 22-30384) on June 16, 2022. In the petition filed by Warren D. Wolfson, as secretary, the Debtor estimated assets and liabilities between $1 million and $10 million. Mark J. Schlant has been appointed as Subchapter V trustee. Jeffrey A. Dove, Esq., at Barclay Damon LLP, is the Debtor's counsel. Key Bank National Association, as lender, is represented by Paul A. Levine, Esq. at Lemery Greisler, LLC. OBSIDIAN ENERGY: S&P Affirms 'B-' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Obsidian Energy Ltd. and 'B' issue-level rating on the company's senior unsecured notes. Our recovery rating remains '2'. The stable outlook reflects S&P's view that the company will generate sufficient cash flows to fully fund anticipated spending, with some portion of positive free cash flows allocated to repaying amounts drawn under the credit facility. S&P said, "The rating is supported by our expectation for strong credit measures, with adjusted FFO-to-debt ratio averaging above 100% and the adjusted debt-to-EBITDA ratio averaging below 1x over the next two years. Following the strong performance in 2022 led by favorable commodity prices, we project FFO to decline over the next two years, as prices have weakened from peak 2022 levels. Based on our revised pricing assumptions (S&P Global Ratings Lowers Hydrocarbon Price Assumptions On Moderate Demand, published June 22, 2023), we estimate Obsidian will generate adjusted FFO averaging C$375 million to C$385 million over each of the next two years, about a 20% decline from 2022 levels. Despite the lower cash flows and slower-than-expected pace of debt repayment, the company's leverage metrics remain strong given relatively low amounts of gross debt and our expectation that the company will use a portion of excess cash flows toward repaying amounts drawn under the credit facility. The company also has significant hedges in place for its AECO price exposure, with about 60% of the production hedged at an average price of C$3.7 per million Btu in 2023. Accordingly, we expect strong credit measures over the next two years, with adjusted FFO to debt averaging 120% and adjusted debt to EBITDA averaging below 1x. While the credit measures are strong for the rating, our estimates incorporate the sensitivity of the company's credit measures to commodity prices. All else equal, if West Texas Intermediate (WTI) prices averaged US$50 per barrel in 2024, FFO to debt could decline to 40% from 130%. "We project positive free cash flow generation and assume the company will maintain sufficient availability under the credit facility. The company has a 49-well drilling program for 2023, with development spread across the Cardium (19 wells), Peace River (20), and Viking areas (11). Based on the capital plan and our projections, we estimate the company will generate positive free cash flows averaging C$80 million to C$85 million each year. We assume the company will use a portion of free cash flows for shareholder returns, as publicly stated and given its recent approval to buyback 10% of shares under its normal course issuer bid (NCIB) through February 2024. While the pace of debt repayment has been slower than previously anticipated, we assume management will also use a portion of free cash flows toward paying down the credit facility. The recently upsized C$240 million credit facility was drawn close to 60% as of the first quarter of 2023 and we project it will be close to 30% drawn at the end of 2023." That said, management would need to establish a track record of maintaining a conservative financial policy, which currently constrains upside to the rating. The company's relatively small scale of operations limits upside to the business risk assessment. Obsidian's business risk profile reflects the company's small daily production profile and relatively high operating costs. The company's projected production of about 32,000 barrels of oil equivalent per day (boe/d) in 2023 lags that of higher-rated peers such as Tamarack Valley Energy Ltd. (70,000 boe/d). The company's small scale and regional concentration (the majority of its production is from the Cardium basin) heighten Obsidian's exposure to unanticipated adverse market and operational events. Partially offsetting this is the company's diversified product mix (about 40% light oil, 30% gas, 20% heavy oil, and 8% natural gas liquids). In addition, the company's cash operating costs are modestly higher than those of peers, in part due to the proportion of heavy oil in the product mix and increased transportation expenses to move the Peace River production volumes. Nevertheless, S&P assesses the company's profitability, calculated based on five-year average earnings before interest and taxes per thousand cubic feet basis, in the middle quartile of the global peer group. Also supporting the assessment is Obsidian's lower finding and development (F&D) costs relative to those of peers and that reflect the cost advantage of operating in the Cardium region along with the company's base decline rate of 21% in the Cardium. While these benefits provide reasonably good visibility to near- and medium-term production and cash flow generation, they are not sufficient to offset the risks inherent in the company's small scale and geographic concentration. S&P said, "The stable outlook reflects our view that Obsidian will generate strong credit measures over the next two years, led by supportive commodity prices and assumption that management will use a portion of free cash flows toward lowering amounts drawn under the credit facility. Specifically, we project the company will generate an adjusted FFO-to-debt ratio averaging above 100% in 2023 and 2024. We also assume management will ensure it maintains sufficient availability under the recently upsized credit facility. "We could lower the rating within the next 12 months if the company generates significant negative free cash flows resulting in material deterioration in liquidity. We believe this could occur if commodity prices fell sharply and management failed to correspondingly reduce capital spending, or shareholder returns significantly outpaced available discretionary cash flow. "We could raise our ratings on Obsidian if it improves its operational scale to closely align with that of higher-rated peers. In our view, this would help mitigate the impact of unanticipated commodity price volatility on cash flow generation as well as vulnerability to high-impact, low-probability events. In this scenario, we would also expect the company to maintain an FFO-to-debt ratio above 45% and have availability under the credit facility of more than 50%, while adhering to conservative financial policies." ESG credit indicators: E-4, S-2, G-3 S&P said, "Environmental factors are a negative consideration in our credit rating analysis of Obsidian, an upstream oil and gas producer of light oil (about 40% of forecast 2023 production), heavy oil (about 20%), natural gas (30%) and natural gas liquids (10%). Risks from accelerating energy transition, declining profitability, adoption of renewable energy sources, and environmental risks inherent in hydrocarbon production are reflected in our rating. The company is investing in initiatives such as minimizing freshwater use, with monthly average injected freshwater use having reduced by 40% from 2019 to 2021. In addition, the company is working on decommissioning abandoned wells and restoring land to its pre-development use. While we expect operating and full-cycle costs associated with meeting environmental standards to increase, we do not expect them to have an impact on ratings. Although we believe the company's social practices are in line with the broader oil and gas industry, we believe risk management practices lag those of peers, given the lack of track record in achieving the company's debt management goals in the recent past." OCEAN POWER: Paragon Has 3.9% Equity Stake as of July 7 ------------------------------------------------------- Paragon Technologies, Inc. disclosed in a Schedule 13D filed with the Securities and Exchange Commission that as of July 7, 2023, it beneficially owns 2,179,059 shares of common stock of Ocean Power Technologies, Inc., representing 3.9 percent of the shares outstanding. The percentage ownership of shares of Common Stock set forth in this Statement is based on the 56,213,728 shares of Common Stock reported by the Company as outstanding as of March 10, 2023 in the Company's Quarterly Report on Form 10-Q for the quarter ended Jan. 31, 2023. The total cost for purchasing the Common Stock reported as owned by the Reporting Person, including brokerage commissions, was approximately $1,162,528. The source of funds was the Reporting Person's working capital. On July 7, 2023, the Reporting Person provided a letter to the stockholders of the Company with respect to the Reporting Person's views regarding the Company's financial condition and the performance of the Company's board of directors. In the letter Parago stated, "We believe the current CEO and Board of Directors have grossly neglected and violated their fiduciary obligation to exercise a duty of care and loyalty in managing OPT. Most appalling, the entire Board of Directors including the CEO collectively own less than 0.7% of the Company's shares. Insiders are in no way aligned with shareholders." It added, "We have a plan to fix OPT and we are supremely confident we can execute that plan. We have done it before. Most of all, our confidence is evidenced by our willingness to own a substantial amount of OPT stock." A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/90045/000110465923079128/tm2320839d1_sc13d.htm About Ocean Power Technologies Headquartered in Monroe Township, New Jersey, Ocean Power Technologies, Inc. -- http://www.oceanpowertechnologies.com-- provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. Its PowerBuoy platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. The Company also provides WAM-V autonomous surface vessels (ASV) and marine robotics services through its wholly owned subsidiary Marine Advanced Robotics and strategic consulting services including simulation engineering, software engineering, concept design and motion analysis through its wholly owned subsidiary 3Dent. Ocean Power reported a net loss of $18.87 million for the 12 months ended April 30, 2022, a net loss of $14.76 million for the 12 months ended April 30, 2021, a net loss of $10.35 million for the 12 months ended April 30, 2020, and a net loss of $12.25 million for the 12 months ended April 30, 2019. As of Jan. 31, 2023, the Company had $59.04 million in total assets, $6.10 million in total liabilities, and $52.94 million in total shareholders' equity. PALMER DRIVES: Seeks $1.5MM DIP Loan from Goodman Capital --------------------------------------------------------- Palmer Drives Controls & Systems, Inc. asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and continue borrowing under a Factoring Agreement with Goodman Capital Finance. On January 26, 2023, the Debtor and Goodman Capital entered into the Factoring Agreement, which is essentially a line of credit based upon the Debtor's receivables and inventory. The pertinent terms of the Factor Agreement are: a. The Debtor sells to GCF certain of its receivables. GCF, at its discretion, elects to purchase the receivable through an advance. b. GCF places the advance in a reserve account, which is then advanced to the Debtor as requested by the Debtor, and provided there is not a default under the lending agreement. c. The loan is a non-recourse loan. d. GCF is the holder of security interest in substantially all of the assets of the Debtor. e. Paragraph 7(b) of the Factoring Agreement details the events of default and paragraph 7(c) details the remedies in the event of a default. f. GCF advances 85% of any receivable it purchases from the Debtor and reserves 15%. g. The interest rate under the Factoring Agreement is prime plus 1.75%, with a floor of 9.25%. h. The term of the Factoring Agreement is for 24 months, with renewal terms of 12 months. i. The facility maximum is $1.5 million. j. There are fees associated with Factoring Agreement. GCF asserts a lien on substantially all of the Debtor's assets, including cash collateral, pursuant to a UCC-1 financing statement filed on January 11, 2023. As of the Petition Date the GCF is owed approximately $759,476. The Debtor and GCF have negotiated an interim order approving continued financing under the Factoring Agreement and the use of cash collateral. In relevant part, the interim order provides: a. The Factoring Agreement is ratified, assumed and adopted by the Debtor and approved by the Court. b. No obligation, payment, transfer or grant of security interest under the Factoring Agreement will be stayed, restrained voidable or avoidable or subject to any defense, reduction, setoff, recoupment or counterclaim. c. With respect to the lending, all procedures utilized pre-Petition Date will continue post-Petition Date. d. GCF at its discretion can apply payments received from the Debtor first to pre-Petition Date obligations and then to post-Petition Date obligations. e. GCF is being granted a senior, first priority post-Petition Date lien on substantially all of the Debtor's assets. f. GCF is being granted a super-priority administrative expense claim ahead of all other administrative expense claims. g. To the extent of a diminution in the value of its collateral, GCF is being granted replacement liens pursuant to Bankruptcy Code sections 361 and 363 and a super-priority administrative expense claim pursuant to Bankruptcy Code section 507(b). h. An event of default will occur if the Debtor fails to perform under the interim order or there is an event of default under the Factoring Agreement. i. There will be no modification of the interim order, and there will not be a stay of the interim order. The Debtor needs financing to fund its operations as orders are placed and until receivables are paid. The use of cash collateral and funding under the Factoring Agreement will provide the Debtor with proceeds to meet its operational obligations. In order to provide adequate protection for the Debtor's use of cash collateral to GCF, to the extent GCF is properly perfected, the Debtor proposes the following: a. The Debtor will provide a replacement lien on all post-petition accounts and accounts receivable to the extent that the use of the cash collateral results in a decrease in the value of the collateral pursuant to 11 U.S.C. section 361(2); b. The Debtor will maintain adequate insurance coverage on all personal property assets and adequately insure against any potential loss; c. The Debtor will provide to those creditors who request in writing all periodic reports and information filed with the Bankruptcy Court, including debtor-in-possession reports; d. The Debtor will only expend cash collateral pursuant to the Budget subject to reasonable fluctuation by no more than 15% for each expense line item per month; e. The Debtor will pay all post-petition taxes; and f. The Debtor will retain in good repair all collateral in which GCF has an interest. A copy of the motion is available at https://urlcurt.com/u?l=R1UUAm from PacerMonitor.com. About Palmer Drives Controls and Systems, Inc. Palmer Drives Controls and Systems, Inc. is a nationally recognized manufacturer of industrial electrical control equipment, including magnetic motors starters and industrial controls panels. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 23-13002) on July 10, 2023. In the petition signed by Lynn Weberg, president, the Debtor disclosed $3,328,915 in assets and $3,118,969 in liabilities. Judge Thomas B. McNamara oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. PALMETTO INTERSTATE: Claims to be Paid from Continued Operation --------------------------------------------------------------- Palmetto Interstate Development II, Inc., filed with the U.S. Bankruptcy Court for the District of South Carolina a Disclosure Statement describing Chapter 11 Plan dated July 13, 2023. The Debtor is a corporation organized and existing under the laws of the State of South Carolina. The principal of the Debtor is Leonard Ray Watts, who is a citizen and resident of Horry County, South Carolina. Watts is and has been involved in buying, selling, leasing and developing real estate in the Myrtle Beach, South Carolina area. Mr. Watts owns and operates multiple entities, all of which involve the construction and real estate industry. This case has been designated as a "single asset real estate case" as that term is defined under the Bankruptcy Code. Since the Debtor is challenging the status of the Summit Shores Lending, LLC debt, it filed a Chapter 11 Plan and Disclosure Statement on July 14, 2023. Class 3 Secured Claims held by Creditors with security interests in real and/or personal property shall be paid in monthly installments beginning on the effective date of the Plan and continuing until such time as they are paid in full, unless the collateral securing these debts is to be surrendered, in which case any deficiency shall be treated as an unsecured claim. The Property securing the Secured Claims will remain subject to the liens and interest of each secured Creditor to the extent of the value of the collateral until such claims are paid. Class 3(A)-(F) shall be treated as separate classes for voting purposes, and shall be deemed to be impaired. If the Property upon which a lien or mortgage of the sale in the order of priority according to Section 363 and all other applicable sections of the Code. Class 6 Claims of General Unsecured Creditors shall be impaired under the Plan. Such Class shall be paid a percentage of their allowed Claims without interest after the effective date as set forth in this Plan of Reorganization. This Class is deemed to be impaired. As to the Debtor in possession's intent going forward, it is the further development of seven parcels upon which the Debtor intended to build a combination of residential and commercial structures that will make up a community of homes, stores, restaurants, and other such. The Debtor's owner, Leonard Ray Watts, has already invested between 1.5 million and 2.5 million dollars into this venture, and anticipates obtaining financing for the entire project, but only after the current litigation has ended as no investor wants to loan money on a project that is currently tied up in litigation. Therefore, when Summit Shores Lender in its Motion to Dismiss the chapter 11 case argues there is nothing to reorganize, it is incorrect in that position. The Debtor's principals fully intend to pick up where they left off to consummate the original plan for the subdivision as there has been much interest expressed among members of the community related to this venture. Moreover, Leonard Ray Watts has spoken to potential investors from Miami to New York regarding the project. The Debtor's principals, Leonard Ray Watts, and James Marshall Biddle, Esq. will continue to operate the debtor in possession, and will continue to do so subsequent to the close of this corporate case. They will continue on the path of building a combination of residential and commercial structures with infrastructure to support the community they intend to develop as was the plan from the start of the project. A full-text copy of the Disclosure Statement dated July 13, 2023 is available at https://urlcurt.com/u?l=mBuZEC from PacerMonitor.com at no charge. Debtor's Counsel: Robert H. Cooper, Esq. The Cooper Law Firm 150 Milestone Way, Suite B Greenville, SC 29615 Tel: (864) 271-9911 Fax: (864) 232-5236 Email: rhcooper@thecooperlawfirm.com About Palmetto Interstate Development II Palmetto Interstate Development II, Inc. is a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). Palmetto Interstate Development II filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. S.C. Case No. 23-01102) on April 17, 2023. At the time of filing, the Debtor reported $10 million to $50 million in assets and as much as $50,000 in liabilities. Judge Elisabetta Gm Gasparini oversees the case. Robert H. Cooper, Esq., at The Cooper Law Firm, represents the Debtor as counsel. PERFORMERS THEATRE: Seeks Cash Collateral Access ------------------------------------------------ Performance Theatre Workshop, Inc. asks the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral to fund operational and administrative expenses. The Debtor is a party to several conventional financing facilities: Lender Original Principal Amount ------ ------------------------- PNC Bank $50,000 TD Bank $100,000 On Deck Capital $27,000 US Small Business Administration $2,000,000 On Deck Capital $75,000 The amounts owed under each of the Conventional Financing Facilities are alleged to be secured, by security interests in, among other things, the Debtor's prepetition accounts receivable, and proceeds thereof. In addition to the Conventional Financing Facilities, the Debtor is a party to several "merchant cash advance" agreements, pursuant to which counterparties purported to purchase a portion of the Debtor's future revenues at a discount: Counterparty Amount Received ------------ --------------- ROC Funding $200,000 Everest Business Funding $30,000 Cloudfund LLC $40,000 Amsterdam Capital Solutions $40,000 The Money Store $18,000 Phantom Advance $30,000 Amerifi Capital $12,000 Kash Advance $20,000 Kash Advance $20,000 Epic Advance $20,000 Mayfair Business Capital $15,000 The Debtor disputes the claims under the MCAs. Further, the Debtor intends to commence an adversary proceeding seeking a declaration that the MCAs are in fact disguised loans, rather than true sales of receivables. The Debtor has approximately $18,000 of outstanding accounts receivable on account of services rendered prepetition, of which approximately $6,000 is under 90 days old and likely collectible. Pursuant to 11 U.S.C. section 361, and subject to 11 U.S.C. section 552, the Debtor proposes to grant each of the lenders a replacement lien in cash collateral to the same extent, validity and priority of such lenders' pre-petition liens on the Debtor's post-petition assets. About Performers Theatre Workshop, Inc. Performers Theatre Workshop, Inc. provides performing arts education to students of all ages and abilities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 23-15772) on July 5, 2023. In the petition signed by Dean Kravitz, its president, the Debtor disclosed $46,207 in assets and $2,645,103 in liabilities. Douglas J. McGill, Esq., at Webber McGill LLC, represents the Debtor as legal counsel. POLK AZ: Christopher Simpson Named Chapter 11 Trustee ----------------------------------------------------- Judge Madeleine Wanslee of the U.S. Bankruptcy Court for the District of Arizona approved the appointment of Christopher Simpson as Chapter 11 trustee for Polk AZ, LLC. The ruling comes upon the application filed by Ilene Lashinsky, U.S. Trustee for Region 14. Mr. Simpson disclosed in a court filing that he has no connections with Polk AZ and its creditors or any other party involved in its Chapter 11 case. About Polk AZ Polk AZ, LLC, a company in Phoenix, Ariz., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-02396) on April 16, 2023, with $1 million to $10 million in both assets and liabilities. Judge Madeleine C. Wanslee oversees the case. Honorable Bankruptcy Judge Madeleine C Wanslee handles the case. The Law Office of Mark J. Giunta serves as the Debtor's bankruptcy counsel. POLK AZ: Court Okays Appointment of Chapter 11 Trustee ------------------------------------------------------ Judge Madeleine Wanslee of the U.S. Bankruptcy Court for the District of Arizona approved the appointment of Christopher Simpson as Chapter 11 trustee for Polk AZ, LLC. The appointment comes upon the application filed by Ilene Lashinsky, U.S. Trustee for Region 14, to appoint a bankruptcy trustee to take over Polk AZ's Chapter 11 case. Mr. Simpson disclosed in a court filing that he is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. A copy of the appointment order is available for free at https://urlcurt.com/u?l=frQtKL from PacerMonitor.com. About Polk AZ Polk AZ, LLC, a company in Phoenix, Ariz., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-02396) on April 16, 2023, with $1 million to $10 million in both assets and liabilities. Judge Madeleine C. Wanslee oversees the case. Judge Madeleine C. Wanslee oversees the case. The Law Office of Mark J. Giunta serves as the Debtor's bankruptcy counsel. PURE BIOSCIENCE: Issues $1 Million Convertible Notes to Lenders --------------------------------------------------------------- Pure Bioscience, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that it entered into a Note Purchase Agreement with certain accredited investors pursuant to which the Company issued the Lenders convertible promissory notes with an aggregate principal balance of $1,015,000. The Notes Documents provide for subsequent closings for an aggregate offering size of $1.8 million in principal balance. The Notes Documents provided that the interest to the Lender shall accrue at the rate of 7.55%, compounded annually. The Maturity Date of the Notes is the third-year anniversary of the date of issuance, or such earlier date as the Notes provide. Conversion. All or any portion of the principal amount of the Note, plus accrued and unpaid interest, is convertible at any time, in whole or in part, at a Lender's or the Company's option, into shares of the Company's common stock at a conversion price equal to the 30-day volume-weighted average price of the Company's common stock as reported on the market or exchange on which the Company's common stock is listed or quoted for trading (the "VWAP") on the date of conversion on the last trading day prior to the date of conversion, provided that such conversion price is at least $0.15 per share and less than or equal to $0.23 per share, subject to certain customary adjustments. Additionally, at any time following July 3, 2024, the holders of a majority of the outstanding principal balance under the Notes may elect specified in writing to convert all of the Notes at a conversion price equal to the VWAP, provided that the conversion price is equal to at least $0.15 per share, subject to certain customary adjustments. Further, in the event of certain corporate transactions, all outstanding principal and unpaid accrued interest due on such Notes shall be automatically converted into conversion shares on the trading day immediately prior to the closing date of such corporate transaction. The number of shares to be issued upon such conversion shall be based on the VWAP on the last trading day prior to the public announcement of the execution of the definitive documents with respect to such transaction. Events of Default. The Notes Documents provide for certain events of default that are typical for a transaction of this type, including, among other things, default in the payment of principal or interest for more than 30 days, the Company's making an assignment for the benefit of creditors, within 15 days after the commencement of bankruptcy proceedings against the Company, or breach of certain covenants. Covenants. The Company will be subject to certain customary covenants regarding the current public information, reservation of adequate share reserve, and maintenance of intellectual property rights, among other customary matters. Messrs. Tom Y. Lee and Ivan Chen, each members of the Company's Board of Directors invested $1,000,000 and $15,000 respectively in the Private Placement, through affiliates or directly. The disinterested members of the Board approved the Private Placement. About PURE Bioscience Inc. PURE Bioscience, Inc. -- www.purebio.com -- is focused on developing and commercializing its proprietary antimicrobial products primarily in the food safety arena. The Company provides solutions to combat the health and environmental challenges of pathogen and hygienic control. Its technology platform is based on patented, stabilized ionic silver, and its initial products contain silver dihydrogen citrate, better known as SDC. PURE is headquartered in Rancho Cucamonga, California (San Bernardino metropolitan area). Los Angeles, California-based Weinberg and Company, P.A., the Company's auditor since 2019, issued a "going concern" qualification in its report dated Oct. 28, 2022, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities that raise substantial doubt about its ability to continue as a going concern. R.B. DWYER: Wins Cash Collateral Access Thru July 26 ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Pennsylvania authorized R.B. Dwyer Co., Inc. and affiliates to use cash collateral on an interim basis in accordance with the budget, through the conclusion of the hearing scheduled for July 26, 2023, at 2 p.m. The Debtor needs to access cash collateral to pay all reasonable and necessary expenses related to the operation of its business and avoid immediate and irreparable harm including, all trust fund payroll taxes, in accordance with the budget, limited to the amount of cash collateral actually collected. To the extent of any diminution in value of the respective pre-petition cash collateral of Pathward, National Association and the U.S. Small Business Administration, the Lenders are granted valid, binding, enforceable and perfected post-petition replacement liens on collateral which is created, acquired, or arises after the Petition Date, but limited to only those types and descriptions of collateral in which the Lenders hold a pre-petition lien or security interest. The Replacement Liens will have the same priority and validity as the Lenders' respective pre-petition liens and security interests. The Debtors will maintain adequate insurance coverage on all collateral subject to the Lenders' liens and security interests and shall designate the Lenders as loss payees to the extent and priority of their respective liens and security interests. A copy of the order is available at https://urlcurt.com/u?l=TVTo2e from PacerMonitor.com. About R.B. Dwyer Co., Inc. R.B. Dwyer Co., Inc. and affiliates comprise an integrated commercial packaging business with facilities located in Pennsylvania, California and Tennessee. R.B. Dwyer Co. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-01420) on June 26, 2023. In the petition signed by James B. Dwyer, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Mark J. Conway oversees the case. Jeffrey Kurtzman, Esq., at Kurtzman | Steady, LLC, represents the Debtor as legal counsel. REVERE POWER: $445M Bank Debt Trades at 21% Discount ---------------------------------------------------- Participations in a syndicated loan under which Revere Power LLC is a borrower were trading in the secondary market around 79.4 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $445 million facility is a Term loan that is scheduled to mature on March 29, 2026. About $422 million of the loan is withdrawn and outstanding. Revere Power LLC is a project-financed entity that wholly owns and controls three combined cycle gas plants in New England with a combine winter capacity of 1,143 megawatts (MW). REVERE POWER: $70M Bank Debt Trades at 20% Discount --------------------------------------------------- Participations in a syndicated loan under which Revere Power LLC is a borrower were trading in the secondary market around 79.9 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $70 million facility is a Term loan that is scheduled to mature on March 29, 2026. About $37 million of the loan is withdrawn and outstanding. Revere Power LLC is a project-financed entity that wholly owns and controls three combined cycle gas plants in New England with a combine winter capacity of 1,143 megawatts (MW). RICH'S DELICATESSEN: Court OKs Cash Collateral Access Thru Aug 9 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, authorized Rich's Delicatessen and Liquors, Inc. to use cash collateral on an interim basis under the same terms and conditions as set forth in previous order. The Debtor is permitted to use funds in its checking accounts as well as the payroll account to pay actual, ordinary course of business, subject to the budget. The terms of the order will expire on August 9, 2023 at 5 p.m. A continued hearing on the matter is set for August 8 at 1:30 p.m. A copy of the order is available at https://urlcurt.com/u?l=sNxWh6 from PacerMonitor.com. About Rich's Deli Rich's Food & Liquors, Inc., and Rich's Delicatessen & Liquors, Inc. are family-owned and operated specialty European grocery stores. Both stores feature mostly European and Polish products. Rich's Food store is located at 4747 N Harlem Ave., Harwood Heights, Ill., while Rich's Deli store is located at 857 N Western Ave., Chicago, Ill. Rich's Food & Liquors, Inc., and Rich's Delicatessen & Liquors Inc. each filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-13563 and 22-13693) on Nov. 28, 2022. In the petitions filed by their manager, Mark Allen, Rich's Food disclosed $1 million to $10 million in both assets and liabilities while Rich's Deli reported $100,000 to $500,000 in assets and $500,000 to $1 million in liabilities. Judge Jacqueline P. Cox oversees the cases. The Debtors are represented by David R. R. Herzog, Esq., at the Law Office of David R. Herzog, LLC. RS LAND: Case Summary & Two Unsecured Creditors ----------------------------------------------- Debtor: RS Land LLC 1775 Village Center Circle Suite 110 Las Vegas, NV 89134 Chapter 11 Petition Date: July 13, 2023 Court: United States Bankruptcy Court District of Nevada Case No.: 23-12854 Judge: Hon. August B. Landis Debtor's Counsel: Brett A. Axelrod, Esq. FOX ROTHSCHILD LLP 1980 Festival Plaza Drive, Suite 700 Las Vegas, NV 89135 Tel: (702) 262-6899 Email: baxelrod@foxrothschild.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Fredrick Waid as manager. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CQZUYAY/RS_LAND_LLC__nvbke-23-12854__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Pima Center Holdco LLC Litigation $1,400,000 c/o Benjamine Reeves, Esq. Snell & Wilmer LLP One East Washington Street, Suite 2700 Phoenix, AZ 85004-2556 2. Rayford International, Inc. Escrow Dispute $12,000,000 Changqing Liu Chief Executive Officer and Director 7359 Las Palmas Way Dublin, CA 94568 RTW CONSTRUCTION: Unsecureds Will Get 10.7% of Claims over 3 Years ------------------------------------------------------------------ RTW Construction, Inc., filed with the U.S. Bankruptcy Court for the District of New Jersey a Second Amended Small Business Plan of Reorganization dated July 11, 2023. RTW is a family-owned contracting company that was founded in 2000. It offers full service landscaping and hardscaping contracting for residential and commercial, general contractors and water/sewer mains in southern New Jersey. At the time of the bankruptcy filing, RTW has a solid list of clients including several counties in New Jersey. The business has evolved during the bankruptcy to service private customers. The business is managed by the husband and wife team Randy and Denise Worrell and has seven employees. The instant bankruptcy was caused by efforts by creditors including Union 472 & 172 to collect on their judgments. These judgments were caused by cash flow problems experienced by RTW in connection with projects in Belmar, Southampton, and Stone Harbor. Engineers on these projects withheld payment for dubious reasons. RTW was forced to spend hundreds of thousands of dollars to re-do the work that had already been done. The Plan contemplates the Debtor continuing its business post confirmation as a going concern. The Plan proposes to pay creditors of the Debtor from funds generated by its operations as a going concern and revolving loans provided by the DIP Lender of about $500,000-600,000 during the first year of the Plan. These post-confirmation exit loans will accrue 3% monthly (36% annual) interest. The Plan provides for the full payment of administrative and priority claims in accordance with the Bankruptcy Code. The claims of the Debtor's DIP Lender Change Capital Holdings I LLC ("DIP Lender") will be converted to exit loans that will accrue 26% interest. The Debtor's secured creditors (class 1(a), (b), (c) and (d)) will be paid in full or their collateral will be returned to them, with equity being returned to the Debtor for the benefit of the estate. General unsecured creditors of the Debtor holding Allowed Claims will receive annual distributions in accordance with the Debtor's projected disposable income, which the Debtor has valued at approximately 10.7%, over a period of 3 years. The actual distribution(s) percentage to general unsecured creditors will depend upon the total final Allowed general unsecured claims. The Plan also contemplates rejection of the Debtor's contract with Union 472 & 172. Class 3(a) consists of General Unsecured Claims against Debtor. Class 3(a) consists of the Allowed General Unsecured Claims against Debtor including judgment creditors. Upon the Effective Date of the Plan, in full satisfaction of its Allowed General Unsecured Claim, on March 31 of every year thereafter for three consecutive years, each holder of a Class 3 Allowed General Unsecured Claim will receive a Pro Rata Distribution, of the Debtor's projected disposable income (approximately in aggregate the sum -10.7%). Class 3 Claims are impaired, and therefore holders of Class 3 Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $2.15 million. Class 3(b) consists of Allowed General Unsecured Claims against the Debtor to the extent held by beneficiaries of the New Jersey Trust Fund Act (NJ Rev. Stat §2A:44-148) ("Trust Fund Act"), and the claims of First Indemnity of America Insurance Company (FIA) to the extent FIA pays such claims. Proceeds of each of Debtor's contracts for which FIA issued a surety bond ("Bonded Contracts") shall be deposited into a segregated bank account and used first for payment of Class 3(b) creditors. Class 4 consists of Equity Interest Holders. The sole member of this class is Randy Worrell. He shall retain such Interests. Class 4 Interests are unimpaired, and therefore holders of Class 4 is deemed to have voted to accept the Plan. The distributions to the creditors of the Debtor that are to be made on and after the Effective Date under this Plan shall be funded from the ongoing operations of the Debtor and funding provided by the DIP Lender. As set forth in the Projections, DIP Lender's post-confirmation revolving loans of about $500,000-600,000 through the first year of the Plan that will accrue interest at 3% per month (36% per year). On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, causes of action, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. Further, the Debtor expects to receive employee retention credits of $162,754 ("ERC Credits"). These ERC Credits will be used to pay down the DIP Lender. A full-text copy of the Second Amended Plan dated July 11, 2023 is available at https://urlcurt.com/u?l=erbwDL from PacerMonitor.com at no charge. Attorneys for the Debtor: MANDELBAUM BARRETT PC Vincent J. Roldan, Esq. 3 Becker Farm Road, Suite 105 Roseland, New Jersey 07068 Ph.: 973-736-4600 Fax: 973-736-4670 Email: vroldan@mblawfirm.com About RTW Construction RTW Construction, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 21-18595) on Nov. 4, 2021. In the petition signed by Randy Worrell, chief executive officer, the Debtor disclosed $1,376,365 in assets and $3,032,627 in liabilities. Judge Christine M. Gravelle oversees the case. Vincent Roldan, Esq., at Mandelbaum and Salsburg PC, is the Debtor's counsel. Change Capital Holdings I, LLC, the DIP lender, is represented by Henry G. Swergold, Esq., at Platzer, Swergold, Goldberg, Katz & Jaslow, LLP. RUNNER BUYER: S&P Alters Outlook to Negative, Affirms 'B-' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed its 'B-' issuer credit rating on e-commerce rug retailer Runner Buyer Inc. (d/b/a RugsUSA). The negative outlook reflects the risks that without a sufficient rebound in operating performance, the company may experience negative free cash flow, which could cause S&P to view its capital structure as unsustainable. The outlook revision reflects weaker-than-expected credit metrics and a high interest expense burden amid an uncertain macroeconomic environment. Runner Buyer's consecutive sales declined 14.6% in the quarter-ended March 2023, while free cash flow was about $1 million. In S&P's view, this was because dwindling household savings built up during the pandemic and high inflation levels, weighing particularly on discretionary home decor and improvement retailers. To partially mitigate the impact on operating margins, the company has focused on improving inventory management, which also led to working capital inflow. In March 2023, Runner Buyer acquired Fresh American LLC (d/b/a Annie Selke, Dash & Albert, and Pine Cone Hill), a home furnishings company that designs and markets rugs and other home decorations. S&P estimates the transaction will result in an improvement of about 1x in S&P Global Ratings-adjusted leverage in 2023. S&P said, "Still, we expect Runner Buyer's S&P Global Ratings'-adjusted leverage to be in the high-8x area in 2023. As the company rolls off any lingering supply chain pressures and manages the Fresh American integration, we forecast S&P Global Ratings'-adjusted leverage will decrease from around 12x in 2022 but remaining high. In contrast, we expect S&P Global Ratings'-adjusted EBITDA interest coverage to remain thin in the low-1x area compared with last year as higher interest expenses offset increases in adjusted EBITDA. Together, these indicate limits to the company's capacity to absorb further deterioration under ongoing operating conditions. In addition, we expect the company to draw on its revolver through 2023 to pay its term loan annual amortization and end the year with about $15 million outstanding under its revolver facility. "We believe the company's ability to generate stable positive free operating cash flow (FOCF) in the near term could be challenged absent improvements to operating performance. The company's S&P Global Ratings'-adjusted EBITDA margin decreased 450 basis points to 14.5% year over year in the first quarter. Notwithstanding the company's asset-lite business model, under which Runner Buyer has no physical retail presence and benefits from low capital expenditure requirements and minimal working capital needs, we believe adverse macroeconomic headwinds, a tighter share of consumers wallets, and fixed cost deleveraging will likely lead to weak free cash flow. We forecast the company will generate FOCF in the low- to mid-single-digit (in millions) area annually over the next two years. "The negative outlook reflects the risk that Runner Buyer may be unable to sufficiently improve its operating performance amid a difficult economic backdrop. This could lead to negative cash flow generation and cause us to view its capital structure as unsustainable. "We could lower our ratings on Runner Buyer if operating performance does not improve and the company is unable to generate FOCF or interest coverage metrics is below 1x. We could also lower the rating if the company continues to pay down its term loan from its revolver, which we could cause us to see its capital structure as unsustainable. "We could revise our outlook back to stable if operating performance improves and the company is able to generate positive FOCF and interest coverage above 1x." ESG credit indicators: E-2, S-2, G-3 SATURNO DESIGN: Wins Interim Cash Collateral Access --------------------------------------------------- The U.S. Bankruptcy Court for the District of Oregon authorized Saturno Design, LLC to use cash collateral on an interim basis in accordance with the budget. The Debtor requires the use of cash collateral to continue ongoing operations in the ordinary course of business and avoid disruption of the operations. T Bank, National Association and the U.S. Small Business Association may claim an interest in the Debtor's cash collateral. The amounts due under the T Bank Loan and the SBA Loan are secured by, among other things, the Debtor's equipment, inventory, accounts, instruments, chattel paper, general intangibles, documents, and deposit accounts and related replacements, accessions, proceeds, and products, which includes, among other things, any form of collateral proceeds which have been reduced to cash. The Court held that the Lenders are granted Adequate Protection Liens, which will have the same extent, priority, validity, and status as Lenders' respective prepetition liens, and which are binding and perfected automatically upon the entry of the Interim Order. The final hearing on the matter is set for July 25, 2023, at 2:30 p.m. A copy of the Court's order and the Debtor's budget is available at ttps://urlcurt.com/u?l=nxHwfM from PacerMonitor.com. The Debtor projects total expenses, on a weekly basis, as follows: $1,600 for the week starting July 17, 2023; $26,933 for the week starting July 24, 2023; and $4,165 for the week starting July 31, 2023. About Saturno Design, LLC Saturno Design, LLC owns and operates a business that provides website development and software solutions to the legal industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 23-31455) on July 3, 2023. In the petition signed by Rodolfo Bozas, managing partner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge David W. Hercher oversees the case. Tara J. Schleicher, Esq., at Foster Garvey P.C., represents the Debtor as legal counsel. SKINNY & CO: Court OKs Cash Collateral Access Thru Aug 19 --------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, authorized Skinny & Co. Inc. to use cash collateral on an interim basis in accordance with the budget and its stipulation with the U.S. Small Business Administration and Breakout Capital, LLC, through August 19, 2023. The Debtor is permitted to use cash collateral to pay the limited, ordinary and necessary expenses of operating the Debtor's business. The Debtor will pay when due, all taxes, insurance, assessments and governmental and other charges accrued post-petition, including any and all federal and state withholding taxes, and will provide to the SBA and Breakout, on request, copies of depository receipts or other satisfactory evidence of the same. Unless extended by the Court upon the parties' written agreement, the Debtor's access to cash collateral will immediately terminate on the earlier to occur of: (a) the date on which the SBA or Breakout provides, via facsimile or overnight mail, written notice to the Debtor and the Debtor's counsel of the occurrence of an Event of Default and the expiration of a 14-day cure period; or (b) August 19, 2023. To the extent the SBA or Breakout has valid, enforceable, perfected, and unavoidable prepetition liens on or security interests in the cash collateral used by the Debtor, the SBA or Breakout is granted replacement liens, to the extent the cash collateral suffers a diminution in value, with such replacement liens attaching to cash collateral generated post-petition by the Debtor, to the same extent, validity and priority as the prepetition liens. In accordance with 11 U.S.C. section 507(b), the SBA and Breakout will have allowed superpriority administrative expenses to the extent that the replacement liens do not adequately protect them against the diminution in value of their collateral. A final hearing on the matter is set for August 16, 2023 at 2:30 p.m. A copy of the Court's order and the Debtor's budget is available at https://urlcurt.com/u?l=ZdQ2lU from PacerMonitor.com. The Debtor projects total payable costs and expenses, on a weekly basis, as follows: $647 for the week ending July 8, 2023; $0 for the week ending July 15, 2023; $0 for the week ending July 22, 2023; and $165 for the week ending July 29, 2023. About Skinny & Co. Skinny & Co. is a skincare company offering chemical-free products for skin, hair, and body. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-01410) on April 7, 2023. In the petition signed by Luke Geddie, president, the Debtor disclosed $390,275 in assets and $2.954 million in liabilities. Judge Jeffrey J. Graham oversees the case. Wendy Brewer, Esq., at Fultz Maddox Dickens, PLC, represents the Debtor as legal counsel. SOUTHEAST ASSOCIATION: Jodi Dubose Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Jodi Daniel Dubose, Esq., at Stichter, Riedel, Blain & Postler P.A. as Subchapter V trustee for Southeast Association of Healthcare Providers, Inc. Ms. Dubose will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Dubose declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jodi Daniel Dubose, Esq. Stichter, Riedel, Blain & Postler P.A. 41 N. Jefferson Street, Suite 111 Pensacola, FL 32502 Phone: (850) 637-1836 Email: jdubose@srbp.com About Southeast Association of Healthcare Providers Southeast Association of Healthcare Providers, Inc. operates in the health care industry. It conducts business under the name Return to Health Medical Home and Wellness Center and is based in Pensacola, Fla. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-30455) on July 6, 2023, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Dr. Philip E. Renfroe, president, signed the petition. Byron W. Wright III, Esq., at Bruner Wright, P.A. is the Debtor's legal counsel. SP PF BUYER: $744M Bank Debt Trades at 23% Discount --------------------------------------------------- Participations in a syndicated loan under which SP PF Buyer LLC is a borrower were trading in the secondary market around 76.6 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $744.4 million facility is a Term loan that is scheduled to mature on December 21, 2025. About $744.4 million of the loan is withdrawn and outstanding. SP PF Buyer LLC does business as Pure Fishing, a Columbia, South Carolina-based company that primarily designs, manufactures and sells fishing equipment, including rods, reels, lures, artificial bait, and related fishing tackle, across the globe. ST. CHARLES MEMORY: Court OKs Interim Cash Collateral Access ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, authorized St. Charles Memory Care, LLC to use cash collateral on an interim basis in accordance with the budget, with a 15% variance. An immediate and critical need exists for the Debtor to use cash collateral for the continued operation of its existing business. BMO Harris Bank is the Debtor's secured creditor claiming liens on the Debtor's personal property including rents. As of the Petition Date, the Secured Lender claims the Debtor owes approximately $7.506 million in principal with respect to loans made by the Secured Lender to the Debtor pursuant to, and in accordance with the pre-petition loan agreement. As adequate protection, the Secured Lender is granted a post-petition claim against the Debtor's estate. To secure the Adequate Protection Claim, the Secured Lender is granted valid, binding, enforceable, and perfected liens co-extensive with the Secured Lender's pre-petition liens in the Debtor's assets. The occurrence of any of the following will constitute a Termination Event: (a) The chapter 11 Case is either dismissed or converted to a case under chapter 7 of the Bankruptcy Code; (b) A trustee or an examiner with the expanded powers of a trustee is appointed in the Case; (c) Without the prior written consent of the Secured Lender, (i) the Debtor takes any action or ceases operations of its present businesses or takes any material action -- which is inconsistent with the Budget -- for the purpose of effecting the foregoing, or (ii) or there shall occur a dissolution or termination of the existence of the Debtor or any subsidiary of the Debtor; (d) Non-compliance or default by the Debtor with any of the terms and provisions of this Order after a seven-day notice of default and opportunity to cure the default; (e) Any other super-priority claim or lien equal or superior in priority to that granted pursuant to or permitted thereunder will be granted except on motion filed with the Court for such approval; or (f) The automatic stay of 11 U.S.C. section 362 is lifted so as to allow a Secured Lender or a third party to proceed against any asset of the Debtor valued at $75,000 or more. A final hearing on the matter is set for August 1 at 9:30 a.m. A copy of the Court's order and the Debtor's budget is available at https://urlcurt.com/u?l=eIjhAg from PacerMonitor.com. The Debtor projects $271,298 in total operating revenue and $270,739 in total operating expenses. About St. Charles Memory Care, LLC St. Charles Memory Care, LLC operates a continuing care retirement community and assisted living facility for the elderly. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-40253) on January 27, 2023. In the petition signed by Tracy Bazzell, agent, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Mark X. Mullin oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as legal counsel. ST. SEBASTIAN'S HOTELS: Sylvia Mayer Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Sylvia Mayer, Esq., at S. Mayer Law, PLLC as Subchapter V trustee for St. Sebastian's Hotels, LLC. Ms. Mayer will be paid an hourly fee of $450 for her services as Subchapter V trustee and an hourly fee of $195 for paralegal services. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Sylvia Mayer, Esq. S. Mayer Law PLLC S.D. Tex. I.D. No. 16889 SBA No. 00787028 P.O. Box 6542 Houston, TX 77265 Telephone: (713) 893-0339 Facsimile: (713) 661-3738 Email: smayer@smayerlaw.com About St. Sebastian's Hotels St. Sebastian's Hotels, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 23-32399) on June 30, 2023, with $500,001 to $1 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. Reese W. Baker, Esq., at Baker & Associates represents the Debtor as legal counsel. STAT EMERGENCY: Charles Mouranie Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Charles Mouranie of CMM & Associates as Subchapter V trustee for STAT Emergency Medical Services, Inc. Mr. Mouranie will be paid an hourly fee of $335 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mouranie 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 M. Mouranie CTP CMM & Associates 43313 Woodward Ave., Ste. 1189 Phone: 248.767.9492 Email: cmouranie@cmmengllc.com About STAT Emergency STAT Emergency Medical Services, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-31085) on July 5, 2023, with as much as $50,000 in assets and $1 million to $10 million in liabilities. Stephen M. Lund, president, signed the petition. Judge Joel D. Applebaum oversees the case. Kim K. Hillary, Esq., at Schafer and Weiner, PLLC represents the Debtor as counsel. STULTZ & STEPHAN: Wins Cash Collateral Access Thru Dec. 31 ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, authorized Stultz & Stephan, Ltd. to use cash collateral on a final basis until the earlier to occur of (a) December 31, 2023; or (b) the occurrence of a Termination Event. The Huntington National Bank asserts an interest in the Debtor's cash collateral. As of the Petition Date, the Debtor acknowledges that it is indebted to HNB in the aggregate amount of $1,236,813, plus continuing interest, costs and fees, including, without limitation, reasonable attorney's fees and expenses. The Debtor acknowledges that its indebtedness to HNB is evidenced by, among others: (i) Promissory Note in the principal amount of $100,000 dated June 14, 2022; (ii) Promissory Note in the principal amount of $100,000 dated March 12, 2021; (iii) Promissory Note in the principal amount of $100,000 dated May 10, 2019 and as amended by that certain Change in Terms Agreement dated November 8, 2019; (iv) Promissory Note in the principal amount of $100,000 dated April 22, 2016; (v) U.S. Small Business Administration Note in the principal amount of $1,746,300 dated April 22, 2016; (vi) Business Loan Agreement dated April 22, 2016; (vii) Mortgage dated April 22, 2016 and filed for record on May 2, 2016 in the Seneca County, Ohio Recorder’s Office as Instrument No. 201600191821 at OR Book 376, Page 2887; and (viii) Commercial Security Agreements dated April 22, 2016. In addition, Debtor acknowledges that its obligations and the Indebtedness are guaranteed under the terms of continuing Commercial Guarantys executed by Michael Stultz, Jaime Stultz, Community Title, Ltd., Juris Service Company, and Signature Title & Escrow Ltd. The Debtor acknowledges that the obligations and Indebtedness owed to HNB are secured by (i) the Mortgage, which is duly perfected and encumbers the real property located at 106 E. Market Street, Tiffin, Ohio; and (ii) a perfected security interest in all property described in those UCC-1 filed May 25, 2016 as OH00201234795 and in the UCC Continuation Statement filed on November 7, 2020 as SR618560. The bank's security interests, if any, in cash collateral are continued and re-granted in the same amount and to the same extent, validity and priority as existed immediately prior to the Petition Date. In addition, in consideration of HNB's agreement to the Debtor's use of cash collateral on the terms set forth in the Agreed Order, the Debtor will make the following adequate protection payments to HNB, which HNB will apply to reduce the principal Indebtedness: $3,250 per month commencing on July 10, 2023, and on or before the 10th of each consecutive month thereafter until confirmation of the Debtor's Chapter 11 plan. It will be a Termination Event if any payment due under the terms of the Agreed Order is not received by HNB by its due date, time being of the essence. The Debtor is authorized to use Cash Collateral to pay (i) all fees required to be paid under 28 U.S.C. section 930(a); and (ii) all reasonable fees and expenses incurred by the Subchapter V Trustee. In accordance with the Budget, the Debtor may pay to the Subchapter V Trustee, upon the Subchapter V Trustee's reasonable request, up to $1,000 each month until there is a substantial consummation of a confirmed Chapter 11 plan; the case is dismissed or converted; or the Debtor is no longer authorized to use cash collateral. These events constitute a "Termination Event": (i) The payment or incurrence by the Debtor of any material expense of a type not set forth in the Budget; (ii) The payment of any expenses that would cause the aggregate expenditures under the Budget for any monthly period to exceed the amount set forth in the Budget for such month by 20%. Any budgeted expenditures not paid in a particular budget period may be carried forward into a subsequent budget period. Expenditures, other than legal or other professional fees, may be paid in an earlier period in the reasonable discretion of the Debtor, in which event, the Budget will be deemed amended to move the expenditure into the month of the actual expenditure for the purpose of calculating rolling monthly variances set forth above. The Debtor will provide a written explanation in reasonable detail explaining the amount of and the reason for the prepayment or delay in payment; (iii) The Debtor's failure to pay, within 10 days of the applicable due date, all undisputed administrative expenses in full in accordance with their terms as provided for in the Budget except for any expenses under sections 503(b)(9) and/or 546(c) of the Bankruptcy Code; (iv) The Debtor's failure to timely pay all fees due under 28 U.S.C. section 1930; (v) Nonpayment of adequate protection payments to HNB; (vi) The automatic stay provided in 28 U.S.C. section 362 is terminated, annulled, modified or conditioned in favor of any other creditor which impacts the Collateral; and (vii) The Debtor's failure to comply with, keep, observe or perform any of its agreements or undertakings under the Agreed Order. A copy of the Court's order and the Debtor's budget is available at https://urlcurt.com/u?l=vLxPfW from PacerMonitor.com. The Debtor projects $116,947 in gross revenue and $113,974 in total expenses. About Stultz & Stephan, Ltd. Stultz & Stephan, Ltd. is an Ohio limited liability company which operates a law firm with offices located in Tiffin and Columbus, Ohio. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-52039) on June 16, 2023. In the petition signed by Michael D. Stultz, member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge C. Kathryn Preston oversees the case. John W. Kennedy, Esq., at Strip Hoppers Leithart McGrath & Terlecky Co., LPA, represents the Debtor as legal counsel. SUREFUNDING LLC: Unsecureds Will Get 100% in Liquidating Plan ------------------------------------------------------------- SureFunding, LLC filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Plan of Liquidation dated July 13, 2023. SureFunding was originally established as a mechanism by which its founders, brothers Jason and Justin Abernathy, would invest their own capital. Starting in 2015, SureFunding began accepting funding from third parties through the issuance of notes. Surefunding was marketed to investors as a private debt strategy to achieve fixed income-like returns while generating current yield. Using notes to raise money, SureFunding invested or participated in small business loans, asset purchases, trade receivable purchases and advances, and credit facilities with multiple funding platform partners. SureFunding portfolios were comprised of assets that were intended to be short-term and high yield. The Debtor anticipates that, other than with respect to the Sand Pharmacy Portfolio (which was already fully liquidated), and Music Royalty Portfolio (and Conversion Labs warrants which were sold by the receiver), the Estate could realize value in the Net Collection Interest Proceeds sufficient to pay all creditors in full. There are, however, significant issues with respect to the collectability of Net Collection Interest Proceeds, particularly any collection to be received on account of the Debtor's largest investment: the Tradepay Investments. The Net Collection Interest Proceeds may be subject to a security interest by the Noteholders. As of March 25, 2023, the Debtor was in possession of $3,045,094. Some or all of the Cash currently in the Debtor's possession may be subject to a security interest by the Noteholders. The Cash in hand on the Effective Date shall be used to pay Allowed Administrative Expenses and Allowed Priority Claims. Inasmuch as the Debtor's Assets have principally been liquidated and the Plan provides for the distribution of all of the Cash proceeds of the Debtor's Assets to Holders of Claims that are Allowed as of the Effective Date in accordance with the Plan, for purposes of this test, the Debtor has analyzed the ability of the Liquidating Trust to meet its respective obligations under the Plan. Based on the Debtor's analysis, the Liquidating Trustee will have sufficient assets to accomplish its tasks under the Plan. Therefore, the Debtor believes that the liquidation pursuant to the Plan will meet the feasibility requirements of the