/raid1/www/Hosts/bankrupt/TCR_Public/230907.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, September 7, 2023, Vol. 27, No. 249
Headlines
920 CENTURY: Voluntary Chapter 11 Case Summary
A P REAL ESTATE: Tap Falcone Law Firm as Bankruptcy Counsel
AGS PRO: Hires Arch Canyon Partners LLC as Valuation Expert
AKUMIN INC: Receives Noncompliance Notice From Nasdaq
ALPINE SUMMIT: Axes Chapter 11 Auction
ALPINE SUMMIT: Comm. Taps Rainey and Wortmann as Special Counsel
ALPINE SUMMIT: Committee Hires Reed Smith as Counsel
ALPINE SUMMIT: Committee Taps Riveron RTS as Financial Advisor
AMYRIS INC: Seeks to Hire KTBS Law LLP as Special Counsel
APPHARVEST PRODUCTS: $113 Million Bid for Equilibrium Okayed
ASPIRA WOMEN'S: Chief Scientific and Operating Officer Resigns
AULT ALLIANCE: Launches $48 Million Senior Notes Offering
BELLE MEADE: Taps Global Investments Realty as Real Estate Broker
BENITAGO INC: Seeks to Auction Off Acrux Assets
BETTER TRANSPORT: Seeks to Hire Instant Bookkeeping as Accountant
BITNILE METAVERSE: Signs New $100M Stock Purchase Deal With Arena
CACTUSRV.COM LLC: Voluntary Chapter 11 Case Summary
CALAMP CORP: President and CEO Jeff Gardner Dies
CARESTREAM DENTAL: S&P Downgrades ICR to 'CCC', Outlook Negative
CARVANA CO: Completes Debt Exchange With Over 96% of Noteholders
CCI HOLDINGS: Seeks to Hire Hein Schneider as Special Counsel
CENTURY AIR SOLUTIONS: Hires Lane Law Firm PLLC as Counsel
CHIPLEY'S FAMILY: Seeks to Hire Dougherty McKinnon as Accountant
CHIPLEY'S FAMILY: Seeks to Hire Fife M. Whiteside as Attorney
CORNER OYSTER: Seeks to Hire Dougherty McKinnon as Accountant
CREATING SCHOLARS: Seeks to Hire Zemanian Law Group as Counsel
CROCKETT PATHWAYS: Voluntary Chapter 11 Case Summary
CUMBERLAND SERVICENTER: Robert Handler Named Subchapter V Trustee
CYTOSORBENTS CORP: Chief Financial Officer Alexander D'Amico Quits
D'RIA GROUP: Hires Michael Jay Berger as Legal Counsel
DIAMOND CREEK: Seeks to Hire Reno Fernandez as Bankruptcy Counsel
DIVERSIFIED HEALTHCARE: Agrees to Terminate Merger Deal With OPI
DULING SONS: Deadline to Send Offers Set for Sept. 27
EIGHT COPELAND: Voluntary Chapter 11 Case Summary
ENCINO TOWERS: Seeks to Hire ExP Commercial as Real Estate Broker
ENERGY DRILLING: Hires Calderone Advisory as Financial Advisor
ENVISION HEALTHCARE: Comm. Taps Armstrong Teasdale as Counsel
FANJOY CO: Gets OK to Hire Molly McPherson as Public Relations Mgr.
FENIX GROUP: Seeks Approval to Hire eXp Realty LLC as Broker
FLUID CONSTRUCTION: Robert Altman Named Subchapter V Trustee
FT MEDICAL: Seeks to Tap Falcone Law Firm as Bankruptcy Counsel
FTX GROUP: Bankman-Fried Slams Prosecutors for Pretrial Doc. Dump
GAUCHO GROUP: All Five Proposals Passed at Annual Meeting
GENESIS GLOBAL: Debtors Agree on Deal in Principle, Gemini Opposes
GOTO GROUP: S&P Affirms 'B-' Issuer Credit Rating, Outlook Neg.
GREEN DISTRICT: Hits Chapter 11 Bankruptcy Protection
GREENFIRE RESOURCES: S&P Assigns 'B-' LT Issuer Credit Rating
GRUPO HIMA: Gets Court Nod to Conduct Sept. 14 Auction
GULF FINANCE: S&P Affirms 'B-' Issuer Credit Rating on Asset Sale
HALMAR LLC: Seeks to Hire Jeffrey S. Shinbrot as Legal Counsel
HEART OF TEXAS: Unsecureds to Get 1.7 Cents on Dollar in Plan
HTG MOLECULAR: Trustee Hires Morris James as Delaware Counsel
HTG MOLECULAR: Trustee Hires Perkins Coie LLP as Counsel
INTEGRATED CARE: Case Summary & 20 Largest Unsecured Creditors
IQOR HOLDINGS: S&P Downgrades ICR to 'CCC', Outlook Negative
ISLAND DOG: Unsecureds to Split $20K via Quarterly Installments
L L & L REAL ESTATE: Seeks to Hire Michael Previto as Attorney
MAXIM CRANE: S&P Affirms 'B-' ICR, Outlook Stable
MEDIAMATH HOLDINGS: Comm. Taps Cole Schotz as Delaware Co-Counsel
MEDIAMATH HOLDINGS: Committee Taps Dundon as Financial Advisor
MEDIAMATH HOLDINGS: Committee Taps Kelley Drye as Lead Counsel
MERCER INTERNATIONAL: S&P Downgrades ICR to 'B', Outlook Negative
MOUNTAINEER BRAND: Aaron Amore Named Subchapter V Trustee
MOUNTAINEER BRAND: Seeks to Hire Sheehan & Associates as Counsel
NEXTPLAY TECHNOLOGIES: Has Until Nov 27 to Regain Nasdaq Compliance
OMG 4REAL: Gets OK to Sell Neosho Property to BCWC for $490,000
ONLINE EDUGO: Seeks to Hire Tang & Associates as Counsel
PGX HOLDINGS: Chapter 11 Sale and Regulator Deal Okayed
PROTERRA INC: Hires Kurtzman Carson as Administrative Advisor
PROTERRA INC: Seeks to Hire Justin Pugh of FTI Consulting as CTO
PROTERRA INC: Seeks to Hire Paul Weiss Rifkind as Co-Counsel
PROTERRA INC: Seeks to Hire Young Conaway as Co-Counsel
QAD REALTY: Seeks to Hire CTRE LLC as Real Estate Salesperson
QITEK LABS: Hires Rountree Leitman Klein as Counsel
QITEK LABS: Seeks to Hire Rountree Leitman as Bankruptcy Counsel
RASPBERRY CREEK: Hires Cohne Kinghorn as Bankruptcy Counsel
RENNOVA HEALTH: Posts $1.3 Million Net Income in Second Quarter
ROMAN CATHOLIC: Hires Breall & Breall LLP as Special Counsel
ROYAL EMPIRE: Hires Eric A. Liepins PC as Bankruptcy Counsel
S&R AFFORDABLE: Mark Dennis Named Subchapter V Trustee
SAL ATX: Voluntary Chapter 11 Case Summary
SALEM MEDIA: Reaches Deal to Extend Forbearance Until Sept. 29
SAN TAN AIR: Seeks to Hire Kahn & Ahart LLC as Bankruptcy Counsel
SHAMBHALA TREATMENT: Voluntary Chapter 11 Case Summary
SORRENTO THERAPEUTICS: $105M Scilex Stock Sale Okayed in Ch.11
SOUTH TOWN: Donald Brady Named Subchapter V Trustee
STAT EMERGENCY: Seeks to Sell Properties Through Public Auction
STRUDEL HOLDINGS: Hires Porter Hedges as Bankruptcy Counsel
STRUDEL HOLDINGS: Taps Stout Risius Ross as Financial Advisor
SURGALIGN HOLDINGS: Unsecureds to Recover 4% to 18% in Joint Plan
SUSTAITA ENTERPRISES: Katharine Clark Named Subchapter V Trustee
TROIKA MEDIA: Inks 4th Amended A&R Limited Waiver With Blue Torch
TROIKA MEDIA: Receives Delinquency Notification Letter From Nasdaq
UNDER THE HOOD: Seeks Approval to Hire Forbes Law as Attorney
VANTAGE DRILLING: Elects Director to Fill Vacancy
VERITAS FARMS: Acquires Asystem and Asystem Labs
VIEWRAY INC: Committee Taps Cleary Gottlieb Steen as Legal Counsel
VIEWRAY INC: Committee Taps FTI Consulting as Financial Advisor
VIEWRAY INC: Committee Taps Potter Anderson as Delaware Counsel
WE ROCK: Files Amendment to Combined Plan & Disclosures
WESTERN GLOBAL: Hires Evercore Group as Investment Banker
WESTERN GLOBAL: Hires Richards Layton & Finger as Co-Counsel
WESTERN GLOBAL: Hires Stretto Inc. as Administrative Advisor
WESTERN GLOBAL: Seeks to Hire FTI Consulting as CRO
WILLIAMS INDUSTRIAL: Comm. Taps Lowenstein Sandler as Lead Counsel
WITCHEY ENTERPRISES: Trustee to Sell Property to KORE Logistics
WORKSITE LABS: Hires Carlson & Jayakumar as Special Counsel
ZOHAR FUNDS: Appeals Court Orders Tilton to Pay $40M to TransCare
[] Healthcare Bankruptcy Filings on the Rise
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
920 CENTURY: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: 920 Century LP
110 N. 7th Street
Lemoyne, PA 17043
Business Description: 920 Century is a Single Asset Real Estate
as defined in 11 U.S.C. Section 101(51B).
Chapter 11 Petition Date: September 5, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-02000
Debtor's Counsel: Robert E. Chernicoff, Esq.
CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC
2320 N. Second St.
Harrisburg, PA 17110
Tel: (717) 238-6570
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Jeff C. Conforti, president of 920
Century Investments LLC, general partner of the Debtor.
The Debtor stated it has no unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/E72SKAQ/920_Century_LP__pambke-23-02000__0001.0.pdf?mcid=tGE4TAMA
A P REAL ESTATE: Tap Falcone Law Firm as Bankruptcy Counsel
-----------------------------------------------------------
A P Real Estate Georgia, LLC seeks approval the U.S. Bankruptcy
Court for the Northern District of Georgia to hire The Falcone Law
Firm, PC as its counsel.
The firm's services include:
a. advising the Debtor regarding its rights, powers and duties
in the administration of its Chapter 11 case and assets of the
bankruptcy estate;
b. assisting the Debtor in connection with the analysis of its
assets, liabilities, financial condition and other matters related
to its business;
c. assisting in the preparation, negotiation and
implementation of a plan of reorganization;
d. advising the Debtor with regards to objections to or
subordination of claims and other litigation matters;
e. representing the Debtor in the investigation of the
desirability and feasibility of the rejection and potential
assignment of any executory contracts or unexpired leases;
f. advising the Debtor with regard to all applications,
motions or complaints concerning reclamation, adequate protection,
sequestration, relief from stays, use of cash collateral,
disposition or other use of assets of the estate and other similar
matters;
g. assisting the Debtor in the sale or disposition of assets
of its bankruptcy estate;
h. preparing legal papers and conducting examinations;
i. providing assistance to the Debtor with regard to the
proper receipt, disbursement and accounting of funds and property
of the estate; and
j. other legal services related to the Debtor's Chapter 11
case.
The firm will be paid at these rates:
Senior Attorneys $400 per hour
Associates $250 per hour
Paralegals $175 per hour
Staffs $75 per hour
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
Ian Falcone, Esq., a partner at Falcone Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ian M. Falcone, Esq.
FALCONE LAW FIRM, P.C.
363 Lawrence Street
Marietta, GA 30060
Tel: (770) 426-9359
Email: Imffalconefirm.com
A P Real Estate Georgia, LLC
A P Real Estate Georgia is the owner of real property located at
6095 Pine Mountain Rd, Kennesaw, GA valued at $556,530.
A P Real Estate Georgia, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga.
Case No. 23-57890) on August 17, 2023. The petition was signed by
Harshad Patel as manager. At the time of filing, the Debtor
estimated $557,031 in assets and $1,920,427 in liabilities.
Judge Jeffery W. Cavender presides over the case.
Ian Falcone, Esq. at THE FALCONE LAW FIRM, PC represents the Debtor
as counsel.
AGS PRO: Hires Arch Canyon Partners LLC as Valuation Expert
-----------------------------------------------------------
AGS Pro, Inc. seeks approval from the U.S. Bankruptcy Court for the
Central District of California to employ Arch Canyon Partners, LLC
as valuation expert
The firm will conduct an investigation and financial analysis for
the purpose of providing an opinion of the fair market value and
liquidation value of the Debtor's assets and provide additional
services as may be mutually agreed upon in writing, including
testifying in support of confirmation of a Chapter 11 plan.
The firm will be paid at these rates:
Partners and Principals: $550 to $600 per hour
Analysts and Managers: $175 to $250 per hour
Paraprofessionals: $125 per hour
The firm will be paid a retainer in the amount of $6,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Adam M. McArthur, a partner at Arch Canyon Partners 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:
Adam M. McArthur, CFA, ASA, ABV, MAFF
ARCH CANYON PARTNERS LLC
29395 Agoura Road, Suite 103
Agoura Hills, CA 91301
Telephone: (818) 449-6300
About AGS Pro, Inc.
AGS Pro, Inc. provides security services throughout the United
States and internationally with strategic alliance partnerships.
Its services include commercial security, estate security and
special events. The Debtor's headquarters is located at 6133
Bristol Parkway, Suites 175 and 280, Culver City, Calif.
AGS Pro sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Calif. Case No. 23-12236) on April 13, 2023. In
the petition signed by its chief executive officer, Lee Andrews,
the Debtor disclosed $1 million to $10 million in assets and $10
million to $50 million in liabilities.
Judge Deborah J. Saltzman oversees the case.
The Debtor tapped Aaron E. de Leest, Esq., at Danning, Gill, Israel
& Krasnoff, LLP as bankruptcy counsel; Benedon & Serlin, LLP and
Miller Law Partners, P.C. as special counsels; and Weaver and
Tidwell, LLP as accountant.
AKUMIN INC: Receives Noncompliance Notice From Nasdaq
-----------------------------------------------------
Akumin Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on Aug. 15, 2023, it received a written
notification from the Listing Qualifications Department of the
NASDAQ Stock Market LLC notifying the Company that it is not in
compliance with (a) Nasdaq Listing Rule 5550(b)(1), pursuant to
which Companies listed on the Nasdaq Capital Market are required to
maintain a minimum of $2,500,000 in stockholders' equity for
continued listing on the Capital Market, or (b) either of the
alternatives to compliance with the Equity Standard provided under
Nasdaq Listing Rule 5550(b)(2) and Nasdaq Listing Rule 5550(b)(3).
The Notice has no immediate effect on the listing of the Company's
common stock on the Capital Market.
Under the Nasdaq Listing Rules, the Company has a period of 45
calendar days from the date of the Notice to submit a plan to
regain compliance with the Continued Listing Standards. If the
Plan is accepted, Nasdaq may grant the Company an extension of up
to 180 calendar days from the date of the Notice to evidence
compliance with the Continued Listing Standards. Accordingly, the
Company has until Sept. 29, 2023 to submit the Plan to Nasdaq, and
provided that the Plan is accepted, until Feb. 11, 2024 to regain
compliance with the Continued Listing Standards. If the Nasdaq
Listing Qualifications Department does not accept the Plan, the
Company will have the opportunity to appeal its decision to a
Hearings Panel pursuant to Nasdaq Listing Rule 5815(a).
The factors considered by the Nasdaq Listing Qualifications
Department in determining whether to accept the Plan include the
likelihood that the Plan will result in compliance with the Nasdaq
Listing Rules, the Company's past compliance history, the reasons
for the Company's current non-compliance, other corporate events
that may occur within the review period, the Company's overall
financial condition and its public disclosures.
There can be no assurance that the Company will be able to regain
compliance with the Continued Listing Standards, or will otherwise
be in compliance with other Nasdaq Listing Rules.
About Akumin
Akumin Inc. -- www.akumin.com -- provides fixed-site outpatient
diagnostic imaging services through a network of owned and/or
operated imaging locations; and outpatient radiology and oncology
services and solutions to approximately 1,000 hospitals and health
systems across 48 states. Its imaging procedures include magnetic
resonance imaging ("MRI"), computerized tomography ("CT"), positron
emission tomography, ultrasound, diagnostic radiology (X-ray),
mammography, and other related procedures. Akumin's cancer care
services include a full suite of radiation therapy and related
offerings.
Akumin reported a net loss of $151.58 million for the year ended
Dec. 31, 2022, compared to a net loss of $34.81 million for the
year ended Dec. 31, 2021.
* * *
As reported by the TCR on Aug. 22, 2023, S&P Global Ratings lowered
all of its ratings on Akumin Inc., including its issuer credit
rating on the company to 'CCC' from 'B-'. S&P said the negative
outlook reflects the risk that, absent a significant operating
improvement, the Company's debt might not be sustainable.
ALPINE SUMMIT: Axes Chapter 11 Auction
--------------------------------------
Hilary Russ of Law360 reports that Alpine Summit Energy Partners
has canceled the Chapter 11 auction of its southern Texas oil wells
and is now planning a sale to its stalking horse bidder, after no
other qualified bidders submitted offers before the deadline,
lawyers for the oil and gas driller told a Texas bankruptcy judge
Friday, August 25, 2023.
About Alpine Summit Energy Partners
Alpine Summit Energy Partners Inc. and its affiliates develop, own,
and operate oil and gas properties in several formations in Texas.
Alpine Summit Energy and its affiliates sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
23-90739) on July 5, 2023. In the petition filed by Craig Perry CEO
and Chairman of the Board, Alpine Summit Energy Partners Inc, the
Debtor estimated assets up to $50,000 and liabilities between
$500,000 and $1 million.
The Honorable Bankruptcy Judge David R. Jones oversees the cases.
The Debtors tapped PORTER HEDGES LLP as counsel; HOULIHAN LOKEY
CAPITAL, INC., as investment banker; and HURON CONSULTING SERVICES
LLC as financial advisor. KROLL RESTRUCTURING ADMINISTRATION LLC
is the claims agent.
ALPINE SUMMIT: Comm. Taps Rainey and Wortmann as Special Counsel
----------------------------------------------------------------
The official committee of unsecured creditors of Alpine Summit
Energy Partners, Inc. and its affiliates seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to hire
Rainey and Wortmann, PLLC as its special counsel.
The firm will render these services:
(a) review the Debtors' oil and gas leases and wells and
associated security instruments; and
(b) perform other necessary legal services in relation to the
Chapter 11 Cases which lead counsel and/or the Committee may find
reasonable and appropriate to assign.
The firm will be paid at these rates:
Partners $550/hour
Associates $300 - 425/hour
Landmen $500 - 575/day
Rainey and Wortmann provides the following response to the request
for information set forth in Paragraph D.1. of the Appendix B
Guidelines.
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Not Applicable.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Response: The Committee and Rainey and Wortmann expect to work
together to develop a budget and staffing plan for the Chapter 11
Cases.
Eric Wortmann II, Esq, a partner at Rainey and Wortmann, 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 W. Wortmann II, Esq.
RAINEY AND WORTMANN, PLLC
5801 Edwards Ranch Rd, Suite 100
Fort Worth, TX 76109
Phone: (817) 857-6430
Email: ewortmann@rw-energylaw.com
About Alpine Summit Energy Partners
Alpine Summit Energy Partners Inc. and its affiliates develop, own,
and operate oil and gas properties in several formations in Texas.
Alpine Summit Energy Partners and its affiliates, including HB2
Origination, LLC, sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90739) on July
5, 2023. In the petition filed by Craig Perry, CEO and Chairman of
Alpine Summit Energy Partners' Board of Directors, Alpine Summit
Energy Partners estimated assets up to $50,000 and liabilities
between $500,000 and $1 million. Affiliate Ageron Energy II, LLC
estimated $100 million to $500 million in assets and $1 million to
$10 million in liabilities. Affiliate HB2 Origination, LLC
estimated $100 million to $500 million in assets and $50 million to
$100 million in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Porter Hedges, LLP as counsel; Houlihan Lokey
Capital, Inc. as investment banker; and Huron Consulting Services,
LLC as financial advisor. Kroll Restructuring Administration, LLC
is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Reed Smith, LLP as bankruptcy counsel and Huron
Consulting Services, LLC as restructuring advisor. Ryan Bouley of
Huron serves as chief restructuring officer.
ALPINE SUMMIT: Committee Hires Reed Smith as Counsel
----------------------------------------------------
The official committee of unsecured creditors of Alpine Summit
Energy Partners, Inc. and its affiliates seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to hire
Reed Smith LLP as its counsel.
The firm will render these services:
a. advise the Committee with respect to its rights, duties,
and powers in these Cases;
b. assist and advise the Committee in its consultations with
the Debtors relative to the administration of these Cases;
c. assist the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims;
d. assist the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and of the operation of the Debtors' businesses;
e. assist the Committee in its investigation of the liens and
claims of the Debtors' lenders and the prosecution of any claims or
causes of action revealed by such investigation;
f. assist the Committee in its analysis of, and negotiations
with, the Debtors or any third-party concerning matters related to,
among other things, the assumption or rejection of leases of
nonresidential real property and executory contracts, asset
dispositions, financing or other transactions, and the terms of one
or more plans of reorganization for the Debtors and accompanying
disclosure statements and related plan documents;
g. assist and advise the Committee in communicating with
unsecured creditors regarding significant matters in these Chapter
11 cases;
h. represent the Committee at hearings and other proceedings;
i. review and analyze applications, orders, statements of
operations, and schedules filed with the Court and advise the
Committee as to their propriety;
j. assist the Committee in preparing pleadings and
applications as may be necessary in furtherance of the Committee's
interests and objectives;
k. prepare, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda, complaints,
adversary complaints, objections or comments in connection with any
of the foregoing; and
l. perform such other legal services as may be required.
The firm will be paid at these rates:
Partners $930 to $1,040 per hour
Associates $610 to $780 per hour
Paraprofessionals $350 to $385 per hour
Reed Smith provides the following responses to the questions set
forth in Section D of the U.S. Trustee Guidelines:
-- it has not agreed to any variations from, or alternatives
to, its standard or customary billing arrangements for this
engagement;
-- none of the professionals included in the engagement vary
their rate based on the geographic location of the bankruptcy
case;
-- the firm has not represented the Committee in the 12 months
prepetition; and
-- As Committee counsel, Reed Smith anticipates that the
Committee's professionals fees will be initially governed by the
Court's various Orders approving the Debtors' use of cash
collateral, Debtor-in-Possession Financing, and other relevant
Orders.
Paul Moak, a partner of Reed Smith, assured the court that his firm
is a "disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Paul D. Moak, Esq.
REED SMITH, LLP
1221 McKinney Street, Suite 2100
Houston, TX 77010
Phone: (713) 469-3661
Email: pmoak@reedsmith.com
About Alpine Summit Energy Partners
Alpine Summit Energy Partners Inc. and its affiliates develop, own,
and operate oil and gas properties in several formations in Texas.
Alpine Summit Energy Partners and its affiliates, including HB2
Origination, LLC, sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90739) on July
5, 2023. In the petition filed by Craig Perry, CEO and Chairman of
Alpine Summit Energy Partners' Board of Directors, Alpine Summit
Energy Partners estimated assets up to $50,000 and liabilities
between $500,000 and $1 million. Affiliate Ageron Energy II, LLC
estimated $100 million to $500 million in assets and $1 million to
$10 million in liabilities. Affiliate HB2 Origination, LLC
estimated $100 million to $500 million in assets and $50 million to
$100 million in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Porter Hedges, LLP as counsel; Houlihan Lokey
Capital, Inc. as investment banker; and Huron Consulting Services,
LLC as financial advisor. Kroll Restructuring Administration, LLC
is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Reed Smith, LLP as bankruptcy counsel and Huron
Consulting Services, LLC as restructuring advisor. Ryan Bouley of
Huron serves as chief restructuring officer.
ALPINE SUMMIT: Committee Taps Riveron RTS as Financial Advisor
--------------------------------------------------------------
The official committee of unsecured creditors of Alpine Summit
Energy Partners, Inc. and its affiliates seeks approval from the
U.S. Bankruptcy Court for the Southern District of Texas to hire
Riveron RTS, LLC, as its financial advisor.
The firm will render these services:
(a) assist in the analysis, review and monitoring of the
restructuring process;
(b) assist in the assessment and monitoring of any sales
process conducted on behalf of the Debtors and analysis of proposed
consideration;
(c) assist in the review of financial information prepared by
the Debtors;
(d) assist in the review of the Debtors' prepetition financing
structure;
(e) assist in the review of the Debtors' debtor in possession
facility;
(f) assist with review of any tax issues;
(g) assist with the review of the Debtors' assets;
(h) attend meetings and assist in discussions with the
Debtors' potential investors, banks, other secured lenders, the
committee and any other official committees organized in these
Chapter 11 proceedings, the U.S. Trustee, other parties in interest
and professionals hired by the same, as requested;
(i) assist in the review of financial related disclosures
required by the court;
(j) assist with the review of the affirmation or rejection of
various executory contracts;
(k) assist with the review and evaluation of the Debtors'
employee retention and compensation plans;
(l) assist in the evaluation, analysis and forensic
investigation of avoidance actions;
(m) assist in the prosecution of committee
responses/objections to the Debtors' motions;
(n) render such other general business consulting or such
other assistance as the committee or its counsel may deem
necessary; and
(o) assist and support in the evaluation of restructuring,
sale and liquidation alternatives.
The hourly rates of the firm's counsel and staff are as follows:
Senior Managing Directors $840 - $1,450
Managing Directors $675 - $960
Senior Directors $630 - $850
Directors $635 - $940
Associate Directors $545 - $650
Managers $535 - $575
Senior Associates $525 - $555
Associates $350 - $450
In addition, the firm will seek reimbursement for expenses
incurred.
Paul Jansen, a senior managing director at Riveron RTS, 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:
Paul F. Jansen
RIVERON RTS, LLC
Two Houston Center
909 Fannin Street, Suite 4000
Houston, TX 77010
Telephone: (713) 391-8498
Email: paul.jansen@riveron.com
About Alpine Summit Energy Partners
Alpine Summit Energy Partners Inc. and its affiliates develop, own,
and operate oil and gas properties in several formations in Texas.
Alpine Summit Energy Partners and its affiliates, including HB2
Origination, LLC, sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90739) on July
5, 2023. In the petition filed by Craig Perry, CEO and Chairman of
Alpine Summit Energy Partners' Board of Directors, Alpine Summit
Energy Partners estimated assets up to $50,000 and liabilities
between $500,000 and $1 million. Affiliate Ageron Energy II, LLC
estimated $100 million to $500 million in assets and $1 million to
$10 million in liabilities. Affiliate HB2 Origination, LLC
estimated $100 million to $500 million in assets and $50 million to
$100 million in liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Porter Hedges, LLP as counsel; Houlihan Lokey
Capital, Inc. as investment banker; and Huron Consulting Services,
LLC as financial advisor. Kroll Restructuring Administration, LLC
is the claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Reed Smith, LLP as bankruptcy counsel and Huron
Consulting Services, LLC as restructuring advisor. Ryan Bouley of
Huron serves as chief restructuring officer.
AMYRIS INC: Seeks to Hire KTBS Law LLP as Special Counsel
---------------------------------------------------------
Amyris, Inc. and affiliates seek approval from the U.S. Bankruptcy
Court for the District of Delaware to hire KTBS Law LLP as their
special counsel on behalf of and at the sole direction of M.
Freddie Reiss, Independent Director on the board of directors.
The firm's services include:
(i) utilizing informal and/or formal discovery requests to
obtain and review documents and correspondence potentially relevant
to the Independent Director's investigation;
(ii) conducting interviews and/or depositions of certain
officers, directors, and/or other persons with knowledge of facts
pertinent to the investigation;
(iii) drafting a report summarizing the key findings and
conclusions of the investigation; and
(iv) performing any other services requested by the Independent
Director related to the investigation.
KTBS's hourly rates for 2023 are as follows:
Partner $1,100 to $1,895
Counsel/Associate $875 to $1,100
Paralegal $595
The following information is provided in response to the request
for additional information set forth in paragraph D.1 of the U.S.
Trustee Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No. The hourly rates set forth in the Engagement
Agreement and disclosed above are consistent with the rates that
KTBS charges other chapter 11 clients and the rates that KTBS
charges in other nonbankruptcy representations. Furthermore, the
hourly rates to be charged in connection with this engagement are
not significantly different from the rates of other comparably
skilled professionals for similar engagements.
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: KTBS did not represent the Debtors in the 12 months
prior to the petition Date.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: The Debtors, KTBS, and Pachulski Stang Ziehl & Jones
LLP expect to develop a prospective budget and staffing plan to
comply with the U.S. Trustee's requests for information and
additional disclosures, recognizing that in the course of these
large chapter 11 cases there may be unforeseeable fees and expenses
that will need to be addressed by the Debtors, KTBS, and Pachulski
Stang Ziehl & Jones LLp.
Samuel Kidder, Esq., a partner at KTBS, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Samuel M. Kidder, Esq.
KTBS LAW, LLP
1801 Century park East, 26th Floor
Los Angeles, CA 90067-2328
Tel: (310) 407-4039
Fax: (310) 407-9090
Email: skidder@ktbslaw.com
About Amyris
Amyris (Nasdaq: AMRS) -- http://www.amyris.com/-- is a leading
synthetic biotechnology company, transitioning the Clean Health &
Beauty and Flavors & Fragrances markets to sustainable ingredients
through fermentation and the company's proprietary
Lab-to-Market(TM) technology platform. This Amyris platform
leverages state-of-the-art machine learning, robotics and
artificial intelligence, enabling the company to rapidly bring new
innovation to market at commercial scale. Amyris ingredients are
included in over 20,000 products from the worldps top brands,
reaching more than 300 million consumers. Amyris also owns and
operates a family of consumer brands that is constantly evolving to
meet the growing demand for sustainable, effective and accessible
products.
Amyris, Inc, et al. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11131) on Aug. 9,
2023. The petitions were signed by Han Kieftenbeld as interim
chief executive officer & chief financial officer.
In the petition, Amyris disclosed $679,679,000 in assets and
$1,327,747,000 in liabilities.
Pachulski Stang Ziehl & Jones LLp serves as the Debtors' bankruptcy
counsel. Fenwick & West, LLP is the Debtorps corporate counsel.
The Debtors tapped PricewaterhouseCoopers LLP as their financial
advisor, while Intrepid Investment Bankers LLC serves as the
Debtorsp investment banker. Stretto, Inc. is the Debtors' claims,
noticing, solicitation agent and administrative adviser.
APPHARVEST PRODUCTS: $113 Million Bid for Equilibrium Okayed
------------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that AppHarvest Products LLC
secured court approval of a $113 million opening credit bid from an
affiliate of Equilibrium Sustainable Foods for two high-tech
produce-growing facilities in Kentucky.
Under the deal, CEFF II AppHarvest Holdings LLC, an affiliate of
Oregon-based Equilibrium, would acquire AppHarvest's controlled
environment agriculture facilities in Richmond and Morehead, Ky.
AppHarvest will seek better offers at an Aug. 30 auction.
AppHarvest said it grows tomatoes at each of the facilities, which
rely on robotics and artificial intelligence "to improve food
systems."
Judge David Jones of the US Bankruptcy Court for the Southern
District of Texas approved the deal.
About AppHarvest Products
AppHarvest Products, LLC, and affiliates are a sustainable food
company founded as a public benefits corporation and based in
Appalachia that develop and operate some of the world's largest
high-tech indoor farms, all of which use robotics and artificial
intelligence to build a reliable, climate-resilient food system.
AppHarvest Products and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90745) on July 23, 2023. In the petition signed by Gary
Broadbent, chief restructuring officer, AppHarvest, Inc. disclosed
$609,804,000 in assets and $341,060,000 in liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped Sidley Austin, LLP as general bankruptcy
counsel; Jackson Walker, LLP as local bankruptcy counsel and
conflicts counsel; Triple P RTS, LLC as financial advisor;
Jefferies, LLC as investment banker, and Stretto, Inc. as claims
agent.
The DIP Lender is represented by Rusty Brewer, Esq., at Amis,
Patel
& Brewer, LLP.
ASPIRA WOMEN'S: Chief Scientific and Operating Officer Resigns
--------------------------------------------------------------
Dr. Ryan Phan notified Aspira Women's Health Inc. of his intent to
resign as chief scientific and operating officer of the Company
effective Sept. 15, 2023.
The Company expects Dr. Phan to enter into an advisory agreement on
scientific and operational matters related to ongoing product
development programs.
About Aspira Women's Health
Formerly known as Vermillion, Inc., Aspira Women's Health Inc. --
http://www.aspirawh.com-- is transforming women's health with the
discovery, development and commercialization of innovative testing
options and bio-analytical solutions that help physicians assess
risk, optimize patient management and improve gynecologic health
outcomes for women. OVA1 plus combines its FDA-cleared products
OVA1 and OVERA to detect risk of ovarian malignancy in women with
adnexal masses. ASPiRA GenetiXSM testing offers both targeted and
comprehensive genetic testing options with a gynecologic focus.
With over 10 years of expertise in ovarian cancer risk assessment
ASPIRA has expertise in cutting-edge research to inform its next
generation of products. Its focus is on delivering products that
allow healthcare providers to stratify risk, facilitate early
detection and optimize treatment plans.
Aspira Women's reported a net loss of $27.17 million for the year
ended Dec. 31, 2022, compared to a net loss of $31.66 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$17.37 million in total assets, $10.64 million in total
liabilities, and $6.73 million in total stockholders' equity.
Woodbridge, New Jersey-based BDO USA, LLP, the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated March 30, 2023, citing that the Company has suffered
recurring losses from operations and expects to continue to incur
substantial losses in the future, which raise substantial doubt
about its ability to continue as a going concern.
AULT ALLIANCE: Launches $48 Million Senior Notes Offering
---------------------------------------------------------
Ault Alliance, Inc. has commenced an offering on a continuing basis
of up to an aggregate principal amount of $48,000,000 of its senior
notes, consisting of $8,000,000 principal amount of its 7.00%
senior notes due 2024, $10,000,000 principal amount of its 8.50%
senior notes due 2026 and $30,000,000 principal amount of its
10.50% senior notes due 2028. The offering will continue until (i)
the date that the maximum amount of Notes has been sold or (ii) an
earlier date determined by the Company in its sole discretion. The
offering has been registered under the Securities Act of 1933, as
amended, pursuant to a registration statement on Form S-3
(Registration No. 333-260618) filed by the Company with the U.S.
Securities and Exchange Commission, effective Nov. 12, 2021, and
the prospectus supplement filed by the Company with the SEC
pursuant to Rule 424(b) of the Securities Act on Sept. 1, 2023.
