/raid1/www/Hosts/bankrupt/TCR_Public/230804.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Friday, August 4, 2023, Vol. 27, No. 215
Headlines
1500 NET-WORKS: Aug. 30 Spring Garden Property Sale Set
1618 17TH STREET: Files Amendment to Disclosure Statement
1716 R STREET: Amends MainStreet Bank Claim Against LeRae Towers
1716 R STREET: Amends Sandy Spring Claim Against 4649 Hillside
1716 R STREET: Amends Unsecureds & Federal National Secured Claim
1716 R STREET: Updates WCP Fund's Claim Against 1616 27th Street
1ST & 2ND CHANCE: Glen Watson Named Subchapter V Trustee
2340 ND CORP: Unsecureds to be Paid in Full with Interest in Plan
246-18 REALTY: Seeks to Hire Avison Young as Real Estate Broker
4112 REALTY: Case Summary & Eight Unsecured Creditors
604KENNEDY LLC: Hires Whiteford Taylor & Preston as Counsel
65 PHIPPS AVE: Taps Island REI as Real Estate Broker
7TH WES TECH: Areya Holder Aurzada Named Subchapter V Trustee
8200 REALTY: Case Summary & Seven Unsecured Creditors
ABERDEEN ENTERPRISES: Case Summary & Eight Unsecured Creditors
ACJK INC: Taps GRS Appraisal & Auction Services as Auctioneer
ADVENTURE ATTRACTION: Seeks to Tap David P. Lloyd as Legal Counsel
ADVENTURE ATTRACTION: Taps Beloit Auction & Realty as Auctioneer
AEROFARMS INC: Committee Taps Fox Rothschild as Legal Counsel
AGSPRING LLC: Has Deal on Cash Collateral Access
AJM MANAGEMENT: Court OKs Cash Collateral Access Thru Aug 11
ALAMO CITY HANDYMEN: Unsecureds Will Get 36.81% over 60 Months
ALECTO HEALTHCARE: Taps Rosner Law Group as Delaware Counsel
ALECTO HEALTHCARE: Taps Shulman Bastian Friedman & Bui as Counsel
ALROD LOGISTICS: Case Summary & 20 Largest Unsecured Creditors
APPHARVEST INC: Davis Polk Advises Mastronardi in Chapter 11
AQUABOUNTY TECHNOLOGIES: Raises Going Concern Doubt
ASE CONSTRUCTION: Case Summary & 11 Unsecured Creditors
ASPIRA WOMEN'S: Jack Schuler, Trust Report 18.7% Equity Stake
BELLA VIEW CAPITOL: Taps Peter G. Macaluso as Legal Counsel
BESTWALL LLC: Judge Rules Can Remain in Chapter 11 Bankruptcy
BEVERLY HILLS MANSION: Involuntary Chapter 11 Case Summary
BIJOU HILL: Taps Allen Vellone Wolf Helfrich & Factor as Counsel
BIO365 LLC: Seeks Court Approval to Hire KRD Ltd. as Accountant
BISHOP OF OAKLAND: Committee Taps Berkeley as Financial Advisor
BOX OUT STUDIO: Hires VerStandig Law Firm as Counsel
BRAVO MULTINATIONAL: Incurs $74K Net Loss in Second Quarter
BROOKDALE SENIOR: Egan-Jones Retains CC Senior Unsecured Ratings
BUCKHEAD PROPERTY: Gets OK to Hire Rountree as Legal Counsel
BUCKINGHAM TOWER: Subchapter V Plan Confirmed by Judge
C&L AUTOMOTIVE: Bid to Use Cash Collateral Denied as Moot
CAIR HEATING: Seeks to Hire DelCotto Law Group as Attorney
CARDINAL HEALTH: Egan-Jones Retains BB+ Senior Unsecured Ratings
CARVANA CO: Raises $225 Million via Equity Offering Program
CASELLA WASTE: S&P Rates New Senior Unsecured Revenue Bonds 'B+'
CEDIPROF INC: Taps Colon Conde & Mirandes as Tax Credit Consultant
CENTURY BUILDERS: Seeks to Hire Alla Kachan as Bankruptcy Counsel
CENTURY BUILDERS: Taps Wisdom Professional Services as Accountant
CHALLENGER BRASS: Has Deal on Cash Collateral Access
CHAPIN DAIRY: Seeks Cash Collateral Access
CHATHAM COMMUNICATIONS: Hires Cristo Law Group LLC as Counsel
CHINAH USA: Wins Cash Collateral Access Thru Aug 20
CYTOSORBENTS CORP: Cites Going Concern Doubt, Looming Cash Crunch
DELPHI BEHAVIORAL: PCO Seeks to Hire SilvermanAcampora as Counsel
DIOCESE OF ROCHESTER: $50.8M Added to Abuse Survivors Settlement
EAST MISSION 8: Trustee Seeks Approval to Tap Bankruptcy Counsel
EAST SERVICE: Voluntary Chapter 11 Case Summary
EXPEDIA GROUP: Egan-Jones Hikes Senior Unsecured Ratings to BB-
FOR PAWS BLUE: Seeks to Hire Anthony DeGirolamo as Attorney
FREE SPEECH: Taps Evident Tax as Tax Consultant
FTX TRADING: SBF's Campaign Contribution Charge Dropped
FUSION GALAXY: Files Emergency Bid to Use Cash Collateral
FUTURE PRESENT: Gerard Luckman Named Subchapter V Trustee
GENESIS CARE: Committee Seeks to Hire Locke Lord as Local Counsel
GENESIS CARE: Committee Taps Berkeley Research as Financial Advisor
GIRARDI & KEESE: Tom Can't Use Defense Atty. as Competency Expert
H & H INVESTMENT: Taps Hard Money USA Corp as Mortgage Broker
HATCH AND COMPANY: Leon Jones Named Subchapter V Trustee
HC LIQUIDATING: Deadline to File Claims Set for August 18
HILTON WORLDWIDE: Egan-Jones Hikes Senior Unsecured Ratings to BB
HOLIDAY HAM: Hires Law Firm of Toni Campbell Parker as Counsel
HYLAND SOFTWARE: S&P Alters Outlook to Negative, Affirms 'B-' ICR
IMEDIA BRANDS: Seeks to Hire Huron Consulting as Financial Advisor
IMEDIA BRANDS: Seeks to Hire Stretto as Administrative Agent
IMEDIA BRANDS: Seeks to Tap Ropes & Gray as Bankruptcy Counsel
IMEDIA BRANDS: Taps Lincoln Partners Advisors as Investment Banker
IMEDIA BRANDS: Taps Pachulski Stang Ziehl & Jones as Legal Counsel
IRONMAN LOGGING: Hires Thomas R. Willson as Legal Counsel
JJB D.C.: Case Summary & 20 Largest Unsecured Creditors
KDC AGRIBUSINESS: Gets Court Approval for Sept. 12 Auction
KEVIN CONCANNON: Voluntary Chapter 11 Case Summary
KJMN PROPERTIES: Taps Hard Money USA Corp. as Mortgage Broker
KOTAI INVESTMENTS: Trustee Seeks Approval to Tap Bankruptcy Counsel
LA BELLE FRANCE: Unsecured Creditors to Split $34K in Plan
LA CROSSE TENT: William Wallo Named Subchapter V Trustee
LAUNCH PAD: Case Summary & 20 Largest Unsecured Creditors
LECLAIRRYAN PLLC: Judge Slams Trustee Over Settlement Deal
LIGADO NETWORKS: Gets $22.5-Mil. New Cash Injection
LOCKHART HOLDINGS: Taps Steven H. Greenfeld as Bankruptcy Counsel
LTL MANAGEMENT: Judge Tosses J&J's Cancer Lawsuit Tactic
LUCKY BUCKS: Seeks Chapter 11 Bankruptcy Protection
LUNYA COMPANY: Gets OK to Hire Stretto as Administrative Advisor
M/I HOMES: Fitch Affirms 'BB' IDR & Alters Outlook to Positive
MADISON SQUARE BOYS: $22 Million Abuse Victims Payment Okayed
MAGIC DESIGNS: Seeks to Hire Epps & Coulson as Bankruptcy Counsel
MALACHITE INNOVATIONS: Raises Going Concern Doubt
MALLINCKRODT PLC: In Talks w/ Hedge Fund to Defer Opioid Payments
MANANTIAL ROCA: Hires Pullucksingh Accounting as Accountant
MEDIAMATH HOLDINGS: Hires Epiq as Administrative Advisor
MEDIAMATH HOLDINGS: Hires Young Conaway Stargatt as Counsel
MR. G'S PROPERTIES: Taps Island REI as Real Estate Broker
NABORS INDUSTRIES: Posts $16.2 Million Net Income in Second Quarter
NATIONAL CINEMEDIA: Posts $545M Net Income for Q2 2023
NEWPARK RESOURCES: Egan-Jones Retains B- Senior Unsecured Ratings
NORTHRIVER MIDSTREAM: S&P Affirms 'BB' ICR on Proposed Refinancing
ORLANDO RESERVOIR NO. 2: Joli Lofstedt Named Subchapter V Trustee
PACIFICA CMFM: Seeks to Hire DuffyAmedeo as Legal Counsel
PACIFICA CMFM: Taps Velebit Consulting as Accountant
PALASOTA CONTRACTING: Taps Piletere & Associates as Accountant
PARAMETRIC SOLUTIONS: Case Summary & 20 Top Unsecured Creditors
PG&E CORP: CEO Poppe Assures California Utility Is Safer
PICANTE GRILLE: Hires Calaiaro Valencik as Legal Counsel
PJ TRANS: Seeks Cash Collateral Access, DIP Loan from RTS
PLOURDE SAND: Seeks Access to $472,464 of Cash Collateral
PLUMBING TECHNOLOGIES: Taps Amundsen Davis as Special Counsel
POLISHED.COM INC: Restates Financials, BofA Relaxes Covenants
PURDUE PHARMA: View on Bankruptcy Appeal Sought by Supreme Court
RALPH LAUREN: Egan-Jones Retains BB+ Senior Unsecured Ratings
RANDAZZO'S CLAM: Unsecureds to Split $50K in Liquidating Plan
RAPID METALS: Seeks to Hire Huron Consulting Services, Appoint CRO
RELIABLE CASTINGS: Court OKs Interim Cash Collateral Access
RETAILING ENTERPRISES: Taps Pulcini & Nemet as Accountant
RICHARDSON CREEK: Case Summary & One Unsecured Creditor
ROCKPORT CO. LLC: $40.9 Million DIP Loan Approved
SCOTTS MIRACLE-GRO: Egan-Jones Retains BB- Sr. Unsecured Ratings
SDS COLCON: September 28 Public Auction Sale Set
SKOPIMA CONSILIO: S&P Rates New $200MM First-Lien Term Loan 'B-'
SKYREACH CONSTRUCTION: Taps Carr Riggs & Ingram as Accountant
SLOW BURN: Timothy Stone Named Subchapter V Trustee
STULTZ & STEPHAN: Seeks to Hire 'Ordinary Course' Professionals
SUREFUNDING LLC: Taps Stretto as Claims and Noticing Agent
SYRACUSE DIOCESE: Reaches Settlement Deal With Abuse Survivors
TAHOE LAKE: Taps Law Offices of Michael Jay Berger as Counsel
TANTUM COMPANIES: Gets Approval to Hire Bankruptcy Counsel
TELEPHONE AND DATA: Egan-Jones Retains B+ Senior Unsecured Ratings
TORTOISEECOFIN PARENT: S&P Cuts ICR to 'CCC' on Liquidity Pressure
TRIARC SYSTEMS: Hires Eric A. Liepins P.C. as Counsel
TUESDAY MORNING CORP: Will Liquidate After Creditor Deal
TYSON FAMILY: Hires Ayers & Haidt P.A. as Counsel
VERA HOLDINGS: Hires James S. Wilkins, P.C. as Counsel
WESCO AIRCRAFT: Committee Taps McDermott Will & Emery as Counsel
WESCO AIRCRAFT: Committee Taps Morrison & Foerster as Counsel
WESCO AIRCRAFT: Committee Taps Piper Sandler as Investment Banker
WESCO AIRCRAFT: Committee Taps Province LLC as Financial Advisor
WOLVERINE WORLD: Egan-Jones Retains B Senior Unsecured Ratings
WOOD DUCK INN II: Gets OK to Hire RLC Lawyers as Counsel
[*] Commercial Chapter 11 Filings Up 71% in July 2023, Epiq Reports
[^] BOOK REVIEW: Transcontinental Railway Strategy
*********
1500 NET-WORKS: Aug. 30 Spring Garden Property Sale Set
-------------------------------------------------------
The 100% of the membership interests in 1500 Net-Works Associates
GP LLC ("mortgage GP pledgor") and 100% of the partnership
interests in 1500 Net-Works Associates LP ("mortgage borrower")
together with all related rights and property will be offered for
sale at a public auction and sold to the highest qualified bidder
on Aug. 30, 2023, at 11:00 a.m. (Philadelphia Time). The sale will
be conducted in person in the offices of Duane Morris LLP, 30 S.
17th Street, Philadelphia, Pennsylvania, and through virtual
attendance technology.
The principal asset of the Mortgage GP Pledgor is a 0.5%
partnership interest in the Mortgage Borrower, the principal asset
of the Mortgage Borrower is the mixed-use building located at
1500-1530 Spring Garden Street, and 543-553 North 16th Street,
Philadelphia, Pennsylvania.
The sale is held to enforce the rights of TPG RE Finance 9 LLC as
secure party under (a) that certain Mezzanine Loan Agreement dated
as of March 31, 2022 between secured party and 1500 Spring Garden
Holdings LLP ("Mezz Borrower") and (b) that certain Mezzanine
Pledge and Security Agreement dated as of March 31, 2022, executed
by Mezz Borrower and Mortgage GP Pledgor in favor of the secured
party both of which (a) and (b) are currently held by secured
party.
Interested parties who would like additional information regarding
the collateral, property visits, and the terms of the public sale
should execute the confidentiality agreement which can be reviewed
at https://www.1500springsgardenuccsale.com.
For questions and inquiries, contact Brett Rosenberg at Jones Lang
LaSalle Americas Inc. 330 Madison Avenue, New York, New York 10017,
Tel.: (212) 81205926, Email: brett.rosenberg@jll.com.
1618 17TH STREET: Files Amendment to Disclosure Statement
---------------------------------------------------------
1618 17th Street Flats LLC submitted an Amended Disclosure
Statement with respect to Plan of Liquidation dated July 27, 2023.
The Plan proposes the transfer of the 1618 Property to WCP Fund and
release of WCP Fund's lien on a separate non-debtor property.
The Plan proposes to sell the 1618 Property to WCP in exchange for
a $5,250.00 reserve, plus $250 in U.S. Trustee fees (the "1618 WCP
Reserve").
Class 1 consists of First Secured Claim of The WCP Fund Entity
against 1618 17th Place Flats LLC. In full and complete
satisfaction of the Allowed First Secured Claim of The WCP Fund
Entity against 1618 17th Street Flats LLC, at a time of WCP Fund
I’s choosing, after seven days notice, 1618 17th Street Flats LLC
shall convey the 1618 Property to The WCP Fund Entity or any other
entity to which WCP Fund I directs that the Debtor makes such
transfer. The WCP Fund Entity shall be responsible for all costs of
effectuating such transfer, including payment of all required
taxes. Upon confirmation of this Plan, the deed of trust recorded
by WCP Fund I, LLC as Instrument No. 2020156670 against the
property located at 1713 Trinidad Avenue NE, Washington, DC 20002
(Lot 35, square 4082) shall be deemed released. WCP Fund I, LLC
shall file a certificate of satisfaction as to said lien within 3
days of entry of the Confirmation Order (the "1713 Release").
Holders of Allowed Class 1A Claims are entitled to vote to accept
or reject the Plan.
Class 2 consists of Second Secured Claim of The WCP Fund Entity
against 1618 17th Place Flats LLC. In full and complete
satisfaction of the Allowed Second Secured Claim of The WCP Fund
Entity against 1618 17th Street Flats LLC, at a time of WCP Fund
I's choosing, after seven days notice, 1618 17th Street Flats LLC
shall convey the 1618 Property to The WCP Fund Entity or any other
entity to which WCP Fund I directs that the Debtor makes such
transfer. The WCP Fund Entity shall be responsible for all costs of
effectuating such transfer, including payment of all required
taxes. Upon confirmation of this Plan, the deed of trust recorded
by WCP Fund I, LLC as Instrument No. 2020156670 against the
property located at 1713 Trinidad Avenue NE, Washington, DC 20002
(Lot 35, square 4082) shall be deemed released. WCP Fund I, LLC
shall file a certificate of satisfaction as to said lien within 3
days of entry of the Confirmation Order (the "1713 Release").
Holders of Allowed Class 1B Claims are entitled to vote to accept
or reject the Plan.
The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* On the Distribution Date, 161816 17th Place Flats LLC shall
pay any amounts left over from the 1618 Reserve after payment of
Administrative and Priority Tax Claims, to holders of General
Unsecured Claims in full and complete satisfaction of General
Unsecured Claims. The Class 3 Claim is impaired.
* Holders of Class 4Interests shall retain their interests
under the Plan. Holders of Class 4 Interests will not receive any
payments unless and until all Holders of Allowed Class 1 and Class
2 and 3 Claims are paid in full.
The Plan proposes the transfer of the 1618 Property to WCP Fund and
release of WCP Fund's lien on a separate non-debtor property.
In order to facilitate the confirmation of this Plan, within 10
days of the Confirmation Date, WCP Fund I, LLC shall pay the 1618
WCP Reserve to undersigned counsel for the Debtor to be held as
security for the Debtor's obligations under this Plan (and not as a
retainer for fees).
All property of the Estate shall revest in the Debtor on the
Effective Date, free and clear of all other liens, claims,
interests and encumbrances, except for the liens specifically
granted by the Plan.
A full-text copy of the Amended Disclosure Statement dated July 27,
2023 is available at https://urlcurt.com/u?l=q4ZzBm from
PacerMonitor.com at no charge.
About 1618 17th Street
1618 17th Street Flats LLC is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)). The Debtor owns the real
property located at certain real property located at 1618 17th St
SE, Washington DC 20020, Lot 5596, Square 0010. The 1609 Property
is pledged to WCP Fund I LLC as Servicer for SF NU, LLC via two
liens in the asserted amount of well over $1 million.
WCP Fund filed an involuntary petition against the Debtor (Bankr.
D.D.C. 23-00167) on June 26, 2023. Since the Petition Date, the
Debtor has continued to operate as a debtor in possession subject
to the supervision of the Bankruptcy Court and the United States
Trustee's Office in accordance with the Bankruptcy Code.
Counsel to petitioning creditor:
Maurice Belmont VerStandig
The Verstandig Law Firm, LLC
Tel: 301-444-4600
E-mail: mac@mbvesq.com
Counsel for the Debtor:
Janet M. Nesse, Esq.
Justin P. Fasano, Esq.
McNamee Hosea, P.A.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Phone: 301-441-2420
Email: jnesse@mhlawyers.com
jfasano@mhlawyers.com
1716 R STREET: Amends MainStreet Bank Claim Against LeRae Towers
----------------------------------------------------------------
The Lerae Towers, LLC, and Lerae Towers II, LLC, affiliates of 1716
R Street Flats LLC, submitted an Amended Disclosure Statement with
respect to Third Amended Joint Plan of Reorganization dated July
27, 2023.
The Plan proposes the reduction of WCP's lien on the 537 Property
to $325,000.00, with an unsecured claim in the amount of $3
million, which is subject to a $2.5 million discount if paid within
three years.
The Plan proposes to sell the 1241 Property to WCP in exchange for
a $5,250.00 reserve, plus $250 in U.S. Trustee fees (the "1241 WCP
Reserve").
Class 1A consists of the Secured Claim of MainStreet Bank against
The LeRae Towers, LLC. Between the date of the entry of the
Confirmation Order and the closing of the LeRae Refinance, interest
shall continue to accrue on the MainStreet Bank Allowed Secured
Claim at the interest rate of 4.8% per annum.
On the 8th day of each month for the three-month period after the
date of the entry of the Confirmation Order, the debtor The Lerae
Towers, LLC shall remit to MainStreet Bank with respect to its
Allowed Secured Claim monthly payments each in the amount of
$5,481.80. On the 8th day of each month for the six-month period
following the three-month period, the debtor The Lerae Towers, LLC
shall remit to MainStreet Bank with respect to its Allowed Secured
Claim monthly payments each in the amount of $8,078.91. Finally, on
the 8th day of each month for the three-month period following the
six-month period referenced in the preceding sentence, the debtor
The Lerae Towers, LLC shall remit to MainStreet Bank with respect
to its Allowed Secured Claim monthly payments each in the amount of
$11,500.00. If any of the monthly payments referenced above are not
timely made by The Lerae Towers, LLC to MainStreet Bank and remain
unpaid 15 days after notice of the default is e-mailed to counsel
for The Lerae Towers, LLC, MainStreet Bank shall have the absolute,
unconditional right to complete a foreclosure of the 537 Property
and pursue any other rights or available claims under the
MainStreet loan documents without regard to any injunction, decree,
or stay, automatic or otherwise, in this or any subsequent
bankruptcy case.
Upon the closing of the LeRae Refinance, the obligations of the
debtor The Lerae Towers, LLC to make the monthly payments
referenced in the preceding paragraph shall cease. Upon the closing
of the LeRae Refinance, in full and complete satisfaction of its
Allowed Secured Claim, MainStreet Bank shall be paid all amounts
due from the Debtor at closing, up to the amount of its Allowed
Secured Claim. MainStreet Bank shall retain its Liens pending
payment of its Allowed Class 1A Claim. The Class 1A Claim is an
impaired claim. The Holder of the Allowed Class 1A Claim is
entitled to vote to accept or reject the Plan.
The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* Class 1C consists of the Unsecured Claims against The LeRae
Towers, LLC. On the Distribution Date, The LeRae Towers, LLC shall
pay any amounts left over from the LeRae Reserve after payment of
Administrative and Priority Tax Claims, to holders of General
Unsecured Claims in full and complete satisfaction of General
Unsecured Claims. Class 1C Claims are impaired. Holders of Allowed
Class 1C Claims are entitled to vote to accept or reject the Plan.
* Class 2C consists of the Unsecured Claims against LeRae
Towers II, LLC. On the Distribution Date, LeRae Towers II, LLC
shall pay any amounts left over from the LeRae II Reserve after
payment of Administrative and Priority Tax Claims, to holders of
General Unsecured Claims in full and complete satisfaction of
General Unsecured Claims. The Class 2C Claim is impaired. Holders
of Allowed Class 2C Claims are entitled to vote to accept or reject
the Plan.
* Holders of Class 3 Interests shall retain their interests
under the Plan. Holders of Class 3 Interests will not receive any
payments unless and until all Holders of Allowed Class 1 and Class
2 Claims are paid in full. Class 3 Interests are unimpaired under
the Plan. The Holders of Class 3 Interests are not entitled to vote
to accept or reject the Plan.
To generate sufficient funds to assist in consummating this Plan,
the LeRae Towers, LLC will refinance its secured debt to MainStreet
Bank and WCP Fund I LLC as Servicer for SF NU, LLC within 1 year of
entry of the Confirmation Order (the "LeRae Refinance"). The
proceeds shall first be used to pay off MainStreet Bank, and then
to pay closing costs and US Trustee fees.
Debtor The Lerae Towers, LLC, will utilize its best efforts to
secure the closing of the LeRae Refinance as quickly as possible
after the date of the entry of the Confirmation Order and will
provide to MainStreet Bank on the 1st day of each month after the
date of the entry of the Confirmation Order written status updates
with respect to the LeRae Refinance.
In full and complete satisfaction of the Allowed Secured Claim of
the WCP Entities against LeRae Towers II, LLC, at a time of WCP
Fund I LLC's choosing, after seven days notice, LeRae Towers II,
LLC shall convey the 1241 Property to WCP Fund I LLC or any other
entity to which WCP Fund I directs that LeRae Towers II, LLC makes
such transfer. WCP Fund I LLC shall be responsible for all costs of
effectuating such transfer, including payment of all required
taxes, provided such transfer shall be regarded as one made
pursuant to a confirmed plan of reorganization and the Debtors
shall undertake all best efforts to ensure such transfer be
regarded as exempt from tax pursuant to the allowances of the
Bankruptcy Code.
A full-text copy of the Amended Disclosure Statement dated July 27,
2023 is available at https://urlcurt.com/u?l=W2D5t9 from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Janet M. Nesse, Esq.
Justin P. Fasano, Esq.
McNamee Hosea, P.A.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Phone: 301-441-2420
Email: jnesse@mhlawyers.com
jfasano@mhlawyers.com
About 1716 R Street Flats
1716 R Street Flats, LLC and affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Lead Case No.
23-00017) on Jan. 16, 2023. In the petition signed by Richard
Cunningham, managing member, 1716 R Street Flats disclosed up to $1
million in assets and up to $10 million in liabilities.
Judge Elizabeth L. Gunn oversees the cases.
McNamee Hosea, PA, is the Debtor's legal counsel.
1716 R STREET: Amends Sandy Spring Claim Against 4649 Hillside
--------------------------------------------------------------
4220 Ninth Street Flats LLC and 4649 Hillside Road Flats LLC,
affiliates of 1716 R Street Flats LLC, submitted an Amended
Disclosure Statement with respect to Second Amended Joint Plan of
Reorganization dated July 27, 2023.
The Plan proposes the sale of the 4649 Property within one year.
The Plan proposes to sell the 4220 Property to WCP in exchange for
a $5,250.00 reserve, plus $250 in U.S. Trustee fees (the "4220 WCP
Reserve").
Class 1A consists of the Secured Claim of Sandy Spring Bank against
4649 Hillside Road Flats LLC. Upon the closing of the 4649 Sale, in
full and complete satisfaction of its Allowed Secured Claim, Sandy
Spring Bank shall be paid all amounts paid to the Debtor at
closing, net of costs of sale, including realtors commissions and
US Trustee fees, up to the amount of its Allowed Secured Claim.
Sandy Spring Bank shall retain its Liens pending payment of its
Allowed Class 1A Claim. The Class 1A Claim is an impaired claim.
The Holder of the Allowed Class 1A Claim is entitled to vote to
accept or reject the Plan.
Beginning thirty days after the Effective Date, 4649 Hillside Road
Flats, LLC shall commence making monthly payments of 3563.54 to
Sandy Spring Bank. If any of the monthly payments referenced above
are not timely made by 4649 Hillside Road Flats, LLC to Sandy
Spring Bank and remain unpaid 15 days after notice of the default
is emailed to counsel for 4649 Hillside Road Flats, LLC, Sandy
Spring Bank shall have the absolute, unconditional right to
complete a foreclosure of the 4649 Property and pursue any other
rights or available claims under the Sandy Spring loan documents
without regard to any injunction, decree, or stay, automatic or
otherwise, in this or any subsequent bankruptcy case.
Sandy Spring Bank shall retain its Liens pending payment of its
Allowed Class 1A Claim. The Class 1A Claim is an impaired claim.
The Holder of the Allowed Class 1A Claim is entitled to vote to
accept or reject the Plan.
The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* Class 1C consists of the Unsecured Claims against 4649
Hillside Road Flats LLC. On the Distribution Date, 4649 Hillside
Road Flats LLC shall pay any amounts left over from the 4649
Reserve after payment of Administrative and Priority Tax Claims, to
holders of General Unsecured Claims in full and complete
satisfaction of General Unsecured Claims. The Class 1C Claim is
impaired. Holders of Allowed Class 1C Claims are entitled to vote
to accept or reject the Plan.
* Class 2C consists of Unsecured Claims against 4220 Ninth
Street Flats LLC. On the Distribution Date, 4220 Ninth Street Flats
LLC shall pay any amounts left over from the 4220 Reserve after
payment of Administrative and Priority Tax Claims, to holders of
General Unsecured Claims in full and complete satisfaction of
General Unsecured Claims. The Class 2C Claim is impaired. Holders
of Allowed Class 2C Claims are entitled to vote to accept or reject
the Plan.
* Holders of Class 3 Interests shall retain their interests
under the Plan. Holders of Class 3 Interests will not receive any
payments unless and until all Holders of Allowed Class 1 and Class
2 Claims are paid in full. Class 3 Interests are unimpaired under
the Plan. The Holders of Class 3 Interests are not entitled to vote
to accept or reject the Plan.
To generate sufficient funds to assist in consummating this Plan,
4649 Hillside Road Flats LLC will select the Buyer within 300 days
of entry of the Confirmation Order and sell the 4649 Property
within 365 days of entry of the Confirmation Order (the "4649
Sale").
The 4649 Property consists of 5 units, one of which needs
substantial renovations before it can be rented. Within 120 days of
the Effective Date, the 4649 Debtor shall complete such
renovations. Within 30 days of the Effective Date, the 4649 Debtor
shall begin legal proceedings to evict a non-paying tenant.
4220 Ninth Street Flats LLC shall convey the 4220 Property to WCP
Fund I LLC or any other entity to which WCP Fund I LLC directs that
4220 Ninth Street Flats LLC makes such transfer. WCP Fund I LLC
shall be responsible for all costs of effectuating such transfer,
including payment of all required taxes.
A full-text copy of the Amended Disclosure Statement dated July 27,
2023 is available at https://urlcurt.com/u?l=l1TrGR from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Janet M. Nesse, Esq.
Justin P. Fasano, Esq.
McNamee Hosea, P.A.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Phone: 301-441-2420
Email: jnesse@mhlawyers.com
jfasano@mhlawyers.com
About 1716 R Street Flats
1716 R Street Flats, LLC and affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Lead Case No.
23-00017) on Jan. 16, 2023. In the petition signed by Richard
Cunningham, managing member, 1716 R Street Flats disclosed up to $1
million in assets and up to $10 million in liabilities.
Judge Elizabeth L. Gunn oversees the cases.
McNamee Hosea, PA, is the Debtor's legal counsel.
1716 R STREET: Amends Unsecureds & Federal National Secured Claim
-----------------------------------------------------------------
1609 17th Place Flats LLC and The Lauravin Luxury Apartment Homes
III L.L.C., affiliates of 1716 R Street Flats LLC, submitted an
Amended Disclosure Statement with respect to Second Amended Joint
Plan of Reorganization dated July 27, 2023.
The Plan proposes the refinance of the Lauravin Property within 120
days of the entry of the Confirmation Order.
The Plan proposes to sell the 1609 Property to WCP in exchange for
a $5,250.00 reserve, plus $250 in U.S. Trustee fees (the "1609 WCP
Reserve").
Class 1A consists of the Secured Claim of Federal National Mortgage
Association against The Lauravin Luxury Apartment Homes III L.L.C.
In full and complete satisfaction of its Allowed Secured Claim,
Federal National Mortgage Association shall be paid all amounts due
upon closing on the Lauravin Refinance. If the Debtor is not able
to timely implement the Lauravin Refinance, the Debtor shall cure
and reinstate all monetary defaults owed to Federal National
Mortgage Association within 180 days of entry of the Confirmation
Order. Federal National Mortgage Association shall retain its Liens
pending payment of its Allowed Class 1A Claim. The Class 1A Claim
is an impaired claim. The Holder of the Allowed Class 1A Claim is
entitled to vote to accept or reject the Plan.
Until Federal National Mortgage Association's claim is satisfied,
The Lauravin Luxury Apartment Homes III L.L.C., and its managing
member Richard Cunningham, shall ensure that real estate taxes and
insurance premiums associated with the Lauravin Property are timely
paid.
Class 1C consists of the Unsecured Claims against The Lauravin
Luxury Apartment Homes III L.L.C. On the Distribution Date, The
Lauravin Luxury Apartment Homes III L.L.C. shall pay any amounts
left over from the Lauravin Reserve after payment of Administrative
and Priority Tax Claims, to holders of General Unsecured Claims in
full and complete satisfaction of General Unsecured Claims. The
Class 1C Claim is impaired. Holders of Allowed Class 1C Claims are
entitled to vote to accept or reject the Plan.
The Lauravin Luxury Apartment Homes III L.L.C.'s schedules do not
identify any claims held by general unsecured creditors that are
liquidated, noncontingent, and undisputed, except the undersecured
claim of the WCP Fund Entity. The only proofs of claim filed in The
Lauravin Luxury Apartment Homes III L.L.C.'s bankruptcy are the
claims filed by: (i) Fannie Mae; (ii) WCP Fund I LLC, which filed
Claim No. 4 in the amount of $1,049,756 in connection with a loan
made in 2021 and subject to a Purchase Money Deed of Trust dated
April 19, 2021 and recorded in the DC Recorder of Deeds on April
22, 2021; (iii) a claim filed by the Internal Revenue Service in
the amount of $21,583.75 and listed as nonpriority and unsecured;
and (iv) a claim filed DC Water and Sewer Authority in the amount
of $2,419 and filed as an unsecured priority claim.
Like in the prior iteration of the Plan, 1609 17th Place Flats LLC
shall pay any amounts left over from the 1909 Reserve after payment
of Administrative and Priority Tax Claims, to holders of Class 2C
Unsecured Claims against 1609 17th Place Flats LLC in full and
complete satisfaction of General Unsecured Claims.
Holders of Class 3 Interests shall retain their interests under the
Plan. Holders of Class 3 Interests will not receive any payments
unless and until all Holders of Allowed Class 1 and Class 2 Claims
are paid in full. Class 3 Interests are unimpaired under the Plan.
The Holders of Class 3 Interests are not entitled to vote to accept
or reject the Plan.
To generate sufficient funds to assist in consummating this Plan,
The Lauravin Luxury Apartment Homes III L.L.C. will refinance its
debt to Federal National Mortgage Association within 120 days of
entry of the Confirmation Order (the "Lauravin Refinance").
At any time of WCP Fund I's choosing, 1609 17th Place Flats LLC
shall convey the 1609 Property to WCP Fund I LLC or any other
entity to which WCP Fund I directs that 1609 17th Place Flats LLC
makes such transfer. WCP Fund I LLC shall be responsible for all
costs of effectuating such transfer, including payment of all
required taxes and any required US Trustee fees.
A full-text copy of the Amended Disclosure Statement dated July 27,
2023 is available at https://urlcurt.com/u?l=LWwcoI from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Janet M. Nesse, Esq.
Justin P. Fasano, Esq.
McNamee Hosea, P.A.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Phone: 301-441-2420
Email: jnesse@mhlawyers.com
jfasano@mhlawyers.com
About 1716 R Street Flats
1716 R Street Flats, LLC and affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Lead Case No.
23-00017) on Jan. 16, 2023. In the petition signed by Richard
Cunningham, managing member, 1716 R Street Flats disclosed up to $1
million in assets and up to $10 million in liabilities.
Judge Elizabeth L. Gunn oversees the cases.
McNamee Hosea, PA, is the Debtor's legal counsel.
1716 R STREET: Updates WCP Fund's Claim Against 1616 27th Street
----------------------------------------------------------------
The Washingtonian L.L.C. and 1616 27th Street Flats L.L.C.,
affiliates of 1716 R Street Flats LLC, submitted an Amended
Disclosure Statement with respect to First Amended Joint Plan of
Reorganization dated July 27, 2023.
The Plan proposes the refinance of the 1616 Property with Forbright
within 120 days of confirmation.
The Plan proposes to sell the 319 Property to WCP in exchange for a
$5,250.00 reserve, plus $250 in U.S. Trustee fees (the "319 WCP
Reserve").
Class 1B consists of the Secured Claim of The WCP Fund Entity
against 1616 27th Street Flats L.L.C. The Debtors shall execute a
new unsecured promissory note in favor of WCP Fund I LLC, in the
amount of $3,000,000.00 (the "Unsecured Debtor Note"). The
Unsecured Debtor Note shall accrue interest at the rate of 2% per
annum, compounded annually, and shall be payable in full not later
than the first day of the 61st month after its making. If paid in
full on or before the first day of the 37th month after its making,
the Unsecured Debtor Note shall be payable in a discounted sum
equal to the full amount then due and owing thereunder less the sum
of $2,500,000.00.
To the extent any Debtor Affiliate (i) successfully confirms a plan
of reorganization in the United States Bankruptcy Court for the
District of Columbia, on or before the date of making of the
Unsecured Debtor Note; (ii) incurs an obligation comparable to the
Unsecured Debtor Note, in sum and payment terms, pursuant to such
confirmed plan of reorganization; (iii) incurs said obligation to
WCP Fund I LLC; and (iv) secures the vote of WCP Fund I LLC in
favor of confirmation of such Debtor Affiliate's subject plan of
reorganization; then said Debtor Affiliate – or any
combination of Debtor Affiliates – may co-sign the Unsecured
Debtor Note, and thereby create a singular joint obligation to WCP
Fund I LLC, in lieu of creating a multiplicity of comparable
obligations to WCP Fund I LLC.
On the third business day after the Effective Date, any lien of the
WCP Fund Entity on the 1616 Property shall be deemed released and
the WCP Fund Entity shall file a certificate of satisfaction to
that effect.
The provisions of this Section II(B)(b) shall be in full and
complete satisfaction of WCP Fund I LLC's Allowed Secured Claim
against 1616 27th Street Flats L.L.C.
The Amended Disclosure Statement does not alter the proposed
treatment for unsecured creditors and the equity holder:
* Class 1C consists of the Unsecured Claims against 1616 27th
Street Flats L.L.C. On the Distribution Date, 1616 27th Street
Flats L.L.C. shall pay any amounts left over from the 1616 Reserve
after payment of Administrative and Priority Tax Claims, to holders
of General Unsecured Claims in full and complete satisfaction of
General Unsecured Claims.
* Class 2C consists of the Unsecured Claims against The
Washingtonian L.L.C. On the Distribution Date, The Washingtonian
L.L.C. shall pay any amounts left over from the Washingtonian
Reserve after payment of Administrative and Priority Tax Claims, to
holders of General Unsecured Claims in full and complete
satisfaction of General Unsecured Claims.
* Holders of Class 3 Interests shall retain their interests
under the Plan. Holders of Class 3 Interests will not receive any
payments unless and until all Holders of Allowed Class 1 and Class
2 Claims are paid in full. Class 3 Interests are unimpaired under
the Plan.
To generate sufficient funds to assist in consummating this Plan,
1616 27th Street Flats L.L.C. will refinance its debt to Forbright
Bank within 90 days of entry of the Confirmation Order (the "1616
Refinance").
At any time of the WCP Fund I Entity's choosing, The Washingtonian
L.L.C. shall convey the 319 Property to The WCP Fund Entity or any
other entity to which the WCP Fund I Entity directs that The
Washingtonian L.L.C. makes such transfer. The WCP Fund Entity shall
be responsible for all costs of effectuating such transfer,
including payment of all required taxes and any required US Trustee
fees.
A full-text copy of the Amended Disclosure Statement dated July 27,
2023 is available at https://urlcurt.com/u?l=gYoWiB from
PacerMonitor.com at no charge.
Counsel for the Debtors:
Janet M. Nesse, Esq.
Justin P. Fasano, Esq.
McNamee Hosea, P.A.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Phone: 301-441-2420
Email: jnesse@mhlawyers.com
jfasano@mhlawyers.com
About 1716 R Street Flats
1716 R Street Flats, LLC, and affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Lead Case No.
23-00017) on Jan. 16, 2023. In the petition signed by Richard
Cunningham, managing member, 1716 R Street Flats disclosed up to $1
million in assets and up to $10 million in liabilities.
Judge Elizabeth L. Gunn oversees the cases.
McNamee Hosea, PA, is the Debtor's legal counsel.
1ST & 2ND CHANCE: Glen Watson Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Glen Watson, Esq.,
at Watson Law Group, PLLC as Subchapter V trustee for 1st and 2nd
Chance Furniture, Inc.
Mr. Watson will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Watson declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Glen Watson, Esq.,
Watson Law Group, PLLC
1114 17th Av. S., Suite 201
P.O. Box 121950
Nashville, TN 37212
Phone: (615) 823-4680
Email: glen@watsonpllc.com
About 1st and 2nd Chance
1st and 2nd Chance Furniture, Inc. filed Chapter 11 petition
(Bankr. M.D. Tenn. Case No. 23-02597) on July 21, 2023, with $0 to
$50,000 in assets and $100,001 to $500,000 in liabilities.
Steven L. Lefkovitz, Esq., at Lefkovitz and Lefkovitz, PLLC is the
Debtor's legal counsel.
2340 ND CORP: Unsecureds to be Paid in Full with Interest in Plan
-----------------------------------------------------------------
2340 ND Corp. filed with the U.S. Bankruptcy Court for the Eastern
District of New York a Disclosure Statement with respect to Amended
Chapter 11 Plan dated July 27, 2023.
The Debtor is a corporation that owns the property at 2340 National
Drive, Brooklyn, New York (the "Property"). The Debtor's principal,
Eugene Burshtein owned the Property until he transferred it to the
Debtor in March 2019.
On October 22, 2019, the Debtor filed its first chapter 11 case
under case number 19-46340 to stop a scheduled foreclosure sale. By
order dated November 23, 2021, the Court dismissed the Debtor's
first chapter 11 case. After the first case was dismissed, the
foreclosure referee scheduled a new sale of the Property. The
Debtor filed this case to stop that sale. Burshtein lives at the
Property with his family.
On June 16, 2023, the Debtor filed a plan of reorganization that
proposed two alternative treatments for the payment of the U.S.
Bank claim. In July 2023, the Debtor and U.S. Bank entered into a
stipulation in which U.S. Bank agreed to one of the treatments of
its claim that the Debtor proposed in its plan.
The Debtor's amended plan states that the Debtor shall pay to U.S.
Bank $200,000 on or before August 31, 2023. Burshtein will be the
source of the money to make that payment. Burshtein owns an entity
called Glenwood Development Corp., and that entity owns the
property at 9802 Glenwood Road, Brooklyn, New York. Glenwood
Development is in contract to sell the property for $950,000, which
sale will result in a net profit of approximately $400,000.
Burshtein expects that sale to close on or before August 7, 2023.
After the closing, Burshtein will deposit the $200,000 in the
Debtor's DIP account and it will be in the account before the
hearing on approval of this Disclosure Statement. The balance of
the funds from the closing will be used to pay all of the claims in
this case other than U.S. Bank as well as make payments to U.S.
Bank. Burshtein will also use his income to make those payments.
