/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/230829.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, August 29, 2023, Vol. 27, No. 240 Headlines 17841 PALORA: Case Summary & One Unsecured Creditor 2202 EAST ANDERSON: Trustee Seeks to Hire LEA Accountancy ACJK INC: Seeks to Hire Byron Carlson Petri as Special Counsel ADAMIS PHARMACEUTICALS: Posts $8.6M Net Loss in Second Quarter ADHERA THERAPEUTICS: Posts $271K Net Income in Second Quarter ALECTO HEALTHCARE: Hires MHR Advisory as Independent Manager ALPINE 4 HOLDINGS: Incurs $4.6 Million Net Loss in Second Quarter AMAG Enterprises: Hires Emmett L. Goodman Jr. LLC as Counsel AN GLOBAL: Case Summary & 20 Largest Unsecured Creditors ANCHOR GLASS: Davis Polk Advises Lenders on Amendments, Extensions ARBAH HOTEL: Seeks $1.8MM DIP Loan from Silverberg ARBAH HOTEL: Sells Assets to American Dream Hotel for $22.5MM ARCHDIOCESE OF SAN FRANCISCO: Panel Questionnaires Due by Aug. 29 ASE CONSTRUCTION: Hires AOE Law as General Bankruptcy Counsel ASP LS ACQUISITION: $455MM Bank Debt Trades at 22% Discount ATLAS PURCHASER: $250MM Bank Debt Trades at 54% Discount AUDACY CAPITAL: $770MM Bank Debt Trades at 54% Discount BELA FLOR: Sept. 1 Deadline Set for Panel Questionnaires BENEFYTT TECHNOLOGIES: Taps Baker & McKenzie as Special Counsel BITNILE METAVERSE: Posts $5.5 Million Net Income in First Quarter BLUE STAR: Incurs $1.45 Million Net Loss in Second Quarter BULLDOG PURCHASER: $125MM Bank Debt Trades at 19% Discount CAN B CORP: Incurs $2 Million Net Loss in Second Quarter CANO HEALTH: $644MM Bank Debt Trades at 33% Discount CAPITAL KCS: Claims Will be Paid from Property Sale/Refinance CAPTAIN CORPORATION: New Value Contribution to Fund Plan CARNIVAL PLC: EUR751.5MM Bank Debt Trades at 40% Discount CARNIVAL PLC: EUR755.5MM Bank Debt Trades at 38% Discount CAVA GROUP: $30MM Bank Debt Trades at 15% Discount CENTER FOR ASBESTOS: Hires Bechtold Law Firm as Special Counsel CHENIERE ENERGY: Moody's Withdraws Ba1 CFR & Ups Sr. Notes from Ba1 CHIMICHURRI CHICKEN: Exclusivity Period Extended to December 6 CIBT GLOBAL: $385MM Bank Debt Trades at 30% Discount CONGREGATION COFFEE: Gets OK to Hire Patrick J. Gros as Accountant DECURTIS HOLDINGS: Wants Chapter 11 Converted to Chapter 7 DESTINED PROPERTIES: FundSportsTV to Buy Cedar Property for $3MM DIOCESE OF ALBANY: Committee Taps Burns Bair as Insurance Counsel DUCKWORTH LLC: Seeks to Hire Steidl and Steinberg as Counsel DURO LEGACY: Hires Frank B. Lyon and Sarah D. McHaney as Counsels E-B DISPLAY: Seeks to Hire Maloney & Novotny as Accountant EQT CORP: Moody's Withdraws Ba1 CFR & Ups Unsecured Notes From Ba1 ERBO PROPERTIES: Taps Kirby Aisner & Curley as Substitute Counsel ETHEMA HEALTH: Posts $232K Net Loss in Second Quarter FANJOY CO: Seeks Approval to Tap Jones & Walden as Legal Counsel FORT WAYNE COLD STORAGE: Hires Haller & Colvin as Legal Counsel FTX TRADING: SBF Wants Five Days Out to Prepare for Trial FULTON MERCER: Seeks to Hire Lincoln-Goldfinch Law as Counsel GARCIA GRAIN: Seeks to Sell Hidalgo Property for $2.04MM GARCIA GRAIN: Seeks to Sell Willacy Property for $175,000 GEX MANAGEMENT: Incurs $31K Net Loss in Second Quarter GGG INVESTMENTS: Taps Alexis Fuentes-Hernandez as Attorney GIRARDI & KEESE: Prosecutors Say Tom Mentally Competent GLOBAL MEDICAL: $1.94BB Bank Debt Trades at 29% Discount GREEN POINT: Seeks to Extend Plan Exclusivity to October 25 GUARDIAN BASEBALL: Hires Kaplan Johnson as Legal Counsel HILLSDALE UNITED: Hires Diller and Rice LLC as Counsel HONEY CREEK PARTNERS: Exclusivity Period Extended to September 25 HYLIFE FOODS: Gets Court Clearance for Chapter 11 Vote INNOVATE GENOMICS: Case Summary & 20 Largest Unsecured Creditors IQOR US INC: $300MM Bank Debt Trades at 31% Discount KALERA INC: Seeks to Extend Plan Exclusivity to October 2 KAYA HOLDINGS: Incurs $714K Net Loss in Second Quarter KEVIN CONCANNON: Hires Davidoff Hutcher as Bankruptcy Counsel KEVIN CONCANNON: Seeks to Hire Neligan LLP as Bankruptcy Counsel KING PALTZ: Seeks to Hire Joel M. Aresty as Bankruptcy Counsel LENDINGTREE LLC: $250MM Bank Debt Trades at 16% Discount LUMEN TECHNOLOGIES: $5BB Bank Debt Trades at 32% Discount MALLINCKRODT PLC: Case Summary & 50 Largest Unsecured Creditors MAVERICK GAMING: S&P Cuts ICR to 'SD' on Below Par Loan Purchases MEHR GROUP: Hires Ringstad & Sanders LLP as Bankruptcy Counsel MERIDIAN HOLDING: Hires Nardella & Nardella as Counsel MERIDIAN RESTAURANTS: Exclusivity Period Extended to August 31 MODERN POTOMAC: Gets OK to Hire Stephen Karbelk as Sales Agent MOUNTAIN VIEW: Seeks to Hire Tydings & Rosenberg as Legal Counsel MXP OPERATING: Seeks to Hire Eric A. Liepins as Legal Counsel NANO MAGIC: Incurs $651K Net Loss in Second Quarter NANTASKET MANAGEMENT: Hires Barry R. Levine as Legal Counsel NANTASKET MANAGEMENT: Taps Jack Conway as Real Estate Broker NASHVILLE SENIOR CARE: Hits Chapter 11 Bankruptcy Protection NAUTICAL MARINE: Seeks to Hire Buddy D. Ford as Bankruptcy Counsel NICE VIEW 82: Exclusivity Period Extended to September 27 NUTRITION53 INC: Seeks Chapter 11 Bankruptcy Protection OBRA CAPITAL: $275MM Bank Debt Trades at 17% Discount P & P ENTERPRISES: Taps Christopher S. Moffitt as Legal Counsel PACKERS HOLDINGS: $1.24BB Bank Debt Trades at 33% Discount PALASOTA CONTRACTING: Continued Operations to Fund Plan PANCAKES OF HAWAII: Unsecured Creditors to Split $250K in Plan PARRISH26 LLC: Unsecureds to Get Share of Income for 3 Years PEACE EQUIPMENT: Unsecureds to Get Share of Income for 60 Months PEGASUS HOME: Sept. 5 Deadline Set for Panel Questionnaires PJ TRANS: Seeks to Hire Modestas Law Offices as Bankruptcy Counsel POINDEXTER PROPERTIES: $10.9MM Bank Debt Trades at 23% Discount POINDEXTER PROPERTIES: $16MM Bank Debt Trades at 23% Discount PORTER'S PENINSULA: Gets OK to Hire Miedema as Appraiser PRECIPIO INC: Incurs $2.3 Million Net Loss in Second Quarter PRESSURE BIOSCIENCES: Posts $11.1 Million Net Loss in 2nd Quarter QITEK LABS: Seeks to Hire Blackwood Law Firm as Bankruptcy Counsel QITEK LABS: Seeks to Hire Hammond Law Firm as Bankruptcy Counsel R&LS INVESTMENTS: Hires Levene Neale Bender as Counsel RANDAZZO'S CLAM: To Auction Property to Fund Plan REVERE POWER: $445MM Bank Debt Trades at 16% Discount ROLPA TRUCKING: Seeks to Hire Lindsey & Waldo as Accountant SATURNO DESIGN: Hires Doral Professional as Financial Advisor SCHIERHOLZ AND ASSOCIATES: Taps Stoneberg Giles as Special Counsel SCREENVISION LLC: $175MM Bank Debt Trades at 38% Discount SECURED COMMUNICATIONS: Taps Baker & Hostetler as Legal Counsel SECURED COMMUNICATIONS: Taps Chipman Brown Cicero as Counsel SH 168: Seeks Approval to Hire Bill Zou & Associates as Attorney SILVER CREEK: Asset Sale Proceeds to Fund Plan Payments SOURCEWATER INC: Income & Litigation Proceeds to Fund Plan SPECIALTY DENTAL: Hires Barron & Newburger as Counsel SPECIALTY DENTAL: Hires Holland and Knight as Special Counsel STEM HOLDINGS: Incurs $1.1 Million Net Loss in Third Quarter STRATEGIC MATERIALS: Moody's Alters Outlook on Ca CFR to Negative T AND E DIESEL: Taps McGee Tax Law as Substitute Counsel TANNER CONSTRUCTION: Hires R. Michael DeLoach as Special Counsel TIMBER PHARMACEUTICALS: Inks $36MM Sale Agreement With LEO Pharma TIMBER PHARMACEUTICALS: Posts $4.1M Net Loss in Second Quarter TOKEN BUYER: $360MM Bank Debt Trades at 18% Discount TPRO ACQUISITION: S&P Withdraws 'B-' LT Issuer Credit Rating TRANS-LUX CORP: Incurs $875K Net Loss in Second Quarter TRANSIT PHYSICAL: To Sell Vehicle to FCA US for $125,000 TYSON FAMILY: Gets OK to Hire Pate Horton & Ess as Accountant VALCOUR PACKAGING: $160MM Bank Debt Trades at 43% Discount VANMOOF B.V.: Seeks Chapter 15 Bankruptcy Protection in New York VECTOR ESCAPES: Taps Darby Law Practice as Bankruptcy Counsel VECTOR UTILITIES: Hires John F. Coggin CPA PLLC as Accountant VERITAS FARMS: Posts $1.4 Million Net Loss in Second Quarter VERITAS US: EUR748MM Bank Debt Trades at 14% Discount VIDEO RIVER: Posts $453K Net Income in Second Quarter WALDON ENTERPRISES: Seeks to Hire Nager Law Group as Counsel WAVERLY MANSION: Taps Tyler Bartl & Ramsdell as Legal Counsel WHEEL PROS: $1.18BB Bank Debt Trades at 32% Discount WILLIAMS INDUSTRIAL: Hires Chipman Brown Cicero as Co-Counsel WILLIAMS INDUSTRIAL: Hires Epiq as Administrative Advisor WILLIAMS INDUSTRIAL: Hires G2 Capital as Financial Advisor WILLIAMS INDUSTRIAL: Hires Gavin/Solmonese LLC as CRO WILLIAMS INDUSTRIAL: Hires Greenhill & Co. as Investment Banker WILLIAMS INDUSTRIAL: Hires Thompson Hine LLP as Counsel WRIGHT EXCAVATING: Case Summary & 20 Largest Unsecured Creditors YELLOW CORP: BakerHostetler Represents Old Domini in $1.5-Bil. Bid YELLOW CORP: Gets $1.5-Billion Bid from Old Dominion Freight Line [^] Large Companies with Insolvent Balance Sheet ********* 17841 PALORA: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: 17841 Palora Manor LLC 1901 Ave of the Stars Ste 470 Los Angeles CA 90067 Case No.: 23-15519 Business Description: 17841 Palora is a real estate lessor. Chapter 11 Petition Date: August 28, 2023 Court: United States Bankruptcy Court Central District of California Judge: Hon. Sheri Bluebond Debtor's Counsel: Jon H. Freis, Esq. LAW OFFICES OF JON H. FREIS 9454 Wilshire Blvd., Penthouse Beverly Hills CA 90212 Tel: 310-276-1218 Fax: 310-276-1961 Email: jon@jhflaw.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mark Abbey Slotkin as manager. The Debtor listed Jon H. Freis, Esq., as its sole unsecured creditor holding a claim of $10,000. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6IHMGYY/17841_Palora_Manor_LLC__cacbke-23-15519__0001.0.pdf?mcid=tGE4TAMA 2202 EAST ANDERSON: Trustee Seeks to Hire LEA Accountancy --------------------------------------------------------- Carolyn Dye, the Chapter 11 Trustee for 2202 East Anderson Street, LLC, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ LEA Accountancy, LLP, as her accountant. The accountant will render these services: (a) review the Debtor's prior accounting and tax records, the petition, schedules and the estate's documents related to its financial transactions; (b) review and analysis of the estate's financial transactions to determine the appropriate (and most beneficial to the estate) treatment for tax purposes, including capital gains calculations, consideration of tax attributes inherited from the Debtor and other tax considerations; (c) assist the Trustee in the preparation and filing of the estate's Federal and California fiduciary and required income tax returns (which are attachments to the fiduciary actions) to reflect the transactions of the estate and, if necessary, any delinquent tax returns that may be required by taxing authorities for the estate. Such delinquent tax returns can be but not limited to income tax, sales tax, city, county or similar tax filings; (d) prepare pre-petition tax returns; (e) prepare, as needed, estate payroll tax filings and/or filings for the Employer Retention Tax Credit refund; (f) communicate with taxing authorities on behalf of the estate; (g) request the required tax clearance from the Internal Revenue Service and state taxing authorities for the estate's tax returns; (h) provide litigation support, valuation, cash flow services and, if requested, expert witness services for the Trustee; (i) prepare monthly operating reports, as needed; (j) secure source documents including bank records, general ledgers, insurance documents, books and records, including Quickbooks or similar accounting data; filed pre-petition tax returns and assets of the estate. Such services may include site visit(s) to investigate and/or securing of the site to preserve source documentation and/or assets for the Trustee; (k) assist in gather and organizing Debtor's documents in order to analyze and investigate avoidable transfers made by the Debtor, including preferential and fraudulent transfers; and (l) perform any other financial analysis, investigation, consulting general and/or forensic accounting services as required by the Trustee. Address any other tax matters which may be required or requested by the Trustee to properly administer the estate and maintain tax compliance. The hourly rates charged by the firm for its services are as follows: Sam S. Leslie $550 Marianna Falco $410 Thomas A. Engel $385 Robert F. Bicher, III $215 Lori J. Ensley $235 Aaron Robson $235 Thomas G. Ballou $295 Austin Martin $235 Sam Leslie, a certified public accountant employed with LEA, disclosed in a court filing that the firm does not have any interest adverse to the bankruptcy estate or its creditors. The firm can be reached through: Sam S. Leslie 3435 Wilshire Boulevard, Suite 990 Los Angeles, CA 90010 Phone: (213) 368-5000 Fax: (213) 368-5009 Email: sleslie@trusteeleslie.com About 2202 East Anderson Street 2202 East Anderson Street, LLC is a single asset real estate (as defined in 11 U.S.C. Section 101(51B)). 2202 East Anderson Street filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-11695) on March 23, 2023, with $1 million to $10 million in both assets and liabilities. Susan K. Seflin has been appointed as Subchapter V trustee. Judge Neil W. Bason oversees the case. The Debtor is represented by Stephen F. Biegenzahn, Esq., at the Law Offices of Stephen F. Biegenzahn. Carolyn A. Dye, the Debtor's Chapter 11 trustee, is represented by Dumas & Kim, APC. ACJK INC: Seeks to Hire Byron Carlson Petri as Special Counsel -------------------------------------------------------------- ACJK, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ the law firm of Byron Carlson Petri & Kalb, LLC as its special counsel. The firm will represent the Debtor in litigation seeking damages from Small Business Financial Solutions, LLC, d/b/a Rapid Finance and Prosperum for its role in the failure of Debtor’s pre-petition going concern sale. The retainer fee is $10,000. The firm will charge these rates: Partners $250 per hour Associates $225 per hour Legal assistants $150 per hour Byron Carlson is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Eric Carlson, Esq. Christopher Petri, Esq. Byron Carlson Petri & Kalb, LLC 411 St Louis St Edwardsville, IL 62025 Phone: +1 618-655-0600 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. ADAMIS PHARMACEUTICALS: Posts $8.6M Net Loss in Second Quarter -------------------------------------------------------------- Adamis Pharmaceuticals Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss applicable to common stock of $8.57 million on $6,945 of net revenue for the three months ended June 30, 2023, compared to a net loss applicable to common stock of $8.40 million on $39,847 of net revenue for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss applicable to common stock of $17.52 million on $1.46 million of net revenue compared to a net loss applicable to common stock of $18.75 million on $1.19 million of net revenue for the six months ended June 30, 2022. As of June 30, 2023, the Company had $4.75 million in total assets, $16.24 million in total liabilities, $330,000 in mezzanine equity, and a total stockholders' deficit of $11.83 million. Adamis said, "The Company has incurred substantial recurring losses from continuing operations, negative cash flows from operations, and is dependent on additional financing to fund operations. The Company incurred a net loss of approximately $8.6 million and $17.5 million for the three months and six months ended June 30, 2023, respectively. As of June 30, 2023, the Company had an accumulated deficit of approximately $322.1 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/887247/000138713123009990/admp-10q_063023.htm About Adamis Pharmaceuticals Adamis Pharmaceuticals Corporation (NASDAQ: ADMP) -- http://www.adamispharmaceuticals.com-- is a specialty biopharmaceutical company primarily focused on developing and commercializing products in various therapeutic areas, including allergy, opioid overdose, respiratory and inflammatory disease. Adamis reported a net loss applicable to common stock of $26.48 million for the year ended Dec. 31, 2022, compared to a net loss applicable to common stock of $45.83 million for the year ended Dec. 31, 2021. San Diego, California-based BDO USA, LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 16, 2023, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. ADHERA THERAPEUTICS: Posts $271K Net Income in Second Quarter ------------------------------------------------------------- Adhera Therapeutics, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net income of $271,000 for the three months ended June 30, 2023, compared to net income of $99,000 for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $615,000 compared to net income of $25,000 for the six months ended June 30, 2022. As of June 30, 2023, the Company had $82,000 in total assets, $22.87 million in total liabilities, and a total stockholders' deficit of $22.78 million. The Company has no revenues and has incurred recurring losses and negative cash flows from operations since inception and has funded its operating losses through the sale of common stock, preferred stock, warrants to purchase common stock, convertible notes and secured promissory notes. The Company incurred a net loss and net cash used in operating activities of approximately $615,000 and $626,000, respectively for the six months ended June 30, 2023. The Company had an accumulated deficit of approximately $56.4 million as of June 30, 2023. Adhera said, "In addition, to the extent that the Company continues its business operations, the Company anticipates that it will continue to have negative cash flows from operations, at least into the near future. However, the Company cannot be certain that it will be able to obtain such funds required for our operations at terms acceptable to the Company or at all. General market conditions, as well as market conditions for companies in the Company's financial and business position, as well as the ongoing issue arising from the COVID-19 pandemic, the war in Ukraine, federal bank failures or other world-wide events, may make it difficult for the Company to seek financing from the capital markets, and the terms of any financing may adversely affect the holdings or the rights of its stockholders. If the Company is unable to obtain additional financing in the future, there may be a negative impact on the financial viability of the Company. The Company plans to increase working capital by managing its cash flows and expenses, divesting development assets and raising additional capital through private or public equity or debt financing. There can be no assurance that such financing or partnerships will be available on terms which are favorable to the Company or at all. While management of the Company believes that it has a plan to fund ongoing operations, there is no assurance that its plan will be successfully implemented. Failure to raise additional capital through one or more financings, divesting development assets or reducing discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. These factors raise substantial doubt about the Company's ability to continue as a going concern for a period of twelve months from the issuance date of this Report." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/737207/000149315223029594/form10-q.htm About Adhera Headquartered in Durham, NC, Adhera Therapeutics, Inc. (formerly known as Marina Biotech, Inc.) -- http://www.adherathera.com-- is an emerging specialty biotech company that, to the extent that resources and opportunities become available, is strategically evaluating its focus including a return to a drug discovery and development company. Adhera Therapeutics reported a net loss of $2.11 million in 2022, compared to a net loss of $6.35 million in 2021. As of Dec. 31, 2022, the Company had $79,000 in total assets, $22.26 million in total liabilities, and a total stockholders' deficit of $22.18 million. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has no revenues and has a net loss and net cash used in operations of approximately $2.1 million and $1.4 million respectively, in 2022 and a working capital deficit, stockholders' deficit and accumulated deficit of $22.2 million, $22.2 million and $55.8 million respectively, at Dec. 31, 2022. These matters raise substantial doubt about the Company's ability to continue as a going concern. ALECTO HEALTHCARE: Hires MHR Advisory as Independent Manager ------------------------------------------------------------ Alecto Healthcare Services LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ MHR Advisory Group as independent manager. The firm will provide these services: a. evaluate the Alecto Claim including the proper treatment of the Alecto Claim; b. make decisions regarding the Alecto Claim including, without limitation, whether the Alecto Claim should be subordinated or waived; c. enter into a settlement agreement with the Committee which provides for an agreed upon treatment of the Alecto Claim; and d. resolve any other Issues that may arise during the course of the bankruptcy case. The firm will be paid at a flat fee of $25,000 per month. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven Balasiano, a partner at MHR Advisory Group, 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: Steven Balasiano MHR Advisory Group 221 W. Stewart Avenue, Suite 207 Medford, OR 97501 Tel: (541) 858-1665 Fax: (541) 858-9187 Email: aira@aira.org About Alecto Healthcare Services LLC 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. Jami Nimeroff, Esq., at Brown McGarry Nimeroff, LLC has been appointed as Subchapter V trustee. 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. ALPINE 4 HOLDINGS: Incurs $4.6 Million Net Loss in Second Quarter ----------------------------------------------------------------- Alpine 4 Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $4.55 million on $28.02 million of net revenues for the three months ended June 30, 2023, compared to net income of $1.54 million on $25.27 million of net revenues for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $10.32 million on $52.38 million of net revenues compared to a net loss of $2.46 million on $50.86 million of net revenues for the six months ended June 30, 2022. As of June 30, 2023, the Company had $142.61 million in total assets, $81.59 million in total liabilities, and $61.02 million in total stockholders' equity. Alpine 4 said, "While the working capital deficiency of prior years has improved, and working capital of the Company is currently positive, continued operating losses cause doubt as to the ability of the Company to continue. The Company's ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company's plan of operations, and its ultimate transition to profitable operations are necessary for the Company to continue. The uncertainty that exists with these factors raises substantial doubt about the Company's ability to continue as a going concern." Commentary Kent Wilson, Alpine 4 CEO, had this to say: "Q2's record-breaking revenue performance was a result of several sales initiatives going on within our subsidiaries. Our manufacturing subsidiaries really shined in Q2 and helped drive the Company to achieve this record revenue for the period. I want to say thank you to all of our hard-working employees that made this happen!" Chris Meinerz, Alpine 4 CFO also commented: "The increase in our overall gross margin to 28% from 24% year over year is a healthy sign of the financial progress occurring at Alpine 4 and our subsidiaries. Q2 2023 was also another milestone in our advancement from our history of one-time, non-recurring, and non-cash expenses associated with our prior acquisitions and restated financials. This is exhibited by our non-GAAP Adjusted EBITDA measure significantly improving year over year, indicating that we are trending toward profitability." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1606698/000162828023029122/alpp-20230630.htm About Alpine 4 Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of drivers, stabilizers, and facilitators. Alpine 4 Holdings reported a net loss of $12.87 million for the year ended Dec. 31, 2022, compared to a net loss of $19.48 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $145.63 million in total assets, $75.64 million in total liabilities, and $69.99 million in total stockholders' equity. Phoenix, Arizona-based RSM US LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 5, 2023, citing that the Company has suffered recurring losses from operations and recurring negative cash flows from operations. This raises substantial doubt about the Company's ability to continue as a going concern. AMAG Enterprises: Hires Emmett L. Goodman Jr. LLC as Counsel ------------------------------------------------------------ AMAG Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia to employ Law Office of Emmett L. Goodman, Jr. LLC as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. prepare on behalf of the Debtor, as Debtor-in-Possession, necessary applications, answers, reports, and other legal papers; c. prepare motions, pleadings and applications, and to conduct examinations incidental to the administration of the Debtor's estate. d. take any and all necessary action instant to the proper preservation and administration of the estate; e. assist the Debtor-in-Possession with the preparation and filing of supplemental Schedules and Lists as may be appropriate; f. take whatever action is necessary with reference to the use by the Debtor of its property pledged as collateral, including cash collateral, to preserve the same for the benefit of Debtor; g. assert, as directed by Debtor, all claims Debtor has against others; and h. perform all other legal services for Applicant as Debtor-in-Possession which may be necessary; and it is necessary for Debtor-in-Possession to employ attorneys for such professional services. The firm will be paid at the rate of $350 per hour, and will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm was paid by the Debtor a retainer in the amount of $ $8,000. Daniel L. Wilder, a partner at Law Offices of Emmett L. Goodman, Ir., LLC, 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: Daniel L. Wilder Law Offices of Emmett L. Goodman, Ir., LLC 544 Mulberry Street, Suite 800 Macon, GA 31201-2776 Tel: (478) 745-5415 Fax: (478) 746-8655 Email: dwilder@goodmanlaw.org About AMAG Enterprises AMAG Enterprises, LLC provides support activities for crop production. The company is based in Sycamore, Ga. The Debtor filed Chapter 11 petition (Bankr. M.D. Ga. Case No. 23-10627) on July 31, 2023, with $513,250 in assets and $1,970,991 in liabilities. Amanda G. Brock, sole member, signed the petition. Judge Austin E. Carter oversees the case. Daniel L. Wilder, Esq., at Emmett L. Goodman Jr, LLC is the Debtor's legal counsel. AN GLOBAL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Twenty-five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. AN Global LLC (Lead Case) 23-11294 222 W. Las Colinas Boulevard Suite 1650E Irving, TX 75039 4th Source Holding Corp. 23-11299 AgileThought Costa Rica, S.A. 23-11302 AgileThought Servicios Mexico, S.A. de C.V. 23-11304 AgileThought, Inc. 23-11305 4th Source Mexico, LLC 23-11306 AgileThought, LLC 23-11308 AgileThought Servicios Administrativos, S.A. de C.V. 23-11309 AGS Alpama Global Services USA, LLC 23-11311 AN Extend, S.A. de C.V. 23-11317 AN Evolution, S. de R.L. de C.V. 23-11320 Cuarto Origen, S. de R.L. de C.V. 23-11321 Entrepids Technology Inc. 23-11323 Faktos Inc., S.A.P.I. de C.V. 23-11325 Facultas Analytics, S.A.P.I. de C.V. 23-11328 IT Global Holding LLC 23-11330 AgileThought Digital Solutions, S.A.P.I. de C.V. 23-11333 QMX Investment Holdings USA, Inc. 23-11335 AgileThought Mexico, SA. de C.V. 23-11337 4th Source, LLC 23-11339 AgileThought, S.A.P.I. de C.V. 23-11340 AN Data Intelligence, S.A. de C.V. 23-11341 AN USA 23-11342 AN UX S.A. de C.V. 23-11343 Entrepids Mexico, S.A. de C.V. 23-11344 Business Description: The Debtors are global providers of agile- first, end-to-end digital transformation services in the North American market using on-shore and near-shore delivery. The Company helps its clients transform by building, improving and running new solutions at scale. The Debtors operate their business through ten "Guilds," which act as agencies within the Company. Chapter 11 Petition Date: August 28, 2023 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Judge J. Kate Stickles Debtors' Co-General Bankruptcy Counsel: Jeremy W. Ryan, Esq. Gregory J. Flasser, Esq. Sameen Rizvi, Esq. POTTER ANDERSON & CORROON LLP 1313 North Market Street, 6th Floor Wilmington, Delaware 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: jryan@potteranderson.com gflasser@potteranderson.com srizvi@potteranderson.com - and - Kathryn A. Coleman, Esq. Christopher Gartman, Esq. Jeffrey S. Margolin, Esq. Elizabeth A. Beitler, Esq. HUGHES HUBBARD & REED LLP One Battery Park Plaza New York, NY 10004-1482 Tel: (212) 837-6000 Fax: (212) 422-4726 Email: katie.coleman@hugheshubbard.com chris.gartman@hugheshubbard.com jeff.margolin@hugheshubbard.com elizabeth.beitler@hugheshubbard.com Debtors' General Mexican Restructuring Counsel: GARRIGUES MEXICO, S.C. Debtors' Financial Advisor: TENEO CAPITAL LLC Debtors' Investment Banker: GUGGENHEIM SECURITIES, LLC Debtors' Claims, Noticing & Balloting Agent: KURTZMAN CARSON CONSULTANTS LLC Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by James S. Feltman as chief restructuring officer. A full-text copy of the petition is available for free at PacerMonitor.com at: 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/WKFBFJY/AN_Global_LLC__debke-23-11294__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Tax Administration Service Tax $203,333,138 (Mexico) Av. Hidalgo 77 Col. Guerrero Ciudad De Mexico, 06300 Mexico Phone: (52) 55 627 22 728 2. Monroe Capital LLC Fee $3,451,615 Jeff Cupples 311 South Wacker Drive Suite 6400 Chicago, IL 60606 Tel: 312-523-2385 Fax: 312-258-8350 Email: jcupples@monroecap.com 3. Microsoft Corporation Trade $1,808,548 Edgar I. Blanco PO Box 842103 Dallas, TX 75284 Phone: 469-775-0391 Email: edgarblanco@microsoft.com 4. Exitus Capital Sapi De Debt $1,580,000 CV Sofom ENR Jacobo Montoya Carretera Mexico- Toluca Numero 5420 Piso 8 Colonia El Yaqui Cuajimalpa De Morelos CDMX 05320 Mexico Tel: 55-41709910 Fax: 55-36490804 Email: jmontoya@exitus.com 5. Mayer Brown LLP Professional $,524,203 Lucas Giardelli Services 230 South LaSalle St Chicago, IL 60604 Phone: 646-469-4914 Email: lgiardelli@mayerbrown.com; mgomez2@mayerbrown.com 6. Cousins Fund II Tampa III, LLC Lease $1,130,032 Jillian Tahan 3344 Peachtree Rd NE Suite 1800 Atlanta, GA 30326 Phone: 813-289-2600 Email: mdessler@cousins.com; jtahan@cousins.com 7. SAP Mexico SA De CV Trade $1,106,302 Omar Torres Av. Paseo De La Reforma 509 Piso 20 CDMX, 06500 Mexico Tel: 52 55 4588 2887 Fax: 52 (81) 8152 1701 Email: omar.tores01@sap.com; vanessa.dalmas@sap.com; eduarda.foresta@sap.com 8. Korn Ferry Professional $949,447 Max Kershner, Barbara Jordan Services N50 Suite 25000 1201 West Peachtree Atlanta, GA 55402 Phone: 404 577 7542 Email: max.kershner@kornferry.com; barbara.jordan@kornferry.com 9. Factoring Corporation Factoring $917,592 SA De CV Sofo Agreement L Rodriquez Reforma No. 2654 Interior 1003 Reforma No. 2654 Interior 1003 Mexico City, 11950 Mexico Phone: 55 508109910 Ext 124 Email: lrodriguez@faccorp.net 10. KC Rentals S.A. De C.V. Lease $828,531 Ricardo Mendieta, Rosalba Cesareo 10 De may #47-A Tlalnepantla De Baz, 54080 Mexico Phone: 52 55 5365 Ext 421; 52 55 1525 8836 Email: rmendieta@kapali.com.mx; rcesareo@kapali.com.mx 11. AGS Group Debt $775,931 Mauricio Rioseco 907 Ranch Road 620 South, Suite 302 Lakeway, TX 78734 Email: mauricio.rioseco@rw.com.mx 12. Tennessee Department of Revenue Tax $684,561 Collection Services Division 500 Deaderick St Nashville, TN 37242 Phone: 844-729-8689 Email: revenue.collection@tn.gov; tdor.bankruptcy@tn.gov 13. Link X S.A. De C.V. Trade $680,137 Blanca Gomez, Jose Luis Chacon Jose Pages Yergo La Magdalena 104 Toluca, 50010 Mexico Phone: 52 55 7858 0472 52 55 8868 8713 Email: bigomez@linkx.mx; casegura@linkx.mx; jlchacon@linkx.mx 14. KPMG LLP Professional $566,571 Spencer Feld Services 2323 Ross Avenue Suite 1400 Dallas, TX 75201 Tel: 402-650-3441 Fax: 214-840-2297 Email: sfeld@kpmg.com; lacosta@kpmg.com 15. BDO USA, LLP Professional $490,070 TJ Nunez Services 770 Kenmoor SE Suite 300 Grand Rapids, MI 49546 Phone: 813-302-6622 Email: clewis@bdo.com; tnunez@bdo.com 16. PricewaterhouseCoopers Professional $462,368 Ivanna Nazar Services 2121 N. Pearl Street Suite 2000 Dallas, TX 75201 Phone: 31 06 41587682 Email: ivanna.nazar@pwc.com 17. Microstrategy Mexico S Trade $434,004 SE RL De CV Leticia Perez Juan Salvador Agraz 50 602 Santa Fe Cuajimalpa, 05348 Mexico Tel: 52 55 6827 8367 Fax: 52 55 4140 6112 Email: lperez@microstrategy.com 18. Anovorx Litigation $395,000 Kyle P. Truitt 1710 N Shelby Oaks Dr Suite 3 Memphis, TN 38134 Tel: 901-359-8896 Fax: 901-201-5470 Email: kyle.truitt@anovorx.com 19. Datavision Digital Trade $383,641 Norma Diaz Avenida Patriotismo 48 Miguel Hidalgo, 11800 Mexico Phone: 52(55) 5273-2903 Email: norma.diaz@datavision.com.mx 20. Banco Ve Por Mas, S.A. Trade $349,750 Javier Garcia, Sion Cherem Peseo De La Reforma 243 Piso 21 Cuauhtemoc CDMX, 06500 Mexico Phone: 52 55 7919 3828 Email: javier.garcia@simetricgi.com; sion.cherem@simetricgi.com ANCHOR GLASS: Davis Polk Advises Lenders on Amendments, Extensions ------------------------------------------------------------------ Davis Polk advised an ad hoc group of first-lien and second-lien term lenders in connection with amendments and maturity extensions in respect of Anchor Glass's first-lien term loan facility and second-lien term loan facility. The transaction also included, among other things, a $50 million equity investment by Anchor Glass's sponsor and a maturity extension of Anchor Glass's asset-based revolving credit facility. The transaction was supported by holders of over 99% of its first-lien term loans and over 95% of its second-lien term loans, 100% of its asset-based revolving credit facility lenders and its equity sponsor. Anchor Glass is a leading North American manufacturer of premium glass packaging products. Anchor Glass has long-standing relationships with blue chip companies across the beer, liquor, food, beverage, ready-to-drink and consumer end-markets. The company employs approximately 1,700 people and operates six glass manufacturing facilities located in Florida, Georgia, Indiana, Minnesota, New York and Oklahoma. The Davis Polk restructuring and finance teams included partner Damian S. Schaible, counsel Jon Finelli, Aryeh Ethan Falk and Bernard Tsepelman and associates Michael Pera, Mary Kudolo, Chinelo Krystal Okonkwo and Alec Gregory Schwartz. Partner Lucy W. Farr provided tax advice. Counsel Susan D. Kennedy advised on real estate matters. Members of the Davis Polk team are based in the New York and Washington DC offices. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. ARBAH HOTEL: Seeks $1.8MM DIP Loan from Silverberg -------------------------------------------------- Arbah Hotel Corp., asks the U.S. Bankruptcy Court for the District of New Jersey for authority to use cash collateral and obtain superpriority postpetition financing from Steve Silverberg. Due to Silverberg's history of financing the Debtor and the likelihood that a sale of the Debtor's property would ensure sufficient proceeds to support payment of all creditors in the case, Silverberg, through a Guardian and Receiver, and with the approval of the Guardianship Court, offered to provide post-petition debtor-in-possession financing to the Debtor of up to $1.8 million. The DIP Lender has advanced $100,000 prior to the submission of the Motion. The Debtor said up to $500,000 of the Loan may be advanced immediately following the entry of the Interim DIP Order. The DIP Facility has an interest rate of 10% per annum. The DIP Facility will mature no later than the earlier to occur of: (i) the last day of the Credit Period; (ii) on the effective date of a confirmed chapter 11 plan in the Chapter 11 Case; (iii) 10 days following the entry of an order approving the sale of the Borrower or Borrower’s assets; or (iv) the occurrence of an Event of Default, following any applicable grace or cure periods. The events that constitute an "Event of Default" include: (i) Failure to pay any installment of interest or principal or any other sum payable under the Note when due; (ii) Impairment of any Loan Document; (iii) Dismissal of the Chapter 11 Case or conversion to a chapter 7 case; (iv) Appointment of a chapter 11 trustee; (v) Granting of relief from the automatic stay to permit foreclosure on any assets of the Borrower, including, but not limited to, the Collateral; and (vi) Entry of an order granting any super-priority claim which is senior or pari passu with the Lender's claims under the Note or the Security Agreement. Through 2020, the Debtor operated the hotel as a going concern. Beginning with the COVID-19 pandemic and issuance of New Jersey Emergency Orders, the hotel suffered a significant and prolonged decline in operations of the hotel. In January 2021, the Debtor determined that it could no longer remain open and ceased active hotel operations. As of the Petition Date of February 24, 2023, there were no active employees working in the Debtor. Since the Petition Date, the Debtor has not received any revenue as the Debtor anticipates a sale of the Property in the case in an amount sufficient to satisfy all noninsider claims and administrative expenses. Historically, the Debtor has been supported through significant loans and/or contributions from Silverberg. Silverberg is the Alleged Incapacitated Person in an ongoing guardianship matter in New York State Supreme Court-Nassau County Index No. 850081/2022 in which Justice Gary F. Knobel, J.S.C., is presiding. The Guardianship Court has previously appointed John Newman, Esq., as Temporary Guardian, of Silverberg pursuant to Order entered August 9, 2022. As of the Petition Date, the purported shareholders in the Debtor were Silverberg and Mark Wysocki. Upon application of Newman, as Temporary Guardian, the Guardianship Court appointed the Hon. Anthony F. Marano as Temporary Receiver of Silverberg's interests in various entities including, but not limited, to the Debtor, Arbah Hotel Corp. d/b/a Meadowlands View Hotel a/k/a The View Hotel, Inc., pursuant to Order entered January 11, 2023. Pursuant to 11 U.S.C. section 361(2), the DIP Lender will be granted postpetition, valid, and perfected replacement liens on and security interests in all of the Debtor's now existing and hereafter acquired DIP Collateral, which Adequate Protection Liens will (i) be junior to the DIP Liens, and (ii) will be senior to all other security interests in, liens on, or claims against the Prepetition Collateral and DIP Collateral, whether now existing or hereafter arising or acquired. The Adequate Protection Liens granted to the DIP Lender are automatically perfected by operation of law upon the Court's entry of the Interim DIP Order nunc pro tunc to the Petition Date without further action and will survive the Termination Date. A copy of the motion is available at https://urlcurt.com/u?l=MwH26Y from PacerMonitor.com. About Arbah Hotel Corp. Arbah Hotel Corp., doing business as Meadowlands View Hotel, is a 3.5-star business-friendly hotel in North Bergen, New Jersey. Arbah Hotel Corp. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 23-11467) on Feb. 24, 2023. In the petition filed by Mark Wysocki, vice president and operations manager, the Debtor reported assets between $10 million and $50 million and liabilities between $100,000 and $500,000. Joseph L Schwartz has been appointed as Subchapter V trustee. The Debtor is represented by Justin M Gillman, Esq., at Gillman, Bruton & Capone, LLC. ARBAH HOTEL: Sells Assets to American Dream Hotel for $22.5MM ------------------------------------------------------------- Arbah Hotel Corp. asked the U.S. Bankruptcy Court for the District of New Jersey to approve the sale of most of its assets to American Dream Hotel, LLC. The assets include the company's 3.5-star hotel in North Bergen, N.J.; personal property used to operate the hotel; and rights in any insurance proceeds relating to the company's claim for recovery of damages from a fire. Arbah Hotel, through its broker Acadia Lodging Brokers and Advisors Inc., received several offers from interested buyers. The company determined that the best offer received is from Maheshchand Ratanji of American Dream Hotel. Under the sale agreement, American Dream Hotel will acquire the assets for $22.501 million, plus a non-refundable deposit of $5 million, which the buyer sent to an escrow account on Aug. 22. Moreover, the buyer has agreed to waive any contingencies relating to due diligence, environmental inspections and financing. American Dream Hotel has expressed willingness to proceed to closing on the sale no later than Sept. 12. Arbah Hotel's attorney, Justin Gillman, Esq., at Gillman, Bruton & Capone, LLC, said the proposed sale price of $22.501 million is "significantly higher" than 75% of the value of the assets to be sold. "Considering the circumstances, including the fact that the hotel has not been in operations since 2021, has no current or projected revenue, and represents a significant asset which will provide liquidity to pay all creditors and benefit the insider creditors and equity holder, the proposed sale is clearly for a sound business purpose," Mr. Gillman said in a motion filed in court. The sale motion is on the court's calendar for Sept. 7. About Arbah Hotel Corp. Arbah Hotel Corp., doing business as Meadowlands View Hotel, is a 3.5-star business-friendly hotel in North Bergen, N.J. Arbah Hotel Corp. filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 23-11467) on Feb. 24, 2023. In the petition filed by Mark Wysocki, vice president and operations manager, the Debtor reported assets between $10 million and $50 million and liabilities between $100,000 and $500,000. Joseph L. Schwartz has been appointed as Subchapter V trustee. Judge Vincent F. Papalia oversees the case. The Debtor is represented by Justin M Gillman, Esq., at Gillman, Bruton & Capone, LLC. ARCHDIOCESE OF SAN FRANCISCO: Panel Questionnaires Due by Aug. 29 ----------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of The Roman Catholic Archbishop of San Francisco, Archdiocese of San Francisco. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/2skabdc3 and return by email it to katina.umpierre@usdoj.gov at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Aug. 29, 2023. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Archbishop of San Francisco The Roman Catholic Archbishop of San Francisco, Archdiocese of San Francisco, is a tax exempt religious organisation. The Archdiocese sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. N.D. Calif., Case No. 23-30564) on August 21, 2023. In the petition filed by Fr. Patrick Summerhays as vicar general and moderator of the Curia, the Archdiocese reported $100 million to $500 million in assets and liabilities. The Hon. Dennis Montali oversees the case. The Debtor tapped Feldserstein Fitzgerald Willoughby as counsel. ASE CONSTRUCTION: Hires AOE Law as General Bankruptcy Counsel ------------------------------------------------------------- ASE Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire A.O.E. Law & Associates as its general bankruptcy counsel. The firm will render these services: (a) advise the Debtor on matters relating to the administration of the Estate, and on the applicant's rights and remedies with regard to the Estate's assets and the claims of secured and unsecured creditors; (b) appear for, prosecute, defend, and represent the Debtor's interests in suits arising in or related to this case, including any adversary proceedings against the Debtor; and (c) assist in the preparation of such pleadings, applications, schedules, orders, and other documents as are required for the orderly administration of the Estate. AOE Law will be paid at these hourly rates: Anthony Egbase $450 Associates $350-$400 Paralegal $150-$200 AOE Law will also be reimbursed for reasonable out-of-pocket expenses incurred. The retainer fee is $20,000. Anthony Egbase, principal counsel of AOE Law, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. AOE Law can be reached at: Anthony O. Egbase, Esq. Kevin Tang, Esq. Crystle J. Lindsey, Esq. A.O.E. LAW & ASSOCIATES 350 S. Figueroa Street, Suite 189 Los Angeles, CA 90071 Tel: (213) 620-7070 Fax: (213) 620-1200 E-mail: info@anthonyegbaselaw.com crystle@aoelaw.com About ASE Construction, Inc. ASE Construction, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-14986) on August 3, 2023. In the petition signed by Sergio Moreno Morales, CEO, CFO, the Debtor estimated $1 million to $10 million in both assets and liabilities. Anthony Egbase, Esq. at A.O.E. Law & Associates, APC represents the Debtor as counsel. ASP LS ACQUISITION: $455MM Bank Debt Trades at 22% Discount ----------------------------------------------------------- Participations in a syndicated loan under which ASP LS Acquisition Corp is a borrower were trading in the secondary market around 78.3 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $455 million facility is a Term loan that is scheduled to mature on May 7, 2029. The amount is fully drawn and outstanding. ASP LS Acquisition Corp. was formed to effectuate the acquisition of Laser Ship, Inc. by the private equity firm American Securities LLC ATLAS PURCHASER: $250MM Bank Debt Trades at 54% Discount -------------------------------------------------------- Participations in a syndicated loan under which Atlas Purchaser Inc is a borrower were trading in the secondary market around 46.1 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $250 mllion facility is a Term loan that is scheduled to mature on May 18, 2029. The amount is fully drawn and outstanding. Atlas Purchaser, Inc., which does business as Alvaria, Inc., acquired the assets of Aspect Software in a leveraged buyout in 2021. Aspect is a provider of call center software and solutions. AUDACY CAPITAL: $770MM Bank Debt Trades at 54% Discount ------------------------------------------------------- Participations in a syndicated loan under which Audacy Capital Corp is a borrower were trading in the secondary market around 46.4 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $770 million facility is a Term loan that is scheduled to mature on November 17, 2024. About $632.4 million of the loan is withdrawn and outstanding. Audacy Capital Corp. owns and operates radio stations. The Company focuses on sports, news, and music and entertainment. Audacy Capital produces, co-produces, and co-promotes events across markets, including concerts, multi-day musical festivals, speaker series, trade shows, and sports-related events. BELA FLOR: Sept. 1 Deadline Set for Panel Questionnaires -------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Bela Flor Nurseries, Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/2e4rey93 and return by email it to Elizabeth A. Young -- elizabeth.a.young@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Sept. 1, 2023. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Bela Flor Bela Flor operates in the horticulture and retail gardening industry. The Company currently grows from seed and cutting annual flowers, vegetables, bulbs, and floral items for wholesalers, landscapers and retailers. Bela Flor Nurseries, Inc. sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. N. Texas, Case No. 23-42469) on August 22, 2023. In the petition filed by its chief restructuring officer, Mark Shapiro, Bela Flor reported $10 million to $50 million in both assets and liabilities. The Hon. Mark X. Mullin oversees the cases. The Debtor tapped Husch Blackwell LLP as counsel, and B. Riley Advisory Services as chief restructuring officer. BENEFYTT TECHNOLOGIES: Taps Baker & McKenzie as Special Counsel --------------------------------------------------------------- Benefytt Technologies, Inc. and certain of its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Baker & McKenzie LLP their special counsel related to regulatory and compliance matters. The firm's services include: a) advising the Debtors with respect to certain antitrust, regulatory and compliance matters, including FTC regulatory and compliance matters; b) providing legal advice with regard to any litigation, antitrust and regulatory matters that the Debtors deem as necessary and appropriate and which Baker McKenzie has agreed or agrees to assist, including but not limited to the matters related to the above Services; and c) providing such other legal services as may be reasonably requested by the Debtors. Baker McKenzie's current hourly rates range from $1,100 to $1,645 per hour for partners, $550 to $1,295 per hour for associates, and $360 to $665 per hour for paralegals. Paul Keenan Jr., Esq., a partner of Baker McKenzie, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Consistent with the Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases Effective as of Nov. 1, 2013, Mr. Keenan submits the following information: a. Baker McKenzie did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; b. Baker McKenzie represented the Debtors in the 12 months prepetition. Other than periodic adjustments, the billing rates and material financial terms of Baker McKenzie's engagement have not changed post-petition from the prepetition arrangement. c. None of Baker McKenzie's professionals included in this engagement have varied their rate based on the geographic location for these Chapter 11 Cases; and d. Baker McKenzie has discussed with the Debtors a prospective budget, staffing plan and applicable hourly rates for work relating to the Services. The firm can be reached through: Paul J. Keenan Jr., Esq. Baker & McKenzie LLP Sabadell Financial Center 1111 Brickell Avenue, 10th Floor Miami, FLa 33131 Tel: (305) 789-8954 Fax: (305) 789 8953 Email: paul.keenan@bakermckenzie.com About Benefytt Technologies Benefytt Technologies, Inc. is a technology-driven distributor of insurance products covering Medicare-related insurance plans as well as other types of health insurance and supplemental products. It operates in 44 states including Texas, New York, California, and Florida. On May 23, 2023, Benefytt Technologies and 17 affiliated debtors, including American Service Insurance Agency LLC, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90566). Benefytt Technologies disclosed assets of $1 billion to $10 billion and liabilities of $500 million to $1 billion as of the bankruptcy filing. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Jackson Walker, LLP as local and conflicts counsel; Ankura Consulting Group, LLC as financial advisor; and Jefferies Group, LLC as investment banker. Stretto, Inc. is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors 'Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP and Lowenstein Sandler, LLP as bankruptcy counsels; AlixPartners, LLP as financial advisor; and Province, LLC as restructuring advisor. BITNILE METAVERSE: Posts $5.5 Million Net Income in First Quarter ----------------------------------------------------------------- BitNile Metaverse, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net income of $5.46 million on $45,150 of hospitality and VIP experience revenue for the three months ended June 30, 2023, compared to a net loss of $10.72 million on $0 of hospitality and VIP experience revenue for the three months ended June 30, 2022. As of June 30, 2023, the Company had $22.66 million in total assets, $28.17 million in total liabilities, and a total stockholders' deficit of $5.51 million. BitNile Metaverse said, "The Company believes that the current cash on hand is not sufficient to conduct planned operations for one year from the issuance of the condensed consolidated financial statements, and it needs to raise capital to support its operations, raising substantial doubt about its ability to continue as a going concern. The accompanying financial statements for the period ended June 30, 2023 have been prepared assuming the Company will continue as a going concern, but the ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes continued revenue streams and becomes profitable. Management's plans to continue as a going concern include raising additional capital through sales of equity securities and borrowing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. If the Company is not able to obtain the necessary additional financing on a timely basis, the Company will be required to delay, reduce or perhaps even cease the operation of its business. The ability of the Company to continue as a going concern is dependent upon its ability to successfully secure other sources of financing and attain profitable operations. The Company raised approximately $3,500,000 in an At-the-Market capital raise during the fourth fiscal quarter of the year ended March 31, 2023 and the three months ended June 30, 2023. In addition, on April 27, 2023, the Company sold $6.875 million of principal face amount senior secured convertible notes with an original issue discount to sophisticated investors for gross proceeds to the Company of $5.5 million. The notes mature on April 27, 2024 and are secured by all of the assets of the Company and certain of its subsidiaries, including BNC." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1437491/000121390023069274/f10q0623_bitnilemet.htm About BitNile Metaverse Founded in 2011, BitNile Metaverse (formerly Ecoark Holdings, Inc.) -- is a holding company, incorporated in the State of Nevada on November 19, 2007. Through March 31, 2023, the Company's former wholly owned subsidiaries with the exception of Agora Digital Holdings, Inc., a Nevada corporation, and Zest Labs, Inc., a Nevada corporation, have been treated for accounting purposes as divested. The Company's principal subsidiaries consisted of (a) BitNile.com, Inc., a Nevada corporation, which includes the platform BitNile.com and that was acquired by the Company on March 6, 2023, which transaction has been reflected as an asset purchase, and (b) Ecoark, Inc., a Delaware corporation that is the parent of Zest Labs and Agora. BitNile Metaverse reported a net loss of $87.36 million on zero revenue for the year ended March 31, 2023, compared to a net loss of $10.55 million on $27,182 of revenues for the year ended March 31, 2022. As of March 31, 2023, the Company had $23.77 million in total assets, $37.72 million in total liabilities, and a total stockholders' deficit of $13.94 million. New York, New York-based RBSM LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated July 14, 2023, citing that the Company has suffered recurring losses from operations and had an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. BLUE STAR: Incurs $1.45 Million Net Loss in Second Quarter ---------------------------------------------------------- Blue Star Foods Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $1.45 million on $1.65 million of net revenue for the three months ended June 30, 2023, compared to a net loss of $1.44 million on $2.96 million of net revenue for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $3.40 million on $3.55 million of net revenue compared to a net loss of $2.49 million on $8.28 million of net revenue for the six months ended June 30, 2022. As of June 30, 2023, the Company had $7.02 million in total assets, $7.04 million in total liabilities, and a total stockholders' deficit of $15,712. "For the six months ended June 30, 2023, the Company incurred a net loss of $3,403,137, had an accumulated deficit of $32,742,257 and a working capital deficit of $1,704,096, inclusive of $830,339 in stockholder debt. These factors raise substantial doubt as to the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon the Company's ability to increase revenues, execute on its business plan to acquire complimentary companies, raise capital, and to continue to sustain adequate working capital to finance its operations. The failure to achieve the necessary levels of profitability and cash flows would be detrimental to the Company," Blue Star said. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1730773/000149315223029681/form10-q.htm About Blue Star Foods Based in Miami, Florida, Blue Star Foods Corp. --https://bluestarfoods.com -- is an international sustainable marine protein company based in Miami, Florida that imports, packages and sells refrigerated pasteurized crab meat, and other premium seafood products. The Company's main operating business, John Keeler & Co., Inc. was incorporated in the State of Florida in May 1995. The Company's current source of revenue is importing blue and red swimming crab meat primarily from Indonesia, Philippines and China and distributing it in the United States and Canada under several brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff and Coastal Pride Fresh, and steelhead salmon and rainbow trout fingerlings produced under the brand name Little Cedar Farms for distribution in Canada. Blue Star reported a net loss of $13.19 million for the year ended Dec. 31, 2022, compared to a net loss of $2.61 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $8.68 million in total assets, $9.92 million in total liabilities, and a total stockholders' deficit of $1.24 million. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. BULLDOG PURCHASER: $125MM Bank Debt Trades at 19% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Bulldog Purchaser Inc is a borrower were trading in the secondary market around 81.0 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $125 million facility is a Term loan that is scheduled to mature on September 5, 2026. The amount is fully drawn and outstanding. Bulldog Purchaser Inc. owns and operates fitness and recreational centers. The Company offers its services in the United States. CAN B CORP: Incurs $2 Million Net Loss in Second Quarter -------------------------------------------------------- Can B Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.03 million on $420,593 of total revenues for the three months ended June 30, 2023, compared to a net loss of $1.64 million on $1.27 million of total revenues for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $3.77 million on $1.36 million of total revenues compared to a net loss of $5.13 million on $3.13 million of total revenues for the six months ended June 30, 2022. As of June 30, 2023, the Company had $14.58 million in total assets, $14.03 million in total liabilities, and $554,887 in total stockholders' equity. As of June 30, 2023, the Company had cash and cash equivalents of $123,445 and negative working capital of $5,295,361. For the six months ended June 30, 2023 and 2022, the Company had incurred losses. The Company said these factors raise substantial doubt as to its ability to continue as a going concern. Can B Corp said, "After careful consideration and analysis of the economics, supply chain, processing logistics, and management of manpower the Company decided to consolidate operations in its CO operations in Mead and Ft. Morgan. The company remains fully vertically integrated in legal hemp operations and sales with processing of hemp biomass and crude hemp oil into distillate, isolate, and ultimately into isomers. The Company moved all of its help processing equipment previously located in its Miami, FL operation under Botanical Biotech, LLC to its main hemp processing center in CO. The Company also terminated its lease with the Miami landlord. The Company moved all of the hemp processing equipment previously located in its McMinnville, TN operation under TN Botanicals, LLC to its main hemp processing center in CO. "As a result of these equipment moves, the Colorado operation will, once fully operational, improve operating efficiencies, increase management oversight, and be able to increase throughput by double compared to the prior three independent operating facilities. The Company expects to have the consolidated operation fully operational by the end of fiscal 2023. Senior management of the Company will be on-site in CO during this consolidation period to ensure maximum efficiencies and continue operations during this rebuilding period. Immediate impact of the consolidation is elimination of duplicate lines, better coordination of customer orders, reduction in transportation charges, and manpower efficiencies with larger batch sizes and reduced personnel." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1509957/000149315223029699/form10-q.htm About Can B Corp Headquartered in Hicksville New York, Canbiola, Inc. (now known as Can B Corp) -- http://www.canbiola.com-- develops, manufactures and sells products containing cannabinoids derived from hemp biomass and the licensing of durable medical devises. Can B Corp. reported a net loss of $14.92 million for the year ended Dec. 31, 2022, compared to a net loss of $12.17 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $15.56 million in total assets, $12.86 million in total liabilities, and $2.70 million in total stockholders' equity. Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. CANO HEALTH: $644MM Bank Debt Trades at 33% Discount ---------------------------------------------------- Participations in a syndicated loan under which Cano Health LLC is a borrower were trading in the secondary market around 67.0 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $644.4 million facility is a Term loan that is scheduled to mature on November 23, 2027. About $634.8 million of the loan is withdrawn and outstanding. Cano Health, LLC operates primary care centers and supports affiliated medical practices. The Company specializes in primary care for seniors, as well as promotes activities and care to improve both physical health and well-being and offers population health management programs. Cano Health serves patients in the United States. CAPITAL KCS: Claims Will be Paid from Property Sale/Refinance ------------------------------------------------------------- Capital KCS, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated August 17, 2023. The Debtor is a California limited liability company owned 100% by KCS Family Holdings LLC. KCS Family Holdings LLC is owned 100% by Kevin and Cynthia Chen, who are husband and wife. In July 2008, the Debtor purchased a two-story, 91,200 square foot loft and commercial building in the Arts District of Los Angeles on a 1.05-acre lot (the "Property") with the intention of making it into a space for creative individuals to live and work. The original purchase price of the Property was $6.6 million. A third party appraiser commissioned by secured creditor East West Bank valued the Property at $60.9 million in as-is condition as of January 2023. Initially, the Property served as a creative office space, a warehouse, and an artist-in-residence live/work space. Since 2012, the Debtor has been working to develop the Property into a much larger mixed-use development called Arts District Center which would include artist residences, an art hotel, an art gallery and exhibition space, commercial space, and wellness facilities ("ADC" or the "Project"). Despite the challenges COVID-19 posed, the Project continued to progress due to the assistance of various consultant teams that worked on preconstruction plans and coordinated with the City's planning department and the Los Angeles Department of Building and Safety ("LADBS"). In order to obtain a demolition permit, the Los Angeles Housing Authority required all tenants at the Property to relocate. Most tenants agreed to move out by the end of 2020, and the remaining tenants vacated the building in May 2021 after receiving relocation settlements. As a result of having to relocate the tenants, the Property generated almost no rental income from January 2021 through the filing of this bankruptcy case. The Debtor currently has one small tenant paying a little more than $5,000 per month. The Debtor's primary asset is the Property which was last appraised at $60,900,000. Aside from the Property, the Debtor has minimal assets; two automobiles worth a total of approximately $310,000 and $8,668.35 in office furniture and approximately $22,421 in cash as of July 2023. The Debtor's obligations under the Plan will be funded either through a financing transaction or a sale of the Property. In the meantime, the Debtor will continue to operate as it has during the pendency of the chapter 11 case, using a combination of rental income and capital contributions. Class 4 consists of all allowed general unsecured claims of the Debtor. Total amount of Class 3 claims is currently estimated at $100,079.38. In full and final satisfaction of all allowed Class 4 claims against the Debtor, each holder of an allowed Class 4 claim shall receive payment in full within 10 business days of the Closing Date. This Class is impaired. Class 5 interest holders will retain their rights and interests without impairment. Members of Class 5 are not entitled to receive any cash payments on account of their equity interests under the Plan. The Plan will be funded from the proceeds of the Refinance or the Property Sale. A full-text copy of the Disclosure Statement dated August 17, 2023 is available at https://urlcurt.com/u?l=ONqTUN from PacerMonitor.com at no charge. Attorneys for Debtor: Matthew A. Lesnick, Esq. Lauren N. Gans, Esq. Lisa R. Patel, Esq. LESNICK PRINCE & PAPPAS LLP 315 W. Ninth Street, Suite 705 Los Angeles, CA 90015 Telephone: (213) 493-6496 Facsimile: (213) 493-6596 About Capital KCS Capital KCS, LLC, is a California limited liability company owned 100% by KCS Family Holdings LLC. Capital KCS filed a Chapter 11 petition (Bankr. C.D. Cal. Case No. 23-13029) on May 17, 2023. LESNICK PRINCE & PAPPAS LLP is the Debtor's legal counsel. CAPTAIN CORPORATION: New Value Contribution to Fund Plan -------------------------------------------------------- Captain Corporation filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization for Small Business. The Debtor is in the business of real estate investment. It was formed in 1996. Dr. Shirlin Wong is the beneficial owner of 100% of the equity interests in Captain through a living trust. The primary asset of the Debtor is a residential property located at 30 Falkirk Lane, Hillsborough, California (the "Property"). The latest appraisal of the Property, dated September 9, 2021, valued the Property at $10,000,000 (the "Appraisal"). The Appraisal was obtained by secured creditor Val-Chris Investments, Inc., as a condition to the issuance of its loan to Captain dated September 15, 2021. Debtor has no income. Dr. Wong, as the sole equity holder in the Debtor via a living trust and the guarantor of the loans secured by the Property, will make a series of new value contributions to fund the Plan (together, the "New Value Contribution"). The payments under the Plan will commence upon the effective date and be completed within 120 days of the effective date. The New Value Contribution will include sums sufficient to fund the following: * regular monthly non-default contract payments to the Secured Creditors beginning 15 days from the effective date (the "Monthly Payments"); * payment on the effective date, or the date such claims are allowed, of all allowed administrative expense (the "Admin Claim Payments"); and * payment, within 120 days of the effective date, to (a) the San Mateo County Tax Collector to satisfy the Pre-Petition Property Taxes, in full, (b) the Secured Creditors sufficient to cure all outstanding pre- and post-petition arrears in Class 3 and 4 claims, (c) any priority tax claims, (d) any Class 1 priority claims and (e) any Class 5 non-priority unsecured claims (the "Final Payments"). This Plan of Reorganization proposes to pay creditors from a new value contribution by Dr. Wong. Debtor does not believe there are any Class 5 non-priority unsecured claims, but if any arise, they will be paid, with interest at the legal rate, within 120 days of the effective date or the date such claim is allowed, whichever is later. The equity holder of the Debtor will not receive any economic recovery under the Plan but shall retain its equity interests and its treatment shall comply with Section 1124 of the Code. A full-text copy of the Plan of Reorganization dated August 22, 2023 is available at https://urlcurt.com/u?l=kFoKI3 from PacerMonitor.com at no charge. About Captain Corporation Captain Corporation is engaged in activities related to real estate. It owns a property located at 30 Falkirk Lane, Hillsborough, Calif., valued at $6 million. Captain Corporation filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 23-30421) on June 28, 2023, with $6,000,016 in assets and $5,218,557 in liabilities. Shirlin Wong, president, signed the petition. Judge Dennis Montali oversees the case. Stephen D. Finestone, Esq., at Finestone Hayes, LLP represents the Debtor as counsel. CARNIVAL PLC: EUR751.5MM Bank Debt Trades at 40% Discount --------------------------------------------------------- Participations in a syndicated loan under which Carnival PLC is a borrower were trading in the secondary market around 60.1 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR751.5 million facility is a Term loan that is scheduled to mature on October 9, 2032. About EUR599.1 million of the loan is withdrawn and outstanding. Carnival PLC owns and operates cruise ships. The Company offers cruise vacations in North America, Continental Europe, the United Kingdom, South America, and Australia. Dually-listed company with CCL US. CARNIVAL PLC: EUR755.5MM Bank Debt Trades at 38% Discount --------------------------------------------------------- Participations in a syndicated loan under which Carnival PLC is a borrower were trading in the secondary market around 61.6 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR755.5 million facility is a Term loan that is scheduled to mature on December 17, 2032. About EUR630.8 million of the loan is withdrawn and outstanding. Carnival PLC is a cruise operator based in Florida. CAVA GROUP: $30MM Bank Debt Trades at 15% Discount -------------------------------------------------- Participations in a syndicated loan under which Cava Group Inc is a borrower were trading in the secondary market around 84.8 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $30 million facility is a Delay-Draw Term loan that is scheduled to mature on March 11, 2027. Cava Group, Inc. is an owner and operator of Mediterranean restaurants under the name Cava, located at 1320 4th St. N., St. Petersburg, Florida. CENTER FOR ASBESTOS: Hires Bechtold Law Firm as Special Counsel --------------------------------------------------------------- Center for Asbestos Related Disease, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Montana to employ Bechtold Law Firm, PLLC as special counsel. The Debtor needs the firm's legal assistance in connection with an appeal (Appeal No. 23-35507) pending in the Ninth Circuit Court of Appeals. The firm will be paid at the rate of $460 per hour. The Debtor owes the firm $448,063 for services rendered in the lawsuit of BNSF Railway Company on behalf of the United States of America. The firm was paid $50,000 within the 90 days preceding the filing of the Chapter 11 case. The firm has utilized $11,023 of such funds to purchase a trial transcript for appeal and has returned the balance to the Debtor. Timothy M. Bechtold, Esq., a partner at Bechtold Law Firm, 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: Timothy M. Bechtold, Esq. Bechtold Law Firm 317 E Spruce St. Missouta, MT 59802 Tel: (406) 721-1435 About Center for Asbestos Related Disease, Inc. Center for Asbestos Related Disease, Inc. addresses healthcare issues associated with Libby amphibole (previously called tremolite) asbestos. Center for Asbestos Related Disease sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 23-90135) on Aug. 7, 2023. In the petition signed by Tracy J. McNew, executive director, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Patten, Peterman, Bekkedahl & Green, PLLC serves as the Debtor's counsel. CHENIERE ENERGY: Moody's Withdraws Ba1 CFR & Ups Sr. Notes from Ba1 ------------------------------------------------------------------- Moody's Investors Service upgraded Cheniere Energy, Inc.'s ("CEI") Senior Global Notes rating to Baa3 from Ba1. Moody's concurrently withdrew CEI's Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, and SGL-1 Speculative Grade Liquidity Rating (SGL). The outlook on CEI's ratings is stable. This rating action concludes the review of CEI's ratings initiated on May 11, 2023. Concurrently, Moody's affirmed Cheniere Energy Partners, L.P.'s ("CQP") Ba1 Corporate Family Rating (CFR) and Ba1 ratings on its Senior Global Notes. CQP's SGL-3 Speculative Grade Liquidity (SGL) rating was upgraded to SGL-2. The outlook on CQP's ratings is stable. "Cheniere Energy, Inc. is well positioned to maintain recent improvements in the balance sheet as it benefits from substantial financial flexibility and is able to direct operating cash flows to fund a large share of the expansion of LNG capacity at its Corpus Christi facility," said Elena Nadtotchi, Moody's Senior Vice President. Affirmations: Issuer: Cheniere Energy Partners, L.P. Corporate Family Rating, Affirmed Ba1 Probability of Default Rating, Affirmed Ba1-PD Senior Unsecured Regular Bond/Debenture, Affirmed Ba1 Upgrades: Issuer: Cheniere Energy Partners, L.P. Speculative Grade Liquidity Rating, Upgraded to SGL-2 from SGL-3 Issuer: Cheniere Energy, Inc. Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3 from Ba1 Issuer: Cheniere Energy, Inc. Corporate Family Rating, Withdrawn, previously rated Ba1 Probability of Default Rating, Withdrawn, previously rated Ba1-PD Speculative Grade Liquidity Rating, Withdrawn, previously rated SGL-1 Outlook Actions: Issuer: Cheniere Energy Partners, L.P. Outlook, Remains Stable Issuer: Cheniere Energy, Inc. Outlook, Changed To Stable From Rating Under Review RATINGS RATIONALE Cheniere Energy, Inc. (CEI) The upgrade of CEI's senior unsecured rating to Baa3 follows the upgrade of the ratings of Cheniere Corpus Christi Holdings, LLC (CCH, Baa2 stable). The Baa3 rating is also supported by low stand-alone leverage maintained at CEI. The upgrade of the ratings also reflects CEI's growing scale, high quality and improved earnings diversification, including significant earnings contribution by Cheniere Marketing, its unencumbered wholly owned subsidiary. CEI's Baa3 rating recognizes prudent financial policy exercised consistently across the whole organization, effective and proactive management of risks and conservative financing of growth. The Company established a balanced framework that gives priority to reinvestment of operating cash flow in plant expansion and to funding CEI's dividend. The company aims to allocate the remaining free cash flow to debt reduction and to share repurchases in equal measure, while maintaining solid liquidity. This financial policy also includes a Debt/EBITDA target for its consolidated leverage of below 4x, that Moody's expects CEI to be able to maintain amid normalized pricing conditions in the international natural gas markets. Strong performance in the Marketing division should keep the company's consolidated leverage below its medium-term target of 4x Debt/EBITDA in 2023. After significant debt prepayments in 2022, CEI's stand-alone leverage trends at around 1x debt/EBITDA and its leverage calculated on a proportionately consolidated basis should trend below 4.5x in the medium term. By largely debt-financing the construction of the nine operating liquefaction trains across the two project sites to date, CEI has accumulated significant absolute amounts of debt. The company reported almost $16.9 billion of project level debt, in addition to $5.6 billion of intermediate holding company debt at CQP, all of which is structurally senior to the $1.5 billion debt outstanding at CEI as of June 30, 2023. While debt at CEI is structurally subordinated to substantial amounts of secured project level debt and intermediate holding company debt, CEI's debt service is well supported by residual cash flow generated under long-term, take-or-pay style contracts with strong and largely investment grade rated counterparties across nine fully operational natural gas liquefaction (LNG) trains, as well as by unencumbered cash flow generated by its Marketing subsidiary. CEI's liquidity position is excellent. As of June 30, 2023, CEI had consolidated balance sheet cash of $2.7 billion (excluding $0.6 billion cash at CQP) and a fully undrawn $1.25 billion revolving credit facility (unrated). CEI's notes mature in 2028. Cheniere Energy Partners, L.P.'s (CQP) CQP is a master limited partnership (MLP) that is approximately 51% owned by CEI (-49% LP interest and 2% GP interest, wholly-owned by CEI), and 49% by The Blackstone Group Inc., Brookfield Asset Management Inc. and public unitholders. CQP owns Sabine Pass Liquefaction, LLC (SPL, Baa2 stable), a fully operational liquefaction facility with an aggregate nameplate liquefaction capacity of 30 MTPA, consisting of six liquefaction trains, as well as five LNG storage tanks and three marine berths; Sabine Pass LNG, L.P. (SPLNG), a regasification terminal that has been in operation since 2008; and Cheniere Creole Trail Pipeline, L.P. (CTPL), a 94-mile long pipeline that provides natural gas supply transportation to SPL. CQP's debt service capacity and its Ba1 CFR are underpinned by cash flow and distributions from its operating subsidiaries. CQP benefits from the predictability and recurring nature of anticipated long-dated cash flow from its wholly-owned operating subsidiaries. These positives are balanced by CQP's structurally subordinated position to SPL's leveraged capital structure and significant ongoing distribution requirements, typical for a MLP. Moody's expects CQP to manage its consolidated leverage close to 4.5x Debt/EBITDA. CQP's significant free cash flow generation is expected to be primarily distributed to unitholders. CQP's liquidity position is good, as indicated by its SGL-2 SGL rating. As of June 30, 2023, CQP had balance sheet cash of $0.6 billion and the company had a fully undrawn $1 billion revolving credit facility (unrated). CQP's notes will mature in 2029, 2031, 2032 and 2033. CQP's $5.6 billion senior unsecured notes are rated Ba1, at par with the CFR. The standalone capital structure also includes $1 billion senior unsecured revolving credit facility maturing in 2028. RATING OUTLOOK The stable outlook on CEI's ratings reflects Moody's expectation of CEI's continued robust operating performance and strong cash flow generation in 2023-2024 that should help maintain the improved leverage profile of the company during the construction period at CCH. CQP's stable outlook mirrors the stable outlook on SPL's ratings and reflects CQP's heavy reliance on distributions from SPL along with consistent cash flow from unrated subsidiaries, CTPL and SPLNG. Moody's has decided to withdraw the ratings for its own business reasons. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Cheniere Energy, Inc. (CEI) CEI's ratings could be upgraded in step with upgrades at SPL, CCH, and CQP. The upgrade would also require CEI to maintain solid leverage profile, with Debt/EBITDA below 4.0x, calculated on a proportionate consolidation basis, and below 1x on a stand-alone basis, as well as very good stand-alone liquidity. CEI ratings could be downgraded as a result of a downgrade of SPL, CCH, or CQP. The ratings could be also downgraded if leverage increases and is sustained above 4.5x debt/EBITDA on proportionate consolidation basis, as a result of a change in financial policy, a material disruption in LNG liquefaction operations, or a deviation in LNG offtake contracting strategy that weakens cash flow certainty. Cheniere Energy Partners, L.P.'s (CQP) Given CQP's level of reliance on SPL cash flow, a rating upgrade or downgrade at SPL would likely trigger a similar rating upgrade or downgrade at CQP. CQP's ratings could be upgraded if its leverage calculated on a consolidated basis is maintained well below 4x Debt/EBITDA and it strengthens its distribution coverage. CQP's ratings could be downgraded if its Debt/EBITDA leverage calculated on a consolidated basis is maintained above 4.5x. The principal methodology used in these ratings was Midstream Energy published in February 2022. Cheniere Energy, Inc. is headquartered in Houston, Texas. Through its ownership and operation of two US-based LNG export facilities, Sabine Pass Liquefaction, LLC (SPL, Baa2 stable) and CCH, CEI is established as one of the world's largest LNG exporters. Over 90% of its liquefaction capacity is contracted through the mid-2030s, with the remainder marketed by Cheniere Marketing under arm's length contracts. CQP is a master limited partnership that owns SPL, as well as five LNG storage tanks and three marine berths; Sabine Pass LNG, L.P. (SPLNG), a regasification terminal that has been in operation since 2008; and Cheniere Creole Trail Pipeline, L.P. (CTPL), a 94-mile-long pipeline that provides natural gas supply transportation to SPL. CHIMICHURRI CHICKEN: Exclusivity Period Extended to December 6 -------------------------------------------------------------- Judge Nancy Hershey Lord of the U.S. Bankruptcy Court for the Eastern District of New York extended Chimichurri Chicken Corp.'s exclusivity period to file a chapter 11 plan of reorganization and disclosure statement to December 6, 2023. About Chimichurri Chicken Corp. Chimichurri Chicken Corp. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40453) on Feb. 9, 2023, with $50,001 to $100,000 in both assets and liabilities. Judge Nancy Hershey Lord oversees the case. The Debtor tapped Alla Kachan, Esq., at the Law Offices of Alla Kachan P.C. as legal counsel and Wisdom Professional Services, Inc. as accountant. CIBT GLOBAL: $385MM Bank Debt Trades at 30% Discount ---------------------------------------------------- Participations in a syndicated loan under which CIBT Global Inc is a borrower were trading in the secondary market around 70.3 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $385 million facility is a Term loan that is scheduled to mature on June 1, 2025. The amount is fully drawn and outstanding. CIBT Global, Inc. provides travel documents services. The Company offers travel visas, passports, and additional document creation support services including digital photo, document legalization, and authentications. CONGREGATION COFFEE: Gets OK to Hire Patrick J. Gros as Accountant ------------------------------------------------------------------ Congregation Coffee, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Patrick J. Gros, CPA APAC as its accountant. The Debtor needs the assistance of an accountant to prepare its monthly operating reports and provide general accounting services. The hourly rates of the firm's professionals are as follows: Partners $250 per hour Managers $175 per hour Seniors $150 per hour Staff & Paraprofessionals $110 per hour The retainer fee is $2,500. Patrick Gros, a certified public accountant at Patrick J. Gros CPA APAC, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick J. Gros, CPA Patrick J. Gros CPA APAC 651 River Highlands Blvd. Covington, LA 70433 Telephone: (985) 898-3512 Email: info@PJGrosCPA.com About Congregation Coffee Congregation Coffee, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 23-10879) on June 6, 2023, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Meredith S. Grabill oversees the case. The Debtor is represented by Stewart Peck, Esq., at Lugenbuhl Wheaton Peck Rankin & Hubbard. DECURTIS HOLDINGS: Wants Chapter 11 Converted to Chapter 7 ---------------------------------------------------------- Alex Wittenberg of Law360 reports that cruise line software company DeCurtis Holdings asked a Delaware bankruptcy judge to convert its Chapter 11 case to a Chapter 7, saying that because Carnival Corp. has ownership rights to its software, it can't complete a sale before it runs out of cash. About Decurtis Holdings DeCurtis Holdings LLC and affiliates provide guest experience and operational management product-focused SaaS software solutions designed to power any indoor, complex environment. DeCurtis is the industry leader in transformational experience technology focused on the cruise line industry, and DeCurtis makes software systems used for providing guests a seamless experience with cruise ship facilities through the use of wireless sensing technologies. Beyond the cruise line industry, DeCurtis's products and services are also applicable to restaurants, theme parks, and the extended hospitality industry, with the potential to expand into healthcare and other settings. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10548) on April 30, 2023. In the petition signed by Joseph J. Carino, chief financial officer, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Kate Stickles oversees the case. Potter Anderson and Corroon LLP and Cooley LLP represent the Debtor as legal counsel. The Debtors tapped Groombrige, Wu, Baughman & Stone LLP as special counsel, Province, LLC as financial advisor, and Omni Agent Solutions as claims, noticing, and administrative agent. DESTINED PROPERTIES: FundSportsTV to Buy Cedar Property for $3MM ---------------------------------------------------------------- Destined Properties, LLC asked the U.S. Bankruptcy Court for the District of Utah to approve the sale of its real property to FundSportsTV, LLC or its assigns for $3 million. The real property is located at 1342 W. Industrial Road, Cedar City, Utah. It will be sold "free and clear" of liens, with liens to attach to the proceeds of the sale and said liens to be paid from the proceeds. The proposed sale will generate proceeds sufficient to pay the company's secured creditor in full and generate significant funds for the general unsecured creditors, according to its attorney Jeremy Sink, Esq., at Kirton McConkie. The sale hearing is scheduled for Sept. 27. About Destined Properties Destined Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 23-22264) on May 31, 2023. In the petition signed by James L. Haslem, authorized representative, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge William T. Thurman oversees the case. The Debtor tapped Jeremy C. Sink, Esq., at Kirton McConkie as legal counsel and Prosystem Accounting as accountant. DIOCESE OF ALBANY: Committee Taps Burns Bair as Insurance Counsel ----------------------------------------------------------------- The official committee of unsecured creditors of The Roman Catholic Diocese of Albany, New York received approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Burns Bair LLP as its special insurance counsel. The counsel will render these services: (a) analyze and assess the nature and scope of the Debtor's insurance assets, including the availability of coverage under the Debtor's insurance policies; (b) represent the Committee with respect to insurance issues; (c) participate in mediation and negotiation related to the Debtor's insurance coverage; (d) advise the Committee with respect to the Debtor's insurance coverage; and (e) provide additional advice or action related to the Debtor's insurance coverage that the Committee requires. The hourly rates of the firm's professionals are as follows: Timothy Burns $700 Jesse Bair $700 Nathan Kuenzi $475 Brian Cawley $475 Paralegals $340 In addition, the firm will seek reimbursement for expenses incurred. Timothy Burns, Esq., a partner at Burns Bair, 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: Timothy W. Burns, Esq. Burns Bair, LLP 10 E. Doty Street, Suite 600 Madison, WI 53703 Telephone: (608) 286-2302 Email: tburns@burnsbair.com About The Roman Catholic Diocese of Albany The Roman Catholic Diocese of Albany is a religious organization in Albany, N.Y. It covers 13 counties in Eastern New York, including a portion of the 14th county. Its Mother Church is the Cathedral of the Immaculate Conception in the city of Albany. New York's Child Victims Act, which took effect in August 2019, temporarily sets aside the usual statute of limitations for lawsuits to give victims of childhood sexual abuse a year to pursue even decades-old claims. Hundreds of new lawsuits have been filed against churches and other institutions since the law took effect on Aug. 14, 2019. Facing the financial weight of new sexual misconduct lawsuits, at least four of the eight Roman Catholic dioceses in the state, has already sought Chapter 11 protection. The dioceses that have declared bankruptcy include the Diocese of Rochester and the Diocese of Rockville Centre on Long Island. The Catholic Diocese of Albany sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on March 15, 2023. In the petition filed by Fr. Robert P. Longobucco, the Debtor estimated assets between $10 million and $50 million and liabilities between $50 million and $100 million. Judge Robert E. Littlefield, Jr. oversees the case. The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel; Tobin and Dempf, LLP as special litigation counsel; Keegan Linscott & Associates, PC as financial advisor; and Bonadio & Co., LLP as accountant. Donlin, Recano & Company, Inc. is the claims and noticing agent. On April 17, 2023, the U.S. Trustee for Region 2 appointed two separate committees to represent unsecured creditors and tort claimants in the Debtor's Chapter 11 case. The unsecured creditors' committee tapped Lemery Greisler, LLC as legal counsel; Dundon Advisors, LLC as financial advisor; and OneDigital Investment Advisors, LLC as special investment consultant. Stinson, LLP and OneDigital Investment Advisors serve as the tort committee's legal counsel and special investment consultant, respectively. DUCKWORTH LLC: Seeks to Hire Steidl and Steinberg as Counsel ------------------------------------------------------------ Duckworth LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Steidl and Steinberg, P.C. to handle its Chapter 11 case. The Debtor paid Steidl and Steinberg a retainer of $5,000 for its services, plus the filing fee of $1,738. Christopher Frye, Esq., an attorney at Steidl & Steinberg, will be paid at his hourly rate of $350 and will be reimbursed for work-related expenses incurred. Mr. Frye 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: Christopher M. Frye, Esq. STEIDL & STEINBERG, PC 2830 Gulf Tower 707 Grant Street Pittsburgh, PA 15219 Telephone: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Duckworth LLC Duckworth LLC is an S-corporation that does business as a Minuteman Press franchise in Western Pennsylvania. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-21692) on Aug. 9, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Steven E. Duckworth, president, signed the petition. Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., represents the Debtor as legal counsel. DURO LEGACY: Hires Frank B. Lyon and Sarah D. McHaney as Counsels ----------------------------------------------------------------- Duro Legacy HVAC, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Law Offices Of Frank B. Lyon, and Sarah D. McHaney, Esq., as attorneys. The firms' services include: a. giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its business and management of its property; b. advising the Debtor of its responsibilities under the Bankruptcy Code and assist with such; c. making amendment of the voluntary petition and other paperwork necessary to complete this proceeding; d. assisting the Debtor in preparing and filing the required Schedules, Statement of Affairs, Monthly Financial Reports, the Initial Debtor Report and other documents required by the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the Local Rules of this Court and the administrative procedures of the Office of the United States Trustee; e. taking representation of the Debtor in connection with adversary procedings and other contested and uncontested matters, both in this Court and in other courts of competent jurisdiction, concerning any and all matters related to these bankruptcy proceedings and the financial affairs of the Debtor, including, but not limited to, litigation affecting property of the Estate, suits to avoid or determine lien rights or other property interests of creditors and other parties in interest, objections to disputed claims, motions to assume or reject leases and other executory contracts, motions for relief from the automatic stay and motions concerning the discovery of documents and other information relating to any of the foregoing; f. taking representation of the Debtor in the negotiation and documentation of any sales or refinancing of property of the estate, and in obtaining the necessary approvals of such sales or refinancing by this Court; and g. assisting the Debtor in the formulation of a plan of reorganization and disclosure statement, and in taking the necessary steps in this Court to obtain approval of such disclosure statement and confirmation of such plan of reorganization. The firm will be paid at these rates: Frank B. Lyon $525 per hour Sarah McHaney $325 per hour Legal Assistants $185 per hour Pre-petition, the Debtor paid Frank B. Lyon the sum of $9,238 of which $7,500 went to pre-petition fees and expenses and $1,738.00 to the Chapter 11 filing fee. The Debtor has agreed to tender to Frank B. Lyon's trust account within 15 days of the invoice, an amount such that the retainer will not dip below $7,500. The Debtor has further agreed to tender to Frank B. Lyon's trust account $2,500 every week beginning the week of August 14, 2023 until the post-petition retainer reaches an initial balance of $7,500 and thereafter to keep it at $7,500.00 net of accrued fees and expenses. 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: Frank B. Lyon, Esq. Law Offices Of Frank B. Lyon 3800 North Lamar Boulevard, Suite 200 Austin, TX 78756 Tel: (512) 345-8964 Fax: (512) 697-0047 Email: frank@franklyon.com -and- Sarah D. McHaney, Esq. 1404 Elton Lane Austin, TX 78703 Tel: (512) 913-2501 Email: sarah_mchaney@yahoo.com About Duro Legacy HVAC, LLC Duro Legacy HVAC, Inc. offers commercial HVAC Testing Adjustment and Balancing in the Austin and San Antonio areas for all size projects. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10615) on August 9, 2023. In the petition signed by Victor Olowu, president, the Debtor disclosed $205,552 in assets and $1,792,280 in liabilities. Frank B. Lyon, Esq. represents the Debtor as legal counsel. E-B DISPLAY: Seeks to Hire Maloney & Novotny as Accountant ---------------------------------------------------------- E-B Display Co. Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Maloney & Novotny, LLC as accountant. The firm will render these services: (a) prepare the applicable 2022 and 2023 Federal, state, and local income tax returns, and other tax services as required; (b) assist the Debtor in the accounting services, as necessary, for the preparation and implementation of a marketing plan with respect to the proposed sale; (c) facilitate and assist the Debtors in administration of the bankruptcy proceeding, as necessary; and (d) taking such other accounting and advisory actions as are necessary to protect the rights of the Debtors' estates. The fixed fee for 2022 and 2023 returns shall be: Rotolo Industries, Inc. 2022 $3,100 Rotolo Industries, Inc. 2023 $4,700 Rotolo Investors, LLC 2022 $250 Rotolo Investors, LLC 2023 $250 Rotolo Industries, LLC 2022 $250 Rotolo Industries, LLC 2023 $250 E-B Display Company, Inc 2022 $3,950 E-B Display Company, Inc 2023 $5,325 As customary with its standard billing practices, Maloney's fees for services over and above the 2022 and 2023 returns range from $200 to $500 per hour. As disclosed in court filings, Maloney & Novotny is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Ramsey Maloney & Novotny LLC 4774 Munson St NW Suite 402 Canton, OH 44718 Phone: 330-470-6014 Email: mramsey@maloneynovotny.com About E-B Display Company E-B Display Company, Inc. develops and manufactures custom displays and fixtures for retail customers, including by carrying out all graphic design, engineering, prototyping, manufacturing, and printing necessary to create such custom displays and fixtures. E-B Display operates in two locations situated in Massillon, Ohio. The real property upon where E-B Display operates its business is owned by Rotolo Industries, Inc. and the locations are operated and managed by E-B Display. On May 12, 2023, E-B Display and three affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Lead Case No. 23-60565). At the time of the filing, E-B Display reported as much as $10 million in both assets and liabilities. Michael S. Rotolo, president of E-B Display, signed the petition. Judge Tiiara NA Patton oversees the cases. The Debtors tapped Christopher Peer, Esq., at Wickens Herzer Panza Co. as legal counsel; Manchester RBG as financial advisor; and Signet Capital Advisors, LLC as investment banker. EQT CORP: Moody's Withdraws Ba1 CFR & Ups Unsecured Notes From Ba1 ------------------------------------------------------------------ Moody's Investors Service upgraded the senior unsecured notes ratings of EQT Corporation to Baa3 from Ba1. Moody's concurrently withdrew EQT's Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, and SGL-1 Speculative Grade Liquidity Rating (SGL). The rating outlook was changed to stable from positive. "The upgrade to Baa3 reflects the considerable deleveraging EQT has achieved since late 2021, its improved capital efficiency and the expectation for continued debt reduction through 2024, aided by attractively priced hedges on a substantial amount of its natural gas production over the next 12 months," said John Thieroff, Moody's Senior Credit Officer. "The recently completed acquisition of the upstream assets of THQ Appalachia I, LLC's (Tug Hill) and gathering and processing assets of THQ-XcL Holdings I, LLC (XcL Midstream) from Quantum Energy Partners further enhances EQT's scale in its core Southwest Appalachia operations and provides greater cash flow durability." Upgrades: Issuer: EQT Corporation Senior Unsecured Medium-Term Note Program, Upgraded to (P)Baa3 from (P)Ba1 Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3 from Ba1 Senior Unsecured Shelf, Upgraded to (P)Baa3 from (P)Ba1 Withdrawals: Issuer: EQT Corporation Corporate Family Rating, Withdrawn, previously rated Ba1 Probability of Default Rating, Withdrawn, previously rated Ba1-PD Speculative Grade Liquidity Rating, Withdrawn, previously rated SGL-1 Outlook Actions: Issuer: EQT Corporation Outlook, Changed To Stable From Positive RATINGS RATIONALE EQT's upgrade to Baa3 reflects the considerable scale the company has as the largest North American natural gas producer, and improved capital and cost structures such that the company can generate investment grade-level cash flow to debt and return metrics and substantial free cash flow in a $3/mcf NYMEX natural gas price environment. While the company has made good progress in repaying debt in 2022 and the first half of 2023, Moody's expects EQT to achieve more than $2 billion in additional debt reduction by the end of 2024, approaching its long-term absolute debt target of $3.5 billion. Cash flow generation is supported by a strong hedging program through most of 2024 that supports sufficient free cash flow generation to reach this goal. The Tug Hill acquisition increases EQT's liquids yield and lowers its breakeven pricing, providing greater cash flow resilience in the bottom portions of the volatile natural gas price cycle. The integration provided by the XcL Midstream assets should improve EQT's basis differential, as the XcL system connects to every major long-haul pipeline in southwest Appalachia. The high basis differentials typical of Appalachian producers reflect the basin's constrained takeaway capacity and the steep uphill challenge industry faces to expand it, evidenced most recently by the fierce and extended opposition to the Mountain Valley Pipeline. As an exclusively Appalachian, almost entirely natural gas producer, EQT's basin and commodity concentrations create elevated exposure to infrastructure disruptions and natural gas market imbalances. EQT's focus on cost reduction, low breakeven costs and debt reduction have strengthened its capacity to withstand negative credit impacts from carbon transition risks. Still, the financial performance of EQT will continue to be influenced by industry cycles. As economies transition, global initiatives to limit adverse impacts of climate change will constrain the use of hydrocarbons and accelerate the shift to less environmentally damaging energy sources. Compared to historical experience, Moody's expects future profitability and cash flow across the sector to be less robust at the cycle peak and worse at the cycle trough. EQT benefits from being a gas producer, given Moody's expectation that natural gas demand will continue to grow longer than oil, though both commodities will face demand peaks followed by gradual decline in the coming years. EQT has excellent liquidity through 2024. The company built large cash balances in advance of the Tug Hill/XcL Midstream closing and was able to pay more than $1 billion of the approximately $2.2 billion of the cash component (net of a previously paid $150 million deposit) of the acquisition with cash on hand. Pro forma for the acquisition, Moody's expects EQT will have nominal cash on its balance sheet and essentially full availability under its $2.5 billion unsecured revolving credit facility expiring in June 2027. Of the more than $2 billion of debt reduction EQT is targeting by the end of 2024, the $1.25 billion pre-payable term loan supporting the Tug Hill acquisition will likely be a key component of debt repayment. Moody's forecasts EQT to generate in excess of $2 billion in free cash flow in 2024, assuming a $3/mcf NYMEX natural gas price and maintenance level capital spending. The company's next debt maturity is a senior note issue due February 2025 with $602 million outstanding as of June 30, 2023, and three more notes totaling $923 million due in 2026. EQT's primary debt covenant limits its debt to capitalization to 65%, and Moody's expects the company to maintain meaningful headroom for future compliance through 2023. The outlook is stable, based on Moody's expectation that EQT will continue to prioritize debt repayment to reach its debt target of $3.5 billion expeditiously. Moody's has decided to withdraw the ratings for its own business reasons. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of EQT's rating is possible once the company reaches its long-term debt target of $3.5 billion and consistently demonstrates it can generate a leveraged full-cycle ratio (LFCR) in excess of 2.5x and retained cash flow (RCF) to debt of 60% in a $3/mcf NYMEX natural gas price environment. The rating could be downgraded if RCF/debt falls below 30% or if the LFCR falls below 1.5x. Significant debt funded acquisitions or shareholder payouts at the expense of near -term debt repayment could pressure the ratings. Pittsburgh, PA-based EQT Corporation is a publicly traded independent exploration and production (E&P) company focused in the Appalachian Basin in the US. It is the largest producer of natural gas in North America, with average daily production in excess of 6 Bcfe pro forma for the recently completed Tug Hill acquisition. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. ERBO PROPERTIES: Taps Kirby Aisner & Curley as Substitute Counsel ----------------------------------------------------------------- Erbo Properties, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Kirby Aisner & Curley, LLP as their substitute counsel. The firm will render these services: a. give advice with respect to the powers and duties of the Debtors in the continued management of their property and affairs; b. appear before the bankruptcy court; c. negotiate with creditors, propose an amended plan of reorganization and disclosure statement, and take the necessary legal steps in order to obtain approval of the disclosure statement and confirmation of the plan; d. advise with respect to any potential restructuring refinancing of secured debt, entering into any new financing transactions and any potential sale of the property; e. perform all other legal services. The hourly rates of the firm's counsel and staff are as follows: Partners $475 - $575 Associates $295 - $325 Law Clerks $200 Paraprofessionals $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a third-party retainer from SME Capital Ventures, LLC, the managing member of 541 W 21 SME LLC, in the amount of $20,000. Erica Aisner, Esq., an attorney at Kirby Aisner & Curley, disclosed in a court filing that her firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erica R. Aisner, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: eaisner@kacllp.com About ERBO Properties ERBO Properties, LLC is a single asset real estate (as defined in 11 U.S.C. Sec. 101(51B)). It is the owner of a property located at 541 West 21st St., New York, valued at $80 million. ERBO Properties and affiliates, Gold Mezz, LLC and Kova 521, LLC, sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Lead Case No. 23-10210) on Feb. 13, 2023. In the petition filed by Erno Bodek, manager, ERBO reported $50 million to $100 million in both assets and liabilities. Judge Lisa G. Beckerman oversees the cases. The Debtors tapped Kirby Aisner & Curley, LLP as bankruptcy counsel and the Law Office of Avinoam Y. Rosenfeld as special counsel. ETHEMA HEALTH: Posts $232K Net Loss in Second Quarter ----------------------------------------------------- Ethema Health Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $232,155 on $1.56 million of revenues for the three months ended June 30, 2023, compared to a net loss of $179,614 on $1.14 million of revenues for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $407,872 on $2.87 million of revenues compared to a net loss of $344,599 on $2.16 million of revenues for the six months ended June 30, 2022. As of June 30, 2023, the Company had $3.83 million in total assets, $11.72 million in total liabilities, and a total stockholders' deficit of $7.88 million. Ethema stated, "At June 30, 2023 the Company has a working capital deficiency of $9.3 million, and total liabilities in excess of assets in the amount of $7.9 million. Management believes that current available resources will not be sufficient to fund the Company's planned expenditures over the next 12 months. These factors, individually and collectively indicate that a material uncertainty exists that raises substantial doubt about the Company's ability to continue as a going concern for one year from the date of issuance of these condensed interim consolidated financial statements. "The Company will be dependent upon the raising of additional capital through placement of common shares, and/or debt financing in order to implement its business plan and generating sufficient revenue in excess of costs. If the Company raises additional capital through the issuance of equity securities or securities convertible into equity, stockholders will experience dilution, and such securities may have rights, preferences or privileges senior to those of the holders of common stock or convertible senior notes. If the Company raises additional funds by issuing debt, the Company may be subject to limitations on its operations, through debt covenants or other restrictions. If the Company obtains additional funds through arrangements with collaborators or strategic partners, the Company may be required to relinquish its rights to certain geographical areas, or techniques that it might otherwise seek to retain. There is no assurance that the Company will be successful with future financing ventures, and the inability to secure such financing may have a material adverse effect on the Company's financial condition." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/792935/000190359623000646/grst_10q.htm About Ethema Health Headquartered in West Palm Beach, Florida, Ethema Health Corporation -- http://www.ethemahealth.com-- operates in the behavioral healthcare space specifically in the treatment of substance use disorders. Ethema developed a unique style of treatment over the last eight years and has had much success with in-patient treatment for adults. Boca Raton, Florida-based Daszkal Bolton LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has accumulated deficit of approximately $43.5 million and negative working capital of approximately $12.7 million at Dec. 31, 2022, which raises substantial doubt about its ability to continue as a going concern. FANJOY CO: Seeks Approval to Tap Jones & Walden as Legal Counsel ---------------------------------------------------------------- Fanjoy Co. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden, LLC as its legal counsel. The firm's services include: (a) preparing pleadings and applications; (b) conducting examination; (c) advising the Debtor of its rights, duties and obligations; (d) consulting with and representing the Debtor with respect to a Chapter 11 plan; (e) performing legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) taking all other actions incident to the proper preservation and administration of the Debtor's estate and business. The firm will be paid at these rates: Attorneys $250 - $425 per hour Paralegals $110 - $200 per hour Leslie Pineyro, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Leslie M. Pineyro, Esq. Jones & Walden LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: lpineyro@joneswalden.com About Fanjoy Co. Fanjoy Co. has been operating since 2014 and was incorporated in Delaware in 2014 to provide platform and merchandise marketplace services to social media content creators. The Debtor operates the fanjoy.co website, which provides end-to-end design, production, fulfillment, customer support, e-mail marketing, photoshoots, product shots, and paid advertisement services for its Content Creators. The business is operated by the Debtor's principal, Christopher Vaccarino, out of his residence in Brookhaven, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-57565) on August 8, 2023, with up to $500,000 in assets and up to $10 million in liabilities. Christopher Vaccarino, president, signed the petition. Judge Paul W. Bonapfel oversees the case. Leslie Pineyro, Esq., at Jones and Walden, LLC, represents the Debtor as legal counsel. FORT WAYNE COLD STORAGE: Hires Haller & Colvin as Legal Counsel --------------------------------------------------------------- Fort Wayne Cold Storage, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to hire Haller & Colvin, PC, as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. The firm's attorneys who will be handling the Debtor's bankruptcy case are Daniel Skekloff, Esq., Scot Skekloff, Esq., and Martin Seifert, Esq. Haller & Colvin does not represent any interest adverse to the Debtor and its bankruptcy estate, according to court filings. The firm can be reached through: Daniel Skekloff, Esq. Haller & Colvin, PC 444 E. Main Street Fort Wayne, IN 46802 Tel: (260) 426-0444 Fax: (260) 422-0274 Email: DSkekloff@hallercolvin.com About Fort Wayne Cold Storage Fort Wayne Cold Storage, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ind. Case No. 23-11010) on August 8, 2023. At the time of filing, the Debtor estimated $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Haller & Colvin, PC represents the Debtor as counsel. FTX TRADING: SBF Wants Five Days Out to Prepare for Trial --------------------------------------------------------- Ava Benny-Morrison of Bloomberg Law reports that a week after being jailed, FTX co-founder Sam Bankman-Fried is asking to be let out five days a week to work on his defense with his lawyers at the federal courthouse in Manhattan. Lawyers for Bankman-Fried, who had his $250 million bail revoked last week for allegedly trying to tamper with witnesses, said in a Friday letter to US District Judge Lewis Kaplan that the 31-year-old wasn't able to properly review the huge number of documents in his case while he was locked up at the Metropolitan Detention Center in Brooklyn. 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. FULTON MERCER: Seeks to Hire Lincoln-Goldfinch Law as Counsel ------------------------------------------------------------- Fulton Mercer Corporation seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Lincoln-Goldfinch Law as its counsel. The firm's services include: (a) providing legal advice with respect to the powers, rights, and duties of the Debtor and Debtor-in-Possession; (b) providing legal advice and consultation related to the legal and administrative requirements of this case, including assisting Applicant in complying with the procedural requirements of the Office of the United States Trustee; (c) taking appropriate actions to protect and preserve the Estate, including prosecuting actions on the Debtor's behalf, defending actions commenced against the Debtor, and representing the Debtor's interests in any negotiations or litigation in which the Debtor may be involved, including objections to the claims filed against the Estate, and preparing witnesses and reviewing documents in this regard; (d) preparing appropriate documents and pleadings, including but not limited to Schedules, Applications, Motions, Answers, Orders, Complaints, Reports, or other documents appropriate to the administration of the Estate; (e) representing the Debtor's interests at the Initial Debtor Interview, the Meeting of Creditors, any Status Conferences, any Disclosure Statement Hearing, the Confirmation Hearing, and other hearings before this Court related to the Debtor; (f) assisting and advising the Debtor in the formulation, negotiation, and implementation of a Disclosure Statement and/or Chapter 11 Plan and all documents related thereto; (g) assisting and advising the Debtor with respect to negotiation, documentation, implementation, consummation, and closing of transactions, including the sale of assets or the incurring of debt; (h) assisting and advising the Debtor with respect to the use of cash collateral, obtaining financing, and negotiating, drafting, and seeking approval of any documents related thereto; (i) reviewing and analyzing claims filed in this case, and advising and representing the Debtor in connection with objections to such claims; (j) assisting and advising the Debtor with respect to executory contracts and unexpired leases, including assumptions, assignments, rejections, and renegotiations; (k) coordinating with other professionals employed in the case; (l) reviewing and analyzing applications, orders, motions, and other pleadings and documents filed with the Bankruptcy Court and advising the Debtor thereon; and (m) assisting the Debtor in performing such other services as may be in the interest of the Debtor and the Estate and performing all other legal services required by the Debtor. The firm received a a retainer of $15,000. The firm will be paid at these rates: Amy Wilburn $350/hr Paralegals $150/hr Amy Wilburn, Esq., an associate attorney at Lincoln Goldfinch Law, disclosed that her firm is a "disinterested person" within the meaning of Secs. 101(14), 327(a), and 1107(b) of the Bankruptcy Code. The firm can be reached through: Amy Wilburn, Esq. Lincoln Goldfinch Law 1005 E. 40th Street Austin, TX 78751 Phone: (855) 502-0555 About Fulton Mercer Corporation Fulton Mercer Corporation, a provider of death care services, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10590) on Aug. 1, 2023. In the petition signed by Jason Wayne Fulton, president, the Debtor disclosed up to $10 million in both assets and liabilities. The Debtors tapped Amy Wilburn, Esq., at Lincoln Goldfinch Law as counsel and Joshua Ray, CPA, at Ray CPA as accountant. GARCIA GRAIN: Seeks to Sell Hidalgo Property for $2.04MM -------------------------------------------------------- Garcia Grain Trading Corp. asked the U.S. Bankruptcy Court for the Southern District of Texas to approve the sale of its real property in Hidalgo County, Texas. The company intends to sell the property to Kyle Ruppert for $2,037,620, "free and clear" of liens and encumbrances. The company will use the net proceeds to pay its debt to Vantage Bank Texas, which holds a first lien deed of trust against the property. Garcia Grain Trading owes $8,789,063.88 to Vantage Bank Texas, according to a proof of claim filed by the bank. About Garcia Grain Trading Corp. Garcia Grain Trading Corp.'s line of business includes buying and marketing grain, dry beans, soybeans, and inedible beans. The company is based in Donna, Texas. Garcia Grain Trading sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 23-70028) on Feb. 17, 2023, with $10 million to $50 million in both assets and liabilities. Octavio Garcia, chief executive officer and president, signed the petition. Judge Eduardo V. Rodriguez oversees the case. David R. Langston, Esq., at Mullin Hoard & Brown, LLP represents the Debtor as legal counsel. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Jordan & Ortiz, P.C. serves as the committee's legal counsel. GARCIA GRAIN: Seeks to Sell Willacy Property for $175,000 --------------------------------------------------------- Garcia Grain Trading Corp. asked the U.S. Bankruptcy Court for the Southern District of Texas to approve the sale of its real property in Willacy County, Texas. The company intends to sell a 10-acre property to Ryan Busse for $175,000. The property will be sold "free and clear" of liens and encumbrances, with the net proceeds to be distributed to the company upon the closing of the sale. About Garcia Grain Trading Corp. Garcia Grain Trading Corp.'s line of business includes buying and marketing grain, dry beans, soybeans, and inedible beans. The company is based in Donna, Texas. Garcia Grain Trading sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 23-70028) on Feb. 17, 2023, with $10 million to $50 million in both assets and liabilities. Octavio Garcia, chief executive officer and president, signed the petition. Judge Eduardo V. Rodriguez oversees the case. David R. Langston, Esq., at Mullin Hoard & Brown, LLP represents the Debtor as legal counsel. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. Jordan & Ortiz, P.C. serves as the committee's legal counsel. GEX MANAGEMENT: Incurs $31K Net Loss in Second Quarter ------------------------------------------------------ GEX Management, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $30,593 on $527,176 of revenues for the three months ended June 30, 2023, compared to a net loss of $182,488 on $476,057 of revenues for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $113,387 on $1.08 million of revenues compared to a net loss of $1.03 million on $994,918 of revenues for the six months ended June 30, 2022. As of June 30, 2023, the Company had $434,545 in total assets, $1.93 million in total liabilities, and a total shareholders' deficit of $1.49 million. GEX Management said, "To date, the Company has funded its operations primarily through public and private offerings of common stock, our line of credit, short- term discounted and convertible notes payable. The Company has identified several potential financing sources in order to raise the capital necessary to fund operations. "In addition to the aforementioned current sources of capital that will provide additional short-term liquidity, the Company is currently exploring various other alternatives including debt and equity financing vehicles, strategic partnerships, government programs that may be available to the Company, as well as trying to generate additional sales and increase margins. However, at this time the Company has no commitments to obtain any additional funds, and there can be no assurance such funds will be available on acceptable terms or at all. If the Company is unable to obtain additional funding and improve its operations, the Company's financial condition and results of operations may be materially adversely affected and the Company may not be able to continue operations, which raises substantial doubt about its ability to continue as a going concern. Additionally, even if the Company raises sufficient capital through additional equity or debt financing, strategic alternatives or otherwise, there can be no assurances that the revenue or capital infusion will be sufficient to enable it to develop its business to a level where it will be profitable or generate positive cash flow. If the Company raises additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our stockholders could be significantly diluted, and these newly issued securities may have rights, preferences or privileges senior to those of existing stockholders. If the Company incurs additional debt, a substantial portion of its operating cash flow may be dedicated to the payment of principal and interest on such indebtedness, thus limiting funds available for business activities. The terms of any debt securities issued could also impose significant restrictions on the Company’s operations. Broad market and industry factors may seriously harm the market price of our common stock, regardless of our operating performance, and may adversely impact our ability to raise additional funds. Similarly, if the Company's common stock is delisted from the public exchange markets, it may limit its ability to raise additional funds." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1681556/000149315223029625/form10-q.htm About GEX Management GEX Management, Inc. -- http://www.gexmanagement.com-- is a provider of business services, consulting and staffing solutions to corporations across the nation. The Company provides both long and short-term consulting and staffing solution services, including corporate consulting, enterprise strategy and technology consulting, enterprise project management; grey, white and blue collar staffing solutions and Human Capital Management (HCM) solution capabilities. GEX Management reported a net loss of $1.13 million for the year ended Dec. 31, 2022, compared to a net loss of $6.21 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $462,814 in total assets, $1.84 million in total liabilities, and a total shareholders' deficit of $1.38 million. Houston, Texas-based Hudgens CPA, PLLC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 15, 2023, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. GGG INVESTMENTS: Taps Alexis Fuentes-Hernandez as Attorney ---------------------------------------------------------- GGG Investments, Inc. received approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC to handle its Chapter 11 case. Mr. Fuentes-Hernandez will be paid an hourly fee of $250 for his services. The retainer fee is $10,000. In a court filing, Mr. Fuentes-Hernandez disclosed that he is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Mr. Fuentes-Hernandez maintains an office at: Alexis Fuentes-Hernandez, Esq. Fuentes Law Offices, LLC P.O. Box 9022726 San Juan, PR 00902-2726 Tel: (787) 722-5215, 5216 Fax: (787) 722-5206 Email: alex@fuentes-law.com About GGG Investments GGG Investments, Inc. filed Chapter 11 petition (Bankr. D. P.R. Case No. 23-02407) on Aug. 4, 2023, with $100,001 to $500,000 in both assets and liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. Alexis Fuentes-Hernandez, Esq., at Fuentes Law Offices, LLC represents the Debtor as bankruptcy counsel. GIRARDI & KEESE: Prosecutors Say Tom Mentally Competent ------------------------------------------------------- Lauren Berg of Law360 reports that former celebrity attorney Tom Girardi is mentally competent to stand trial on charges he stole tens of millions of dollars from his firm's clients, prosecutors told a California federal judge Friday, saying the 84-year-old's asserted "symptoms" are exaggerated and were only raised when he needed an "escape hatch.". 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 GLOBAL MEDICAL: $1.94BB Bank Debt Trades at 29% Discount -------------------------------------------------------- Participations in a syndicated loan under which Global Medical Response Inc is a borrower were trading in the secondary market around 70.8 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.94 billion facility is a Term loan that is scheduled to mature on March 14, 2025. About $1.85 billion of the loan is withdrawn and outstanding. Global Medical Response Inc and GMR Buyer Corp provide emergency air medical services. GREEN POINT: Seeks to Extend Plan Exclusivity to October 25 ----------------------------------------------------------- Green Point Management Systems, LLC asks the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity periods to file and solicit acceptances of a plan of reorganization to October 25, 2023 and December 26, 2023, respectively. The Debtor explained that it has engaged with the Board of Managers of the 231 Norman Avenue Condominium in time-consuming litigation and negotiations concerning the Access Agreement they executed on June 21, 2023 that concerns access to unit 106 at the building which is owned by the Debtor. The Debtor stated that the Board's inflexibility and insistence on litigation in this Chapter 11 case argue in favor of granting an extension of the exclusivity periods. The Debtor stated that it is hopeful that now that its litigation with the Board is concluded, it will be able to engage in meaningful plan negotiations with its creditors, including its largest secured creditor, Columbia Capital Co. However, the Debtor explained that it is not possible that these negotiations will lead to the filing of a plan to the current 120-day exclusivity date. Unless extended, the Debtor's exclusive filing period and exclusive solicitation period expires on July 27, 2023 and September 25, 2023, respectively. Green Point Management Systems, LLC is represented by: Leo Jacobs, Esq. Wayne Greenwald, Esq. Aaron Slavutin, Esq. JACOBS P.C. 595 Madison Avenue, 39th Floor New York, NY 10022 Tel: (212) 229-0476 Email: leo@jacobspc.com wayne@jacobspc.com aaron@jacobspc.com About Green Point Management Systems Green Point Management Systems, LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-71078) on March 29, 2023, with $10 million to $50 million in assets and $500,000 to $1 million in liabilities. Adam Rosen, managing member, signed the petition. Judge Nancy Hershey Lord oversees the case. The Debtor is represented by Leo Jacobs, Esq., at Jacobs P.C. GUARDIAN BASEBALL: Hires Kaplan Johnson as Legal Counsel -------------------------------------------------------- Guardian Baseball, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Kaplan Johnson Abate & Bird LLP as counsel. The firm's services include: a. giving legal advice with respect to the Debtor's powers and duties as debtor in possession in the continued management of its financial affairs and estate assets; b. taking all necessary action to protect and preserve the estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning all litigation in which the Debtor is involved, if any, and objecting to claims filed against the Debtor's estate; c. preparing on behalf of the Debtor all necessary motions, answers, orders, reports and other legal papers in connection with the administration of the Debtor's estate herein; and d. performing any and all other legal services for the Debtor in connection with this chapter 11 case and the formulation and implementation of the Debtor's chapter 11 plan. The firm will be paid at these rates: Attorneys $240 to $595 per hour Paraprofessionals $100 per hour The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Charity S. Bird, Esq., a partner at Kaplan Johnson Abate & Bird 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: Charity S. Bird, Esq. Kaplan Johnson Abate & Bird LLP 710 W. Main St., 4th Floor Louisville, KY 40202 Tel: (502) 416-1630 About Guardian Baseball, LLC Guardian Baseball, LLC is a manufacturer and retailer of sporting goods and equipment. The company is based in Louisville, Ky. Guardian Baseball sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 23-31813) on Aug. 3, 2023, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Zev Bernard, chief operating officer, signed the petition. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird LLP, represents the Debtor as legal counsel. HILLSDALE UNITED: Hires Diller and Rice LLC as Counsel ------------------------------------------------------ Hillsdale United Brethren in Christ Church seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Diller and Rice, LLC to serve as legal counsel in its Chapter 11 case. The firm will provide these services: (a) advise the Debtor with respect to its rights, powers and duties in this case; (b) advise and assist the Debtor in the preparation of its petition, schedules, and statement of financial affairs; (c) assist and advise the Debtor in connection with the administration of this case; (d) to analyze the claims of the creditors in this case, and negotiate with such creditors; (e) investigate the acts, conduct, assets, rights, liabilities and financial condition of the Debtor and the Debtor's business; (f) advise and negotiate with respect to the sale of any or all assets of the Debtor; (g) investigate, file and prosecute litigation of behalf of the Debtor; (h) propose a plan of reorganization; (i) appear and represent the Debtor at hearings, conferences, and other proceedings; (j) prepare and review motions, applications, orders, and other filings filed with the Court; (k) institute or continue any appropriate proceedings to recover assets of the estate; (1) any other services as maybe required by this case and to provide recommendations to employment as to her matters that are not included in Debtor's counsel practice area, i.e., labor relations, worker's compensation, ERISA, environmental matters, etc.; and (m) perform any and all such other legal services as may be required that are in the best interest of the estate or its creditors. The firm's hourly rates are as follows: Eric Neuman $300 per hour Raymond L. Beebe $315 per hour Steven Diller $350 per hour Paraprofessionals $150 per hour As disclosed in court filings, Diller and Rice is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric R. Neuman, Esq. Diller & Rice, LLC 124 E Main Street Van Wert, OH 45891 Tel: (419) 238-5025 Email: Eric@drlawllc.com About Hillsdale United Brethren in Christ Church Hillsdale United Brethren in Christ Church filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 23-31382) on Aug. 3, 2023, with $100,001 to $500,000 in both assets and liabilities. Judge Mary Ann Whipple oversees the case. Eric R. Neuman, Esq., at Diller and Rice, LLC represents the Debtor as legal counsel. HONEY CREEK PARTNERS: Exclusivity Period Extended to September 25 ----------------------------------------------------------------- Judge Stacey G. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas extended Honey Creek Partners, L.P.'s exclusive filing period to September 25, 2023. The judge also extended the Debtor's exclusive solicitation period to November 21, 2023. Honey Creek Partners, L.P. is represented by: Charles B. Hendricks, Esq. Emily S. Wall, Esq. CAVAZOS HENDRICKS POIROT, P.C. 900 Jackson Street, Suite 570 Dallas, TX 75202 Tel: (214) 573-7307 Email: ewall@chfirm.com About Honey Creek Partners Honey Creek Partners, L.P., formerly known as Honey Creek Ranch Corporation, is a limited partnership in Flower Mound, Texas. Honey Creek Partners filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Texas Case No. 23-30339) on Feb. 24, 2023, with $50 million to $100 million in assets and $1 million to $10 million in liabilities. Judge Stacey G. Jernigan oversees the case. Charles B. Hendricks, Esq., at Cavazos Hendricks Poirot, P.C. and Griffin Harris, PLLC serve as the Debtor's bankruptcy counsel and special real estate counsel, respectively. HYLIFE FOODS: Gets Court Clearance for Chapter 11 Vote ------------------------------------------------------ Rick Archer of Law360 reports that the judge okays the Chapter 11 vote for the subsidiaries of HyLife Foods Windom. A Delaware bankruptcy judge gave the U.S. affiliates of Canada's largest pork producer the go-ahead Friday, August 17, 2023, to send their Chapter 11 plan out for a creditor vote, overruling objections from the U. S. Trustee's Office to the plan's claim releases. About Hylife Foods Windom Hylife Foods Windom is a pork processing plant in Windom, Minnesota. Hylife Foods Windowm sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10521) on April 27, 2023. In the petition filed by Grant Lazaruk, as chief executive officer, the Debtor reports assets and liabilities between $100 million and $500 million. The Debtor is represented by: Jeremy William Ryan, Esq. Potter Anderson & Corroon LLP 2850 Highway 60 E. Windom, MN 56101 INNOVATE GENOMICS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Innovative Genomics, LLC d/b/a Innovative GX Laboratories d/b/a Innovative GX Health 19900 E. Country Club Dr., #304 Miami, FL 33180 Business Description: The Debtor owns and operate a medical and diagnostic laboratory. Chapter 11 Petition Date: August 28, 2023 Court: United States Bankruptcy Court Southern District of Florida Case No.: 23-16852 Debtor's Counsel: R.Scott Shuker, Esq. SHUKER & DORRIS, P.A. 121 S. Orange Avenue Suite 1120 Orlando, FL 32801 Tel: (407) 337-2060 Email: rshuker@shukerdorris.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Enrique Perez-Paris 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/RM5FANI/Innovative_Genomics_LLC__flsbke-23-16852__0001.0.pdf?mcid=tGE4TAMA IQOR US INC: $300MM Bank Debt Trades at 31% Discount ---------------------------------------------------- Participations in a syndicated loan under which iQor US Inc is a borrower were trading in the secondary market around 69.3 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $300 million facility is a Payment in kind Term loan that is scheduled to mature on November 19, 2025. The amount is fully drawn and outstanding. iQor is a global provider of customer engagement and technology enable business process outsourcing solutions. Solutions include customer service, third-party collections and accounts receivable management to world’s largest brands. The company uses integrated digital capabilities and proprietary technology and analytics to enhance the customer experience lifecycle. KALERA INC: Seeks to Extend Plan Exclusivity to October 2 --------------------------------------------------------- Kalera Inc. asks the U.S. Bankruptcy Court for the Southern District of Texas to extend the exclusive periods during which it may file a chapter 11 plan and solicit acceptances thereof to October 2, 2023 and December 1, 2023, respectively. The Debtor stated that it has completed an auction and obtained Court approval of the sale of substantially all of its assets and is in the process of completing the sale with the winning bidder, Sandton Capital Solutions Master Fund V, L.P., which directly affects the terms and structure of a potential chapter 11 plan. The Debtor also stated that it has made significant progress with the Committee of Unsecured Creditors towards finalizing and proposing a joint chapter 11 plan for the Debtor. Unless extended, the Debtor's exclusive filing period ends on August 2, 2023. Kalera Inc. is represented by: Elizabeth A. Green, Esq. BAKER & HOSTETLER LLP Suite 2300 200 South Orange Avenue Orlando, FL 32801-3432 Tel: (407) 649-4000 Email: egreen@bakerlaw.com - and - Jorian L. Rose, Esq. BAKER & HOSTETLER LLP 45 Rockefeller Plaza New York, NY 10111 Tel: (212) 589-4200 Email: jrose@bakerlaw.com - and - Michael T. Delaney, Esq. BAKER & HOSTETLER LLP Key Tower, 127 Public Sq., Suite 2000 Cleveland, OH 44114 Tel: (216) 621-0200 Email: mdelaney@bakerlaw.com About Kalera Inc. Kalera Inc. is a vertical farming company in Aurora, Colo. It utilizes proprietary technology and plant and seed science to sustainably grow local, delicious, nutrient-rich, pesticide-free, non-GMO leafy greens year-round. Kalera sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 23-90290) on April 4, 2023. In the petition filed by its chief restructuring officer, Mark Shapiro, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge David R. Jones oversees the case. The Debtor tapped Baker & Hostetler, LLP as bankruptcy counsel and GlassRatner Advisory & Capital Group, LLC as restructuring advisor. Mark Shapiro of GlassRatner serves as the Debtor's chief restructuring officer. BMC Group, Inc. is the Debtor's claims agent. On April 19, 2023, the Office of the United States Trustee for Region 7 appointed an official committee of unsecured creditors. The committee tapped Dykema Gossett, PLLC as bankruptcy counsel and Reid Collins & Tsai, LLP as special counsel. KAYA HOLDINGS: Incurs $714K Net Loss in Second Quarter ------------------------------------------------------ Kaya Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $714,156 on $55,116 of net sales for the three months ended June 30, 2023, compared to net income of $3.07 million on $195,186 of net sales for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $679,223 on $103,361 of net sales compared to net income of $1.97 million on $383,850 of net sales for the six months ended June 30, 2022. As of June 30, 2023, the Company had $256,709 in total assets, $18.38 million in total liabilities, and a total stockholders' deficit of $18.12 million. "The Company had net loss of $665,609 for the six months ended June 30, 2023 and net income of $2,029,688 for the six months ended June 30, 2022. The decrease in net income is due to the changes in derivative liabilities, as well as the company continues to have operating losses. At June 30, 2023 the Company has a working capital deficiency of $9,858,427 and is totally dependent on its ability to raise capital. The Company has a plan of operations and acknowledges that its plan of operations may not result in generating positive working capital in the near future. Even though management believes that it will be able to successfully execute its business plan, which includes third-party financing and capital issuance, and meet the Company's future liquidity needs, there can be no assurances in that regard. These matters raise substantial doubt about the Company's ability 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/1530746/000190359623000645/kays_10q.htm About Kaya Holdings Kaya Holdings, Inc. -- http://www.kayaholdings.com-- is a holding company focusing on wellness and mental health through operations in medical and recreational cannabis, CBD products and psychedelic treatment clinics. Kaya Holdings reported a net loss of $3.73 million for the year ended Dec. 31, 2022, compared to net income of $9.39 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $843,241 in total assets, $18.45 million in total liabilities, and a total stockholders' deficit of $17.60 million. Houston, TX-based M&K CPAS, PLLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 27, 2023, citing that the Company had a net loss from continuing operations, net cash used in operations, and a lack of revenues to-date, which raises substantial doubt about its ability to continue as a going concern. KEVIN CONCANNON: Hires Davidoff Hutcher as Bankruptcy Counsel ------------------------------------------------------------- Kevin Concannon LLC d/b/a Lifeline Pharmacy seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Davidoff Hutcher & Citron LLP as bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as a debtor in possession; b. advising and consulting on the conduct of this Chapter 11 case, including all of the legal and administrative requirements of operating in Chapter 11; c. attending meetings and negotiating with representatives of creditors and other parties in interest; d. taking all necessary actions to protect, preserve, and maximize the value of the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estate; e. preparing pleadings in connection with this Chapter 11 case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; f. representing the Debtor in connection with obtaining authority to use cash collateral and securing postpetition financing; g. appearing before the Court and any appellate courts to represent the interests of the Debtor's estate; h. advising the Debtor with respect to its rights and obligations under DIP financing agreements; i. taking any necessary action on behalf of the Debtor to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; and j. performing all other necessary legal services for the Debtor in connection with its Chapter 11 case that the Debtor determines necessary and appropriate. The firm will be paid at these rates: Robert L. Rattet, Partner $775 per hour Jonathan S. Pasternak, Partner $750 per hour James B. Glucksman, Counsel $545 per hour Matthew R. Yogg, Associate $550 per hour John D. Molino, Associate $475 per hopur Max DuVal, Associate $450 per hour Melanie Spenser, Paralegal $260 per hour The firm will be paid a retainer in the amount of $118,945.94 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert L. Rattet, a partner at Davidoff Hutcher & Citron 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: Robert L. Rattet, Esq. James B. Glucksman, Esq. John D. Molino, Esq. Davidoff Hutcher & Citron LLP 605 Third Avenue New York, NY 10158 Telephone: (914) 381-7400 Email: rlr@dhclegal.com jbg@dhclegal.com jdm@dhclegal.com About Kevin Concannon LLC d/b/a Lifeline Pharmacy Kevin Concannon, LLC 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90759) on August 2, 2023. In the petition signed by Kevin Concannon, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Patrick J. Neligan Jr., Esq., at Neligan LLP, represents the Debtor as legal counsel. KEVIN CONCANNON: Seeks to Hire Neligan LLP as Bankruptcy Counsel ---------------------------------------------------------------- Kevin Concannon, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Neligan, LLP as co-counsel with Davidoff Hutcher & Citron, LLP. The firm's services include: (a) Advising the Debtor and its management, officers and directors of their rights, powers, and duties; (b) Counseling the Debtor and its management, officers and directors on issues involving operations and finances; (c) Negotiating documents, preparing pleadings, and representing the Debtor at hearings related to those matters; (d) Taking all necessary actions to protect and preserve the Debtor's estate; (e) Preparing legal papers; (f) Preparing discovery and responding to discovery served on the Debtor, responding to creditor inquiries and information requests, assisting with the preparation of schedules, statements of financial affairs and monthly operating reports, representing the Debtor in connection with the initial interview and the Section 341 creditors' meeting and in connection with meetings, discussions, and negotiations with creditors; (g) Counseling the Debtor in connection with its restructuring and plan of reorganization; (h) Drafting, negotiating and pursuing confirmation of a plan of reorganization and approval of disclosure statement and all related transaction documents; and (i) Other necessary legal services. The hourly rates of the firm's counsel and staff are as follows: Attorneys $625 - $775 Paralegals $150 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, Neligan received a retainer of $25,000, of which $17,000 was applied to pre-bankruptcy fees and expenses. As of the petition date, the Debtor was holding remaining retainer funds in the amount of $8,000. Patrick Neligan, Jr., a partner at Neligan, 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: Patrick J. Neligan, Jr., Esq. Douglas J. Buncher, Esq. Neligan LLP 4851 LBJ Freeway, Suite 700 Dallas, TX 75244 Telephone: (214) 840-5300 Email: pneligan@neliganlaw.com dbuncher@neliganlaw.com About Kevin Concannon Kevin Concannon, LLC 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. It conducts business under the name Lifeline Pharmacy. The Debtor filed Chapter 11 petition (Bankr. S.D. Texas Case No. 23-90759) on Aug. 2, 2023, with $10 million to $50 million in both assets and liabilities. Kevin Concannon, manager, signed the petition. Judge Christopher M. Lopez oversees the case. Davidoff Hutcher & Citron, LLP and Neligan, LLP represent the Debtor as legal counsel. KING PALTZ: Seeks to Hire Joel M. Aresty as Bankruptcy Counsel -------------------------------------------------------------- King Paltz 30, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ the law firm of Joel M. Aresty, PA. The Debtor requires legal counsel to: (a) give advice with respect to the powers and duties of the Debtor in the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm will charge at its hourly rate of $440, plus expenses. The firm requested a maximum retainer of $11,000. Joel Aresty, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel M. Aresty, Esq. Joel M. Aresty, PA 309 1st Ave S. Tierra Verde, FL 33715 Telephone: (305) 904-1903 Facsimile: (800) 899-1870 Email: Aresty@Mac.com About King Paltz 30 King Paltz 30, LLC filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 23-16281) on Aug. 9, 2023. In the petition signed by its chief restructuring officer, Joseph DeRuscio, the Debtor listed as much as $1 million in both assets and liabilities. Judge Corali Lopez-Castro oversees the case. Joel M. Aresty, PA serves as the Debtor's counsel. LENDINGTREE LLC: $250MM Bank Debt Trades at 16% Discount -------------------------------------------------------- Participations in a syndicated loan under which LendingTree LLC is a borrower were trading in the secondary market around 83.8 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $250 million facility is a Delay-Draw Term loan that is scheduled to mature on September 15, 2028. About $247.5 million of the loan is withdrawn and outstanding. LendingTree, LLC provides online tools to aid consumers in their financial decisions. The Company offers services including auto insurance, credit cards, mortgage, refinance, home equity, credit scores, mortgage rates, and various calculations tools. LUMEN TECHNOLOGIES: $5BB Bank Debt Trades at 32% Discount --------------------------------------------------------- Participations in a syndicated loan under which Lumen Technologies Inc is a borrower were trading in the secondary market around 67.9 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $5 billion facility is a Term loan that is scheduled to mature on March 15, 2027. About $3.92 billion of the loan is withdrawn and outstanding. Lumen Technologies, Inc., headquartered in Monroe, Louisiana, is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company’s smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. MALLINCKRODT PLC: Case Summary & 50 Largest Unsecured Creditors --------------------------------------------------------------- Sixty-two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. Mallinckrodt plc (Lead Case) 23-11258 College Business & Technology Park Cruiserath Road, Blanchardstown Dublin 15, Ireland Mallinckrodt Equinox Finance LLC 23-11295 Mallinckrodt Hospital Products Inc. 23-11298 Mallinckrodt Hospital Products IP Unlimited Company 23-11303 Mallinckrodt International Finance S.A. 23-11316 Mallinckrodt International Holdings S.a.r.l. 23-11265 Mallinckrodt IP Unlimited Company 23-11269 Mallinckrodt LLC 23-11257 Mallinckrodt Lux IP S.a.r.l. 23-11273 Mallinckrodt Manufacturing LLC 23-11334 Mallinckrodt Pharma IP Trading Unlimited Company 23-11338 Mallinckrodt Pharmaceuticals Ireland Limited 23-11281 Mallinckrodt Pharmaceuticals Limited 23-11275 Mallinckrodt Quincy S.a r.l. 23-11285 Mallinckrodt UK Finance LLP 23-11291 Mallinckrodt UK Ltd 23-11301 Mallinckrodt US Holdings LLC 23-11312 Mallinckrodt US Pool LLC 23-11314 Mallinckrodt Veterinary, Inc. 23-11267 Mallinckrodt Windsor Ireland Finance Unlimited Company 23-11279 Mallinckrodt Windsor S.a r.l. 23-11287 MCCH LLC 23-11290 MEH, Inc. 23-11293 MHP Finance LLC 23-11296 MKG Medical UK Ltd. 23-11300 MNK 2011 LLC 23-11307 MUSHI UK Holdings Limited 23-11310 Ocera Therapeutics, Inc. 23-11315 Petten Holdings Inc. 23-11318 SpecGx Holdings LLC 23-11322 SpecGx LLC 23-11268 ST Operations LLC 23-11278 ST Shared Services LLC 23-11286 ST US Holdings LLC 23-11313 ST US Pool LLC 23-11326 Stratatech Corporation 23-11329 Sucampo Holdings Inc. 23-11331 Sucampo Pharma Americas LLC 23-11336 Sucampo Pharmaceuticals LLC 23-11332 Therakos, Inc. 23-11327 Vtesse LLC 23-11319 WebsterGx Holdco LLC 23-11324 Acthar IP Unlimited Company 23-11259 IMC Exploration Company 23-11260 Infacare Pharmaceutical Corporation 23-11262 INO Therapeutics LLC 23-11263 Ludlow LLC 23-11266 MAK LLC 23-11270 Mallinckrodt APAP LLC 23-11272 Mallinckrodt ARD Finance LLC 23-11274 Mallinckrodt ARD Holdings Inc. 23-11283 Mallinckrodt ARD Holdings Limited 23-11276 Mallinckrodt ARD IP Unlimited Company 23-11280 Mallinckrodt ARD LLC 23-11261 Mallinckrodt Brand Pharmaceuticals LLC 23-11264 Mallinckrodt Buckingham Unlimited Company 23-11271 Mallinckrodt CB LLC 23-11277 Mallinckrodt Critical Care Finance LLC 23-11282 Mallinckrodt Enterprises Holdings, Inc. 23-11284 Mallinckrodt Enterprises LLC 23-11288 Mallinckrodt Enterprises UK Limited 23-11292 Mallinckrodt Pharmaceuticals Limited 23-11289 Business Description: Mallinckrodt plc is global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. 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. Chapter 11 Petition Date: August 28, 2023 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Judge John T. Dorsey Debtors' Co-Counsel: Mark D. Collins, Esq. Michael J. Merchant, Esq. Amanda R. Steele, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 N. King Street Wilmington, Delaware 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 Email: collins@rlf.com merchant@rlf.com steele@rlf.com - and - George A. Davis, Esq. Anupama Yerramalli, Esq. Adam S. Ravin, Esq. Hugh K. Murtagh, Esq. Christopher J. Kochman, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, New York 10020 Tel: (212) 906-1200 Fax: (212) 751-4864 Email: george.davis@lw.com anu.yerramalli@lw.com adam.ravin@lw.com hugh.murtagh@lw.com chris.kochman@lw.com - and - Jason B. Gott, Esq. Asif Attarwala, Esq. LATHAM & WATKINS LLP 330 North Wabash Avenue, Suite 2800 Chicago, Illinois 60611 Tel: (312) 876-7700 Fax: (312) 993-9767 Email: jason.gott@lw.com asif.attarwala@lw.com Debtors' Corporate, Finance & Tax Counsel: WACHTELL, LIPTON, ROSEN & KATZ Debtors' Irish Law Counsel: ARTHUR COX LLP Debtors' Investment Banker and Financial Advisor: GUGGENHEIM SECURITIES, LLC Debtors' Restructuring Advisor: ALIXPARTNERS, LLP Debtors' Claims, Noticing, Solicitation & Balloting Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Total Assets as of June 30, 2023: $5,106,900,000 Total Debts as of June 30, 2023: $3,512,000,000 The petitions were signed by Bryan M. Reasons as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/XZWFHPA/Mallinckrodt_plc__debke-23-11258__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 50 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Centers for Medicare & CMS/DOJ/State $230,000,000 Medicaid Services (CMS) Settlement 7500 Security Boulevard Agreement Baltimore, MD 21244 Kevin Matthew Snell Phone: (202) 305-0924 Email: kevin.snell@usdoj.gov Attorney of Record: U.S. Department of Justice Civil Division, Federal Programs Branch 1100 L Street, NW Washington, DC 20005 2. Cotter Corporation Environmental Unliquidated c/o Jenner & Block LLP Claim 353 N. Clark St Chicago, IL 60654 Catherine Steege Phone: (312) 222-9350 Email: csteege@jenner.com 3. Mallinckrodt General Contract Claim $20,000,000 Unsecured Claims Trust Heather Barlow, Solely in Her Capacity as General Unsecured Claims Trustee c/o Robinson & Cole LLP 1201 N. Market St, Suite 1406 Wilmington, DE 19801 Jamie Edmonson Phone: (302) 516-1700 Email: jedmonson@rc.com 4. California Department Medicaid Rebate $14,454,817 of Health Services Accruals DHCS/Pharmacy Benefit Division 1501 Capitol Avenue, MS 4604 Sacramento, CA 95814 Linh Le Phone: 916-345-8563 Email: linh.lei@dncs.ca.gov 5. Amerisourcebergen Corporation Third-Party $7,753,088 PO Box 247 Rebate Thorofare, NJ 08086 Accruals Jenn Doyle Phone: (856) 384-2120 6. Walgreens Boots Alliance Third-Party $7,084,886 108 Wilmot Road Rebate Deerfield, IL 60015 Accruals Rene Gimenez Email: generics.reconciliation@ wbadev.com 7. CVS Caremark Third-Party $6,963,363 1950 North Stemmons Freeway Rebate Suite 5010 Accruals Dallas, TX 75207 Neal Allen Baker Phone: (480) 361-4600 8. Florida Agency for Health Medicaid Rebate $6,872,362 Care Administration Accruals 2727 Mahan Drive Tallahassee, FL 32308 Ana Aristizabal Phone: 850-412-4080 Email: ana.aristizabal@ahca.myflorida.com 9. Zinc Health Services Third-Party $5,923,914 1950 North Stemmons Freeway Rebate Suite 5010 Accruals Dallas, TX 75207 Neal Allen Baker Phone: (480) 361-4600 10. Ascent Health Services Third-Party $5,814,629 Schaffhausen Lipo Park Rebate Industriestrasse 2 Accruals Schaffhausen 08207 Switzerland John Robert Email: john.robert@express-scripts.com 11. New York State Medicaid $4,588,662 Department of Health Rebate 15 Cornell Road, Suite 2201 Accruals Latham, NY 12110 Cournety Suttles Phone: 518-220-3811 Email: suttlesc@magellanhealth.com 12. Cardinal Health Third-Party $3,821,833 PO Box 641231 Rebate Pittsburgh, PA 15264 Accruals Grace Hipol Email: grace.hipol@cardinalhealth.com 13. Bondalti Chemicals S.A. Trade Vendor $3,768,119 Rua Do Amoniaco Portugues #10 Quninta Da Industria Estarreja 3860-680 Portugal Nuno Pacheco Phone: (351) 481-0300 Email: nuno.pacheco@cuf-qi.pt 14. Michigan DHHS Medicaid $3,582,002 400 S. Pine St Rebate Lansing, MI 48933 Accruals Michael Melvin Phone: 517-242-8784 Email: melvinm3@michigan.gov 15. Kentucky State Treasurer Medicaid Rebate $3,323,079 11013 West Broad Street Accruals Suite 500 Glen Allen, VA 23060 Tammy A. Slinker Phone: 804-921-9090 Email: taslinker@magellanhealth.com 16. State of Tennessee - Tenncare Medicaid $2,841,328 310 Great Circle Road Rebate Nashville, TN 37228 Accruals Toni Chavis Phone: 615-507-6363 Email: toni.chavis@tn.gov 17. McKesson Corporation Third-Party $2,790,140 6555 N. State Highway 161 Rebate Irving, TX 75039 Accruals Jayme Smith Phone: (972) 969-9435 18. NC Division of Health Benefits Medicaid $2,774,755 11013 West Broad Street, Suite 500 Rebate Glen Allen, VA 23060 Accruals Chenise Stephens Phone: 804-548-0336 Email: crstephens@magellanhealth.com 19. United Biosource LLC (UBC) Trade Vendor $2,664,073 PO Box 75828 Baltimore, MD 21275 John Kiley Phone: (816) 421-6400 Email: john.kiley@ubc.com 20. Patheon Trade Vendor $2,232,478 5900 Martin Luther King Jr Hwy Greenville, NC 27834 Justin Valdez Phone: (252) 214-5760 Email: justin.valdez@thermofisher.com 21. Sun Pharmaceutical Industries Trade Vendor $2,044,216 1061 Mountain Highway ABN 47 400 162 481 Boronia Victoria 3155 Australia Venkateshan Rangachari Phone: +44 (0) 7932177283 Email: venkateshan.rangachari@sunpharma.com 22. Tanner Industries Inc Trade Vendor $2,022,741 PO Box 536300 Pittsburgh, PA 15253 Thomas Hearn Phone: (800) 643-6226 Email: thearn@tannerind.com 23. Arkansas DMS Pharmacy Program Medicaid $1,971,132 11013 West Broad Street, Suite 500 Rebate Glen Allen, VA 23060 Accruals David Pinkston Phone: 804-548-0382 Email: dwpinkston@magellanhealth.com 24. Texas Health & Human Medicaid $1,938,985 Services Commission Rebate PO Box 8520, Mail Code 2250 Accruals 4900 N. Lamar Austin, TX 78708 Linda Brumble Phone: 512-428-1996 Email: linda.brumble@hhsc.state.tx.us 25. Humana Inc. Third-Party $1,541,977 500 West Main St Rebate Louisville, KY 40202 Accruals Lee Groves Phone: 502-580-9792 Email: lgroves@humana.com 26. Louisiana Department of Medicaid $1,468,058 Health & Hospitals Rebate 15 Cornell Road, Suite 2201 Accruals Latham, NY 12110 David Hassoun Phone: 518-220-3879 Email: hassound@magellanhealth.com 27. Wolseley Industrial Group Trade Vendor $1,444,165 PO Box 644054 Pittsburgh, PA 15264 Angela Chapa Phone: (317) 408-9160 Email: angela.chapa@ferguson.com 28. Idaho Health and Welfare Medicaid $1,371,387 4300 Cox Road Rebate Glen Allen, VA 23060 Accruals Wendy Moody Phone: 804-935-4975 Email: wlmoody@magellanhealth.com 29. Oklahoma Health Care Medicaid $1,370,461 Authority Rebate 4345 N. Lincoln Blvd Accruals Oklahoma City, OK 73105 Bryon Perdue Phone: 405-522-7031 Email: bryon.perdue@okhca.org 30. Greif Bros Trade Vendor $1,359,582 PO Box 88879 Chicago, IL 60695 Darrell Trachsel Phone: (636) 233-2290 Email: darrell.trachsel@greif.com 31. Puerto Rico Medicaid Program Medicaid $1,347,064 Calle Alda 1549 Sector El Cinco Rebate San Juan, PR 00919 Accruals Carmen Rodriguez Phone: 787-474-3300 Email: cleticia@asespr.org 32. Clarusone Sourcing Services LLP Third-Party $1,322,916 10-12 Russell Square Rebate London WC1B 5EH Accruals United Kingdom Gillian Murphy Email: ar@clarusonesourcing.com 33. Indiana Family & Social Medicaid $1,317,985 Service Admin. Rebate 150 West Market Street Accruals Suite 300 Indianapolis, IN 46204 Martha Blair Phone: 317-504-8560 Email: martha.blair@fssa.in.gov 34. Ohio Department of Medicaid Medicaid $1,303,800 45 Commerce Drive Suite 5 Rebate Augusta, ME 04332 Accruals Shari Martin Phone: 207-622-7153 Email: smartin@changehealthcare.com 35. OptumRX Third-Party $1,235,624 2300 Main Street Rebate Irvine, CA 92614 Accruals Eric Golstein Phone: (860) 251-5059 Email: egoldstein@goodwin.com 36. Alabama Medicaid Agency Medicaid $1,232,638 301 Technacenter Dr Rebate Montgomery, AL 36117 Accruals Heather Vega Phone: 334-353-4592 Email: heather.vega@medicaid.alabama.gov 37. Mikart Trade Vendor $1,221,448 1750 Chattahoochee Ave Atlanta, gA 30318 Louis Weber Phone: (404) 425-7409 Email: lweber@mikart.com 38. Mississippi Division of Medicaid Medicaid $1,203,508 385B Highland Colony Parkway Rebate Suite 300 Accruals Ridgeland, MS 39157 Katherine Thomas Phone: 601-206-2900 Email: katherine.thomas@conduent.com 39. Piramal Critical Care Trade Vendor $1,189,870 3950 Schelden Circle Bethlehem, PA 18017 Seurgai Kadan Phone: (610) 974-9760 40. Georgia Dept of Community Medicaid $1,170,077 Health Rebate 11013 West Broad Street Accruals Suite 500 Glen Allen, VA 23060 Jennifer McCray Phone: 518-220-3829 Email: mccrayj@magellanhealth.com 41. Express Scripts Third-Party $1,110,880 6625 West 78th St Rebate Bloomington, MN 55439 Accruals Drew Patterson Phone: 314-684-7683 Email: dmpatterson@express-scripts.com 42. Extractas Bioscience Trade Vendor $1,096,758 Australia New Zeland Banking Grp LTC Acct 340638 Melbourne, Victoria 2013 Australia Ross Murdoch Phone: (61) 3-6393-5202 Email: ross.murdoch@extractas.com.au 43. Syneos Health Consulting Trade Vendor $1,023,304 PO Box 80368 Raleigh, NC 27623 John Olefson Phone: (984) 459-4747 Email: consulting.ar@inventivehealth.com 44. Source Healthcare Analytics Trade Vendor $1,019,072 PO Box 207578 Dallas, TX 75320 Natalia Garcia Phone: (866) 467-4648 Email: natalia.garcia2@iconplc.com 45. Pittsburg Tank and Tower CO Trade Vendor $984,668 PO Box 517 Henderson, KY 42419 Michael Robitzsch Phone: (251) 442-0111 Email: mcr@pttg.com 46. W.R. Grace and Co. Trade Vendor $919,212 16335 Collections Center Dr Chicago, IL 60693 Brian Graves Phone: (650) 438-8870 Email: brian.graves@grace.com 47. Senderra RX Partners Trade Vendor $895,593 9330 Lyndon B. Johnson Fwy Dallas, TX 75243 Bob Wilburn Phone: (214) 446-9405 Email: bob.wilburn@senderrarx.com 48. PA Dept of Human Services Medicaid $853,481 PO Box 780634 Rebate Philadelphia, PA 19178 Accruals Brittany Starr Phone: (717) 346-8164 Email: c-bstarr@pa.gov 49. Capgemini America Trade Vendor $796,167 012663 Collection Center Dr Chicago, IL 60693 Michele Pesanello Phone: (201) 238-1139 Email: michele.pesanello@capgemini.com 50. Arizona - AHCCCS Medicaid $794,662 11013 West Broad Street Rebate Suite 500 Accruals Glen Allen, VA 23060 Jennifer Mccray Phone: 518-220-3829 Email: mccrayj@magellanhealth.com MAVERICK GAMING: S&P Cuts ICR to 'SD' on Below Par Loan Purchases ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Washington-based regional casino and cardroom operator Maverick Gaming LLC to 'SD' (selective default) from 'B-'. At the same time, S&P lowered its issue-level rating on its first-lien term loan to 'D' (default) from 'B-'. S&P said, "At the same time, we lowered the issue-level rating on the company's revolving credit facility to 'B-' from 'B+' and placed it on CreditWatch with negative implications. The downgrade and subsequent CreditWatch placement on the company's senior secured revolver reflect the likelihood that the issuer credit rating will be no higher than 'CCC' when it is reassessed. "We expect to raise our issuer credit rating on Maverick, likely in the next several days. The rating will reflect the ongoing risk of another potential restructuring or a conventional default. "The downgrade follows Maverick's repurchase of some of its first-lien term loan at less than par value, which we view as distressed and tantamount to default. Maverick repurchased about $45 million of its $310 million first-lien term loan at about 82% of the par value. We consider the transaction to be distressed and tantamount to a default, given the company's ongoing cash burn and expected requirement of additional liquidity this year, as well as its lenders' receipt of less than par value without adequate compensation. We believe that the repurchase of a significant amount of the term loan at less than par value constitutes a debt restructuring. Therefore, we have lowered the issue-level rating on the first-lien term loan to 'D' from 'B-'. "Maverick has underperformed our base-case expectations and continues to struggle, primarily due to the underperformance of its Washington properties. We believe the underperformance was most likely due to ineffective management and marketing strategies, coupled with operational challenges at its Colorado-based properties. In addition, its fixed cost structure (including large fixed-rent obligations associated with various sale-leaseback transactions) is too high its revenue base. "Although the company is currently working to reduce its cost base and we believe that the operational challenges at its Colorado facilities have been corrected and operating performance has stabilized, the path to turn around the performance of its legacy Washington card rooms, which are now under new regional management, is more ambiguous. We believe the company's capital structure is unsustainable due to our expectation for weak liquidity, very high interest expense given the company's floating-rate capital structure, very high leverage, and no room for operating missteps or unexpected headwinds." MEHR GROUP: Hires Ringstad & Sanders LLP as Bankruptcy Counsel -------------------------------------------------------------- Mehr Group of Companies Holding Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Ringstad & Sanders LLP as General Bankruptcy Counsel. The firm will provide these services: a. provide general legal advice, representation and counsel on matters relating to administration of this Chapter 11 proceeding, including obtaining orders compelling Debtor to comply with its duties under Section 521 of the Bankruptcy Code; b. undertake legal analysis, prepare and file any pleadings, motions, notices, or orders which may be required for the orderly administration of this Estate, including but not limited to, preparation of notices, motions, and other documentation regarding any leases or sales of property of the Estate; c. commence actions, wherever and whenever appropriate, and to provide legal advice regarding the marshalling and protection of the assets of the Debtor for the benefit of creditors of the Estate; d. investigate and prosecute preference, turnover, or fraudulent conveyance actions which may exist for the benefit of creditors of the Estate; and e. object to claims, if any, after review by the Trustee. In the event objections are filed, counsel will be required to conduct legal analysis, provide legal advice, prepare for, and attend any hearing on objections, as well as to draft any and all pleadings relevant thereto, and to engage in necessary discovery. The firm will be paid at these rates: Attorneys Todd C. Ringstad $725 per hour Nanette D. Sanders $725 per hour Karen Sue Naylor $625 per hour Christopher Minier $575 per hour Ashley M. Teesdale $520 per hour Paralegals Becky Metzner $195 per hour Arlene Martin $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nanette D. Sanders, Esq., a partner at Law firm of Ringstad & Sanders 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: Nanette D. Sanders, Esq. Ashley M. Teesdale, Esq. Law firm of Ringstad & Sanders LLP 4910 Birch Street Suite 120 Newport Beach, CA 92660 Telephone: (949) 851-7450 Facsimile: (949) 851-6926 Email: nanette@ringstadlaw.com ashley@ringstadlaw.com About MEHR Group of Companies Holding Inc. MEHR Group of Companies Holding, Inc., a company in Laguna Hills, Calif., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10760) on April 17, 2023. In the petition signed by its chief executive officer, S. Javad K. Mehrvijeh, the Debtor disclosed up to $10 million in assets and up to $500,000 in liabilities. Judge Scott C. Clarkson oversees the cases. The Law Offices of Jaenam Coe PC serves as the Debtor's counsel. MERIDIAN HOLDING: Hires Nardella & Nardella as Counsel ------------------------------------------------------ Meridian Holding Group, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Law Firm of Nardella & Nardella, PLLC as Counsel. The firm will provide these services: a. advise and counsel the debtor-in possession concerning the operation of its business in compliance with Chapter 11 and orders of this court; b. defend any causes of action on behalf of the debtor-in-possession; c. prepare, on behalf of the debtor-in-possession, all necessary applications, motions, reports, and other legal papers in the Chapter 11 case; d. assist in the formulation of a plan of reorganization and preparation of a disclosure statement; and e. provide all services of a legal nature in the field of bankruptcy law. The firm will be paid at these rates: Partners $550 per hour Associates $275 per hour Paraprofessionals $225 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Frank M. Wolff, a partner at Law Firm of Nardella & Nardella, PLLC, 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: Frank M. Wolff, Esq. Law Firm of Nardella & Nardella, PLLC 135 W. Central Blvd., Suite 300 Orlando, FL 32801 Tel:(407) 966-2680 Email: fwolff@nardellalaw.com About Meridian Holding Group, LLC Meridian Holding Group, LLC is an investment company engaged in the commercial business activity of acquiring two businesses, Webster Electric Co., LLC and Webco Leasing & Supply, LLC (together, the "Subsidiaries"). The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00388) on Jan. 31, 2023. The petition was signed by Robert Manners as manager. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $1 million to $10 million in liabilities. Frank Wolff, Esq. at the law firm of Frank M. Wolff Law, P.A. represents the Debtor as counsel. MERIDIAN RESTAURANTS: Exclusivity Period Extended to August 31 -------------------------------------------------------------- Judge Kevin R. Anderson of the U.S. Bankruptcy Court for the District of Utah extended the exclusive period to file chapter 11 plans for Meridian Restaurants Unlimited, LC and its affiliates and the Official Committee of Unsecured Creditors to August 31, 2023. The judge also extended their exclusive period to solicit and obtain acceptance of any chapter 11 plans to November 17, 2023. Meridian Restaurants Unlimited, LC and its affiliates are represented by: Michael R. Johnson, Esq. David H. Leigh, Esq. Elaine A. Monson, Esq. RAY QUINNEY & NEBEKER P.C. 36 South State Street, 14th Floor Salt Lake City, UT 84111 Tel: (801) 532-1500 Email: mjohnson@rqn.com dleigh@rqn.com emonson@rqn.com - and - James T. Markus, Esq. William G. Cross, Esq. Lacey S. Bryan, Esq. MARKUS WILLIAMS YOUNG & HUNSICKER LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203-4505 Tel: (303) 830-0800 Email: jmarkus@markuswilliams.com wcross@markuswilliams.com lbryan@markuswilliams.com The Official Committee of Unsecured Creditors is represented by: Ellen E. Ostrow, Esq. Michael J. Small, Esq. FOLEY & LARDNER LLP 95 State Street, Suite 2500 Salt Lake City, UT 84111 Tel: (801) 401-8900 Email: eostrow@foley.com About Meridian Restaurants Unlimited Meridian Restaurants Unlimited, LC, owner and operator of restaurants in Utah, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 23-20731) on March 2, 2023. At the time of the filing, Meridian Restaurants Unlimited disclosed $10 million to $50 million in both assets and liabilities. Judge Kevin R. Anderson oversees the cases. The Debtors tapped Markus Williams Young & Hunsicker, LLC as bankruptcy counsel; Ray Quinney & Nebeker P.C. as local and litigation counsel; Peak Franchise Capital, LLC as financial advisor; Hilco Corporate Finance, LLC as investment banker; and Keen-Summit Capital Partners, LLC as real estate advisor. BMC Group, Inc. is the noticing agent. The U.S. Trustee for Region 19 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Foley & Lardner, LLP. MODERN POTOMAC: Gets OK to Hire Stephen Karbelk as Sales Agent -------------------------------------------------------------- Modern Potomac, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Stephen Karbelk, a sales agent at Century 21 New Millennium. The Debtor requires a sales agent to market its properties for sale. Mr. Karbelk will receive a 5.5 percent commission on all real estate sold as compensation for his services, with 3 percent of that going to the listing broker and 2.5 percent going to the buyer's broker. In court papers, Mr. Karbelk disclosed that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. Mr. Karbelk can be reached at: Stephen Karbelk Century 21 New Millennium 20405 Exchange Street, Suite 221 Ashburn, VA 20147 Telephone: (703) 858-2770 Email: stephen.karbelk@c21nm.com About Modern Potomac Modern Potomac, LLC, a company in Burke, Va., filed Chapter 11 petition (Bankr. E.D. Va. Case No. 23-10944) on June 7, 2023, with $1,200,000 in assets and $1,030,500 in liabilities. David Guglielmi, managing member, signed the petition. Judge Corali Lopez-Castro oversees the case. Richard G. Hall, Esq., serves as the Debtor's legal counsel. MOUNTAIN VIEW: Seeks to Hire Tydings & Rosenberg as Legal Counsel ----------------------------------------------------------------- Mountain View Orchard, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Tydings & Rosenberg LLP as its attorneys. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties as Debtor-in-Possession and in the operation of its business and management of its property; b. representing the Debtor in defense of proceedings instituted to reclaim property or to obtain relief from the automatic stay under Sec. 362(a) of the Bankruptcy Code; c. preparing any necessary applications, answers, orders, reports and other pleadings, and appearing on the Debtor's behalf in proceedings instituted by or against the Debtor; d. assisting the Debtor in the preparation of schedules, statements of financial affairs, and any amendments thereto that the Debtor may be required to file in this case; e. assisting with evaluation of a possible sale of the Debtor's business and/or assets, if necessary; f. assisting the Debtor in the preparation of a plan of reorganization or orderly liquidation and a disclosure statement, if necessary; g. assisting the Debtor with all bankruptcy legal work; and h. performing all of the legal services for the Debtor that may be necessary or desirable. Tydings & Rosenberg received a retainer in the amount of $50,000. The hourly rates of the firm's counsel and staff are as follows: Joseph Selba $450 Counsel and Partners $450 - $650 Associates $275 - $325 Paralegal $175 In addition, the firm will seek reimbursement for expenses incurred. Joseph Selba, Esq., an attorney at Tydings & Rosenberg, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph M. Selba, Esq. TYDINGS & ROSENBERG, LLP 1 E. Pratt Street, Suite 901 Baltimore, MD 21202 Telephone: (410) 752-9700 Email: jselba@tydingslaw.com About Mountain View Orchard, Inc. Mountain View Orchard, Inc. is in the business of fruit and tree nut farming. Mountain View Orchard, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 23-15149) on July 23, 2023. The petition was signed by Anthony C.Y. Cheng as president. At the time of filing, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Joseph M. Selba, Esq. at Tydings & Rosenberg LLP represents the Debtor as counsel. MXP OPERATING: Seeks to Hire Eric A. Liepins as Legal Counsel ------------------------------------------------------------- MXP Operating, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Eric A. Liepins, P.C. as its bankruptcy counsel. The Debtor requires the assistance of a counsel for the purpose of orderly liquidating the assets, reorganizing the claims of the estate, and determining the validity of claims asserted in the estate. The hourly rates of the firm's counsel and staff are as follows: Eric A. Liepins $275 Paralegals and Legal Assistants $30-$50 In addition, the firm will seek reimbursement for expenses incurred. The firm has been paid a retainer of $10,00 plus filing fee. Mr. Liepins, the sole shareholder of the 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: 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 MXP Operating, LLC MXP Operating, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 23-41446) on August 11, 2023. The petition was signed by Rachel T. Patman, Esq. as managing member. At the time of filing, the Debtor estimated $2,732,000 in assets and $8,603,928 in liabilities. Eric A. Liepins, Esq. at Eric A. Liepins, P.C. represents the Debtor as counsel. NANO MAGIC: Incurs $651K Net Loss in Second Quarter --------------------------------------------------- Nano Magic Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $650,865 on $709,293 of net revenues for the three months ended June 30, 2023, compared to net income of $307,133 on $493,782 of net revenues for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $1.30 million on $1.41 million of net revenues compared to a net loss of $756,518 on $1.01 million of net revenues for the six months ended June 30, 2022. As of June 30, 2023, the Company had $3.52 million in total assets, $2.40 million in total liabilities, and $1.12 million in total stockholders' equity. Nano Magic said, "As reflected in the unaudited consolidated financial statements, the Company had losses from continuing operations and net cash used by continuing operations of $1,303,902 and $725,395 for the six months ended June 30, 2023 and a loss from continuing operations of $1,906,043 and cash used by continuing operations $1,092,235 for the six months ended June 30, 2022. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these unaudited consolidated financial statements are issued. Management cannot provide assurance that the Company will ultimately achieve profitable operations, become cash flow positive or raise additional capital." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/891417/000149315223028219/form10-q.htm About Nano Magic Headquartered in Madison Heights, Michigan, Nano Magic Inc., now known as Nano Magic Holdings Inc. -- www.nanomagic.com -- develops, commercializes and markets consumer and industrial products powered by nanotechnology that solve everyday problems for customers in the optical, transportation, military, sports and safety industries. Nano Magic reported a net loss of $2.10 million for the year ended Dec. 31, 2022, compared to a net loss of $1.57 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $4.09 million in total assets, $2.47 million in total liabilities, and $1.62 million in total stockholders' equity. Sterling Heights, Michigan-based UHY LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 11, 2023, citing that the Company has recurring losses from operations, negative cash flow from operations, and an accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. NANTASKET MANAGEMENT: Hires Barry R. Levine as Legal Counsel ------------------------------------------------------------ Nantasket Management, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Law Offices of Barry R. Levine to handle its Chapter 11 case. Barry Levine, Esq., the firm's attorney who will be providing the services, will be paid at the rate of $500 per hour. The attorney received a retainer fee in the amount of $10,000. Mr. Levine disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Barry R. Levine, Esq. Law Offices Of Barry R. Levine 100 Cummings Center - Suite 327G Beverly, MA 01915-6123 Tel: (978) 922-8440 Fax: (978) 998-4636 Email: barry@levinelawoffice.com About Nantasket Management Nantasket owns six single family homes (all in need of upgrades) located in Massachusetts valued at $3,047,000 in the aggregate. Nantasket Management, LLC filed its voluntary petition for Chapter 11 protection (Bankr. D. Mass. Case No. 23-11272) on August 11, 2023. In the petition signed by its manager, Michael Kim, the Debtor listed up to $10 million in both assets and liabilities. Judge Janet E. Bostwick oversees the case. The Law Offices of John F. Sommerstein serves as the Debtor's bankruptcy counsel. NANTASKET MANAGEMENT: Taps Jack Conway as Real Estate Broker ------------------------------------------------------------ Nantasket Management, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Jack Conway as real estate broker. The Debtor needs a broker to market and sell its property located on Nantasket Avenue, Hull, Mass. The broker will receive a 3 percent commission from the proceeds of the sale. Diane Marchione, a real estate agent at Jack Conway, 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: Diane Marchione Jack Conway 321 Main St. Hingham, MA 02043 Telephone: (781) 771-0365 Email: dmarchione@jackconway.com About Nantasket Management Nantasket Management, LLC owns six single family homes (all in need of upgrades) in Massachusetts valued at $3,047,000 in the aggregate. Nantasket Management filed Chapter 11 petition (Bankr. D. Mass. Case No. 23-11272) on Aug. 11, 2023, with $3,119,500 in assets and $2,104,949 in liabilities. Michael Kim, manager, signed the petition. Judge Janet E. Bostwick oversees the case. The Law Offices of Barry R. Levine represents the Debtor as bankruptcy counsel. NASHVILLE SENIOR CARE: Hits Chapter 11 Bankruptcy Protection ------------------------------------------------------------ Lauren Coleman-Lochner of Bloomberg News reports that a senior-living company filed for bankruptcy after it exhausted an emergency loan, the latest to falter because of Covid-19. Nashville Senior Care LLC's plight illustrates the pressures bearing down on the senior-living sector. Higher staff and supply costs on top of tepid demand for such facilities have caused defaults to outpace the rest of the municipal bond market this year. About 8% of the $43 billion in outstanding senior-living bonds is in default, compared with less than 1% of the total municipal bond market, according to data compiled by Bloomberg. About Nashville Senior Care Nashville Senior Care, LLC and affiliates are comprised of five senior living communities and one Medicare-certified home health agency affiliated with the Trousdale Foundation. All of the real estate associated with the senior living communities is owned by the Debtors. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 23-02924) on August 14, 2023. In the petition signed by Thomas Johnson, executive director, the Debtor disclosed up to $100 million in assets and up to $500 million in liabilities. Judge Marian F. Harrison oversees the case. The Debtors tapped MCDONALD HOPKINS LLC as general bankruptcy counsel, EMERGELAW, PLC as co-counsel, HOULIHAN LOKEY CAPITAL, INC., as investment banker, and STRETTO, INC. as notice, claims and balloting agent. NAUTICAL MARINE: Seeks to Hire Buddy D. Ford as Bankruptcy Counsel ------------------------------------------------------------------ Nautical Marine Enterprise, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ the law firm of Buddy D. Ford, PA as its bankruptcy counsel. The Debtor requires legal counsel to: (a) give advice regarding the powers and duties of the Debtor in the continued operation of its business and management of the estate's property; (c) prepare and file schedules of assets and liabilities, statement of affairs, and other documents required by the court; (d) represent the Debtor at the Section 341 creditors' meeting; (e) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (f) prepare legal papers; (g) protect the interest of the Debtor in all matters pending before the court; (h) represent the Debtor in negotiation with its creditors in the preparation of a Chapter 11 plan; and (i) perform all other necessary legal services for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Buddy D. Ford, Esq. $450 Senior Associate Attorneys $400 Junior Associate Attorneys $350 Senior Paralegal Services $150 Junior Paralegal Services $100 In addition, the firm will seek reimbursement for expenses incurred. Prior to the commencement of its Chapter 11 case, the Debtor paid the firm an advance fee of $11,738. Buddy Ford, 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: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. Buddy D. Ford, PA 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 Email: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Nautical Marine Enterprises Nautical Marine Enterprises, LLC provides boat engine repair, boat upholstery, fiberglass repair, and boat trailer repair services. It is based in Tampa, Fla. Nautical Marine Enterprises filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 23-03490) on Aug. 14, 2023, with $1,031,820 in total assets and $1,383,423 in total liabilities. Francisco Ferrer, Jr., manager, signed the petition. Judge Roberta A. Colton oversees the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A., represents the Debtor as legal counsel. NICE VIEW 82: Exclusivity Period Extended to September 27 --------------------------------------------------------- Judge Laurel M. Isicoff of the U.S. Bankruptcy Court for the Southern District of Florida extended Nice View 82, LLC (DE)'s exclusivity period for filing a chapter 11 plan and disclosure statement from June 27, 2023 to September 27, 2023. The judge also extended the debtor's exclusive period to solicit acceptances to November 27, 2023. About Nice View 82 Nice View 82, LLC (DE) filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 23-11520) on Feb. 27, 2023, with as much as $1 million in both assets and liabilities. Judge Laurel M. Isicoff oversees the case. The Debtor is represented by Joel M. Aresty, P.A. NUTRITION53 INC: Seeks Chapter 11 Bankruptcy Protection ------------------------------------------------------- Ted Andersen of San Francisco Business Times reports that Nutrition53 filed for Chapter 11 bankruptcy in August 2023. A Bay Area-based health supplement company started by former San Francisco 49ers linebacker Bill Romanowski is seeking bankruptcy protection just months after the U.S. government targeted it with legal action over taxes. The Fairfield-based company — Nutrition53 — filed for Chapter 11 reorganization on August 11, 2023, according to bankruptcy court documents signed by current CEO Kristine Manlapaz, who was listed as the company's chief operating officer in 2020. Romanowski founded the company in 2006 and served as CEO until 2020, according to his LinkedIn profile. The filing lists company assets of between $1 and $10 million against debts of between $10 million and $50 million, but more specifically outlines outstanding ownership of "secured" debt of $16.4 million and "unsecured" debt of $4.9 million among its investors. The company is a developer and seller of protein meal replacement powder. Nutritional supplements that N53 sells include Lean 1 brand protein powders, other Lean 1 brand items and protein shakes. In June 2023, a U.S. Department of Justice lawsuit filed in Northern California federal court alleged that Romanowski and his wife used money from Nutrition53 to pay their living expenses and now owe more than $15.3 million in taxes. The lawsuit says the couple failed to pay millions of dollars in income taxes from 1998 to 2007, which would encompass part of Romanowski's 16-year NFL career. The lawsuit alleges that the Romanowskis withdrew money from Wells Fargo accounts registered with Nutrition53 to pay for an array of personal expenses, including plastic surgery appointments, day spa appointments, rent for their adult daughter and groceries for their adult son. In that suit, the DOJ said it seeks to "foreclose its tax liens against N53's assets on the grounds that N53 is the Romanowskis' alter ego." "By using N53 to pay their personal living expenses and those of their adult children, the Romanowskis have improperly used N53 to thwart the IRS's collection of the individual income tax assessments at issue in this case," the DOJ argued in the complaint. Miles Archer Woodlief, founder of The Archer Firm, is Nutrition53's attorney in the bankruptcy. He told me over email that the company is not "Bill Romanowski's" but is a separate corporation within many independent shareholders, one of whom is Romanowski. Woodlief told me that the IRS has had a long-running dispute with Romanowski individually regarding taxes it claims he owes and has attempted to recover those taxes from Nutrition53, claiming without merit that it is an "alter ego" of his. "Nutrition53 determined that it could most effectively fight the IRS’ ongoing efforts to collect those taxes by utilizing the protections of a Chapter 11 bankruptcy while it challenges the IRS’ unfounded and unsupportable assertions," Woodlief wrote in an email. "Nutrition53 anticipates the bankruptcy court will deny the IRS claim in short order, a successful reorganization, and a return to business as usual in the near future." Romanowski earned two Super Bowl rings with the 49ers at the conclusion of the 1988 and 1989 seasons and later two more with the Denver Broncos. He also played for the Oakland Raiders, retiring from football in 2003. Besides Bill and his wife Julie, Nutrition53's controlling interests include the Hall Family and FI Fund, LLC, according to bankruptcy court documents. In 2013, a federal judge ruled that Romanowski and his wife owed the Internal Revenue Service about $5 million for back taxes on a Kentucky horse-breeding operation that ultimately went bankrupt. The Romanowskis borrowed more than $13 million to invest in the breeding business, which was called ClassicStar. Other principals of the business were later convicted of federal tax fraud; the Romanowskis were not charged. Before that, Romanowski was also implicated in the Bay Area's BALCO steroid scandal after government records revealed that he had used two different performance-enhancing steroids from the Burlingame laboratory. The Romanowskis currently rent a home in Lafayette. About Nutrition53 Inc. Nutrition53 Inc. is engaged in in retailing food supplement products. Nutrition53 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40997) on August 11, 2023. In the petition filed by Kristine Manlapaz, as CEO, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Miles Archer Woodlief of ARCHER is the Debtor's counsel. OBRA CAPITAL: $275MM Bank Debt Trades at 17% Discount ----------------------------------------------------- Participations in a syndicated loan under which Obra Capital Inc is a borrower were trading in the secondary market around 83.0 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $275 million facility is a Term loan that is scheduled to mature on October 1, 2026. The amount is fully drawn and outstanding. Obra Capital, Inc. is an investment firm specializing in insurance special situations, structured credit, asset-based finance, and longevity. P & P ENTERPRISES: Taps Christopher S. Moffitt as Legal Counsel --------------------------------------------------------------- P & P Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ the Law Offices of Christopher S. Moffitt to handle its Chapter 11 case. Christopher Moffitt, Esq., the firm's principal attorney, will be compensated at $475 per hour for his services and will be reimbursed for work-related expenses incurred. Mr. Moffitt disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher S. Moffitt, Esq. Law Offices of Christopher S. Moffitt 218 North Lee Street Alexandria, VA 22314 Telephone: (703) 683-0075 Facsimile: (703) 997-8430 About P & P Enterprises P & P Enterprises, Inc. filed Chapter 11 petition (Bankr. E.D. Va. Case No. 23-11236) on July 31, 2023, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Christopher S. Moffitt, Esq., at the Law Offices of Christopher S. Moffitt represents the Debtor as legal counsel. PACKERS HOLDINGS: $1.24BB Bank Debt Trades at 33% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Packers Holdings LLC is a borrower were trading in the secondary market around 66.9 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.24 billion facility is a Term loan that is scheduled to mature on March 9, 2028. The amount is fully drawn and outstanding. Packers Holdings, LLC, known as PSSI, founded in 1972 and headquartered in Kieler, Wisconsin, is a provider of contract sanitation services to the food processing industry in the U.S. and Canada. PALASOTA CONTRACTING: Continued Operations to Fund Plan ------------------------------------------------------- Palasota Contractiing, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement in support of Plan of Reorganization dated August 22, 2023. The Debtor is a Texas limited liability company formed in 2016 which operates in the construction sand and gravel industry. This case was filed as a result of the Debtor's reduction in available cash arising from disputes with a third party regarding access to and use of certain pieces of equipment. The Debtor's principal, Ricky Palasota, Jr., and certain of his family members were involved in various business operations through mid-2022. Following a family dispute regarding operations, the Debtor was locked out of an equipment yard and certain assets in which the Debtor asserts an interest were seized by third parties. The Debtors monthly expenses include its rent in the monthly amount of $10,000.00 to Jack Lemons ("Landlord"), plus approximately $16,000.00 in utilities and insurance, an average of $120,000.00 monthly in employee wages and benefits as well as independent contractor costs, and approximately $80,000.00 in inventory. The Debtor incurs a monthly average of $40,000.00 in miscellaneous costs which include, but are not limited to, sales tax, supplies, marketing, maintenance, and field purchases. The total annual estimated operational expenses of the Debtor are $4,000,000.00. The Debtor intends to continue to operate and repay its obligations from revenue generated. The Debtor is proposing to pay approximately $360,000.00 annually in secured claims over the lifetime of the Plan, for a total payment of approximately $1,800,000.00 in total secured claims over a 5-year period. The Debtor estimates $3,565,080.00 in valid, timely filed, general unsecured claims, exclusive of the disputed claims of BVS Construction, LLC and the unliquidated claim of Texas Commission on Environmental Quality. With gross income projections of $6,000,000.00 in 2023 and $8,000,000.00 in 2024, after addressing all administrative, secured, and priority claims, the Debtor anticipates a 85% to 100% return to general unsecured creditors. During the course of the Chapter 11 case, the Debtor has continued to operate its business. The Debtor worked with Encore Bank and Commercial Credit Group, Inc. to negotiate the continued use of cash collateral. Though not on the originally agreed upon schedule, the Debtor is current on its adequate protection payments to Encore. The Debtor has also entered into agreements with Commercial Credit Group, Inc. and Ally Bank with respect to the surrender of certain pieces of equipment which serve as collateral on the listed obligations. Class 12 consists of the allowed general unsecured claims of the unsecured creditors in this Estate. The deadline for filing proofs of claim is August 24, 2023. The Debtor intends to meet its obligations through minimum payments of 1/20th of each Creditor's Allowed Claim during five years following the Effective Date with each payment being made quarterly on or before the last day of the month following the end of the preceding quarter (payments made by the last day of April, July, October, and January). Payments shall begin on completion of the first calendar quarter following the Effective Date of the Plan. To the extent the Debtor's net profits exceed its current projections, the minimum payments in any given quarter may be supplemented by additional payments until all Allowed Claims are paid in full or the expiration of the 20th quarter following the Effective Date. Class 13 consists of the ownership interest in the Debtor. These parties shall receive nothing under the Plan unless and until all other classes are paid in full. Pursuant to the provisions of sections 1141(b) and 1141(c) of the Bankruptcy Code, all assets of the Debtor that remain will vest in the Reorganized Debtor on the Effective Date free and clear of all Claims, Liens, encumbrances, charges and other interest of the holders of Claims and Equity Interests, except as otherwise provided in the Plan. The Debtor intends to pay unsecured claims from operating profit. The Debtor intends to meet its obligations through minimum payments of 1/20th of each Creditor's Allowed Claim during five years following the Effective Date with each payment being made quarterly on or before the last day of the month following the end of the preceding quarter (payments made by the last day of April, July, October, and January). A full-text copy of the Disclosure Statement dated August 22, 2023 is available at https://urlcurt.com/u?l=gKHDb8 from PacerMonitor.com at no charge. Counsel for the Debtor: WALDRON & SCHNEIDER, PLLC Kimberly A. Bartley, Esq. 15150 Middlebrook Drive Houston, Texas 77058 Tel: 281-488-4438 Fax: 281-488-4597 Email: kbartley@ws-law.com About Palasota Contracting Palasota Contracting, LLC owns and operates a business known as Palasota Contracting, LLC, a Bryan, Texas based company that primarily operates in the construction sand and gravel industry. The Debtor 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. PANCAKES OF HAWAII: Unsecured Creditors to Split $250K in Plan -------------------------------------------------------------- Pancakes of Hawaii, Inc., filed with the U.S. Bankruptcy Court for the District of Hawaii a Small Business Plan of Reorganization dated August 22, 2023. The Debtor is a franchisee of the Original Pancake House, which first opened in Oregon in 1953. The Original Pancake House franchise is well known on Oahu. The Debtor was formed in 1989 when it acquired the Kapiolani Pancake House location (1221 Kapiolani Boulevard, Suite 103, Honolulu, Hawaii), which opened in 1979. However, in February, 2023, the Debtor ceased operations at the Kapiolani location due to a dispute with the landlord. The Debtor currently employs approximately 17 full time, 1 part time, and 2 salaried employees. Rent for its Dillingham lease totals about $14,000.00 per month. The bankruptcy was filed, in part, because the Debtor did not wish to litigate the alleged damages claimed by FPA Kapiolani Associates, LLC (the "Landlord") in the Honolulu District Court for the First Circuit, State of Hawaii (the "State Lawsuit"). The Landlord's lawsuit has been removed to the Bankruptcy Court. Trial is currently scheduled for May 14, 2024. Funding for the Plan will come from the Debtor's income from business operations. Class 2 consists of General Unsecured Claims. Pro Rata share of $250,000. A preliminary pro rata distribution of $82,027 will be made on the Effective Date to holders of Allowed General Unsecured Claims. The remaining $167,973 will be distributed on the date on which an order allowing Claim of Landlord becomes a Final Order, or as soon thereafter as is practicable. The allowed unsecured claims total $345,919 to $520,919. Equity Interest holders shall retain interest in Debtor. On Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. The Debtor expects to have sufficient cash on hand to make the payments required on the Effective Date. The Debtor will continue its business operations and pay Plan obligations from its net disposable income. The Debtor believes that the Debtor will have enough cash on hand on the Effective Date of the Plan to pay all the Claims and expenses that are entitled to be paid on that date. As of July 31, 2023, the Debtor had approximately $576,961.89 in cash in bank accounts. Assuming that the Effective Date is January 1, 2024, the Debtor estimates that it will have approximately $500,225.66 in cash on the Effective Date, which is sufficient to pay all claims and expenses entitled to be paid on the Effective Date. The Debtor's financial projections show that the Debtor will has sufficient cash to make all Plan payments. The final Plan payment is expected to be paid in December, 2028. A full-text copy of the Plan of Reorganization dated August 22, 2023 is available at https://urlcurt.com/u?l=c3sowL from PacerMonitor.com at no charge. Attorneys for Debtor: CHOI & ITO Attorneys at Law Chuck C. Choi, Esq. Allison A. Ito, Esq. 700 Bishop Street, Suite 1107 Honolulu, Hawaii 96813 Telephone: (808) 533-1877 Fax: (808) 566-6900 Email: cchoi@hibklaw.com; aito@hibklaw.com About Pancakes of Hawaii Pancakes of Hawaii, Inc. was formed in 1989 when it acquired the Kapiolani Pancake House location (1221 Kapiolani Boulevard, Suite 103, Honolulu, Hawaii), which opened in 1979. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 23-00386) on May 24, 2023, with $500,001 to $1 million in both assets and liabilities. Richard Emery has been appointed as Subchapter V trustee. Judge Robert J. Faris oversees the case. Chuck C. Choi, Esq., at Choi & Ito and Keith M. Kiuchi, ALC serve as the Debtor's bankruptcy counsel and special litigation counsel, respectively. PARRISH26 LLC: Unsecureds to Get Share of Income for 3 Years ------------------------------------------------------------ Parrish26, LLC, submitted an Amended Plan of Reorganization dated August 21, 2023. The Debtor will generate enough income over the life of the Plan to make the required payments. The Debtor shows that its business can fund the necessary plan payments through the continued operation of its business without the need for further reorganization. Debtor is making reductions to owner salaries and utilizing the Economic Recovery Credit ("ERC") approved by the IRS to facilitate funding its plan of reorganization. The financial projections show that the Debtor will have projected disposable income of approximately $61,405.58 (aggregate amount of 3 years of disposable income). The final Plan payment is expected to be paid on or before October 1, 2026. This Amended Plan of Reorganization proposes to pay creditors from revenue generated through the continued operation of the Debtor's business and the ERC payment received from the IRS. The Plan provides for the payment of all allowed administrative expense claims and priority claims in full. The Plan provides for the payment of all allowed secured claims in full through annual payments. The Plan provides that allowed unsecured claims will receive distributions of projected disposable income over a period of three years. Class 2 consists of Allowed Unsecured Claims. Holders of an allowed unsecured claim shall be paid, on a pro-rata basis, through 3 annual distributions of the Debtor's disposal income. The Debtor estimates that the total amount of disposable income available for distribution to unsecured creditors under the Plan will be $61,405.58. The annual pro-rata disbursements shall be paid on the anniversary date of the Effective Date of the Plan. The Debtor expects the first annual disbursements to be paid on or before October 1, 2024. Debtor reserves the right to object to any Class 2 claim. Any objection to a Class 2 claim must be filed within 60 days of the Effective Date of the Plan. Robert A. Parrish II and Kelley H. Parrish shall retain their equity interest in the Debtor. All payments under this Plan shall be made from the Debtor's disposable income and the ERC payment received from the IRS. The hearing on confirmation of the Debtor's Amended Chapter 11 Plan is scheduled for September 12, 2023 at 10:00 AM in Macon Courtroom B. A full-text copy of the Amended Plan dated August 21, 2023 is available at https://urlcurt.com/u?l=tkxSOf from PacerMonitor.com at no charge. Counsel for Debtor: Christopher W. Terry, Esq. Boyer Terry, LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Email: chris@boyerterry.com About Parrish26 LLC Leesburg, Ga.-based Parrish26, LLC, a Company is in the healthcare business. Parrish26 filed for Chapter 11 bankruptcy (Bankr. M.D. Ga. Case No. 22-10446) on June 29, 2022, listing as much as $50,000 in assets and $100,001 to $500,000 in liabilities. The Debtor is represented by Christopher W. Terry, Esq., at Boyer Terry LLC. PEACE EQUIPMENT: Unsecureds to Get Share of Income for 60 Months ---------------------------------------------------------------- Peace Equipment, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization for Small Business dated August 22, 2023. Peace is a commercial trucking company that provides commercial truck services across the United States. Peace provides commercial trucking services for major market companies. Peace values its assets at approximately $1.3 million or less, in the aggregate. The liquidation value is significantly less. The value of assets has been declining recently. Most of the assets are subject to the liens and encumbrances of various lenders. This Plan of Reorganization proposes to pay the Debtor's creditors from the cash flow generated in the ordinary course of the Debtor's business after confirmation. Class 13 consists of non-priority unsecured claims allowed under § 502 of the Code. The Debtor believes the aggregate amount of Class 13 claims is approximately $1mm. Peace will pay the projected disposable income for 60 months following the Effective Date to creditors in this class with allowed claims. Peace may pay such amounts calendar quarterly starting with the first full calendar quarter after the Effective Date. For any creditors that are included in this class, including creditors listed in Schedule D by the Debtor but with no claim filed, or for any creditor that may have filed a UCC-1 against the Debtor but did not file a claim and which the Debtor cannot identify the Debtor shall be authorized to file a notice that any financing statement filed by this creditor is terminated as of the Effective Date. Class 14 consists of the equity security holders of the Debtor. The equity holders will retain the interest in the Debtor. Debtor will retain the property of the bankruptcy estate. Upon payment of amounts for secured claims, the secured lender must execute and deliver to the Debtor a release of any UCC-1's and releases of liens on titles to equipment. If any secured lender fails to deliver a release of any UCC-11's or releases of liens on titles to equipment, the Debtor may file a notice of release pursuant to this plan or seek an order to enforce the release of any title liens. A full-text copy of the Plan of Reorganization dated August 22, 2023 is available at https://urlcurt.com/u?l=vtAgGK from PacerMonitor.com at no charge. Attorney for Debtor: Reese Baker, Esq. Baker & Associates 950 Echo Lane, Ste. 300 Houston, Texas 77024 (713) 979-2279 (713) 869-9100 Fax About Peace Equipment Peace Equipment, LLC, is a commercial trucking company that provides commercial truck services across the United States. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-70098) on May 24, 2023. In the petition signed by Alejandro G. Mascorro, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Reese W. Baker, Esq., at Baker and Associates, is the Debtor's legal counsel. PEGASUS HOME: Sept. 5 Deadline Set for Panel Questionnaires ----------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Pegasus Home Fashion, Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/4rv96r3k and return by email it to Joseph Cudia -- Joseph.Cudia@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Sept. 5, 2023. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Pegasus Home Pegasus Home is a poly-filled pillow manufacturer. Pegasus offers an extensive line of bedding and home products, which has historically included items such as bed pillows (both poly-filled and memory foam), quilts, bedspreads, blankets, throws, sheet sets, decorative pillows, chair pads, pet beds, furniture protectors, pillow protectors, and mattress pads and protectors. Pegasus Home Fashions Inc. and three of its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Lead Case No. 23-11235) on August 24, 2023. In the petition filed by its chief executive officer, Timothy Boates, Pegasus reported $100 million to $500 million in consolidated assets and liabilities. The Hon. Mary Walrath oversees the cases. The Debtors tapped Young Conway Stargatt & Taylor LLP as counsel; and RAS Management Advisors, LLC as CEO provider. EPIQ Corporate Restructuring, LLC is the claims agent and administrative advisor to the Debtors. SSG Advisors LLC serves as investment banker to the Debtors. PJ TRANS: Seeks to Hire Modestas Law Offices as Bankruptcy Counsel ------------------------------------------------------------------ PJ Trans, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Modestas Law Offices, P.C. as its bankruptcy counsel. The firm will render these services: (a) negotiate with creditors; (b) prepare a plan and financial statements; (c) examine and resolve claims filed against the estate; (d) prepare pleadings filed in the case; (e) interact with the trustee in this case; (f) attend at court hearings; and (g) otherwise represent the Debtor in matters before the court. Saulius Modestas, Esq., the primary attorney in this representation, will be paid at his hourly rate of $475. Mr. Modestas 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: Saulius Modestas, Esq. Modestas Law Offices, PC 401 S. Frontage Road, Ste. C Burr Ridge, IL 60527 Telephone: (312) 251-4460 Email: smodestas@modestaslaw.com About PJ Trans 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, with up to $50,000 in both assets and liabilities. Marcin Pogorzelski, president, signed the petition. Saulius Modestas, Esq., at Modestas Law Offices, P.C., represents the Debtor as legal counsel. POINDEXTER PROPERTIES: $10.9MM Bank Debt Trades at 23% Discount --------------------------------------------------------------- Participations in a syndicated loan under which Poindexter Properties LLC is a borrower were trading in the secondary market around 76.8 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $10.9 million facility is an Asset-Based Term loan that is scheduled to mature on March 18, 2030. The amount is fully drawn and outstanding. Poindexter Properties LLC is in the Residential Building Construction industry. POINDEXTER PROPERTIES: $16MM Bank Debt Trades at 23% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Poindexter Properties LLC is a borrower were trading in the secondary market around 76.8 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $16 million facility is an Asset-Based Term loan that is scheduled to mature on March 25, 2030. The amount is fully drawn and outstanding. Poindexter Properties LLC is in the Residential Building Construction industry. PORTER'S PENINSULA: Gets OK to Hire Miedema as Appraiser -------------------------------------------------------- Porter's Peninsula Logging, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to hire Miedema Appraisals, Inc as machinery and equipment appraiser. The firm will provide an updated valuation of certain machinery and equipment in Indian River, Mich. Miedema Appraisals will be paid $1,250 in fees and expenses to complete the appraisal. As disclosed in court filings, Miedema Appraisals does not have interest adverse to the Debtor and its creditors and other parties involved in its Chapter 11 case. The firm can be reached through: Steve Prahi Miedema Appraisals, Inc. 601 Gordon Industrial Ct SW Byron Center, MI 49315 Phone: +1 800-734-1112 About Porter's Peninsula Logging Porter's Peninsula Logging, LLC is a logging company in Atlanta, Mich. Porter's Peninsula Logging sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-20563) on May 19, 2023, with up to $500,000 in assets and up to $10 million in liabilities. Todd M. Porter, sole member, signed the petition. Judge Daniel S. Oppermanbaycity oversees the case. Rozanne M. Giunta, Esq., at Warner Norcross + Judd, LLP represents the Debtor as legal counsel. PRECIPIO INC: Incurs $2.3 Million Net Loss in Second Quarter ------------------------------------------------------------ Precipio Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $2.29 million on $3.53 million of net sales for the three months ended June 30, 2023, compared to a net loss of $2.14 million on $2.36 million of net sales for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $5.32 million on $6.35 million of net sales compared to a net loss of $6.72 million on $4.81 million of net sales for the six months ended June 30, 2022. As of June 30, 2023, the Company had $19.47 million in total assets, $5.38 million in total liabilities, and $14.09 million in total stockholders' equity. Precipio said, "The Company has incurred substantial operating losses and has used cash in its operating activities for the past several years. For the six months ended June 30, 2023, the Company had a net loss of $5.3 million and net cash used in operating activities of $2.8 million. As of June 30, 2023, the Company had an accumulated deficit of $97.6 million and a negative working capital of $0.4 million. The Company's ability to continue as a going concern over the next twelve months from the date of issuance of these condensed consolidated financial statements in this Quarterly Report on Form 10-Q is dependent upon a combination of achieving its business plan, including generating additional revenue and avoiding potential business disruption due to the macroeconomic environment and the coronavirus ("COVID-19") pandemic, and raising additional financing to meet its debt obligations and paying liabilities arising from normal business operations when they come due." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1043961/000155837023014655/prpo-20230630x10q.htm About Precipio Omaha, Nebraska-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com-- is a healthcare solutions company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents and services. Precipio reported a net loss of $12.18 million in 2022, a net loss of $8.52 million in 2021. As of Dec. 31, 2022, the Company had $21.50 million in total assets, $5.14 million in total liabilities, and $16.37 million in total stockholders' equity. New Haven, CT-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 30, 2023, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PRESSURE BIOSCIENCES: Posts $11.1 Million Net Loss in 2nd Quarter ----------------------------------------------------------------- Pressure Biosciences, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss attributable to common shareholders of $11.11 million on $511,803 of total revenue for the three months ended June 30, 2023, compared to a net loss attributable to common shareholders of $3.35 million on $498,137 of total revenue for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss attributable to common shareholders of $18.40 million on $1.25 million of total revenue compared to a net loss attributable to common shareholders of $8.02 million on $978,137 on total revenue for the six months ended June 30, 2022. As of June 30, 2023, the Company had $1.67 million in total assets, $26.79 million in total liabilities, and a total stockholders' deficit of $25.11 million. Pressure Biosciences said, "The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. However, we have experienced losses from operations and negative cash flows from operations with respect to our pressure cycling technology business since our inception. As of June 30, 2023, we do not have adequate working capital resources to satisfy our current liabilities and as a result, there is substantial doubt regarding our ability to continue as a going concern. We have been successful in raising debt and equity capital in the past and...In addition we raised debt and equity capital after June 30, 2023...We have financing efforts in place to continue to raise cash through debt and equity offerings. Although we have successfully completed financings and reduced expenses in the past, we cannot assure you that our plans to address these matters in the future will be successful. These financial statements do not include any adjustments that might result from this uncertainty." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/830656/000149315223029724/form10-q.htm About Pressure Biosciences South Easton, Mass.-based, Pressure Biosciences Inc. -- http://www.pressurebiosciences.com-- develops and sells innovative, broadly enabling, high pressure-based platform technologies and related consumables for the worldwide life sciences, agriculture, food and beverage, and other key industries. Pressure Biosciences reported a net loss of $16.08 million for the year ended Dec. 31, 2022, compared to a net loss of $20.15 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $2.01 million in total assets, $34.70 million in total liabilities, and a total stockholders' deficit of $32.68 million. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 12, 2023, citing that the Company has suffered recurring negative cash flows from operations and has a working capital deficit that raises substantial doubt about its ability to continue as a going concern. QITEK LABS: Seeks to Hire Blackwood Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ Qitek Labs of Oklahoma, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Blackwood Law Firm, PLLC to handle its Chapter 11 case. The firm will charge $350 per hour for attorneys and $100 per hour for legal assistants and law clerks. In addition, the firm will seek reimbursement for expenses incurred. Amanda Blackwood, Esq., an attorney at Blackwood Law Firm, 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: Amanda R. Blackwood, Esq. Blackwood Law Firm, PLLC 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 309-3600 Facsimile: (405) 378-4466 Email: amanda@blackwoodlawfirm.com About Qitek Labs of Oklahoma Qitek Labs of Oklahoma, LLC filed Chapter 11 petition (Bankr. W.D. Okla. Case No. 23-12139) on Aug. 11, 2023, with as much as $1 million in both assets and liabilities. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC and Gary D. Hammond, Esq., at Hammond Law Firm serve as the Debtor's counsel. QITEK LABS: Seeks to Hire Hammond Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- Qitek Labs of Oklahoma, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Hammond Law Firm to handle its Chapter 11 case. The firm will charge $400 per hour for attorneys and $80 per hour for legal assistants and law clerks. In addition, the firm will seek reimbursement for expenses incurred. Gary Hammond, Esq., an attorney at Hammond Law Firm, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary D. Hammond, Esq. Hammond Law Firm 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 216-0007 Facsimile: (405) 232-6358 Email: gary@okatty.com About Qitek Labs of Oklahoma Qitek Labs of Oklahoma, LLC filed Chapter 11 petition (Bankr. W.D. Okla. Case No. 23-12139) on Aug. 11, 2023, with as much as $1 million in both assets and liabilities. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC and Gary D. Hammond, Esq., at Hammond Law Firm serve as the Debtor's counsel. R&LS INVESTMENTS: Hires Levene Neale Bender as Counsel ------------------------------------------------------ R&LS Investments, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Levene, Neale, Bender, Yoo & Golubchik L.L.P., as general bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims, and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. representing the Debtor with regard to obtaining use of debtor-in possession financing and/or cash collateral including but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor-in-possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor-in-possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in the firm's representation of the Debtor during its bankruptcy case. The firm will be paid at these rates: Timothy J. Yoo $690 per hour John-Patrick M. Fritz $650 per hour Assistants $295 per hour The firm received from the Debtor a retainer in the amount of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. John-Patrick M. Fritz, a partner at Levene, Neale, Bender, Yoo & Golubchik L.L.P., 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: John-Patrick M. Fritz, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. 2818 La Cienega Avenue, Los Angeles, CA 90034 Tel: (310) 229-1234 Facsimile: (310) 229-1244 Email: JPF@LNBYG.COM About R&LS Investments, Inc., R&LS Investments, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-14467) on July 18, 2023, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Richard Cunningham, operating principal, signed the petition. Judge Julia W. Brand oversees the case. John-Patrick M. Fritz, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP is the Debtor's legal counsel. RANDAZZO'S CLAM: To Auction Property to Fund Plan ------------------------------------------------- Randazzo's Clam Bar of NY Inc. submitted an Amended Disclosure Statement concerning Chapter 11 Liquidating Plan dated August 22, 2023. Since Petition Date, Debtor has operated its business and has entered into a so-ordered cash collateral and repayment agreement with its secured creditors Novak Funding and Forever Funding which agreement reduced said secured claim from $120,000 to $80,000 and allows it to be paid interest free at a rate of $5,000 per month. Debtor has entered into a so-ordered stipulation with Grub Hub which resulted in Grub Hub remitting $25,733.11 owed to it from Grub Hub. Debtor has also entered into a so-ordered stipulation with its landlord wherein its time to assume or reject its lease is extended until October 30, 2023 or upon entry of an order confirming the plan whichever occurs first. Plan provides for an auction sale of Property on September 26, 2023 at 3:30 P.M. 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") 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 $50,000.00 to be distributed pro-rata to holders of Allowed General Unsecured Claims. With respect to Priority Claims and Non-Professional Administrative Claims, Disbursing Agent shall pay 100% of such Allowed Claims on Effective Date from proceeds from Sale of Property. Debtor estimates said claims to be approximately $189,000.00. Class 1 Claims consist of Allowed Secured Claim of Novak Funding and Forever Funding. As per stipulation, they have reduced claim from $120,000 to $80,000 and are being paid interest free at a rate of $5,000 per month. On Effective Date, Debtor will pay the balance estimated to be $55,000 in full from proceeds of Sale. Class 1 Claim is unimpaired, and not entitled to vote on Plan. Amount due on said claim as of September 15, 2023 will be $55,000. Class 2 Claims consists of claim of landlord Seagull Partners LLC for rent and additional rent arrears of $330,540.49. Debtor will pay $75,000 on account of same on Effective Date rom proceeds of sale and GCB shall pay balance of $255,540.49 at a rate of $7,098.33 a month for 36 consecutive months commencing 30 days after Effective Date. As said creditor being paid over time and is not receiving interest Class 2 Claim is impaired and entitled to vote on Plan. Like in the prior iteration of the Plan, 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 General Unsecured Claims shall not exceed 100% of Allowed Claims. Funds required for Plan confirmation and performance shall be provided from proceeds from Sale of Property. The Bankruptcy Court has set October 3, 2023 at 10:30 A.M. as hearing on confirmation of the Plan. The Bankruptcy Court has fixed October 1, 2023 at 5:00 P.M. as date by which all written objections to confirmation of the Plan shall be filed and served. Holders of claims or interests which are impaired may vote to accept or reject Plan by completing and returning enclosed ballot on or before October 1, 2023 at 5:00 P.M. A full-text copy of the Amended Disclosure Statement dated August 22, 2023 is available at https://urlcurt.com/u?l=vHpSJh 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. REVERE POWER: $445MM Bank Debt Trades at 16% Discount ----------------------------------------------------- Participations in a syndicated loan under which Revere Power LLC is a borrower were trading in the secondary market around 83.6 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $445 million facility is a Term loan that is scheduled to mature on March 29, 2026. About $422.0 million of the loan is withdrawn and outstanding. Revere Power LLC is a project-financed entity that wholly owns and controls three combined cycle gas plants in New England with a combine winter capacity of 1,143 megawatts. ROLPA TRUCKING: Seeks to Hire Lindsey & Waldo as Accountant ----------------------------------------------------------- Rolpa Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ Richard A. Lindsey, CPA of Lindsey & Waldo, LLC as its accountant. The firm's services include: a. assistance in preparation of accounting statements for tax year 2022 and 2023 to date; b. assistance in preparation of accounting and financial statements; c. preparation of tax returns; d. preparation of monthly operating reports as required by the bankruptcy administrator; and e. all other accounting services. The firm received an initial retainer of $950 for the preparation of past due federal and state income tax returns. As disclosed in court filings, Lindsey & Waldo neither holds nor represents any interest adverse to the Debtor or the estate. The firm can be reached through: Richard A. Lindsey, CPA Lindsey & Waldo, LLC 4328 Boulevard Park S. Mobile, AL 36609 Phone: (251) 633-4070 Email: rlindsey@cpamobileal.com About Rolpa Trucking Rolpa Trucking, LLC operates in the general freight trucking industry. The company is based in Grand Bay, Ala. Rolpa Trucking filed a Chapter 11 petition (Bankr. S.D. Ala. Case No. 23-11268) on June 5, 2023, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Roland J. Collins, president, signed the petition. Judge Henry A. Callaway oversees the case. Kevin M. Ryan, Esq., at Ryan Legal Services, Inc., is the Debtor's legal counsel. SATURNO DESIGN: Hires Doral Professional as Financial Advisor ------------------------------------------------------------- Saturno Design, LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Doral Professional Services, Inc. as accountant and financial advisor. The firm will provide accounting and financial consulting and advisory services for Debtor related to preparation of financial projections, court financial reporting (e.g., monthly operating reports), input and review of court filings, including a chapter 11 plan of reorganization, assisting in review of any settlement proposals, and oversight of Debtor's accounting/bookkeeping in line with court and bankruptcy related requirements. The firm will be paid at the rates of $200 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Francisco J. Arguelles, a partner at Doral Professional Services, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Francisco J. Arguelles Doral Professional Services, Inc. 201 Cross Street Miami Springs, FL 33166 Tel: (305) 887-5016 About Saturno Design, LLC Saturno Design, LLC owns and operates a business that provides website development and software solutions to the legal industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 23-31455) on July 3, 2023. In the petition signed by Rodolfo Bozas, managing partner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge David W. Hercher oversees the case. Tara J. Schleicher, Esq., at Foster Garvey P.C., represents the Debtor as legal counsel. SCHIERHOLZ AND ASSOCIATES: Taps Stoneberg Giles as Special Counsel ------------------------------------------------------------------ Schierholz and Associates, Inc. received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Stoneberg, Giles & Stroup, P.A. as its special counsel. The Debtor desires to hire Stoneberg, Giles & Stroup, P.A. as local counsel in Marshall, Minnesota to handle any legal matters that may arise in the course of its business as an owner of a manufactured housing community, in connection with the grant and infrastructure improvements, and to represent Debtor in the pending State Court Action, including, but not limited to, assisting Debtor to engage and supervise additional litigation counsel in connection with the State Court Action. The firm will charges these hourly rates: Kevin K. Stroup, Esq. $375 Attorneys $260 to $375 Paralegals $130 As disclosed in the court filings, Stoneberg, Giles & Stroup, P.A. does not represent or hold any interest adverse to the Debtors or to the estate with respect to the matters on which it is to be employed. The firm can be reached through: Kevin K. Stroup, Esq. Stoneberg, Giles & Stroup, P.A. 300 South O’Connell Street Marshall, MN 56258 Phone: 507-537-0591 Fax: 507-532-3498 About Schierholz and Associates Schierholz and Associates, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 23-10183) on Jan. 18, 2013. Judge Thomas B. Mcnamara oversees the case. The Debtor tapped David J. Warner, Esq., at Wadsworth Garber Warner Conrardy, PC as legal counsel. SCREENVISION LLC: $175MM Bank Debt Trades at 38% Discount --------------------------------------------------------- Participations in a syndicated loan under which Screenvision LLC is a borrower were trading in the secondary market around 61.6 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $175 million facility is a Term loan that is scheduled to mature on July 3, 2025. About $143.7 million of the loan is withdrawn and outstanding. Screenvision, LLC provides publishing and broadcasting services. SECURED COMMUNICATIONS: Taps Baker & Hostetler as Legal Counsel --------------------------------------------------------------- Secured Communications, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Baker & Hostetler LLP as co-counsel with Chipman Brown Cicero & Cole, LLP. The firm's services include: a. advising the Debtor of its rights and obligations with respect to its various business arrangements and the impact of the bankruptcy filing; b. advising the Debtor with respect to, and assisting in the negotiation and documentation of, forbearance agreements, settlement agreements, and related transactions with the Debtor's service providers; c. reviewing the nature and validity of any claims asserted against the Debtor's property and advising the Debtor concerning the enforceability of such claims; d. advising the Debtor concerning corporate matters during the Chapter 11 case; e. advising the Debtor with regard to the Chapter 11 case for the reorganization of the Debtor; and f. serving as co-counsel to the Debtor with respect to certain investigatory and litigation matters initiated or ongoing in connection with the Chapter 11 case. The hourly rates charged by the firm's attorneys and paralegals are as follows: Partners $570 to $755 per hour Associates $400 to $500 per hour Paralegals $260 to $340 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The retainer fee is $125,000. Alexis Beachdell, Esq., a partner at Baker & Hostetler, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alexis C. Beachdell , Esq. Baker & Hostetler LLP Key Tower, 127 Public Square, Suite 2000 Cleveland, OH 44114 Tel: +1 216-621-0200 Email: abeachdell@bakerlaw.com About Secured Communications Secured Communications, Inc. is a global technology company specializing in safeguarding communications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11043) on August 1, 2023. In the petition signed by Damien Fortune, chief financial officer and chief operating officer, the Debtor disclosed $819,354 in assets and $2,794,128 in liabilities. Judge Thomas M. Horan oversees the case. The Debtor tapped Chipman Brown Cicero & Cole, LLP and Baker & Hostetler, LLP as legal counsels. SECURED COMMUNICATIONS: Taps Chipman Brown Cicero as Counsel ------------------------------------------------------------ Secured Communications, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Chipman Brown Cicero & Cole, LLP as its counsel. The firm's services include: (a) providing legal advice with respect to the Debtors' powers and duties in the continued operation of their businesses and management of their properties; (b) negotiating, drafting, and pursuing all documentation necessary in these Chapter 11 cases; (c) preparing legal papers; (d) appearing in court; (e) assisting with any disposition of the Debtors' assets by sale or otherwise; (f) negotiating and taking actions in connection with a plan of reorganization and all documents thereunder and transactions related to the plan; (g) attending all meetings and negotiating with representatives of creditors, the United States Trustee, and other parties involved in the case; (h) providing legal advice regarding bankruptcy law, corporate law, corporate governance, transactional, litigation and other issues to the Debtors in connection with the Debtors' ongoing business operations; and (i) performing all other legal services. The firm will charge these hourly fees: William E. Chipman, Jr. $775 Mark D. Olivere $525 Edwin Leon $375 Renae M. Fusco $275 Partners $525 to $775 Associates $300 to $375 Paralegals $275 Chipman received a retainer payment from the Debtor totaling $25,000. As disclosed in court filings, Chipman is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: William E. Chipman, Jr., Esq. Chipman Brown Cicero & Cole, LLP 1313 N. Market Street, Suite 5400 Wilmington, DE 19801 Tel: 302-414-8906 Email: Chipman@ChipmanBrown.com About Secured Communications Secured Communications, Inc. is a global technology company specializing in safeguarding communications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11043) on August 1, 2023. In the petition signed by Damien Fortune, chief financial officer and chief operating officer, the Debtor disclosed $819,354 in assets and $2,794,128 in liabilities. Judge Thomas M. Horan oversees the case. The Debtor tapped Chipman Brown Cicero & Cole, LLP and Baker & Hostetler, LLP as legal counsels. SH 168: Seeks Approval to Hire Bill Zou & Associates as Attorney ---------------------------------------------------------------- SH 168, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Bill Zou & Associates PLLC as its attorneys. The firm will provide these services: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession and the continued management of its property and affairs; b. negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required for the Debtor's protection from its creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interest of the Debtor and to represent the Debtor in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of the Debtor's assets; g. represent the Debtor in connection with obtaining post-petition financing, if necessary; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and i. perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtor, its creditors and the estate. The firm will be paid at these rates: Attorneys $300 to $500 per hour Paraprofessional $150 per hour In addition, the firm will be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $7,562. William X Zou, Esq., a partner at Bill Zou & Associates PLLC, 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: William X. Zou, Esq. Bill Zou & Associates, PLLC 136-20 38th Avenue, Suite 10D, Flushing NY 11354 Tel: (718) 661-9562 Email: xfzou@aol.com About SH 168, LLC SH 168, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41864) on May 25, 2023. At the time of filing, the Debtor estimated $10,000,001 to $50 million in both assets and liabilities. Judge Elizabeth S Stong presides over the case. William X Zou, Esq. at Bill Zou & Associates PLLC represents the Debtor as counsel. SILVER CREEK: Asset Sale Proceeds to Fund Plan Payments ------------------------------------------------------- Silver Creek Industries, LLC and its debtor-affiliates filed with the U.S. Bankruptcy Court for the Central District of California a Joint Chapter 11 Plan dated August 22, 2023. This Plan is a Chapter 11 plan proposed jointly by each of the Debtors. This Plan effectuates a substantive consolidation of the Debtors' Estates. Accordingly, each Debtor's assets and liabilities will be combined with each other Debtor's assets and liabilities, and the Debtors will be treated for the purpose of this Plan as a single enterprise. Each holder of an Allowed General Unsecured Claim against a Debtor will receive Distributions under this Plan based upon its Pro Rata interest in the funds available for distribution to them under the Liquidating Trust. The Debtors sold and assigned to a buyer, Silver Creek Modular, substantially all of the Debtors' assets pursuant to the provisions of sections 363 and 365 of the Bankruptcy Code ("Asset Sale Transaction") and, after the closing of the Asset Sale Transaction, ceased business operations. The objective of this Plan is to distribute to Creditors Cash received by the Debtors from the Asset Sale Transaction and Cash that has been or that may be received from the liquidation or other disposition of the Debtors' other assets including by the assertion of Causes of Action. On the Effective Date of this Plan, all Assets of each Debtor will be transferred to a Liquidating Trust established for the benefit of Creditors, to be administered by the Liquidating Trust Trustee for the benefit of Creditors. All Distributions to a Debtor's creditors under this Plan will be made from the Liquidating Trust. By this Plan, a Debtor will continue in existence only as appropriate to complete a liquidation of the Debtor's Assets and a wind-up of the Debtor's financial affairs, for the benefit of Creditors. In accordance with the substantive consolidation of the Debtors effectuated by this Plan, the Debtors have combined Claims against and Interests in each Debtor, that have substantially similar legal rights, interests and priorities, into the same Classes under this Plan and such substantially similar Claims and Interests shall receive the same treatment under this Plan. Class 3 consists of all Allowed General Unsecured Claims including any Allowed Deficiency Claim of CIT. Class 3 is impaired by this Plan. In the event that CIT has an Allowed Deficiency Claim, the Allowed Deficiency Claim of CIT shall be classified in Section 5.3.2 hereunder (referred to herein as a "Class 3B Claim") as a separate sub-class of Class 3, and shall be deemed to be aseparate Class from other Allowed General Unsecured Claims, which are classified in Section 5.3.1 hereunder (referred to herein as "Class 3A Claims"). Class 3A consists of Allowed General Unsecured Claims Other Than any Allowed Deficiency Claim of CIT. Subject to the provisions of Sections 5.3.1.3 and 5.3.1.4 of this Plan, except to the extent that the holder of an Allowed Class 3A agrees to a less favorable treatment of its Allowed 3A Claim, the holder of an Allowed Class 3A Claim shall receive, in full and complete satisfaction, exchange and release of its Allowed Class 3A Claim, Pro Rata Distributions of the Liquidating Trust Proceeds available for distribution to holders of all Allowed Class 3 Claims, including any Allowed Class 3B Claim. The Liquidating Trust Trustee shall make Distributions to the holders of Allowed Class 3A Claims from funds available in the Liquidating Trust. All holders of Allowed Class 3A Claims shall receive an initial Distribution of their Pro Rata share of available Liquidating Trust Proceeds within 90 days following the Effective Date, and shall receive thereafter Distributions of their Pro Rata share of available Liquidating Trust Proceeds by each subsequent 180th-day anniversary of the Effective Date. Holders of Allowed Class 3A Claims shall receive any final Distribution of their Pro Rata share of available Liquidating Trust Proceeds within 10 days after the filing of the Liquidating Trust Trustee Certification, or as soon thereafter as is practicable. Class 3B consists of Any Allowed Deficiency Claim of CIT. Subject to the provisions of Sections 5.3.2.3 and 5.3.2.4 of this Plan, except to the extent that the holder of any Allowed Class 3B Claim agrees to a less favorable treatment of its Allowed Class 3B Claim, the holder of any Allowed Class 3B Claim shall receive, in full and complete satisfaction, exchange and release of its Allowed Class 3B Claim, Pro Rata Distributions of the Liquidating Trust Proceeds available for distribution to holders of all Allowed Class 3 Claims, including Allowed Class 3A Claims. The Liquidating Trust Trustee shall make Distributions to the holder of any Allowed Class 3B Claim from funds available in the Liquidating Trust. The holder of any Allowed Class 3B Claim shall receive an initial Distribution of its Pro Rata share of available Liquidating Trust Proceeds by the later of the 60th day after the Effective Date, or the 15th day after the date upon which such Class 3B Claim becomes an Allowed Class 3B Claim, and shall receive thereafter Distributions of its Pro Rata share of available Liquidating Trust Proceeds by each subsequent 180th-day anniversary of such Distribution date. The Holder of any Allowed Class 3 Claim shall receive a final Distribution of its Pro Rata share of available Liquidating Trust Proceeds within 10 days after the filing of the Liquidating Trust Trustee Certification, or as soon thereafter as is practicable. Class 5 consists of all Allowed Interests. Class 5 is impaired under this Plan. All Interests shall be canceled effective as of the Case Closing Date. Interest Holders shall not receive any Distributions on account of their Interests; provided, however, that, in the event that each Allowed Claim against each Debtor plus any Postpetition Interest to which the holder thereof is entitled is paid in full, each holder of an Interest in a Debtor shall receive, in full and complete satisfaction, exchange and release of such Allowed Interest, Pro Rata Distributions of any Liquidating Trust Proceeds remaining in the Liquidating Trust, payable as soon as practicable as the Liquidating Trust Trustee determines in the exercise of his reasonable business judgment. This Plan provides that, from and after the Effective Date, the Debtors' Assets, including, without limitation, any Causes of Action of the Debtors, shall be transferred to and vest in the Liquidating Trust, for the benefit of Creditors of the Debtors. The Liquidating Trust Assets of the Debtors shall be distributed to the holders of Allowed Claims against the Debtors in accordance with the provisions of this Plan. The Liquidating Trust Trustee shall be responsible for maintaining the Liquidating Trust Assets for the Debtors, liquidating Liquidating Trust Assets for the Debtors, prosecuting or settling Causes of Action for the Debtors, and making Distributions in payment of Allowed Claims against the Debtors in accordance with the provisions of this Plan. On the Effective Date, the Liquidating Trust shall be established for the purpose of implementing the provisions of this Plan, including the making of Distributions under this Plan, pursuant to the provisions of this Plan. A full-text copy of the Joint Chapter 11 Plan dated August 22, 2023 is available at https://urlcurt.com/u?l=LKwTg4 from PacerMonitor.com at no charge. General Insolvency Counsel for Debtors: WINTHROP GOLUBOW HOLLANDER, LLP Robert E. Opera, Esq. Peter W. Lianides, Esq. 1301 Dove Street, Suite 500 Newport Beach, CA 92660 Telephone: (949) 720-4100 Facsimile: (949) 720-4111 RINGSTAD & SANDERS, LLP Todd C. Ringstad, Esq. 4910 Birch Street, Suite 120 Newport Beach, CA 92660 Telephone: (949) 851-7450 Facsimile: (949) 851-6926 About Silver Creek Industries Silver Creek Industries, LLC is a modular construction company headquartered in California. Silver Creek Industries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-11677) on April 24, 2023. In the petition signed by its managing member, James McGeever, the Debtor disclosed $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Scott H. Yun oversees the case. The Debtor tapped Robert E. Opera, Esq., at Winthrop Golubow Hollander, LLP as legal counsel and B. Riley Financial Advisory Services as financial advisor. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Tucker Ellis, LLP. SOURCEWATER INC: Income & Litigation Proceeds to Fund Plan ---------------------------------------------------------- Sourcewater, Inc., d/b/a Sourcenergy, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement in support of Amended Plan of Reorganization dated August 22, 2023. The Debtor was formed in 2014 and is a Delaware corporation registered as a foreign entity in Texas. The Debtor does business as Sourcenergy, which gathers, analyzes and visualizes surface and subsurface energy and water activity. The Debtor was forced to file bankruptcy due to reduced revenues flowing from infringement on its intellectual property in conjunction with collection efforts by one of its creditors that, if continued, would have prejudiced other creditors compared to their treatment under the Plan. The Debtor intends to pay its Creditors through a combination of Projected Disposable Income and Disposable Income from Litigation Recoveries. The Debtor's Plan provides for the continued operations of the Debtor in order to make payments to its creditors as set forth in the Plan. The Debtor seeks to confirm a consensual plan or reorganization so that all payments to creditors required under the Plan will be made directly by the Reorganized Debtor to its creditors. Regardless, if the Debtor has to seek confirmation of the Plan pursuant to Section 1191(b) of the Bankruptcy Code, then the Debtor will seek approval from the Court for the Subchapter V Trustee to act as the Disbursing Agent under the Plan pursuant to Section 1194(b) of the Bankruptcy Code. The Plan provides for the payment of Allowed Administrative Claims and other unclassified Claims from available cash or the Exit Facility either on the Effective Date or within a short period after such Claims become Allowed Claims. The Plan provides for payments on Allowed Secured Claims from Disposable Income resulting from Litigation Recoveries during the five-year Litigation Recovery Period in accordance with the priority of such Secured Claims with respect to any such Litigation Recovery. Finally, the Plan also provides for periodic payments of the Debtor's Projected Disposable Income from operations on account of Allowed General Unsecured Claims during the three-year Commitment Period. Allowed General Unsecured Claims may also receive payments from Disposable Income resulting from Litigation Recoveries if Allowed Secured Claims have been paid in full. Class 4 consists of all General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtor or the Reorganized Debtor, as applicable, agree to less favorable treatment of such Holder's Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive: * The Holder's pro rata share of the Reorganized Debtor's projected Disposable Income, other than Disposable Income from any Litigation Recovery, during the Commitment Period, payable as follows ("Annual Distributions"): -- Year 1 – From Effective Date to September 30, 2024: $0; -- Year 2 – From October 1, 2024 to September 30, 2025: $32,961.93, which payment is to be made no later than October 15, 2025; and -- Year 3 – From October 1, 2025 to September 30, 2026: $28,488.92, which payment is to be made no later than October 15, 2026. * In the event the Debtor obtains a Litigation Recovery and the Class 1A SBA Claim, Class 1B EDH Claim, and the Class 3 Adler Secured Claim are all paid in full, any remaining amounts of such Litigation Recovery constituting Disposable Income will be applied to payment of Allowed Class 4 General Unsecured Claims in full as provided herein before the Litigation Recovery will be used to make any payments on account of pay any other Class of Claims or Interests. No Holder of a Class 4 General Unsecured Claim will be entitled to any post-petition or post-Effective Date interest on account of such Claim. The allowed unsecured claims total $7,108,583.43. Under the Plan, the Debtor's current Equity Owners will retain their Equity Ownership. The Equity Owners will receive no payments under the Plan unless the Debtor obtains a Litigation Recovery and the Class 1A SBA Claim, Class 1B EDH Claim, the Class 3 Adler Secured Claim, and Allowed Class 4 General Unsecured Claims are all paid in full, in which case any remaining amounts of such Litigation Recovery constituting Disposable Income will be distributed to the Equity Owners pro rata, based on their respective Equity Interest holdings. On the Effective Date of the Plan, through the Exit Facility, Joshua Adler will make available to the Reorganized Debtor the funds needed to pay Allowed Administrative Claims, including the fees of the Subchapter V Trustee, Allowed Priority Tax Claims, and such other payments that the Plan requires to be made on or about the Effective Date to the extent the Debtor's available cash is not sufficient to make all such payments. The Exit Facility will also be available to fund any shortfalls in Projected Disposable Income should the Debtor's actual Disposable Income be insufficient to make Plan payments based on the Projected Disposable Income when those payments are due. The Reorganized Debtor will continue its operations during the Commitment Period, though it may limit its operations over time in order to limit costs while pursuing the IP Claims. A full-text copy of the Disclosure Statement dated August 22, 2023 is available at https://urlcurt.com/u?l=jyckzN from PacerMonitor.com at no charge. Counsel for Debtor: Jarrod B. Martin, Esq. Chamberlain, Hrdlicka, White, Williams & Aughtry, PC 1200 Smith Street, Suite 1400 Houston, TX 77002 Telephone: (713) 356-1280 Facsimile: (713) 658-2553 Email: jarrod.martin@chamberlainlaw.com About Sourcewater Inc. Sourcewater, Inc. gathers, analyzes and visualizes surface and subsurface energy and water activity. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-30960) on March 17, 2023. In the petition signed by Joshua A. Adler, as chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Jarrod B. Martin, Esq., at Chamberlain, Hrdlicka, White, Williams, & Aughtry, P.C., is serving as the Debtor's legal counsel. SPECIALTY DENTAL: Hires Barron & Newburger as Counsel ----------------------------------------------------- Specialty Dental Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Barron & Newburger as Counsel. The firm's services include: a. advising Debtor of its rights, powers, and duties as a debtor-in-possession continuing to manage its assets; b. reviewing the nature and validity of claims asserted against the property of Debtor and advising Debtor concerning the enforceability of such claims; c. preparing on behalf of Debtor, all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in the chapter 11 case; d. advising Debtor concerning and preparing responses to, applications, motions, complaints, pleadings, notices, and other papers which may be filed in the chapter 11 case; e. counseling Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; f. performing all other legal services for and on behalf of Debtor which may be necessary and appropriate in the administration of the chapter 11 case and Debtor's business; and g. working with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for Debtor. The firm will be paid at these rates: Charles I. Murnane $375 per hour Stephen Sather $550 per hour Support Staff $40 to 100 per hour The firm received from the Debtors a retainer of $13,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Charles I. Murnane, Esq., a partner at Barron & Newburger, 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: Charles I. Murnane, Esq. Barron & Newburger, PC 7320 N. MoPac Expy, Suite 400 Austin, TX 78731 Tel: (512) 476-9103 Fax: (512) 279-0310 About Specialty Dental Holdings, LLC Specialty Dental Holdings, LLC filed Chapter 11 petition (Bankr. W.D. Texas Case No. 23-10498) on July 10, 2023, with as much as $50,000 in assets and $500,001 to $1 million in liabilities. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, PC is the Debtor's legal counsel. Holland and Knight, LLP as special counsel. SPECIALTY DENTAL: Hires Holland and Knight as Special Counsel ------------------------------------------------------------- Specialty Dental Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Holland and Knight, LLP as special counsel. The firm's services include: a. advising Debtors in connection with the sale of their assets to the proposed buyer, and maximization of the proceeds from the same; b. working to optimally sell specialized medical and dental assets, the proceeds of which will be used to pay the Debtor's obligations in the Chapter 11 case; c. to the extent necessary in light of the bankruptcy proceedings, litigating the State-Court Case, including conducting discovery and drafting all required pleadings, motions, and notices; d. counseling the Debtors in connection with State Court Case; and e. performing all other legal services for and on behalf of the Debtors which may be necessary and appropriate in the litigation of the State-Court Case. The firm will be paid at these rates: Cleveland Burke $620 per hour David Garcia $610 per hour Kate Brittingham $410 per hour Jonathon Wilson $425 per hour The firm will be paid a retainer in the amount of $ $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm is owed a prepetition debt by the Debtors in the amount of $69,018.64, consisting of $35,193.04 owed by Specialty Dental Holdings, LLC and $33,825.60 owed by Specialty Dental Management, LLC. Waller, Lansden, Dortch & Davis, PC (“Waller”), which is a predecessor to the firm is owed $64,964.26. The firm and Waller are willing to be paid on their prepetition unsecured claims to the same extent as other similarly situated creditors. Cleveland R. Burke, Esq., a partner at Holland and Knight, 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: David Garcia, Esq. Holland and Knight, LLP 98 San Jacinto Blvd., Suite 1900 Austin, TX 78701-4238 Tel: (512) 472-1081 Fax: (512) 472-7473 Email: David.Garcia@hklaw.com About Specialty Dental Holdings, LLC Specialty Dental Holdings, LLC filed Chapter 11 petition (Bankr. W.D. Texas Case No. 23-10498) on July 10, 2023, with as much as $50,000 in assets and $500,001 to $1 million in liabilities. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, PC is the Debtor's legal counsel. Holland and Knight, LLP as special counsel. STEM HOLDINGS: Incurs $1.1 Million Net Loss in Third Quarter ------------------------------------------------------------ Stem Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $1.08 million on $3.83 million of revenues for the three months ended June 30, 2023, compared to net income of $472,000 on $4.17 million of revenues for the three months ended June 30, 2022. For the nine months ended June 30, 2023, the Company reported a net loss of $7.39 million on $11.78 million of revenues compared to a net loss of $7.18 million on $12.52 million of revenues for the nine months ended June 30, 2022. As of June 30, 2023, the Company had $25.68 million in total assets, $14.46 million in total liabilities, and $11.22 million in total shareholders' equity. Stem Holdings said, "Management believes that the Company has access to capital resources through potential public or private issuances of debt or equity securities. However, if the Company is unable to raise additional capital, it may be required to curtail operations and take additional measures to reduce costs, including reducing its workforce, eliminating outside consultants, and reducing legal fees to conserve its cash in amounts sufficient to sustain operations and meet its obligations. The Company is also in the process of seeking business combinations by entities directly in the production and sale of cannabis. These matters raise substantial doubt about the Company's ability 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/1697834/000149315223029570/form10-q.htm About Stem Holdings Headquartered in Boca Raton, Florida, Stem Holdings, Inc. -- http://www.stemholdings.com-- is a multi-state, vertically integrated, cannabis company that, through its subsidiaries and its investments, is engaged in the manufacture, possession, use, sale, distribution or branding of cannabis, and holds licenses in the adult use and medical cannabis marketplace in the states of Oregon, Nevada, California, Oklahoma and Massachusetts. Stem Holdings reported a net loss of $17.53 million for the year ended Sept. 30, 2022, a net loss of $64.6 million for the year ended Sept. 30, 2021, and a net loss of $11.5 million for the year ended Sept. 30, 2020. Deer Park, IL-based LJ Soldinger Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Jan. 13, 2023, citing that the Company had a net loss of approximately $17.5 million, negative working capital of $0.8 million and an accumulated deficit of $133.1 million as of and for the year ended Sept. 30, 2022. In addition, the Company has commenced operations in the production and sale of cannabis and related products, an activity that is illegal under United States Federal law for any purpose, by way of Title II of the Comprehensive Drug Abuse Prevention and Control Act of 1970, otherwise known as the Controlled Substances Act of 1970 (the "ACT"). These facts raise substantial doubt as to the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. STRATEGIC MATERIALS: Moody's Alters Outlook on Ca CFR to Negative ----------------------------------------------------------------- Moody's Investors Service affirmed the Ca-PD probability of default rating of Strategic Materials Holding Corp. ("SMI") and appended the PDR with a limited default ("/LD") designation, changing it to Ca-PD/LD from Ca-PD. Concurrently, Moody's affirmed SMI's corporate family rating of Ca, first lien debt rating of Caa3 and second lien debt rating of C. Moody's also changed the outlook to negative from stable. The appending of the PDR with an "/LD" designation indicates that a limited default has occurred as a result of the company not paying interest due on its first lien and second lien debt and the expiration of the applicable grace periods. The company entered into forbearance agreements on its interest and principal payments with its first and second lien lenders. The missed interest payments beyond the grace period constitute a default under Moody's definition of default, despite the forbearance agreements. Moody's notes the first lien's forbearance expired on August 15, 2023, while the forbearance on the second lien term loan - and on SMI's unrated 1.5 lien term loan (for which the company also missed paying interest) - will expire on August 31, 2023. While the company and its private equity sponsor (Littlejohn) continue to discuss with the lenders as to a favorable resolution to the missed interest payments and restructuring the company's debt, the continued delay in reaching an agreement is credit negative. The negative outlook reflects Moody's view that SMI's capital structure is unsustainable and will need to be restructured in the near term considering the company's limited flexibility with weak liquidity and significant upcoming debt maturities. Therefore, recovery could be weaker than Moody's current estimates. Corporate governance risk was a key factor in Moody's rating action, considering the default and an aggressive financial policy with a tolerance for high leverage. Affirmations: Issuer: Strategic Materials Holding Corp. Corporate Family Rating, Affirmed Ca Probability of Default Rating, Affirmed Ca-PD /LD (/LD appended) Senior Secured First Lien Bank Credit Facility, Affirmed Caa3 Senior Secured Second Lien Bank Credit Facility, Affirmed C Outlook Actions: Issuer: Strategic Materials Holding Corp. Outlook, Changed To Negative From Stable RATINGS RATIONALE The ratings reflect Moody's expectation of recovery and continuing high default risk with an untenable capital structure and weak liquidity, including heightened refinancing risk. The ratings also reflect the high likelihood of a material debt restructuring as the company continues to discuss strategic alternatives with its lenders to pursue a more sustainable capital structure. SMI has modest scale in a low growth rate industry, high financial leverage (near 9x) and negative free cash flow. Moody's anticipates that supply constraints and higher costs to acquire supply of scrap glass will continue to constrain free cash flow in the near term, along with high interest expense. The company also has high supplier and customer concentration risk, and relies on the State of California for revenue and earnings. SMI is a leader in the niche but mature North American glass recycling market and has a footprint and processing capabilities that provide barriers to entry. Contracted demand for recycled glass (cullet) provides a degree of top-line stability. However, key end markets of containers and fiberglass/insulation are facing some volume pressure, including the negative effects of weakening economic conditions on residential construction market demand. The company's supply of glass benefits from recycling regulations and mandates. The cost structure provides some flexibility to adjust to changes in market conditions. Liquidity is weak considering SMI's refinancing needs with the first lien $40 million revolving facility and term loans due 2024, and Moody's expectation for free cash flow to remain negative for some time. The revolver had almost no availability at June 30, 2023, with about $37.5 million drawn and approximately $2.4 million in letters of credit. The first lien credit agreement has provisions for a springing total net leverage ratio, tested if the aggregate amount of outstanding borrowings exceeds 35% of the facility. While the company was in compliance with the net leverage test at June 30, 2023, the headroom is very tight. The company was not in compliance with the minimum liquidity covenant of $8 million, put in place with the 2022 extension of the revolver's maturity to 2024. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if restructuring of the capital structure results in a decrease in Moody's expectation of recovery for existing creditors. The ratings could be upgraded with meaningful improvement in earnings or debt reduction sufficient to achieve a tenable capital structure with improved liquidity. The principal methodology used in these ratings was Environmental Services and Waste Management published in May 2023. Strategic Materials Holding Corp. is an environmental services company focused on recycling and processing scrap glass (over 90% of revenue), known as cullet, and processing post-industrial scrap plastic. Cullet is a necessary input to the glass manufacturing process and used across multiple end markets and product categories such as containers, fiberglass, abrasives, flat glass and a range of other industrial applications. Net revenue was approximately $276 million for the twelve months ended June 30, 2023. T AND E DIESEL: Taps McGee Tax Law as Substitute Counsel -------------------------------------------------------- T and E Diesel Repair, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to hire McGee Tax Law PLLC as its substitute counsel. The Debtor desires to substitute its current counsel for James G. McGee, Jr, McGee Tax Law PLLC. The firm will represent the Debtor in this Chapter 11, including all legal services necessary and all related matters associated therewith. All services will be billed hourly from $295/hour to $125/hour depending on the requisite skill and firm personnel performing the service. McGee Tax Law does not hold or represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: James G. McGee, Jr. McGee Tax Law PLLC 125 S Congress St Ste 1824 Jackson, MS 39201 Tel: (601) 965-6155 Fax: (601) 965-6166 Email: jmcgee@mcgeetaxlaw.com About T and E Diesel Repair T and E Diesel Repair, LLC, was formed on May 1, 2019, with its principal place of business in Greenwood, Mississippi. While the company started out as a truck repair shop, it gradually evolved into a trucking firm. T and E Diesel Repair sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 22-10586) on March 21, 2022, listing as much as $1 million in both assets and liabilities. Craig M. Geno, Esq., at Law Offices of Craig M. Geno, PLLC serves as the Debtor's legal counsel. TANNER CONSTRUCTION: Hires R. Michael DeLoach as Special Counsel ---------------------------------------------------------------- Tanner Construction Group, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ R. Michael DeLoach, P.A., as special counsel. The Debtor needs the firm's legal assistance in connection with a case (Case No. 22-CA-3567) filed in the Eighth Judicial Circuit Court for Alachua County. The firm will be paid at these rates of $400 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. R. Michael DeLoach, a partner at R. Michael DeLoach, P.A., 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: R. Michael DeLoach R. Michael DeLoach, P.A. 1210 Millenium Parkway, Ste 1001 Brandon, FL 33511 Tel: (813) 654-3411 Fax: (813) 654-6912 About Tanner Construction Group, LLC Tanner Construction Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-10112) on June 16, 2023. In the petition signed by Christopher M. Tanner, managing member, the Debtor disclosed $510,198 in assets and $1,859,277 in liabilities. Judge Karen K. Specie oversees the case. Lisa C. Cohen, Esq., at Ruff & Cohen, P.A., represents the Debtor as legal counsel. TIMBER PHARMACEUTICALS: Inks $36MM Sale Agreement With LEO Pharma ----------------------------------------------------------------- Timber Pharmaceuticals, Inc. announced that it has entered into a definitive agreement to be acquired by LEO US Holding, Inc., a wholly-owned subsidiary of LEO Pharma A/S, in a total transaction value of up to $36 million with (i) an initial upfront consideration of $14 million and (ii) up to an additional $22.0 million in contingent value rights (CVRs) payable upon achievement of certain milestones. All of the issued and outstanding shares of capital stock and other equity interests of Timber will be converted into the right to receive the initial upfront consideration, less the payments for certain outstanding warrants that contain a Black Scholes cash payout value. For example, based on a current estimate of the Black Scholes value of such warrants of approximately $5.1 million, subject to change based on the assumptions detailed below, Timber expects the initial amount per share to be paid to Timber stockholders to be approximately $2.62 based on approximately 3.4 million shares of Timber common stock and restricted stock issued and outstanding as of Aug. 20, 2023. The current estimated value to stockholders is based on an implied value assigned to certain outstanding warrants based on Black Scholes option pricing model as of Aug. 18, 2023. This value will not be finalized until the closing of the merger and is subject to increase or decrease based on certain variables, including the actual trading price of Timber at the time of the merger and the trading volatility of Timber common stock prior to the merger. The CVRs that Timber stockholders will receive provide for the payment of up to an additional $22 million with respect to specific milestones for TMB-001, of which up to $12 million is related to FDA approval of TMB-001 by Oct. 1, 2025 for the treatment of congenital ichthyosis, and up to $10 million of which is related to the first achievement of TMB-001 net sales exceeding $100 million within four consecutive calendar quarters by Dec. 31, 2028. As part of the transaction, LEO Pharma has agreed to provide Timber with a bridge loan of up to $3.0 million, subject to certain conditions. The payments of the CVRs are subject to certain deductions relating to the repayment of 50% of the bridge loan provided by LEO Pharma to Timber in connection with the merger. John Koconis, Chairman and chief executive officer of Timber, said, "We are very pleased to deliver a transaction that will maximize long term value for Timber's shareholders. LEO Pharma is a leader in global dermatology with a mission that matches our own - a relentless pursuit to help patients suffering from skin diseases. "LEO's expertise and global footprint make it the best choice to advance and achieve the full potential of Timber's portfolio of product candidates. We believe that LEO has the potential to establish TMB-001 as the standard of care in the treatment of congenital ichthyosis, a devastating, rare disease. "Finally, I would like to sincerely thank our dedicated team at Timber for their tireless efforts, and the clinical investigators, medical professionals, patients and families whose personal contributions have been instrumental in shaping our understanding of TMB-001." The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the fourth quarter of 2023, subject to customary closing conditions, including approval by the holders of a majority of the shares of Timber's common stock. Following completion of the transaction, Timber will become a privately held company and shares of Timber's common stock will no longer be listed on any public market. Advisors Lowenstein Sandler LLP is serving as legal counsel to Timber. Covington & Burling LLP is serving as legal counsel to LEO Pharma. About Timber Pharmaceuticals Timber Pharmaceuticals, Inc. f/k/a BioPharmX Corporation -- http://www.timberpharma.com-- is a biopharmaceutical company focused on the development and commercialization of treatments for orphan dermatologic diseases. The Company's investigational therapies have proven mechanisms-of-action backed by decades of clinical experience and well-established CMC (chemistry, manufacturing and control) and safety profiles. The Company is initially focused on developing non-systemic treatments for rare dermatologic diseases including congenital ichthyosis (CI), facial angiofibromas (FAs) in tuberous sclerosis complex (TSC), and localized scleroderma. Timber reported a net loss and comprehensive loss of $19.38 million for the year ended Dec. 31, 2022, compared to a net loss and comprehensive loss of $10.64 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $10.27 million in total assets, $5.04 million in total liabilities, and $5.23 million in total stockholders' equity. Short Hills, New Jersey-based KPMG LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. TIMBER PHARMACEUTICALS: Posts $4.1M Net Loss in Second Quarter -------------------------------------------------------------- Timber Pharmaceuticals, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss attributable to common stockholders of $4.06 million on $0 of grant revenue for the three months ended June 30, 2023, compared to a net loss attributable to common stockholders of $9.49 million on $0 of grant revenue for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss attributable to common stockholders of $8.12 million on $0 of grant revenue compared to a net loss attributable to common stockholders of $12.57 million on $83,177 of grant revenue for the six months ended June 30, 2022. As of June 30, 2023, the Company had $3.33 million in total assets, $5.95 million in total liabilities, and a total stockholders' deficit of $2.62 million. Timber said, "The Company has evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year beyond the filing of this Quarterly Report on Form 10-Q. Based on such evaluation and the Company's current plans, which are subject to change, management believes there is substantial doubt about the Company's ability to continue as a going concern. The Company's existing cash and cash equivalents as of June 30, 2023, were sufficient only to satisfy our operating cash needs into the third quarter of 2023. Thus, the Company's current cash on hand at June 30, 2023, was not sufficient to satisfy our operating cash needs for the twelve months from the filing of this Quarterly Report on Form 10-Q." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1504167/000143774923024294/tmbr20230630c_10q.htm About Timber Pharmaceuticals Timber Pharmaceuticals, Inc. f/k/a BioPharmX Corporation -- http://www.timberpharma.com-- is a biopharmaceutical company focused on the development and commercialization of treatments for orphan dermatologic diseases. The Company's investigational therapies have proven mechanisms-of-action backed by decades of clinical experience and well-established CMC (chemistry, manufacturing and control) and safety profiles. The Company is initially focused on developing non-systemic treatments for rare dermatologic diseases including congenital ichthyosis (CI), facial angiofibromas (FAs) in tuberous sclerosis complex (TSC), and localized scleroderma. Timber reported a net loss and comprehensive loss of $19.38 million for the year ended Dec. 31, 2022, compared to a net loss and comprehensive loss of $10.64 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $10.27 million in total assets, $5.04 million in total liabilities, and $5.23 million in total stockholders' equity. Short Hills, New Jersey-based KPMG LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. TOKEN BUYER: $360MM Bank Debt Trades at 18% Discount ---------------------------------------------------- Participations in a syndicated loan under which Token Buyer Inc is a borrower were trading in the secondary market around 82.0 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $360 million facility is a Term loan that is scheduled to mature on June 1, 2029. About $356.4 million of the loan is withdrawn and outstanding. Token Buyer, Inc. does business as Therm-O-Disc Inc., a designer and manufacturer of mission critical safety sensors and sealed connecting components, such as bimetal snap controls and thermal cutoff fuses, found in home appliances as well as air conditioning terminals and temperature sensors used in HVAC systems. TPRO ACQUISITION: S&P Withdraws 'B-' LT Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings withdrew its 'B-' long-term issuer credit rating on TPro Acquisition Corp. at the issuer's request. At the time of the withdrawal, the outlook was stable. The withdrawal follows TPro's full redemption of its $300 million senior secured notes due 2024. Ratings List RATINGS WITHDRAWN TO FROM TPRO ACQUISITION CORP. Issuer Credit Rating NR/--/-- B-/Stable/-- RATINGS WITHDRAWN TPRO ACQUISITION CORP. Senior Secured NR B- Recovery Rating NR 4(35%) TRANS-LUX CORP: Incurs $875K Net Loss in Second Quarter ------------------------------------------------------- Trans-Lux Corporation filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $875,000 on $2.99 million of total revenues for the three months ended June 30, 2023, compared to net income of $530,000 on $7.30 million of total revenues for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $1.73 million on $7.33 million of total revenues compared to net income of $1.02 million on $10.97 million of total revenues for the six months ended June 30, 2022. As of June 30, 2023, the Company had $9.42 million in total assets, $21.36 million in total liabilities, and a total stockholders' deficit of $11.94 million. The Company has incurred recurring operating losses and continues to have a working capital deficiency including being in default of several debt obligations. The Company recorded a loss in the six months ended June 30, 2023, and had a working capital deficiency of $11.2 million as of June 30, 2023. As of Dec. 31, 2022, the Company had a working capital deficiency of $9.3 million. Trans-Lux said, "The Company is dependent on future operating performance in order to generate sufficient cash flows in order to continue to run its businesses. Future operating performance is dependent on general economic conditions, as well as financial, competitive and other factors beyond our control, including the impact of the current economic environment, the spread of major epidemics (including coronavirus), increases in interest rates and other related uncertainties such as government-imposed travel restrictions, interruptions to supply chains, extended shut down of businesses and the impact of inflation. In order to more effectively manage its cash resources, the Company had, from time to time, increased the timetable of its payment of some of its payables, which delayed certain product deliveries from our vendors, which in turn delayed certain deliveries to our customers. "If we are unable to (i) obtain additional liquidity for working capital, (ii) make the required minimum funding contributions to the defined benefit pension plan, (iii) make the required principal and interest payments on our outstanding 8 1/4% Limited convertible senior subordinated notes due 2012, (iv) repay our obligations under our Loan Agreement...with Unilumin and/or (v) repay our obligations under our loan agreements with Carlisle, there would be a significant adverse impact on our financial position and operating results. The Company continually evaluates the need and availability of long-term capital in order to meet its cash requirements and fund potential new opportunities. Due to the above, there is substantial doubt as to whether we will have adequate liquidity, including access to the debt and equity capital markets, to continue as a going concern over the next 12 months from the date of issuance of this Form 10-Q." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/99106/000151316223000124/tnlx-20230630.htm About Trans-Lux Headquartered in New York, New York, Trans-Lux Corporation -- http://www.trans-lux.com-- designs and manufactures TL Vision digital video displays for the financial, sports and entertainment, gaming, education, government, and commercial markets. With a comprehensive offering of LED Large Screen Systems, LCD Flat Panel Displays, Data Walls and scoreboards (marketed under Fair-Play by Trans-Lux), Trans-Lux delivers comprehensive video display solutions for any size venue's indoor and outdoor display needs. New Haven, CT-based Marcum LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 31, 2023, citing that Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. TRANSIT PHYSICAL: To Sell Vehicle to FCA US for $125,000 -------------------------------------------------------- Transit Physical Therapy PC asked the U.S. Bankruptcy Court for the Central District of California to approve the sale of a 2022 Jeep Grand Wagoneer to FCA US, LLC for $125,047.24. The proposed sale is not subject to higher bids. If the sale is approved, the U.S. Small Business Administration, a senior lienholder, will retain its security interest in the property. There are junior lienholders but their claims are unsecured given the value of the property. Transit Physical Therapy will use the sale proceeds for ordinary business expenses pursuant to its approved projected budget. About Transit Physical Therapy Transit Physical Therapy, PC offers personal rehabilitation services including physical therapy, occupational therapy, and speech and language pathology. It is based in San Bernardino, Calif. Transit Physical Therapy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-11057) on March 20, 2023, with $2,700,328 in assets and $4,147,237 in liabilities. Mitree Michael Piromgraipakd, president, signed the petition. Judge Scott H. Yun oversees the case. Todd Turoci, Esq., at the Turoci Firm, represents the Debtor as legal counsel. TYSON FAMILY: Gets OK to Hire Pate Horton & Ess as Accountant ------------------------------------------------------------- Tyson Family Farms, Inc. received approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Pate Horton & Ess P.A. as its accountant. The firm will be preparing the Debtor's 2023 federal and state tax returns and financial statements. The firm will charge these hourly fees: David A. Ess, CPA $250 Robin Pridgen $160 As disclosed in court filings, Pate Horton & Ess is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Ess, CPA Pate, Horton & Ess, P.A. 541 E Park Ave Nashville, NC 27856 Telephone: (252) 459-3186 Fax: (252) 459-8618 Email: info@phecpa.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. Jennifer Bennington has been appointed as Subchapter V trustee. Judge Pamela W. Mcafee oversees the case. David J. Haidt, Esq., at Ayers & Haidt, PA is the Debtor's legal counsel. VALCOUR PACKAGING: $160MM Bank Debt Trades at 43% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Valcour Packaging LLC is a borrower were trading in the secondary market around 57.5 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $160 million facility is a Term loan that is scheduled to mature on September 30, 2029. The amount is fully drawn and outstanding. Valcour Packaging LLC, doing business as Mold-Rite Plastics, provides high-quality plastic packaging components. VANMOOF B.V.: Seeks Chapter 15 Bankruptcy Protection in New York ---------------------------------------------------------------- Dutch electric-bike company VanMoof has filed for Chapter 15 bankruptcy protection in New York, according to a filing. Chapter 15 bankruptcy protects company's US assets while restructuring arrangements are worked out elsewhere. The Debtor, along with other related entities and affiliates (collectively, the "VANMOOF Group"), are part of a larger Dutch corporate group. The Debtor is a global bicycle manufacturer headquartered in the Netherlands and founded in 2005 in Amsterdam by brothers Taco and Ties Carlier. VANMOOF started with a line of traditional bikes later moving exclusively to e-bikes with the goal to create the world's best bikes for city commuting. It has re-imagined how a bike should work in the cities of tomorrow by stripping out unnecessary parts, improving the essentials, and integrated technology. The Debtor has received many accolades for its unique solutions, including a "Best Product Design" award from Fast Company's 2015 Innovation by Design Awards program, and a prestigious Red Dot design award. In addition to Amsterdam, VANMOOF Group has teams in more than 20 cities worldwide, including New York, Berlin and Taipei, Paris and London. The Debtor manages the worldwide operations of the VANMOOF Group and is headquartered in Amsterdam. The VANMOOF Group operational and economic activities are concentrated in the Netherlands. The Debtor sells its e-bikes both online and in its own brand stores in more than twenty cities worldwide. The Debtors markets, distributes and sells its product in the United States through its wholly owned subsidiary, VANMOOF USA Inc which operates a brand store in Brooklyn. The research and development department is mainly located in the Netherlands and the e-bikes are produced by factories in Taiwan. The VANMOOF Group was mainly financed by certain lenders (the "Convertible Noteholders") for which TriplePoint Venture Growth BDC Corporation acts as collateral agent (the "Financing Agreement"). The Financing Agreement is governed by the law of the State of California. As of the commencement of the Dutch Bankruptcy Proceeding, the total funded indebtedness under the Financing Agreement was in the amount of approximately EUR 77.9 million. The Debtor is co-bonded under the financing obtained by TriplePoint Venture Growth BDC Corporation. In addition, the VANMOOF Group carries trade debts approximately in the amount of EUR 50.6 million. The Debtor alone owes approximately EUR 5 million to trade creditors and approximately EUR 1.3 million to other creditors. The tax obligations of VANMOOF Group amount to approximately EUR 15.3 million, of which 12.1 million are with the Dutch Tax Authorities. There are also substantial intercompany debts, including Debtor's obligations of approximately EUR 208 million to VANMOOF Global Holding B.V. and approximately EUR 25 million to VANMOOF Global Support B.V. These two companies have also been declared bankrupt by the District Court in Amsterdam. On July 17, 2023, HVG Law LLP's Johannes A.H. Padberg and his partner Robin.P.A. de Wit were appointed to act as trustees in the bankruptcy proceedings of VANMOOF B.V. in the Amsterdam District Court, Private Law Division (the "Dutch Bankruptcy Proceeding") pursuant to the Bankruptcy Act of the Netherlands and Article 3 of EU Regulation 2015/848 of the European Parliament and the Council of the European Union. The VANMOOF Group has been in financial trouble due to problems with the supply of parts, delays in the launch of two new e-bikes and technical problems with two existing e-bike models. As a result, VANMOOF Group experienced cash flow problems and had to raise additional financing. In the fall of 2022, the VANMOOF Group successfully raised additional financing from the Convertible Noteholders, which allowed it to address its cash flow problems for a short period of time. However, at that time it was clear that additional financing would be needed to bridge the gap between the Group's liabilities and revenue from the sale of the new models. Against the backdrop, the Debtor had to undertake a variety of measures to preserve its going-concern value and provide the Debtor with additional liquidity runway, including cost-saving measures, including reduction of its workforce and closing unprofitable brand stores. These measures did not eliminate the need for new funding. VANMOOF Group then sought new investments and thus a structural solution, including by engaging Goldman Sachs. In the interim, TriplePoint Venture Growth BDC Corporation has expressed its willingness to provide additional financing, totaling EUR 42.9 million. This has led to VANMOOF Group being able to launch two budget models, which were essential for the VANMOOF Group to realize cash flow. Until very recently, there were several concrete options for VANMOOF Group to obtain additional financing or an acquisition to ensure the continuation of its operation. Very recently, it has been determined that obtaining financing or an acquisition in the short term is not realistic. The debtor foresaw that this would prevent it from paying its payable debts in the short term. Operationally, the VANMOOF Group attempted to resize its businesses to reflect operational reductions. However even with such operational initiatives and despite having valuable million, the Debtor did not have the liquidity to meet its short- and medium-term financial obligations. 15. In addition, there is pending litigation in the New York Supreme Court against the Debtor and its wholly owned subsidiary – VANMOOF USA Inc. The New York Litigation is a personal injury action. A Notice of the Dutch Bankruptcy Proceeding was provided on July 31, 2023. It is the Foreign Representatives' understanding that absent the commencement of a case under chapter 15 of the Bankruptcy Code, plaintiff's counsel in this action vigorously contests the application of the Dutch Stay to the New York Litigation About Vanmoof Vanmoof is a Dutch electric bicycle manufacturer. VANMOOF B.V. sought relief under Chapter 15 of the U.S. Bankruptcy Code to protect its assets in the U.S. (Bankr. E.D.N.Y. Case No. 23-42965) on Aug. 18, 2023. The Debtor's U.S. counsel: Albena Petrakov Offit Kurman 212-380-4106 apetrakov@offitkurman.com VECTOR ESCAPES: Taps Darby Law Practice as Bankruptcy Counsel ------------------------------------------------------------- Vector Escapes, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Darby Law Practice, Ltd. as its bankruptcy counsel. The firm will render these legal services: (a) advise the Debtor of its rights, powers and duties in the continued operation of business and management of its properties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare legal papers; (d) attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; (e) appear before the court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; (f) pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and (g) perform all other necessary legal services. The Debtor paid Darby Law Practice a retainer fee in the amount of $11,738. The hourly rate for the firm's professionals is $500. Kevin Darby, Esq., an attorney at Darby Law Practice, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Email: kevin@darbylawpractice.com About Vector Escapes Vector Escapes, Inc. operates an escape room business in Reno, Nevada. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 23-50553) on August 8, 2023. In the petition signed by Josh Morton, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Kevin A. Darby, Esq., at Darby Law Practice, represents the Debtor as legal counsel. VECTOR UTILITIES: Hires John F. Coggin CPA PLLC as Accountant ------------------------------------------------------------- Vector Utilities, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ John F. Coggin, CPA, PLLC as accountant. The firm's services includes: -- provide bookkeeping services; -- prepare financial statements, corporate & personal tax returns, of Monthly Operating Reports; and -- provide any other business services directly related to the bankruptcy proceedings. The firm will be paid as follows: Preparing Form 1040 and Form 1120S $1,200 flat fee Annual Tax Return for the Internal Revenue Service Monthly fee of preparation of Monthly $500 flat fee Operating Reports a monthly fee Staff Accountant $55 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. John F. Coggin, a partner at John F. Coggin, CPA, PLLC 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: John F. Coggin, Esq. John F. Coggin, CPA, PLLC, 74545 Bissonnet St, Suite 129, Bellaire, TX 77401 Tel: (713) 408-1318 Email: john@jcoggincpa.com About Vector Utilities Vector Utilities, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-60040) on July 16, 2023. In the petition signed by Griselda C. Gaytan, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge David R. Jones oversees the case. Margaret M. McClure, Esq., at Law Office of Margaret M. McClure, represents the Debtor as legal counsel. VERITAS FARMS: Posts $1.4 Million Net Loss in Second Quarter ------------------------------------------------------------ Veritas Farms, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing a net loss of $1.42 million on $169,864 of revenues for the three months ended June 30, 2023, compared to a net loss of $606,167 on $273,932 of revenues for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported a net loss of $2.34 million on $379,652 of revenues compared to a net loss of $1.89 million on $694,839 of revenues for the six months ended June 30, 2022. As of June 30, 2023, the Company had $5.46 million in total assets, $6.83 million in total liabilities, and a total shareholders' deficit of $1.37 million. Veritas said, "The Company has sustained substantial losses from operations since its inception. As of and for the period ended June 30, 2023, the Company had an accumulated deficit of $42,014,741, and a net loss attributable to common shareholders of $2,540,119. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. A going concern disclosure means that there is substantial doubt that the company can continue as an ongoing business for a period of at least the next 12 months from the date the financial statements are issued. Continuation as a going concern is dependent on the ability to raise additional capital and financing until the Company can achieve a level of operational profitability, though there is no assurance of success." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1669400/000121390023066095/f10q0623_veritasfarms.htm About Veritas Fort Lauderdale, Florida-based Veritas Farms, Inc. -- www.TheVeritasFarms.com -- is a vertically-integrated agribusiness focused on growing, producing, marketing, and distributing superior quality, whole plant, full spectrum hemp oils and extracts containing naturally occurring phytocannabinoids. Veritas Farms owns and operates a 140 acre farm in Pueblo, Colorado, capable of producing over 200,000 proprietary full spectrum hemp plants which can potentially yield a minimum annual harvest of 250,000 to 300,000 pounds of outdoor-grown industrial hemp. Veritas Farms reported a net loss of $5.14 million for the year ended Dec. 31, 2022, compared to a net loss of $7.07 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $6.79 million in total assets, $7.40 million in total liabilities, and a total shareholders' deficit of $606,277. Hackensack, NJ-based Prager Metis CPAs LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company has sustained substantial losses from operations since its inception. As of and for the year ended Dec. 31, 2022, the Company had an accumulated deficit of $39,474,622, and a net loss of $5,543,908. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern within a year from the date the financial statements are issued. Continuation as a going concern is dependent on the ability to raise additional capital and financing, though there is no assurance of success. VERITAS US: EUR748MM Bank Debt Trades at 14% Discount ----------------------------------------------------- Participations in a syndicated loan under which Veritas US Inc is a borrower were trading in the secondary market around 85.8 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The EUR748.6 million facility is a Term loan that is scheduled to mature on September 1, 2025. The amount is fully drawn and outstanding. Veritas US Inc. designs and develops enterprise software solutions. VIDEO RIVER: Posts $453K Net Income in Second Quarter ----------------------------------------------------- Video River Networks, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q disclosing net income of $453,422 on $773,438 of total revenue for the three months ended June 30, 2023, compared to net income of $973,925 on $1.42 million of total revenue for the three months ended June 30, 2022. For the six months ended June 30, 2023, the Company reported net income of $735,334 on $1.15 million of total revenue compared to net income of $1.57 million on $2.45 million of total revenue for the six months ended June 30, 2022. As of June 30, 2023, the Company had $4.24 million in total assets, $508,331 in total liabilities, and $3.73 million in total stockholders' equity. "For the period ended June 30, 2023, we reported revenue of $1,154,370 and an accumulated deficit of $15,659,075 as of June 30, 2023. These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties. Our ability to continue as a going concern is dependent upon our ability to raise debt or equity funding to meet our ongoing operating expenses and ultimately in merging with another entity with experienced management and profitable operations. No assurances can be given that we will be successful in achieving these objectives." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1084475/000149315223029543/form10-q.htm About Video River Headquartered in Torrance, California, Video River Networks, Inc. is a technology holding firm that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics ("EV-AI-ML-R") assets, businesses and operations in North America. The Company's current and target portfolio businesses and assets include operations that design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices mostly engineered through Artificial Intelligence, Machine Learning and Robotic technologies NIHK's current technology-focused business model is a result of its board resolution on Sept. 15, 2020 to spin-in/off its specialty real estate holding business to an operating subsidiary and then pivot back to being a technology company. Newhall, California-based DylanFloyd Accounting & Consulting, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 15, 2023, citing that the Company has an accumulated deficit of $16,394,409 for the year ended Dec. 31, 2022. These factors raise substantial doubt about the Company's ability to continue as a going concern. WALDON ENTERPRISES: Seeks to Hire Nager Law Group as Counsel ------------------------------------------------------------ Waldon Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Nager Law Group, LLC. The Debtor requires legal counsel to: (a) give advice concerning the continued possession and management of the Debtor's properties; (b) prepare all schedules and statements required by the Bankruptcy Code, Bankruptcy Rules or Local Bankruptcy Rules; (c) represent the Debtor in connection with any proceedings for relief from stay which may be instituted in this Court; (d) represent the Debtor at any meetings of creditors convened pursuant to Section 341 of the Bankruptcy Code; (e) prepare legal papers, including a Chapter 11 plan and disclosure statement; (f) provide possible representation of the Debtor in collateral litigation before the Bankruptcy Court and other courts; (g) review the validity of liens asserted against the property of the Debtor and advising the Debtor concerning the enforceability of such liens; and (h) provide other legal services, which may be necessary, and to generally represent, advise and assist the Debtor in carrying out its duties under the Bankruptcy Code. Nager Law Group will charge these hourly fees: Partners $400 Attorneys $350 Paralegals $150 Support Staff $75 In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Alon Nager, Esq., owner of Nager Law Group, LLC, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. Nager Law Group can be reached at: Alon J. Nager Nager Law Group, LLC 8180 Lark Brown Road, Suite 201 Elkridge, MD 21075 Tel: (443) 701-9669 Email: alon@nagerlaw.com About Waldon Enterprises Waldon Enterprises, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 23-15289) on July 28, 2023, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Alon J. Nager, Esq. at Nager Law Group, LLC serves as the Debtor's counsel. WAVERLY MANSION: Taps Tyler Bartl & Ramsdell as Legal Counsel ------------------------------------------------------------- Waverly Mansion, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Tyler, Bartl & Ramsdell, P.L.C. as its legal counsel. The firm's services include: a. assisting with required bankruptcy schedules and related forms; b. representing the Debtor at creditors' meetings; c. advising the Debtor of its duties and responsibilities under the Bankruptcy Code; d. assisting in preparing monthly financial forms and in analyzing cash flow and financial matters; e. advising the Debtor in connection with executory contracts; f. drafting documents to reflect agreements with creditors; g. resolving motions for relief from stay and adequate protection; h. negotiating for obtaining financing and use of cash collateral, as necessary, and determining whether reorganization, dismissal or conversion is in the best interests of the Debtor and its creditors; i. working with creditors' committee and other counsel, if any; j. working on any disclosure statement and plan of reorganization; and k. handling other matters that arise in the normal course of administration of the Debtor's bankruptcy estate. The firm will be paid at the rate of $450 per hour for its services and will be reimbursed for its out-of-pocket expenses. The retainer fee is $21,738. Steven Ramsdell, Esq., a partner at Tyler, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Steven B. Ramsdell, Esq. Tyler, Bartl & Ramsdell, P.L.C. 300 N. Washington St., Suite 310 Alexandria, VA 22314 Tel: (703) 549-5003 Email: SRamsdell@TBRCLaw.com About Waverly Mansion Waverly Mansion is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Waverly Mansion LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 23-11251) on August 2, 2023. The petition was signed by Charles T. Matheson as manager. At the time of filing, the Debtor estimated $1 million to $10 million on both assets and liabilities. Steven B. Ramsdel, Esq. at Tyler, Bartl & Ramsdell, P.L.C. represents the Debtor as counsel. WHEEL PROS: $1.18BB Bank Debt Trades at 32% Discount ---------------------------------------------------- Participations in a syndicated loan under which Wheel Pros Inc is a borrower were trading in the secondary market around 67.9 cents-on-the-dollar during the week ended Friday, August 25, 2023, according to Bloomberg's Evaluated Pricing service data. The $1.18 billion facility is a Term loan that is scheduled to mature on May 11, 2028. About $1.15 billion of the loan is withdrawn and outstanding. Wheel Pros, Inc. manufactures vehicle wheels. The Company distributes wheels, tires, suspension, and accessories for vehicles. Wheel Pros serves customers in the United States and Canada. WILLIAMS INDUSTRIAL: Hires Chipman Brown Cicero as Co-Counsel ------------------------------------------------------------- Williams Industrial Services Group Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Chipman Brown Cicero & Cole, LLP as co-counsel. The firm's services include: a. providing legal advice with respect to the Debtors' powers and duties as debtors-in-possession in the continued operation of their businesses and management of their properties; b. negotiating, drafting, and pursuing all documentation necessary in these Chapter 11 Cases; c. preparing on behalf of the Debtors all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtors' estates; d. appearing in Court and protecting the interests of the Debtors before the Court; e. assisting with any disposition of the Debtors' assets, by sale or otherwise; f. negotiating and taking all necessary or appropriate actions in connection with a plan or plans of reorganization and all related documents thereunder and transactions contemplated therein; g. attending all meetings and negotiating with representatives of creditors, the United States Trustee, and other parties-in-interest; h. providing legal advice regarding bankruptcy law, corporate law, corporate governance, transactional, litigation, and other issues to the Debtors in connection with the Debtors' ongoing business operations; and i. performing all other legal services for, and providing all other necessary legal advice to the Debtors that may be necessary and proper in these Chapter 11 Cases. The firm will be paid at these rates: Mark Desgrosseilliers $725 per hour Mark D. Olivere $525 per hour Renae M. Fusco $275 per hour Paralegals $200 to $275 per hour The firm received a retainer in the amount of $75,000. 