/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/231011.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, October 11, 2023, Vol. 27, No. 283 Headlines 125 MIDWOOD STREET: Hires McKinley Onua & Associates as Counsel 1651 South: Hires Demarco Mitchell PLLC as Counsel 17K WEST SUNSET: Case Summary & One Unsecured Creditor 187 LOVELADIES: Case Summary & One Unsecured Creditor 4D FACTORY: Voluntary Chapter 11 Case Summary 8200 Realty: Hires Rachel S. Blumenfeld PLLC as Counsel 8300 HOLDING: Seeks to Hire Craig M. Geno as Bankruptcy Counsel 860 VESTAL: Seeks to Hire Pyramid Brokerage as Real Estate Broker 920 CENTURY: Gets OK to Hire Cunningham Chernicoff as Counsel ADAPTIV RESEARCH: Amy Denton Mayer Named Subchapter V Trustee AEARO TECHNOLOGIE: Attys. Push for $7M Fee Bid for Case Dismissal AEROTECH MIAMI: Hires Berger Singerman LLP as Co-Counsel AEROTECH MIAMI: Hires Kevin Nystrom of AlixPartners LLP as CEO AEROTECH MIAMI: Hires King & Spalding LLP as Co-Counsel AEROTECH MIAMI: Seeks to Hire Jefferies LLC as Investment Banker AEROTECH MIAMI: Seeks to Hire Kroll as Claims and Noticing Agent ALACRITY HOLDINGS: $500K Sale Proceeds to Fund Plan ALASKA LOGISTICS: Unsecureds Owed $5K+ to be Paid in Full in 5 Yrs ALPINE 4 HOLDINGS: To Raise $7MM in Sale of Securities AMN HEALTHCARE: Moody's Affirms Ba2 CFR & Alters Outlook to Stable AMV ENTERPRISES: Case Summary & 15 Unsecured Creditors AMYRIS INC.: Committee Hires FTI Consulting as Financial Advisor AMYRIS INC: Committee Hires Jefferies LLC as Investment Banker AMYRIS INC: Committee Hires Potter Anderson & Corroon as Counsel AMYRIS INC: Committee Hires White & Case LLP as Counsel APEX BRITTANY: Oct. 20 Deadline Set for Panel Questionnaires ARCHDIOCESE OF BALTIMORE: Files for Chapter 11 Bankruptcy ARTISAN'S CABINETRY: Case Summary & 20 Largest Unsecured Creditors AVANTOR FUNDING: Moody's Affirms Ba3 CFR & Ups Unsec. Notes to B1 BALATON, MN: S&P Raises LT ICR to 'BB+' on Operating Performance BASS MANAGEMENT: Southern Hospitality to Buy Assets for $15-Mil. BAUSCH HEALTH: Bausch + Lomb Completes XIIDRA Acquisition BAUSCH HEALTH: SVP Barresi Takes Interim CFO Role BLACKRIDGE CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors BOND EXPRESS: Seeks Extension of Time to File Plan Until Feb. 11 BOY SCOUTS: Lawyers Filing Claims to Include Personal Vow BPI SPORTS: Commences Subchapter V Bankruptcy Proceeding BRANDED APPAREL: Unsecureds Will Get 3.15% of Claims in Sale Plan BROOKWOOD VILLAGE: Plan Hearing Continued to Oct. 25 CANOPY GROWTH: All Six Proposals Passed at Annual Meeting CANOPY GROWTH: Registers 45 Million Common Shares for Resale CELESTICA INC: Moody's Affirms Ba2 CFR & Alters Outlook to Positive CELULARITY INC: Sorrento Holds 2.6% Class A Shares as of Sept. 29 CHARLES & 20: Nov. 14 Hearing on Disclosure Statement CHEMICAL EXCHANGE: Hits Chapter 11 Bankruptcy CHICAGOLAND GUNS: Seeks to Tap Porter Law Network as Legal Counsel CONTINENTAL AMERICAN: Pioneer Balloon Hits Chapter 11 CONTINUOUS CAST: William Avellone Named Subchapter V Trustee COX OPERATING: Wants Mediation to Close Multimillion Oil Field Sale CUPPETT PEFORMING: Jolene Wee Named Subchapter V Trustee CYXTERA TECHNOLOGIES: Gets Go Signal for Chapter 11 Plan Vote DEPENDABLE LAWN: Hires Listing Leaders as Real Estate Agent DESOLATION HOLDINGS: Unsecureds to Get 100% Under Plan DIAZ FARMS: Seeks to Hire Allen Jones & Giles as Attorney DIOCESE OF OGDENSBURG: Committee Taps Pachulski Stang as Counsel EAST SERVICE: Seeks to Tap Leech Tishman Robinson as Legal Counsel EMD SERVICES: William Avellone Named Successor Subchapter V Trustee FIRSTOX LAB: Affiliate to Sell Assets to Advanced Health for $6.3MM FORTE II LLC: Unsecureds Owed $155K to Get 100% of Claims FREEMAN TRANSIT: Case Summary & 20 Largest Unsecured Creditors FTX GROUP: SBF Pushes Again for Jail Release Prior October Trial GAUCHO GROUP: To Sell Two Argentine Retail Properties for US$2.7M GREELEY LAND: Pathfinder Creditors Say Plan Not Feasible GREYSTONE SELECT: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable HIGHLAND CAPITAL: Ex-Exec. Seeks Court Okay to Redo Complaint HUB DUB: Robert Handler Named Subchapter V Trustee HWC BURBS: Case Summary & 10 Unsecured Creditors IAMGOLD CORP: Bruno Lemelin Appointed as COO INDOOR AIR: Michael Markham Named Subchapter V Trustee INDUSTRIAL AUTHORITY: Hires Epstein Becker as Special Counsel INFINITY PHARMACEUTICALS: Files for Chapter 11 Bankruptcy INMET MINING: Unsecureds to Recover 5% to 8% in Liquidating Plan INSTANT BRANDS: Bankruptcy Court Approves Sale to Centre Lane INSTANT BRANDS: Davis Polk Advises Business on Asset Sale INSTANT POT: Centre Lane Partners to Purchase Pyrex Assets IQPACK LLC: Seeks to Hire Dentons Bingham Greenebaum as Counsel ITTELLA INTERNATIONAL: Committee Taps Dundon as Financial Advisor JIREH FITNESS: Seeks to Hire Fisher Auction Co. as Auctioneer KALABAR TRANSPORTATION: Tamara Ogier Named Subchapter V Trustee KAREN LANDSCAPING: Tamara Miles Ogier Named Subchapter V Trustee KELHAM VINEYARD: Hires Law Offices of Ryan C. Wood as Counsel KELHAM VINEYARD: Trustee Hires Fennemore Wendel as Legal Counsel KELHAM VINEYARD: Trustee Hires Kokjer Pierotti as Accountant KING DRIVE: Seeks to Hire Howard Hanna as Real Estate Broker KINGDOM CONCEPTS: Hires Joyce W. Lindauer Attorney as Counsel KOPPERS INC: Moody's Rates Repriced $399MM Secured Term Loan 'Ba3' KUAKINI HEALTH: S&P Lowers Bond Rating to CCC-', Outlook Negative LASERSHIP INC: Moody's Rates New $125MM First Lien Term Loan 'B3' LD HOLDINGS: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative LITIGATION PRACTICE: Committee Taps Force Ten as Financial Advisor LIVIE AND LUCA: Hires Valley Oak Financial PLC as Accountant LORDSTOWN MOTORS: Seeks Approval of Disclosure Statement LOVE OF JESUS: Continued Operations to Fund Plan LUCENA DAIRY: Hires CPA Elisamuel Rivera Rivera as Accountant LUMEN TECHNOLOGIES: Creditors Submit New Debt Restructuring Deal LUNA DAIRY: Seeks to Hire Howard Hanna as Real Estate Broker MAJOSTAN CORP.: Hires Urban Utopia Realty as Real Estate Broker MALLINCKRODT PLC: Bankruptcy Court Confirms Reorganization Plan MALLINCKRODT PLC: Shareholders, Noteholders Say Plan Unfair MARINER HEALTH: Unsecureds Owed $111K-$1.03M to Get 4% to 80% MEDHAWK POOLS: Unsecureds Will Get 57.84% of Claims over 5 Years MERIDIAN RESTAURANTS: Closes Burger King Location in Mitchell MESOBLAST LTD: Jane Bell Appointed as Chair of Audit & Risk Panel MHAS COMPANIES: Walter Dahl Named Subchapter V Trustee MORRIS HOUSING: Hires Joyce W. Lindauer Attorney PLLC as Counsel MY SISTER'S CLOSET: Unsecureds to Split $4,800 in Plan NANTASKET MANAGEMENT: Court OKs Appointment of Chapter 11 Trustee NEW AMI I: Fitch Alters Outlook on 'B' LongTerm IDR to Negative NEW BEGINNING: October 18 Hearing on Disclosure Statement O-I GLASS: Incurs $60MM Charge Over Waco Plant Closure OCINOMLED LTD: Seeks to Hire Denis L. Abramowitz as Accountant OPPENHEIMER HOLDINGS: Moody's Affirms 'Ba3' CFR, Outlook Stable ORION TECHNOLOGIES: Gets OK to Sell Assets to JES for $1.5-Mil. PEGASUS HOME: Cuts Stalking Horse Fee PENNSYLVANIA ECONOMIC: S&P Lowers 2013A Rev. Bonds Rating to 'CCC' PINEAPPLE EXPRESS: Hires Joyce W. Lindauer Attorney as Counsel POLLO FELIZ: Case Summary & 16 Unsecured Creditors PRIMEX CLINICAL: Case Summary & 20 Largest Unsecured Creditors PROJECT ALPHA: Moody's Hikes CFR to B2 & Rates New $2.4BB Loan B2 PROTERRA INC: Exec. Bonuses Must Be Harder to Get, Says DOJ SABRINAS ATLANTIC: Updates Unsecured Claims Details; Amends Plan SCHARN INDUSTRIES: Hires Verdolino & Lowey as Accountant SIMPLY ESSENTIAL: SRZ's Michael Cook Discusses Court Ruling SOILOGIC INC: Hires Allen Vellone Wolf as Legal Counsel SONOMA PHARMACEUTICALS: Offers Up to 5-Mil. Shares SORRENTO THERAPEUTICS: Scilex Securities Transfer Finalized SSG LLC: Asks Court to Approve Auction Agreement With Bullseye ST. MARGARET'S HEALTH: Hires Adelman & Gettleman as Counsel ST. MARGARET'S HEALTH: Hires Eide Bailly as Benefit Plan Auditor ST. MARGARET'S HEALTH: Hires Huron Consulting as Financial Advisor ST. MARGARET'S HEALTH: Taps Hinshaw & Culbertson as Special Counsel SURF'S UP DINING: Neema Varghese Named Subchapter V Trustee SURGALIGN HOLDINGS: Gets Court Okay for Chapter 11 Plan SWEET MOMENTS: Robert Handler Named Subchapter V Trustee THREE ARROWS: Co-Founder Su Zhu Apprehended, Says Liquidator TOP NOTCH: Virginia Andrews Burdette Named Subchapter V Trustee TOWER HEALTH: S&P Lowers Bonds Rating to 'CCC+', Outlook Negative TRAXCELL TECHNOLOGIES: Hits Chapter 11 Bankruptcy Protection TRITEK INT'L: Fine-Tunes Plan Documents TTF HOLDINGS: S&P Affirms 'B+' ICR on Divestiture, Outlook Stable TUFFSTUFF FITNESS: Starts Subchapter V Bankruptcy Process UFC HOLDINGS: Moody's Ups CFR & Secured 1st Lien Term Loan to Ba3 ULTIMATE JETCHARTERS: Case Summary & 20 Top Unsecured Creditors UNION FUND: Seeks to Hire Charles Wertman PC as Legal Counsel VARDAN LLC: Hires Employ eXp Commercial as Real Estate Broker VIANT MEDICAL: Moody's Alters Outlook on 'Caa1' CFR to Positive VISHAY INTERTECHNOLOGY: Moody's Rates Amended Secured Loans 'Ba1' VISTAGEN THERAPEUTICS: Point72 Asset, 2 Others Report 5.6% Stake W.R. GRACE & CO: Wants $2.6 Million Fee Refund from Trustee WARDS COVE: Virginia Andrews Burdette Named Subchapter V Trustee WINDOW SYSTEMS: Brendon Singh Named Subchapter V Trustee WRIGHT EXCAVATING: Hires Powell Auction & Realty as Auctioneer XEROX HOLDINGS: S&P Alters Outlook to Stable, Affirms 'BB' ICR XPRESS MEDIA: Voluntary Chapter 11 Case Summary ZETTI'S MAPLE: Seeks to Hire Colligan Law as Bankruptcy Counsel [*] Bankruptcy Filings Up 70% to 7,518 in Third Quarter 2023 [*] Bissinger's John Strasburger Named Benchmark Litigation Star [] J.S. Held Acquires Phoenix Management Services [] SDNY Judge Beckerman Leads Panel at DI Conference on Nov. 29 ********* 125 MIDWOOD STREET: Hires McKinley Onua & Associates as Counsel --------------------------------------------------------------- 125 Midwood Street Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ McKinley Onua & Associates, PLLC as counsel. The firm's services include: a. providing advice to the Debtor with respect to its powers and duties under the Bankruptcy Code in the continued operation of Debtor’s business and the management of its affairs and property; b. negotiating with creditors of the Debtor, preparing a plan of reorganization and taking the necessary legal steps to consummate a plan, including, if necessary, negotiations with respect to financing a plan; c. appearing before the various taxing authorities to work out a plan to pay taxes owing in installments; d. preparing on the Debtor’s behalf necessary applications, motions, answer, replies, discovery requests, orders, reports and other pleading and legal documents; e. appearing before this Court to protect the interests of the Debtor and Debtor’s estates, and representing the Debtor in all matters pending before this Court and any other Court or Judicial Tribunal; f. performing all other legal services for the Debtor that may be necessary herein; and g. assisting the Debtor in connection with all aspects of its Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. It will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm will be paid a retainer in the amount of $7,500. Yolanda Shivers, a partner at McKinley Onua & Associates, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Yolanda Shivers, Esq. MCKINLEY ONUA & ASSOCIATES, PLLC 26 Court Street, Suite 300 Brooklyn, NY 11242 Tel: (718) 522-0236 Fax: (718) 701-8309 About 125 Midwood Street Partners, LLC 125 Midwood Street Partners LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). 125 Midwood Street Partners sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42074) on June 12, 2023. In the petition filed by Yolanda Shivers as managing member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Nnenna Okike Onua, Esq. of McKinley Onua & Associates. 1651 South: Hires Demarco Mitchell PLLC as Counsel -------------------------------------------------- 1651 South Stemmons, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Demarco Mitchell, PLLC, as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; b. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; c. formulate, negotiate, and propose a plan of reorganization; and d. perform all other necessary legal services in connection with these proceedings The firm will be paid at these rates: Robert T. DeMarco $400 per hour Michael S. Mitchell $300 per hour Barbara Drake, Paralegal $125 per hour The firm will be paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Robert T. DeMarco, a partner at Demarco Mitchell, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DEMARCO MITCHELL, PLLC 1255 W. 15th Street, 805 Plano, TX 75075 Tel: (972) 578-1400 Fax: (972) 346-6791 Email: robert@demarcomitchell.com mike@demarcomitchell.com About 1651 South Stemmons, LLC 1651 South Stemmons, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 23-41381) on July 31, 2023, listing up to $10 million in both assets and liabilities. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC is the Debtor's counsel. 17K WEST SUNSET: Case Summary & One Unsecured Creditor ------------------------------------------------------ Debtor: 17K West Sunset LLC 21550 Oxnard St., Floor 3 Woodland Hills,CA 91367 Chapter 11 Petition Date: October 10, 2023 Court: United States Bankruptcy Court Central District of California Case No.: 23-11444 Judge: Hon. Martin R. Barash Debtor's Counsel: Giovanni Orantes, Esq. THE ORANTES LAW FIRM, A.P.C. 3435 Wilshire Blvd., 27th Floor Los Angeles, CA 90010 Tel: (888) 619-8222 Fax: (877) 789-5776 Email: go@gobklaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tom Vukota as managing member. The Debtor listed Kwala, LLC c/o Aviv L. Tuchman, Esq., located at 6080 W. Pico Blvd, Los Angeles, California, as its sole unsecured creditor holding a claim of $1,323,756. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CHKKTZA/17K_West_Sunset_LLC__cacbke-23-11444__0001.0.pdf?mcid=tGE4TAMA 187 LOVELADIES: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: 187 Loveladies Holdings, LLC 68 White Street, Suite 7-385 Red Bank, NJ 07701 Business Description: 187 Loveladies is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the owner of real property located at 187 Nautilus Drive Loveladies, NJ valued at $2.7 million. Chapter 11 Petition Date: October 10, 2023 Court: United States Bankruptcy Court District of New Jersey Case No.: 23-18847 Debtor's Counsel: Ellen M. McDowell, Esq. MCDOWELL LAW, PC 46 West Main St. Maple Shade, NJ 08052 Tel: 856-482-5544 Fax: 856-482-5511 Email: emcdowell@mcdowelllegal.com Total Assets: $2,702,010 Total Liabilities: $1,105,516 The petition was signed by Scott Forbes as president. The Debtor listed Kevin A. Bonchi, Esq, GMS Law, as its sole unsecured creditor holding a claim of $45,516. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/GDF5PEY/187_Loveladies_Holdings_LLC__njbke-23-18847__0001.0.pdf?mcid=tGE4TAMA 4D FACTORY: Voluntary Chapter 11 Case Summary --------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- 4D Factory, Inc. 23-11618 57 West 57th Street Suite 319-01 New York, NY 10019 The 4D Factory, LLC 23-11619 204-6 Southard St Key West, FL 33040 Business Description: 4D Factory is a media technology holding company that invests in the technology- driven evolution of the media landscape including platforms, content and applications. Chapter 11 Petition Date: October 10, 2023 Court: United States Bankruptcy Court Southern District of New York Debtors' Counsel: Robert J. Spence, Esq. SPENCE LAW OFFICE, P.C. 55 Lumber Road Suite 5 Roslyn, NY 11576 Tel: 516-336-2060 Fax: 516-605-2084 Email: rspence@spencelawpc.com 4D Factory, Inc.'s Estimated Assets: $0 to $50,000 4D Factory, Inc.'s Estimated Liabilities: $0 to $50,000 The 4D Factory, LLC's Estimated Assets: $10 million to $50 million The 4D Factory, LLC's Estimated Liabilities: $1 million to $10 million The petitions were signed by Cort Javarone as managing member. The Debtors failed to include in the petitions lists of their 20 largest unsecured creditors. Full-text copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/OHZ5XEY/The_4D_Factory_LLC__nysbke-23-11619__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/2VPWHAA/4D_Factory_Inc__nysbke-23-11618__0001.0.pdf?mcid=tGE4TAMA 8200 Realty: Hires Rachel S. Blumenfeld PLLC as Counsel ------------------------------------------------------- 8200 Realty Associates LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Rachel S. Blumenfeld PLLC as counsel. The firm will provide these services: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession and the continued management of its property and affairs. b. negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with creditors and other parties in interest. c. prepare on behalf of the Debtor all necessary schedules, application, motion, answers, orders, reports, and other legal papers required for the Debtor that seek protection from its creditors under Chapter 11 of the Bankruptcy Code. d. appear before the Bankruptcy Court to protect the interest of the Debtor and to represent the Debtor in all matters pending before the Court. e. represent the Debtor, if need be, in connection with obtaining post-petition financing. f. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization. g. perform all other legal services of the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interest of the Debtor, its creditor and its estate. The firm will be paid at these rates: Rachel S. Blumenfeld, Esq. $525 per hour Of Counsel $450 per hour Paraprofessional $150 per hour The firm will be paid a retainer in the amount of $31,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Rachel S. Blumenfeld, a partner at Law Office of Rachel S. Blumenfeld PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Rachel S. Blumenfeld, Esq. LAW OFFICE OF RACHEL S. BLUMENFELD PLLC 26 Court Street Suite 2220 Brooklyn, NY 11242 Tel: (718) 858-9600 Email: rachel@blumenfeldbankruptcy.com About 8200 Realty Associates LLC 8200 Realty Associates LLC in Brooklyn, NY, filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 23-42775) on August 3, 2023, listing $100 in assets and $8,280,765 in liabilities. Ira Joseph Epstein as owner, signed the petition. Judge Nancy Hershey Lord oversees the case. LAW OFFICE OF RACHEL S. BLUMENFELD PLLC serve as the Debtor's legal counsel. 8300 HOLDING: Seeks to Hire Craig M. Geno as Bankruptcy Counsel --------------------------------------------------------------- 8300 Holding Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire the Law Offices of Craig M. Geno, PLLC as its counsel. The firm's services include: a. advising and consulting with the Debtor regarding questions arising from certain contract negotiations during the operation of the Debtor's business; b. evaluating and objecting to claims of various creditors who may assert security interests in the assets and who may seek to disturb the continued operation of the business; c. appearing in, prosecuting, or defending suits and proceedings, and taking all necessary steps and other matters involved in or connected with the affairs of the estate of the Debtor; d. representing the Debtor in court hearings and assisting in the preparation of legal documents; e. advising and consulting with the Debtor in connection with any proposed Chapter 11 reorganization plan; and f. providing other necessary legal services. The Law Offices of Craig M. Geno will be paid at these rates: Craig M. Geno $450 per hour Associates $275 per hour Paralegals $185 to $215 per hour The firm received a retainer in the amount of $11,800, which includes the filing fee of $1,738. Craig Geno, Esq., an attorney at the Law Offices of Craig M. Geno, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Craig M. Geno, Esq. LAW OFFICES OF CRAIG M. GENO, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Tel: (601) 427-0048 Fax: (601) 427-0050 Email: cmgeno@cmgenolaw.com About 8300 Holding 8300 Holding Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-02116) on Sept. 14, 2023, with $1 million to $10 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC represents the Debtor as bankruptcy counsel. 860 VESTAL: Seeks to Hire Pyramid Brokerage as Real Estate Broker ----------------------------------------------------------------- 860 Vestal Empire LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Pyramid Brokerage Company of Binghamton, Inc. as its real estate broker. Pyramid will either sell the Debtor's property located at 860 Vestal Road, Vestal, New York 13850, at an auction or solicit and secure a commitment or commitments for a financing of the Property and any subsequent refinancing of the property. The Debtor shall pay to Pyramid a fee or commission of 2.75 percent of the purchase price. As disclosed in the court filings, Pyramid is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtor or the Debtor's estate. The firm can be reached through: Maureen D. Wilson PYRAMID BROKERAGE BINGHAMTON 84 Court Street, Third Floor Binghamton, NY 13901 Tel: (607) 754-5990 Fax: (607) 754-7826 Email: mwilson@pyramidbrokerage.com About 860 Vestal Empire LLC 860 Vestal Empire is engaged in activities related to real estate. The Debtor owns real estate located at 860 Vestal Road, Vestal, NY 13850 valued at $2.75 million. 860 Vestal Empire LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42927) on August 16, 2023. The petition was signed by David Goldwasser as manager. At the time of filing, the Debtor estimated $2,750,000 in assets and $4,487,161 in liabilities. Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP represents the Debtor as counsel. 920 CENTURY: Gets OK to Hire Cunningham Chernicoff as Counsel ------------------------------------------------------------- 920 Century LP received approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Cunningham, Chernicoff & Warshawsky, P.C. as its counsel. The firm's services include: a. advising the Debtor regarding its powers and duties in the continued operation of its business and management of its property; b. preparing legal papers; and c. providing other legal services necessary to administer the Debtor's Chapter 11 case. The firm will be paid at these rates: Robert E. Chernicoff $450 per hour Partners $400 to $450 per hour Associate Attorneys $225 to $350 per hour Paralegals $100 to $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $10,000. Robert Chernicoff, Esq., a partner at Cunningham, 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. Cunningham can be reached at: Robert E. Chernicoff, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY, P.C. P.O. Box 60457 Harrisburg, PA 17106-0457 Tel: (717) 238-6570 Fax: (717) 238-4809 About 920 Century LP 920 Century is a Single Asset Real Estate as defined in 11 U.S.C. Section 101(51B). 920 Century LP filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02000) on Sep. 5, 2023. The petition was signed by Jeff C. Conforti, president of 920 Century Investments LLC, general partner of the Debtor. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Robert E. Chernicoff, Esq. at Cunningham, Chernicoff & Warshawsky, P.C. represents the Debtor as counsel. ADAPTIV RESEARCH: Amy Denton Mayer Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Amy Denton Mayer as Subchapter V trustee for Adaptiv Research & Development Group, LLC. Ms. Mayer will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer 10 E. Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About Adaptiv Research & Development Group Adaptiv Research & Development Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04227) on Sept. 25, 2023, with up to $50,000 in both assets and liabilities. Timothy W. Gensmer, Esq., at Timothy W Gensmer, PA represents the Debtor as legal counsel. AEARO TECHNOLOGIE: Attys. Push for $7M Fee Bid for Case Dismissal ----------------------------------------------------------------- Emily Lever of Law360 reports that a group of law firms representing tort claimants in 3M subsidiary Aearo Technologies LLC's Chapter 11 case has fired back at a U.S. Trustee's objection to their motion seeking more than $7 million in fees, saying they made an important contribution to the dismissal of the Chapter 11 and the subsequent settlement. About Aearo Technologies Aearo Technologies -- https://earglobal.com/en -- is a 3M company that designs, manufactures, and sells personal protection equipment. The Company offers prescription and non-prescription safety eye wear, face shields, hard hats, and respirators. Aearo serves customers worldwide. To address claims related to the Combat Arms Earplugs Version 2, Aearo Technologies LLC and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Lead Case No. 22-02890) on July 26, 2022. In the petition filed by John R. Castellano, as authorized signatory, Aearo Technologies estimated assets and liabilities between $1 billion and $10 billion each. 3M is not a debtor in the Chapter 11 cases. 3M has committed $1 billion to fund a trust allocated for Combat Arms claims. Kirkland & Ellis LLP is serving as legal counsel and AlixPartners LLP is serving as restructuring advisor to Aearo Technologies. Ice Miller LLP, is serving as bankruptcy co-counsel to the Debtors. Kroll is the claims agent. PJT Partners is serving as financial advisor and White & Case LLP is serving as legal counsel to 3M. AEROTECH MIAMI: Hires Berger Singerman LLP as Co-Counsel -------------------------------------------------------- Aerotech Miami Inc. d/b/a iAero Tech and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Berger Singerman LLP as co-counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties in the continued management of their business operations; (b) advise the Debtors with respect to their responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of these Chapter 11 cases; (d) protect the interests of the Debtors in all matters pending before the court; and (e) represent the Debtors in negotiations with their creditors and in the preparation of a plan. The firm will be paid at these rates: Attorneys $395 to $800 per hour Associate Attorneys $395 to $575 per hour Legal assistants and Paralegals $85 to $295 per hour In addition, the firm will seek reimbursement for expenses incurred. On August 2, 2023, the firm received an initial retainer from the Debtors in the amount of $250,000 and subsequently on August 10, 2023, received an additional $250,000 which was deposited into the firm's trust account. The firm also provided following 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. 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: Berger Singerman's current hourly rates for services rendered on behalf of the Debtors are set forth in the application. These rates have been used since January 1 of this year. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Yes. Berger Singerman has provided the Debtors with a prospective budget and staffing plan setting forth the types of timekeepers, numbers thereof, and applicable hourly rates it expects during the chapter 11 cases, which have been approved by the Debtors. The budget and staffing plan cover the period from the Petition Date to December 8, 2023. Paul Steven Singerman, Esq., a member at Berger Singerman, 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 Steven Singerman, Esq. BERGER SINGERMAN LLP 1450 Brickell Avenue, Ste. 1900 Miami, FL 33131 Telephone: (305) 755-9500 Facsimile: (305) 714-4340 Email: singerman@bergersingerman.com About Aerotech Miami Inc. d/b/a iAero Tech AeroTech Miami Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 23-17503) on September 19, 2023. In the petition signed by Kevin Nystrom, interim chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 billion. Judge Robert A. Mark oversees the case. The Debtors tapped King & Spalding LLP as general bankruptcy counsel, Berger Singerman LLP as co-counsel, AP Services, LLC as restructuring services provider, Jefferies LLC as investment banker, and Kroll Restructuring Administration LLC as notice and claims agent. AEROTECH MIAMI: Hires Kevin Nystrom of AlixPartners LLP as CEO -------------------------------------------------------------- Aerotech Miami Inc. d/b/a iAero Tech and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Kevin Nystrom of AlixPartners, LLP as chief executive officer. The firm will provide these services: -- lead the communications regarding the restructuring on behalf of the Debtors with their various stakeholders and other related parties. -- work with the Debtors and their team to further identify and implement both short-term and long-term liquidity generating initiatives. -- assist in the monitoring of the Debtors' liquidity initiatives. -- provide assistance to management in connection with the Debtors' development of their revised business plan, and such other related forecasts as may be required by the lenders in connection with negotiations or by the Debtors for other corporate purposes. -- assist the Debtors' management and their professionals specifically assigned to sourcing, negotiating and implementing any financing, including post-petition financing facilities (any such facility, the "DIP"), in conjunction with any filing under chapter 11 of the Bankruptcy Code. -- prepare weekly cash flow forecasts and DIP budgets along with the related assumptions. -- develop short-term and long-term cash flow forecasting tools and related methodologies to support negotiations with the Debtors' stakeholders and capital raising initiatives. -- assist the management of the Debtors in the design and implementation of a restructuring strategy designed to maximize enterprise value, taking into account the Debtors' fiduciary duties to maximize value for the Debtors' various stakeholders. -- work with senior management to negotiate and implement restructuring initiatives and evaluate strategic alternatives. -- work with the senior management of the Debtors to obtain covenant relief from their bank lenders and other creditors. -- assist in negotiations with stakeholders and their representatives. -- assist in negotiations with potential bidders for the Debtors' assets. -- assist in communication and/or negotiation with outside constituents including the lenders and their respective advisers. -- assist in preparing for and filing chapter 11 bankruptcy petitions, coordinating and providing administrative support for the proceeding and developing the Debtors' plan of reorganization or other appropriate case resolution, if necessary. -- render testimony, as requested from time to time, regarding any matters to which the firm is providing services. -- assist with the preparation of (i) a disclosure statement and plan of reorganization, (ii) a liquidation analysis, (iii) statements of financial affairs and schedules of assets and liabilities, (iv) a potential preference and avoidance action analysis, (v) a claims reconciliation analysis, and (vi) monthly operating reports and other regular reporting required by the U.S. Bankruptcy Court. -- communicate with, and meet information needs of, the Debtors' various constituencies including but not limited to the Debtors' secured lenders, any official committee of unsecured creditors, if appointed, and potential exit lenders and their respective advisors. -- manage the "working group" professionals who are assisting the Debtors in the reorganization process or who are working for the Debtors' various stakeholders to improve coordination of their effort and individual work product to be consistent with the Debtors' overall restructuring goals. -- conduct eDiscovery, document review and forensic data services required in conjunction with any document requests or other discovery. -- assist with such other matters as may be requested by the Debtors that fall within the firm's expertise and that are mutually agreeable. The firm will be paid at these rates: Partner & Managing Director $1,140 to $1,400 per hour Partner $1,115 per hour Director $880 to $1,070 per hour Senior Vice President $735 to $860 per hour Vice President $585 to $725 per hour Consultant $215 to $565 per hour Paraprofessional $360 to $380 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer of $2,500,000. Kevin Nystrom, a partner and managing director at AlixPartners, 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: Kevin Nystrom ALIXPARTNERS, LLP 909 Third Avenue, Floor 30 New York, NYork 10022 Phone: (212) 561-4025 Email: knystrom@alixpartners.com About Aerotech Miami Inc. d/b/a iAero Tech AeroTech Miami Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 23-17503) on September 19, 2023. In the petition signed by Kevin Nystrom, interim chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 billion. Judge Robert A. Mark oversees the case. The Debtors tapped King & Spalding LLP as general bankruptcy counsel, Berger Singerman LLP as co-counsel, AP Services, LLC as restructuring services provider, Jefferies LLC as investment banker, and Kroll Restructuring Administration LLC as notice and claims agent. AEROTECH MIAMI: Hires King & Spalding LLP as Co-Counsel ------------------------------------------------------- Aerotech Miami Inc. d/b/a iAero Tech and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ King & Spalding LLP as co-counsel. The firm's services include: (a) advising the Debtors with respect to their rights, powers, and duties as debtors-in-possession in the continued management and operation of their businesses and the management of their properties; (b) advising the Debtors with respect to the conduct of the Chapter 11 Cases, including all of the legal and administrative requirements imposed by the Bankruptcy Code and Bankruptcy Rules; (c) 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, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors' estates; (d) preparing on behalf of the Debtors all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtors' estates; (e) taking all necessary actions in connection with any chapter 11 plan and related disclosure statement and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estates; (f) appearing before the Court and any other courts to represent the interests of the Debtors' estates; (g) attending meetings and represent the Debtors in negotiations with representatives of creditors and other parties-in-interest; (h) negotiating and prepare documents relating to the disposition of assets, as requested by the Debtors; (i) advising the Debtors on finance, finance-related matters and transactions, and matters relating to any sale of the Debtors' assets; and (j) performing such other legal services for the Debtors as may be necessary and appropriate in the administration of these Chapter 11 Cases. The firm will be paid at these rates: Partners $1,060 to $2,000 per hour Counsel $1,025 to $1,590 per hour Associates $650 to $1,235 per hour Paraprofessionals $315 to $555 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. During the 90-day period prior to the Petition Date, the firm received payments and advances in the aggregate amount of $4,150,000 for services performed and expenses incurred, and to be performed and incurred, including in preparation for the commencement of the Chapter 11 Cases. As of the Petition Date, the firm has a remaining credit balance on its advance in favor of the Debtors in the amount of $50,000. 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: 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: While the firm represented the Debtors within the 12 months prior to the Petition Date, its rates stayed substantially the same but for standard annual increases in accordance with past practice and market conditions. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The firm, in conjunction with the Debtors and Berger Singerman LLP, is developing a prospective budget and staffing plan for these Chapter 11 Cases. Roger Schwartz, Esq., a partner at King & Spalding 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: Roger Schwartz, Esq. KING & SPALDING LLP 1185 Avenue of the Americas New York, NY 10023 Tel: (212) 556-2100 Fax: (212) 556-2222 Email: rschwartz@kslaw.com About Aerotech Miami Inc. d/b/a iAero Tech AeroTech Miami Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 23-17503) on September 19, 2023. In the petition signed by Kevin Nystrom, interim chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 billion. Judge Robert A. Mark oversees the case. The Debtors tapped King & Spalding LLP as general bankruptcy counsel, Berger Singerman LLP as co-counsel, AP Services, LLC as restructuring services provider, Jefferies LLC as investment banker, and Kroll Restructuring Administration LLC as notice and claims agent. AEROTECH MIAMI: Seeks to Hire Jefferies LLC as Investment Banker ---------------------------------------------------------------- Aerotech Miami Inc. d/b/a iAero Tech and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Jefferies LLC as investment banker. The firm's services include: (a) Restructuring (i) provide the Company with financial advice and assistance in connection with analyzing, structuring, negotiating and effecting (including providing valuation analyses as appropriate), and acting as exclusive investment banker to the Company in connection with, any restructuring, reorganization, recapitalization, repayment or material modification of the Company's outstanding indebtedness in connection with any insolvency proceeding commenced by the Company and that is effectuated through confirmation of a chapter 11 plan under the Bankruptcy Code (such a transaction, a "Restructuring"); (ii) perform the following investment banking services, among others, for the Company in connection with a Restructuring: (a) becoming familiar with, to the extent Jefferies deems appropriate, and analyzing, the business, operations, properties, financial condition and prospects of the Company; (b) advising the Company on the current state of the "restructuring market"; (c) assisting and advising the Company in developing a general strategy for accomplishing a Restructuring; (d) assisting and advising the Company in implementing a Restructuring; (e) assisting and advising the Company in evaluating and analyzing a Restructuring, including the value of the securities or debt instruments, if any, that may be issued in any such Restructuring; and (f) rendering such other investment banking services as may from time to time be agreed upon by the Company and Jefferies; (b) M&A Transaction (i) provide the Company with financial advice and assistance in connection with a possible sale, disposition or other business transaction or series of transactions involving all or a material portion of the equity or assets of one or more entities comprising the Company, (including any "credit bid" made pursuant to section 363(k) of the Bankruptcy Code) (any of the foregoing, an "M&A Transaction"); and (c) Financing (i) act as sole and exclusive investment banker in connection with any of the following (each, a "Financing", and a Financing, a Restructuring and an M&A Transaction, each and together, a "Transaction"): (i) the sale and/or placement, whether in one or more public or private transactions, of (A) common equity, preferred equity, and/or equity-linked securities of the Company (regardless of whether sold by the Company or its securityholders), including, without limitation, convertible debt securities (individually and collectively, "Equity Securities"), and/or (B) notes, bonds, debentures and/or other debt securities of the Company, including, without limitation, mezzanine and asset-backed securities (individually and collectively, "Debt Securities"), and/or (ii) the arrangement and/or placement of any bank debt and/or other credit facility of the Company (individually and collectively, "Bank Debt," and any, or a combination of Bank Debt, Equity Securities and/or Debt Securities, "Instruments"). For the avoidance of doubt, if a Financing is executed in more than one issuance or tranche, each shall be deemed a Financing for the purposes of the Engagement Letter. The firm will be paid at these rates: (a) Monthly Fee (i) A monthly fee (the "Monthly Fee") equal to $150,000 per month until the expiration or termination of the Engagement Letter. The first Monthly Fee shall be payable as of August 29, 2023, and each subsequent Monthly Fee shall be payable in advance on each monthly anniversary thereafter. After two full Monthly Fees have actually been paid to Jefferies under the Engagement Letter, 50.0% of all Monthly Fees actually paid to Jefferies thereafter in the aggregate shall be credited, once, without duplication, against any Restructuring Fee or M&A Transaction Fee (each as defined below), if any, subsequently payable to Jefferies by the Company (the "Credit"). (b) Financing Fee (i) Promptly upon the closing of each Financing, a fee (the "Financing Fee") equal to an amount to be determined according to the following schedule: 1.5 percent of the aggregate principal amount of any senior secured Debt Securities and/or senior secured Bank Debt; 3 percent of the aggregate principal amount of any Debt Securities and/or Bank Debt not covered by the immediately preceding subclause (i); and 4.5 percent of the aggregate principal amount of any Equity Securities. (c) Restructuring Fee (i) Promptly upon the consummation of a Restructuring, a transaction fee (the "Restructuring Fee") equal to $2,350,000 (subject to any Credit set forth above). (d) M&A Transaction. (i) Promptly upon the consummation of an M&A Transaction, a fee (the "M&A Transaction Fee") equal to the greater of (i) the Restructuring Fee and (ii) 4.0% of the Transaction Value (as defined in the Engagement Letter) of any such Transaction; provided that in the event such M&A Transaction results in Synovus and/or Blackstone owning all or substantially all of the assets and/or equity of the Company, then the M&A Transaction Fee shall be equal to $2,350,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. During the 90-day period prior to the commencement of these Chapter 11 Cases, the firm was paid in the ordinary course certain fees. Specifically, on September 19, 2023, the firm was paid a $150,000 Monthly Fee on account of the August 2023 Monthly Fee. Richard Morgner, a managing director at Jefferies, 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: Richard Morgner JEFFERIES LLC 520 Madison Avenue New York, NY 10022 Telephone: (212) 284-2300 About Aerotech Miami Inc. d/b/a iAero Tech AeroTech Miami Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 23-17503) on September 19, 2023. In the petition signed by Kevin Nystrom, interim chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 billion. Judge Robert A. Mark oversees the case. The Debtors tapped King & Spalding LLP as general bankruptcy counsel, Berger Singerman LLP as co-counsel, AP Services, LLC as restructuring services provider, Jefferies LLC as investment banker, and Kroll Restructuring Administration LLC as notice and claims agent. AEROTECH MIAMI: Seeks to Hire Kroll as Claims and Noticing Agent ---------------------------------------------------------------- Aerotech Miami Inc. d/b/a iAero Tech and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Kroll Restructuring Administration LLC as claims, noticing, and solicitation agent. The firm will provide the Debtor with consulting services regarding legal noticing, claims management and reconciliation, plan solicitation and balloting, preparation of schedules of assets and liabilities and statements of financial affairs, and communications. The firm will be paid at these rates: Analyst $30 to $60 per hour Technology Consultant $35 to $110 per hour Consultant/Senior Consultant $65 to $195 per hour Director $175 to $245 per hour Solicitation Consultant $220 per hour Director of Solicitation $245 per hour The firm received from the Debtors an advance payment of $50,000. Benjamin Steele, a partner at Kroll, 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: Benjamin J. Steele KROLL RESTRUCTURING ADMINISTRATION, LLC 55 East 52nd Street, 17th Floor, New York, NY 10055 Phone: (212) 593-1000 About Aerotech Miami Inc. d/b/a iAero Tech AeroTech Miami Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 23-17503) on September 19, 2023. In the petition signed by Kevin Nystrom, interim chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 billion. Judge Robert A. Mark oversees the case. The Debtors tapped King & Spalding LLP as general bankruptcy counsel, Berger Singerman LLP as co-counsel, AP Services, LLC as restructuring services provider, Jefferies LLC as investment banker, and Kroll Restructuring Administration LLC as notice and claims agent. ALACRITY HOLDINGS: $500K Sale Proceeds to Fund Plan --------------------------------------------------- Alacrity Holdings 6, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement for Plan of Reorganization dated October 5, 2023. The Debtor is a Georgia limited liability company formed in 2021 and is a hundred percent owned by Alacrity Holding Manager, LLC. The Debtor purchased certain real property at 4331 Pio Nono Avenue, Macon, Georgia (the "Property") in May of 2021 from Durga Investments, LLC, and its primary purpose is owning and leasing the Property. In connection with the Debtor's purchase of the Property, the Debtor also purchased the convenience store and gas station's inventory. Since the purchase of the Property, the Debtor has been involved in a dispute with Madan Popli to cancel an invalid claim of lien and security deed filed by Popli. Popli filed a notice of appeal of the Order on September 22, 2023 (the "Appeal"). Because of the anticipated length of time to prosecute the Appeal, the Debtor proposes a Plan of Reorganization which is contingent upon the outcome of the Appeal so that it may continue operations in the ordinary course of business in the interim period. The source of funds for the Plan shall be the $500,000 being held in the DIP account. Class 1 shall consist of the disputed claim of Madan Popli which is the subject of the litigation in Adversary Proceeding No. 22 2020-JRS (the "Adversary Proceeding") and an Objection to Claim of Madan Popli (the "Objection"). Popli filed a proof of claim asserting a claim of $651,750.00. Trial was held in the Adversary Proceeding and on the Objection on April 18, 19, and 25, 2023, after which the Court entered an Order and Judgment in favor of the Debtor and against Popli, cancelling the security deed of record held by Popli and ordering Popli to pay the Debtor $131,000.00 in actual and punitive damages, as well as attorney's fees and costs. Popli filed a Notice of Appeal in the Adversary Proceeding on September 22, 2023 (the "Appeal"). Accordingly, the treatment of Popli's Class 1 claim is contingent upon the outcome of the Appeal. Should the Order and Judgment be affirmed in favor of the Debtor, Popli shall receive no payment under this Plan. Should the Order and Judgment be reversed in favor of Popli, and the Debtor has had the opportunity to exhaust its appellate remedies, the Debtor shall pay the $500,000.00 held in the DIP Account over to Popli within 30 days of entry of a final, nonappealable order reversing this Court's decision. Any amounts allegedly due over and above this amount shall be the responsibility of Durga as the recipient of the proceeds from the sale to the Debtor, who has already paid the $1,350,000.00 purchase price to Durga, apart from the $500,000.00, and Popli shall be required to seek recourse against Durga. Class 2 shall consist of the disputed claim of Durga Investments, LLC which is also contingent on the outcome of the Appeal in the Adversary Proceeding. Should the Order and Judgment be affirmed in favor of the Debtor, the Debtor and Durga shall divide the $500,000.00 in sales proceeds pursuant to that First Amendment to Escrow Agreement entered into by the parties on December 1, 2021. The remaining balance after the costs of litigation are determined shall be disbursed to Durga. Should the Order and Judgment be reversed in favor of Popli, and the Debtor has had the opportunity to exhaust its appellate remedies, Durga shall receive no payment under this Plan and the Debtor shall pay the $500,000.00 over to Popli within 30 days of entry of a final, non-appealable order reversing this Court’s decision. Any amounts allegedly due over and above this amount shall be the responsibility of Durga as the recipient of the proceeds from the sale to the Debtor, who has already paid the $1,350,000.00 purchase price to Durga, apart from the $500,000.00, and Popli shall be required to seek recourse against Durga. Class 3 consists of Equity Security Holders of Debtor. The Reorganized Debtor shall not make any distributions or pay any dividends related to any Equity Interests unless and until all distributions related to all Allowed Claims in Class 1 and 2 have been made in full. Holders of Equity Interests in the Debtor will retain those interests. Class 3 is Impaired and entitled to vote on the Plan. The source of funds for payments pursuant to the Plan will be the $500,000 in disputed sales proceeds held by the Debtor in the DIP account. The Plan provides that Debtor shall act as the Disbursing Agent to make payments under the Plan unless Debtor appoints some other entity to do so. Debtor may maintain bank accounts under the confirmed Plan in the ordinary course of business. Debtor may also pay ordinary and necessary expenses of administration of the Plan in due course. A full-text copy of the Disclosure Statement dated October 5, 2023 is available at https://urlcurt.com/u?l=b1Pd1C from PacerMonitor.com at no charge. Attorneys for the Debtor: William A. Rountree, Esq. Caitlyn Powers, Esq. Rountree Leitman & Klein, LLC Century Plaza I 2987 Clairmont Road, Ste 350 Atlanta, GA 30329 Tel: 404-410-1220 Fax: 404 704-0246 Email: swenger@rlklawfirm.com About Alacrity Holdings 6 Alacrity Holdings 6, LLC, is registered as a domestic liability company located at 7530 Saint Marlo Country Club Parkway, Duluth, Ga. Alacrity Holdings 6 filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 22-20284) on April 5, 2022, with as much as $10 million in both assets and liabilities. On April 12, 2022, the Debtor amended its petition to remove its Subchapter V election. The court issued a notice that the case would no longer proceed under Subchapter V on April 19, 2022. Judge James R Sacca oversees the case. Rountree Leitman, Klein & Geer, LLC and Perry A. Phillips, LLC serve as the Debtor's bankruptcy counsel and special counsel, respectively. ALASKA LOGISTICS: Unsecureds Owed $5K+ to be Paid in Full in 5 Yrs ------------------------------------------------------------------ Alaska Logistics, LLC, filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization under Subchapter V dated October 5, 2023. The Debtor is a Washington Limited Liability Company. The Debtor provides extensive transportation services from Seattle to Alaska. The Debtor was initially founded by Long in 2003. On June 9, 2023, Banner, as holder of preferred ship mortgages, began foreclosure proceedings in the United States District Court for the District of Alaska (Case No. 3:23-cv-00125-SLG) against seven AL marine vessels ("Marine Vessels") three barges, three landing crafts, and one barge) to which Banner holds a security interest. The payoff amount for all loans is $4,378,300.23. The Debtor was officially served with the Foreclosure Action on July 5, 2023. Absent the intervention of the bankruptcy court, the Marine Vessels were all at risk of being seized by the US Marshall. This seizure would cause the destruction of the Debtor. The Debtor currently has significant assets including (i) cash in the approximate amount of $1,250,000, (ii) accounts receivable in the approximate amount of $1,650,000 and (iii) Marine Assets and other related assets valued at approximately $6,400,000 (liquidation value). The Debtor has continued to make payments to Banner and lessors since the filing date. In addition, in accordance with the Sale Order entered by the Court on August 16, 2023, the Debtor has sold a variety of items. The proceeds of these sales were delivered to Banner as principal reduction payments in the amount of $224,850.00 on or about September 5, 2023 and $20,300 on or about September 28, 2023 In addition, the Debtor has sold approved items for which payment should be received shortly in the approximate amount of $120,000. The funds will also be turned over to Banner as a principal reduction payment. The Plan is a reorganizing plan. In other words, by the Plan, the Debtor seeks to satisfy the claims of its Creditors by using cash on hand, future business income and asset sales. Class 5A consists of General Unsecured Claims. All general unsecured creditors with an allowed unsecured claim less than or equal to $5,000.00 shall be paid in full on the Effective Date. Class 5A is unimpaired under the Plan. Class 5B consists of General Unsecured Claims. All general unsecured creditors with an allowed unsecured claim in excess of $5,000.00 shall be paid in full years one through five of the Plan in equal monthly installments. Class 5B is impaired under the Plan. All distributions to creditors under the Plan will be funded by the current operations of the Debtor, available cash on hand, and asset sales including equipment and marine vessels. The Debtor's budget makes clear that they have or will have sufficient funds to make all required payments under the Plan. The Debtor will remain in charge of their financial affairs post-confirmation as Reorganized Debtor. The Debtor will serve as the Disbursing Agent during the length of the Plan. A full-text copy of the Plan of Reorganization dated October 5, 2023 is available at https://urlcurt.com/u?l=w0zplY from PacerMonitor.com at no charge. Debtor's Counsel: Faye C. Rasch, Esq. WENOKUR RIORDAN PLLC 600 Stewart Street, Suite 1300 Seattle, WA 98101 Tel: 206-672-0846 E-mail: faye@wrlawgroup.com About Alaska Logistics Alaska Logistics LLC transports materials and equipment of all sizes, shapes and types from Seattle to Western Alaska. The Debtor filed a Chapter 11 petition (Bankr. W.D. Wash. Case No. 23-11250) on July 7, 2023, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Allyn Long, general manager and president, signed the petition. Judge Christopher M. Alston