The money necessary to pay all of the claims of creditors other
than U.S. Bank will be in the Debtor's DIP account at the time of
the hearing on confirmation of the plan.
The stipulation with U.S. Bank and the amended plan provide that
the Debtor shall make monthly payments of $9000 to U.S. Bank as
adequate protection payments. Burshtein's income and the Glenwood
sales proceeds will provide the Debtor with enough income to make
those payments. Burshtein owns a real estate business and an
accounting practice. The profits of Burshtein's businesses show
that they make more than enough profits to allow Burshtein to fund
the plan and make the $9000 per month payments to U.S. Bank.
Burshtein has the motivation to fund the plan because the Property
is his residence and there is equity in the Property.
The stipulation and the plan also provide that the Debtor shall pay
the balance owed to U.S. Bank on the note and mortgage on or before
May 31, 2025. The Debtor's payment of $200,000 in August 2023 and
the continuing payments of $9000 per month, an amount much greater
than the payment called for in the note, will increase the equity
in the Property. Burshtein believes that the Debtor will be able to
refinance the Property before May 2025, but there is always a risk
that the Debtor will not be able to refinance.
Class 3 shall consist of those creditors holding Unsecured Claims
to the extent that such Claims are allowed by the Court. There are
3 unsecured claims which were filed in the instant case. One such
claim was filed by the Office of the US Trustee. The claim, in the
sum of $502.30, accrued during the pendency of the debtor's prior
case, numbered 19-46340. This claim will be paid in full on the
effective date.
The IRS filed a split claim, in which $941.20 is unsecured. The
debtor will pay the unsecured portion in full on the effective
date. Finally, The NYS Department of Taxation and Finance filed a
split claim, in which $27.64 is unsecured. This claim will also be
paid in full on the effective date. All Class three unsecured
creditors will be paid in full with interest at the federal
judgment rate. Class three is unimpaired.
Class 4 shall consist of the Equity Security Holders of the Debtor
whose interest will not be impaired or diluted. The Debtor's
shareholder is Eugene Burshtein. He has acceded to the Plan and
shall retain his interest in the Reorganized Debtor. Mr. Burshtein
will not receive any distribution under the plan.
A full-text copy of the Disclosure Statement dated July 27, 2023 is
available at https://urlcurt.com/u?l=HKtbV2 from PacerMonitor.com
at no charge.
About 2340 ND Corp.
2340 ND Corp. owns in fee simple title a real property located at
2340 National Drive, Brooklyn, N.Y., valued at $1.6 million.
2340 ND filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40412) on Feb. 7,
2023, with total assets of $1,600,000 and total liabilities of
$931,124. Eugene Burshtein, president and owner of 2340 ND, signed
the petition.
Judge Nancy Hershey Lord oversees the case.
The Debtor is represented by Robert J. Musso, Esq., at Rosenberg
Musso & Weiner, LLP.
246-18 REALTY: Seeks to Hire Avison Young as Real Estate Broker
---------------------------------------------------------------
246-18 Realty LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to employ Avison Young as its
real estate brokes.
The Debtor needs a broker to market and sell its real property
located at 244-246 West 18th Street, New York, New York.
The broker will receive a commission of 2.5 percent - 3 percent of
the property's gross sale price.
Brandon Polakoff, principal and executive director of Avison Young,
disclosed in a court filing that the firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Brandon Polakoff
Avison Young
530 Fifth Avenue, 4th Floor
New York, NY 10036
Telephone: (212) 230-5998
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.
4112 REALTY: Case Summary & Eight Unsecured Creditors
-----------------------------------------------------
Debtor: 4112 Realty LLC
4112 4 Avenue
Brooklyn, NY 11232
Case No.: 23-42768
Business Description: The Debtor is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: August 3, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Judge: Hon. Jil Mazer-Marino
Debtor's Counsel: Rachel S. Blumenfeld, Esq.
LAW OFFICE OF RACHEL S. BLUMENFELD PLLC
26 Court Street
Suite 2220
Brooklyn, NY 11242
Tel: 718-858-9600
Email: rachel@blumenfeldbankruptcy.com
Total Assets: $100
Total Liabilities: $1,796,804
The petition was signed by Ira Joseph Epstein as owner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/2CMS7WY/4112_Realty_LLC__nyebke-23-42768__0001.0.pdf?mcid=tGE4TAMA
604KENNEDY LLC: Hires Whiteford Taylor & Preston as Counsel
-----------------------------------------------------------
604Kennedy, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Columbia to employ Whiteford Taylor & Preston
L.L.P. as counsel.
The firm's services include:
a. providing the Debtor legal advice with respect to its powers
and duties as a debtor-in-possession;
b. representing the Debtor in defense of any proceedings
instituted by creditors in this Chapter 11 proceeding;
c. preparing any necessary applications, answers, orders,
reports, and other legal papers, and appearing on the Debtor's
behalf in proceedings instituted by or against the Debtor;
d. assisting the Debtor in the preparation of schedules,
statement of financial affairs, and any amendments thereto which
the Debtor may be required to file in this case;
e. assisting the Debtor in the preparation of a plan that
complies with the provisions of the Bankruptcy Code for
confirmation or the sale of the Debtor's assets;
f. assisting the Debtor with other legal matters, including,
among others, securities, corporate, real estate, tax, intellectual
property, employee relations, general litigation, and bankruptcy
legal work; and
g. performing all of the legal services for the Debtor which may
be necessary or desirable in this bankruptcy case.
The firm will be paid at these rates:
Partners and Of Counsel $490 to $910 per hour
Associates $310 to $485 per hour
Legal Assistants/Paralegals $195 to $480 per hour
Brent C. Strickland, Esq., a partner at Whiteford, Taylor & Preston
LLP, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Brent C. Strickland, Esq.
Whiteford, Taylor & Preston LLP
111 Rockville Pike, Suite 800
Rockville, MD 20850
Tel: (410) 347-9402
Fax: (410) 223-4302
Email: bstrickland@wtplaw.com
About 604Kennedy LLC
604Kennedy LLC in Reston, VA, filed its voluntary petition for
Chapter 11 protection (Bankr. D. Colo. Case No. 23-00181) on July
11, 2023, listing as much as $1 million to $10 million in both
assets and liabilities. Naveen Vavilala as managing member, signed
the petition.
Judge Elizabeth L. Gunn oversees the case.
WHITEFORD, TAYLOR & PRESTON, L.L.P. serve as the Debtor's legal
counsel.
65 PHIPPS AVE: Taps Island REI as Real Estate Broker
----------------------------------------------------
65 Phipps Ave, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to employ Island REI, Inc. to
market and sell its real property located at 65 Phipps Ave., East
Rockway, N.Y.
The firm will get a commission of 4 percent of the purchase price.
If the sale becomes a short sale, the firm will get a 6 percent
commission.
As disclosed in court filings, Island REI is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ed Patisso
Island REI, Inc.
394 Old Country Road, Suite 209
Garden City, NY 11530
Tel: (516) 405-5031
About 65 Phipps Ave
65 Phipps Ave, LLC filed a Chapter 11 bankruptcy petition (Bankr.
E.D.N.Y. Case No. 23-71905) on May 30, 2023, with as much as $1
million in both assets and liabilities. Judge Louis A. Scarcella
oversees the case.
The Debtor is represented by Heath S. Berger, Esq., at Berger,
Fischoff, Shumer, Wexler & Goodmn, LLP.
7TH WES TECH: Areya Holder Aurzada Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Areya Holder Aurzada, Esq.,
at Holder Law as Subchapter V trustee for 7th Wes Tech, LLC.
Ms. Aurzada will be paid an hourly fee of $495 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Aurzada declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Areya Holder Aurzada, Esq.
Holder Law
901 Main Street, Ste. 5320
Dallas, TX 75202
Office: 972-438-8800
Mobile: 817-907-4140
About 7th Wes Tech
7th Wes Tech, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Texas Case No. 23-42026) on
July 14, 2023, with $100,001 to $500,000 in assets and
liabilities.
Eric A. Liepins of Eric A. Liepins, PC represents the Debtor as
counsel.
8200 REALTY: Case Summary & Seven Unsecured Creditors
-----------------------------------------------------
Debtor: 8200 Realty Associates LLC
8200 Bay Parkway
Brooklyn, NY 11214
Case No.: 23-42775
Business Description: The Debtor is a Single Asset Real Estate
(as defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: August 3, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Judge: Hon. Nancy Hershey Lord
Debtor's Counsel: Rachel S. Blumenfeld, Esq.
LAW OFFICE OF RACHEL S. BLUMENFELD PLLC
26 Court Street
Suite 2220
Brooklyn, NY 11242
Tel: 718-858-9600
Email: rachel@blumenfeldbankruptcy.com
Total Assets: $100
Total Liabilities: $8,280,765
The petition was signed by Ira Joseph Epstein as owner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/RMO3KBQ/8200_Realty_Associates_LLC__nyebke-23-42775__0001.0.pdf?mcid=tGE4TAMA
ABERDEEN ENTERPRISES: Case Summary & Eight Unsecured Creditors
--------------------------------------------------------------
Debtor: Aberdeen Enterprises, Inc.
376 Gin Ln
Southampton, NY 11968-5077
Business Description: The Debtor is the owner of an ocean front
property in Southampton at 376 Gin Lane,
New York valued at $73 million.
Chapter 11 Petition Date: August 2, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-72834
Judge: Hon. Alan S. Trust
Debtor's Counsel: Kevin J. Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
125 Park Ave Fl 12
New York, NY 10017-5690
Tel: (212) 221-5700
Email: knash@gwfglaw.com
Total Assets: $73,000,000
Total Liabilities: $77,274,267
Estimated Liabilities: $50 million to $100 million
The petition was signed by Louise Blouin as president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/QTWG4BY/Aberdeen_Enterpises_Inc__nyebke-23-72834__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Eight Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Bay Point Capital $7,180,254
Partners II L.P.
Thompson Hine LLP
3560 Lenox Rd NE
Ste 1600
Atlanta, GA
30326-4274
2. Brickchurch Enterprises, Inc. $0
366 Gin Ln
Southampton, NY
11968-5077
3. Dream Yard Mechanic's Lien $94,012
Landscaping
53 Stern Ave
Flanders, NY
11901-4116
4. NYS Dep't of Taxation Tax $0
Bankruptcy/Special
Procedure
PO Box 5300
Albany, NY
12205-0300
5. Southampton Town $0
Receiver of Taxes
116 Hampton Rd
Southampton, NY
11968-4934
6. Suffolk County $0
Comptroller
330 Center Dr
Riverhead, NY
11901-339
7. Suffolk County $0
Water Authority
4060 Sunrise Hwy
Ste 100
Oakdale, NY
11769-1005
8. Village of Southampton Taxes $0
23 Main St
Southampton, NY
11968-4808
ACJK INC: Taps GRS Appraisal & Auction Services as Auctioneer
-------------------------------------------------------------
ACJK, Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of Illinois to employ GRS Appraisal & Auction
Services as its auctioneer.
The Debtor needs the firm's services to auction its remaining
fixtures and equipment from the commercial real estate located at
2770 Madison Avenue.
The auctioneer will be paid 25 percent of gross sales.
Nancy Cripe, president of GRS Appraisal & Auction Services,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Nancy Cripe
GRS Appraisal & Auction Services
9610 Continental Industrial Drive
St. Louis MO 63123
Telephone: (636) 600-1009
About ACJK Inc.
ACJK Inc., d/b/a Medicap Pharmacy --
https://granitecity.medicap.com/ -- is a local pharmacy that offers
services such as immunizations, medication therapy management,
multi-dose packaging, medication synchronization, important health
screenings, and expert care.
ACJK Inc. filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Ill. Case No. 23-30045) on Jan. 30,
2023. In the petition filed by Mark Allen, manager, the Debtor
reported between $1 million and $10 million in both assets and
liabilities.
Judge Laura K. Grandy oversees the case.
The Debtor is represented by Michael J. Benson, Esq., at A
Bankruptcy Law Firm, LLC.
ADVENTURE ATTRACTION: Seeks to Tap David P. Lloyd as Legal Counsel
------------------------------------------------------------------
Adventure Attraction Associates, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
David P. Lloyd, Ltd. as its bankruptcy counsel.
The firm will render these services:
(a) represent the Debtor in matters concerning negotiation
with creditors;
(b) prepare a plan and disclosure statement;
(c) examine and resolve claims filed against the estate;
(d) prepare and prosecute adversary matters; and
(e) represent the Debtor in matters before the court.
David Lloyd, Esq., will be paid at his hourly rate of $400. His
firm received an initial payment of $10,000 prior to the filing of
this Chapter 11 case.
The attorney disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
David P. Lloyd, Ltd. can be reached through:
David P. Lloyd, Esq.
David P. Lloyd, Ltd.
615B S. LaGrange Rd.
LaGrange IL 60525
Telephone: (708) 937-1264
Facsimile: (708) 937-1265
Email: courtdocs@davidlloydlaw.com
About Adventure Attraction
Adventure Attraction Associates, Inc. filed a Chapter 11 petition
(Bankr. N.D. Ill. Case No. 23-07810) on June 15, 2023, with
$100,001 to $500,000 in assets and $500,001 to $1 million in
liabilities. Judge A. Benjamin Goldgar oversees the case.
The Debtor is represented by David P. Lloyd, Esq., at David P.
Lloyd, Ltd.
ADVENTURE ATTRACTION: Taps Beloit Auction & Realty as Auctioneer
----------------------------------------------------------------
Adventure Attraction Associates, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Beloit Auction & Realty, Inc. as auctioneer.
The Debtor needs the firm's services to auction its merchandise.
Beloit Auction & Realty will receive a commission fee of 35 percent
of the sale of all merchandise consigned.
The firm will charge a marketing fee of $870. It will also charge
$235 per hour for the services of its staff.
David Allen, a member of Beloit Auction & Realty, disclosed in a
court filing that his firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David Allen
Beloit Auction & Realty, Inc.
534 West Grand Avenue
Beloit, WI 53511
Telephone: (608) 364-1965
Facsimile: (608) 364-1117
About Adventure Attraction
Adventure Attraction Associates, Inc. filed a Chapter 11 petition
(Bankr. N.D. Ill. Case No. 23-07810) on June 15, 2023, with
$100,001 to $500,000 in assets and $500,001 to $1 million in
liabilities. Judge A. Benjamin Goldgar oversees the case.
The Debtor is represented by David P. Lloyd, Esq., at David P.
Lloyd, Ltd.
AEROFARMS INC: Committee Taps Fox Rothschild as Legal Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of AeroFarms, Inc.
and its affiliates received approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Fox Rothschild, LLP as its
legal counsel.
The firm's services include:
(a) advising the committee with respect to its rights, duties
and powers in the Debtors' Chapter 11 cases;
(b) assisting and advising the committee in its consultations
with the Debtors relative to the administration of the cases;
(c) assisting the committee in analyzing the claims of
creditors and the Debtors' capital structure and in negotiating
with holders of claims and equity interests;
(d) assisting the committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and of the operation of the Debtors' business;
(e) assisting the committee in analyzing the Debtors'
pre-bankruptcy financing, the proposed use of cash collateral, and
the adequacy of the budget;
(f) assisting the committee in its investigation of the liens
and claims of the holders of the Debtors' pre-bankruptcy debt and
the prosecution of any claims or causes of action revealed by such
investigation;
(g) assisting the committee in its analysis of, and
negotiations with, the Debtors or any third party concerning
matters related to, among other things, the assumption or rejection
of certain leases of nonresidential real property and executory
contracts, asset dispositions, sale of assets, financing of other
transactions and the terms of one or more plans of reorganization
for the Debtors and accompanying disclosure statements and related
plan documents;
(h) assisting and advising the committee as to its
communications to unsecured creditors regarding significant matters
in these Chapter 11 cases;
(i) representing the committee at hearings and other
proceedings;
(j) reviewing and analyzing applications, orders, statements
of operations, and schedules filed with the court and advising the
committee as to their propriety;
(k) assisting the committee in preparing pleadings and
applications as may be necessary in furtherance of the committee's
interests and objectives in these Chapter 11 cases, including
without limitation, the preparation of retention papers and fee
applications for the committee's professionals;
(l) preparing pleadings; and
(m) other necessary legal services.
The firm will be paid at these rates:
Attorneys $385 to $1.075 per hour
Associates $385 to $620 per hour
Paraprofessionals $145 to $460 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Howard Cohen, Esq., a partner at Fox Rothschild, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Fox
Rothschild disclosed the following:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: 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 postpetition, explain the
difference and the reasons for the difference.
Response: Not applicable.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: The firm expects to develop a budget and staffing
plan to reasonably comply with the U.S. Trustee's request for
information and additional disclosures, as to which Fox reserves
all rights. The committee has approved Fox Rothschild's proposed
hourly billing rates.
The firm can be reached at:
Howard A. Cohen, Esq.
Stephanie J. Slater, Esq.
Fox Rothschild, LLP
919 North Market Street, Suite 300
Wilmington, DE 19899-2323
Tel: (302) 654-7444
Fax: (302) 656-8920
Email: hcohen@foxrothschild.com
sslater@foxrothschild.com
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.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Fox Rothschild, LLP.
AGSPRING LLC: Has Deal on Cash Collateral Access
------------------------------------------------
Agspring LLC asks the U.S. Bankruptcy Court for the District of
Delaware for authority to use cash collateral and provide adequate
protection in accordance with its agreement with LVS II SPE XVIII
LLC and HVS V LLC and U.S. Bank National Association, as
Administrative Agent for the Lenders.
Prior to the Petition Date, Agspring, LLC entered into a Term
Credit Agreement with the Lenders and U.S. Bank National
Association as Administrative Agent. Agspring Mississippi Region,
Bayou Grain & Chemical Corporation, FO-ND LLC, Agspring Logistics
LLC, and Agspring Idaho 1 LLC guaranteed the repayment of the Term
Loan and pledged their assets as security. Agspring and the Lenders
entered into various agreements to extend the forbearance period.
The outstanding indebtedness under the Credit Agreement as of the
Petition Date is $76, 416, 194.56, as asserted by the Agent.
Agspring and the Lenders entered into a Forbearance and Consent to
Replacement of Shared Services Agreement on June 8, 2021, the First
Amendment to Forbearance and Consent to AMR Facilities on September
9, 2021, and the Forbearance and Consent to Sales on December 3,
which together extended the initial forbearance period.
As of the Petition Date, the indebtedness outstanding under the
Credit Agreement is not less than $76.416 million as asserted by
the Agent.
The Debtors require the use of cash collateral to pay their actual,
necessary, post-petition expenses, in accordance with the Budget.
The Debtors will be authorized to use cash collateral to pay their
actual, necessary, post-petition expenses, only in accordance with
the terms of the Stipulation, however the the Debtors will be
deemed in compliance with the Budget so long as the Total
Disbursements during the most recently concluded four-week period
do not exceed the aggregate amounts in the Budget by more than
10%.
The Debtors' right to use cash collateral will expire, unless
otherwise agreed by the Agent in writing, upon the earliest of:
(a) midnight on September 1, 2023, unless extended or modified by
further order of the Court or the written agreement of the Agent
and the Debtors;
(b) appointment of a Chapter 11 trustee or an examiner with
expanded powers;
(c) conversion of any of the Debtors' Chapter 11 Cases to a case
under Chapter 7 of the Bankruptcy Code;
(d) the occurrence of a default (following the expiration of any
applicable cure period) or termination event under any financing
facility or order or stipulation approving the use of cash
collateral in the bankruptcy cases of any of the Debtors;
(e) the entry of any order granting relief under section 506(c) of
the Bankruptcy Code with respect to any of the Collateral;
(f) the filing by any of the Debtors, without the Agent's prior
written consent, of any motion to obtain financing under 11 U.S.C.
section 364 from any person other than the Agent and the Lenders,
or otherwise to grant a lien or security interest on any of the
Collateral in favor of any person other than the Agent and the
Lenders;
(g) the filing by any of the Debtors, without the Agent's prior
written consent, of any motion to sell any of the Collateral; or
(h) the Debtors' failure to comply with any provision of the
Stipulation.
The Debtors have agreed to limit the use of cash collateral in
accordance with the Budget. In addition, under the Stipulation to
be approved by an order of the Court, the Agent, for the benefit of
itself and the Lenders, is granted replacement liens and security
interests on all assets of the Debtors and their estates, whether
now existing or hereafter acquired, and the proceeds, income and
profits and offspring of any of the foregoing, to secure the
Debtors' use of cash collateral, whether pursuant to the
Stipulation or otherwise, and to secure any diminution of value in
the Collateral from and after the Petition Date. The Replacement
Liens (i) are subordinate only to the Carve-Out and any prior
existing and validly perfected liens and security interests in the
Debtors' assets, (ii) will attach with the same rights and in the
same order of priority that existed as to the Collateral under
applicable non-bankruptcy law (including by agreement of the Agent)
as of the Petition Date, (iii) are automatically perfected without
any further action by the Agent, and (iv) exclude any and claims or
causes of action arising under Chapter 5 of the Bankruptcy Code or
applicable state fraudulent-transfer law and any proceeds thereof.
As further adequate protection in addition to the liens and
security interests granted to the Agent, and in the event that the
value of the postpetition replacement collateral proves
insufficient to enable the Agent to collect the aggregate amount of
the cash collateral used by the Debtors pursuant to the Stipulation
and Order or otherwise, or in the event the value of the Collateral
diminishes during this proceeding, the Agent and the Lenders will
each be granted an allowed superpriority claim against each of the
Debtors as provided in 11 U.S.C. section 507(b) of the Bankruptcy
Code, with priority in payment over any and all unsecured claims
and administrative expense claims against the Debtors, except as
such provision relates to Avoidance Actions and subject in all
events to payment of the Carve-Out.
The Replacement Liens will be automatically perfected postpetition
security interests and liens without the necessity of the execution
by the Agent or the Lenders (or recordation or other filing) of
security agreements, control agreements, pledge agreements,
financing statements, mortgages, or other similar documents.
The Replacement Liens, the Superpriority Claim, the Pre-Petition
Indebtedness, and the Collateral will be subject in all cases to
payment of the following expenses: (i) unpaid postpetition fees and
expenses of the Clerk of the Court and the U.S. Trustee pursuant to
28 U.S.C. section 1930; (ii) accrued but unpaid postpetition
obligations of the Debtors, up to the amounts set forth in the
Budget (prorated on a daily basis) through the Expiration Date,
other than professional fees and expenses; (iii) postpetition fees
and expenses of professionals of the Debtors, which are retained by
an order of the Court pursuant to 11 U.S.C. sections 327, 328, 363
or 1103(a), in an aggregate amount not to exceed $150,000, but only
to the extent such fees and expenses (A) are incurred prior to the
Expiration Date and (B) are allowed by the Bankruptcy Court under
sections 330, 331, or 363 of the Bankruptcy Code; and (iv)
postpetition fees and expenses of the Professionals incurred after
the Expiration Date in an aggregate amount not to exceed $50,000,
to the extent such fees and expenses are allowed by 11 U.S.C.
sections 330, 331, or 363.
A copy of the motion is available at https://urlcurt.com/u?l=4UgTgA
from PacerMonitor.com.
About Agspring LLC
Agspring, LLC is a provider of warehousing and storage services in
Leawood, Kansas.
Agspring and five of its affiliates filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead
Case No. 23-10699) on May 31, 2023. At the time of the filing,
Agspring reported $1 million to $10 million in assets and $50
million to $100 million in liabilities.
Judge Craig T. Goldblatt oversees the cases.
The Debtor tapped Pachulski Stang Ziehl & Jones, LLP and Dentons
US, LLP as legal counsels, and Kyle Sturgeon of MERU, LLC as chief
restructuring officer.
AJM MANAGEMENT: Court OKs Cash Collateral Access Thru Aug 11
------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of New York
authorized AJM Management, LLC to use cash collateral in an amount
not to exceed $84,567 on an interim basis through August 11, 2023.
The Debtor requires the use of cash collateral to satisfy its
post-petition operating expenses, including, but not limited to,
the payment of property taxes, insurance, and maintenance regarding
the property commonly known as 405 Rockaway Parkway in Brooklyn,
New York City and to make adequate protection payments.
405 Rockaway LLC has an alleged first priority mortgage on the
Property as well as a first lien on the cash collateral.
The Debtor's authorization to use the cash collateral will commence
as of entry of the Interim Order by the Court and terminate upon
the earliest of: (i) the date that is 91 days after the Petition
Date; (ii) the entry of a Final Order or a further interim order
granting the Debtor's authorization to use the cash collateral; or
(iii) the occurrence of a Termination Event.
As adequate protection, 405 Rockaway will receive replacement liens
to the extent of any diminution in the value of the collateral as a
result of the Debtor's use of cash collateral, monthly cash
payments, and additional liens to the extent required by the
pre-petition loan documents and to the same extent and validity as
its pre-petition liens.
Commencing on August 1, 2023, the Debtor will make monthly adequate
protection payments, which are interest-only payments, at the
non-default contract rate to 405 Rockaway in accordance with the
pre-petition Loan Documents.
The Replacement Liens granted to the Secured Party will become
valid, enforceable and fully perfected liens without any action by
the Debtor or the Secured Party, and no filing or recordation or
other act that otherwise may be required under federal or state law
in any jurisdiction will be necessary to create or perfect such
liens and security interests.
The Replacement Liens granted will survive the entry of any order:
(i) converting the Chapter 11 case to a case under Chapter 7 of the
Bankruptcy Code; (ii) dismissing the Chapter 11 case; (iii)
appointing a Chapter 11 trustee or examiner with expanded powers;
and the Replacement Liens granted pursuant to the Interim Order
will continue in full force and effect notwithstanding the entry of
such an order, and such Replacement Liens will maintain any
priority granted in the Interim Order.
A hearing on the matter was set August 1.
A copy of the order is available at https://urlcurt.com/u?l=xh6wR8
from PacerMonitor.com.
About AJM Management
AJM Management, LLC is the fee simple owner of real property
located at 405 Rockaway Parkway, Brooklyn, N.Y., valued at $3.9
million.
AJM Management filed it voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41664) on
May 12, 2023, with $4,117,194 in assets and $2,262,346 in
liabilities. Ray Jones, managing director, signed the petition.
Judge Nancy Hershey Lord oversees the case.
The Debtor tapped Avrum J. Rosen, Esq., at The Law Offices of Avrum
J. Rosen, PLLC as legal counsel and Hirsch & Hirsch Certified
Public Accountants, PLLC as accountant.
ALAMO CITY HANDYMEN: Unsecureds Will Get 36.81% over 60 Months
--------------------------------------------------------------
Alamo City Handymen LLC filed with the U.S. Bankruptcy Court for
the Western District of Texas a Plan of Reorganization dated July
27, 2023.
Initially, Debtor had just focused on handyman repairs and related
work. In 2013, Debtor elected to venture into the home remodeling.
In 2021, Debtor's chief designer got very sick and was out for a
number of months. Without a designer much of Debtor's work came to
a standstill. During that time, Debtor had to result to borrowing
money from merchant lenders. Once these loans went into repayment
Debtor was unable to keep up with its other obligations.
In April of 2023, a merchant account lender resumed collection
activity against the Debtor and issued a levy on Debtor's bank
accounts. Debtor was left with no choice other than file another
chapter11 bankruptcy.
The Debtor is proposing a plan of reorganization that contemplates
the repayment of all secured and priority unsecured claims as well
as a 36.81% dividend payout to all general unsecured creditors.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow generated by net income generated by the operation
of Debtor's business.
The Debtor plans to payoff 36.81% of its existing general unsecured
creditor liabilities. All allowed administration expenses, secured
claims and priority unsecured claims will be paid in full.
Class 4 consists of non-priority Unsecured Claims. All claims to be
paid in prorata monthly payment in a variable amount over the 60-
month term of the Plan for a total amount of $109,320.00, or 36.81%
of the unsecured claims total.
Debtor has sufficient cash flow to meet the obligation of monthly
plan payments in the amount of $1,822.00. All payments under the
Plan shall begin 30 days after the Effective Date.
A full-text copy of the Plan of Reorganization dated July 27, 2023
is available at https://urlcurt.com/u?l=C9bvb2 from
PacerMonitor.com at no charge.
Counsel to the 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 Alamo City Handymen
Alamo City Handymen, LLC, focused on handyman repairs and elected
to venture into the home remodeling in 2013.
The Debtor filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. W.D. Texas Case No. 23-50506) on April 28,
2023, with as much as $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Michael M. Parker oversees the case.
Morris E. White III, Esq., at Villa & White, LLP, is the Debtor's
legal counsel.
ALECTO HEALTHCARE: Taps Rosner Law Group as Delaware Counsel
------------------------------------------------------------
Alecto Healthcare Services, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ The Rosner
Law Group LLC as Delaware counsel.
The firm's services include:
(a) advising the Debtor with respect to its powers and duties in
the continued operation of its business, management of its
properties and related matters;
(b) preparing and pursuing confirmation of a Chapter 11 plan;
(c) preparing legal papers;
(d) appearing in court;
(e) advising the Debtor on matters of Delaware practice and
procedures and Delaware law; and
(f) other legal services that are necessary for the
administration of the Debtor's Chapter 11 case.
The Rosner Law Group will be paid at these rates:
Frederick B. Rosner, Esq. $425 per hour
Scott J. Leonhardt, Esq. $400 per hour
Jason A. Gibson, Esq. $375 per hour
Ruby Liu, Esq. $375 per hour
Zhao (Ruby) Liu, Esq. $350 per hour
Paralegals $250 per hour
The firm received a retainer of $25,000.
Frederick Rosner, Esq., a partner at The Rosner Law Group,
disclosed in a court filing that his firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Frederick B. Rosner, Esq.
The Rosner Law Group, LLC
824 N. Market St.
Wilmington, DE 19801
Tel: (302) 777-1111/(302) 319-6300
Email: rosner@teamrosner.com
About Alecto Healthcare Services
Alecto Healthcare Services, LLC is a provider of healthcare
infrastructure services based in Glendale Calif.
Alecto Healthcare Services filed Chapter 11 petition (Bankr. D.
Del. Case No. 23-10787) on June 16, 2023, with $1 million to $10
million in assets and $50 million to $100 million in liabilities.
Laxman Reddy, president and chief executive officer, signed the
petition.
Judge Kate Stickles oversees the case.
Leonard M. Shulman, Esq., at Shulman Bastian Friedman & Bui, LLP
and The Rosner Law Group, LLC serve as the Debtor's bankruptcy
counsel and Delaware counsel, respectively.
ALECTO HEALTHCARE: Taps Shulman Bastian Friedman & Bui as Counsel
-----------------------------------------------------------------
Alecto Healthcare Services, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Shulman
Bastian Friedman & Bui, LLP as bankruptcy counsel.
The Debtor requires legal counsel to:
a. give advice with respect to the rights, powers, duties and
obligations of the Debtor in the administration of its Chapter 11
case, the management of its business affairs and the management of
its property;
b. advise the Debtor regarding its legal rights and
responsibilities under the Bankruptcy Code and the Federal Rules of
Bankruptcy Procedure;
c. prepare legal papers;
d. advise and assist the Debtor with respect to compliance
with the requirements of the Office of the United States Trustee;
e. assist the Debtor with its store closing sales pursuant to
Section 363 of the Bankruptcy Code;
f. advise the Debtor regarding matters of bankruptcy law,
including the rights and remedies of the Debtor with respect to its
assets and with respect to the claims of creditors;
g. take all necessary or appropriate actions in connection
with a Chapter 11 plan, disclosure statement and all related
documents, and such further actions as may be required in
connection with the administration of the Debtor's estate;
h. appear at court hearings; and
i. perform all other legal services necessary for the
efficient and economic administration of the Debtor's Chapter 11
case.
The firm will be paid at these rates:
Leonard M. Shulman, Partner $725 per hour
Alan J. Friedman, Partner $725 per hour
Max Casal, Associate $350 per hour
Lori Gauthier, Paralegal $250 per hour
Lorre Clapp, Paralegal $250 per hour
The Debtor paid the firm a retainer in the total amount of
$233,605.90.
Leonard Shulman, Esq., a partner at Shulman, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Leonard M. Shulman, Esq.
Shulman Bastian Friedman & Bui, LLP
100 Spectrum Center Drive, Suite 600
Irvine, CA 92618
Tel: (949) 427-1654
Fax: (949) 340-3000
Email: lshulman@shulmanbastian.com
About Alecto Healthcare Services
Alecto Healthcare Services, LLC is a provider of healthcare
infrastructure services based in Glendale Calif.
Alecto Healthcare Services filed Chapter 11 petition (Bankr. D.
Del. Case No. 23-10787) on June 16, 2023, with $1 million to $10
million in assets and $50 million to $100 million in liabilities.
Laxman Reddy, president and chief executive officer, signed the
petition.
Judge Kate Stickles oversees the case.
Leonard M. Shulman, Esq., at Shulman Bastian Friedman & Bui, LLP
and The Rosner Law Group, LLC serve as the Debtor's bankruptcy
counsel and Delaware counsel, respectively.
ALROD LOGISTICS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Alrod Logistics, Inc.
1492 Bellshore Circle
Jacksonville, FL 32218
Case No.: 23-01820
Business Description: Alrod Logistics offers pipe lining services.
Chapter 11 Petition Date: August 3, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Debtor's Counsel: Bryan K. Mickler, Esq.
LAW OFFICES OF MICKLER & MICKLER, LLP
5452 Arlington Expy
Jacksonville, FL 32211
Tel: (904) 725-0822
Email: bkmickler@planlaw.com
Total Assets: $922,927
Total Liabilities: $3,732,863
The petition was signed by Alejandro Echeverria 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/HMTMHMQ/Alrod_Logistics_Inc__flmbke-23-01820__0001.0.pdf?mcid=tGE4TAMA
APPHARVEST INC: Davis Polk Advises Mastronardi in Chapter 11
------------------------------------------------------------
Davis Polk is advising Mastronardi Produce Limited in its
individual capacity as a counterparty to a marketing agreement and
Mastronardi Berea LLC as the landlord of a greenhouse facility in
Berea, Kentucky, in connection with the prearranged chapter 11
restructuring of AppHarvest Products, LLC and certain of its
affiliates (collectively, "AppHarvest"). AppHarvest filed for
chapter 11 bankruptcy protection on July 23, 2023, in the United
States Bankruptcy Court for the Southern District of Texas. The
company, Mastronardi Produce, Mastronardi Berea and a secured
lender of AppHarvest entered into a restructuring support agreement
(RSA) on July 24, 2023.
The restructuring contemplated under the RSA and proposed plan of
liquidation includes a sale process for the company's greenhouse
facilities in Morehead, Richmond and Somerset, Kentucky. In
conjunction with the RSA and proposed plan, Mastronardi Berea
entered into a settlement agreement with AppHarvest, whereby
Mastronardi Berea will acquire certain assets and liabilities
associated with the Berea facility from AppHarvest (the "Berea
Transfer"). Further, the RSA contemplates that CEFF II AppHarvest
Holdings, LLC ("Equilibrium") shall serve as the stalking horse
purchaser for the Morehead and Richmond facilities. An affiliate of
Mastronardi Produce has executed an agreement with Equilibrium
providing that Equilibrium will enter into a lease agreement with
respect to the Richmond and Morehead facilities with Mastronardi
Produce USA, Inc. or an affiliate, in the event that Equilibrium is
the successful bidder for those properties.
On July 26, 2023, AppHarvest obtained all of the "first day" relief
it sought before the bankruptcy court, including interim approval
of the Berea Transfer.
Prior to the bankruptcy, Davis Polk also advised Mastronardi Berea
LLC with respect to the acquisition and immediate leaseback of the
Berea facility to AppHarvest.
Mastronardi Produce Limited is a leading greenhouse grower and
marketer of gourmet fruits and vegetables in North America.
Mastronardi grows and markets nationally recognized products under
the SUNSET brand, including Campari, Flavor Bombs and Angel Sweet
tomatoes.
AppHarvest, Inc. is an applied technology company developing and
operating some of the world's largest high-tech indoor farms.
The Davis Polk restructuring team includes partner Eli J. Vonnegut,
counsel Jon Finelli and Jonah A. Peppiatt and associates Hailey W.
Klabo and Ethan Stern. The real estate team includes partner Brian
D. Hirsch and counsel Lawrence R. Plotkin. The corporate team
includes partner Leonard Kreynin and counsel Daisy Wu. Partner
Ethan R. Goldman is providing tax advice. All members of the Davis
Polk team are based in the New York office.
Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited
liability partnership, and its associated entities.
About AppHarvest
AppHarvest (NASDAQ: APPH, APPHW) -- https://www.appharvest.com --
is a sustainable food company in Appalachia developing and
operating some of the world's largest high-tech indoor farms with
high levels of automation to build a reliable, climate-resilient
food system. AppHarvest's farms are designed to grow produce using
sunshine, rainwater and up to 90% less water than open-field
growing, all while producing yields up to 30 times that of
traditional agriculture and preventing pollution from agricultural
runoff. AppHarvest has operated its 60-acre flagship farm in
Morehead, Ky., producing tomatoes, a 15-acre indoor farm for salad
greens in Berea, Ky., a 30-acre farm for strawberries and cucumbers
in Somerset, Ky., and a 60-acre farm in Richmond, Ky., for
tomatoes. The four-farm network consists of 165 acres.
AQUABOUNTY TECHNOLOGIES: Raises Going Concern Doubt
---------------------------------------------------
AquaBounty Technologies, Inc., admitted in its quarterly report on
Form 10-Q filed with the Securities and Exchange Commission for the
quarterly period ended June 30, 2023, that there is substantial
doubt on its ability to continue as a going concern.
Since inception, the Company has incurred cumulative operating
losses and negative cash flows from operations and expects that
this will continue for the foreseeable future. As of June 30,
2023, the Company has $43.8 million in cash and cash equivalents,
and restricted cash, a significant portion of which is required to
fund its current liabilities and other contractual obligations.
The Company said its ability to continue as a going concern is
dependent upon its ability to raise additional capital and there
can be no assurance that capital will be available in sufficient
amounts or on terms acceptable to the Company. This raises
substantial doubt about the Company's ability to continue as a
going concern within the next 12 months.
A copy of the Company's quarterly report is available at
https://tinyurl.com/2mvunyxx
About AquaBounty Technologies
AquaBounty Technologies, Inc. was incorporated in December 1991 in
the State of Delaware for the purpose of conducting research and
development of the commercial viability of a group of proteins
commonly known as antifreeze proteins. In 1996, AquaBounty
Technologies obtained the exclusive licensing rights for a gene
construct (transgene) used to create a breed of farm-raised
Atlantic salmon that exhibit growth rates that are substantially
faster than conventional Atlantic salmon. In 2015, AquaBounty
Technologies obtained regulatory approval from the U.S. Food and
Drug Administration for the production and sale of its genetically
engineered AquAdvantage salmon product in the United States and in
2016, it obtained regulatory approval from Health Canada for the
production and sale of its GE Atlantic salmon product in Canada. In
2021, it obtained regulatory approval from the National Biosafety
Technical Commission for the sale of its GE Atlantic salmon product
in Brazil. In 2021, the Company began harvesting and selling its GE
Atlantic salmon in the United States and Canada.
As of June 30, 2023, the Company had $210 million in total assets
against $30.8 million in total liabilities.
ASE CONSTRUCTION: Case Summary & 11 Unsecured Creditors
-------------------------------------------------------
Debtor: ASE Construction, Inc.
15909 Fellowship Street
La Puente, CA 91744
Case No.: 23-14986
Business Description: ASE owns duplex property located at 8420 S.
Broadway Los Angeles, CA valued at $834,500.
Chapter 11 Petition Date: August 3, 2023
Court: United States Bankruptcy Court
Central District of California
Debtor's Counsel: Anthony O. Egbase, Esq.
A.O.E LAW & ASSOCIATES, APC
800 W. 1st Street, Suite 400
Los Angeles, CA 90012
Tel: 213-620-7070
Fax: 213-620-1200
Email: info@aoelaw.com
Total Assets: $2,703,697
Total Liabilities: $2,340,243
The petition was signed by Sergio Moreno Morales as chief executive
officer & chief financial officer.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 11 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/EKZID5A/ASE_Construction_Inc__cacbke-23-14986__0001.0.pdf?mcid=tGE4TAMA
ASPIRA WOMEN'S: Jack Schuler, Trust Report 18.7% Equity Stake
-------------------------------------------------------------
Jack W. Schuler and Jack W. Schuler Living Trust disclosed in a
Schedule 13D/A filed with the Securities and Exchange Commission
that as of July 24, 2023, they beneficially owned 1,883,656 shares
of common stock of Aspira Women's Health Inc., representing 18.7
percent of the shares outstanding. The percentage was calculated
based on 8,390,928 Shares outstanding as of May 11, 2023, as
reported by the Issuer in its Form 10-Q filed with the SEC on May
15, 2023, as adjusted and approximated for the issuance of Shares
in the July 2023 Offering.
On July 24, 2023, the Trust purchased from the Issuer 181,800
Shares. Such purchase was effected pursuant to a Securities
Purchase Agreement, dated as of July 20, 2023, among the Issuer,
the Trust, and the other purchasers party thereto. The July 2023
Purchase Agreement contains customary terms and conditions.
As of July 25, 2023, the Trust holds (i) 1,883,656 Shares and (ii)
8,888 Common Stock Warrants issued on Aug. 25, 2022 and expiring on
Aug. 25, 2027, each of which is exercisable (subject to the
Beneficial Ownership Limitation) pursuant to the terms thereof to
purchase one Share.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/926617/000090883423000089/awh_13da14.htm
About Aspira Women's Health
Formerly known as Vermillion, Inc., Aspira Women's Health Inc. --
http://www.aspirawh.com-- is transforming women's health with the
discovery, development and commercialization of innovative testing
options and bio-analytical solutions that help physicians assess
risk, optimize patient management and improve gynecologic health
outcomes for women. OVA1 plus combines its FDA-cleared products
OVA1 and OVERA to detect risk of ovarian malignancy in women with
adnexal masses. ASPiRA GenetiXSM testing offers both targeted and
comprehensive genetic testing options with a gynecologic focus.
With over 10 years of expertise in ovarian cancer risk assessment
ASPIRA has expertise in cutting-edge research to inform its next
generation of products. Its focus is on delivering products that
allow healthcare providers to stratify risk, facilitate early
detection and optimize treatment plans.
