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T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, October 17, 2023, Vol. 27, No. 289
Headlines
100 CHRISTOPHER: Unsecureds Owed $311K Unimpaired in Plan
100 ORCHARD: Unsecureds Owed $170K to Get 100% Under Plan
1111 INVESTMENT: Unsecureds to Split 251K over 120 Months
155 CHAMBERSFOOD: Seeks to Hire Wisdom Professional as Accountant
155 CHAMBERSFOOD: Taps Law Offices of Alla Kachan as Counsel
2ND CHANCE: Hearing on Amended Disclosures on Nov. 9
4112 REALTY: Seeks to Hire Northgate Real Estate as Broker
540 WEST: Lender Seeks to Overrule the UST Objection
560 SEVENTH AVENUE: Court OKs Cash Collateral Access Thru Nov 10
572 SACKETT: Case Summary & One Unsecured Creditor
ALEAFIA HEALTH: RWB Named Successful Bidder Under CCAA Sale
ALL STAR GLASS: Hires Law Office of Bonnie Bell Bond as Counsel
APEX BRITTANY: Seeks to Tap Flaster/Greenberg as Legal Counsel
ARA MACAO: Nov. 14 Hearing on Disclosure Statement
ARCHBISHOP OF BALTIMORE: Gets OK to Hire Epiq as Claims Agent
ARCHBISHOP OF BALTIMORE: US Trustee Appoints Creditors' Committee
ARTISAN'S CABINETRY: Seeks Cash Collateral Access
BAFFINLAND IRON: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
BANNEKER SUPPLY: Hires Hollis Meddings as Financial Advisor
BELA FLOR: Committee Taps Kilpatrick Townsend as Counsel
BENDED PAGE: Voluntary Chapter 11 Case Summary
BPI SPORTS: Seeks to Hire Akerman LLP as Bankruptcy Counsel
BRANDON HALL: Seeks to Tap Falcone Law Firm as Bankruptcy Counsel
BROIT BUILDERS: Continued Operations to Fund Plan
CALUMET SPECIALTY: S&P Alters Outlook to Stable, Affirms 'B-' ICR
CAMP DOG: Seeks to Hire Ellsworth & Stout as Accountant
CENTERPOINT RADIATION: Has Deal on Cash Collateral Access
CENTRAL OKLAHOMA: Hires Stretto as Claims and Noticing Agent
CENTRAL OKLAHOMA: Seeks to Hire GableGotwals as Bankruptcy Counsel
CENTRAL OKLAHOMA: Seeks to Hire Hilborne & Weidman as Bond Counsel
CENTRAL OKLAHOMA: Seeks to Hire Raymond James as Investment Banker
CHARLES LAU: Unsecureds Owed $435K to Get $15K
CHARTER NEXT: Moody's Affirms 'B3' CFR, Outlook Remains Stable
CHEMICAL EXCHANGE: Hires Chiron Financial as Investment Banker
CHRISHULSERSELLSHOMES: Amends Unsecured Claims Pay Details
CLEARY PACKAGING: Creditor Submits Plan of Reorganization
COMMUTER ADVERTISING: Hires Brady Ware & Schoenfeld as Accountant
COMMUTER ADVERTISING: Hires Thomsen Law as Bankruptcy Counsel
CUPPETT PERFORMING: Hires Robert S. Brandt as Bankruptcy Counsel
CYTODYN INC: Audit Committee Appoints BF Borgers as Auditor
DELTA AIR LINES: S&P Assigns 'BB+' Rating on 2023 Revenue Bonds
DESOLATION HOLDINGS: Court Approves Disclosure Statement
DIVERSE CONSTRUCTION: Hires Langley & Banack as Bankruptcy Counsel
ELITE INVESTMENT: Hires Danning Gill as Bankruptcy Counsel
ELMER ANGELO: Gets OK to Hire Wolff & Wolff as Legal Counsel
ENSIGN ENERGY: S&P Downgrades Issuer Credit Rating to 'SD'
EVOLUTION MICRO: Jerrett McConnell Named Subchapter V Trustee
EVOLUTION MICRO: Wins Use Cash Collateral Access Nov 7
EXPANSION INDUSTRIES: Hires Eric A. Liepins as Legal Counsel