oversees the case. Wenokur Riordan, PLLC, is the Debtor's legal counsel. ALPINE 4 HOLDINGS: To Raise $7MM in Sale of Securities ------------------------------------------------------ Alpine 4 Holdings, Inc. filed Amendment No. 3 to its Form S-1 registration statement relating to the Company's offering to sell these securities: -- up to 9,859,155 shares of Class A common stock; -- Common Warrants to Purchase Up to 9,859,155 Shares of Class A common stock; -- Pre-Funded Warrants to Purchase Up to 9,859,155 Shares of Class A common stock; -- up to 19,718,310 shares of Class A common stock Underlying the Common Warrants and Pre-Funded Warrants; and -- up to 1,923,300 shares of Class A common stock underlying Warrants to be offered by a selling stockholder. Alpine said it is offering, on a "best efforts" basis, up to $7.0 million in units of Alpine 4 Holdings, Inc., at an assumed offering price of $0.71 per Unit. Each Unit consists of one share of Class A common stock, $0.0001 par value per share and one common warrant to purchase up to 9,859,155 shares of Class A common stock. The shares of Class A common stock and Common Warrants are immediately separable and will be issued separately, but must be purchased together in this offering. Each Common Warrant has an assumed exercise price of $0.71 per share (representing 100% of the assumed public offering price per Unit to be sold in this offering) and will expire on the fifth anniversary of the original issuance date. The actual public offering price will be determined between Alpine, A.G.P./Alliance Global Partners, as exclusive placement agent, and the investors in the offering and may be at a discount to the current market price of our Common Stock. Therefore, the assumed public offering price used throughout this prospectus may not be indicative of the final offering price. Alpine is also offering pre-funded warrants to purchase up to 9,859,155 shares of common stock to those purchasers whose purchase of shares of common stock in this offering would result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of the outstanding common stock immediately following the consummation of this offering, in lieu of shares of common stock that would result in beneficial ownership in excess of 4.99% (or, at the election of the purchaser, 9.99%) of the outstanding common stock. Each Pre-Funded Warrant is exercisable for one share of Alpine common stock and has an exercise price of $0.71 per share. Each Pre-Funded Warrant is being offered together with the Common Warrants. The Pre-Funded Warrants and Common Warrants are immediately separable and will be issued separately in this offering, but must be purchased together in this offering. For each Pre-Funded Warrant that is sold, the number of shares of common stock the Company is offering will be reduced on a one-for-one basis. Alpine previously filed Amendment No. 2 to the Form S-1 registration statement relating to the Company's then offering of up to 11,234,693 shares of Class A common stock, Common Warrants, and Pre-Funded Warrants. The estimated net proceeds from the offering was then expected to be about $9 million after expenses. About Alpine 4 Alpine 4 Holdings, Inc. (formerly Alpine 4 Technologies, Ltd) is a publicly traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of drivers, stabilizers, and facilitators. Alpine 4 Holdings' Class A common stock is currently traded on The Nasdaq Capital Market under the symbol ALPP. Alpine 4 Holdings reported a net loss of $12.87 million for the year ended Dec. 31, 2022, compared to a net loss of $19.48 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $145.63 million in total assets, $75.64 million in total liabilities, and $69.99 million in total stockholders' equity. Phoenix, Arizona-based RSM US LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 5, 2023, citing that the Company has suffered recurring losses from operations and recurring negative cash flows from operations. This raises substantial doubt about the Company's ability to continue as a going concern. AMN HEALTHCARE: Moody's Affirms Ba2 CFR & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Investors Service affirmed AMN Healthcare, Inc.'s Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating and Ba3 ratings on the company's senior unsecured notes. At the same time, Moody's changed the outlook to stable from positive. The company's Speculative Grade Liquidity Rating of SGL-1 is unchanged. The affirmation of Ba2 CFR reflects Moody's expectations that the company's revenue and profits will continue to normalize to much lower than 2022 levels. The normalization will be driven by reduction in pandemic-induced demand for the company's services and the elevated bill rates for those services. Moody's expects that both demand for services and bill rates will gradually edge toward pre-pandemic levels (inflation adjusted in case of bill rates). In addition, Moody's believes that AMN is exposed to multitude of factors that are currently affecting the healthcare services industry. AMN's operating performance could be negatively affected by high inflation, shortage of healthcare professionals, defensive strategies employed by the company's key customers, rising demand for higher wages by industry workers, move of patient care to lower-cost settings, ongoing closures of rural hospitals and possible regulatory actions to curb rapidly increasing healthcare expenses. Consequently, the company's business model, which has delivered very strong performance in recent years, is unlikely to maintain its recent revenue and profitability going forward. Having said that, in the next 12-18 months, Moody's expects that the company's financial leverage will remain in the low 2x range. The outlook is stable. Moody's expects a gradual easing of supply demand gap for clinical labor which will eliminate the significant boost to the company's revenue profits and that revenue growth rate and profitability will decline to pre-pandemic levels. AMN's SGL-1 reflects a very good liquidity profile over the next 12-18 months with sustained positive free cash flow and access to an approximately $560 million from the company's $750 million revolving credit facility (unrated). RATINGS RATIONALE AMN Healthcare's Ba2 CFR reflects the company's leading market position in the temporary healthcare staffing industry, strong operating performance and a very good liquidity profile. The rating also reflects Moody's expectations that the company will maintain low financial leverage in the low 2x range in the next 12-18 months. However, the company's ratings will remain constrained by a business model which Moody's believes is sensitive to multitude of factors which could have negative implications from the broader healthcare services industry. Moody's expects that the company's profitability will continue to normalize in the next 12 months. The company benefited significantly in 2021 and 2022 due to spike in demand and hourly bill rates for travel nurses triggered by subsequent waves of COVID-19 outbreaks. The company's nurse and allied solutions business is cyclical and still accounts for a majority of the company's revenue, but the concentration in this business has reduced in recent years. Further, Moody's expects that the company will continue its expansion through tuck-in acquisitions and opportunistic debt funded share buybacks. AMN's ratings are supported by its very good liquidity as reflected in its Speculative Grade Rating of SGL-1. The company had $7 million in cash at the end of June 30, 2023, and approximately $560 million available under its $750 million revolving credit facility (unrated). Further Moody's expects that the company will generate $250-$300 million in positive annual free cash flow in the next 1-2 years. The Ba3 rating on the $350 million and $500 million senior unsecured notes, one notch below the Ba2 Corporate Family Rating, reflects the junior position of notes in the capital structure compared to the senior secured $750 million revolver (unrated). The revolver is secured by substantially all of the company's assets and guaranteed by the company's subsidiaries. AMN's CIS-3 credit impact score indicates that ESG considerations have limited impact on the current credit rating with potential for greater negative impact over time. As a provider of workforce solutions and staffing services to healthcare facilities, AMN is exposed to social risks, particularly in sourcing and maintaining highly skilled and licensed/ certified nurses and other professionals as its customers manage rising healthcare costs. The credit impact of this social risk is partially moderated by the company's strong bargaining position against its clients, good governance, and a solid track record of conservative financial policies. AMN's S-3 (previously S-4) score primarily reflects shortage of skilled human capital (travel nurses), substantial implications of demographics and societal trends as the US population ages, and customer relations-related reputation risk if the company fails to perform its services in compliance with regulations and industry expectations. AMN's G-3 score reflects balanced financial policies, overall sound governance practices and an experienced management team with a strong track record. The company's financial policies are conservative. The company is opportunistic with its M&A and share buyback strategy. The company's M&A strategy is focused on expanding business capabilities rather than acquiring scale. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains topline revenue growth and profitability as the pandemic tailwinds subside. The ratings could also be upgraded if the company continues to follow conservative financial policy and materially expands its scale and diversification while sustaining Debt/EBITDA below 2.5 times. The ratings could be downgraded if Moody's expects AMN's debt/EBITDA to exceed 3.5 times or if the company adopts a more aggressive acquisition strategy or financial policy. Furthermore, a weakening of liquidity or sustained decline in free cash flow could also result in a downgrade. Headquartered in Dallas, TX, AMN Healthcare, Inc. is the largest provider of workforce solutions and staffing services to healthcare facilities in the United States. The company's services include managed services programs, vendor management systems, recruitment process outsourcing and consulting services. The company is publicly traded, and its fiscal year 2022 revenues (with significant boost from COVID pandemic-related factors) were approximately $5.2 billion. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. AMV ENTERPRISES: Case Summary & 15 Unsecured Creditors ------------------------------------------------------ Debtor: AMV Enterprises, Inc. 7500 West 18th Lane Hialeah, FL 33014 Business Description: AMV Enterprises is a distributor of Everlast Lubricants motor oil. Chapter 11 Petition Date: October 10, 2023 Court: United States Bankruptcy Court Southern District of Florida Case No.: 23-18261 Judge: Hon. Laurel M. Isicoff Debtor's Counsel: Jeffrey Bast, Esq. BAST AMRON LLP One Southeast Third Avenue Suite 2410 Miami, FL 33131 Tel: 305-379-7904 Email: jbast@bastamron.com Total Assets: $2,210,377 Total Liabilities: $1,094,072 The petition was signed by Carlo M. Ribera as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 15 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/4W4FMAY/AMV_Enterprises_Inc__flsbke-23-18261__0001.0.pdf?mcid=tGE4TAMA AMYRIS INC.: Committee Hires FTI Consulting as Financial Advisor ---------------------------------------------------------------- The official committee of unsecured creditors of Amyris, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ FTI Consulting, Inc. as financial advisor. The firm will provide these services: a. assistance in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; b. assistance with the assessment and monitoring of the Debtors' short term and long term cash flow, liquidity, and operating results; c. assistance with the assessment of the Debtors' cash management system and evaluation of intercompany transactions between the Debtors and non-Debtors; d. assistance with the review of the Debtors' proposed employee compensation and benefits programs; e. assistance with the review of the Debtors' analysis of core business assets and potential disposition or liquidation of non-core assets; f. assistance with the review of the Debtors' cost/benefit analysis with respect to the affirmation or rejection of various executory contracts and leases; g. assistance with the review of the Debtors' identification of potential cost savings, including overhead and operating expense reductions and efficiency improvements; h. 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; i. assistance in the review of the claims reconciliation and estimation process; j. assistance with identification of unencumbered assets; k. assistance in the review of other financial information prepared by the Debtors, including, but not limited to, cash flow projections and budgets, business plans, cash receipts and disbursement analysis, asset and liability analysis, and the economic analysis of proposed transactions for which Court approval is sought; l. attendance at meetings and assistance 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; m. assistance in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in these chapter 11 proceedings; n. assistance in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; o. assistance in the prosecution of Committee responses/objections to the Debtors' motions, including attendance at depositions and provision of expert reports/testimony on case issues as required by the Committee; and p. provision of such other general business consulting or such other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. The firm will be paid at these rates: Senior Managing Directors $1,045 to $1,495 per hour Directors/Senior Directors/ Managing Directors $785 to 1,055 per hour Consultants/Senior Consultants $435 to 750 per hour Administrative/Paraprofessionals $175 to 325 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Clifford Zucker, 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: 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 Amyris Inc. 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. AMYRIS INC: Committee Hires Jefferies LLC as Investment Banker -------------------------------------------------------------- The official committee of unsecured creditors of Amyris Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Jefferies LLC as investment banker. The firm will provide these services: (a) act as exclusive investment banker to the Committee in connection a sale or other business transaction or series of transactions, involving all or a material portion of the Debtors' equity or assets, through any form of transaction, including, without limitation, a merger, stock purchase, asset purchase, recapitalization, reorganization, consolidation or amalgamation, and including, but not limited to, a sale under Section 363 of the Bankruptcy Code, including any credit bid transaction, any such transaction, an ("M&A Transaction"); (b) act as exclusive investment banker to the Committee in connection with any restructuring of the Debtors' outstanding indebtedness including, without limitation, through any offer by the Debtors with respect to any outstanding indebtedness, a solicitation of votes, approvals, or consents giving effect thereto, however such result is achieved, including, without limitation, through any plan confirmed pursuant to chapter 11 of the Bankruptcy Code, the execution of any agreement giving effect thereto, an offer by any party to convert, exchange or acquire any material outstanding indebtedness, or any similar balance sheet restructuring involving the Debtors, any such transaction (a "Restructuring"); (c) act as exclusive investment banker to the Committee in connection with any material investment by any third party in the Debtors and/or any other financing activities the Debtors engage in (any such transaction, a "Financing" and a Financing, an M&A Transaction and a Restructuring, each and together, a "Transaction"); (d) become familiar with, to the extent Jefferies deems appropriate, and analyze the business, operations, properties, financial condition and prospects of the Debtors; (e) advise the Committee on the current state of the "restructuring market"; (f) analyze various Transaction scenarios and the potential impact of these scenarios on the value of the Debtors and the recoveries of those stakeholders impacted by a Transaction; (g) assist and advise the Committee in developing a general strategy for accomplishing a Transaction; (h) advise the Committee on any capital structure, debt capacity and feasibility issues in connection with any Transaction; (i) assist and advise the Committee in analyzing historical financing transactions; (j) assist and advise the Committee in implementing a Transaction involving the Debtors; (k) assist and advise the Committee in evaluating and negotiating any Transaction, including any securities, contingent value rights or debt instruments that may be issued in any Transaction; (l) assist and advise the Committee in implementing a Transaction involving the Debtors; (m) provide testimony, as necessary and appropriate, with respect to matters on which Jefferies has been engaged to advise the Committee hereunder, in these Chapter 11 Cases; and (n) render such other investment banking services as may from time to time be agreed upon by the Committee and Jefferies. The firm will be paid as follows: (a) Monthly Fee. A monthly fee (the "Monthly Fee") equal to $125,000 per month until the termination of the engagement. The first Monthly Fee shall be payable as of the date of the Engagement Letter, and each subsequent Monthly Fee shall be payable in advance on each monthly anniversary of such date. Additionally, commencing with the fifth full Monthly Fee actually paid to Jefferies under the Engagement Letter, an amount equal to 50% f all full Monthly Fees actually and subsequently paid to Jefferies shall be credited once, without duplication, against any Transaction Fee subsequently payable to Jefferies. (b) Transaction Fee. A transaction fee (the "Transaction Fee") in an amount equal to $2,000,000. The Transaction Fee shall be earned upon the consummation of an M&A Transaction involving all or substantially all of the assets of the Debtors or the confirmation of a plan pursuant to the Bankruptcy Code and the Transaction Fee shall be payable upon the consummation of any chapter 11 plan and/or any dismissal or other resolution of the Debtors' Chapter 11 Cases. For the avoidance of doubt, only one Transaction Fee may be payable to Jefferies under the Engagement Letter. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Leon Szlezinger, a managing director and joint global head of debt advisory & restructuring at Jefferies 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: Leon Szlezinger JEFFERIES LLC 520 Madison Avenue New York, NY 10022 Telephone: (212) 284-2300 About Amyris Inc. 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. AMYRIS INC: Committee Hires Potter Anderson & Corroon as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Amyris Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Potter Anderson & Corroon LLP as 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 White & Case; d. preparing certificates of no objection, certifications of counsel, and notices of fee applications; e. printing of documents and pleadings for hearings, and 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 White & Case; g. monitoring the dockets in these Chapter 11 Cases for filings and coordinating with White & Case on pending matters that may need responses; h. participating in calls with the Committee; i. providing additional administrative support to White & Case, as requested; and j. 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. The firm will be paid at these rates: Partners $675 to $865 per hour Associates $440 to $575 per hour Paraprofessionals $330 to $350 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The Committee has approved a framework for White & Case's staffing for the initial stage of these Chapter 11 Case. Christopher M. Samis, a partner at Potter Anderson & Corroon 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: Christopher M. Samis, Esq. Katelin A. Morales, Esq. Sameen Rizvi, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: csamis@potteranderson.com kmorales@potteranderson.com srizvi@potteranderson.com About Amyris Inc. 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. AMYRIS INC: Committee Hires White & Case LLP as Counsel ------------------------------------------------------- The official committee of unsecured creditors of Amyris Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ White & Case LLP as counsel. The firm will provide these services: a. assist and 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' businesses, and the desirability of the continuance of such businesses; d. assist and advise 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 such 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, and (ii) review and analysis of claims filed against the Debtors' estates; f. assist and advise the Committee with respect to any sale of the Debtors, either in whole or in part, under section 363 of the Bankruptcy Code; g. review and analyze motions, applications, orders, statements of operations, and schedules filed with the Court and advise the Committee as to their propriety; h. prepare on behalf of the Committee all necessary pleadings, applications, memoranda, orders, reports, and other papers, including, if applicable, any request for appointment of a trustee or examiner under section 1104 of the Bankruptcy Code, in support of positions taken by the Committee; i. represent the Committee at all court hearings, statutory meetings of creditors, and other proceedings before this Court; j. assist and advise the Committee in the review, analysis, and negotiation of any financing agreements; k. 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 l. perform such other legal services as required or otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties set forth in the Bankruptcy Code, the Bankruptcy Rules, or other applicable law. The firm will be paid at these rates: Partners $1,370 to $2,100 per hour Counsel $1,310 per hour Associates $740 to $1,270 per hour Paraprofessionals $215 to $640 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: The Committee has approved a framework for White & Case's staffing for the initial stage of these Chapter 11 Case. Andrew F. O'Neill, Esq., a partner at White & Case 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: Gregory F. Pesce, Esq. Andrew F. O'Neill, 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 aoneill@whitecase.com About Amyris Inc. 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. APEX BRITTANY: Oct. 20 Deadline Set for Panel Questionnaires ------------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Apex Brittany MO LP. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/2mzpb53n and return by email it to John.Schanne - John.Schanne@usdoj.gov - at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Oct. 20, 2023. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Apex Brittany Apex Brittany is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Apex Brittany sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11463) on September 15, 2023. In the petition signed by Oron Zarum as managing member of General Partner, the Debtor disclosed up to $0 to $50,000 in assets and $1 million to $10 million liabilities. Damien Nicholas Tancredi, Esq. of Flaster/Greenberg, P.C. represents the Debtor as legal counsel. ARCHDIOCESE OF BALTIMORE: Files for Chapter 11 Bankruptcy --------------------------------------------------------- James Nani of Bloomberg Law reports that the Archdiocese of Baltimore filed for bankruptcy ahead of deluge of lawsuits it anticipates it will face as Maryland reopens its statute of limitations for child sexual abuse on Oct. 1. The Catholic institution filed for Chapter 11 relief in Maryland on Friday, September 29, 2023, listing estimated liabilities between $500 million and $1 billion in its petition. It listed assets between $100 million and $500 million. Baltimore Archbishop William E. Lori said in a release Friday that he expects the reorganization to occur over "the next two to three years." The petition lists an estimated 685 potential clergy abuse survivors. , About the Archdiocese of Baltimore Archdiocese of Baltimore operates as a non-profit religious organization. The Organization provides catholic charities, chancery, pastoral council, policies, presbyteral council, and child and youth protection. Archdiocese of Baltimore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition filed by Archbishop William E. Lori, the Debtor estimated assets between $100 million and $500 million and liabilities between $500 million and $1 billion. The Debtor is represented by: Catherine Keller Hopkin, Esq. YVS Law, LLC 320 Cathedral Street Baltimore, MD 21201 ARTISAN'S CABINETRY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Artisan's Cabinetry and Woodworks, LLC 2200 S. Church Street Georgetown, TX 78626 Business Description: The Debtor is a family owned and operated company that manufactures custom cabinets to enhance home settings and compliment commercial spaces. Chapter 11 Petition Date: October 9, 2023 Court: United States Bankruptcy Court Western District of Texas Case No.: 23-10852 Judge: Hon. Shad Robinson Debtor's Counsel: Kimberly Nash, Esq. LAW OFFICE OF KIMBERLY NASH P.C. PO Box 162932 Austin TX 78716-2932 Email: kimberly@kimberlynashlaw.com Total Assets: $592,458 Total Liabilities: $3,007,072 The petition was signed by Christopher Wallace as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CG46HBA/Artisans_Cabinetry_and_Woodworks__txwbke-23-10852__0001.0.pdf?mcid=tGE4TAMA AVANTOR FUNDING: Moody's Affirms Ba3 CFR & Ups Unsec. Notes to B1 ----------------------------------------------------------------- Moody's Investors Service affirmed Avantor Funding, Inc.'s ratings, including the Corporate Family Rating at Ba3, the Probability of Default Rating at Ba3-PD, backed senior secured first lien global notes rating at Ba1, senior secured revolving credit facility rating at Ba1 and the ratings on the senior secured first lien term loans B5 and B4 at Ba1. At the same time, Moody's upgraded Avantor's senior unsecured global notes rating and backed senior unsecured global notes ratings to B1 from B2. There is no change to the Speculative Grade Liquidity Rating (SGL) of SGL-1, signifying very good liquidity. The outlook remains stable. The upgrade of the senior unsecured ratings reflects a reduction in the amount and proportion of senior secured debt as Avantor repaid part of the debt incurred in conjunction with the acquisition of Masterflex in September 2021. Moody's expects adjusted debt/EBITDA to be close to 4.6x in 2023 reflecting weaker operating environment, with an improvement to 4.0-4.5x within 12-18 months supported by earnings growth. RATINGS RATIONALE Avantor's Ba3 CFR is supported by the company's track record of delivering revenue and earnings growth, scale with revenue of approximately $7.2 billion, and good business diversification. The rating is further supported by the steady and largely recurring nature of around 85% of revenue. In 2023, Moody's expect leverage to increase modestly towards 4.6x on Moody's adjusted basis (from 4.2x LTM to June 30, 2023) reflecting a slowdown in demand in some markets including biopharma and semiconductors. Management is focused on debt reduction in line with the company's public leverage target of 2-3x and organic growth. Debt reduction is supported by Moody's expectation of robust earnings despite the temporary slowdown and good free cash flow over the next 12-18 months. The Speculative Grade Liquidity Rating of SGL-1 reflects Moody's expectation that Avantor's liquidity will remain very good over the next 12 to 18 months. Avantor's liquidity is supported by $236 million of cash as of June 30, 2023. Moody's estimates that Avantor will generate over $500 million of free cash flow in 2023 and close to $700 million in 2024. External liquidity is supported by a recently upsized $975 million senior secured revolving credit facility expiring in June 2028. Furthermore, the company has an accounts receivable securitization facility (unrated) that provides for borrowings of up to $400 million, which expires in October 2025. The company's senior secured debt is rated two notches higher than the Corporate Family Rating because it benefits from first loss absorption provided by $2.8 billion approximately of senior unsecured notes in the event of a default. The Ba1 senior secured rating reflects Moody's expectation of further repayment of senior debt going forward, which will support the rating. Any increases in secured debt without commensurate increases in junior capital could pressure the secured instrument rating. The rating also reflects the presence of a $400 million accounts receivable securitization facility which ranks above the secured debt in the capital structure. The B1 rating on the company's senior unsecured global notes is one notch below the Ba3 corporate family rating and reflects their effective subordination to a material level of secured debt. The stable outlook reflects Moody's expectation that Avantor will maintain adjusted debt/EBITDA in the 4.0-5.0x range over the next 12-18 months, primarily through earnings growth and, to a lesser extent, debt repayment. Avantor's ESG credit impact score is CIS-3 indicating limited impact on the credit rating with potential for greater negative impact over time. Environment risk considerations (E-4) reflect exposure to carbon transition risk related to the carbon footprint of the company's truck fleet. The company also has moderate exposure to risks associated with waste and pollution arising from fleet emissions. Social risk considerations (S-3) relate to the fact that some of Avantor's products are regulated by the FDA. However, as a distributor, it faces no legal contingencies related to responsible production as the products it distributes are used by laboratories (as opposed to being implanted in patients for instance). Governance risk (G-3) considerations include modestly aggressive financial policies as evidenced by a willingness to temporarily depart from the company's publicly stated debt/EBITDA target range of 2.0 - 4.0 times to fulfil its external growth strategy mitigated by solid management track record. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Avantor further improves its scale and business line diversity. Maintaining prudent financial policies, very good liquidity and debt to EBITDA sustained below 4.0 times (on a Moody's adjusted basis) would support an upgrade. The ratings could be downgraded if Avantor's operating performance deteriorates, or if it engages in large debt-funded acquisitions. A downgrade could also occur if debt to EBITDA is sustained above 5.0 times. Avantor Funding, Inc. is a global provider of mission critical products and services to the life sciences and advanced technologies & applied materials industries. Headquartered in Pennsylvania, the company generates revenue of approximately $7.2 billion annually. The principal methodology used in these ratings was Distribution and Supply Chain Services published in February 2023. BALATON, MN: S&P Raises LT ICR to 'BB+' on Operating Performance ---------------------------------------------------------------- S&P Global Ratings raised its long-term rating to 'BB+' from 'BB' on the City of Balaton, Minn.'s general obligation debt and removed the rating from CreditWatch, where it had been placed with developing implications on July 14, 2023. The outlook is stable. "The rating action reflects our view of positive operating performance in each of the past three years, largely resulting from substantial levy increases and paydown of the emergency loan, which brought operating reserves to a positive, albeit nominally low, position," said S&P Global Ratings credit analyst Coral Schoonejans. The two-year stable outlook reflects our view that the reserve position will remain positive on average but that performance may be volatile in light of inflationary increases and limited capacity to cut spending. BASS MANAGEMENT: Southern Hospitality to Buy Assets for $15-Mil. ---------------------------------------------------------------- RSS UBSCM2018-C14-FL BMG, LLC asked the U.S. Bankruptcy Court for the Middle District of Florida to approve the sale of Bass Management Group LLC's assets to Southern Hospitality Management and Development or to another buyer with a better offer. Bass Management Group, through its property manager Janus Hotel Management Services, LLC, received a $15 million offer from Southern Hospitality to acquire the assets. The assets up for sale include the Holiday Inn Express & Suites, a hotel in Clearwater, Fla., and personal property used to operate the hotel. Bass Management Group is selling the assets "free and clear" of all liens, claims, liabilities, encumbrances and other interests, which shall attach to the proceeds of the sale. As part of the sale, Southern Hospitality agreed to assume a franchise agreement, which is still being negotiated with Holiday Hospital Franchising, LLC. The assets will be put up for bidding to solicit "higher and better" offers, according to Stephen Drobny, Esq., attorney for RSS, Bass Management Group's lender. Under the proposed bidding process, bids from potential buyers must be received by no later than 5:00 p.m. (EST) on the business day prior to auction. The competing bid must include a $15 million offer, plus a minimum overbid amount of $150,000; and an $800,000 deposit. An auction will be held if rival offers are received by the bid deadline. Southern Hospitality's $15 million offer will serve as the stalking horse bid at the auction. In the event it is not selected as the winning bidder, Southern Hospitality will receive a break-up fee of $100,000. RSS, as lender, will be the one to determine whether a particular bid is the highest and best offer for the assets. Judge Catherine Peek Mcewen will hold a hearing on Oct. 19 to consider approval of the proposed sale. About Bass Management Group Bass Management Group, LLC, a company in Clearwater, Fla., filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 23-01866) on May 8, 2023, with $30,840,000 in total assets and $11,225,558 in total liabilities. Judge Catherine Peek McEwen oversees the case. The Debtor tapped Buddy D. Ford, PA as bankruptcy counsel and Shan Shikarpuri & Associates, PA as accountant. BAUSCH HEALTH: Bausch + Lomb Completes XIIDRA Acquisition --------------------------------------------------------- Bausch Health Companies Inc. disclosed in a Form 8-K Report filed with the Securities and Exchange Commission that unit Bausch + Lomb Corporation (NYSE/TSX: BLCO), has completed its acquisition of XIIDRA(R) (lifitegrast ophthalmic solution) 5%, a non-steroid eye drop specifically approved to treat the signs and symptoms of dry eye disease focusing on inflammation associated with dry eye, and certain other ophthalmology assets. Under the terms of the agreement, Bausch + Lomb, through an affiliate, acquired XIIDRA(R) and the other ophthalmology assets from Novartis for up to $2.5 billion, including an upfront payment of $1.75 billion in cash with potential milestone obligations of up to $750 million based on sales thresholds and pipeline commercialization. Bausch + Lomb also acquired the sales force supporting XIIDRA(R). Bausch + Lomb funded the acquisition with: -- the previously announced offering of $1.4 billion aggregate principal amount of 8.375% senior secured notes due 2028; and -- $500 million of new term B loans under an incremental term loan facility. The issuance of the Notes and the closing of the Term Loan Facility occurred substantially concurrently with the closing of the acquisition. Bausch + Lomb completed the Acquisition pursuant to the terms and conditions of the previously announced Stock and Asset Purchase Agreement by and among Bausch + Lomb Ireland Limited, a wholly owned subsidiary of Bausch + Lomb, Novartis Pharma AG, Novartis Finance Corporation and, solely for purposes of guaranteeing certain obligations of Buyer under the Agreement, Bausch + Lomb. 2028 Notes The Notes were issued pursuant to the indenture, dated as of September 29, 2023, by and among Bausch + Lomb, the guarantors named therein, and Citibank, N.A., acting through its agency and trust division, as trustee, and as notes collateral agent. Pursuant to the Indenture, the Notes will mature on October 1, 2028. Interest on the Notes will be payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2024. The Notes are initially jointly and severally guaranteed on a senior secured basis by each of Bausch + Lomb's subsidiaries that is a guarantor under the Credit Agreement. The Notes and the guarantees related thereto are senior obligations. They are secured, subject to permitted liens and certain other exceptions, by the same first-priority liens that secure the obligations of Bausch + Lomb and the Notes Guarantors under the Credit Agreement. Furthermore, the Notes will be redeemable at the option of Bausch + Lomb, in whole or in part, at any time on or after October 1, 2025, at the redemption prices as set forth in the Indenture. In addition, Bausch + Lomb may redeem some or all of the Notes prior to October 1, 2025, at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the date of redemption, plus a "make-whole" premium. Prior to October 1, 2025, Bausch + Lomb may redeem up to 40% of the aggregate principal amount of the Notes using the net cash proceeds of certain equity offerings at the redemption price set forth in the Indenture. Upon the occurrence of a change of control, unless Bausch + Lomb has exercised its right to redeem all of the Notes, holders of the Notes may require Bausch + Lomb to repurchase such holder's Notes, in whole or in part, at a purchase price equal to 101% of the principal amount of such Notes, plus accrued and unpaid interest to, but excluding, the purchase date applicable to such Notes. The Indenture also provides for customary events of default. Incremental Term Loan On September 29, 2023, Bausch + Lomb also entered into an amendment to the credit and guaranty agreement, dated as of May 10, 2022, by and among Bausch + Lomb, certain subsidiaries of Bausch + Lomb as subsidiary guarantors, the lenders party thereto, Citibank, N.A., in its capacity as collateral agent, Goldman Sachs Bank USA, in its capacity as term facility administrative agent, and JPMorgan Chase Bank, N.A., in its capacity as first incremental term facility administrative agent, pursuant to which Bausch + Lomb borrowed $500 million of new term loans. The First Incremental Term Loans incurred pursuant to the First Incremental Amendment will mature on September 29, 2028. The First Incremental Term Loans bear interest at a rate per annum equal to, at the borrower's option, either (a) a base rate determined by reference to the higher of (1) the rate of interest quoted by The Wall Street Journal as the "Prime Rate," (2) the federal funds effective rate plus 1/2 of 1.00% or (3) term SOFR for a period of one month plus 1.00% (or if such rate shall not be ascertainable, 1.00%) or (b) term SOFR for the interest period relevant to such borrowing, in each case plus an applicable margin. The applicable interest rate margins for the term loan facility loans are 3.00% with respect to base rate borrowings and 4.00% with respect to term SOFR borrowings. Bausch + Lomb is represented in the deal by Davis Polk & Wardwell LLP, in its capacity as special New York counsel to the Loan Parties; and Norton Rose Fullbright Canada LLP, in its capacity as special Canadian counsel to the Canadian Loan Parties. Bausch + Lomb's counsel may be reached at: Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 Hilary Dengel, Esq. Michael Kaplan, Esq. E-mail: hilary.dengel@davispolk.com michael.kaplan@davispolk.com The Revolving Facility Administrative Agent or the Collateral Agent may be reached at: CITI 388 Greenwich Street, 34th Floor New York, NY 10012 Telephone: 212-816-6497 Attention: Kevin Ciok E-mail: kevin.ciok@citi.com - and - 388 Greenwich Street, 34th Floor New York, NY 10012 Telephone: 212-816-8322 Attention: Susan Amrhein E-mail: susan.t.amrhein@citi.com The Term Facility Administrative Agent may be reached at: Goldman Sachs Bank USA 2001 Ross Ave, 29th Floor Dallas, TX 75201 Telephone: (972) 368-2323 Facsimile: (646) 769-7829 Attention: SBD Operations Email: gs-dallas-adminagency@ny.email.gs.com gs-sbdagency-borrowernotices@ny.email.gs.com The Swingline Lender may be reached at: CITI 388 Greenwich Street, 34th Floor New York, NY 10012 Telephone: 212-816-6497 Attention: Kevin Ciok Email: kevin.ciok@citi.com The First Incremental Term Facility Administrative Agent may be reached at JPMorgan Chase Bank, N.A. 131 S Dearborn St, Floor 04 Chicago, IL, 60603-5506 Attention: Loan and Agency Servicing E-mail: jpm.agency.cri@jpmorgan.com Agency Withholding Tax Inquiries: E-mail: agency.tax.reporting@jpmorgan.com Agency Compliance/Financials/Intralinks: E-mail: covenant.compliance@jpmchase.com About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. In March 2023, S&P Global Ratings raised the issuer credit rating on Bausch Health Cos. Inc. to 'CCC' from 'SD'. "The 'CCC' issuer credit rating reflects the risk that the company will continue to pursue subpar debt repurchases that we view as tantamount to a default over the next 12 months," the ratings firm explained. "We would likely view the repurchases as distressed exchanges as we no longer believe BHC would be viewed as an anonymous buyer, given its accumulated open market purchases to date. We see heightened risk that BHC will complete more below par debt repurchases over the next 12 months, given the price at which the longer dated unsecured notes continue to trade (between 40 to 50 cents on the dollar). We believe it is likely that BHC will look to capture this significant discount as it generates cash to reduce its upcoming large maturities." S&P said its negative outlook reflects the heightened risk that BHC could complete more distressed exchanges over the next 12 months. S&P said, "We continue to believe the capital structure could be unsustainable longer term. Our base-case scenario still assumes Norwich Pharmaceuticals will launch its generic version of Xifaxan at-risk as early as mid-2024, causing a material decline in revenues and EBITDA. We do not believe there are sufficient candidates in the development pipeline to cover lost sales of Xifaxan. BHC also appears committed to completing the B+L spin off as soon as possible, which we view as a credit negative for BHC given our expectation for an increase in leverage and reduction in scale and diversity pro forma the separation. We believe BHC could have trouble refinancing its still sizeable debt maturities as they come due in 2025 and beyond, especially if the spinoff is completed." BAUSCH HEALTH: SVP Barresi Takes Interim CFO Role -------------------------------------------------- Bausch Health Companies Inc. disclosed in a Form 8-K filing with the Securities and Exchange Commission the resignation of Tom G. Vadaketh as Executive Vice President, Chief Financial Officer of the Company, effective October 13, and the appointment of John S. Barresi, the Company's Senior Vice President, Controller and Chief Accounting Officer, to also serve as interim Chief Financial Officer, effective upon Vadaketh's termination date. The Company also disclosed the material terms of the changes made to Barresi's compensation in connection with his appointment as interim Chief Financial Officer that was approved by the Talent and Compensation Committee of the Board of Directors on September 26, 2023. With his appointment as interim Chief Financial Officer, Barresi will be entitled to receive: (1) a bi-weekly cash stipend of $5,000, which will be paid in addition to his regular base pay during the time he serves in the role of interim Chief Financial Officer, and (2) a cash retention award of $100,000, which will be payable as follows: (i) $50,000 on the first regular payroll date after October 1, 2023, and (ii) $50,000 on the first regular payroll date after October 1, 2024, provided that Barresi remains an employee on the applicable payment date. In the event Barresi resigns or is terminated for Cause, in either case within the 12 months following receiving any payment of the cash award, he will be required to reimburse the Company the full amount of the cash award calculated on an after-tax basis. In addition, while serving as interim Chief Financial Officer, Barresi will be eligible for enhanced severance benefits in the event of his termination of employment without "cause" equal to 1.5 times the sum of his (i) annual base salary and (ii) target annual cash bonus opportunity, and a pro-rata annual cash bonus for the year of termination. If Barresi's Qualifying Termination occurs during the 12-month period following a "change of control" while serving as interim Chief Financial Officer, his severance will be equal to two (2) times the sum of his (i) annual base salary and (ii) target annual cash bonus opportunity and a pro-rata annual cash bonus for the year of termination. The payment of any such severance is subject to Barresi's execution and non-revocation of a release of claims. About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. In March 2023, S&P Global Ratings raised the issuer credit rating on Bausch Health Cos. Inc. to 'CCC' from 'SD'. "The 'CCC' issuer credit rating reflects the risk that the company will continue to pursue subpar debt repurchases that we view as tantamount to a default over the next 12 months," the ratings firm explained. "We would likely view the repurchases as distressed exchanges as we no longer believe BHC would be viewed as an anonymous buyer, given its accumulated open market purchases to date. We see heightened risk that BHC will complete more below par debt repurchases over the next 12 months, given the price at which the longer dated unsecured notes continue to trade (between 40 to 50 cents on the dollar). We believe it is likely that BHC will look to capture this significant discount as it generates cash to reduce its upcoming large maturities." S&P said its negative outlook reflects the heightened risk that BHC could complete more distressed exchanges over the next 12 months. S&P said, "We continue to believe the capital structure could be unsustainable longer term. Our base-case scenario still assumes Norwich Pharmaceuticals will launch its generic version of Xifaxan at-risk as early as mid-2024, causing a material decline in revenues and EBITDA. We do not believe there are sufficient candidates in the development pipeline to cover lost sales of Xifaxan. BHC also appears committed to completing the B+L spin off as soon as possible, which we view as a credit negative for BHC given our expectation for an increase in leverage and reduction in scale and diversity pro forma the separation. We believe BHC could have trouble refinancing its still sizeable debt maturities as they come due in 2025 and beyond, especially if the spinoff is completed." BLACKRIDGE CONSTRUCTION: Case Summary & 20 Top Unsecured Creditors ------------------------------------------------------------------ Debtor: Blackridge Construction, LLC 2115 Albany Post Road Montrose, NY 10548 Business Description: The Debtor specializes in civil construction projects like bridges, dams, overhead structures, highway, roadwork and sitework projects including: moving dirt, placing asphalt and concrete, installing underground pipelines. Chapter 11 Petition Date: October 10, 2023 Court: United States Bankruptcy Court Southern District of New York Case No.: 23-22739 Debtor's Counsel: Erica Aisner, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road Suite 237 Scarsdale, NY 10583 Email: eaisner@kacllp.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by James C. Carroll as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LIVEFBQ/Blackridge_Construction_LLC__nysbke-23-22739__0001.0.pdf?mcid=tGE4TAMA BOND EXPRESS: Seeks Extension of Time to File Plan Until Feb. 11 ---------------------------------------------------------------- Bond Express, Inc., filed a Motion to Extend Time to File a Chapter 11 Small Business Plan of Reorganization and Disclosure Statement pursuant to 11 U.S.C. Sec. 1121(e). The Debtor requests an extension of the time period to file a Plan of Reorganization through and including Feb. 11, 2024, pursuant to Section 1121(e) of the Bankruptcy Code, without prejudice to the Debtor's right to seek an additional extension of such Period. This third extension is not made for the purpose of delay. The second requested extension of the time period to file a plan is necessary due to the fact, that the time to file a plan is set to expire on November 13, 2023, and the Debtor needs an additional time to complete negotiations with the U.S. Small Business Administration and thereafter to file a plan of reorganization and disclosure statement, offering treatment to the main and other remaining Creditors of the estate. The Debtor made an offer to the U.S. Small Business Administration and currently is working on the evaluation of its business assets to be provided for review to the U.S. Small Business Administration. Counsel for the Debtor: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 About Bond Express Bond Express, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 22-42628) on Oct. 21, 2022, with as much as $1 million in both assets and liabilities. Judge Jil Mazer-Marino oversees the case. The Law Offices of Alla Kachan, PC, and Wisdom Professional Services, Inc., serve as the Debtor's legal counsel and accountant, respectively. BOY SCOUTS: Lawyers Filing Claims to Include Personal Vow --------------------------------------------------------- Hilary Russ of Law360 reports that a Delaware bankruptcy judge on Tuesday, September 26, 2023, approved a measure requiring lawyers to attest that they personally do not know of any additional documents that support clients' claims that they were sexually abused as Boy Scouts of America. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. BPI SPORTS: Commences Subchapter V Bankruptcy Proceeding -------------------------------------------------------- BPI Sports LLC filed Subchapter V bankruptcy protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About BPI Sports BPI Sports, LLC is a sports nutrition company offering supplements, pre-workouts, diets, and fitness advice. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-17463) on Sept. 18, 2023. In the petition signed by Derek Ettinger, authorized representative, the Debtor disclosed up to $10 million in assets and liabilities. The Debtor is represented by: Eyal Berger, Esq. Akerman LLP Suite 200 3149 SW 42nd Street Fort Lauderdale, FL 33312 BRANDED APPAREL: Unsecureds Will Get 3.15% of Claims in Sale Plan ----------------------------------------------------------------- Branded Apparel Group, LLC, filed with the U.S. Bankruptcy Court for the Southern District of New York a First Amended Chapter 11 Plan dated October 5, 2023. The Debtor operated from its office in New York's Garment District and contracted with a third-party warehouse in Vernon, California, that received, maintained, and distributed the Debtor's merchandise. The Debtor is a Delaware limited liability company with its principal place of business in New York, New York. It has three individual members and Equity Interest holders: Gary Jacobs (34%), Jason Jacobs (33%), and Jeffrey Jacobs (33%). Prior to the Petition Date and the sale of substantially all of its assets to JS Brands, the Debtor was a small apparel manufacturer that designed, imported, merchandised, and marketed men's apparel and accessories under a licensed brand, Slate & Stone(R), as well as private-label brands. On December 14, 2020, the Bankruptcy Court conducted a hearing to approve the Debtor's proposed sale of substantially all of its assets to JS Brands. On December 15, 2020, the Bankruptcy Court "So Ordered" the Adequate Protection and Global Resolution Stipulation and entered an order approving and authorizing the Debtor's sale of substantially all of its assets to JS Brands. Class 3 consists of Allowed Unsecured Claims. The holders of Allowed Unsecured Claims shall receive, in full and final satisfaction, settlement, compromise, release, and discharge of, and in exchange for, such Allowed Unsecured Claim, their pro rata share of the Cash Fund being established by JS Brands. The allowed unsecured claims total $1,586,900.23. Class consists of Equity Interest Holders Gary Jacobs, Jason Jacobs, and Jeffrey Jacobs. No distribution will be made to any Class 4 member. The Plan will be implemented by the establishment and distribution of the Cash Fund. The Debtor or Subchapter V Trustee shall make payments as required or permitted under the Bankruptcy Code. The Debtor's current projected percentage distributions to the holders of Allowed Unsecured Claims is 3.15%. Distributions to the holders of Allowed Unsecured Claims shall be made as soon as is practicable following the Cash Fund Establishment Date. There shall be no post-confirmation management of the Debtor because this is a plan of liquidation and the Debtor has already consummated the sale of substantially all of its assets to JS Brands. A full-text copy of the First Amended Plan dated October 5, 2023 is available at https://urlcurt.com/u?l=EgilLY from PacerMonitor.com at no charge. Counsel to the Debtor: Paul H. Aloe, Esq. David N. Saponara, Esq. Kudman Trachten Aloe Posner LLP 350 Fifth Avenue, 68th Floor New York, NY 10118 Tel: (212) 868-1010 Email: paloe@kudmanlaw.com dsaponara@kudmanlaw.com About Branded Apparel Group Branded Apparel Group, LLC, a family-owned apparel manufacturer that designs, imports, merchandises, and markets men's apparel and accessories under a licensed brand as well as private-label brands. Branded Apparel Group sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 20-12552-scc) on Oct. 29, 2020. As of Sept. 30, 2020, the Debtor disclosed total assets of $2,065,356 and total liabilities of $7,097,845. Kudman Trachten Aloe Posner LLP is the Debtor's counsel. BROOKWOOD VILLAGE: Plan Hearing Continued to Oct. 25 ---------------------------------------------------- Judge Michael A. Crawford has entered an order that the hearing on the Disclosure Statement of Brookwood Village, LLC is continued from September 27, 2023 at 2:00 p.m. Central Time to October 25, 2023 at 2:00 p.m. Central Time. Brookwood Village LLC filed with the U.S. Bankruptcy Court for the Middle District of Louisiana a Disclosure Statement in support of Plan of Liquidation dated August 14, 2023. The Debtor is a Louisiana limited liability company that was organized in 2014. It owns and operates a 75,000 SF strip mall located in Baton Rouge, LA at the intersection of Plank Road and Comite Drive. Although the Debtor owns two parcels of land, they are contiguous, and thus, the Debtor is considered a "single asset real estate" debtor under the Bankruptcy Code. The Debtor has three members: Tyrone Legette (20%), Randolph "Randy" Legette (10%), and Kenneth Legette (70%). They are brothers. Over the years, the Debtor attempted to increase occupancy to support the upkeep, maintenance, property taxes and mortgage of the property. The Debtor has only been able to maintain a 35% occupancy which cannot support the total expenses for the property. This, along with a foreclosure action commenced by Kiraly, regrettably forced the Debtor to seek relief under Chapter 11 of the Bankruptcy Code. The Debtor explored two options for restructuring. First, the Debtor discussed a new equity infusion with Renaissance Group. Under this plan, Renaissance Group would have received membership interests in the Debtor in exchange for a Cash contribution. This infusion of Cash would have then been used to rehabilitate Brookwood Village. Second, the Debtor explored selling Bookwood Village. This is the plan that the Debtor ultimately decided upon. Either the Debtor would have hired an auctioneer/broker such as David Gilmore at SVN or engaged in a private sale. The Debtor received a purchase offer from Renaissance Group which was already familiar with the immovable property. Although Renaissance Group and the Debtor have not agreed on a final purchase price, the Debtor anticipate a purchase price of between $500,000 and $600,000. Class 5 consists of Allowed General Unsecured Claims. After payment of Class 1, 2, 3 and 4 Secured Claims as well as Allowed Administrative and Priority Tax Claims, each holder of an Allowed General Unsecured Claim shall receive on the Distribution Date, in full satisfaction, settlement, release, and discharge of and in exchange for such Allowed Claim, a Pro Rata share of the remaining proceeds from the sale of Brookwood Village up to the amount of its Allowed Claim. Class 5 is Impaired. Class 6 consists of the Brookwood Interests, i.e., membership interests in the Debtor. Holder of Brookwood Interests shall retain their Interests. They shall not receive or retain any property under the Plan on account of such Interests unless the proceeds from the sale of Brookwood Village are sufficient to pay holders of Class 1, 2, 3, 4 and 5 Claims as well as Administrative and Priority Tax Claims in full. Any remaining Cash proceeds shall then be distributed to holders of Brookwood Interests. The Debtor intends to sell its shopping center to Renaissance Group. The Debtor expects to close the sale of Brookwood Village to Renaissance Group by December 31, 2023. The Debtor anticipates selling the shopping center to Renaissance Group for between $500,000 and $600,000. If the sale is not consummated within 120 days after Confirmation, then the Debtor will file a separate motion to hire an auctioneer/broker such as David Gilmore at SVN to market and sell Brookwood Village. The net proceeds of the sale of Brookwood Village shall be distributed to Holders of certain Claims until paid in full in the following priority (in each case on a Pro Rata Basis): (a) first, on account of the Pastorello Secured Claim (Class 1); (b) second, on account of the Kiraly Secured Claim (Class 2); (c) third, on account of the Renaissance Group Secured Claim (Class 3), but only if Renaissance Group does not purchase Brookwood Village; (d) fourth, on account of the EBRP Sheriff Secured Claim (Class 4); (e) fifth, on account of Allowed Administrative Claims, including Professional Fee Claims and unpaid Quarterly Fees owed to the U.S. Trustee; (f) sixth, on account of Allowed Priority Tax Claims; (g) seventh, on account of Allowed General Unsecured Claims; and (h) eighth, the Debtor. A full-text copy of the Disclosure Statement dated August 14, 2023 is available at https://urlcurt.com/u?l=eFi0QR from PacerMonitor.com at no charge. Attorneys for the Debtor: Ryan J. Richmond, Esq. Ashley M. Caruso, Esq. Sternberg Naccari & White, LLC 251 Florida Street, Suite 203 Baton Rouge, LA 70801-1703 Tel: (225) 412-3667 Fax: (225) 286-3046 E-mail: ryan@snw.law ashley@snw.law About Brookwood Village Brookwood Village LLC in New Orleans, LA, filed its voluntary petition for Chapter 11 protection (Bankr. M.D. La. Case No. 23-10312) on May 16, 2023, listing $1,433,667 in assets and $4,515,344 in liabilities. Tyrone C. Legette as manager, signed the petition. Sternberg Naccari & White, LLC serves as the Debtor's legal counsel. CANOPY GROWTH: All Six Proposals Passed at Annual Meeting --------------------------------------------------------- Canopy Growth Corporation's 2023 Annual General and Special Meeting of Shareholders was held on September 25, 2023, during which the Company's shareholders: (1) Elected Judy A. Schmeling, David Klein, Garth Hankinson, Robert L. Hanson, David Lazzarato, James A. Sabia, and Theresa Yanofsky to serve as a director of Canopy Growth until the next annual general meeting of shareholders or until his or her successor is duly elected or appointed. (2) appointed PKF O'Connor Davies, LLP, Certified Public Accountants ("PKFOD"), as Canopy Growth's auditor and independent registered public accounting firm for the fiscal year ending March 31, 2024. (3) approved the adoption of the EIP. (4) approved the Share Consolidation Resolution. (5) approved, on an advisory basis, the compensation of Canopy Growth's named executive officers. (6) approved the Share Issuance Resolution. About Canopy Growth Headquartered in Smiths Falls, Ontario, Canopy Growth is a producer of medical marijuana. The Company's group of brands represents distinct voices and market positions designed to appeal to an array of customers, doctors, and strategic industry partners. The Company's Common Shares are listed on the TSX under the symbol "WEED" and on the Nasdaq Global Select Market under the symbol "CGC." As of June 30, 2023, Canopy Growth has $2,190,534,000 in total assets and $1,343,029,000 in total liabilities. Ottawa, Canada-based KPMG LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 22, 2023, citing that the Company has material debt obligations coming due in the short-term, has suffered recurring losses from operations and requires additional capital to fund its operations, which raise substantial doubt about its ability to continue as a going concern. CANOPY GROWTH: Registers 45 Million Common Shares for Resale ------------------------------------------------------------ Canopy Growth Corporation has filed a Form S-1 registration statement with the Securities and Exchange Commission relating to the company's plans to offer up to 45,858,936 common stock by certain securityholders. According to Canopy Growth, the Company will not receive any proceeds from the sale of Shares by the Selling Securityholders. "We would, however, receive proceeds upon the exercise of the warrants held by the Selling Securityholders which, if such warrants are exercised in full for cash, would be approximately US$31 million. Proceeds, if any, received from the exercise of any such warrants will be used for general corporate purposes," the Company stated. The selling shareholders are Nomis Bay Ltd, which holds 27,515,362 or 3.58% of the Company's common shares; and BPY Limited, which holds 18,343,574 or 2.40% of the common shares. About Canopy Growth Headquartered in Smiths Falls, Ontario, Canopy Growth is a producer of medical marijuana. The Company's group of brands represents distinct voices and market positions designed to appeal to an array of customers, doctors, and strategic industry partners. The Company's Common Shares are listed on the TSX under the symbol "WEED" and on the Nasdaq Global Select Market under the symbol "CGC." As of June 30, 2023, Canopy Growth has $2,190,534,000 in total assets and $1,343,029,000 in total liabilities. Ottawa, Canada-based KPMG LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 22, 2023, citing that the Company has material debt obligations coming due in the short-term, has suffered recurring losses from operations and requires additional capital to fund its operations, which raise substantial doubt about its ability to continue as a going concern. CELESTICA INC: Moody's Affirms Ba2 CFR & Alters Outlook to Positive ------------------------------------------------------------------- Moody's Investors Service affirmed Celestica Inc.'s Ba2 corporate family rating, Ba2-PD probability of default rating, and Ba1 ratings on its senior secured credit facilities/backed credit facilities (term loan A, term loan B and revolving credit facility) and changed the outlook to positive from stable. The company's speculative grade liquidity rating was maintained at SGL-1. "The outlook change reflects Moody's expectation for continued revenue and EBITDA growth amid uncertain global macroeconomic conditions", said Peter Adu, Moody's Vice President and Senior Credit Officer. RATINGS RATIONALE Celestica's Ba2 CFR benefits from: (1) a business model that demonstrates sustainable revenue and EBITDA growth; (2) improving operating margins as it continues to optimize its mix towards higher margin services like its Advanced Technology Solutions (ATS) segment and Hardware Platform Solutions (HPS) business (together Lifecycle Solutions and accounting for about 64% of LTM Q2/2023 revenue); (3) Moody's expectation that Debt/EBITDA will be sustained around 2x through the end of 2024 (was 2.2x for LTM Q2/2023); and (4) very good liquidity. The rating is constrained by: (1) inflationary pressures and global macroeconomic headwinds, which could limit growth potential through 2024; (2) growing but still smaller scale relative to peers in the competitive electronics manufacturing services sector (EMS); and (3) high customer concentration, which could increase volatility in results should customers reduce, delay, or cancel orders. Celestica's secured credit facilities are rated Ba1, one notch above the CFR because of the security package as well as cushion provided by the relatively large amount of unsecured payables. If the level of payables were to decline over time relative to the amount of secured debt or if Moody's were to discount the support provided by the payables, it will reduce the loss absorption cushion and put downward pressure on the Ba1 instrument rating. The secured credit facilities consist of a $600 million revolving credit facility expiring in December 2026, a $365 million (face value) term loan A due December 2026 ($338 million outstanding at June 30, 2023), and a $350 million (face value) term loan B due June 2025 ($280 million outstanding at June 30, 2023). The revolving credit facility and the term loan A each mature in March 2025, unless either: (i) the term loan B has been prepaid or refinanced, or (ii) a portion of the revolving credit facility has been reserved to repay the term loan B in full, in which case the revolving credit facility and the term loan A each mature in December 2026. Celestica has very good liquidity (SGL-1) through to August 31, 2024. Sources approximate $1 billion while the company has uses of about $272 million in this time frame. Sources include $361 million of cash at June 30, 2023, Moody's expected free cash flow of about $100 million and $583 million of availability (net of $17 million of letters of credit) under its $600 million revolving credit facility that expires in December 2026. Uses consist of $254 million under its $450 million accounts receivable securitization facility and $18 million of term loan amortization. Since the receivables facility is not committed, Moody's has assumed the balance outstanding is due within the twelve months forward horizon. Celestica's revolving credit facility has leverage and coverage covenants and Moody's expects cushion to exceed 50% through the next twelve months. The outlook is positive because Moody's expects the company to manage inflationary pressures, global macroeconomic headwinds, and its capital allocation strategy such that it will continue to improve its operating results and maintain credit metrics that could support a higher rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if it continues to reduce its customer concentration with new wins, increases its scale while sustaining operating margin above 4% (4.2% at LTM Q2/2023), and sustains Debt/EBITDA below 2x (2.2x at LTM Q2/2023). The ratings could be downgraded if it incurs material customer/program losses without offsetting with new customer wins/programs, or sustains operating margin below 3% (4.2% at LTM Q2/2023) and Debt/EBITDA above 3x (2.2x at LTM Q2/2023). The principal methodology used in these ratings was Distribution and Supply Chain Services published in February 2023. Celestica Inc., headquartered in Toronto, Ontario, Canada is an electronics manufacturing services company with facilities in North America, Europe and Asia. CELULARITY INC: Sorrento Holds 2.6% Class A Shares as of Sept. 29 ----------------------------------------------------------------- Sorrento Therapeutics, Inc. disclosed in a Schedule 13G/A filed with the Securities and Exchange Commission that as of Sept. 29, 2023, it beneficially owns 5,050,427 shares of Class A common stock of Celularity Inc., representing 2.6 percent of the Shares outstanding. The percentage is based upon 190,948,190 shares of Class A Common Stock outstanding as of Aug. 10, 2023, as disclosed in the Issuer's quarterly report on Form 10-Q filed with the SEC on Aug. 14, 2023. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/850261/000110465923107269/tm2327884d2_sc13ga.htm About Celularity Celularity Inc. (Nasdaq: CELU) headquartered in Florham Park, N.J., is a biotechnology company leading the next evolution in cellular and regenerative medicine by developing allogeneic cryopreserved off-the-shelf placental-derived cell therapies, including therapeutic programs using mesenchymal-like adherent stromal cells (MLASCs), T-cells engineered with CAR (CAR T-cells), and genetically modified and unmodified natural killer (NK) cells. These therapeutic programs target indications in autoimmune, infectious and degenerative diseases, and cancer. In addition, Celularity develops, manufactures and commercializes innovative biomaterial products also derived from the postpartum placenta. Celularity believes that by harnessing the placenta's unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies. Morristown, New Jersey-based Deloitte & Touche LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has suffered recurring losses from operations since inception that raise substantial doubt about its ability to continue as a going concern. CHARLES & 20: Nov. 14 Hearing on Disclosure Statement ----------------------------------------------------- Judge Nancy V. Alquist will convene a hearing to consider the approval of the Disclosure Statement of Charles & 20, LLC and 16 East 20, LLC at Courtroom 2A of the U.S. Bankruptcy Court, U.S. Courthouse, 101 West Lombard Street, Baltimore, Maryland 21201, on November 14, 2023, at 2:00 p.m. Oct. 12, 2023, is fixed as the last day for filing and serving written objections to the Disclosure Statement. Attorney for the Debtor: Joseph M. Selba, Esq. TYDINGS & ROSENBERG, LLP One East Pratt Street, Suite 901 Baltimore, MD 21202 About Charles & 20, LLC Charles & 20, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-14023) on June 8, 2023, with $1 million to $10 million in both assets and liabilities. Anthony C.Y. Cheng, member and owner, signed the petition. Judge Nancy V. Alquist oversees the case. Tydings & Rosenberg, LLP, is the Debtor's legal counsel. CHEMICAL EXCHANGE: Hits Chapter 11 Bankruptcy --------------------------------------------- Chemical Exchange Industries Inc. and affiliates filed for chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor listed between $1 million and $10 million. The Petition states funds will be available to Unsecured Creditors. About Chemical Exchange Industries Chemical Exchange Industries, Inc. specializes in contract manufacturing and tolling, and the manufacture of: DCPD (dicyclopentadiene), DCPD alcohol, resin intermediates, n-butanol, DCPD/CPD derivatives, mining chemicals, aromatic solvents, and sustainable aviation fuel (SAF). Chemical Exchange Industries and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90778) on Sept. 18, 2023. In the petition signed by its chief executive officer, Douglas H. Smith, Chemical Exchange Industries disclosed $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge David R. Jones oversees the case. The Debtors tapped Joseph Epstein, Esq., at Joseph G. Epstein, PLLC and The Tower Law Firm, PLLC as legal counsels; and Chiron Financial, LLC as investment banker and financial advisor. CHICAGOLAND GUNS: Seeks to Tap Porter Law Network as Legal Counsel ------------------------------------------------------------------ Chicagoland Guns & Range, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Karen J. Porter, Esq. and the Porter Law Network as its attorneys. The attorneys' services include: (a) advising the Debtor of its powers and duties in the continued management of its assets; (b) preparing legal papers; (c) assisting the Debtor in preparing and obtaining court approval of its plan of reorganization and disclosure statement; (d) taking necessary actions with respect to claims that may be asserted against the Debtor; and (e) performing all other necessary legal services for the Debtor. The firm will charge these hourly fees: Karen J. Porter $475 Associated Attorneys $350 Legal Assistants $175 Porter Law Network received a retainer of $12,500, plus $1,738 for the filing fee.. Karen Porter, Esq., the firm's attorney who will be providing the services, disclosed in a court filing that she is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Porter Law Network can be reached at: Karen J. Porter, Esq. PORTER LAW NETWORK Suite 240, 230 West Monroe Chicago, IL 60606 Phone: (312) 372-4400 Email: porterlawnetwork@gmail.com About Chicagoland Guns Chicagoland Guns & Range, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-11187) on Aug. 24, 2023, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Donald R. Cassling oversees the case. Karen J. Porter, Esq., at Porter Law Network represents the Debtor as bankruptcy counsel. CONTINENTAL AMERICAN: Pioneer Balloon Hits Chapter 11 ----------------------------------------------------- Alice Mannette of Wichita Business Journal reports that Wichita-based Pioneer Balloon Co. filed Chapter 11 bankruptcy Friday, September 22, 2023, in U.S. Bankruptcy Court for Kansas. The 106-year-old company filed under the corporate names Continental American Corp. and affiliate Pioneer National Latex Inc., both located at 5000 E. 29th Street N. Under Continental American Corp., the company claims liabilities of more than $23 million, with more than $5 million owed in wages and $18 million in services and goods, according to court filings. It estimates assets between $50 million and $100 million. There are less than 1,000 creditors, according to the filing, with the largest individual creditors located outside the Wichita area. Pioneer Balloon manufactures latex balloons and hosts international balloon conventions. David Prelle Eron, the attorney representing the company in both filings, did not immediately return a call from the WBJ requesting comment. Prelle Eron is part of the Prelle Eron & Bailey firm in Wichita. A call placed to company leadership was also not returned. Chapter 11 bankruptcy enables a company to restructure its creditor obligations with the the goal of remaining in business. In addition, the company has listed several inter-company loans. These include $1.4 million owed to Pioneer Automation Technologies in El Dorado and $600,000 to Emily's Bubble Company, also in El Dorado. As of 2019, the company employed more than 1,200 people worldwide, of which around 400 were employed in the Wichita area, according to research data from the WBJ. At that time, the company reported revenue of around $220 million. Ted A. Vlamis and Betty Vlamis took ownership of Pioneer Balloon Co. in 1979. At that time, the company had 85 employees, four of whom were based in Wichita. Ted Vlamis serves as the company's president, while Betty Vlamis is the executive vice president. About Continental American Corporation Continental American Corporation operates a balloon manufacturing business. Continental American Corp. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 23-10938) on September 22, 2023. In the petition signed by Daniel A. Flynn, chief executive officer, the Debtor disclosed up to $100 million in assets and up to $50 million in liabilities. The case is overseen by Honorable Bankruptcy Judge Mitchell L. Herren. David Prelle Eron, Esq., at Prelle Eron & Bailey, P.A., is the Debtor's legal counsel. CONTINUOUS CAST: William Avellone Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 11 appointed William Avellone of Chartered Management as successor Subchapter V trustee for Continuous Cast Alloys, LLC. Mr. Avellone will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Avellone declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: William B. Avellone Chartered Management 10 South Riverside Plaza, Suite 875 Chicago, IL 60606 Tel: (312) 273-4004 Email: bill.avellone@charteredmgt.com About Continuous Cast Alloys Continuous Cast Alloys, LLC is a custom manufacturer of premium nickel and cobalt based alloys for the dental, electrode and rod, jewelry, powder, and wire sectors. The company is based in Hinsdale, Ill. Continuous Cast Alloys filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 23-04469) on April 3, 2023, with $1 million to $10 million in both assets and liabilities. Mark Allen, manager, signed the petition. Judge Deborah L. Thorne oversees the case. The Debtor is represented by William J. Factor, Esq., at FactorLaw. COX OPERATING: Wants Mediation to Close Multimillion Oil Field Sale ------------------------------------------------------------------- James Nani of Bloomberg Law reports that Cox Operating LLC seeks mediation to close $89 million oil field sale. Oil producer Cox Operating LLC is seeking emergency mediation to close the sale of most of its Gulf of Mexico production assets to driller W&T Offshore Inc. for $88.5 million. Cox said it needs mediation to resolve post-auction disputes over servicing seven production fields, the bankrupt company said in court papers filed Tuesday in the US Bankruptcy Court for the Southern District of Texas. Cox is seeking mediation with Chevron USA Inc. & Union Oil Company, among others. About Cox Operating Cox Operating LLC provides offshore drilling services. The Company extracts oil from wells from offshore Florida to Texas. On May 12, 2023, certain trade creditors filed an involuntary petition under chapter 7 of the Bankruptcy Code against debtor Cox Operating (Bankr. E.D. La. Case No. 23-10734). The petitioning creditors -- Keystone Chemical, LLC, et al. -- are represented by the Slyvester Law Firm. Cox Operating LLC along with affiliates M21K, LLC, EPL Oil & Gas, LLC, Cox Oil Offshore, L.L.C., Energy XXI Gulf Coast, LLC, and Energy XXI GOM, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90328) on May 14, 2023. The Debtors have sought joint administration of the cases under In re MLCJR LLC (Bankr. S.D. Tex. Lead Case No. 23-90324). The cases are overseen by Honorable Bankruptcy Judge Christopher M. Lopez. In its petition, Cox Operating estimated assets and liabilities between $100 million and $500 million each. The Debtors tapped the law firms of Latham & Watkins LLP and Jackson Walker LLP as counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Moelis & Company LLC, as investment banker. CUPPETT PEFORMING: Jolene Wee Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for Cuppett Peforming Art Center, Inc. Ms. Wee will be paid an hourly fee of $595 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Email: jwee@jw-infinity.com Phone: (929) 502-7715 Fax: (646) 810-3989 Email: jwee@jw-infinity.com About Cuppett Peforming Art Center Cuppett Peforming Art Center, Inc. is a family-owned company that offers dance classes in four studios located in downtown Vienna. The Debtor filed Chapter 11 petition (Bankr. E.D. Va. Case No. 23-11535) on Sept. 25, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Amy Cuppett Stiverson, president, signed the petition. Robert S. Brandt, Esq., at The Law Office of Robert S. Brandt represents the Debtor as bankruptcy counsel. CYXTERA TECHNOLOGIES: Gets Go Signal for Chapter 11 Plan Vote ------------------------------------------------------------- Rick Archer of Law360 reports that a New Jersey bankruptcy judge has given data center company Cyxtera Technologies permission to send a more than $974 million debt-for-equity swap Chapter 11 plan out for a creditor vote after the company's sale offer failed to attract a sufficient bid. About Cyxtera Technologies Headquartered in Coral Gables, Fla., Cyxtera Technologies, Inc. -- https://www.cyxtera.com/ -- is a global data center company providing retail colocation and interconnection services. The Company provides a suite of connected and automated infrastructure and interconnection solutions to more than 2,300 enterprises, service providers and government agencies around the world -- enabling them to scale faster, meet rising consumer expectations and gain a competitive edge. Cyxtera and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-14853) on June 4, 2023. In the petition signed by Eric Koza, chief restructuring officer, the Debtor disclosed up to $131 million in assets and up to $2.679 billion in liabilities. Judge John K. Sherwood oversees the case. The Debtors tapped Kirkland and Ellis LLP and Kirkland and Ellis International LLP as general bankruptcy counsel, Cole Schotz P.C. as co-bankruptcy counsel, Guggenheim Securities, LLC as investment banker, AlixPartners LLP as restructuring advisor, and Kurtzman Carson Consultants LLC as noticing and claims agent. An ad hoc group of first lien lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Houlihan Lokey, Inc. as financial advisor. On June 20, 2023, the U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors. The committee tapped Pachulski Stang Ziehl & Jones, LLP as its legal counsel and Alvarez & Marsal North America, LLC, as financial advisor. DEPENDABLE LAWN: Hires Listing Leaders as Real Estate Agent ----------------------------------------------------------- Dependable Lawn Care, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Listing Leaders Northwest as real estate agent. The firm will market and sell the Debtor's real property known as 2320 138th Street, Blue Island, Illinois. The firm will be paid a commission of 6 percent of the purchase price. 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: Matthew McGrath LISTING LEADERS NORTHWEST 14300 S. Town Center Dr. Homer Glen, IL 60491 Tel: (708) 527-7218 Email: matt.mcgrath@listingleadersnw.com About Dependable Lawn Care, Inc. Dependable Lawn Care, Inc. is a lawn and garden service provider based in Blue Island, Ill. Dependable Lawn Care filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-11667) on Sept. 1, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Robert D. Walker, president, signed the petition. Judge Deborah L. Thorne oversees the case. Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. DESOLATION HOLDINGS: Unsecureds to Get 100% Under Plan ------------------------------------------------------ Desolation Holdings LLC, et al., submitted a Disclosure Statement for the Amended Joint Chapter 11 Plan of Liquidation. The Plan provides for a wind down of the Debtors and a recovery equal to 100% for any: (a) Administrative Claims; (b) Priority Tax Claim; (c) DIP Loan Claim; (iv) Statutory Fees; and (v) Other Priority Claims. Holders of Allowed BUS Customer Claims and Allowed Malta OpCo Customer Claims will receive their respective Customer Distribution by having access to the Debtors' platform for withdrawal of 100% of the amount of Cryptocurrencies or fiat currencies associated with such Customer's account as of the Petition Date, provided that (i) Customers will be required to pay any fees charged by third parties in connection with the withdrawal of Cryptocurrencies or fiat currencies; (ii) such Holders provide to the Debtors all required information in order to comply with Governmental Regulations; (iii) the Cryptocurrencies are not Defunct Crypto as of the date of Customer Distribution; (iv) to the extent the Cryptocurrencies are Non-Economic Crypto, such Cryptocurrencies will be aggregated and converted to fiat currency and distributed pro rata to customers in amounts associated with their accounts if their value in the aggregate exceeds the third-party costs associated with their withdrawal; and (v) such Holders accept the 2022 Updated Terms of Service of either BUS or BG, as applicable. With respect to customers of Malta OpCo, they will be asked to sign the BG Terms of Service in order to migrate to the BG platform. Each Holder of an Allowed GUC Claims will receive payment in Cash in an amount equal to such Allowed GUC Claim. Each Holder of an Allowed Subordinated Claim (to the extent that there are any) will receive payment in Cash, after all Allowed GUC Claims have been paid in Cash in full, in an amount equal to such Allowed Subordinated Claim. On the Effective Date, existing Interests in BUS will survive and continue to exist as Interests in the Wind Down Entity, which entitles each Holder of an Allowed Interest in BUS to a pro rata payment of any remaining Wind-Down Assets (if any) or the proceeds thereof after all Allowed Claims have been paid in full. On the Effective Date, existing Interests in all Debtors, other than BUS, will be deemed canceled, discharged, released, and extinguished, and there will be no distribution to Holders of Interests in the Debtors, other than BUS, on account of such Interests. The Wind Down Entity will be managed by the Plan Administrator. Section VII of this Disclosure Statement provides a more detailed description of the Plan. Under the Plan, holders of Class 3 GUC Claims will receive payment in Cash in an amount equal to such Allowed GUC Claim no later than six months after the Effective Date. Creditors will recover 100% of their claims. Class 3 is impaired. The Debtors and the Plan Administrator, as applicable, shall fund Distributions under this Plan with the Assets of the Debtors that may become Cash or Cryptocurrencies, including proceeds from the Estate Causes of Action other than the Avoidance Actions released pursuant to Article VIII of the Plan. Each Distribution and issuance referred to in Article VI the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such Distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such Distribution or issuance, which terms and conditions shall bind each Entity receiving such Distribution or issuance. The issuance, Distribution, or authorization, of any securities in connection with the Plan will be exempt from SEC registration to the fullest extent permitted by law. The Confirmation Hearing will be held on October 30, 2023 at [●] (Eastern Time) before the Honorable Brendan Linehan Shannon, United States Bankruptcy Judge, at the United States Bankruptcy Court for the District of Delaware, 824 N Market St # 500, Wilmington, DE 19801. Objections and responses to confirmation of the Plan, if any, must be served and filed so as to be received on or before the confirmation objection deadline, October 24, 2023 at 4:00 p.m. (Eastern Time). Co-Counsel to the Debtors: Susheel Kirpalani, Esq. Patricia B. Tomasco, Esq. Daniel Holzman, Esq. Alain Jaquet, Esq. Razmig Izakelian, Esq. Valerie Ramos, Esq. Joanna Caytas, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 51 Madison Avenue, 22nd Floor New York, NY 10010 Telephone: 212-849-7000 Facsimile: 212-849-7100 E-mail: susheelkirpalani@quinnemanuel.com pattytomasco@quinnemanuel.com razmigizakelian@quinnemanuel.com danielholzman@quinnemanuel.com alainjaquet@quinnemanuel.com valerieramos@quinnemanuel.com joannacaytas@quinnemanuel.com - and - Robert S. Brady, Esq. Kenneth Enos, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Telephone: 302-571-6600 Facsimile: 302-571-1253 E-mail: rbrady@ycst.com kenos@ycst.com A copy of the Disclosure Statement dated September 22, 2023, is available at https://tinyurl.ph/wlWpc from Omniagentsolutions, the claims agent. About Desolation Holdings Bittrex is a regulated digital assets exchange platform. Desolation Holdings and three of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10597) on May 8, 2023. Desolation Holdings' debtor-affiliates are Bittrex, Inc., Bittrex Malta Holdings Ltd. and Bittrex Malta Ltd. At the time of filing, the Debtors estimated consolidated assets of $500 million to $1 billion in assets and $500 million to $1 billion in liabilities. The Hon. Brendan Linehan Shannon presides over the cases. Quinn Emanuel Urquhart & Sullivan, LLP, led by partner Patricia B. Tomasco, is the Debtors' counsel. Berkeley Research Group, LLC, is the Debtors' restructuring advisor. Omni Agent Solutions is the claims agent. DIAZ FARMS: Seeks to Hire Allen Jones & Giles as Attorney --------------------------------------------------------- Diaz Farms, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Allen, Jones & Giles, PLC as its attorneys. The firm's services include: a. providing the Debtor with legal advice with respect to its Chapter 11 bankruptcy proceeding; b. representing the Debtor in negotiations involving creditors; c. representing the Debtor at court hearings; and d. preparing legal papers necessary to assist in the Debtor's reorganization. The firm will be paid at these rates: Thomas H. Allen, Member $485 per hour Michael A. Jones, Member $485 per hour Philip J. Giles, Member $450 per hour David B. Nelson, Associate $325 per hour Legal Assistants and Law Clerks $135 to $215 per hour The Debtor paid the firm a retainer of $31,738. Thomas Allen, Esq., a partner at Allen, Jones & Giles, 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: Thomas H. Allen, Esq. David B. Nelson, Esq. ALLEN, JONES & GILES, PLC 1850 N. Central Ave., Suite 1150 Phoenix, AZ 85004 Tel: (602) 256-6000 Fax: (602) 252-4712 Email: tallen@bkfirmaz.com dnelson@bkfirmaz.com About Diaz Farms Diaz Farms, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-06441) on Sept. 14, 2023, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Brenda Moody Whinery oversees the case. Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC represents the Debtor as legal counsel. DIOCESE OF OGDENSBURG: Committee Taps Pachulski Stang as Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of the Roman Catholic Diocese of Ogdensburg, New York seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Pachulski Stang Ziehl & Jones LLP as its counsel. The firm's services include: a. assisting, advising and representing the Committee in its consultations with the Debtor regarding the administration of this Case; b. assisting, advising and representing the Committee in analyzing the Debtor's assets and liabilities, investigating the extent and validity of liens or other interests in the Debtor's property and participating in and reviewing any proposed asset sales, any asset dispositions, financing arrangements and cash collateral stipulations or proceedings; c. reviewing and analyzing all applications, motions, orders, statements of operations and schedules filed with the Court by the Debtor or third parties, advising the Committee as to their propriety, and, after consultation with the Committee, taking appropriate action; d. preparing necessary applications, motions, answers, orders, reports and other legal papers on behalf of the Committee; e. representing the Committee at hearings held before the Court and communicate with the Committee regarding the issues raised, as well as the decisions of the Court; f. performing all other legal services for the Committee which may be necessary and proper in this Case and any related proceeding(s); g. representing the Committee in connection with any litigation, disputes or other matters that may arise in connection with this Case or any related proceeding(s); h. assisting, advising and representing the Committee in any manner relevant to reviewing and determining the Debtor's rights and obligations under leases and other executory contracts; i. assisting, advising and representing the Committee in investigating the acts, conduct, assets, liabilities and financial condition of the Debtor, the Debtor's operations and the desirability of the continuance of any portion of those operations, and any other matters relevant to this Case; j. assisting, advising and representing the Committee in their participation in the negotiation, formulation and drafting of a plan of liquidation or reorganization; k. assisting, advising and representing the Committee on the issues concerning the appointment of a trustee or examiner under section 1104 of the Bankruptcy Code; l. assisting, advising and representing the Committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the Committee; m. assisting, advising and representing the Committee in the evaluation of claims and on any litigation matters, including avoidance actions; and n. providing such other services to the Committee as may be necessary in this Case or any related proceeding(s). The firm will bill these hourly rates: Partners $895 to $1,995 Of Counsel $875 to $1,525 Associates $725 to $895 Paraprofessionals $425 to $545 The firm proposes to cap its rate for attorneys working on the case at $800 per hour and for paraprofessionals working on the case at $300 per hour. In addition, the firm will seek reimbursement for expenses incurred. Ilan Scharf, Esq., a partner at Pachulski Stang Ziehl & Jones, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ilan D. Scharf, Esq. PACHULSKI STANG ZIEHL & JONES LLP 780 Third Avenue, 34th Floor New York, NY 10017 Telephone: (212) 561-7700 Facsimile: (212) 561-7777 Email: ischarf@pszjlaw.com About Roman Catholic Diocese of Ogdensburg The Diocese of Ogdensburg is a Latin Church ecclesiastical territory, or diocese, of the Catholic Church in the North Country region of New York State in the United States. It is a suffragan diocese in the ecclesiastical province of the Archdiocese of New York. Its cathedral is St. Mary's in Ogdensburg. The Diocese of Ogdensburg was founded on February 16, 1872. It comprises the entirety of Clinton, Essex, Franklin, Jefferson, Lewis and St. Lawrence counties and the northern portions of Hamilton and Herkimer counties. The current bishop is Terry Ronald LaValley. On July 17, 2023, the Roman Catholic Diocese of Ogdensburg sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-60507), with $10 million and $50 million in both assets and liabilities. Mark Mashaw, diocesan fiscal officer, signed the petition. Judge Patrick G. Radel oversees the case. Bond, Schoeneck & King, PLLC is the Diocese's bankruptcy counsel. Stretto, Inc., is the claims agent and administrative advisor. EAST SERVICE: Seeks to Tap Leech Tishman Robinson as Legal Counsel ------------------------------------------------------------------ East Service Road LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Leech Tishman Robinson Brog PLLC as its counsel. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties under the Bankruptcy Code in the continued operation of its business and the management of its property; b. negotiating, drafting, and pursuing all documentation necessary in this Chapter 11 case, including, without limitation, any debtor-in-possession financing arrangements and the disposition of the Debtor's assets, by sale or otherwise; c. preparing legal papers; d. negotiating with creditors of the Debtor, preparing a plan of reorganization and taking the necessary legal steps to consummate a Chapter 11 plan, including, if necessary, negotiations with respect to financing a plan; e. appearing in court; f. attending meetings and negotiating with representatives of creditors, the United States Trustee, and other parties involved in the bankruptcy case; g. providing legal advice to the Debtor regarding bankruptcy law, corporate law, corporate governance, tax, litigation, and other issues attendant to the Debtor's business operations; h. taking all necessary actions to protect and preserve the Debtor's estate including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor in negotiations concerning litigation in which the Debtor is involved, including objections to claims filed against the Debtor's estate; and i. providing other legal services. The firm will be paid at these rates: Partners $500 to $800 per hour Counsel $495 to $600 per hour Associates $325 to $475 per hour Legal Assistants/Paralegals $120-$250 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. Fred Ringel, Esq., a partner at Leech Tishman Robinson Brog, disclosed in court filings that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Fred B. Ringel , Esq. LEECH TISHMAN ROBINSON BROG, PLLC 875 Third Avenue, 9th Floor New York, NY 10022 Tel: (212) 603-6300 Fax: (212) 956-2164 Email: fringel@leechtishman.com About East Service Road LLC East Service Road LLC is engaged in activities related to real estate. East Service Road LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42765) on August 2, 2023. The petition was signed by Shlomo Kolodny as sole member. At the time of filing, the Debtor estimated $10 million to $50 million in both assets and liabilities. Judge Nancy Hershey Lord presides over the case. Fred B. Ringel, Esq. at LEECH TISHMAN ROBINSON BROG, PLLC represents the Debtor as counsel. EMD SERVICES: William Avellone Named Successor Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Region 11 appointed William Avellone of Chartered Management as successor Subchapter V trustee for EMD Services, Inc. Mr. Avellone will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Avellone declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: William B. Avellone Chartered Management 10 South Riverside Plaza, Suite 875 Chicago, IL 60606 Tel: (312) 273-4004 Email: bill.avellone@charteredmgt.com About EMD Services EMD Services, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-06798) on May 23, 2023, with as much as $50,000 in both assets and liabilities. Saulius Modestas, Esq., at Modestas Law Offices, PC is the Debtor's legal counsel. FIRSTOX LAB: Affiliate to Sell Assets to Advanced Health for $6.3MM ------------------------------------------------------------------- Premier Medical, Inc., an affiliate of Firstox Laboratories, LLC, asked the U.S. Bankruptcy Court for the Northern District of Texas for approval to sell its non-leased lab equipment and other assets to Advanced Health and Human Advancement, Inc. or to another buyer with a better offer. The company received an offer from Advanced Health following arm's-length negotiations, which culminated in the execution of a letter of intent on Sept. 26. The LOI calls for Premier Medical to sell the assets for $6.3 million, subject to formal documentation of the sale. Premier Medical intends to put the assets up for bidding to solicit higher and better offers, according to its attorney, Joshua Eppich, Esq., at Bonds Ellis Eppich Schafer Jones, LLP. Under the proposed bidding process, potential buyers have until Nov. 3 to place their bids on the assets. Each bidder must provide a $100,000 refundable deposit. An auction will be held on Nov. 7 if Premier Medical receives more than one qualified bid. At the auction, any initial overbids must be at least $250,000 and any subsequent overbids must be in increments of not less than $25,000. Premier Medical may select the winning bidder upon conclusion of the auction. Mr. Eppich said a prompt sale of the assets will allow Premier Medical to pay Regency Finance, LLC, which asserts security interest and lien in substantially all of Premier Medical's assets, including its non-leased lab equipment. "Expediting the sale is clearly in the best interests of Premier Medical's estate and its creditors," the attorney said in court papers. About Firstox and Premier Medical Firstox Laboratories, LLC and Premier Medical, Inc. filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 23-42095) on July 20, 2023. At the time of the filing, Firstox reported $50,000 to $100,000 in assets and $1 million to $10 million in liabilities while Premier Medical reported $10 million to $50 million in both assets and liabilities. Judge Edward L. Morris oversees the cases. The Debtors tapped Bonds Ellis Eppich Schafer Jones, LLP as legal counsel. FORTE II LLC: Unsecureds Owed $155K to Get 100% of Claims --------------------------------------------------------- Forte II, LLC, submitted a Disclosure Statement for Small Business Under Chapter 11 dated August 26, 2023. General Unsecured Creditors are classified in Class 3 and will receive a distribution of 100% of their allowed claims, to be distributed following payment of all administrative, secured, and priority claims, within 5 years of confirmation of the Plan. Under the Plan, Class 3 General Unsecured Claims total $155,398.37 and will recover 100% of their claims. Creditors will be paid after admin and priority claims within 60 months of Plan confirmation. Class 3 is impaired. Payments and distributions under the Plan will be funded by Debtor's ongoing business operations. A copy of the Disclosure Statement dated September 22, 2023, is available at https://tinyurl.ph/rODcV from PacerMonitor.com. About Forte II LLC Forte II, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 23-10868) on March 9, 2023. In the petition signed by Nina Manchev, managing member, the Debtor disclosed up to $50,000 in both assets and liabilities. Marjorie Guymon, Esq., at Goldsmith & Guymon, PC, serves as the Debtor's legal counsel. FREEMAN TRANSIT: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Freeman Transit, LLC 1300 Scott Street Van Buren, AR 72956 Business Description: The Debtor is a trucking company running freight hauling business from Fort Smith, Arkansas. Chapter 11 Petition Date: October 9, 2023 Court: United States Bankruptcy Court Western District of Arkansas Case No.: 23-71486 Judge: Hon. Bianca M Rucker Debtor's Counsel: Joel G. Hargis, Esq. CADDELL REYNOLDS LAW FIRM PO Box 184 Fort Smith, AR 72902-0184 Tel: 479-782-5297 Fax: 479-782-5284 Email: jhargis@caddellreynolds.com Total Assets: $927,793 Total Liabilities: $2,515,327 The petition was signed by Christopher Ray Freeman as owner/president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/YNJFEXA/Freeman_Transit_LLC__arwbke-23-71486__0001.0.pdf?mcid=tGE4TAMA FTX GROUP: SBF Pushes Again for Jail Release Prior October Trial ---------------------------------------------------------------- Patricia Hurtado and Ava Benny-Morrison of Bloomberg News report that less than a week before Sam Bankman-Fried faces one of the biggest white-collar crime cases in US history, his lawyers are taking one more shot at getting him out of a Brooklyn jail. They are preparing to go in front of a judge Thursday, five days before his October 3, 2023 trial, to argue they face continued challenges in preparing his defense. The embattled FTX founder meets with his lawyers at a federal jail in Brooklyn, New York, on a regular basis, reviewing evidence on hard drives connected to a laptop because inmates can’t use the Internet. 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: To Sell Two Argentine Retail Properties for US$2.7M ----------------------------------------------------------------- Gaucho Group Holdings, Inc. has unveiled its intention to list two of its Argentine retail properties, situated in San Rafael and Cordoba, for sale. Priced at US$2,000,000 and US$700,000 respectively, this strategic move is among several initiatives slated for the upcoming months, all designed to amplify stockholder value. According to the Company, these properties constitute a minor segment of its asset portfolio and are operationally distinct from its other ventures. The divestment of these real estate assets will enable the Company to concentrate on its primary ventures, notably Algodon Wine Estates. The Company projects this flagship business to generate revenues approaching US$80 million in the forthcoming years. Additionally, if the Company manages to sell these non-core properties at their listed price range of US$2 to 2.4 million, these proceeds would be directed towards reducing debt. Successful execution of these combined efforts could potentially result in cash inflows exceeding US$10 to US$12 million. Gaucho Holdings has unveiled sales forecasts exceeding $6 million for 2023. While the revenue recognition from the real estate project's deeding will occur in 2025, the primary revenue catalyst is anticipated to be the vineyard estate lots at Algodon Wine Estates, located in San Rafael, Mendoza, Argentina. Algodon Wine Estates has successfully sold approximately 10% of its total lots, leaving over 450 lots available for purchase. The Company projects that these lots could generate an additional revenue of US$80 to US$100 million in the coming years. This projection does not account for any interest income derived from the Company's self-financing options offered to buyers. Gaucho Holdings said it is attentively monitoring the impending elections in Argentina, with an optimistic outlook for foreign investors. The Company is of the view that should the elections yield results supportive of foreign investment, it may pave the way for a more stable business climate. This optimistic stance is in line with the Company's strategy to leverage the changing economic and political landscape for growth. "Gaucho Holdings' portfolio is comprised of substantial real estate assets. We perceive a notable disparity between our company's current market capitalization and its intrinsic value. Our job is now to close that gap. By divesting some of these non-core real estate assets, we can channel our energies more effectively towards our mainstay ventures. Our ongoing efforts are directed at unlocking the potential of these assets to amplify stockholder value," said Scott L. Mathis, founder, chief executive officer, and Chairman of the Board of Directors of Gaucho Group Holdings, Inc. "Additionally, we have a lineup of initiatives in the pipeline, further aiming to enhance the value for our stockholders. "We see Argentina on the brink of a positive transformation. After enduring decades of hyperinflation, rapid peso devaluation, and lack of investor confidence, there's a noticeable shift in the country's outlook. The election could bode well for real estate and the economy. There's speculation about Argentina potentially dollarizing its economy. Should this materialize, banks might revert to the traditional retail banking approach of providing mortgages -- market that is currently almost non-existent in Argentina. This shift could profoundly bolster real estate values in the country. "Our optimism drives us to intensify our efforts in developing more real estate and acquiring cash-flow-producing properties, available at a fraction of global costs. We don't anticipate an overnight transition from a struggling economy to greatness, but rather a move from challenging to less challenging, which can significantly impact the value and global interest in Argentine assets. We firmly believe that Argentina presents one of the most compelling contrarian investment opportunities in the world today." 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. GREELEY LAND: Pathfinder Creditors Say Plan Not Feasible -------------------------------------------------------- Pathfinder 501, LLC, and Pathfinder Crismon, LLC, filed an objection to Greeley Land LLC's Modified Plan of Liquidation. The Plan fails for a number of reasons. At bottom, the Plan reflects a lazy attempt by the Debtor to sell a private student housing complex when it has failed to do so for almost two years, during which time the value of the property has fallen so much that Crismon is now undersecured. 