Bankruptcy Code. This combined plan and disclosure statement contemplates the establishment of a trust by and through which the Liquidating Trustee will liquidate the Debtors' assets, either through collection, litigation and collection, or both, for distribution to holders of Allowed Claims. Class 2 consists of General Unsecured Trade Claims. Each Holder of an Allowed General Unsecured Claim shall receive in full and final satisfaction, settlement, and release of and in exchange for such Allowed General Unsecured Claims a pro rata distribution from the Unsecured Distribution Assets. Additionally, and solely to the extent that the Unsecured Distribution Assets is insufficient to pay all Allowed General Unsecured Claims in full, including interest, and all Allowed Noteholder Claims are paid in full, including interest, Holders of Allowed General Unsecured Claims shall receive proceeds from the Net Collection Interest Proceeds on a pro rata basis until such Allowed General Unsecured Claims are paid in full. The allowed unsecured claims total $625,000. This Class will receive a distribution of 100% of their allowed claims. Class 3 consists of Noteholder Claims. Each Holder of an Allowed Noteholder Claim shall receive in full and final satisfaction, settlement, and release of and in exchange for such Allowed Class 3 Claim, a pro rata distribution from the Net Collection Interest Proceeds. Additionally, and solely to the extent that the Net Collection Interest Proceeds is insufficient to pay all Allowed Noteholder Claims in full, including interest, and all Allowed General Unsecured Claims are paid in full, including interest, Holders of Allowed Noteholder Claims shall receive proceeds from the Unsecured Litigation Distribution Fund on a pro rata basis until such Allowed Noteholder Claims are paid in full. Class 4 consists of Equity Interests. On or after the Effective Date, all Equity Interests shall receive all remaining funds after all Allowed Claims in Classes 1 through 3, including interest, have been paid in full. On the Effective Date the Debtor will transfer all of its Assets to the Liquidation Trust for Distribution in accordance herewith. The Confirmation Order shall be deemed to, pursuant to sections 363 and 1123 of the Bankruptcy Code, authorize, among other things, all actions as may be necessary or appropriate to effect any transaction described in, approved by, contemplated by, or necessary to effectuate the Plan. Following the Effective Date, the Liquidation Trustee shall take all actions reasonably necessary to dissolve the Debtor under any applicable laws. Pursuant to the terms of the Mediated Settlement, the Debtor and the Noteholders will jointly select the Liquidation Trustee, and the Liquidation Trustee's duties shall commence as of the Effective Date. The Liquidation Trustee shall administer the Liquidation Trust and shall serve as a representative of the Estate under section 1123(b) of the Bankruptcy Code for the purpose of enforcing Causes of Action belonging to the Estate. A full-text copy of the Combined Disclosure Statement and Plan dated July 13, 2023 is available at https://urlcurt.com/u?l=FYwXZF from PacerMonitor.com at no charge. Counsel to the Debtor: Carl N. Kunz, III, Esq. Jeffrey R. Waxman, Esq. Tara C. Pakrouh, Esq. Morris James, LLP 500 Delaware Avenue, Suite 1500 Wilmington, DE 19801 Telephone: (302) 888-6800 Facsimile: (302) 571-1750 Email: ckunz@morrisjames.com jwaxman@morrisjames.com tpakrouh@morrisjames.com About SureFunding LLC Las Vegas-based SureFunding, LLC was founded by Jason and Justin Abernathy in 2014 as a private investment vehicle. It opened in 2015 to outside investors, many of which were family, friends and business acquaintances. Its investments are in short-term, high-yield assets. SureFunding sought Chapter 11 protection (Bankr. D. Del. Case No. 20-10953) on April 14, 2020, with $10 million to $50 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the case. The Debtor tapped Carl N. Kunz, III, Esq., and Jeffrey R. Waxman, Esq., at Morris James, LLP as bankruptcy attorneys; Carlyon Cica Chtd. as special litigation counsel; and Ted Gavin of Gavin/Solmonese, LLC as chief restructuring and liquidation officer. Bayard, P.A. represents the ad hoc committee of SureFunding noteholders. SVB FINANCIAL: Sues FDIC to Recover $2-Bil. Seized Deposits ----------------------------------------------------------- SVB Financial, Silicon Valley Bank's former parent, has sued the Federal Deposit Insurance Corp. to recover the almost $2 billion seized by the agency when the bank collapsed in March 2023. The complaint filed Sunday, July 9, 2023, in bankruptcy court in Manhattan advances an existing dispute between the FDIC and bankrupt SVB Financial Group, which has argued since filing bankruptcy it needs access to roughly $1.9 billion in seized accounts to repay bondholders and other creditors. SVB Financial Group said the funds at issue in the complaint should generate about $100 million in annual interest and that without immediate payment of the disputed funds. The case is SVB FINANCIAL GROUP, Plaintiff, v. FEDERAL DEPOSIT INSURANCE CORPORATION, in its corporate capacity, and FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver for Silicon Valley Bank and Silicon Valley Bridge Bank, N.A., Defendants, Adv. Pro. No. 23-01137 (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor brings this action to recover approximately $1,933,805,708 that is owed, due and payable to the Debtor (the "Account Funds") plus interest. According to the Debtor, in violation of both the automatic stay imposed by 11 U.S.C. Section 362 and its legal obligations, including those arising under the Bankruptcy Code and related to the systemic risk exception determination, the FDIC acting in its corporate capacity ("FDIC-C") and the FDIC acting as receiver ("FDIC-R") for Silicon Valley Bank ("SVB" or the "Bank") and Silicon Valley Bridge Bank, N.A. (the "Bridge Bank"), each refuse to comply with the Debtor's repeated demands that it be paid its Account Funds. The FDIC continues wrongfully to withhold those funds from the Debtor, demanding that any claim for payment of the Account Funds must proceed through the FDIC-R’s administrative claims process. SVB Financial relates that this adversary action involves claims that are not susceptible of proper resolution through the FDIC-R's administrative claims procedure. This action concerns claims to monies encompassed by the Debtor's estate, administered almost entirely by the FDIC-C, not the FDIC-R. And, in all events, any purported claims either the FDIC-C or the FDIC-R think that they may have against the Debtor, including any claims that either asserts give rise to a right of setoff against the Debtor relating to these monies, must be adjudicated in the Court, according to SVB Financial. The Debtor tells the Court that both the FDIC-C and the FDIC-R have violated, and are continuing to violate, the Debtor's automatic stay as well as their legal obligations, including others under the Bankruptcy Code, by transferring funds and refusing to honor the Debtor's demand that they pay the Debtor its Account Funds. * First, the possibility that the FDIC may in the future assert a claim against the Debtor that it argues could give it a right of setoff against the Debtor's assets cannot serve as a basis to refuse to pay the Debtor its Account Funds indefinitely. * Second, the Debtor's claims against the FDIC-C in this action cannot be resolved through the FDIC-R's administrative claims procedure. * Third, the FDIC-C has no right of setoff against the Debtor because there is no mutuality of obligations. * Fourth, in the alternative, if the obligation to pay the Debtor is deemed to be an obligation of the FDIC-R, rather than the FDIC-C, the FDIC-R’s administrative claims procedure is still not capable of adjudicating this dispute. * Finally, neither the FDIC-C nor the FDIC-R may avoid its legal obligations by seeking to avoid the Bankruptcy Court's jurisdiction. About SVB Financial Group SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co., LLC as investment banker; and Berkeley Research Group, LLC, as financial advisor. SYNTHESIS INDUSTRIAL: August 23 Plan & Disclosure Hearing Set ------------------------------------------------------------- On July 5, 2023, Synthesis Industrial Holdings 1 LLC filed with the U.S. Bankruptcy Court for the District of Nevada an Ex Parte Motion for conditional approval of Amended First Disclosure Statement for Plan of Reorganization. On July 11, 2023, Judge Mike K. Nakagawa conditionally approved the Disclosure Statement and ordered that: * August 23, 2023, at 9:30 a.m. is fixed for the hearing on final approval of the disclosure statement (if a written objection has been timely filed) and for the hearing on confirmation of the plan. * August 9, 2023, is fixed as the last day for filing written acceptances or rejections of the plan. * August 9, 2023, is fixed as the last day for filing written objections to the plan and to file all declarations and evidence in support of said objections. * August 16, 2023 is fixed as the last day for filing any response to objections to the plan, to file points and authorities in support of plan confirmation, and to file all declarations and evidence in support of plan confirmation. * August 9, 2023 is fixed as the last day to submit all ballots for the acceptance or rejection of Debtor's Plan of Reorganization. A copy of the order dated July 11, 2023 is available at https://urlcurt.com/u?l=peS3J0 from PacerMonitor.com at no charge. Attorney for the Debtor: Steven L. Yarmy, Esq. 7464 W Sahara Ave, STE 8 Las Vegas, NV 89117 Tel: (702) 586-3513 Fax: (702) 586-3690 E-mail: sly@stevenyarmylaw.com About Synthesis Industrial Holdings 1 Synthesis Industrial Holdings 1, LLC's current property portfolio consists of one property and all improvements thereto located at 11604 Azul Celeste Place, Las Vegas, Nevada 89138. It was formed on Sept. 15, 2017, for the purpose of acquiring distressed property. Synthesis is a Nevada LLC with two members, which membership interest is held individually by Christopher Craig and Cristina Robertson. The Debtor had filed a previous Chapter 11 case on Oct. 5, 2018 (Bankr. D. Nev. Case No. 18-15993), which was dismissed on August 22, 2022. The Debtor again filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 23-11321) on April 4, 2023, disclosing under $1 million in both assets and liabilities. Judge Mike K. Nakagawa oversees the case. The Debtor is represented by Steven L. Yarmy, Esq. TABULA RASA: Seeks Cash Collateral Access ----------------------------------------- Tabula Rasa, Co. asks the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, for authority to use cash collateral to continue normal operations and maintain its going concern value. The Debtor believes Dogwood State Bank assert an interest in the cash collateral by way of Security Agreement and UCC-1 financing statement numbers 20200155202M and 20200155207F filed on October 9, 2020, with the North Carolina Secretary of State. The potentially secured party has not yet consented to the Debtor's use of cash collateral. At the time of the petition, the Debtor had cash on hand of approximately $229 in its bank accounts, all of which was transferred to the Debtor's DIP account after filing and personal property (including inventory, equipment, furnishings, raw materials and finished goods) valued at approximately $239,122. The Debtor proposes to adequately protect the Potential Secured Creditor by giving them a replacement lien on post-petition cash and personal property to the same extent, and with the same priority, as any pre-petition perfected lien. The Debtor further proposes an adequate protection payment to Dogwood in the amount of $2,912, an amount equal to the Debtor's expected secured payment to Dogwood after its anticipated cram down in Debtor's plan of reorganization. A copy of the motion is available at https://urlcurt.com/u?l=ykcb5V from PacerMonitor.com. About Tabula Rasa, Co. Tabula Rasa, Co. is a North Carolina corporation that has operated for the past four years as a licensed distillery in the Raleigh and Garner, North Carolina area. Tabula Rasa also operates a small bar at its facility on Rand Mill Road in Garner. Tabula Rasa sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-01911) on July 10, 2023. In the petition signed by Paul Jacob Howland, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Danny Bradford 23011, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. TAMPA BAY PLUMBERS: Seeks Cash Collateral Access ------------------------------------------------ Tampa Bay Plumbers, LLC asks the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, for authority to use cash collateral retroactive to petition date and provide adequate protection. The Debtor requires the use of cash collateral to maintain business operations and preserve value of the estate. The creditors that may assert blanket liens against the Debtor's assets are Corporation Service Company, as representative, American Express National Bank, U.S. Small Business Administration, Western Equipment Finance, Inc., Alliance Funding Group, Pawnee Leasing Corporation, Dedicated Funding, LLC/First Foundation Bank, Wells Fargo Bank, N.A., ASSN Company, American Bank, N.A, First Horizon Bank, and UCC Filer 2. The Debtor estimates that the Secured Creditors' collective claims are secured by $451,891. The Secured Creditor Assets include $349,891 in cash and accounts receivable. As adequate protection for the use of cash collateral, the Debtor offers the Secured Creditors: a. Post-petition replacement liens on the Secured Creditor Assets to the same extent, validity, and priority as existed pre-petition; b. The right to inspect the Secured Creditor Assets on 48 hours' notice, provided that said inspection does not interfere with the operations of the Debtor; and c. Copies of monthly financial documents generated in the ordinary course of business and other information as the Secured Creditors may reasonably request with respect to the Debtor's operations. A copy of the motion is available at https://urlcurt.com/u?l=hDYIOv from PacerMonitor.com. About Tampa Bay Plumbers, LLC Tampa Bay Plumbers, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02904) on July 10, 2023. In the petition signed by Ryan J. Pelky, its manager, the Debtor disclosed $1,781,764 in assets and $4,418,145 in liabilities. Buddy D. Ford, Esq., represents the Debtor as legal counsel. TECH-MAR ENTERPRISES: Cash Collateral Access OK'd Thru July 28 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, authorized Tech-Mar Enterprises LLC to use cash collateral on an interim basis, in accordance with the budget, through July 28, 2023. As previously reported by the Troubled Company Reporter, a search in the Texas Secretary of State shows that allegedly secured positions in cash collateral are held by (1) U.S. Small Business Administration (UCC # 20-0018199454); (2) Internal Revenue Service (UCC # 20-0061014680); (3) On Deck Capital (UCC # 22-0004086204); (4) Unknown Creditor (UCC # 22-0023814224); (5) DMKA (UCC # 22-0059865784); and (6) QFS Capital (UCC # 23-0001184877). As adequate protection for the use of cash collateral, the parties are granted replacement liens encumbering all property of the Debtor's estate acquired or generated after the petition date to the same extent, validity, and priority to which their liens attached before the petition. The Replacement Liens will be deemed automatically valid and perfected with such priority as provided in the Order without any further notice or act by any party that may otherwise be required under any other law. A final hearing on the matter is set for July 28 at 9:30 a.m. About Tech-Mar Enterprises LLC Tech-Mar Enterprises LLC is an IT service provider. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-32570) on July 10, 2023. In the petition signed by Bernard J Marino III, president, the Debtor disclosed $182,174 in assets and $1,544,635 in liabilities. Judge Eduardo V. Rodriguez oversees the case. Robert C. Lane, Esq., at the Lane Law Firm, represents the Debtor as counsel. THUNDER INC: Amends Pace Finance & Bank of America Secured Claims ----------------------------------------------------------------- Thunder Inc. d/b/a Escobar Construction submitted an Amended Disclosure Statement describing Chapter 11 Plan dated July 13, 2023. Thunder proposes to restructure its debts through the Plan and accomplish payments under the Plan with funds generated from the operation of Thunder's business and/or the proceeds from the recovery of accounts receivable. The Effective Date of the Plan is 30 days following entry of a final order confirming the Plan. Class 5 consists of the Secured Claim of Pace Finance Corporation. The allowed claim of the Pace, Class 5 Claimant, in the amount of $166,519.97 as of the Petition Date, less $75,727.00 on deposit at City National Bank will be paid in full pursuant to the "Stipulation To Relief From The Automatic Stay Establishing (1) Adequate Protection; and (2) Claim Treatment Under Plan of Reorganization" in equal monthly payments commencing on the 31st month following confirmation of the Plan and be paid in full on or before the 60th month following confirmation of the Plan. The source of the payments will be the net monthly income from operation of Thunder's business and/or the proceeds from the recovery of accounts receivable. Class 8 consists of the Secured Claim of the Bank of America NA. The allowed claim of the BofA, Class 8 Claimant, of $27,418.00 as of the petition date, will be paid in full, which payment will include accrued interest at the rate of 5.14% per annum, in 60 equal monthly payments of $519.17, commencing on the 10th day of the first full month following issuance of a final order confirming the Plan. The source of the payments will be the net monthly income from operation of Thunder's business and/or the proceeds from the recovery of accounts receivable. Class 9 consists of the Secured Claim of the Bank of America NA. The allowed claim of the BofA, Class 9 Claimant, of $22,824.75 as of the petition date, will be paid in full, which payment will include accrued interest at the rate of 5.19% per annum, in 60 equal monthly payments of $432.72, commencing on the 10th day of the first full month following issuance of a final order confirming the Plan. The source of the payments will be the net monthly income from operation of Thunder's business and/or the proceeds from the recovery of accounts receivable. Class 10 consists of the Secured Claim of the Bank of America NA. The allowed claim of the BofA, Class 10 Claimant, of $15,409.00 as of the petition date, will be paid in full, which payment will include accrued interest at the rate of 3.39% per annum, in 60 equal monthly payments of $279.56, commencing on the 10th day of the first full month following issuance of a final order confirming the Plan. The source of the payments will be the net monthly income from operation of Thunder's business and/or the proceeds from the recovery of accounts receivable. Class 11 consists of the Secured Claim of the Bank of America NA. The allowed claim of the BofA, Class 11 Claimant, of $46,607.05 as of the petition date, will be paid in full, which payment will include accrued interest at the rate of 2.94% per annum, in 60 equal monthly payments of $836.23, commencing on the 10th day of the first full month following issuance of a final order confirming the Plan. The source of the payments will be the net monthly income from operation of Thunder's business and/or the proceeds from the recovery of accounts receivable. Like in the prior iteration of the Plan, Class 12 General Unsecured Claims total $3,713,000.95. General unsecured creditors, Class 12 Claimants, will receive a dividend of 10% of their claims paid in 60 equal monthly payments of $6,569.13. The source of the payment will be the net monthly income from operation of Thunder's business and/or the proceeds from the recovery of accounts receivable. Class 12 is impaired. The Plan will be funded by the following: (a) the net monthly income from the operation of Thunder's business; (b) the proceeds from the recovery of accounts receivable; (c) the recovery from the Marina Landscape litigation and, if necessary, (d) contributions to be made by Ronald 0. Escobar, Thunder's sole shareholder. A full-text copy of the Amended Disclosure Statement dated July 13, 2023 is available at https://urlcurt.com/u?l=IPHLPx from PacerMonitor.com at no charge. General Insolvency Counsel for the Debtor: Raymond H. Aver, Esq. LAW OFFICES OF RAYMOND H. AVER A Professional Corporation 10801 National Boulevard, Suite 100 Los Angeles, CA 90064 Telephone: (310) 571-3511 E-mail: ray@averlaw.com About Thunder Inc. Thunder Inc., doing business as Escobar Construction, is a construction company in California. Thunder Inc. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-15357) on Sept. 30, 2022. In the petition filed by Ronald O. Escobar, as chief executive officer, the Debtor reported assets and liabilities between $1 million and $10 million each. The case is overseen by the Honorable Bankruptcy Judge Barry Russell. Gregory K. Jones has been appointed as Subchapter V trustee. The Debtor is represented by Raymond H. Aver, Esq., at the Law Offices of Raymond H. Aver. TRISTAR DRYWALL: Joli Lofstedt Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 11 appointed Joli Lofstedt Subchapter V trustee for TriStar Drywall, Inc. Ms. Lofstedt will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 / Fax: (303) 604-2964 Email: joli@jaltrustee.com About TriStar Drywall TriStar Drywall, Inc. is a Colorado based drywall contractor. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 23-12920) on July 2, 2023, with $3,416,659 in assets and $2,613,910 in liabilities. Daniel Haltom, president, signed the petition. Katharine Sender, Esq., at Cohen & Cohen, P.C. represents the Debtor as counsel. TRUCK DEPOT: Amy Mitchell Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 18 appointed Amy Mitchell of Comcast Corp. as Subchapter V trustee for the Truck Depot LLC. Ms. Mitchell will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mitchell declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Mitchell P.O. Box 2289 Lake Oswego, OR 97035 Phone: (503) 675-9955 Fax: (503) 675-9977 Email: mitchelltrustee@comcast.net About The Truck Depot The Truck Depot, LLC filed Chapter 11 petition (Bankr. D. Ore. Case No. 23-31457) on July 5, 2023, with as much as $50,000 in assets and $1 million to $10 million in liabilities. Aurel Davidyan, president, signed the petition. Judge Peter C. Mckittrick oversees the case. Ted A. Troutman, Esq., at Troutman Law Firm, P.C. represents the Debtor as counsel. VICE MEDIA: Gets Clearance to Hand Over Showtime Deal to New Owners ------------------------------------------------------------------- A bankruptcy court ruled that Vice Media LLC can assign to its new owners a contract with Showtime Networks Inc. to produce its Emmy-winning documentary television series "Vice". Paramount-owned Showtime had objected to Vice's motion to shift their contract to a group of lenders that purchased the company out of bankruptcy, but was overruled July 9, 2023, in an opinion by Judge John P. Mastando III of the US Bankruptcy Court for the Southern District of New York. Before the Court was the motion of debtors Vice Group Holding Inc., et al., seeking an order approving the assumption of certain leases and assigning those leases to Vice Acquisition Holdco, LLC, the purchaser of substantially all of the Debtors' assets (the "Purchaser"). Purchaser is an acquisition vehicle formed by three asset management companies: Fortress Credit Advisors LLC, Monroe Capital LLC and Soros Fund Management LLC (the "Prepetition Secured Lenders"). Combined, the Lenders had over $60 billion in assets under management as of March 31, 2023. The Lenders lent the Debtors $474.6 million under a prepetition secured debt facility, $57 million in new money loans to fund Debtors' operations and $10 million of new money DIP financing. Purchaser is acquiring the Debtors' assets as a going concern and anticipates retaining management and key employees. As of June 29, 2023, the objections of Web Holdings, LLC, 49 South Second Street LLC, Cigna Health and Life Insurance Company, Entertainment Industry Employers Association, American Broadcast Companies, Inc., Fastly, Inc., Datasite, LLC, GMN Cayman Holdco LLC, Concur Technologies, Inc. and A&E Television Networks, LLC, and CNN Productions, Inc. have been settled. The objections of Oracle America Inc. and Showtime Networks Inc. remained outstanding. At the June 29 hearing, Debtors asserted, and Oracle agreed, that the parties' outstanding issues were likely to be resolved, and the Court adjourned the matter to a future date. Therefore, the only dispute concerns the objection of Showtime. The Debtors and Showtime are parties to an agreement for the production and licensing of a television documentary series, which Debtors seek to assume and assign to Purchaser. The Vice Series is a "weekly newsmagazine docuseries featur[ing] award-winning journalists delivering on-the-ground-reporting on a wide range of pressing global issues." At the time the parties signed the Showtime Contract, the Debtors had already become a notable creator of documentary series, including winning two Emmys. The Vice Series has continued to win awards since airing on Showtime. Showtime alleges that California law, which governs the contract, prohibits the assignment of personal services contracts, such as the Showtime Contract, absent Showtime's consent pursuant to 11 U.S.C. Sec. 365(c). According to the Opinion, "The Court finds that the Showtime Contract is not a contract for personal services, and, therefore, the Showtime Contract is not excepted from assumption and assignment under 11 U.S.C. Sec. 365(c)(1). Showtime contracted with a corporate entity rather than an individual, which is evidence that the contract is not one for personal services. See Lauter v. Rosenblatt, 2020 WL 3545733, at *3; [Showtime Objection Ex. A.] The Showtime Contract requires Debtors to "produce, deliver, and license" the Vice Series to Showtime, requirements Purchaser asserts it can meet. [Showtime Objection Ex. A; Weinberger Declaration ¶¶ 11–14; Hr'g Tr. 48: 2–18.] "Timely Delivery" and "first-class technical quality" are "of the essence" of the Showtime Contract. [Showtime Objection Ex. A.] These requirements are not sufficiently specific to qualify as personal services, and Showtime would be able to receive the benefit of its bargain from Purchaser. See In re Health Plan of the Redwoods, 286 B.R. at 409–10. Although the Showtime Contract gives Showtime some control over key personnel, the contract does not identify specific individuals to be involved in the creation of the Vice Series. [Pometti Declaration ¶ 4.] Showtime relies on Debtors to furnish the services of "basically every single person that is involved in making the show, from the on-air talent, to the camera operator, to the editors after filming has wrapped." [Hr'g Tr. 34: 23–25.] The inclusion of a provision allowing Showtime control over key personnel, including "the right to require Producer to dismiss or replace any such key personnel," demonstrates that the parties anticipated the replacement of at least some employees. [Showtime Objection Ex. A.] Additionally, Debtor is transferring its assets to Purchaser as a going concern, ensuring continuity in the production of the Vice Series. [Pometti Declaration ¶ 10; Weinberger Declaration ¶ 13.]" About Vice Media Vice Media Group LLC -- https://www.vicemediagroup.com/ -- is an American-Canadian digital media and broadcasting company. It is behind popular media websites such as Vice and Motherboard. Vice Media Group Holding Inc. and 32 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10737) on May 15, 2023. In the petition filed by Hozefa Lokhandwala, as chief strategy officer, Vice Media Group reported assets and liabilities between $500 million and $1 billion. The Honorable Bankruptcy Judge John P. Mastando III oversees the cases. The Debtors tapped TOGUT, SEGAL & SEGAL LLP as general bankruptcy counsel; PJT PARTNERS INC. and LIONTREE ADVISORS LLC as financial advisors; AP SERVICES, LLC as restructuring advisor. STRETTO, INC., is the claims agent. VISTAGEN THERAPEUTICS: BlackRock No Longer Owns Common Shares ------------------------------------------------------------- BlackRock, Inc. disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of June 30, 2023, it does not beneficially own shares of common stock of VistaGen Therapeutics, Inc. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1364742/000130655023009518/us92840h2022_070723.txt About VistaGen Headquartered in San Francisco, California, VistaGen Therapeutics, Inc. -- http://www.vistagen.com-- is a late clinical-stage biopharmaceutical company aiming to transform the treatment landscape for individuals living with anxiety, depression and other CNS disorders. The Company is advancing therapeutics with the potential to be faster-acting, and with fewer side effects and safety concerns, than those that are currently available for treatment of anxiety, depression and multiple CNS disorders. Vistagen reported a net loss and comprehensive loss of $59.25 million for the fiscal year ended March 31, 2023, compared to a net loss and comprehensive loss of $47.76 million on $1.11 million of total revenues for the year ended March 31, 2022. As of March 31, 2023, the Company had $21.09 million in total assets, $9.01 million in total liabilities, and $12.08 million in total stockholders' equity. San Francisco, California-based WithumSmith+Brown, PC, the Company's auditor since 2006, issued a "going concern" qualification in its report dated June 28, 2023, citing that the Company has suffered negative cash flows from operations and recurring losses from operations since inception, resulting in an accumulated deficit of $326.9 million as of March 31, 2023, that raise substantial doubt about its ability to continue as a going concern. VOLEL PROFESSIONAL: Wins Cash Collateral Access Thru July 20 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, authorized Volel Professional Pharmacist Association, P.A. to use cash collateral on an interim basis in accordance with the budget, through July 20, 2023. These entities assert an interest in the Debtor's cash collateral: -- U.S. Small Business Administration; -- Cardinal Health 110, LLC as Agent; -- AmerisourceBergen Drug Corp.; -- ASD Specialty Healthcare, LLC; -- Velocity Capital Group; and -- Corporation Service Company, as Representative The Debtor is permitted to use cash collateral to pay: (a) amounts expressly authorized by the Court, including payments to the Subchapter V Trustee fees; (b) the current and necessary expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and (c) additional amounts as may be expressly approved in writing by the Secured Creditors. As adequate protection, the Secured Creditors will have perfected post-petition liens against cash collateral to the same extent and with the same validity and priority as their pre-petition liens, without the need to file or execute any document as may otherwise be required under applicable non bankruptcy law. As interim adequate protection, the Debtor will pay Cardinal Health $12,500 for both June and July 