FANATICS HOLDINGS: S&P Alters Outlook to Neg., Affirms 'BB-' ICR
FARADAY FUTURE: Ke Sun Resigns as Director
FEDNAT HOLDING: Braun Seeks Denial of Plan Confirmation
FORTE II LLC: Nov. 22 Hearing on Final Approval of Disclosure
GAE RODKE: Gets OK to Hire Berkshire as Real Estate Broker
GAE RODKE: Gets OK to Hire Giddins Claman as Real Estate Counsel
GBC EXPRESS: Seeks Cash Collateral Access Thru March 2024
GENESIS CARE: Class 5A Unsecureds Unimpaired in Plan
GIGA-TRONICS INC: Pro Forma Reports Filed Over Gresham Deal
GREATER FELLOWSHIP: Seeks to Hire Wardlow Appraisals as Appraiser
GREENSMITH LAND: Seeks to Hire Fischer & Kelly CPA as Accountant
GSE SYSTEMS: Agrees With Lind Global to Amend Promissory Notes
HEALY CHIROPRACTIC: L. Todd Budgen Named Subchapter V Trustee
HENDERSON INTERNATIONAL: Taps FTI Consulting to Provide CRO, Staff
HERSHA HOSPITALITY: Glazer Capital Reports 5.6% Equity Stake
HUDSON & MCKEE: Seeks Cash Collateral Access
IBIO INC: Amends Credit Agreement to Allow up to $2M Withdrawals
INNERLINE ENGINEERING: Seeks Cash Collateral Access Thru Feb 2024
INVESTVIEW INC: Closes Buyback of 303 Million Common Shares
IRONNET INC: Has $10M DIP Loan Deal Ahead of Bankruptcy Filing
JMR RENTALS: U.S. Trustee Unable to Appoint Committee
JSMITH CIVIL: Wins Interim Cash Collateral Access
KELHAM VINEYARD: Trustee Hires Arch & Beam as Financial Advisor
KEN FARRINGTON: Bid to Use Cash Collateral Denied as Moot
LARRET PROPERTIES: Unsecureds Owed $100K Will be Paid in Full
LEONA TRANSPORTATION: Seeks to Extend Plan Exclusivity to Feb. 27
LJF INC: Seeks to Hire Meridian Management Partners as OCP
LOUISA RIDGE: Seeks to Hire Steel & Company as Bankruptcy Counsel
LOVE FAMILY: Seeks to Hire Buddy D. Ford as Bankruptcy Counsel
MANANTIAL ROCA: Unsecureds Will Get 6% of Claims over 120 Months
MATCON CONSTRUCTION: Seeks to Extend Plan Exclusivity to Nov. 29
MAYVILLE HOLDINGS: Iana Vladimirova Named Subchapter V Trustee
MEGA SUNSET: Seeks Cash Collateral Access
MEGA SUNSET: Seeks to Hire Raymond H. Aver as Bankruptcy Counsel
MISION RESCATE: Seeks to Hire Hector M. Babilonia as Accountant
MIVA INSURANCE: Seeks 90-Day Extension to Plan Exclusivity
MSS INC: Court OKs Cash Collateral Access Thru Nov 13
MUSCLEPHARM CORP: FitLife Brands Closes Acquisition of Assets
NASHVILLE SENIOR: Committee Gets OK to Hire Dunham as Co-Counsel
NASHVILLE SENIOR: Committee Gets OK to Hire Womble as Lead Counsel
NEILLY'S FOOD: Seeks to Hire Cunningham Chernicoff as Attorney
NEWFOLD DIGITAL: Moody's Rates New $500MM First Lien Notes 'B2'
NORTHFACE LEASE: Seeks to Hire Modestas Law as Bankruptcy Counsel
NSG HOLDINGS: S&P Affirms 'BB+' ICR on Continued Debt Paydown
OFF LEASE: Seeks to Hire Proskauer Rose LLP as Bankruptcy Counsel
ORGANIC NAILS: Rob Messerli of Gunrock Named Subchapter V Trustee
ORGANIC NAILS: Wins Cash Collateral Access Thru Oct 19
OSG HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
PACIFIC BEND: Exclusivity Period Extended to December 12
PALMER DRIVES: Amends Unsecured Claims Details
PAULSON'S TRANSPORT: Case Summary & 20 Largest Unsecured Creditors