Aspira Women's reported a net loss of $27.17 million for the year
ended Dec. 31, 2022, compared to a net loss of $31.66 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$17.37 million in total assets, $10.64 million in total
liabilities, and $6.73 million in total stockholders' equity.
Woodbridge, New Jersey-based BDO USA, LLP, the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated March 30, 2023, citing that the Company has suffered
recurring losses from operations and expects to continue to incur
substantial losses in the future, which raise substantial doubt
about its ability to continue as a going concern.
BELLA VIEW CAPITOL: Taps Peter G. Macaluso as Legal Counsel
-----------------------------------------------------------
Bella View Capitol, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ the Law
Offices of Peter G. Macaluso as its bankruptcy counsel.
The firm's services include:
a) legal advice with respect to the powers and duties of the
Debtor in the continuing management of its property and the
administration of its estate;
b) preparation of legal papers;
c) assistance in negotiating a sale or refinancing of the
Debtor's real property;
d) assistance in the formulation, preparation and implementation
of a Chapter 11 plan and disclosure statement; and
e) other legal services necessary to administer the Debtor's
Chapter 11 case.
The firm will be compensated at $450 per hour and will be
reimbursed for out-of-pocket expenses incurred.
The Debtor paid the firm a retainer of $5,000.
Peter Macaluso, Esq., a partner at the Law Offices of Peter G.
Macaluso, disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Peter G. Macaluso, Esq.
Law Offices of Peter G. Macaluso
7230 South Land Park Drive, Suite 127
Sacramento, CA 95831
Tel: (916) 392-6591
Cell: (916) 705-8847
Fax: (916) 392-6590
Email: info@pmbankruptcy.com
About Bella View Capitol
Bella View Capitol, LLC filed a voluntary Chapter 7 petition
(Bankr. E.D. Calif. Case No. 23-21407) on April 28, 2023, with as
much as $50,000 in assets and $500,001 to $1 million in
liabilities. On May 15, 2023, the case was converted to one under
Chapter 11.
Judge Ronald H. Sargis oversees the case.
The Debtor is represented by the Law Offices of Peter G. Macaluso.
BESTWALL LLC: Judge Rules Can Remain in Chapter 11 Bankruptcy
-------------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that a Georgia-Pacific
affiliate attempting to use bankruptcy to resolve asbestos
liabilities survived cancer victims' motion to dismiss its Chapter
11 case.
Bestwall LLC can remain in Chapter 11, Judge Laura Beyer of the US
Bankruptcy Court for the Western District of North Carolina ruled
Friday, according to an entry on the company's bankruptcy case
docket. However, she said the issue requires review by the US
Court of Appeals for the Fourth Circuit, according to an attorney
representing mesothelioma claimants.
"We are disappointed with the Court's rulings but are pleased that
Her Honor reiterated that this issue requires the immediate review
of the Fourth Circuit," said Clay Thompson, a lawyer at Maune
Raichle Hartley French & Mudd, LLC. "Bankruptcy is for struggling
businesses and individuals in need of a fresh start. Bankruptcy is
not a menu choice for billionaires."
The Fourth Circuit last June 2023 determined that Georgia-Pacific
was protected from cancer victims' asbestos-related lawsuits while
Bestwall is in bankruptcy. The case is an example of the
controversial "Texas Two-Step" strategy that enables a financially
healthy company to use a subsidiary's bankruptcy to address
widespread tort litigation.
Paper product manufacturer Georgia-Pacific, itself a unit of Koch
Industries Inc., in 2017 became the first corporation to try the
Texas Two-Step by shifting its mass tort asbestos liabilities into
a newly-created subsidiary and then placing that subsidiary into
Chapter 11.
Since then, other companies have followed suit. In New Jersey,
bankruptcy Judge Michael Kaplan is considering whether to dismiss
Johnson & Johnson’s second attempt to push through a Texas
Two-Step. Its initial effort was struck down by the Third Circuit
earlier this year.
About Bestwall LLC
Bestwall LLC -- http://www.Bestwall.com/-- was created in an
internal corporate restructuring and now holds asbestos
liabilities. Bestwall's asbestos liabilities relate primarily to
joint systems products manufactured by Bestwall Gypsum Company, a
company acquired by Georgia-Pacific in 1965. The former Bestwall
Gypsum entity manufactured joint compounds containing small
amounts
of chrysotile asbestos; the manufacture of these
asbestos-containing products ceased in 1977.
Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC
("PlasterCo"), develops, manufactures, sells and distributes gypsum
plaster products, including gypsum floor underlayment, industrial
plaster, metal casting plaster, industrial tooling plaster, dental
plaster, medical plaster, arts and crafts plaster, pottery plaster
and general purpose plaster.
On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr.
W.D.N.C. Case No. 17-31795) in an effort to equitably and
permanently resolve all its current and future asbestos claims.
The Debtor estimated assets and debt of $500 million to $1 billion.
It has no funded indebtedness.
The Hon. Laura T. Beyer is the case judge.
The Debtor tapped Jones Day as bankruptcy counsel; Robinson,
Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as
special litigation counsel for medicine science issues; King &
Spalding as special counsel for asbestos matters; and Bates White,
LLC, as asbestos consultants. Donlin Recano LLC is the claims and
noticing agent.
On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an
official committee of asbestos claimants in the Debtor's case. The
committee retained Montgomery McCracken Walker & Rhoads, LLP as
legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD
Thompson Law as local counsel.
On Feb. 22, 2018, the court approved the appointment of Sander L.
Esserman as the future claimants' representative in the Debtor's
case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP as
legal counsel; Hull & Chandler, P.A., as local counsel; Ankura
Consulting Group, LLC as claims evaluation consultant; and FTI
Consulting, Inc., as financial advisor.
BEVERLY HILLS MANSION: Involuntary Chapter 11 Case Summary
----------------------------------------------------------
Alleged Debtor: The Beverly Hills Mansion, LLC
1371 Tower Grove Dr.
Beverly Hills, CA 90210
Case No.: 23-14984
Involuntary Chapter
11 Petition Date: August 3, 2023
Court: United States Bankruptcy Court
Central District of California
Petitioners' Counsel: Eric Bensamochan, Esq.
THE BENSAMOCHAN LAW FIRM, INC.
9025 Wilshire Blvd. Suite 215
Beverly Hills, CA 90211
Tel: (818) 574-5740
Email: erick@eblawfirm.us
A full-text copy of the Involuntary Petition is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/BPOXCZI/The_Beverly_Hills_Mansion_LLC__cacbke-23-14984__0001.0.pdf?mcid=tGE4TAMA
Alleged creditors who signed the petition:
Petitioner Nature of Claim Claim Amount
Alan Cade Services Provided $15,600
1240 N Hollywood Way
Burbank CA 91505
J & J Woodworks Services Provided $18,395
13823 Louvre St
Pacoima CA 91331
JCM Trucking Services Provided $7,000
12422 Jerome St.
Sun Valley CA 91352
BIJOU HILL: Taps Allen Vellone Wolf Helfrich & Factor as Counsel
----------------------------------------------------------------
Bijou Hill Dairy, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Allen Vellone Wolf
Helfrich & Factor PC as its counsel.
The Debtor needs a counsel to handle all matters concerning the
administration of the estate, including preparation of the
bankruptcy statements and schedules, a plan of reorganization and
disclosure statement, as well as all contested and litigation
matters that arise in this Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Jeffrey A. Weinman $625
Patrick D. Vellone $725
Bailey C. Pompea $365
Paralegals $120 - $225
The Debtor paid the firm a pre-bankruptcy retainer in the amount of
$25,000.
Jeffrey Weinman, Esq., an attorney at Allen Vellone Wolf Helfrich &
Factor, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Jeffrey A. Weinman, Esq.
Patrick D. Vellone, Esq.
Bailey C. Pompea, Esq.
Allen Vellone Wolf Helfrich & Factor P.C.
1600 Stout Street, Suite 1900
Denver, CO 80202
Telephone: (303) 534-4499
Email: JWeinman@allen-vellone.com
PVellone@allen-vellone.com
BPompea@allen-vellone.com
About Bijou Hill Dairy
Bijou Hill Dairy, Inc. sought Chapter 11 bankruptcy protection
(Bankr. D. Colo. Case No. 23-13238) on July 21, 2023, with
$3,650,705 in total assets and $4,486,904 in total liabilities.
Larry Pearson, president, signed the petition.
Judge Michael E. Romero oversees the case.
Allen Vellone Wolf Helfrich & Factor PC serves as the Debtor's
legal counsel.
BIO365 LLC: Seeks Court Approval to Hire KRD Ltd. as Accountant
---------------------------------------------------------------
Bio365 LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of California to employ KRD, Ltd. as its
accountant.
The Debtor needs an accountant to prepare the required federal tax
return and the mutually agreed upon state tax returns.
KRD will be paid a $5,000 retainer which will be applied to the
invoice for preparation of the 2022 tax returns after court
approval.
Lois West, a certified public accountant at KRD, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Lois West
KRD, Ltd.
35 E. Wacker Dr., Suite 690
Chicago, IL 60601
Telephone: (312) 201-6450
Facsimile: (312) 201-1286
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
bankruptcy counsel; Klausner Cook, PLLC as special intellectual
property counsel; Kander, LLC as financial advisor; and KRD, Ltd.
as accountant. Robert Marcus, managing director at Kander, serves
as the Debtor's chief restructuring officer.
BISHOP OF OAKLAND: Committee Taps Berkeley as Financial Advisor
---------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 case of The Roman Catholic Bishop of Oakland seeks
approval from the U.S. Bankruptcy Court for the Northern District
of California to employ Berkeley Research Group, LLC as financial
advisor.
The firm will render these services:
(a) help the committee investigate the assets, liabilities,
and financial condition of the Debtor;
(b) assist the committee in the review of financial related
disclosures required by the court or Bankruptcy Code;
(c) help the committee analyze the Debtor's accounting reports
and financial statements;
(d) help the committee review pre-petition transfers of the
Debtor's assets;
(e) help the committee evaluate the Debtor's ownership
interests of property alleged to be held in trust by the Debtor for
the benefit of third parties or property alleged to be owned by
non-debtor entities;
(f) help the committee review and evaluate any proposed asset
sales, other asset dispositions, and any other proposed
transactions for which court approval is sought;
(g) help the committee monitor the Debtor's cash management
system for compliance with the cash management order entered in
this case;
(h) assist in the review or preparation of information and
analyses necessary for the confirmation of a plan, or for the
objection to any plan filed which the committee opposes;
(i) assist the committee with the evaluation and analysis of
potential claims of the Debtor's bankruptcy estate and any
litigation matters; and
(j) any other services requested by the committee and agreed
to by the firm.
The hourly rates of the firm's professionals are as follows:
Managing Director $725 - $1,130
Director & Associate Director $450 - $725
Professional Staff $225 - $450
Support Staff $150 - $225
In addition, the firm will seek reimbursement for expenses
incurred.
Matthew Babcock, director at Berkeley Research Group, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew K. Babcock
Berkeley Research Group, LLC
201 South Main Street, Suite 450
Salt Lake City, UT 84111
Telephone: (801) 321-0076
Facsimile: (801) 355-9926
Email: mbabcock@thinkbrg.com
About The Roman Catholic Bishop of Oakland
The Roman Catholic Bishop of Oakland, a tax-exempt religious
organization, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-40523) on May 8,
2023. In the petition signed by Bishop Michael Charles Barber, the
Debtor disclosed $100 million to $500 million in both assets and
liabilities.
Judge William J. Lafferty oversees the case.
The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez
& Marsal North America, LLC as restructuring advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims and noticing agent
and administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Lowenstein Sandler, LLP as legal counsel and
Berkeley Research Group, LLC as financial advisor.
BOX OUT STUDIO: Hires VerStandig Law Firm as Counsel
----------------------------------------------------
Box Out Studio, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Columbia to employ VerStandig Law Firm, LLC,
doing business as The Belmont Firm, as bankruptcy counsel.
The firm will provide these services:
(a) prepare and file all necessary pleadings, motions, and
other court papers, on behalf of the Debtor;
(b) negotiate with creditors, equity holders, and other
interested parties;
(c) represent the Debtor in any adversary proceedings,
contested matters, and other proceedings before this honorable
court;
(d) prepare a plan of reorganization on behalf of the Debtor;
and
(e) tend to such other and further matters as are necessary
and appropriate in the prism of this case.
The firm will be paid at these rates:
Partner $450 per hour
Paralegal $100 per hour
Maurice VerStandig, Esq., an partner at VerStandig Law Firm,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Maurice B. VerStandig, Esq.
The Belmont Firm
9812 Falls Road, #114-160
Potomac, MD 20854
Phone: (301) 444-4600
Email: mac@mbvesq.com
About Box Out Studio
bOx Out Studio, LLC, is engaged in activities related to real
estate. The Debtor owns two real properties in Washington, DC,
valued at $1.95 million in total.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D.D.C. Case No. 23-00182) on July 11, 2023,
with $1,950,030 in assets and $1,709,559 in liabilities. Arnold
Gaither, managing member, signed the petition.
Maurice Verstandig, Esq. of The Belmont Firm is the Debtor's legal
counsel.
BRAVO MULTINATIONAL: Incurs $74K Net Loss in Second Quarter
-----------------------------------------------------------
Bravo Multinational Incorporated filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q disclosing a
net loss of $73,836 for the three months ended June 30, 2023,
compared to a net loss of $127,054 for the three months ended June
30, 2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $217,298 compared to a net loss of $274,295 for the same
period in 2022.
As of June 30, 2023, the Company had $31,860 in total assets,
$230,716 in total liabilities, and a total stockholders' deficit of
$198,856.
Bravo Multinational said, "While the Company is attempting to
continue operations and generate revenues, the Company's cash
position may not be significant enough to support the Company's
daily operations. Management intends to raise additional funds by
way of a public or private offering. Management believes that the
actions presently being taken to further implement the Company's
business plan and generate revenues provide the opportunity for the
Company to continue as a going concern. While the Company believes
in the viability of its strategy to generate revenues and in its
ability to raise additional funds, there can be no assurances to
that effect. The ability of the Company to continue as a going
concern is dependent upon the Company's ability to further
implement its business plan and generate revenues. During the six
months ended June 30, 2023 due to lack of revenues the officers of
the Company paid for all expenses through loans to the Company.
This allowed the Company to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1444839/000109181823000140/brvo20230630.htm
About Bravo Multinational
Based in Ontario, Canada, Bravo Multinational Incorporated --
http://www.bravomultinational.com-- is currently engaged in the
business of leasing and selling gaming equipment. The Company,
however, ceased operations in Nicaragua in 2017 due to political
and economic instabilities. The Company is planning to operate its
business in the US and other more stable democracies in Latin
America.
Bravo Multinational reported a net loss of $528,058 for the year
ended Dec. 31, 2022, compared to a net loss of $420,126 for the
year ended Dec. 31, 2021. As of March 31, 2023, the Company had $43
in total assets, $1.91 million in total liabilities, and a total
stockholders' deficit of $1.91 million.
Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 6, 2023, citing that the Company has suffered recurring
losses from operations and has a significant accumulated deficit.
In addition, the Company continues to experience negative cash
flows from operations. These factors raise substantial doubt about
the Company's ability to continue as a going concern.
BROOKDALE SENIOR: Egan-Jones Retains CC Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on July 27, 2023, maintained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Brookdale Senior Living Inc. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in Brentwood, Tennessee, Brookdale Senior Living Inc.
operates senior living facilities in the United States.
BUCKHEAD PROPERTY: Gets OK to Hire Rountree as Legal Counsel
------------------------------------------------------------
Buckhead Property Development, LLC received approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to employ
Rountree Leitman Klein & Geer, LLC to handle its Chapter 11 case.
The firm's services include:
a. providing the Debtor with legal advice regarding its powers
and duties in the management of its property;
b. preparing legal papers;
c. examining claims of creditors;
d. assisting with the formulation and preparation of the
disclosure statement and plan of reorganization and with the
confirmation and consummation thereof; and
e. other necessary legal services.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
William A. Rountree, Attorney $595
Will B. Geer, Attorney $595
Michael Bargar, Attorney $595
Hal Leitman, Attorney $425
David S. Klein, Attorney $495
Alexandra Dishun, Attorney $425
Ceci Christy, Attorney $425
Elizabeth A. Childers, Attorney $395
Caitlyn Powers, Attorney $325
Shawn Eisenberg, Attorney $300
Elizabeth Miller, Paralegal $250
Sharon M. Wenger, Paralegal $225
Megan Winokur, Paralegal $175
Catherine Smith, Paralegal $150
The firm received a pre-bankruptcy retainer of $21,500.
William Rountree, Esq., a partner at Rountree, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
William A. Rountree, Esq.
Rountree Leitman Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Facsimile: (404) 704-0246
Email: wrountree@rlkglaw.com
About Buckhead Property Development
Buckhead Property Development, LLC, a Georgia-based company, filed
Chapter 11 petition (Bankr. M.D. Ga. Case No. 23-50755) on June 5,
2023, with $1 million to $10 million in both assets and
liabilities. Lloyd Dominick, member, signed the petition.
Judge Austin E. Carter oversees the case.
The Debtor is represented by William A. Rountree, Esq., at Rountree
Leitman Klein & Geer, LLC.
BUCKINGHAM TOWER: Subchapter V Plan Confirmed by Judge
------------------------------------------------------
Judge Sean H. Lane has entered an order confirming the Amended
Subchapter V Plan of Buckingham Tower Condominium, Inc. f/k/a
Buckingham Owners, Inc.
The Plan complies with Section 1191(b) of the Bankruptcy Code, and
the applicable requirements set forth in Section 1129(a) of the
Bankruptcy Code are met. The Debtor, as proponent of the Plan, has
complied with the provisions of the Bankruptcy Code.
As of the Confirmation Date, as to every holder of Claim against
the Debtor, the holder of such Claim shall be enjoined from
enforcing such Claim against the Debtor or its Property except as
permitted in the Plan, or from interfering with the Debtor's
ability to carry out the terms of the Plan.
The Plan Administrator shall be granted broad authority to, among
other things, investigate, make findings, report to the Court and
make recommendations on all relevant matters including (i) the
Debtor's financial situation, (ii) the use of funds, (iv) the
propriety of Claims, (v) the Claims of 615 Warburton and TB
Holdings; and (vi) the actions of Jose Guerrero and any persons in
control of the Debtor.
Notwithstanding any provision to the contrary in the Plan or this
Order, all net sale proceeds after the payment of amounts due to
Titan Capital ID, LLC, real property taxes and municipal liens due
to the City of Yonkers and ordinary and necessary closing and title
costs, shall be held by the Plan Administrator in escrow pending
further order of the Court. The Plan Administrator shall also hold
in escrow any reasonable reserves required by the title companies
insuring the transactions, subject to the rights of all parties.
A full-text copy of the Plan Confirmation Order dated July 27, 2023
is available at https://urlcurt.com/u?l=bLcFvN from
PacerMonitor.com at no charge.
Debtor's Counsel:
Anne Penachio, Esq.
Penachio Malara, LLP
245 Main Street-Suite 450
White Plains, NY 10601
Phone: (914) 946-2889
Email: Email: frank@pmlawllp.com
About Buckingham Tower Condominium
Buckingham Tower Condominium Inc., a condominium association, is in
the business of owning and managing the common areas of the
premises at 615 Warburton Avenue, Yonkers, NY and also owning and
managing 25 sponsored apartment buildings. Each apartment is worth
approximately $165,000.
Buckingham Tower Condominium Inc. filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Case No. 22-22403) on June 30, 2022. In the petition filed by Jose
Guerrero, president, the Debtor listed $1 million to $10 million in
both assets and liabilities.
Judge Sean H. Lane oversees the case.
Anne J. Penachio, of Penachio Malara LLP, is the Debtor's counsel.
C&L AUTOMOTIVE: Bid to Use Cash Collateral Denied as Moot
---------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Jacksonville Division, denied as moot the motion to use cash
collateral filed by C&L Automotive & Towing, Inc.
As previously reported by the Troubled Company Reporter, the Debtor
requested permission to use cash collateral to continue operating
the business and pay salaries.
As of the Petition Date, the Debtor was indebted to On Deck
Capital, Inc. in the approximate amount of $85,000. The Debtor's
obligation is evidenced by a Promissory Note, Security Agreement,
Financing Statement, and Chattel Mortgage executed July 9, 2019, to
On Deck, pursuant to which the Lender provided funds to the
Debtor.
A copy of the order is available at https://urlcurt.com/u?l=QIeD8u
from PacerMonitor.com.
About C&L Automotive & Towing, Inc.
C&L Automotive & Towing, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00437) on
March 1, 2023. In the petition signed by Lisa Hood, its president,
secretary and director, the Debtor disclosed up to $500,000 in both
assets and liabilities.
Judge Jason A. Burgess oversees the case.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP, represents the Debtor as legal counsel.
CAIR HEATING: Seeks to Hire DelCotto Law Group as Attorney
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Cair Heating and Cooling, LLC seeks approval from the the U.S.
Bankruptcy Court for the Western District of Kentucky to hire
DelCotto Law Group PLLC as its attorneys.
The firm will render these services:
(a) take all necessary action to protect and preserve the
Estate of the Debtor, including the prosecution of actions on the
Debtor's behalf, the defenses of any actions commenced against the
Debtor, negotiations concerning all litigation in which the Debtor
is involved, and objections to claims filed against the Estate;
(b) prepare on behalf of the Debtor, as Debtor in possession,
necessary motions, applications, schedules, statements, answers,
orders, reports and papers in connection with the administration of
its Estate;
(c) negotiate and prepare on behalf of the Debtor a plan of
reorganization and all related documents; and
(d) perform all other necessary legal services in connection
with this Chapter 11 case.
The firm's current rates range from $235 to $550 per hour for
attorneys and $150 to $180 per hour for paralegals.
For providing bankruptcy advice and assistance, the firm received a
retainer of $27,500.
DelCotto is a "disinterested person” as defined in 11 U.S.C. Sec.
101(14), as modified by 11 U.S.C. Sec. 1107(b), and holds no
interest adverse to the Debtor or its Estate as to the matters with
respect to which it is to be employed, according to court filings.
The firm can be reached through:
Dean A. Langdon, Esq.
DelCotto Law Group PLLC
200 North Upper Street
Lexington, KY 40507
Phone: (859) 689-8635
Email: dlangdon@dlgfirm.com
About Cair Heating and Cooling
Cair Heating and Cooling, LLC has historically been engaged in both
commercial and residential HVAC installations, and currently
maintains warehouses and offices in Louisville, Kentucky,
Cincinnati, Ohio; Columbus, Ohio; and Indianapolis, Indiana. The
majority of the Debtor's work consists of installing HVAC systems
in multi-family residential projects.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr W.D. Ky. Case No. 23-31622) on July 14, 203.
In the petition signed by Kevin Clapp, president, the Debtor
disclosed up to $10 million in both assets and liabilities.
CARDINAL HEALTH: Egan-Jones Retains BB+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on July 28, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Cardinal Health, Inc.
Headquartered in Dublin, Ohio, Cardinal Health, Inc. provides
complementary products and services to healthcare providers and
manufacturers.
CARVANA CO: Raises $225 Million via Equity Offering Program
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Carvana Co. announced that it has raised $225 million through the
issuance of approximately 4.9 million shares through its
at-the-market equity offering program, fully satisfying the public
equity requirement of its exchange offer transaction support
agreement.
The TSA provides significant financial flexibility to Carvana
including reducing required cash interest expense by more than $430
million for the next two years, extending maturities, and lowering
total debt outstanding by over $1.2 billion.
"We are pleased to announce that we have successfully raised $225
million through our at-the-market offering program, fulfilling the
public issuance commitment of our exchange offer transaction
support agreement," said Mark Jenkins, Carvana's chief financial
officer.
"Our liquidity position is strong, and any further issuance under
the program would be purely opportunistic. We have no plans for an
underwritten equity offering at this time."
Pursuant to the TSA, the Garcia party investors have agreed to
purchase $126 million of equity securities from Carvana prior to 20
business days after the upcoming launch of the notes exchange
offer, unless certain other conditions are met.
Citigroup Global Markets Inc. and Moelis & Company LLC served as
joint sales agents under the ATM program.
About Carvana
Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is an e-commerce platform for buying and
selling used cars. Carvana.com allows someone to purchase a
vehicle from the comfort of their home, completing the entire
process online, benefiting from a 7-day money back guarantee, home
delivery, nationwide inventory selection and more. Customers also
have the option to sell or trade-in their vehicle across all
Carvana locations, including its patented Car Vending Machines, in
more than 300 U.S. markets.
Carvana Co. reported a net loss of $2.89 billion for the year ended
Dec. 31, 2022, compared to a net loss of $287 million for the year
ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $8.70
billion in total assets, $9.75 billion in total liabilities, and a
total stockholders' deficit of $1.05 billion.
* * *
As reported by the TCR on July 21, 2023, S&P Global Ratings lowered
its issuer credit rating on Carvana Co. to 'CC' from 'CCC'. S&P
said, "The negative outlook reflects our expectation that we will
lower our issuer credit rating to 'D' (default) upon completion of
the proposed exchange. Shortly after restructuring, we would raise
the ratings to a level that reflects the ongoing risk of a
conventional default or future distressed restructurings."
CASELLA WASTE: S&P Rates New Senior Unsecured Revenue Bonds 'B+'
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S&P Global Ratings assigned its 'B+' issue-level rating and '6'
recovery rating to Casella Waste Systems Inc.'s proposal of up to
$35 million of senior unsecured New York State Environmental
Facilities Corp. solid waste disposal revenue bonds. All of S&P's
other ratings are unchanged, including our 'BB' issuer credit
rating on Casella. These bonds will represent the remainder of the
revenue bonds (initial proceeds of $40 million), which were issued
in September 2020. The company will use the proceeds to finance or
reimburse itself for its qualified capital expenditures in the
state of New York.
CEDIPROF INC: Taps Colon Conde & Mirandes as Tax Credit Consultant
------------------------------------------------------------------
Cediprof, Inc. received approval from the U.S. Bankruptcy Court for
the District of Puerto Rico to employ Colon Conde & Mirandes, LLC.
The Debtor requires a tax credit consultant to register and sell
tax credits and provide legal opinion to the purchaser regarding
the validity of the tax credits to be sold.
The firm will be paid 1 percent of the purchase price.
Enrique Mirandes, a partner at Colon Conde & Mirandes, disclosed in
a court filing that his firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Enrique Mirandes
Colon Conde & Mirandes, LLC
1413 Ponce de Leon, Suite 504
San Juan, PR 00907-4023
Tel: (787) 725-2588
Fax: (787) 945-7989
Email: enrique@colonmirandes.com
About Cediprof Inc.
Cediprof, Inc., is a company in Caguas, P.R., which develops,
manufactures, supplies and distributes finished dosage forms of
pharmaceutical products.
Cediprof filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D.P.R. Case No. 22-03198) on Nov. 4,
2022, with $10 million to $50 million in both assets and
liabilities.
The Debtor tapped Carmen D. Conde Torres, Esq., at the Law Offices
of C. Conde & Assoc. as bankruptcy counsel; RSM Puerto Rico as
accountant; and Colon Conde & Mirandes, LLC as tax credit
consultant.
CENTURY BUILDERS: Seeks to Hire Alla Kachan as Bankruptcy Counsel
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Century Builders Management Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ the
Law Offices of Alla Kachan, PC as its counsel.
The firm will render these services:
(a) assist the Debtor in administering this Chapter 11 case;
(b) make such motions or take such action as may be
appropriate or necessary under the Bankruptcy Code;
(c) represent the Debtor in prosecuting adversary proceedings
to collect assets of the estate and such other actions as the
Debtor deem appropriate;
(d) take such steps as may be necessary for the Debtor to
marshal and protect the estate's assets;
(e) negotiate with the Debtor's creditors in formulating a
plan of reorganization for the Debtor in this case;
(f) draft and prosecute the confirmation of the Debtor's plan
of reorganization in this case; and
(g) render such additional services as the Debtor may require
in this case.
The hourly rates of the firm's counsel and staff are as follows:
Attorney $475
Clerks and Paraprofessionals $250
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid the firm an initial retainer of $18,000.
Alla Kachan, Esq., a member at the Kachan Law Office, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Alla Kachan, Esq.
Law Offices of Alla Kachan, PC
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Telephone: (718) 513-3145
Email: alla@kachanlaw.com
About Century Builders Management
Century Builders Management Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 23-41978) on June 2, 2023, with $810,446 in total assets
and $1,080,393 in liabilities. Gustavo Reyes, president, signed the
petition.
Judge Elizabeth S. Stong oversees the case.
The Debtor tapped the Law Offices of Alla Kachan, PC as legal
counsel and Wisdom Professional Services Inc. as accountant.
CENTURY BUILDERS: Taps Wisdom Professional Services as Accountant
-----------------------------------------------------------------
Century Builders Management Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Wisdom Professional Services Inc. as its accountant.
The firm will render these services:
(a) gather and verify all pertinent information required to
compile and prepare monthly operating reports; and
(b) prepare monthly operating reports for the Debtor in this
bankruptcy case.
The firm will charge $250 per report. The expected estimate monthly
cost of services is $250.
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid the firm an initial retainer of $3,500.
Michael Shtarkman, CPA, a member of Wisdom Professional Services,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Michael Shtarkman, CPA
Wisdom Professional Services Inc.
626 Sheepshead Bay Road Suite 640
Brooklyn, NY 11224
Telephone: (718) 554-6672
About Century Builders Management
Century Builders Management Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 23-41978) on June 2, 2023, with $810,446 in total assets
and $1,080,393 in liabilities. Gustavo Reyes, president, signed the
petition.
Judge Elizabeth S. Stong oversees the case.
The Debtor tapped the Law Offices of Alla Kachan, PC as legal
counsel and Wisdom Professional Services Inc. as accountant.
CHALLENGER BRASS: Has Deal on Cash Collateral Access
----------------------------------------------------
Challenger Brass & Copper Co., Inc. and Banco Popular de Puerto
Rico advised the U.S. Bankruptcy Court for the District of Puerto
Rico that they have reached an agreement regarding the Debtor's use
of cash collateral and now desire to memorialize the terms of this
agreement into an agreed order.
BPPR consents to the Debtor's limited use of the cash collateral to
satisfy certain operating and other expenses solely under and
pursuant to the terms of the Stipulation and the adequate
protection provided therein.
After some negotiations, the Debtor and BPPR have agreed to enter
into the Stipulation, to allow the Debtor to use the cash
collateral, on an interim basis,from July 28, 2023 through
September 27, 2023, so that the Parties can explore the possibility
of a potential consensual resolution during this period and
preserve the going concern value of the Debtor.
Prior to the Petition Date, the Debtor and BPPR entered into
several credit facilities. Specifically, on May 24, 2019, the
Debtor and BPPR entered into a Credit Agreement, pursuant to which
BPPR provided to the Debtor a revolving line of credit in the
aggregate principal amount of $2 million to finance the Debtor's
accounts receivable and to satisfy a previous line of credit.
The First Loan is evidenced by a Note dated May 24, 2019, executed
by the Debtor in favor of BPPR in the principal amount of $2
million.
On March 19, 2021, the Debtor and BPPR entered into a Credit
Agreement, pursuant to which BPPR made available to the Debtor a
non-revolving line of credit in the aggregated principal amount of
$600,000 to finance the acquisition of raw material.
The Second Loan is evidenced by a Note dated March 19, 2021,
executed by the Debtor and Guarantors in the principal amount of
$600,000.
To secure the payment and performance of the Debtor under the
Loans, the Debtor and the Guarantors granted to BPPR a first
priority lien and security interest on the real properties, as well
as personal guarantees of the Guarantors, pursuant to certain
agreements, instruments, and other documents.
As a result, in an attempt to consensually resolve such defaults,
on October 28, 2022, the Debtor, Guarantors, and BPPR executed a
Forbearance Agreement, pursuant to which the Debtor and Guarantors
agreed to certain actions to remedy the outstanding events of
default.
As part of the Forbearance Agreement, the Debtor and Guarantors
executed a Consent Judgment in favor of BPPR.
The Debtor and the Guarantors failed to comply with their
obligations under the Forbearance Agreement. As a result, on May 4,
2023, BPPR issued a notice of events of default to the Debtor and
the Guarantors.
Since the Debtor and Guarantor failed to remedy the outstanding
events of default, on June 14, 2023, BPPR filed the Consent
Judgment in the Puerto Rico Court, Bayamon Part, Banco Popular de
Puerto Rico v. Challenger Brass & Copper Co., Inc., et al, Civil
No. BY2023CV03279, and requested that the local court issue the
corresponding judgment allowing BPPR to foreclose over its
Collateral.
As part of the Collateral granted to BPPR, the Debtor pledged all
cash collateral to BPPR.
Specifically, on May 24, 2019, the Debtor executed a Security
Agreement, Pledge and Assignment with BPPR.
BPPR duly perfected its security interest over the First Cash
Collateral by filing a UCC Financing Statement on May 29, 2019,
covering all of the First Cash Collateral granted under the First
Security Agreement.
Similarly, on March 19, 2021, the Debtor executed a Security
Agreement, Pledge and Assignment with BPPR.
The Second Security Agreement provides that the Debtor is granting
and pledging to BPPR as collateral for the Second Loan, among other
assets, all of the Debtor's Accounts, Accounts Receivable, Contract
Collateral, Inventory, Deposit and Collection and Account
Collateral and all Proceeds.
BPPR duly perfected its security interest over the Debtor's Second
Cash Collateral by filing a UCC Financing Statement on March 26,
2021, covering all of the Second Cash Collateral granted under the
Second Security Agreement.
Further, as evidenced by the UCC search report, BPPR holds a first
priority lien over the cash collateral.
After the Petition Date, on June 28, 2023, BPPR sent a letter to
the Debtor stating that it did not consent to the use of its cash
collateral until and unless an agreement was reached regarding its
use, or the Bankruptcy Court ordered otherwise.
As adequate protection for BPPR, the Debtor will pay to BPPR the
amount of $9,892 on or before August 3, 2023 and a second payment
of $9,892 on or before September 3, 2023.
As additional adequate protection for BPPR, the Debtor grants to
BPPR a replacement lien and a post-petition security interest on
all of the assets and Collateral acquired by the Debtor on and
after the Petition Date. The Replacement Liens will be deemed
effective and perfected as of the Petition Date without the need of
the execution or filing by the Debtor or BPPR of any additional
security agreements, pledge agreements, financing statements or
other agreements.
On or before August 11, 2023, the Debtor will provide to BPPR:
(a) detailed business plan with projections for the Debtor's
operations through December 31, 2023;
(b) an aging report of all Accounts Receivables, Accounts Payable,
Inventory, and Accounts; and
(c) a detailed report showing all payments received since June 1,
2023, on all Accounts Receivables and Accounts.
Pursuant to Sections 361, 363 and 507(b) of the Bankruptcy Code, as
additional adequate protection, BPPR is granted a super-priority
claim in an amount equal to any diminution in value of the
pre-petition Cash Collateral, resulting from the Debtor's use of
the cash collateral and the imposition of the automatic stay,
having priority over all administrative expenses specified in 11
U.S.C. sections 503(b) and 507.
As additional adequate protection, the post-petition Collateral
under the Replacement Liens and the pre-petition Collateral, will
all serve as cross-Collateral for the amounts owed under the Credit
Agreement and any and all other amounts disbursed by BPPR under the
Loan Documents.
A copy of the stipulation is available at
https://urlcurt.com/u?l=Ofr0On from PacerMonitor.com.
About Challenger Brass & Copper Co Inc.
Challenger Brass & Copper Co Inc. is engaged in the manufacturing
and commercialization of copper, brass, bronze, stainless steels,
and aluminum. The company is based in Toa Baja, P.R.
Challenger Brass & Copper filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No.
23-01917) on June 23, 2023. The petition was signed by Abimael
Padilla Negron as authorized representative of the Debtor. At the
time of filing, the Debtor reported $1,031,500 in assets and
$2,540,722 in liabilities.
Judge Edward A. Godoy presides over the case.
Jesus Enrique Batista Sanchez, Esq. at The Batista Law Group, PSC
represents the Debtor as counsel.
CHAPIN DAIRY: Seeks Cash Collateral Access
------------------------------------------
Chapin Dairy, LLC asks the U.S. Bankruptcy Code for the District of
Colorado for authority to use cash collateral in accordance with
its agreement with American AgCredit, FLCA, American AgCredit, PCA,
and American AgCredit, ACA.
Pre-petition, Chapin Dairy and its two affiliates - Riverside Milk,
LLC and Chapin Dairy Two, LLC - executed a number of agreements
with the Lenders.
All the agreements are cross-collateralized between the parties. As
of petition date, the Debtors owe an aggregate amount of $18
million under the loan documents.
Prior to the Petition Date, Riverside entered into a Stipulated
Interim Order with the Lenders, which provides for the continuing
use of cash collateral through the end of December, 2023. Based on
the Stipulated Interim Order, the amount of the obligation is
$17.518 million as of July 23, 2023.
In addition to Lenders, a UCC search of Riverside turns up a UCC
Financing Statement filed on behalf of Agfinity, Inc. on October
31, 2022 at Document No. 20222111260, which asserts a security
interest in all assets of the Riverside. The Debtor acknowledges
taking out a line of credit from Agfinity in October of 2022, but
further states nothing is owing to Agfinity pursuant to that line
of credit as of the Petition Date.
Notwithstanding the existence of the UCC Financing Statement,
Debtor states nothing is owed to Agfinity. The Lenders reserves any
and all of its rights to continue to assert that the Prepetition
Credit Facility Liens are senior in priority over any and all other
liens on the Collateral as the same relates to any lien asserted by
Agfinity.
The Debtor and the Lenders agreed to a stipulated form of cash
collateral and adequate protection order. The Order will allow the
Debtor to continue to use cash collateral in which Lender holds a
security interest through December 31, 2023 unless extended by the
parties. The Order also contains a number or protections for Lender
which include the following:
a. The Debtor will be authorized to use cash collateral in
accordance with a budget, subject to certain limited authorized
budget deviations;
b. The Debtor will be required to make monthly adequate protection
payments to Lenders of $5,000 per month in October 2023; and
$10,000 each for the months of November and December 2023;
c. The Lenders will be provided with a replacement lien on assets
acquired by the Debtor post-petition which will secure Lender with
all post-petition inventory, chattel paper, accounts, lease
payments, lease income, room revenues and general intangibles and
all proceeds thereof and all proceeds of the Pre-Petition
Collateral;
d. Lenders will be granted a super-priority administrative expense
claim on certain property pursuant to Section 507(b) of the
Bankruptcy Code and the claim will be subordinate to certain
described claims;
e. The provisions of 11 U.S.C. section 552 will apply to Lenders'
lien upon and security interests in the Pre-Petition Collateral;
f. In the event of a default by the Debtor, the Lenders may
terminate its consent to the Debtor's continued use of cash
collateral; and
g. The Debtor will provide the Lenders with ongoing reporting on
its operations and the status of its accounts receivable and budget
compliance, among other reporting items.
h. The Stipulated Order is intended to be binding on all other
parties in interest, including, without limitations, any statutory
or non-statutory committees appointed or formed in the Chapter 11
Cases, the Debtor, its successors, its estates, and any other
person or entity acting or seeking to act on behalf of the Debtor's
estate, including any chapter 7 or chapter 11 trustee or examiner
appointed or elected for any of the Debtor, in all circumstances
and for all purposes, subject to further Order of the Court, the
same parties deemed to have irrevocably waived and relinquished all
claims and right to challenge any of the stipulations, admissions,
agreements, and releases;
i. The Stipulated Order provides for a general release of
pre-petition claims Debtor might have against Lenders, which
release includes avoidance actions under Chapter 5 of the
Bankruptcy Code; and
j. In the event of an uncured default, the Lenders will have the
right to exercise its rights without seeking further relief from
the automatic stay.
The approval of the Order is in the best interest of the Debtor
because the Order effectively provides the Debtor with no less than
$423,349 of financing through deferral of monthly payments to the
Lender in months one through five of the bankruptcy.
A copy of the motion is available at https://urlcurt.com/u?l=scS6Ps
from PacerMonitor.com.
About Chapin Dairy, LLC
Chapin Dairy, LLC owns five properties in Weldona, Colo. valued at
$5.96 million. The Debtor sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 23-13262) on July
24, 2023. In the petition signed by A. Foy Chapin, manager, the
Debtor disclosed $11,249,082 in assets and $19,303,237 in
liabilities.
Judge Thomas B. Mcnamara oversees the case.
Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor,
P.C., represents the Debtor as legal counsel.
CHATHAM COMMUNICATIONS: Hires Cristo Law Group LLC as Counsel
-------------------------------------------------------------
Chatham Communications Corporation seeks approval from the U.S.
Bankruptcy Court for the Western District of New York to employ
Cristo Law Group, LLC, doing business as Trevett Cristo, as its
legal counsel.
The firm will render these services:
(a) advise the Debtor regarding its power and duties in the
continued operation of its business and management of its
property;
(b) take necessary action to avoid liens against the Debtor's
property;
(c) take necessary action to enjoin and stay until final
decree herein any attempts by secured creditors to enforce liens
upon the Debtor's property;
(d) represent the Debtor in any proceedings which may be
instituted in this court by creditors or other parties;
(e) prepare legal papers; and
(f) perform all other legal services for the Debtor.
The firm will be paid at these rates:
Partners $325 per hour
Associates $200 per hour
Paralegals $75 per hour
The Debtor paid the firm a pre-bankruptcy retainer of $12,400.
David Ealy, Esq., a partner at Trevett Cristo, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David H. Ealy, Esq.
Cristo Law Group LLC
Two State Street, Suite 1000
Rochester, NY 14614
Tel: (585) 454-2181
Fax: (585) 454-4026
Email: dealy@trevettcristo.com
About Chatham Communications Corporation
Chatham Communications Corporation, filed a Chapter 11 bankruptcy
petition (Bankr. W.D.N.Y. Case No. 23-20308) on June 28, 2023,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by David Ealy, Esq., a partner at Trevett
Cristo.
CHINAH USA: Wins Cash Collateral Access Thru Aug 20
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized Chinah USA LLC and affiliates to use cash collateral on
an interim basis in accordance with the budget, with a 10%
variance, through August 20, 2023.
This amount will not exceed $123,786 amount for all the Debtors.