2023, payable on the 20th day of the month. The Debtor will maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with the Secured Creditors. A continued hearing on the matter is set for July 20 at 10:30 a.m. A copy of the order and the Debtor's budget is available at https://urlcurt.com/u?l=8XOpbT from PacerMonitor.com. The Debtor projects $127,500 in total income for July 2023. About Volel Professional Pharmacist Association Volel Professional Pharmacist Association, P.A. operates a pharmacy in Winter Haven, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-05123) on December 29, 2022. In the petition signed by Paul Volel, Jr., president, the Debtor disclosed $504,659 in total assets and $5,945,305 in total liabilities. Judge Catherine Peek McEwen oversees the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A., is the Debtor's legal counsel. VOYAGER DIGITAL: $250Mil. Flows Out After It Resumes Withdrawals ---------------------------------------------------------------- Bhushan Akolkar of Coin Gape reports that last month on June 23, 2023, bankrupt crypto lender Voyager Digital allowed investors to start withdrawals, almost a year after shutting them down and filing for Chapter 11 bankruptcy. As per data from Dune Analytics, more than $250 million have flown out of the platform since then. After reopening withdrawals to users on June 23, Voyager has experienced a net outflow of $250 million worth of crypto assets. Currently, the platform holds $176 million worth of crypto assets, with a Clean Asset ratio of 96.15%. This includes assets such as 2,287.4 BTC, 27,363.7 ETH, 18,558,340 USDC, 2,060 trillion SHIB, and more. Voyager Digital landed into bankruptcy soon after the Terra ecosystem imploded eroding more than $40 billion of investors' funds. Amid massive withdrawals, the crypto lender faced a severe liquidity crisis, and eventually slipped into bankruptcy. Voyager Digital Withdrawal Plan Back on May 17, 2023, the court gave the approval to the bankruptcy plan. As per the plan, customers will receive 35.72% of their claims initially. They can choose to withdraw this amount either as cryptocurrency through the Voyager app or as cash after waiting for 30 days. In the filing, Hage mentioned that Three Arrows Capital, a bankrupt crypto hedge fund, still owes Voyager $650 million. While the first round of withdrawals allows customers to access just over 35% of their funds, the main focus will be on recovering more assets to distribute to creditors once this initial distribution is finished. Furthermore, an additional $445 million of customer funds will be available to creditors, but this depends on the resolution of Alameda Research’s preference claim against Voyager. This resolution is not likely to happen until at least mid-September 2023. Binance wanted to buy Voyager for $1 billion, but the US government, through agencies like the Securities and Exchange Commission and the Department of Justice, stepped in and stopped the deal due to ongoing legal actions against Binance. Resuming withdrawals recently would bring some relief to investors who have seen their funds stuck for over a year now. About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- runs a cryptocurrency platform. Voyager claims to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, chief executive officer, the Debtors estimated assets and liabilities between $1 billion and $10 billion. Judge Michael E. Wiles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC as financial advisor; Moelis & Company as investment banker; Consello Group as strategic financial advisor; Deloitte Tax, LLP as tax services provider; andDeloitte & Touche, LLP as accounting advisor. Stretto, Inc., is the claims agent. On July 19, 2022, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc. as financial advisor; Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq Corporate Restructuring, LLC as noticing and information agent. The committee also tapped the services of Harney Westwood & Riegels, LP, in connection with Three Arrows Capital Ltd.'s liquidation proceedings in British Virgin Islands. On July 6, 2022, the Debtors filed a joint Chapter 11 plan of reorganization. * * * Following an auction process, the Debtors in September 2022 selected the bid submitted by FTX US' West Realm Shires Inc. as the winning bid for the assets. But after a series of events, FTX collapsed in November 2022, before the sale could be completed. After reopening bidding, Voyager Digital selected the offer from U.S. exchange BAM Trading Services Inc. (doing business as "Binance.US") as the highest and best bid for its assets. Binance'sbid is valued at $1.022 billion. In April 2023, Binance.US called off its deal to buy assets of bankrupt crypto lender Voyager Digital, citing a "hostile and uncertain regulatory climate." VYERA PHARMACEUTICALS: Blank Rome Represents Shareholder Group -------------------------------------------------------------- The law firm of Blank Rome LLP filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that it is representing certain defendants in an adversary proceeding filed by Phoenixus AG against Akkadian Partners Fund, et al., in the Chapter 11 cases of Vyera Pharmaceuticals, LLC. The defendants are: * Harley Lippman, an individual; * Andrew Pizzo, an individual; * Wormwood Capital LLC, a Delaware limited liability company; * Ron Tilles, an individual with a controlling equity interest in Wormwood Capital; and * Antoine Verglas, an individual. The Subject Defendants' address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Harley Lippman 334 Jefferson Avenue Miami, FL 33139 * 133,333 Preference Shares A ($2,000,000) 2. Andrew Pizzo 1370 Broadway, 16th Floor New York, NY 10018 * 66,666 Preference Shares A ($1,000,000) 3. Wormwood Capital LLC 8 The Green St A Dover, DE 19901 * 353,721 Preference Shares A ($5,305,815) 4. Ron Tilles 1246 NE Oceanview Circle Jensen Beach, FL 34957 * Membership interest in Wormwood Capital LLC and Maida Vale Investments, LLC 5. Antoine Verglas 130 West 3d Street - 4N New York, NY 10012 * 40,000 Preference Shares A ($600,000) The law firm can be reached at: Lawrence R. Thomas III, Esq. BLANK ROME LLP 1201 N. Market Street, Suite 800 Wilmington, DE 19801 Telephone: (302) 425-6400 Facsimile: (302) 425-6464 E-mail: lorenzo.thomas@blankrome.com - and - Michael B. Schaedle, Esq. Eamon O'Kelly, Esq. BLANK ROME LLP 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 885-5000 Facsimile: (212) 885-5001 E-mail: mike.schaedle@blankrome.com eamon.okelly@blankrome.com In the adversary proceeding, styled as PHOENIXUS AG, Plaintiff, v. AKKADIAN PARTNERS FUND; AKKADIAN PARTNERS FUND - COMPARTMENT PHOENIXUS INVESTMENT; HARLEY LIPPMAN; OPALEYE LP; ANDREW PIZZO; WORMWOOD CAPITAL LLC; RON TILLES; ANTOINE VERGLAS; THORNEY OMEGA PTY LTD; and SABINE GRITTI, Defendants, Adversary Pro. No. 23-50406, Phoenixus AG, a debtor-affiliate of Vyera Pharmaceuticals, LLC, seeks to block an attempt by a minority group of shareholders -- comprised of Harley Lippman, Opaleye LP, Andrew Pizzo, Wormwood Capital LLC, Antoine Verglas, Thorney Omega Pty Ltd, and Sabine Gritti -- to elect four new directors to the Phoenixus Board. The shareholder group is opposed to confirmation of the Debtors' bankruptcy-exit plan. The Debtors seek to preliminarily enjoin any change to the debtor-in-possession, whether it be to the Board, the appointment of the Chief Restructuring Officer, or any attempt to change the managing member or board of directors of any of the Debtor subsidiaries. In commencing the adversary proceeding, Phoenixus seeks to prevent harm to the Debtors' creditors and ensure the Bankruptcy Court (i) has a say in whether the Board will change, (ii) will retain effective oversight over management of the Debtors' affairs, and (iii) has a say as to whether these subchapter V cases will be dismissed. About Vyera Pharmaceuticals Vyera Pharmaceuticals, LLC, is a New York-based biopharmaceutical company. It focuses on developing and commercializing innovative treatments for patients with unmet medical needs. Vyera and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10605) on May 9, 2023. In its petition, Vyera reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped DLA Piper, LLP, as bankruptcy counsel; Sierra Constellation Partners, LLC, as financial advisor; and Alvarez & Marsal Securities, LLC, as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. VYERA PHARMACEUTICALS: Creditors to Get Proceeds From Liquidation ----------------------------------------------------------------- Vyera Pharmaceuticals, LLC, et al., filed with the U.S. Bankruptcy Court for the District of Delaware an Amended Joint Subchapter V Plan of Reorganization and Liquidation dated July 11, 2023. The Debtors are engaged primarily in the development, manufacture, and sale of pharmaceutical products with a focus on developing therapies to treat patients suffering from serious and neglected diseases, often referred to as orphan diseases. Debtors can group the circumstances leading to these Subchapter V Cases into the following categories: (i) introduction of general alternatives and declining sales; (ii) the impact of Martin Shkreli's actions, and the resulting litigation, on the Debtors; (iii) the impact of the related FTC Litigation stemming therefrom; and (iv) the impact of certain litigation brought, or threatened, against the Debtors. This Plan comprises a sale or liquidation of the Liquidating Debtors, the preservation of Phoenixus, and the reorganization of the Reorganized Debtor to maximize the value of the Debtors' Estates for the benefit of Holders of Allowed Claims and Equity Interests. First, through this Plan, the Debtors will establish a Liquidating Trust, administered by a Liquidating Trustee under the supervision of an Oversight Committee, into which will flow: (i) the Liquidating Trust Cash; (ii) the right to receive PRV Sale Proceeds, if any, upon the monetization of a PRV; (iii) the Retained Causes of Action; and (iv) the Liquidating Debtor Sale Proceeds, if any. In parallel, the Debtors will reorganize the Reorganized Debtor to move forward with the ORL Business and their efforts to obtain a PRV from the FDA. On the Effective Date, Holders of Allowed Claims will receive a Liquidating Trust Certificate (along with Pro Rata Distributions from GUC Reserve within 90 days thereof), entitling such Holder to a Pro Rata Distribution in Cash from the Liquidating Trust out of the PRV Sale Proceeds. The Plan is structured to support one or more Sale Transactions with respect to the assets of the Liquidating Debtors and a parallel going-concern restructuring transaction with respect to the Reorganized Debtor. The cornerstone of this Plan lies in providing creditors with Liquidating Trust Certificates on the Effective Date (along with Pro Rata Distributions from the GUC Reserve within 90 days thereof), entitling applicable creditors to Pro Rata Distributions in Cash from the Liquidating Trust out of the PRV Sale Proceeds, if any, in addition to immediate Pro Rata Cash Distributions from the GUC Reserve. The Debtors' assets consist primarily of (i) Cash on Hand, (ii) accounts receivable, (iii) the Products, (iv) the ORL Business, and (v) claims and Causes of Action. The proposed sale or liquidation of the Liquidating Debtors, coupled with the reorganization and funding of the Reorganized Debtor and the preservation of Phoenixus, will necessarily provide more value to Holders of Allowed Claims and Equity Interests than would be distributed to such parties in a chapter 7 liquidation. Class 3(a) consists of General Unsecured Claims – Trade and Litigation Claims. Class 3(a) is Impaired under the Plan. Each Holder of an Allowed Class 3(a) General Unsecured Claim will receive a Liquidating Trust Certificate (along with Pro Rata Distributions from the GUC Reserve within 90 days thereof), entitling such Holder to a Pro Rata Distribution in Cash from the Liquidating Trust out of the PRV Sale Proceeds, if applicable. Class 3(b) consists of General Unsecured Claims – FTC Claims. Class 3(b) is Unimpaired under the Plan. Each Holder of an Allowed Class 3(b) General Unsecured Claim will, upon the consummation of either (i) a Sale Transaction and the receipt of Liquidating Debtor Sale Proceeds thereunder or (ii) the sale of a PRV and the receipt of PRV Sale Proceeds thereunder, receive a Pro Rata Distribution in Cash from the PRV Sale Proceeds or Liquidating Trust Assets, as applicable, in accordance with the Consent Order. On the Effective Date, all Allowed Equity Interests will be reinstated. Subject to the provisions of the Plan concerning the funding of the Reorganized Debtor, the Debtors and the Liquidating Trustee (as applicable) shall fund Distributions under the Plan with (i) the Liquidating Trust Cash, which shall be transferred to the Reorganized Debtor, (ii) the right to receive PRV Sale Proceeds upon the monetization of a PRV issued by the FDA, (iii) proceeds from the Retained Causes of Action, and (iv) any Liquidating Debtor Sale Proceeds (collectively, the "Liquidating Trust Assets"). On the Effective Date, the Debtors will establish a liquidating trust (the "Liquidating Trust") pursuant to a Liquidating Trust Agreement, which will be filed with the Bankruptcy Court as part of the Plan Supplement. Upon establishment of the Liquidating Trust, all Liquidating Trust Assets shall be deemed transferred to the Liquidating Trust without any further action of the Debtors or any managers, employees, directors, members, partners, shareholders, agents, advisors, or representatives of the Debtors. A full-text copy of the Amended Plan dated July 11, 2023 is available at https://urlcurt.com/u?l=L372Cz from Epiq Corporate Restructuring, LLC, claims agent. Counsel to the Debtors: DLA Piper LLP (US) John K. Lyons, Esq. 444 West Lake Street Suite 900 Chicago, IL 60606 Tel: (312) 368-2166 Fax: (312) 257-2166 Email: John.Lyons@dlapiper.com R. Craig Martin, Esq. Matthew S. Sarna, Esq. 1201 North Market Street Wilmington, Delaware 19801 Tel: (302) 468-5700 Fax: (302) 397-2336 Email: craig.martin@us.dlapiper.com matthew.sarna@us.dlapiper.com About Vyera Pharmaceuticals Vyera Pharmaceuticals, LLC is a New York-based biopharmaceutical company. It focuses on developing and commercializing innovative treatments for patients with unmet medical needs. Vyera and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10605) on May 9, 2023. David Klauder has been appointed as Subchapter V trustee. In its petition, Vyera reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge J. Kate Stickles oversees the cases. The Debtors tapped DLA Piper, LLP as bankruptcy counsel; Sierra Constellation Partners, LLC as financial advisor; and Alvarez & Marsal Securities, LLC as investment banker. Epiq Corporate Restructuring, LLC is the claims and noticing agent. WASHINGTON MEDICAL: Seeks Cash Collateral Access ------------------------------------------------ Washington Medical Services, Inc. d/b/a Densows Medical Supplies, ask the U.S. Bankruptcy Court for the Eastern District of Washington at Seattle for authority to use cash collateral to maintain property, pay current taxes, operating expenses, and insurance. The U.S. Small Business Administration asserts that it has a perfected, first priority security interest in the Prepetition Collateral. The SBA asserts that the outstanding balances on the loans presently total approximately $167,000 on a line of credit secured by receivables, excluding accrued and unpaid interest and expenses. The SBA has agreed to take payments in the sum of $900. This includes the current payment of $737 and a payment of the arrearage. The company has sufficient income to pay that. A copy of the Debtor's motion and budget is available at