The Notes are the Company's senior unsecured obligations and rank
equally with all of the Company's other senior unsecured
indebtedness. The 2024 Notes mature on Dec. 31, 2024 and bear
interest at a rate of 7.00% per annum. The 2026 Notes mature on
Dec. 31, 2026 and bear interest at a rate of 8.50% per annum. The
2028 Notes mature on Dec. 31, 2028 and bear interest at a rate of
10.50% per annum. The maturity dates of the 2024 Notes, 2026 Notes
and 2028 Notes may be extended for an additional three, six and
twelve months, respectively, at the Company's option upon payment
to those noteholders of an extension fee equal to 1.00% of the
outstanding principal balance of their notes. The Company will pay
interest on the Notes on the 15th day of each month, beginning in
the month next succeeding the month in which each Note is issued,
with partial payment on a pro rata basis for the first month as
appropriate.
The 2028 Notes may be redeemed at the Company's option, in whole at
any time or in part from time to time, upon not less than 30 days
nor more than 60 days written notice to the holders prior to the
date of redemption, at a redemption price of 100% of the
outstanding principal amount of the 2028 Notes to be redeemed, plus
accrued and unpaid interest to, but excluding, the date of
redemption.
Notwithstanding the foregoing, the 2028 Notes may not be redeemed
prior to two years after the respective issuance date of such
notes. The 2024 Notes and the 2026 Notes are not redeemable by the
Company prior to maturity.
If an event of default with respect to the Notes occurs, the
principal amount of the Notes, plus any accrued and unpaid
interest, may be declared immediately due and payable, subject to
certain conditions. These amounts automatically become due and
payable in the case of certain types of bankruptcy, insolvency or
reorganization events of default involving the Company.
Investors must purchase the Notes on the Company's online platform
located at www.monthlyincome.com and simultaneously enter into an
Investor Agreement, the terms of which govern the purchase of the
Notes.
About Ault Alliance Inc.
Ault Alliance, Inc. (formerly, BitNile Holdings, Inc.) is a
diversified holding company pursuing growth by acquiring
undervalued businesses and disruptive technologies with a global
impact. Through its wholly and majority-owned subsidiaries and
strategic investments, Ault Alliance owns and operates a data
center at which it mines Bitcoin and provides mission-critical
products that support a diverse range of industries, including oil
exploration, crane services, defense/aerospace, industrial,
automotive, medical/biopharma, consumer electronics, hotel
operations and textiles. In addition, Ault Alliance extends credit
to select entrepreneurial businesses through a licensed lending
subsidiary. Ault Alliance's headquarters are located at 11411
Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141;
www.Ault.com.
Ault Alliance reported a net loss of $189.83 million for the year
ended Dec. 31, 2022, compared to a net loss of $23.04 million for
the year ended Dec. 31, 2021. As of March 31, 2023, the Company had
$526.91 million in total assets, $336.56 million in total
liabilities, and $190.34 million in total stockholders' equity.
New York, New York-based Marcum LLP, the Company's auditor since
2016, issued a "going concern" qualification in its report dated
April 17, 2023, citing that the Company has a working capital
deficiency, has incurred net 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.
BELLE MEADE: Taps Global Investments Realty as Real Estate Broker
-----------------------------------------------------------------
Belle Meade Studios, LLC, seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ as Global
Investments Realty, Inc. as real estate broker.
The firm will assist the Debtor in marketing and leasing the
property located at 701 NE 67th Street, Miami, FL 33138.
The firm will be paid a commission of 6 percent of the purchase
price.
Joel Rodriguez, a partner at Global Investments Realty, 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:
Joel Rodriguez
GLOBAL INVESTMENTS REALTY, INC.
235 NE 25th Street
Miami, FL 33137
Tel: (305) 635-3005
About Belle Meade Studios, LLC
Belle Meade Studios, LLC filed for Chapter 11 protection (Bankr.
S.D. Fla. Case No. 22-15158) on July 2, 2022, with between $1
million and $10 million in both assets and liabilities. Rachel
Dugger, managing member, signed the petition.
Judge Robert A. Mark oversees the case.
Scott Alan Orth, Esq., at the Law Offices of Scott Alan Orth, PA is
the Debtor's counsel.
BENITAGO INC: Seeks to Auction Off Acrux Assets
-----------------------------------------------
Benitago Inc. and its affiliates asked the U.S. Bankruptcy Court
for the Southern District of New York to approve the bidding
process to be used in connection with the sale of some of their
assets and to authorize the sale of those assets to the winning
bidder at an auction.
The assets up for sale consist of the companies' right, title and
interest in and to all assets, including intellectual property
relating to the brands owned by Acrux, LLC and its subsidiaries;
and all inventory owned by Benitago related thereto.
"The bidding procedures will allow the [companies] to conduct the
auction in a fair, controlled and transparent manner that will
encourage participation by financially capable bidders that
demonstrate the wherewithal to close a transaction," Kyle Ortiz,
Esq., at Togut, Segal & Segal, LLP, said in a motion filed in
court.
To qualify for the auction, each potential bidder must deliver to
the companies a written, irrevocable offer. Each bid must
constitute a good faith, bona fide offer to purchase all or
substantially all of the Acrux assets; must be for cash to be paid
at closing; and must be accompanied by a deposit in the amount of
10% of the cash consideration portion of the purchase price.
If two or more qualified bids are not received by the deadline, the
companies may opt not to conduct an auction. Meanwhile, if only one
qualified bid is received, such bid will be selected by the
companies as the winning bid.
The Acrux assets will be sold to the winning bidder "free and
clear" of all liens, claims, interests and encumbrances, subject to
approval by the bankruptcy court.
In the event that the winning bidder does not consummate the sale,
the companies will file and serve a notice of intent to proceed
with the backup bid, and schedule a telephonic status conference.
About Benitago Inc.
Benitago Inc. is a New York-based company, which operates an
e-commerce aggregator platform intended to create, acquire and grow
businesses.
Benitago and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 23-11394) on
Aug. 30, 2023. In the petition signed by its chief restructuring
officer, Thomas Studebaker, Benitago disclosed $50 million to $100
million in both assets and liabilities.
Judge Sean H. Lane oversees the cases.
Kyle J. Ortiz, Esq., at Togut Segal & Segal LLP, represents the
Debtors as legal counsel. The Debtors tapped Portage Point Partners
as financial advisor and Stretto Inc. as notice, claims, and
balloting agent.
BETTER TRANSPORT: Seeks to Hire Instant Bookkeeping as Accountant
-----------------------------------------------------------------
Better Transport Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Abir
Elfishawi and Instant Bookkeeping and Tax Services LLC as its
accountants.
The firm's services include:
a. preparation of journals and ledgers;
b. preparation of financial statements;
c. preparation of financial reports; and
d. preparation of tax returns.
The firm will charge a fixed fee of $1,000 per month.
Abir Elfishawi, owner of Instant Bookkeeping and Tax Services,
assured the court that his firm represents no interest adverse to
Debtor or the estate in the matters upon which it is to be
engaged.
The firm can be reached through:
Abir Elfishawi
INSTANT BOOKKEEPING AND
TAX SERVICES LLC
19714 Canyon Gate Ct
Katy, TX 77450
Phone: (832) 859-9738
About Better Transport Services
Better Transport Services, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No.
23-32218) on June 15, 2023, with up to $100,000 in assets and up to
$500,000 in liabilities. Hana Almomani, president, signed the
petition.
Judge Eduardo V. Rodriguez oversees the case.
Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor
as legal counsel.
BITNILE METAVERSE: Signs New $100M Stock Purchase Deal With Arena
-----------------------------------------------------------------
BitNile Metaverse, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it entered into a purchase
agreement ("ELOC Purchase Agreement") with Arena Business Solutions
Global SPC II Ltd on behalf of and for the account of Segregated
Portfolio #3 – SPC #3, which provides that, upon the terms and
subject to the conditions and limitations set forth therein, the
Company has the right to direct the Investor to purchase up to an
aggregate of $100,000,000 of shares of the Company's common stock
over the 36-month term of the ELOC Purchase Agreement. The terms
and conditions of the ELOC Purchase Agreement are substantially
identical to those of the Prior Purchase Agreement, except that the
time to file the Registration Statement (as defined in the ELOC
Purchase Agreement) has been extended.
Under the ELOC Purchase Agreement, after the satisfaction of
certain commencement conditions, including, without limitation, the
effectiveness of the Registration Statement, the Company has the
right to present the Investor with an advance notice directing the
Investor to purchase any amount up to the Maximum Advance Amount.
The Maximum Advance Amount shall be calculated as follows: (a) if
the Advance Notice is received by 8:30 a.m. Eastern Time, the lower
of: (i) an amount equal to forty percent of the average of the
Daily Value Traded (as defined in the ELOC Purchase Agreement) of
the Company's common stock on the ten Trading Days (as defined in
the ELOC Purchase Agreement) immediately preceding an Advance
Notice, or (ii) $20,000,000, and (b) if the Advance Notice is
received after 8:30 a.m. Eastern Time but prior to 10:30 a.m.
Eastern Time, the lower of (i) an amount equal to thirty percent of
the average of the Daily Value Traded of Common Shares on the ten
(10) Trading Days immediately preceding an Advance Notice, or (ii)
$15,000,000.
The number of shares that the Company can issue to the Investor
from time to time under the ELOC Purchase Agreement shall be
subject to the Ownership Limitation (as defined in the ELOC
Purchase Agreement). In addition, the Investor will not be
required to buy any shares of the Company's common stock pursuant
to an Advance Notice on any trading day on which the closing trade
price of the Company's common stock is below $0.952. The Company
will control the timing and amount of sales of its common stock to
the Investor. The Investor has no right to require any sales by
the Company, and is obligated to make purchases from the Company as
directed solely by the Company in accordance with the ELOC Purchase
Agreement. The ELOC Purchase Agreement provides that the Company
will not be required or permitted to issue, and the Investor will
not be required to purchase, any shares under the ELOC Purchase
Agreement if such issuance would violate Nasdaq rules, and the
Company may, in its sole discretion, determine whether to obtain
stockholder approval to issue shares in excess of 19.99% of its
outstanding shares of common stock if such issuance would require
stockholder approval under Nasdaq rules. The Investor has agreed
that neither it nor any of its agents, representatives and
affiliates will engage in any direct or indirect short-selling or
hedging the Company's common stock during any time prior to the
termination of the ELOC Purchase Agreement.
Pursuant to the ELOC Purchase Agreement, the Company agreed to
prepare and file with the Securities and Exchange Commission a
Registration Statement for the resale by the Investor of
Registrable Securities (as defined in the ELOC Purchase Agreement)
no later than Nov. 30, 2023.
In consideration for the Investor's execution the ELOC Purchase
Agreement, the Company is required to issue to the Investor, as a
commitment fee, a number of common stock having an aggregate dollar
value equal to $4,000,000. Within one business day of the
effectiveness of the Registration Statement, the Company shall
deliver irrevocable instructions to its transfer agent to
electronically transfer to the Investor that number of common stock
having an aggregate dollar value equal to $1,000,000 based on the
per common stock price, which price shall be equal to the simple
average of the daily VWAP (as defined in the ELOC Purchase
Agreement) of the common stock during the ten Trading Days
immediately preceding the effectiveness of the Registration
Statement. The Company shall deliver irrevocable instructions to
its transfer agent to electronically transfer the Investor that
number of common stock having an aggregate dollar value equal
$3,000,000 based on the per common stock price as follows: (i)
$1,000,000 worth of the Commitment Fee Shares on the three month
anniversary of the Initial Issuance based on the per common stock
price which price shall be equal to the simple average of the daily
VWAP of the common stock during the ten Trading Days immediately
preceding the three month anniversary, (ii) $1,000,000 worth of the
Commitment Fee Shares on the six month anniversary of the Initial
Issuance based on the per common stock price which price shall be
equal to the simple average of the daily VWAP of the common stock
during the ten Trading Days immediately preceding the six month
anniversary and (iii) $1,000,000 worth of the Commitment Fee Shares
on the nine month anniversary of the Initial Issuance based on the
per common stock price which price shall be equal to the simple
average of the daily VWAP of the common stock during the ten
Trading Days immediately preceding the nine month anniversary.
The ELOC Purchase Agreement may also be terminated by the Company
at any time after commencement, at the Company's discretion;
provided, however, upon early termination the Company is required
to issue the outstanding Commitment Fee Shares to the Investor.
Further, the ELOC Purchase Agreement will automatically terminate
on the date that the Company sells, and the Investor purchases, the
full $100,000,000 amount under the agreement or, if the full amount
has not been purchased, on the expiration of the 36-month term of
the ELOC Purchase Agreement.
On June 5, 2023, BitNile entered into a purchase agreement with
Arena Business Results, LLC, which provided that, upon the terms
and subject to the conditions and limitations set forth therein,
the Company has the right to direct Arena to purchase up to an
aggregate of $100,000,000 of shares of its common stock over the
36-month term of the Prior Purchase Agreement. On Aug. 24, 2023,
the Company and Arena entered into a termination agreement, whereby
the Company agreed with Arena to terminate the Prior Purchase
Agreement.
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.
CACTUSRV.COM LLC: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: CACTUSRV.COM LLC
3655 N. Romero Rd.
Tucson, AZ 85705
Business Description: Cactus RV offers a large selection of new
and pre-owned toy haulers, travel trailers,
and boats.
Chapter 11 Petition Date: September 5, 2023
Court: United States Bankruptcy Court
District of Arizona
Case No.: 23-06136
Debtor's Counsel: Jody A. Corrales, Esq.
DECONCINI MCDONALD YETWIN & LACY, P.C.
2525 E Broadway, Ste 200
Tucson, AZ 85716
Tel: 520-322-5000
Fax: 520-322-5585
Email: jcorrales@dmyl.com
Total Assets: $8,384,417
Total Liabilities: $7,290,539
The petition was signed by Phillip E. Delaney as member.
The Debtor stated it has no unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/IKHM4SI/CACTUSRVCOM_LLC__azbke-23-06136__0001.0.pdf?mcid=tGE4TAMA
CALAMP CORP: President and CEO Jeff Gardner Dies
------------------------------------------------
CalAmp Corp. announced that Jeff Gardner, the Company's president
and chief executive officer, passed away unexpectedly on Sunday
August 27th due to presumed natural causes.
Henry Maier, Chairman of the Board of Directors, issued the
following statement on behalf of the Board: "We are shocked and
profoundly saddened by the passing of Jeff Gardner. Jeff was a
dedicated and humble leader who cared deeply for his colleagues,
his family and his community. We extend our most heartfelt
condolences and sympathy to his family, especially his wife, Chris,
and their three boys. We will honor his legacy and remember the
extraordinary impact he had on so many. Our thoughts and prayers
are with them during this difficult time."
Jason Cohenour, director on CalAmp's Board of Directors, has been
named interim chief executive officer by the board, effective
immediately.
About CalAmp
CalAmp Corp. is a connected intelligence company that leverages a
data-driven solutions ecosystem to help people and organizations
improve operational performance. The Company solves complex
problems for customers within the market verticals of
transportation and logistics, commercial and government fleets,
industrial equipment, K12 fleets, and consumer vehicles by
providing solutions that track, monitor, and protect their vital
assets.
CalAmp Corp. reported a net loss of $32.49 million for the year
ended Feb. 28, 2023, a net loss of $27.99 million for the year
ended Feb. 28, 2022, a net loss of $56.31 million for the year
ended Feb. 28, 2021, and a net loss of $79.30 million for the year
ended Feb. 29, 2020.
CARESTREAM DENTAL: S&P Downgrades ICR to 'CCC', Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Carestream
Dental Technology Parent Ltd. to 'CCC' from 'B-' based on a higher
risk of default over the next 12 months. S&P also lowered its
issue-level ratings on its revolver and first-lien debt to 'CCC'
from 'B-' and its second-lien debt to 'CC' from 'CCC'.
The negative outlook reflects the significant risk of a distressed
exchange or default within the next 12 months absent favorable
business, economic, and financial conditions.
The downgrade reflects S&P's view that Carestream may face
difficulty refinancing its first-lien term loan, which is due
within 12 months.
Its first-lien term loan ($490 million outstanding) comes due on
Sept. 1, 2024. S&P said, "We do not expect the company will have
sufficient liquidity to repay the loan given its cash balance of
under $45 million as of March 31, 2023, and projected free
operating cash flow (FOCF) deficit of about $10 million-$15 million
this year. In addition, the company's $100 million revolving credit
facility, undrawn as of March 31, 2023, matures in June 2024. We
expect Carestream will pursue refinancing its first-lien term loan
before the maturity date however, it is highly uncertain whether
the company will be successful given its weak financial metrics and
challenging capital market conditions with benchmark rates and
credit risk premiums at elevated levels." Therefore, absent a
maturity extension or new external sources of liquidity, Carestream
may not be able to meet its debt obligations over the next 12
months.
S&P expects the decline in imaging equipment sales and high
interest rate environment will continue to weigh on profitability
and cash flow in 2023.
Carestream's operating performance in the first quarter of 2023 was
weaker than expected because of a 10% decline in imaging revenue
due to slower customer purchases of its cone-beam computed
tomography (CBCT) imaging equipment. Carestream derives about 70%
of its revenue from dental imaging equipment sales, which are
sensitive to budget pressures given the high cost of the equipment
(averages $50,000 to $100,000) and financing costs for the dental
practices. S&P projects its overall revenue will decline by about
8% in 2023, causing its S&P Global Ratings-adjusted EBITDA margin
to decline to the low 20%-area.
Meanwhile, higher interest expense has also been a drag on the
company's cash flow due to its exposure to variable-rate debt.
During the first quarter of 2023, Carestream reported an free
operating cash flow (FOCF) deficit of about $10 million. S&P said,
"We forecast an FOCF deficit of $10 million to $15 million for the
full year 2023 as some one-time costs subside in the second half of
the year. At the same time, we project its S&P Global
Ratings-adjusted leverage to rise to the 9x-area by year end."
The company's second-lien loan is trading at distressed levels,
which increases the likelihood of a subpar exchange.
Carestream's second-lien term loan due 2025 is currently trading at
75 cents to the dollar. The significant discount associated with
the value of the term loan could increase the probability the
company will negotiate some form of subpar debt exchange absent a
material improvement in its operating performance. S&P would view
any type of distressed exchange whereby the lenders receive less
than the face value of the original obligation as a selective
default.
The negative outlook reflects the significant risk of a distressed
exchange or default absent favorable business, economic, and
financial conditions.
S&P said, "We could lower our rating on Carestream if we believe a
default or distressed exchange is likely within the next six
months. We could also lower the ratings by more than one notch if
the company takes steps to initiate, or voices its intention to
execute, a debt exchange or other restructuring transaction that we
viewed as distressed.
"We would raise the rating on Carestream if the company is able to
successfully refinance its near-term debt maturities in a manner
that we would view as consistent with its original terms. We would
also expect the company's liquidity position to improve such that
it would be sufficient to cover its fixed charges over the next 12
months."
CARVANA CO: Completes Debt Exchange With Over 96% of Noteholders
----------------------------------------------------------------
Carvana Co. announced the final results of its debt exchange offers
that will provide the Company with significant financial
flexibility as it continues to execute its profitability and growth
plan by reducing total debt by over $1.325 billion, extending
maturities and lowering near-term cash interest expense by more
than $455 million each year for the next two years.
In the Exchange Offers, holders had the opportunity to exchange
their outstanding 5.500% Senior Notes due 2027, 5.875% Senior Notes
due 2028, 4.875% Senior Notes due 2029 and 10.250% Senior Notes due
2030 for three tranches of new senior secured notes. The Company
further announced the expiration and completion of its concurrent
cash offer to purchase any and all of the Company's outstanding
5.625% Senior Notes due 2025.
The following table describes the final results as of the
expiration of the Offers at 5:00 pm, New York City time, on Aug.
30, 2023 in more detail:
Aggregate Percentage of
Principal of
Amount Outstanding
Tendered Notes
and Validly
Title Accepted Tendered
----- ---------- --------------
5.625% Senior Notes due 2025 $401,742,000 80.3%
5.500% Senior Notes due 2027 $568,165,000 94.7%
5.875% Senior Notes due 2028 $577,527,000 96.3%
4.875% Senior Notes due 2029 $724,349,000 96.6%
10.250% Senior Notes due 2030 $3,247,959,000 99.2%
The Company further announced the expiration and completion of its
solicitation of consents from holders of the outstanding notes to
adopt certain proposed amendments to the existing indentures. The
Company received the requisite consents from holders to adopt the
proposed amendments to the existing indentures, and it previously
entered into supplemental indentures with the trustee to reflect
the proposed amendments, but the proposed amendments will become
operative only upon the consummation of the Offers.
About Carvana
Founded in 2012 and based in Tempe, Arizona, Carvana Co. --
http://www.carvana.com-- is an e-commerce platform for buying and
selling used cars. Carvana.com allows someone to purchase a
vehicle from the comfort of their home, completing the entire
process online, benefiting from a 7-day money back guarantee, home
delivery, nationwide inventory selection and more. Customers also
have the option to sell or trade-in their vehicle across all
Carvana locations, including its patented Car Vending Machines, in
more than 300 U.S. markets.
Carvana Co. reported a net loss of $2.89 billion for the year ended
Dec. 31, 2022, a net loss of $287 million for the year ended Dec.
31, 2021, and a net loss of $462 million for the year ended Dec.
31, 2020. As of Dec. 31, 2022, the Company had $8.70 billion in
total assets, $9.75 billion in total liabilities, and a total
stockholders' deficit of $1.05 billion.
* * *
As reported by the TCR on July 21, 2023, S&P Global Ratings lowered
its issuer credit rating on Carvana Co. to 'CC' from 'CCC'. S&P
said, "The negative outlook reflects our expectation that we will
lower our issuer credit rating to 'D' (default) upon completion of
the proposed exchange. Shortly after restructuring, we would raise
the ratings to a level that reflects the ongoing risk of a
conventional default or future distressed restructurings."
CCI HOLDINGS: Seeks to Hire Hein Schneider as Special Counsel
-------------------------------------------------------------
CCI Holdings Group, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Trent K. Bond,
Esq. and Hein Schneider and Bond, P.C. as its special counsel.
The firm will represent the Debtor in its ongoing arbitration with
ARCO Murray Construction Company.
The firm will be paid at these rates:
Attorneys $315 to $395
Paralegal $145
Hein Schneider is a "disinterested person" within the meaning of 11
U.S.C. 101(14), according to court filings.
The firm can be reached through:
Trent K. Bond, Esq.
HEIN SCHNEIDER AND BOND, P.C.
2244 S Brentwood Blvd
St. Louis, MO 63144
Phone: (314) 863-9100
About CCI Holdings
CCI Holdings Group, LLC is a licensed and bonded concrete
contractor in Clearwater, Fla.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02988) on July 14,
2023, with $786,813 in assets and $1,330,069 in liabilities.
Ruediger Mueller of TCMI, Inc. has been appointed as Subchapter V
trustee.
Judge Catherine Peek McEwen oversees the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. is the Debtor's legal
counsel.
CENTURY AIR SOLUTIONS: Hires Lane Law Firm PLLC as Counsel
----------------------------------------------------------
Century Air Solutions, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ The Lane Law
Firm, PLLC as counsel.
The Debtor requires legal counsel to:
a. assist, advise and represent the Debtor relative to the
administration of its Chapter 11 case;
b. assist, advise and represent the Debtor in analyzing its
assets and liabilities, investigating the extent and validity of
lien and claims, and participating in and reviewing any proposed
asset sales or dispositions;
c. attend meetings and negotiate with representatives of
secured creditors;
d. assist the Debtor in the preparation, analysis and
negotiation of any plan of reorganization and disclosure
statement;
e. take all necessary action to protect and preserve the
interests of the Debtor;
f. appear, as appropriate, before the bankruptcy court, the
appellate courts and other courts in which matters may be heard;
and
g. perform all other necessary legal services.
The firm will be paid at these rates:
Robert C. Lane $550 per hour
Joshua D. Gordon $500 per hour
Associate Attorneys $375 to $400 per hour
Paraprofessionals $150 to $190 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $25,000.
Robert Lane, Esq., a partner at The Lane Law Firm, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Robert C Lane, Esq.
THE LANE LAW FIRM, PLLC
6200 Savoy, Suite 1150
Houston, TX 77036
Telephone: (713) 595-8200
Facsimile: (713) 595-8201
Email: notifications@lanelaw.com
About Century Air Solutions, LLC
Century Air Solutions, LLC provides heating, air condition
installation, repair and maintenance services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-33123) on August 17,
2023. In the petition signed by Phat Bui, manager, the Debtor
disclosed $523,162 in assets and $1,119,313 in liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor
as legal counsel.
CHIPLEY'S FAMILY: Seeks to Hire Dougherty McKinnon as Accountant
----------------------------------------------------------------
Chipley's Family Restaurant, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to employ
Dougherty, McKinnon, and Luby LLC, as its accountants.
The firm's services include:
(a) assisting in the preparation of routine financial
statements;
(b) preparing year-end unaudited compilation reports;
(c) preparing income tax returns;
(d) responding to inquiries or disputes with taxing
authorities; and
(e) complying with the requirements of the U.S. Trustee and
those imposed by statute under Title 11.
The firm will be paid at these rates:
Dennis W Luby $250 per hour
Staff $45 to $250 per hour.
Dougherty is a "disinterested person," as that phrase is defined in
11 U.S.C. Sec. 101(14), according to court filings.
The firm can be reached through:
Dennis W Luby, CPA
DOUGHERTY, MCKINNON, AND LUBY LLC
2521 Brookstone Centre Pkwy
Columbus, GA 31904
Tel: (706) 494-9630
Fax: (706) 494-9631
Email employment@dml-cpa.com
About Chipley's Family Restaurant
Chipley's Family Restaurant, LLC owns and operates restaurants
known as Eddie Mae's Country Kitchen and Louise's Cafeteria.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-40451) on Aug. 4,
2023, with up to $100,000 in assets and up to $500,000 in
liabilities.
Boyer Terry, LLC represents the Debtor as legal counsel.
CHIPLEY'S FAMILY: Seeks to Hire Fife M. Whiteside as Attorney
-------------------------------------------------------------
Chipley's Family Restaurant, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to employ Fife
M. Whiteside, P.C. as its attorneys.
The firm will render these services:
a. advise the Debtor with respect to its power and duties in
the continued operation of its business and management of its
property;
b. prepare legal papers;
c. continue existing litigation and conduct examinations
incidental to the administration of the Debtor's estate;
d. assist with the preparation and filing of a statement of
financial affairs, schedules and lists;
e. take any action for the proper preservation and
administration of the estate;
f. take whatever action necessary in connection with the use
of the Debtor's property pledged as collateral;
g. assert claims held by the Debtor;
h. assist the Debtor in connection with claims for taxes made
by governmental units; and
i. perform other legal services necessary to administer the
Debtor's Chapter 11 case.
The firm will charge $250 per hour for its services. It received a
retainer in the amount $10,000.
Fife M Whiteside neither holds nor represents any interest
materially adverse to the interests of the Debtor's estate,
creditors or equity security holders, according to court papers
filed by the firm.
The firm can be reached through:
Fife M. Whiteside, Esq.
FIFE M. WHITESIDE PC
1124 Lockwood Ave
Columbus, GA 31906-2416
Tel: (706) 320-1215
Fax: (706) 320-1217
Email: whitesidef@mindspring.com
About Chipley's Family Restaurant
Chipley's Family Restaurant, LLC owns and operates restaurants
known as Eddie Mae's Country Kitchen and Louise's Cafeteria.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-40451) on Aug. 4,
2023, with up to $100,000 in assets and up to $500,000 in
liabilities.
Boyer Terry, LLC represents the Debtor as legal counsel.
CORNER OYSTER: Seeks to Hire Dougherty McKinnon as Accountant
-------------------------------------------------------------
Corner Oyster House, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Georgia to employ Dougherty,
McKinnon, and Luby LLC, as its accountants.
The firm's services include:
(a) assisting in the preparation of routine financial
statements;
(b) preparing year-end unaudited compilation reports;
(c) preparing income tax returns;
(d) responding to inquiries or disputes with taxing
authorities; and
(e) complying with the requirements of the U.S. Trustee and
those imposed by statute under Title 11.
The firm will be paid at these rates:
Dennis W Luby $250 per hour
Staff $45 to $250 per hour.
Dougherty is a "disinterested person," as that phrase is defined in
11 U.S.C. Sec. 101(14), according to court filings.
The firm can be reached through:
Dennis W Luby, CPA
DOUGHERTY, MCKINNON, AND LUBY LLC
2521 Brookstone Centre Pkwy
Columbus, GA 31904
Tel: (706) 494-9630
Fax: (706) 494-9631
Email employment@dml-cpa.com
About Corner Oyster House
Corner Oyster House, LLC owns and operates a restaurant known as
Oyster House.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-40452) on Aug. 4,
2023. In the petition signed by Peter Brochu, the Debtor disclosed
up to $100,000 in assets and up to $1 million in liabilities.
Boyer Terry, LLC represents the Debtor as legal counsel.
CREATING SCHOLARS: Seeks to Hire Zemanian Law Group as Counsel
--------------------------------------------------------------
Creating Scholars Through Therapy Corporation seeks approval from
the U.S. Bankruptcy Court for the Eastern District of Virginia to
employ Zemanian Law Group as counsel.
a. prepare the petition, lists, schedules and statements
required by 11 U.S.C. Sec. 521; the pleadings, motions, notices and
orders required for the orderly administration of the estate; and
to ensure the progress of its case; and to consult with and advise
the Debtor on the reorganization of its financial affairs and, as
necessary, the orderly sale of part or all of its assets outside of
the ordinary course of business;
b. prepare for, prosecute, defend, and represent the Debtor's
interests in all contested matters, adversary proceedings, and
other motions and applications arising under, arising in, or
related to its case;
c. advise and consult concerning administration of the estate
in this case, concerning the rights and remedies with regard to the
Debtor's assets; concerning the claims of administrative, secured,
priority, and unsecured creditors and other parties in interest;
d. investigate the existence of other assets of the estate;
and, if any exist, to take appropriate action to have such assets
turned over to the estate;
e. analyze, review, and advise on the impact of pending
litigation brought against, or brought on behalf of the debtor
pending in jurisdictions outside the Eastern District of Virginia;
f. interact with other professionals engaged by the Debtor to
provide services incident to the administration of the estate,
preparation of a plan of reorganization, and prosecution of causes
of actions;
g. prepare and file applications for approval by the Court of
engagement of other professionals to be employed by the Debtor;
and
h. prepare a Plan of Reorganization for the Debtor, and
negotiate with all creditors and parties in interest who may be
affected thereby; to obtain confirmation of a Plan, and perform all
acts reasonably calculated to permit the Debtor to perform such
acts and consummate a Plan.
The firm will be paid at these rates:
Attorneys $325 per hour
Paralegals $110 per hour
Zemanian Law received a total of $12,000, as a retainer.
A disclosed in the court filing, Zemanian Law is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Paul A. Driscoll, Esq.
ZEMANIAN LAW GROUP
223 East City Hall Avenue, Suite 201
Norfolk, VA 23510
Telephone: (757) 622-0090
E-mail: paul@zemanianlaw.com
About Creating Scholars Through Therapy Corporation
Creating Scholars Through Therapy Corporation is a community based
behavioral health provider dedicated to reshaping individuals'
mental state through mental health services in the form of
individual, group, family, and outpatient counseling.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Va. Case No. 23-50562) on Aug. 10,
2023, with up to $500,000 in assets and up to $10 million in
liabilities. Nabila S. White, president and chief executive
officer, signed the petition.
Paul Driscoll, Esq., at Zemanian Law Group, represents the Debtor
as bankruptcy counsel.
CROCKETT PATHWAYS: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Crockett Pathways LLC
58 Naples Lane
Montgomery, TX 77356
Business Description: Crockett Pathways is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: September 5, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 23-33464
Debtor's Counsel: Charles Hunter, Esq.
CHARLES CLINTON HUNTER, HAYES HUNTER PC
4265 San Felipe Street, Suite 1000
Houston, TX 77027
Tel: 469-694-5376
Email: chunter@hayeshunterlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A copy of the Debtor's matrix of creditors is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/DVMOEFQ/Crockett_Pathways_LLC__txsbke-23-33464__0001.3.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/DDS7RMQ/Crockett_Pathways_LLC__txsbke-23-33464__0001.0.pdf?mcid=tGE4TAMA
CUMBERLAND SERVICENTER: Robert Handler Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Region 11 appointed Robert Handler of
Commercial Recovery Associates, LLC as Subchapter V trustee for
Cumberland Servicenter, Inc.
Mr. Handler will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Handler declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Handler
Commercial Recovery Associates, LLC
205 West Wacker Drive, Suite 918
Chicago, IL 60606
Tel. (312) 845-5001 x221
Email: rhandler@com-rec.com
About Cumberland Servicenter
Cumberland Servicenter, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-10920) on Aug. 21, 2023, with $1 million to $10 million in both
assets and liabilities. David Lopina, president, signed the
petition.
Judge Janet S. Baer oversees the case.
Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman represents the
Debtor as legal counsel.
CYTOSORBENTS CORP: Chief Financial Officer Alexander D'Amico Quits
------------------------------------------------------------------
CytoSorbents Corporation announced that Alexander D'Amico has
resigned as the Company's chief financial officer as part of a
mutual termination and release agreement with the Company,
effective Aug. 28, 2023.
As part of the agreement, CytoSorbents and Mr. D'Amico have agreed
to terminate his employment agreement with the Company dated
July 10, 2023 in its entirety, and have agreed to customary and
mutual non-disparagement and release provisions, payment of
specific accrued expenses, and no severance payments or vesting of
equity.
Ms. Kathleen Bloch will continue to serve as the Company's interim
chief financial officer pursuant to the existing consulting
agreement arrangement between the Company and Ms. Bloch.
About CytoSorbents
Based in Monmouth Junction, N.J., CytoSorbents Corporation is
engaged in critical care immunotherapy, specializing in blood
purification. Its flagship product, CytoSorb, is approved in the
European Union with distribution in more than 75 countries around
the world as an extracorporeal cytokine adsorber designed to reduce
the "cytokine storm" or "cytokine release syndrome" seen in common
critical illnesses that may result in massive inflammation, organ
failure and patient death.
CytoSorbents reported a net loss of $32.81 million for the year
ended Dec. 31, 2022, a net loss of $24.56 million for the year
ended Dec. 31, 2021, a net loss of $7.84 million for the year ended
Dec. 31, 2020, a net loss of $19.26 million for the year ended Dec.
31, 2019, and a net loss of $17.21 million for the year ended Dec.
31, 2018. As of Sept. 30, 2022, the Company had $62.27 million in
total assets, $23.13 million in total liabilities, and $39.14
million in total stockholders' equity.
D'RIA GROUP: Hires Michael Jay Berger as Legal Counsel
------------------------------------------------------
D'RIA Group Inc. dba Qortstone seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
the Law Offices of Michael Jay Berger as its legal counsel.
The firm's services include:
(a) communicating with creditors;
(b) reviewing the Debtor's Chapter 11 bankruptcy petition and
all supporting schedules;
(c) advising the Debtor of its legal rights and obligations in
a bankruptcy proceeding;
(d) working to bring the Debtor into full compliance with the
reporting requirements of the Office of the U.S. Trustee;
(e) prepare status reports as required by the court;
(f) responding to any motions filed in the Debtor's bankruptcy
proceeding;
(g) responding to creditor inquiries;
(h) reviewing proofs of claim filed in the Debtor's Chapter 11
bankruptcy and object to inappropriate claims;
(i) preparing notices of automatic stay in all state court
proceedings in which the Debtor is sued; and
(j) preparing a Chapter 11 plan of reorganization for the
Debtor.