Ten secured note holders have extended credit to the Debtors and
assert a lien on the cash collateral of all the Debtors' assets.
The U.S. Small Business Administration and JP Morgan Chase also
assert liens senior to the Secured Note Holders against Chi Na
Jersey City's assets.
The Debtors represent that the holders of 2023 Secured Notes have
duly perfected senior security interests, except with respect to
Chi Na Jersey City in which they hold a subordinate security
interest, in all of the Debtors' personal property, including the
proceeds thereof, by virtue of the liens granted to them under the
2023 Security Agreements and the filing of a UCC-1 Financing
Statements evidencing such interests.
As of the Filing Date, the Debtors assert that they were indebted
to the holders of the 2023 Secured Notes in the aggregate
approximate amount of $106,000.
The Debtors represent that the U.S Small Business Administration
has a duly perfected subordinate security interest in all of the
Chi Na Jersey City's personal property, including the proceeds
thereof, by virtue of a note and security agreement, entered into
by Chi Na Jersey City on May 13, 2020, and the filing of a UCC-1
Financing Statement evidencing such interest.
The Debtors have represented that they believe, in 2019, Chi Na
Jersey City entered into two secured loans with JP Morgan Chase .
Chase asserts a lien on all of Chi Na Jersey City’s assets as
indicated in three UCC-1 financing statements with the New Jersey
Secretary of State. Chi Na Jersey City is presently investigating
the Chase Loans and liens asserted in connection therewith.
As adequate protection, the Secured Creditors are granted
replacement liens in their pre-petition and post-petition assets
and proceeds, including cash Collateral, to protect them from
Collateral Diminution. These replacement liens will be granted to
the extent that the Secured Creditors had a valid security interest
in the pre-petition assets on the Petition Date, and the order of
priority, nature, and validity will remain the same as of the
Filing Date.
As additional adequate protection for the use of cash collateral
Chi Na Jersey City, Chi Na Jersey City will pay to the SBA and
Chase monthly debt service payments, as provided for in the
underlying loan documents, at the contract (non-default) rate of
interest.
The Replacement Liens and security interests granted are
automatically deemed perfected upon entry of the Order without the
necessity of the Secured Creditors having to take possession, file
financing statements, mortgages or other typical security
documents.
The Debtors' authorization to use cash collateral will immediately
terminate without further Order on the earlier of: (a) August 16,
2023, at 5 p.m.; (b) the entry of an order granting any party
relief from the automatic stay; (c) the entry of an order
dismissing the Chapter 11 proceedings or converting these
proceedings to a case under Chapter 7 of the Bankruptcy Code; (d)
the entry of an order confirming a plan(s) of reorganization; or
(e) the entry of an order by which this Order is reversed, revoked,
stayed, rescinded, modified or amended.
A final hearing on the matter is set for August 15 at 10 a.m.
A copy of the order is available at https://urlcurt.com/u?l=IGLOZo
from PacerMonitor.com.
About Chinah USA LLC
Chinah USA LLC operates a full-service restaurant business
specializing in Chinese food. The Debtor sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No.
23-11157) on July 24, 2023. In the petition signed by Hegel Hei,
chief executive officer, the Debtor disclosed up to $50,000 in
assets and up to $10 million in liabilities.
Judge David S. Jones oversees the case.
Erica Aisner, Esq., at Kirby Aisner and Curley LLP, represents the
Debtor as legal counsel.
CYTOSORBENTS CORP: Cites Going Concern Doubt, Looming Cash Crunch
-----------------------------------------------------------------
CytoSorbents Corporation disclosed in its Form 10-Q report filed
with the Securities and Exchange Commission for the quarterly
period ended June 30, 2023, that as of June 30, 2023, the Company's
cash and cash equivalents were approximately $13.2 million, and
approximately $1.7 million in restricted cash, which is not
expected to fund the Company's operations beyond the next 12
months.
"This matter raises substantial doubt about the Company's ability
to continue as a going concern," the Company said. It expects to
raise additional capital in the future.
CytoSorbents posted a net loss of $6.15 million on total product
sales of $8 million for the three months ended June 30, 2023. It
reported a net loss of $10.8 million on $7.3 million of total
product sales for the same period last year.
As of June 30, 2023, CytoSorbents had $52.4 million in total assets
against $28.3 million in total liabilities.
A copy of the Company's quarterly report is available at
https://tinyurl.com/yy6ydv9r
About CytoSorbents
CytoSorbents Corporation develops treatment of life-threatening
conditions in intensive care and cardiac surgery using blood
purification. The Company, through its subsidiary CytoSorbents
Medical, Inc. (formerly known as CytoSorbents, Inc.), is engaged in
the research, development and commercialization of medical devices
with its blood purification technology platform which incorporates
a proprietary adsorbent, porous polymer technology. The Company,
through its wholly owned European subsidiary, CytoSorbents Europe
GmbH, conducts sales and marketing related operations for the
CytoSorb device.
DELPHI BEHAVIORAL: PCO Seeks to Hire SilvermanAcampora as Counsel
-----------------------------------------------------------------
Joseph Tomaino, the appointed patient care ombudsman (PCO) in the
Chapter 11 cases of Delphi Behavioral Health PDR Group LLC and
affiliates, seeks approval from the U.S. Bankruptcy Court for the
Southern District of Florida to employ SilvermanAcampora LLP as
counsel.
The firm will render these services:
(a) prepare on behalf of the PCO, all necessary legal
documents; and
(b) perform all other legal services for the PCO, which may be
necessary in connection with the PCO's duties in the Debtors'
cases.
Ronald Friedman, Esq., a partner at SilvermanAcampora, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ronald J. Friedman, Esq.
SilvermanAcampora LLP
100 Jericho Quadrangle, Suite 300
Jericho, NY 11753
Telephone: (516) 479-6300
Email: jeff@bransonlaw.com
jacob@bransonlaw.com
About Delphi Behavioral Health Group
Delphi Behavioral Health Group, LLC and several affiliated entities
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. Fla. Lead Case No. 23-10945) on Feb. 6, 2023. In the
petition signed by Edward A. Phillips, interim chief executive
officer, the Debtors disclosed up to $10 million in assets and up
to $10 million in liabilities.
Delphi Behavioral Health Group provides a range of inpatient and
outpatient behavioral healthcare services in the substance use
disorder, addiction, and mental health treatment space.
Headquartered in Fort Lauderdale, Florida, Delphi and its
affiliates operated 12 clinical facilities and two recovery
residences prior to the Petition Date, throughout California,
Florida, Maryland, Massachusetts, and New Jersey. The levels of
care provided at the clinical facilities range from inpatient and
residential to outpatient (partial hospitalization), intensive
outpatient programming and outpatient programming.
Judge Peter D. Russin oversees the cases.
The Debtors tapped Berger Singerman LLP as legal counsel, Getzler
Henrich and Associates as restructuring services provider, and Epiq
Corporate Restructuring, LLC as notice and claims agent.
Brightwood Loan Services, LLC, the Administrative Agent for the
Prepetition Lenders and the Administrative Agent for the DIP
Lenders, is represented by Roger Schwartz, Esq., Pete Montori,
Esq., and Robert Nussbaum, Esq. at King & Spalding LLP.
Joseph J. Tomaino was appointed as patient care ombudsman (PCO) in
these Chapter 11 cases. SilvermanAcampora LLP is the PCO's legal
counsel.
On May 16, 2023, the court entered an order confirming the amended
joint plan of liquidation for the Debtors.
DIOCESE OF ROCHESTER: $50.8M Added to Abuse Survivors Settlement
----------------------------------------------------------------
James Battaglia of Informnny reports that another $50.75 million
was added to the total settlement reached by survivors in the
Diocese of Rochester's Chapter 11 bankruptcy case Friday.
According to the law firm Jeff Anderson & Associates, the total
settlement is now up to $126.35 million. That includes $55 million
from the diocese and parishes, $20.6 million from insurers LMI and
LMI Underwriters, $50 million from insurer Interstate, $750,000
from insurer First State, and the latest $50.75 million sum.
Victims also retain the option to pursue legal action against
Continental Insurance Company, which has not settled in the case.
The settlement has not yet been approved by a court.
More than 450 sexual abuse claims were filed in the case against
the diocese after the Child Victims Act extended the statute of
limitations on child sexual abuse cases.
About The Diocese of Rochester
The Diocese of Rochester in upstate New York provides support to 86
Roman catholic parishes across 12 counties in upstate New York. It
also operates a middle school, Siena Catholic Academy. The diocese
has 86 full-time employees and six part-time employees and provides
medical and dental benefits to an additional 68 retired priests and
two former priests.
The diocese generated $21.88 million of gross revenue for the
fiscal year ending June 30, 2019, compared with a gross revenue of
$24.25 million in fiscal year 2018.
The Diocese of Rochester filed for Chapter 11 bankruptcy protection
(Bankr. W.D.N.Y. Case No. 19-20905) on Sept. 12, 2019, amid a wave
of lawsuits over alleged sexual abuse of children. In the
petition,
the diocese was estimated to have $50 million to $100 million in
assets and at least $100 million in liabilities.
Bond, Schoenec & King, PLLC and Bonadio & Co. serve as the
diocese's legal counsel and accountant, respectively. Stretto is
the claims and noticing agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors in the diocese's Chapter 11 case. Pachulski
Stang Ziehl & Jones, LLP and Berkeley Research Group, LLC serve as
the committee's legal counsel and financial advisor, respectively.
EAST MISSION 8: Trustee Seeks Approval to Tap Bankruptcy Counsel
----------------------------------------------------------------
Mark Sharf, the trustee appointed in the Chapter 11 case of East
Mission 8 Investments, Inc., seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Danning, Gill, Israel & Krasnoff, LLP as general bankruptcy
counsel.
The firm will render these legal services:
(a) assist the trustee with subpoenas and/or 2004 motions as
needed to investigate the Debtor's financial affairs;
(b) investigate, and if appropriate, bring legal actions to
recover transferred assets;
(c) locate and preserve the Debtor's assets and to prevent
further concealment or diminution of those assets;
(d) aid the trustee in fulfilling his duties as a Subchapter V
Trustee in possession;
(e) investigate and locate any other undisclosed assets of the
estate and, if necessary or beneficial to the estate, to pursue
adversary proceedings to recover property of the estate and/or to
avoid any preferential and/or fraudulent;
(f) advise the trustee on plan alternatives and, if
appropriate, whether to convert the case to Chapter 7;
(g) advise the trustee whether it makes sense to substantively
consolidate the Debtor's case together and/or with third parties;
(h) prosecute claims objections, if appropriate, to the extent
that funds are generated for the estate; and
(i) perform services related to such other legal matters as
may arise in the general administration of the estate.
The hourly rates of the firm's counsel and staff are as follows:
Richard K. Diamond, Attorney $825
Eric P. Israel, Attorney $825
Brad D. Krasnoff, Attorney $825
George E. Schulman, Attorney $725
Uzzi O. Raanan, Attorney $750
John N. Tedford, IV, Attorney $750
Zev Shechtman, Attorney $675
Aaron E. de Leest, Attorney $695
Michael G. D'Alba, Attorney $655
Alphamorlai L. Kebeh, Attorney $395
Danielle R. Gabai, Attorney $375
Aracelli Panta, Paralegal $305
Danielle Krasnoff, Paralegal $305
Law Clerk $295
In addition, the firm will seek reimbursement for expenses
incurred.
Eric Israel, Esq., an attorney at Danning, Gill, Israel & Krasnoff,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Eric P. Israel, Esq.
Danning, Gill, Israel & Krasnoff, LLP
1901 Avenue of the Stars, Suite 450
Los Angeles, CA 90067
Telephone: (310) 277-0077
Facsimile: (310) 277-5735
Email: eisrael@dgdk.com
About East Mission 8 Investments
East Mission 8 Investment, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
23-12240) on April 13, 2023, with as much as $50,000 in assets and
$1 million to $10 million in liabilities.
Judge Deborah J. Saltzman presides over the case.
The Debtor tapped Michael Jay Berger, Esq., at the Law Offices of
Michael Jay Berger as legal counsel and Chan & Chen, LLP as
accountant.
Mark M. Sharf has been appointed as Subchapter V trustee. Danning,
Gill, Israel & Krasnoff, LLP is tapped as the trustee's general
bankruptcy counsel.
EAST SERVICE: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: East Service Road LLC
1336 45th Street
Brooklyn, NY 11219
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: August 2, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-42765
Judge: Hon. Nancy Hershey Lord
Debtor's Counsel: Fred B. Ringel, Esq.
LEECH TISHMAN ROBINSON BROG, PLLC
875 Third Avenue
New York, NY 10022
Tel: (212) 603-6300
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Shlomo Kolodny as sole member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/6B5WLBI/East_Service_Road_LLC__nyebke-23-42765__0001.0.pdf?mcid=tGE4TAMA
EXPEDIA GROUP: Egan-Jones Hikes Senior Unsecured Ratings to BB-
---------------------------------------------------------------
Egan-Jones Ratings Company on July 26, 2023, downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Expedia Group, Inc. to BB- from B+. EJR also withdraws rating on
commercial paper issued by the Company.
Headquartered in Seattle, Washington, Expedia Group, Inc. provides
online travel services for leisure and small business travelers.
FOR PAWS BLUE: Seeks to Hire Anthony DeGirolamo as Attorney
-----------------------------------------------------------
For Paws Blue Cross Animal Hospital, LLC seeks approval from the
U.S. Bankruptcy Court for the Northern District of Ohio to hire
Anthony DeGirolamo, Esq., a practicing attorney in Canton, Ohio, to
handle its Chapter 11 case.
Mr. DeGirolamo's services include:
(a) assisting the Debtor in fulfilling its duties under the
Bankruptcy Code;
(b) representing the Debtor with respect to motions filed in
its Chapter 11 case, including, without limitation, motions for use
of cash collateral or for debtor-in-possession financing, motions
to assume or reject unexpired leases or executory contracts,
motions for relief from stay, and motions for the sale or use of
estate property;
(c) assisting the Debtor in the administration of its Chapter
11 case.
Mr. DeGirolamo and his paralegals charge $375 per hour and $215 per
hour, respectively.
The attorney holds a $6,716.50 retainer.
Mr. DeGirolamo disclosed in a court filing that he is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The attorney can be reached at:
Anthony J. DeGirolamo, Esq.
3930 Fulton Dr., Ste. 100B
Canton, OH 44718
Telephone: (330) 305-9700
Facsimile: (330) 305-9713
Email: tony@ajdlaw7-11.com
About For Paws Blue Cross Animal Hospital
For Paws Blue Cross Animal Hospital, LLC operates an animal
hospital in North Canton, Ohio.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ohio Case No. 23-60829) on July 14,
2023, with up to $1 million in assets and up to $10 million in
liabilities. M. Colette Gibbons, Esq., a practicing attorney in
Westlake, Ohio, has been appointed as Subchapter V trustee.
Judge Tiiara NA Patton oversees the case.
The Debtor tapped Anthony J. DeGirolamo, Esq., as legal counsel and
Cowgill & Company, LLC as accountant and financial advisor.
FREE SPEECH: Taps Evident Tax as Tax Consultant
-----------------------------------------------
Free Speech Systems, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Evident Tax,
LLC.
The Debtor requires a tax consultant to:
a. provide information to the Debtor's counsel concerning tax
issues;
b. devise and recommend tax-related provisions of a Chapter 11
plan that will minimize the burden to the Debtor while complying
federal and state tax law;
c. testify, if necessary;
d. assist in the implementation of the Chapter 11 plan;
e. assist in federal and state tax law compliance and reporting
requirements; and
f. other necessary tax consulting services.
The firm will be paid at these rates:
Harold May $600 per hour
Senior Accountants $350 per hour
Accountants $250 per hour
Support Staff $150 to $50 per hour
The retainer fee is $50,000.
Harold May, a partner at Evident Tax, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Harold May
Evident Tax, LLC
1500 S. Dairy Ashford, Suite 325
Houston, TX 77077
Tel: (281) 407-5609
Email: info@evidentpros.com
About Free Speech Systems
Free Speech Systems, LLC is a broadcast media production and
distribution company that provides broadcasting aural programs by
radio to the public. It is a family-run business founded by Alex
Jones.
FSS is presently engaged in the business of producing and
syndicating Jones' radio and video talk shows and selling products
targeted to Jones' loyal fan base via the Internet. Today, FSS
produces Alex Jones' syndicated news or talk show (The Alex Jones
Show) from Austin, Texas, which airs via the Genesis Communications
Network on over 100 radio stations across the United States and via
the Internet through websites including Infowars.com.
Due to the content of Alex Jones' shows, Jones and FSS have faced
an all-out ban of Infowars from mainstream online spaces. Shunning
from financial institutions and banning Jones and FSS from major
tech companies began in 2018.
Conspiracy theorist Alex Jones has been sued by victims' family
members over Jones' lies that the 2012 Sandy Hook Elementary School
shooting was a hoax.
Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet
TV, LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April
18, 2022.
The Debtors agreed to the dismissal of the Chapter 11 cases in June
2022 after the Sandy Hook victim families dismissed the three
bankrupt companies from their lawsuits.
Free Speech Systems filed a voluntary petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Case No. 22-60043) on July 29, 2022. In the petition filed
by its chief restructuring officer, W. Marc Schwartz, Free Speech
Systems reported assets and liabilities between $50 million and
$100 million.
Melissa A. Haselden has been appointed as Subchapter V trustee.
Alexander E. Jones filed for personal bankruptcy under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Case No. 22-60043) on
Dec. 2, 2022, listing $1 million to $10 million in assets against
liabilities of $1 billion to $10 billion in liabilities.
FSS tapped Raymond William Battaglia, Esq., at the Law Offices of
Ray Battaglia, PLLC as legal counsel and Evident Tax, LLC as tax
consultant.
The Law Offices of Ray Battaglia, PLLC and Crowe & Dunlevy, P.C.,
led by Vickie L. Driver, Christina W. Stephenson, Shelby A. Jordan,
and Antonio Ortiz, are representing Alex Jones.
FTX TRADING: SBF's Campaign Contribution Charge Dropped
-------------------------------------------------------
Joe Schneider and Ava Benny-Morrison of Bloomberg News report that
US prosecutors said they would drop a campaign contribution charge
from their fraud case against Sam Bankman-Fried after the FTX
founder argued it wasn't part of his extradition agreement.
The decision is a relatively small win for Bankman-Fried, who on
Wednesday appeared before US District Judge Lewis A. Kaplan in
Manhattan for a hearing on whether to revoke his $250 million bail.
The judge placed an interim gag order on him after prosecutors
alleged he was leaking information to the press.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
FUSION GALAXY: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------
Fusion Galaxy LLC asks the U.S. Bankruptcy Court for the District
of Arizona for authority to use cash collateral and provide
adequate protection.
The Debtor needs to use the revenue it generates to pay
business-related expenses to keep the company running and to
maintain and increase its customer base so that it can increase its
revenues and profitability. It is critical for the Debtor to
continue operating and maintaining its business in order to
preserve its value and provide services to the community and jobs
for its employees. COVID-19 had a significant impact on the Debtor,
leading to a drastic drop in income and increased loan payments.
The pandemic also caused a shortage of employees and operational
disruptions. Rising wages and funding issues further contributed to
the Debtor's financial difficulties.
Despite these challenges, the Debtor's top-of-the-line equipment
and services could still make it profitable if other issues are
resolved.
However, the Debtor had to postpone a rebranding and marketing
campaign due to funding issues. As a result, on July 26, 2023, the
Debtor filed for bankruptcy under Chapter 11 of the Bankruptcy
Code.
The Debtor believes the following Lenders may claim an interest in
the Debtor's cash collateral:
a. First Savings Bank - perfected by a UCC Financing Statement
secured in the Debtor's assets filed on January 29, 2018;
b. Galaxy-Surprise LLC - perfected by a Leasehold Deed of Trust,
Security Agreement and Fixture Filing dated November 30, 2018, and
secured in the Debtor's assets;
c. Stearns Bank - perfected by a UCC Financing Statement secured in
certain equipment owned by the Debtor filed on July 12, 2019;
d. U.S. Small Business Administration - EIDL perfected by a UCC
Financing Statement secured in the Debtor's assets filed on May 29,
2020;
e. NCMIC - secured in 1 BioCharger NG Subtle Energy Revitalization
Platform (not in Debtor's possession) pursuant to an Equipment
Finance Agreement dated October 15, 2021; and
f. Stearns Bank - perfected by a UCC Financing Statement secured in
additional certain equipment owned by the Debtor filed on September
12, 2022.
The Lenders will be adequately protected as follows:
a. By continuation and preservation of the going-concern value of
the business.
b. By the equity cushion in the value of the business.
c. By the replacement lien in the Debtor's assets.
d. Finally, by making adequate protection payments as may be
resolved between the Debtor and any of the Lenders for which equity
exists in the cash collateral for the Lender's benefit.
About Fusion Galaxy LLC
Fusion Galaxy LLC is a full service, eco-friendly dry cleaner that
has two locations: one in Surprise, Arizona, and one in Goodyear,
Arizona.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 23-05010) on July 26,
2023.
In the petition signed by Robert Lyle Agnew, manager, the Debtor
disclosed $342,116 in assets and $1,686,283 in liabilities.
Judge Madeleine C Wanslee oversees the case.
D. Lamar Hawkins, Esq., at Guidant Law, PLC, represents the Debtor
as legal counsel.
FUTURE PRESENT: 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 Future
Present Productions, LLC d/b/a GUM Studios.
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 Future Present Productions
Future Present Productions, LLC, doing business as GUM Studios, is
a multi-location film stage and equipment rental facility with
production capabilities in the New York Metropolitan - Tri State
area. GUM Studios caters to production companies, advertising
agencies, video-photographers, designers, and large tv/film
productions.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42510) on July 18,
2023, with $6,065,879 in assets and $5,760,994 in liabilities.
Carrie White, chief executive officer, signed the petition.
Judge Elizabeth S. Stong oversees the case.
Lewis W. Siegel, Esq., at Lewis W. Siegel represents the Debtor as
counsel.
GENESIS CARE: Committee Seeks to Hire Locke Lord as Local Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Genesis Care Pty Limited and its affiliates
seeks approval from the U.S. Bankruptcy Court for the Southern
District of Texas to employ Locke Lord LLP as local counsel.
The firm will render these services:
(a) assist and provide legal advice and services regarding
local rules, practices, and procedures, including Fifth Circuit and
Texas law;
(b) provide certain services in connection with representing
the committee in these Chapter 11 cases;
(c) analyze and comment on proposed drafts of pleadings and
other documents to be filed with the court;
(d) represent the committee at hearings to be held before this
court and communicate with the committee regarding the matters
heard and the issues raised as well as the decisions and
considerations of this court;
(e) assist and advise the committee in its examination and
analysis of the conduct of the Debtors' affairs—particularly with
respect to Texas law and the local practice and procedures of this
court;
(f) review and analyze pleadings, orders, schedules, and other
documents filed and to be filed with this court by interested
parties in these Chapter 11 cases;
(g) assist the committee (and its lead counsel) in preparing
such applications, motions, memoranda, proposed orders, and other
pleadings as may be required in support of positions taken by the
committee;
(h) confer with the professionals retained by the Debtors and
other parties-in-interest, as well as with such other professionals
as the committee may select and employ;
(i) perform all other services assigned by the committee to
Locke Lord as co-counsel and, to the extent necessary, as conflicts
counsel; and
(j) assist the committee generally in performing such other
services as may be desirable or required for the discharge of the
committee's duties pursuant to Bankruptcy Code Section 1103.
The hourly rates of Jackson Walker's counsel and staff are as
follows:
Elizabeth Guffy, Senior Counsel $1,055
Simon Mayer, Partner $905
W. Steven Bryant, Partner $830
Attorneys $335 - $1,930
Paraprofessionals $200 - $570
In addition, the firm will seek reimbursement for expenses
incurred.
W. Steven Bryant, Esq., at Locke Lord, provided the following in
response to the request for additional information set forth in
Paragraph D.1 of the U.S. Trustee Fee Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Answer: No.
Question: Do any of the professionals in this engagement vary
their rate based on the geographical 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: Locke Lord did not represent the committee before being
selected as its counsel on June 22, 2023. Locke Lord's billing
rates have not changed since the Petition Date. Locke Lord has in
the past represented and may represent in the future certain
committee members and/or their affiliates in matters unrelated to
the Chapter 11 cases.
Mr. Bryant disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
W. Steven Bryant, Esq.
Locke Lord LLP
300 Colorado Street Suite 2100
Austin, TX 78701
Telephone: (512) 305-4700
Email: sbryant@lockelord.com
About GenesisCare
One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.
Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; and Teneo as
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.
On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its lead
bankruptcy counsel, Locke Lord LLP as local counsel, and Berkeley
Research Group, LLC as financial advisor.
GENESIS CARE: Committee Taps Berkeley Research as Financial Advisor
-------------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Genesis Care Pty Limited and its affiliates
seeks approval from the U.S. Bankruptcy Court for the Southern
District of Texas to employ Berkeley Research Group, LLC as
financial advisor.
The firm will render these services:
(a) develop strategies to maximize recoveries from the
Debtors' assets and advise and assist the committee with such
strategies;
(b) monitor liquidity and cash flows throughout the cases and
scrutinize cash disbursements and capital requirements;
(c) develop and issue periodic monitoring reports to enable
the committee to effectively evaluate the Debtors' performance
relative to projections and any relevant operational issues;
(d) advise and assist the committee in its analysis and
monitoring of the historical, current and projected financial
affairs of the Debtors;
(e) advise and assist the committee with respect to any
debtor-in-possession financing arrangements and/or use of cash
collateral including evaluation of asserted liens thereon;
(f) analyze both historical and ongoing intercompany and/or
related party transactions and or material unusual transactions of
the Debtors and non-Debtor affiliates;
(g) advise and assist the committee in its assessment of the
Debtors' employee needs and related costs;
(h) evaluate the Debtors' and non-Debtors' business
plan/operational restructuring and product/ service forecasts;
(i) prepare valuations of the Debtors' assets;
(j) identify and develop strategies related to the Debtors'
intellectual property;
(k) advise and assist the committee in reviewing and
evaluating any court motions, applications, or other forms of
relief filed or to be filed by the Debtors, or any other
parties-in-interest;
(l) advise and assist the committee and counsel in their
review of any potential prepetition liens of secured parties;
(m) advise the committee with respect to any potential
preference payments, fraudulent conveyances, and other potential
causes of action that the Debtors' estates may hold against
insiders and/or third parties and assist with any investigations
related to such matters as required;
(n) identify and asses the value of unencumbered assets;
(o) as appropriate and in concert with the committee's other
professionals, analyze and monitor any sale processes and
transactions both within and outside the U.S. and assess the
reasonableness of the process and the consideration received;
(p) assist with the development and review of a cost/benefit
analysis with respect to the assumption or rejection of various
executory contracts and leases;
(q) monitor the Debtors' claims management process;
(r) review and provide analysis of any bankruptcy plan and
disclosure statement relating to the Debtors;
(s) attend committee meetings, court hearings, and auctions as
may be required;
(t) work with the Debtors' tax advisors to ensure that any
restructuring or sale transaction is structured to minimize tax
liabilities to the estate as well as assist with the review of any
tax issues associated with, for example, claims/stock trading,
preservation of net operating losses, and refunds from any plan of
reorganization and/or asset sales;
(u) work with the Debtors' financial advisor and investment
banker on matters outlined above, as necessary;
(v) analyze the Debtors operating results and liquidity for
its operations outside the U.S.; and
(w) provide other services as may be requested from time to
time by the committee and its counsel, consistent with the role of
a financial advisor.
The hourly rates of the firm's professionals are as follows:
Managing Directors $1,050 - $1,250
Associate Directors & Directors $810 – $990
Professional Staff $395 - $795
Support Staff $175 - $350
In addition, the firm will seek reimbursement for expenses
incurred.
David Galfus, managing director at Berkeley Research Group,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
David Galfus
Berkeley Research Group, LLC
250 Pehle Avenue, Suite 301
Saddle Brook, NJ 07663
Telephone: (201) 587-7100
Facsimile: (201) 587-7102
Email: dgalfus@thinkbrg.com
About GenesisCare
One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.
Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; and Teneo as
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.
On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.
GIRARDI & KEESE: Tom Can't Use Defense Atty. as Competency Expert
-----------------------------------------------------------------
Dorothy Atkins of Law360 reports that a California federal judge
granted the government's request to block a veteran criminal
defense attorney from testifying about 84-year-old disbarred Tom
Girardi's mental state during a competency hearing next month to
determine whether the former celebrity attorney will face a
criminal fraud trial.
About Girardi & Keese
Girardi and Keese or Girardi & Keese was a Los Angeles-based law
firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It
served clients in California in a variety of legal areas. It was
known for representing plaintiffs against major corporations.
An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No.
20-21022) was filed in December 2020 against GIRARDI KEESE by
alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian,
Erika Saldana, Virginia Antonio, and Kimberly Archie.
The petitioners' attorneys:
Andrew Goodman
Goodman Law Offices, Apc
Tel: 818-802-5044
E-mail: agoodman@andyglaw.com
Elissa D. Miller, a member of the firm SulmeyerKupetz, has been
appointed as Chapter 7 trustee for GIRARDI KEESE. The Chapter 7
trustee can be reached at:
Elissa D. Miller
333 South Grand Ave., Suite 3400
Los Angeles, California 90071-1406
Telephone: (213) 626-2311
Facsimile: (213) 629-4520
E-mail: emiller@sulmeyerlaw.com
An involuntary Chapter 7 petition was also filed against Thomas
Vincent Girardi (Case No. 20-21020) on Dec. 18, 2020. The Chapter 7
trustee can be reached at:
Jason M. Rund
Email: trustee@srlawyers.com
840 Apollo Street, Suite 351
El Segundo, CA 90245
H & H INVESTMENT: Taps Hard Money USA Corp as Mortgage Broker
-------------------------------------------------------------
H & H Investment Group, LLC received approval from the U.S.
Bankruptcy Court for the Northern District of California to employ
Hard Money USA Corp. as its mortgage broker.
The Debtor will require the services of Hard Money USA to refinance
its real property located at 171 Sheridan Rd., Oakland, Calif.; and
169 Sheridan Road, Oakland, Calif.
As commission, the broker will receive 2.5 percent of the final
principal amount of the loan.
As disclosed in court filings, Hard Money USA is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The broker can be reached through:
Khalif Brown
Hard Money USA Corp.
Solon, OH
Phone: (323)300-8154
Email: hardmoneyusacorp@gmail.com
About H & H Investment
H & H Investment Group, LLC, a company in Alameda, Calif., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. N.D. Calif. Case No. 23-40642) on June 2, 2023, with
$500,000 in assets and $2,899,466 in liabilities. Peter Choy,
managing member, signed the petition.
Judge William J. Lafferty oversees the case.
E. Vincent Wood, Esq., at The Law Offices of E. Vincent Wood is the
Debtor's counsel.
HATCH AND COMPANY: Leon Jones Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones
& Walden, LLC, as Subchapter V Trustee for Hatch and Company, Inc.
Mr. Jones will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. 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:
Leon S. Jones, Esq.
Jones & Walden, LLC
699 Piedmont Ave. NE
Atlanta, Georgia 30308
Phone: (404) 564-9300
Email: ljones@joneswalden.com
About Hatch and Company
Hatch and Company, Inc. was incorporated on November 26, 2018 in
Georgia. It offers various services such as tree trimming,
pruning, removal, stump grinding, cutting and chipping, crane and
bobcat services, tree analysis, and tree insurance claims
assistance.
Hatch and Company filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-56969) on July
4, 2023. In the petition signed by its chief financial officer,
Stephen Thomas Hatch, the Debtor disclosed up to $500,000 in assets
and up to $10 million in liabilities.
Judge Lisa Ritchey Craig oversees the case.
Paul Reece Marr, Esq., at Paul Reece Marr, P.C., represents the
Debtor as legal counsel.
HC LIQUIDATING: Deadline to File Claims Set for August 18
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware set Aug. 18,
2023, at 5:00 p.m. (ET), as the last date and time for each person
or entity to file proofs of claim against HC Liquidating Inc.
The Court also set Aug. 23, 2023, at 5:00 p.m. (ET) as the deadline
for all governmental units to file their claims against the
Debtor.
Each proof of claim must be sent to:
a) if by mail:
Donlin Recano & Company Inc.
Re: HyreCare Inc.
PO Box 199043, Blythebourne Station
Brooklyn, NY 11219
b) if by overnight mail or hand delivery:
Donlin Recano & Company Inc.
Re: HyreCare Inc.
6201 15th Avenue
Brooklyn, NY 11219
c) by completing the online payment request form available at
https://donlinrecano.com/hyrecar.
If you have questions concerning the filing or processing of
claims, contact:
Donlin Recano & Company Inc.
Email: hyrecanoinfo@drc.equiniti.com
Tel: +1 (888) 396-0853 (US Parties)
+1 (212) 771-1128 (Non-US Parties)
About HC Liquidating Inc.
HC Liquidating Inc., formerly HyreCar Inc. is a nationwide leader
operating a carsharing marketplace for ridesharing and food and
package delivery nationwide via its proprietary technology
platform.
HyreCar filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Case No. 23-10259) on Feb. 25,
2023, with $10 million to $50 million in both assets and
liabilities. Mark Allen, manager, signed the petition.
The Debtor tapped Greenberg Glusker Fields Claman & Machtinger LLP
and Cole Schotz, PC as legal counsel; and Zukin Partners, LLC as
investment banker. Donlin, Recano & Company, Inc. is the claims and
noticing agent and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Blank Rome, LLP and Dundon Advisers, LLC serve as the committee's
legal counsel and financial advisor, respectively.
HILTON WORLDWIDE: Egan-Jones Hikes Senior Unsecured Ratings to BB
-----------------------------------------------------------------
Egan-Jones Ratings Company on July 28, 2023, upgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Hilton Worldwide Holdings to BB from BB-. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in McLean, Virginia, Hilton Worldwide Holdings owns
and manages hotels, resorts, and time share properties worldwide.
HOLIDAY HAM: Hires Law Firm of Toni Campbell Parker as Counsel
--------------------------------------------------------------
Holiday Ham Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Tennessee to employ the Law Firm
of Toni Campbell Parker to handle its Chapter 11 case.
The firm will be paid at these rates:
Toni Campbell Parker $350 per hour
Paralegals $100 per hour
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer of $7,500.
Toni Campbell Parker, Esq., disclosed in a court filing that her
firm is a "disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Toni Campbell Parker, Esq.
Law Firm of Toni Campbell Parker
45 North Third Ave, Ste. 201
Memphis, TN 38103
Tel: (901) 683-0099
Email: Tparker002@att.net
About Holiday Ham Holdings
Holiday Ham Holdings, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 23-23313) on July
7, 2023.
In the petition signed by Lucius D. Jordan, III, president and
managing member, the Debtor disclosed up to $10 million in both
assets and liabilities.
Judge M. Ruthie Hagan oversees the case.
Toni Campbell Parker, Esq., at Law Firm of Toni Campbell Parker,
represents the Debtor as legal counsel.
Pinnacle Bank, as lender, is represented by Matthew R. Murphy,
Esq., at Smythe Huff & Murphy, PC.
HYLAND SOFTWARE: S&P Alters Outlook to Negative, Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on Hyland Software Inc. to
negative from stable, and affirmed all ratings on the company,
including its 'B-' issuer credit rating.
The negative outlook reflects the upcoming maturity of the
company's $2.4 billion first-lien term loan. While S&P expects that
Hyland will continue to work with banks and lenders to address the
maturity, the volatility of capital markets and macroeconomic
uncertainty puts pressure on the timeline to execute a deal. The
negative outlook also reflects its expectation for another year of
negative free cash flow as well as our expectation for S&P Global
Ratings-adjusted leverage in the low-11x area through the end of
2023 as the company undergoes a sizeable cost restructuring.
Volatile capital markets and tighter lending conditions may delay
or hinder the company's ability to address its upcoming maturity.
Hyland's $2.5 billion first-lien term loan is now current and
refinancing risk will continue to rise as the July 2024 deadline
approaches. S&P said, "While we expect that a company with Hyland's
scale, competitive positioning, and growth track record can execute
a deal with lenders, its recent declining profitability and
negative free cash flow generation add to its refinancing
uncertainty. Hyland does not have enough liquidity to address the
upcoming maturity without refinancing. As of March 31, 2023, the
company had cash and liquid investments balance of over $275
million. That being said, loan pricing data as of Aug. 1, 2023,
shows that the company's first-lien term loan is trading very close
to par, which we view as positive for credit quality in terms of
ability to execute a deal."
S&P said, "Improving EBITDA margins and consistent revenue growth
may provide a clearer path back to positive cash generation in 2024
but we expect interim volatility and higher operational risk as the
company executes on its cost cutting strategy. Hyland's S&P Global
Ratings-adjusted EBITDA margins took a large dip in 2022, declining
to 24% versus the mid-30% area historically. This decline was due
to a variety of factors including dilution from acquired companies
with lower profitability as well as large investments to modernize
and expand its cloud capabilities, both of which have reduced the
company's operating leverage. We expect Hyland's announced
restructuring plan will alleviate profitability headwinds through
headcount reduction. In April 2023, Hyland announced a plan to cut
expenses, which will reduce its workforce by about 20% across all
departments and levels. We expect these cost-cutting efforts will
materially improve the company's EBITDA margins over the next 12
months and bring its S&P Global Ratings-adjusted EBITDA margins up
to around 28% by the end of 2023, well above the 24% S&P Global
Ratings-adjusted EBITDA margin achieved in 2022. We do not expect
the cuts to be disruptive to Hyland's growth profile, but a
restructuring of this size adds operational risk especially if the
cuts are too deep or there is underinvestment in key growth areas,
which could impact the company's long-term competitive
positioning.
"We continue to expect mid-single-digit percent revenue growth
supported by Hyland's good market position and ability to
capitalize on the market shift to cloud-enabled enterprise content
management applications. Although high one-time costs associated
with restructuring will lead to negative free operating cash flow
(FOCF) in 2023, we expect Hyland to return to its normal positive
free cash flow generation in 2024. We view the company's
prioritization toward profitable growth as a credit positive and
believe it is another step in the right direction to refinance its
upcoming $2.5 billion first-lien term loan, which matures in 2024.
"The negative outlook reflects the upcoming maturity of the
company's $2.5 billion first-lien term loan, which matures in July
2024. While we expect that Hyland will continue to work with banks
and lenders to address the maturity, the volatility of capital
markets and macroeconomic uncertainty put pressure on the timeline
to execute a deal. The negative outlook also reflects our
expectation for another year of negative free cash flow as well as
our expectation for high S&P Global Ratings-adjusted leverage in
the low-11x area through the end of 2023 as the company undergoes a
sizeable cost restructuring.
"We could lower our rating on Hyland if we believe the company is
unable to address its upcoming maturities at least nine months
before the debt comes due. We could also lower our rating on Hyland
if it is unable to generate positive FOCF on a sustained basis or
if its profitability does not improve significantly after the cost
restructuring is complete.
"We could return the outlook to stable if Hyland is able to
refinance its term loan or push out maturities to provide it with
more time to execute its cost-cutting plan. We would also require
Hyland to execute its cost restructuring such that its EBITDA
margins improve to historical levels while generating positive FOCF
on a sustained basis."
ESG credit indicators: E-2 / S-2/ G-3
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Hyland, as is the
case for most rated entities owned by private-equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of its controlling owners. This also reflects private-equity
owners' generally finite holding periods and focus on maximizing
shareholder returns."
IMEDIA BRANDS: Seeks to Hire Huron Consulting as Financial Advisor
------------------------------------------------------------------
iMedia Brands, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Huron
Consulting, LLC as financial advisor.
The firm will render these services:
I. With respect to the engagement of James Alt as the chief
transformation officer (CTO) of iMedia:
(a) perform duties and responsibilities;
(b) collaborate with other executives and constituents to
implement the Debtors' strategic vision as set forth by the Board
of Directors of iMedia.
II. With respect to the engagement of the additional personnel
under the Huron Engagement Letter:
(a) provide guidance and oversight to assist the Debtors with
(i) monetization of certain assets and/or (ii) pursuit of other
strategic alternatives identified by the third-party investment
bank and others;
(b) evaluate and develop with the Debtors and other advisers
analyses and presentations concerning strategic alternatives being
considered by the Debtors;
(c) maintain, with assistance from the Debtors' financial
management team;
(d) assist the CTO with initiatives to improve the Debtors'
performance;
(e) monitor the Debtors' activities and communications with
its outside accounting firm;
(f) assist in negotiations or communications with the Debtors'
key constituents, as requested by the CTO; and
(g) provide such other services as requested by the special
committee and as mutually agreed between the Debtors and the CTO
and CTO team consistent with the terms of the proposed order.
III. With respect to the engagement of the additional personnel
under the Contingency Planning Engagement Letter:
(a) provide case management services (as needed) following the
date of a Chapter 11 filing, the Debtors' financial and liquidity
planning tools.
The hourly rates of the firm's professionals are as follows:
Managing Director $975 - $1,315
Senior Director $950 - $950
Director $700 - $800
Manager $600 - $700
Associate $500 - $600
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtors propose to pay Huron a fixed monthly fee of $135,000
for the services and responsibilities of the CTO thereunder.
James Alt, a managing director at Huron Consulting Services,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
James Alt
Huron Consulting LLC
550 W. Van Buren St., #1700
Chicago, IL 60607
Telephone: (646) 675-7065
About iMedia Brands
iMedia Brands, Inc. is an interactive, global media company that
offers, manages, and markets merchandise, including men's and
women's accessories and apparel, under owned and third-party brands
through various entertainment, e-commerce, and digital service
platforms.
iMedia Brands and 11 of its affiliates filed for bankruptcy
protection on June 28, 2023 (Bankr. D. Del., Lead Case No.
23-10852). The petitions were signed by James Alt as chief
transformation officer.
The Debtors reported as of April 29, 2023, total assets of
$272,596,462 and total liabilities of $373,713,748.
Judge Karen B. Owens oversees the case.
Ropes & Gray LLP serves as the Debtor's general bankruptcy counsel
and Pachulski Stang Ziehl & Jones LLP serves as co-bankruptcy
counsel. Huron Consulting Services LLC acts as the Debtors'
financial advisor; Lincoln Partners Advisors LLC is the Debtors'
investment banker' and Stretto Inc. is the Debtors' notice, claims
and administrative agent.