501 asserts a secured claim in the amount of $10,508,577 (Claim No. 9, filed Feb. 17, 2023). Crismon asserts a secured claim in the amount of $4,184,946, a claim that is junior to the claim of 501 (Claim No. 8, filed Feb. 17, 2023). The Pathfinder Creditors' claims total $14,693,523. Additionally, the Pathfinder Creditors' claims continue to accrue at default rates of interest as well as attorney fees and costs, and as of the date of this objection total more than $16,000,000. The Debtor has asserted throughout the case, with no basis other than its opinion, that both Pathfinder Creditors are oversecured because its Real Property (as that term is defined in the Plan) is worth $20.3 million. In the Plan, the Debtor asserts a "reserve price" of $16 million, although it is unclear if the Debtor believes that this amount is now the correct value. The Pathfinder Creditors have since engaged an appraiser from CBRE who appraised the Real Property at a value of $12,375,000. Accordingly, Crismon, the junior lender, is substantially undersecured. Pathfinder Creditors point out that the Plan is not feasible: * As an initial matter, at this late date the Pathfinder Creditors remain entirely uneducated about the most important part of the Plan—a sale process that is required to conclude with a sale by December 31, 2023. Section 4.04(a) of the Plan provides that "the Debtor shall establish and promulgate written procedures and deadlines in consultation with Pathfinder." To date, despite informal requests going back to March 2023, and a formal request made in September 2023, the Debtor has yet to provide a draft or anything else about the sale process. In fact, in its responses to discovery requests provided one week before the plan confirmation hearing, the Debtor states that it has no documents related to sale procedures. The Plan is just a plan to have a plan. * The Plan suffers from a basic problem of infeasibility under Bankruptcy Code section 1129(a)(11). The Debtor's proposal to sell the Real Property for not less than $16 million by the end of 2023 is a visionary scheme that Section 1129(a)(11) prohibits: "The purpose of section 1129(a)(11) is to prevent confirmation of visionary schemes which promises creditors and equity security holders more under a proposed plan than the debtor can possibly attain after confirmation." * To the extent the Plan is, in fact, a "plan of liquidation" it is based on the unsupported assertion that Mr. Nelson will be willing and able to sell the Real Property when for the past two years he refused much higher offers in a more seller-friendly, and lower interest-rate, environment, and for long stretches of time, including most of the bankruptcy case, has failed to market the Real Property. In order to close a sale on the Real Property by December 31, the Debtor will need to be under contract soon after plan confirmation (if in fact plan confirmation occurs soon after the hearing) and will need to ensure that closing can occur within 90 days of signing a contract. All this must happen when the Debtor has done almost nothing to sell the Real Property since well before this case was filed. * The Debtor's plan to sell both Phase 1 (as defined in the Plan) and the Real Property together is problematic. The Debtor asserts, without any proof, that "[i]f [the Real Property] were to be sold separately through bankruptcy, the property would fetch a much lower market price." (Disclosure Statement at 5). The two properties were built at different times, with different funding sources, and with different ownership. Sale closing would involve two different contracts, two closing statements, and two separate closings. It might make sense to market the properties together, but that is entirely different from requiring them to be sold together, and the Debtor determines the sale allocation. Why must they now be sold together? The Pathfinder Creditors' appraiser, CBRE, determined that the properties' combined value is $28,000,000, but separately, Phase 1 would fetch $16,100,000, while the Real Property would sell for $12,375,000, so if they sold separately, sales would yield an additional $475,000. * It also remains unclear the extent to which the Pathfinder Creditors may assert their state law rights if the Real Property is not sold by December 31. Sections 3.04 and 3.05 place no restrictions on those rights, whereas section 4.11 requires secured creditors to provide 30-day written notice of default before they can assert their rights. Is failure to sell the Real Property after December a default? No doubt the Debtor would seek relief in this Court if it determined it was in its interest to delay a foreclosure or receivership of the Real Property, giving the Debtor additional and indefinite time to retain the Real Property in the hope that someday, somehow, the Debtor can sell the Real Property for enough money to relieve Mr. Nelson of any personal liability to the Pathfinder Creditors. This is further evidence of infeasibility. Pathfinder Creditors further points out that the Plan does not satisfy Section 1129(b). If the Court nevertheless finds that the Plan satisfies all provisions of Section 1129(a) other than subsection (8), the Court should still deny confirmation because the Plan does not satisfy any of the three subparagraphs of Section 1129(b)(2)(A). The Pathfinder Creditors will not be paid sufficient cash payments. The Plan's cram down interest rate for the claims of the Pathfinder Lenders is 4.00% while the Debtor seeks to sell the Real Property where the Wall Street Journal national prime rate is 8.50% and might rise even further in the coming months.4 Indeed the proposed cram down rate is almost 150 basis points lower than the current rate of the U.S. 6-month Treasury Bill. The Debtor has provided no basis for such a low interest rate, and while the Pathfinder Creditors do not believe any cram down is appropriate, to the extent a cramdown rate must be applied, there are strong arguments that such a rate would be much higher than proposed. Pathfinder Creditors assert that the plan prohibits credit bids. The Debtor asserts that prohibiting credit bids is necessary because the broker will seek to sell Phase 1 and the Real Property together. The Pathfinder Creditors do not disbelieve the wisdom in attempting to sell the properties together as a theoretical matter, particularly outside bankruptcy and in a non-distressed situation, but there is no cause to prohibit credit bidding where the Debtor's track record in selling has been pitiful and where the Pathfinder Creditors could create a floor for bidding. Moreover, even if selling the two properties together is beneficial to the estate, it is also beneficial to the estate and all creditors to permit creditors to credit bid, even for a portion of a debtor's assets. And last, the Plan itself contemplates the possibility that the Debtor may sell the Real Property without Phase 1. Attorneys for secured creditors Pathfinder 501, LLC and Pathfinder Crismon, LLC: Daniel J. Garfield, Esq. Matthew S. Rork, Esq. Amanda C. Jokerst, Esq. FAIRFIELD AND WOODS, P.C. 1801 California Street, Suite 2600 Denver, CO 80202 Telephone: (303) 830-2400 Facsimile: (303) 830-1033 E-mail: dgarfield@fwlaw.com; mrork@fwlaw.com; ajokerst@fwlaw.com About Greeley Land Greeley Land, LLC, an apartment building operator, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-14864) on Dec. 13, 2022, listing $10 million to $50 million in both assets and liabilities. Judge Michael E. Romero presides over the case. Michael J. Pankow, Esq., and Amalia Y. Sax-Bolder, Esq., at Brownstein Hyatt Farber Schreck, LLP are the Debtor's bankruptcy attorneys. GREYSTONE SELECT: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Greystone Select Financial LLC's (Greystone) Long-Term Issuer Default Rating (IDR) at 'BB-' and senior secured term loan at 'BB'. The Rating Outlook is Stable. KEY RATING DRIVERS The affirmation of Greystone's ratings reflects its solid franchise in the commercial real estate (CRE) origination and servicing market; experienced senior management team; historically strong asset quality performance, absence of exposure to hotel, retail and office assets; strong historical earnings generation; limited valuation risk associated with mortgage servicing rights (MSRs), given the presence of various prepayment protections; demonstrated access to diverse sources of funding; and solid liquidity profile. Fitch believes the company's extensive understanding of multifamily and skilled nursing facility assets is further complemented by the property development and management, special servicing and fund management capabilities within the Greystone group. Rating constraints include the monoline business model; a predominantly secured funding profile with relatively limited duration; and a weaker corporate governance structure given the private ownership by the Rosenberg family and key person risk associated with founder and CEO Stephen Rosenberg. Greystone is not subject to material asset quality risks as nearly all originated loans are government or agency eligible. The firm's risk-sharing arrangement with Fannie Mae caps Greystone's maximum loss exposure. Greystone's historical cumulative loss rate on Delegated Underwriting & Servicing (DUS) loans is 0.09% and the company has not had losses in the portfolio since 2018. Greystone's earnings have been strong recently, with a pre-tax ROAA of 7.3% for the trailing twelve months ended June 30, 2023; above the four-year average of 6.1%. Over the medium term, Greystone's performance will be largely dependent on the pace of new originations, although the loan servicing portfolio and investment management segments provide meaningful diversification of revenue. The lack of MSR volatility, given yield maintenance provisions, will provide more earnings stability over time relative to peers, in Fitch's view. Greystone's leverage (gross debt to tangible equity) was 1.9x at June 30, 2023. Leverage has come down substantially since 2020, from a high of 7.9x at YE20 as proceeds from the delivery of mortgage loans held for sale were used to reduced borrowings. Greystone expects to maintain lower leverage going forward through increased earnings retention and lower origination volumes. Originations are expected to decline in 2023 and 2024 relative to 2022 levels; however, spikes in origination volume could result in elevated leverage. Fitch believes in the maintenance of leverage below 4.0x could drive positive rating momentum over time. Greystone has continued to demonstrate access to funding and maintains relationships with a diverse group of lenders. Still, the company's funding is relatively short-dated, consisting predominantly of agency warehouse and repurchase lines with maturities of one year or less. As of June 30, 2023, almost 27% of gross debt matures in 2H23 and another 45% matures in 2024, but the majority of these debts are warehouse facilities used in loan origination. Fitch would view a further extension of the debt maturity profile favorably, as it would help to reduce refinancing risk. At June 30, 2023, approximately 3% of Greystone's outstanding debt was unsecured. Fitch views unsecured debt as an important component of a company's operational and financial flexibility, and would view an increase in the unsecured funding percentage, approaching 10%, favorably. Fitch views Greystone's liquidity as strong for its rating category. As of June 30, 2023, Greystone had $84.7 million of cash and $3.1 billion of borrowing capacity under its funding facilities. Greystone's pool of unencumbered assets, which amounted to $1.0 billion at 2Q23, could be pledged or sold (subject to applicable haircuts) to provide additional liquidity, if necessary. Greystone's management team has strong industry experience, but Fitch believes that a moderate degree of key person risk is present with Stephen Rosenberg. The concentration of control with the Rosenberg family demonstrates a weaker-than-peer corporate governance structure and represents a rating constraint. The Stable Rating Outlook reflects Fitch's expectations that Greystone will maintain good asset quality, with delinquencies translating into only modest losses given the loss-sharing arrangements. The Rating Outlook also reflects expectations for the continued generation of strong earnings, while maintaining access to diversified funding and sufficient liquidity. Fitch also expects Greystone to maintain leverage below 5.0x over the medium term given management's strategy to increase retained earnings over the Outlook horizon. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade An inability to extend financing facilities as they mature and/or maintain adequate funding diversity, a weakened liquidity profile, and a sustained increase in leverage (gross debt/tangible equity) above 7.0x. Negative rating momentum could also be driven by a sustained reduction in operating performance below historical levels. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade An improvement in funding flexibility, as demonstrated by further extension of the maturity profile and an increase in the unsecured funding component, approaching 10%, and the maintenance of gross leverage below 4.0x. Positive rating momentum would also be conditioned upon greater revenue diversification, including a reduced reliance on gain-on-sale income, as well as the maintenance of solid asset quality, consistent earnings and sufficient liquidity. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior secured term loan rating is given a one-notch uplift from Greystone's IDR, reflecting good recovery prospects in a stress scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior secured term loan rating is sensitive to changes in the IDR and would be expected to move in tandem. However, material decreases in unencumbered assets could result in a wider notching of the senior secured term loan rating relative to Greystone's IDR. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Concentrations; asset performance (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Earnings stability (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative), Risk profile and business model (negative). ESG CONSIDERATIONS Greystone Select Financial LLC has an ESG Relevance Score of '4' for Governance Structure due to elevated key person risk related to its founder and CEO, Stephen Rosenberg, who sets the tone, vision and strategy for the company. This has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Greystone Select Financial LLC LT IDR BB- Affirmed BB- senior secured LT BB Affirmed BB HIGHLAND CAPITAL: Ex-Exec. Seeks Court Okay to Redo Complaint ------------------------------------------------------------- Jeff Montgomery of Law360 reports that the former executive of Highland Capital Management seeks Delaware justices' approval to redo complaint. An attorney for a former Highland Capital Management partner now locked in a multicourt, years-long battle with the bankrupt venture's key figures urged a Delaware Supreme Court panel Wednesday, September 27, 2023, to resurrect a Chancery Court suit scuttled by a ruling that it duplicated claims in an earlier, stayed action. About Highland Capital Management Highland Capital Management, LP, was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Texas Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HUB DUB: 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 Hub Dub, Ltd. 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 Hub Dub Ltd. Hub Dub, Ltd. is a full-service e-commerce brand management and warehousing solution. It offers customers the importing, warehousing, brand enforcement and distribution of products through diverse online global sales channels. Hub Dub filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-08058) on June 20,2023, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Ken Novak has been appointed as Subchapter V trustee. Judge A. Benjamin Goldgar oversees the case. Joel A. Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's counsel. HWC BURBS: Case Summary & 10 Unsecured Creditors ------------------------------------------------ Debtor: HWC Burbs Burgers, LLC 5617 236th Ave., NE Redmond, WA 98053 Chapter 11 Petition Date: October 9, 2023 Court: United States Bankruptcy Court Western District of Washington Case No.: 23-11919 Judge: Hon. Marc L. Barreca Debtor's Counsel: Thomas D. Neelem, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: courtmail@expresslaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Joshua Henderson as member. A full-text copy of the petition containing, among other items, a list of the Debtor's 10 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7WTHETA/HWC_Burbs_Burgers_LLC__wawbke-23-11919__0001.0.pdf?mcid=tGE4TAMA IAMGOLD CORP: Bruno Lemelin Appointed as COO -------------------------------------------- IAMGOLD Corp. disclosed in a Form 6-K Report filed with the Securities and Exchange Commission that on September 27, 2023, Bruno Lemelin was appointed to the role of Chief Operating Officer. "On behalf of the Board and the entire executive management team, I would like to express our excitement for the promotion of Bruno to the role of Chief Operating Officer," said Renaud Adams, President and Chief Executive Officer. "Bruno's extensive experience in managing complex mining operations throughout his career, coupled with his strong leadership skills, make him the ideal candidate to lead our operational efforts. With Cote Gold on track for production early next year, this is a company that is well positioned to differentiate itself amongst its industry peers and become a leading, high-margin gold producer." A well-respected executive leader with over 20 years of operational expertise, Lemelin joined IAMGOLD in 2014 as Mine Manager at Essakane, whereafter he served as General Manager at Essakane from 2016 to 2018 and as Regional Vice President - Americas in 2019. Lemelin was subsequently named Senior Vice President - Operations and Projects in March 2020. Before joining IAMGOLD, Lemelin developed his mining expertise with different international mining companies, including SNC-Lavalin as Vice-President, Sustainable Mining, from 2011 to 2014, and for Xstrata (now Glencore) in Sudbury, Ontario, from 2001 to 2003 and at the Raglan Mine, Nunavik, Quebec, from 2003 to 2011, as head of Mining Engineering and as Manager, Strategy, Risks and Communications. Lemelin studied at Universite Laval and holds a master's and Doctorate in Mineral Economics, as well as bachelor degrees in Mining Engineering and Business Administration. Lemelin is a member of the Ordre des ingenieurs du Quebec and the Professional Engineers of Ontario. About IAMGOLD Corporation Headquartered in Toronto, Canada, IAMGOLD Corporation is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. In June 2023, S&P Global Ratings revised its outlook on IAMGOLD Corp. to positive from negative and affirmed its 'CCC+' issuer credit rating. At the same time, S&P lowered its issue-level rating on the company's unsecured notes to 'CCC' from 'CCC+' and revised its recovery rating to '5' from '4'. "This reflects our weaker recovery prospects for unsecured claims following the $400 million second-lien term loan issuance, which would rank ahead of the unsecured debt in the company's capital structure," S&P said. S&P noted the outlook revision primarily reflects the company's improved liquidity position, which the ratings firm believes will enable the company to complete the Cote Gold project. IAMGOLD has executed several financing and funding initiatives to bolster its liquidity position and address the funding gap related to the completion of its Cote Gold project since S&P's last rating action in October 2022. In late 2022 and early 2023, the company sold its interest in the Rosebel mine (Suriname) and its West African exploration and development assets, which provided it with close to $600 million of proceeds, with an additional $80 million to $85 million of remaining gross proceeds expected in the second half of 2023. The company's joint-venture (JV) partner on the Cote Gold project, Sumitomo Metal Mining Co. Ltd., provided $250 million of IAMGOLD's share of the funding for the project, which increased its share in the JV to about 40% from 30%. IAMGOLD also issued a $400 million second-lien term loan and used a portion of the proceeds to fully repay the outstanding borrowings under its $490 million revolving credit facility. S&P added, "We estimate IAMGOLD currently has more than $1.1 billion of cash and full availability under its $490 million revolving credit facility following the aforementioned transactions. We believe this will provide it with sufficient liquidity to cover the estimated $460 million-$535 million of remaining capital expenditure (capex) for the Cote Gold project (for IAMGOLD's revised 60% JV share), as well as sustaining capex for its other mines. Additionally, gold prices have averaged more than $1,900 per ounce (/oz) year to date in 2023 and current spot prices (about $1,970/oz) remain well above our $1,700/oz assumption for the rest of the year. If gold prices remain sustainably above our assumptions, it would provide the company with a higher-than-anticipated level of operating cash flow." This would reduce the necessity of using its existing liquidity to finish the Cote Gold project and increase its liquidity buffer until the Cote Gold mine reaches steady state operations. IAMGOLD's gold hedges for 2023-2024, with floor price of $1,700/oz-$1,850/oz, also provide some cash flow protection until it is able to fully ramp-up the production at its Cote mine. In September 2023, Egan-Jones Ratings Company maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by IAMGOLD. INDOOR AIR: Michael Markham Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Indoor Air Quality Association, Inc. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Email: Mikem@jpfirm.com About Indoor Air Quality Indoor Air Quality Association, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04175) on Sept. 22, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Roberta A. Colton oversees the case. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. INDUSTRIAL AUTHORITY: Hires Epstein Becker as Special Counsel ------------------------------------------------------------- The Industrial Authority of Mayfield-Graves County seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Epstein Becker & Green, P.C. as special counsel. The firm will advise the Debtor in matters including, but not limited to, the defense of construction-related and imposition of lien claims pertaining to the real property and improvements located at 3155 State Route 45 North, Mayfield, Graves County, Kentucky (the "GenCanna Site"). The firm will also represent the Debtor in connection with the potential sale of the GenCanna Site and any adversary proceeding relating to claims related to GenCanna Global USA, Inc. ("GenCanna"), the GenCanna Site, and the GenCanna project. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm is owed pre-petition fees and expenses in the amount of $43,154.07 for services rendered prior to the Petition Date. Ryan K. Cochran, Esq., a partner at Epstein Becker & Green, P.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 at: Ryan K. Cochran, Esq. EPSTEIN BECKER & GREEN, P.C. 1222 Demonbreun Street, Suite 1400 Nashville, TN 37203 Tel: (615) 564-6060 Fax: (615) 691-7715 About The Industrial Authority of Mayfield-Graves County The Industrial Authority of Mayfield-Graves County filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Kentucky Case No. 23-50409) on Sep. 4, 2023. The petition was signed by Darvin D. Towery as chairman. At the time of filing, the Debtor estimated $10 million to $50 million in both assets and liabilities. Charity S. Bird, Esq. at KAPLAN JOHNSON ABATE & BIRD LLP represents the Debtor as counsel. INFINITY PHARMACEUTICALS: Files for Chapter 11 Bankruptcy --------------------------------------------------------- After considering all strategic alternatives, Infinity Pharmaceuticals, Inc. filed a voluntary petition for relief under the provisions of Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. In connection with this Chapter 11 filing, the Company has engaged Sonoran Capital Advisors, LLC, to provide services to the Company in connection with its Chapter 11 case. The Company intends to continue to operate its business at a reduced level as a "debtor-in-possession" under the jurisdiction of the Court and in accordance with the applicable provisions of the Code and orders of the Court. In connection with the Chapter 11 filing, the Company has engaged SSG Advisors, LLC, in connection with any restructuring transaction or asset sale transaction arising under the Chapter 11 case. Any sale of assets, including a potential sale of eganelisib, would be subject to review and approval of the Court, compliance with agreed upon and Court-approved bidding procedures allowing for the submission of higher and better offers, and other agreed-upon conditions. The Company currently expects that the Chapter 11 filing will result in, among other things, the cancellation or extinguishment of all outstanding shares of the Company's capital stock without any payment or other distribution on account of those shares. Infinity listed assets of roughly $21 million compared to debt of about $58.6 million on a Chapter 11 petition filed Friday, September 29, 2023, in Delaware. Cambridge, Massachusetts-based Infinity, which has been developing an oral cancer drug, had taken steps to reduce costs since terminating the proposed merger with MEI Pharma in July 2023. About Infinity Pharma Infinity is a research and clinical-development stage biopharmaceutical company with a focus on developing novel drugs for the treatment of cancer. On Sept. 29, 2023, Infinity Pharmaceuticals Inc. and Infinity Discovery Inc. filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11640). The Debtors listed $21,232,000 in assets and $58,638,000 in liabilities. The petitions were signed by Seth A. Tasker as chief executive officer. The Debtors tapped Landis Rath & Cobb LLP as bankruptcy counsels. Sonoran Capital Advisors LLC is the Debtors' financial advisor. Wilmer Cutler Pickering Hale and Dorr LLP is the Debtors' special corporate counsel. SSG Advisors LLC is the Debtors' investment banker. Stretto Inc. is the Debtors' notice and claims agent. INMET MINING: Unsecureds to Recover 5% to 8% in Liquidating Plan ---------------------------------------------------------------- Inmet Mining, LLC, and the Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the Eastern District of Kentucky a Disclosure Statement for Joint Plan of Liquidation dated October 5, 2023. The Debtor is a Delaware limited liability company that had its principal office in Knoxville, Tennessee. As of the Petition Date, the Debtor had just under 400 employees and had ongoing coal mining operations in Kentucky. The Virginia operations of the Debtor were idled before the commencement of the Chapter 11 Case. The Debtor operated five underground mines and produced 945,905 of clean tons of coal in 2022 and was forecasted to produce 1,160,923 tons of clean coal in 2023 through its three preparation plants. Parallel to the negotiations over the Settlement Order, the Debtor conducted sales and bidding processes with respect to the Debtor's Kentucky Assets (pursuant to the Kentucky Bidding Procedures) and, separately, the Debtor's Pigeon Creek Assets (pursuant to the Pigeon Creek Bidding Procedures). Together, the Kentucky Assets and the Pigeon Creek Assets represented substantially all of the Debtor's assets. The successful bidder pursuant to the Pigeon Creek Bidding Procedures was Coking Coal, LLC, and the Court approved the Coking Coal Sale by entry of the Coking Sale Order on July 13, 2023. The Coking Coal Sale closed on July 25, 2023. The successful bidder pursuant to the Kentucky Bidding Procedures was BMMS by its designated buyer Bluegrass Energy LLC, and the Court approved the Bluegrass Energy Sale by entry of the Bluegrass Energy Sale Order on July 13, 2023. The Bluegrass Energy Sale closed on July 28, 2023. The Blackjewel Liquidation Trust has appealed certain aspects of the Bluegrass Energy Sale Order, which appeal remains pending. Pursuant to the Settlement Order, the Coking Coal Sale and the Bluegrass Energy Sale, the following assets were funded to the Estate: * BMMS provided a $500,000 non-refundable deposit for the benefit of the Estate (the "Estate Deposit"); * Bluegrass Energy paid $1,000,000 (less certain tax prorations) to the Estate; * BMMS assigned its all rights for payments or proceeds owed by Coking Coal under the terms of the Coking Coal Sale Order, including $1,000,000 (less certain tax prorations) paid at closing, a $100,000 note, and a $2,900,000 royalty obligation; and * BMMS provided for $2,383,300.41 for payment of Accrued Professional Fees. Following the closings of the Bluegrass Energy Sale and Coking Coal Sale, the release contemplated under the Settlement Order went effective on July 28, 2023. Pursuant to the Settlement Order and the closings of the Coking Coal Sale and the Bluegrass Energy Sale, as of July 28, 2023, the Estate held cash and other property totaling $7,832,828.08. Class 1-A consists of General Unsecured Claims. General Unsecured Claims will receive a Pro Rata Distribution of the Assets remaining in the Liquidating Trust after all Administrative and Priority Claims have been satisfied, which recovery shall be pari passu with the recovery for the Blackjewel Trust Unsecured Claim. The amount of claim in this Class total $3,010,675.00. This Class will receive a distribution of 5% to 8% of their allowed claims. Class 1-B consists of Blackjewel Trust Unsecured Claim. Blackjewel Trust Unsecured Claims will receive a Pro Rata Distribution of the Assets remaining in the Liquidating Trust after all Administrative and Priority Claims have been satisfied, which recovery shall be pari passu with the recovery for the General Unsecured Claims. The amount of claim in this Class total $21,039,554.00. This Class will receive a distribution of 5% to 8% of their allowed claims. All Equity Interests in the Debtor shall be cancelled. Except as otherwise provided in the Plan or Liquidating Trust Agreement, on the Effective Date, the Assets shall vest in and with the Liquidating Trust free and clear of all Liens, Claims, or other encumbrances because such Assets were transferred to, or received by, the Debtor free and clear of all Liens and Claims pursuant to the Sale Orders and the Settlement Order. For the avoidance of doubt, the transfer of the Assets to the Liquidating Trust shall be exempt from any stamp, other transfer, sales, use or other similar tax. Further, after the Effective Date, the Debtor shall have no interest in the Liquidating Trust Assets and the transfer of the Assets to the Liquidating Trust is absolute and irrevocable. On the Effective Date, the Debtor, on its own behalf and on behalf of the beneficiaries, and the Responsible Person, shall execute the Liquidating Trust Agreement, and all other necessary steps shall be taken to establish the Liquidating Trust. Also on the Effective Date, all of the Debtor's Assets shall vest in the Liquidating Trust, including, but not limited to the Wind-Down Expense, the right to any of the Debtor's deposits, the Debtor's other Cash and the Causes of Action. The Liquidating Trust shall be established for the sole purposes of adjudicating Claims, liquidating any remaining assets, if any, and distributing the Assets for the benefit of the beneficiaries of the Liquidating Trust, with no objective to continue or engage in the conduct of a trade or business. A full-text copy of the Disclosure Statement dated October 5, 2023 is available at https://urlcurt.com/u?l=98WWBA from Stretto, Inc., claims agent. Counsel for the Debtor: Mary Elisabeth Naumann, Esq. Chacey Malhouitre, Esq. Jackson Kelly PLLC 100 West Main Street, Suite 700 Lexington, KY 40507 Telephone: (859) 255-9500 Email: mnaumann@jacksonkelly.com chacey.malhouitre@jacksonkelly.com - and - Angela L. Beblo, Esq. JACKSON KELLY PLLC 500 Lee Street East, Suite 1600 Charleston, WV 25301-3202 Telephone: (304) 340-1377 E-mail: angela.beblo@jacksonkelly.com Co-counsel for the Official Committee of Unsecured Creditors: James R. Irving, Esq. April A. Wimberg, Esq. DENTONS BINGHAM GREENEBAUM LLP 3500 PNC Tower, 101 S. Fifth Street Louisville, KY 40202 Telephone: (502) 587-3606 E-mail: james.irving@dentons.com april.wimberg@dentons.com - and - Michael J. Roeschenthaler, Esq. WHITEFORD, TAYLOR & PRESTON LLP 11 Stanwix Street, Suite 1400 Pittsburgh, PA 15222 Telephone: (412) 618-5600 E-mail: MRoeschenthaler@whitefordlaw.com - and - Joshua D. Stiff, Esq. WHITEFORD, TAYLOR & PRESTON LLP 249 Central Park Avenue, Suite 300 Virginia Beach, VA 23462 Telephone: (757) 271-9751 E-mail: JStiff@whitefordlaw.com About Inmet Mining Inmet Mining, LLC is a company in Knoxville, Tenn., which operates in the coal mining industry. Inmet Mining sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 23-70113) on April 5, 2023, with $50 million to $100 million in assets and $100 million to $500 million in liabilities. Jeffrey Strobel, chief restructuring officer, signed the petition. Judge Gregory R. Schaaf oversees the case. Jeffrey Phillips, Esq., at Steptoe & Johnson, PLLC serves as the Debtor's legal counsel. Stretto, Inc. is the Debtor's claims, noticing and solicitation agent and administrative advisor. Paul Randolph, Acting U.S. Trustee for Region 8, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Dentons Bingham Greenebaum, LLP and Whiteford, Taylor & Preston, LLP as legal counsels; and BDO Consulting Group, LLC as financial advisor. INSTANT BRANDS: Bankruptcy Court Approves Sale to Centre Lane ------------------------------------------------------------- Instant Brands, maker of consumer favorites like Instant Pot(R), Corelle(R), Pyrex(R), Snapware(R), CorningWare(R), Visions(R) and Chicago Cutlery(R), on Oct. 4 disclosed that following a comprehensive sale process and competitive auction, the U.S. Bankruptcy Court for the Southern District of Texas approved the Company pursuing the sale of its housewares and appliance businesses to affiliates of Centre Lane Partners ("Centre Lane"). "We believe our Company's sale to Centre Lane Partners represents the best path forward for our customers, retail partners, suppliers and employees," said Ben Gadbois, President and CEO of Instant Brands. "Through this process, we have found a great solution to fix our unsustainable capital structure that allows our business to continue driving innovation through our portfolio of iconic brands for consumers around the world." Mr. Gadbois continued, "We would also like to thank all of our employees across the globe for their continued hard work and dedication throughout this court-supervised process." The Company has entered into Asset Purchase Agreements with affiliates of Centre Lane, pursuant to which these affiliates will acquire Instant Brands' housewares and appliance businesses in separate transactions. The transactions are subject to regulatory approval and other closing conditions in the U.S. and Canada. Both transactions are expected to close in the fourth quarter of 2023. Additional information regarding the Company's court-supervised process is available at Instant Brands' restructuring website, InstantBrandsRestructuring.com. Court filings and other information related to the proceedings are available on a separate website administered by the Company's claims agent, Epiq, at https://dm.epiq11.com/InstantBrands, by calling Epiq toll-free at (888) 290-5211 (or (503) 694-4156 for calls originating outside of the U.S.), or by sending an email to InstantBrandsInfo@epiqglobal.com. Davis Polk & Wardwell LLP is serving as Instant Brands' legal counsel, Guggenheim Securities, LLC is serving as investment banker and AlixPartners is serving as restructuring advisor. About Centre Lane Partners Founded in 2007, Centre Lane Partners is a private investment firm that invests in the equity and debt of middle market companies in North America. Centre Lane employs a flexible strategy that approaches complex situations with a solutions orientation. Centre Lane has an experienced, collaborative and diverse team, and seeks to partner with strong management teams that can benefit from patient, long-term capital and Centre Lane's operational, financial and strategic expertise and support. About Instant Brands Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Instant, Pyrex, Corelle, Corningware, Snapware, Chicago Cutlery, ZOID and Visions. Instant Brands Holdings Inc. and Instant Brands Inc., and their affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90716) on June 12, 2023. In the petition signed by Adam Hollerbach, chief restructuring officer, the Debtors disclosed up to $1 billion in both assets and liabilities. Judge David R. Jones oversees the case. Davis Polk & Wardwell LLP's Brian M. Resnick, Steven Z. Szanzer and Joanna McDonald serve as counsel to the Debtors. The Debtors also tapped Haynes and Boone, LLP as Texas counsel, Stikeman Elliott LLP as Canadian counsel, AlixPartners, LLP as financial advisor, Guggenheim Securities LLC as investment banker, and Epiq Corporate Restructuring, LLC as claims, noticing, agent, solicitation and administrative advisor. DLA Piper LLP (US) serves as counsel to the Official Committee of Unsecured Creditors. Ropes & Gray LLP serves as counsel to the DIP Lenders, and Moelis & Company LLC and Ankura Consulting Group, LLC act as advisors to the Term DIP Secured Parties. Skadden, Arps, Slate, Meagher & Flom LLP and Norton Rose Fulbright and Norton Rose Fulbright Canada LLP serve as counsel and FTI Consulting as financial advisor to the ABL DIP Secured Parties. Kramer Levin Naftalis & Frankel LLP serves as counsel to Cornell Capital. INSTANT BRANDS: Davis Polk Advises Business on Asset Sale --------------------------------------------------------- Davis Polk is advising Instant Brands Acquisition Holdings Inc., and certain of its affiliates (collectively known as Instant Brands) on the sale of substantially all of its assets and business operations pursuant to section 363 of the Bankruptcy Code to subsidiaries of Centre Lane Partners. Pursuant to asset purchase agreements executed by Instant Brands and Centre Lane following a 4-day contested auction process, Centre Lane will acquire Instant Brands’ housewares and appliances businesses in two separate transactions, for gross purchase prices of $228.2 million and $122.6 million, respectively. Conair IB Appliances Inc. was designated as the alternate bidder for the appliances business. The sales to Centre Lane were approved by the United States Bankruptcy Court for the Southern District of Texas and are subject to regulatory approval and other closing conditions in the United States and Canada. Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands, including Instant, Pyrex, Corelle, Corningware, Snapware, Chicago Cutlery, and Visions. Headquartered in Downers Grove, Illinois, Instant Brands and its affiliates sell their products worldwide, employ more than 2,000 people and operate in several countries outside the United States, including Canada, Singapore, England, South Korea, Australia, Taiwan and China. The Davis Polk restructuring team includes partners Brian M. Resnick, counsel Steven Z. Szanzer and Joanna McDonald and associates Stella Li and Sophy Ma. The corporate team includes partners William J. Chudd and Darren M. Schweiger, counsel Kris D. Desrosiers and associates Brian Lee and Heather Weigel. The antitrust team includes partner Howard Shelanski and counsel Mary K. Marks and Matthew Yeowart. The sponsor finance team includes partner J.W. Perry and counsel Jonathan B. Brown. The tax team includes partner Ethan R. Goldman and counsel Tracy L. Matlock. Partner Travis Triano is providing executive compensation advice. Partner Elliot Moskowitz is providing advice with respect to litigation matters. Members of the Davis Polk team are based in the New York, London and Washington DC offices. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Instant Brands Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Instant, Pyrex, Corelle, Corningware, Snapware, Chicago Cutlery, ZOID and Visions. Instant Brands Holdings Inc. and Instant Brands Inc., and their affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90716) on June 12, 2023. In the petition signed by Adam Hollerbach, chief restructuring officer, the Debtors disclosed up to $1 billion in both assets and liabilities. Judge David R. Jones oversees the case. Davis Polk & Wardwell LLP's Brian M. Resnick, Steven Z. Szanzer and Joanna McDonald serve as counsel to the Debtors. The Debtors also tapped Haynes and Boone, LLP as Texas counsel, Stikeman Elliott LLP as Canadian counsel, AlixPartners, LLP as financial advisor, Guggenheim Securities LLC as investment banker, and Epiq Corporate Restructuring, LLC as claims, noticing, agent, solicitation and administrative advisor. DLA Piper LLP (US) serves as counsel to the Official Committee ofUnsecured Creditors. Ropes & Gray LLP serves as counsel to the DIP Lenders, and Moelis & Company LLC and Ankura Consulting Group, LLC act as advisors to the Term DIP Secured Parties. Skadden, Arps, Slate, Meagher & Flom LLP and Norton Rose Fulbright and Norton Rose Fulbright Canada LLP serve as counsel and FTI Consulting as financial advisor to the ABL DIP Secured Parties. Kramer Levin Naftalis & Frankel LLP serves as counsel to Cornell Capital. INSTANT POT: Centre Lane Partners to Purchase Pyrex Assets ---------------------------------------------------------- Amelia Pollard of Bloomberg Law reports that Centre Lane Partners is slated to buy most of the assets of Instant Brands, the maker of the Instant Pot pressure cooker and Pyrex glassware, which filed for bankruptcy earlier this 2023. The private equity firm bid about $228 million for Instant Brands' housewares business and $123 million for its appliances business, according to court papers filed Thursday, September 28, 2023. Instant Brands held an auction for the units earlier this month and the sale requires court approval. A hearing is scheduled for October 3, 2023. About Instant Brands Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Instant, Pyrex, Corelle, Corningware, Snapware, Chicago Cutlery, ZOID and Visions. Instant Brands Acquisition Holdings Inc. and its affiliates, including Instant Brands LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90716) on June 12, 2023. Judge David R. Jones oversees the case. In addition, the Company commenced ancillary proceedings in Canada under the Companies' Creditors Arrangement Act (CCAA) seeking recognition of the U.S. Chapter 11 proceedings in Canada. In its Chapter 11 petition, Instant Brands disclosed up to $1 billion in both assets and liabilities. The Debtors tapped Davis Polk & Wardwell, LLP and Haynes and Boone, LLP as bankruptcy counsels; Stikeman Elliott, LLP as Canadian counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP as restructuring advisor. Adam Hollerbach, a partner and managing director at AlixPartners, serves as the Debtors' chief restructuring officer. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by James P. Muenker, Esq. IQPACK LLC: Seeks to Hire Dentons Bingham Greenebaum as Counsel --------------------------------------------------------------- IQPack, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Dentons Bingham Greenebaum LLP as its counsel. The firm will render these services: a. advise the Debtor with respect to its rights, duties and powers in this Chapter 11 Case; b. assist and advise the Debtor in its consultations with creditors as well as the Subchapter V Trustee relating to the administration of this Chapter 11 Case; c. assist the Debtor in analyzing the claims of creditors, the Debtor's capital structure, and in negotiating with the holders of claims and, if appropriate, equity interests; d. assist the Debtor's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and other parties involved with the Debtor and of the operation of the Debtor's business; e. assist the Debtor in its analysis of, and negotiations with third parties concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing transactions and the terms of a plan of reorganization or liquidation for the Debtor; f. represent the Debtor at all hearings and other proceedings; g. review, analyze, and advise the Debtor with respect to applications, orders, statements of operations and schedules filed with the Court; h. assist the Debtor in preparing pleadings and applications as may be necessary in furtherance of the Debtor's interests and objectives; and i. perform such other services as may be required and are deemed to be in the interests of the Debtor in accordance with the Debtor's powers and duties as set forth in the Bankruptcy Code. Dentons intends to charge the Debtor for legal services on an hourly basis and to seek reimbursement of actual expenses. April A. Wimberg, Esq., a partner at Dentons, 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: April A. Wimberg, Esq. DENTONS BINGHAM GREENEBAUM LLP 3500 PNC Tower, 101 S. Fifth Street Louisville, KY 40202 Telephone: (502) 587-3606 Email: april.wimberg@dentons.com About IQPack LLC IQPack LLC is engaged in providing packaging & supply chain consulting and the sale of packaging products & automation. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-90911) on September 19, 2023. In the petition signed by Kenny A. Rohleder, as member/president, the Debtor disclosed $1.118 in assets and $2.4 million in liabilities. Judge Andrea K. McCord oversees the case. April A. Wimberg, Esq., at Dentons Bingham Greenebaum, represents the Debtor as legal counsel. ITTELLA INTERNATIONAL: Committee Taps Dundon as Financial Advisor ----------------------------------------------------------------- The official committee of creditors holding unsecured claims of Ittella International, LLC and affiliates seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Dundon advisers LLC as its financial advisor. The firm will render these services: -- 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; -- develop a complete understanding of the Debtors' businesses and their valuations; -- 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; -- monitor and, to the extent appropriate, assist the Debtors in efforts to develop and solicit transactions that would support unsecured creditor recovery; -- assist the Creditors' 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; -- assist the Creditors' 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; -- assist the Creditors' Committee to identify, preserve, value, and monetize tax assets of the Debtors, if any; -- advise the Creditors' Committee in negotiations with the Debtors, certain of the Debtors' lenders, and third parties; -- assist the Creditors' Committee in reviewing the Debtors' financial reports; -- assist the Creditors' Committee in reviewing the Debtors' cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; -- review and provide analysis of the present and any subsequently proposed debtor-in-possession financing or use of cash collateral; -- assist the Creditors' Committee in evaluating and analyzing avoidance actions, including fraudulent conveyances and preferential transfers; -- assist the Creditors' Committee in investigating whether any unencumbered assets Ittella or any of its affiliated Debtors exist; -- review and provide analysis of any proposed disclosure statement and chapter 11 plan and, if appropriate, assist the Creditors' Committee in developing an alternative chapter 11 plan; -- attend meetings and assist in discussions with the Creditors' Committee, the Debtors, the secured lenders, the U.S. Trustee and other parties in interest and professionals; -- present at meetings of the Creditors' Committee, as well as meetings with other key stakeholders and parties; -- perform such other advisory services for the Creditors' Committee as may be necessary or proper in these proceedings, subject to the aforementioned scope; and -- provide testimony on behalf of the Creditors' Committee as and when may be deemed appropriate. Dundon has agreed to a 10 percent discount of its rates. The firm will bill these hourly rates: Principal $890 Managing Director $790 Senior adviser $790 Senior Director $700 Director $650 Associate Director $550 Senior Associate $475 Associate $370 Peter Hurwitz, a principal at Dundon advisers, disclosed in a court filing that his firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Hurwitz DUNDON ADVISERS LLC Ten Bank Street, Suite 1100 White Plains, NY 10606 Telephone: (917) 838-1930 Email: ph@dundon.com About Ittella International Ittella International, LLC is a supplier of plant-based products based in Paramount, Calif. Ittella International and seven affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 23-14154) on July 2, 2023. In the petition signed by its chief executive officer, Salvatore Galletti, Ittella International reported $10 million to $50 million in both assets and liabilities. Judge Sandra R. Klein oversees the cases. The Debtors tapped David L. Neale, Esq., at Levene, Neale, Bender, Yoo and Golubchik, LLP as bankruptcy counsel; Rutan and Tucker, LLP as their special corporate and SEC counsel; SC&H Group, Inc. as investment banker; and Grant Thornton, LLP as accountant. The U.S. Trustee for Region 16 appointed two separate committees to represent unsecured creditors of Ittella International and its affiliate, New Mexico Food Distributors, Inc. The committee of New Mexico Food Distributors tapped Brinkman Law Group, PC as counsel. JIREH FITNESS: Seeks to Hire Fisher Auction Co. as Auctioneer ------------------------------------------------------------- Jireh Fitness Solutions Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Fisher Auction Co., Inc. as auctioneer. The firm will Market and sell the Debtor's personal property, and furniture, fixtures and equipment located at 816 S. State Road 7, Wellington, Florida. The firm will be paid a commission of 10 percent buyer's premium, and will be divided as follows: (i) 5 percent of the sale price will be paid to the firm; (ii) 5 percent of the sale price will be paid to any "procuring cause broker". Lamar P. Fisher, a chief executive officer at Fisher Auction Co., 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: Lamar P. Fisher FISHER AUCTION CO., INC. 2112 E Atlantic Blvd. Pompano Beach, FL Tel: (954) 942-0917 Fax: (954) 782-8143 About Jireh Fitness Solutions Corp. Jireh Fitness Solutions Corp. operates a Class A Gym and Fitness facility in Wellington, Fla., and has been in operation since June 2022. In addition to the cardio and weight operations of the gym, the Debtor has tanning, muscular rejuvenation services and massage chairs. The facility includes full bathroom (change room, lockers and showers) for its members. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (S.D. Fla. Case No. 23-17407) on Sept. 15, 2023, with up to $10 million in both assets and liabilities. Eduardo P. Jurado, president, signed the petition. Thomas L. Abrams, Esq., at Gamberg & Abrams, represents the Debtor as legal counsel. KALABAR TRANSPORTATION: Tamara Ogier Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC, as Subchapter V trustee for Kalabar Transportation, LLP. Ms. Ogier will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 Email: tmo@orratl.com About Kalabar Transportation Kalabar Transportation, LLP filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-59345) on Sept. 26, 2023, with as much as $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Wendy L. Hagenau oversees the case. Cameron M. McCord, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. KAREN LANDSCAPING: Tamara Miles Ogier Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC, as Subchapter V trustee for Karen Landscaping, Inc. Ms. Ogier will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 Email: tmo@orratl.com About Karen Landscaping Karen Landscaping, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-11194) on Sept. 27, 2023, with up to $50,000 in assets and up to $1 million in liabilities. Ricardo Sanchez, owner, signed the petition. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. KELHAM VINEYARD: Hires Law Offices of Ryan C. Wood as Counsel ------------------------------------------------------------- Kelham Vineyard & Winery, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Law Offices of Ryan C. Wood, Inc. as Counsel. The Law Offices of Ryan C. Wood, Inc. will handle Debtor's Chapter 11 bankruptcy case. The firm will be compensated at $450 per hour and will be reimbursed for out-of-pocket expenses incurred. The retainer is $10,000. Ryan Wood, Esq., a partner at the Law Offices of Ryan C. Wood, 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: Ryan C. Wood, Esq. LAW OFFICES OF RYAN C. WOOD, INC. 611 Veterans Blvd. Ste. 218 Redwood City, CA 94063 Tel: (650) 366-4858 Fax: (650) 366-4875 Email: Ryan@WestCoastBK.com About Kelham Vineyard & Winery, LLC Kelham Vineyard & Winery, LLC is a family-owned and operated vineyard in St. Helena, Calif. On July 20, 2023, creditor Main Street Cottage, LLC filed involuntary Chapter 11 petition against Kelham Vineyard & Winery (Bankr. N.D. Calif. Case No. 23-10384). The petitioning creditor is represented by Rebekah Parker, Esq., a practicing attorney in Oceanside, Calif. Judge William J. Lafferty, III oversees the case. Ryan C. Wood, Esq., serves as Kelham Vineyard & Winery's bankruptcy attorney. KELHAM VINEYARD: Trustee Hires Fennemore Wendel as Legal Counsel ---------------------------------------------------------------- Michael G. Kasolas, Chapter 11 trustee of Kelham Vineyard & Winery, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Fennemore Wendel as his counsel. The firm's services include: a. preparing motions, applications, answers, orders, reports (including monthly operating reports) and other pleadings in connection with the administration of the estate or as required by this Court, the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, or the Local Bankruptcy Rules; b. representing Trustee at hearings where the attorney for Trustee is required to appear; investigation of Debtor and its financial affairs; prosecution and defense of litigation matters that may arise during the case, provided that such matters are deemed a duty of Trustee under 11 U.S.C. Sec. 1106; c. advising Trustee with respect to the claims and any claim objection asserted in the case; d. advising, consulting with and/or otherwise assisting Trustee in connection with a plan of reorganization or liquidation and related disclosure statement or motion to convert; and e. performing all other legal services or counseling that may arise related to the case and that are necessary for the proper, efficient, and economic administration of the Case. The firm's hourly rates range from $270 to $850. Lead counsel, Mark Bostick, will be billing at $595 per hour. The hourly rate of Lisa Lenherr, who will also be working in this case is $550. Mark Bostick, Esq., director at Fennemore Wendel, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark S. Bostick, Esq. FENNEMORE WENDEL 1111 Broadway, 24th Floor Oakland, CA 94607 Tel: (510) 834-6600 Fax: (510) 834-1928 Email: mbostick@fennemorelaw.com About Kelham Vineyard Kelham Vineyard & Winery, LLC is a family-owned and operated vineyard in St. Helena, Calif. On July 20, 2023, creditor Main Street Cottage, LLC filed involuntary Chapter 11 petition against Kelham Vineyard & Winery (Bankr. N.D. Calif. Case No. 23-10384). The petitioning creditor is represented by Rebekah Parker, Esq., a practicing attorney in Oceanside, Calif. Judge William J. Lafferty, III oversees the case. Ryan C. Wood, Esq., serves as Kelham Vineyard & Winery's bankruptcy attorney. KELHAM VINEYARD: Trustee Hires Kokjer Pierotti as Accountant ------------------------------------------------------------ Michael G. Kasolas, the Trustee of Kelham Vineyard & Winery, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Kokjer, Pierotti, Maiocco & Duck LLP as accountant. The firm will provide these services: a. prepare tax projections and tax analysis, to prepare monthly operating reports; b. analyze tax claims filed in the case; to analyze the tax impact of potential transactions; c. analyze as to avoidance issues, to testify as to avoidance issues, if necessary; d. prepare a solvency analysis; e. prepare wage claim withholding computations and payroll tax returns, if necessary; f. serve as Trustee's general accountant and to consult with the Trustee and the Trustee's counsel as to those matters. The firm will be paid at these rates: Richard Pierotti $495 per hour Senior Manager $370 per hour Senior Accountant $315 per hour Senior Staff Accountant $305 per hour Staff Accountant $270 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard Pierotti, a partner at Kokjer, Pierotti, Maiocco & Duck 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: Richard Pierotti KOKJER, PIEROTTI, MAIOCCO & DUCK LLP 333 Pine Street, 5th Floor San Francisco, CA Tel: (415) 981-4224 About Kelham Vineyard Kelham Vineyard & Winery, LLC is a family-owned and operated vineyard in St. Helena, Calif. On July 20, 2023, creditor Main Street Cottage, LLC filed involuntary Chapter 11 petition against Kelham Vineyard & Winery (Bankr. N.D. Calif. Case No. 23-10384). The petitioning creditor is represented by Rebekah Parker, Esq., a practicing attorney in Oceanside, Calif. Judge William J. Lafferty, III oversees the case. Ryan C. Wood, Esq., serves as Kelham Vineyard & Winery's bankruptcy attorney. KING DRIVE: Seeks to Hire Howard Hanna as Real Estate Broker ------------------------------------------------------------ King Drive Corp. seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to employ Howard Hanna Real Estate as real estate broker. The firm will market and sell the Debtor's real property located in Dauphin County, Pennsylvania. The firm will be paid a commission of 5 percent of the sales price. 