The firm will be paid at these rates:
Michael Jay Berger, Esq. $595 per hour
Sofya Davtyan, Senior Associate Attorney $545 per hour
Carolyn M. Afari, Mid-level Associate Attorney $435 per hour
Robert Poteete, Mid-level Associate Attorney $435 per hour
Angeline Smirnoff, Associate Attorney $395 per hour
Senior Paralegals and Law Clerks $250 per hour
Bankruptcy Paralegals $200 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The Debtor paid the firm a retainer of $25,000, and filing fee of
$1,738.
Michael Jay Berger, Esq., the sole owner of the Law Offices of
Michael Jay Berger, disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Michael Jay Berger, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Blvd., 6th Floor
Beverly Hills, CA 90212-2929
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
Email: michael.berger@bankruptcypower.com
About D'RIA Group Inc.
D'RIA Group Inc. dba Qortstone, filed a Chapter 11 bankruptcy
petition (Bankr. C.D. Cal. Case No. 1:23-bk-11148) on July 7, 2023.
The Debtor hires the Law Offices of Michael Jay Berger as legal
counsel.
DIAMOND CREEK: Seeks to Hire Reno Fernandez as Bankruptcy Counsel
-----------------------------------------------------------------
Diamond Creek Villa LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to hire Reno
Fernandez, Esq., an attorney with the State Bar of California, as
its bankruptcy counsel.
Mr. Fernandez is to replace present counsel, namely Iain A.
Macdonald.
Mr. Fernandez will render these services:
a. assist the Debtor with respect to its operation;
b. assist with the requirements of the Office of the United
States Trustee in operating matters and the filing of reports;
c. administer claims including the evaluation of timely filed
Proofs of Claim;
d. formulate and prosecute the Plan of Reorganization; and
e. provide general counsel and representation.
Mr. Fernandez will be paid at $415 per hour.
Mr. Fernandez received a retainer in the amount of $10,000.
Mr. Fernandez is a "disinterested person" within the meaning of 11
U.S.C. Sec. 101(14) and as required by 11 U.S.C. Sec. 327(a),
according to court filings.
The firm can be reached through:
Iain A. Macdonald, Esq.
MACDONALD FERNANDEZ LLP
221 Sansome Street, 3rd Floor
San Francisco, CA 94104
Tel: (415) 362-0449
Fax: (415) 394-5544
Email: iain@macfern.com
About Diamond Creek Villa
Diamond Creek Villa LLC filed a petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 22-51125) on
Dec. 14, 2022. In the petition filed by Mark Allen, as manager, the
Debtor reported assets and liabilities between $10 million and $50
million. The case is overseen by Honorable Bankruptcy Judge M.
Elaine Hammond.
The Debtor is represented by Macdonald Fernandez LLP.
DIVERSIFIED HEALTHCARE: Agrees to Terminate Merger Deal With OPI
----------------------------------------------------------------
Diversified Healthcare Trust and Office Properties Income Trust
announced that they have mutually agreed to terminate their merger
agreement dated April 11, 2023, pursuant to which OPI had agreed to
acquire all outstanding common shares of DHC. Accordingly, the
companies have cancelled their respective Special Meetings of
Shareholders scheduled for Sept. 6, 2023.
The mutual termination was approved by the respective Special
Committees and Boards of Trustees of OPI and DHC. The parties have
agreed that each company will bear its costs and expenses in
connection with the terminated transaction pursuant to the terms of
the merger agreement, and that neither party will pay any
termination fee as a result of the mutual decision to terminate the
merger agreement.
About Diversified Healthcare Trust
Diversified Healthcare Trust is a real estate investment trust,
which owns senior living communities, medical office and life
science buildings and wellness centers throughout the United
States. DHC is managed by the operating subsidiary of The RMR
Group Inc. (Nasdaq: RMR), an alternative asset management company
that is headquartered in Newton, Mass.
"[B]ased on these challenges and upcoming debt maturities, we have
concluded that there is substantial doubt about our ability to
continue as a going concern for at least one year from the date of
issuance of the financial statements...Our continuation as a going
concern is dependent upon many factors, including our ability to
complete the Merger, meet our debt covenants and repay our debts
and other obligations when due. While we believe the Merger will
alleviate the substantial doubt about our ability to continue as a
going concern, the Merger is subject to shareholder approval and
other closing conditions and we cannot provide assurance that the
Merger will be completed on the contemplated terms or timeline or
at all. In the event that the Merger is not completed, the
perception of our ability to continue as a going concern may make
it more difficult for us to refinance our existing debt and could
result in the loss of confidence by investors. We cannot be sure
that we will be able to obtain any future financing, and any such
financing we may obtain may not be sufficient to repay our existing
debt. If we are unable to obtain sufficient funds, we may be
unable to continue as a going concern," the Company said in its
Quarterly Report on Form 10-Q for the period ended June 30, 2023.
DULING SONS: Deadline to Send Offers Set for Sept. 27
-----------------------------------------------------
Hilco Real Estate Sale said that Sept. 27, 2023, as the initial bid
deadline for the bankruptcy sale of 6,053 +/- acres, operating
ranch owned by Duling Sons Inc. located at 34122 SD Highway, 44,
Gregory, South Dakota. The property is offered in 3 parcels
available individually or in any combination.
-- High-quality gracing & ranch land with ability
to support 1,000+ head of cattle
-- Main house, bunkhouse, cattle shed, machine shed,
storage shed, heated shop with office
-- Readily available water from multiple sources
-- Just southwest of the Missouri River
-- Significant upside potential
-- Zoning: Agricultural
For further information, please contact Steve Madura at (847)
504-2478 or smadura@hilcoglobal.com, Jeff Azuse at (847) 418-2703
or jazuse@hilcoglobal.com, or Michael Kneifel at (847) 201-2322 or
mkneifel@hilcoglobal.com.
About Duling Sons
Duling Sons Inc., a company based in Gregory, S.D., filed a
voluntary petition for Chapter 11 protection (Bankr. D. S.D. Case
No. 21-30026) on Dec. 3, 2021, with $10 million to $50 million in
assets and $1 million to $10 million in liabilities. Raymond
Joseph Duling, president of Duling Sons, signed the petition.
Judge Charles L. Nail, Jr., presides over the case.
Clair R. Gerry, Esq., at Gerry & Kulm Ask, Prof. LLC represents the
Debtor as legal counsel.
Elizabeth M. Lally, the Subchapter V trustee appointed in the
Debtor's case, is represented by Spencer Fane, LLP.
EIGHT COPELAND: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Eight Copeland Road Group, LLC
39 Hazelwood Avenue
Livingston, NJ 07039
Business Description: Eight Copeland is engaged in activities
related to real estate.
Chapter 11 Petition Date: September 5, 2023
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 23-17756
Judge: Hon. John K. Sherwood
Debtor's Counsel: Avram D. White, Esq.
WHITE AND CO. ATTORNEYS AND COUNSELLORS
523 Park Avenue
Suite 3
Orange, NJ 07050
Tel: 973-669-0857
Fax: 888-481-1709
Email: avram.randr@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Marc Theophile as managing member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/26E7X6A/Eight_Copeland_Road_Group_LLC__njbke-23-17756__0001.0.pdf?mcid=tGE4TAMA
ENCINO TOWERS: Seeks to Hire ExP Commercial as Real Estate Broker
-----------------------------------------------------------------
Encino Towers, LLC seeks approval from the U.S. Bankruptcy Code for
the Central District of California to hire Louis Chavez and ExP
Commercial of California Inc. as its real estate broker.
The firm will provide real estate brokerage services with respect
to the real property located at 17825 Ventura Blvd., Encino, CA
91316.
The firm will receive a commission equal to 5 percent of gross
sales.
Louis Chavez, senior partner atExP Commercial, assured the court
that his firm is a "disinterested person" as defined in 11 U.S.C.
101(14).
The firm can be reached through:
Louis Chavez
EXP COMMERCIAL OF CALIFORNIA INC.
2603 Camino Ramon #200
San Ramon, CA 91316
Phone: (323) 422-1910
Email: info@lccinvestgroup.com
About Encino Towers
Encino Towers, LLC, a company in Encino, Calif., filed voluntary
Chapter 11 petition (Bankr. C.D. Calif. Case No. 23-10965) on
July10, 2023, with $10 million to $50 million in both assets and
liabilities. Kaysan Ghasseminejad, managing member, signed the
petition.
Judge Victoria S. Kaufman oversees the case.
RHM LAW, LLP represents the Debtor as bankruptcy counsel.
ENERGY DRILLING: Hires Calderone Advisory as Financial Advisor
--------------------------------------------------------------
Energy Drilling Services, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ
Calderone Advisory Group, LLC as financial advisor.
The Debtor requires a financial advisor to assess available
options, assist with preference analysis, and to develop and
support a plan of reorganization.
The firm will be paid at these rates:
President $500 per hour
Senior Managing Director $475 per hour
Managing Director $425 per hour
Executive Director $425 per hour
Paraprofessional $85 per hour
The firm received a retainer in the amount of $20,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Alexander A. Calderone, a partner at Calderone Advisory Group, 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:
Alexander A. Calderone
CALDERONE ADVISORY GROUP, LLC
550 West Merrill Street Suite 100
Birmingham, MI 48009
Telephone: (248) 430-8060
Email: alex@calderoneag.com
About Energy Drilling Services, LLC
Del Sol Deliverys, LLC sought Chapter 11 bankruptcy protection
(Bankr. W.D. Tex. Case No. 23-50147) on Feb. 10, 2023. In the
petition signed by Ariel Alvarez Diaz, manager, the Debtor
disclosed $260,047 in total assets and $1,082,588 in total
liabilities.
Judge Craig A. Gargotta oversees the case.
William R. Davis, Jr., Esq., at Langley & Banack, Inc. and
Calderone Advisory Group, LLC are the Debtor's legal counsel and
financial advisor, respectively.
ENVISION HEALTHCARE: Comm. Taps Armstrong Teasdale as Counsel
-------------------------------------------------------------
The official committee of unsecured creditors of Envision
Healthcare Corporation and affiliates seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Armstrong Teasdale LLP as its conflicts counsel.
The firm will render these services:
(a) advise the Committee regarding its rights, powers, and
duties under the Bankruptcy Code and in connection with these
chapter 11 cases;
(b) assist and advise the Committee in its consultations and
negotiations with the Debtors concerning the administration of
these chapter 11 cases;
(c) assist and advise the Committee in its examination,
investigation, and analysis of the acts, conduct, assets,
liabilities, and financial condition of the Debtors, including
without limitation, reviewing and investigating prepetition
transactions, the operation of the Debtors' business, and the
desirability of the continuance of such business;
(d) assist the Committee in the formulation, review, analysis,
and negotiation of any chapter 11 plan(s) that have been or may be
filed and assist the Committee in the formulation, review,
analysis, and negotiation of the disclosure statement accompanying
any chapter 11 plan(s);
(e) take all necessary action to protect and preserve the
interests of the Committee and creditors holding general unsecured
claims against the Debtors' estates, including (i) the
investigation and possible prosecution of actions enhancing the
Debtors' estates including any potential challenges to the scopes
of the prepetition security interests of the Company's first lien
lenders, and (ii) review and analysis of claims filed against the
Debtors' estates;
(f) review and analyze motions, applications, orders,
statements of operations, and schedules filed with the Bankruptcy
Court and advise the Committee as to their propriety;
(g) prepare on behalf of the Committee all necessary
pleadings, applications, memoranda, orders, reports, and other
papers, in support of positions taken by the Committee;
(h) represent the Committee at all court hearings, statutory
meetings of creditors, and other proceedings before this Court;
(i) assist the Committee in the review, analysis, and
negotiation of any prepetition and exit financing agreements and
sale processes;
(j) assist and advise the Committee as to its communications
with its constituents regarding significant matters in these
chapter 11 cases, including but not limited to, communications
required under section 1102(b)(3) of the Bankruptcy Code; and
(k) perform such other legal services as required or otherwise
deemed to be in the interests of the Committee in connection with
these chapter 11 cases.
The firm will be paid at these rates:
Partners and Of Counsel $400 - $1100 per hour
Associates $335 - $595 per hour
Specialists, Paralegals and Staff $175 - $375 per hour
Eric Macey, a partner at Armstrong Teasdale, disclosed in a court
filing that his firm does not hold adverse interests in any matter
relating to the Debtor or its estate.
The firm can be reached through:
Eric N. Macey, Esq.
ARMSTRONG TEASDALE LLP
100 North Riverside Plaza, Suite 1500
Chicago, IL 60606-1520
Tel: (312) 419-6900
Fax: (312) 419-6928
Email: emacey@atllp.com
About Envision Healthcare Corporation
Envision Healthcare Corporation -- http://www.EnvisionHealth.com/
-- is a national medical group that delivers physician and advanced
practice provider services, primarily in the areas of emergency and
hospitalist medicine, anesthesiology, radiology, teleradiology and
neonatology. As a leader in ambulatory surgical care, AMSURG holds
ownership in more than 250 surgery centers in 41 states and the
District of Columbia, with medical specialties ranging from
gastroenterology to ophthalmology and orthopedics. In total, the
medical group offers a differentiated suite of clinical solutions
on a national scale with a local understanding of communities,
creating value for health systems, payers, providers and patients.
On May 15, 2023, Envision and affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Texas Lead Case No. 23-90342). Envision reported $1 billion to $10
billion in both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsels; Jackson Walker, LLP as
conflict counsel and co-counsel with Kirkland & Ellis; Alvarez &
Marsal North America, LLC as restructuring advisor; PJT Partners,
LP as investment banker; and KPMG, LLP as tax consultant. Kroll
Restructuring Administration, LLC is the claims, noticing and
solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped White & Case, LLP as legal counsel and Force Ten
Partners, LLC as financial advisor.
FANJOY CO: Gets OK to Hire Molly McPherson as Public Relations Mgr.
-------------------------------------------------------------------
Fanjoy Co. received approval from the U.S. Bankruptcy Court for the
Northern District of Georgia to employ Molly McPherson, the go-to
authority in crisis communication strategy, as its public relations
manager.
Ms. McPherson will provide Debtor with the following services:
a. "S.W.O.T." discovery call and analysis;
b. Key Messaging and Talking Points: Assisting Debtor in its
messaging for both internal and external audiences; and
c. Condensed Social Media Action Plan: Providing Debtor with a
condensed version of
a social media action plan, focusing on elements critical to
Debtor.
Ms. McPherson has agreed that her work will be paid for in a lump
sum payment of $5,000.
Ms. McPherson assured the court that she is a disinterested person
as that term is defined in 11 U.S.C. Sec. 101(14).
Ms. McPherson can be reached at:
Molly McPherson
Phone: (617) 947-3036
https://mollymcpherson.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.
FENIX GROUP: Seeks Approval to Hire eXp Realty LLC as Broker
------------------------------------------------------------
Ronald Lee Tilley seeks approval from the U.S. Bankruptcy Court for
the District of Arizona to employ Christian Hill, Emily Hill, and
eXp Realty LLC as his brokers.
The professional real estate services of the Broker shall include,
without limitation, sale of the property located at 14034 W.
Roanoke Ave., Goodyear, Maricopa AZ 85395 and other tasks that the
Debtor may request incidental to the sale of the property.
The firm will receive a commission equal to 6 percent of the gross
sales price.
As disclosed in the court filings, EXP has no disqualifying
connection with the Debtor, any creditor or other party in interest
and does not hold or represent any interest adverse to the estate.
The firm can be reached through:
Christian Hill
Emily Hill
EXP REALTY LLC
2219 Rimland Drive, Suite 301
Bellingham, WA 98226
Tel: (602) 799-5022
Tel: (480) 454-0012
Email: christian.hill@exprealty.com
Email: emily.hill@exprealty.com
About Fenix Group
Fenix Group, LLC provides services to children and adults with
developmental disabilities. These include a day program (two
locations), group supported employment, transportation, after
school and summer programs for children, and adult development
homes programs. They are funded through the State of Arizona
Division of Development Disabilities.
Fenix Group sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 23-00155) on Jan. 11,
2023, with up to $50,000 in assets and up to $500,000 in
liabilities. Ron Tilley, a Fenix Group member and manager, signed
the petition.
Judge Madeleine C. Wanslee oversees the case.
The Debtor tapped D. Lamar Hawkins, Esq., at Guidant Law, PLC as
bankruptcy counsel; Silver Law, PLC as special counsel; and Richard
F. Avellone, LLC as accountant.
FLUID CONSTRUCTION: Robert Altman Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Robert Altman as
Subchapter V trustee for Fluid Construction, Inc.
Mr. Altman will be paid an hourly fee of $275 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Altman declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert Altman
P.O. Box 922
Palatka, FL 32178-0922
Phone: 386-325-4691
Email: robertaltman@bellsouth.net
About Fluid Construction
Fluid Construction Inc. is a company in Clermont, Fla., which
offers construction and repair or restoration services.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-03376) on Aug. 18,
2023, with $142,852 in assets and $2,339,979 in liabilities.
Charles Tirri, chief executive officer, signed the petition.
Judge Lori V. Vaughan oversees the case.
Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC represents the
Debtor as bankruptcy counsel.
FT MEDICAL: Seeks to Tap Falcone Law Firm as Bankruptcy Counsel
---------------------------------------------------------------
FT Medical Group, LLC seeks approval the U.S. Bankruptcy Court for
the Northern District of Georgia to hire The Falcone Law Firm, PC
as its counsel.
The firm's services include:
a. advising the Debtor regarding its rights, powers and duties
in the administration of its Chapter 11 case and assets of the
bankruptcy estate;
b. assisting the Debtor in connection with the analysis of its
assets, liabilities, financial condition and other matters related
to its business;
c. assisting in the preparation, negotiation and
implementation of a plan of reorganization;
d. advising the Debtor with regards to objections to or
subordination of claims and other litigation matters;
e. representing the Debtor in the investigation of the
desirability and feasibility of the rejection and potential
assignment of any executory contracts or unexpired leases;
f. advising the Debtor with regard to all applications,
motions or complaints concerning reclamation, adequate protection,
sequestration, relief from stays, use of cash collateral,
disposition or other use of assets of the estate and other similar
matters;
g. assisting the Debtor in the sale or disposition of assets
of its bankruptcy estate;
h. preparing legal papers and conducting examinations;
i. providing assistance to the Debtor with regard to the
proper receipt, disbursement and accounting of funds and property
of the estate; and
j. other legal services related to the Debtor's Chapter 11
case.
The firm will be paid at these rates:
Senior Attorneys $400 per hour
Associates $250 per hour
Paralegals $175 per hour
Staffs $75 per hour
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
Ian Falcone, Esq., a partner at Falcone Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ian M. Falcone, Esq.
FALCONE LAW FIRM, P.C.
363 Lawrence Street
Marietta, GA 30060
Tel: (770) 426-9359
Email: Imffalconefirm.com
About FT Medical Group LLC
FT Medical Group LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-57910) on August 18,
2023. In the petition signed by Darryle Farr, COO, the Debtor
disclosed $1,153,142 in total assets and $5,413,254 in total
liabilities.
Judge Lisa Ritchey Craig oversees the case.
Ian Falcone, Esq., at The Falcone Law Firm, PC, represents the
Debtor as legal counsel.
FTX GROUP: Bankman-Fried Slams Prosecutors for Pretrial Doc. Dump
-----------------------------------------------------------------
Hailey Konnath of Law360 reports that Sam Bankman-Fried on Friday,
August 25, 2023, criticized federal prosecutors for producing 4
million additional pages of discovery documents less than six weeks
before the FTX founder's fraud trial, arguing that prosecutors
"can't be allowed to dump millions of pages" with limited plans for
Bankman-Fried to access them while in prison.
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.
GAUCHO GROUP: All Five Proposals Passed at Annual Meeting
---------------------------------------------------------
Gaucho Group Holdings, Inc. convened its 2023 Annual Stockholder
Meeting virtually during which the stockholders:
(1) elected Scott L. Mathis and William Allen to serve a
three-year term as Class III directors until their successors are
elected and qualified;
(2) approved the grant to the Board of Directors of discretion on
or before June 30, 2024, to implement a reverse stock split of the
outstanding shares of common stock in a range of one-for-two up to
one-for-ten;
(3) approved, on an advisory basis, the compensation of the
Company's named executive officers;
(4) approved the issuance of up to 15,000,000 shares of the
Company's common stock upon the conversion of convertible
promissory notes issued in a private placement; and
(5) ratified and approved Marcum, LLP as the Company's
independent registered accounting firm for the year ended Dec. 31,
2022.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly owned
subsidiaries, GGH invests in, develops and operates real estate
projects in Argentina. GGH operates a hotel, golf and tennis
resort, vineyard and producing winery in addition to developing
residential lots located near the resort. In 2016, GGH formed a new
subsidiary and in 2018, established an e-commerce platform for the
manufacture and sale of high-end fashion and accessories. The
activities in Argentina are conducted through its operating
entities: InvestProperty Group, LLC, Algodon Global Properties,
LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L.,
and Algodon Wine Estates S.R.L. Algodon distributes its wines in
Europe through its United Kingdom entity, Algodon Europe, LTD.
Gaucho Group reported a net loss of $21.83 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.39 million for
the year ended Dec. 31, 2021. As of March 31, 2023, the Company
had $21.01 million in total assets, $8.60 million in total
liabilities, and $12.40 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
GENESIS GLOBAL: Debtors Agree on Deal in Principle, Gemini Opposes
------------------------------------------------------------------
Suvashree Ghosh of Bloomberg News reports that Digital Currency
Group, the parent company of bankrupt crypto lender Genesis Global
Holdco LLC has come to a repayment agreement with some of the
creditors, according to a court filing on Tuesday.
Crypto Exchange Gemini Trust Co, one of Genesis' biggest creditors,
and the Ad Hoc Group of lenders did not support the deal, filings
showed
The amended plan estimates a recovery about 70% to 90% in dollar
equivalent for unsecured creditors and could result in a 65%-90%
in-kind basis recovery depending on the denomination of the digital
asset, according to the filing.
About Genesis Global
Genesis Global Holdco, LLC, through its subsidiaries, and Global
Trading, Inc., provide lending and borrowing, spot trading,
derivatives and custody services for digital assets and fiat
currency.
Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE.
LTD. (GAP) provide lending and borrowing, spot trading, derivatives
and custody services for digital assets and fiat currency. Genesis
Global Holdco, LLC owns 100% of GGC and GAP.
Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.
At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.
Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include Genesis
UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong
Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody
Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.
The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as
bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez
& Marsal Holdings, LLC as financial advisor; and Moelis & Company,
LLC as investment banker. Kroll Restructuring Administration, LLC
is the Debtors' claims and noticing agent and administrative
advisor.
The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP. The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped White & Case, LLP as bankruptcy counsel; Houlihan
Lokey Capital, Inc. as investment banker; Berkeley Research Group,
LLC as financial advisor; and Kroll as information agent.
About Genesis Global
Genesis Global Holdco, LLC, through its subsidiaries, and Global
Trading, Inc., provide lending and borrowing, spot trading,
derivatives and custody services for digital assets and fiat
currency.
Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE.
LTD. (GAP) provide lending and borrowing, spot trading, derivatives
and custody services for digital assets and fiat currency. Genesis
Global Holdco, LLC owns 100% of GGC and GAP.
Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are
pending before the Honorable Sean H. Lane.
At the time of the filing, Genesis Holdco reported $100 million to
$500 million in both assets and liabilities.
Genesis Holdco is a sister company of Genesis Global Trading, Inc.
("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG").
GGT, DCG and certain of the Holdco subsidiaries are not included in
the Chapter 11 filings. The non-debtor subsidiaries include Genesis
UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong
Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody
Limited ("GCL"), GGC International Limited ("GGCI"), GGA
International Limited, Genesis Global Markets Limited, GSB 2022 II
LLC, GSB 2022 III LLC and GSB 2022 I LLC.
The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as
bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez
& Marsal Holdings, LLC as financial advisor; and Moelis & Company,
LLC as investment banker. Kroll Restructuring Administration, LLC
is the Debtors' claims and noticing agent and administrative
advisor.
The ad hoc group of creditors is represented by Kirkland & Ellis,
LLP and Kirkland & Ellis International, LLP. The ad hoc group of
Genesis lenders is represented by Proskauer Rose, LLP. The U.S.
Trustee for Region 2 appointed an official committee to represent
unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped White & Case, LLP as bankruptcy counsel; Houlihan
Lokey Capital, Inc. as investment banker; Berkeley Research Group,
LLC as financial advisor; and Kroll as information agent.
GOTO GROUP: S&P Affirms 'B-' Issuer Credit Rating, Outlook Neg.
---------------------------------------------------------------
S&P Global Ratings affirmed all ratings on GoTo Group Inc.,
including its 'B-' issuer credit rating.
The negative outlook reflects S&P's expectation for growth
challenges in the company's core collaboration segment and
uncertainty arising from the highly competitive operating
environment and weak macroeconomic conditions.
Francisco Partners and Elliott Investment Management purchased
about $166 million of GoTo Group Inc.'s $2.2 billion first-lien
term loan, which has been trading at distressed levels since
October 2022.
The sponsors' repurchase of part of GoTo's first-lien debt does not
affect GoTo's credit quality. The sponsors repurchased about $166
million of GoTo's $2.194 billion first-lien term loan, which
equates to about 7.5% of the total first-lien debt and only 5% of
total outstanding debt. S&P said, "We do not treat this transaction
as a distressed given its relatively small scale. The purchased
debt remains outstanding, and we do not believe it was bought with
the intent to retire it."
S&P said, "GoTo Group's recent performance is tracking according to
our expectations but faces high operational risk and execution
uncertainty as the company tries to stabilize its operations.
GoTo's core business has struggled to consistently generate
positive free cash flow. We expect higher interest rates and
challenging macroeconomic and business conditions will reduce the
company's flexibility to manage unexpected business shortfalls. Our
base case continues to assume decent EBITDA expansion from growth
and cost savings, but factors such as increasing competition in
unified communications-as-a-service (UCaaS), rising customer
attrition related to the LastPass cyber attack, or other unforeseen
costs may make it challenging for GoTo to hit financial targets. We
expect 2023 to be the trough for GoTo's revenue base, which we
expect to decline 4%. We expect the company's UCaaS segment to
maintain consistent growth in the low-teens percentages, which
should provide enough uplift to offset the continual decline of its
heritage collaboration segment (15% of total revenue). The
cyber-attacks will have a lagging effect on LastPass, leading to
second half 2023 weakness from churn that has already occurred.
However, we expect increasing investments to fortify its cyber
security framework and should allow LastPass to rebound and
contribute about 0.5% to total GoTo revenue growth in 2024.
"We expect GoTo's EBITDA margins to decline to 27.5% in 2023 given
lower operating leverage and increasing restructuring costs
associated with optimization initiatives. Margin declines have been
worse than expected as ongoing restructuring and temporary LastPass
separation costs constrain profitability in 2023. However, as some
of these costs wind down over the coming quarters, we expect modest
EBITDA margin improvement to 30% by the end of 2024. We expect debt
to EBITDA will increase to about 9.2x by the end of 2023 from 8.7x
as of June 30, 2022. Furthermore, we expect revenue declines, high
restructuring costs, and increasing interest expense burden will
contribute to a $35 million-$40 million FOCF deficit in 2023 before
it improves to positive $10 million in 2024. We expect the company
may have reduced operational flexibility if restructuring costs are
higher than expected or take longer than expected to wind down.
"The negative outlook reflects our expectation for increasing
challenges to growth in GoTo's core collaboration segment and
uncertainty arising from the highly competitive operating
environment and weaker macroeconomic conditions. We believe this
backdrop will likely make it difficult to achieve consistent
performance and offset profit pressures from ongoing business
restructuring. While we expect the company to maintain sufficient
liquidity in 2023, and weak FOCF will continue at about negative
$35 million and adjusted debt-to-EBITDA will remain elevated in
low-9x area in 2023."
Over the next 12 months, S&P could lower the rating if:
-- Business and competitive factors do not stabilize such that S&P
believes GoTo is on the path to generating sustained negative
FOCF;
-- Persistently negative FOCF weakens liquidity and is
insufficient to cover its debt service obligations, leading S&P to
view its capital structure as unsustainable.
This could be caused by weaker than expected financial performance
including prolonged revenue declines, margin pressures, or
continued strong competition in collaboration areas. The company
could experience customer losses and business disruptions related
to management's restructuring efforts or continued instability of
LastPass.
S&P could revise the outlook to stable if GoTo:
-- Achieves consistent organic revenue growth and EBITDA expansion
and achieves and maintains business stability while executing its
business strategies to restore growth in its UCaaS suite; and
-- Manages its cost base such that it generates positive FOCF to
debt in the low-single-digit percent area on a sustained basis.
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of GoTo, as is the case
for most rated entities owned by private equity sponsors. We
believe GoTo's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of
controlling owners. This also reflects the generally finite holding
periods and a focus on maximizing shareholder returns."
GREEN DISTRICT: Hits Chapter 11 Bankruptcy Protection
-----------------------------------------------------
Lisa Jennings of Restaurant Business reports that the Louisville,
Ky.-based parent of the Green District salad chain filed Chapter 11
bankruptcy.
The company operates nine fast-casual Green District units in
Kentucky, Indiana, Ohio and Colorado offering a menu of salads,
wraps, grain bowls and "Toastys," or toasted wraps. Dressings are
made in house.
In court documents, Green District Franchisee Parent Inc. said it
has between 200 and 999 creditors and estimated assets between $1
million and $10 million. The company has about 168 employees.
Green District was founded in 2017 by partners Chris Furlow, who
serves as the chain's chief development officer, Jordan Doepke, and
Matt Petty.
Green District had reportedly won an investment from
Louisville-based private-equity firm Castellan Group in 2020. At
the time, the chain had the goal of reaching $100 million in
revenue by 2026.
Last year, Green District pushed for expansion, signing leases in
Tennessee, Florida, Arizona and Utah. According to a press release
a year ago, the company planned to add 12 new locations by
mid-2023.
But the rising interest rates last year put a damper on those
plans. In court documents, the company said it "could not
profitably continue" that expansion and began working with
landlords, contractors and other creditors to resolve liabilities
left for restaurants that never opened or never generated revenue.
The chain has closed "numerous" locations since May 2023, and two
more restaurants were expected to close before the end of August
2023. One franchisee also filed for Chapter 7 bankruptcy last week
related to a Green District location in Avon, Ind., which was owned
by VVB Inc.
Green District officials did not respond to requests for more
information.
About Green District
Green District Franchisee Parent, Inc., is a Delaware corporation
with its principal office located at 225 South 5th Street in
Louisville, Kentucky. GDFP operates 9 Green District restaurants
in
Kentucky, Indiana, Ohio and Colorado.
The Green District restaurants are a casual fast-food restaurant
chain offering food products focused on salads and healthy fare.
GDFP currently employs approximately 168 employees in its
operations.
Four individuals own common stock in the company, and CGGD
Franchisee, LP, owns all the preferred stock in the company. CGGD
Franchisee is also the holder of a convertible promissory note
from GDFP dated April 15, 2022 in the face amount of $15 million.
Green District Franchisee Parent sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Kent. Case No. 23-31922)
on August 18, 2023.
In the petition signed by Chris Furlow, director, the Debtor
disclosed up to $10 million in assets and up to $50 million in
liabilities.
Judge Joan A Lloyd oversees the case.
Dean A. Langdon, Esq., at Delcotto Law Group, PLLC, is the
Debtor's legal counsel.
GREENFIRE RESOURCES: S&P Assigns 'B-' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit rating
to Calgary-based exploration and production (E&P) company Greenfire
Resources Inc. and its wholly owned subsidiary Greenfire Resources
Ltd. (collectively referred to as Greenfire).
S&P also assigned a 'B+' rating to the proposed senior secured
US$300 million debt being issued by Greenfire Resources Ltd. The
recovery rating is '1', which indicates its expectation for very
high recovery for debtholders under its simulated default
scenario.
The ratings reflect Greenfire's relatively small scale of
production, limited operational and geographic diversification, and
private equity-sponsored ownership. Partial offsets include the
company's modest capital spending requirements to maintain and grow
production, and low corporate decline rate.
The stable outlook reflects S&P's view that the company will
generate strong cash flows over its forecast period supported by
relatively favorable oil prices and its expectation that the
company will achieve its production growth targets.
The business risk assessment reflects Greenfire's single product,
small production scale and reserves base relative to peers.
Greenfire's vulnerable business risk profile reflects the company's
single product, small daily average production profile, low net
proved reserves, and relatively high operating costs. S&P said,
"Greenfire's projected production of about 20,000 barrels of
bitumen per day in 2023 is among the smallest in our ratings
universe, significantly lower than that of higher-rated peers such
as International Petroleum Corp. (B/Stable/--; 50,000 barrels of
oil equivalent (boe) per day) and Athabasca Oil Corp. (B/Stable/--;
35,000 boe per day). While we expect the company's bitumen
production to grow to about 25,000 barrels per day in 2024, this
scale remains in line with similarly rated peers like Berry Corp.
(B-/Stable/--; 24,500 boe per day), another heavy oil-focused
producer. Greenfire's total net proved reserves of 146 million
barrels at year-end 2022 also lags higher-rated peers International
Petroleum Corp. (316 million boe) and Athabasca Oil Corp. (325
million boe)."
Similar to other oil sands-focused producing resources, the
reserves are heavily skewed toward proved undeveloped reserves,
with only about 20% of the reserves classified as proved developed.
Additionally, the incremental costs associated with required
diluent blending for heavy oil at the company's Expansion asset,
and transportation cost result in a relatively high-cost structure
versus peers producing other forms of hydrocarbon. Bitumen
production's largely fixed-cost structure should contribute to an
improved cost structure as the company works to grow production to
its estimated 35,000 barrels per day debottlenecked capacity;
however, the company's single product focus on lower-value bitumen
production will continue to amplify revenue and cash flow
deterioration in periods of weaker pricing.
Greenfire's complete heavy oil exposure amplifies revenue and cash
flow volatility. Bitumen represents 100% of Greenfire's production.
As a result, the company's revenue and cash flow generation are
vulnerable to both West Texas Intermediate (WTI) price and Western
Canadian Select (WCS) differential volatility. The combined
exposure contributes to amplified cash flow volatility. S&P said,
"Although our base-case scenario assumes a constant US$15 per
barrel WCS differential during our 2023-2024 forecast period, an
unanticipated US$5 increase in the WCS differential would cause our
projected 2024 funds from operations (FFO) to fall by roughly 30%.
Despite the potential cash flow volatility inherent in the
company's single product focus, S&P Global Ratings attributes
little risk to the company's near-to-medium term production
forecasts due to the modest capital spending required and
reasonable proved developed reserve life index of just under five
years. As such, we expect Greenfire to achieve production growth of
about 25% in 2024 relative to 2023 with annual capital spending of
about $35 million in 2023 and $50 million in 2024. Moreover,
Greenfire's consolidated decline rate of less than 10% (6% for the
Expansion asset and 4% for the Demo asset) should limit future
finding and development cost increases."