https://urlcurt.com/u?l=EUMGjC from PacerMonitor.com. The Debtor projects total expenses, on a monthly basis, as follows: $85,264 for Month 1; $83,764 for Month 2; $101,632 for Month 3; $83,764 for Month 4; $85,264 for Month 5; and $83,764 for Month 6. About Washington Medical Supplies Washington Medical Supplies, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Wash. Case No. 23-00734) on June 16, 2023, with $100,001 to $500,000 in both assets and liabilities. Judge Whitman L. Holt oversees the case. The Debtor is represented by Marc S. Stern, Esq., at the Law Office of Marc S. Stern. WHITETAIL GENERAL: Court OKs Deal on Cash Collateral Access ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Montana authorized Whitetail General Constructors LLC to use cash collateral on an interim basis in accordance with the budget and its agreement with Brave National Bank. The Debtor intends to use the cash collateral to continue operations of the business within the ordinary course and for purposes of reorganization. The Debtor entered into a Promissory Note and Commercial Security Agreement with Brave National Bank on February 19, 2020. The Secured Loan granted Brave a perfected, first-priority UCC lien on any and all accounts receivables and equipment of the Debtor. The Secured Loan and supporting documentation were submitted as exhibits to Brave's Proof of Claim on file. Brave filed Proof of Claim #9 asserting $274,492 owed as of the petition date. As of the petition date, the Debtor had on deposit $89,640 and $975,399 in estimated accounts receivables. The parties agree these funds are subject to the Secured Loan and would be considered "Cash Collateral" under the Bankruptcy Code. The Debtor will -- on June 1, June 20, and the 20th day of each succeeding month for so long as the Debtor's authority to use cash collateral remains in effect -- make adequate protection payments to Brave in the amount of $5,698. To provide adequate protection to Brave for the Debtor's use of cash collateral, to the extent of a diminution of the Collateral, Brave is granted liens on all of the Debtor's personal property, which Replacement Liens will be subject and subordinate in priority only to those valid and perfected liens, if any, that existed as of the Petition Date that are superior in rank to valid and perfected liens that secure the Brave National Bank Debt. As additional partial adequate protection for the Debtor's use of cash collateral, to the extent of any diminution in value and a failure of the other adequate protection provided by the Order, Brave National Bank will have an allowed administrative claim. A copy of the order is available at https://urlcurt.com/u?l=0FKLDy from PacerMonitor.com. About Whitetail General Constructors Whitetail General Constructors, LLC provides ground-up construction and remodel or renovation services for both commercial and residential customers. The company is based in Belgrade, Montana. Whitetail General Constructors filed its voluntary petition for Chapter 11 protection (Bankr. D. Mont. Case No. 23-20031) on March 16, 2023, with $1 million to $10 million in assets and $100,000 to $500,000 in liabilities. James Jones, president of Whitetail General Constructors, signed the petition. Judge Benjamin P. Hursh oversees the case. Shimanek Law, PLLC serves as the Debtor's bankruptcy counsel. WW INTERNATIONAL: $945M Bank Debt Trades at 31% Discount -------------------------------------------------------- Participations in a syndicated loan under which WW International Inc is a borrower were trading in the secondary market around 69.3 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $945 million facility is a Term loan that is scheduled to mature on April 13, 2028. About $942.6 million of the loan is withdrawn and outstanding. WW International Inc., formerly Weight Watchers International Inc., is a global company headquartered in the US that offers weight loss programs. YAK ACCESS: $419.1M Bank Debt Trades at 10% Discount ---------------------------------------------------- Participations in a syndicated loan under which Yak Access LLC is a borrower were trading in the secondary market around 90.1 cents-on-the-dollar during the week ended Friday, July 14, 2023, according to Bloomberg's Evaluated Pricing service data. The $419.1 million facility is a Term loan that is scheduled to mature on March 10, 2028. The amount is fully drawn and outstanding. Yak Access LLC provides construction services. The Company offers matting solutions, installation and removal of temporary roads, construction of permanent access roads, and civil services. YARDBOYS & YARDGIRLS: Seeks Cash Collateral Access -------------------------------------------------- Yardboys and Yardgirls, LLC asks the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, for authority to use cash collateral to continue normal operations and maintain its going concern value. The Debtor believes the parties that may have an interest in its cash collateral are: a. CBSG/Par Funding -- by way of Security Agreement and UCC-1 financing statement numbers 20200029156J filed on March 18, 2020 with the North Carolina Secretary of State. b. Thread Capital, Inc. -- by way of Security Agreement and UCC-1 financing statement numbers 20200134415C filed on August 27, 2020 with the North Carolina Secretary of State. At the time of the petition, the Debtor had cash on hand of approximately $2,080 in its bank accounts, all of which was transferred to the Debtor's DIP account after filing and personal property, (including inventory, equipment, furnishings, raw materials and finished goods), valued at approximately $56,244. The Debtor believes its cash will be replenished through normal operations such that the total value of cash and personal property will increase over time. The Debtor proposes to adequately protect the Potential Secured Creditors by giving them a replacement lien on post-petition cash and personal property to the same extent, and with the same priority, as any pre-petition perfected lien. The Debtor further proposes adequate protection payments to Par Funding in the amount of $150 and to Thread Capital in the amount of $929. The amounts are equal to the Debtor's expected secured payments to these creditors after its anticipated cram down in the Debtor's plan of reorganization. A copy of the motion is available at https://urlcurt.com/u?l=Ey7yiG from PacerMonitor.com. About Yardboys and Yardgirls, LLC Yardboys and Yardgirls, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-01858) on July 5, 2023. In the petition signed by Victor Scott, member, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. YORK UNITED: Case Summary & Five Unsecured Creditors ---------------------------------------------------- Debtor: York United, Inc. 1775 Village Center Circle, Suite 110 Las Vegas, NV 89134 Chapter 11 Petition Date: July 13, 2023 Court: United States Bankruptcy Court District of Nevada Case No.: 23-12853 Judge: Hon. Hilary L. Barnes Debtor's Counsel: Brett A. Axelrod, Esq. FOX ROTHSCHILD LLP 1980 Festival Plaza Drive, Suite 700 Las Vegas, NV 89135 Tel: (702) 262-6899 Email: baxelrod@foxrothschild.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $10 million to $50 million The petition was signed by Fredrick Waid as director. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CKCKBGQ/YORK_UNITED_INC__nvbke- 23-12853__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Five Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Fabian VanCott Legal Fees $128,165 411 E. Bonneville Ave., Suite 400 Las Vegas, NV 89101 2. Murphy, Pearson, Legal Fees $463,860 Bradley & Feeney 580 California Street, Suite 1100 San Francisco, CA 94104 3. Pima Center Holdco LLC Litigation $1,400,000 c/o Benjamine Reeves, Esq. Snell & Wilmer LLP One East Washington Street, Suite 2700 Phoenix, AZ 85004-2556 4. Rayford International, Inc. Escrow Dispute $12,000,000 c/o Changquing Liu 155 N. Lake Ave., Suite 800 Pasadena, CA 91101 5. Thomas Gehl Employment $0 Agreement [^] BOND PRICING: For the Week from July 10 to 14, 2023 ------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- 99 Escrow Issuer Inc NDN 7.500 39.000 1/15/2026 99 Escrow Issuer Inc NDN 7.500 38.365 1/15/2026 99 Escrow Issuer Inc NDN 7.500 38.365 1/15/2026 Acorda Therapeutics Inc ACOR 6.000 65.594 12/1/2024 Air Methods Corp AIRM 8.000 1.015 5/15/2025 Air Methods Corp AIRM 8.000 0.960 5/15/2025 Amyris Inc AMRS 1.500 19.375 11/15/2026 Audacy Capital Corp CBSR 6.750 1.217 3/31/2029 Audacy Capital Corp CBSR 6.500 0.748 5/1/2027 Audacy Capital Corp CBSR 6.750 1.937 3/31/2029 AutoZone Inc AZO 3.125 99.795 7/15/2023 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Bed Bath & Beyond Inc BBBY 5.165 1.350 8/1/2044 Bed Bath & Beyond Inc BBBY 4.915 3.000 8/1/2034 Brixmor LLC BRX 6.900 9.875 2/15/2028 Citigroup Global Markets Holdings Inc/United States C 3.750 99.782 7/20/2023 Citigroup Global Markets Holdings Inc/United States C 3.000 99.479 7/17/2023 Clovis Oncology Inc CLVS 1.250 12.120 5/1/2025 Clovis Oncology Inc CLVS 4.500 11.340 8/1/2024 Clovis Oncology Inc CLVS 4.500 10.784 8/1/2024 Crown Castle Inc CCI 3.150 99.773 7/15/2023 Curo Group Holdings Corp CURO 7.500 34.439 8/1/2028 Curo Group Holdings Corp CURO 7.500 22.827 8/1/2028 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 3.500 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 3.000 8/15/2027 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 3.329 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 3.750 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 2.561 8/15/2027 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 3.329 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 3.366 8/15/2026 Diebold Nixdorf Inc DBD 9.375 18.250 7/15/2025 Diebold Nixdorf Inc DBD 8.500 1.000 10/15/2026 Diebold Nixdorf Inc DBD 9.375 18.000 7/15/2025 Diebold Nixdorf Inc DBD 9.375 18.148 7/15/2025 Diebold Nixdorf Inc DBD 8.500 3.750 10/15/2026 Diebold Nixdorf Inc DBD 9.375 18.148 7/15/2025 Diebold Nixdorf Inc DBD 8.500 1.038 10/15/2026 Diebold Nixdorf Inc DBD 9.375 18.065 7/15/2025 Endo Finance LLC / Endo Finco Inc ENDP 5.375 5.000 1/15/2023 Endo Finance LLC / Endo Finco Inc ENDP 5.375 5.000 1/15/2023 Energy Conversion Devices Inc ENER 3.000 0.551 6/15/2013 Envision Healthcare Corp EVHC 8.750 3.000 10/15/2026 Envision Healthcare Corp EVHC 8.750 2.628 10/15/2026 Esperion Therapeutics Inc ESPR 4.000 50.250 11/15/2025 Exela Intermediate LLC / Exela Finance Inc EXLINT 11.500 10.101 7/15/2026 Exela Intermediate LLC / Exela Finance Inc EXLINT 11.500 9.945 7/15/2026 Federal Home Loan Banks FHLB 3.250 99.412 7/14/2023 First Citizens Bancshares Inc/TX FIRCTZ 6.000 90.273 9/1/2028 First Citizens Bancshares Inc/TX FIRCTZ 6.000 90.273 9/1/2028 First Republic Bank/CA FRCB 4.375 0.663 8/1/2046 First Republic Bank/CA FRCB 4.625 -0.241 2/13/2047 GNC Holdings Inc GNC 1.500 0.429 8/15/2020 General Electric Co GE 5.000 99.825 7/15/2023 Georgia-Pacific LLC GP 3.734 99.860 7/15/2023 Georgia-Pacific LLC GP 3.734 99.808 7/15/2023 Global Medical Response AIMEGR 6.500 56.634 10/1/2025 Global Medical Response AIMEGR 6.500 54.976 10/1/2025 Goodman Networks Inc GOODNT 8.000 1.000 5/31/2022 Gossamer Bio Inc GOSS 5.000 35.250 6/1/2027 Groupon Inc GRPN 1.125 38.625 3/15/2026 H-Food Holdings LLC / Hearthside Finance Co Inc HEFOSO 8.500 39.658 6/1/2026 H-Food Holdings LLC / Hearthside Finance Co Inc HEFOSO 8.500 39.515 6/1/2026 Hallmark Financial Services Inc HALL 6.250 26.216 8/15/2029 HarborOne Bancorp Inc HONE 5.625 95.069 9/1/2028 Infor Inc LWSN 1.450 99.803 7/15/2023 Inseego Corp INSG 3.250 41.250 5/1/2025 Invacare Corp IVC 4.250 4.728 3/15/2026 JPMorgan Chase & Co JPM 2.000 87.938 8/20/2031 JPMorgan Chase Bank NA JPM 2.000 82.684 9/10/2031 Lannett Co Inc LCIN 7.750 5.500 4/15/2026 Lannett Co Inc LCIN 4.500 1.380 10/1/2026 Lannett Co Inc LCIN 7.750 5.399 4/15/2026 Lightning eMotors Inc ZEV 7.500 61.148 5/15/2024 MBIA Insurance Corp MBI 16.830 5.500 1/15/2033 MBIA Insurance Corp MBI 16.832 2.604 1/15/2033 Macquarie Infrastructure Holdings LLC MIC 2.000 97.499 10/1/2023 Macy's Retail Holdings M 7.875 95.620 3/1/2030 Macy's Retail Holdings M 7.875 95.620 3/1/2030 Macy's Retail Holdings M 6.900 86.349 1/15/2032 Mashantucket Western Pequot Tribe MASHTU 7.350 41.250 7/1/2026 Morgan Stanley MS 1.800 72.348 8/27/2036 NBC Bancshares in Pawhuska Inc NBCBNC 6.950 94.066 9/1/2028 NBC Bancshares in Pawhuska Inc NBCBNC 6.950 94.066 9/1/2028 National CineMedia LLC NATCIN 5.750 4.000 8/15/2026 OMX Timber Finance Investments II LLC OMX 5.540 0.850 1/29/2020 Party City Holdings Inc PRTY 8.750 14.750 2/15/2026 Party City Holdings Inc PRTY 10.821 12.969 7/15/2025 Party City Holdings Inc PRTY 8.750 14.500 2/15/2026 Party City Holdings Inc PRTY 6.625 0.899 8/1/2026 Party City Holdings Inc PRTY 6.625 0.899 8/1/2026 Party City Holdings Inc PRTY 10.821 12.969 7/15/2025 PeoplesBancorp MHC PEOPBC 5.375 88.549 11/15/2028 PeoplesBancorp MHC PEOPBC 5.375 88.549 11/15/2028 Photo Holdings Merger Sub Inc SFLY 8.500 46.000 10/1/2026 Photo Holdings Merger Sub Inc SFLY 8.500 47.595 10/1/2026 Radiology Partners Inc RADPAR 9.250 35.628 2/1/2028 Radiology Partners Inc RADPAR 9.250 36.013 2/1/2028 Renco Metals Inc RENCO 11.500 24.875 7/1/2003 Rite Aid Corp RAD 8.000 42.532 11/15/2026 Rite Aid Corp RAD 7.500 47.982 7/1/2025 Rite Aid Corp RAD 7.700 24.021 2/15/2027 Rite Aid Corp RAD 8.000 42.492 11/15/2026 Rite Aid Corp RAD 7.500 47.977 7/1/2025 Rite Aid Corp RAD 6.875 19.584 12/15/2028 Rite Aid Corp RAD 6.875 19.584 12/15/2028 RumbleON Inc RMBL 6.750 42.082 1/1/2025 SBL Holdings Inc SECBEN 7.000 66.400 N/A SBL Holdings Inc SECBEN 7.000 60.000 N/A SVB Financial Group SIVB 4.000 5.999 N/A SVB Financial Group SIVB 4.100 7.250 N/A SVB Financial Group SIVB 4.700 7.250 N/A SVB Financial Group SIVB 4.250 5.998 N/A Shift Technologies Inc SFT 4.750 10.274 5/15/2026 Signature Bank/ New York NY SBNY 4.000 2.250 10/15/2030 Signature Bank/ New York NY SBNY 4.125 1.992 11/1/2029 Talen Energy Supply LLC TLN 10.500 34.750 1/15/2026 Talen Energy Supply LLC TLN 6.500 30.353 6/1/2025 Talen Energy Supply LLC TLN 6.500 27.250 9/15/2024 Talen Energy Supply LLC TLN 9.500 24.080 7/15/2022 Talen Energy Supply LLC TLN 7.000 27.250 10/15/2027 Talen Energy Supply LLC TLN 10.500 34.750 1/15/2026 Talen Energy Supply LLC TLN 9.500 24.080 7/15/2022 Talen Energy Supply LLC TLN 10.500 34.750 1/15/2026 Talen Energy Supply LLC TLN 6.500 27.250 9/15/2024 Team Health Holdings Inc TMH 6.375 52.381 2/1/2025 Team Health Holdings Inc TMH 6.375 52.818 2/1/2025 TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019 Tricida Inc TCDA 3.500 10.800 5/15/2027 US Renal Care Inc USRENA 10.625 25.363 7/15/2027 US Renal Care Inc USRENA 10.625 25.722 7/15/2027 USX Corp/Consolidated MRO 8.125 99.702 7/15/2023 UTB Financial Holding Co UTBFIN 6.500 95.221 9/1/2028 UTB Financial Holding Co UTBFIN 6.500 95.221 9/1/2028 UpHealth Inc UPH 6.250 30.697 6/15/2026 WeWork Cos Inc WEWORK 7.875 40.630 5/1/2025 WeWork Cos Inc WEWORK 7.875 40.259 5/1/2025 WeWork Cos LLC / WW Co-Obligor Inc WEWORK 5.000 40.500 7/10/2025 WeWork Cos LLC / WW Co-Obligor Inc WEWORK 5.000 40.250 7/10/2025 Wesco Aircraft Holdings WAIR 9.000 9.500 11/15/2026 Wesco Aircraft Holdings WAIR 8.500 4.000 11/15/2024 Wesco Aircraft Holdings WAIR 13.125 7.750 11/15/2027 Wesco Aircraft Holdings WAIR 8.500 5.279 11/15/2024 Wesco Aircraft Holdings WAIR 9.000 4.002 11/15/2026 Wesco Aircraft Holdings WAIR 13.125 4.562 11/15/2027 Western Global Airlines WGALLC 10.375 0.373 8/15/2025 Western Global Airlines WGALLC 10.375 3.281 8/15/2025 Weyerhaeuser Co WY 7.125 99.863 7/15/2023 Worthington Industries Inc WOR 4.550 97.674 4/15/2026 Zions Bancorp NA ZION 7.200 84.000 N/A ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. 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