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: 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: A preliminary prospective budget and staffing plan for the postpetition period that includes the firm as well as the Debtors’ other advisors has been approved by the Debtors. In accordance with the UST Guidelines, the budget may be amended or supplemented, as necessary, to reflect changed or unanticipated developments. Mark L. Desgrosseilliers, a partner at Chipman Brown Cicero & Cole, 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: Mark L. Desgrosseilliers, Esq. Chipman Brown Cicero & Cole, LLP 1313 North Market Street, Suite 5400 Wilmington, DE 19801 Tel: (302) 295-0192 Email: desgross@chipmanbrown.com About Williams Industrial Services Group Inc. Williams Industrial Services Group (NYSE American: WLMS) -- http://www.wisgrp.com/-- is a provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. William Industrial and 13 of its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10961) on July 22, 2023. In the petition filed by its president and CEO, Tracy D. Pagliara, William Industrial reported total assets of $114,461,000 and total liabilities of $89,831,000 as of March 31, 2023. The Hon. Thomas Horan oversees the cases. The Debtors tapped Thompson Hine LLP as bankruptcy counsel; and Chipman Brown Cicero & Cole LLP as local bankruptcy counsel. G2 Capital Advisors LLC is the financial advisor to the Debtors, Greenville & Co. Inc is the investment banker, while Epiq Bankruptcy Solutions LLC is the notice and claims agent. WILLIAMS INDUSTRIAL: Hires Epiq as Administrative Advisor --------------------------------------------------------- Williams Industrial Services Group Inc. and its affiliates seeks 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: IT / Programming $45 to $70 per hour Project Managers/Consultants/ Directors $55 to $170 per hour Solicitation Consultant $170 per hour Executive Vice President, Solicitation $175 per hour Executives No Charge The firm will be paid a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Kate Mailloux, a senior director at Epiq Corporate Restructuring, disclosed in a court filing that her firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kate Mailloux Epiq Corporate Restructuring, LLC 1271 Avenue of the Americas New York, NY 10022 Telephone: (646) 282-2532 Email: kmailloux@epiqglobal.com About Williams Industrial Services Group Inc. Williams Industrial Services Group (NYSE American: WLMS) -- http://www.wisgrp.com/-- is a provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. William Industrial and 13 of its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10961) on July 22, 2023. In the petition filed by its president and CEO, Tracy D. Pagliara, William Industrial reported total assets of $114,461,000 and total liabilities of $89,831,000 as of March 31, 2023. The Hon. Thomas Horan oversees the cases. The Debtors tapped Thompson Hine LLP as bankruptcy counsel; and Chipman Brown Cicero & Cole LLP as local bankruptcy counsel. G2 Capital Advisors LLC is the financial advisor to the Debtors, Greenville & Co. Inc is the investment banker, while Epiq Bankruptcy Solutions LLC is the notice and claims agent. WILLIAMS INDUSTRIAL: Hires G2 Capital as Financial Advisor ---------------------------------------------------------- Williams Industrial Services Group Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ G2 Capital Advisors, LLC as financial advisor. The firm will provide these services: a. assisting the Company with financial forecasting and reporting, including: i. weekly updates to the 13-week cash flow ("TWCF") forecast; ii. weekly reporting of actual cash flow performance vs the DIP budget ("Weekly Variance Reporting); iii. updates to the monthly 3-statement forecast, projection of key financial covenants, and sensitivity analysis; iv. preparation of other key financial and operating reports; v. preparation of certain schedules, such as the SOFA and SOAL schedules, in connection with the Chapter 11 case; b. assisting the Debtors with other ad-hoc financial analysis as needed. The firm will be paid at these rates: Senior Managing Director $850 per hour Managing Director 750 per hour Director 650 per hour Vice President/Principal 500 per hour Senior Associate 400 per hour Associate/Analyst 300 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received $263,937.50 from the Debtors within 90 days of the Petition Date for services rendered prior to the Petition Date. Victoria Arrigoni, a managing director at G2 Capital Advisors, LLC, 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: Victoria Arrigoni G2 Capital Advisors, LLC 535 Boylston Street, 11th Floor Boston, MA 02116 Tel: (617) 531-9911 About Williams Industrial Services Group Inc. Williams Industrial Services Group (NYSE American: WLMS) -- http://www.wisgrp.com/-- is a provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. William Industrial and 13 of its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10961) on July 22, 2023. In the petition filed by its president and CEO, Tracy D. Pagliara, William Industrial reported total assets of $114,461,000 and total liabilities of $89,831,000 as of March 31, 2023. The Hon. Thomas Horan oversees the cases. The Debtors tapped Thompson Hine LLP as bankruptcy counsel; and Chipman Brown Cicero & Cole LLP as local bankruptcy counsel. G2 Capital Advisors LLC is the financial advisor to the Debtors, Greenville & Co. Inc is the investment banker, while Epiq Bankruptcy Solutions LLC is the notice and claims agent. WILLIAMS INDUSTRIAL: Hires Gavin/Solmonese LLC as CRO ----------------------------------------------------- Williams Industrial Services Group Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Gavin/Solmonese LLC as chief restructuring officer. The firm will provide these services: a. oversee and direct the Debtors' Chapter 11 cases in conjunction with management and counsel, including all reporting requirements; b. work with the Debtors' financial advisor and counsel to ensure the Debtors needs are met with respect to these bankruptcy cases, including the oversight and submission of Schedules and Statements of Financial Affairs and Monthly Operating Reports; c. approve cash disbursements according to the Debtors' budget; d. prepare and maintain reporting to lenders and other stakeholders on the Debtors' performance under a debtor-in-possession financing and cash collateral budget approved by the Court; e. provide testimony in the bankruptcy case as required by counsel; f. evaluate the Debtors' strategic and financial alternatives; g. advise the Debtors on developing, evaluating, structuring, and negotiating the terms and conditions of a turnaround, restructuring, plan of reorganization, or sale transaction; h. communicate with the Debtors' stakeholders that may include, but are not limited to, the Debtors' advisors and retained professionals, investment bankers, vendors, customers, employees, lenders, and creditors' committee, along with Court officials, attorneys, and other service providers, as required; i. assist the Debtor in negotiations with creditors, stakeholders, and committees, and; j. Provide such other services as Debtors may reasonably request and G/S may agree to perform, which may include, without limitation, advising the Debtors concerning obtaining additional financing, the liquidation of remaining post-sale assets and winddown of the corporate entities, or other tasks as reasonably requested. The firm will be paid a flat monthly fee of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Edward Gavin, managing director of Gavin/Solmonese, disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Edward T. Gavin Gavin/Solmonese, LLC 919 N. Market Street, Suite 600 Wilmington, DE 19801 Tel: (302) 655-8997 Fax: (302) 655-6063 About Williams Industrial Services Group Inc. Williams Industrial Services Group (NYSE American: WLMS) -- http://www.wisgrp.com/-- is a provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. William Industrial and 13 of its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10961) on July 22, 2023. In the petition filed by its president and CEO, Tracy D. Pagliara, William Industrial reported total assets of $114,461,000 and total liabilities of $89,831,000 as of March 31, 2023. The Hon. Thomas Horan oversees the cases. The Debtors tapped Thompson Hine LLP as bankruptcy counsel; and Chipman Brown Cicero & Cole LLP as local bankruptcy counsel. G2 Capital Advisors LLC is the financial advisor to the Debtors, Greenville & Co. Inc is the investment banker, while Epiq Bankruptcy Solutions LLC is the notice and claims agent. WILLIAMS INDUSTRIAL: Hires Greenhill & Co. as Investment Banker --------------------------------------------------------------- Williams Industrial Services Group Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Greenhill & Co., LLC as investment banker. The firm's services include: a. assisting the Company in preparing marketing materials (based entirely on information supplied by the Company) for distribution to potential acquirors; b. assisting the Company in identifying and contacting selected potential acquirors; c. assisting the Company in arranging for potential acquirors to conduct business investigations; d. assisting the Company in evaluating potential financial and strategic alternatives with respect to a potential Transaction; e. advising the Company as to the timing, structure and pricing of a potential Transaction (as defined in the Engagement Letter); f. assisting the Company in negotiating the financial terms of a potential Transaction; g. evaluating potential financing alternatives for the Company as part of, or in parallel to, a Transaction, and advise the Company on the financial implications of each; h. assisting in the determination of an appropriate capital structure for the Company and its affiliates; i. assisting or participating in negotiations with the parties in interest, including, without limitation, any current or prospective creditors of the Company and/or their respective representatives in connection with a Transaction; j. advising the Company with respect to, and upon request attend, meetings of the Company's senior management, board of directors, audit committees (as necessary), creditor groups and other interested parties, as necessary, with respect to matters on which Greenhill has been engaged to advise hereunder; k. if requested by the Company, participating in hearings before the Court and provide relevant testimony with respect to Greenhill's services and the matters described herein, as well as issues arising in connection with any proposed Plan in Greenhill's area of expertise concerning a Transaction; and l. providing such other general advisory services and investment banking services as are customary for similar transactions and as may be mutually agreed upon by the Company and Greenhill. The firm will be paid as follows: a. Retainer Fee. The parties hereto acknowledge that the Company has already paid a retainer fee of $250,000 (the "Retainer Fee"), in two (2) equal installments; the first installment (1) on or around December 21, 2022 and a second installment (2) on January 31st, 2023. b. Monthly Advisory Fee. Commencing as of May 1, 2023, a financial advisory fee of $100,000 per month (the "Monthly Advisory Fee"), which shall be due and paid promptly by the Company on a monthly basis in advance. The Monthly Advisory Fees for May, June and July, 2023 were paid prior to the Petition Date. The Monthly Advisory Fee for August will be paid upon the entry of an Order approving this Application, and thereafter the Monthly Advisory Fee shall be payable in advance on the first business day of each month. In the event the Company consummates a Restructuring Transaction or M&A Transaction, fifty percent of the Monthly Advisory Fees paid to Greenhill from and after the Petition Date shall be credited against the Restructuring Transaction Fee or M&A Transaction Fee payable to Greenhill. c. Restructuring Transaction Fee. If, at any time during the Fee Period (as defined in the Engagement Letter), the Company consummates a Restructuring Transaction, Greenhill shall be entitled to receive a fee equal to $2,900,000 (the "Restructuring Transaction Fee") earned and payable upon the earlier of (a) the consummation of a Restructuring Transaction and (b) the confirmation, sanction, or approval, as applicable, and effectiveness of a Plan. d. Financing Fee. If the Company decides to pursue a Financing as part of, or in parallel to, the Transaction, and either (i) requests that Greenhill provide services that are material in nature or scope in connection therewith, and such services are provided, or (ii) such Financing is associated with the Transaction, (e.g., such Financing is provided by a buyer, or a party providing Financing to support the Transaction), then the Company shall pay Greenhill a financing fee in an amount calculated in accordance with the formula set forth below (the "Financing Fee") if (A) a Financing is consummated during the term of this Agreement, or, (B) no Restructuring Fee and no M&A Fee has been paid to Greenhill, and a Financing is consummated within 18 months thereafter, or a definitive agreement is entered into within 18 months thereafter that subsequently results in a Financing. The Financing Fee shall equal: (i) 1.5 percent of the gross proceeds of any indebtedness raised that is secured by a first lien, including, without limitation, any debtor in possession financing raised, other than a last-out first lien; plus (ii) 2 percent of the gross proceeds of any indebtedness raised that is (a) secured by a last-out first lien, or (b) secured by a second or more junior lien; plus (iii) 2.5 percent of the gross proceeds of any indebtedness raised that is unsecured; plus (iv) 3 percent of the gross proceeds of any debt raised with warrants attached to it; plus (v) 5 percent of the gross proceeds of any capital raised in the form of equity, equity-linked, hybrid, preferred, or convertible capital. e. M&A Fee. A success-based transaction fee (the "M&A Fee") payable, if no Restructuring Fee has previously been earned, upon the consummation of an M&A Transaction, if during the term of this Agreement, or if this Agreement is terminated by the Company prior to the consummation of a M&A Transaction, within 18 months thereafter (the "Tail Period"), a M&A Transaction is consummated or a definitive agreement is entered into that subsequently results in a M&A Transaction. The M&A Transaction Fee shall equal: (i) 4 percent of the first $90,000,000 Transaction Value (as defined in Schedule B); plus (ii) 5 percent of the next $10,000,000 Transaction Value; plus (iii) 6 percent for anything over $100,000,000 Transaction Value; Subject to a minimum fee of $2,900,000. f. If no Restructuring Fee or M&A Fee has previously been earned, in the event that, during the term of engagement or the Tail Period, the Company shall execute a definitive agreement providing for a Transaction, which agreement subsequently is terminated and the Company is paid a termination, "break up", liquidated damages or similar fee or payment (including, without limitation, any judgment for damages or amount in settlement of any dispute as a result of such termination) in connection with such termination (a "Break-Up Payment"), then the Company shall pay to Greenhill, upon its receipt of such Break-Up Payment, an amount (the "Break-Up Fee") equal to the lesser of (i) 20 percent of such Break-Up Payment and (ii) the M&A Fee (based on the estimated M&A Fee that would have been payable had the proposed Transaction been consummated in accordance with the terms of such definitive agreement). Any such Break-Up Payment shall be credited to amounts due to Greenhill for any subsequent M&A Fee or Restructuring Fee. The firm received retainer in the amount of $250,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Eric Mendelsohn, a partner at Greenhill & Co., LLC, 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: Eric Mendelsohn Greenhill & Co., LLC About Williams Industrial Services Group Inc. Williams Industrial Services Group (NYSE American: WLMS) -- http://www.wisgrp.com/-- is a provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. William Industrial and 13 of its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10961) on July 22, 2023. In the petition filed by its president and CEO, Tracy D. Pagliara, William Industrial reported total assets of $114,461,000 and total liabilities of $89,831,000 as of March 31, 2023. The Hon. Thomas Horan oversees the cases. The Debtors tapped Thompson Hine LLP as bankruptcy counsel; and Chipman Brown Cicero & Cole LLP as local bankruptcy counsel. G2 Capital Advisors LLC is the financial advisor to the Debtors, Greenville & Co. Inc is the investment banker, while Epiq Bankruptcy Solutions LLC is the notice and claims agent. WILLIAMS INDUSTRIAL: Hires Thompson Hine LLP as Counsel ------------------------------------------------------- Williams Industrial Services Group Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Thompson Hine LLP as counsel. The firm's services include: a. assisting the Debtors in the preparation of motions and filings required by the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, and any order of this Court; b. assisting the Debtors with respect to agreements to provide DIP financing; c. assisting the Debtors in consultations, negotiations, and all other dealings with creditors, equity security holders, and other parties-in-interest concerning case administration; d. preparing pleadings, conducting investigations, and making court appearances incidental to the administration of the Debtors' estates; e. advising the Debtors of their rights, duties, and obligations under the Bankruptcy Code, the Bankruptcy Rules and Local Rules, and Orders of this Court; f. assisting the Debtors in the proposed sale of operating assets in accordance with Bankruptcy Code section 363; g. assisting in the development and formulation of strategies to maximize value to the estate; h. representing the Debtors in litigation matters, including any contested matters or adversary proceedings, whether commenced by or against them or the estates; i. assisting the Debtors in claims reconciliation and distribution, including negotiating, settling, and liquidating claims and prosecuting claim objections; j. representing the Debtors in the liquidation or other disposition of remaining estate assets; k. performing other legal services as the Debtors may request and as may be necessary for their effective representation during the pendency of the cases; l. rendering general corporate advice, including without limitation advice related to periodic public reporting, board of directors support, executive compensation and disclosures, and general advise relating to securities; and m. and other services related to the foregoing. The firm will be paid at these rates: Alan R. Lepene $1,020 per hour Sean A. Gordon $730 per hour Scott B. Lepene $625 per hour Austin Alexander $500 per hour Alexander J. Andrews $430 per hour The firm received $464,000 for legal services rendered during the period from March 1,2023 through July 21, 2023 in connection with the preparation for the filings. The firm additionally received $1,049,900 for all other corporate legal services provided during the period from March 1, 2023 through July 21, 2023. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Alan R. Lepene, a partner at Thompson Hine 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: Alan R. Lepene, Esq. Scott B. Lepene, Esq. Thompson Hine LLP 3900 Key Center 127 Public Square Cleveland, OH 44114-1291 Tel: (216) 566-5500 Fax: (216) 566-5800 Email: Alan.Lepene@thompsonhine.com Scott.Lepene@thompsonhine.com About Williams Industrial Services Group Inc. Williams Industrial Services Group (NYSE American: WLMS) -- http://www.wisgrp.com/-- is a provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. William Industrial and 13 of its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10961) on July 22, 2023. In the petition filed by its president and CEO, Tracy D. Pagliara, William Industrial reported total assets of $114,461,000 and total liabilities of $89,831,000 as of March 31, 2023. The Hon. Thomas Horan oversees the cases. The Debtors tapped Thompson Hine LLP as bankruptcy counsel; and Chipman Brown Cicero & Cole LLP as local bankruptcy counsel. G2 Capital Advisors LLC is the financial advisor to the Debtors, Greenville & Co. Inc is the investment banker, while Epiq Bankruptcy Solutions LLC is the notice and claims agent. WRIGHT EXCAVATING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Wright Excavating, Inc. 370 Honeysuckle Lane Chuckey, TN 37641 Chapter 11 Petition Date: August 25, 2023 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 23-50904 Debtor's Counsel: Charles Parks Pope, Esq. THE POPE FIRM, P.C. 404 E Watauga Ave. PO BOX 6185 Johnson City, TN 37602 Tel: 423-282-2512 Fax: 423-282-2703 Email: ecf@thepopefirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Carson Todd Wright as president/sole SH. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/SCURMVA/Wright_Excavating_Inc__tnebke-23-50904__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/SGC2E7Y/Wright_Excavating_Inc__tnebke-23-50904__0001.0.pdf?mcid=tGE4TAMA YELLOW CORP: BakerHostetler Represents Old Domini in $1.5-Bil. Bid ------------------------------------------------------------------ BakerHostetler is representing Old Dominion Freight Line in its $1.5 billion bid for Yellow's real estate holdings, including a network of 174 truck terminals. On August 18, 2023 Old Dominion unseated Estes Express as the stalking horse bidder. Estes had offered $1.3 billion on Thursday of last week for Yellow's real estate assets. The BakerHostetler team advising Old Dominion is led by partner Jeff Diener, who is based on the West Coast and focuses on real estate, and Elizabeth Green, who is based on the East Coast and leads the national Restructuring and Bankruptcy team. About Yellow Corp Yellow Corporation (NASDAQ: YELL) -- www.myyellow.com -- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. Kirkland & Ellis LLP is serving as the Company's restructuring counsel, Pachulski Stang Ziehl & Jones LLP is serving as the Company's Delaware local counsel, Kasowitz, Benson and Torres LLP is serving as special litigation counsel, Goodmans LLP is serving as the Company's special Canadian counsel, Ducera Partners LLC is serving as the Company's investment banker, and Alvarez and Marsal is serving as the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and noticing agent. YELLOW CORP: Gets $1.5-Billion Bid from Old Dominion Freight Line ----------------------------------------------------------------- Jonathan Randles of Bloomberg Law reports that trucking company Old Dominion Freight Line Inc. has offered $1.5 billion to acquire Yellow Corp.'s portfolio of terminals out of bankruptcy, more than a previous offer from Estes Express Lines. The offer, disclosed in papers filed Friday, August 18, 2023, in Delaware bankruptcy court, exceeds the $1.3 billion proposed stalking-horse bid Estes Express announced earlier this week. Old Dominion's offer is also a stalking horse bid, which would set the floor price for Yellow's terminals at a future Chapter 11 auction. Lawyers for Yellow and Estes Express Lines didn't immediately return messages seeking comment. About Yellow Corp Yellow Corporation (NASDAQ: YELL) -- www.myyellow.com -- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. Kirkland & Ellis LLP is serving as the Company's restructuring counsel, Pachulski Stang Ziehl & Jones LLP is serving as the Company's Delaware local counsel, Kasowitz, Benson and Torres LLP is serving as special litigation counsel, Goodmans LLP is serving as the Company's special Canadian counsel, Ducera Partners LLC is serving as the Company's investment banker, and Alvarez and Marsal is serving as the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and noticing agent. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ACCELERATE DIAGN AXDX* MM 49.9 (38.7) (11.5) AEMETIS INC AMTX US 212.6 (238.9) (88.0) AEMETIS INC DW51 GR 212.6 (238.9) (88.0) AEMETIS INC AMTXGEUR EZ 212.6 (238.9) (88.0) AEMETIS INC AMTXGEUR EU 212.6 (238.9) (88.0) AEMETIS INC DW51 GZ 212.6 (238.9) (88.0) AEMETIS INC DW51 TH 212.6 (238.9) (88.0) AEMETIS INC DW51 QT 212.6 (238.9) (88.0) AIR CANADA AC CN 30,783.0 (581.0) (227.0) AIR CANADA ADH2 GR 30,783.0 (581.0) (227.0) AIR CANADA ACEUR EU 30,783.0 (581.0) (227.0) AIR CANADA ADH2 TH 30,783.0 (581.0) (227.0) AIR CANADA ACDVF US 30,783.0 (581.0) (227.0) AIR CANADA ADH2 QT 30,783.0 (581.0) (227.0) AIR CANADA ACEUR EZ 30,783.0 (581.0) (227.0) AIR CANADA ADH2 GZ 30,783.0 (581.0) (227.0) ALNYLAM PHAR-BDR A1LN34 BZ 3,402.4 (408.1) 1,735.4 ALNYLAM PHARMACE ALNY US 3,402.4 (408.1) 1,735.4 ALNYLAM PHARMACE DUL GR 3,402.4 (408.1) 1,735.4 ALNYLAM PHARMACE DUL QT 3,402.4 (408.1) 1,735.4 ALNYLAM PHARMACE ALNYEUR EU 3,402.4 (408.1) 1,735.4 ALNYLAM PHARMACE DUL TH 3,402.4 (408.1) 1,735.4 ALNYLAM PHARMACE DUL SW 3,402.4 (408.1) 1,735.4 ALNYLAM PHARMACE ALNY* MM 3,402.4 (408.1) 1,735.4 ALNYLAM PHARMACE DUL GZ 3,402.4 (408.1) 1,735.4 ALNYLAM PHARMACE ALNYEUR EZ 3,402.4 (408.1) 1,735.4 ALPHATEC HOLDING L1Z1 GR 628.2 (4.6) 160.9 ALPHATEC HOLDING ATEC US 628.2 (4.6) 160.9 ALPHATEC HOLDING ATECEUR EU 628.2 (4.6) 160.9 ALPHATEC HOLDING L1Z1 GZ 628.2 (4.6) 160.9 ALTICE USA INC-A ATUS* MM 32,107.7 (381.5) (2,271.1) ALTICE USA INC-A ATUS-RM RM 32,107.7 (381.5) (2,271.1) ALTIRA GP-CEDEAR MOC AR 37,151.0 (3,777.0) (7,326.0) ALTIRA GP-CEDEAR MOD AR 37,151.0 (3,777.0) (7,326.0) ALTIRA GP-CEDEAR MO AR 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC PHM7 GR 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC MO* MM 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC MO US 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC MO SW 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC MOEUR EU 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC MO TE 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC PHM7 TH 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC MO CI 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC PHM7 QT 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC MOUSD SW 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC PHM7 GZ 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC 0R31 LI 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC ALTR AV 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC MOEUR EZ 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC MO-RM RM 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC PHM7 BU 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC PHM7D EB 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC PHM7D IX 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP INC PHM7D I2 37,151.0 (3,777.0) (7,326.0) ALTRIA GROUP-BDR MOOO34 BZ 37,151.0 (3,777.0) (7,326.0) AMC ENTERTAINMEN AMC US 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AH91 GR 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AMC4EUR EU 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AH91 TH 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AH91 QT 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AMC* MM 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AH91 GZ 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AH91 SW 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AMC-RM RM 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN A2MC34 BZ 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN APE* MM 8,669.7 (2,582.6) (846.6) AMC ENTERTAINMEN AMCE AV 8,669.7 (2,582.6) (846.6) AMERICAN AIR-BDR AALL34 BZ 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE AAL US 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE A1G GR 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE AAL* MM 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE A1G TH 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE A1G QT 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE A1G GZ 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE AAL11EUR EU 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE AAL AV 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE AAL TE 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE A1G SW 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE 0HE6 LI 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE AAL11EUR EZ 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE AAL-RM RM 67,260.0 (4,385.0) (6,096.0) AMERICAN AIRLINE AAL_KZ KZ 67,260.0 (4,385.0) (6,096.0) ARBOR METALS COR ABR CN 0.3 (0.6) (0.2) AULT DISRUPTIVE ADRT/U US 2.9 (3.0) (1.7) AUTOZONE INC AZO US 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC AZ5 TH 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC AZ5 GR 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC AZOEUR EU 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC AZ5 QT 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC AZO AV 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC AZ5 TE 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC AZO* MM 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC AZOEUR EZ 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC AZ5 GZ 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC AZO-RM RM 15,597.9 (4,301.6) (1,756.1) AUTOZONE INC-BDR AZOI34 BZ 15,597.9 (4,301.6) (1,756.1) AVID TECHNOLOGY AVID US 293.8 (119.0) 9.4 AVID TECHNOLOGY AVD GR 293.8 (119.0) 9.4 AVID TECHNOLOGY AVD TH 293.8 (119.0) 9.4 AVID TECHNOLOGY AVD GZ 293.8 (119.0) 9.4 AVIS BUD-CEDEAR CAR AR 31,395.0 (125.0) (611.0) AVIS BUDGET GROU CUCA GR 31,395.0 (125.0) (611.0) AVIS BUDGET GROU CAR US 31,395.0 (125.0) (611.0) AVIS BUDGET GROU CUCA QT 31,395.0 (125.0) (611.0) AVIS BUDGET GROU CAR2EUR EU 31,395.0 (125.0) (611.0) AVIS BUDGET GROU CAR* MM 31,395.0 (125.0) (611.0) AVIS BUDGET GROU CAR2EUR EZ 31,395.0 (125.0) (611.0) AVIS BUDGET GROU CUCA TH 31,395.0 (125.0) (611.0) AVIS BUDGET GROU CUCA GZ 31,395.0 (125.0) (611.0) BABCOCK & WILCOX BW US 986.9 (13.0) 192.6 BABCOCK & WILCOX UBW1 GR 986.9 (13.0) 192.6 BABCOCK & WILCOX BWEUR EU 986.9 (13.0) 192.6 BABCOCK & WILCOX UBW1 TH 986.9 (13.0) 192.6 BATH & BODY WORK LTD0 GR 5,195.0 (2,154.0) 680.0 BATH & BODY WORK LTD0 TH 5,195.0 (2,154.0) 680.0 BATH & BODY WORK BBWI US 5,195.0 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INC CX0 TH 2,234.8 (62.6) (293.6) CINEPLEX INC CGXEUR EU 2,234.8 (62.6) (293.6) CINEPLEX INC CGXN MM 2,234.8 (62.6) (293.6) CINEPLEX INC CX0 GZ 2,234.8 (62.6) (293.6) COGENT COMMUNICA CCOI US 998.4 (548.5) 201.4 COGENT COMMUNICA OGM1 GR 998.4 (548.5) 201.4 COGENT COMMUNICA CCOIEUR EU 998.4 (548.5) 201.4 COGENT COMMUNICA CCOI* MM 998.4 (548.5) 201.4 COGENT COMMUNICA OGM1 TH 998.4 (548.5) 201.4 COHERUS BIOSCIEN CHRS US 469.6 (174.8) 216.0 COHERUS BIOSCIEN 8C5 GR 469.6 (174.8) 216.0 COHERUS BIOSCIEN 8C5 TH 469.6 (174.8) 216.0 COHERUS BIOSCIEN CHRSEUR EU 469.6 (174.8) 216.0 COHERUS BIOSCIEN 8C5 QT 469.6 (174.8) 216.0 COHERUS BIOSCIEN CHRSEUR EZ 469.6 (174.8) 216.0 COHERUS BIOSCIEN 8C5 GZ 469.6 (174.8) 216.0 COMMSCOPE HOLDIN COMM US 11,165.7 (485.1) 1,703.3 COMMSCOPE HOLDIN CM9 GR 11,165.7 (485.1) 1,703.3 COMMSCOPE HOLDIN COMMEUR EU 11,165.7 (485.1) 1,703.3 COMMSCOPE HOLDIN CM9 TH 11,165.7 (485.1) 1,703.3 COMMUNITY HEALTH CYH US 14,648.0 (820.0) 1,116.0 COMMUNITY HEALTH CG5 GR 14,648.0 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61,868.0 (7,960.0) (3,409.0) PHILIP MORRIS IN PM1CHF EZ 61,868.0 (7,960.0) (3,409.0) PHILIP MORRIS IN PM1EUR EZ 61,868.0 (7,960.0) (3,409.0) PHILIP MORRIS IN PM-RM RM 61,868.0 (7,960.0) (3,409.0) PITNEY BOW-CED PBI AR 4,423.4 (75.5) (241.9) PITNEY BOWES INC PBW GR 4,423.4 (75.5) (241.9) PITNEY BOWES INC PBI US 4,423.4 (75.5) (241.9) PITNEY BOWES INC PBW TH 4,423.4 (75.5) (241.9) PITNEY BOWES INC PBIEUR EU 4,423.4 (75.5) (241.9) PITNEY BOWES INC PBW QT 4,423.4 (75.5) (241.9) PITNEY BOWES INC PBW GZ 4,423.4 (75.5) (241.9) PITNEY BOWES INC PBI-RM RM 4,423.4 (75.5) (241.9) PLANET FITNESS I PLNT* MM 2,848.2 (216.0) 230.9 PLANET FITNESS-A PLNT US 2,848.2 (216.0) 230.9 PLANET FITNESS-A 3PL TH 2,848.2 (216.0) 230.9 PLANET FITNESS-A 3PL GR 2,848.2 (216.0) 230.9 PLANET FITNESS-A 3PL QT 2,848.2 (216.0) 230.9 PLANET FITNESS-A PLNT1EUR EU 2,848.2 (216.0) 230.9 PLANET FITNESS-A PLNT1EUR EZ 2,848.2 (216.0) 230.9 PLANET FITNESS-A 3PL GZ 2,848.2 (216.0) 230.9 PRESTO AUTOMATIO PRST US 48.6 (22.2) (31.5) PREVENTION INS.C PVNC US 0.0 (0.2) (0.2) PROS HOLDINGS IN PH2 GR 434.0 (51.5) (48.6) PROS HOLDINGS IN PRO US 434.0 (51.5) (48.6) PROS HOLDINGS IN PRO1EUR EU 434.0 (51.5) (48.6) PTC THERAPEUTICS PTCT US 1,338.1 (577.8) 113.3 PTC THERAPEUTICS BH3 GR 1,338.1 (577.8) 113.3 PTC THERAPEUTICS P91 TH 1,338.1 (577.8) 113.3 PTC THERAPEUTICS P91 QT 1,338.1 (577.8) 113.3 RAPID7 INC RPD US 1,355.7 (111.0) 4.5 RAPID7 INC R7D GR 1,355.7 (111.0) 4.5 RAPID7 INC RPDEUR EU 1,355.7 (111.0) 4.5 RAPID7 INC R7D TH 1,355.7 (111.0) 4.5 RAPID7 INC RPD* MM 1,355.7 (111.0) 4.5 RAPID7 INC R7D GZ 1,355.7 (111.0) 4.5 RAPID7 INC R7D QT 1,355.7 (111.0) 4.5 RINGCENTRAL IN-A RNG US 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A 3RCA GR 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A RNGEUR EU 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A 3RCA TH 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A 3RCA QT 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A RNGEUR EZ 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A RNG* MM 1,960.4 (272.4) 211.2 RINGCENTRAL IN-A 3RCA GZ 1,960.4 (272.4) 211.2 RINGCENTRAL-BDR R2NG34 BZ 1,960.4 (272.4) 211.2 SABRE CORP SABR US 4,924.6 (1,068.6) 446.5 SABRE CORP 19S GR 4,924.6 (1,068.6) 446.5 SABRE CORP 19S TH 4,924.6 (1,068.6) 446.5 SABRE CORP 19S QT 4,924.6 (1,068.6) 446.5 SABRE CORP SABREUR EU 4,924.6 (1,068.6) 446.5 SABRE CORP SABREUR EZ 4,924.6 (1,068.6) 446.5 SABRE CORP 19S GZ 4,924.6 (1,068.6) 446.5 SAVERS VALUE VIL SVV US 1,783.2 (12.6) (23.8) SBA COMM CORP 4SB GR 10,604.5 (5,054.8) (219.8) SBA COMM CORP SBAC US 10,604.5 (5,054.8) (219.8) SBA COMM CORP 4SB TH 10,604.5 (5,054.8) (219.8) SBA COMM CORP 4SB QT 10,604.5 (5,054.8) (219.8) SBA COMM CORP SBACEUR EU 10,604.5 (5,054.8) (219.8) SBA COMM CORP 4SB GZ 10,604.5 (5,054.8) (219.8) SBA COMM CORP SBAC* MM 10,604.5 (5,054.8) (219.8) SBA COMM CORP SBACEUR EZ 10,604.5 (5,054.8) (219.8) SBA COMMUN - BDR S1BA34 BZ 10,604.5 (5,054.8) (219.8) SEAGATE TECHNOLO S1TX34 BZ 7,556.0 (1,199.0) 313.0 SEAGATE TECHNOLO STXN MM 7,556.0 (1,199.0) 313.0 SEAGATE TECHNOLO STX US 7,556.0 (1,199.0) 313.0 SEAGATE TECHNOLO 847 GR 7,556.0 (1,199.0) 313.0 SEAGATE TECHNOLO 847 GZ 7,556.0 (1,199.0) 313.0 SEAGATE TECHNOLO STX4EUR EU 7,556.0 (1,199.0) 313.0 SEAGATE TECHNOLO 847 TH 7,556.0 (1,199.0) 313.0 SEAGATE TECHNOLO STXH AV 7,556.0 (1,199.0) 313.0 SEAGATE TECHNOLO 847 QT 7,556.0 (1,199.0) 313.0 SEAGATE TECHNOLO STH TE 7,556.0 (1,199.0) 313.0 SEAWORLD ENTERTA SEAS US 2,505.2 (377.5) (176.9) SEAWORLD ENTERTA W2L GR 2,505.2 (377.5) (176.9) SEAWORLD ENTERTA W2L TH 2,505.2 (377.5) (176.9) SEAWORLD ENTERTA SEASEUR EU 2,505.2 (377.5) (176.9) SEAWORLD ENTERTA W2L QT 2,505.2 (377.5) (176.9) SEAWORLD ENTERTA W2L GZ 2,505.2 (377.5) (176.9) SIRIUS XM HO-BDR SRXM34 BZ 10,078.0 (3,111.0) (2,196.0) SIRIUS XM HOLDIN SIRI US 10,078.0 (3,111.0) (2,196.0) SIRIUS XM HOLDIN RDO TH 10,078.0 (3,111.0) (2,196.0) SIRIUS XM HOLDIN RDO GR 10,078.0 (3,111.0) (2,196.0) SIRIUS XM HOLDIN SIRI SW 10,078.0 (3,111.0) (2,196.0) SIRIUS XM HOLDIN RDO QT 10,078.0 (3,111.0) (2,196.0) SIRIUS XM HOLDIN SIRIEUR EU 10,078.0 (3,111.0) (2,196.0) SIRIUS XM HOLDIN RDO GZ 10,078.0 (3,111.0) (2,196.0) SIRIUS XM HOLDIN SIRI AV 10,078.0 (3,111.0) (2,196.0) SIRIUS XM HOLDIN SIRIEUR EZ 10,078.0 (3,111.0) (2,196.0) SIRIUS XM HOLDIN SIRI* MM 10,078.0 (3,111.0) (2,196.0) SIX FLAGS ENTERT SIX US 2,713.6 (450.7) (342.5) SIX FLAGS ENTERT 6FE GR 2,713.6 (450.7) (342.5) SIX FLAGS ENTERT SIXEUR EU 2,713.6 (450.7) (342.5) SIX FLAGS ENTERT 6FE TH 2,713.6 (450.7) (342.5) SIX FLAGS ENTERT 6FE QT 2,713.6 (450.7) (342.5) SIX FLAGS ENTERT S2IX34 BZ 2,713.6 (450.7) (342.5) SLEEP NUMBER COR SNBR US 965.2 (419.1) (713.2) SLEEP NUMBER COR SL2 GR 965.2 (419.1) (713.2) SLEEP NUMBER COR SNBREUR EU 965.2 (419.1) (713.2) SLEEP NUMBER COR SL2 TH 965.2 (419.1) (713.2) SLEEP NUMBER COR SL2 QT 965.2 (419.1) (713.2) SLEEP NUMBER COR SL2 GZ 965.2 (419.1) (713.2) SMILEDIRECTCLUB SDC* MM 498.7 (490.1) 100.8 SONDER HOLDINGS SOND* MM 1,607.9 (136.6) (43.4) SPIRIT AEROSYS-A S9Q GR 6,545.2 (628.9) 1,105.5 SPIRIT AEROSYS-A SPR US 6,545.2 (628.9) 1,105.5 SPIRIT AEROSYS-A S9Q TH 6,545.2 (628.9) 1,105.5 SPIRIT AEROSYS-A SPREUR EU 6,545.2 (628.9) 1,105.5 SPIRIT AEROSYS-A S9Q QT 6,545.2 (628.9) 1,105.5 SPIRIT AEROSYS-A SPREUR EZ 6,545.2 (628.9) 1,105.5 SPIRIT AEROSYS-A S9Q GZ 6,545.2 (628.9) 1,105.5 SPIRIT AEROSYS-A SPR-RM RM 6,545.2 (628.9) 1,105.5 SPLUNK INC SPLK US 6,076.9 (39.0) 1,040.2 SPLUNK INC S0U GR 6,076.9 (39.0) 1,040.2 SPLUNK INC S0U TH 6,076.9 (39.0) 1,040.2 SPLUNK INC S0U QT 6,076.9 (39.0) 1,040.2 SPLUNK INC SPLK SW 6,076.9 (39.0) 1,040.2 SPLUNK INC SPLKEUR EU 6,076.9 (39.0) 1,040.2 SPLUNK INC SPLK* MM 6,076.9 (39.0) 1,040.2 SPLUNK INC SPLKEUR EZ 6,076.9 (39.0) 1,040.2 SPLUNK INC S0U GZ 6,076.9 (39.0) 1,040.2 SPLUNK INC SPLK-RM RM 6,076.9 (39.0) 1,040.2 SPLUNK INC - BDR S1PL34 BZ 6,076.9 (39.0) 1,040.2 SQUARESPACE -BDR S2QS34 BZ 766.4 (291.2) (113.9) SQUARESPACE IN-A SQSP US 766.4 (291.2) (113.9) SQUARESPACE IN-A 8DT GR 766.4 (291.2) (113.9) SQUARESPACE IN-A 8DT GZ 766.4 (291.2) (113.9) SQUARESPACE IN-A SQSPEUR EU 766.4 (291.2) (113.9) SQUARESPACE IN-A 8DT TH 766.4 (291.2) (113.9) SQUARESPACE IN-A 8DT QT 766.4 (291.2) (113.9) STARBUCKS CORP SBUX US 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUX* MM 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SRB TH 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SRB GR 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUX CI 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUX SW 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SRB QT 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUX PE 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUXUSD SW 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SRB GZ 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUX AV 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUX TE 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUXEUR EU 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP 1SBUX IM 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUXEUR EZ 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP 0QZH LI 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUX-RM RM 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUXCL CI 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SBUX_KZ KZ 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SRBD BQ 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SRBD EB 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SRBD IX 28,733.0 (8,341.6) (2,043.9) STARBUCKS CORP SRBD I2 28,733.0 (8,341.6) (2,043.9) STARBUCKS-BDR SBUB34 BZ 28,733.0 (8,341.6) (2,043.9) STARBUCKS-CEDEAR SBUX AR 28,733.0 (8,341.6) (2,043.9) STARBUCKS-CEDEAR SBUXD AR 28,733.0 (8,341.6) (2,043.9) SYNDAX PHARMACEU SNDX US 431.3 (378.7) 378.9 SYNDAX PHARMACEU 1T3 GR 431.3 (378.7) 378.9 SYNDAX PHARMACEU SNDXEUR EU 431.3 (378.7) 378.9 SYNDAX PHARMACEU 1T3 TH 431.3 (378.7) 378.9 SYNDAX PHARMACEU 1T3 QT 431.3 (378.7) 378.9 SYNDAX PHARMACEU 1T3 GZ 431.3 (378.7) 378.9 TABULA RASA HEAL TRHC US 355.9 (78.1) 53.0 TABULA RASA HEAL 43T GR 355.9 (78.1) 53.0 TABULA RASA HEAL TRHCEUR EU 355.9 (78.1) 53.0 TABULA RASA HEAL 43T TH 355.9 (78.1) 53.0 TABULA RASA HEAL 43T GZ 355.9 (78.1) 53.0 TALEN ENERGY COR TLNE US 9,311.0 (391.0) (306.0) TRANSAT A.T. TRZ CN 2,509.3 (834.0) (100.3) TRANSDIGM - BDR T1DG34 BZ 19,555.0 (2,387.0) 4,719.0 TRANSDIGM GROUP T7D GR 19,555.0 (2,387.0) 4,719.0 TRANSDIGM GROUP TDG US 19,555.0 (2,387.0) 4,719.0 TRANSDIGM GROUP T7D QT 19,555.0 (2,387.0) 4,719.0 TRANSDIGM GROUP TDGEUR EU 19,555.0 (2,387.0) 4,719.0 TRANSDIGM GROUP T7D TH 19,555.0 (2,387.0) 4,719.0 TRANSDIGM GROUP TDG* MM 19,555.0 (2,387.0) 4,719.0 TRANSDIGM GROUP TDGEUR EZ 19,555.0 (2,387.0) 4,719.0 TRANSDIGM GROUP TDG-RM RM 19,555.0 (2,387.0) 4,719.0 TRAVEL + LEISURE WD5A GR 6,602.0 (1,004.0) 614.0 TRAVEL + LEISURE TNL US 6,602.0 (1,004.0) 614.0 TRAVEL + LEISURE WD5A TH 6,602.0 (1,004.0) 614.0 TRAVEL + LEISURE WD5A QT 6,602.0 (1,004.0) 614.0 TRAVEL + LEISURE WYNEUR EU 6,602.0 (1,004.0) 614.0 TRAVEL + LEISURE 0M1K LI 6,602.0 (1,004.0) 614.0 TRAVEL + LEISURE WD5A GZ 6,602.0 (1,004.0) 614.0 TRAVEL + LEISURE TNL* MM 6,602.0 (1,004.0) 614.0 TRIUMPH GROUP TG7 GR 1,649.9 (751.9) 518.3 TRIUMPH GROUP TGI US 1,649.9 (751.9) 518.3 TRIUMPH GROUP TGIEUR EU 1,649.9 (751.9) 518.3 TRIUMPH GROUP TG7 TH 1,649.9 (751.9) 518.3 TRIUMPH GROUP TG7 GZ 1,649.9 (751.9) 518.3 TUPPERWARE BRAND TUP SW 952.2 (187.5) 102.9 UBIQUITI INC 3UB GR 1,406.4 (115.7) 815.2 UBIQUITI INC UI US 1,406.4 (115.7) 815.2 UBIQUITI INC UBNTEUR EU 1,406.4 (115.7) 815.2 UBIQUITI INC 3UB TH 1,406.4 (115.7) 815.2 UNITED HOMES GRO UHG US 246.9 (117.1) 200.1 UNITED HOMES GRO 6PO GR 246.9 (117.1) 200.1 UNITED HOMES GRO DHHCEUR EU 246.9 (117.1) 200.1 UNITI GROUP INC UNIT US 5,034.6 (2,331.2) - UNITI GROUP INC 8XC GR 5,034.6 (2,331.2) - UNITI GROUP INC 8XC TH 5,034.6 (2,331.2) - UNITI GROUP INC 8XC GZ 5,034.6 (2,331.2) - UROGEN PHARMA LT URGN US 95.4 (138.4) 54.6 UROGEN PHARMA LT UR8 GR 95.4 (138.4) 54.6 UROGEN PHARMA LT URGNEUR EU 95.4 (138.4) 54.6 VECTOR GROUP LTD VGR GR 1,033.2 (797.1) 332.8 VECTOR GROUP LTD VGR US 1,033.2 (797.1) 332.8 VECTOR GROUP LTD VGR QT 1,033.2 (797.1) 332.8 VECTOR GROUP LTD VGREUR EU 1,033.2 (797.1) 332.8 VECTOR GROUP LTD VGREUR EZ 1,033.2 (797.1) 332.8 VECTOR GROUP LTD VGR TH 1,033.2 (797.1) 332.8 VECTOR GROUP LTD VGR GZ 1,033.2 (797.1) 332.8 VERISIGN INC VRS TH 1,677.2 (1,617.9) (144.3) VERISIGN INC VRS GR 1,677.2 (1,617.9) (144.3) VERISIGN INC VRSN US 1,677.2 (1,617.9) (144.3) VERISIGN INC VRS QT 1,677.2 (1,617.9) (144.3) VERISIGN INC VRSNEUR EU 1,677.2 (1,617.9) (144.3) VERISIGN INC VRS GZ 1,677.2 (1,617.9) (144.3) VERISIGN INC VRSN* MM 1,677.2 (1,617.9) (144.3) VERISIGN INC VRSNEUR EZ 1,677.2 (1,617.9) (144.3) VERISIGN INC VRSN-RM RM 1,677.2 (1,617.9) (144.3) VERISIGN INC-BDR VRSN34 BZ 1,677.2 (1,617.9) (144.3) VERISIGN-CEDEAR VRSN AR 1,677.2 (1,617.9) (144.3) WAVE LIFE SCIENC WVE US 230.0 (43.8) 44.5 WAVE LIFE SCIENC WVEEUR EU 230.0 (43.8) 44.5 WAVE LIFE SCIENC 1U5 GR 230.0 (43.8) 44.5 WAVE LIFE SCIENC 1U5 TH 230.0 (43.8) 44.5 WAVE LIFE SCIENC 1U5 GZ 230.0 (43.8) 44.5 WAYFAIR INC- A W US 3,382.0 (2,698.0) (200.0) WAYFAIR INC- A 1WF GR 3,382.0 (2,698.0) (200.0) WAYFAIR INC- A 1WF TH 3,382.0 (2,698.0) (200.0) WAYFAIR INC- A WEUR EU 3,382.0 (2,698.0) (200.0) WAYFAIR INC- A 1WF QT 3,382.0 (2,698.0) (200.0) WAYFAIR INC- A WEUR EZ 3,382.0 (2,698.0) (200.0) WAYFAIR INC- A 1WF GZ 3,382.0 (2,698.0) (200.0) WAYFAIR INC- A W* MM 3,382.0 (2,698.0) (200.0) WAYFAIR INC- BDR W2YF34 BZ 3,382.0 (2,698.0) (200.0) WINGSTOP INC WING US 451.2 (365.4) 179.4 WINGSTOP INC EWG GR 451.2 (365.4) 179.4 WINGSTOP INC WING1EUR EU 451.2 (365.4) 179.4 WINGSTOP INC EWG GZ 451.2 (365.4) 179.4 WINGSTOP INC EWG TH 451.2 (365.4) 179.4 WINMARK CORP WINA US 47.7 (43.6) 24.0 WINMARK CORP GBZ GR 47.7 (43.6) 24.0 WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3) WW INTERNATIONAL WW US 1,001.5 (716.3) (23.5) WW INTERNATIONAL WW6 GR 1,001.5 (716.3) (23.5) WW INTERNATIONAL WW6 TH 1,001.5 (716.3) (23.5) WW INTERNATIONAL WTWEUR EU 1,001.5 (716.3) (23.5) WW INTERNATIONAL WW6 QT 1,001.5 (716.3) (23.5) WW INTERNATIONAL WW6 GZ 1,001.5 (716.3) (23.5) WW INTERNATIONAL WW6 SW 1,001.5 (716.3) (23.5) WW INTERNATIONAL WTW AV 1,001.5 (716.3) (23.5) WW INTERNATIONAL WTWEUR EZ 1,001.5 (716.3) (23.5) WW INTERNATIONAL WW-RM RM 1,001.5 (716.3) (23.5) WYNN RESORTS LTD WYR GR 13,783.7 (1,507.2) 3,005.7 WYNN RESORTS LTD WYNN* MM 13,783.7 (1,507.2) 3,005.7 WYNN RESORTS LTD WYNN US 13,783.7 (1,507.2) 3,005.7 WYNN RESORTS LTD WYR TH 13,783.7 (1,507.2) 3,005.7 WYNN RESORTS LTD WYNN SW 13,783.7 (1,507.2) 3,005.7 WYNN RESORTS LTD WYR QT 13,783.7 (1,507.2) 3,005.7 WYNN RESORTS LTD WYNNEUR EU 13,783.7 (1,507.2) 3,005.7 WYNN RESORTS LTD WYR GZ 13,783.7 (1,507.2) 3,005.7 WYNN RESORTS LTD WYNNEUR EZ 13,783.7 (1,507.2) 3,005.7 WYNN RESORTS LTD WYNN-RM RM 13,783.7 (1,507.2) 3,005.7 WYNN RESORTS-BDR W1YN34 BZ 13,783.7 (1,507.2) 3,005.7 YUM! BRANDS INC YUM US 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC TGR GR 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC TGR TH 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUMEUR EU 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC TGR QT 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUM SW 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUMUSD SW 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC TGR GZ 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUM* MM 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUM AV 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUMEUR EZ 5,848.0 (8,436.0) 28.0 YUM! BRANDS INC YUM-RM RM 5,848.0 (8,436.0) 28.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***