S&P said, "We assess Greenfire's financial risk as highly leveraged
based on private equity ownership. Pro forma the company's merger
with special purpose acquisition company (SPAC) M3-Brigade
Acquisition III Corp. (M3-Brigade), Greenfire will be a publicly
listed entity with financial sponsors owning between 43%-56% of the
company's common shares, depending on the number of redemptions
during the de-SPAC process. Under all redemption scenarios the
financial sponsor ownership is above our threshold to qualify as a
financial sponsor owned company. While we expect Greenfire to
maintain strong credit measures over our two-year (2023-2024)
forecast period, specifically S&P Global Ratings-adjusted FFO to
debt of about 90% and S&P Global Ratings-adjusted debt to EBITDA of
about 1.5x, companies owned by financial sponsors tend to follow a
more aggressive financial policy to achieve sponsor's desired
returns, in our view. Greenfire's financial risk profile assessment
reflects this risk, regardless of actual or projected balance-sheet
strength. We expect Greenfire to generate modest free cash flow in
2023 and more substantial free cash flow in 2024 with the company's
targeted production growth and focus on debottlenecking
operations.
"The stable outlook reflects our view that Greenfire will generate
strong credit measures over the next two years supported by
relatively favorable oil prices and our expectation that the
company will achieve its targeted production growth levels.
Specifically, we project the company will generate an adjusted
FFO-to-debt ratio of about 90% in 2023 and 2024."
S&P could lower the rating if:
-- The company materially outspends internal cash flow, such that
S&P's fully adjusted FFO to debt approached 20%; or
-- Liquidity becomes constrained.
S&P said, "This would most likely occur if commodity prices fall
below our expectations or if capital spending is significantly
above our base-case scenario estimates. Liquidity could be
constrained by shareholder distributions above the levels we are
projecting.
"We believe the company's credit profile and our rating will remain
constrained by Greenfire's limited scale, narrow operational and
geographic focus, and private equity-sponsored ownership."
Nevertheless, S&P could raise the rating, if the company:
-- Materially expands its operational scope and scale;
-- Maintains adequate liquidity; and
-- Continues to generate positive free operating cash flow.
S&P said, "Environmental and social factors are negative
considerations in our credit rating analysis of Greenfire Resources
Inc. Environmental factors, specifically the high greenhouse gas
emissions associated with Greenfire's heavy oil production,
influence our assessment of the company's cost structure,
profitability, and rating. In the past, the protracted social
activism against pipeline capacity expansion has stunted future
growth prospects for oil sands production."
GRUPO HIMA: Gets Court Nod to Conduct Sept. 14 Auction
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico approved
bidding procedures for the sale of substantially all assets of
Grupo Hima San Pablo Inc. and its debtor-affiliates.
The Debtors will conduct an auction to be held on Sept. 14, 2023,
starting at 10:00 a.m. (Atlantic Standard Time), or such other time
as the Debtors will designate, and notify all qualified bidders and
all creditors who request access to the auction prior to the bid
deadline of Sept. 11, 2023, by contacting the counsel to the
Debtors:
Lugo Mender Group, LLC
Attn: Wigberto Lugo Mender
Alexis Betancourt Vincenty
Amarys Bolorin Solivan
100 Carr. 165 Suite 501
Guaynabo, Puerto Rico 00968
Email: wlugo@lugmender.com
a_betancourt@lugomender.com
a.bolorin@lugomender.com)
- and -
IEC Consulting, LLC
Investment banker of the Debtors
Attn: Ivan Colon
Email: ivancolon311@gmail.com
The sale hearing to consider approval of the sale of the assets to
the successful bidder(s), free and clear of all liens, claims and
encumbrances, will be held before the Honorable Enrique S.
Lamoutte, United States Bankruptcy Judge, Jose V. Toledo Federal
Building & US Courthouse, 300 Calle del Recinto S STE 109, San
Juan, PR 00901-1964 on Sept. 20, 2023 at 4:00 (Atlantic Standard
Time), or at such other time thereafter as counsel may be heard.
The auction objection deadline, must be in writing, state the basis
of such objection with specificity, and be filed with the
Bankruptcy Court, Clerk's Office, 300 Calle del Recinto S STE 109,
San Juan, PR 00901-1964, and served before Sept. 11, 2023 at 4:00
p.m. (Atlantic Standard Time) by the following parties:
a) counsel to the Debtors:
Lugo Mender Group, LLC
Attn: Wigberto Lugo Mender
Alexis Betancourt Vincenty
100 Carr. 165 Suite 501
Guaynabo, Puerto Rico 00968
E-mail: wlugo@lugmender.com
a_betancourt@lugomender.com
b) investment banker to the Debtors:
IEC Consulting, LLC
Attn: Ivan Colon,
E-mail: ivancolon311@gmail.com
c) counsel to the DIP Agent:
Milbank LLP
Attn: Evan Fleck
Matthew Brod
55 Hudson Yards
New York, New York 10001
E-mail: efleck@milbank.com
mbrod@milbank.com
d) The Office of the United States Trustee for the District
of Puerto Rico
Attn: Monsita LecarozArribas
Edificio Ochoa
500 Tanca Street, Suite 301
E-mail: USTP.Region21@usdoj.gov
If you wish to download a copy of the Notice of Successful
Bidder(s), please visit the Debtors' claims and noticing agent’s
website free of charge at https://dm.epiq11.com/case/grupohima/info
under the link for Sale Documents.
About Grupo HIMA San Pablo
Grupo HIMA San Pablo, Inc., serves as a diversified healthcare
services holding company pursuant to a corporate reorganization of
several businesses related by common ownership. Through its
subsidiaries and affiliates, the Company primarily owns and
operates hospital facilities and other healthcare related
businesses. As of August 2023, the HIMA GROUP operates four
hospitals, with over 1,200 licensed beds, including an Oncological
Hospital, a multi-specialty physician practice management company,
Home Care Service (including infusion therapies and wound care), a
free-standing Ambulatory Center and a 16-Ambulance Service
Company.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. P.R. Case No. 23-02510-EAG11) on August
15, 2023. In the petition signed by Armando J. Rodriguez-Benitez,
chief executive officer, the Debtor disclosed up to $1 billion in
assets and up to $500,000 in liabilities.
Judge Enrique S. Lamoutte Inclan oversees the case.
Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC, represents
the Debtor as legal counsel.
GULF FINANCE: S&P Affirms 'B-' Issuer Credit Rating on Asset Sale
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating (ICR) on
Gulf Finance LLC (Gulf).
S&P said, "At the same time, we placed our 'B' issue-level rating
on the company's senior secured debt on CreditWatch with positive
implications, reflecting our view that we could raise the rating
after the partial payment of the TLB. The '2' recovery rating on
the TLB is unchanged and indicates our expectation of substantial
(70%-90%; rounded estimate: 75%) recovery in the event of default.
The stable outlook on the ICR reflects our expectation of adjusted
debt to EBITDA of 4.0x-4.5x in 2023 and 4.5x-5.0x in 2024 and 2025
as the company reduces total leverage by paying down debt.
"Asset sale will lead to improved leverage, with proceeds going
toward debt repayment. We expect that leverage will decline to
4.0x-4.5x in 2023 and 4.5x.-5.0x in 2024 and 2025, from 10.1x in
2022, as Gulf uses proceeds from the terminal and marketing sales
to pay down the TLB and ABL facility. We expect Gulf will pay down
a total of about $551 million of the TLB and ABL outstanding, with
the ABL paydown dependent on market prices of working capital at
transaction close."
The asset sale will limit Gulf's operating scale and business
scope. Gulf expects to sell its branded marketing, trademark name,
intellectual property, and the marketing division in addition to
terminal sales announced in January 2023. In S&P's view, the asset
sale limits the company's business scale, as it leaves it reliant
on unbranded wholesale and reduced throughput for revenue
generation.
With the remaining terminals solely in Pennsylvania, the sale also
reduces Gulf's geographic footprint. Although the remaining
terminals operate in a captive location, only about half of the
revenue from these terminals is secured by one-year contracts.
Although the contracts include an evergreen option to extend at
expiry, S&P believes this contract profile limits Gulf's ability to
withstand prolonged market downturn. In addition, these assets
sales will result in lower EBITDA compared with that of rated
peers.
S&P said, "The recovery rating on the term loan B (TLB) will likely
improve after the debt paydown. We expect the current recovery
rating of '2' will likely improve and that we could the raise 'B'
issue rating on the TLB, after the anticipated partial payment on
Gulf Finance's existing TLB. Therefore, we are placed the senior
secured debt rating on CreditWatch with positive implications. Once
the asset sales close and the debt paydown has occurred, we will
update the recovery score and could raise the issue-level rating.
"The stable outlook on the ICR reflects our expectation that the
asset sale will close later this year, Gulf's improved leverage,
the company's sustainable capital structure, and the expectation
that covenants will not be breached. We now expect debt to adjusted
EBITDA of 4.0x-5.0x in 2023 and 2024 once the transaction closes."
Resulting from leverage remaining above 7x over the long term or if
the company cannot maintain compliance with its 1.1x debt service
coverage ratio (DSCR) covenant test. In addition, if liquidity
becomes constrained S&P could take a negative rating action.
S&P said, "While unlikely in the near term, we could take a
positive rating action on Gulf if the company demonstrates a
commitment to materially reducing its term loan such that we expect
leverage will approach 4.0x.
"The CreditWatch placement on the issue-level debt reflects the
likelihood that we will raise our secured debt rating on Gulf
Finance's TLB following the close of the asset sale and debt
paydown, which we expect will occur in the fourth quarter of 2023.
At that time, we will concurrently resolve the CreditWatch."
HALMAR LLC: Seeks to Hire Jeffrey S. Shinbrot as Legal Counsel
--------------------------------------------------------------
Halmar, LLC seeks approval from the U.S. Bankruptcy Court for the
Central District of California to hire Jeffrey S. Shinbrot, APLC to
handle its Chapter 11 case.
The firm will be paid at the rate of $695 per hour for attorneys
and $150 per hour for paralegals. In addition, the firm will
receive reimbursement for out-of-pocket expenses incurred.
The Debtor paid the firm a pre-bankruptcy retainer in the amount of
$36,738.
Jeffrey Shinbrot, Esq., disclosed in a court filing that his firm
is a "disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Jeffrey S. Shinbrot, Esq.
JEFFREY S. SHINBROT, APLC
15260 Ventura Blvd., Suite 1200
Sherman Oaks, CA 91403
Telephone: (310) 659-5444
Facsimile: (310) 878-8304
Email: jeffrey@shinbrotfirm.com
About Halmar LLC
Halmar, LLC is a real estate development firm in Los Angeles,
Calif.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-15032) on Aug. 5,
2023, with $4,300,000 in assets and $3,630,789 in liabilities. Amir
Sarbaz, managing member, signed the petition.
Judge Barry Russell oversees the case.
Jeffrey S. Shinbrot, Esq., at Jeffrey S. Shinbrot, APLC represents
the Debtor as legal counsel.
HEART OF TEXAS: Unsecureds to Get 1.7 Cents on Dollar in Plan
-------------------------------------------------------------
Heart of Texas Shooting Center, LLC, and HOTSC Holdings, LLC, filed
with the U.S. Bankruptcy Court for the Western District of Texas a
Plan of Reorganization under Subchapter V dated August 31, 2023.
The Debtors were formed by Eric Nutt. Heart of Texas Shooting
Center, LLC was formed with the State of Texas on September 24,
2016. HOTSC Holdings, LLC acquired the real estate where the
shooting center is located on October 30, 2020 with financing from
First National Bank of McGregor.
During 2022, the United States began to experience inflation at a
level not seen in many years, with corresponding increases in
prices of gasoline, groceries, and other household expenses. In
response, the Federal Reserve raised interest rates 10 times, to a
total of 5.00 basis points. Mr. Nutt reported seeing customers
going from routinely paying with fifty and hundred-dollar bills to
tens and twenties. The business reported a similar reduction in
income.
In March, 2023, the Debtors became delinquent on their debts to
First National Bank of McGregor. The bank posted the property for
a foreclosure to take place on June 6, 2023. The bankruptcy was
filed to prevent the foreclosure.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $28,300. The final Plan
payment is expected to be paid on Nov. 15, 2025.
This Plan of Reorganization proposes to pay creditors of the Debtor
from revenues received from operating its business.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at 1.7 cents on the dollar based on total unsecured claims of up to
$1,696,837 and projected payments to unsecured creditors of
$28,300.
This Plan provides for full payment of administrative expenses and
priority claims.
Class 3 consists of Unsecured Claims. The unsecured creditors
shall receive payments of the Debtor's projected disposable income
after payment of administrative expenses and payments to creditors
in Classes 1-2. Payments will be made on an annual basis beginning
in December 2024. The allowed unsecured claims total $1,696,837.
This Class is impaired.
The equity holders in each Debtor shall retain their interest.
The plan shall be funded from collection of disposable income by
the Debtor. Plan payments to secured and administrative creditors
shall be made on a monthly basis. Payments to unsecured creditors
shall be made on an annual basis.
A full-text copy of the Plan of Reorganization dated August 31,
2023 is available at https://urlcurt.com/u?l=5EMyhU from
PacerMonitor.com at no charge.
Attorney for Debtor:
Stephen W. Sather, Esq.
Barron & Newburger PC
7320 N. MoPac Expy., Suite 400
Austin, TX 78731
Telephone: (512) 476-9103
Facsimile: (512) 279-0310
Email: ssather@bn-lawyers.com
About Heart of Texas Shooting Center
Heart of Texas Shooting Center, LLC, provides an indoor shooting
range and associated services and goods to its customers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Texas Case No. 23-60263) on June 2,
2023. In the petition signed by Eric Nutt, manager, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Stephen W. Sather, Esq., at Barron & Newburger, PC represents the
Debtor as legal counsel.
HTG MOLECULAR: Trustee Hires Morris James as Delaware Counsel
-------------------------------------------------------------
Christopher G. Linscott, the Trustee of HTG Molecular Diagnostics,
Inc. seeks approval from the U.S. Bankruptcy Court for the District
of Delaware to employ Morris James LLP as Delaware counsel.
The firm's services include:
a. providing legal advice and assistance to the Chapter 11
Trustee in its consultations with the Debtor relative to the
Debtor's administration of its reorganization;
b. reviewing and analyzing all applications, motions, orders,
statements of operations and schedules filed with the Court by the
Debtor or third parties, advising the Chapter 11 Trustee as to
their propriety, and, after consultation with the Chapter 11
Trustee, taking appropriate action;
c. preparing necessary applications, motions, answers, orders,
reports, and other legal papers on behalf of the Chapter 11
Trustee;
d. representing the Chapter 11 Trustee at hearings held before
the Court and communicating with the Chapter 11 Trustee regarding
the issues raised, as well as the decisions of the Court; and
e. performing other legal services for the Chapter 11 Trustee
which may be reasonably required in this proceeding.
The firm will be paid at these rates:
Eric J. Monzo, Partner $795 per hour
Brya M. Keilson, Partner $750 per hour
Jason S. Levin, Associate $450 per hour
Stephanie Lisko, Paralegal $350 per hour
Douglas J. Depta, Paralegal $350 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Eric Monzo, Esq., a partner at Morris James, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Eric J. Monzo, Esq.
MORRIS JAMES, LLP
500 Delaware Avenue, Suite 1500
Wilmington, DE 19801
Tel: (302) 888-5848
Fax: (302) 571-1750
Email: emonzo@morrisjames.com
About HTG Molecular Diagnostics, Inc.
HTG Molecular Diagnostics, Inc. is a commercial-stage company that
develops and markets a technology platform to facilitate the
routine use of complex molecular profiling. The Tucson,
Arizona-based Company's HTG Edge and HTG EdgeSeq platforms, which
is comprised of instrumentation, consumables and software
analytics, automates the molecular profiling of genes and gene
activity.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10732) on June 5, 2023.
In the petition signed by Shaun McMeans, senior vice president and
chief financial officer, the Debtor disclosed up to $10 million in
both assets and liabilities.
Judge Kate Sickles oversees the case.
Frederick B. Rosner, Esq., at The Rosner Law Group, LLC, represents
the Debtor as legal counsel.
Silicon Valley Bank, as lender, is represented by Alex Rheaume,
Esq., at Morrison & Foerster LLP.
HTG MOLECULAR: Trustee Hires Perkins Coie LLP as Counsel
--------------------------------------------------------
Christopher G. Linscott, the Trustee of HTG Molecular Diagnostics,
Inc. seeks approval from the U.S. Bankruptcy Court for the District
of Delaware to employ Perkins Coie LLP as counsel.
The firm will provide these services:
a. advise the Chapter 11 Trustee with respect to his powers
and duties;
b. attend meetings with representatives of the debtor, the
Official Committee of Unsecured Creditors, the U.S. Trustee, and
other parties-in-interest as necessary and appropriate;
c. prepare, on the Chapter 11 Trustee's behalf, all motions,
applications, answers, orders, reports, and papers necessary or
appropriate for the Chapter 11 Trustee's discharge of his powers
and duties;
d. appear before this Court, any appellate courts, to
represent the interests of the Debtor's estate;
e. advise the Chapter 11 Trustee in connection with any
proposed sale of the Debtor's assets;
f. take any necessary action on behalf of the Chapter 11
Trustee to negotiate, prepare, and obtain approval of a disclosure
statement and confirmation of a chapter 11 plan and all documents
related thereto; and
g. perform all other necessary legal services and provide all
other necessary legal advice to the Chapter 11 Trustee in
connection with this case.
The firm will be paid at these rates:
Bradley Cosman $950 per hour
Kathleen Allare $765 per hour
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:
Bradley A. Cosman, Esq.
PERKINS COIE LLP
2901 North Central Avenue, Suite 2000
Phoenix, AZ 85012-2788
Tel: (602) 351-8000
Fax: (602) 648-7000
Email: BCosman@perkinscoie.com
About HTG Molecular Diagnostics, Inc.
HTG Molecular Diagnostics, Inc. is a commercial-stage company that
develops and markets a technology platform to facilitate the
routine use of complex molecular profiling. The Tucson,
Arizona-based Company's HTG Edge and HTG EdgeSeq platforms, which
is comprised of instrumentation, consumables and software
analytics, automates the molecular profiling of genes and gene
activity.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-10732) on June 5, 2023.
In the petition signed by Shaun McMeans, senior vice president and
chief financial officer, the Debtor disclosed up to $10 million in
both assets and liabilities.
Judge Kate Sickles oversees the case.
Frederick B. Rosner, Esq., at The Rosner Law Group, LLC, represents
the Debtor as legal counsel.
Silicon Valley Bank, as lender, is represented by Alex Rheaume,
Esq., at Morrison & Foerster LLP.
INTEGRATED CARE: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Integrated Care Concepts and Consultation, L.L.C.
615 Hope Road
Bldg 5B 2nd Fl
Eatontown, NJ 07724
Business Description: Integrated Care offers mental health
treatment for individuals, adolescents,
children, couples, and families.
Chapter 11 Petition Date: September 5, 2023
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 23-17773
Debtor's Counsel: Donald F. Campbell, Jr., Esq.
GIORDANO, HALLERAN & CIESLA, P.C.
125 Half Mile Road Suite 300
Red Bank NJ 07701-6777
Tel: (732) 741-3900
Email: dcampbell@ghclaw.com
Total Assets: $611,080
Total Liabilities: $1,604,180
The petition was signed by Seth Arkush as managing partner.
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/P7YP7FY/Integrated_Care_Concepts_and_Consultation__njbke-23-17773__0001.0.pdf?mcid=tGE4TAMA
IQOR HOLDINGS: S&P Downgrades ICR to 'CCC', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on iQor
Holdings Inc. to 'CCC' from 'CCC+'. S&P also lowered its
issue-level rating on its priority exit term loan to 'B-' from 'B'
and its issue-level rating on its last-out, first-lien, take-back
term loan to 'CCC' from 'CCC+'. Our recovery ratings are
unchanged.
The negative outlook reflects the liquidity shortfall and
refinancing risks iQor faces on its upcoming debt maturities and
the high likelihood of lowering S&P's rating on the company if it
fails refinance, which would suggest an even greater probability of
a distressed restructuring or payment default.
Without sufficient liquidity, iQor is at heightened risk to default
on its debt maturities in 2024, absent refinancing. iQor's ABL
facility has around $32 million of outstanding borrowing and
matures Aug. 21, 2024, under a springing maturity provision. As of
June 30, 2023, the company's cash balances of $16.2 million are
insufficient to cover these outstanding borrowings. iQor also faces
the maturity of its priority exit term loan, which has about $90
million outstanding and matures shortly after the ABL on Nov. 21,
2024.
S&P said, "Although we expect the company to generate positive free
operating cash flow (FOCF) over the next 12 months and potentially
reduce expenses to conserve cash, we see a heightened risk of a
liquidity shortfall absent refinancing or raising additional
capital. This may be no easy task, considering its chapter 11
filing in 2020 and operating headwinds such as an uncertain
macroenvironment, rising labor inflation, and unfavorable debt
market conditions. iQor's additional maturities will likely
complicate refinancing prospects further. If iQor cannot refinance,
we believe its options to avoid defaulting would rest on raising
new equity, selling assets, or restructuring its debt, which we
would likely consider distressed and potentially tantamount to a
default under our criteria.
"The negative outlook reflects the liquidity shortfall and
refinancing risks iQor faces on its upcoming debt maturities and
the high likelihood we will lower our rating on the company if it
fails to refinance in the coming months, as this would suggest an
even greater probability of a distressed restructuring or payment
default."
Governance is a moderately negative consideration, as it is for
most rated entities owned by private-equity sponsors. S&P believes
the company's highly leveraged financial risk profile points to
corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects private-equity sponsors'
generally finite holding periods and focus on maximizing
shareholder returns.
ISLAND DOG: Unsecureds to Split $20K via Quarterly Installments
---------------------------------------------------------------
Island Dog Too, LLC, filed with the U.S. Bankruptcy Court for the
Northern District of Florida a Disclosure Statement with respect to
Chapter 11 Plan of Reorganization dated August 31, 2023.
The Debtor owns and operates a gift shop in St. George Island,
Florida that sells souvenirs, beach gear, t-shirts, artwork,
jewelry, and other miscellaneous items.
The current owners of the Debtor, John and Sheryl Simmons,
purchased the business roughly ten days before Hurricane Michael
devastated the Florida panhandle in 2018. After having to complete
substantial repairs to the Debtor's building, the pandemic hit
which caused further cash flow issues for the Debtor.
Since the pandemic, a former owner of the Debtor was bought out
which caused additional cash flow problems and ultimately led to a
refinance of the mortgage debt serviced by Dogwood Bank and backed
by the U.S. Small Business Administration. Since filing the case,
the Debtor has reached a settlement agreement with Dogwood State
Bank, its largest creditor.
During the case, the Debtor was able to reach a settlement
agreement with Dogwood State Bank that was approved by the Court.
The Debtor also listed its business and real property for sale. As
of the date of the filing of this Disclosure Statement, the Debtor
has not yet signed contract for the sale of any of its assets.
However, the Debtor intends on continuing to list its business and
real property for sale during the term of the Plan.
This Plan of Reorganization proposes to pay creditors of the Debtor
from the sale of the Debtor's business and real property.
Class 1 consists of the Secured Claim of Dogwood State Bank. The
Debtor shall pay this creditor in accordance with the agreement
reached between the parties, memorialized in the motion to approve
compromise and settlement. The Debtor shall continue making monthly
payments in the contract amount and at the contract rate of
interest beginning in May 2023 and continuing for 60 months. On or
before the last day of the 60th month, the Debtor shall pay the
full remaining balance of the loan.
Class 2 consists of General Unsecured Claims. Class 2 will be paid
a total dividend of $20,000.00 paid pro rata in quarterly
installments starting on or before 90 days after the Effective
Date. The total claims of each general unsecured creditor in Class
2 include: U.S. Small Business Administration ("SBA"): $515,763.79;
Internal Revenue Service: $4,532.58; Beachcombers Coastal Life:
$9,045.42; American Express National Bank: $13,098.01; Florida
Department of Revenue: $1,317.95; Capital One, N.A.: $16,866.49;
Wells Fargo Bank, N.A.: $4,629.62; PNC Bank, N.A.: $110.00; Sherry
Mfg. Co. Inc.: $40,714.72; BlueVine Capital, Inc.: $25,000.00;
Kavu: $5,360.05; and The Petting Zoo: $5,740.17.
The Debtor has listed its business and real property for sale which
will fund the Plan payments. If no sale occurs, the Debtor will pay
the priority tax claims in full within 5 years.
A full-text copy of the Disclosure Statement dated August 31, 2023
is available at https://urlcurt.com/u?l=e7Ti0a from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Byron Wright III, Esq.
Bruner Wright, PA
2810 Remington Green Circle
Tallahassee, FL 32308
Tel: (850) 385-0342
Fax: (850) 270-2441
Email: twright@brunerwright.com
About Island Dog Too
Island Dog Too, LLC a company in Eastpoint, Fla., filed its
voluntary petition for Chapter 11 protection (Bankr. N.D. Fla. Case
No. 22-40353) on Nov. 4, 2022. In the petition signed by its
manager, Sheryl H. Simmons, the Debtor disclosed up to $50,000 in
assets and up to $10 million in liabilities.
Judge Karen K. Specie oversees the case.
The Debtor tapped Byron Wright III, Esq., at Bruner Wright, PA as
bankruptcy counsel and Georgia Evans, CPA, at Professional
Management Systems, Inc. as accountant.
L L & L REAL ESTATE: Seeks to Hire Michael Previto as Attorney
--------------------------------------------------------------
L L & L Real Estate seeks approval from the U.S. Bankruptcy Court
for the Eastern District of New York to hire Michael Previto, Esq.,
a practicing attorney in Hauppauge, N.Y., to handle its Chapter 11
case.
Mr. Previto will provide these services:
a. advise the Debtor with respect to its power and duties in
the operation and management of the financial reorganization of the
estate;
b. attend meetings and negotiate with creditors;
c. take all actions to protect the Debtor's estate, including
litigating on the Debtor's behalf and negotiating where
applicable;
d. prepare legal papers;
e. assist in obtaining debtor-in-possession financing;
f. prepare a Chapter 11 plan and disclosure statements, and
take any action to obtain confirmation of that plan;
g. represent the Debtor's interest in any sale of property or
assets;
h. appear in court;
i. perform all other legal services.
Mr. Previto will be paid at the rate of $200 per hour. The attorney
received a retainer of $5,700 personally from L L & L Real Estate
President Lisa Christmas.
Mr. Previto disclosed in a court filing that he is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The attorney holds office at:
Michael L. Previto, Esq.
150 Motor Parkway, Suite 401
Hauppauge, NY 11788
Tel: (631) 379-0837
About L L & L Real Estate
L L & L Real Estate is a Single Asset Real Estate company.
L L & L Real Estate filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
23-42913) on August 15, 2023. The petition was signed by Lisa
Christmas as president/owner. At the time of filing, the Debtor
estimated $500,000 to $1 million in assets and $1,300,000 in
liabilities. Michael I. Previto, Esq. represents the Debtor as
counsel.
MAXIM CRANE: S&P Affirms 'B-' ICR, Outlook Stable
-------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on Maxim
Crane Works Holdings Capital LLC, a provider of specialized crane
services, and removed all of its ratings on the company from
CreditWatch, where S&P placed them with negative implications on
March 2, 2023.
S&P said, "The stable outlook reflects our expectation that demand
for the company's equipment will increase with growth of its
energy-related, infrastructure, industrial, and building
construction end markets, enabling it to sustain positive free
operating cash flow (FOCF) generation.
"We believe the second-lien senior secured note issuance
strengthened Maxim Crane's liquidity. On Aug. 1, 2023, the
company's entire capital structure became current, resulting in
less than adequate liquidity. Maxim Crane used the proceeds from
its $500 million second-lien senior secured notes to refinance its
existing $303 million second-lien senior secured notes due August
2024 and partially paydown its outstanding ABL borrowings.
"Following the refinancing, the company's nearest debt maturity
will be in February 2025, when its ABL facility ($428 million
outstanding after the transaction) comes due. Maxim Crane has
significantly improved its performance over the last 18 months,
leading us to believe it will eventually complete a refinancing.
However, because of its near-term maturities, its liquidity was
weaker than that of its similarly rated peers. We now assess the
company's liquidity as adequate following the second-lien note
issuance."
Maxim Crane has materially strengthened its operating performance
over the past 18 months. The company has implemented strategic
initiatives that materially improved its profitability. Over the
past 18 months, Maxim Crane increased its rolling 12-month revenue
by almost 25% while expanding its EBITDA margins by almost 900
basis points (bps).
S&P said, "We believe this improvement stems from the
transformation of the company's business operations over the last
few years, including its vertical alignment efforts, pricing
initiatives, and fleet refresh. Maxim Crane has pivoted to a
national approach in its industrial, infrastructure, and
non-residential construction verticals, enabling it to deploy its
fleet of cranes across multiple industries. Additionally, the
company is reducing its fleet age to lower its cost of ownership
and reduce its maintenance spending, as well as to meet its
increased customer demand. While we believe crane equipment rental
is a very cyclical industry, we anticipate the passage of the U.S.
Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction
Act (IRA), and the Creating Helpful Incentives to Produce
Semiconductors (CHIPS) and Science Act will provide a tailwind over
the medium term.
"Furthermore, we believe that the company's focus on strategic
initiatives to improve its profitability will enable it to expand
its margins and further reduce its leverage. Due to the improvement
in its operating performance, Maxim Crane reduced its S&P Global
Ratings-adjusted debt to EBITDA to 5.1x as of June 30, 2023. We
forecast its S&P Global Ratings-adjusted margins will be in the
mid-20% area in 2023 before improving further to the mid- to
high-20% area in 2024. This expansion of its profitability will
improve its S&P Global Ratings-adjusted leverage to the low-5x area
in 2023 and below 5x in 2024."
Maxim Crane's capital expenditure (capex) will remain elevated in
2023, resulting in modestly positive FOCF for the year. Because of
its strategic initiatives to refresh its fleet, the company
significantly increased its net capex to about $114 million for the
six months ended June 30, 2023, from $46.4 million and $24.7
million in full years 2022 and 2021, respectively. S&P said,
"However, Maxim Crane typically spends more in the first half of
the year, thus we anticipate the pace of its spending will slow in
the second half, resulting in about $130 million of net capex for
full year 2023. The company's upsizing of its second-lien senior
secured notes to $500 million will increase its interest expense in
the second half of the year, which will limit its FOCF generation
for 2023. We expect Maxim Crane's capex will remain elevated for
the next few years because of its fleet's advanced age. Therefore,
we forecast it will generate S&P Global Ratings-adjusted FOCF of $5
million-$10 million in 2023 before improving in 2024."
The stable outlook on Maxim Crane reflects S&P's expectation that
demand for the company's equipment will increase with growth of its
energy-related, infrastructure, industrial, and building
construction end markets, such that it sustains positive FOCF.
S&P could lower its rating on Maxim Crane if:
-- It allows its ABL facility to become current;
-- It draws significantly on the ABL facility, resulting in
reduced availability;
-- It generates negative FOCF, causing it to increase its reliance
on its ABL such that its liquidity becomes constrained; or
-- S&P views its capital structure as unsustainable.
S&P could raise its rating on Maxim Crane if:
-- It continues to generate positive FOCF; and
-- It sustains S&P Global Ratings-adjusted debt to EBITDA of well
below 6x, after incorporating potential acquisitions and dividends,
and its management commits to maintain this level of leverage.
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Maxim Crane, as is
the case for most rated entities owned by private-equity sponsors.
We believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners." This also reflects private-equity
owners' generally finite holding periods and focus on maximizing
shareholder returns.
MEDIAMATH HOLDINGS: Comm. Taps Cole Schotz as Delaware Co-Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Mediamath
Holdings, Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Cole Schotz
P.C. as its Delaware co-counsel.
The firm's services include:
a. serving as Delaware co-counsel to the Committee;
b. providing legal advice with respect to the Committee's
powers, rights, duties and obligations in the Chapter 11 Cases;
c. assisting and advising the Committee in its consultations
with the Debtors regarding the administration of the Chapter 11
Cases;
d. assisting the Committee in reviewing and negotiating terms
for unsecured creditors with respect to (i) the use of cash
collateral, (ii) any sale of the Debtors' assets, including
negotiating bid procedures and proposed asset purchase agreements,
(iii) the confirmation of a chapter 11 plan and (iv) other requests
for relief which would impact unsecured creditors;
e. investigating the liens asserted by the Debtors' lenders
and any potential causes of action against the Debtors' lenders;
f. advising the Committee on the corporate aspects of the
Debtors' Chapter 11 Cases and any plan(s) or other means to effect
the Debtors' restructuring that may be proposed in connection
therewith and participation in the formulation of any such plan(s)
or means of implementing the restructuring, as necessary;
g. taking all necessary actions to protect and preserve the
estates of the Debtors for the benefit of unsecured creditors,
including the investigation of the acts, conduct, assets,
liabilities and financial condition of the Debtors, the
investigation of the prior operation of the Debtors' businesses and
the investigation and prosecution of estate claims, causes of
action and any other matters relevant to the Chapter 11 Cases;
h. preparing on behalf of the Committee all necessary motions,
applications, complaints, answers, orders, reports, papers and
other pleadings and filings in connection with the Committee's
duties in the Chapter 11 Cases;
i. advising and representing the Committee in hearings and
other judicial proceedings in connection with all necessary
motions, applications, objections and other pleadings and otherwise
protecting the interests of those represented by the Committee;
and
j. performing all other necessary legal services as may be
required and authorized by the Committee that are in the best
interests of unsecured creditors.
The firm will be paid at these rates:
Members $485 to $1200 per hour
Special Counsel $575 to $730 per hour
Associates $325 to $600 per hour
Paralegals $245 to $410 per hour
Litigation Support Specialists $380 to $405 per hour
The following is provided in response Paragraph D.1. of the Revised
UST Guidelines:
Question Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response No. Cole Schotz professionals working on this matter
will bill at their standard hourly rates.
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 Cole Schotz did not represent the Committee during the
12 months preceding the filing of the Chapter 11 Cases.
Question Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response Cole Schotz expects to develop a prospective budget and
staffing plan to reasonably comply with the U.S. Trustee's request
for information and additional disclosures, as to which Cole Schotz
reserves all rights.
Justin Alberto, Esq., a partner at Cole Schotz, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Justin R. Alberto, Esq.
Patrick J. Reilley, Esq.
Stacy L. Newman, Esq.
Jack M. Dougherty, Esq.
Michael E. Fitzpatrick, Esq.
COLE SCHOTZ P.C.
500 Delaware Avenue, Suite 1410
Wilmington, DE 19801
Telephone: (302) 652-3131
Facsimile: (302) 652-3117
Email: jalberto@coleschotz.com
preilley@coleschotz.com
snewman@coleschotz.com
jdougherty@coleschotz.com
mfitzpatrick@coleschotz.com
About Mediamath Holdings, Inc.
MediaMath Holdings, Inc. develops and delivers digital advertising
media and data management technology solutions to advertisers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10882) on June 30,
2023. In the petition signed by Neil Nguyen, chief executive
officer, the Debtor disclosed up to $500 million in both assets and
liabilities. As of the Petition Date, the Debtors had about $95
million of first lien funded debt.