PERFORMANCE RESULTS: Seeks Approval to Hire Thompson Auctioneers
PHYSICIAN PARTNERS: Moody's Rates New $150MM Incremental Loan 'B2'
PLASTIQ INC: Exclusivity Period Extended to December 20
PLATINUM BEAUTY: Wins Interim Cash Collateral Access
PRIMA(R) WAWONA: Files Chapter 11 to Facilitate Sale Process
PRIMAL MATERIALS: Seeks Cash Collateral Access Thru Jan 2024
PRIZE MANAGEMENT: Bankr. Administrator Unable to Appoint Committee
QURATE RETAIL: Schedules 3rd Quarter Conference Call for Nov. 3
RADYO PANOU: Seeks to Hire Narissa A. Joseph as Bankruptcy Counsel
RAPID METALS: Hires Joselson Rosenberg as Special Counsel
RAYONIER ADVANCED: Morgan Out, Yokley In
RIALTO BIOENERGY: Seeks to Hire Moss Adams as Accountant
RIALTO BIOENERGY: Taps Columbia Tax as Property Tax Consultant
RITE AID: Board Appoints Jeffrey Stein as Chief Executive Officer
RITE AID: Case Summary & 50 Largest Unsecured Creditors
RITE AID: Files for Chapter to Facilitate Restructuring
ROBBINS SERVICE: Gets OK to Hire Exorevel as Financial Advisor
RODA LLC: MacMillan's Exclusivity Period Extended to Nov. 5
SABRINAS ATLANTIC: Hires Better Tax Associates as Accountant
SAMSON TOURS: Files Emergency Bid to Use Cash Collateral
SAND RIDGE: Bankruptcy Administrator Unable to Appoint Committee
SCULLY ROYALTY: CCAA Proceedings Begin, Obtains $75M DIP Loan
SH 168: Seeks to Hire Northgate Real Estate Group as Broker
SKINNY & CO: Seeks to Extend Plan Deadline to October 20
SOLOMON ENTERPRISES: Voluntary Chapter 11 Case Summary
SPECIALTY DENTAL: Unsecureds to Get 64 Cents on Dollar in Plan
SPIRIPLEX INC: Wins Cash Collateral Access Thru Nov 7
SPITFIRE ENERGY: Seeks to Hire Phillips Murrah PC as Attorney
SUPPLY CHAIN: Unsecureds to Split $350K over 5 Years
TACORA RESOURCES: Enters CCAA Proceedings, Obtains $75M DIP Loan
TAGRISK LLC: Taps Carney Badley and Scheer.Law as Special Counsel
TAMPA BAY PLUMBERS: Unsecureds to Split $200K in 5 Years
TEHUM CARE: Seeks to Extend Plan Acceptances to Jan. 9, 2024
TIMOTHY HILL: Case Summary & 20 Largest Unsecured Creditors
TOLIAO IOROI: Court OKs Cash Collateral Access Thru Dec 7
TRANSOCEAN LTD: Holders Agree to Swap US$101M Bonds for Shares
UETEK: Seeks to Hire OKeefe & Associates Law as Insolvency Counsel
VELSICOL CHEMICAL: Seeks to Hire BMC Group Inc as Noticing Agent
VENATOR MATERIALS: Completes Chapter 11 Recapitalization Process
VESTTOO LTD: Committee Taps Greenberg Traurig as Counsel
VIPER ENERGY: Fitch Assigns BB- Rating on New Unsec. Notes Due 2031
VIPER ENERGY: Moody's Rates New $400MM Unsec. Notes Due 2031 'Ba3'
VIRGINIA REAL: Case Summary & Two Unsecured Creditors
VISTA CLINICAL: Jerrett McConnell Named Subchapter V Trustee
VOYAGER DIGITAL: FTC Announces Settlement, Suit Filed v. Ex-CEO
WAITS R.V. CENTER: Case Summary & 17 Unsecured Creditors
WAYFORTH INC: William Callahan Jr. Named Subchapter V Trustee
WILLIAM-WALTON INC: Taps Roop Law Office as Bankruptcy Counsel
WINDOW SYSTEMS: Court OKs Cash Collateral Access on Final Basis
WINDOW SYSTEMS: Seeks to Hire Lane Law Firm PLLC as Counsel
WINDSOR TERRACE: Committee Taps Troutman Pepper as Counsel