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: Christine Farrell Howard Hanna Real Estate 5137 Devonshire Road Harrisburg, PA 17112 Tel: (717) 920-9700 About King Drive Corp. King Drive Corp. in Harrisburg, PA, filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Pa. Case No. 23-02044) on September 8, 2023, listing $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Richard A. Angino as president, signed the petition. Judge Henry W. Van Eck oversees the case. CUNNINGHAM, CHERNICOFF & WARSHAWSKY PC serve as the Debtor's legal counsel. KINGDOM CONCEPTS: Hires Joyce W. Lindauer Attorney as Counsel ------------------------------------------------------------- Kingdom Concepts, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Joyce W. Lindauer Attorney, PLLC as counsel. The Debtor requires legal counsel to effectuate a reorganization, propose a plan of reorganization, and effectively move forward in its bankruptcy proceeding. The firm will be paid at these rates: Joyce W. Lindauer, Esq. $475 per hour Sydney Ollar, Associate Attorney $250 per hour Laurance Boyd, Associate Attorney $235 per hour Dian Gwinnup $210 per hour Paralegals/Legal Assistants $65 to $210 per hour In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. The firm received a retainer of $11,738 from the Debtor. Joyce Lindauer, Esq., the owner of the firm, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 Email: joyce@joycelindauer.com About Kingdom Concepts, LLC Kingdom Concepts, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-31895-swe11) on August 31, 2023. In the petition signed by Cedric Brown, manager, the Debtor disclosed up to $500,000 in both assets and liabilities. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as legal counsel. KOPPERS INC: Moody's Rates Repriced $399MM Secured Term Loan 'Ba3' ------------------------------------------------------------------ Moody's Investors Service has assigned a Ba3 rating to Koppers Inc.'s repriced $399 million backed senior secured term loan B due April 2030. Koppers Holdings Inc.'s (collectively "Koppers") Ba3 Corporate Family Rating and Ba3-PD Probability of Default Rating (and Ba3 rating on the backed senior secured first lien revolving credit facility remains unchanged. The Speculative Grade Liquidity Rating (SGL) of SGL-2 remains the same. The outlook is stable. "The term loan repricing will modestly reduce interest expense by approximately $2 million per year during a period where rates are expected to remain higher for a longer period," said Domenick R. Fumai, Moody's Vice President and lead analyst for Koppers Holdings Inc. RATINGS RATIONALE Moody's forecasts Koppers' sales will increase to approximately $2.1 billion in 2023. Performance Chemicals is expected to see modest growth despite softer repair and remodeling activity that will continue into 2024 while residential construction volumes will be down double-digits offset by major price increases that went into effect in the beginning of the year. With the phase-out of pentachlorophenol (PCP), Koppers should enjoy further market penetration of CCA (copper chromium arsenate) and DCOI. Railroad and Utility Products Services should benefit from strong demand due to increased infrastructure spending for utility poles, which was reflected in UIP's 2Q23 results being the most profitable quarter since being acquired, while railroad crosstie replacement volumes should remain healthy. RUPS will also benefit from recently announced price increases for several Class I railroad customers. Carbon Materials & Chemicals is expected to continue being adversely impacted by higher coal tar costs, especially in Europe as the Russia-Ukraine military conflict has reduced European raw material supply. Nonetheless, volumes are holding up ahead of expectations with only a slight decline through the first half of 2023 while improved pricing should partially mitigate some of the impact of inflation. Moody's projects Koppers to generate around $245 to $255 million in EBITDA in FY 2023. Koppers' financial leverage, (Debt/EBITDA), including Moody's standard adjustments, is 3.5x as of June 30, 2023, and is now expected to gradually approach low-3x by 2024. Moody's anticipates retained cash flow-to-debt to remain in the mid-to-upper teens over the next several years, which is appropriate for the rating. Koppers' Ba3 CFR reflects the relatively steading earnings generated by the Railroad and Utility Products and Services (RUPS) segment, which enjoys a significant portion of sales under long-term contracts. Koppers' rating is further underpinned by its leading positions in the North American wood railroad crosstie and wood-treating chemicals industries. The rating also reflects the benefits of operational restructuring and solid retained cash flow generation. Koppers has taken steps over the past several years to improve the inherent stability and profitability of its business by consolidating its operational footprint and shifting focus towards higher margin businesses like wood preservation chemicals. The rating is tempered by Koppers' narrow business focus in the wood preservation industry. Moreover, many of its end markets have modest organic growth prospects given their mature nature and has resulted in a strategy that requires acquisitions to augment organic growth. In the past, acquisitions have temporarily caused credit metrics to exceed Moody's threshold for the rating. The rating also factors the company's environmental liabilities that, although currently manageable, could adversely affect its financial condition in the long run. In addition, significant customer concentration with the company's top 10 customers representing roughly 39% of FY 2022 sales is another offsetting factor as the loss of a key customer could have a material impact on profitability. Koppers' rating is constrained by raw material price fluctuations and exposure to cyclical end markets including construction, aluminum, steel and tires. LIQUIDITY The SGL-2 Speculative Grade Liquidity Rating (SGL) indicates good current liquidity to support operations in the near term with cash of $48 million and availability under its senior secured revolving credit facility of about $301 million as of June 30, 2023. The revolving credit facility has a total leverage ratio covenant, net of cash up to $125 million, of 5.00x, stepping down to 4.75x after six quarters and 4.50x after eight subsequent quarters and a minimum interest coverage ratio covenant of 2.0x. Moody's expects the company to be in compliance over the next 12 months. The stable outlook assumes that Koppers maintains relatively flat debt levels and that demand in key end markets remains sufficient so earnings and cash flows will continue to support credit metrics appropriate for the rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's does not view an upgrade as likely over the next 12-18 months given expectations for modest improvements in credit metrics, but would consider an upgrade if financial leverage, including Moody's standard adjustments, is sustained below 3.0x, retained cash flow-to-debt (RCF/Debt) is consistently in excess of 20% and the company maintains solid liquidity to cover operating activities and growth initiatives. An upgrade would also be contingent upon no material change in estimates for environmental remediation or liabilities and further progress towards resolution of the coal tar pitch cases. Moody's would likely consider a downgrade if Debt/EBITDA is sustained above 4.0x, retained cash flow-to-debt (RCF/Debt) to debt is sustained below 12%, the company adopts a more aggressive financial policy, including a large debt-financed acquisition or significant increase in debt to finance shareholder returns. STRUCTURAL CONSIDERATIONS The senior secured term loan is assigned a Ba3 rating commensurate with the rating on the Ba3 senior secured revolving credit facility as it shares the same collateral package and is equivalent to the Ba3 CFR. The principal methodology used in this rating was Chemicals published in June 2022. Koppers Holdings Inc. is an integrated global provider of treated wood products, wood treatment chemicals and carbon compounds. Their products and services are used in a variety of niche applications in a diverse range of end markets, including the railroad, specialty chemical, utility, residential lumber, agriculture, aluminum, steel, rubber, and construction industries. Headquartered in Pittsburgh, PA., the company generated $2.1 billion of revenue for the twelve months ended June 30, 2023. KUAKINI HEALTH: S&P Lowers Bond Rating to CCC-', Outlook Negative ----------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on the Hawaii State Department of Budget & Finance's series 2002A revenue bonds to 'CCC-' from 'CCC'. The bonds were issued for the Kuakini Health System (Kuakini). S&P concurrently removed the rating from CreditWatch with negative implications and assigned a negative outlook. "The lower rating reflects our view of Kuakini's sustained operating cash flow losses, extremely constrained liquidity position, and possible challenges with timely debt service payments over the coming year," said S&P Global Ratings credit analyst Patrick Zagar. While management remains in active negotiations regarding the sale of certain assets, progress on this has been slower than expected and the ultimate outcome, including the amount of proceeds raised, remains uncertain. "While a successful sale would be viewed favorably and provide a temporary increase in cash, we don't believe it addresses structural operating issues and we would anticipate a subsequent decline in reserves over time. This underpins the negative outlook," added Mr. Zagar. LASERSHIP INC: Moody's Rates New $125MM First Lien Term Loan 'B3' ----------------------------------------------------------------- Moody's Investors Service assigned a B3 rating to LaserShip, Inc.'s $125 million non-fungible senior secured first lien term loan due 2027. Proceeds from the new incremental term loan were used to fully repay borrowings under the company's $125 million revolving credit facility and add cash to the balance sheet. The company's existing ratings, including the Caa1 corporate family rating, are unchanged at this time. The outlook remains negative. Moody's views the leverage-neutral transaction as a credit positive since it restores availability to LaserShip's revolver ahead of a critical holiday peak shipping season. LaserShip typically relies on its external credit facilities to support seasonal working capital usage during the fourth quarter. The company also has access to an accounts receivable securitization facility, which permits an increase in borrowings up to $250 million from November through February (compared to $150 million during non-peak periods). Moody's expects LaserShip to rely heavily on its securitization facility over the next several months. RATINGS RATIONALE LaserShip's Caa1 CFR reflects the company's very high financial leverage, negative free cash flow and moderate scale in the highly competitive e-commerce residential delivery space. Moody's expects LaserShip's improved operating performance thus far through 2023 to continue into the holiday peak shipping season. Through August year-to-date, the company has delivered strong package volume growth by expanding wallet share with existing customers. The higher volume, along with ongoing productivity initiatives, has increased operating leverage in the business. Following LaserShip's expansion efforts in 2022, Moody's believes the company has sufficient capacity within its network to handle the peak season surge in package volumes. Notwithstanding the company's better performance, Moody still expects debt/EBITDA to remain in excess of 7x and for free cash flow to be negative in 2023. In addition, Moody's remains cautious on consumer spending during the upcoming peak season and into 2024. A significant portion of LaserShip's package volume is tied to retail and apparel. The negative outlook reflects the risk that LaserShip's financial leverage can remain very high without ongoing earnings improvement and a reduction in cash burn. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if LaserShip demonstrates improving and sustainable operating leverage as delivery volumes increase, such that debt/EBITDA is expected to be sustained below 6.5x. Improving liquidity, including generating positive free cash flow and reducing reliance on external credit facilities, would also be necessary to support an upgrade. The ratings could be downgraded if LaserShip is unable to improve earnings or liquidity resulting in a capital structure that Moody's considers untenable. The ratings could also be downgraded if Moody's believes the probability of a debt restructuring increases. The principal methodology used in this rating was Surface Transportation and Logistics published in December 2021. LaserShip, Inc. (dba OnTrac) is a last mile parcel delivery provider with a focus on business to consumer deliveries for leading e-commerce retailers across apparel, health and beauty, food, and mass merchandise markets. Revenue for the twelve months ended June 30, 2023 was approximately $2 billion. LD HOLDINGS: Moody's Cuts CFR to Caa1 & Alters Outlook to Negative ------------------------------------------------------------------ Moody's Investors Service has downgraded LD Holdings Group, LLC's (loanDepot) corporate family rating to Caa1 from B3 and its backed senior unsecured debt rating to Caa2 from Caa1. loanDepot's outlook was changed to negative from stable. RATINGS RATIONALE The downgrade of loanDepot's CFR reflects the company's modest capitalization and weak profitability. While the company's first unsecured debt maturity is not until November 2025, the company faces rising refinancing risk given its weak profitability and modest capitalization along with a continued expected challenging operating environment. loanDepot's capitalization, as measured by tangible common equity (TCE) to adjusted tangible managed assets (TMA, excluding Ginnie Mae loans eligible for repurchase), was a modest 14.4% as of June 30, 2023 and down from 15.2% as of March 31, 2023 and 18.4% as of September 30, 2020. Moody's expects the company's profitability to remain constrained over the next 12-18 months as industry origination volumes will continue to be depressed given current high interest rates, and residential mortgage originators will continue to face excess capacity headwinds pressuring gain-on-sale margins and, in turn, return on assets (ROA). Since year end 2021, the company has lost $752 million or 47% of its tangible common equity. In mid-2022, the company announced its "Vision 2025" plan, aimed towards right sizing its cost structure and focusing growth in areas of the originations market that it deems opportunistic and underserved. The company has succeeded in cutting costs over the past 12 months (total expenses were down 41% year-over-year as of June 30, 2023) and is investing capital into its operating platform with the goal of further improving automation and its customer experience. Even post the implementation of Vision 2025, the company continues to report losses, although the amount of the quarterly losses has declined. Net loss for Q2 2023 was $50 million, compared to a $92 million loss in Q1. Overall, in Q2, the company reported higher gains on origination and sale of loans, although operating expenses increased on an annualized basis. Core ROA, excluding non-recurring costs/gains, loss on settlement of investments and fair value changes of investments, on a tax adjusted basis, was -3.2% compared to -5.7% in Q1. However, given the challenging market environment, profitability will remain quite constrained well into 2024, which will likely lead to a further decline in the company's capitalization over the next 12-18 months. As of June 30, 2023, the company had $719 million in unrestricted cash, down from $798 million as of March 31, 2023 and $864 million as of December 31, 2022. The company has approximately $1 billion of unsecured debt outstanding, with $500 million maturing on November 1, 2025 and $502.5 million maturing on April 1, 2028. loanDepot's Caa2 long-term senior unsecured debt rating is one notch below its Caa1 CFR and is reflective of its subordinate ranking to mortgage servicing rights (MSR) secured debt facilities in loanDepot's capital structure. The lower unsecured debt rating reflects the company's current ratio of MSR secured corporate debt to total corporate debt of around 50%. The unsecured debt rating could be downgraded if the ratio of secured debt to total corporate debt increases and is expected to remain meaningfully above 50%. The change in outlook to negative is driven by Moody's expectation that it could be very challenging for the company to achieve profitability in the current market, which would lead to a further decline in the company's capital levels over the next 12-18 months. In addition, the negative outlook factors in Moody's view of rising refinance risk with respect to the company's unsecured debt that matures in November 2025 given Moody's expectation of continued weak profitability and declining capitalization. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, it is unlikely that a ratings upgrade will occur over the next 12-18 months. However, the CFR and unsecured debt rating could be upgraded if the company successfully refinances its unsecured bond maturing in 2025 and if its financial performance improves materially, such as generating consistent profitability with pre-tax income (excluding MSR fair value marks) reaching and expected to remain above 1.5% along with TCE to TMA remaining above 14%. The ratings could be affirmed at their existing levels and the company's outlook returned to stable if it is able to return to sustained profitability and with TCE to TMA above 13.0%. Moody's could downgrade the CFR and unsecured debt rating if the company is unsuccessful in refinancing its unsecured debt maturing in November 2025 by September 2024. In addition, the ratings could be downgraded if leverage deteriorates, for example if TCE to TMA declines and is expected to remain below 12%, if the company continues to be unable to generate consistent profitability, or if the company's liquidity profile deteriorates. In addition, loanDepot's unsecured debt rating could be downgraded if the ratio of secured debt to total corporate debt increases and is expected to remain meaningfully above 50%. The principal methodology used in these ratings was Finance Companies Methodology published in November 2019. LITIGATION PRACTICE: Committee Taps Force Ten as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors of The Litigation Practice Group P.C. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Force Ten Partners LLC as its financial advisors. The firm will render these services: (a) evaluate and develop a plan and other strategic alternatives to maximize the value of the Debtor's estate. Force 10, in coordination with the Committee and its professionals, may recommend various plans and strategic alternatives from time to time. Force 10 shall work with the Committee and its professionals to attempt to implement such strategic alternatives, including assisting the Committee's efforts to prepare and propose a plan jointly with the Trustee; (b) assist in the review and/or preparation of information and analysis necessary for the confirmation of a plan and related disclosure statement in the Bankruptcy Case; (c) determine the value of certain assets, businesses, collateral, and damages derived from causes of action, including the Adversary Proceeding; (d) assist and support the Committee and legal counsel in analyzing and, if appropriate, pursuing causes of action, litigation, and related settlements, including the evaluation and analysis of fraudulent conveyances, preferential transfers and other avoidance claims and recoveries; (e) assist the Committee in the review of the claims reconciliation and estimation process; (f) assist the Committee in negotiations with the estate's creditors and other stakeholders and in developing responses to any objections from parties in interest or other courses of action undertaken by the Committee; (g) assist the Committee in analyzing reporting and audit rights set forth under the Sale Order and APA with respect to the MLG transaction; (h) assist the Committee and legal counsel with the preparation of all case motions requiring financial information or analysis; (i) render general financial advice, financial analytics, and modeling; (j) assist in preparing a plan of liquidation and disclosure statement; (k) assist with the review, classification, and quantification of claims against the estates under a plan of liquidation; (l) attend meetings and assist the Committee in discussions with the Trustee, secured creditors, the U.S. Trustee, and other parties in interest and professionals hired by the same, as requested; and (m) render such other general business consulting or such additional assistance as the Committee or legal counsel may deem necessary. The firm's current hourly rates are $950 to $225 per hour. Force Ten has agreed to cap its rates to $850 per hour for partners who ordinarily bill at $850-$950 per hour until Jan. 1, 2024. Force Ten will be seek reimbursement of reasonable out-of-pocket costs incurred in its services to the Committee. Force Ten Partners is a "disinterested" person within the meaning of Sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached through: Adam Meislik FORCE TEN PARTNERS, LLC 5271 California Ave., Suite 270 Irvine, CA 92617 Telephone: (949) 357-2359 Email: ameislik@force10partners.com About The Litigation Practice Group The Litigation Practice Group P.C. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-10571) on March 20, 2023, with as much as $1 million in both assets and liabilities. Judge Scott C. Clarkson presides over the case. The Debtor tapped Khang & Khang, LLP as legal counsel and Grobstein Teeple, LLP as accountant. The U.S. Trustee for Region 16 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Fox Rothschild, LLP. LIVIE AND LUCA: Hires Valley Oak Financial PLC as Accountant ------------------------------------------------------------ Livie and Luca LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Valley Oak Financial, PLC as accountant. The firm will prepare and file the Debtor's 2022 tax returns for a flat fee of $4,000. The Debtor owed the firm $1,500 for past work. Matt Miller, a partner at Valley Oak Financial, PLC, 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: Matt Miller VALLEY OAK FINANCIAL, PLC 6011 Stadium Drive Kalamazoo, MI 49009 Tel: (269) 492-7220 Fax: (269) 389-9077 About Livie and Luca LLC Livie and Luca LLC is a California limited liability company. It is an online retailer of children's footwear company. The Debtor was founded in 2007 on the principles of empowerment, creativity, and community involvement. The Debtor developed a customer-centered design process that has helped it achieve a customer retention rate of 59%. The Debtor is headquartered in Oakland, California, though its inventory is manufactured overseas. The Debtor sells its shoes via its own website (www.livieandluca.com) and via other online retail channels such as Amazon and Shopify. The inventory is located in the United States and the Debtor contracts with third-party logistics providers to store its inventory, ship its orders and handle any returns. When goods are sold through the Amazon or Shopify channels, those companies receive payment for the shoes directly from the customers and then forward payment to the Debtor after deducting amounts due from the Debtor to the particular retail channel. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40991) on August 10, 2023. In the petition signed by Mitzi Rivas, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Stephen D. Finestone, Esq., at Finestone Hayes LLP, represents the Debtor as legal counsel. LORDSTOWN MOTORS: Seeks Approval of Disclosure Statement -------------------------------------------------------- Lordstown Motors Corp., et al. filed a motion for entry of an order, approving the Disclosure Statement. The Debtors filed the Chapter 11 Cases to maximize value for the benefit of all stakeholders by marketing and selling their assets in an efficient manner, consolidating the resolution of claims in a single forum, and prosecuting their substantial claims against Foxconn. To this end, the Debtors have engaged in a comprehensive marketing process, settled a major litigation with Karma, and filed an adversary proceeding against Foxconn. Most importantly (and most germane to this Motion), the Debtors have filed and will seek to rapidly confirm a plan of reorganization that provides meaningful recoveries to their stakeholders. Indeed, the Debtors have a finite amount of cash and assets and it is critical that the Debtors promptly emerge from chapter 11 so as to cut off the administrative burn associated with these cases and maximize value. The Debtors filed their proposed plan and disclosure statement on September 1, 2023 and, now, file this motion to obtain approval of both the disclosure statement and the solicitation procedures set forth herein. The proposed plan, which is more fully described below and in the proposed disclosure statement, provides for the full payment of administrative, priority, and secured claims, cash payments to unsecured claims (which are separately classified as general unsecured trade claims and other unsecured claims), and leaves in place the Debtors' preferred and common equity (subject to the subordination of the preferred equity as set forth in the plan). The Debtors are continuing to negotiate their proposed plan and the disclosure statement with both the official committee of unsecured creditors and the official committee of equity security holders appointed in the Chapter 11 Cases. The Debtors further anticipate that each of these documents will be amended to reflect the results of such discussions, and that conforming revisions may be made to the relief being requested by this Motion. Nonetheless, the Debtors are filing the Motion now to avoid delay and move their plan process forward in a fashion that will benefit all stakeholders. The Debtors therefore request that the Court grant the Disclosure Statement Order. Establishing the following key dates and deadlines in connection with the foregoing, subject to modification as necessary: * The Voting Record Date will be on October 18, 2023. * The Solicitation Date is 5 business days after the entry of the Disclosure Statement Order, or as soon as reasonably practicable thereafter. * The Publication Deadline is 5 business days after the entry of the Disclosure Statement Order, or as soon as reasonably practicable thereafter. * The Rule 3018(a) Motion Deadline will be on November 13, 2023 at 4:00 p.m. (ET). * The Voting Resolution Event Deadline will be on November 22, 2023. * The Plan Supplement Deadline is no later than 7 days prior to the Voting Deadline. * The Plan Objection Deadline will be on December 1, 2023 at 4:00 p.m. (ET). * The Voting Deadline will be on December 1, 2023 at 5:00 p.m. (ET). * The Deadline to file (i) Reply to Plan Objections, (ii) Brief in Support of Plan Confirmation; (iii) Declarations in Support of Plan Confirmation, and (ii) Voting Report will be on December 12, 2023. * The Confirmation Hearing will be on December 15, 2023, subject to court availability. The Debtors assert that the Disclosure Statement contains sufficient information necessary for Holders of Claims entitled to vote on the Plan to make an informed decision about whether to vote to accept or reject the Plan. Proposed Co-Counsel to the Debtors: Kevin Gross, Esq. Daniel J. DeFranceschi, Esq. Paul N. Heath, Esq. Amanda R. Steele, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square 920 N. King Street Wilmington, DE 19801 Tel: (302) 651-7700 Fax: (302) 651-7701 E-mail: gross@rlf.com defranceschi@rlf.com heath@rlf.com steele@rlf.com madron@rlf.com Co-Counsel to the Debtors: Thomas E Lauria, Esq. Matthew C. Brown, Esq. Fan B. He, Esq. WHITE & CASE LLP 200 S. Biscayne Blvd. Miami, FL 33131 Tel: (305) 371-2700 E-mail: tlauria@whitecase.com mbrown@whitecase.com fhe@whitecase.com - and - David M. Turetsky, Esq. 1221 Avenue of the Americas New York, NY 10020 Tel: (212) 819-8200 E-mail: david.turetsky@whitecase.com - and - Jason N. Zakia, Esq. 111 South Wacker Drive Chicago, IL 60606 Tel: (312) 881-5400 E-mail: jzakia@whitecase.com - and - Roberto Kampfner, Esq. Doah Kim, Esq. RJ Szuba, Esq. 555 South Flower Street, Suite 2700 Los Angeles, CA 90071 Tel: (213) 620-7700 E-mail: rkampfner@whitecase.com doah.kim@whitecase.com rj.szuba@whitecase.com About Lordstown Motors Corp. Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- is an electric vehicle OEM developing innovative light duty commercial fleet vehicles, with the Endurance all electric pickup truck as its first vehicle. It has engineering, research and development facilities in Farmington Hills, Mich. and Irvine, Calif. On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). The cases are pending before Judge Mary F. Walrath. The Debtors tapped White & Case, LLP and Richards, Layton & Finger, P.A. as bankruptcy counsels; Baker & Hostetler, LLP as special counsel; Jefferies, LLC as investment banker; KPMG, LLP as auditor; and Silverman Consulting as restructuring advisor. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Troutman Pepper Hamilton Sanders, LLP as legal counsel and Huron Consulting Group Inc. as financial advisor. LOVE OF JESUS: Continued Operations to Fund Plan ------------------------------------------------ Love of Jesus Family Church - Union, Inc., filed with the U.S. Bankruptcy Court for the District of New Jersey a Small Business Combined Plan of Reorganization and Disclosure Statement dated October 5, 2023. The Debtor is a non-profit religious corporation and has a Board of Trustees, not a Board of Directors. Pastor Tania T. Fuentes is the President of the nonprofit corporation. The Debtor's assets consist of property located at 5520 Jefferson Street, West New York, NJ, bank accounts, furniture/equipment and accounts receivable and bus parts. At the time of the filing of the petition, the Debtor scheduled the value of its assets at $2,217,333.32. The Debtor scheduled the Woodmont Horn, LLC as a secured claim in the amount of $476,448.40 Woodmont Horn, LLC filed a secured proof of claim in the amount of $479,630.20. The Debtor scheduled the Town of West New York – Tax Collector as a priority creditor in the amount of $77,482.38, which is disputed and Town of West New York – Tax Collector has filed a secured proof of claim in the amount of $77,900.16. Upon receiving a demand notice from Woodmont Horn, LLC for payment of past due loan payments that would have caused a default of the loans and foreclosure of the property would have caused Debtor to go out of business. Debtor needed time to seek a refinance of the loan with Woodmont Horn, LLC. The Debtor sought protection in Chapter 11 to reorganize its affairs. The Debtor proposes a plan of reorganization whereby the Debtor shall repay its secured claims over a period of 6 months. The Debtor shall also propose to pay a dividend of 100% to unsecured creditors. The Debtor shall fund its plan from monies earned from continuing operations. Class 1 consists of the Secured Claim of Woodmont Horn, LLC. Payment in full upon a refinance of mortgage within the next 6 months. The Debtor shall fund its plan from ongoing operations. 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. A full-text copy of the Combined Plan and Disclosure Statement dated October 5, 2023 is available at https://urlcurt.com/u?l=qMaNEa from PacerMonitor.com at no charge. Debtor's Counsel: Daniel E. Straffi, Jr., Esq. STRAFFI & STRAFFI 670 Commons Way Toms River, NJ 08755-6431 Tel: (732) 341-3800 Fax: (732) 341-3548 E-mail: bkclient@straffilaw.com About Love of Jesus Love of Jesus Family Church - Union, Inc., is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Debtor is a non-profit religious corporation and has a Board of Trustees. The Debtor filed a Chapter 11 Petition (Bankr. D. Nev. Case No. 23-14960) on June 7, 2023, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Tania T. Fuentes, president, signed the petition. Daniel E. Straffi, Jr., Esq., of STRAFFI & STRAFFI, serves as the Debtor's bankruptcy counsel. LUCENA DAIRY: Hires CPA Elisamuel Rivera Rivera as Accountant ------------------------------------------------------------- Lucena Dairy, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ CPA Elisamuel Rivera Rivera, CSP as accountant. The firm will provide these services: [ed] a. preparation or review of bankruptcy court required monthly operating reports; b. reconciliation of proof of claims; c. preparation or review of the Debtor's projections; d. analysis of profitability of the Debtor's operations; e. assistance in the development or review of plan of reorganization or disclosure statement; and f. provision of any other consulting and expert witness services relating to various bankruptcy matters such as insolvency, feasibility forensic accounting, as necessary. The firm will be paid a monthly fee of $500, and will be reimbursed for reasonable out-of-pocket expenses incurred. Elisamuel Rivera Rivera, a partner at CPA Elisamuel Rivera Rivera, CSP 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: Elisamuel Rivera Rivera CPA Elisamuel Rivera Rivera, CSP PR-111 San Sebastian, P.R. 00605 Tel: (787) 896-6200 Fax: (787) 280-6200 About Lucena Dairy, Inc. Lucena Dairy Inc. is engaged in the production of cows' milk and other dairy products and in raising dairy heifer replacements. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 23-02835) on September 8, 2023. In the petition signed by Jorge Lucena Betancourt, president, the Debtor disclosed $1,905,560 in assets and $11,464,130 in liabilities. Judge Edward A. Godoy oversees the case. Carmen D. Conde Torres, Esq., at C. Conde & Associates, represents the Debtor as legal counsel. LUMEN TECHNOLOGIES: Creditors Submit New Debt Restructuring Deal ---------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that a newly formed group of Lumen Technologies Inc. creditors submitted a proposal to the telecommunications company last week offering it new money and an extension of certain debt maturities, according to people familiar with the situation. The secured debt holders, who are working with Evercore Inc. and Gibson, Dunn & Crutcher, have significant holdings in Lumen's 2025 and 2027 debt, said the people, who asked not to be identified because the matter is private. About Lumen Technologies Lumen Technologies, Inc., headquartered in Monroe, Louisiana, is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company's smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. LUNA DAIRY: Seeks to Hire Howard Hanna as Real Estate Broker ------------------------------------------------------------ Luna Dairy, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Howard Hanna Real Estate as real estate broker. The firm will market and sell the Debtor's real property located in Dauphin County, Pennsylvania. The firm will be paid a commission of 5 percent of the sales price. 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: Christine Farrell Howard Hanna Real Estate 5137 Devonshire Road Harrisburg, PA 17112 Tel: (717) 920-9700 About Luna Dairy, Inc. Luna Dairy Inc. is engaged in the production of cows' milk and other dairy products and in raising dairy heifer replacements. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. P.R. Case No. 23-02837) on September 9, 2023. In the petition signed by Jorge Lucena Betancourt, president, the Debtor disclosed $4,102,639 in assets and $11,316,130 in liabilities. Judge Edward A. Godoy oversees the case. Carmen D. Conde Torres, Esq., at C. Conde & Associates, represents the Debtor as legal counsel. MAJOSTAN CORP.: Hires Urban Utopia Realty as Real Estate Broker --------------------------------------------------------------- Majostan Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Urban Utopia Realty LLC as real estate broker. The firm will market and sell the Debtor's property located at 23-52 31st Street, Astoria, New York. The firm will be paid a commission of 4 percent of the sale price. 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: Franco Medina Urban Utopia Realty LLC 221-83 91 Avenue Queens Village, NY 11428 Tel: (917) 864-2398 Email: franco@urbanutopiarealty.com About Majostan Corp. Majostan Corp. is a primarily engaged in renting and leasing real estate properties. It owns a three-story building located at 23-52 31st St., Astoria, N.Y. Majostan filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-40331) on Jan. 31, 2023, with total assets of $2,600,000 and total liabilities of $676,282. Andrew Moulinos, president, signed the petition. Judge Elizabeth S. Stong oversees the case. The Debtor is represented by Rosalyn Maldonado, Esq., at Rosalyn Maldonado P.C. MALLINCKRODT PLC: Bankruptcy Court Confirms Reorganization Plan --------------------------------------------------------------- Mallinckrodt plc (in examinership), a global specialty pharmaceutical company, on Oct. 10 disclosed that its Plan of Reorganization (the "Plan") has been confirmed by the U.S. Bankruptcy Court for the District of Delaware, positioning the Company to emerge from Chapter 11 by the end of the year. Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt, said, "We are pleased to achieve this important milestone and look forward to moving ahead as a stronger company. With substantially less debt and additional financial flexibility, we will be better positioned for the future as we continue delivering therapies that improve outcomes for patients with severe and critical conditions and executing on our strategic priorities. We appreciate the significant support of our financial stakeholders, which has enabled us to reach this point quickly and without interruption to our patients, customers, employees or business partners." Mallinckrodt's Plan of Reorganization is supported by a substantial majority of its financial stakeholders, including holders of approximately 90% of its first and second lien debt and the Opioid Master Disbursement Trust II (the "Trust"), as part of a previously announced Restructuring Support Agreement. Upon emergence, Mallinckrodt will eliminate approximately $1.9 billion of total funded debt and ownership of the business will transition to the Company's creditors. In addition, the Company's obligations to the Trust will be satisfied on terms agreed with the Trust, including through a $250 million payment made to the Trust prior to the Chapter 11 filing, among other consideration. As previously announced, Mallinckrodt's directors initiated examinership proceedings in Ireland on September 20, 2023. These proceedings, which are required to implement certain Irish law aspects of the Company's financial restructuring and allow for emergence, are expected to take between two and three months to complete. Mallinckrodt expects to formally emerge from Chapter 11 in the fourth quarter of 2023, following the completion of the Irish examinership proceedings and once all conditions of the Plan are satisfied or waived. Until that time, the Company remains under the U.S. Bankruptcy Court's jurisdiction. Additional Information Additional information is available on Mallinckrodt's restructuring website at www.MNKrestructuring.com. Court filings and other important information, which may be material, related to the proceedings are available on a separate website administrated by the Company's claims agent, Kroll, at https://restructuring.ra.kroll.com/mallinckrodt2023; by calling Kroll representatives toll-free at +1-844-245-7926, or +1-646-440-4855 for calls originating outside of the U.S. or Canada; or by emailing Kroll at mallinckrodt2023info@ra.kroll.com. Vendors, suppliers and trade partners should direct any inquiries to the Company at +1-908-238-5650 or Supplier.Inquiry@mnk.com. Latham & Watkins LLP, Wachtell, Lipton, Rosen & Katz, Arthur Cox LLP, Richards, Layton & Finger PA, and Hogan Lovells US LLP are serving as Mallinckrodt's counsel. Guggenheim Securities, LLC is serving as investment banker, and AlixPartners LLP is serving as restructuring advisor. About Mallinckrodt PLC Mallinckrodt (OTCMKTS: MNKTQ) -- http://www.mallinckrodt.com/-- is a global business consisting of multiple wholly-owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. The company's Specialty Brands reportable segment's areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics; and gastrointestinal products. Its Specialty Generics reportable segment includes specialty generic drugs and active pharmaceutical ingredients. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. Mallinckrodt plc and certain of its affiliates again sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28, 2023. Mallinckrodt plc disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Judge John T. Dorsey oversees the new cases. In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. In the new Chapter 11 cases, The Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A., as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. Kroll is the claims agent. MALLINCKRODT PLC: Shareholders, Noteholders Say Plan Unfair ----------------------------------------------------------- Rick Archer of Law360 reports that secured creditors and shareholders of Mallinckrodt are asking a Delaware bankruptcy judge to reject the Irish drugmaker's new Chapter 11 plan, saying they are being shortchanged in favor of unsecured opioid claimants and corporate directors. About Mallinckrodt plc Mallinckrodt plc is global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. Areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on August 28, 2023. Mallinckrodt plc disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Bryan M. Reasons, authorized signatory, signed the petition. Judge John T. Dorsey oversees the cases. The Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. ArentFox Schiff, LLP serves as counsel to the DIP Agents, Acquiom Agency Services LLC and Seaport Loan Products LLC. Gibson, Dunn & Crutcher LLP serves as counsel to the Ad Hoc First Lien Term Loan Group, Evercore Group L.L.C. as its financial advisor, McCann Fitzgerald LLP as Irish counsel, and Troutman Sanders LLP as local bankruptcy counsel. Paul, Weiss, Rifkind, Wharton & Garrison LLP serves as counsel to the Ad Hoc Crossover Group. Sullivan & Cromwell LLP acts as counsel to certain members of the Ad Hoc Crossover Group. Perella Weinberg Partners LP is the financial advisor to the Ad Hoc Crossover Group, Matheson LLP is its Irish counsel and Landis Rath & Cobb LLP is the local bankruptcy counsel. Davis Polk & Wardwell LLP serves as counsel to the Ad Hoc 2025 Noteholder Group, Morris, Nichols, Arsht & Tunnell LLP is the group's Delaware counsel, and Quinn Emmanuel Urquhart & Sullivan, LLP is counsel to the appellants in those certain pending appeals related to the 2025 First Lien Notes before the United States District Court for the District of Delaware related to the Debtors. Sullivan Hazeltine Allinson LLC is the Delaware counsel to the appellants in certain pending appeals related to the 2025 First Lien Notes before the Delaware District Court to the Debtors. MARINER HEALTH: Unsecureds Owed $111K-$1.03M to Get 4% to 80% ------------------------------------------------------------- Judge William J. Lafferty, III has entered an order granting Mariner Health Central, Inc., et al.'s motion for an order approving the Disclosure Statement. The hearing to consider confirmation of the Plan will commence on November 8, 2023, at 1:30 p.m. (Pacific Time). All objections to confirmation of the Plan, including any supporting memoranda, must be in writing and be filed with the Court, and served so as to be received by the Debtors and other parties entitled to notice thereof, on or before October 25, 2023 at 5:00 p.m. (Pacific Time). Any holder of a Claim seeking to challenge either the classification or amount of such Claim for purposes of the Voting Procedures must file and serve a motion for desired relief pursuant to Bankruptcy Rule 3018(a) no later than October 20, 2023 at 5:00 p.m. (Pacific Time), with any objection or opposition thereto to be filed no later than November 3, 2023 at 5:00 p.m. (Pacific Time). Any holder of a Claim seeking to challenge either the classification or amount of such Claim for purposes of the Voting Procedures must file and serve a Rule 3018 Motion no later than the Rule 3018 Deadline (October 20, 2023 at 5:00 p.m. (Pacific Time)), with any objection or opposition thereto to be filed no later than November 3, 2023 at 5:00 p.m. (Pacific Time). The ballots accepting or rejecting the Plan must be received on or before October 20, 2023 at 5:00 p.m. (Pacific Time). The Debtors must file (a) the Plan Supplement no later than October 16, 2023 at 5:00 p.m. (Pacific Time); (b) the Voting Certification no later than November 3, 2023 at 5:00 p.m. (Pacific Time); and (c) any brief in support of the Plan, and any reply to objections to the Plan, no later than November 3, 2023 at 5:00 p.m. (Pacific Time). Mariner Health Central, Inc., et al. submitted a Disclosure Statement for its First Amended Joint Plan of Reorganization. The Plan proposes a Cash-Out Option that contemplates substantial contributions by Non-Debtor Affiliates and payments to Creditors based on proposed settlements of various claims and causes of actions. While the Debtors, to date, have been unable to reach a resolution with certain creditors, they have reached agreements in principle with a sufficient number of creditors regarding the proposed treatment of their claims and the Debtors expect such creditors will support the Plan. The Debtors intend to continue negotiations with any remaining parties who wish to continue discussions to try to achieve a fully consensual plan of reorganization. The Plan Proponents believe that the Plan's Cash-Out Option maximizes values to these Estates by (a) settling certain Claims asserted against the Estates, (b) settling certain Estate Causes of Action against Non-Debtor Affiliates, Officers and Directors, and related Non-Debtor Released Parties resulting in substantial financial contributions to the Plan for Distribution to Creditors (as defined in the Plan, the "Affiliate Settlement") and (c) establishing a mechanism to provide Creditors with near-term Cash recoveries without the risk of lengthy and speculative litigation that could ultimately result in lesser recoveries. The Plan also provides for recoveries to Holders of Claims based on compensatory damages before Distributions are made to Holders of Claims based on non-compensatory damages, including without limitation penalties or punitive damages, or other Claims that are subordinated pursuant to section 510 or any other provision of the Bankruptcy Code or applicable law. In addition to the distribution to Creditors of the approximately $6.6 million representing a higher range of estimated value of the Debtors (exclusive of potential litigation assets), the Affiliate Settlement provides for contributions from the Non-Debtor Affiliates to the Estates up to an amount in excess of $9.3 million, enabling the Debtors to have approximately $10 million available for Distribution on the Effective Date, and in excess of $6 million for Distribution under the Plan over a period of time to Creditors with Allowed Claims that vote to accept the Plan and release the Non-Debtor Affiliates of Claims arising prior to the Petition Date, pursuant to the terms and conditions set forth in the Plan. As a result, over $16 million will be Distributed to Creditors under the Plan's Cash-Out Option. Under the Cash-Out Option, Creditors can decline to consent to the Third-Party Releases and choose not to receive the Affiliate Cash contributions but instead seek to pursue recoveries on such Creditor's direct (individualized) claims against the Non-Debtor Affiliates through further litigation outside the Chapter 11 Cases. For Creditors that do not consent to the Third-Party Releases, a contribution of 5% of the proposed Cash-Out Payment to such Creditor will be made to the MHC Fund or the Parkview Fund (or divided evenly between those funds) and all parties' rights will be reserved to dispute the related claims under the Plan. Individualized direct claims (i.e., claims peculiar to an individual or groups of creditors) asserted by a creditor that elects the reduced Cash-Out Option (i.e., creditor does not consent to Third Party Releases) against the Released Parties will not be released by such creditor(s). Upon the filing of a bankruptcy case, certain "generalized" claims that could have been asserted by an individual plaintiff prior to the bankruptcy become "estate" claims that can be asserted by a debtor, a bankruptcy trustee, or another party vested by the Bankruptcy Court with the right to pursue such claims on behalf of all creditors. The determination of which claims remain "individualized" and which claims are considered "generalized" or derivative claims after a filing may vary by court. Claims against the Released Parties that are generalized or derivative in nature that are deemed to belong to the Debtors' Estates will be released under the Cash-Out Option. Whether a particular claim is individualized or generalized (or derivative) is, to the extent not already settled under Ninth Circuit law, a question for the Bankruptcy Court to determine. Claimants with questions about the nature of their claims, and how they will be affected by the releases to be granted under this Plan, are urged to consult counsel. The Debtors also reached other settlements in principle with various Creditors respecting their Claims against the Estates that would reduce the aggregate Claim pool and go forward litigation costs to the Estates. Significantly, subject to Court approval, one of the settlements the Debtors reached was with Integra (subject to approval by the Department of Justice), the terms of which are reflected in the Plan. As a result, Distributions under the Plan will be funded, in the Debtors' and Reorganized Debtors' discretion consistent with the terms of the Plan, with one or more of the following, as applicable: (i) the Debtors' Cash on Hand (if any); (ii) accounts receivable and other de minimis assets of the Debtors (if any), (iii) proceeds from the sale of the Parkview Facility; (iv) contributions from the Non-Debtor Affiliates pursuant to the Affiliate Settlement; and (v) proceeds from future operations of Reorganized Debtor MHC and Non-Debtor Affiliates. Holders of Equity Interests will receive no distribution under the Plan on account of their Equity Interests in one or more of the Debtors; however, in consideration of the New Value Contribution to be made by Non-Debtor Affiliates pursuant to the Affiliate Settlement, equity interests in the Reorganized Debtors may be reinstated. The Debtors believe the Plan's Cash-Out Option enables similarly situated Creditors to receive their fair share of recoveries from the Estates in accordance with the Bankruptcy Code's claim priority scheme, avoiding individual creditors from obtaining windfall recoveries to