Judge Laurie Selber Silverstein oversees the case.
The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP as legal
counsel, FTI CONSULTING, INC. as financial advisor, and EPIQ
CORPORATE RESTRUCTURING, LLC as claims and restructuring agent.
MEDIAMATH HOLDINGS: Committee Taps Dundon as Financial Advisor
--------------------------------------------------------------
The official committee of unsecured creditors of Mediamath
Holdings, Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Dundon
Advisers LLC as its financial advisor.
The firm will render these services:
a. assist in the analysis, review, and monitoring of the
restructuring process, including, but not limited to, an assessment
of the unsecured claims pool and potential recoveries for unsecured
creditors;
b. develop a complete understanding of the Debtors' businesses
and their valuations;
c. determine whether there are viable alternative paths for
the disposition of the Debtors' assets from those currently or in
the future proposed by any Debtor;
d. monitor and, to the extent appropriate, assist the Debtors
in efforts to develop and solicit transactions that would support
unsecured creditor recovery;
e. assist the Committee in identifying, valuing, and pursuing
estate causes of action, including, but not limited to, relating to
prepetition transactions, control person liability, and lender
liability;
f . assist the Committee to analyze, classify and address
claims against the Debtors and to participate effectively in any
effort in these chapter 11 cases to estimate (in any formal or
informal sense) contingent, unliquidated, and disputed claims;
g. assist the Committee to identify, preserve, value, and
monetize tax assets of the Debtors, if any;
h. advise the Committee in negotiations with the Debtors,
certain of the Debtors' lenders, and third parties;
i. assist the Committee in reviewing the Debtors' financial
reports;
j. assist the Committee in reviewing the Debtors' cost/benefit
analysis with respect to the assumption or rejection of various
executory contracts and leases;
k. review and provide analysis of the present and any
subsequently proposed debtor-in-possession financing or use of cash
collateral;
l. assist the Committee in evaluating and analyzing avoidance
actions, including fraudulent conveyances and preferential
transfers;
m. assist the Committee in investigating whether any
unencumbered assets at MediaMath Holdings, Inc. or any of its
affiliated Debtors exist;
n. review and provide analysis of any proposed disclosure
statement and chapter 11 plan and, if appropriate, assist the
Committee in developing an alternative chapter 11 plan;
o. attend meetings and assist in discussions with the
Committee, the Debtors, the secured lenders, the U.S. Trustee and
other parties in interest and professionals;
p. present at meetings of the Committee, as well as meetings
with other key stakeholders and parties;
q. perform such other advisory services for the Committee as
may be necessary or proper in these proceedings, subject to the
aforementioned scope; and
r. provide testimony on behalf of the Committee as and when
may be deemed appropriate.
The firm will be paid at these hourly rates:
Principal $890
Managing Director and Senior Adviser $790
Senior Director $700
Director $650
Associate Director $550
Senior Associate $475
Associate $370
Peter Hurwitz, a principal with Dundon Advisers, disclosed in a
court filing that her firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Peter Hurwitz
DUNDON ADVISORS LLC
319 Belvedere Rd Ste 6
West Palm Beach, FL 33405
Tel: (561) 249-2868
(914) 523-0227
Email: ph@dundon.com
About Mediamath Holdings, Inc.
MediaMath Holdings, Inc. develops and delivers digital advertising
media and data management technology solutions to advertisers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10882) on June 30,
2023. In the petition signed by Neil Nguyen, chief executive
officer, the Debtor disclosed up to $500 million in both assets and
liabilities. As of the Petition Date, the Debtors had about $95
million of first lien funded debt.
Judge Laurie Selber Silverstein oversees the case.
The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP as legal
counsel, FTI CONSULTING, INC. as financial advisor, and EPIQ
CORPORATE RESTRUCTURING, LLC as claims and restructuring agent.
MEDIAMATH HOLDINGS: Committee Taps Kelley Drye as Lead Counsel
--------------------------------------------------------------
The official committee of unsecured creditors of Mediamath
Holdings, Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Kelley Drye
& Warren LLP as its lead counsel.
The firm will render these services:
a. give advice with respect to the rights, duties and powers
of the committee in the Debtors' Chapter 11 cases;
b. assist the committee in its consultations with the Debtors
and in connection with the administration of the cases, the sale of
the Debtors' assets, the investigation into historic conduct and
transactions that may provide value for creditors, and the ultimate
wind-down of the Debtors' estates;
c. assist the committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors;
d. represent the committee in matters arising in the
bankruptcy cases, including the Debtors' motions to obtain
post-petition financing, use cash collateral and sell substantially
all of their assets;
e. appear before the bankruptcy court and any other federal or
state court;
f. prepare legal papers; and
g. perform other necessary legal services.
The firm will be paid at these rates:
Partners $800 to $1,100 per hour
Special Counsel $480 to $935 per hour
Associates $500 to $86 per hour
Paraprofessionals $270 to $440 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The following is provided in response to the request for additional
information set forth in Paragraph D.1 of the Appendix B
Guidelines.
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Answer: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments the
12 months prepetition. If your billing rates and material financial
terms have changed postpetition, explain the difference and the
reasons for the difference.
Answer: Kelley Drye did not represent the Committee in the 12
months prepetition. Kelley Drye has represented other committees in
the 12 months prepetition in other bankruptcy cases.
Question: Has your client approved your prospective budget and
staffing plan and, if so, for what budget period.
Answer: Yes, for the first interim period of July 21, 2023
through Sep. 30, 2023.
Jason Adams, Esq., a partner at Kelley Drye & Warren, disclosed in
a court filing that his firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Eric R. Wilson, Esq.
Jason R. Adams, Esq.
Philip A. Weintraub, Esq.
KELLEY DRYE & WARREN LLP
Telephone: (212) 808-7800
Facsimile: (212) 808-7897
Email: EWilson@KelleyDrye.com
JAdams@KelleyDrye.com
PWeintraub@KelleyDrye.com
About Mediamath Holdings, Inc.
MediaMath Holdings, Inc. develops and delivers digital advertising
media and data management technology solutions to advertisers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10882) on June 30,
2023. In the petition signed by Neil Nguyen, chief executive
officer, the Debtor disclosed up to $500 million in both assets and
liabilities. As of the Petition Date, the Debtors had about $95
million of first lien funded debt.
Judge Laurie Selber Silverstein oversees the case.
The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP as legal
counsel, FTI CONSULTING, INC. as financial advisor, and EPIQ
CORPORATE RESTRUCTURING, LLC as claims and restructuring agent.
MERCER INTERNATIONAL: S&P Downgrades ICR to 'B', Outlook Negative
-----------------------------------------------------------------
S&P Global Ratings lowered its ratings on Mercer International Inc.
to 'B' from 'B+', including its issuer credit rating and unsecured
debt rating on the company. In addition, S&P revised its recovery
rating on Mercer's unsecured notes one category weaker to '4' from
'3'.
The negative outlook primarily reflects S&P's view that adjusted
credit measures will remain weak for the rating over the next few
quarters, including an adjusted debt-to-EBITDA ratio in the 8x area
through 2024 amid continued volatility of commodity prices.
S&P said, "We believe free operating cash flow deficits in recent
quarters have contributed to a meaningful deterioration in Mercer's
liquidity profile. Our downgrade of Mercer primarily reflects our
view that the company's liquidity position has deteriorated owing
to weaker-than-expected financial results in recent quarters and
acquisitions completed since 2021, most of which were in the wood
products segment. As of June 30, 2023, Mercer's liquidity,
including cash and availability under its revolving credit
facilities, was about US$446 million, down from about US$771
million at the same time last year. Furthermore, we expect Mercer
will generate negative to breakeven free operating cash flow (FOCF)
over the next few quarters that could result in further
deterioration in its liquidity, despite efforts by the company to
reduce capital expenditures. As a result, we believe Mercer might
need to rely more on its credit facilities to manage through this
challenging period.
"We expect Mercer's operating conditions will remain stressed in
2023 and for improvement over the next couple of years to result in
leverage below 6x. Weaker commodity prices and sustained
inflationary pressures on key input costs--for fiber in
particular-- have contributed to EBITDA generation that is trending
well below what we had previously expected. We now estimate that
Mercer will generate adjusted EBITDA of about US$20 million in 2023
compared with about US$400 million this time last year. In our
view, the magnitude of the underperformance underscores the highly
volatile nature of Mercer's earnings and cash flow generation due
to the company's exposure to volatile commodity prices and high
operating leverage. Benchmark northern bleached softwood kraft
(NBSK) prices have declined by about 30% on average this year from
peak prices in 2022. We believe downward pressure on NBSK prices
will persist through 2024 based on softer global demand for
printing and writing paper end markets, lower margins for paper
producers, and to some extent the impact of excess supply from new
bleached eucalyptus kraft (BEK) pulp capacity coming online from
South America and affecting buying patterns for NBSK.
"We think Mercer's unit cash costs within the company's pulp
segment will fall meaningfully next year, more than offsetting the
modest decline we anticipate in pulp prices and leading to a
rebound in segment EBITDA. We assume the company will have access
to cheaper beetle-infested fiber in Europe and that decreasing
energy costs in Europe will contribute to lower demand for fiber,
thereby lowering unit production costs for the company. Also, we
expect the completion of Mercer's upgraded wood rooms (designed to
process wood logs into woodchips) at the company's Celgar and Peace
River mills in Canada should benefit segment cash costs. On a
consolidated basis, we expect annual adjusted EBITDA to increase to
US$250 million-US$300 million by 2025, with adjusted debt to EBITDA
declining to just under 8x in 2024 and below 6x in 2025.
"We believe there is further downside risk to the rating. We
consider leverage will be very high over the next few quarters.
When this is combined with our expectation for Mercer to generate
negative FOCF over the next few quarters, we believe there is
little room for the company to underperform against our estimates
within the current rating. Downside risk to our forecast
incorporates our view that Mercer's prospective credit measures are
sensitive to lower-than-assumed commodity prices or production
costs remaining elevated over the next few quarters. For instance,
we estimate that a 10% increase in our current pulp segment cash
cost per metric ton would lead to leverage above 6x through 2025.
Furthermore, we believe the wood products segment could remain
unprofitable for a prolonged period if demand and pricing for
lumber and pallets remain under pressure from higher interest rates
and slower-than-expected GDP growth.
"The negative outlook primarily reflects our view that adjusted
credit measures will remain weak for the rating over the next few
quarters, including an adjusted debt-to-EBITDA ratio in the 8x area
through 2024 amid continued volatility of commodity prices.
"We could lower our rating on Mercer within the next 12 months if
we expect adjusted debt to EBITDA will be sustained above 6x beyond
next year. This could occur if unit cash costs remain higher than
we anticipate without being offset by stronger commodity prices. In
such a scenario, we would expect lower EBITDA and FOCF generation.
We could also lower the rating if Mercer's liquidity position
deteriorates in our view, potentially resulting from lower cash and
revolver availability.
"We could revise our outlook to stable within the next 12 months if
market conditions for Mercer are better than we anticipate, leading
us to believe that adjusted debt to EBITDA is likely to drop below
6x well within a couple of years. In this scenario, we would also
expect Mercer to have adequate liquidity with ample covenant
headroom.
"Environmental factors are a moderately negative consideration in
our credit rating analysis of Mercer. Pulp production is highly
energy, water, and chemical intensive, and generates high emissions
and waste compared to the broader forest products industry. The
company is subject to strict environmental regulations and faces
risk of escalating monetary penalties. It is also exposed to fiber
supply constraints in B.C., which increases input cost volatility.
However, Mercer's environmental risk exposure is broadly in line
with that of pulp-producing peers. The company benefits from
self-sufficient power generation at all its mills and modern assets
equipped with technology that lowers emissions."
MOUNTAINEER BRAND: Aaron Amore Named Subchapter V Trustee
---------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Aaron Amore, Esq.,
at Amore Law as Subchapter V trustee for Mountaineer Brand, LLC.
Mr. Amore will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Amore declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Aaron C. Amore, Esq.
Amore Law
206 West Liberty Street
Charles Town, WV 25414
Phone: (304) 885-4111
Email: aaron@amorelaw.com
About Mountaineer Brand
Mountaineer Brand, LLC manufactures and sells all natural men's
grooming products.
The Debtor filed Chapter 11 petition (Bankr. N.D. W.Va. Case No.
23-00396) on Aug. 18, 2023, with $63,500 in assets and $2,481,721
in liabilities. Eric Young, chief executive officer, signed the
petition.
Martin P. Sheehan, Esq., at Sheehan & Associates, P.L.L.C
represents the Debtor as legal counsel.
MOUNTAINEER BRAND: Seeks to Hire Sheehan & Associates as Counsel
----------------------------------------------------------------
Mountaineer Brand, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of West Virginia to hire Martin P.
Sheehan, Esq., and Sheehan & Associates, PLLC as its bankruptcy
counsel.
The Debtor requires legal counsel to:
a. give advice with respect to the Debtor's powers and duties
and the administration of the Debtor's estate, and assist in the
preparation of a Chapter 11 plan of reorganization;
b. prepare legal papers;
c. represent the Debtor at court hearings;
d. investigate and institute any proceedings relating to
transactions between the Debtor and its creditors; and
e. provide other necessary legal services.
The Debtor agreed to compensate the firm's attorneys at the rate of
$425 per hour and paralegals at the rate of $125, plus expenses.
The retainer fee is $7,437.50.
As disclosed in court filings, Sheehan does not represent any
interest adverse to the Debtor or its estate.
The firm can be reached through:
Martin P. Sheehan, Esq.
SHEEHAN & ASSOCIATES, PLLC
1 Community St., Ste 200
Wheeling WV 26003
Tel: (304) 232-1064
Fax: (304) 232-1066
Email: SheehanBankruptcy@WVDSL.net
SheehanParalegal@WVDSL.net
About Mountaineer Brand, LLC
Mountaineer Brand, LLC manufactures and sells all natural men's
grooming products.
Mountaineer Brand, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D.W.V. Case No.
23-00396) on August 18, 2023. The petition was signed by Eric Young
as CEO. At the time of filing, the Debtor estimated $63,500 in
assets and $2,481,721 in liabilities. Martin P. Sheehan, Esq. at
SHEEHAN & ASSOCIATES, P.L.L.C. represents the Debtor as counsel.
NEXTPLAY TECHNOLOGIES: Has Until Nov 27 to Regain Nasdaq Compliance
-------------------------------------------------------------------
The Nasdaq Stock Market LLC notified NextPlay Technologies, Inc.
that it has granted the Company an exception to enable the Company
to regain compliance with Nasdaq's continued listing requirements
under Nasdaq Listing Rule 5250(c)(1).
Pursuant to the exception, the Company has until Nov. 27, 2023 to
file both the 10-K and 10-Q with the Commission in order to regain
compliance with the Rule. If the Company fails to file the 10-K
and 10-Q with the Commission by Nov. 27, 2023, Nasdaq will provide
written notification to the Company that its securities will be
delisted. At that time, the Company may appeal the Nasdaq staff's
determination to a Hearings Panel under Nasdaq Listing Rule 5815.
The Company currently intends to file its 10-K and 10-Q before the
Nov. 27, 2023 deadline. However, there can be no assurance that
the Company will be successful in implementing its plan to regain
compliance with the Nasdaq Listing Rules, including filing both the
10-K and 10-Q with the Commission on or before Nov. 27, 2023.
As previously disclosed in those Current Reports on Form 8-K filed
with the Commission on June 9, 2023 and July 21, 2023 by NextPlay,
on June 6, 2023 and July 19, 2023, respectively, the Company
received notification letters from Nasdaq, advising the Company
that it was not in compliance with Nasdaq's continued listing
requirements under the Rule as a result of its failure to timely
file its Annual Report on Form 10-K for the fiscal year ended Feb.
28, 2023 and its Quarterly Report on Form 10-Q for its fiscal
quarter ended May 31, 2023. The Notices required the Company to
either file the delinquent Form 10-K and Form 10-Q with the
Commission or submit a plan to regain compliance with the Rule to
Nasdaq by Aug. 7, 2023.
The Company submitted its plan to regain compliance with the Rule
to Nasdaq on Aug. 4, 2023.
About NextPlay Technologies
NextPlay Technologies, Inc. (formerly known as Monaker Group Inc.)
-- nextplaytechnologies.com -- is a technology solutions company
offering games, in-game advertising, crypto-banking, connected TV
and travel booking services to consumers and corporations within a
growing worldwide digital ecosystem. NextPlay's engaging products
and services utilize innovative AdTech, Artificial Intelligence and
Fintech solutions to leverage the strengths and channels of its
existing and acquired technologies.
NextPlay reported a net loss of $40.41 million for the year ended
Feb. 28, 2022, compared to a net loss of $1.63 million for the
period from March 6, 2020 to February 28, 2021. As of Nov. 30,
2022, the Company had $103.85 million in total assets, $57.90
million in total liabilities, and $45.95 million in total
stockholders' equity.
Sugar Land, Texas-based TPS Thayer, LLC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated June 17, 2022, citing that the Company has suffered recurring
losses from operations and has stockholders' deficit that raise
substantial doubt about its ability to continue as a going concern.
OMG 4REAL: Gets OK to Sell Neosho Property to BCWC for $490,000
---------------------------------------------------------------
OMG 4Real Properties, Inc. received approval from the U.S.
Bankruptcy Court for the Western District of Missouri to sell real
property to BCWC, LLC.
BCWC offered to pay the company $490,000 in cash for the property
located at 105 North Lafayette St., Neosho, Mo.
OMG will use the proceeds from the sale to pay the costs incurred
from the sale closing; the 2023 prorated real estate taxes; and the
lien held by Bruce Gale, who oversees the Chapter Two Living Trust.
About OMG 4Real Properties
OMG 4Real Properties, Inc. filed its voluntary Chapter 11 petition
(Bankr. W.D. Mo. Case No. 23-30126) on April 24, 2023, with as much
as $1 million in both assets and liabilities. Judge Brian T.
Fenimore oversees the case.
Mariann Morgan, Esq., at Checkett, Pauly, Bay & Morgan, LLC serves
as the Debtor's counsel.
ONLINE EDUGO: Seeks to Hire Tang & Associates as Counsel
--------------------------------------------------------
Online Edugo, Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Tang & Associates
as counsel.
The firm will provide these services:
(a) advise the Debtor regarding matters of bankruptcy law and
concerning the requirement of the Bankruptcy Code, and Bankruptcy
Rules relating to the administration of this case, and the
operation of the Debtor's estate as a debtor in possession;
(b) represent the Debtor in proceedings and hearings in the
court involving matters of bankruptcy law;
(c) assist in compliance with the requirements of the Office of
the United States trustee;
(d) provide the Debtor legal advice and assistance with respect
to the Debtor's powers and duties in the continued operation of the
Debtor's business and management of property of the estate;
(e) assist the Debtor in the administration of the estate's
assets and liabilities;
(f) prepare necessary applications, answers, motions, orders,
reports and/or other legal documents on behalf of the Debtor;
(g) assist in the collection of all accounts receivable and
other claims that the Debtor may have and resolve claims against
the Debtor's estate;
(h) provide advice, as counsel, concerning the claims of secured
and unsecured creditors, prosecution and defense of all actions;
and
(i) prepare, negotiate, prosecute and attain confirmation of a
plan of reorganization.
The firm will be paid at these rates:
Attorneys $400 per hour
Paralegals $200 per hour
The firm will received from the Debtor a retainer of $12,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Kevin Tang, Esq., a partner at Tang & Associates, 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:
Kevin Tang, Esq.
TANG & ASSOCIATES
17011 Beach Blvd, Suite 900
Huntington Beach, CA 92647
Tel: (714) 594-7022
Fax: (714) 594-7024
Email: kevin@tang-associates.com
About Online Edugo, Inc.
Founded in 2014, Online Edugo, Inc. operates a testing center in
Los Angeles.
Online Edugo filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-14459) on July 17,
2023, with $2,147,657 in assets and $1,805,315 in liabilities.
Connie H. Kim, chief executive officer, secretary and chief
financial officer, signed the petition.
Judge Neil W. Bason oversees the case.
Kevin Tang, Esq., at Tang & Associates represents the Debtor as
legal counsel.
PGX HOLDINGS: Chapter 11 Sale and Regulator Deal Okayed
-------------------------------------------------------
Vince Sullivan of Law360 reports that bankrupt credit repair agency
PGX Holdings Inc. received court approval Friday, August 25, 2023,
in Delaware for a sale of its assets after the debtor reached an
agreement with federal regulators that resolves a long-running
dispute in federal court.
About PGX Holdings
PGX Holdings, Inc. and affiliates are credit repair service
providers, helping customers repair their credit and achieve their
credit goals. PGX Holdings help consumers access and understand
the
information contained in their credit reports, ensure that the
information contained in those reports is fair, accurate, and
complete, and address other factors that may negatively impact
their credit scores.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10718) on June 4,
2023. In the petition signed by Chad Wallace, chief executive
officer and president, the Debtor disclosed up to $500 million in
assets and up to $10 billion in liabilities.
Judge Craig T. Goldblatt oversees the case.
Kirkland and Ellis LLP, Kirkland and Ellis International LLP, and
300 North LaSalle represents the Debtor as bankruptcy counsel.
The Debtors also tapped Klehr Harrison Harvey Branzburg LLP as
local bankruptcy counsel, Alvarez & Marsal North America, LLC as
financial advisor, Greenhill and Co., LLC as investment banker,
Kurtzman Carson Consultants LLC as notice and claims agent, and
Landis Rath and Cobb as conflicts counsel.
King & Spalding, LLP, and Morris, Nichols, Arsht & Tunnell LLP,
serve as counsel to Blue Torch Finance LLC, as DIP Agent and
Prepetition First Lien Agent, and the Prepetition First Lien
Lenders. Clyde & Co US LLP, serves as special counsel to the DIP
Agent, the Prepetition First Lien Agent, and the Prepetition First
Lien Lenders.
Proskauer Rose LLP, is counsel to Prospect Capital Corporation, in
its capacity as DIP Lender and lender under the Prepetition First
Lien Credit Agreement. Morris, Nichols, Arsht & Tunnell LLP, is
local counsel to Prospect Capital.
PROTERRA INC: Hires Kurtzman Carson as Administrative Advisor
-------------------------------------------------------------
Proterra Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Kurtzman
Carson Consultants LLC as administrative advisor.
The firm's services include:
(a) assisting with, among other things, the preparation of the
Debtors' schedules of assets and liabilities, schedules of
executory contracts and unexpired leases and statements of
financial affairs;
(b) assisting with, among other things, solicitation, balloting,
tabulation and calculation of votes, as well as preparing any
appropriate reports required in furtherance of confirmation of any
Chapter 11 plan;
(c) generating an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results for any
Chapter 11 plan;
(d) assisting with claims reconciliation and the filing of
claims objections and exhibits; and
(e) other claims processing, noticing, solicitation, balloting,
and administrative services.
The firm received from the Debtor a retainer in the amount of
$70,000.
Evan Gershbein of Kurtzman disclosed in a court filing that the
firm is a "disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Evan Gershbein
KURTZMAN CARSON CONSULTANTS LLC
222 N. Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Tel: (310) 823-9000
About Proterra Inc.
Proterra Inc. business involves designing, manufacturing, and
selling electric transit buses and components, batteries, and
electric drive trains, and providing and selling related products
and services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11120). In the
petition signed by $818,773,679 in total assets and $609,498,207 in
total liabilities.
Judge Brendan Linehan Shannon oversees the case.
YOUNG CONAWAY STARGATT & TAYLOR, LLP represents the Debtor as legal
counsel. PAUL WEISS RIFKIND WHARTON & GARRISON LLP as co-counsel.
The Debtors also tapped FTI CONSULTING, INC. as financial advisor,
MOELIS & COMPANY, LLC as investment banker, and KURTZMAN CARSON
CONSULTANTS LLC as claims, noticing and administrative agent.
PROTERRA INC: Seeks to Hire Justin Pugh of FTI Consulting as CTO
----------------------------------------------------------------
Proterra Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to FTI Consulting,
Inc. to provide Justin Pugh as chief transformation officer.
The firm's services include:
-- acting on behalf of the Debtors in connection with activities
related to operational analysis and reporting;
-- negotiating with counterparties;
-- assistance with restructuring advisory, including the
development of strategic options or positioning;
-- assistance with any other restructuring advisory services
common to similar such engagements as the one contemplated herein;
-- assistance to Paul, Weiss and the Debtors' other advisors (on
behalf of the Debtors) in any of its work related to the above
delineated activities; and
-- any other activities related to these Chapter 11 Cases, as
requested by the Debtors.
The firm will be paid at these rates:
Senior Managing Directors $1,095 to $1,495 per hour
Directors/Senior Directors/ $785 to $1,055
Managing Directors
Consultants/Senior Consultants $435 to $750 per hour
Administrative/Paraprofessionals $175-325 per hour
The firm received from the Debtors an advance retainer of
$500,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Justin D. Pugh, a partner at FTI Consulting, 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:
Justin D. Pugh
FTI CONSULTING, Inc.
999 17th Street 7th Floor
Denver, CO 80202
Tel: (612) 417-1486
About Proterra Inc.
Proterra Inc. business involves designing, manufacturing, and
selling electric transit buses and components, batteries, and
electric drive trains, and providing and selling related products
and services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11120). In the
petition signed by $818,773,679 in total assets and $609,498,207 in
total liabilities.
Judge Brendan Linehan Shannon oversees the case.
YOUNG CONAWAY STARGATT & TAYLOR, LLP represents the Debtor as legal
counsel. PAUL WEISS RIFKIND WHARTON & GARRISON LLP as co-counsel.
The Debtors also tapped FTI CONSULTING, INC. as financial advisor,
MOELIS & COMPANY, LLC as investment banker, and KURTZMAN CARSON
CONSULTANTS LLC as claims, noticing and administrative agent.
PROTERRA INC: Seeks to Hire Paul Weiss Rifkind as Co-Counsel
------------------------------------------------------------
Proterra Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Paul,
Weiss, Rifkind, Wharton & Garrison 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 business and management of their properties;
(b) attending meetings and negotiating with representatives of
creditors and other parties-in-interest and advising and consulting
on the conduct of these Chapter 11 Cases, including the legal and
administrative requirements of operating in chapter 11;
(c) taking action necessary to protect and preserve the Debtors'
estates, including the prosecution of actions on the Debtors'
behalf, defending any action commenced against the Debtors, and
representing the Debtors in negotiations concerning litigation in
which the Debtors are involved, including objections to claims
filed against the Debtors' estates;
(d) preparing and prosecuting on behalf of the Debtors all
motions, applications, answers, orders, reports, and papers
necessary to the administration of the estates;
(e) advising and assisting the Debtors with financing and
transactional matters as such may arise during the Chapter 11
Cases;
(f) representing the Debtors in connection with obtaining
authority to use cash collateral;
(g) advising and assisting the Debtors with financing and
transactional matters that may arise during these Chapter 11
Cases;
(h) advising and assisting in the marketing and sale process for
the Debtors' assets;
(i) taking any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a chapter 11 plan and all documentation related
thereto;
(j) appearing in Court and protecting the interests of the
Debtors before the Court;
(k) advising the Debtors regarding tax matters; and
(l) performing all other legal services for the Debtors that may
be necessary and proper in these Chapter 11 Cases.
The firm will be paid at these rates:
Partners $1,695 to $2,175 per hour
Counsel $1,650 per hour
Associates $825 to $1,380 per hour
Paraprofessionals $145 to $470 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm initially received a retainer from the Debtors in the
amount of $375,000 on July 6, 2023. The Debtors increased the
retainer, the firm receiving an aggregate retainer amount of
$2,575,000.
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: The Initial Engagement Letter provided for a flat
fee for three weeks of Paul, Weiss services. The
Initial Engagement Letter was replaced in its
Entirety with the Engagement Letter, which does not
contain any variations from the firm's standard
billing arrangements.
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: Paul, Weiss's rates for timekeepers for its
prepetition engagement on this matter were $1,695
to $2,175 for partners, $1,650 for counsel, $825 to
$1,380 for associates and staff attorneys, and $145
to $470 for paraprofessionals. Paul, Weiss has not
increased the hourly rates it has charged the
Debtors throughout its engagement with the Debtors.
Over the past two months, Paul, Weiss has
voluntarily agreed to write-off approximately
$258,784 in professional fees and/or expenses that
Would have otherwise been receivable from the
Debtors.
Question: Has your client approved your prospective budget
and staffing plan, and, if so for what budget
period?
Response: Yes, from the Petition Date through February 7,
2024. In accordance with the U.S. Trustee
Guidelines, the budget may be amended as necessary
to reflect changed or unanticipated developments.
Robert A. Britton, Esq., a partner at Paul, Weiss, Rifkind, Wharton
& Garrison 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:
Paul M. Basta, Esq.
Robert A. Britton, Esq.
Michael J. Colarossi, Esq.
Paul, Weiss, Rifkind,
WHARTON & GARRISON LLP
1285 Avenue of the Americas
New York, NY 10019
Tel: (212) 373-3000
Fax: (212) 757-3990
Email: pbasta@paulweiss.com
rbritton@paulweiss.com
mcolarossi@paulweiss.com
About Proterra Inc.
Proterra Inc. business involves designing, manufacturing, and
selling electric transit buses and components, batteries, and
electric drive trains, and providing and selling related products
and services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11120). In the
petition signed by $818,773,679 in total assets and $609,498,207 in
total liabilities.
Judge Brendan Linehan Shannon oversees the case.
YOUNG CONAWAY STARGATT & TAYLOR, LLP represents the Debtor as legal
counsel. PAUL WEISS RIFKIND WHARTON & GARRISON LLP as co-counsel.
The Debtors also tapped FTI CONSULTING, INC. as financial advisor,
MOELIS & COMPANY, LLC as investment banker, and KURTZMAN CARSON
CONSULTANTS LLC as claims, noticing and administrative agent.
PROTERRA INC: Seeks to Hire Young Conaway as Co-Counsel
-------------------------------------------------------
Proterra Inc. and its affiliates seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Young
Conaway Stargatt & Taylor, LLP as co-counsel.
The firm's services include:
a. providing legal advice and services with the Local Rules and
local practices and procedures and providing substantive and
strategic advice on how to accomplish the Debtors' goals in
connection with the prosecution of these Chapter 11 Cases, bearing
in mind that the Court relies on co-counsel such as Young Conaway
to be involved in all aspects of each bankruptcy proceeding;
b. reviewing, commentating, and/or preparing drafts of documents
to be filed with the Court as co-counsel to the Debtors;
c. appearing in Court, at any meeting with the U.S. Trustee, and
any meeting of creditors at any given time on behalf of the Debtors
as their co-counsel;
d. performing various services in connection with the
administration of the Chapter 11 Cases, including, without
limitation: (i) preparing agenda letters, certificates of no
objection, certifications of counsel, notices of fee applications
and hearings, and hearing binders of documents and pleadings; (ii)
monitoring the docket for filings and coordinating with Paul,
Weiss, Rifkind, Wharton & Garrison LLP ("Paul, Weiss") as
co-counsel to the Debtors on pending matters that need responses;
(iii) preparing and maintaining critical dates memoranda to monitor
pending applications, motions, hearing dates, and other matters and
deadlines associated with same; (iv) handling inquiries and calls
from creditors and counsel to interested parties regarding pending
matters and the general status of the Chapter 11 Cases; and (v)
coordinating with Paul, Weiss on any necessary responses; and
e. performing all other legal services for the Debtors that may
be necessary and proper in these Chapter 11 Cases in consultation
with Paul, Weiss, as co-counsel to the Debtors.
The firm will be paid at these rates:
Pauline K. Morgan $1,300 per hour
Andrew L. Magaziner $870 per hour
Shella Borovinskaya $505 per hour
Debbie Laskin (paralegal) $365 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm received from the Debtors a retainer of $100,000.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Young
Conaway disclosed the following:
-- Young Conaway has not agreed to a variation of its standard
or customary billing arrangements for this engagement;
-- none of the Firm's professionals included in this engagement
have varied their rate based on the geographic location of these
Chapter 11 Cases;
-- Young Conaway was retained by the Debtors pursuant to an
Engagement Letter dated July 18, 2023. The billing rates and
material terms of the pre-petition engagement are the same as the
rates and terms described in the Application; and
-- the Debtors have approved or will be approving a prospective
budget and staffing plan for Young Conaway's engagement for the
post-petition period as appropriate. In accordance with the U.S.
Trustee Guidelines, the budget may be amended as necessary to
reflect changed or unanticipated developments.
Andrew L. Magaziner, Esq., a partner at Young Conaway Stargatt &
Taylor, LLP, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Pauline K. Morgan, Esq.
Andrew L. Magaziner, Esq.
Shella Borovinskaya, Esq.
YOUNG CONAWAY STARGATT &
TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Tel: (302) 571-6600
Fax: (302) 571-1253
Email: pmorgan@ycst.com
amagaziner@ycst.com
sborovinskaya@ycst.com
About Proterra Inc.
Proterra Inc. business involves designing, manufacturing, and
selling electric transit buses and components, batteries, and
electric drive trains, and providing and selling related products
and services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11120). In the
petition signed by $818,773,679 in total assets and $609,498,207 in
total liabilities.
Judge Brendan Linehan Shannon oversees the case.
YOUNG CONAWAY STARGATT & TAYLOR, LLP represents the Debtor as legal
counsel. PAUL WEISS RIFKIND WHARTON & GARRISON LLP as co-counsel.
The Debtors also tapped FTI CONSULTING, INC. as financial advisor,
MOELIS & COMPANY, LLC as investment banker, and KURTZMAN CARSON
CONSULTANTS LLC as claims, noticing and administrative agent.
QAD REALTY: Seeks to Hire CTRE LLC as Real Estate Salesperson
-------------------------------------------------------------
QAD Realty, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to hire Sebastian Aliberti of
CTRE LLC d/b/a Berkshire Hathaway HomeServices New York Properties,
as its NYS licensed real estate salesperson.
Mr. Aliberti will market and sell the Debtor's properties located
at 631-635 Center
Avenue, Mamaroneck, NY 10543.
Mr. Aliberti will receive a commission in an amount equal to 6
percent of the purchase price.
Mr. Aliberti assured the court that he is a disinterested person
within the meaning of 11 U.S.C. Sec 101.
Mr. Aliberti can be reached at:
Sebastian Aliberti
CTRE LLC
d/b/a Berkshire Hathaway HomeServices
New York Properties
484 White Plains Rd, # 1
Eastchester, NY 10709
Cell: (914) 290-2962
Email: sebastianaliberti@bhhsnyp.com
About QAD Realty, LLC
QAD Realty owns and manages real property.
QAD Realty, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No.
23-22336) on May 4, 2023. The petition was signed by Quentin Solano
as sole member. At the time of filing, the Debtor estimated
$1,500,866 in assets and $1,555,357 in liabilities.
James J. Rufo, Esq. at the Law Office of James J. Rufo represents
the Debtor as counsel.
QITEK LABS: Hires Rountree Leitman Klein as Counsel
---------------------------------------------------
Qitek Labs of Oklahoma, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of Oklahoma to employ Rountree
Leitman Klein & Geer, LLC as counsel.