IMEDIA BRANDS: Seeks to Hire Stretto as Administrative Agent
------------------------------------------------------------
iMedia Brands, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Stretto,
Inc. as administrative agent.
Stretto will render these services:
(a) assist with, among other things, legal noticing, claims
management and reconciliation, plan solicitation, balloting,
disbursements, and tabulation of votes, and prepare any related
reports, as required in support of confirmation of a Chapter 11
plan;
(b) prepare an official ballot certification and, if
necessary, testify in support of the ballot tabulation results;
(c) assist with the preparation of any amendments to the
Debtors' schedules of assets and liabilities and statements of
financial affairs and gather data in conjunction therewith;
(d) provide a confidential data room, if requested;
(e) manage and coordinate any distributions pursuant to a
Chapter 11 plan; and
(f) provide such other processing, solicitation, balloting,
and other administrative services.
Prior to the petition date, the Debtors provided Stretto a retainer
in the amount of $25,000.
In addition, the firm will seek reimbursement for expenses
incurred.
Sheryl Betance, a senior managing director of Stretto, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About iMedia Brands
iMedia Brands, Inc. is an interactive, global media company that
offers, manages, and markets merchandise, including men's and
women's accessories and apparel, under owned and third-party brands
through various entertainment, e-commerce, and digital service
platforms.
iMedia Brands and 11 of its affiliates filed for bankruptcy
protection on June 28, 2023 (Bankr. D. Del., Lead Case No.
23-10852). The petitions were signed by James Alt as chief
transformation officer.
The Debtors reported as of April 29, 2023, total assets of
$272,596,462 and total liabilities of $373,713,748.
Judge Karen B. Owens oversees the case.
Ropes & Gray LLP serves as the Debtor's general bankruptcy counsel
and Pachulski Stang Ziehl & Jones LLP serves as co-bankruptcy
counsel. Huron Consulting Services LLC acts as the Debtors'
financial advisor; Lincoln Partners Advisors LLC is the Debtors'
investment banker' and Stretto Inc. is the Debtors' notice, claims
and administrative agent.
IMEDIA BRANDS: Seeks to Tap Ropes & Gray as Bankruptcy Counsel
--------------------------------------------------------------
iMedia Brands, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Ropes &
Gray, LLP as bankruptcy counsel.
The firm will render these services:
(a) advise the Debtors with respect to their powers and duties
as debtors in possession in the continued management and operation
of their businesses and properties;
(b) advise and consult on the conduct of these Chapter 11
cases;
(c) advise the Debtors regarding related tax matters;
(d) take any necessary action on behalf of the Debtors to
negotiate, draft, and obtain approval of a Chapter 11 plan and all
documents related thereto;
(e) represent the Debtors in connection with obtaining
authority to use cash collateral and post-petition financing;
(f) represent the Debtors in connection with obtaining
authority to sell all or some of their assets;
(g) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(h) take all necessary actions to protect and preserve the
Debtors' estates;
(i) prepare pleadings in connection with these Chapter 11
cases;
(j) appear before the court and any appellate courts to
represent the interests of the Debtors' estates; and
(k) perform all other necessary legal services for the Debtors
in connection with the prosecution of these Chapter 11 cases.
During the 90 days prior to the petition date, Ropes & Gray
received total payments in the aggregate amount of $2,631,272.59 as
payments for professional services actually performed in connection
with the preparation and commencement of these Chapter 11 cases and
increases in the advanced payment retainer.
The hourly rates of the firm's counsel and staff are as follows:
Partners $1,520 - $2,350
Counsel $830 - $2,330
Associates $770 - $1,390
Paraprofessionals $285 - $650
In addition, the firm will seek reimbursement for expenses
incurred.
The firm also provided the following information in response to the
request for additional information set forth in Paragraph D.1 of
the Fee Guidelines.
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Response: 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.
Response: Ropes & Gray was initially engaged by iMedia Brands,
Inc. as the Debtors' restructuring counsel on March 28, 2023
pursuant to the Engagement Agreement. Since execution of the
Engagement Agreement, Ropes & Gray has charged the Debtors the
standard rates in effect as of January 1, 2023, which are: $1,520
to $2,350 for partners; $830 to $2,330 for counsel; $770 to $1,390
for associates; and $285 to $650 for paraprofessionals.
Question: Have the Debtors approved your prospective budget and
staffing plan, and, if so, for what budget period?
Response: The Debtors' approved a budget and staffing plan for
Ropes & Gray covering the period from the Petition Date through
September 30, 2023.
Ryan Preston Dahl, Esq., a partner at Ropes & Gray, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Ryan Preston Dahl, Esq.
Cristine Pirro Schwarzman, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, NY 10036
Telephone: (212) 596-9000
Facsimile: (212) 596-9090
Email: ryan.dahl@ropesgray.com
cristine.schwarzman@ropesgray.com
About iMedia Brands
iMedia Brands, Inc. is an interactive, global media company that
offers, manages, and markets merchandise, including men's and
women's accessories and apparel, under owned and third-party brands
through various entertainment, e-commerce, and digital service
platforms.
iMedia Brands and 11 of its affiliates filed for bankruptcy
protection on June 28, 2023 (Bankr. D. Del., Lead Case No.
23-10852). The petitions were signed by James Alt as chief
transformation officer.
The Debtors reported as of April 29, 2023, total assets of
$272,596,462 and total liabilities of $373,713,748.
Judge Karen B. Owens oversees the case.
Ropes & Gray LLP serves as the Debtor's general bankruptcy counsel
and Pachulski Stang Ziehl & Jones LLP serves as co-bankruptcy
counsel. Huron Consulting Services LLC acts as the Debtors'
financial advisor; Lincoln Partners Advisors LLC is the Debtors'
investment banker' and Stretto Inc. is the Debtors' notice, claims
and administrative agent.
IMEDIA BRANDS: Taps Lincoln Partners Advisors as Investment Banker
------------------------------------------------------------------
iMedia Brands, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Lincoln
Partners Advisors LLC as investment banker.
The firm will render these services:
I. With respect to a Sale Transaction:
(a) identify potential parties who might be interested in
entering into a sale transaction;
(b) assist with the preparation of an information memorandum
for delivery to potential parties to a sale transaction;
(c) formulate and recommend a strategy for pursuing a
potential sale transaction;
(d) contact and elicit interest from potential parties to a
sale transaction; and
(e) review and evaluate potential parties to a sale
transaction and review and analyze proposals regarding a potential
sale transaction.
II. With respect to a Financing Transaction:
(a) advise the Debtors regarding an appropriate capital
structure for them;
(b) oversee and coordinate third-party appraisal process for
all assets of the Debtors;
(c) identify financing sources who might be interested in
participating in a financing transaction;
(d) assist with the preparation of an information memorandum
for delivery to financing sources describing the Debtors;
(e) formulate and recommend a strategy for pursuing a
potential financing transaction;
(f) contact and elicit interest from various financing
sources; and
(g) review and analyze all proposals received from financing
sources relating to a financing transaction.
III. With respect to a Restructuring Transaction:
(a) assist the Debtors in developing a plan for a
restructuring transaction;
(b) assist the Debtors in structuring any securities to be
issued pursuant to the restructuring transaction; and
(c) assist the Debtors in negotiating the restructuring
transaction with lenders, creditors, and other interested parties.
The firm will be compensated as follows:
(a) A monthly non-refundable fee of $50,000 payable on the
first day of each month.
(b) A sale transaction fee equal to 3 percent of the
Enterprise Value up to $40,000,000, plus 1.5 percent of the
Enterprise Value in excess of $40,000,000; minimum sale transaction
fee to be $750,000.
(c) A financing transaction fee equal to (i) 1.5 percent of
the committed amount of any asset based revolving credit debt; plus
(ii) 2 percent on the committed amount of any other debt or
debt-like facilities; plus (iii) 3 percent on any preferred stock
or common stock raised.
(d) A restructuring transaction fee equal to 1.5 percent of
any obligations if a restructuring transaction is consummated.
(e) Reimbursement for all reasonable and documented
out-of-pocket expenses, provided that Lincoln's aggregate
out-of-pocket expenses shall not exceed $75,000 without the
Debtors' prior written consent.
Eugene Lee, a managing director of Lincoln Partners Advisors,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Eugene Lee
Lincoln Partners Advisors, LLC
299 Park Ave., 7th Floor
New York, NY 10022
Telephone: (212) 277-8100
Email: elee@lincolninternational.com
About iMedia Brands
iMedia Brands, Inc. is an interactive, global media company that
offers, manages, and markets merchandise, including men's and
women's accessories and apparel, under owned and third-party brands
through various entertainment, e-commerce, and digital service
platforms.
iMedia Brands and 11 of its affiliates filed for bankruptcy
protection on June 28, 2023 (Bankr. D. Del., Lead Case No.
23-10852). The petitions were signed by James Alt as chief
transformation officer.
The Debtors reported as of April 29, 2023, total assets of
$272,596,462 and total liabilities of $373,713,748.
Judge Karen B. Owens oversees the case.
Ropes & Gray LLP serves as the Debtor's general bankruptcy counsel
and Pachulski Stang Ziehl & Jones LLP serves as co-bankruptcy
counsel. Huron Consulting Services LLC acts as the Debtors'
financial advisor; Lincoln Partners Advisors LLC is the Debtors'
investment banker' and Stretto Inc. is the Debtors' notice, claims
and administrative agent.
IMEDIA BRANDS: Taps Pachulski Stang Ziehl & Jones as Legal Counsel
------------------------------------------------------------------
iMedia Brands, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Pachulski
Stang Ziehl & Jones LLP as co-counsel with Ropes & Gray, LLP.
The firm will render these services:
(a) advise regarding local rules, practices, and procedures;
(b) review and comment on drafts of documents to ensure
compliance with local rules, practices, and procedures;
(c) file documents as requested by co-counsel, Ropes & Gray
LLP, and coordinate with the Debtors' claims agent for service of
documents;
(d) prepare agenda letters, certificates of no objection,
certifications of counsel, and notices of fee applications and
hearings;
(e) prepare hearing binders of documents and pleadings, and
printing of documents and pleadings for hearings;
(f) appear in court and at any meeting of creditors on behalf
of the Debtors in its capacity as co-counsel with Ropes;
(g) monitor the docket for filings and coordinate with Ropes
on pending matters that need responses;
(h) prepare and maintain critical dates memoranda to monitor
pending applications, motions, hearing dates, and other matters and
the deadlines associated with same, and distributing critical dates
memoranda with Ropes for review and any necessary coordination for
pending matters;
(i) handle inquiries and calls from creditors and counsel to
interested parties regarding pending matters and the general status
of these Chapter 11 cases, and, to the extent required, coordinate
with Ropes on any necessary responses; and
(j) provide additional administrative support to Ropes, as
requested.
The hourly rates of the firm's counsel and staff are as follows:
Partners $995 - $1,995
Of Counsel $875 - $1,525
Associates $725 - $895
Paraprofessionals $495 - $545
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has received payments from the Debtors during the year
prior to the petition date in the amount of $95,856 in connection
with its prepetition representation of the Debtors.
The firm also provided the following information in response to the
request for additional information set forth in Paragraph D.1 of
the Fee Guidelines.
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Response: 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 or
discounts offered 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.
Response: The firm represented the client during the 12-month
period prepetition. The material financial terms for the
prepetition engagement remained the same as the engagement was
hourly-based subject to economic adjustment. The billing rates and
material financial terms for the post-petition period remain the
same as the prepetition period subject to an annual economic
adjustment. The firm's standard hourly rates are subject to
periodic adjustment in accordance with the firm's practice.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Response: The Debtors and the firm expect to develop a
prospective budget and staffing plan to comply with the U.S.
Trustee's requests for information and additional disclosures,
recognizing that in the course of these Chapter 11 cases there may
be unforeseeable fees and expenses that will need to be addressed
by the Debtors and the firm.
Laura Davis Jones, Esq., a partner at Pachulski Stang Ziehl &
Jones, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Laura Davis Jones, Esq.
Timothy P. Cairns, Esq.
Pachulski Stang Ziehl & Jones LLP
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, DE 19899
Telephone: (302) 652-4100
Facsimile: (302) 652-4400
Email: ljones@pszjlaw.com
tcairns@pszjlaw.com
About iMedia Brands
iMedia Brands, Inc. is an interactive, global media company that
offers, manages, and markets merchandise, including men's and
women's accessories and apparel, under owned and third-party brands
through various entertainment, e-commerce, and digital service
platforms.
iMedia Brands and 11 of its affiliates filed for bankruptcy
protection on June 28, 2023 (Bankr. D. Del., Lead Case No.
23-10852). The petitions were signed by James Alt as chief
transformation officer.
The Debtors reported as of April 29, 2023, total assets of
$272,596,462 and total liabilities of $373,713,748.
Judge Karen B. Owens oversees the case.
Ropes & Gray LLP serves as the Debtor's general bankruptcy counsel
and Pachulski Stang Ziehl & Jones LLP serves as co-bankruptcy
counsel. Huron Consulting Services LLC acts as the Debtors'
financial advisor; Lincoln Partners Advisors LLC is the Debtors'
investment banker' and Stretto Inc. is the Debtors' notice, claims
and administrative agent.
IRONMAN LOGGING: Hires Thomas R. Willson as Legal Counsel
---------------------------------------------------------
Ironman Logging, L.L.C. seeks approval from the U.S. Bankruptcy
Court for the Western District of Louisiana to employ Law Office of
Thomas R. Willson as its legal counsel.
The firm will advise the Debtor of its power and duties in the
continued operation of its business and management of its property,
and will provide other legal services in connection with its
Chapter 11 case.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Thomas R. Willson, Esq., a partner at Law Office of Thomas R.
Willson, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
Willson can be reached through:
Thomas R. Willson, Esq.
Law Office of Thomas R. Willson
1330 Jackson Street
Alexandria, LA 71301
Tel: (318) 442-8658
Fax: (318) 442-9637
Email: rocky@rockywillsonlaw.com
About Ironman Logging
Ironman Logging, LLC, a company in Georgetown, La., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. W.D. La. Case No. 23-80389) on July 12, 2023. In the
petition signed by its managing member, Edward B. Holmes, Jr., the
Debtor disclosed $1,255,500 in assets and $554,248 in liabilities.
Judge Stephen D. Wheelis oversees the case.
Thomas R. Willson, Esq., represents the Debtor as legal counsel.
JJB D.C.: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: JJB D.C., Inc.
d/b/a JJB Communications Group
d/b/a JJB Network Technologies, Inc.
d/b/a JJB DC
6031 Kansas Avenue, NW
Washington, DC 20011
Business Description: JJB D.C. is a telecommunications contracting
group predominantly serving three
jurisdictions, Maryland (MD), Virginia (VA),
and the District of Columbia (DC). It also
performs services in surrounding states upon
request.
Chapter 11 Petition Date: August 2, 2023
Court: United States Bankruptcy Court
District of Columbia
Case No.: 23-00214
Debtor's Counsel: Christopher A. Jones, Esq.
WHITEFORD, TAYLOR & PRESTON LLP
3190 Fairview Park Drive
Suite 800
Falls Church, VA 22042-4510
Tel: (703) 280-9263
Email: CAJones@whitefordlaw.com
Debtor's
Conflicts
Counsel: MARTIN LAW GROUP, P.C.
Debtor's
Financial
Advisor: MERIDIAN MANAGEMENT PARTNERS
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Bruce Stuart Boone, Sr. as president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/2XN2DCY/JJB_DC_Inc__dcbke-23-00214__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. AG Utility $81,742
Construction Inc
2205 Pointers Glen Way
Wendell, NC 27591
2. Capital Assist, LLC Merchant $374,787
c/o Isaac H Agreement
Greenfield, Esq.
323 Sunny Isles
Blvd. Suite 503
Sunny Isles Beach,
FL 33154
3. Capitol Paving of DC Inc $1,224,533
2211 Channing
Street Northeast
Washington, DC 20018
4. Congratulations $132,970
Construction Inc.
4101 Taunton Drive
Beltsville, MD 20705
5. Construx LLC $329,714
6101 Blair Road, NW
Suite E
Washington, DC 20011
6. DC Materials Inc. Judgment $82,613
3334 Kenilworth Avenue
Hyattsville, MD 20781
Frank J. Emig
Phone: 301-345-7002
Email: frankemig@msn.com
7. EBF Holdings, LLC Merchant $185,150
d/b/a Everest Agreement
Business Funding
8200 NW 52nd
Terrace, Suite 200
Miami, FL 33166
Alexandra Reyes
Phone: 877-740-5372
8. Erie Insurance $186,146
100 Erie Insurance Place
Erie, PA 16530
9. Fundonatic $300,000
20200 W Dixie
Highway, Suite 908
Miami, FL 33180
10. Herc Rentals $223,739
Lockbox Services
936257
3585 Atlanta Ave
Hapeville, GA 30354
11. Itria Ventures LLC Merchant $1,542,895
One Penn Plaza, Agreement
Suite 4530
New York, NY 10119
Harrison Smalbach,
Corporate Counsel
12. Kansas Avenue Lawsuit $1,520,879
Development Group LLC
5101 Wisconsin
Avenue NW
Suite 200
Washington, DC
20016
Michael Gugerty, Esq.
Email: mike@gugertylawoffice.com
Phone: 240-426-8146
13. Leading Technology Lawsuit $95,437
Solutions, Inc
512 Roland Avenue
Baltimore, MD 21208
Matthew W. Fogleman, Esq.
Email: mfogleman@roncanterllc.com
Phone: 301-424-7490
14. MRB Enterprise Inc. $103,674
7700 Old Branch Avenue
Suite B204
Clinton, MD 20735
15. NewCo Capital Judgment $989,835
Group VI LLC
c/o Ariel Bouskila, Esq.
80 Broad Street,
Suite 3303
New York, NY 10004
Jamie K. Hamelburg, Esq.
Email: jhamelburg@pressdozierlaw.com
Phone: 310-913-5200
16. Pegasus Paving $255,921
9701 Fallard Court
Upper Marlboro, MD 20772
17. Potomac Electric Lawsuit $249,621
Power Company
c/o Pepco Holdings, Inc.
701 Ninth Street NW
Washington, DC
20068-0001
Martin H. Freeman, Esq.
Phone: 301-315-0200
Email: martin@freeman-uslaw.com
18. RealTerm $1,439,463
201 West St
Annapolis, MD 21401
19. Samson MCA LLC Judgment $5,496,148
17 State Street,
Suite 630
New York, NY 10004
Kimberly L. Boyd, Esq
Email: kboyd@pressdozierlaw.com
Phone: 301-913-5200
20. WM Enterprise LLC Lawsuit $314,391
7411 Riggs Road
Suite 202
Hyattsville, MD
20783
Aaron J. Turner, Esq.
Phone: aturner@levingann.com
Email: 410-321-0600
KDC AGRIBUSINESS: Gets Court Approval for Sept. 12 Auction
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
bidding procedures for the sale of substantially all of the assets
of KDC Agribusiness LLC and its debtor-affiliates. Objections to
the sale, if any, must be filed no later than 4:00 p.m. (ET) on
Aug. 30, 2023.
An auction will take place on Sept. 12, 2023, at 10:00 a.m. (ET),
followed by a sale hearing to consider approval of the sale
transaction on Sept. 18, 2023, at 10:00 a.m. (ET).
Any prospective bidder that intends to participate in the auction
must submit in writing to the bid notice parties a qualified bid on
or before Sept. 8, 2023, at 4:00 p.m. (ET).
Each Qualified Bid must be accompanied by a good faith deposit in
the form of cash in an amount equal to 10% of the proposed purchase
price for the Assets.
Each bid must either (a) (i) be a bid for all of the Debtors'
Assets and (ii) must be paid in full in cash and exceed the sum of
(I) $35,000,000.00; (II) cure costs of all assumed Contracts; (III)
any transfer taxes resulting from the Sale Transaction; (IV) unless
the DIP Secured Parties have agreed otherwise, the amount of the
remaining unpaid DIP Obligations, if any; (V) the Bid Protections,
if any; and (VI) if a Stalking Horse Bidder has been designated,
the $2,000,000.00 Minimum Overbid (subparts (I)-(VI) collectively,
"Minimum Amount"); or (b) propose an alternative transaction that,
in the Debtors' reasonable business judgment, provides higher or
better terms than the such bid, provided that such alternative
transaction must, at a minimum, provide for the immediate cash
repayment in full of (I) unless the DIP Secured Parties have agreed
otherwise, the DIP Obligations; and (II) the Bid Protections.
About KDC Agribusiness
KDC Agribusiness, LLC is a food waste recycler company in
Bedminster, N.J.
KDC and its affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10786) on
June 16, 2023. In the petition signed by David Buffa, general
counsel and corporate secretary, KDC disclosed $100 million to $500
million in both assets and liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped John H. Knight, Esq., at Richards, Layton and
Finger, P.A. as bankruptcy counsel; Foley & Lardner, LLP and Okin
Hollander, LLC as special counsels; AlixPartners, LLP as financial
restructuring advisor; and Jefferies, LLC as investment banker.
Kurtzman Carson Consultants, LLC is the Debtor's claims agent and
administrative advisor.
KEVIN CONCANNON: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Kevin Concannon, LLC
d/b/a Lifeline Pharmacy
2500 W Trenton Rd
Edinburg, TX 75839
Business Description: Lifeline Pharmacy is a locally-owned
pharmacy serving the Edinburg, Mcallen,
Mission, San Juan, Alamo, Elsa, Alton,
Weslaco, Pharr, Hidalgo, Mercedes, Donna,
Palmview, La Joya, Penrtas, Palmhurst and
the surrounding areas.
Chapter 11 Petition Date: August 2, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 23-90759
Judge: Hon. Christopher M Lopez
Debtor's
Local
Bankruptcy
Counsel: Patrick J. Neligan Jr., Esq.
NELIGAN LLP
4851 LBJ Freeway, Suite 700
Dallas, Texas 75244
Tel: 212-840-5300
Email: pneligan@neliganlaw.com
Debtor's
Bankruptcy
Counsel: DAVIDOFF HUTCHER & CITRON LLP
Debtor's
CRO Provider: CBIZ FORENSIC CONSULTING GROUP, LLC
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Kevin Concannon as manager.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/BRUWL2A/Kevin_Concannon_LLC_dba_Lifeline__txsbke-23-90759__0001.0.pdf?mcid=tGE4TAMA
KJMN PROPERTIES: Taps Hard Money USA Corp. as Mortgage Broker
-------------------------------------------------------------
KJMN Properties, LLC received approval from the U.S. Bankruptcy
Court for the Northern District of California to employ Hard Money
USA Corp.
The Debtor requires the services of a mortgage broker in connection
with the refinancing of its real property located at 4680 Meritage
Ct., Gilroy, Calif.
The firm will be paid 2.5 percent of the final principal amount of
the loan.
Khalif Brown, a member of Hard Money USA, disclosed in a court
filing that the firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Khalif Brown
Hard Money USA Corp.
18205 Biscayne Blvd, Suite 2226
Aventura, FL 33160
Tel: (949) 390-9190
Email: hardmoneyusacorp@gmail.com
About KJMN Properties
KJMN Properties, LLC, a company in Gilroy, Calif., filed a petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.
Calif. Case No. 23-50160) on Feb. 15, 2023. In the petition filed
by its managing member, Kim Narog, the Debtor disclosed between $1
million and $10 million in both assets and liabilities.
Judge Stephen L. Johnson oversees the case.
The Debtor tapped the Law Offices of E. Vincent Wood as legal
counsel and Rachel Sanchez-Parodi as senior tax specialist.
KOTAI INVESTMENTS: Trustee Seeks Approval to Tap Bankruptcy Counsel
-------------------------------------------------------------------
Mark Sharf, the trustee appointed in the Chapter 11 case of Kotai
Investments, Inc., seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Danning, Gill,
Israel & Krasnoff, LLP as general bankruptcy counsel.
The firm will render these legal services:
(a) assist the trustee with subpoenas and/or 2004 motions as
needed to investigate the Debtor's financial affairs;
(b) investigate, and if appropriate, bring legal actions to
recover transferred assets;
(c) locate and preserve the Debtor's assets and to prevent
further concealment or diminution of those assets;
(d) aid the trustee in fulfilling his duties as a Subchapter V
Trustee in possession;
(e) investigate and locate any other undisclosed assets of the
estate and, if necessary or beneficial to the estate, to pursue
adversary proceedings to recover property of the estate and/or to
avoid any preferential and/or fraudulent;
(f) advise the trustee on plan alternatives and, if
appropriate, whether to convert the case to Chapter 7;
(g) advise the trustee whether it makes sense to substantively
consolidate the Debtor's case together and/or with third parties;
(h) prosecute claims objections, if appropriate, to the extent
that funds are generated for the estate; and
(i) perform services related to such other legal matters as
may arise in the general administration of the estate.
The hourly rates of the firm's counsel and staff are as follows:
Richard K. Diamond, Attorney $825
Eric P. Israel, Attorney $825
Brad D. Krasnoff, Attorney $825
George E. Schulman, Attorney $725
Uzzi O. Raanan, Attorney $750
John N. Tedford, IV, Attorney $750
Zev Shechtman, Attorney $675
Aaron E. de Leest, Attorney $695
Michael G. D'Alba, Attorney $655
Alphamorlai L. Kebeh, Attorney $395
Danielle R. Gabai, Attorney $375
Aracelli Panta, Paralegal $305
Danielle Krasnoff, Paralegal $305
Law Clerk $295
In addition, the firm will seek reimbursement for expenses
incurred.
Eric Israel, Esq., an attorney at Danning, Gill, Israel & Krasnoff,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Eric P. Israel, Esq.
Danning, Gill, Israel & Krasnoff, LLP
1901 Avenue of the Stars, Suite 450
Los Angeles, CA 90067
Telephone: (310) 277-0077
Facsimile: (310) 277-5735
Email: eisrael@dgdk.com
About Kotai Investments
Kotai Investments, Inc., a company in San Gabriel, Cal., filed a
petition for relief under Subchapter V of Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-12242) on April 13,
2023, with $1 million to $10 million in both assets and
liabilities.
Judge Deborah J. Saltzman oversees the case.
The Debtor tapped Michael Jay Berger, Esq., at the Law Offices of
Michael Jay Berger as legal counsel and Chan & Chen, LLP as
accountant.
Mark M. Sharf has been appointed as Subchapter V trustee. Danning,
Gill, Israel & Krasnoff, LLP is tapped as the trustee's general
bankruptcy counsel.
LA BELLE FRANCE: Unsecured Creditors to Split $34K in Plan
----------------------------------------------------------
La Belle France, LLC, filed with the U.S. Bankruptcy Court for the
Western District of Washington a Plan of Reorganization dated July
27, 2023.
Since 2010, La Belle France, LLC, dba French Girl has manufactured
and sold organic skin care and body care products to wholesale
customers. The Debtor also sells its products direct to retail
customers online, via its website.
During 2019 the Debtor began to experience unexpected shortfalls
associated with higher labor costs. As the Debtor was taking steps
to adjust its labor costs, the Debtor's operations were severely
impacted by the COVID-19 pandemic until early 2022. In addition, in
approximately October 2021 the Debtor stopped receiving orders from
the major European distributor of its products.
In response to the reduction in income, the Debtor entered into
loan agreements with high interest payments. Attempting to service
the debt negatively impacted all phases of the Debtor's business
operation including its ability to remain current on payments to
its landlord and taxing authorities. Facing mounting collection
pressure from creditors, including an eviction proceeding, the
Debtor filed for protection under Chapter 11, Subchapter V, to
remain in business.
This Plan provides for unclassified administrative claims, one
class of secured claims, one class of unsecured claims, and one
class of equity security holders.
Class 1 consists of the Secured claim of Small Business
Administration. The secured claim of the Small Business
Administration in the total amount of $534,092.63, secured by
personal property of the Debtor as referenced in UCC File No.
2020-180-9756-4 dated June 28, 2020, will be paid the secured
amount of $299,437.93 in payments of principal and interest in the
amount of $3,255.00 per month beginning the 5th day October, 2023
and continuing on for 120 months on the 5th day of each month
thereafter until the secured portion of the secured claim is paid
in full. The remainder of the claim will be paid as a Class 2
general unsecured claim.
Class 2 consists of General unsecured claims. Each holder of an
allowed general unsecured claim will be paid a pro rata share of
$34,200.00 to be paid in shared monthly installments of $600.00
beginning the 5th day of October, 2023 until paid.
Class 3 Claims of Interest of Equity Security Holders Phillip
Grimes & Kristeen Grimes. Phillip Grimes and Kristeen Grimes
jointly hold a 100%-member interest in the Debtor which he will be
retained until payments provided for in the Plan are paid in full.
For their services as managing members of the Debtor, Phillip
Grimes and Kristeen Grimes will receive compensation, in the form
of monthly owner draws, which will not exceed the amount set forth
in Exhibit B until such time as the payments provided for in this
plan are paid in full.
To increase revenue, the Debtor has recently started marketing its
products through the FAIRE wholesale marketplace and has
experienced a steady growth in sales since that time. Direct sales
through the Debtor's website continues to remain relatively
constant. It is anticipated that with the strategic changes to the
Debtor's business model, the Debtor's fixed expenses will remain
relatively constant moving forward as sales increase.
Internationally, the Debtor believes there is growth potential in
the European market which will be realized once a distributor is in
place. The Debtor is currently in negotiations with a Brazilian
company to distribute its products.
Debtor anticipates generating sufficient net income to fund this
Plan of Reorganization which will pay all allowed administrative
and secured claims and return a dividend to general unsecured
creditors.
A full-text copy of the Plan of Reorganization dated July 27, 2023
is available at https://urlcurt.com/u?l=DGE4z2 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Jennifer L. Neeleman, Esq.
Neeleman Law Group, P.C.
1403 8th Street
Marysville, WA 98270
Phone: 425.212.4800
Fax: 425.212.4802
Email: courtmail@expresslaw.com
About La Belle France
La Belle France, LLC manufactures organic skin care and body care
products for wholesale customers, including independent stores,
boutiques and large retailers. The company also sells its products
directly to retail customers online via its website.
La Belle France sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-10781) on April 28,
2023, with up to $500,000 in assets and up to $1 million in
liabilities. Philip Grimes, managing member, signed the petition.
Judge Marc Barreca oversees the case.
Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents
the Debtor as legal counsel.
LA CROSSE TENT: William Wallo Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 11 appointed William Wallo of Bakke
Norman, S.C. as Subchapter V trustee for La Crosse Tent & Awning,
Inc.
Mr. Wallo will be paid an hourly fee of $375 for his services as
Subchapter V trustee, for his legal assistant, Amy Benson, at a
rate of $150.00 per hour, and will be reimbursed for work-related
expenses incurred.
Mr. Wallo 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 E. Wallo, Esq.
Bakke Norman, S.C.
7 South Dewey Street, Suite 220
Eau Claire, WI 54701
Phone: (715) 514-4258/(715) 231-8024
Email: wwallo@bakkenorman.com
About La Crosse Tent
La Crosse Tent & Awning, Inc., filed Chapter 11 Petition (Bankr.
W.D. Wisc. Case No. 23-11250) on July 24, 2023, with $100,001 to
$500,000 in assets and liabilities.
Catherine J. Furay oversees the case.
Galen W. Pittman of Pittman & Pittman Law Offices, LLC represents
the Debtor as legal counsel.
LAUNCH PAD: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: Launch Pad LLC
FDBA SyncroB.it
358 Westside Dr
Shepherdsville, KY 40165
Case No.: 23-31798
Chapter 11 Petition Date: August 3, 2023
Court: United States Bankruptcy Court
Western District of Kentucky
Debtor's Counsel: Charity S. Bird, Esq.
KAPLAN JOHNSON ABATE & BIRD LLP
710 West Main Street
Fourth Floor
Louisville, KY 40202
Tel: (502) 540-8285
Fax: (502) 540-8282
Email: cbird@kaplanjohnsonlaw.com
Total Assets: $271,435
Total Liabilities: $7,666,795
The petition was signed by Brandon May as 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/WKL3LRY/Launch_Pad_LLC__kywbke-23-31798__0001.0.pdf?mcid=tGE4TAMA
LECLAIRRYAN PLLC: Judge Slams Trustee Over Settlement Deal
----------------------------------------------------------
Andrew Strickler of Law360 reports that a Virginia federal judge on
Thursday, July 27, 2023, excoriated a court-appointed trustee and a
founder of the defunct LeClairRyan for a "presumptuous" settlement
deal that sought to undo previous court orders outside the appeal
process.
About LeClairRyan PLLC
Founded in 1988, LeClairRyan PLLC is a national law firm with 385
attorneys, including 160 shareholders, at its peak. The firm
represented thousands of clients, including individuals and local,
regional, and global businesses.
Following massive defections by its attorneys LeClairRyan, members
of the firm in July 2019 voted to effect a wind-down of the
Debtor's operations.
LeClairRyan PLLC sought Chapter 11 protection (Bankr. E.D. Va. Case
No. 19-bk-34574) on Sept. 3, 2019, to effect the wind-down of its
affairs.
In its Chapter 11 petition, the firm listed a range of 200-999
creditors owed between $10 million and $50 million. The firm claims
assets of $10 million to $50 million.
The Hon. Kevin R Huennekens is the case judge.
Richmond attorneys Tyler Brown and Jason Harbour of Hunton Andrews
Kurth represented LeClairRyan in the case. Protiviti was the
Debtor's financial adviser for the liquidation.
The bankruptcy case was converted to a Chapter 7 liquidation on
Oct. 24, 20219. Lynn L. Tavenner was named a Chapter 7 trustee, and
then Benjamin C. Ackerly, a successor trustee.
The Chapter 7 trustee Ackerly's counsel:
Tyler P. Brown
Hunton Andrews Kurth LLP
Tel: 804-788-8200
E-mail: tpbrown@huntonak.com
LIGADO NETWORKS: Gets $22.5-Mil. New Cash Injection
---------------------------------------------------
Reshmi Basu of Bloomberg News reports that some of Ligado Networks'
existing lenders have agreed to inject around $22.5 million of new
money into the struggling telecommunications company as it faces
looming November debt maturities, according to people with
knowledge of the situation.
The fresh financing is a first-lien loan with a higher repayment
priority in a potential restructuring scenario, sold at a
discounted price of 95 cents on the dollar, said the people, who
asked not to be identified because the matter is private.
About Ligado Networks
Ligado Networks LLC operates as a special-purpose entity. The
Company provides mobile satellite coverage, as well as develops
innovative solutions that will accelerate 5G and IoT network
deployments.
LOCKHART HOLDINGS: Taps Steven H. Greenfeld as Bankruptcy Counsel
-----------------------------------------------------------------
Lockhart Holdings, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to employ the Law Office of
Steven H. Greenfeld, LLC as its counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the continued operation of its business and management of its
property;
(b) prepare legal papers; and
(c) perform all other necessary legal services for the
Debtor.
The firm's normal hourly rate is $475.
Steven Greenfeld, Esq., disclosed in a court filing that his firm
is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Steven H. Greenfeld, Esq.
Law Office of Steven H. Greenfeld, LLC
325 Ellington Boulevard, A#620
Gaithersburg, MD 20878
Telephone: (301) 881-8300
Email: Steveng@cohenbaldinger.com
About Lockhart Holdings
Lockhart Holdings, LLC filed a voluntary petition for Chapter 11
protection (Bankr. D.D.C. Case No. 23-00197) on July 19, 2023, with
up to $10 million in both assets and liabilities. Dabrielle
Goodwin, managing member, signed the petition.
The Law Office of Steven H. Greenfeld, LLC represents the Debtor as
legal counsel.
LTL MANAGEMENT: Judge Tosses J&J's Cancer Lawsuit Tactic
--------------------------------------------------------
Steven Church, Jonathan Randles and Jef Feeley of Bloomberg News
report that a judge ruled that Johnson & Johnson cannot use a
unit's bankruptcy case to press tens of thousands of cancer victims
to drop their lawsuits and accept an $8.9 billion settlement.
For the second time in about six months, federal courts dismissed
the bankruptcy case of LTL Management. J&J created the unit to end
all current and future health claims related to baby powder and
other products made with talc that was allegedly tainted with a
toxic substance.
US Bankruptcy Judge Michael Kaplan in a written decision Friday
said an appeals court set a higher standard for using bankruptcy
than the judge had considered when J&J first put LTL into
bankruptcy.
"As it stands now, in gauging financial distress, observing smoke
may not be enough -- one must see flames," Kaplan wrote.
J&J shares dropped as much as 3.4% in post-market trading following
the ruling. The company vowed to appeal Judge Kaplan's ruling.
"As the Bankruptcy Court urged in its decision, we will continue to
work with counsel representing about 60,0000 claimants to pursue a
resolution of the talc claims," Erik Haas, J&J's worldwide vice
president of litigation, said in a statement.
J&J faces as many as 100,000 talc-related claims, many of which
have not yet been filed as lawsuits, company lawyers say. Some of
the most successful product liability lawyers in the US have sued
the company in state and federal courts around the US, winning
billions of dollars in damages after jury trials.
'Corporate Bully'
"It's a credit to the independence and integrity of our courts that
a half-trillion-dollar corporate bully like J&J cannot escape to
the bankruptcy court so as to avoid juries," Moshe Maimon, a lawyer
representing talc victims, said Friday in an emailed statement.
J&J has maintained its bankruptcy strategy is designed to fairly
and equitably compensate injury claimants, many of whom have lost
at trial or will have to wait years before having an opportunity to
present their cases to a jury. J&J has denied liability in the
lawsuits and has maintained that its talc based products are safe.
Last year Judge Kaplan had agreed to let J&J use special rules only
available in bankruptcy to shed all current and future talc claims
against it. That first attempt was thrown out earlier this year
after a federal appeals court ruled that LTL Management was not
eligible for bankruptcy because it essentially had a blank check
from J&J, one of the world's most profitable corporations. That
meant Kaplan had to dismiss the case.
This time, lawyers for victims argued that J&J reduced the maximum
amount of money it devoted to settling the cancer claims. Potential
payouts in the first bankruptcy would have been backed by a J&J
unit was worth about $61.5 billion at the time. After a federal
appeals court ordered Kaplan to dismiss the first bankruptcy, the
company filed a new case in which it said the maximum it would pay
out was $8.9 billion.
J&J "sought the bankruptcy court's assistance in cramming that bad
deal down on cancer victims," said Andy Birchfield, who was among
the lawyers fighting to have the second bankruptcy dismissed.
"Thankfully with today's order that ploy is dead."
Legal Strategy
To try to keep the second bankruptcy alive, J&J tweaked its legal
strategy, watered down its support for LTL and cut a deal worth
$8.9 billion with some of the lawyers suing the company. That
settlement offer has split the law firms into dueling camps, with
holdouts arguing that J&J’s new bankruptcy strategy should be
thrown out just as the original was.
Although he believed he was compelled to dismiss the Chapter 11
case, Judge Kaplan said he remains troubled by the backlog of
lawsuits in the court system that means only a handful of consumers
are able to present their cases to juries each year.
"This glacial pace coupled with the undeniable surge in the number
of new actions means that the vast majority of claimants will not
get the opportunity to seek recovery for years to come, if ever,"
Judge Kaplan said.
But the appeals court made it clear that to justify a bankruptcy, a
company must face "immediate, imminent and apparent" financial
distress, Kaplan said.
Because of that standard, Kaplan, whose courtroom is near J&J's
headquarters in New Brunswick, New Jersey, sided with the holdouts
this time.
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 the 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 same
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.
LUCKY BUCKS: Seeks Chapter 11 Bankruptcy Protection
---------------------------------------------------
Jonathan Randles of Bloomberg Law reports that Georgia gaming
machine operator Lucky Bucks LLC won court approval of a
restructuring deal that hands control of the business to top
lenders while preserving a legal fight with bondholders who allege
private equity owner Trive Capital Inc. misled them to fund
lucrative shareholder dividends.
Judge Karen B. Owens said during a Monday court hearing that she
would approve a lender-backed Chapter 11 plan for Lucky Bucks'
operating units that cuts $500 million in debt by swapping senior
loans for equity in the reorganized business.
About Lucky Bucks
Lucky Bucks, LLC -- https://luckybucksga.com/ -- is a digital
skill-based COAM operator based in and incorporated under the laws
of the State of Georgia in the U.S. Its team has a combined 45
years of experience in the Georgia COAM industry.
After reaching a deal for a plan to equitize substantially all of
Lucky Bucks' secured debt, Lucky Bucks and its affiliates sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
Del. Case No. 23-10758) on June 9, 2023.
In the petition signed by James Boyden, executive vice president,
Lucky Bucks disclosed up to $500 million in assets and up to $1
billion in liabilities. As of the petition date, the Debtors have
outstanding funded debt obligations in the aggregate principal
amount of $610 million.
Judge Karen B. Owens oversees the case.
Dennis F. Dunne, Esq., and Tyson Lomazow, Esq., at Milbank LLP; and
Russell C. Silberglied, Esq., at Richards, Layton & Finger P.A.,
serve as the Debtors' legal counsel. Evercore Group L.L.C. is the
Debtors' investment banker while M3 Advisory Partners, L.P. is the
financial advisor. Epiq Corporate Restructuring, LLC, serves as
the Debtors' claims and noticing agent.
LUNYA COMPANY: Gets OK to Hire Stretto as Administrative Advisor
----------------------------------------------------------------
Lunya Company received approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Stretto, Inc. as administrative
advisor.
The Debtor requires an administrative advisor to:
a. assist with, among other things, solicitation, balloting and
tabulation of votes, and prepare any related reports in support of
confirmation of a Chapter 11 plan;
b. prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
c. assist with the preparation of the Debtor's schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
d. provide a confidential data room;
e. manage and coordinate any distributions pursuant to a Chapter
11 plan if designated as distribution agent under such plan; and
f. provide claims analysis and reconciliation, case research,
depository management, treasury services, confidential online
workspaces or data rooms, and any related services otherwise
required by applicable law, governmental regulations, or court
rules or orders in connection with the Debtor's Chapter 11 case.
The firm received an advance retainer in the amount of $10,000.