WYATT LLC: Seeks Approval to Hire Roger A. Kraft as Attorney
YC RIVERGOLD: Seeks to Extend Plan Exclusivity to December 29
[^] Large Companies with Insolvent Balance Sheet
*********
100 CHRISTOPHER: Unsecureds Owed $311K Unimpaired in Plan
---------------------------------------------------------
100 Christopher Street Propco LLC submitted a Plan and a Disclosure
Statement.
The Debtor owns the real property at 100 Christopher Street, New
York, New York, (the "Property"). The Property is an apartment
building with two ground floor commercial spaces. Based on a recent
sale contract, the Debtor estimates that the Property value is
$30,020,000.
The Property is encumbered by a first mortgage held by Santander
Bank, N.A. (the "Mortgagee") in the original principal amount of
$22,100,000. As of the Petition Date, the Mortgagee's Claim is
approximately $19,800,000. New York City Lien Claims total about
$76,953.
In addition to the Mortgagee's claim, the Debtor is aware of
general unsecured claims of about $311,765.
The Debtor has a signed contract to sell the Property to 100
Christopher LLC for $30,020,000. 100 Christopher LLC has provided a
$2,000,000 deposit which is being held in escrow. The sale is
conditioned on an assignment to and assumption by 100 Christopher
LLC of the Mortgagee's note and mortgage. The Mortgagee is in the
process of undertaking its due diligence as to the requested
assignment. The sale must close by October 23, 2023 based on 100
Christopher LLC's deadline to close on a tax deferred exchange
under section 1031 of the Internal Revenue Code.
The purchase price is sufficient to pay all of the Debtor's
creditors in full in cash at closing. But the Debtor's ultimate
parent, Delshah Capital Limited ("DCL"), has an impending maturity
on September 30, 2023 under that certain Deed of Trust dated as of
January 5, 2016 (as amended, the "Deed of Trust") between DCL and
Mishmeret Trust Company Limited (the "Trustee"), with respect to
certain bonds issued by DCL. Moreover, the bonds are currently in
default and, in exchange for certain agreements and modifications
negotiated with the bondholders, the Trustee holds or is expected
to shortly receive a pledge of the Debtor's equity interests.
Absent a consensual resolution, the Trustee has or will likely have
the right to obtain control of DCL and ensure that the bondholders
receive the net proceeds from any sale of the Property. If the
Trustee were to exercise that right, the pending sale and
assignment of the note and mortgage could be jeopardized. As part
of its overall agreement with DCL, the Trustee would agree to defer
taking action to effect its remedies under the Deed of Trust to the
extent the Debtor commenced this Chapter 11 case and proceeded
promptly to obtain approval of the sale in the bankruptcy case and
turn over the net proceeds of such sale to the Trustee (or, if no
pledge is in place, to an account owned by the Sole Member and
controlled by the Trustee) after payment of all Claims against the
Debtor as set forth below and under a Chapter 11 plan.