the detriment of other creditors if the Cases were dismissed. The Plan's Cash-Out Option also provides a greater recovery to Creditors than such creditors would receive under a Chapter 7 liquidation. Moreover, any potential material recovery to Creditors outside of the Plan (including under a Chapter 7 liquidation) would be speculative and a lengthy, costly litigious process. Nevertheless, the Plan further provides that in the event the Debtors are unable to confirm the Plan under the Cash-Out Option, the Litigation Only Alternative will be implemented under the Plan. Under the Litigation Only Alternative, the Non-Debtor Affiliates will not contribute the amounts proposed for the Cash-Out Payment and will not be Released Parties. In lieu of the Cash-Out Payments, under the Litigation Only Alternative, the Debtors will be liquidated and Creditors of Allowed Claims shall have an interest in the Litigation Trust. The proposed settled claims under the Cash-Out Option will remain disputed under the Litigation Only Alternative and subject to potential litigation, and the Litigation Trustee will have the sole authority to pursue any and all Estate Causes of Action (including "generalized" or derivative claims that are property of the Estates). All Distributions shall be made according to the Bankruptcy Code Distribution priority scheme from any and all recoveries obtained by the Litigation Trust. Under the Litigation Only Alternative, nothing under the Plan would preclude Creditors from pursuing their individual, non-generalized claims, if any, against Non-Debtor Affiliates through further litigation against the Non-Debtor Affiliates outside the Chapter 11 Cases. Consistent with the discharge of the Debtors provided for in Article VIII.B. of the Plan, any judgment obtained against Non-Debtor Affiliates relating to the period prior to the Effective Date may not be enforced against the Debtors or Reorganized Debtors. Under the Plan, Class 3A, 3B, and 3C General Unsecured Claims total $111,000 to $1.03 million. Each Holder of an Allowed Claim in 3A, 3B, and 3C shall receive, in full, final and complete satisfaction, settlement, release, and discharge of such Claim, either- (i) if such Holder submits an Accepting Ballot and consents to releases of the Released Parties, a payment in Cash equal to 80% of the Allowed amount of such Claim, with such payment to be made on, or as soon as practicable after, the later of the Initial Distribution Date or the date that any such Claim becomes Allowed; provided however, in the event that the total General Unsecured Claims in Classes 3A, 3B and 3C exceeds $400,000, Holders of Claims under this subsection (i) shall receive their Pro Rata Share of a $400,000 Distribution; or (ii) alternatively, if such Holder does not consent to releases of the Released Parties, a payment in Cash equal to 5% of the amount of the Allowed amount of such Claim, with such payment to be made on, or as soon as practicable after, the later of the Initial Distribution Date or the date that any such Claim becomes Allowed; provided however, in the event that the total Allowed amount of General Unsecured Claims in Classes 3A, 3B and 3C exceeds $400,000, Holders of Claims under this subsection (ii) shall receive a payment in Cash equal to 5% of their otherwise Pro Rata Share of a 400,000 Distribution. In the event that the Plan is confirmed with the Litigation Only Alternative, each Holder of an Allowed Claim in this Class shall receive, in full, final and complete satisfaction, settlement, release, and discharge of such Claim, a Pro Rata Share of Litigation Trust Interests. Any Distributions on account of Allowed Claims in Classes 3A, 3B, and 3C under Option (ii) shall be made on the later of the Initial Distribution Date and/or any Subsequent Distribution Date that occurs after such Claim becomes Allowed, or as soon thereafter as is practicable. Distributions are subject to the prior payment in full, or a Reserve Fund being established for, all Administrative Claims, Priority Tax Claims, Professional Fees, Statutory Fees, Secured Claims, Other Priority Claims, and Disputed Claims in Classes 3 (to the extent applicable). No Distribution shall be made on account of any Claim so long as any part of that Claim is Disputed. The projected recovery for Allowed Claims under the Plan Pay-Out Option (with consent to third-party releases) is 80% and the projected recovery under the Plan Pay-Out Option (with opt-out of third-party releases) is 4%. Class 3A, 3B, and 3C are impaired. The substantial financial contributions by the Non-Debtor Affiliates under the terms of the Affiliate Settlement will enable the Debtors (or Non-Debtor Affiliates) to provide additional payments to Creditors as set forth in the Plan. Distributions under the Plan shall be funded, in the Debtors' and Reorganized Debtors' discretion consistent with the terms of the Plan with one or more of the following, as applicable: (i) the Debtors' Cash on Hand (if any); (ii) accounts receivable; (iii) proceeds from sale of the Parkview Facility; (iv) contributions from the Non-Debtor Affiliates pursuant to the Affiliate Settlement; and (v) proceeds from future operations of the Reorganized Debtor MHC and Non-Debtor Affiliates. Each distribution made under the Plan shall be governed by the terms and conditions set forth in the Plan applicable to such Distribution and by the terms and conditions of any instruments or other documents evidencing or relating to such Distribution, which terms and conditions shall bind each Entity receiving such distribution. Attorney for the Debtor: Maxim B. Litvak, Esq. PACHULSKI STANG ZIEHL & JONES LLP One Sansome Street, Suite 3430 San Francisco, CA 94104 Telephone: (415) 263-7000 E-mail: mlitvak@pszjlaw.com - and - Hamid R. Rafatjoo, Esq. RAINES FELDMAN LITTRELL LLP 1900 Avenue of the Stars, 19th Floor Los Angeles, CA 90067 Telephone: (310) 440-4100 Facsimile: (310) 691-1367 E-mail: hrafatjoo@raineslaw.com - and - Carollynn H.G. Callari, Esq. David S. Forsh, Esq. RAINES FELDMAN LITTRELL LLP 1350 Avenue of the Americas, 22nd Floor New York, NY 10019 Telephone: (917) 790-7100 E-mail: ccallari@raineslaw.com dforsh@raineslaw.com A copy of the Order dated September 22, 2023, is available at https://tinyurl.ph/SiYmS from kccllc, the claims agent. A copy of the Disclosure Statement dated September 22, 2023, is available at https://tinyurl.ph/fBJOQ from kccllc, the claims agent. About Mariner Health Central Atlanta-based Mariner Health Central, Inc. provides administrative, clinic and operational support services to skilled nursing facilities, including the 121-bed facility operated by Parkview Operating Company, LP. Mariner and its affiliates, Parkview Operating Company and Parkview Holding Company GP, LLC, sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 22-10877) on Sept. 19, 2022. The cases were transferred to the U.S. Bankruptcy Court for the Northern District of California (Bankr. D. Del. Lead Case No. 22-41079) on Oct. 25, 2022. The Debtors estimated assets of $1 million to $10 million and liabilities of $10 million to $50 million as of the bankruptcy filing. Judge William J. Lafferty oversees the cases. The Debtors tapped Raines Feldman, LLP as general bankruptcy counsel; Pachulski Stang Ziehl & Jones, LLP as local Delaware counsel; and SierraConstellation Partners, LLC as restructuring advisor. Lawrence Perkins, chief executive officer of SierraConstellation, serves as the Debtors' chief restructuring officer. Kurtzman Carson Consultants, LLC is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Robinson & Cole, LLP. Blanca E. Castro is the patient care ombudsman appointed in the Debtors' bankruptcy case. MEDHAWK POOLS: Unsecureds Will Get 57.84% of Claims over 5 Years ---------------------------------------------------------------- MedHawk Pools & Patio LLC filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization dated October 5, 2023. The Debtor started operations in August 2020. The Debtor operates custom pool construction business. The Debtor is currently owned 50% by Mark Gilbaugh and 50% by Tiffany Gilbaugh. Mr. Gilbaugh will remain the Managing Member and representative of the Debtor going forward. MedHawk Pools had to file bankruptcy due aggressive tactics of the multiple merchant cash advance companies. These tactics by the merchant cash advance companies put an impossible strain on the finances of the company, including the withdrawal of funds and the inability to allow it to pay employees or operate. The Debtor filed this case on July 7, 2023, to seek protection from aggressive collection efforts by creditors that, if continued, would be to the detriment of other creditors by crippling business operations. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into seven classes of Claimants. These claimants will receive cash repayments over a period of time beginning on the Effective Date. While Debtor's Plan proposes to pay claims not to exceed five 5 years, nothing prevents Debtor from prepaying its claims. Class 5 consists of Allowed Impaired Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next 5 years beginning not later than the 15th day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter for the additional 4 years remaining on this date. Debtor may begin on the 15th day of the month after the effective date of confirmation, to begin disbursements to the Class 5 claims. Debtor will distribute up to $940,900.00 to the general allowed unsecured creditor pool over the 5-year term of the plan. The Debtor can make monthly, quarterly or yearly payments as to the Class 5 Claimants. The Debtor's General Allowed Unsecured Claimants will receive 57.84% of their allowed claims under this plan. Any creditors listed in the schedules of Tech-Mar Enterprises LLC as disputed and did not file a claim will not receive distributions under this plan. The allowed unsecured claims total $1,626,632.90. Class 6 consists of Equity Interest Holders. The current owner will receive no payments under the Plan; however, they will be allowed to retain their ownership in the Debtor. Class 6 Claimants are not impaired under the Plan. Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated October 5, 2023 is available at https://urlcurt.com/u?l=ZWNAdb from PacerMonitor.com at no charge. Counsel for Debtor: Robert C. Lane, Esq. Joshua D. Gordon, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Phone: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com Joshua.gordon@lanelaw.com About MedHawk Pools & Patio MedHawk Pools & Patio, LLC is a custom pool builder in Celina, Texas, and surrounding North Dallas areas. It specializes in designing and constructing custom pools and creating outdoor living spaces. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 23-41205) on July 7, 2023, with $1,818,231 in assets and $3,086,584 in liabilities. Mark Gilbaugh, manager, signed the petition. Robert C. Lane, Esq., at the Lane Law Firm, is the Debtor's bankruptcy counsel. MERIDIAN RESTAURANTS: Closes Burger King Location in Mitchell ------------------------------------------------------------- Sam Fosness of Mitchell Republic reports that after serving the area for decades, Mitchell's Burger King has closed its doors, leaving another hole in food options in the north edge of the city. The fast food chain was closed Tuesday, September 26, 2023, with a sign posted on the door that explained the longtime Mitchell restaurant is no longer in business. The sign read, "We regret to inform you that this restaurant is no longer open for business." No additional details of why the Burger King location shut down were provided on the sign. The company that operated Mitchell's Burger King, Meridian Restaurants Unlimited, filed for Chapter 11 bankruptcy this year. Since filing for bankruptcy, the company shut down other Burger King locations it operated prior to closing the Mitchell location. With the closure of Mitchell's Burger King, it joined a growing list of the fast food brand's store closures this year. In March 2023, the company announced 26 Burger King locations were planned to shut down in April. In May, Joshua Kobza, CEO of Burger King’s parent company, Restaurant Brands International, announced additional mass closures were being planned. Kobza indicated as many as 400 Burger King restaurants across the nation could close this year in his statement about the future of the brand. According to the Restaurant Brands International, 124 Burger King restaurants shut down as of May 2023. About Meridian Restaurants Unlimited Meridian Restaurants Unlimited, LC, owner and operator of restaurants in Utah, and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 23-20731) on March 2, 2023. At the time of the filing, Meridian Restaurants Unlimited disclosed $10 million to $50 million in both assets and liabilities. Judge Kevin R. Anderson oversees the cases. The Debtors tapped Markus Williams Young & Hunsicker, LLC as bankruptcy counsel; Ray Quinney & Nebeker P.C. as local and litigation counsel; Peak Franchise Capital, LLC as financial advisor; Hilco Corporate Finance, LLC as investment banker; and Keen-Summit Capital Partners, LLC as real estate advisor. BMC Group, Inc. is the noticing agent. The U.S. Trustee for Region 19 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Foley & Lardner, LLP. MESOBLAST LTD: Jane Bell Appointed as Chair of Audit & Risk Panel ----------------------------------------------------------------- Mesoblast Limited disclosed in a Form 6-K report with the Securities and Exchange Commission that independent director Jane Bell AM has been appointed Chair of the Mesoblast Board Audit and Risk Committee. She will replace retiring Director and Chair of Audit and Risk Committee Michael Spooner. Bell joined the Board in August 2022 and is a banking and finance lawyer with 30 years of corporate finance expertise. She focuses on international investment transactions in the United States, Canada, Australia, and the United Kingdom, including funds management, mergers, acquisitions, and divestments. Commenting on her appointment as Chair of the Audit and Risk Committee, Bell said, "My major focus will be to oversee and support management's ongoing implementation of the Company's cost containment and cash preservation initiatives. As outlined by Chief Executive Silviu Itescu very recently, the Company is targeting a 23% reduction (US$15 million) in annual net operating cash for FY2024 and a 40% annualized reduction in payroll by February 2024 which includes base salaries, short-term incentive payments and contractor fees. As important will be my focus on supporting the Chief Executive and management in the parallel pursuit of corporate initiatives to strengthen the balance sheet of the Company, including royalty monetization and strategic partnerships." Bell is currently Chair of the Audit and Risk Committee of publicly-listed biotechnology company Amplia Therapeutics, and serves as Chair of the Audit Committee and Deputy Chair of Monash Health, Australia's largest and most diverse public health service delivering more than 3.46 million episodes of care across an extensive network of hospitals, rehabilitation, aged care, community health and mental health facilities. From 2014 until 2021 she was a director of U Ethical, Australia's first ethical funds manager with over $1.2 billion of funds under management, and a member of both its Audit and Investment Committees. She has been a former Chair of Melbourne Health as well as of Advisory Groups for the Royal Australian and New Zealand College of Obstetricians and Melbourne Genomics Health Alliance and has been a director of Hudson Institute of Medical Research and Chair of its Intellectual Property and Commercialization Committee. Bell holds a Master of Laws from King's College (London), Bachelor of Laws University of Melbourne, and Bachelor of Economics Monash University. In 2023 Bell was appointed a Member of the Order of Australia (AM) for her significant service to governance in the medical research, healthcare, and not-for-profit sectors. About Mesoblast Headquartered in Melbourne, Australia, Mesoblast Limited -- www.mesoblast.com -- is a developer of allogeneic (off-the-shelf) cellular medicines for the treatment of severe and life-threatening inflammatory conditions. The Company has leveraged its proprietary mesenchymal lineage cell therapy technology platform to establish a broad portfolio of late-stage product candidates which respond to severe inflammation by releasing anti-inflammatory factors that counter and modulate multiple effector arms of the immune system, resulting in significant reduction of the damaging inflammatory process. Mesoblast has locations in Australia, the United States and Singapore and is listed on the Australian Securities Exchange (MSB) and on the Nasdaq (MESO). As of June 30, 2023, the Company had $669.41 million in total assets, $167.58 million in total liabilities, and $501.84 million in total equity. Melbourne, Australia-based PricewaterhouseCoopers, the Company's auditor since 2008, issued a "going concern" qualification in its report dated Aug. 31, 2023, citing that the Company has net cash outflows from operating activities and is dependent upon implementing cost containment and deferment strategies and obtaining additional funding from one or more sources to meet the Company's projected expenditure consistent with its business strategy, and has stated that these events or conditions result in material uncertainty that may cast significant doubt (or raise substantial doubt as contemplated by PCAOB standards) on the Company's ability to continue as a going concern. MHAS COMPANIES: Walter Dahl Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 17 appointed Walter Dahl, Esq., a partner at Dahl Law, as Subchapter V trustee for MHAS Companies, Inc. Mr. Dahl will be compensated at $435 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. In court filings, Mr. Dahl declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Walter R. Dahl Dahl Law 2304 "N" Street Sacramento, CA 95816-5716 Telephone: (916) 446-8800 Telecopier: (916) 741-3346 Email: wdahl@dahllaw.net About MHAS Companies MHAS Companies, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-23330) on Sept. 25, 2023, with up to $50,000 in both assets and liabilities. Judge Fredrick E. Clement oversees the case. Stephan M. Brown, Esq., at The Bankruptcy Group, P.C. represents the Debtor as bankruptcy counsel. MORRIS HOUSING: Hires Joyce W. Lindauer Attorney PLLC as Counsel ---------------------------------------------------------------- Morris Housing Project, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Joyce W. Lindauer Attorney, PLLC as counsel. The Debtor requires legal counsel to effectuate a reorganization, propose a plan of reorganization, and effectively move forward in its bankruptcy proceeding. The firm will be paid at these rates: Joyce W. Lindauer, Esq. $475 per hour Paul B. Geilich, Of Counsel $395 per hour Sydney Ollar, Associate Attorney $250 per hour Laurance Boyd, Associate Attorney $235 per hour Dian Gwinnup, Paralegal $210 per hour In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. The firm received a retainer of $5,000 from the Debtor. Joyce Lindauer, Esq., the owner of the firm, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 Email: joyce@joycelindauer.com About Morris Housing Project, LLC Morris Housing Project LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 23-32419) on June 30, 2023, disclosing under $1 million in both assets and liabilities. The Debtor hires Joyce W. Lindauer Attorney, PLLC as counsel. MY SISTER'S CLOSET: Unsecureds to Split $4,800 in Plan ------------------------------------------------------ My Sister's Closet, LLC, submitted a Second Amended Small Business Plan of Reorganization. The Debtor believes that if it is allowed to reorganize, it can now pay operating costs along with secured and priority creditors to maintain its inventory load and ultimately grow the inventory to develop a more robust sales approach. Class 1 consists of the Secured claim of: The US Small Business Administration (SBA). Regular monthly payments per the contractual terms of $2,486 per month. Payments due after the completion of the plan shall be subject to any future attempts at loan modifications, extensions, or renewals. Class 2 consists of General Unsecured Claims. For the unsecured claims, General Unsecured Creditors shall share in payments from disposable monthly income following years 1 to 5. The Debtor does not anticipate having funds available to pay general unsecured creditors in Year 1 of the plan due to administrative costs. Based on current claims, debtor anticipates paying $4,800 to allowed unsecured claims with pro rata payments during year 5 of the plan. Equity Interest Holders Brandon and Rachael Bargdill shall retain ownership interest in the LLC. Upon Confirmation of the Plan, the Debtor shall make direct payments to all the secured, priority and general unsecured creditors per the provisions above, unless otherwise noted, from its income and any contributions from the Debtor's principal. Debtor believes the market for its services continues to stabilize following lifting of the restrictions from the COVID-19 pandemic. Upon 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 Plan Proponent's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post-confirmation taxes (and proposed Chapter 11 plan payments), of $1,155 in year 1, $441 in year 2, $2974.56 in year 3, $672.48 in year 4, and $1554.72 in year 5. The final Plan payment is expected to be paid in December 2028. A full-text copy of the Second Amended Plan dated October 5, 2023 is available at https://urlcurt.com/u?l=ixkz9x from PacerMonitor.com at no charge. Attorney for Debtor: Ryan A. Blay, Esq. WM Law 15095 W. 116th St. Olathe, KS 66062 Tel: (913) 422-0909 Fax: (913) 428-8549 Email: blay@wagonergroup.com About My Sister's Closet LLC My Sister's Closet, LLC is a retail clothing operation with two brick and mortar locations, in Waterville and Manhattan, Kansas, as well as an online presence at https://mysistersclosetkansas.com/ and an app for Android and for Apple phones. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Kan. Case No. 23-20604) on May 31, 2023, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Rob Messerli of Gunrock Venture Partners has been appointed as Subchapter V trustee. Judge Dale L. Somers oversees the case. The Debtor is represented by Ryan A. Blay, Esq., at WM Law. NANTASKET MANAGEMENT: Court OKs Appointment of Chapter 11 Trustee ----------------------------------------------------------------- Judge Janet Bostwick of the U.S. Bankruptcy Court for the District of Massachusetts approved the appointment of Mark DeGiacomo, Esq., as Chapter 11 trustee for Nantasket Management, LLC. The approval comes upon the application filed by the U.S. Trustee for Region 1 to appoint a bankruptcy trustee to take over Nantasket's Chapter 11 case. Mr. DeGiacomo is a partner at Murtha Cullina, LLP, a Boston-based law firm. Mr. DeGiacomo disclosed in a court filing that he and other members of his firm neither hold nor represent any interest adverse to Nantasket's estate. The Chapter 11 trustee can be reached at: Mark G. DeGiacomo, Esq. Murtha Cullina, LLP 33 Arch Street, 12th Floor Boston, MA 02110 Phone: 617-457-4039 / 617-457-4000 Fax: 617-482-3868 Email: emailmdegiacomo@murthalaw.com About Nantasket Management Nantasket Management, LLC owns six single family homes in Massachusetts valued at $3.047 million in the aggregate. Nantasket Management filed voluntary Chapter 11 petition (Bankr. D. Mass. Case No. 23-11272) on Aug. 11, 2023, with $1 million to $10 million in both assets and liabilities. Michael Kim, manager, signed the petition. Judge Janet E. Bostwick oversees the case. The Law Offices of John F. Sommerstein serves as the Debtor's bankruptcy counsel. NEW AMI I: Fitch Alters Outlook on 'B' LongTerm IDR to Negative --------------------------------------------------------------- Fitch Ratings has revised the Rating Outlook of New AMI I, LLC (dba Associated Materials [AM]) to Negative from Stable and affirmed the company's ratings, including its Long-Term Issuer Default Rating (IDR) at 'B', its $200 million ABL facility at 'BB'/'RR1' and its $550 million Term Loan B at 'B+'/'RR3.' The revision of the Outlook to Negative from Stable reflects the company's weak operating results due to softness in the repair and remodel (R&R) and new home construction markets. The Negative Outlook also reflects AM's aggressive capital allocation strategy and its decision to make a $171.7 million distribution to its shareholders, which was funded by sale leaseback transactions, while revenues and margins are pressured from the weak operating environment. AM's leverage and coverage metrics are likely to remain outside of Fitch's negative sensitivities through at least the first half of 2024 before improving by year-end 2024. Fitch expects that margins will progressively improve, leading to improvement in EBITDA leverage and EBITDA interest coverage by the end of 2024. KEY RATING DRIVERS Leverage and Coverage Temporarily Outside Sensitivities: For the LTM ending July 1, 2023, Fitch-calculated EBITDA leverage was 6.7x, compared with 4.2x at year-end 2022 and Fitch's downgrade sensitivity of above 5.5x. Similarly, EBITDA interest coverage was 1.6x for the July 1, 2023 LTM period compared with 2.6x in 2022 and Fitch's sensitivity of below 2.0x. A 7% decline in revenues for the July 1, 2023 LTM period versus calendar year 2022 and a 210 bp contraction in EBITDA margin (including the negative impact of recently completed sale leaseback transactions) is primarily attributable to the deterioration in credit metrics. Fitch expects margins to improve progressively in the coming quarters and in 2024, and for EBITDA leverage to situate around 5.8x at year-end 2023 before declining to 5.5x or lower at the end of 2024. Fitch also expects EBITDA interest coverage will be around 1.9x in 2023 and 2024. While Fitch expects improving margins in 2H23 and during 2024, AM could report lower margins if input costs increase again and the company has difficulty raising prices further due to a weak demand environment. The lack of margin improvement could cause the ratings to be downgraded. Weak Operating Environment: Fitch forecasts further weakening of the demand environment in the next 12-18 months as new residential construction and R&R activity are projected to decline amid an uncertain economic backdrop and slower consumer spending. Fitch expects AM's revenues will fall 12%-13% during 2023 and another 2%-4% in 2024. Fitch projects EBITDA margin will contract 75bps-125 bps in 2023 due to lower volumes. EBITDA margin is forecast to improve slightly in 2024 in a stable input cost environment and AM further realizes margin improvement from its AM25 initiative. Volatility of Raw Material Costs: The company has historically been able to pass along higher input costs through selling price increases, including in 2022 and 2023 when the industry experienced meaningfully higher material, labor and freight costs. Fitch believes that it may be more challenging to continue to raise prices if input costs inflate further given meaningful increases already realized in the past year and expectations of a weaker demand environment in the next 12-18 months. These factors are risks to Fitch's forecast and could result in worse margin performance and weaker metrics than Fitch currently anticipates. End-Market Diversification Tempers Cyclicality: Fitch views AM's well-diversified end-market exposure positively, with about 70% of revenues directed to the repair and remodel segment, which is less cyclical than new construction activity. The remaining 30% of revenues are directed to the new construction market. While Fitch views exposure to the R&R segment positively, Fitch notes that AM's window and siding products are generally higher-priced products and more discretionary compared with less volatile non-discretionary and lower-priced building products like roofing, paint and plumbing products. Nevertheless, Fitch expects the company to generate relatively stable revenues and margins through the cycle. During the great financial recession, AM's revenues fell 16% between 2006 and 2009 and EBITDA declined 27% from 2006 to 2008, although the company at that time had a heavier exposure to the new construction, with 40% of sales derived from this market. Broad Product Offering and Distribution Footprint: AM has a comprehensive offering of exterior home products, allowing the company to be a single-source provider of these products. Manufactured products include windows and a portfolio of cladding and complementary products. This is supplemented by AM's Outside Purchased Products (OPP) and installation services, which provides various exterior building products including roofing, other cladding products, insulation and other complementary products. AM has a broad manufacturing and distribution footprint and a unique dual-distribution strategy that combines a network of company-operated supply centers (75% of sales) with a complementary network of independent distributors and dealers (25%). Fitch believes this approach is a credit positive as AM has more operational control through its company-operated supply centers while also expanding and diversifying its customer base and geographic reach through its direct sales channel. However, this approach also results in higher fixed costs for the company compared with other manufacturers who sell to direct sales channels, which could pressure margins disproportionately in a weak operating environment. Modest Profitability and FCF: AM's EBITDA and FCF margins (cash flow from operations less capex and dividends) are weaker than Fitch-rated competitors in the exterior building products sector. EBITDA margins are somewhat weighed down by lower margins from its Outside Purchased Products and Other Services segments, which have lower contribution margins compared to AM's manufactured products, as well as the negative impact of higher rent expense associated with the company's recently completed sale-leaseback transactions. AM's Fitch-calculated EBITDA margin of 6%-7% is below those of similarly and higher-rated manufacturer peers, whose EBITDA margins are in the low double-digit to mid-teen percentages. Additionally, Fitch-rated building products distributors have EBITDA margins in the high-single digit to low-teen percentages, which generally reflect their large scale. Fitch expects AM will generate FCF margin of negative 12% to 13% in 2023 due to higher expenses associated with its restructuring initiatives and the $171.7 million distribution this year. Fitch projects the company will generate flat to slightly positive FCF margin in 2024. Longer-term, Fitch expects FCF margins of 1%-2%, which should allow the company to strengthen liquidity or modestly pay down debt. SVPGlobal Ownership: Fitch views the ownership concentration and lack of board independence as a potential risk to sound capital allocation strategies. Fitch had initially viewed the moderate leverage employed by the sponsor for its acquisition of AM as an indication of a more-conservative posture. However, Fitch views negatively the recent distribution to shareholders, which was executed amid a weak operating environment and significant margin pressure. Fitch's rating case forecast does not assume additional distributions to the sponsor through at least 2025. Additional distributions while credit metrics are weak will likely result in negative rating actions. DERIVATION SUMMARY AM's 'B' IDR reflects the company's market position and competitive pressures in the highly fragmented windows, cladding and building products distribution markets. The company's modest EBITDA and FCF margins, the volatility of raw material costs, and the cyclicality of the residential construction market are also factored into the rating. The company's IDR also reflects its broad product offering of exterior building products, extensive manufacturing and distribution footprint and unique dual-distribution strategy, meaningful exposure to the less cyclical repair and remodel sector, and adequate liquidity position. AM's Fitch-calculated EBITDA leverage is higher compared with MIWD Holding Company LLC (BB-/Stable). AM and MIWD are relatively similar in size, but AM has a broader product offering. AM's EBITDA and FCF margins are lower compared with MIWD, but has significantly greater exposure to the less-cyclical repair and remodel segment than MIWD. KEY ASSUMPTIONS - Housing starts fall 10% in 2023 and decline low single-digits in 2024; - Repair and remodel spending contracts 3%-4% in 2023 and declines low to mid-single digits in 2024; - Revenues fall 12%-13% in 2023 and 2%-4% in 2024; - EBITDA margin of 6%-7% in 2023 and 6.5%-7.5% in 2024; - FCF margin of negative 12%-13% in 2023 and flat to slightly positive FCF margin in 2024; - EBITDA interest coverage of around 2.0x in 2023 and 2024; - EBITDA leverage of 5.8x at YE2023 and 5.5x at the end of 2024. RECOVERY ANALYSIS ASSUMPTIONS The recovery analysis assumes that AM would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch has revised its GC EBITDA estimate to $86 million from $95 million due to the expectation of lower EBITDA arising from higher rent expense from the recently completed sale leaseback transactions. AM's GC EBITDA of $86 million estimates a post-restructuring sustainable level of EBITDA. The GC EBITDA is based on Fitch's assumption that distress would arise from further weakening in the residential construction market combined with a loss of a major customer or several smaller customers. Fitch estimates that annual revenues would be about 20% below 2022 levels and Fitch-adjusted EBITDA margins of about 6% (previously 7%) would capture the lower revenue base of the company following the distress, plus a sustainable margin profile after right-sizing, which results in Fitch's $86 million GC EBITDA assumption. During the last cycle, AM's revenues fell 16% peak to trough while its EBITDA declined about 27%. The GC EBITDA of $86 million is about 36% below 2022 levels, 4% lower than July 1, 2023 LTM EBITDA, and 14% below Fitch's EBITDA forecast for 2023. Fitch assumed a 5.5x enterprise value (EV) multiple to calculate the GC EV in a recovery scenario. The company was acquired by funds managed by SVPGlobal at a 6.6x pro forma adjusted EBITDA multiple or 7.4x adjusted EBITDA multiple. The 5.5x multiple is similar to the multiple applied in the analysis of Doman Building Products Group and lower than the EV multiples used for LBM Acquisition, LLC (6.0x), Park River Holdings, Inc. (6.0x) and Chariot Holdings, LLC (dba Chamberlain Group; 6.5x). Fitch assumes that the borrowing base under the company's $200 million ABL would shrink in a recovery scenario as inventory and receivable balances would likely decline in tandem with revenues and EBITDA. To determine the ABL amount outstanding at the time of a potential recovery scenario, Fitch assumes the borrowing base would be about 70% of total ABL capacity of $200 million. The analysis results in a recovery corresponding to an 'RR1' for the ABL revolver and a recovery corresponding to an 'RR3' for the term loan B. RATING SENSITIVITIES Factors that could, individually or collectively, lead to a Stable Outlook: - EBITDA leverage approaching 5.5x; - EBITDA margin situating between 6.5%-7.0%. Factors that could, individually or collectively, lead to positive rating action/upgrade: - Fitch's expectation that EBITDA leverage will be sustained below 4.0x; - EBITDA margins are consistently above 9%; - Fitch's expectation that the company will maintain FCF margins above 2%; - The company increases its scale. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Fitch's expectation that EBITDA leverage will be sustained above 5.5x; - EBITDA interest coverage consistently below 2.0x; - Fitch's expectation that FCF generation will be sustained at neutral or negative levels. LIQUIDITY AND DEBT STRUCTURE Good Liquidity Position: The company has a good liquidity position, supported by $51.3 million of cash as of July 1, 2023 and $140.2 million of borrowing availability under its $200 million ABL facility that matures in 2027. AM had $50 million borrowed under its ABL facility as of July 1, 2023. Cash at the end of 2Q23 was used to fund $43.3 million of distributions to the sponsor in July 2023. The company does not have any debt maturities until 2027, and quarterly amortization of 0.25% of the original principal amount of the term loan B is manageable given Fitch's expectation of low-single-digit FCF generation in the next few years. ISSUER PROFILE New AMI I, LLC (dba Associated Materials) is a vertically integrated manufacturer and distributor of exterior building products in the U.S. and Canada, including vinyl windows and vinyl and composite cladding and metal coil and cladding. AM also sells complementary products that are sourced from other manufacturers, such as roofing materials, cladding materials, insulation, exterior doors and equipment and tools. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch adds back nonrecurring expenses and stock-based compensation to EBITDA. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- New AMI I, LLC LT IDR B Affirmed B senior secured LT BB Affirmed R1 BB senior secured LT B+ Affirmed RR3 B+ NEW BEGINNING: October 18 Hearing on Disclosure Statement --------------------------------------------------------- Judge Mildred Caban Flores has entered an order that a hearing on approval of New Beginning Realty Corp.'s Disclosure Statement is scheduled for October 18, 2023, at 9:00 AM, at the United States Bankruptcy Court, Jose V. Toledo Federal Building and US Courthouse, second floor, Courtroom 1, 300 Recinto Sur Street, Old San Juan, Puerto Rico. Objections to the form and content of the Disclosure Statement must be in writing and filed and served not less than 14 days prior to the hearing. About New Beginning Realty Corp. New Beginning Realty Corp., a company in San Juan, P.R., filed its voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case No. 23-01049) on April 12, 2023, with as much as $1 million to $10 million in both assets and liabilities. Carlos A. Quinones Alfonso, president of New Beginning Realty Corp., signed the petition. Noemi Landrau Rivera, Esq., at Landrau Rivera & Assoc., serves as the Debtor's legal counsel. O-I GLASS: Incurs $60MM Charge Over Waco Plant Closure ------------------------------------------------------ O-I Glass, Inc. disclosed in a Form 8-K Report filed with the Securities and Exchange Commission that the Company has approved the closure of its Waco, Texas glass container plant, effective on or after October 16, 2023. The Company intends to facilitate the closure for the approximately 300 people impacted at the Waco plant and remains strongly focused on optimizing the overall efficiency of, and investments in, its regional plant network. Current customers of the plant will be served by other domestic plants in the Company's network. The decision to close the Waco plant is consistent with the Company's previously communicated initiatives to improve performance across its operations Subject to the finalization of certain estimates, the Company also expects to record a charge associated with the Waco closure of approximately $60 million in the third quarter of 2023. Major components of the charge include approximately $32 million for impairment of plant-related assets, such as furnaces and machinery, and $28 million for one-time employee separation benefits and other costs related to the closing. Of these, approximately $21 million relates to future cash expenditures. About O-I Glass Headquartered in Perrysburg, Ohio, Owens-Illinois Group, Inc. is a global glass packaging company (measured by revenue). As of June 30, 2023, O-I Glass reported $9.911 billion in total assets and $7.768 billion in total liabilities. In September 2022, S&P Global Ratings raised the issuer credit rating to 'BB-' from 'B+' on O-I Glass with stable outlook. "The stable outlook reflects our expectation that O-I will maintain leverage lower than 5x on an S&P Global Ratings adjusted basis. We believe the company's restructuring and operational investments will help limit impacts if a broader recession takes hold or natural gas availability in the EU becomes significantly limited," the firm said. In August 2022, Moody's Investors Service assigned a Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating and SGL-1 Speculative Grade Liquidity rating to O-I Glass. The outlook has been changed to stable from positive. The ratings upgrade reflect Moody's expectation of the continued strengthening of O-I's credit profile following the successful and on-going repositioning of the company's portfolio, greater predictability of free cash flow generation, and a commitment by the management team to further reduce leverage. The stable outlook reflects Moody's expectation that O-I will grow revenue organically, improve profitability and generate free cash flow that can be used to reduce debt. OCINOMLED LTD: Seeks to Hire Denis L. Abramowitz as Accountant -------------------------------------------------------------- Ocinomled, Ltd., doing business as Delmonico's, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Denis L. Abramowitz & Co., PLLC as its accountant. The firm will render these services: a. prepare monthly operating reports and financial statement information; b. provide additional activities, including meetings with creditors, attorneys, bankers, and other experts, representing either the Debtor or others involved in are organization, and participation in court proceedings; and c. provide the all federal, state and local tax returns for the Debtor and assist with its compliance with an ongoing New York State sales tax audit. Denis L. Abramowitz will be paid at the hourly rate of $450 and Joseph Castoro, CPA will charge $350 per hour for his services. Denis L. Abramowitz will also be reimbursed for reasonable out-of-pocket expenses incurred. Denis Abramowitz, CPA, partner of Denis L. Abramowitz CPA PLLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. The firm can be reached at: Denis L. Abramowitz, CPA DENIS L. ABRAMOWITZ CPA PLLC 3836 Flatlands Avenue Brooklyn, NY 11234 Tel: (718) 377-1200 About Ocinomled Ltd. Ocinomled, Ltd., doing business as Delmonico's, filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 23-11155) on July 24, 2023, with up to $10 million in both assets and liabilities. Michelle Grgurev, chief executive officer, signed the petition. Judge John P. Mastando III oversees the case. Randall S. D. Jacobs, PLLC is the Debtor's legal counsel. OPPENHEIMER HOLDINGS: Moody's Affirms 'Ba3' CFR, Outlook Stable --------------------------------------------------------------- Moody's Investors Service has affirmed Oppenheimer Holdings, Inc.'s Ba3 corporate family rating and its Ba3 backed senior secured rating. Oppenheimer's outlook remains stable. RATINGS RATIONALE The ratings' affirmation reflects the firm's solid franchise, business diversification, growing mix of advisory revenue, and relatively strong debt leverage. The company's private client segment has performed well over the past several years, aided by increased revenue generated by advisory fees and higher interest rates. The firm's favorable business diversification reduces its sensitivity to inherently unpredictable macroeconomic variables, and allows it to succeed in a variety of operating environments. The ratings also reflect the cyclicality inherent to its capital markets segment, which has volatile revenue and earnings. Capital markets issuance declined considerably during 2022, weighing significantly on this segment's revenue and profitability. However, Moody's expects Oppenheimer's revenue to continue to benefit from higher interest rates through the remainder of 2023 and into 2024, because it earns interest revenue on uninvested client cash balances through its cash sweep program. In the longer-term, this benefit may be less pronounced than some peers because Oppenheimer does not use fixed rate agreements or interest rate swaps to hedge its exposure to fluctuations in rates, making this revenue source more vulnerable to lower rates. Oppenheimer's debt is entirely fixed-rate, limiting any negative impact from higher rates on its EBITDA/interest coverage ratio. The firm's Moody's-adjusted debt/EBITDA for the trailing twelve months ended June 30, 2023 was a solid 3.1x, although worsened from a strong 1.6x for the trailing-twelve months ended June 30, 2022, with the ratio in the more recent period driven by weaker results in capital markets and significant legal costs. Moody's expects that significant legal charges are unlikely to continue to this magnitude, and that the firm should improve its profitability and debt leverage over the next 12-18 months. Moody's said that Oppenheimer's favorable debt leverage ratio is susceptible to event risk associated with a debt-funded acquisition, although the firm has demonstrated a considerable degree of discipline in having not made a material acquisition for a number of years. Oppenheimer's Ba3 backed senior secured rating is at the same rating level as its Ba3 CFR, given that Oppenheimer does not have any other debt or debt-like obligations in its capital structure, except for lease obligations. Oppenheimer's stable outlook is based on Moody's expectation that it will continue to benefit from its diversified business mix, growing advisory revenue and higher interest rates, while also experiencing revenue and earnings volatility in its capital markets segment. The stable outlook also reflects Moody's expectation that the firm's heightened legal expenses in recent periods will subside, and that profitability should improve over the next 12-18 months, and that it will maintain favorable debt leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Oppenheimer's ratings should it achieve sustainable revenue growth during periods of lower capital markets activities or should it significantly pay-down debt leading to a sustained improvement in debt leverage. A sustained improvement in risk management and controls could also lead to an upgrade. Moody's could downgrade Oppenheimer's ratings should it make a debt-funded acquisition, particularly if such an acquisition is outside of its core competencies or into higher-risk business activities. Revenue and profitability declines that lead to a worsening in Moody's-adjusted debt leverage ratio to above 3.5x on a sustained basis or any significant new risk management failure or litigation costs that damage its franchise could also lead to a downgrade. The principal methodology used in these ratings was Securities Industry Service Providers Methodology published in November 2019. ORION TECHNOLOGIES: Gets OK to Sell Assets to JES for $1.5-Mil. --------------------------------------------------------------- Orion Technologies, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to sell most of its assets to Jonathan Engineered Solutions. JES emerged as the winning bidder at the auction held on Sept. 19, offering $1.5 million for the assets. The assets consist of inventory, intellectual property, manufacturing supply contracts, the right to sell products to customer under certain purchase orders, equipment, and other personal property used to operate Orion's business. JES initially made an offer in the amount of $645,130, which was increased to $1.5 million at the auction. The amount does not include the closing price adjustment and post-closing payment. Meanwhile, Kontron America Inc. was selected as the back-up bidder, offering more than $1.4 million. "The successful bid and the back-up bid are both fair, constitute full and adequate consideration and reasonably equivalent value for the assets, and are in the best interests of [Orion], its estate, creditors, and all parties in interest," Judge Tiffany Geyer held. Judge Geyer ordered Orion to pay Elma Electronic, Inc. its break-up fee in the amount of $50,000. The bankruptcy judge had previously approved Elma Electronic, Inc. as the stalking horse bidder. The company offered to pay Orion $585,130 in cash, plus the closing price adjustment. About Orion Technologies Orion Technologies, LLC, is a technology company that specializes in single board computers as well as full system design and development. The company is based in Orlando, Fla. Orion Technologies sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01867) on May 17, 2023, with $2,047,840 in assets and $20,342,885 in liabilities. Judge Tiffany P. Geyer oversees the case. James C. Moon, Esq., at Melano Budwick, P.A., is the Debtor's legal counsel. PEGASUS HOME: Cuts Stalking Horse Fee ------------------------------------- Alex Wittenberg of Law360 reports that a Delaware bankruptcy judge said Wednesday, September 27, 2023, that she would allow pillow-maker Pegasus Home Fashions Inc. to go ahead with a sale process for its assets after the company reduced expense reimbursements for its stalking horse to $100,000 from $1 million, an amount the judge said had "shocked the court.". About Pegasus Home Fashions Pegasus Home Fashions Inc. manufactures house furnishing products. The Company offers pillows, memory foam, quilts, bedspreads, blankets, throws, sheet sets, pet beds, furniture protectors, and mattress pads. Pegasus Home Fashions serves customers in the United States. Pegasus Home Fashions sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11236) on August 24, 2023. In the petition filed by Timothy Boates, as chief executive officer, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Michael R. Nestor, Esq., at Young Conaway Stargatt & Taylor. PENNSYLVANIA ECONOMIC: S&P Lowers 2013A Rev. Bonds Rating to 'CCC' ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating three notches to 'CCC' from 'B' on Pennsylvania Economic Development Financing Authority's (PEDFA) series 2013A senior parking revenue bonds. The outlook is negative. "The downgrade reflects our view that the parking system is at heightened risk of default on all financial obligations," said S&P Global Ratings credit analyst Scott Shad. Specifically, the parking system has a reimbursement obligation due May 31, 2024, to Assured Guaranty Municipal Corp. (AGM) for draws on a debt service reserve fund (DSRF) surety policy that was necessary to pay the authority's series 2013C junior-lien bonds. We view this reimbursement obligation payment to be a contingent liability risk that, if not paid or extended, would result in immediate acceleration of the series 2013A senior parking revenue bonds. Parking system gross revenues secure the bonds. S&P evaluates the parking system enterprise's ability to meet debt service obligations, however, on a net basis after payment of expenses and any other fixed costs. The entire DSRF requirement for the series 2013A bonds is satisfied with AGM DSRF sureties. The parking system has consolidated, all-inclusive debt of approximately $358.7 million, including senior and subordinate bonds, promissory notes, accreted interest, capital lease obligations, and subordinate reimbursement obligations. In accordance with S&P's criteria, the 'CCC' rating reflects its opinion that the parking system is at heightened risk of default on the series 2013A senior parking revenue bonds due to contingent liability risk exposure from reimbursement obligations owed to AGM, due May 31, 2024, following draws on the series 2013C junior-lien DSRF surety equal to about $2.06 million as of Aug. 31, 2023. Failure by the parking system to repay the obligation on that date would result in an indenture default if not repaid or extended with AGM's and the county's consent, resulting in acceleration on the series 2013A senior parking revenue bonds. However, acceleration would require approval by the credit enhancers, AGM, and Dauphin County. In addition, the parking system has insufficient available liquidity to cover the reimbursement obligation owed to AGM. The rating further reflects a highly leveraged parking system with escalating debt service (about 3% annually over the next 10 years) requiring regular increases to parking rates S&P already considers relatively high within a price-sensitive service area. The negative outlook reflects that there is at least a one-in-three chance S&P could lower the rating by one or more notches within the next year. S&P said, "We could lower the rating if we believe there is a virtual certainty of nonpayment on all of the authority's financial obligations, including the reimbursement obligation owed to AGM if not extended. Furthermore, we could lower the rating if there is a waiver of indenture provisions, including acceleration, default, announcement of expected default, or any type of distressed exchange of senior-lien bonds. "We could revise the outlook to stable or raise the rating if the parking system is able to regain structural balance and maintain debt service coverage, per our calculations, near or above 1x on all of its financial obligations, including reimbursement obligations, on a sustainable basis over a multiyear period." PINEAPPLE EXPRESS: Hires Joyce W. Lindauer Attorney as Counsel -------------------------------------------------------------- The Pineapple Express, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Joyce W. Lindauer Attorney, PLLC as counsel. The Debtor requires legal counsel to effectuate a reorganization, propose a plan of reorganization, and effectively move forward in its bankruptcy proceeding. The firm will be paid at these rates: Joyce W. Lindauer, Esq. $475 per hour Sydney Ollar, Associate Attorney $250 per hour Laurance Boyd, Associate Attorney $235 per hour Paralegals/Legal Assistants $65 to $210 per hour In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. The firm received a retainer of $9,238 from the Debtor. Joyce Lindauer, Esq., the owner of the firm, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 Email: joyce@joycelindauer.com About The Pineapple Express, LLC The Pineapple Express, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 23-70102) on August 22, 2023, disclosing under $1 million in both assets and liabilities. The Debtor is represented by JOYCE W. LINDAUER ATTORNEY, PLLC. POLLO FELIZ: Case Summary & 16 Unsecured Creditors -------------------------------------------------- Debtor: Pollo Feliz, Inc. 1779 N. Zaragoza Rd Suite D El Paso, TX 79936 Chapter 11 Petition Date: October 10, 2023 Court: United States Bankruptcy Court Western District of Texas Case No.: 23-31051 Debtor's Counsel: Carlos Miranda, Esq. MIRANDA & MALDONADO, PC 5915 Silver Springs Bldg. 7 El Paso, TX 79912 Tel: (915) 587-5000 Email: cmiranda@eptxlawyers.