Sheryl Betance, a senior managing director at Stretto, disclosed in
a court filing that her firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Tel: (714) 716-1872
Email: sheryl.betance@stretto.com
About Lunya Company
Lunya Company is a Los Angeles-based brand selling sleepwear
through its own ecommerce site (Lunya.co), seven own-branded retail
stores, and certain select wholesale partners.
Lunya Company filed a petition under Subchapter V of Chapter 11 of
the Bankruptcy Code (Bankr. D. Del. Case No. 23-10783) on June 16,
2023, with $1 million to $10 million in assets and $10 million to
$50 million in liabilities. David Klauder has been appointed as
Subchapter V trustee.
Judge Brendan Linehan Shannon oversees the case.
The Debtor tapped Joseph C. Barsalona II, Esq., at Pashman Stein
Walder Hayden, P.C. as legal counsel. Stretto, Inc. is the Debtor's
claims and noticing agent and administrative advisor.
M/I HOMES: Fitch Affirms 'BB' IDR & Alters Outlook to Positive
--------------------------------------------------------------
Fitch Ratings has affirmed M/I Homes, Inc.'s (NYSE: MHO) ratings,
including the company's Long-Term Issuer Default Rating (IDR) at
'BB'. The Rating Outlook has been revised to Positive from Stable.
The Outlook revision to Positive reflects the company's
meaningfully stronger credit metrics, successful execution of its
measured growth strategy resulting in increased scale and its
demonstrated willingness to pull back on land and development
spending in periods of uncertainty to generate positive cash flow
from operations (CFO). Fitch expects the company will maintain low
leverage levels, including net debt to capitalization below 30% and
EBITDA leverage below 3.0x. Fitch expects MHO will sustain these
strong credit metrics despite the assumption that single-family
housing starts fall 15%-20% in 2023 and the cost environment
remains challenging, pressuring margins.
Fitch may consider upgrading MHO's IDR to 'BB+' if the company's
operating performance meets or exceeds Fitch's rating case forecast
(see Key Assumptions) and the company continues to maintain a
strong balance sheet.
KEY RATING DRIVERS
Considerable Rating Headroom: MHO has meaningful headroom relative
to the negative rating sensitivities for the 'BB' IDR, including
net debt to capitalization approaching or exceeding 45% and EBITDA
leverage sustaining above 3.8x. Fitch expects the company will
remain disciplined with its capital allocation strategy in the
intermediate term, particularly in the face of an uncertain demand
environment. This should result in net debt to capitalization
remaining below 30%, and EBITDA leverage sustaining under 3.0x
during the next few years. As of June 30, 2023, net debt to
capitalization was 3.5% (after considering $50 million of cash as
not readily available for working capital) and EBITDA leverage was
1.1x for the LTM ending June 30, 2023.
Land Strategy: MHO has successfully increased land controlled
through options and has one of the shortest owned-land positions
among the builders in Fitch's coverage. This strategy reduces the
risk of downside volatility and impairment charges in a contracting
housing market. As of June 30, 2023, the company controlled 41,332
lots, of which 57% were owned and the remaining lots were
controlled through options. Based on LTM closings, MHO controlled
4.9 years of land and owned roughly 2.8 years of land.
Land and Development Spending: MHO meaningfully increased spending
in 2020 and 2021 to acquire and develop land to keep pace with
strong housing demand, but pulled back considerably in 2022 and
1H23. The company spent $837 million on land and development in
2022, about 20% below 2021 spend of $1.05 billion while 1H23 spend
was $343 million, down about 19% yoy. Fitch expects management will
increase spending in 2H23 and 2024 given the improvement in demand,
but remain cautious and pull back on spending if housing activity
shows further signs of slowing.
Cash Flow Generating Ability: Fitch expects MHO will likely
generate positive cash flow from operations in most periods
throughout the housing cycle as it executes its land-light
strategy, although at lower levels during periods of housing
expansions. The company's more consistent cash flow generation,
combined with its strong balance sheet, allows it to execute on its
capital allocation priorities, including investing in its
homebuilding operations and repurchasing its stock.
The company reported CFO of $184 million in 2022 due to lower land
and development spending and higher revenue and margins. MHO was
modestly cash flow negative in 2021 as strong margins largely
offset meaningful land spend. In 2020, CFO was $168.3 million, due
to a combination of strong profitability and a temporary pullback
in land acquisitions following the onset of the pandemic. Fitch
expects the company will generate CFO of $250 million-$350 million
this year and lower, but still-positive, CFO in 2024.
Speculative Strategy: MHO employs a fairly aggressive speculative
build strategy, wherein about half of home deliveries are
speculative (spec) homes. Fitch views high spec activity as a
credit negative, all else equal, as rapidly deteriorating market
conditions could result in sharply lower margins. However, Fitch
views the current modest level of speculative activity as
appropriate in the present environment given the demand for quick
move-in homes, low existing inventory and still-elongated, although
improving, cycle times. As of June 30, 2023, MHO had 1,737 spec
homes, of which 303 were completed.
Limited Geographic Diversification: The company has expanded into
new markets over the past few years, but continues to have limited
geographic diversification. Compared with larger, more
geographically-diversified public builders, MHO's operating results
have less cushion from regional downturns. Nevertheless, its scale
and leadership position in local metro markets, particularly in
Midwest markets, enhances the company's access to local land and
labor pool in those markets.
MHO offers homes for sale in 195 communities across 16 markets in
10 states. The company has a top-10 position in nine of the 50
largest MSAs in the country. Most recently, the company entered the
Nashville, TN and Ft. Myers/Naples, FL markets.
High Exposure to Entry-Level: Due to the robustness in the
affordable segment of the market, MHO has shifted its offerings to
target the entry-level buyer. The entry-level/first-time homebuyer
represented about 58% of MHO's 2Q23 orders, up slightly from 55% in
2Q22. The entry-level market is generally the deepest buyer segment
and Fitch expects this customer segment will continue to represent
a sizeable part of new home demand. However, this could also pose a
considerable risk to MHO given the sensitivity of this buyer cohort
to affordability constraints.
DERIVATION SUMMARY
The 'BB' IDR reflects the company's execution of its business model
in the upcycle, conservative land policies, management's
demonstrated ability to manage land and development spending,
healthy liquidity position, and strong credit metrics. Risk factors
include the cyclical nature of the homebuilding industry, MHO's
somewhat limited geographic diversity and its relatively high
speculative-inventory levels. The company currently has solid
financial flexibility and meaningful cushion relative to Fitch's
negative sensitivities to withstand a potential correction in the
single-family market.
MHO's net debt to capitalization ratio and is on par with or below
similarly- and higher-rated builders including M.D.C. Holdings,
Inc. (BBB-/Stable) and Meritage Homes Corporation (BB+/Stable). The
company is similarly geographically diversified, but is smaller
than these peers and has historically reported relatively weaker
profitability metrics. However, MHO has had more-conservative land
position than these peers, historically, with around half of its
lots controlled through options compared with 25%-35% for Meritage
and MDC, though these figures have changed recently as builders
have walked away from a number of option contracts over the last
year. MHO has a shorter supply of owned lots than Meritage, but
slightly longer than MDC.
Meritage also has a more aggressive speculative building strategy
compared with MHO, while all three companies have meaningful
exposure to the first-time buyer segment. MDC's build-to-order
strategy and conservatively-managed balance sheet through housing
cycles are strengths relative to MHO, though the company has
recently pivoted to engage in a higher level of speculative
building.
KEY ASSUMPTIONS
-- Single-family housing starts to decline 15%-20% in 2023 and
improve slightly in 2024;
-- Homebuilding revenues decline 10%-11% in 2023 and are flat to
slightly higher in 2024;
-- EBITDA margins of 12.5%-13.5% in 2023 and 11.0%-12.0% in 2024;
-- CFO of $250 million-$350 million in 2023 and 1.5%-2.5% of
homebuilding revenues in 2024 as the company increases land and
development spending;
-- Net debt to capitalization ratio below 15% in 2023 and 2024;
-- EBITDA leverage around 1.5x-2.0x in 2023 and 2024.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- EBITDA margins sustain in the low-double-digits;
-- Fitch's expectation that net debt-to-capitalization will
sustain below 40%. Management's commitment to maintain a leverage
ratio below this level would also support positive rating
momentum.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Fitch's expectation that net debt-to-capitalization will
approach or exceed 45%;
-- Fitch's expectation that EBITDA leverage will exceed 3.8x for a
sustained period;
-- The company maintains an aggressive land and development
spending program that leads to consistently negative CFO, higher
debt levels and a diminished liquidity position;
-- If MHO's liquidity position (cash plus revolver availability)
falls sharply and cannot cover maturities over the next two years
and any cash flow shortfall in the next 12 months, this would also
pressure the ratings.
LIQUIDITY AND DEBT STRUCTURE
Strong Liquidity Position: As of June 30, 2023, MHO had $667.4
million of unrestricted cash and cash equivalents and $568.8
million of borrowing availability under its $650 million revolving
credit facility ($81.2 million of letters of credit and no
borrowings outstanding), which matures in December 2026. The
company has sufficient liquidity to cover working capital needs in
the intermediate term. MHO has a relatively long-dated maturity
schedule, with no maturities until 2028, when $400 million of
senior notes come due.
ISSUER PROFILE
M/I Homes, Inc. designs, markets, constructs and sells
single-family homes and attached townhomes to first-time, move-up,
empty-nester and luxury buyers. The company offers homes for sale
in 195 communities across 16 local markets in 10 states.
SUMMARY OF FINANCIAL ADJUSTMENTS
Historical and projected EBITDA is adjusted to add back non-cash
stock-based compensation and interest expense included in cost of
sales and also excludes impairment charges and land option
abandonment costs.
Fitch excludes the EBITDA and debt of MHO's financial services (FS)
operations as this subsidiary's only major debt, a mortgage
repurchase facility, are non-recourse to MHO and the FS subsidiary
generally sells the mortgage it originates and the related
servicing rights to third-party purchasers within 30 days-45 days.
However, as part of its captive finance adjustment, Fitch assumes a
capital structure for the FS operation that is sufficiently robust
for that entity to support its debt without reliance on the
corporate entity. Fitch applies a hypothetical capital injection
from the corporate entity to achieve a target capital structure
(2.0x debt/equity) that is indicative of a self-sustaining credit
profile for MHO's FS operations. Fitch has reduced MHO's
homebuilding unrestricted cash by $90 million during the forecast
period to account for this hypothetical capital injection.
Shareholders' equity is assumed to be unaffected. Fitch reviews
historical CFO on a consolidated basis and also estimates CFO
excluding the FS operations.
ESG CONSIDERATIONS
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
MADISON SQUARE BOYS: $22 Million Abuse Victims Payment Okayed
-------------------------------------------------------------
James Nani of Bloomberg Law reports that Madison Square Boys &
Girls Club Inc. has been approved to exit bankruptcy with a
reorganization plan that would pay about $22 million to abuse
claimants.
The New York-based chapter of the Boys & Girls Club of America on
Friday, July 29, 2023, said US Bankruptcy Judge Sean Lane will
approve its Chapter 11 reorganization plan. The plan resolves 149
sex abuse claims allegedly perpetrated by a now-deceased doctor who
volunteered as a physician for the organization while employed by
Rockefeller University.
About Madison Square Boys & Girls Club
Madison Square Boys & Girls Club, Inc. --
https://www.madisonsquare.org -- was established to save and
enhance the lives of New York City boys and girls who by means of
economic or social factors are most in need of its services.
Madison Square Boys & Girls Club sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-10910) on
June 29, 2022. In the petition filed by its chief financial
officer, Jeffrey Dold, the Debtor reported $50 million to $100
million in assets and $100 million to $500 million in liabilities.
Judge Sean H. Lane oversees the case.
The Debtor tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as
bankruptcy counsel; and Pillsbury Winthrop Shaw Pittman, LLP and
Friedman Kaplan Seiler & Adelman, LLP as special counsels. Epiq
Corporate Restructuring, LLC is the claims and noticing agent.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on July 13, 2022. The committee tapped
Pachulski Stang Ziehl & Jones, LLP as legal counsel; and Dundon
Advisers, LLC and Island Capital Advisor, LLC as financial
advisors.
MAGIC DESIGNS: Seeks to Hire Epps & Coulson as Bankruptcy Counsel
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Magic Designs, Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Epps & Coulson, LLP
as its bankruptcy counsel.
The Debtor requires legal counsel to:
(a) give advice regarding matters of bankruptcy law and
concerning the requirements of the Bankruptcy Code, and Bankruptcy
Rules relating to the administration of the Debtor's Chapter 11
case and the operation of its estate;
(b) represent the Debtor in proceedings and hearings in the
court involving matters of bankruptcy law;
(c) assist the Debtor in complying with the requirements of
the Office of the United States Trustee;
(d) provide the Debtor with legal advice and assistance with
respect to its powers and duties in the continued operation of its
business and management of property of the estate;
(e) assist the Debtor in the administration of the estate's
assets and liabilities;
(f) prepare legal documents;
(g) assist in the collection of all accounts receivable and
other claims that the Debtor may have, and resolve claims against
the Debtor's estate;
(h) provide advice, as counsel, concerning the claims of
secured and unsecured creditors, and the prosecution or defense of
all actions;
(I) prepare, negotiate, prosecute and seek confirmation of a
plan of reorganization; and
(j) assist in ERC funds for plan of reorganization.
Epps & Coulson will charge these hourly fees:
Dawn M. Coulson, Esq. $750
Tamar Terzian, Esq. $490
Whitney Nicole Waters $195
Christie Skiparnias $185
Micheal Kollman $185
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm will receive $40,000 from the Debtor post-petition.
Dawn Coulson, Esq., a partner at Epps & Coulson, disclosed in a
court filing that her firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
Epps & Coulson can be reached at:
Dawn M. Coulson, Esq.
Epps & Coulson, LLP
707 Wilshire Blvd., Suite 3000
Los Angeles, CA 90017
Tel: (213) 929-2390
Fax: (213) 929-2394
Email: dcoulson@eppscoulson.com
About Magic Designs
Magic Designs, Inc., a clothing manufacturer, sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif.
Case No. 22-13987) on July 23, 2022, with up to $50,000 in assets
and up to $500,000 in liabilities. Xanlhyl Zuleika Nuno Aquiono,
president, signed the petition.
Judge Neil W. Bason oversees the case.
Dawn M. Coulson, Esq., at Epps & Coulson, LLP is the Debtor's legal
counsel.
MALACHITE INNOVATIONS: Raises Going Concern Doubt
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Malachite Innovations, Inc. disclosed in its Form 10-Q report for
the quarterly period ended June 30, 2023, that during the six
months ended June 30, 2023, the Company incurred a net loss of
$190,098 and used $398,399 of cash in the Company's operating
activities. These factors raise substantial doubt about the
Company's ability to continue as a going concern within one year of
the date that the financial statements are issued.
Malachite said, "The ability to continue as a going concern is
dependent on the Company attaining and maintaining profitable
operations in the future and/or raising additional capital to meet
its obligations and repay its liabilities arising from normal
business operations when they come due. The Company estimates, as
of June 30, 2023, that it has sufficient funds to operate the
business for 12 months given its cash balance of $359,564, line of
credit availability of $800,000, and revenues being generated by
the Range Reclamation Entities. Although the Company's existing
cash balances are estimated to be sufficient to fund its currently
planned level of operations, the Company is actively seeking
additional financing and other sources of capital to accelerate the
funding and execution of its growth strategy and value creation
plan. However, these estimates could differ if the Company
encounters unanticipated difficulties, or if its estimates of the
amount of cash necessary to operate its business prove to be wrong,
and the Company uses its available financial resources faster than
it currently expects. No assurance can be given that any future
financing or capital, if needed, will be available or, if
available, that it will be on terms that are satisfactory to the
Company."
Malachite has incurred losses since inception resulting in an
accumulated deficit of $50,402,952.
Malachite disclosed, "As of June 30, 2023, we had total current
assets of $2,809,964, primarily comprised of cash in the amount of
$359,564, accounts receivable of $1,273,635 and unbilled
receivables of $1,129,046. As of June 30, 2023, we had total
current liabilities of $3,062,401, consisting of outstanding
amounts on our lines of credit of $1,200,000, accounts payable of
$772,892 and the current portion of long-term debt of $1,089,509.
As a result, on June 30, 2023, the Company had negative working
capital of $252,437. At December 31, 2022, the Company had negative
working capital of $128,371."
"As of June 30, 2023, the Company had long-term assets of
$6,905,516, comprised of net equipment assets of $6,134,119,
goodwill of $751,421, and deposits of $19,976. As of June 30, 2023,
the Company had long-term liabilities of $3,457,814, comprised of
long-term debt, net of current portion. As of December 31, 2022,
the Company had long-term assets of $6,805,827, comprised of net
equipment assets of $6,045,514, goodwill of $751,421, and deposits
of $8,892. As of December 31, 2022, the Company had long-term
liabilities of $3,738,013, comprised of long-term debt, net of
current portion."
A copy of the Company's Form 10-Q Report is available at
https://tinyurl.com/43j48um5
About Malachite
Malachite Innovations, Inc. was incorporated in the State of Nevada
on June 29, 2007. Malachite is a public holding company dedicated
to improving the health and wellness of people and the planet
through a novel and innovative approach to impact investing.
Malachite owns and operates a balanced portfolio of operating
businesses focused on developing long-term solutions to
environmental, social and health challenges, with a particular
focus on economically disadvantaged communities.
As of June 30, 2023, the Company had $9.7 million in total assets
against $6.5 million in total liabilities.
MALLINCKRODT PLC: In Talks w/ Hedge Fund to Defer Opioid Payments
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Drugmaker Mallinckrodt is talking to hedge funds about filing for
bankruptcy and avoiding payments intended to help people addicted
to opioids, the Wall Street Journal reported on Wednesday.
As part of a prearranged deal, Mallinckrodt will propose to write
off about $1 billion from what it still owes to addiction victims
and state and local governments, while making a one-time payment of
roughly $250 million, the report said, citing people familiar with
the discussions.
A group of hedge funds, including Greenwich and Silver Point
Capital, is in negotiations with Mallinckrodt’s board to give
them control of the business through a bankruptcy filing, according
to people familiar with the discussions, the report said.
Mallinckrodt, which is one of the largest manufacturers for opiods,
had filed for bankruptcy protection nearly three years ago. It
reached a $1.7 billion nationwide settlement as part of its
bankruptcy reorganization plan and emerged from Chapter 11 last
year.
The company in June said it was considering a second bankruptcy
filing and other options after its lenders raised concerns over the
$200 million payment related to opioid-related litigation.
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.
The official committee of opioid-related claimants 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 in mid-June 2022 successfully completed its
reorganization process, emerged from Chapter 11 and completed the
Irish Examinership proceedings. The company said the restructuring
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.
Mallinckrodt Plc said in a regulatory filing in early June 2023
that it was considering a second bankruptcy filing and other
options after its lenders raised concerns over an upcoming $200
million payment related to opioid-related litigation.
MANANTIAL ROCA: Hires Pullucksingh Accounting as Accountant
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Manantial Roca Cristal, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Pullucksingh
Accounting Services as accountant.
The firm will provide these services:
a. close out the Debtor's books as of the date of the filing of
the case, and to open new books as of the next day thereafter;
b. establish a new bookkeeping system to replace the system
heretofore used by the Debtors;
c. prepare the periodic statements of the Debtor in Possession's
operations as required by the rules of the court; and
d. prepare and file the Debtor's state and federal tax return
for the fiscal year which ended in the semester prior to the date
of the filing of the bankruptcy case;
The firm will be paid $75 per month.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Roshanne Pullucksingh
Pullucksingh Accounting Services
1029 Suite 2 Bo. Asomante
Aguada, PR 00602
Tel: (787) 868-2832
Email: hpulluck51@yahoo.com
About Manantial Roca Cristal
Manantial Roca Cristal, LLC in Moca, PR, filed its voluntary
petition for Chapter 11 protection (Bankr. D.P.R. Case No.
23-02122) on July 10, 2023, listing $721,764 in assets and
$1,022,313 in liabilities. Lourdes Socorro Ramirez Benique as
presidente, signed the petition.
Judge Enrique S. Lamoutte Inclan oversees the case.
Juan C. Bigas-Valedon, Esq. serve as the Debtor's legal counsel.
MEDIAMATH HOLDINGS: Hires Epiq as Administrative Advisor
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Mediamath Holdings, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Epiq
Corporate Restructuring, LLC as administrative advisor.
The firm will provide these services:
(a) assist with, among other things, solicitation, balloting and
tabulation of votes, and prepare any related reports, as required
in support of confirmation of a chapter 11 plan, and in connection
with such services, process requests for documents from parties in
interest, including, if applicable, brokerage firms, bank
back-offices and institutional holders;
(b) prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
(c) assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
(d) provide a confidential data room, if requested;
(e) manage and coordinate any distributions pursuant to a
chapter 11 plan; and
(f) provide such other processing, solicitation, balloting and
other administrative services described in the Engagement
Agreement, but not included in the Section 156(c) Application, as
may be requested from time to time by the Debtors, the Court or the
Office of the Clerk of the Bankruptcy Court (the "Clerk").
The firm will be paid at these rates:
Clerical/Administrative Support $45 to $65 per hour
IT / Programming $65 to $85 per hour
Case Managers $85 to $150 per hour
Consultants/ Directors/Vice Presidents $150 to $175 per hour
Solicitation Consultant $175 per hour
Executive Vice President, Solicitation $195 per hour
Executives No Charge
The firm will be paid a retainer in the amount of $45,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Kathryn Tran, consulting director at Epiq, disclosed in a court
filing that she is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kathryn Tran
Epiq Corporate Restructuring, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Phone: +1 714 394 6998
Email: ktran@epiqglobal.com
About Mediamath Holdings
MediaMath Holdings, Inc. develops and delivers digital advertising
media and data management technology solutions to advertisers. The
company is based in New York.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10882) on June 30,
2023. In the petition signed by Neil Nguyen, chief executive
officer, the Debtor disclosed up to $500 million in both assets and
liabilities. As of the petition date, the Debtor had about $95
million of first lien funded debt.
Judge Laurie Selber Silverstein oversees the case.
The Debtor tapped Young Conaway Stargatt & Taylor, LLP as legal
counsel; FTI Consulting, Inc. as financial advisor; and Epiq
Corporate Restructuring, LLC as claims and noticing agent and
administrative advisor.
MEDIAMATH HOLDINGS: Hires Young Conaway Stargatt as Counsel
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Mediamath Holdings, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Young
Conaway Stargatt & Taylor, LLP as bankruptcy counsel.
The firm's services include:
a. providing legal advice and services with respect to the
Debtors' powers and duties as debtors in possession in the
continued operation of their business, management of their
property, the Local Rules, practices, and procedures, and providing
substantive and strategic advice on how to accomplish the Debtors'
goals in connection with the prosecution of these cases;
b. reviewing, commenting, and/or preparing drafts of documents
to be filed with the Court as counsel to the Debtors;
c. appearing in Court and at any meeting with the United States
Trustee for the District of Delaware (the "U.S. Trustee") and any
meeting of creditors at any given time on behalf of the Debtors as
their counsel;
d. performing various services in connection with the
administration of these cases, including, without limitation, (i)
preparing agenda letters, certificates of no objection,
certifications of counsel, notices of fee applications and
hearings, and hearing binders of documents and pleadings; (ii)
monitoring the docket for filings; (iii) preparing and maintaining
critical dates memoranda to monitor pending applications, motions,
hearing dates, and other matters and the deadlines associated with
the same; (iv) handling inquiries and calls from creditors and
counsel to interested parties regarding pending matters and the
general status of the Chapter 11 Cases; and (v) preparing any
necessary responses;
e. preparing and pursuing confirmation of any Chapter 11 plan
and approval of any related disclosure statement;
f. pursuing the sale of the Debtors' assets and approval of bid
procedures related thereto; and
g. performing all other services assigned by the Debtors to
Young Conaway as counsel to the Debtors; to the extent the Firm
determines that such services fall outside of the scope of services
historically or generally performed by Young Conaway as counsel in
a bankruptcy proceeding, Young Conaway will file a supplemental
declaration pursuant to Bankruptcy Rule 2014.
The firm will be paid at these rates:
Michael R. Nestor $1,240 per hour
Kara Hammond Coyle $925 per hour
Heather P. Smillie $505 per hour
Kristin L. McElroy $475 per hour
Emily C.S. Jones $4250 per hour
Chad Corazza (paralegal) $325 per hour
The firm received retainer payments totaling $350,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In accordance with Appendix B-Guidelines for Reviewing Applications
for Compensation and Reimbursement of Expenses Filed under 11
U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the
following is provided in response to the request for additional
information:
a. Young Conaway has not agreed to a variation of its standard
or customary billing arrangements for this engagement;
b. None of the Firm's professionals included in this engagement
have varied their rate based on the geographic location of the
Chapter 11 Cases;
c. Young Conaway was retained by the Debtors pursuant to an
engagement agreement dated as of April 3, 2023. The billing rates
and material terms of the prepetition engagement are the same as
the rates and terms described in the Application and herein.
d. The Debtors have approved or will be approving a prospective
budget and staffing plan for Young Conaway's engagement for the
postpetition period, as appropriate. In accordance with the U.S.
Trustee Guidelines, the budget may be amended as necessary to
reflect changed or unanticipated developments.
Kara Hammond Coyle, Esq., a partner at Young Conaway Stargatt &
Taylor, LLP, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Michael R. Nestor, Esq.
Kara Hammond Coyle, Esq.
Heather P. Smillie, Esq.
Kristin L. McElroy, Esq.
Emily C.S. Jones, Esq.
Young Conaway Stargatt & Taylor, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: mnestor@ycst.com
kcoyle@ycst.com
hsmillie@ycst.com
kmcelroy@ycst.com
ejones@ycst.com
About Mediamath Holdings
MediaMath Holdings, Inc. develops and delivers digital advertising
media and data management technology solutions to advertisers. The
company is based in New York.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10882) on June 30,
2023. In the petition signed by Neil Nguyen, chief executive
officer, the Debtor disclosed up to $500 million in both assets and
liabilities. As of the petition date, the Debtor had about $95
million of first lien funded debt.
Judge Laurie Selber Silverstein oversees the case.
The Debtor tapped Young Conaway Stargatt & Taylor, LLP as legal
counsel; FTI Consulting, Inc. as financial advisor; and Epiq
Corporate Restructuring, LLC as claims and noticing agent and
administrative advisor.
MR. G'S PROPERTIES: Taps Island REI as Real Estate Broker
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Mr. G's Properties, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Island REI,
Inc. to market and sell its real property located at 53 Clearwater
Ave., Massapequa, N.Y.
The firm will get a commission of 4 percent of the purchase price.
If the sale becomes a short sale, the firm will get a 6 percent
commission.
As disclosed in court filings, Island REI is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ed Patisso
Island REI, Inc.
394 Old Country Road, Suite 209
Garden City, NY 11530
Tel: (516) 405-5031
About Mr. G's Properties
Mr. G's Properties, LLC owns a residential house located at 53
Clearwater Ave., Massapequa, N.Y., valued at $1.4 million.
Mr. G's Properties filed Chapter 11 petition (Bankr. E.D.N.Y. Case
No. 23-72052) on June 7, 2023, with total assets of $1,400,000 and
total liabilities of $1,307,002. Shannon Gerardi, managing member,
signed the petition.
Judge Louis A. Scarcella oversees the case.
The Debtor is represented by Heath S. Berger, Esq., at Berger,
Fischoff, Shumer, Wexler & Goodmn, LLP.
NABORS INDUSTRIES: Posts $16.2 Million Net Income in Second Quarter
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Nabors Industries Ltd. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
of $16.23 million on $778.81 million of total revenues and other
income for the three months ended June 30, 2023, compared to a net
loss of $69.93 million on $631.76 million of total revenues and
other income for the three months ended June 30, 2022.
For the six months ended June 30, 2023, the Company reported net
income of $77.29 million on $1.56 billion of total revenues and
other income compared to a net loss of $244.60 million on $1.20
billion of total revenues and other income for the same period in
2022.
As of June 30, 2023, the Company had $4.46 billion in total assets,
$3.35 billion in total liabilities, $513.82 million in redeemable
noncontrolling interest in subsidiary, and $591.67 million in total
equity.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1163739/000155837023012470/nbr-20230630x10q.htm
About Nabors
Nabors Industries Ltd. (NYSE: NBR) owns and operates land-based
drilling rig fleets and provides offshore platform rigs in the
United States and several international markets. Nabors also
provides directional drilling services, tubular services,
performance software, and innovative technologies for its own rig
fleet and those of third parties.
Nabors Industries reported a net loss of $307.22 million in 2022, a
net loss $543.69 million in 2021, a net loss of $762.85 million in
2020, a net loss of $680.51 million in 2019, a net loss of $612.73
million in 2018, and a net loss of $540.63 million in 2017.
NATIONAL CINEMEDIA: Posts $545M Net Income for Q2 2023
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National CineMedia, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q for the period ended
June 30, 2023. NCM posted net income of $545.3 million on revenues
of $14.8 million for the three months ended June 30, 2023. NCM
reported a net loss of $8.6 million on $49.7 million of revenues
for the same period last year.
As of June 30, 2023, NCM had $43.4 million in total assets against
$62.7 million in total liabilities.
National CineMedia, Inc., a Delaware corporation, is a holding
company with the sole purpose of being a member and serving as sole
manager of National CineMedia, LLC, a Delaware limited liability
company. NCM LLC is currently owned by NCM, Inc. Consolidated. NCM
LLC operates the largest cinema advertising network reaching movie
audiences in the U.S., allowing NCM LLC to sell advertising under
long-term ESAs with the original founding members (AMC
Entertainment, Inc.; Regal Cinemas, Inc. and Regal CineMedia
Corporation, wholly owned subsidiaries of Cineworld Group plc and
Regal Entertainment Group; and Cinemark Media, Inc. and Cinemark
USA, Inc., wholly owned subsidiaries of Cinemark Holdings, Inc. and
certain third-party network affiliates, under long-term network
affiliate agreements. As of June 29, 2023, the weighted average
remaining term of the ESAs with the founding members was
approximately 16.2 years. The network affiliate agreements expire
at various dates between August 9, 2023 and December 31, 2037. The
weighted average remaining term of the ESAs and the network
affiliate agreements together is 13.3 years as of June 29, 2023.
NCM LLC was wholly owned by NCM, Inc. Consolidated prior to April
11, 2023 when NCM LLC filed a voluntary petition for reorganization
with a prearranged Chapter 11 plan under Chapter 11 of the
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of Texas. As a result of the Chapter 11 Case and in
accordance with applicable GAAP, the Company concluded that NCM,
Inc. no longer controls NCM LLC for accounting purposes, and
therefore, NCM LLC was deconsolidated from the Company's unaudited
financial statements prospectively as of April 11, 2023.
On June 27, 2023, the Bankruptcy Court entered an order approving
the Disclosure Statement on a final basis and confirming the
Company's Plan. On June 29, 2023, AMC and Cinemark filed a notice
of appeal of the Confirmation Order. After June 29, 2023, AMC and
Cinemark sought a stay of the Confirmation Order in the Bankruptcy
Court, which the Bankruptcy Court denied, and then sought a stay of
the Confirmation Order in the United States District Court for the
Southern District of Texas which is currently pending.
In December 2022, AMC and Regal each redeemed all of their
outstanding membership units, 5,954,646 and 40,683,797,
respectively, in exchange for shares of NCM, Inc. common stock,
reducing AMC's and Regal's ownership to 0.0% in NCM LLC as of June
29, 2023. On February 23, 2023 and March 23, 2023, Cinemark
redeemed 41,969,862 and 1,720,935, respectively, of its outstanding
common membership units, in exchange for shares of NCM, Inc. common
stock. These redemptions reduced Cinemark's ownership interest to
0.0% as of June 29, 2023.
A copy of the Quarterly Report is available at
https://tinyurl.com/yj9yw9fa
About National CineMedia
National CineMedia, LLC, a company in Centennial, Colo., owns the
largest cinema-advertising network in North America. The company
derives its revenue principally from the sale of advertising to
national, regional, and local businesses, which is displayed on a
national and regional digital network of movie theaters.
National CineMedia LLC filed a Chapter 11 petition (Bankr. S.D.
Texas Case No. 23-90291) on April 11, 2023, with $500 million to $1
billion in assets and $1 billion to $10 billion in liabilities.
Ronnie Ng, chief financial officer of National CineMedia, signed
the petition.
Judge David R. Jones presides over the case.
The Debtor tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as
bankruptcy counsel; Porter Hedges, LLP as local counsel; Latham &
Watkins, LLP as special counsel; Lazard Freres & Co. as investment
banker; and FTI Consulting, Inc. as restructuring advisor. Omni
Agent Solutions is the Debtor's notice, claims and balloting
agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped White & Case, LLP as bankruptcy counsel; Alvarez &
Marsal North America, LLC as financial advisor; and ArentFox Schiff
LLP as special conflicts counsel.
NEWPARK RESOURCES: Egan-Jones Retains B- Senior Unsecured Ratings
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Egan-Jones Ratings Company on July 27, 2023, maintained its 'B-'
foreign currency and local currency senior unsecured ratings on
debt issued by Newpark Resources, Inc. EJR also withdraws rating
on commercial paper issued by the Company.
Headquartered in The Woodlands, Texas, Newpark Resources, Inc.
provides environmental services to the oil and gas exploration and
production industry, primarily in the Gulf Coast market.
NORTHRIVER MIDSTREAM: S&P Affirms 'BB' ICR on Proposed Refinancing
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S&P Global Ratings affirmed its 'BB' issuer credit rating on
NorthRiver Midstream Finance L.P. (NRM) and its 'BB' rating on
NRM's senior secured notes. The '3' recovery rating on the
company's senior secured debt, indicating its expectation of
meaningful recovery (50%-70%; rounded estimate: 60%), is
unchanged.
The stable outlook reflects S&P Global Ratings' expectation that
NRM will maintain a prudent dividend policy while pursuing its
growth initiatives.
NorthRiver's proposed refinancing of its TLB tempers refinancing
risk in the next two years.
The proposed debt amount is expected to be in line with current
debt outstanding. In S&P's view, this proactive capital-structure
management will improve NRM's maturity profile. After the
transaction, the next maturity will be the senior secured notes due
February 2026.
Improving cash flows are supported by secured growth.
NRM has several fully contracted projects at Aitken Creek and
Pipestone in development. In addition, it expects approvals on
accretive projects in the Peace Arch region in the next six to 12
months. Most of the capital spending will be for construction of
new natural gas and liquids midstream infrastructure in the Montney
region, which includes processing, handling, and transportation.
The construction of these facilities is predominantly backed by
contracts and we expect this growth capital expenditure (capex)
will result in stronger cash flow in fiscal years 2024 and 2025.
S&P expects NorthRiver will maintain a prudent dividend policy.
Due to elevated growth capex of about C$220 million-C$240 million
in 2023, we forecast NRM will pay no distributions from its
operating cash flow to its 100% owner Brookfield Infrastructure
Partners (BIP) and affiliates in 2023, to preserve its credit
quality. Once operating cash flow ramps up in 2024, we forecast the
dividend payment will increase to C$50 million–C$100 million
annually.
NorthRiver's high level of contractedness supports stable cash
flows.
About 85% of 2023 revenues are backed by take-or-pay contracts,
providing a high level of certainty around cash flows. The
contracts have an average remaining life of about 10 years, backed
by about 70% investment-grade-rated counterparties with parent
guarantees or letters of credit required for most
non-investment-grade counterparties. Although not a near-term risk,
the ability to recontract at similar rates is crucial to support
cash flow stability by mitigating commodity volume and price
risks.
S&P said, "The stable outlook reflects our expectation that S&P
Global Ratings-adjusted debt to EBITDA will be about 5.5x for 2023
and decline to 5.2x in 2024. We expect NRM will maintain its strong
contract profile and recontract expiring take-or-pay contracts with
creditworthy counterparties. We expect that NRM will manage its
growth capex and dividend payments in support of its credit
metrics.
"We could lower the rating if we expected debt to EBITDA to stay at
or above 5.5x. This could occur because of lower-than-expected
throughput volumes, contract renewals at materially lower pricing,
cost overruns, or delays in the projects under construction. We
could also consider a negative rating action if NRM does not cut
back growth capex or distributions in support of its credit
metrics, or if we believe there is a significant change in the
overall cash flow profile such that the take-or-pay and fee-based
cash flows are less than two-thirds of total cash flow.
"We could consider a positive rating action if debt to EBITDA
declines below 5.0x. We could also consider a positive rating
action if NRM increases its operating scale and diversifies its
business from an asset and geographical standpoint while
maintaining debt to EBITDA below 5.0x. In addition, we would expect
the company to maintain at least two-thirds of its EBITDA from
stable take-or-pay and fee-based businesses."
ESG credit indicators: E-3, S-2, G-2
Environmental factors are a moderately negative consideration in
our credit rating analysis for NRM. The partnership is a natural
gas gatherer and processor and faces risks relating to climate
change, including the longer-term volume or contract renewal risks
stemming from reduced drilling activity or demand due to the
transition to renewable energy sources.
ORLANDO RESERVOIR NO. 2: Joli Lofstedt Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Region 11 appointed Joli Lofstedt, Esq., as
Subchapter V trustee for The Orlando Reservoir No. 2 Company, LLC.
Ms. Lofstedt, a practicing attorney in Louisville, Colo., 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, Esq.
P.O. Box 270561
Louisville, CO 80027
Phone: (303) 476-6915
Fax: (303) 604-2964
Email: joli@jaltrustee.com
About The Orlando Reservoir
The Orlando Reservoir No. 2 Company, LLC filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo.
Case No. 23-13178) on July 19, 2023, with $1 million to $10 million
in assets and liabilities. Greg Harrington, chief executive
officer, signed the petition.
K. Jamie Buechler, Esq., at Buechler Law Office, LLC is the
Debtor's counsel.
PACIFICA CMFM: Seeks to Hire DuffyAmedeo as Legal Counsel
---------------------------------------------------------
Pacifica CMFM Group, LLC and Centric Fm Solutions, Inc. seek
approval from the U.S. Bankruptcy Court for the Eastern District of
New York to employ DuffyAmedeo, LLP as its legal counsel.
The firm's services include:
(a) providing the Debtors with advice and preparing all
necessary documents regarding debt restructuring, bankruptcy and
asset dispositions;
(b) taking all necessary actions to protect and preserve the
Debtors' estates during the pendency of the Chapter 11 cases,
including the prosecution of actions by the Debtors, the defense of
actions commenced against the Debtors, negotiations concerning
litigation in which the Debtors are involved and objecting to
claims filed against the estates;
(c) preparing legal papers;
(d) counseling the Debtors with regard to their rights and
obligations;
(e) appearing in court; and
(f) other legal services, which may be necessary and proper in
the Debtor's Chapter 11 proceeding.
The firm will be paid at the rate of $650 per hour and will be
reimbursed for out-of-pocket expenses incurred.
The retainer fee is $50,000.
Todd Duffy, Esq., a partner at DuffyAmedeo, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Todd E. Duffy, Esq.
Douglas A. Amedeo, Esq.
DuffyAmedeo, LLP
132 West 31st Street, 9th Floor
New York, NY 10010
Tel: (212) 729-5832
Email: tduffy@duffyamedeo.com
damedeo@duffyamedeo.com
About Pacifica CMFM Group
Pacifica CMFM Group, LLC and Centric Fm Solutions, Inc. are
affiliated and related businesses owned and operated by Chip
Zoegall and Rihman Farid. It provides construction management,
program management and consulting services for commercial and
multi-unit residential facilities. Farid is the sole shareholder
and serves as president, with Zoegall providing operational
support.
Centric provides facility management and support services for
capital improvement programs and everyday facility support to
primarily commercial entities. Zoegall is the sole shareholder and
serves as its president.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-72182) on June 20,
2023, with up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Louis A. Scarcella oversees the case.
The Debtor tapped Todd E. Duffy, Esq., at DuffyAmedeo LLP and
Velebit Consulting as legal counsel and accountant, respectively.
PACIFICA CMFM: Taps Velebit Consulting as Accountant
----------------------------------------------------
Pacifica CMFM Group, LLC and Centric Fm Solutions, Inc. seek
approval from the U.S. Bankruptcy Court for the Eastern District of
New York to employ Velebit Consulting as accountant.
The Debtors require an accountant to:
(a) prepare a valuation and cash-flow reports for the Debtors
based on financial data provided by the Debtors for use in
connection with the preparation of a Chapter 11 plan of
reorganization;
(b) prepare a liquidation analysis for the Debtors for use in
connection with the filing of the plan;
(c) assist the Debtors in the preparation of monthly operating
reports; and
(d) provide other services related to bankruptcy compliance or
other issues.
The firm will be paid at the rate of $300 per hour for Nicholas
Pavic, a partner at Velebit Consulting, and $100 to $200 per hour
for associates.
Mr. Pavic disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Nicholas R. Pavic
Velebit Consulting
76 Brianwood Ln
Plainview, NY 11803
About Pacifica CMFM Group
Pacifica CMFM Group, LLC and Centric Fm Solutions, Inc. are
affiliated and related businesses owned and operated by Chip
Zoegall and Rihman Farid. It provides construction management,
program management and consulting services for commercial and
multi-unit residential facilities. Farid is the sole shareholder
and serves as president, with Zoegall providing operational
support.
Centric provides facility management and support services for
capital improvement programs and everyday facility support to
primarily commercial entities. Zoegall is the sole shareholder and
serves as its president.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-72182) on June 20,
2023, with up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Louis A. Scarcella oversees the case.
The Debtor tapped Todd E. Duffy, Esq., at DuffyAmedeo LLP and
Velebit Consulting as legal counsel and accountant, respectively.
PALASOTA CONTRACTING: Taps Piletere & Associates as Accountant
--------------------------------------------------------------
Palasota Contracting, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Piletere &
Associates, PC as its accountant.
The Debtor requires an accountant to:
i. prepare monthly operating reports;
ii. prepare financial statements of the Debtor to facilitate
discussions with potential lenders;
iii. facilitate preparation of tax returns as needed;
iv. reconstruct the books and records of the Debtor to the
extent necessary to prepare reports and provide accounting advice
thereon; and
v. facilitate negotiations on financial restructuring as
requested by the Debtor.
The firm will be compensated at $175 per hour.