The firm's services include:
a. giving the Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession in the management of its property;
b. preparing on behalf of the Debtor as Debtor-in-Possession
necessary schedules, applications, motions, answers, orders,
reports and other legal matters;
c. assisting in examination of the claims of creditors;
d. assisting with formulation and preparation of the disclosure
statement and plan of reorganization and with the confirmation and
consummation thereof; and
e. performing all other legal services for the Debtor as
Debtor-in-Possession that may be necessary herein.
The firm will be paid at these hourly rates:
William A. Rountree, Attorney $595
Will B. Geer, Attorney $595
Michael Bargar, Attorney $535
Hal Leitman, Attorney $425
David S. Klein, Attorney $495
Alexandra Dishun, Attorney $425
Ceci Christy, Attorney $425
Caitlyn Powers, Attorney $325
Shawn Eisenberg, Attorney $300
Sharon M. Wenger, Paralegal $225
Elizabeth Miller, Paralegal $250
Megan Winokur $175
Catherine Smith $150
Clay Klein $200
The firm received a pre-bankruptcy retainer of $50,000.
William Rountree, Esq., a partner at Rountree, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Will B. Geer, Esq.
Caitlyn Powers, Esq.
ROUNTREE LEITMAN KLEIN & GEER, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Tel: (404) 584-1238
Email: wgeer@rlkglaw.com
cpowers@rlkglaw.com
About Qitek Labs of Oklahoma, LLC
Qitek Labs of Oklahoma, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (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 counsels.
QITEK LABS: Seeks to Hire Rountree Leitman as Bankruptcy Counsel
----------------------------------------------------------------
Qitek Labs of Oklahoma, LLC filed a corrected application seeking
approval from the U.S. Bankruptcy Court for the Western District of
Oklahoma to employ Rountree, Leitman, Klein & Geer, LLC as its
legal counsel.
The firm's services include:
a. giving the Debtor legal advice with respect to its powers
and duties in the management of its property;
b. preparing legal papers;
c. assisting in the examination of claims of creditors;
d. assisting with the formulation and preparation of
disclosure statement and Chapter 11 plan of reorganization and with
the confirmation and consummation thereof; and
e. other necessary legal services.
Rountree will charge these hourly fees:
William A. Rountree, Attorney $595
Will B. Geer, Attorney $595
Michael Bargar, Attorney $535
Hal Leitman, Attorney $425
David S. Klein, Attorney $495
Alexandra Dishun, Attorney $425
Ceci Christy, Attorney $425
Elizabeth A. Childers, Attorney $395
Caitlyn Powers, Attorney $325
Shawn Eisenberg, Attorney $325
Elizabeth Miller, Paralegal $250
Sharon M. Wenger, Paralegal $225
Megan Winokur, Paralegal $175
Catherine Smith, Paralegal $150
The firm received a pre-bankruptcy retainer of $50,000 from the
Debtor.
William Rountree, Esq., a partner at Rountree, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
William A. Rountree, Esq.
ROUNTREE LEITMAN KLEIN & GEER, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Facsimile: (404) 704-0246
Email: wrountree@rlkglaw.com
About 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.
RASPBERRY CREEK: Hires Cohne Kinghorn as Bankruptcy Counsel
-----------------------------------------------------------
Raspberry Creek Fabrics, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Utah to employ Cohne Kinghorn,
PC as its bankruptcy counsel.
The firm will render these services:
a. preparing on behalf of the Debtor any necessary motions,
applications, answers, orders, reports and papers as required by
applicable bankruptcy or non-bankruptcy law, dictated by the
demands of the case, or required by the Court, and to represent the
Debtor in proceedings or hearings related thereto;
b. assisting the Debtor in analyzing and pursuing possible
reorganization possibilities;
c. assisting the Debtor in analyzing and pursuing any proposed
dispositions of assets of the Debtor's estate;
d. reviewing, analyzing and advising the Debtor regarding claims
or causes of action to be pursued on behalf of its estate;
e. assisting the Debtor in providing information to creditors
and parties-in-interest;
f. reviewing, analyzing and advising the Debtor regarding any
fee applications or other issues involving professional
compensation in the Debtor's case;
g. preparing and advising the Debtor regarding any Chapter 11
plan filed by the Debtor;
h. assisting the Debtor in negotiations with various creditor
constituencies regarding treatment, resolution and payment of the
creditors' claims in this case, and negotiations and discussions
with the small business trustee;
i. reviewing and analyzing the validity of claims filed in this
case and advising the Debtor as to the filing of objections to
claims, if necessary; and
j. performing all other necessary legal services as may be
required by the needs of the Debtor in the above-captioned case.
The firm will be paid at these rates:
Shareholders $285 to $500 per hour
Associates $230 to $250 per hour
Paralegals $120 to $150 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received from the Debtor an initial retainer of $50,000.
Jeffrey Trousdale, Esq., an attorney at Cohne Kinghorn, disclosed
in a court filing that his firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey L. Trousdale, Esq.
COHNE KINGHORN, PC
111 E. Broadway, 11th Floor
Salt Lake City, UT 84111
Telephone: (801) 363-4300
Email: jtrousdale@ck.law
About Raspberry Creek Fabrics, LLC
Raspberry Creek Fabrics, LLC in Sandy, UT, filed its voluntary
petition for Chapter 11 protection (Bankr. D. Utah Case No.
23-23514) on August 17, 2023, listing $146,490 in assets and
$1,283,026 in liabilities. Diana Rammell as manager, signed the
petition.
COHNE KINGHORN, P.C. serve as the Debtor's legal counsel.
RENNOVA HEALTH: Posts $1.3 Million Net Income in Second Quarter
---------------------------------------------------------------
Rennova Health, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing net income
attributable to the Company of $1.28 million on $6.39 million of
net revenues for the three months ended June 30, 2023, compared to
a net loss attributable to the Company of $503,786 on $3.61 million
of net revenues for the three months ended June 30, 2022.
For the six months ended June 30, 2023, the Company reported net
income attributable to the Company of $2.08 million on $11.30
million of net revenues compared to a net loss attributable to the
Company of $2.77 million on $4.75 million of net revenues for the
six months ended June 30, 2022.
As of June 30, 2023, the Company had $21.56 million in total
assets, $48.57 million in total liabilities, and a total
stockholders' deficit of $27.01 million.
Rennova said, "At June 30, 2023, the Company had a working capital
deficit and a stockholders' deficit of $40.9 million and $27.0
million, respectively. While the Company incurred net income of
$2.1 million for the six months ended June 30, 2023, it incurred a
net loss of $3.3 million for the year ended December 31, 2022 and
as of the date of this report, its cash is deficient and payments
for its operations in the ordinary course are not being made. The
prior year loss and other related factors, including past due
accounts payable and payroll taxes, as well as payment defaults
under the terms of outstanding notes payable and debentures, raise
substantial doubt about the Company's ability to continue as a
going concern for 12 months from the filing 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/931059/000149315223028849/form10-q.htm
About Rennova Health
Rennova Health, Inc. -- http://www.rennovahealth.com-- is a
provider of health care services. The Company owns one operating
hospital in Oneida, Tennessee, a hospital located in Jamestown,
Tennessee that it plans to reopen and operate and a rural health
clinic in Kentucky.
Rennova Health reported a net loss available to common stockholders
of $334.17 million for the year ended Dec. 31, 2022, compared to a
net loss available to common stockholders of $500.87 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$20.57 million in total assets, $49.67 million in total
liabilities, and a total stockholders' deficit of $29.09 million.
Salt Lake City, Utah-based Haynie & Company, the Company's auditor
since 2018, issued a "going concern" qualification in its report
dated April 17, 2023, citing that the Company has recognized
recurring losses and negative cash flows from operations. This
raises substantial doubt about the Company's ability to continue as
a going concern.
ROMAN CATHOLIC: Hires Breall & Breall LLP as Special Counsel
------------------------------------------------------------
Roman Catholic Bishop Of Oakland, seeks approval from the U.S.
Bankruptcy Court for the northern District of California to employ
Breall & Breall LLP as special insurance counsel.
The firm will provide these services:
-- review and analyze the Debtor's insurance policies issued by
certain insurers and coverage issues related to those policies;
and
-- represent the Debtor in any adversary proceedings or other
litigation matters involving disputes regarding such policies; and
Joseph M. Breall, Esq., the insurance litigation partner will be
paid at the rate of $750 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joseph M. Breall, a partner at Breall & Breall, 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:
Joseph M. Breall, Esq.
BREALL & BREALL, LLP
3625 California Street
San Francisco, CA 94118
Telephone: (415) 345-0545
Facsimile: (415) 345-0538
Email: jmbreall@breallaw.com
About Roman Catholic Bishop Of Oakland
The Roman Catholic Bishop of Oakland, a tax-exempt religious
organization, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8,
2023. In the petition signed by Bishop Michael Charles Barber, the
Debtor disclosed $100 million to $500 million in both assets and
liabilities.
Judge William J. Lafferty oversees the case.
The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez
& Marsal North America, LLC as restructuring advisor. Kurtzman
Carson Consultants LLC is the Debtors' claims and noticing agent
and administrative advisor.
The U.S. Trustee for Region 17 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Lowenstein Sandler, LLP as bankruptcy counsel;
Burns Bair LLP as special insurance counsel; and Berkeley Research
Group, LLC as financial advisor.
ROYAL EMPIRE: Hires Eric A. Liepins PC as Bankruptcy Counsel
------------------------------------------------------------
Royal Empire, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Texas to employ Eric A. Liepins, PC as its
bankruptcy counsel.
The firm will assist the Debtor in the orderly liquidating of
assets, reorganizing the claims of the estate, and determining the
validity of claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $5,000 plus filing fee.
Eric A. Liepins, Esq., the sole shareholder of Eric A. Liepins, PC,
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 Royal Empire, LLC
Royal Empire USA LLC, filed a Chapter 11 bankruptcy petition
(Bankr. E.D. Tex. Case No. 23-41482) on August 17, 2023, disclosing
under $1 million in both assets and liabilities. The Debtor is
represented by ERIC A. LIEPINS.
S&R AFFORDABLE: Mark Dennis Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 11 appointed Mark Dennis, a certified
public accountant at SL Biggs, as Subchapter V trustee for S&R
Affordable Towing, LLC.
Mr. Dennis will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Dennis declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark D. Dennis, CPA
SL Biggs, A Division of SingerLewak, LLP
2000 S. Colorado Blvd., Tower 2, Ste. 200
Denver, CO 80222
Phone: 303-226-5471
Email: mdennis@slbiggs.com
About S&R Affordable
S&R Affordable Towing, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.
23-13732) on Aug. 21, 2023, with $100,001 to $500,000 in both
assets and liabilities.
Judge Michael E. Romero oversees the case.
Jonathan Dickey, Esq., at Kutner Brinen Dickey Riley, P.C.
represents the Debtor as legal counsel.
SAL ATX: Voluntary Chapter 11 Case Summary
------------------------------------------
Debtor: SAL ATX LLC
2450 Wickersham Lane
Austin, TX 78741
Business Description: SAL ATX is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101(51B)).
Chapter 11 Petition Date: September 5, 2023
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 23-10736
Judge: Hon. Shad Robinson
Debtor's Counsel: James Q. Pope, Esq.
THE POPE LAW FIRM
6161 Savoy Drive 1125
Houston TX 77036
Tel: (713) 449-4481
Email: jamesp@thepopelawfirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Drew Dennet as manager.
The Debtor filed an empty list of its 20 largest unsecured
creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/ZCH4XLQ/SAL_ATX_LLC__txwbke-23-10736__0001.0.pdf?mcid=tGE4TAMA
SALEM MEDIA: Reaches Deal to Extend Forbearance Until Sept. 29
--------------------------------------------------------------
Salem Media Group, Inc. and certain subsidiaries of the Company
party to the Credit Agreement and the Forbearance Agreement have
entered into an Amendment Number Eight to Credit Agreement and
Amendment to Forbearance Agreement and Amendment Number Seven to
Credit Agreement and Amendment Number One to Guaranty and Security
Agreement, dated as of Aug. 30, 2023, with the lenders party
thereto, and Wells Fargo Bank, National Association, as
administrative agent.
The Amendment amends the Credit Agreement, dated as of May 19,
2017, by and among the Company and the other Loan Parties that are
borrowers thereunder, the Lenders and the Agent, and the
Forbearance Agreement and Amendment Number Seven to Credit
Agreement and Amendment Number One to Guaranty and Security
Agreement, dated as of Aug. 7, 2023, by and among the Loan Parties,
the Lenders and the Agent.
The Amendment extends the current Forbearance Period under the
Forbearance Agreement through and including Sept. 29, 2023.
In addition, among other things, the Amendment amends the Credit
Agreement by reducing the cash and cash equivalents required for
certain permitted dispositions from 100% to 75% during the
Forbearance Period.
About Salem Media
Headquartered in Texas, Salem -- www.salemmedia.com -- is a
domestic multimedia company specializing in Christian and
conservative content, with media properties comprising radio
broadcasting, digital media, and publishing. Its content is
intended for audiences interested in Christian and family-themed
programming and conservative news talk.
* * *
As reported by the TCR on June 27, 2023, Moody's Investors Service
downgraded Salem Media Group, Inc.'s Corporate Family Rating to
Caa1 from B3. Moody's said the downgrade of the CFR to Caa1 and
negative outlook reflect Salem's weak operating performance
pressured by subdued radio advertising demand, high financial
leverage and a deteriorating liquidity profile.
In May 2023, S&P Global Ratings lowered its issuer credit rating on
Salem Media Group Inc. to 'CCC' from 'B-'. The negative outlook
reflects the potential for a default or debt restructuring over the
next 12 months.
SAN TAN AIR: Seeks to Hire Kahn & Ahart LLC as Bankruptcy Counsel
-----------------------------------------------------------------
San Tan Air Conditioning Comfort Professionals, Inc. seeks approval
from the U.S. Bankruptcy Court for the District of Arizona to hire
Kahn & Ahart, PLLC to hire as counsel.
The firm will render these services:
a. provide Debtor general legal advice with respect to its
powers and duties as Debtor-In-Possession and the continued
operation of its business and management of its property;
b. prepare, on behalf of Debtor-In-Possession, necessary
applications, answers, orders, reports, and other legal papers
including, without limitation, emergency orders for the operation
of the business, including applications and orders for use of cash
collateral; and
c. perform all other legal services for Debtor as
Debtor-In-Possession which may be necessary.
The firm can be reached through:
James F. Kahn $495
Krystal M. Ahart $395
Paralegal assistants $195
Kahn & Ahart, PLLC and its attorneys are disinterested and have no
connection with the creditors, any other party in interest or their
respective attorneys, according to court filings.
The firm can be reached through:
James F. Kahn, Esq.
Krystal M. Ahart, Esq.
KAHN & AHART, PLLC
301 E Bethany Home Rd #C-195
Phoenix, AZ 85012
Phone: (602) 266-1717
Email: james.kahn@azbk.biz
About San Tan Air Conditioning
San Tan Air Conditioning Comfort Professionals, Inc. sought
protection for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Ariz. Case No. 23-05651) on August 18, 2023, listing
under $50,001 to $100,000 in assets and $100,001 to $500,000 in
liabilities. James Khan, Esq. at Kahn & Ahart, PLLC represents the
Debtor as counsel.
SHAMBHALA TREATMENT: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Shambhala Treatment Center LLC
58 Naples Lane
Montgomery, TX 77356
Business Description: Shambhala is a Single Asset Real Estate
debtor (as defined in 11 U.S.C. Section
101 (51B)).
Chapter 11 Petition Date: September 5, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 23-33463
Debtor's Counsel: Charles Hunter, Esq.
CHARLES CLINTON HUNTER, HAYES HUNTER PC
4265 San Felipe Street, Suite 1000
Houston, TX 77027
Tel: 469-694-5376
Email: chunter@hayeshunterlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Chong Sophia Han as representative of
the Debtor.
he Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/FC7P5OY/Shambhala_Treatment_Center_LLC__txsbke-23-33463__0001.0.pdf?mcid=tGE4TAMA
SORRENTO THERAPEUTICS: $105M Scilex Stock Sale Okayed in Ch.11
--------------------------------------------------------------
Vince Sullivan of Law360 reports that bankrupt drug developer
Sorrento Therapeutics received approval Friday, August 25, 2023, in
Texas court for a $105 million sale of its stake in subsidiary
Scilex Holding Co. after a bankruptcy judge declined to reopen the
auction for those assets as requested by other Scilex shareholders
who wished to make a bid.
About Sorrento Therapeutics
Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/
-- is a clinical and commercial stage biopharmaceutical company
developing new therapies to treat cancer, pain (non-opioid
treatments), autoimmune disease and COVID-19. Sorrento's
multimodal, multipronged approach to fighting cancer is made
possible by its extensive immuno-oncology platforms, including key
assets such as next-generation tyrosine kinase inhibitors ("TKIs"),
fully human antibodies ("G-MAB(TM) library"), immuno-cellular
therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and
oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing
potential antiviral therapies and vaccines against coronaviruses,
including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM;
and diagnostic test solutions, including COVIMARK(TM).
Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc.,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of
$1 billion and liabilities of about $235 million as of Feb. 10,
2023.
Judge David R. Jones oversees the cases.
The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel;
Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts
counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin
Y. Meghji, managing partner at M3, serves as the Debtors' chief
restructuring officer. Stretto Inc. is the claims, noticing and
solicitation agent.
Norton Rose Fulbright US, LLP and Milbank, LLP represent the
official committee of unsecured creditors appointed in the Debtors'
Chapter 11 cases.
On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders.
On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders. Glenn Agre Bergman & Fuentes, LLP and Greenberg Traurig,
LLP serve as the equity committee's bankruptcy counsel.
SOUTH TOWN: Donald Brady Named Subchapter V Trustee
---------------------------------------------------
The Acting U.S. Trustee for Region 13 appointed Donald Brady, Esq.,
at Brady Law Firm as Subchapter V trustee for South Town Holdings,
LLC.
Mr. Brady will be paid an hourly fee of $300 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred. In case travel becomes necessary outside of
northwest Arkansas, the Subchapter V trustee will seek a rate of
$60 per hour for actual travel time.
Mr. Brady declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Donald A. Brady, Esq.
Brady Law Firm
249 North Main
Cave Springs, AR 72718
Phone: 479-935-2632
Email: don@bradylaw-nwa.com
About South Town Holdings
South Town Holdings, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Ark. Case No.
23-71198) on Aug. 24, 2023, with $100,001 to $500,000 in assets and
$50,001 to $100,000 in liabilities.
Michael D. Collins, Esq., at Michael D. Collins PA serves as the
Debtor's legal counsel.
STAT EMERGENCY: Seeks to Sell Properties Through Public Auction
---------------------------------------------------------------
STAT Emergency Medical Services, Inc. asked the U.S. Bankruptcy
Court for the Eastern District of Michigan to approve the sale of
its properties through a public auction.
The properties to be auctioned off include 15 vehicles, which the
company no longer uses after it stopped operating its ambulance
division, and other properties that serve as collateral for the
loan provided by Huntington National Bank.
Huntington asserts a lien on some of the company's assets including
vehicles and personal property. The bank had earlier signed a
stipulation with STAT to lift the so-called automatic stay to allow
the bank to take possession of and sell those assets.
The proceeds from the sale of the unused vehicles will go to the
company while the proceeds from the sale of Huntington's collateral
will go to the bank.
Miedema Company, a Michigan-based auction firm, has been tapped to
conduct a joint auction scheduled for Oct. 4. The auction will be
held online at orbitbid.com and onsite at 520 W. 3rd St., Flint,
Mich.
As compensation, Miedema will receive a commission of 8% of the
total gross sale proceeds while the buyer will be charged a 15%
buyer's premium.
Miedema will charge for advertising and other expenses in the
amount of $9,540, plus certain excluded incidental costs and other
charges. The total amount will be split between STAT and Huntington
on a pro-rata basis based on the final bid price.
The deadline for filing response or objection to the proposed sale
is Sept. 21. If a response or objection is timely filed and served,
the clerk of court will schedule a sale hearing.
About STAT Emergency
STAT Emergency Medical Services, Inc. filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich.
Case No. 23-31085) on July 5, 2023, with as much as $50,000 in
assets and $1 million to $10 million in liabilities. Charles
Mouranie of CMM & Associates has been appointed as Subchapter V
trustee.
Judge Joel D. Applebaum oversees the case.
The Debtor tapped Kim K. Hillary, Esq., at Schafer and Weiner, PLLC
as legal counsel and Wesler & Associates, CPA, PC as accountant.
STRUDEL HOLDINGS: Hires Porter Hedges as Bankruptcy Counsel
-----------------------------------------------------------
Strudel Holdings LLC and AVR AH LLC seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Porter
Hedges LLP as their bankruptcy counsel.
The firm's services include:
a. providing legal advice with respect to the Debtors' rights
and duties as debtor in possession and continued business
operations;
b. assisting, advising and representing the Debtors in
analyzing the Debtors' capital structure, investigating the extent
and validity of liens, cash collateral stipulations or contested
matters;
c. assisting, advising and representing the Debtors in respect
of the use of cash collateral;
d. assisting, advising and representing the Debtors in the
formulation of a disclosure statement and plan of reorganization
and to assist the Debtors in obtaining confirmation and
consummation of a plan of reorganization;
e. assisting, advising and representing the Debtors in any
manner relevant to preserving and protecting the Debtors' estate;
f. investigating and prosecuting preference, fraudulent
transfer and other actions arising under the Debtors' bankruptcy
avoiding powers;
g. preparing on behalf of the Debtors all necessary
applications, motions, answers, orders, reports, and other legal
papers;
h. appearing before the Court to protect the Debtors'
interests;
i. assisting the Debtors in administrative matters;
j. performing all other legal services for the Debtors which
may be necessary and proper in these proceedings;
k. assisting, advising and representing the Debtors in any
litigation matters;
l. continuing to assist and advise the Debtors in general
corporate and other matters; and
m. providing other legal advice and services, as requested by
the Debtors, from time to time.
The firm will be paid at these rates:
Partners $600 to $1,000 per hour
Counsels $625 to $730 per hour
Associates $440 to $730 per hour
Paraprofessionals $275 to $385 per hour
In addition, the firm will receive reimbursement for its
out-of-pocket expenses.
Porter Hedges received a retainer in the amount of $150,000.
Joshua Wolfshohl, Esq., a partner at Porter Hedges, 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:
Joshua W. Wolfshohl, Esq.
PORTER HEDGES LLP
1000 Main Street, 36th Floor
Houston, TX 77002
Tel: (713) 226-6000
Email: jwolfshohl@porterhedges.com
About Strudel Holdings
Strudel Holdings LLC and AVR AH LLC are engaged in activities
related to real estate.
Strudel Holdings LLC and AVR AH LLC filed their voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 23-90757) on July 27, 2023. The petitions were
signed by Douglas Brickley as chief restructuring officer. At the
time of filing, Strudel Holdings estimated $10 million to $50
million in assets and $100 million to $500 million in liabilities.
AVR AH estimated $100 million to $500 million in both assets and
liabilities.
Judge Christopher M. Lopez presides over the case.
Joshua W. Wolfshohl, Esq. at Porter Hedges LLP represents the
Debtor as counsel.
STRUDEL HOLDINGS: Taps Stout Risius Ross as Financial Advisor
-------------------------------------------------------------
Strudel Holdings LLC and AVR AH LLC seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to hire Stout
Risius Ross, LLC as their financial advisor, and designate Douglas
J. Brickley as their chief restructuring officer.
Mr. Brickley's services include:
a) negotiating the terms of any debtor-in-possession financing
or agreement regarding the use of cash collateral on behalf of the
Debtors;
b) investigating and preparing the Debtors' go-forward
business and restructuring strategies;
c) directing and conferring with all retained estate
professionals, including Debtors' legal counsel, investment banker,
and financial advisors;
d) communicating with creditors of Debtors and meeting with
representatives of such constituencies;
e) preparing statements of financial affairs, schedules, first
day motions and other regular motions and reports required by the
Court or which Debtors are otherwise obligated to prepare and
provide;
f) reviewing payments or transfers by or for the benefit of
Debtors to ensure compliance with the Bankruptcy Code and
applicable orders of the Court;
g) negotiating bidding procedures and advising the Debtors on
the terms of any proposed sale of the Debtors' assets;
h) formulating and prosecuting of any plan of reorganization
or liquidation for the Debtors;
i) retaining additional estate professionals as the CRO deems
advisable in furtherance of the foregoing, subject to the
requirements of the Bankruptcy Code and Bankruptcy Rules; and
j) taking any and all other actions that are necessary or
appropriate to manage and operate the Debtors pursuant to the
Engagement Letter, the Bankruptcy Code, and applicable orders of
the Court.
The firm's services include:
a) assisting in the review of reports or filings as required
by the Court or the U.S. Trustee, including, but not limited to,
schedules of assets and liabilities, statements of financial
affairs, and monthly operating reports;
b) reviewing the Debtors' financial information, including,
but not limited to, analyses of cash receipts and disbursements,
financial statement items and proposed transactions for which Court
approval is sought;
c) reviewing and analyzing of the reporting regarding cash
collateral and any debtor-in-possession financing arrangements and
budgets;
d) assisting with reviewing any potential cost containment
opportunities proposed by the Debtors;
e) assisting with reviewing any potential asset redeployment
opportunities proposed by the Debtors;
f) reviewing and analyzing assumption and rejection issues
regarding executory contracts and leases;
g) reviewing and analyzing the Debtors' proposed business
plans and the business and financial condition of the Debtors
generally;
h) assisting in evaluating reorganization strategy and
alternatives available, including any asset sale transactions;
i) reviewing and analyzing the Debtors' financial projections
and assumptions;
j) reviewing and analyzing enterprise, asset, and liquidation
valuations;
k) assisting in preparing documents necessary for confirmation
of any plan, proposed asset sales, and proposed use of cash and/or
financing;
l) advising and assisting the Debtors in negotiations and
meetings with creditors and other parties-in-interest;
m) reviewing and providing analysis on potential tax
consequences to the bankruptcy estates of any reorganization and/or
proposed transactions;
n) assisting with the claims resolution procedures including,
but not limited to, analyses of creditors' claims by type and
entity;
o) providing forensic accounting and litigation consulting
services and expert witness testimony regarding confirmation and/or
transactional issues, avoidance actions or other matters; and
p) other such functions as requested by the Debtors to assist
in the Chapter 11 Cases.
The Debtors have agreed to pay Stout as follows:
Managing Directors $675 to $750 per hour
Directors $520 to $575 per hour
Manager/Senior Manager $395 to $450 per hour
Analysts/Associates $300 to $345 per hour
Administrative Personnel $125 to $175 per hour
Stout received a retainer in the total amount of $100,000.
Douglas Brickley, managing director of Stout Risius, disclosed in a
court filing that his firm is "disinterested" as defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Douglas J. Brickley
STOUT RISIUS ROSS, LLC
1000 Main Street, Suite 3200
Houston, TX 77002
Tel: (713) 225-9580
Fax: (713) 225-9588
Email: dbrickley@stout.com
About Strudel Holdings
Strudel Holdings LLC and AVR AH LLC are engaged in activities
related to real estate.
Strudel Holdings LLC and AVR AH LLC filed their voluntary petition
for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.
Tex. Lead Case No. 23-90757) on July 27, 2023. The petitions were
signed by Douglas Brickley as chief restructuring officer. At the
time of filing, Strudel Holdings estimated $10 million to $50
million in assets and $100 million to $500 million in liabilities.
AVR AH estimated $100 million to $500 million in both assets and
liabilities.
Judge Christopher M. Lopez presides over the case.
Joshua W. Wolfshohl, Esq. at Porter Hedges LLP represents the
Debtor as counsel.
SURGALIGN HOLDINGS: Unsecureds to Recover 4% to 18% in Joint Plan
-----------------------------------------------------------------
Surgalign Holdings, Inc. and its Affiliated Debtors filed with the
U.S. Bankruptcy Court for the Southern District of Texas a Combined
Disclosure Statement and Joint Chapter 11 Plan dated August 31,
2023.
The Debtors began operating as Surgalign in July 2020 with a legacy
of clinically validated surgical device and biologic innovation
stretching back 30 years. Since then, the Debtors have continued to
invest in developing and harnessing the possibilities of digital
surgery to redefine the concept of "personalized medicine."
Headquartered in Deerfield, Illinois, with commercial, innovation
and design centers in San Diego, California, Wurmlingen, Germany,
Poznan, Poland, and Warsaw, Poland, the Debtors are a global
medical technology company focused on elevating the standard of
care through advancements in digital health. As of the Petition
Date, the Debtors had cash of approximately $8.8 million.
Prior to the Petition Date, the Debtors commenced a marketing
process for their assets, in whole or in part. Based on the
Debtors' marketing efforts, shortly before the Petition Date, Xtant
Medical Holdings, Inc. agreed to provide the stalking horse bid for
substantially all of the assets encompassing the U.S. hardware and
biomaterials business and the equity interests in non-Debtor
entities related to the Debtors' hardware business outside of the
U.S. (collectively, the "Stalking Horse Hardware Assets"), which
contemplated a purchase price of $5,000,000 and the assumption of
certain liabilities.
Prior to the Bid Deadline, the Debtors identified two Qualified
Bidders for certain assets related to the Debtors' digital health
business (the "Digital Assets")—(a) Augmedics, Inc. and (b)
Brainlab AG. As a result, the Debtors determined to hold an auction
to determine the highest and best bid. On July 27, 2023, the
Debtors conducted multiple rounds of bidding ending in the
selection of Augmedics as the Successful Bidder and Brainlab as the
Back-Up Bidder for the Debtors' Digital Assets. On August 9, 2023,
the Debtors entered into an asset purchase agreement memorializing
Augmedics' bid, which included a purchase price of $1,500,000.
The Plan provides for the distribution of proceeds from the sale
transactions with Xtant and Augmedics, as well as other cash, and
the timely monetization of all remaining property of the Debtors.
Causes of Action not sold, transferred, or otherwise waived or
released before the Effective Date of the Plan shall be prosecuted
by the Wind-Down Debtors for the benefit of the Holders of General
Unsecured Claims. All Allowed Administrative Claims, Allowed
Priority Tax Claims, Allowed Priority Non-Tax Claims, and Allowed
Secured Claims shall be satisfied in full.
Class 3 consists of General Unsecured Claims. On the applicable
Distribution Date, unless otherwise agreed by a Holder of an
Allowed General Unsecured Claim and the Debtors (prior to the
Effective Date) or the Wind-Down Debtors (on or after the Effective
Date), each Holder of an Allowed General Unsecured Claim shall
receive, in full and final satisfaction, compromise, settlement,
release, and discharge of, and in exchange for, such General
Unsecured Claim, its Pro Rata share of:
* the Distributable Cash; and
* to effectuate distributions from the Wind-Down Debtors, the
Wind-Down Debtor Assets; provided that any distributions on account
of the WindDown Debtor Assets shall only be made following payment
in full of, or reserve for, Allowed Administrative Claims, Allowed
Priority Tax Claims, Allowed Priority Non-Tax Claims, and Allowed
Secured Claims.
Class 3 is Impaired under the Plan. The allowed unsecured claims
total $36,768 to $71,646. This Class will receive a distribution of
4% to 18% of their allowed claims.
Class 6 consists of any Intercompany Interests. On the Effective
Date, each Holder of an Allowed Intercompany Interest shall not be
entitled to any Distribution on account of such Intercompany
Interest, which shall be canceled, released, and extinguished and
of no further force or effect without further action by the
Debtors.
Class 7 consists of any Parent Interests. On the Effective Date,
each Parent Interest shall be deemed automatically cancelled,
released, and extinguished without further action by the Debtors.
One or more of the Debtors shall continue in existence after the
Effective Date, each as a WindDown Debtor, for purposes of (1)
preserving the Retained Estate Claims and Causes of Action for the
benefit of the Wind-Down Beneficiaries, (2) winding down the
Debtors' remaining businesses and affairs as expeditiously as
reasonably possible and liquidating any assets held by the Wind
Down Debtors after the Effective Date, (3) resolving any Disputed
Claims, (4) paying Allowed Claims for which there is not a
Distribution Agent other than the Wind-Down Debtors, (5) filing
appropriate tax returns, and (6) administering the Plan in an
efficacious manner.
Distributions under the Plan shall be funded by (i) the proceeds of
each of the Digital Assets Sale Transaction and the Hardware Assets
Sale Transaction, and (ii) the Wind-Down Debtors from the WindDown
Debtor Assets; provided, however, that Allowed Professional Fee
Claims shall be paid from the Professional Fee Escrow Account in
the first instance. The Wind-Down Debtor Assets shall be used to
pay the Wind-Down Debtor Expenses (including the compensation of
the Plan Administrator and any professionals retained by the
Wind-Down Debtors), and to satisfy payment of Allowed Claims and
Interests as set forth in the Plan.
A full-text copy of the Combined Disclosure Statement and Plan
dated August 31, 2023 is available at
https://urlcurt.com/u?l=cGJ2wC from Kroll Restructuring
Administration, LLC, claims agent.
Co-Counsel to the Debtors:
Veronica A. Polnick, Esq.
J. Machir Stull, Esq.
Matthew D. Cavenaugh, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Tel: (713) 752-4200
Email: vpolnick@jw.com
mstull@jw.com
mcavenaugh@jw.com
Counsel to the Debtors:
Gregory F. Pesce, Esq.
Laura E. Baccash, Esq.
WHITE & CASE LLP
111 South Wacker Drive, Suite 5100
Chicago, IL 60606
Tel: 312.881-5400
Fax: 312.881-5450
Email: gpesce@whitecase.com
laura.baccash@whitecase.com
- and -
Charles Koster, Esq.
WHITE & CASE LLP
609 Main Street, Suite 2900
Houston, TX 77002
Phone: 713.496.9700
Email: ckoster@whitecase.com
- and -
Barrett Lingle, Esq.
White & Case LLP
1221 Avenue of the Americas
New York, NY 10020
Phone: 212.819.8200
Email: barrett.lingle@whitecase.com
About Surgalign Holdings
Surgalign Holdings, Inc., is a global medical technology company
focused on elevating the standard of care by driving the evolution
of digital health. It has developed an artificial intelligence and
augmented reality technology platform called HOLO AI, which the
company views as a powerful suite of AI software technology which
connects the continuum of care from the pre-op and clinical stage
through post-op care, and is designed to achieve better surgical
outcomes, reduce complications, and improve patient satisfaction.
Surgalign Holdings and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
23-90731) on June 19, 2023. At the time of the filing, the Debtors
reported $50 million to $100 million in both assets and
liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped White & Case, LLP as lead bankruptcy counsel;
Jackson Walker, LLP as local and conflict counsel;
PricewaterhouseCoopers, LLP as tax services provider; and Alvarez &
Marsal Securities, LLC as investment banker and financial advisor.
Kroll Restructuring Administration, LLC is the Debtors' notice and
claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
Pachulski Stang Ziehl & Jones, LLP and Province, LLC serve as the
committee's legal counsel and financial advisor, respectively.
SUSTAITA ENTERPRISES: Katharine Clark Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of
Thompson Coburn, LLP as Subchapter V trustee for Sustaita
Enterprises, LLC.