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Katana Chavez as vice president. A full-text copy of the petition containing, among other items, a list of the Debtor's 16 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/C662FYA/Pollo_Feliz_Inc__txwbke-23-31051__0001.0.pdf?mcid=tGE4TAMA PRIMEX CLINICAL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Primex Clinical Laboratories, Inc. 16742 Stagg Street Suite 120 Van Nuys, CA 91406 Business Description: The Debtor is a medical laboratory in Los Angeles, California. Chapter 11 Petition Date: October 10, 2023 Court: United States Bankruptcy Court Central District of California Case No.: 23-11446 Debtor's Counsel: Garrick A. Hollander, Esq. WINTHROP GOLUBOW HOLLANDER, LLP 1301 Dove Street, Suite 500 Newport Beach, CA 92660 Tel: 949-720-4100 Fax: 949-720-4111 Email: ghollander@wghlawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Oshin Harootoonian as chief executive officer. 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/CXCDO5Y/Primex_Clinical_Laboratories_Inc__cacbke-23-11446__0001.0.pdf?mcid=tGE4TAMA PROJECT ALPHA: Moody's Hikes CFR to B2 & Rates New $2.4BB Loan B2 ----------------------------------------------------------------- Moody's Investors Service upgraded Project Alpha Intermediate Holding, Inc.'s (Qlik) Corporate Family Rating to B2 from B3 and Probability of Default Rating to B2-PD from B3-PD. Concurrently, Moody's assigned a B2 rating to Qlik's proposed $2.4 billion backed senior secured first lien term loan B due 2030 and $200 million backed senior secured first lien revolving credit facility due 2028. The outlook is stable. Net proceeds of the term loan will be used to repay Qlik's outstanding secured debt and Talend's outstanding privately placed debt. Upon repayment, Moody's will withdraw ratings of Project Alpha Intermediate Holding, Inc.'s existing backed senior secured term loan due April 2024 and backed senior secured revolver due October 2023. The upgrade of CFR to B2 reflects Moody's expectation that Qlik will continue to maintain good operating performance and ARR growth. Leverage, which has decreased to around 5.2x (Qlik standalone) as of LTM June 2023, will increase to approximately 6.5x as of LTM September 2023 pro forma for the transaction (excluding any pro-forma cost savings). However, Moody's expects that leverage will decrease to the mid 5x range (and below 5x when adjusting for change in deferred revenue) by the end of 2024, driven by revenue growth and realization of cost actions. Qlik has maintained consistently positive free cash flow generation for the past five years, going below $100m only in 2022 and the LTM period ended June 2023 during a time of cloud investment, negative operating impacts from the ongoing transition to a SaaS model, and higher interest expenses. The upgrade also reflects Qlik's extension of its debt maturity profile and an expectation for continued growth and solid operating performance in the next few years as the company integrates Talend and realizes its post-acquisition cost saving initiatives. The stable outlook is predicated on the success of integration and cost actions, as well as maintenance of credit metrics such that debt to EBITDA remains below 6x and free cash flow (FCF) to debt remains in the mid-to-high single digit range. While the Talend acquisition and subsequent leveraging transaction reflect an aggressive financial policy, the transaction adds both scale and further data integration / quality capabilities to Qlik's solution offerings. RATINGS RATIONALE Qlik's CFR is constrained by the company's moderate financial leverage, narrow scope of products within the competitive business intelligence and analytics (BIA) as well as data integration markets, and challenges of converting existing perpetual license users to subscription licenses. Qlik competes against large and well capitalized firms with superior distribution and bundling capabilities including Microsoft, SAP, and Salesforce (Tableau). Moody's expects that Qlik will continue to deploy aggressive financial policies as a private, controlled company. Qlik benefits from an increasingly recurring revenue profile and good geographic diversity. The company's solutions are consistently regarded as a leader in the BIA market, which partially mitigates the intense competitive pressures of the industry. With the Talend acquisition, Qlik's scale and data integration capabilities have also improved. Qlik has historically generated consistently positive FCF, which Moody's expect to continue in 2024 after the successful integration of Talend in 2023. With the new financing, Qlik will have around $550 million of total pro forma liquidity (approximately $350 million cash and $200 million of new revolver availability) as of September 30, 2023. Moody's does not expect the company to keep cash above $200 million for an extended period of time as excess cash will likely be used for reinvestment into the company and M&A activity. The stable outlook reflects Moody's expectation that Qlik will continue to grow organic revenues at least in the low-single digit range. Moody's also expects that Qlik will de-lever to below 5x debt/EBITDA on a cash-adjusted basis (adjusting for change in deferred revenue) and to the mid 5x range on a non-cash adjusted basis in the next 12-18 months driven by both revenue growth and cost actions associated with the Talend acquisition. Moody's anticipates that Qlik's FCF, while modestly negative in 2023, will improve to near $100 million in 2024. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Qlik's ratings could be upgraded if the company builds a track record of conservative financial policies, sustains debt/ EBITDA below 5x, and FCF/debt approaches 10%. Qlik's ratings could be downgraded should the company's operating performance weaken such that debt/ EBITDA remains above 6.5x or FCF/debt is sustained below the mid-single digit range. In addition, Qlik could face ratings pressure if liquidity deteriorates or the company engages in actions characterized by a significantly aggressive financial policy. The principal methodology used in these ratings was Software published in June 2022. Qlik is a provider of business intelligence and data analytics solutions to over 42,000 unique customers worldwide (inclusive of Talend). The Company's software products help users integrate and harmonize disparate data streams to improve analysis across different groups and lines of business within an organization. The solutions are delivered on-premise via term licenses or through the cloud as a Software-as-a-Service (SaaS) solution. Qlik is wholly owned by private equity firm Thoma Bravo following the take-private LBO in August 2016. Revenue for the twelve months ending June 30, 2023 was around $900 million (and revenue PF for Talend is estimated at over $1.2 billion). PROTERRA INC: Exec. Bonuses Must Be Harder to Get, Says DOJ ----------------------------------------------------------- Evan Ochsner of Bloomberg Law reports that the Justice Department's bankruptcy watchdog said Proterra Inc. needs to provide evidence that bonus metrics for three top executives are difficult enough to warrant potentially $4 million in incentive pay. "For a bonus plan to be incentivizing, it should be tied to significant goals that are difficult to achieve," the US Trustee said in an objection filed Wednesday in the US Bankruptcy Court for the District of Delaware. Proterra, which makes electric vehicle components, earlier this month proposed an incentive program for the company's CEO, CFO and general counsel. About Proterra Inc. Proterra Inc.'s business involves designing, manufacturing and selling electric transit buses and components, batteries, and electric drive trains; and providing and selling related products and services. Proterra Inc. and its affiliate, Proterra Operating Company, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11120). At the time of the filing, the Debtors reported $500 million to $1 billion in both assets and liabilities. Judge Brendan Linehan Shannon oversees the cases. Young Conaway Stargatt & Taylor, LLP represents the Debtors as legal 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. Andrew Vara, Acting U.S. Trustee for Regions 3 and 9, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Morris James, LLP as Delaware counsel; Berkeley Research Group, LLC as financial advisor; and Miller Buckfire as investment banker. SABRINAS ATLANTIC: Updates Unsecured Claims Details; Amends Plan ---------------------------------------------------------------- Sabrinas Atlantic Window Cleaning and Pressure Cleaning, LLC, and Rachel Euler submitted a Second Amended Joint Subchapter V Plan of Reorganization dated October 5, 2023. The Plan provides for the orderly payment of Allowed Claims with the Debtors' projected disposable income over the life of the Plan. The Debtors will pay in full all Allowed Administrative Claims on the Effective Date, unless otherwise agreed to by the holder of any such claim. The Debtors project having approximately $40,000.00 in Cash in the Debtors' DIP accounts on the Effective Date. In addition, the Debtors have escrowed an additional $11,000.00 throughout the bankruptcy cases to pay the administrative expense claim of the Subchapter V Trustee. On the Effective Date, the Debtors will have sufficient Cash to pay the following amounts due on the Effective Date: (i) the first payment of $9,000.00 due to AWC under the Settlement Agreement, (ii) the Allowed Priority Tax Claim of the IRS in the amount of $11,343.88, and (iii) the administrative expense claim of the Subchapter V Trustee in the current amount of $11,975.65. The Subchapter V Trustee may have supplemental or additional amounts due on the Effective Date, but the Debtors project needing only $35,000.00 out of the $51,000.00 in available Cash to pay amounts due on the Effective Date. The total combined Projected Disposable Income of the Debtors over the life of the Plan is $552,455.00. The Debtors' projections support the ability to make each of the AWC Payments required by the terms of the Settlement Agreement. After accounting for the AWC Payments required to be made after the Effective Date, which total $441,000.00, the Debtors project a balance of $111,455.00 in total combined Projected Disposable Income over the life of the Plan to pay professionals and general unsecured creditors in Class 1 and Class 3 of the Plan. The Debtors estimate professional fees to total approximately $98,000.00, leaving $13,455.00 in projected disposable income, plus an additional estimated amount of $16,000.00 in Cash on the Effective Date, available for general unsecured creditors in Class 1 and Class 3 of the Plan. Classes 1 and 3 consists of General Unsecured Claims. Subject to the requirements of the Plan, the Bankruptcy Code, or a Final Order, Holders of General Unsecured Claims shall receive approximately a Pro Rata Share of the net sum of the Sabrinas Projected Disposable Income and the Euler Projected Disposable Income over a five-year period beginning on the Effective Date, after making payment in full of Allowed Administrative Expense Claims, Fee Claims, the Allowed Priority Tax Claim, and the Claims of AWC in accordance with the terms of this Plan. The Reorganized Debtors shall make equal annual payments of the balance of the net sum of the Sabrinas Projected Disposable Income and the Euler Projected Disposable Income that is remaining after making payments due under this Plan to Allowed Administrative Expense Claims, Fee Claims, the Allowed Priority Tax Claim, and the Claims of AWC, for a period of five years beginning on the Effective Date. Payments to General Unsecured Creditors shall be made on an annual basis, with the first payment due within 12 months after the Effective Date, the second payment due within 24 months after the Effective Date, the third payment due within 36 months after the Effective Date, the fourth payment due within 48 months after the Effective Date, and the fifth payment due within 60 months after the Effective Date. Debtors estimate a total of $280,760.00 in allowed general unsecured claims in Classes 1 and 3. On and after the Effective Date, Euler shall retain her full 100% interest in Sabrinas. The Plan contemplates that the Reorganized Debtors will continue to operate the business of Sabrinas. During the first 12 months of the Plan, Sabrinas intends to rebrand and rename its business as contemplated by the terms of the Settlement. The Reorganized Debtors believe that the continued earnings through the operation of Sabrinas (including under any new name and brand), and Euler's personal income, will be sufficient to fund the payments required to be made under the Plan. Prior to the Effective Date, and subject to the Bankruptcy Code, Final Orders of the Bankruptcy Court, and other applicable law, the Debtors shall use funds generated during the pendency of their bankruptcy cases to pay amounts due in the ordinary course and to fund payments due under the Plan on and after the Effective Date. Except as explicitly required by the Plan, the Reorganized Debtors shall have the sole and absolute discretion to use funds generated after the Effective Date without further notice or approval. A full-text copy of the Second Amended Plan dated October 5, 2023 is available at https://urlcurt.com/u?l=ChOZrl from PacerMonitor.com at no charge. Counsel for the Debtors: Jonathan M. Sykes, Esq. Michael A. Nardella, Esq. Nardella & Nardella, PLLC 135 W. Central Blvd., Suite 300 Orlando, FL 32801 Telephone: (407) 966-2680 Email: jsykes@nardellalaw.com About Sabrinas Atlantic Window Cleaning Sabrinas Atlantic Window Cleaning and Pressure Cleaning, LLC, is in the business of residential window cleaning and pressure cleaning with a small portion of its business consisting of commercial window cleaning and pressure cleaning. The Debtor sought protection from Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-18568) on Nov. 3, 2022. In the petition signed by Rachel Euler, manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Scott M. Grossman oversees the case. Michael A. Nardella, Esq., at Nardella & Nardella, PLLC, is the Debtor's counsel. SCHARN INDUSTRIES: Hires Verdolino & Lowey as Accountant -------------------------------------------------------- Scharn Industries, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Massachusetts to employ Verdolino & Lowey, P.C as accountant. The firm will assist the Debtor in the preparation of monthly operating reports and projections for a Plan of Reorganization to be filed. The firm will be paid at these rates: Principals $525 per hour Managers $275 to $425 per hour Staff $225 to $395 per hour Bookkeepers $225 to $300 per hour Clerical $95 per hour The firm will be paid a retainer in the amount of $ $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Craig R. Jalbert, a partner at Verdolino & Lowey, P.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 at: Craig R. Jalbert, CPA VERDOLINO & LOWEY, P.C 124 Washington Street Foxborough, MA Tel: (508) 543-1720 Fax: (508) 543-4114 About Scharn Industries, LLC Scharn Industries, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-10298) on Feb. 28, 2023. In the petition signed by Scott Scharn, manager, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Janet E. Bostwick oversees the case. The Debtor tapped Gary W. Cruickshank, Esq., at Cruickshank Law as legal counsel and Robert S. Widell as accountant. SIMPLY ESSENTIAL: SRZ's Michael Cook Discusses Court Ruling ----------------------------------------------------------- In his latest article for The Bankruptcy Strategist, titled "DIP Financing and Liens On Avoidance Actions," Schulte Roth & Zabel of counsel Michael L. Cook discusses the Eighth Circuit's recent decision in In re Simply Essentials, LLC. The Eighth Circuit held that "avoidance actions [e.g., preferences, fraudulent transfers] can be sold as property of the [Chapter 7 debtor's] estate." In re Simply Essentials, LLC, 2023 WL 5341506, *1 (8th Cir. Aug. 21, 2023). On a direct appeal from the bankruptcy court, the court affirmed the bankruptcy court's granting of the trustee's motions to compromise and sell property under Bankruptcy Code Sec. 363(f). A creditor had objected, arguing unsuccessfully that "avoidance actions . . . are not part of the bankruptcy estate . . . " Id. As shown below, the Eighth Circuit's holding and reasoning are consistent with the reasoning of other circuits in the asset sale context. More important, the decision has practical significance for Chapter 11 debtor in possession (DIP) lenders. U.S. Trustees and unsecured creditors regularly object to the granting of liens on avoidance actions, but Simply Essentials and other appellate rulings should now eliminate the purported legal obstacle. A copy of the full article is avaiable at: https://www.srz.com/images/content/1/8/v2/189799/101023-Bankruptcy-Strategist-Cook.pdf About Simply Essentials LLC Simply Essentials, LLC, a company that owns and operates a chicken processing plant, filed its voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 20-12633) on Aug. 10, 2020. The petition was signed by David B. Pitman, secretary of Pitman Farms, Inc., sole member and manager. At the time of the filing, Debtor estimated $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Rene Lastreto II oversees the case. Wanger Jones Helsley PC serves as Debtor's legal counsel. SOILOGIC INC: Hires Allen Vellone Wolf as Legal Counsel ------------------------------------------------------- Soilogic, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Allen Vellone Wolf Helfrich & Factor P.C. as legal counsel to handle its Chapter 11 case. The firm will be paid at these rates: Jeffrey A. Weinman $625 per hour Bailey C. Pompea $365 per hour Paralegals $120 to $225 per hour The firm received a $20,000 pre-bankruptcy retainer from the Debtor. Jeffrey A. Weinman, Esq., a partner at Allen Vellone Wolf Helfrich & Factor P.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: Jeffrey A. Weinman, Esq. Bailey C. Pompea, Esq. ALLEN VELLONE WOLF HELFRICH & FACTOR P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Phone: (303) 534-4499 Email: JWeinman@allen-vellone.com BPompea@allen-vellone.com About Soilogic, Inc. Soilogic, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 23-14217-KHT) on September 19, 2023. The Debtor hires Allen Vellone Wolf Helfrich & Factor P.C. as counsel. SONOMA PHARMACEUTICALS: Offers Up to 5-Mil. Shares -------------------------------------------------- Sonoma Pharmaceuticals, Inc., has filed a Form S-1 registration statement with the Securities and Exchange Commission relating to the company's plans to offer up to 5,000,000 shares of common stock. The goal of the plan is to increase Sonoma's total outstanding common stock from 5,177,889 to 10,177,889 shares. According to Sonoma, the net proceeds from this offering will be used for working capital and general corporate purposes. "We have agreed to offer and sell the Securities offered hereby to the purchasers through the placement agent. The placement agent is not required to buy or sell any specific number or dollar amount of the securities offered hereby, but it will use its reasonable best efforts to solicit offers to purchase the securities offered by this prospectus," explained the Company. About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com-- is a global healthcare company developing and producing stabilized hypochlorous acid, or HOCl, products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to have impressive antipruritic, antimicrobial, antiviral, and anti-inflammatory properties. The Company's stabilized HOCl immediately relieves itch and pain, kills pathogens and breaks down biofilm, does not sting or irritate the skin, and oxygenates the cells in the area treated, assisting the body in its natural healing process. The Company sells its products either directly or via partners in 55 countries worldwide. Sonoma Pharmaceuticals reported a net loss of $5.15 million for the year ended March 31, 2023, compared to a net loss of $5.08 million for the year ended March 31, 2022. As of March 31, 2023, the Company had $16.23 million in total assets, $8.25 million in total liabilities, and $7.98 million in total stockholders' equity. Atlanta, Georgia-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated June 21, 2023, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. SORRENTO THERAPEUTICS: Scilex Securities Transfer Finalized ----------------------------------------------------------- Sorrento Therapeutics, Inc. disclosed in a Form 8-K Report filed with the Securities and Exchange Commission that the Company has consummated the previously announced sale to Scilex Holding Company of certain securities that Sorrento held in Scilex. Pursuant to the Stock Purchase Agreement the parties entered into on September 21, 2023, Scilex, through its wholly owned subsidiary, acquired: (i) all of the shares of Scilex common stock owned by Sorrento (other than such shares held in abeyance by Sorrento on behalf of certain warrant holders of Sorrento), (ii) all of the shares of Scilex preferred stock owned by Sorrento, and (iii) all of the warrants for the purchase of shares of Scilex common stock owned by Sorrento for aggregate consideration consisting of: (i) $110 million (comprised of cash payments of $10 million (in the aggregate) and the assumption by Scilex of the approximately $100 million senior secured term loan facility provided by Oramed Pharmaceuticals Inc.; plus (ii) the assumption by Scilex of certain legal fees and expenses of Sorrento in the amount of approximately $12.25 million; plus (iii) a credit bid of all amounts owed to Scilex under the junior secured debtor-in-possession financing facility provided by Scilex to Sorrento. As a result of the Securities Transfer, the Company no longer has a controlling interest over Scilex, and Scilex ceased to be a majority owned subsidiary of Sorrento. Consequently, the Company expects Scilex will be deconsolidated from the Company's financial statements prospectively and will be presented as discontinued operations. Additionally, upon the closing of the Securities Transfer, Sorrento, and Oramed mutually terminated a Stock Purchase Agreement, dated as of August 7, 2023, between Oramed and Sorrento for the sale of Sorrento's equity interests in Scilex to Oramed, which termination includes a release of claims by each of the parties relating to the Oramed SPA. 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. SSG LLC: Asks Court to Approve Auction Agreement With Bullseye -------------------------------------------------------------- SSG, LLC asked the U.S. Bankruptcy Court for the Northern District of Georgia to approve an auction agreement with Bullseye Auction & Appraisal, LLC. The agreement calls for Bullseye to sell SSG's assets through public auction and other conventional sale methods. The assets include the company's inventory and other personal property stored at its warehouse in Jonesboro, Georgia. Under the deal, SSG agreed to pay Bullseye a $2,000 fee for costs of marketing and managing of the auction. The fee will be charged for each auction. The company also agreed to pay the auction firm a commission of 25% of all high bid amounts. In addition, a buyer's premium of 10% will be charged to the purchases on the day of the auction. SSG and the firm anticipate holding a series of auctions commencing with the first auction having a closing bid date of Nov. 2, and conducting private party sales and bulk sales, according to the company's attorney, Leslie Pineyro, Esq., at Jones & Walden, LLC. "The auction is within the sound business judgment of [SSG] as it would remove significant liability from the estate," Ms. Pineyro said in court papers. SSG will use the proceeds from the sale to pay operating expenses to effectuate the auction and the allowed balance amount owed on U.S. Small Business Administration's secured claim. The sale proceeds will also be used to pay the non-default rate of monthly rent to SSG's landlord, Ridgewood Group GA, LLC, for September 2023 forward, and the allowed amount owed on Ridgewood's secured claim. About SSG LLC SSG LLC, doing business as Studio Services Group, provides prop rental, fabrication and refurbishment for commercial television and film productions. It leases storage space, rents props, fabricates sets and props, and sells excess inventory as its ordinary business operations. SSG filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-58340) on Aug. 30, 2023, with up to $10 million in both assets and liabilities. Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC has been appointed as Subchapter V trustee. Judge Sage M. Sigler oversees the case. Leslie Pineyro, Esq., at Jones & Walden, LLC, represents the Debtor as legal counsel. ST. MARGARET'S HEALTH: Hires Adelman & Gettleman as Counsel ----------------------------------------------------------- St. Margaret's Health-Peru and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Adelman & Gettleman, Ltd. as counsel. The firm's services include: a. reviewing and analyzing bank documentation, corporate documentation, contracts to which the Debtors are parties and other necessary documentation and information regarding the Debtors or otherwise evidencing claims which have been or may be asserted against the Debtors or their properties; b. taking appropriate steps in the Chapter 11 Cases to seek approval of a contemplated sale of substantially all of the assets of SMH-P and certain assets of SMH-SV (the "OSF Sale"); c. working with the UST and the Committee on an expedited basis to seek approval of the OSF Sale; d. identifying potential claims of the Debtors' estates and prosecuting or otherwise preserving the claims for the benefit of their estates; e. working with various constituencies which may have claims to particular assets of the Debtors, with a view toward reaching resolutions or otherwise prosecuting the rights of the Debtors before the Court; f. preparing various motions and other Court filings required by the Bankruptcy Code to allow the Debtors to operate in the ordinary course of business in the Chapter 11 Cases as debtors-in-possession and wind down their affairs; and g. advising the Debtors and preparing the appropriate pleadings on actions to be taken in the Chapter 11 Cases, including to (i) obtain authority, if necessary, for the expenditure of cash in the ordinary course of business; (ii) determine the scope of creditors' liens; (iii) commence valuation proceedings to determine the value of collateral held by lenders or lessors; (iv) formulate and draft a Chapter 11 plan of liquidation, if feasible, and (v) perform such other duties and responsibilities of counsel to the debtors-in-possession in the Chapter 11 Cases. The firm will be paid at these rates: Howard L. Adelman $675 per hour Chad H. Gettleman $675 per hour Henry B. Merens $675 per hour Adam P. Silverman $575 per hour Steven B. Chaiken $525 per hour Erich S. Buck $525 per hour Alexander F. Brougham $450 per hour Nicholas R. Dwayne $415 per hour Tevin D. Bowens $375 per hour Paralegals/Law Clerks $150 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: Howard L Adelman, Esq. Henry B. Merens, Esq. Erich S. Buck, Esq. Steven B. Chaiken, Esq. Tevin D. Bowens, Esq. ADELMAN & GETTLEMAN, LTD. 53 West Jackson Blvd., Suite 1050 Chicago, IL 60604 Tel: (312) 435-1050 Fax: (312) 435-1059 About St. Margaret's Health – Peru St. Margaret's Health-Peru and St. Margaret's Health-Spring Valley are providers of healthcare services. The Debtors filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 23-11641) on Aug. 31, 2023. At the time of the filing, the Debtors reported $10 million to $50 million in both assets and liabilities. Judge David D. Cleary oversees the cases. Howard L. Adelman, Esq., at Adelman & Gettleman, Ltd. serves as the Debtors' legal counsel. Hinshaw & Culbertson LLP as special counsel. Huron Consulting Services LLC as financial advisor. Epiq Corporate Restructuring, LLC as its noticing, claims, and balloting agent. ST. MARGARET'S HEALTH: Hires Eide Bailly as Benefit Plan Auditor ---------------------------------------------------------------- St. Margaret's Health-Peru and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Eide Bailly LLP as their benefit plan auditor. Prior to the Petition Date, SMH-P implemented the Illinois Valley Community Hospital 403(b) Plan. Also, prior to the Petition Date, SMH-P implemented the Illinois Valley Community Hospital Defined Contribution Retirement Plan (collectively, the "IVCH Retirement Plan," and together with the 403(b) Plan, the "Benefit Plans"). Eide Bailly will audit the financial statements of the Benefit Plans for the year ended December 31, 2022. The firm will be paid a flat fee of $23,000. 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: Gwen Moser EIDE BAILLY LLP 1545 Associates Dr. Suite 101 Dubuque, IA 52002 Tel: (563) 556-1790 Fax: (563) 557-7842 About St. Margaret's Health - Peru St. Margaret's Health-Peru and St. Margaret's Health-Spring Valley are providers of healthcare services. The Debtors filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 23-11641) on Aug. 31, 2023. At the time of the filing, the Debtors reported $10 million to $50 million in both assets and liabilities. Judge David D. Cleary oversees the cases. Howard L. Adelman, Esq., at Adelman & Gettleman, Ltd. serves as the Debtors' legal counsel. Hinshaw & Culbertson LLP as special counsel. Huron Consulting Services LLC as financial advisor. Epiq Corporate Restructuring, LLC as its noticing, claims, and balloting agent. ST. MARGARET'S HEALTH: Hires Huron Consulting as Financial Advisor ------------------------------------------------------------------ St. Margaret's Health-Peru and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Huron Consulting Services LLC as financial advisor. The firm's services include: a. preparing and analyzing cash flows pursuant to any cash collateral order; b. assisting with: i. Ongoing management of a DIP budget and any required reporting under a DIP budget; ii. Supporting legal counsel with analysis and development of potential plans of reorganization and disclosure statements; iii. Compensation issues and developing retention plans for employees; iv. Assessing contingency plans and potential creditor recoveries under various scenarios; v. Preparing and analyzing cash flows under different strategic alternatives; vi. Financial reporting matters resulting from the Chapter 11 filing, including but not limited to analyses required by the Court, such as the filing of statements of financial affairs, schedules of assets and liabilities, and monthly reporting as required by the UST; vii. Claim reconciliation and objections; and viii. Preparation of communications to employees, customers, and creditors. c. evaluating debt levels and payment capacity as part of any plan of reorganization. d. conducting meetings, supporting communications, and assisting the Debtors in responding to data requests with an unsecured creditors' committee and its professionals, the UST, and other interested parties; e. advising the Debtors on other business matters relating to any reorganization efforts. f. providing expert testimony as required. g. preparing a going concern and liquidation value analysis of the estates' assets. The firm will be paid at these rates: Managing Director $1,050 to $1,100 per hour Senior Director $950 per hour Director $700 per hour Manager $600 per hour Associate $500 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As of the Petition Date, the firm held a combined fee retainer balance of $150,456.75 and a combined expense retainer balance of $3,560.45. James E. Nugent, a managing director at Huron Consulting 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: James E. Nugent HURON CONSULTING LLC 550 W. Van Buren St., #1700 Chicago, IL 60607 Telephone: (646) 675-7065 Email: rbouley@hcg.com About St. Margaret's Health – Peru St. Margaret's Health-Peru and St. Margaret's Health-Spring Valley are providers of healthcare services. The Debtors filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 23-11641) on Aug. 31, 2023. At the time of the filing, the Debtors reported $10 million to $50 million in both assets and liabilities. Judge David D. Cleary oversees the cases. Howard L. Adelman, Esq., at Adelman & Gettleman, Ltd. serves as the Debtors' legal counsel. Hinshaw & Culbertson LLP as special counsel. Huron Consulting Services LLC as financial advisor. Epiq Corporate Restructuring, LLC as its noticing, claims, and balloting agent. ST. MARGARET'S HEALTH: Taps Hinshaw & Culbertson as Special Counsel ------------------------------------------------------------------- St. Margaret's Health-Peru and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Hinshaw & Culbertson LLP as special counsel. The firm will represent the Debtors in connection with any or all the matters now known or hereafter arising during the Chapter 11 cases including: a. state and federal regulatory matters, including without limitation Medicare/Medicaid Antikickback Statute and the Ethics and Patient Referral Act; b. asset sales and related transactions; c. professional malpractice and related insurance matters; d. labor and employment related matters, including benefits, welfare and retirement plans; and e. not-for-profit and tax counseling. The firm will be paid at these rates: Roy M. Bossen $495 per hour Mark A. Carter $495 per hour John W. Dubbs $495 per hour Other partners $295 to $600 per hour Associates $285 to $330 per hour Paralegals $170 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Roy M. Bossen, Esq., a partner at Hinshaw & Culbertson 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: Roy M. Bossen, Esq. HINSHAW & CULBERTSON LLP 222 North LaSalle Street, Suite 300 Chicago, IL 60601 Tel: (312) 704-3000 Fax: (312) 704-3001 About St. Margaret's Health – Peru St. Margaret's Health-Peru and St. Margaret's Health-Spring Valley are providers of healthcare services. The Debtors filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 23-11641) on Aug. 31, 2023. At the time of the filing, the Debtors reported $10 million to $50 million in both assets and liabilities. Judge David D. Cleary oversees the cases. Howard L. Adelman, Esq., at Adelman & Gettleman, Ltd. serves as the Debtors' legal counsel. Hinshaw & Culbertson LLP as special counsel. Huron Consulting Services LLC as financial advisor. Epiq Corporate Restructuring, LLC as its noticing, claims, and balloting agent. SURF'S UP DINING: Neema Varghese Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for Surf's Up Dining Group, LLC. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About Surf's Up Dining Surf's Up Dining Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-12739) on Sept. 25, 2023, with $100,001 to $500,000 in both assets and liabilities. Judge Deborah L. Thorne oversees the case. Penelope N. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. SURGALIGN HOLDINGS: Gets Court Okay for Chapter 11 Plan ------------------------------------------------------- Emily Lever of Law360 reports that bankrupt AI spinal imaging and treatment company Surgalign got approval Wednesday, September 27, 2023, in Texas bankruptcy court for its Chapter 11 plan, which will see it emerge from bankruptcy following the sale of its medical hardware business and digital assets. 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. SWEET MOMENTS: 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 Sweet Moments & More, LLC. 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 Sweet Moments & More Sweet Moments & More, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 22-13223) on Nov. 15, 2022, with up to $50,000 in both assets and liabilities. Judge Deborah L. Thorne oversees the case. Ben Schneider, Esq., at Schneider & Stone represents the Debtor as legal counsel. THREE ARROWS: Co-Founder Su Zhu Apprehended, Says Liquidator ------------------------------------------------------------ Claire Boston, Emily Nicolle and Jonathan Randles of Bloomberg News report that Three Arrows Capital co-founder Su Zhu was apprehended in Singapore while trying to leave the country on Friday, September 29, 2023. Teneo, which is liquidating the defunct firm's estate, said it received a committal order against Zhu after he failed to comply with an earlier Singapore court order compelling him to cooperate with the liquidation investigation. The order sentenced Zhu to four months in prison, according to a statement by Teneo. Zhu was apprehended at Singapore's Changi Airport on Friday afternoon, Teneo said, adding that the September 25, 2023 order also saw Zhu's co-founder Kyle Davies receive the same sentence. About Three Arrows Capital Three Arrows Capital Ltd. was an investment firm engaged in short-term opportunities trading, and is heavily invested in cryptocurrency, funded through borrowings. As of April 2022, the Debtor was reported to have over $3 billion of assets under its management. Three Arrows Capital Ltd. was incorporated as a business company under the laws of the British Virgin Islands. Its sole shareholder owning all of its "management shares" is Three Arrows Capital Pte. Ltd., which previously operated as a regulated fund manager in Singapore until 2021, when it shifted its domicile to the BVI, as part of a global corporate plan to relocate operations to Dubai. The Debtor borrowed digital and fiat currency from multiple lenders to fund its cryptocurrency investments. After cryptocurrency lost 99% of its value, and then prices of other cryptocurrencies had rapid declines, the Debtor reportedly defaulted on its obligations. On June 24, 2022, one of the Debtor's many creditors -- DRB Panama Inc. -- filed an application to appoint joint provisional liquidators -- and thereafter, full Liquidators -- in the Eastern Caribbean Supreme Court in the High Court of Justice (Commercial Division) located in BVI. The application was assigned claim number VIHCOM2022/0117. Subsequently, on June 27, 2022, the Debtor filed its own application for the appointment of joint liquidators before the BVI Commercial Court. On June 29, 2022, the Honorable Mr. Justice Jack of the BVI Commercial Court appointed Russell Crumpler and Christopher Farmer of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital Ltd. TOP NOTCH: Virginia Andrews Burdette Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 18 appointed Virginia Andrews Burdette as Subchapter V trustee for Top Notch Holdings, LLC. Ms. Burdette will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Burdette declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Virginia Andrews Burdette P.O. Box 16600 Seattle, WA 98116 Phone: 206.441.0203 Email: vab@andrewsburdette.com About Top Notch Holdings Top Notch Holdings, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Alaska Case No. 23-00164) on Sept. 25, 2023, with as much as $50,000 in both assets and liabilities. Bush Kornfeld, LLP represents the Debtor as legal counsel. TOWER HEALTH: S&P Lowers Bonds Rating to 'CCC+', Outlook Negative ----------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on Tower Health, Penn.'s bonds two notches to 'CCC+' from 'B'. The outlook is negative. "The downgrade reflects Tower Health's significant ongoing operating losses, albeit at a lower level, that are expected to continue in fiscal 2024, and a steep decline in unrestricted reserves to a level that we view as highly vulnerable," said S&P Global Ratings credit analyst Anne Cosgrove. "In addition, the rating action incorporates our view of cash-flow pressures that stem from elevated labor costs and no flexibility under the current rating with increased restructuring risk," Ms. Cosgrove added. The obligated group's gross revenue pledge secures the bonds. The rating reflects Tower Health's continued, albeit reduced, operating losses through fiscal 2023, as well as what we view as extremely low unrestricted reserves relative to long-term debt and overall high leverage. Management has focused on strengthening operations, including revenue-cycle improvements, cost containment, and divestiture of non-core assets. These efforts have been instrumental in reducing Tower Health's operating losses, but the system has also had to contend with elevated labor costs and inflation, which have exacerbated an already precarious financial position. S&P said, "The rating also incorporates a negative adjustment to reflect significantly diminished financial flexibility over the outlook period, given what we view as extremely low unrestricted reserves and elevated leverage. In addition, the rating reflects a negative adjustment for what we view as higher restructuring risk and refinancing risk over the near term, and a credit profile that we consider to be more in line with that of issuers in the 'CCC' rating category. "The negative outlook reflects a one-in-three chance that we could lower the rating during the outlook period if management can't stem the operating losses and execute on a plan to stabilize the organization, or if unrestricted reserves decline further. In addition, the negative outlook reflects our expectation for continued operating losses in fiscal 2023 as well as ongoing industry challenges, notably elevated labor costs and inflation." TRAXCELL TECHNOLOGIES: Hits Chapter 11 Bankruptcy Protection ------------------------------------------------------------ Traxcell Technologies LLC filed for Chapter 11 protection in the Western District of Texas. According to court filing, the Debtor listed between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Traxcell Technologies Traxcell Technologies LLC provides innovative location-based technology. Traxcell Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10771) on September 19, 2023. In the petition filed by Jeff Reed, as owner, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Shad Robinson oversees the case. The Debtor is represented by: Charles R. Chesnutt, Esq. Charles R. Chesnutt, P.C. Traxcell Technologies 1205 South 8th Street, #333 Waco, TX 76076 Tel: (972) 248-7000 E-mail: crc@chapter7-11.com TRITEK INT'L: Fine-Tunes Plan Documents --------------------------------------- Tritek International Inc., et al., submitted a Modified Fourth Amended Combined Disclosure Statement and Joint Chapter 11 Plan dated October 5, 2023. The Plan is a joint plan for each of the Debtors and presents together Classes of Claims against, and Interests in, the Debtors. The Plan does not provide for the substantive consolidation of Debtors, other than for the limited purpose of making Distributions. Like in the prior iteration of the Plan, each Holder of a Class 4 General Unsecured Claim shall receive such Holder's pro rata share of the GUC Distribution Pool. Each General Unsecured Claim will be deemed a single Claim against a single obligation of the Debtors for Distribution purposes. Furthermore, as described in the Global Settlement, neither the Prepetition Secured Parties nor the Lessor shall participate as Class 4 Holders of General Unsecured Claims. The Prepetition Secured Parties and the Lessor shall not be entitled to participate in any distributions from the GUC Distribution Pool, except for the following: The Prepetition Secured Parties shall receive a distribution of 50% of every $1 by which the Remaining Amount exceeds $2.65 million (with all other Holders of General Unsecured Claims receiving a pro rata distribution of the first $2.65 million of the Remaining Amount and 50% of every $1 by which the Remaining Amount exceeds $2.65 million). Additionally, the Prepetition Secured Parties shall receive a distribution of 50% of every $1 of Litigation and Settlement Proceeds received by the Debtors' estates prior to the Effective Date as a result of any litigation or settlement relating to Claims or Causes of Action against GAT Farms, LLC, Greg Strobel, an individual d/b/a Strobel Farms, Strobel Farms, LLC, Greg Strobel Farms, LLC, Fast Development, Inc., and/or Pemberton Grain, LLC (with all other Holders of General Unsecured Claims receiving a pro rata distribution of 50% of every $1 of Litigation and Settlement Proceeds received by the Debtors' estates prior to the Effective Date relating to Claims or Causes of Action against such persons and entities). On the Effective Date, all Interests shall be extinguished as of the Effective Date, and owners thereof shall receive no Distribution on account of such Interests. The Plan will be implemented by, among other things, the establishment of the Liquidating Trust, the transfer to the Liquidating Trust of the Liquidating Trust Assets, including, without limitation, all Cash and Retained Causes of Action, and the making of Distributions by the Liquidating Trust in accordance with the Plan and Liquidating Trust Agreement. The Plan shall serve as, and shall be deemed to be, a motion for entry of an order substantively consolidating the Debtors' Chapter 11 Cases for the limited purpose of making Distributions by the Liquidating Trust. Upon the entry of the Confirmation Order, the claims register maintained in the various Chapter 11 Cases shall be deemed consolidated into a single claim register in respect of the consolidated Estate. Further, Claims asserted against multiple Debtors shall be deemed to constitute a single Claim against the consolidated Estate. Following the transfer of the Liquidating Trust Assets to the Liquidating Trust, the Liquidating Trustee shall make continuing efforts to liquidate all Liquidating Trust Assets in accordance with the Plan and the Liquidating Trust Agreement, provided that the timing of all Distributions made by the Liquidating Trustee to Beneficiaries shall be at the discretion of the Liquidating Trustee, and, provided, further, that Distributions to Beneficiaries may only be made after the Final Administrative Claim Bar Date. For 3 years following the Effective Date, the Liquidating Trustee shall hold the Worker' Compensation Deductible Funds for the sole purpose of reimbursing the Prepetition Lenders for any and all amounts drawn on the Letter of Credit within 3 business days after the Prepetition Lenders provide the Liquidating Trustee with written notice that the Letter of Credit has, in whole or in part, been drawn on, up to an aggregate cap of $584,672.00, less any amounts actually paid by Debtors or the Liquidating Trustee to, on behalf of, or at the direction of Starr or its agents from and after June 22, 2023. From and after 3 years following the Effective Date, the remaining Workers Compensation Deductible Funds shall become available for distribution through the GUC Distribution Pool. Katten, Potter Anderson, PricewaterhouseCoopers, and Dechert shall each defer recovery of $50,000.00 of their respective Allowed Professional Fees (for an aggregate total of $200,000.00), which amounts shall be ratably made available for distribution through the GUC Distribution Pool, but solely in the event and to the extent that less than $200,000.00 of the Workers' Compensation Deductible Funds remain available for distribution through the GUC Distribution Pool following the expiration of the 3-year period discussed above. Any such deferred Allowed Professional Fees not distributed through the GUC Distribution Pool in accordance with the foregoing shall promptly be returned ratably to the deferring professionals. Prepetition Lenders shall have no claim to the deferred Allowed Professional Fees in any circumstance. "Starr" shall mean Starr Indemnity & Liability Company and Starr Specialty Insurance Company, beneficiaries under the Letter of Credit. "Workers' Compensation Deductible Funds" shall mean the approximately $584,672.00 in funds held in escrow by Debtors for the purpose of paying deductibles owed on Debtors' workers' compensation insurance policies. A full-text copy of the Modified Fourth Combined Disclosure Statement and Plan dated October 5, 2023 is available at https://urlcurt.com/u?l=o987AH from PacerMonitor.com at no charge. Counsel to the Debtors: Jerry L. Hall, Esq. Michael E. Comerford, Esq. KATTEN MUCHIN ROSENMAN LLP 50 Rockefeller Plaza New York, NY 10020 Telephone: (212) 940-8800 Facsimile: (212) 940-8776 E-mail: jerry.hall@katten.com michael.comerford@katten.com - and - Allison E. Yager, Esq. Kenneth N. Hebeisen, Esq. KATTEN MUCHIN ROSENMAN LLP 525 W. Monroe Street Chicago, IL 60661 Telephone: (312) 902-5200 Facsimile: (312) 902-1061 E-mail: allison.yager@katten.com ken.hebeisen@katten.com - and - Jeremy W. Ryan, Esq. L. Katherine Good, Esq. R. Stephen McNeill, Esq. Maria Kotsiras, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 E-mail: jryan@potteranderson.com kgood@potteranderson.com rmcneill@potteranderson.com mkotsiras@potteranderson.com - and - Yelena E. Archiyan, Esq. KATTEN MUCHIN ROSENMAN LLP 2121 N. Pearl Street, Suite 1100 Dallas, TX 75201 Telephone: (214) 765-3600 Facsimile: (214) 765-3602 E-mail: yelena.archiyan@katten.com About Tritek International Tritek International Inc., HyLife Foods Windom, LLC, Canwin Farms, LLC are entities that are part of the HyLife vertically integrated operation for the raising, production and sale of pork products. The companies' operations involve all aspects and stages of the pork production process, including the farming and sourcing of hogs, the packaging of pork at their processing facility, and the marketing and sale of such products throughout premium domestic and international end markets, primarily in the United States, Canada, Japan, Korea, and China. Tritek International and its affiliates sought Chapter 11 bankruptcy protection (Bankr. D. Del. Lead Case No. 23-10520) on April 27, 2023. The petitions were signed by Grant Lazaruk, chief executive officer. At the time of the filing, Tritek International and HyLife Foods Windom reported as much as $50,000 in both assets and liabilities while Canwin Farms reported $1 million to $10 million in both assets and liabilities. Judge Thomas M. Horan presides over the Debtors' cases. The Debtors tapped Katten Muchin Rosenman, LLP and Potter Anderson & Corroon, LLP as bankruptcy counsel; PricewaterhouseCoopers, LLP as financial advisor; Intrepid Investment Bankers as investment banker; and Donlin Recano & Company, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by the law firms of Dechert, LLP and Saul Ewing, LLP. TTF HOLDINGS: S&P Affirms 'B+' ICR on Divestiture, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on U.S. health care staffing company TTF Holdings LLC (d/b/a Soliant Health). S&P also affirmed its issue-level ratings on revolving credit facility and first-lien term loan remains at 'B+'. S&P said, "The stable outlook incorporates our expectation that Soliant will generate strong organic growth in its education segment in the near term, producing steady S&P Global Ratings-adjusted margins in the 20%-22% range. Leverage will likely increase significantly from its current level of 2.0x, as we expect it to pursue either debt-financed acquisitions or dividends to shareholders, though adjusted leverage should remain comfortably below our 5x downside trigger. "The affirmation reflects Soliant's solid business prospects and moderate diversity. Our ratings on Soliant reflect its diverse product offerings and greater visibility of revenue, partially offset by its small scale and narrow focus in the fragmented health care staffing market." The company's education segment, which accounts for about 80% of its EBITDA, experienced 58% revenue growth in first half of 2023 compared with last year through additional volume, new clients, and low- to mid-single-digit bill rate increases. Its continued investments in sales and recruitment contributed to a 50% year-over-year increase in producers compared with 2022. Soliant provides its services to midsize suburban and rural school districts that struggle to meet the increasing demand for specialized teachers and this business is supported by federal and state regulations and related funding for special education. S&P believes that maturation of the larger number of newly hired producers and further recruitment will support future growth in the segment. Additionally, this segment offers strong visibility of revenue and generates stronger margin than the traditional health care staffing segment. Soliant's health care segment, which accounts for about 20% of its EBITDA, places specialized high-bill-rate nurses and allied health professionals in hospitals and other health care settings, often in less-populated geographies. The segment revenue declined due to moderation of bill rates from its peak in 2022. S&P expects 2023 health care segment revenue to decline by at least 30%-35% and that margins for the segment will remain pressured due to higher pay rates. The company's business diversity substantially reduced its exposure to the volatile conditions and disruptions its peers encountered during the pandemic. S&P said, "We expect Soliant to maintain a disciplined financial policy, keeping adjusted leverage below 4x and free cash flow to debt significantly above 12%.We believe that the sponsors will maintain long term-leverage below 4x, as it has over the past two years. Its adjusted leverage increased to about 4x as of December 2021 when company issued debt in fourth quarter of 2021 to finance a dividend to sponsors but improved quickly to below 3x due to strong performance in both education and health care segments. Soliant used the $106 million cash proceeds from its recent divestiture of its life sciences segment in August 2023, to pay dividends to the sponsors. Despite subsequent dividends by the sponsors, we believe that its current low leverage (2.0x as of June 30, 2023) provides it with significant cushion for additional dividends or acquisitions. We forecast adjusted leverage in 4x-5x range assuming acquisitions or dividends in the near term. Soliant has a capex-lite model and with strong growth in the higher-margin education segment, we expect it to generate strong free operating cash flows (FOCF) maintaining FOCF to debt ratio well above 12%. "The stable outlook reflects our expectation that Soliant will continue to generate strong organic growth in its education segment, given continued investment in sales and recruitment efforts, offsetting near-term revenue decline from its health care segment. We also expect margins to improve from historical levels in the 20%-22% range due to strong growth in higher-margin education segment. We expect adjusted leverage will likely increase significantly from its current level of 2.0x (as of June 30, 2023) as we expect more sponsor dividends or acquisitions. "We could lower our rating on Soliant if its operating performance deteriorates to materially underperform our base-case assumptions, leading to FOCF to debt of less than 5% and adjusted leverage sustained higher than 5x. We could also lower our rating if Soliant pursues a more aggressive debt-financed acquisition strategy or dividend distribution than we believe will cause adjusted leverage to remain above 5x. "We do not expect to raise our rating on Soliant over the next 12 months. However, we could consider an upgrade if the company materially scales its business operations and increases its diversity while maintaining leverage of less than 5x and generating a high level of free cash flow. "Governance factors are a moderately negative consideration in our credit rating analysis. Our assessment of the company's financial risk profile as highly leveraged reflects corporate decision-making that prioritizes the interests of the controlling owners, in line with our view of the majority of rated entities owned by private-equity sponsors. Our assessment also reflects the generally finite holding periods and a focus on maximizing shareholder returns." TUFFSTUFF FITNESS: Starts Subchapter V Bankruptcy Process --------------------------------------------------------- Tuffstuff Fitness International Inc. filed for suchapter V bankruptcy protection in the District of Central California. According to court filing, the Debtor estimates assets and liabilities each in the range of $1 million to $10 million. The petition states that funds will be available to unsecured creditors. A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is slated for October 20, 2023, at 10:00 About Tuffstuff Fitness International Tuffstuff Fitness International, Inc., is a manufacturer of consumer and commercial strength products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Court (Bankr. C.D. Cal. Case No. 23-11905) on Sept. 18, 2023. In the petition signed by Richard M. Reyes, Jr., chairman and CEO, the Debtor disclosed up to $10 million in both assets and liabilities. The case is represented by Honorable Bankruptcy Judge Theodor Albert. The Debtor is represented by: John-Patrick M Fritz, Esq. Levene, Neale, Bender, Yoo & Golubchik L.L.P. 155 N. Riverside Dr., Suite 100 Anaheim, CA 92808 UFC HOLDINGS: Moody's Ups CFR & Secured 1st Lien Term Loan to Ba3 ----------------------------------------------------------------- Moody's Investors Service upgraded UFC Holdings, LLC's corporate family rating to Ba3 from B2, probability of default rating to Ba3-PD from B2-PD, and the company's senior secured first lien term loan and revolving credit facility rating to Ba3 from B2. Moody's also assigned an SGL-2 Speculative Grade Liquidity Rating. The outlook is stable. This action concludes the review for upgrade on UFC's ratings initiated on April 5, 2023, after the announcement that Endeavor Holdings Group, Inc. (ultimate parent) entered into a definitive agreement to merge World Wrestling Entertainment, Inc. (WWE) with UFC. The transaction closed on September 12, 2023. The rating upgrades reflect UFC's larger scale, higher operating leverage, greater revenue diversification, and lower financial leverage post merger. With upcoming contracts set to expire over the next two years with media companies like NBCUniversal and The Walt Disney Company, the combination offers additional leverage and better position the company to monetize its content across multiple platforms. Live sports and entertainment continue to draw major interest from large tech companies, cable networks, and traditional broadcasters as they deliver steady and predictable ratings and attract large live audiences. RATINGS RATIONALE UFC's Ba3 CFR reflects the company scale, solid profitability, moderate financial leverage, and attractive assets. On September 12, 2023, UFC combined with World Wrestling Entertainment, Inc. (WWE), creating a premium live sports and entertainment company serving more than one billion fans, reaching viewers in 170+ countries and, producing more than 350 annual live events in 25 languages. The combination creates greater operating leverage, increases revenue diversification, and lowered financial leverage. On pro forma basis for 2023, Moody's project the combined company will generate around $2.6 billion in revenue and, $1.1 billion in EBITDA (inclusive of Moody's adjustments), and end the year with 2.9x in total debt-to-EBITDA. At the same time, Moody's opinion takes into consideration the competitive nature of the industry UFC operates in, the integration risk with WWE, the uncertainty surrounding media rights renewals, legal risk associated with an on-going class action lawsuit, and M&A risks given the acquisitive appetite of the management team. UFC has not publicly articulated a financial policy related to leverage, but Moody's does not expect the company to materially increase leverage from pro forma levels absent any acquisitions. Moody's expects UFC to maintain good liquidity over the next 12-18 months. This is supported by around (i) $276.5 million in cash at closing, (ii) a $205 million fully undrawn revolving credit facility that expires in October 2024, which Moody's expect the company will renew over the next few months, and (iii) Moody's expectations for around $200 million in free cash flow for 2023 (after a one-time dividend distribution of $321 million to the WWE existing shareholders, as part of the transaction). The term loan is covenant lite and the revolving credit facility has a springing maximum leverage covenant of first lien debt-to EBITDA of 6.5x, if borrowing under the revolver exceeds thirty-five percent of capacity. Moody's does not expect the revolver will be drawn over the next year, and if drawn, the cushion of covenant compliance should be ample. UFC's ESG Credit Impact Score is CIS-3. The score indicates that ESG considerations have a limited impact on the current credit rating with potential greater negative impact over time. The CIS-3 score reflects integration and execution risk given the limited track record of the new combined company, and reputation and health and safety risks related to potential material injuries by event participants, partially offset by the moderate pro forma leverage at closing of the merger. The Ba3 rating for the senior secured term loan and senior secured revolving credit facility is at the same level as the CFR, reflecting their position as the preponderance of debt in UFC's capital structure. The senior secured facility is secured by the assets at UFC and WWE. The stable outlook reflects Moody's expectations that UFC will grow revenue and EBITDA organically, successfully integrate WWE, generate material free cash flow, and that management will demonstrate a commitment to maintaining moderate leverage. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if the company demonstrates a commitment to maintaining a conservative approach to balance sheet management, improves liquidity and free cash flow, and debt-to-EBITDA (inclusive of Moody's adjustments) is sustained below 3.0x, and the company grows revenue organically. The rating could be downgraded if the company's liquidity and operating performance deteriorates, debt-to-EBITDA (inclusive of Moody's adjustments) is sustained above 4.0x, or free cash flow materially weakens. UFC Holdings, LLC is a leading premium sports and entertainment company serving more than one billion fans, reaching viewers in 170+ countries, and producing more than 350 annual live events. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. ULTIMATE JETCHARTERS: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Ultimate Jetcharters, LLC 6061 West Airport Drive North Canton, OH 44720 Chapter 11 Petition Date: October 10, 2023 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 23-51404 Debtor's Counsel: Peter Tsarnas, Esq. GERTZ AND ROSEN, LTD. 159 S. Main Street, Suite 400 Akron, OH 44308 Tel:(330) 255-0735 Email: ptsarnas@gertzrosen.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by William S. Rudner as chief financial officer. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/XSFZXAI/Ultimate_Jetcharters_LLC__ohnbke-23-51404__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/XXW5WNA/Ultimate_Jetcharters_LLC__ohnbke-23-51404__0001.0.pdf?mcid=tGE4TAMA UNION FUND: Seeks to Hire Charles Wertman PC as Legal Counsel ------------------------------------------------------------- Union Fund LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire the Law Offices of Charles Wertman P.C., as its counsel. The firm will render these services: (a) provide the Debtor with necessary legal advice in connection with the operation of its business during the Chapter 11 case and its responsibilities and duties as a debtor-in- possession; (b) represent the Debtor in all proceedings before the Bankruptcy Court and/or the United States Trustee; (c) review and prepare all necessary legal papers, petitions, orders, applications, motions, reports and plan documents on the Debtor's behalf. (d) assist the Debtor in negotiations with its current landlord and its future landlord; and (e) perform all other legal services for the Debtor which may be necessary to obtain a successful conclusion of the Chapter 11 case, including negotiating an agreement for the use of cash collateral with the Debtor's secured lender. The firm will be paid at these rates: Charles Wertman $495 per hour Associates $300 per hour Paraprofessionals $150 per hour In addition, the firm will be reimbursed for out-of-pocket expenses incurred. The Debtor paid the firm an advance retainer of $11,000. Charles Wertman, a partner at the Law Offices of Charles Wertman, 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: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Tel: (516) 284-0900 Email: charles@cwertmanlaw.com About Union Fund LLC Union Fund LLC owns a 14-unit residential apartment building located at 217 Union Street, Schenectady, NY 12305 valued at $1.25 million. Union Fund LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42902) on August 14, 2023. The petition was signed by Ruth Cohen as manager. At the time of filing, the Debtor estimated $1,260,168 in assets and $560,300 in liabilities. Judge Elizabeth S. Stong oversees the case. Charles Wertman, Esq. at the Law Offices of Charles Wertman P.C. will serve as the Debtor's counsel. VARDAN LLC: Hires Employ eXp Commercial as Real Estate Broker ------------------------------------------------------------- Vardan, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ eXp Commercial Realty as a real estate broker. The firm will market and sell the Debtor's real property located at 8721 Madison Blvd., Madison, Alabama. The firm will be paid a commission of 6 percent of the purchase price. 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: Puli Anil Reddy eXp Commercial Realty 2603 Camino Ramon #200 San Ramon, CA 91316 Phone: (323) 422-1910 Email: info@lccinvestgroup.com About Vardan, LLC Vardan, LLC owns a motel/hotel located at 8721 Madison Blvd. (Hwy 20 W), Madison, Ala., valued at $5.16 million. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 23-81630) on Sept. 5, 2023, with $5,199,091 in assets and $6,844,752 in liabilities. Subbarao Yallapragada, member, signed the petition. Judge Clifton R. Jessup Jr. oversees the case. Kevin D. Heard, Esq., at Heard, Ary & Dauro, LLC represents the Debtor as legal counsel. VIANT MEDICAL: Moody's Alters Outlook on 'Caa1' CFR to Positive --------------------------------------------------------------- Moody's Investors Service revised the outlook for Viant Medical Holdings, Inc.'s to positive from stable. At the same time, Moody's affirmed the company's Caa1 Corporate Family Rating, Caa1-PD Probability of Default Rating, B3 rating of senior secured first lien credit facilities and Caa3 rating of second lien term loan. The change in outlook to positive reflects Viant's sustained improvement in operating performance, including substantial new program business wins and strong demand for its medical device contract manufacturing services as the pandemic has subsided. In the year-to-date period ending June 30, 2023, Viant has seen EBITDA growth of over 40% year-over-year, driving a sustained improvement in financial leverage (debt to EBITDA in the low-7x area at June 30, 2023). That said, Moody's notes that investments in additional manufacturing capacity, in conjunction with higher interest rates on floating rate debt, have constrained any positive free cash flow in the year-to-date period. The positive outlook reflects Moody's expectation that Viant will sustain its earnings improvement and progress towards breakeven free cash flow by the end of 2023, with modest positive free cash flow in 2024. RATINGS RATIONALE Viant's Caa1 Corporate Family Rating reflects the company's high financial leverage, with a rising burden of burden of fixed charges from its floating-rate debt capital structure. Moody's adjusted debt/EBITDA is high in the low-7x area for the 12 months ended June 30, 2023. Viant also faces high customer concentration as three customers represent more than 40% of revenues. Viant's financial policies are expected to remain aggressive reflecting its ownership by private equity investors. The company's rating benefits from a diversified product portfolio across multiple therapeutic areas and stable demand for contract manufacturing services. With recent earnings growth propelled by new business wins, EBITDA (LTM as of June 30, 2023) now exceeds pre-pandemic levels, underpinned by healthy demand from Viant's end-markets, including surgical and orthopedic devices. In addition, given regulatory constraints, the switching costs for the company's customers is high. Moody's expects that Viant will maintain adequate liquidity over the next 12 to 18 months. Liquidity is supported by $25 million of cash as of June 30, 2023, as well as $45 million available under its $70 million revolving credit facility (which expires in April 2025). Moody's notes this facility is subject to a springing first lien net leverage ratio covenant of 6.5x at 30% utilization ($21 million). The company's first lien net leverage ratio was 4.3x at June 30, 2023, providing ample cushion. Moody's expects that Viant will trend toward positive free cash flow in the second half of 2023, with flat to slightly positive free cash flow in FY2024. Alternative sources of liquidity are limited as substantially all assets are pledged. Viant's CIS-5 score indicates that the company's credit profile is weaker than it would have been if ESG exposures did not exist. Governance considerations (G-5) include the company's financial policies which Moody's expect to remain aggressive, reflecting its ownership by a private equity investors. Social considerations (S-4) are primarily associated with responsible production including compliance with regulatory requirements for the safety of medical devices as well as adverse reputational risks arising from recalls associated with manufacturing defects. These social risks are partially offset by favorable demographic and societal trends, including an aging population and the rise in chronic disease. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company improves its liquidity, including progress toward sustainable positive free cash flow and a refinancing of its debt capital structure. Quantitatively, ratings could be upgraded if debt/EBITDA is sustained below 7.5x - in conjunction with the above liquidity factors. Ratings could be downgraded if the company's liquidity weakens, and/or if Moody's expects the company to generate negative free cash flow. Moody's could downgrade the ratings if the company incurs meaningful contract losses or if operating performance further weakens such that the sustainability of the capital structure comes into question. The principal methodology used in these ratings was Medical Products and Devices published in October 2021. Headquartered in Foxborough, MA, Viant is an outsourced manufacturer of medical devices serving a broad range of therapeutic areas including cardiovascular, orthopedics and advanced surgical. Viant is owned by affiliates of JLL Partners and Water Street Healthcare Partners. The company's revenue in the LTM period ending June 30, 2023 was over $1.1 billion. VISHAY INTERTECHNOLOGY: Moody's Rates Amended Secured Loans 'Ba1' ----------------------------------------------------------------- Moody's Investors Service rates Vishay Intertechnology Inc.'s Amended & Restated Senior Secured Revolving Credit Facility due May 2028 Ba1. Vishay's Corporate Family Rating of Ba2, Probability of Default Rating of Ba2-PD, and SGL-1 Speculative Grade Liquidity Rating (SGL) are unchanged. The outlook remains unchanged at stable. RATINGS RATIONALE The Ba2 CFR reflects Vishay's operating scale and leading market position in the discrete semiconductor and passive electronic components industry. The electronic components industry is highly cyclical which leads to unpredictable shifts in end-market demand. Rapid fluctuations in sales volumes could have on an outsized impact on Vishay's financial performance because of its high fixed costs. This was evident in 2020 with the Covid-related global economic contraction, which followed the inventory-related semiconductor industry contraction in 2019. Amidst the weak global economy, Vishay's distribution partners have been trimming inventory. Moody's expects that this process will continue through the remainder of 2023 and into 2024, with Vishay's revenues declining in the low single digit percent annually through 2024. Given Vishay's conservative financial policy, leverage should remain modest despite near term weakness in revenues and profitability, with debt to EBITDA (Moody's adjusted) remaining below 2x. Vishay has very good liquidity as illustrated by its net cash position (i.e., cash in excess of reported debt), which is prudent given the cyclical demand for electronic components and the competitive intensity and pricing pressure, especially in its semiconductor product lines. The company mitigates competitive pressure by offering a broad selection of electronic components to customers, deeper engagements with customers through design-in participation, and growth in its specialty components business. Moody's expects Vishay will continue to follow a conservative financial policy, avoiding large, debt-funded acquisitions or returns to shareholders. Vishay will likely maintain very good liquidity, with cash and short-term investments totaling at least 75% of the outstanding debt balance (121% as of July 1, 2023). The stable outlook reflects Moody's expectation that revenues will decrease in the low single digit percent over the next 12 to 18 months. This decline reflects a modest reduction in chip sales volume as Vishay's customers adjust inventory balances due to the current macroeconomic weakness. Moody's expects that the resulting lower profitability will increase debt to EBITDA (Moody's adjusted) to the upper 1x level (Moody's adjusted) over the next 12 to 18 months, declining later as demand and profitability improve. The Speculative Grade Liquidity (SGL) rating of SGL-1 reflects Moody's expectation that Vishay will maintain very good liquidity. Moody's expects Vishay will maintain cash and short-term equivalents amounting to at least 75% of the reported debt balance. In addition, Vishay will maintain access to funds under the Revolver, which matures in May 2028, and generate annual free cash flow of over $50 million over the next 12 to 18 months. At July 1, 2023, Vishay reported approximately $1.1 billion in cash and $14 million in short-term investments. The company had $185 million of outstanding borrowings under its $750 million Revolver, which expires in May 2028. Vishay's Revolver contains two financial maintenance covenants: (i) Maximum net leverage ratio of 3.25x (net of cash of up to $250 million), and, (ii) Minimum interest expense coverage ratio, defined as EBITDA less capex divided by cash interest expense, of 2.0x. Vishay should maintain ample cushion under the financial covenants over the next 12 months. The Revolver rating of Ba1 reflects the collateral and the cushion of unsecured convertible senior notes (Convertibles; unrated) and unsecured liabilities. The Ba1 rating of the Revolver reflects a one notch override to limit the rating of the Revolver to one notch above the Ba2 CFR given uncertainty over the mix of the debt capital structure in the future. The Revolver benefits from a first priority security interest in a collateral pool consisting of substantially all assets, excluding real estate, of the domestic subsidiaries of the company. The collateral pool also includes the pledge of stock of certain directly-owned foreign subsidiaries. The Revolver is effectively senior to the Convertibles, which are unsecured. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Vishay's ratings could be upgraded if the company increases scale and profitability, with the EBITDA margin (Moody's adjusted) sustained at least in the upper twenties percent level. Moody's would expect leverage to remain below 2x debt to EBITDA (Moody's adjusted) and free cash flow to debt (after dividends, Moody's adjusted)) to be sustained at least in the upper single digit percent level. Vishay would also need to maintain very good liquidity, with the sum of cash and short-term investments exceeding the reported debt balance. Vishay's ratings could be downgraded if revenues decline materially or EBITDA margins (Moody's adjusted) weaken toward the mid-teens percent level on more than a temporary basis. The ratings could also be pressured if Vishay's financial policy becomes more shareholder-friendly through the use of debt-funded shareholder returns or liquidity weakens, with the sum of cash and short-term investments declining to less than 50% of reported debt. Vishay Intertechnology Inc. is a leading manufacturer and supplier of discrete semiconductors and passive electronic components. The company's discrete semiconductor products include diodes, infrared emitters and detectors (optoelectronic components), and MOSFETs. Its portfolio of passive components includes resistors & inductors and capacitors. The principal methodology used in this rating was Semiconductors published in September 2021. VISTAGEN THERAPEUTICS: Point72 Asset, 2 Others Report 5.6% Stake ---------------------------------------------------------------- In a Schedule 13G filed with the Securities and Exchange Commission, Point72 Asset Management, L.P., Point72 Capital Advisors, Inc., and Steven A. Cohen disclosed that as of Oct. 4, 2023, they beneficially owned 1,565,829 shares of Common Stock of Vistagen Therapeutics, Inc.(including 822,334 shares of Common Stock issuable upon exercise warrants), representing 5.6 percent of the Shares outstanding. The aggregate percentage of the shares of Common Stock reported to be beneficially owned by each Reporting Person is based on 27,023,038 shares of Common Stock outstanding which is the sum of (i) 7,875,151 shares of Common Stock outstanding as of June 30, 2023, as reported in the Issuer's Prospectus filed pursuant to Rule 424(b)(5) with the SEC on Oct. 3, 2023; (ii) 4,137,077 shares of Common Stock sold under the Issuer's ATM program since June 30, 2023, as reported in the Prospectus; and (iii) 15,010,810 shares of Common Stock issued by the Issuer as described in the Prospectus, and assumes the exercise of the warrants. Point72 Asset Management, Point72 Capital Advisors Inc., and Mr. Cohen own directly no shares of Common Stock. Pursuant to an investment management agreement, Point72 Asset Management maintains investment and voting power with respect to the securities held by Point72 Associates. Point72 Capital Advisors Inc. is the general partner of Point72 Asset Management. Mr. Cohen controls each of Point72 Asset Management and Point72 Capital Advisors Inc. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1411685/000090266423005016/p23-2550sc13g.htm About VistaGen Headquartered in San Francisco, California, VistaGen Therapeutics, Inc. -- http://www.vistagen.com-- is a late clinical-stage biopharmaceutical company aiming to transform the treatment landscape for individuals living with anxiety, depression and other CNS disorders. The Company is advancing therapeutics with the potential to be faster-acting, and with fewer side effects and safety concerns, than those that are currently available for treatment of anxiety, depression and multiple CNS disorders. Vistagen reported a net loss and comprehensive loss of $59.25 million for the fiscal year ended March 31, 2023, compared to a net loss and comprehensive loss of $47.76 million on $1.11 million of total revenues for the year ended March 31, 2022. As of March 31, 2023, the Company had $21.09 million in total assets, $9.01 million in total liabilities, and $12.08 million in total stockholders' equity. San Francisco, California-based WithumSmith+Brown, PC, the Company's auditor since 2006, issued a "going concern" qualification in its report dated June 28, 2023, citing that the Company has suffered negative cash flows from operations and recurring losses from operations since inception, resulting in an accumulated deficit of $326.9 million as of March 31, 2023, that raise substantial doubt about its ability to continue as a going concern. W.R. GRACE & CO: Wants $2.6 Million Fee Refund from Trustee ----------------------------------------------------------- Emlyn Cameron of Law360 reports that the Office of the U.S. Trustee owes reorganized chemical company W.R. Grace & Co. and an affiliate roughly $2. 6 million in increased fees in light of the U.S. Supreme Court ruling the fee hike unconstitutional, the companies told a Delaware bankruptcy judge. About W.R. Grace Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally. Grace employs approximately 6,500 people in over 40 countries and had 2012 net sales of $3.2 billion. The company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). The Debtors are represented by Adam Paul, Esq., and John Donley, P.C., Esq., at Kirkland & Ellis LLP, in Chicago, Illinois; Roger Higgins, Esq., at The Law Offices of Roger Higgins, in Chicago, Illinois; and Laura Davis Jones, Esq., James E. O'Neill, Esq., and Timothy P. Cairns, Esq., at Pachulski Stang Ziehl & Jones, LLP, in Wilmington, Delaware. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. Roger Frankel serves as legal representative for victims of asbestos exposure who may file claims against W.R. Grace. Mr. Frankel, a partner at Orrick Herrington & Sutcliffe LLP, replaces David Austern, who was appointed to that role in 2004. Mr. Frankel has served as legal counsel for Mr. Austern who passed away in May 2013. The FCR is represented by Orrick Herrington & Sutcliffe LLP as counsel; Phillips Goldman & Spence, P.A., as Delaware co-counsel; and Lincoln Partners Advisors LLC as financial adviser. Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Scott Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena Price & Axelrod, LLP, to represent it. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel, LLP, represents the Official Committee of Equity Security Holders. W.R. Grace obtained confirmation of a plan co-proposed with the Official Committee of Asbestos Personal Injury Claimants, the Official Committee of Equity Security Holders, and the Asbestos Future Claimants Representative. The Chapter 11 plan is built around an April 2008 settlement for all present and future asbestos personal injury claims, and a subsequent settlement for asbestos property damage claims. District Judge Ronald Buckwalter on Jan. 31, 2012, entered an order affirming the bankruptcy court's confirmation of the Plan. Bankruptcy Judge Judith Fitzgerald had approved the Plan on Jan. 31, 2011. W.R. Grace defeated four appeals from approval of the Plan. A fifth appeal was by secured bank lenders claiming the right to $185 million of interest at the contractual default rate. Pursuant to a settlement announced in December 2013, lenders are to receive $129 million in settlement of the claim for additional interest. W.R. Grace & Co. and its debtor affiliates notified the U.S. Bankruptcy Court for the District of Delaware that they have satisfied or waived conditions to the occurrence of the effective date of the First Amended Joint Plan of Reorganization co-proposed by the Official Committee of Asbestos Personal Injury Claimants, the Asbestos PI Future Claimants' Representative, and the Official Committee of Equity Security Holders. The effective date of the Plan occurred on Feb. 3, 2014. WARDS COVE: Virginia Andrews Burdette Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 18 appointed Virginia Andrews Burdette as Subchapter V trustee for Wards Cove Packing Company, LLC. Ms. Burdette will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Burdette declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Virginia Andrews Burdette P.O. Box 16600 Seattle, WA 98116 Phone: 206.441.0203 Email: vab@andrewsburdette.com About Wards Cove Packing Company Wards Cove Packing Company, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Alaska Case No. 23-00163) on Sept. 25, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Bush Kornfeld, LLP represents the Debtor as legal counsel. WINDOW SYSTEMS: Brendon Singh Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed Brendon Singh, Esq., at Tran Singh, LLP as Subchapter V trustee for Window Systems of Texas, Inc. Mr. Singh will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Singh declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brendon Singh, Esq. Tran Singh, LLP 2502 LA Branch Street Houston, TX 77004 Phone: 832-975-7300 Fax: 832-975-7301 Email: bsingh@ts-llp.com About Window Systems of Texas Window Systems of Texas, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 23-33685) on Sept. 26, 2023, with up to $50,000 in assets and up to $1 million in liabilities. David Mallette, president, signed the petition. Judge Jeffrey P. Norman oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. WRIGHT EXCAVATING: Hires Powell Auction & Realty as Auctioneer -------------------------------------------------------------- Wright Excavating, Incorporated seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Kenny Phillips and Powell Auction & Realty as its auctioneer. The auctioneer shall assist in the sale of the Debtor's personal property, which is generally described as construction equipment. Powell will receive a commission equal to 15 percent of gross sales, payable as a buyer's premium. Mr. Phillips, president of Powell Auction & Realty, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The auctioneer can be reached through: Kenny Phillips Powell Auction & Realty LLC 6729 Pleasant Ridge Road Knoxville, TN 37921 Telephone: (865) 938-3403 Email: kenny@powellauction.com About Wright Excavating, Incorporated Wright Excavating, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 23-50904) on August 25, 2023. In the petition signed by Carson Todd Wright, president/sole SH, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Rachel Ralston Mancl oversees the case. Charles Parks Pope, Esq., at the Pope Firms, P.C., represents the Debtor as legal counsel. XEROX HOLDINGS: S&P Alters Outlook to Stable, Affirms 'BB' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based printer technology and services company Xerox Holdings Corp. to stable from negative and affirmed its 'BB' issuer credit rating. S&P also affirmed its issue-level rating on its senior unsecured notes. S&P said, "The stable outlook reflects our expectation for improved profitability and reported FOCF expansion to at least $600 million in 2023, helped by cost efficiencies and the sale of finance receivables under a forward flow arrangement with HPS Investment Partners. While we view the long-term secular pressures for print technologies as growth headwinds, we expect Xerox to maintain S&P Global Ratings-adjusted leverage of about 2x in 2023 and below 2x in 2024. We also expect a less aggressive long-term financial policy around shareholder distributions and acquisitions with the absence of activist influence on its governance. "We expect improved profitability and core FOCF generation over the next 12 months despite flat to modest declining revenues. Xerox's second quarter results (ended June 30, 2023) showed another quarter of profit improvements helped by cost efficiencies, lower supply chain costs, and higher margin equipment sales as supply conditions improved. The company's adjusted operating margin improved 410 basis points (bps) year over year, leading to a more favorable margin outlook for 2023. Additionally, the company raised its free cash flow target to at least $600 million from at least $500 million. The company generated $158 million of reported FOCF year-to-date, but it has historically experienced stronger results in the second half of the year. While we acknowledge the upside to the guidance is partly due to factors that may be challenging to sustain in the long run, like a favorable mix of higher margin mid-range equipment sales, the improved outlook is better than we previously expected, though still below historical pre-pandemic levels of 13%-15%. "We now expect the company to achieve an S&P Global Ratings-adjusted EBITDA margin of about 10% in 2023 compared to the mid-8% area before and core FOCF of at least $400 million. While we expect the company will uphold its target to return to shareholders at least 50% of annual reported FOCF, the improved cash flow will allow it to fund our assumed annual dividend of $145 million-$160 million without increasing borrowings. Furthermore, we believe the removal of activist representation from Xerox's board of directors reduces the risk of aggressive shareholder distributions. We believe these credit positive factors more than offset the increase in pro forma leverage to the 2x area from about 1.5x as of June 30, 2023, due to the incremental debt used to fund the repurchase of Icahn-held shares. "The stable outlook reflects our expectation for improved profitability and FOCF expansion to at least $600 million in 2023, helped by cost efficiencies and the sale of finance receivables. While we view the long-term secular pressures for print technologies as growth headwinds, we expect Xerox to maintain S&P Global Ratings-adjusted leverage of about 2x in 2023 and below 2x in 2024. We also expect a less aggressive long-term financial policy around shareholder distributions and acquisitions with the absence of activist influence on its governance." S&P could lower the rating if the company: -- Cannot stabilize its revenue declines due to weakening industry demand, competitive pressures, or strategic execution mishaps; -- Adopts an aggressive financial policy or cannot sustain EBITDA margin improvements through cost cuts or pricing as it implements a more service-oriented revenue growth strategy, such that S&P Global Ratings-adjusted leverage increases toward 3x; or -- Cannot maintain FOCF to debt of above 15% on a sustained basis excluding the near-term benefit from the receivables funding agreement with HPS Investment Partners or external financing strategies. While S&P views an upgrade as unlikely within the next 12 months given near-term leverage expectations and secular print industry pressures, S&P could consider raising the rating if the company: -- Successfully stabilizes the business and achieves long-term revenue growth due to strategic initiatives that more than offset print industry pressures; and -- Deleverages to below 1.5x through EBITDA margin expansion or solid FOCF generation, and we expect it will maintain such leverage even after accounting for acquisitions and shareholder distributions. Governance factors are no longer a moderately negative consideration in our credit rating analysis of Xerox Holdings Corp. Following the full repurchase of Icahn Capital L.P.'s shares in Xerox and the stepping down of its representatives from the company's board of directors, S&P no longer expects the activist to influence management's decisions to pursue higher risk investments or maximize shareholder returns that could weaken credit quality. Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Governance structure XPRESS MEDIA: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Xpress Media Printing LLC 18200 NW 4th Ave Miami, FL 33169 Business Description: Xpress Media owns a commercial building and adjacent parking lot located at 400-420 S State Rd 7, Plantation, FL valued at $807,740. The Debtor also owns another commercial building located at 748 NW 22 Rd, Ft Lauderdale, FL valued at $368,360. Chapter 11 Petition Date: October 10, 2023 Court: United States Bankruptcy Court Southern District of Florida Case No.: 23-18258 Judge: Hon. Laurel M. Isicoff Debtor's Counsel: Drake Ozment, Esq. OZMENT LAW, PA 2001 Palm Beach Lakes Blvd. Suite 500 West Palm Beach, FL 33409 Tel: (561) 689-6789 Email: ecf@drakeozment.com Total Assets: $1,179,000 Total Liabilities: $356,000 The petition was signed by Ricardo T. Rutherford as manager. 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/UMXCAAA/Xpress_Media_Printing_LLC__flsbke-23-18258__0001.0.pdf?mcid=tGE4TAMA ZETTI'S MAPLE: Seeks to Hire Colligan Law as Bankruptcy Counsel --------------------------------------------------------------- Zetti's Maple Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire Colligan Law, LLP to handle its Chapter 11 case. Colligan Law will be paid at these rates: Frederick J. Gawronski, Esq. $375 per hour Paralegal $125 per hour The firm will also be reimbursed for out-of-pocket expenses incurred. The retainer fee is $10,000. Frederick Gawronski, Esq., a partner at Colligan Law, 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: Frederick J. Gawronski, Esq. COLLIGAN LAW, LLP 12 Fountain Plaza, Suite 600 Buffalo, NY 14202 Tel: (716) 885-1150 Fax: (716) 885-4662 Email: fgawronski@colliganlaw.com About Zetti's Maple Inc. Zetti's Maple Inc. aka Zetti's Pizza & Pasta sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 23-10876) on Sep. 14, 2023, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Frederick J. Gawronski, Esq. at Colligan Law LLP represents the Debtor as counsel. [*] Bankruptcy Filings Up 70% to 7,518 in Third Quarter 2023 ------------------------------------------------------------ According to Data compiled by New Generation Research's BankruptcyData, Bankruptcy Filings as of the end of the Quarter ended September 31, 2023, totaled 7,518 year to date. This is the highest rate of bankruptcy since 2020, up sharply from last year. The total number of filings YTD in 2023 exceeds all filings for both 2021 and 2022, and is on a pace which rivals the activity of 2020, itself was a record year unequaled since the days of the Global Financial Crisis. Even more telling, the pace of Public and Large Private company filings has accelerated sharply in 2023 versus prior years. So far in 2023, there have been such filings versus 383 for all of 2022, an increase of over 70%, and there are still three months to go in 2023. Also, the number of companies doing a round trip to Bankruptcy court among public and large private companies has risen markedly in 2023. Where last year there were 20 Chapter 22 cases all year, so far in 2023 there have been 21 repeat filers (2 of which are Chapter 33s). The pace of filings has been trending upwards during the course of the year as the graph below indicates. Filings per month peaked in May but have remained substantially higher than early in the year. The tenacity of higher interest rates and inflation seem to be driving this increase. FTLINGS BY STATE Looking at jurisdictions by state and bearing in mind that 2023 numbers are YTD and compared in the table at right to full year 2022 numbers, California leads as the state with the greatest number of filings, followed by New York and Texas. Texas and New York flipped their roles relative to the previous year. Every state is ahead of last year's total number of business filings for the full year, and this pattern extends to all 50 states. It is likely to be a banner year for bankruptcy professionals. Of note is the increase in non-US jurisdictions, reflective of a larger volume of Chapter 15 activity so far this year. TOP INDUSTRIES EXPERIENCEING BANKRUPTCY FILINGS The top 3 industries for Bankruptcy YTD in terms of filings are in the Real Estate sector at 16.1%, Healthcare and Medical at 11.6% and Construction and Supplies. This trio typically tops the list, though the Healthcare industry share has increased in 2023 relative to 2022. The top real estate filings so far in 2023 have both been Chinese origin Chapter 15s, which by assets, represent the 2 largest filings of the year so far. DISTRESSED SITUATIONS ARE ALSO ON THE RISE BankruptcyData maintains a watchlist of companies exhibiting signs of distress. As with business bankruptcy filings, we have seen a clear increase in the volume of companies triggering our screens. The number of distressed situations we are monitoring is up 34% this year (2023 YTD) over the full year 2022. PROFESSIONAL RETENTIONS BankruptcyData publishes a quarterly update on professional engagements and these following numbers refer only to debtor side engagements. This last quarter the Top three Law Firms by retention have been Pachulski, McDermott Will & Emery, And Morris James. This includes local counsel engagements. Pachulski leads the Year-to-Date leaderboard as well, followed by Young Conaway and Jackson Walker. Notable engagements for Pachulski include Yellow Corporation, Amyris, Inc., PGX Holdings, and Monitronics International. Young Conaway's notable cases include Capstone Energy, Amyris (as local bankruptcy counsel) and Desolation Holdings (Bittrex) in the crypto sector. Meanwhile Jackson Walker's largest engagements included Diebold Holdings, Genesis Care, Envision Healthcare, National CineMedia, and Diamond Sports Groups. The most engaged Financial Advisors to date have been FTI, Dundon and Alvarez and Marsal. FTI scored with Smile Direct, Yellow Corporation, Western Global Airlines among others. Dundon engagements were on the smaller end of the spectrum, with Lannett Company being the largest case by Liabilities. Alvarez and Marsal reaped fewer cases, but notable larger filings included Vice Media, Envision Healthcare, Wesco Aircraft Holdings and PGX holdings. Had the rankings been tabulated by Liabilities, A&M would have topped the advisor league tables. The top 3 investment banks YTD were Jefferies LLC with 9 engagements, Moelis & Company and Houlihan Lokey Inc. tied for second with 8 each, and Guggenheim Securities, LLC with 7. Jefferies top engagements included Qualtek Services, Benefytt Technologies and Amyris, Inc. The Moelis engagements may have been just shy of Jefferies, but arguably included larger filings, including Venator Materials, Diamond Sports Group and Party City Holdco, Inc. Houlihan Lokey meanwhile tallied Sunac China Holdings, Yellow Corporation, Diebold Holding Company and Genesis Care Pty Ltd. Top cases for Guggenheim included Mallinckrodt' Chapter 22, Kidde-Fenwal Inc., and the high-profile Bed Bath and Beyond case. Interestingly, the largest case of the year so far, China Evergrande Group, employed as of this writing no Investment Bank. The highest approved fee applications this year for Investment Banks went to Evercore Partners, who billed $26.75 million in court approved fees for their work in 2022's Talen Energy Case. Full league tables and fee application data are available on BankruptcyData.com. Of the environment this year, BankruptcyData's Head of Research, Nick Montgomery noted, "There has been a relative dearth of blockbuster filings, with most activity in the middle market. One interesting trend is an anecdotal increase in dismissal/conversion motions or orders filed over the last two weeks. There have been seven, five of which relate to post-asset sale debtors. The other two are illustrative of a hard pragmatism we are seeing . . . . where financing dries up, and patience quickly runs out. As to the asset sales, I think a legitimate 20,000ft assessment is that sale proceeds are not hitting expectations, leaving top-level secured creditors impaired and the game pretty evidently over as to everyone else." [*] Bissinger's John Strasburger Named Benchmark Litigation Star ---------------------------------------------------------------- Texas trial attorney John Strasburger, name partner in the Houston-based law firm Bissinger, Oshman, Williams & Strasburger LLP, is recognized as a Litigation Star in the 2024 edition of Benchmark Litigation, widely regarded as the definitive guide to the world's leading litigation firms and lawyers. This is Mr. Strasburger's 13(th) selection as a Litigation Star based on his commercial litigation, bankruptcy and product liability and recall work for some of the world's largest companies, mid-market companies and high net worth individuals. A preeminent bet-the-company lawyer, he has tried jury and non-jury cases as lead counsel in state and federal courts across the nation, earning a demonstrated track record of success in the prosecution and defense of numerous high-profile complex commercial disputes. Licensed in Texas and New York, his practice regularly involves commercial litigation, product liability defense, bankruptcy litigation, trade secret and restrictive covenant litigation, energy related litigation, physical and financial trading disputes, complex insurance disputes, environmental and mass tort litigation, and sensitive internal investigations. His practice also includes corporate-governance matters. Litigation Stars is the latest honor for Mr. Strasburger, whose work has consistently earned recognition from The Best Lawyers in America, Texas Super Lawyers and Lawdragon 500 Leading Litigators in America. Benchmark Litigation's ranking determinations are the result of extensive independent research that involves in-depth interviews with private practice lawyers, in-house counsel and clients, and casework analysis. More information, including the full list of 2024 honorees, can be found at www.benchmarklitigation.com. About Bissinger, Oshman, Williams & Strasburger Bissinger, Oshman, Williams & Strasburger LLP is a Houston-based business trial and transaction firm focused on providing impactful, cost-effective solutions to complex disputes and transactions requiring careful attention, extensive experience and a high level of sophistication. [] J.S. Held Acquires Phoenix Management Services ------------------------------------------------- Global consulting firm J.S. Held on Oct. 10 announced expanded corporate finance and investment banking expertise with the acquisition of Phoenix Management, providing operationally focused turnaround, transaction, strategic growth investor services, and Phoenix IB(R), an independent licensed broker-dealer under federal and state securities law (CRD#: 132710/SEC#: 8-66628), providing special situation investment banking solutions to middle-market enterprises across the United States. Phoenix Management Services(R), under the leadership of Michael Jacoby, James Fleet, Brian Gleason, and Joseph Nappi has decades of experience, across more than 50 industries and over 1,600 client engagements, enabling the team to assess complex situations rapidly, providing valuable financial insights and operational assessments to help private and public sector clients achieve their business goals. Their experts serve middle market clients across numerous sectors, providing: -- Bankruptcy Advisory -- Business & Operational Assessments -- Crisis, Turnaround, and Liquidity Management -- Independent Director Roles -- Interim Management (CEO, CFO, COO, CRO) -- Investor Support Services -- Operational Improvement & Restructuring -- Secured Creditor Advisory Michael Jacoby, Senior Managing Director and Shareholder at Phoenix Management, shares, "We see a tremendous opportunity to expand our teams' collective executive, financial, operational, and strategic management expertise in combination with the experts at J.S. Held." Mr. Jacoby continues, "As a part of J.S. Held, our clients will benefit from our global footprint and expanded capabilities, working alongside 1,500 experts with deep technical and scientific mastery and a unique understanding of intellectual property and intangible value drivers, among others." Phoenix IB(R) provides sell-side and buy-side M&A advisory services and private debt and equity placements, primarily for middle-market companies. The investment banking team is well-known for its depth of experience -- multi-transaction relationships that span decades, and a successful track record of closing innovative and award-winning transactions. The team thrives in distinctly complex deals, including niche businesses or story-driven transactions, tight funding deadlines or enhanced leverage requirements, unusual structuring requirements, and distressed or turnaround, including 363 sale processes. David Weiner, Executive Vice President at J.S. Held, shares, "Among many qualities that were attractive to us in this acquisition is the unique combination of entrepreneurial and visionary leaders with an unwavering focus on operations that helps clients maximize enterprise value." Mr. Weiner continues, "The addition of the Phoenix team reinforces our shared expertise across many sectors, including construction, energy and power, healthcare, high tech, manufacturing, retail, telecom, transportation, and others." As a result of the transaction, Phoenix Management clients have access to more than 1,500 technical, scientific, financial, and strategic experts across five continents, including business enterprise and intellectual property valuation; compliance and regulatory consulting; forensic accounting, labor, and dispute investigations; M&A regulatory response; ESG & sustainability consulting; cybersecurity; interim management and independent director candidates, among others. For more than 25 years, Phoenix Management Services has published its proprietary "Lending Climate in America" survey to evaluate national lending attitudes and trends. Each quarter, the survey is distributed to over 5,000 lenders nationwide. Visit the Lending Survey at Phoenix Management to learn more. Clearsight Advisors served as financial advisor to Phoenix Management in connection with the transaction. To learn more about Phoenix Management, a part of J.S. Held, please visit: https://www.jsheld.com/about-us/news/js-held-acquires-phoenix-management. About J.S. Held J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. Our professionals serve as trusted advisors to organizations facing high stakes matters demanding urgent attention, staunch integrity, proven experience, clear-cut analysis, and an understanding of both tangible and intangible assets. The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations. J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held, its affiliates and subsidiaries are not law firms and do not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB, a part of J.S. Held, member FINRA/ SIPC or Ocean Tomo Investment Group, LLC, a part of J.S. Held, member FINRA/ SIPC. All rights reserved. [] SDNY Judge Beckerman Leads Panel at DI Conference on Nov. 29 --------------------------------------------------------------- The Hon. Lisa Beckerman, United States Bankruptcy Judge for the Southern District of New York, is leading a six-member panel of experts who will tackle "The Pros and Cons of Professional Bankruptcy Directors" at the 30TH DISTRESSED INVESTING CONFERENCE presented by Beard Group, Inc. Do bankruptcy experts serving on a debtor's board help a company navigate chapter 11 expeditiously and maximize value for stakeholders? Or do they infringe, if not trample, on creditors' rights? Join Judge Beckerman and co-panelists Steven Seiden, President, Seiden Krieger Associates; Lorenzo Marinuzzi, Partner, Morrison & Foerster; Jared Ellias, Professor of Law, Harvard Law School; Howard Brownstein, President, Brownstein Corporation; and Harvey Tepner, Independent Corporate Director and former senior executive of WL Ross & Co., on this thought-provoking discussion that blends academic rigor with real-world examples, and may reshape your view on the role of bankruptcy specialists in boardrooms. Registration remains open for the 30th DI Conference to be held Wed., Nov. 29, in-person at the Harmonie Club in Manhattan. Top industry experts gather together to discuss the latest topics and trends in the distressed investing industry. Now on its 30th year, this value-packed event features special presentations from keynote speakers, live panel discussions and networking sessions with other insolvency professionals. The 30th DI Conference is being sponsored by: * Kirkland & Ellis and Foley & Lardner, as conference co-chairs * Davis Polk * Dechert * Dentons * DSI * Locke Lord * RJReuter * Skadden * SSG * Stein Advisors * Troutman Pepper * Wachtell Lipton Rosen & Katz * Weil Gotshal Visit https://www.distressedinvestingconference.com/ for more information. For conference sponsorship and speaking opportunities, contact: Will Etchison 305-707-7493 Will@BeardGroup.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2023. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***