Peggy Piletere, a partner at Piletere & Associates, disclosed in a
court filing that the firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Peggy Piletere
Piletere & Associates, PC
10701 Corporate Drive, Ste 176
Stafford, TX 77477
Tel: (281) 240-0009
Fax: (281) 240-3528
About Palasota Contracting
Palasota Contracting, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 23-31447) on April
24, 2023, with up to $50,000 in assets and up to $50 million in
liabilities. Ricky Palasota, Jr., president, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.
The Debtor tapped Kimberly A. Bartley, Esq., at Waldron and
Schneider, LLP as legal counsel and Piletere & Associates, PC as
accountant.
PARAMETRIC SOLUTIONS: Case Summary & 20 Top Unsecured Creditors
---------------------------------------------------------------
Debtor: Parametric Solutions, Inc.
831 Jupiter Park Drive
Jupiter, FL 33458
Case No.: 23-16141
Business Description: The Debtor provides architectural,
engineering, and related services.
Chapter 11 Petition Date: August 3, 2023
Court: United States Bankruptcy Court
Southern District of Florida
Judge: Hon. Mindy A. Mora
Debtor's Counsel: Craig I. Kelley, Esq.
KELLEY, FULTON & KAPLAN, P.L.
1665 Palm Beach Lakes Blvd
The Forum - Suite 1000
West Palm Beach, FL 33401
Tel: 561-491-1200
Email: craig@kelleylawoffice.com
Total Assets: $6,147,086
Total Liabilities: $5,597,168
The petition was signed by David Cusano as director.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/HMSKOCA/Parametric_Solutions_Inc__flsbke-23-16141__0001.0.pdf?mcid=tGE4TAMA
PG&E CORP: CEO Poppe Assures California Utility Is Safer
--------------------------------------------------------
Mark Chediak and Ed Ludlow of Bloomberg News report that PG&E Chief
Patti Poppe assures California the utility is safer than ever.
As California hurtles toward the height of wildfire season, the
state's largest utility says its infrastructure is safer than ever
before.
PG&E Corp., which was forced into bankruptcy four years ago
following a series of deadly fires caused by its equipment, has
made great strides in reducing the risk of catastrophe, Chief
Executive Officer Patti Poppe said.
"We know that the system is safer," Poppe said during an interview
with editors and reporters at the San Francisco office of Bloomberg
LP. "We know that we've reduced 94% of the wildfire risk. That's
not a make believe number."
About PG&E Corporation
PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a
Fortune 200 energy-based holding company, headquartered in San
Francisco. It is the parent company of Pacific Gas and Electric
Company, an energy company that serves 16 million Californians
across a 70,000-square-mile service area in Northern and Central
California.
PG&E Corporation and its regulated utility subsidiary, Pacific Gas
and Electric Company, faced extraordinary challenges relating to a
series of catastrophic wildfires that occurred in Northern
California in 2017 and 2018. The utility faced an estimated $30
billion in potential liability damages from California's deadliest
wildfires of 2017 and 2018.
On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary,
Pacific Gas and Electric Company, filed voluntary Chapter 11
petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept.
30, 2018, the Debtors, on a consolidated basis, had reported $71.4
billion in assets on a book value basis and $51.7 billion in
liabilities on a book value basis.
Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served
as PG&E's legal counsel, Lazard as its investment banker and
AlixPartners, LLP as the restructuring advisor to PG&E. Prime
Clerk LLC is the claims and noticing agent.
PG&E has appointed James A. Mesterharm, a managing director at
AlixPartners, LLP, and an authorized representative of AP Services,
LLC, to serve as Chief Restructuring Officer. In addition, PG&E
appointed John Boken also a Managing Director at AlixPartners and
an authorized representative of APS, to serve as Deputy Chief
Restructuring Officer.
Morrison & Foerster LLP served as the Debtors' special regulatory
counsel. Munger Tolles & Olson LLP also served as special
counsel.
The Office of the U.S. Trustee appointed an official committee of
creditors on Feb. 12, 2019. The Committee retained Milbank LLP as
counsel; FTI Consulting, Inc., as financial advisor; Centerview
Partners LLC as investment banker; and Epiq Corporate
Restructuring, LLC as claims and noticing agent.
On Feb. 15, 2019, the U.S. trustee appointed an official committee
of tort claimants. The tort claimants' committee is represented by
Baker & Hostetler LLP.
* * *
PG&E Corporation and Pacific Gas and Electric Company announced
July 1, 2020, that PG&E has emerged from Chapter 11, successfully
completing its restructuring process and implementing PG&E's Plan
of Reorganization ("Plan") that was confirmed by the United States
Bankruptcy Court on June 20, 2020.
For the benefit of fire victims, the Plan provided for a Fire
Victim Trust, which was funded with an oft-stated value of $13.5
billion, to be half in cash and half in new company PG&E common
stock. The $6.75 billion in cash was paid. With respect to the
stock consideration, 478 million shares of PG&E stock were
delivered to the Fire Victim Trust in accordance with an agreed-to
formula under the Plan.
PICANTE GRILLE: Hires Calaiaro Valencik as Legal Counsel
--------------------------------------------------------
Picante Grille LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ Calaiaro
Valencik as its legal counsel.
The firm will render these legal services:
(a) prepare the bankruptcy petition and attend at the meeting
of creditors;
(b) represent the Debtor in relation to acceptance or
rejection of executory contracts;
(c) advise the Debtor with regard to its rights and
obligations during the Chapter 11 case;
(d) represent the Debtor in relation to any motions to convert
or dismiss this Chapter 11;
(e) represent the Debtor in relation to any motions for relief
from stay filed by any creditors;
(f) prepare the plan;
(g) prepare any objection to claims in the Chapter 11; and
(h) otherwise, represent the Debtor in general.
The firm will be paid at these rates:
Donald R. Calaiaro $395 per hour
David Z. Valencik $350 per hour
Andrew K. Pratt $300 per hour
Monica L. Locke $250 per hour
Emily M. Balla $250 per hour
Paralegal $100 per hour
The Debtor paid the firm a retainer of $7,500.
Donald Calaiaro, Esq., an attorney at Calaiaro Valencik, disclosed
in a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David Z. Valencik, Esq.
Calaiaro Valencik
938 Penn Avenue, Suite 501
Pittsburgh, PA 15222
Telephone: (412) 232-0930
Facsimile: (412) 232-3858
Email: dvalencik@c-vlaw.com
About Picante Grille
Picante Grille LLC, filed a Chapter 11 bankruptcy petition (Bankr.
W.D. Penn. Case No. 23-21480) on July 7, 2023, disclosing under $1
million in both assets and liabilities. The Debtor is represented
by Donald R. Calaiaro, Esq., at Calaiaro Valencik.
PJ TRANS: Seeks Cash Collateral Access, DIP Loan from RTS
---------------------------------------------------------
PJ Trans, Inc. asks the U.S. Bankruptcy Court for the Northern
District of Illinois, Eastern Division, for authority to use cash
collateral and obtain postpetition financing.
Before the Petition Date, on January 27, 2015, the Debtor entered
into a Factoring Agreement with RTS Financial Service, Inc.
Pursuant to the Pre-Petition Factoring Agreement, the Debtor
routinely sold its accounts receivable from a portion of its
business to RTS.
To secure the obligations under the Pre-Petition Factoring
Agreement, the Debtor granted RTS a security interest in all of the
Debtor's assets including but not limited to all accounts and all
proceeds and monies due on accounts, which includes cash
collateral.
This security interest was properly perfected and constituted a
first-priority lien on the Pre-Petition Collateral.
The Debtor filed for bankruptcy without finalizing agreements for
post-petition arrangements, cash collateral usage, or
debtor-in-possession financing. However, in order to prevent
disruption to the Debtor's business, RTS provided factoring
services based on the terms of the Pre-Petition Factoring
Agreement. This included purchasing $101,104 of the Debtor's
accounts receivable on July 21, 2023, advancing $74,000 from the
Debtor's reserve account on July 26, and purchasing an additional
$101,499 of accounts receivable on July 28, 2023. The Debtor has
agreed to repay the $74,000 advance from the reserve account
through weekly payments from post-petition purchases by August 11,
2023. The Debtor is also allowed to offset pre or post-petition
receivables from post-petition factoring services according to the
terms of the Pre-Petition Factoring Agreement and Post-Petition
Factoring Agreement.
RTS is willing to continue the factoring arrangement post-petition
on the terms outlined in the Motion and in the terms of the
Factoring Agreement dated July 26, 2023.
Under the terms of the Pre-Petition Factoring Agreement and the
Post-Petition Factoring Agreement, RTS is granted an ownership
interest in the purchased accounts and a security interest in the
collateral set out in Section 4.1 of the factoring agreement.
The Debtor has not identified any other creditors that appear to
hold a security interest in the cash collateral.
The Debtor wishes to implement the Post-Petition Factoring
Agreement with RTS on a post-petition basis, retroactive to the
Petition Date. If the Factoring Agreement is approved by the Court,
the Debtor will sell its accounts to RTS, and the funds obtained
from the sale of such accounts will be used to fund the ongoing
expenses of the Debtor's bankruptcy estate.
The purchases and advances by RTS and proceeds from non-factored
accounts constitute cash collateral of RTS as defined in 11 U.S.C.
section 363(a). The proceeds of the accounts are used by the Debtor
to operate, including to pay the Debtor's payroll, insurance,
utilities, operating costs, and material acquisitions.
As adequate protection for the use of cash collateral, RTS is
granted: (i) first-ranked, priority liens on the on all
Pre-Petition Collateral, 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
pre-petition obligations to RTS; and (b) status as a super-priority
administrative claim pursuant to 11 U.S.C. section 364(c)(1), with
priority over any and all administrative expenses of the kind
specified in 11 U.S.C. sections 503(b) or 507(b) with the exception
of (i) U.S. Trustee fees, and (ii) professional fees allowed and
payable under 11 U.S.C. sections 330, 331, and 503.
A hearing on the matter is set for August 8, 2023 at 2 p.m.
A copy of the motion is available at https://urlcurt.com/u?l=X0ySGX
from PacerMonitor.com.
About PJ Trans, Inc.
PJ Trans, Inc. is a trucking company and has filed the case to
reorganize its debts and obligations in order to prevent the
liquidation and closure of its business.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-09390) on July 20,
2023. In the petition signed by Marcin Pogorzelski, president, the
Debtor disclosed up to $50,000 in both assets and liabilities.
Saulius Modestas, Esq., at Modestas Law Offices, P.C., represents
the Debtor as legal counsel.
PLOURDE SAND: Seeks Access to $472,464 of Cash Collateral
---------------------------------------------------------
Plourde Sand & Gravel Co., Inc. asks the U.S. Bankruptcy Court for
the District of New Hampshire for authority to use cash collateral
and provide adequate protection.
The Debtor requires the use of cash collateral up to the maximum
amount of $472,464 to pay the costs and expenses provided for in
the Budget for the period beginning on September 1, 2023 and
ending on November 30, 2023.
The Debtor seeks to provide the Internal Revenue Service and
Greenlake Investments with the following adequate protection for
any loss or diminution in value of the cash collateral securing
their claims to the extent such claims qualify as secured claims:
(1) The Debtor will deposit into a segregated escrow account
designated as a "Plourde Sand & Gravel, Inc., Debtor in Possession"
account at TD Bank, which is an approved depository for debtor in
possession funds, the monthly sum of $26,157 on the 30th day of
each month.
(2) Counsel to the Debtor will deposit all of the Adequate
Protection Deposits that he is holding pursuant to earlier orders
into this account and will have further duties, liabilities or
obligations with respect thereto. The Adequate Protection Deposits
will continue each month during the Use Period or until further
order of Court. The funds will be applied to the secured debt of
the IRS and/or Greenlake Fund as their interests may ultimately be
adjudicated, determined and ordered by this Court or as they may
mutually agree subject to the approval of the Court. The Debtor
will grant all Potential Record Lienholders that hold or claim to
hold valid, binding, enforceable and automatically perfected liens
on the Debtor's post-petition property of the same kinds, types and
description in, to and on which a Potential Record Lienholder held
valid and enforceable, perfected liens on the Petition Date, each
of which will have and enjoy the same priority as such liens had
under applicable state law on the Petition Date, if any. The Record
Cash Collateral Liens held by the other Potential Cash Collateral
Record Lienholder confer any value on them.
(3) The Debtor will also deposit with the Debtor's Counsel the
monthly sum of $5,000.
(4) The Debtor will:
Provide to all Potential Record Lienholders that hold or claim to
hold liens on the real property of the estate certificates of
property and casualty insurance in amounts not less than the amount
in effect on the petition date; such certificates of insurance will
name the U.S. Trustee as a certificate holder and the Potential
Record Lienholders as loss payees and will provide that the
insurance company will use its best effort to give the UST and each
loss payee at least fourteen days' notice of the cancellation or
prospective cancellation of such a policy to each loss payee.
The Proposed Order includes a "winding down" proviso under which
the Court reserves the right to enter such further orders as may be
necessary regarding the use of cash collateral to provide for
payment of any administrative claims for wage and trade creditors
who have supplied goods or services to the Debtor during the period
of operation under the order (and any stipulation) which remain
unpaid at the time of termination of authorized cash collateral
usage, and which goods or services have created additional
collateral for the secured claimant.
A copy of the Debtor's motion is available at
https://urlcurt.com/u?l=UGIYeY from PacerMonitor.com.
About Plourde Sand & Gravel
Plourde Sand & Gravel Co., Inc., owns eight properties located in
New Hampshire having an aggregate total value of $5.34 million.
Plourde Sand filed for Chapter 11 bankruptcy protection (Bankr.
D.N.H. Case No. 23-10039) on Jan. 30, 2023. In the petition signed
by Daniel O. Plourde, sole shareholder and vice president, the
Debtor disclosed $9,192,623 in assets and $8,072,411 in
liabilities.
Judge Bruce A. Harwood oversees the case.
William S. Gannon PLC is the Debtor's legal counsel.
PLUMBING TECHNOLOGIES: Taps Amundsen Davis as Special Counsel
-------------------------------------------------------------
Plumbing Technologies, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Amundsen
Davis as special counsel.
The Debtor needs the firm's legal assistance in connection with its
appeal of the judgment entered by the Clerk of the Circuit Court of
Waukesha County, State of Wisconsin in the matter of David Ashpole,
as Trustee of the Ashpole Revocable Living Trust, Mary Claire
Ashpole, as Trustee of the Ashpole Revocable Living Trust v.
Plumbing Technologies, LLC (Case No. 2021 CV 1156).
Amundsen Davis' hourly rates range from $225 to $450.
John Shore, Esq., a partner at Amundsen Davis, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
John H. Shore, Esq.
Amundsen Davis
300 North Corporate Drive, Suite 150
Brookfield, WI 53045
Tel: (262) 792-2400/(262) 792-2406
Fax: (262) 792-2456
Email: jshore@amundsendavislaw.com
About Plumbing Technologies
Plumbing Technologies, LLC designs, engineers, manufactures,
markets, and sells toilet seats. The company is based in Sparks,
Nev.
Plumbing Technologies filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-35478) on
June 12, 2023, with $2,169,310 in assets and $2,364,227 in
liabilities. Heidi Sorvino, Esq., at White and Williams, LLP has
been appointed as Subchapter V trustee.
Judge Cecelia G. Morris oversees the case.
The Debtor tapped Michelle L. Trier, Esq., at Genova, Malin and
Trier, LLP as bankruptcy counsel; Amundsen Davis as special
counsel; and RA Hauser & Associates, LLC as controller and
bookkeeper.
POLISHED.COM INC: Restates Financials, BofA Relaxes Covenants
-------------------------------------------------------------
Polished.com Inc., formerly known as 1847 Goedeker Inc., earlier
this week said it is filing all restated and/or delayed financial
statements for Fiscal Year 2021 and Fiscal Year 2022 and is filing
its results for the first quarter of Fiscal Year 2023. As a result,
the Company will be current with its financial reporting
obligations and is positioned to retain its listing status on the
NYSE American.
The Company explained that the process of filing amended and
delayed financial statements was extensive because it entailed
onboarding a new audit firm and the auditing of the previously
filed financial reports since the Company's merger and initial
public offering in 2021. The audit resulted in a restatement of the
Fiscal Year 2021 and first quarter of Fiscal Year 2022 results, as
well as a reevaluation of the Company's goodwill associated with
the IPO.
The Company will host an investor conference call at 8:30 a.m. ET
on Friday, August 4, 2023 to review its results. The phone number
for the investor conference call is 1-844-881-0136 (toll-free) or
1-412-902-6507 (international); please ask to join the Polished
Investor Conference Call. This call and all supplemental
information can be accessed on the Company's investor relations
site at https://investor.polished.com.
The Company's filings and supplemental information can be found on
its investor relations website:
https://investor.polished.com/financials/sec-filings
Rick Bunka, Chief Executive Officer, commented: "Since new
management joined in October 2022, we have been intensely focused
on addressing the findings of the Audit Committee's 2022
investigation and putting Polished on stronger footing. We have
achieved the first round of milestones that include becoming
current on financial reporting obligations and positioning the
Company's securities to preserve their listing status. This said,
we acknowledge that the unwelcomed events of the past year were
disruptive for our business, suppliers, partners, shareholders and
warrant holders. Fortunately, reaching initial milestones and
remediating past issues will allow the management team to continue
its focus on attaining greater stability, producing profitable
growth and resuming normalized communication with the market."
"Importantly, while the restated performance of the business in
Fiscal Year 2022 was extremely disappointing, our first quarter
results demonstrate that while operating on reduced volume, the
Company can deliver more normalized margins and earnings within the
constraints of a difficult consumer spending environment. We intend
to spend the rest of this fiscal year establishing a stronger
infrastructure, identifying more efficiencies and making sure we
remain a destination of choice for customers. By taking the right
steps over the duration of 2023, which is a fix-and-rebuild year,
we will be well positioned to pursue profitable growth and enhanced
value in 2024 and beyond."
A copy of the Company's press statement, including updates on its
capital position, outlook and strategic review, is available at
https://tinyurl.com/s9h95fa2
$800,000 Charge
According to the Company, on July 31, 2023, 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 December 31, 2021, and Quarterly
Report on Form 10-Q for the period ended March 31, 2022, should no
longer be relied upon due to errors identified in the affected
periods primarily due to the findings of an investigation by the
Audit Committee concerning certain allegations made against the
Company by certain former employees. As a result of these
allegations, the Company's prior independent registered public
accounting firm, Friedman LLP, advised the Company that there may
be material adjustments and/or disclosures necessary to restate
previously reported financial information.
As a result of the investigation, the Audit Committee and the
Company's third-party experts concluded that during the 2021-2022
period the Company was charged by its former Chief Executive
Officer approximately $800,000 for expenses unrelated to the
Company and its operations. While re-auditing its financial
statements for the year ended December 31, 2021, the Company
determined that it needed to restate its previously issued
financial statements as of and for the year ended December 31, 2021
to reflect certain adjustments.
The Audit Committee, along with management, discussed with Sadler,
Gibb & Associates, LLC, its independent registered public
accounting firm, these matters.
Loan Amendment
In July 2023, the Company entered into a loan amendment of their
term loan and revolver loan agreement with Bank of America, in
which Bank of America waived specific technical defaults and
re-established a revolver loan commitment balance of $10 million.
The amendment establishes a new EBITDA covenant and requires the
Company to maintain minimum liquidity of $8 million including
restricted cash and $3 million excluding restricted cash. Liquidity
as defined in the credit agreement amendment includes cash and
certain qualifying customer accounts receivable. The credit
agreement amendment requires the Company to pay the existing loan
by August 31, 2024. The Company has begun discussions with
investment bankers to place financing to replace the existing
credit agreement by August 31, 2024.
Enough Cash
As of June 30, 2023, the Company had $8.7 million in cash and cash
equivalents and $5.6 million in restricted cash relative to $102.8
million in debt. At this time, the Company has sufficient cash to
fund its operations and it does not anticipate the need to raise
capital to sustain operations.
A copy of the Company's Annual Report is available at
https://tinyurl.com/ms42s2js
About Polished.com Inc.
Brooklyn-based Polished.com Inc., formerly known as 1847 Goedeker
Inc., (NYSE American: POL) is a content-driven and
technology-enabled shopping destination for appliances, furniture
and home goods. In April 2019, it acquired substantially all of
the assets of Goedeker Television, a brick and mortar operation
with an online presence serving the St. Louis metro area. Since
that acquisition, it has grown into a nationwide omnichannel
retailer. Through its June 2021 acquisition of Appliances
Connection, it has evolved into a growth-oriented e-commerce
platform, offering an expansive selection of household appliances
throughout the United States. In July 2021, it added to the
platform by acquiring Appliances Gallery. On July 20, 2022, the
Company changed its corporate name from 1847 Goedeker Inc. to
Polished.com Inc.
As of Dec. 31, 2022, the Company had $261.9 million in total assets
against $199.3 million in total liabilities.
PURDUE PHARMA: View on Bankruptcy Appeal Sought by Supreme Court
----------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that Supreme Court Justice Sonia
Sotomayor requested that Purdue Pharma LP respond to the US
government's bid to block the opioid manufacturer's Chapter 11
bankruptcy plan from taking effect.
Justice Sotomayor issued the request Friday, July 28, 2023, after
Solicitor General Elizabeth Prelogar filed papers with the court
earlier in the day. Prelogar argued that Purdue's bankruptcy plan,
which would shield the company's Sackler family owners from future
exposure to opioid victim lawsuits "constitutes an abuse of the
bankruptcy system, and raises serious constitutional questions."
Purdue won approval from the US Court of Appeals for the Second
Circuit in May 2023 to implement its restructuring plan.
About Purdue Pharma LP
Purdue Pharma L.P. and its subsidiaries --
http://www.purduepharma.com/-- develop and provide prescription
medicines and consumer products that meet the evolving needs of
healthcare professionals, patients, consumers and caregivers.
Purdue's subsidiaries include Adlon Therapeutics L.P., focused on
treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and
related disorders; Avrio Health L.P., a consumer health products
company that champions an improved quality of life for people in
the United States through the reimagining of innovative product
solutions; Imbrium Therapeutics L.P., established to further
advance the emerging portfolio and develop the pipeline in the
areas of CNS, non-opioid pain medicines, and select oncology
through internal research, strategic collaborations and
partnerships; and Greenfield Bioventures L.P., an investment
vehicle focused on value-inflection in early stages of clinical
development.
Opioid makers in the U.S. are facing pressure from a crackdown on
the addictive drug in the wake of the opioid crisis and as state
attorneys general file lawsuits against manufacturers. More than
2,000 states, counties, municipalities and Native American
governments have sued Purdue Pharma and other pharmaceutical
companies for their role in the opioid crisis in the U.S., which
has contributed to the more than 700,000 drug overdose deaths in
the U.S. since 1999.
OxyContin, Purdue Pharma's most prominent pain medication, has been
the target of over 2,600 civil actions pending in various state and
federal courts and other fora across the United States and its
territories.
On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated
debtors each filed a voluntary petition for relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No.
19-23649), after reaching terms of a preliminary agreement for
settling the massive opioid litigation. The Debtors' consolidated
balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets
and $562 million in liabilities.
U.S. Bankruptcy Judge Robert Drain oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as
legal counsels; PJT Partners as investment banker; AlixPartners as
financial advisor; and Grant Thornton, LLP as tax structuring
consultant. Prime Clerk, LLC, is the claims agent.
Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the
official committee of unsecured creditors appointed in the Debtors'
bankruptcy cases.
David M. Klauder, Esq., is the fee examiner appointed in the
Debtors' cases. The fee examiner is represented by Bielli &
Klauder, LLC.
* * *
U.S. Bankruptcy Judge Robert Drain in early September 2021 approved
a plan to turn Purdue into a new company (Knoa Pharma LLC) no
longer owned by members of the Sackler family, with its profits
going to fight the opioid epidemic. The Sackler family agreed to
pay $4.3 billion over nine years to the states and private
plaintiffs and in exchange for a lifetime legal immunity. The
deal
resolves some 3,000 lawsuits filed by state and local governments,
Native American tribes, unions, hospitals and others who claimed
the company's marketing of prescription opioids helped spark and
continue an overdose epidemic.
Separate appeals to approval of the Plan have already been filed by
the U.S. Bankruptcy Trustee, California, Connecticut, the District
of Columbia, Maryland, Rhode Island and Washington state, plus some
Canadian local governments and other Canadian entities.
In early March 2022, Purdue Pharma reached a nationwide settlement
over its role in the opioid crisis, with the Sackler family members
boosting their cash contribution to as much as $6 billion. The
settlement was hammered out with attorneys general from the eight
states -- California, Connecticut, Delaware, Maryland, Oregon,
Rhode Island, Vermont and Washington -- and D.C. who had opposed
the previous settlement.
RALPH LAUREN: Egan-Jones Retains BB+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on July 28, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ralph Lauren Corporation.
Headquartered in New York, Ralph Lauren Corporation designs
clothing and accessories.
RANDAZZO'S CLAM: Unsecureds to Split $50K in Liquidating Plan
-------------------------------------------------------------
Randazzo's Clam Bar of NY Inc. filed with the U.S. Bankruptcy Court
for the Eastern District of New York an Amended Disclosure
Statement concerning Chapter 11 Liquidating Plan dated July 27,
2023.
The Debtor operates a world-famous seafood restaurant in Brooklyn,
NY and has been in existence for decades.
COVID-19 pandemic and shut down of restaurant industry by city for
more than two years had a devastating affect on the Debtor and it
sales. It is only since all COVID restrictions were lifted that
sales have resumed to pre COVID numbers. Debtor currently has 11
employees.
The Plan provides for an auction sale of Property on August 2023
with proceeds of sale to be distributed to creditors pursuant to
relative priorities under Bankruptcy Code and applicable state
law.
Grandma's Clam Bar LLC ("GCB"), the entity that Debtor has entered
into a contract with to sell Debtor's business and assets to has
agreed to pay a sum sufficient to ensure: (i) payment of
Administrative Claims and Priority Claims in full; (ii) payment off
secured claim in full; (iii) payment of landlord's claim in full
overtime; (iv) payment of up to $50,000 to be distributed pro-rata
to holders of Allowed General Unsecured Claims.
Class 3 Claims consist of Allowed General Unsecured Claims. On
Claim Resolution Date, and after payment of Allowed Administrative
Claims, Allowed Priority Claims, Allowed Class 1 Claim and Class 2
in full, Disbursing Agent shall pay a pro-rata share of up to
$50,000 provided that the amount of distribution to holders of
Allowed Class 3 Claims shall not exceed 100% of Allowed Claims.
Class 3 Claims are impaired and entitled to vote on Plan. Debtor
estimates that amount of Class 3 Claims is approximately
$254,000.00.
Class 4 Interests consist of Interests in Debtor. On Effective
Date, after payment of Allowed Administrative Claims, Allowed
Priority Claims, Allowed Class 1 Claim, Allowed Class 2 Claim,
Allowed Class 3 Claims, Disbursing Agent shall pay remaining
proceeds, if any, from sale of Property to holder of Allowed Class
4 Interests. Following Closing of Sale of Property pursuant to
Article VII of Plan and payment of any distribution to holder of
Class 4 Interests, Class 4 Interests shall be cancelled.
Funds required for Plan confirmation and performance shall be
provided from proceeds from Sale of Property.
Disbursing Agent will cause Property to be sold at a public
auction. Successful Bidder at Auction shall be required at Closing
to pay up to a maximum of $465,000.00 plus additional sum over said
sum that is the successful bid. Business and its property shall be
sold free and clear of all liens, claims and encumbrances pursuant
to Section 363(f) of the Bankruptcy Code, which liens, claims and
encumbrances shall upon closing attach to proceeds of Sale in same
order of priority that currently exist on Property.
A full-text copy of the Amended Disclosure Statement dated July 27,
2023 is available at https://urlcurt.com/u?l=9EOFV3 from
PacerMonitor.com at no charge.
Attorney for Debtor:
Vincent M. Lentini, Esq.
1129 Northern Blvd., Suite 404
Manhasset, New York 11030
Phone: (516) 228-3214
Email: vincentmlentini@gmail.com
About Randazzo's Clam Bar of NY
Randazzo's Clam Bar NY Inc. operates a world-famous seafood
restaurant in Brooklyn, NY.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y.
Case No. 23-41151) on April 3, 2023, with as much as $1 million in
assets and $100,001 to $500,000 in liabilities. Judge Nancy Hershey
Lord oversees the case.
The Debtor tapped Vincent M. Lentini, Esq., as bankruptcy attorney
and Ross Strent and Company, LLP as accountant.
Secured creditors Novac Equities, LLC and Forever Funding, LLC are
represented by Todd A. Zuckerbrod, Esq.
RAPID METALS: Seeks to Hire Huron Consulting Services, Appoint CRO
------------------------------------------------------------------
Rapid Metals, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Michigan to hire Huron Consulting Services
and appoint Laura Marcero, the firm's managing director, as its
chief restructuring officer.
The Debtor requires a restructuring advisor to:
a. assist in the preparation of pleadings and schedules
necessary for the Debtor's Chapter 11 case;
b. prepare a 13-week debtor-in-possession cash flow forecast;
c. prepare monthly reports;
d. review and authorize cash disbursements;
e. develop strategic alternatives for the business;
f. assist in the execution of approved strategic
alternatives;
g. participate in meetings and negotiations with the Debtor's
secured and unsecured creditors and other key constituents;
h. assist in obtaining court approval for the use of
collateral or other financing;
i. assist with reporting requirements;
j. assist with respect to the bankruptcy-related claims
management and reconciliation process;
k. assist in communications and negotiations with other
constituents critical to the successful execution of the Debtor's
bankruptcy case;
l. act as the exclusive responsible person during the
bankruptcy case;
m. oversee all cash and liquidity management;
n. lead treasury functions, including disbursement of the
Debtor monies, assets or other value, debt monitoring and
compliance, cash management and banking relationships;
o. oversee accounting functions including payroll, tax and the
books and records of the Debtor;
p. lead financial management functions;
q. evaluate various values of the Debtor's assets under
different scenarios;
r. identify inefficiencies incurred and suggest improvements;
s. develop and negotiate alternative strategies to assist the
Debtor in negotiations; and
t. other scope items that may be required that are acceptable
to Huron and the Debtor.
The firm will charge these hourly fees:
Managing Director $965 - $1,315
Senior Director $920 - $950
Director $605 - 770
Manager $575
Associate $495
Analyst $400
As disclosed in court filings, the CRO is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The CRO can be reached at:
Laura Marcero
Huron Consulting Services, LLC
520 Ellicott Street, Suite 320
Buffalo, NY 14203
Phone: (312) 583-8700
About Rapid Metals
Rapid Metals, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-46098) on July 12,
2023, with $10 million to $50 million in both assets and
liabilities. Judge Maria L. Oxholm oversees the case.
Charles D. Bullock, Esq., at Stevenson & Bullock, P.L.C. is the
Debtor's legal counsel.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent the Debtor's unsecured creditors. The
committee is represented by Bernstein Burkley.
RELIABLE CASTINGS: Court OKs Interim Cash Collateral Access
-----------------------------------------------------------
The U.S. Southern District of Ohio, Western Division, authorized
Reliable Castings Corporation to use cash collateral on an interim
basis in accordance with the budget, with a 15% variance.
The Debtor requires the use of cash collateral to pay trade
vendors, suppliers, overhead and other expenses necessary for the
continued operation of the Debtor's business and the management and
preservation of the Debtor's assets and properties.
Prior to the commencement of the Case, the Debtor's largest
creditor was Spectrum Commercial Finance, LLC f/k/a Spectrum
Commercial Services Company, L.L.C., a Louisiana limited liability
company.
The Debtor owes Senior Secured Lender a total of approximately $3
million.
As adequate protection, the Senior Secured Lender is granted valid,
binding, enforceable and perfected first priority liens and
security interests, superior to the liens and security interests or
other interests or rights of all other creditors of the Debtor's
estate on property owned or leased by the Debtor.
As adequate protection for any post-petition diminution in value of
the Senior Secured Lender's interests in the cash collateral, the
Senior Secured Lender is granted administrative expense claims
against the Debtor's estate for the full amount of such
diminution.
These events constitute an "Event of Default":
(a) the Case is either dismissed or converted to a case under
chapter 7 of the Bankruptcy Code;
(b) a trustee (other than the subchapter V trustee already
appointed to serve in the Case) or an examiner with expanded powers
is appointed in the Case, or the Debtor ceases to be a
debtor-in-possession;
(c) the Debtor ceases operation of its business or takes any
material action for the purposes of effecting such cessation
without the prior written consent of the Senior Secured Lender;
(d) the Interim Order is reversed, vacated, stayed, amended,
supplemented or otherwise modified in a manner which shall
materially and adversely affect the rights of the Senior Secured
Lender hereunder or shall materially and adversely affect the
priority of any or all of the Senior Secured Lender's claims, liens
or security interests and which is not acceptable to the Senior
Secured Lender;
(e) the Court will not have entered a further interim order on
the Motion or a Final Order on or before the last day of the
Interim Period;
(f) the Debtor's failure to comply with or perform the terms
and provisions of the Interim Order in strict adherence to the time
period set forth herein and/or using cash collateral other than in
accordance with the provisions of the Budget and the Interim
Order;
(g) any sale or other disposition of Collateral or cash
collateral is approved without consent of the Senior Secured
Lender; and
(h) the automatic stay of Bankruptcy Code section 362 is
lifted so as to allow a party other than the Senior Secured Lender
to proceed against any material asset of the Debtor.
A final hearing on the matter is set for August 23, 2023 at 1:30
p.m.
A copy of the court's order is available at
https://urlcurt.com/u?l=qcSBYi from PacerMonitor.com.
The Debtor projects total expenses, on a weekly basis, as follows:
$242,000 for the week ending July 30, 2023;
$325,000 for the week ending August 6, 2023;
$350,000 for the week ending August 13, 2023; and
$290,000 for the week ending August 20, 2023.
About Reliable Castings Corporation
Reliable Castings Corporation is a supplier of quality aluminum
castings, specializing in aluminum, sand, and permanent mold
castings, prototype castings, mold finishing and repair, and
tooling design and fabrication.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-31157) on July 25,
2023. In the petition signed by Robert J. Kuhn, authorized
representative, the Debtor disclosed up to $10 million in both
assets and liabilities.
Judge Guy R. Humphrey oversees the case.
Patricia J. Friesinger, Esq., at Coolidge Wall Co., L.P.A.,
represents the Debtor as legal counsel.
RETAILING ENTERPRISES: Taps Pulcini & Nemet as Accountant
---------------------------------------------------------
Retailing Enterprises, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Pulcini &
Nemet, CPA's PA as accountant.
The firm's services include assisting the Debtor in tax accounting,
preparing and filing the Debtor's 2022 tax return, and reviewing
2022 financial statements.
The firm will be compensated at $250 per hour and will be
reimbursed for out-of-pocket expenses incurred.
As disclosed in court filings, Pulcini & Nemet is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Mary G. Pulcini, CPA
Mark J. Nemet, CPA
Pulcini & Nemet, CPA's PA
12330 SW 53rd Street, Suite 712
Cooper City, FL 33330
Tel: (954) 533-7800
Fax: (954) 443-1977
Email: mary@cpasfla.com
marknemet@cpasfla.com
About Retailing Enterprises
Retailing Enterprises, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-14169) on
May 30, 2023, with $10 million to $50 million in assets and $50
million to $100 million in liabilities. Mauricio Krantzberg,
president, signed the petition.
Judge Scott M. Grossman oversees the case.
Aaron A. Wernick, Esq., at Wernick Law, PLLC and GGG Partners, LLC
serve as the Debtor's legal counsel and financial advisor,
respectively.
RICHARDSON CREEK: Case Summary & One Unsecured Creditor
-------------------------------------------------------
Debtor: Richardson Creek, LLC
18581 SW Timbergrove Court
Lake Oswego, OR 97035
Chapter 11 Petition Date: August 2, 2023
Court: United States Bankruptcy Court
District of Oregon
Case No.: 23-31698
Judge: Hon. David W. Hercher
Debtor's Counsel: John D. Parsons, Esq.
PARSONS FARNELL & GREIN, LLP
1030 SW Morrison Street
Portland OR 97205
Tel: 503-222-1812
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Julie Boothby as member.
The Debtor listed Whitaker Family Limited Partnership as its sole
unsecured creditor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/FILTJBQ/Richardson_Creek_LLC__orbke-23-31698__0001.0.pdf?mcid=tGE4TAMA
ROCKPORT CO. LLC: $40.9 Million DIP Loan Approved
-------------------------------------------------
Leslie A. Pappas of Law360 reports that the Rockport Company LLC on
Thursday moved a step closer to a $45 million sale and got a
close-to-final nod from a Delaware bankruptcy court judge on $40.9
million in post-petition financing after the bankrupt footwear
retailer overcame objections about how it would use its lenders'
cash.
About Rockport Co. LLC
The Rockport Company, LLC -- https://www.rockport.com/ -- offers a
collection of men's and women's brands that provide comfortable
shoes for every occasion. The company and its subsidiaries are
global designers, distributors and retailers of comfort footwear in
more than 50 markets worldwide.
Rockport Company and its affiliates first sought Chapter 11
bankruptcy protection (Bankr. D. Del. Lead Case No. 18-11145) on
May 14, 2018. The business was taken out of bankruptcy after the
court approved the sale of substantially all of Rockport Company's
assets to an affiliate of Charlesbank Equity Fund IX, LP.
Rockport Company and its affiliates again sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10774) on June 15, 2023. In the petition filed by its
chief
restructuring officer, Joseph Marchese, Rockport Company reported
$50 million to $100 million in both assets and liabilities.
In the new Chapter 11 cases, the Debtors tapped Potter Anderson &
Corroon, LLP as legal counsel; Miller Buckfire & Co., LLC as
financial advisor and investment banker; and PKF Clear Thinking as
personnel provider. Epiq Corporate Restructuring, LLC is the claims
and noticing agent and administrative advisor.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Cole Schotz, P.C.
SCOTTS MIRACLE-GRO: Egan-Jones Retains BB- Sr. Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on July 24, 2023, maintained its 'BB-'
foreign currency and local currency senior unsecured ratings on
debt issued by Scotts Miracle-Gro Company. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in Marysville, Ohio, Scotts Miracle-Gro Company
markets branded consumer lawn and garden products, as well as a
full range of products for professional horticulture.
SDS COLCON: September 28 Public Auction Sale Set
------------------------------------------------
In accordance with applicable provisions of the Uniform Commercial
Code as enacted in New York, by virtue of certain events of default
under that certain membership interest pledge agreement dated as of
Oct. 28, 2021, executed and delivered by SDS Colcon LLC
("pledgor"), TIG Romspen US Master Mortgage LP ("secured party")
will offer for sale at public auction all of pledgor's right,
title, and interest in and to the following: (i) 10% of the limited
liability membership interest in SDS Colcon Owner LLC ("Company"),
and (ii) all other collateral pledged pursuant to the pledged
agreement.
Based upon information provided by pledgor and its affiliates,
secured party's understanding is that: (i) pledgor owns 100% of the
limited liability company membership interest in the Company; (ii)
the principal asset of the Company is that certain fee interest in
real property commonly known as 63 Columbia Street, Brooklyn, New
York ("property"); (iii); and (iv) the property is encumbered and
subject to, among other tings, a first priority mortgages held by
the Company securing indebtedness in the principal amount of
$14,700,000.
Mannion Auctions LLC under the direction of Matthew D. Mannion will
conduct a public sale on Sept. 28, 2023, at 10:00 a.m. via Zoom,
meeting link and at secured party's role option, in-person in the
offices of Greenspoon Marder LLP, 590 Madison Avenue, 18th Floor,
New York, New York 10022. The URL address, password and telephone
numbers for the zoom on-line video conference will be provided to
all confirmed participants that have properly registered for public
sale.
The public sale of the collateral will be subject to the further
terms and conditions set forth in the terms of the sale, which are
available by contacting the broker for secured party:
Brett Rosenberg
Senior Managing Director
Jones Lang LaSalle Americas Inc.
330 Madison Avenue, Floor 4
New York, New York 10017
Tel: (212) 812-5926
Email: brett.rosenberg@jll.com
SKOPIMA CONSILIO: S&P Rates New $200MM First-Lien Term Loan 'B-'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to Skopima Consilio Parent LLC's proposed $200
million first-lien term loan due 2028. The '3' recovery rating
indicates its expectation for meaningful (50%-70%; rounded
estimate: 60%) recovery for lenders in the event of a default.
S&P said, "The proposed transaction does not affect our 'B-' issuer
credit rating or stable outlook. Consilio plans to use the proceeds
to help fund the acquisition of a global alternative legal services
provider that primarily serves the U.K., Australia, and Asia. While
the transaction will modestly increase pro forma S&P Global
Ratings-adjusted leverage, the acquisition will broaden the
company's geographic diversity and provide cross-selling
opportunities with Consilio's U.S. client base.
"Pro forma for the acquisition, we expect 2023 leverage in the
low-to-mid 6x area, with free operating cash flow (FOCF) to debt in
the low-single-digit percent area. Although we expect Consilio's
leverage will likely remain below our 6.5x upgrade threshold for
the rating for now, increased debt service costs due to the rising
interest rate environment will likely keep FOCF to debt in the
low-single-digit percent area, which supports our ratings."
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- Consilio's capital structure consists of a $95 million
revolving credit facility due in 2026, a $1.54 billion first-lien
term loan due in 2028 ($1.513 billion outstanding), the proposed
$200 million incremental first-lien term loan due in 2028, and a
$300 million second-lien term loan due in 2029 ($288.5 million
outstanding).
-- The first-lien debt is secured by a first-priority perfected
lien on substantially all assets of the borrowers and guarantors
domestically and abroad.
-- In a default scenario, S&P assumes creditors would receive more
value in a reorganization rather than a liquidation; therefore, it
employs a distressed enterprise value-based analysis.
-- S&P's simulated default risk factors include financial stress
from high debt service, integration risk, increased competition,
pricing pressure leading to lower margins, significant loss of
customers, or unfavorable shift in the regulatory environment.
Simulated default assumptions
-- Simulated year of default: 2025
-- EBITDA at emergence: About $193 million
-- EBITDA multiple: 6x
-- The revolving credit facility is 85% drawn
-- All debt amounts at default include six months of accrued
prepetition interest.