Ms. Clark will be paid an hourly fee of $495 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Clark declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Katharine Battaia Clark
Thompson Coburn, LLP
2100 Ross Avenue, Ste. 3200
Dallas, TX 75201
Office: 972-629-7100
Mobile: 214-557-9180
Fax: 972-629-7171
Email: kclark@thompsoncoburn.com
About Sustaita Enterprises
Sustaita Enterprises, LLC is a company in Desoto, Texas, which
operates in the general freight trucking industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 23-31812) on Aug. 21,
2023, with $3,969,806 in assets and $3,589,563 in liabilities.
Carlos Sustaita, president and member, signed the petition.
Judge Scott W. Everett oversees the case.
Brandon Tittle, Esq., at Glast, Phillips & Murray, P.C. and Lane
Gormatt Trubitt, LLC serve as the Debtor's legal counsel and
financial advisor, respectively.
TROIKA MEDIA: Inks 4th Amended A&R Limited Waiver With Blue Torch
-----------------------------------------------------------------
Troika Media Group, Inc. and Blue Torch Finance LLC have entered
into a fourth amendment to the A&R Limited Waiver effective as of
Aug. 18, 2023, pursuant to which Blue Torch agreed to extend the
Outside Date from Aug. 28, 2023 to Sept. 29, 2023, subject to
potential extension if a definitive written agreement is delivered
on or prior to Sept. 29, 2023 providing for cash repayment in full
of all obligations owed to Blue Torch or which is otherwise
acceptable to Blue Torch, according to a Form 8-K filed by the
Company with the Securities and Exchange Commission.
On Feb. 10, 2023, Troika Media and Blue Torch entered into an
Amended and Restated Limited Waiver of certain events of default
under the Financing Agreement dated March 21, 2022, by and among
the Company, the lenders from time-to-time party thereto, and Blue
Torch as collateral agent and administrative agent for such
lenders. The A&R Limited Waiver would have expired on the earliest
of (x) the occurrence of an Event of Default under the Financing
Agreement that is not a Specified Event of Default, (y) a failure
by the Company to comply with certain sale and refinancing
milestones and (z) June 30, 2023, subject to potential extension of
up to 60 days to obtain regulatory and/or shareholder approval in
the event the Company is pursuing a sale transaction (the date such
period expires, the "Outside Date").
On May 8, 2023, the Company and Blue Torch entered into a first
amendment to the A&R Limited Waiver pursuant to which the Company
affirmed its commitment to work in good faith to consummate a sale
of the Company's business or assets and/or a refinancing
transaction by the Outside Date, and Blue Torch agreed to remove
the aforementioned milestones and to extend the Outside Date from
June 30, 2023 to July 14, 2023, subject to potential extension if a
definitive written agreement was delivered on or prior to July 14,
2023 providing for cash repayment in full of all obligations owed
to Blue Torch or which was otherwise acceptable to Blue Torch. As
previously disclosed, on July 14, 2023, and July 28, 2023, the
Company and Blue Torch entered into a second amendment to the A&R
Limited Waiver and a third amendment to the A&R Limited Waiver,
respectively, each to extend the Outside Date. The Third Amended
A&R Limited Waiver extended the Outside Date to Aug. 28, 2023.
The Company said it continues to engage in good faith negotiations
with Blue Torch, as agent for the Lenders, to amend the Financing
Agreement and cure the events of default, although the Company
cannot assure you that the Company will be successful in doing so.
If the Company is unsuccessful in renegotiating the Financing
Agreement and curing the continuing events of default by the
Outside Date, the Company intends to seek further Limited Waivers
with Blue Torch, although the Company cannot assure that Blue Torch
would be willing to grant additional waivers.
About Troika
Troika Media Group, Inc. (fka M2 nGage Group, Inc.) -- thetmgrp.com
-- is a professional services company that architects and builds
enterprise value in consumer facing brands to generate scalable
performance driven revenue growth. The Company delivers three
solutions pillars that: CREATE brands and experiences and CONNECT
consumers through emerging technology products and ecosystems to
deliver PERFORMANCE based measurable business outcomes.
Troika Media reported a net loss of $9.58 million for the six
months ended Dec. 31, 2022. Troika Media reported a net loss of
$38.69 million for the year ended June 30, 2022, a net loss of $16
million for the year ended June 30, 2021, and a net loss of $14.45
million for the year ended June 30, 2020.
TROIKA MEDIA: Receives Delinquency Notification Letter From Nasdaq
------------------------------------------------------------------
Troika Media Group, Inc. announced it received a delinquency
notification letter from Nasdaq on Aug. 22, 2023, stating that the
Company was not in compliance with Nasdaq Listing Rule 5250(c)(1)
because it had not timely filed its Quarterly Report on Form 10-Q
for the quarter ended June 30, 2023.
Nasdaq has informed the Company that it must submit a plan of
compliance within 60 days addressing how it intends to regain
compliance with Nasdaq's listing rules or otherwise file the Form
10-Q before the expiration of such 60-day period. The Company said
it will continue to work diligently to complete and file its Form
10-Q as soon as practicable and, if applicable, will work
diligently to submit the Plan promptly and take the necessary steps
to regain compliance as soon as practicable.
About Troika
Troika Media Group, Inc. (fka M2 nGage Group, Inc.) -- thetmgrp.com
-- is a professional services company that architects and builds
enterprise value in consumer facing brands to generate scalable
performance driven revenue growth. The Company delivers three
solutions pillars that: CREATE brands and experiences and CONNECT
consumers through emerging technology products and ecosystems to
deliver PERFORMANCE based measurable business outcomes.
Troika Media reported a net loss of $9.58 million for the six
months ended Dec. 31, 2022. Troika Media reported a net loss of
$38.69 million for the year ended June 30, 2022, a net loss of $16
million for the year ended June 30, 2021, and a net loss of $14.45
million for the year ended June 30, 2020.
UNDER THE HOOD: Seeks Approval to Hire Forbes Law as Attorney
-------------------------------------------------------------
Under the Hood, LLC, dba, RT .44 Auto Repair & Towing seeks
approval from the U.S. Bankruptcy Court for the Northern District
of Ohio to hire Glenn E. Forbes, Esq. and Forbes Law LLC as
attorneys.
The firm will render these services:
a. advise the Debtor as to its rights, duties and powers as a
Debtor in possession;
b. prepare and file the Statements, Schedules, Plans and other
documents and pleadings necessary to be filed by the Debtor in this
case;
c. represent the Debtor at all hearings, meetings of
creditors, conferences, trials, and other proceedings in this case;
and
d. perform other legal services as may be necessary in
connection with this case.
The firm will bill these hourly rates:
Attorneys $325
Associates $225
Paralegals $150
Forbes Law received a retainer fee of $7,000.
Glenn E. Forbes, Esq. attests that he and his law firm are
disinterested persons, as that term is defined in the Bankruptcy
Code, and do not hold or represent an interest adverse to the
estate with respect to the matter on which they are proposed to be
employed.
The counsel can be reached through:
Glenn E. Forbes, Esq.
FORBES LAW LLC
166 Main Street
Painesville, OH 44077
Tel: (440) 357-6211
Fax: (440) 357-1634
E-mail: gforbed@geflaw.net
bankruptcy@geflaw.net
About Under the Hood, LLC
Under the Hood, LLC is in the business of operating an automotive
repair and towing service in Chardon, Ohio.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 23-12834-aih) on August
17, 2023. In the petition signed by Anthony Longhitano, III,
president, the Debtor disclosed up to $50,000 in both assets and
liabilities.
Glenn E. Forbes, Esq., at Forbes Law LLC, represents the Debtor as
counsel.
VANTAGE DRILLING: Elects Director to Fill Vacancy
-------------------------------------------------
The board of directors of Vantage Drilling International, at a duly
convened meeting thereof, approved an increase to the number of
directors currently serving on the Board from five to six.
Further, at such meeting, the Board exercised its authority
pursuant to the Company's memorandum and articles of association,
and elected Mr. Gunnar Winther Eliassen to fill the vacancy
resulting from said increase, effectively immediately, to hold
office until the next annual general meeting of shareholders of the
Company or until his successor, if any, is duly elected and
qualified.
Mr. Eliassen is the founder and principal of SNC Winther Holdings
Ltd, a private investment company. Mr. Eliassen served as an
investment director at Seatankers Services (UK) LLP, a holding
company of assets across several business sectors, from 2016 to
2023. In addition, Mr. Eliassen served as the chief executive
officer of ST Energy Transition I Ltd. (NYSE: STET), a special
purpose acquisition company targeting energy transition and clean
energy technology, from December 2021 until March 2023. Mr.
Eliassen previously worked as a Partner at Pareto Securities
between 2011 and 2015 and was responsible for executing public and
private capital markets transactions with an emphasis on the energy
sector. Mr Eliassen currently serves on the board of directors of
KLX Energy Services Holding (NASDAQ: KLXE), and Golden Close
Maritime. Previous experience includes serving on the Board of
Directors of NorAm Drilling Company AS, Valaris Ltd., Seadrill
Ltd., Aquadrill LLC (formerly known as Seadrill Partners LLC),
Quintana Energy Services Inc. and Northern Drilling Ltd. Mr.
Eliassen received a Master's degree in Finance from the Norwegian
School of Economics.
About Vantage Drilling International
Vantage Drilling International, a Cayman Islands exempted company,
is an international offshore drilling company focused on operating
a fleet of modern, high specification drilling units. The
Company's principal business is to contract drilling units, related
equipment and work crews, primarily on a dayrate basis to drill oil
and gas wells for its customers. Through its fleet of drilling
units the Company is a provider of offshore contract drilling
services to major, national and independent oil and gas companies,
focused on international markets.
Vantage Drilling reported a net loss of $3.37 million in 2022,
compared to a net loss of $110.25 million in 2021, and a net loss
of $276.76 million in 2020.
* * *
As reported by the TCR on March 20, 2023, S&P Global Ratings raised
its issuer credit rating on offshore drilling rig operator, Vantage
Drilling International, to 'CCC+' from 'CCC' and removed it from
CreditWatch, where S&P placed it with positive implications on Feb.
16, 2023. S&P said the upgrade reflects the full redemption at par
of Vantage's remaining $180 million of first-lien notes due
November 2023, using proceeds from a $200 million private placement
of first-lien notes due 2028, with the remaining balance going to
cash on hand.
VERITAS FARMS: Acquires Asystem and Asystem Labs
------------------------------------------------
Veritas Farms, Inc. announced it has completed the acquisition of
innovative, science-forward supplements brand ASYSTEM and their
product development arm, ASYSTEM Labs.
The acquisition of this pioneering wellness brand is a part of
Veritas' decision to pursue a roll-up strategy and expand beyond
CBD into the multi-billion dollar wellness industry by acquiring
and merging brands with a wellness focus under the publicly traded
company's umbrella. The goal of this strategy is to better
position Veritas Farms on a path to profitability and increased
cash flow.
ASYSTEM is the first acquisition in this exciting growth and
expansion strategy. The acquisition will complement Veritas' focus
of helping people unlock their potential through the use of
supplements and leverage Veritas' infrastructure to accelerate the
growth of ASYSTEM and build the next generation of innovative
wellness brands.
The acquisition of ASYSTEM a brand known for its TikTok viral
products, influencer relations, and prestigious partnerships with
Warner Bros, JetBlue, Nordstrom, Bergdorf Goodman, Erewhon, Saks
Fifth Ave, and many more will better poise the combined entity on a
path to increased revenue and expansion.
ASYSTEM Labs, ASYSTEM's product development studio, will be part of
the acquisition. ASYSTEM Labs offers brand and product development
services to consumer brands, celebrities and creators seeking to
unlock the huge potential of the supplements, vitamins, and
nutritional products category.
Tom Vickers, chairman, and chief executive officer of Veritas
commented: "I am pleased to welcome ASYSTEM and their talented team
to our group. ASYSTEM and ASYSTEM Labs are incredible brands and a
quintessential emblem of best-in-class, science-forward
supplements. We are committed to supporting the combined entity,
including ASYSTEM, a brand that is known for its clinical,
science-backed wellness products and prestigious partnerships. I
would like to thank Oli Walsh, Henry Simonds, and their team for
their dedication to ASYSTEM and work over the past four years. We
are optimistic about ASYSTEM's ability to accelerate its growth,
innovate, and remain at the forefront of discerning customers'
goals to optimize their mental and physical health and unlock their
potential."
Oli Walsh, Founder of ASYSTEM, commented: "I am delighted for
ASYSTEM to be joining the Veritas Farms ecosystem. ASYSTEM was
built on a vision of combining innovative formulations with
pioneering design and operational excellence, to create a unique
science-forward supplements brand. Veritas Farms shares our vision
for the future and brings tremendous operational expertise and
infrastructure, which will help accelerate ASYSTEM's growth and
solve the wellness needs of our global audience. I want to thank
all those who have helped us achieve this milestone and am excited
to continue supporting the ASYSTEM brand in an ongoing role as a
strategic advisor."
Henry Simonds, president of ASYSTEM, commented: "Veritas is a vital
and invigorating new partnership for ASYSTEM as we continue to help
customers take control of their individualized health. The demand
for clinically proven solutions is rapidly growing, and we are now
uniquely positioned to meet that need and propel the industry
forward. Our product development studio, ASYSTEM Labs, will also
be strengthened and primed to support any businesses looking to
enter the supplement space. It has been an immense pleasure to
build this brand and I look forward to supporting the talented
Veritas team in taking ASYSTEM to the next level."
VFRM Executive Leadership
In conjunction with the closing of the transaction, Veritas Farms
has announced several leadership appointments at ASYSTEM:
Tom Vickers, the current Chairman of the Board of Veritas Farms,
will continue his role as Chairman of the Board, and chief
executive officer.
Henry Simonds will continue his role with the entity as a member of
the Board of Directors and as a strategic consultant.
Oli Walsh, Founder of ASYSTEM will continue to work alongside both
teams as a strategic advisor.
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.
VIEWRAY INC: Committee Taps Cleary Gottlieb Steen as Legal Counsel
------------------------------------------------------------------
The official committee of unsecured creditors ViewRay, Inc. and
ViewRay Technologies, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Cleary Gottlieb Steen
& Hamilton LLP as its counsel.
The firm will render these services:
a. advise the Committee regarding its rights, powers, and
duties in the Chapter 11 Cases;
b. assist and advise the Committee in its consultations and
negotiations with the Debtors relating to the administration of the
Chapter 11 Cases;
c. assist and advise the Committee in review, analysis, and
negotiation of any sale of the Debtors' assets under section 363 of
the Bankruptcy Code;
d. assist and advise the Committee in formulation, review,
analysis, and negotiation of any chapter 11 plan(s) that have been
or may be filed and assist the Committee in the formulation,
review, analysis, and negotiation of the disclosure statement
accompanying any chapter 11 plan(s);
e. take all necessary action to protect and preserve the
interests of the Committee and creditors holding general unsecured
claims against the Debtors' estates, including assisting the
Committee's investigation of the acts, conducts, assets,
liabilities, and financial condition of the Debtors and other
parties involved with the Debtors, and of the operation of the
Debtors' business;
f. review and analyze claims filed against the Debtors'
estates;
g. review and analyze pleadings, applications, orders,
statements of financial affairs, and schedules filed with the Court
and advise the Committee with respect to such filings;
h. assist the Committee in preparing pleadings and
applications as may be necessary in furtherance of the Committee's
interests and objectives;
i. represent the Committee at all court hearings, statutory
meetings of creditors, and other proceedings before this Court;
j. assist and advise the Committee as to its communications to
the general creditor body regarding significant matters in the
Chapter 11 Cases; and
k. perform such other legal services as may be required.
The hourly rates of Cleary Gottlieb's attorneys and staff are as
follows:
Partners $1,305 to 2,2203
Counsel $1,215 to 1,485
Senior Attorneys $1,190 to 1,400
Associates $710 to 1,180
Paralegals $370 to 495
The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the Revised UST
Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Cleary Gottlieb did not represent the Committee in the
12 months prepetition. Cleary Gottlieb may represent in the future
certain Committee members and/or their affiliates in their
capacities as members of official committees in other chapter 11
cases or individually in matters wholly unrelated to the Chapter 11
Cases.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Cleary Gottlieb expects to develop a budget and
staffing plan to reasonably comply with the U.S. Trustee's request
for information and additional disclosures, as to which Cleary
Gottlieb reserves all rights. The Committee has approved Cleary
Gottlieb's proposed hourly billing rates.
David Botter, Esq., a partner at Cleary Gottlieb Steen & Hamilton,
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:
David H. Botter, Esq.
CLEARY GOTTLIEB STEEN & HAMILTON, LLP
One Liberty Plaza
New York, NY 10006
Telephone: (212) 225-2000
Facsimile: (212) 225-3999
Email: dbotter@cgsh.com
About ViewRay Inc.
ViewRay, Inc. designs, manufactures, and markets the MRIdian
MRI-guided Radiation Therapy System. MRIdian is built upon a
proprietary high-definition magnetic resonance imaging system
designed from the ground up to address the unique challenges, and
clinical workflow for advanced radiation oncology. The MRIdian
MRI-guided Radiation Therapy System integrates diagnostic-quality
MR imaging with radiation therapy delivery to enable on-table
adaptive treatments with real-time tissue tracking and automatic
beam gating.
ViewRay, Inc. and its affiliate ViewRay Technologies, Inc. sought
protection under the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10935) on July 16, 2023. In the petition signed by Paul
Zieglerm chief executive officer, the Debtors disclosed $233
million assets and $75 million in liabilities.
The Debtors tapped Faegre Drinker Biddle & Reath, LLP as bankruptcy
counsel; Cravath, Swane and Moore, LLP as special corporate
counsel; Berkeley Research Group, LLC as financial advisor; and B.
Riley Securities, Inc. as investment banker. Stretto, Inc. is the
notice, claims, balloting and administrative agent.
VIEWRAY INC: Committee Taps FTI Consulting as Financial Advisor
---------------------------------------------------------------
The official committee of unsecured creditors ViewRay, Inc. and
ViewRay Technologies, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ FTI Consulting, Inc.
as its financial advisors.
The firm's services include:
(a) assistance in the review of financial-related disclosures
required by the court;
(b) assistance in the preparation of analyses required to
assess any proposed use cash collateral;
(c) assistance with the assessment and monitoring of the
Debtors' short-term cash flow, liquidity, and operating results;
(d) assistance with the assessment of the Debtors' cash
management system and evaluation of intercompany transactions;
(e) assistance in the review of other financial information
prepared by the Debtors;
(f) assistance in the research and evaluation of industry
trends and impact on the go-forward viability of the Debtors'
business;
(g) assistance with the review of the Debtors' cost/benefit
analyses with respect to the assumption or rejection of various
executory contracts and unexpired leases;
(h) assistance with the review of the Debtors' identification
of potential cost right-sizing;
(i) assistance in the review and monitoring of the asset sale
process;
(j) assistance with the identification of unencumbered
assets;
(k) assistance with analyzing entity-level value waterfalls
and potential recoveries with respect to any proposed plan of
reorganization;
(l) assistance in the evaluation and analysis of avoidance
actions;
(m) assistance with the review of any key employee incentive,
management incentive, and any key employee retention and other
employee benefit programs proposed by the Debtors;
(n) assistance with the review of the Debtors' analysis of
core business assets and the potential disposition or liquidation
of non-core assets;
(o) assistance with review of any tax issues associated with,
but not limited to, claims/stock trading, preservation of net
operating losses, refunds due to the Debtors, plans of
reorganization, and asset sales;
(p) assistance in the review of the claims reconciliation and
estimation process;
(q) attendance at meetings and assistance in discussions with
the Debtors, potential investors, banks, other secured lenders, ad
hoc creditor groups, the committee and any other official
committees organized in these Chapter 11 cases, the U.S. Trustee,
other parties involved in the Debtors' cases interest and their
professionals;
(r) assistance in the review or preparation of information and
analyses necessary for the confirmation of a Chapter 11 plan and
related disclosure statement and plan documents in these Chapter
11 cases;
(s) assistance in the prosecution of committee responses or
objections to the Debtors' motions, applications and other
pleadings, as required by the committee; and
(t) render such other general business consulting services as
the committee or its counsel may deem necessary.
The hourly rates of the firm's professionals are as follows:
Senior Managing Directors $1,045 - $1,495
Directors/Senior Directors/Managing Directors $785 - $1,055
Consultants/Senior Consultants $435 - $750
Administrative/Paraprofessionals $175 - $325
In addition, the firm will seek reimbursement for expenses
incurred.
Clifford A. Zucker, a senior managing director at FTI, 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:
Clifford A. Zucker
FTI CONSULTING, Inc.
1166 Avenue of the Americas, 15th Floor
New York, NY 10036
Telephone: (212) 247-1010
Email: cliff.zucker@fticonsulting.com
About ViewRay Inc.
ViewRay, Inc. designs, manufactures, and markets the MRIdian
MRI-guided Radiation Therapy System. MRIdian is built upon a
proprietary high-definition magnetic resonance imaging system
designed from the ground up to address the unique challenges, and
clinical workflow for advanced radiation oncology. The MRIdian
MRI-guided Radiation Therapy System integrates diagnostic-quality
MR imaging with radiation therapy delivery to enable on-table
adaptive treatments with real-time tissue tracking and automatic
beam gating.
ViewRay, Inc. and its affiliate ViewRay Technologies, Inc. sought
protection under the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10935) on July 16, 2023. In the petition signed by Paul
Zieglerm chief executive officer, the Debtors disclosed $233
million assets and $75 million in liabilities.
The Debtors tapped Faegre Drinker Biddle & Reath, LLP as bankruptcy
counsel; Cravath, Swane and Moore, LLP as special corporate
counsel; Berkeley Research Group, LLC as financial advisor; and B.
Riley Securities, Inc. as investment banker. Stretto, Inc. is the
notice, claims, balloting and administrative agent.
VIEWRAY INC: Committee Taps Potter Anderson as Delaware Counsel
---------------------------------------------------------------
The official committee of unsecured creditors ViewRay, Inc. and
ViewRay Technologies, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Potter Anderson &
Corroon LLP as its Delaware counsel.
The firm's services include:
a. providing legal advice regarding local rules, practices,
and procedures and providing substantive and strategic advice on
how to accomplish Committee goals, bearing in mind that the
Delaware Bankruptcy Court relies on Delaware counsel such as Potter
Anderson to be involved in all aspects of each bankruptcy
proceeding;
b. drafting, reviewing, and commenting on drafts of documents
to ensure compliance with local rules, practices, and procedures;
c. drafting, filing and service of documents as requested by
Cleary Gottlieb;
d. preparing certificates of no objection, certifications of
counsel, and notices of fee applications;
e. printing of documents and pleadings for hearings, preparing
binders of documents and pleadings for hearings;
f. appearing in Court and at any meetings of creditors on
behalf of the Committee in its capacity as Delaware counsel with
Cleary Gottlieb;
g. monitoring the docket for filings and coordinating with
Cleary Gottlieb on pending matters that may need responses;
h. participating in calls with the Committee;
i. providing additional administrative support to Cleary
Gottlieb, as requested; and
j. taking on any additional tasks or projects the Committee
may assign.
The firm will charge these hourly fees:
Partners $675 to $865
Associates $440 to $640
Paraprofessionals $330 to $350
The following is provided in response to the request for additional
information set forth in Paragraph D.1. of the Revised UST
Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Potter Anderson did not represent the Committee in the
12 months prepetition. Potter Anderson may represent in the future
certain Committee members and/or their affiliates in their
capacities as members of official committees in other chapter 11
cases or individually in matters wholly unrelated to these Chapter
11 Cases.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Potter Anderson expects to develop a budget and
staffing plan to reasonably comply with the U.S. Trustee's request
for information and additional disclosures, as to which Potter
Anderson reserves all rights. The Committee has approved Potter
Anderson's proposed hourly billing rates.
Christopher Samis, Esq., a member of Potter Anderson, 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:
Christopher M. Samis, Esq.
POTTER ANDERSON & CORROON, LLP
1313 North Market Street, 6th Floor
Wilmington, DE 19801
Tel: (302) 984-6000
Fax: (302) 658-1192
Email: csamis@potteranderson.com
About ViewRay Inc.
ViewRay, Inc. designs, manufactures, and markets the MRIdian
MRI-guided Radiation Therapy System. MRIdian is built upon a
proprietary high-definition magnetic resonance imaging system
designed from the ground up to address the unique challenges, and
clinical workflow for advanced radiation oncology. The MRIdian
MRI-guided Radiation Therapy System integrates diagnostic-quality
MR imaging with radiation therapy delivery to enable on-table
adaptive treatments with real-time tissue tracking and automatic
beam gating.
ViewRay, Inc. and its affiliate ViewRay Technologies, Inc. sought
protection under the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10935) on July 16, 2023. In the petition signed by Paul
Zieglerm chief executive officer, the Debtors disclosed $233
million assets and $75 million in liabilities.
The Debtors tapped Faegre Drinker Biddle & Reath, LLP as bankruptcy
counsel; Cravath, Swane and Moore, LLP as special corporate
counsel; Berkeley Research Group, LLC as financial advisor; and B.
Riley Securities, Inc. as investment banker. Stretto, Inc. is the
notice, claims, balloting and administrative agent.
WE ROCK: Files Amendment to Combined Plan & Disclosures
-------------------------------------------------------
We Rock, Ltd., submitted a Second Amended Small Business Combined
Plan of Reorganization and Disclosure Statement dated August 31,
2023.
The secured creditor initiated a foreclosure action. The bankruptcy
filing was necessitated by Sheriff's sale scheduled for April 10,
2023.
The Plan is to sell the property located at 23 Cormorant Drive,
Middletown, New Jersey (the "Property"). The sole creditor,
Millenium Trust Company, LLC, as Custodian FBO Prime Meridian NPL,
LLC, who is the holder of the first and only mortgage of the
Property, will be paid in full from the sale at closing. The
Debtor has been making tax and insurance payments on the Property,
which are current. The purpose of the Plan is to liquidate the
Debtor's sole asset, which consists of the Property.
On Aug. 17, 2023, the Court entered an Amended Order regarding
secured creditor's motion for relief from the automatic stay
requiring the sale of the property by Dec. 31, 2023 and further
requiring Debtor to make adequate protection payments commencing on
Sept. 1, 2023.
The Secured Claim of Millennium Trust Company, LLC, as Custodian
FBO Prime Meridian NPL, LLC in the amount of $399,642 will be paid
in full at closing.
Attached as Exhibit "F" to this Plan is an Amended Order Regarding
Secured Creditor's Motion for Relief from the Automatic Stay which
was entered on August 17, 2023 by The Honorable Christine M.
Gravelle.
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 pay the sole creditor in full at closing.
A full-text copy of the Second Amended Combined Plan and Disclosure
Statement dated August 31, 2023 is available at
https://urlcurt.com/u?l=1U5mud from PacerMonitor.com at no charge.
Attorneys for Debtor:
COHN LIFLAND PEARLMAN HERRMANN & KNOPF LLP
Mercedes Diego, Esq.
Park 80 West - Plaza One
250 Pehle Avenue, Suite 401
Saddle Brook, New Jersey 07663
Tel: (201)845-9600
Email: md@njlawfirm.com
About We Rock Ltd.
We Rock, Ltd., is the owner of a single family residence located at
23 Cormorant Drive, Middletown, New Jersey 07748. We Rock filed a
Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 23-12860) on
April 5, 2023. Mercedes Diego, Esq., of COHN LIFLAND PEARLMAN
HERRMANN & KNOPF LLP, is the Debtor's legal counsel.
WESTERN GLOBAL: Hires Evercore Group as Investment Banker
---------------------------------------------------------
Western Global Airlines, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Evercore Group L.L.C. as investment banker.
The firm will provide these services:
a. assisting in reviewing and analyzing the Debtors' capital
structure, financial condition, business operations and financial
projections;
b. advising and assisting in an Amendment, Liability Management
Transaction, Restructuring and/or Financing transaction, if the
Debtors determine to undertake such a Transaction;
c. providing financial advice in developing and implementing a
Liability Management Transaction or Restructuring, which would
include:
i. assisting in developing a restructuring plan or plan of
reorganization, including a plan of reorganization pursuant to the
Bankruptcy Code (a "Plan");
ii. advising on tactics and strategies for negotiating with
various stakeholders regarding the Plan;
iii. providing testimony, as necessary, with respect to
matters on which Evercore has been engaged in any proceedings under
the Bankruptcy Code that are pending before the Court; and
iv. providing the Debtors with other financial restructuring
advice or other customary investment banking advice as Evercore and
the Debtors may deem appropriate.
d. If the Debtors pursue a Financing, assisting the Debtors in:
i. structuring and effecting a Financing;
ii. identifying potential Investors and, at the Debtors'
request, contacting such investors; and
iii. working with the Debtors in negotiating with potential
investors.
e. if the Debtors pursue an Amendment, assisting the Debtors
in:
i. structuring and effecting an Amendment; and
ii. working with the Debtors in negotiating with existing
lenders, including leading the discussions with lenders at the
Debtors' direction.
The firm will be paid as follows:
a. A monthly fee of $175,000 (a "Monthly Fee"), payable on the
8th day of each month and commencing on April 8, 2023 until the
earlier of (a) the consummation of the Liability Management
Transaction or a Restructuring transaction, and (b) the termination
of Evercore's engagement. So long as Monthly Fees for months one
through six have actually been earned and paid, fifty percent (50%)
of any Monthly Fees actually paid for months one through six shall
be credited (without duplication) against any Amendment Fee,
Liability Management Fee, Restructuring Fee or Financing Fee
payable; provided, that, in the event of a Chapter 11 filing, any
such credit of fees contemplated by this sentence shall only apply
to the extent that all such Monthly Fees and the Amendment Fee,
Liability Management Fee, Restructuring Fee and Financing Fee are
approved in their entirety by the Bankruptcy Court pursuant to a
final order not subject to appeal and which order is acceptable to
Evercore.
b. A fee of $3,500,000 (a "Restructuring Fee") payable upon the
earlier of (i) confirmation of a Plan or (ii) consummation of any
Restructuring.
c. A fee (a "Financing Fee"), payable upon consummation of any
Financing and incremental to Restructuring Fee, Amendment Fee, or
Liability Management Fee, if Evercore serves as the placement agent
or similar function on such Financing, the applicable percentage(s)
set forth in the table below:
DIP Financing 1 percent
Indebtedness Secured by a First Lien 2 percent
Indebtedness Secured by a Second Lien, 3.5 percent
Unsecured Indebtedness and/or
Subordinated Indebtedness
Equity or Equity-linked Securities/ 3.5 percent
Obligations
d. A fee of $1,000,000 (an "Amendment Fee") payable upon the
consummation of each material waiver, amendment and/or modification
to the terms of any of the Debtors' outstanding debt facilities
(each, an "Amendment"); provided that, no Amendment Fee shall be
payable in the case of an Amendment with substantially similar
terms to the form of amendment negotiated with the Debtors' lenders
prior to Evercore's engagement.
e. A fee (a "Liability Management Fee") of 1 percent of the
principal face or committed amount of any debt modified, extended,
or exchanged as a result of any exchange, redemption, tender,
consent solicitation, conversion, cancellation, retirement,
repurchase, and/or refinancing of the Debtors' obligations and/or
other liability management transaction (each a "Liability
Management Transaction") payable upon the consummation of such
Liability Management Transaction; provided that, to the extent that
the Neff Parties hold the requisite amount of first lien debt to
constitute Required Lenders under the Credit Agreement, then the
amount of first lien debt held by the Neff Parties shall be
excluded from the Debtors' total outstanding debt or purposes of
calculating the Liability Management Fee.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Avinash D'Souza, senior managing director of Evercore Group L.L.C.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Avinash D'Souza
EVERCORE GROUP LLC
55 East 52nd Street
New York, NY 10055
Tel: (212) 857-3100
About Western Global Airlines, Inc.
Western Global Airlines, Inc. provides contracted air cargo
transportation services ranging from ACMI (Aircraft, Crew,
Maintenance, and Insurance) to Full Service, on a global scale. WGA
is a high-tech air cargo platform serving customers in e-commerce,
express, freight forwarding, logistics, nonprofit, and governmental
organizations.
The Debtor and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11093) on
August 7, 2023. In the petition signed by James K. Neff, chief
executive officer, the Debtor disclosed up to $500 million in
assets and up to $1 billion in liabilities.
Judge Karen B. Owens oversees the case.
The Debtors tapped Weil, Gotshal & Manges LLP as general bankruptcy
counsel, Richards, Layton & Finger, P.A. as local bankruptcy
counsel, Evercore Group L.L.C. as investment banker, FTI
Consulting, Inc. as provider of interim management and financial
advisory services. and Stretto, Inc. as claims, noticing, and
solicitation agent.
DKB Partners LLC, as DIP Lender and Prepetition Lender, is
represented by Young Conaway Stargatt & Taylor, LLP.
The Ad Hoc Group of DIP Lenders and Certain Creditors are
represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP and
Landis Rath & Cobb, LLP.
WESTERN GLOBAL: Hires Richards Layton & Finger as Co-Counsel
------------------------------------------------------------
Western Global Airlines, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Richards Layton & Finger, P.A. as co-counsel.
The firm will provide these services:
a. assisting in pre-bankruptcy preparation and planning;
b. assisting in preparing necessary petitions, motions,
applications, orders, reports, and papers necessary to commence
these chapter 11 cases;
c. advising the Debtors of their rights, powers, and duties as
debtors and debtors in possession under chapter 11 of the
Bankruptcy Code;
d. preparing on behalf of the Debtors motions, applications,
answers, orders, reports, and papers in connection with the
administration of the Debtors' estates;
e. taking all necessary actions to protect and preserve the
Debtors' estates, including the prosecution of actions on the
Debtors' behalf, the defense of any actions commenced against the
Debtors in the chapter 11 cases, the negotiation of disputes in
which the Debtors are involved, and the preparation of objections
to claims filed against the Debtors' estates;
f. assisting with any sale or sales of assets, including
preparing any necessary motions and papers related thereto;
g. assisting in preparing the Debtors' disclosure statement and
any related motions, pleadings, or other documents necessary to
solicit votes on any plan of reorganization;
h. assisting in preparing any chapter 11 plan;
i. prosecuting on behalf of the Debtors any chapter 11 plan and
seeking approval of all transactions contemplated therein and in
any amendments thereto; and
j. performing all other necessary and desirable legal services
in connection with the chapter 11 cases.
The firm will be paid at these rates:
Directors $995 to $1,325 per hour
Counsel $850 to $875 per hour
Associates $495 to $775 per hour
Paraprofessionals $375 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Prior to the Petition Date, the Debtors made total retainer
payments to the firm in the amount of $480,789.75.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases,
Richards Layton disclosed the following:
a. The firm did not agree to any variations from, or
alternatives to, its standard or customary billing arrangements for
this engagement;
b. None of the firm's professionals included in this engagement
have varied their rate based on geographic location for these
chapter 11 cases;
c. The firm has advised the Debtors in connection with (i) the
Chancery Representation (as defined herein) since on or about April
6, 2023 and (ii) their restructuring efforts and in contemplation
of these chapter 11 cases
since on or about June 2, 2023. The billing rates, except for
RL&F's standard and customary periodic rate adjustments as set
forth above, and material financial terms have not changed
postpetition from the prepetition arrangement; and
d. The firm, in conjunction with the Debtors, is developing a
prospective budget and staffing plan for these chapter 11 cases.