Simplified waterfall
-- Net enterprise valuation (after 5% administrative costs): About
$1.1 billion
-- First-lien debt claims: About $1.83 billion
--Recovery expectations: 50%-70%; rounded estimate: 60%
-- Second-lien debt claims: About $303 million
--Recovery expectations: 0%-10%; rounded estimate: 0%
SKYREACH CONSTRUCTION: Taps Carr Riggs & Ingram as Accountant
-------------------------------------------------------------
Skyreach Construction, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Florida to employ Carr Riggs &
Ingram CPAs and Advisors.
The Debtor requires an accountant to provide tax advice and other
accounting services.
The firm will be paid at hourly rates ranging from $140 to $320.
As disclosed in court filings, Carr Riggs & Ingram is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Destin Cobb, CPA, CVA
Carr Riggs & Ingram CPAs and Advisors
866 N Ferdon Blvd
Crestview, FL 32536
Tel: (850) 826-4104
Email: dcobb@cricpa.com
About Skyreach Construction
Skyreach Construction, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No.
23-30395) on June 8, 2023, with $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities. Jodi Daniel Dubose, Esq., at
Stichter, Riedel, Blain & Postler P.A., has been appointed as
Subchapter V trustee.
Judge Jerry C. Oldshue, Jr. oversees the case.
The Debtor is represented by Byron W. Wright III, Esq., at Bruner
Wright, P.A.
SLOW BURN: Timothy Stone Named Subchapter V Trustee
---------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Timothy Stone of
Newpoint Advisors Corporation as Subchapter V trustee for Slow Burn
Hot Chicken, LLC.
Mr. Stone will be paid an hourly fee of $325 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Stone declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Timothy Stone
Newpoint Advisors Corporation
750 Old Hickory Blvd, Building Two, Suite 150
Brentwood, TN 37027
Phone: 800-306-1250/615-440-8273
Fax: (702) 543-3881
Email: tstone@newpointadvisors.us
About Slow Burn
Slow Burn Hot Chicken, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
23-02591) on July 21, 2023, with as much as $50,000 in assets and
$100,001 to $500,000 in liabilities. Judge Charles M. Walker
oversees the case.
Steven L. Lefkovitz, Esq., at Lefkovitz And Lefkovitz, PLLC is the
Debtor's legal counsel.
STULTZ & STEPHAN: Seeks to Hire 'Ordinary Course' Professionals
---------------------------------------------------------------
Stultz & Stephan, Ltd seeks approval from the U.S. Bankruptcy Court
for the Southern District of Ohio to employ professionals used in
the ordinary course of business.
The firm tapped the services of these "ordinary course"
professionals:
Professionals Services
Bill Byers Lobbyist. Advises the Debtor re
Byers, Minton & Assoc., LLC on work related to the State of
88 East Broad St., Ste. 1650 Ohio and Ohio Attorney General.
Columbus, OH 43215
Amy Danner Consultant. Advises the Debtor
AED Advisors, LLC on compliance with IRS Publication
3140 Limestone Circle 1075.
Cincinnati, OH 45239
Byers, Minton & Assoc. and AED Advisors will be paid $2,500 per
month and $2,100 per month, respectively.
About Stultz & Stephan
Stultz & Stephan, Ltd. is an Ohio limited liability company which
operates a law firm with offices located in Tiffin and Columbus,
Ohio.
Stultz & Stephan sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-52039) on June 16,
2023, with up to $1 million in assets and up to $10 million in
liabilities. Michael D. Stultz, member of Stultz & Stephan, signed
the petition.
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: Taps Stretto as Claims and Noticing Agent
----------------------------------------------------------
SureFunding, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to employ Stretto, Inc.
The Debtor requires a claims, noticing and solicitation agent to
serve notices to creditors, equity security holders and other
concerned parties, and provide computerized claims-related
services.
The Debtors provided Stretto a retainer in the amount of $10,000.
Sheryl Betance, a senior managing director at Stretto, disclosed in
a court filing that her firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About 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. and Milligan Rona Duran & King, LLC as special litigation
counsels; and Ted Gavin of Gavin/Solmonese, LLC as chief
restructuring and liquidation officer.
Bayard, P.A. represents the ad hoc committee of SureFunding
noteholders.
SYRACUSE DIOCESE: Reaches Settlement Deal With Abuse Survivors
--------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that the Roman Catholic Diocese
of Syracuse and the church entities comprising its ecclesiastical
jurisdiction reached an agreement in bankruptcy court to pay $100
million to settle with clergy abuse victims.
The New York-based diocese and a committee representing more than
400 child sex abuse survivors jointly announced the settlement on
Thursday, July 27, 2023, calling it "an important first step in
forming a Chapter 11 plan" that will help the diocese exit
bankruptcy.
"As the present leader of the Church of Syracuse, I cannot
apologize enough for the abuse which happened or for any neglect in
dealing with it," Bishop Douglas J. Lucia said.
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.
TAHOE LAKE: Taps Law Offices of Michael Jay Berger as Counsel
-------------------------------------------------------------
Tahoe Lake Love received approval from the U.S. Bankruptcy Court
for the Eastern District of California to employ the Law Offices of
Michael Jay Berger as its legal counsel.
The firm's services include:
(a) communicating with creditors;
(b) reviewing the Debtor's Chapter 11 bankruptcy petition and
all supporting schedules;
(c) advising the Debtor of its legal rights and obligations in
a bankruptcy proceeding;
(d) working to bring the Debtor into full compliance with the
reporting requirements of the Office of the U.S. Trustee;
(e) prepare status reports as required by the court;
(f) responding to any motions filed in the Debtor's bankruptcy
proceeding;
(g) responding to creditor inquiries;
(h) reviewing proofs of claim filed in the Debtor's Chapter 11
bankruptcy and object to inappropriate claims;
(i) preparing notices of automatic stay in all state court
proceedings in which the Debtor is sued; and
(j) preparing a Chapter 11 plan of reorganization for the
Debtor.
The firm will be paid at these rates:
Michael Jay Berger, Esq. $595 per hour
Sofya Davtyan, Senior Associate Attorney $545 per hour
Carolyn M. Afari, Mid-level Associate Attorney $435 per hour
Robert Poteete, Mid-level Associate Attorney $435 per hour
Angeline Smirnoff, Associate Attorney $395 per hour
Senior Paralegals and Law Clerks $250 per hour
Bankruptcy Paralegals $200 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $20,000.
Michael Jay Berger, Esq., the sole owner of the Law Offices of
Michael Jay Berger, disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Michael Jay Berger, Esq.
Law Offices of Michael Jay Berger
9454 Wilshire Blvd., 6th Floor
Beverly Hills, CA 90212-2929
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
Email: michael.berger@bankruptcypower.com
About Tahoe Lake Love
Tahoe Lake Love filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-21903) on June
9, 2023, with up to $50,000 in assets and up to $1 million in
liabilities. David Sousa has been appointed as Subchapter V
trustee.
Judge Christopher D. Jaime oversees the case.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
represents the Debtor as bankruptcy counsel.
TANTUM COMPANIES: Gets Approval to Hire Bankruptcy Counsel
----------------------------------------------------------
Tantum Companies, LLC and BYB Leasing, LLC received approval from
the U.S. Bankruptcy Court for the Western District of North
Carolina to employ Hamilton Stephens Steele + Martin, PLLC as
bankruptcy counsel.
The firm will render these services:
(a) advise the Debtors with respect to their powers and duties
in the continued operation of their business and management of
their properties;
(b) negotiate, prepare, and pursue confirmation of a Chapter
11 plan and approval of a disclosure statement, and all related
reorganization agreements and/or documents;
(c) prepare on behalf of the Debtors necessary legal papers;
(d) appear in court to protect the interests of the Debtors;
and
(e) perform all other legal services for the Debtors which may
be necessary and proper in these Chapter 11 cases.
The hourly rates of the firm's counsel and staff are as follows:
Partners $415 - $600
Associates $350 - $375
The firm has agreed to bill the Debtors at a fixed blended rate for
both partners and associates of $425 per hour.
In addition, the firm will seek reimbursement for expenses
incurred.
Robert Cox, Jr., Esq., an attorney at Hamilton Stephens Steele +
Martin, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Robert A. Cox, Jr., Esq.
Hamilton Stephens Steele + Martin, PLLC
525 North Tryon Street, Suite 1400
Charlotte, NC 28202
Telephone: (704) 344-1117
Facsimile: (704) 344-1483
Email: rcox@lawhssm.com
About Tantum Companies
Tantum Companies, LLC operates in the restaurant industry. The
company is based in Charlotte, N.C.
Tantum Companies and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Lead Case No.
23-30407) on June 26, 2023. In the petition signed by CEO Mark
Cote, Tantum Companies disclosed up to $10 million in assets and up
to $50 million in liabilities.
Judge Craig Whitley oversees the cases.
Robert A. Cox, Jr., Esq., at Hamilton Stephens Steele + Martin,
PLLC, represents the Debtors as legal counsel. Blystone and
Donaldson is the Debtors' financial advisor.
TELEPHONE AND DATA: Egan-Jones Retains B+ Senior Unsecured Ratings
------------------------------------------------------------------
Egan-Jones Ratings Company on July 24, 2023, maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by Telephone and Data Systems, Inc. EJR also withdraws
rating on commercial paper issued by the Company.
Headquartered in Chicago, Illinois, Telephone and Data Systems,
Inc. is a diversified telecommunications company.
TORTOISEECOFIN PARENT: S&P Cuts ICR to 'CCC' on Liquidity Pressure
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
TortoiseEcofin Parent Holdco LLC to 'CCC' from 'CCC+'.
At the same time, S&P lowered its rating on the company's senior
secured term loan to 'CCC-' from 'CCC'. The recovery rating is '5',
reflecting its expectation of a modest recovery (10%) in a
hypothetical default scenario.
The negative outlook reflects the increasing risk that the
company's liquidity sources may be insufficient to cover its debt
obligations over the next 12 months.
S&P said, "We expect TortoiseEcofin to operate with negative
operating cash flow over the next 12 months.In recent quarters, the
company's interest payments, debt amortization, and other
obligations have well exceeded earnings. We believe this trend will
continue as interest payments on the floating-rate term loan remain
high while earnings remain modest.
"We expect the company's liquidity to face pressure over the next
12 months. As interest payments and debt amortization exceed cash
generated from operations, we believe TortoiseEcofin will use its
current balance of cash and cash equivalents to meet obligations.
As of June 30, 2023, the company's cash and cash equivalents
totaled $21.1 million, down from $42.6 million as of year-end 2022.
Its equity securities and equity method investments, which we
expect it will sell to generate additional cash as needed, totaled
$9.4 million as of June 30, 2023. As the company utilizes the cash
and equity securities balances each quarter, we expect its
liquidity position to decline and the risk that liquidity sources
may be insufficient to cover debt obligations to increase. The
company's primary liquidity uses in the next 12 months include
mandatory quarterly amortization of its term loan, which amounts to
around $3.2 million in full-year 2023, as well as interest payments
of approximately $7 million per quarter.
"The negative outlook reflects the increasing risk that the
company's liquidity sources may be insufficient to cover its debt
obligations, including amortization and interest payments.
Therefore, absent an unforeseen positive development, we think a
conventional default or a debt restructuring transaction over the
next 12 months is likely.
"We could downgrade the company if liquidity further deteriorates
such that a default, distressed exchange, or redemption appears
inevitable within six months. We could also lower the ratings if
the company executes exchange offers or a debt restructuring on its
term loan that we view as distressed.
"While unlikely, we could revise the outlook to stable if liquidity
improves through business improvement and earnings growth such that
the company can maintain operations for another 12 months."
TRIARC SYSTEMS: Hires Eric A. Liepins P.C. as Counsel
-----------------------------------------------------
Triarc Systems, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Eric A. Liepins, P.C.
as counsel.
Eric A. Liepins, PC as its bankruptcy counsel.
The Debtor requires legal assistance to liquidate its assets,
reorganize the claims of the estate, and determine the validity of
claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $5,000, plus filing fee.
Eric A. Liepins, Esq. disclosed in a court filing that his firm is
a "disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Eric A. Liepins, Esq.
Eric A. Liepins, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About Triarc Systems
Triarc Systems, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Texas Case No. 23-41996) on
July 11, 2023, with as much as $50,000 in assets and $1 million to
$10 million in liabilities. Chris Reeves, managing member, signed
the petition.
Eric A. Liepins, Esq., is the Debtor's legal counsel.
TUESDAY MORNING CORP: Will Liquidate After Creditor Deal
--------------------------------------------------------
Rick Archer of Law360 reports that a Texas bankruptcy judge on
Thursday, July 27, 2023, approved a $34.5 million settlement
between the bankrupt retail chain Tuesday Morning and its creditors
and the company's request to convert its case to a Chapter 7
liquidation.
The Official Committee of Unsecured Creditors appointed in the
chapter 11 cases on Aug. 2, 2023, filed a notice of withdrawal,
with prejudice, of the Committee's Motion to Vacate or
Alternatively Reconsider the Interim Order authorizing the Debtors
to (A) Use Cash Collateral on a Limited Basis and (B) Obtain
Postpetition Financing on a Secured, Superpriority Basis.
About Tuesday Morning
Dallas, Texas-based Tuesday Morning Corporation is an off-price
retailer specializing in products for the home, including upscale
home textiles, home furnishings, housewares, gourmet food, toys and
seasonal decor, at prices generally below those found in boutique,
specialty and department stores, catalogs and on-line retailers.
Tuesday Morning and several affiliates filed for Chapter 11
bankruptcy protection (Bankr. N.D. Tex. Lead Case No. 23-90001) on
Feb. 14, 2023. The Debtors said both assets and liabilities, on a
consolidated basis, range from $100 million to $500 million.
Judge Edward L. Morris presides over the cases.
The Debtors tapped Munsch Hardt Kopf & Harr, P.C., as bankruptcy
counsel; Phelanlaw as special counsel; Force Ten Partners LLC as
financial advisor; and Piper Sandler & Co. as investment banker.
Stretto, Inc., is the claims and noticing agent.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors. The committee is represented by the
law firms of Fox Rothschild, LLP and Lowenstein Sandler, LLP.
Province, LLC serves as the committee's financial advisor.
TYSON FAMILY: Hires Ayers & Haidt P.A. as Counsel
-------------------------------------------------
Tyson Family Farms, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to employ Ayers &
Haidt, P.A. to serve as legal counsel in its Chapter 11 case.
The firm will be paid based upon its normal and usual hourly
billing rates. The firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
The firm will be paid a retainer in the amount of $20,000.
David J. Haidt, Esq., a partner at Ayers & Haidt, PA, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
David J. Haidt, Esq.
Ayers & Haidt, PA
P.O. Box 1544
307 Metcalf Street
New Bern, NC 28563
Tel: (252) 638-2955
Email: davidhaidt@embarqmail.com
About Tyson Family Farms
Tyson Family Farms, Inc., filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
23-01738) on June 23, 2023, with $1 million to $10 million in both
assets and liabilities. Jeffery V. Tyson, president, signed the
petition.
Judge Pamela W Mcafee oversees the case.
David J. Haidt, Esq., at Ayers & Haidt, PA, is the Debtor's legal
counsel.
VERA HOLDINGS: Hires James S. Wilkins, P.C. as Counsel
------------------------------------------------------
Vera Holdings, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Texas to employ James S. Wilkins, P.C.
to serve as legal counsel in its Chapter 11 case.
The firm's services include:
(a) give the Debtor legal advice with respect to its power and
duties in the continued operation of its personal management of its
property;
(b) take necessary action to collect property of the estate
and file suits to recover the property;
(c) represent the Debtor in connection with the formulation
and implementation of a plan of reorganization and all matters
incident thereto;
(d) prepare legal papers;
(e) object to disputed claims; and
(f) perform all other legal services for the Debtor.
The firm will be paid at the rate of $370 per hour to be applied
against a retainer of $5,500 for post-petition services, costs and
filing fees.
James Wilkins, Esq., a partner at James S. Wilkins, P.C., disclosed
in court filings that he is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The attorney can be reached at:
James S. Wilkins, Esq.
James S. Wilkins, P.C.
1100 NW Loop 410, Suite 700
San Antonio, TX 78205-1711
Telephone: (210) 271-9212
Facsimile: (210) 271-9389
Email: jwilkins@stic.net
About Vera Holdings
Vera Holdings, LLC in San Antonio, TX, filed its voluntary petition
for Chapter 11 protection (Bankr. W.D. Tex. Case No. 23-50857) on
July 3, 2023, listing $50,000 to $100,000 in assets and $1 million
to $10 million in liabilities. Mark A. Vera as managing member,
signed the petition.
JAMES S. WILKINS, P.C. serve as the Debtor's legal counsel.
WESCO AIRCRAFT: Committee Taps McDermott Will & Emery as Counsel
----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Wesco Aircraft Holdings, Inc. and its
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ McDermott Will & Emery LLP as
its counsel.
The firm will render these services:
(a) advise the committee with respect to its rights, powers,
and duties in these Chapter 11 cases;
(b) participate in in-person and telephonic meetings of the
committee and subcommittees formed thereby, if any;
(c) assist and advise the committee in its meetings and
negotiations with the Debtors and other parties in interest
regarding the Chapter 11 cases;
(d) assist the committee in analyzing claims asserted against,
and interests in, the Debtors, and in negotiating with the holders
of such claims and interests and bringing, or participating in,
objections or estimation proceedings with respect to such claims
and interests;
(e) assist the committee in analyzing the Debtors' assets and
liabilities;
(f) assist the committee in its investigation of the acts,
conduct, assets, liabilities, management and financial condition of
the Debtors, the Debtors' historic and ongoing operations of their
businesses, and the desirability of the continuation of any portion
of those operations, and any other matters relevant to the Chapter
11 cases or to the formation of a plan;
(g) assist the committee in its analysis of, and negotiations
with the Debtors or any third party related to, financing, asset
disposition transactions, and compromises of controversies, review
and determine the Debtors' rights and obligations under leases and
executory contracts, and assist, advise, and represent the
committee in any manner relevant to the assumption and rejection of
executory contracts and unexpired leases;
(h) assist the committee in its analysis of, and negotiations
with, the Debtors or any third party related to, the formulation,
confirmation, and implementation of a Chapter 11 plan(s) and all
documentation related thereto (including the disclosure
statement);
(i) assist, advise, and represent the committee in
understanding its powers and its duties under the Bankruptcy Code
and the Bankruptcy Rules and in performing other services;
(j) assist and advise the committee with respect to
communications with the general creditor body regarding significant
matters in the Chapter 11 cases;
(k) respond to inquiries from individual creditors as to the
status of, and developments in, the Chapter 11 cases;
(l) represent the committee at hearings and other proceedings
before the court and other courts or tribunals, as appropriate;
(m) review and analyze complaints, motions, applications,
orders, and other pleadings filed with the court, and advise the
committee with respect to formulating positions with respect, and
filing responses, thereto;
(n) assist the committee in its review and analysis of, and
negotiations with the Debtors and their non-Debtor affiliates
related to, intercompany claims and transactions;
(o) review and analyze third party analyses and reports
prepared in connection with the Debtors' potential claims and
causes of action, advise the committee with respect to formulating
positions thereon, and perform such other diligence and independent
analysis as may be requested by the committee;
(p) advise the committee with respect to applicable federal
and state regulatory issues, as such issues may arise in the
Chapter 11 cases;
(q) assist the committee in preparing pleadings and
applications, and pursuing or participating in adversary
proceedings, contested matters, and administrative proceedings as
may be necessary or appropriate in furtherance of the committee's
duties;
(r) take all necessary or appropriate actions as may be
required in connection with the administration of the Debtors'
estates; and
(s) perform such other legal services as may be necessary or
as may be requested by the committee in accordance with the
committee's powers and duties as set forth in the Bankruptcy Code.
The hourly rates of the firm's counsel and staff are as follows:
Partners $1,170 - $2,330
Associates $655 - $1,125
Non-lawyer Professionals $135 - $1,275
In addition, the firm will seek reimbursement for expenses
incurred.
McDermott provided the following in response to the request for
additional information set forth in D.1 of the Appendix B
Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Answer: Yes, billing rates are being billed at a discounted
rate.
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 for
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: McDermott did not represent the committee in the 12
months prepetition. McDermott has represented official committees
of unsecured creditors in other bankruptcy cases during the 12
months preceding the petition date.
Question: Has your client approved your prospective budget and
staffing plan and, if so, for what budget period?
Answer: The committee and McDermott expect to develop a
prospective budget and staffing plan, recognizing that in the
course of large Chapter 11 cases, complex and unexpected issues may
arise that may in turn result in unforeseeable fees and expenses.
Charles Gibbs, Esq., a partner at McDermott Will & Emery, disclosed
in a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Charles R. Gibbs, Esq.
McDermott Will & Emery LLP
2501 North Harwood Street, Suite 1900
Dallas, TX 75201
Telephone: (214) 295-8063
About Incora
Incora -- http://www.incora.com/-- is the trade name for the group
of companies formed by Wesco Aircraft and Pattonair, a provider of
comprehensive supply chain management services to the global
aerospace and other industries. Beginning with a strong foundation
in aerospace and defense, Incora also utilizes its supply chain
expertise to serve industrial manufacturing, marine, pharmaceutical
and beyond. Incora incorporates itself into customers' businesses,
managing all aspects of supply chain from procurement and inventory
management to logistics and on-site customer services. The company
is headquartered in Fort Worth, Texas, with a global footprint that
includes 68 locations in 17 countries and more than 3,800
employees.
Wesco Aircraft Holdings, Inc., doing business as Incora, and 43
affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead
Case No. 23-90611) on June 1, 2023.
Wesco Aircraft estimated assets and debt of $1 billion to $10
billion as of the bankruptcy filing.
The Debtors tapped Milbank, LLP and Haynes and Boone, LLP as
bankruptcy counsels; PJT Partners, Inc. as investment banker;
Alvarez & Marsal North America, LLC as restructuring advisor; and
Quinn Emanuel Urquhart & Sullivan, LLP as special litigation and
conflicts counsel. Kurtzman Carson Consultants, LLC is the claims
agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped McDermott Will & Emery, LLP and Morrison Foerster,
LLP as its counsel; Piper Sandler & Co. as investment banker; and
Province, LLC as financial advisor.
WESCO AIRCRAFT: Committee Taps Morrison & Foerster as Counsel
-------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Wesco Aircraft Holdings, Inc. and its
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Morrison & Foerster LLP as
counsel.
The firm will render these services:
(a) advise the committee in connection with its powers and
duties under the Bankruptcy Code, the Bankruptcy Rules, and the
Local Rules;
(b) assist and advise the committee in its consultation with
the Debtors relative to the administration of these Chapter 11
cases;
(c) attend meetings and negotiate with the representatives of
the Debtors and other parties in interest;
(d) assist and advise the committee in its examination and
analysis of the conduct of the Debtors' affairs;
(e) assist and advise the committee in connection with any
sale of the Debtors' assets pursuant to Section 363 of the
Bankruptcy Code;
(f) assist the committee in the review, analysis, and
negotiation of any Chapter 11 plan(s) of reorganization or
liquidation that may be filed and assist the committee in the
review, analysis, and negotiation of the disclosure statement
accompanying any such plan(s);
(g) take all necessary action to protect and preserve the
interests of the committee;
(h) prepare on behalf of the committee all necessary legal
papers;
(i) appear, as appropriate, before this court, the appellate
courts, and the U.S. Trustee, and protect the interests of the
committee before those courts and before the U.S. Trustee; and
(j) perform all other necessary legal services in these cases
as may be directed by the committee.
The hourly rates of the firm's counsel and staff are as follows:
Partners and Senior of Counsel $1,200 - $2,050
Of Counsel $1,050 - $1,650
Associates $710 - $1,130
Paraprofessionals $340 - $560
In addition, the firm will seek reimbursement for expenses
incurred.
Morrison & Foerster provided the following in response to the
request for additional information set forth in Section D of the
Revised U.S. Trustee Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Answer: No.
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 twelve months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the twelve months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and reasons for the difference.
Answer: Morrison & Foerster did not represent the committee prior
to these Chapter 11 cases.
Question: Has your client approved your respective budget and
staffing plan, and if so, for what budget period?
Answer: The committee and Morrison & Foerster expect to develop a
prospective budget and staffing plan to comply with the U.S.
Trustee's requests for information and additional disclosures, and
any other orders of the Court, recognizing that in the course of
these Chapter 11 cases there may be unforeseeable fees and expenses
that will need to be addressed by the committee and Morrison &
Foerster.
Lorenzo Marinuzzi, Esq., a partner at Morrison & Foerster,
disclosed in a court filing that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Lorenzo Marinuzzi, Esq.
Morrison & Foerster LLP
250 West 55th Street
New York, NY 10019
Telephone: (212) 468-8000
Facsimile: (212) 468-7900
Email: lmarinuzzi@mofo.com
About Incora
Incora -- http://www.incora.com/-- is the trade name for the group
of companies formed by Wesco Aircraft and Pattonair, a provider of
comprehensive supply chain management services to the global
aerospace and other industries. Beginning with a strong foundation
in aerospace and defense, Incora also utilizes its supply chain
expertise to serve industrial manufacturing, marine, pharmaceutical
and beyond. Incora incorporates itself into customers' businesses,
managing all aspects of supply chain from procurement and inventory
management to logistics and on-site customer services. The company
is headquartered in Fort Worth, Texas, with a global footprint that
includes 68 locations in 17 countries and more than 3,800
employees.
Wesco Aircraft Holdings, Inc., doing business as Incora, and 43
affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead
Case No. 23-90611) on June 1, 2023.
Wesco Aircraft estimated assets and debt of $1 billion to $10
billion as of the bankruptcy filing.
The Debtors tapped Milbank, LLP and Haynes and Boone, LLP as
bankruptcy counsels; PJT Partners, Inc. as investment banker;
Alvarez & Marsal North America, LLC as restructuring advisor; and
Quinn Emanuel Urquhart & Sullivan, LLP as special litigation and
conflicts counsel. Kurtzman Carson Consultants, LLC is the claims
agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped McDermott Will & Emery, LLP and Morrison Foerster,
LLP as its counsel; Piper Sandler & Co. as investment banker; and
Province, LLC as financial advisor.
WESCO AIRCRAFT: Committee Taps Piper Sandler as Investment Banker
-----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Wesco Aircraft Holdings, Inc. and its
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Piper Sandler & Co. as its
investment banker.
The firm will render these services:
(a) review and analyze the Debtors' assets and liabilities and
the operating and financial strategies of the Debtors;
(b) review and analyze the business plans and financial
projections prepared by the Debtors;
(c) evaluate the Debtors' debt capacity in light of their
projected cash flows;
(d) assist in the determination of an appropriate capital
structure for the Debtors;
(e) evaluate the current debtor-in-possession (DIP) financing
proposal and key considerations;
(f) evaluate the Debtors' liquidity;
(g) assist counsel to the committee, at its request, in
analyzing market context and other issues related to historical
transactions and financings that might be subject to litigation
and/or be subject matters in the Chapter 11 cases;
(h) assist the committee in valuing the Debtors' businesses
and the solvency thereof;
(i) assist the committee in valuing the recoveries under the
Debtors' proposed, or any alternative, plan of reorganization;
(j) assist the committee in reviewing the terms of the
Debtors' proposed restructuring plan and restructuring support
agreement, in responding thereto and, if directed, in evaluating
alternative proposals for a transaction;
(k) advise the committee on any potential sale process;
(l) assist or participate in negotiations with the parties in
interest;
(m) if requested by the committee, participate in hearings in
the cases and provide relevant testimony with respect to the
matters described herein and issues arising in connection with any
proposed Chapter 11 plan; and
(n) render such other financial advisory and investment
banking services as may be agreed upon by Piper Sandler and the
committee.
The firm will be compensated as follows:
(a) An advisory fee of $175,000 per month in cash.
(b) A transaction fee of $4,000,000, payable upon the
consummation of any transaction.
(c) After 6 full monthly fees have been earned (excluding the
initial monthly fee, if such fee was for less than a full calendar
month), 50 percent of the monthly fees thereafter shall be credited
against any transaction fee, provided that the monthly fee credit
shall not exceed the transaction fee.
(d) To the extent that the committee requests that Piper
Sandler perform additional services not contemplated by the
Engagement Letter, such additional fees (if any) as shall be
mutually agreed upon by Piper Sandler and the committee, in
writing, in advance.
In addition, the firm will seek reimbursement for expenses
incurred.
Mike Genereux, a managing director of Piper Sandler & Co.,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Mike Genereux
Piper Sandler & Co.
1251 Avenue of the Americas, Sixth Floor
New York, NY 10020
Telephone: (212) 284-9300
Email: mike.genereux@psc.com
About Incora
Incora -- http://www.incora.com/-- is the trade name for the group
of companies formed by Wesco Aircraft and Pattonair, a provider of
comprehensive supply chain management services to the global
aerospace and other industries. Beginning with a strong foundation
in aerospace and defense, Incora also utilizes its supply chain
expertise to serve industrial manufacturing, marine, pharmaceutical
and beyond. Incora incorporates itself into customers' businesses,
managing all aspects of supply chain from procurement and inventory
management to logistics and on-site customer services. The company
is headquartered in Fort Worth, Texas, with a global footprint that
includes 68 locations in 17 countries and more than 3,800
employees.
Wesco Aircraft Holdings, Inc., doing business as Incora, and 43
affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead
Case No. 23-90611) on June 1, 2023.
Wesco Aircraft estimated assets and debt of $1 billion to $10
billion as of the bankruptcy filing.
The Debtors tapped Milbank, LLP and Haynes and Boone, LLP as
bankruptcy counsels; PJT Partners, Inc. as investment banker;
Alvarez & Marsal North America, LLC as restructuring advisor; and
Quinn Emanuel Urquhart & Sullivan, LLP as special litigation and
conflicts counsel. Kurtzman Carson Consultants, LLC is the claims
agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped McDermott Will & Emery, LLP and Morrison Foerster,
LLP as its counsel; Piper Sandler & Co. as investment banker; and
Province, LLC as financial advisor.
WESCO AIRCRAFT: Committee Taps Province LLC as Financial Advisor
----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of Wesco Aircraft Holdings, Inc. and its
affiliates seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to employ Province, LLC as its financial
advisor.
Province will render these services:
(a) become familiar with and analyze the Debtors' financial
condition;
(b) review financial and operational information furnished by
the Debtors;
(c) monitor the sale process, review bidding procedures, stalk
horse bids, asset purchase agreements, interface with the Debtors'
professionals, and advise the committee regarding the process;
(d) scrutinize the economic terms of various agreements;
(e) analyze the Debtors' proposed business plans and develop
alternative scenarios, if necessary;
(f) assess the Debtors' various pleadings and proposed
treatment of unsecured creditor claims therefrom;
(g) prepare, or review as applicable, avoidance action and
claim analyses;
(h) assist the committee in reviewing the Debtors' financial
reports;
(i) advise the committee on the current state of these Chapter
11 cases;
(j) advise the committee in negotiations with the Debtors and
third parties as necessary;
(k) if necessary, participate as a witness in hearings before
the court with respect to matters upon which Province has provided
advice; and
(l) perform other activities as are approved by the committee,
its counsel, and as agreed to by Province.
The hourly rates of Province's professionals are as follows:
Managing Directors and Principals $860 - $1,350
Vice Presidents, Directors, and Senior Directors $580 - $950
Analysts, Associates, and Senior Associates $300 - $650
Paraprofessionals $220 - $300
In addition, Province will seek reimbursement for expenses
incurred.
Adam Rosen, a principal at Province, disclosed in a court filing
that the firm is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Adam Rosen
Province, LLC
2360 Corporate Circle, Suite 340
Henderson, NV 89074
Telephone: (702) 685-5555
Email: arosen@provincefirm.com
About Incora
Incora -- http://www.incora.com/-- is the trade name for the group
of companies formed by Wesco Aircraft and Pattonair, a provider of
comprehensive supply chain management services to the global
aerospace and other industries. Beginning with a strong foundation
in aerospace and defense, Incora also utilizes its supply chain
expertise to serve industrial manufacturing, marine, pharmaceutical
and beyond. Incora incorporates itself into customers' businesses,
managing all aspects of supply chain from procurement and inventory
management to logistics and on-site customer services. The company
is headquartered in Fort Worth, Texas, with a global footprint that
includes 68 locations in 17 countries and more than 3,800
employees.
Wesco Aircraft Holdings, Inc., doing business as Incora, and 43
affiliates sought Chapter 11 protection (Bankr. S.D. Texas Lead
Case No. 23-90611) on June 1, 2023.
Wesco Aircraft estimated assets and debt of $1 billion to $10
billion as of the bankruptcy filing.
The Debtors tapped Milbank, LLP and Haynes and Boone, LLP as
bankruptcy counsels; PJT Partners, Inc. as investment banker;
Alvarez & Marsal North America, LLC as restructuring advisor; and
Quinn Emanuel Urquhart & Sullivan, LLP as special litigation and
conflicts counsel. Kurtzman Carson Consultants, LLC is the claims
agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped McDermott Will & Emery, LLP and Morrison Foerster,
LLP as its counsel; Piper Sandler & Co. as investment banker; and
Province, LLC as financial advisor.
WOLVERINE WORLD: Egan-Jones Retains B Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on July 24, 2023, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by Wolverine World Wide, Inc. EJR also withdraws rating
on commercial paper issued by the Company.
Headquartered in Rockford, Michigan, Wolverine World Wide, Inc.
manufactures and markets branded footwear and performance
leathers.
WOOD DUCK INN II: Gets OK to Hire RLC Lawyers as Counsel
--------------------------------------------------------
Wood Duck Inn II, LLC received approval from the U.S. Bankruptcy
Court for the District of Maryland to employ RLC Lawyers &
Consultants, LLC as bankruptcy counsel.
The Debtor requires legal counsel to:
a. give legal advice in connection with the Debtor's Chapter
11 case and the continued possession and management of its
property;
b. prepare the Debtor's statement of fnancial affairs,
schedules and other filings required by the Bankruptcy Code,
Bankruptcy Rules and Local Bankruptcy Rules;
c. represent the Debtor in connection with any proceedings in
the case, including motions for relief from stay;
d. represent the Debtor at any meetings of creditors convened
pursuant to Section 341 of the Bankruptcy Code and at any court
hearings;
e. represent the Debtor in collateral litigation before the
bankruptcy court; and
f. provide other legal services for the Debtor.
The firm will be paid at these rates:
Senior Attorney $625 per hour
Paralegal $275 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Tate Russack, Esq., an attorney at RLC Lawyers & Consultants,
disclosed in a court filing that he is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Tate M. Russack, Esq.
RLC Lawyers and Consultants
7999 N. Federal Hwy., Ste. 102
Boca Raton, FL 33487
Annapolis MD 21403
Tel: (561) 571-9610
Fax: (800) 883-5692
Email: Tate@Russack.net
About Wood Duck Inn II
Wood Duck Inn II, LLC owns real estate property located at 21490
Dogwood Harbor Road, Tilghman Island, Md. The property is valued at
$300,000.
Wood Duck Inn II filed its voluntary petition for Chapter 11
protection (Bankr. D. Md. Case No. 23-14274) on June 16, 2023, with
$300,000 in assets and $1,344,952 in liabilities. Alexander Chase
Doty, owner, signed the petition.
Tate M. Russack, Esq., at RLC Lawyers and Consultants serves as the
Debtor's legal counsel.
[*] Commercial Chapter 11 Filings Up 71% in July 2023, Epiq Reports
-------------------------------------------------------------------
There were 362 commercial Chapter 11 filings registered in July
2023, an increase of 71% from the 212 filings registered in July
2022, according to data provided by Epiq Bankruptcy, provider of
U.S. bankruptcy filing data.
Overall commercial filings increased 21% to 1,961 in July 2023, up
from the 1,621 commercial filings registered in July 2022. Small
business filings, captured as subchapter V elections within Chapter
11, increased 61% to 153 in July 2023, up from 95 in July 2022.
Total bankruptcy filings were 35,716 in July 2023, a 15% increase
from the July 2022 total of 30,862. Individual bankruptcy filings
totaled 33,755 in July 2023, registering a 16% increase from the
July 2022 filing 29,241 total. There were 19,476 Individual Chapter
7 filings in July, a 17% increase versus 16,645 in July 2022 and
there were 14,229 individual Chapter 13 filings in July, a 13%
increase over the 12,547 filings the previous year.
"The increase in commercial Chapter 11 filings in July is an
indication of the challenges businesses continue to face in these
dynamic times, however the data also suggests the economic recovery
remains uneven and uncertain," said Gregg Morin, Vice President of
Business Development and Revenue at Epiq Bankruptcy. "We remain
committed to sharing the evolving financial landscape's impact on
new bankruptcy filings and supporting the market with bankruptcy
data metrics."
The July filing totals registered a decrease when compared to the
previous month. Commercial Chapter 11 filings registered the
largest drop from the previous month, as the July total decreased
38% from the June Chapter 11 filing total of 582. The commercial
filing total represented a 9% decrease from the June 2023
commercial filing total of 2,146. Subchapter V elections within
Chapter 11 decreased 22% from the 196 filed in June 2023. July's
total bankruptcy filings represented a 6% decrease when compared to
the 37,782 total filings recorded in June. Total individual filings
for July represented a 5% decrease from the June 2023 filing total
of 35,636. Both individual Chapter 7 and Chapter 13 decreased 5%
from June.
"More distressed consumers and businesses are turning to the
financial lifeline of bankruptcy," said ABI Executive Director Amy
Quackenboss. "While filings are still below levels seen prior to
the pandemic, rising interest rates, inflationary pricing, and
growing debt loads are contributing to an increase in households
and businesses seeking a financial fresh start."
ABI has partnered with Epiq Bankruptcy to provide the most current
bankruptcy filing data for analysts, researchers, and members of
the news media. Epiq Bankruptcy is the leading provider of data,
technology, and services for companies operating in the business of
bankruptcy. Its Bankruptcy Analytics subscription service provides
on-demand access to the industry's most dynamic bankruptcy data,
updated daily. Learn more at
https://bankruptcy.epiqglobal.com/analytics.
For further information about the statistics or additional
requests, please contact ABI Public Affairs Officer John Hartgen at
703-894-5935 or jhartgen@abi.org.
About Epiq
Epiq, a global technology-enabled services leader to the legal
industry and corporations, takes on large-scale, increasingly
complex tasks for corporate counsel, law firms, and business
professionals with efficiency, clarity, and confidence. Clients
rely on Epiq to streamline the administration of business
operations, class action, and mass tort, court reporting,
eDiscovery, regulatory, compliance, restructuring, and bankruptcy
matters. Epiq subject-matter experts and technologies create
efficiency through expertise and deliver confidence to
high-performing clients around the world. Learn more at
www.epiqglobal.com.
About ABI
ABI is the largest multi-disciplinary, nonpartisan organization
dedicated to research and education on matters related to
insolvency. ABI was founded in 1982 to provide Congress and the
public with unbiased analysis of bankruptcy issues. The ABI
membership includes nearly 10,000 attorneys, accountants, bankers,
judges, professors, lenders, turnaround specialists and other
bankruptcy professionals, providing a forum for the exchange of
ideas and information. For additional information on ABI, visit
www.abi.org.
[^] BOOK REVIEW: Transcontinental Railway Strategy
--------------------------------------------------
Transcontinental Railway Strategy, 1869-1893: A Study of
Businessmen
Author: Julius Grodinsky
Publisher: Beard Books
Softcover: 439 pages
List Price: $34.95
Review by Gail Owens Hoelscher
Order your personal copy at
http://www.beardbooks.com/beardbooks/transcontinental_railway_strategy.html
Railroads were pioneers of the American frontier. Union Pacific;
Central Pacific; Kansas and Pacific; Chicago, Rock Island and
Pacific; Chicago, Burlington and Quincy; Atchison, Topeka and Santa
Fe: these names evoke boom times in America, the excitement and
tumult of seemingly limitless growth and opportunity, frontiers to
tame, fortunes to be made. Railroads opened up vast supplies of
raw materials, agricultural products, metals, and lumber. The
public gain was incalculable: job creation, low-cost
transportation, acceleration of westward immigration, and
settlement of the frontier.
The building of the western railway system in the United States was
described at the time as "one of the greatest industrial feats in
the world's history." This book tells the story of the
trailblazers of the Western railway industry, men with a stalwart
willingness to take on extraordinary personal financial risk. As a
group, these initial railroad promoters were smart, bold,
tenacious, innovative, and fiercely competitive. Some were
cautious with their and their investors' money, some reckless. Most
met with financial setbacks, some with total failure, some time and
time again. They often sold out at great losses, leaving their
successors to derive the benefits later.
Bitter competition existed among these men. They fought to position
their "roads" in a limited number of mountain passes, rivers, and
valleys; and to chart routes which connected major production areas
with major consumption areas. They cajoled and begged almost anyone
for capital. They created and tried to defend monopolies. They
bullied each other, invaded each other's territories, and
retaliated against each other. They staged wage wars. They agreed
not to compete with each other, and bought each other out.
The book opens in May of 1869, just after the completion of the
first transcontinental route joining the Union Pacific Railroad and
the Central Pacific Railroad in Ogden, Utah. The companies'
long-term prospects were excellent, but right then they were
desperate for cash. Union Pacific alone was more than $15 million
in debt. Additional financing was proving scarce. By 1870, more
than 40 railroads were floating bonds, "at almost any price for
ready cash," wrote one contemporary observer. Still, funds were
raised and construction went on, both of transcontinental lines and
branch lines.
As railway lines in the West were built in relatively unsettled
areas, traffic was light and returns correspondingly low. To
increase business, the companies found ways to encourage population
growth along their routes. Much-needed funding came from
immigration services set up by the railways themselves.
Agricultural areas sprang up along the routes. Sometimes volume of
traffic expanded too fast, and equipment shortages and construction
delays occurred. Or, drought, recession, and low agricultural
prices meant more red ink.
This book takes the reader through the boom times and bust times of
the greatest growth of railways the world has ever seen. The author
uses a myriad of sources showing painstaking and creative research,
including contemporary news accounts; railway company financial
records and archives; contemporary industry journals; Congressional
records; and personal papers, letters, memoirs and biographies of
the main players.
It's a good, solid read.
Professor Julius Grodinsky was born in 1896 and died July 9, 1962,
in Philadelphia, Pennsylvania.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $975 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***