Zachary I. Shapiro, Esq., a partner at Richards, Layton & Finger,
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:
Zachary I. Shapiro, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square, 920 North King Street
Wilmington, DE 19801
Telephone: (302) 651-7700
Email: shapiro@rlf.com
About Western Global Airlines, Inc.
Western Global Airlines, Inc. provides contracted air cargo
transportation services ranging from ACMI (Aircraft, Crew,
Maintenance, and Insurance) to Full Service, on a global scale. WGA
is a high-tech air cargo platform serving customers in e-commerce,
express, freight forwarding, logistics, nonprofit, and governmental
organizations.
The Debtor and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11093) on
August 7, 2023. In the petition signed by James K. Neff, chief
executive officer, the Debtor disclosed up to $500 million in
assets and up to $1 billion in liabilities.
Judge Karen B. Owens oversees the case.
The Debtors tapped Weil, Gotshal & Manges LLP as general bankruptcy
counsel, Richards, Layton & Finger, P.A. as local bankruptcy
counsel, Evercore Group L.L.C. as investment banker, FTI
Consulting, Inc. as provider of interim management and financial
advisory services. and Stretto, Inc. as claims, noticing, and
solicitation agent.
DKB Partners LLC, as DIP Lender and Prepetition Lender, is
represented by Young Conaway Stargatt & Taylor, LLP.
The Ad Hoc Group of DIP Lenders and Certain Creditors are
represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP and
Landis Rath & Cobb, LLP.
WESTERN GLOBAL: Hires Stretto Inc. as Administrative Advisor
------------------------------------------------------------
Western Global Airlines, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
Stretto, Inc. as administrative advisor.
The firm will provide these services:
(a) assist with, among other things, solicitation, balloting,
and tabulation of votes; prepare any related reports, as required
in support of confirmation of a chapter 11 plan;
(b) prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
(c) assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
(d) provide a confidential data room;
(e) manage and coordinate any distributions pursuant to a
chapter 11 plan if designated as distribution agent under such
plan; and
(f) provide such other solicitation, balloting and other
administrative services described in the Engagement Agreement, but
not included in and authorized by the Section 156(c) Order, as may
be requested from time to time by the Debtors, the Court, or the
Office of the Clerk of the Court.
The firm paid the firm an advance retainer in the amount of
$10,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Brian Karpuk, managing director of corporate restructuring at
Stretto, 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:
Brian Karpuk
STRETTO, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
Tel: (714) 716-1872
About Western Global Airlines, Inc.
Western Global Airlines, Inc. provides contracted air cargo
transportation services ranging from ACMI (Aircraft, Crew,
Maintenance, and Insurance) to Full Service, on a global scale. WGA
is a high-tech air cargo platform serving customers in e-commerce,
express, freight forwarding, logistics, nonprofit, and governmental
organizations.
The Debtor and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11093) on
August 7, 2023. In the petition signed by James K. Neff, chief
executive officer, the Debtor disclosed up to $500 million in
assets and up to $1 billion in liabilities.
Judge Karen B. Owens oversees the case.
The Debtors tapped Weil, Gotshal & Manges LLP as general bankruptcy
counsel, Richards, Layton & Finger, P.A. as local bankruptcy
counsel, Evercore Group L.L.C. as investment banker, FTI
Consulting, Inc. as provider of interim management and financial
advisory services. and Stretto, Inc. as claims, noticing, and
solicitation agent.
DKB Partners LLC, as DIP Lender and Prepetition Lender, is
represented by Young Conaway Stargatt & Taylor, LLP.
The Ad Hoc Group of DIP Lenders and Certain Creditors are
represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP and
Landis Rath & Cobb, LLP.
WESTERN GLOBAL: Seeks to Hire FTI Consulting as CRO
---------------------------------------------------
Western Global Airlines, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Delaware to employ
FTI Consulting, Inc. as chief restructuring officer.
The firm will provide Robert Del Genio and Tim McDonagh as co-chief
restructuring officers, and will provide these services:
(1) assisting the Debtors with the development of weekly cash
flow forecasts and related liquidity forecasting tools to evaluate
the Debtors' cash flows under a variety of scenarios;
(2) advising the Debtors on any liquidity improvement
opportunities and any vendor or customer management matters;
(3) assisting the Debtors with developing weekly flash reports
to present the Debtors' actual results versus cash flow forecasts
on a weekly basis;
(4) assisting with developing tactics and strategies for
negotiating with vendors and other constituencies which can impact
weekly cash flows and affect the Debtors' liquidity needs;
(5) assisting the Debtors in preparing interim financial
forecasts used to support financing to fund the restructuring
process;
(6) assisting with sizing DIP financing, and presenting cash
flows to potential lenders;
(7) assessing business plans and profitability, including
initial recommendations to improve operations and cash flows over
the next 90 days;
(8) attending meetings, presentations and negotiations as may be
requested by the Debtors;
(9) assisting in overall project management of the contingency
planning and potential chapter 11 workstreams;
(10) assisting with developing accounting and operating
procedures to segregate prepetition and post-petition business
transactions;
(11) supporting the preparation of first day motions and
developing procedures and processes necessary to implement such
motions;
(12) assisting in the development of a creditor matrix;
(13) developing training materials and assisting in training the
Debtors' personnel with respect to chapter 11 procedures;
(14) assisting in the identification of executory contracts and
unexpired leases;
(15) preparing the Debtors with respect to financial related
disclosures that will be required in chapter 11;
(16) providing strategic communications advice and material
development for internal and external communications in
coordination with management and counsel;
(17) assisting in the development of a Key Employee Incentive
Plan, if needed;
(18) working with the Debtors' proposed investment banker,
Evercore Group L.L.C. to advise on transaction strategies and
associated implications; and
(19) rendering such other restructuring and general business
consulting or such other assistance for the Debtors' or the
Debtors' management or counsel may request.
The firm will be paid at these rates:
Senior Managing Directors $1,045 to $1,495 per hour
Directors/Senior Directors/ $785 to $1,055 per hour
Managing Directors
Consultants/Senior Consultants $435 to $750 per hour
Administrative/Paraprofessionals $175 to $325 per hour
The firm received from the Debtor an advance payment retainer of
$200,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Tim McDonagh, a Senior Managing Director for Corporate Finance and
Restructuring of FTI Consulting, 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 through:
Robert A. Del Genio
FTI CONSULTING INC.
1166 6th Ave, 14th Floor
New York, NY 10036
Tel: (212) 247-1010
Email: robert.delgenio@fticonsulting.com
About Western Global Airlines, Inc.
Western Global Airlines, Inc. provides contracted air cargo
transportation services ranging from ACMI (Aircraft, Crew,
Maintenance, and Insurance) to Full Service, on a global scale. WGA
is a high-tech air cargo platform serving customers in e-commerce,
express, freight forwarding, logistics, nonprofit, and governmental
organizations.
The Debtor and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11093) on
August 7, 2023. In the petition signed by James K. Neff, chief
executive officer, the Debtor disclosed up to $500 million in
assets and up to $1 billion in liabilities.
Judge Karen B. Owens oversees the case.
The Debtors tapped Weil, Gotshal & Manges LLP as general bankruptcy
counsel, Richards, Layton & Finger, P.A. as local bankruptcy
counsel, Evercore Group L.L.C. as investment banker, FTI
Consulting, Inc. as provider of interim management and financial
advisory services. and Stretto, Inc. as claims, noticing, and
solicitation agent.
DKB Partners LLC, as DIP Lender and Prepetition Lender, is
represented by Young Conaway Stargatt & Taylor, LLP.
The Ad Hoc Group of DIP Lenders and Certain Creditors are
represented by Paul, Weiss, Rifkind, Wharton & Garrison, LLP and
Landis Rath & Cobb, LLP.
WILLIAMS INDUSTRIAL: Comm. Taps Lowenstein Sandler as Lead Counsel
------------------------------------------------------------------
The official committee of unsecured creditors of Williams
Industrial Services Group Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Lowenstein
Sandler LLP as its lead counsel.
The firm's services include:
(a) advising the committee with respect to its rights, duties,
and powers in the Chapter 11 Cases;
(b) assisting and advising the committee in its consultations
with the Debtors relative to the administration of the Chapter 11
Cases;
(c) assisting the committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims and equity interests;
(d) assisting the committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors and of the operation of the Debtors' business;
(e) assisting the committee in analyzing (i) the Debtors'
pre-petition financing, (ii) proposed use of cash collateral, and
(iii) the Debtors' proposed debtor-in-possession financing (DIP
Financing), the terms and conditions of the proposed DIP Financing
and the adequacy of the proposed DIP Financing budget;
(f) assisting the committee in its investigation of the liens
and claims of the holders of the Debtors' pre-petition debt and the
prosecution of any claims or causes of action revealed by such
investigation;
(g) assisting the committee in its analysis of, and
negotiations with, the Debtors or any third-party concerning
matters related to, among other things, the assumption or rejection
of certain leases of nonresidential real property and executory
contracts, asset dispositions, sale of assets, financing of other
transactions and the terms of one or more plans of reorganization
for the Debtors and accompanying disclosure statements and related
plan documents;
(h) assisting and advising the committee as to its
communications to unsecured creditors regarding significant matters
in the Chapter 11 cases;
(i) representing the committee at hearings and other
proceedings;
(j) reviewing and analyzing applications, orders, statements
of operations, and schedules filed with the Court and advising the
committee as to their propriety;
(k) assisting the committee in preparing pleadings and
applications as may be necessary in furtherance of the committee's
interests and objectives in the Chapter 11 Cases, including without
limitation, the preparation of retention papers and fee
applications for the committee's professionals, including
Lowenstein Sandler;
(l) assisting the committee and providing advice concerning
the proposed sale of substantially all of the Debtors' assets,
including issues concerning any potential competing bidders and the
auction process;
(m) assisting the committee with respect to issues that may
arise concerning the Debtors' employees;
(n) preparing, on behalf of the committee, any pleadings,
including without limitation, motions, memoranda, complaints,
adversary complaints, objections, or comments in connection with
any of the foregoing; and
(o) performing such other legal services as may be required or
are otherwise deemed to be in the interests of the committee in
accordance with the committee's powers and duties as set forth in
the Bankruptcy Code, Bankruptcy Rules, or other applicable law.
Lowenstein Sandler's hourly rates are as follows:
Partners $690 - $1,835
Of Counsel $810 - $1,475
Counsel $575 - $1,410
Associates $475 - $965
Paralegals $240 - $425
As set forth in the Cohen Declaration, the following is provided in
response to the request for additional information contained in
paragraph D.1. of the U.S. Trustee Guidelines:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Response: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Response: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition period. If your billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Response: Lowenstein Sandler did not represent the Committee
prior to the Petition Date.
Question: Has your client approved your prospective budget and
staffing plan and, if so, for what budget period?
Response: Lowenstein Sandler expects to develop a budget and
staffing plan to reasonably comply with the U.S. Trustee's request
for information and additional disclosures, as to which Lowenstein
Sandler reserves all rights. The Committee has approved Lowenstein
Sandler's proposed hourly billing rates.
Jeffrey Cohen, Esq., a partner at Lowenstein Sandler, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey L. Cohen, Esq.
Eric S. Chafetz, Esq.
Phillip Khezri, Esq.
Brittany M. Clark, Esq.
LOWENSTEIN SANDLER LLP
1251 Avenue of the Americas
New York, NY 10020
Telephone: (212) 262-6700
E-mail: JCohen@lowenstein.com
E-mail: EChafetz@lowenstein.com
E-mail: PKhezri@lowenstein.com
E-mail: BClark@lowenstein.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.
WITCHEY ENTERPRISES: Trustee to Sell Property to KORE Logistics
---------------------------------------------------------------
John Martin, the Chapter 11 trustee for Witchey Enterprises, Inc.,
asked the U.S. Bankruptcy Court for the Middle District of
Pennsylvania to approve the sale of certain property to KORE
Logistics, Inc. or to another buyer with a better offer.
Under the deal, KORE Logistics offered to buy the company's
property consisting of 10 Federal Express Ground Delivery routes
for $30,000.
"The sale will enable the trustee to liquidate the assets to be
conveyed expeditiously and pay a portion of the debts of the
bankruptcy estate in addition to certain costs of administration,"
said John Martin, Esq., attorney for the Chapter 11 trustee.
The sale to KORE Logistics will be subject to "higher and better
bids." All offers should be on similar terms as the KORE Logistics
agreement. The minimum bid increment is $3,000.
KORE Logistics and any subsequent bidders will be notified if there
is a higher and better offer, and will be permitted to increase
their bids until 5:00 p.m. on the day that is two business days
prior to the sale hearing scheduled for Sept. 12.
The deadline for filing objections to the sale is Sept. 10.
About Witchey Enterprises
Witchey Enterprises, Inc. is a provider of courier and express
delivery services based in Wilkes-Barre, Pa.
Witchey Enterprises filed Chapter 11 petition (Bankr. M.D. Pa. Case
No. 19-00645) on Feb. 14, 2019, with $1 million to $10 million in
both assets and liabilities. Louis Witchey, president of Witchey
Enterprises, signed the petition.
Judge Patricia M. Mayer oversees the case.
The Debtor tapped Andrew Joseph Katsock, III, Esq., as legal
counsel and David L. Haldeman as accountant.
On March 1, 2022, the court appointed John J. Martin as the
Debtor's Chapter 11 trustee. The trustee tapped the Law Offices of
John J. Martin as his counsel.
WORKSITE LABS: Hires Carlson & Jayakumar as Special Counsel
-----------------------------------------------------------
Worksite Labs, Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ Carlson &
Jayakumar LLP as special corporate counsel.
The firm will advise and represent the Debtor on employment and
healthcare regulatory matters.
The firm will be paid at the rates of $325 to $475 per hour.
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.
Kathy W. Nichols, Esq., a senior associate at Carlson & Jayakumar
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:
Kathy W. Nichols, Esq.
CARLSON & JAYAKUMAR LLP
2424 S.E. Bristol St., Suite 300
Newport Beach, CA 92660
Tel: (949) 222-2008
Fax: (949) 222-2012
About Worksite Labs, Inc.
Worksite Labs, Inc., a company in Long Beach, Calif., filed its
voluntary Chapter 11 petition (Bankr. C.D. Calif. Case No.
23-14539) on July 20, 2023, with $1 million to $10 million in both
assets and liabilities. Gary Frazier, chief executive officer,
signed the petition.
Judge Vincent P. Zurzolo oversees the case.
The Debtor tapped Levene, Neale, Bender, Yoo & Golubchik, LLP as
bankruptcy counsel; Reliance Group, LLP as corporate counsel; and
Carlson & Jayakumar, LLP as healthcare regulatory counsel.
ZOHAR FUNDS: Appeals Court Orders Tilton to Pay $40M to TransCare
-----------------------------------------------------------------
James Nan of Bloomberg News reports that distressed debt investor
Lynn Tilton and her private equity firm lost their latest bid to
overturn a nearly $40 million judgment for foreclosing on assets of
an insolvent ambulance company for less than they were worth.
Federal bankruptcy and district courts in New York made no errors
in finding that Tilton breached her fiduciary duty by directing her
private equity firm Patriarch Partners Agency Services LLC to
foreclose on TransCare Corp. despite it being in financial trouble,
the US Court of Appeals for the Second Circuit ruled on Monday,
August 28, 2023.
About the Zohar Funds
New York-based Patriarch Partners, LLC, is a private equity firm
specializing in acquisition, buyouts, and turnaround investment in
distressed American companies and brands. Patriarch Partners was
founded by Lynn Tilton in 2000. Lynn Tilton and her affiliates
held substantial equity stakes in portfolio companies, which
include iconic American manufacturing companies with tens of
thousands of employees.
The Zohar funds were created to raise money through selling a form
of notes called collateralized loan obligations to investors that
was then used to extend loans to dozens of distressed mid-size
companies, often in connection with the acquisition of those
companies out of bankruptcy.
Patriarch bought "distressed" companies via funding from a series
of collateralized loan obligations (CLOs) marketed through
Patriarch via its $2.5 billion "Zohar" funds. Tilton placed the
funds into bankruptcy in 2018 in an attempt to keep Patriarch's
portfolio from being liquidated by Zohar creditors including bond
insurer MBIA, which insured $1 billion worth of Zohar notes.
Combined debt of the funds is estimated at $1.7 billion.
Zohar CDO 2003-1, Zohar CDO 2003-1 Corp., Zohar II 2005-1, Limited,
Zohar II 2005-1 Corp., Zohar III, Limited, and Zohar III, Corp.
(collectively, the "Zohar Funds"), sought protection under Chapter
11 of the Bankruptcy Code (Bankr. D. Del. Case Nos. 18-10512 to
18-10517) on March 11, 2018. In the petition signed by Lynn
Tilton, director, the Debtors were estimated to have $1 billion to
$10 billion in assets and $500 million to $1 billion in
liabilities.
Young Conaway Stargatt & Taylor, LLP, is the Debtors' bankruptcy
counsel.
[] Healthcare Bankruptcy Filings on the Rise
--------------------------------------------
Sai Balasubramanian, M.D., and J.D. of Forbes reports the state of
the healthcare sector has been in consistent flux for the last
decade, and it has been especially tumultuous since the Covid-19
pandemic. Though healthcare has historically been perceived as an
"always in-demand" industry, the reality is that healthcare
organizations have been equally impacted by razor thin margins,
challenging workforce constraints and the results of oscillating
economic headwinds.
This has resulted in numerous healthcare organizations having to
undergo significant restructuring processes to optimize their
processes, or worse, completely shutter their operations.
Take for example Envision Healthcare, which was long known to be
one of the most successful national medical groups. At its prime,
Envision's services accounted for nearly 29 million patient
encounters across 830 service locations, with nearly 17,000
physicians under its umbrella. Earlier this 2023, the company
formally declared that it would be pursuing restructuring and
Chapter 11 Bankruptcy proceedings, given mounting financial
pressures and corresponding losses.
The press release outlined some of the company's challenges that
caused this financial state, including a nearly 65 to 70 percent
decrease in patient visits during the height of the pandemic,
increased claims denials for emergency care by insurance carriers
(causing denied or delayed payments), and the escalating clinician
shortage leading to high labor costs.
Similarly, famed digital health company Babylon announced earlier
in August 2023 that it would be shutting down its operations and
closing its Austin headquarters permanently after struggling to
secure funding.
The company was celebrated as an incredibly novel and forward
thinking force in healthcare, as it sought to revolutionize care
delivery with artificial intelligence: “Our AI system can
efficiently read, comprehend, and learn from anonymized,
aggregated, and medical datasets—when patients give consent for
us to use their health information in this way. And our
complementary set of AI tools can help make decisions about triage,
causes of symptoms, and future health predictions. Our work has led
to more than 20 peer-reviewed papers and 30 groups of patents."
Unfortunately, however, with growing financial pressures,
plummeting stock prices and a failed merger, the company was
significantly in the red and had to cease operations.
Yet another healthcare giant was reported to be preparing for
bankruptcy filings: Rite Aid Corporation. According to news
reports, the healthcare and pharmacy titan is preparing to pursue
bankruptcy restructuring as it faces mounting debt from opioid
settlements in addition to general economic challenges.
Earlier this year, the United States Department of Justice took
formal legal action against the company, scrutinizing its business
and prescribing practices in relation to the opioid crisis. Though
Rite Aid has a historical legacy of market success, the company has
also been struggling with the challenges of the current economy,
especially as the pharmacy business has significantly transformed
over the last decade.
Overall, the above three examples represent relatively unrelated
sub-industries within the wider healthcare sector, from clinical
delivery services to digital health and the pharmacy business. This
illustrates that the healthcare industry overall, regardless of the
specific sub-sector, is at a challenging crossroad; the
intersections of financial pressures, economic contraction,
staffing shortages, regulatory scrutiny and mounting systemic
challenges have made the healthcare industry a tough environment to
succeed in.
This phenomenon is not particularly new; even during the dot-com
bubble burst in the early 2000s and the later financial crisis in
2008, healthcare companies faced their own array of challenges,
forcing them to cut costs, restructure and prove their value in the
public marketplace.
Nevertheless, the focus on innovation has never been higher, as
companies continue to invest billions of dollars in digital health
tools, virtual health services and new modalities of healthcare
delivery— all in an attempt to increase their market share and
disrupt a historically unchanged market while also providing value
to patients. However, the rising rates of healthcare sector
bankruptcies proves one thing for certain: to succeed in
healthcare, organizations must remain nimble, continue to innovate
rapidly, and most importantly, pivot to changing market and patient
needs.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Kim Michael Rollo
Bankr. N.D. Ala. Case No. 23-81590
Chapter 11 Petition filed August 29, 2023
represented by: Kevin D. Heard, Esq.
HEARD, ARY & DAURO, LLC
E-mail: heard@heardlaw.com
In re L & L Construction Services, LLC
Bankr. N.D. Fla. Case No. 23-40336
Chapter 11 Petition filed August 29, 2023
See
https://www.pacermonitor.com/view/CIB2BEY/L__L_Construction_Services_LLC__flnbke-23-40336__0001.0.pdf?mcid=tGE4TAMA
represented by: Byron W. Wright III, Esq.
BRUNER WRIGHT, P.A.
E-mail: twright@brunerwright.com
In re Foley Building Maintenance LLC
Bankr. S.D. Ill. Case No. 23-30596
Chapter 11 Petition filed August 29, 2023
See
https://www.pacermonitor.com/view/PD5A5ZI/Foley_Building_Maintenance_LLC__ilsbke-23-30596__0001.0.pdf?mcid=tGE4TAMA
represented by: J. D. Graham, Esq.
J. D. GRAHAM, PC
E-mail: jd@jdgrahamlaw.com
In re Billy J Cuevas Ithier
Bankr. D.P.R. Case No. 23-02673
Chapter 11 Petition filed August 29, 2023
represented by: Alexandra Bigas Valedon, Esq.
In re Jose Aarnaldo Gonzalez Martinez
Bankr. D.P.R. Case No. 23-02692
Chapter 11 Petition filed August 29, 2023
represented by: Javier Vilarino, Esq.
In re Complete Companies Inc.
Bankr. M.D. Tenn. Case No. 23-03136
Chapter 11 Petition filed August 29, 2023
See
https://www.pacermonitor.com/view/KQDSLHI/COMPLETE_COMPANIES_INC__tnmbke-23-03136__0001.0.pdf?mcid=tGE4TAMA
represented by: Adrienne N. Trammell-Love, Esq.
TRAMMELL LOVE LAW FIRM
E-mail: ADRIENNE@TRAMLOVELAW.COM
In re Michael Keith Cano
Bankr. S.D. Tex. Case No. 23-70170
Chapter 11 Petition filed August 29, 2023
represented by: Antonio Martinez, Esq.
In re 6 to 9 Dental, PLLC
Bankr. W.D. Tex. Case No. 23-51140
Chapter 11 Petition filed August 29, 2023
See
https://www.pacermonitor.com/view/K3TB6MI/6_to_9_Dental_PLLC__txwbke-23-51140__0001.0.pdf?mcid=tGE4TAMA
represented by: Jason Binford, Esq.
ROSS, SMITH & BINFORD, PC
E-mail: jason.binford@rsbfirm.com
In re Vicente Manga De La Torre and Jocelyn Capalos De La Torre
Bankr. N.D. Cal. Case No. 23-30595
Chapter 11 Petition filed August 30, 2023
represented by: Lewis Phon, Esq.
In re Olive Concrete and Landscaping, Inc.
Bankr. M.D. Fla. Case No. 23-03544
Chapter 11 Petition filed August 30, 2023
See
https://www.pacermonitor.com/view/XBRVC5A/Olive_Concrete_and_Landscaping__flmbke-23-03544__0001.0.pdf?mcid=tGE4TAMA
represented by: Chad Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
E-mail: chad@cvhlawgroup.com
In re 1350 Greenview Shores, LLC
Bankr. S.D. Fla. Case No. 23-16952
Chapter 11 Petition filed August 30, 2023
See
https://www.pacermonitor.com/view/MVQBKDY/1350_Greenview_Shores_LLC__flsbke-23-16952__0001.0.pdf?mcid=tGE4TAMA
represented by: Craig I. Kelley, Esq.
KELLEY, FULTON & KAPLAN, P.L.
E-mail: craig@kelleylawoffice.com
In re Adam Gabet and Joy N. Gabet
Bankr. N.D. Ind. Case No. 23-11127
Chapter 11 Petition filed August 30, 2023
represented by: Frederick Wehrwein, Esq.
In re 7350 Park Heights Ave LLC
Bankr. D. Md. Case No. 23-16130
Chapter 11 Petition filed August 30, 2023
See
https://www.pacermonitor.com/view/E3JNUSI/7350_Park_Heights_Ave_LLC__mdbke-23-16130__0001.0.pdf?mcid=tGE4TAMA
represented by: Daniel Press, Esq.
CHUNG & PRESS, P.C.
E-mail: dpress@chung-press.com
In re 1201 Gourmet, LLC
Bankr. S.D.N.Y. Case No. 23-11382
Chapter 11 Petition filed August 30, 2023
See
https://www.pacermonitor.com/view/G2QTIXY/1201_Gourmet_LLC__nysbke-23-11382__0001.0.pdf?mcid=tGE4TAMA
represented by: Jonathan S. Pasternak, Esq.
DAVIDOFF HUTCHER & CITRON LLP
Email: jsp@dhclegal.com
In re Dario Hernandez, Jr. and Elaine Gamez Hernandez
Bankr. W.D. Tex. Case No. 23-51148
Chapter 11 Petition filed August 30, 2023
represented by: William Davis, Esq.
In re The Jamaican Spot LLC
Bankr. S.D. Ala. Case No. 23-12009
Chapter 11 Petition filed August 31, 2023
See
https://www.pacermonitor.com/view/B3WS7GY/The_Jamaican_Spot_LLC__alsbke-23-12009__0001.0.pdf?mcid=tGE4TAMA
represented by: James D. Patterson, Esq.
JAMES PATTERSON LLC
E-mail: jdp@jamespattersonlaw.com
In re Hot Shot Ballers, LLC
Bankr. M.D. Fla. Case No. 23-03559
Chapter 11 Petition filed August 31, 2023
See
https://www.pacermonitor.com/view/2IZTB7Y/Hot_Shot_Ballers_LLC__flmbke-23-03559__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Iglesias Eye Associates, LLC
Bankr. S.D. Fla. Case No. 23-17017
Chapter 11 Petition filed August 31, 2023
See
https://www.pacermonitor.com/view/DSBL27Y/Iglesias_Eye_Associates_LLC__flsbke-23-17017__0001.0.pdf?mcid=tGE4TAMA
represented by: Brian S. Behar, Esq.
BEHAR, GUTT & GLAZER, P.A.
E-mail: bsb@bgglaw.com
In re Delta Elite Investments, LLC
Bankr. N.D. Ga. Case No. 23-58392
Chapter 11 Petition filed August 31, 2023
Case Opened
In re Reign Pearson Homes LLC
Bankr. N.D. Ga. Case No. 23-58402
Chapter 11 Petition filed August 31, 2023
Case Opened
In re Pyramid Moving Inc.
Bankr. D. Kan. Case No. 23-21037
Chapter 11 Petition filed August 31, 2023
See
https://www.pacermonitor.com/view/D3WRCXI/Pyramid_Moving_Inc__ksbke-23-21037__0001.0.pdf?mcid=tGE4TAMA
represented by: Ryan A. Blay, Esq.
WM LAW, PC
E-mail: blay@wagonergroup.com
In re Pyramid Moving Inc.
Bankr. D. Kan. Case No. 23-21037
Chapter 11 Petition filed August 31, 2023
See
https://www.pacermonitor.com/view/D3WRCXI/Pyramid_Moving_Inc__ksbke-23-21037__0001.0.pdf?mcid=tGE4TAMA
represented by: Ryan A. Blay, Esq.
WM LAW, PC
E-mail: blay@wagonergroup.com
In re Horizon Fabrication Systems, LLC d/b/a The Rubicon Companies
Bankr. D.N.J. Case No. 23-17609
Chapter 11 Petition filed August 31, 2023
See
https://www.pacermonitor.com/view/OHTAAGQ/Horizon_Fabrication_Systems_LLC__njbke-23-17609__0001.0.pdf?mcid=tGE4TAMA
represented by: Douglas J. McGill, Esq.
WEBBER MCGILL LLC
E-mail: dmcgill@webbermcgill.com
In re Lonestar Sports Bar and Grill
Bankr. E.D.N.Y. Case No. 23-43136
Chapter 11 Petition filed August 31, 2023
See
https://www.pacermonitor.com/view/ZNLR63I/Lonestar_Sports_Bar_and_Grill__nyebke-23-43136__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Kingdom Concepts, LLC
Bankr. N.D. Tex. Case No. 23-31895
Chapter 11 Petition filed August 31, 2023
See
https://www.pacermonitor.com/view/5GWDK3Y/Kingdom_Concepts_LLC__txnbke-23-31895__0001.0.pdf?mcid=tGE4TAMA
represented by: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
E-mail: joyce@joycelindauer.com
In re Ammazing Investments, LLC
Bankr. N.D. Ga. Case No. 23-58477
Chapter 11 Petition filed September 1, 2023
Case Opened
In re TYP Management Inc.
Bankr. N.D. Ga. Case No. 23-20981
Chapter 11 Petition filed September 1, 2023
See
https://www.pacermonitor.com/view/GULUDCY/TYP_Management_Inc__ganbke-23-20981__0001.0.pdf?mcid=tGE4TAMA
represented by: Paul Reece Marr, Esq.
PAUL REECE MARR, P.C.
E-mail: paul.marr@marrlegal.com
In re JMR Rentals LLC
Bankr. W.D. Ky. Case No. 23-32057
Chapter 11 Petition filed September 1, 2023
See
https://www.pacermonitor.com/view/OOKGUDA/JMR_Rentals_LLC__kywbke-23-32057__0001.0.pdf?mcid=tGE4TAMA
represented by: Wm. Stephen Reisz, Esq.
TILFORD, DOBBINS & SCHMIDT, PLLC
E-mail: wsreisz@gmail.com
In re Louisville Lush Aesthetics, LLC
Bankr. W.D. Ky. Case No. 23-32060
Chapter 11 Petition filed September 1, 2023
See
https://www.pacermonitor.com/view/VXCAOPA/Louisville_Lush_Aesthetics_LLC__kywbke-23-32060__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael W. McClain, Esq.
GOLDBERG SIMPSON LLC
E-mail: mmcclain@goldbergsimpson.com;
sdaniel-harkins@goldbergsimpson.com
In re Jonathan Kent Colligan
Bankr. W.D. La. Case No. 23-50627
Chapter 11 Petition filed September 1, 2023
represented by: Tom St. Germain, Esq.
WEINSTEIN & ST. GERMAIN
In re Judith L Carr
Bankr. D.N.J. Case No. 23-17710
Chapter 11 Petition filed September 1, 2023
represented by: Timothy Neumann, Esq.
In re Southern New York Neurosurgical Group, P.C.
Bankr. N.D.N.Y. Case No. 23-60654
Chapter 11 Petition filed September 1, 2023
See
https://www.pacermonitor.com/view/5LNAYRY/Southern_New_York_Neurosurgical__nynbke-23-60654__0001.0.pdf?mcid=tGE4TAMA
represented by: Peter A. Orville, Esq.
ORVILLE & MCDONALD LAW, P.C.
In re Daddio's Pizzeria, Inc.
Bankr. W.D.N.Y. Case No. 23-10848
Chapter 11 Petition filed September 1, 2023
See
https://www.pacermonitor.com/view/TCZOJVY/Daddios_Pizzeria_Inc__nywbke-23-10848__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert B. Gleichenhaus, Esq.
GLEICHENHAUS, MARCHESE & WEISHAAR, P.C.
In re Dawg's Sports Bar & Grill, LLC
Bankr. W.D. Pa. Case No. 23-21874
Chapter 11 Petition filed September 1, 2023
See
https://www.pacermonitor.com/view/Y5EMY4Y/Dawgs_Sports_Bar__Grill_LLC__pawbke-23-21874__0001.0.pdf?mcid=tGE4TAMA
represented by: Christopher M. Frye, Esq.
STEIDL & STEINBERG, P.C.
E-mail: chris.frye@steidl-steinberg.com
In re Hog Father's Old Fashioned BBQ, LLC
Bankr. W.D. Pa. Case No. 23-21872
Chapter 11 Petition filed September 1, 2023
See
https://www.pacermonitor.com/view/YF7NMHA/Hog_Fathers_Old_Fashioned_BBQ__pawbke-23-21872__0001.0.pdf?mcid=tGE4TAMA
represented by: Christopher M. Frye, Esq.
STEIDL & STEINBERG, P.C.
E-mail: chris.frye@steidl-steinberg.com
In re Hog Father's Old Fashioned BBQ of Canonsburg, LLC
Bankr. W.D. Pa. Case No. 23-21873
Chapter 11 Petition filed September 1, 2023
See
https://www.pacermonitor.com/view/YLSE7XQ/Hog_Fathers_Old_Fashioned_BBQ__pawbke-23-21873__0001.0.pdf?mcid=tGE4TAMA
represented by: Christopher M. Frye, Esq.
STEIDL & STEINBERG, P.C.
E-mail: chris.frye@steidl-steinberg.com
In re Jenkam Builders, LLC
Bankr. N.D. Tex. Case No. 23-31960
Chapter 11 Petition filed September 4, 2023
See
https://www.pacermonitor.com/view/HFQUV4I/Jenkam_Builders_LLC__txnbke-23-31960__0001.0.pdf?mcid=tGE4TAMA
represented by: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
E-mail: joyce@joycelindauer.com
In re Millridge Investments, Inc.
Bankr. N.D. Tex. Case No. 23-31936
Chapter 11 Petition filed September 1, 2023
See
https://www.pacermonitor.com/view/SSCRRMA/Millridge_Investments_Inc__txnbke-23-31936__0001.0.pdf?mcid=tGE4TAMA
represented by: Eric A. Liepins, Esq.
ERIC A. LIEPINS
E-mail: eric@ealpc.com
In re Astor International Group LLC
Bankr. S.D. Tex. Case No. 23-33422
Chapter 11 Petition filed September 2, 2023
See
https://www.pacermonitor.com/view/S6B35FY/Astor_International_Group_LLC__txsbke-23-33422__0001.0.pdf?mcid=tGE4TAMA
represented by: Jack N. Fuerst, Esq.
JACK N. FUERST, ATTORNEY AT LAW
E-mail: jfuerst@sbcglobal.net
In re Cenergy II, LLC
Bankr. W.D. Wisc. Case No. 23-11559
Chapter 11 Petition filed September 1, 2023
See
https://www.pacermonitor.com/view/M5NH62A/Cenergy_II_LLC_Eau_Claire__wiwbke-23-11559__0001.0.pdf?mcid=tGE4TAMA
represented by: Craig E. Stevenson, Esq.
DEWITT LLP
E-mail: ces@dewittllp.com
*********
Monday's edition of the TCR delivers a list of indicative prices
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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
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Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
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Peter A. Chapman, Editors.
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