Unsecured creditors and the Mortgagee are at additional risk
because the Debtor owes the two retail tenants landlord
contributions to their buildouts and leasing commissions associated
with their leases amounting to several hundred thousand dollars.
Those amounts are expected to be paid from the sale proceeds.
The Debtor therefore filed this case to ensure a prompt sale with
an explicit provision for transferring the net sale proceeds to the
Debtor's administrative, priority, secured and unsecured creditors,
and all remaining proceeds to either the Sole Member or the
Trustee, in its capacity as pledgee of the Debtor's equity
interests, and to provide comfort that all parties will be paid all
that they are entitled to under the Bankruptcy Code.
Under the Plan, Class 4 General Unsecured Claims total $311,765.
Creditors will be paid in full in Cash on the Effective Date of
Allowed Amount of each Claim, plus interest through the payment
date. Class 4 is unimpaired.
Effective Date obligations under the Plan will be satisfied from
the proceeds of sale of the Property under the contract annexed to
the Plan as Exhibit A. If the sale does not close by October 24,
2023, or if it is determined before October 24, 2023 that the
Purchaser is not closing, the Debtor shall market Property through
Meridian Capital Group LLC and sell the Property, subject to
Bankruptcy Court approval, under the bidding procedures annexed to
the Plan as Exhibit B. The estimated use of funds at closing is set
forth on Exhibit C to the Disclosure Statement.
Attorneys for the Debtor:
Mark A. Frankel, Esq.
BACKENROTH FRANKEL & KRINSKY, LLP
488 Madison Avenue
New York, NY 10022
Telephone: (212) 593-1100
Facsimile: (212) 644-0544
A copy of the Disclosure Statement dated September 27, 2023, is
available at https://tinyurl.ph/XzNSC from PacerMonitor.com.
About 100 Christopher Street Propco LLC
100 Christopher Street Propco LLC 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 100 Christopher Street, New
York, valued at $30.02 million.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-11542) on Sept. 27,
2023. In the petition signed by Patrick McCann, vice president,
the Debtor disclosed up to $30,020,000 in assets and $20,188,718 in
total liabilities.
Judge Philip Bentley oversees the case.
Mark Frankel, Esq., at Backenroth Frankel & Krinsky, LLP,
represents the Debtor as legal counsel.
100 ORCHARD: Unsecureds Owed $170K to Get 100% Under Plan
---------------------------------------------------------
100 Orchard St. LLC d/b/a Blue Moon Hotel submitted an Amended Plan
of Reorganization and a Disclosure Statement.
The Debtor is a New York limited liability company that operates a
22-unit boutique hotel known as the Blue Moon Hotel (the "Hotel")
located in Manhattan's lower east side, at 100 Orchard Street, in a
historical building constructed in 1879.
The plan is based upon a settlement between the debtor and its
secured lender, Brick Moon Capital L.L.C., who holds a mortgage on
the debtor's hotel. Brick has agreed to give the reorganized debtor
three (3) years to refinance the brick mortgage, sell the hotel or,
otherwise, pay brick an agreed upon amount that is significantly
less than the amount of brick's claims. Without this agreement, it
is unlikely there would be any funds available for any creditors
other than brick and the City of New York on account of a tax lien
on the hotel.
Under the Plan, Class 7 General Unsecured Claims total $170,000 and
will receive cash. Allowed Class 7 Claims will be paid 100% of
their Allowed Claims without interest over a period of 5 years from
the Effective Date, payable $2,833 per month, with the first
payment due 30 days after the Effective Date. Class 7 is impaired.
The Plan will be funded with (i) funds in the DIP Account, (ii) net
income from the Hotel operations, and (iii) from a refinancing of
the Debtor's mortgage on the Hotel, a sale of the Hotel, an equity
infusion, or a combination of the foregoing.
The Debtor has been operating profitably since the Petition Date.
The Debtor projects that the Reorganized Debtor will continue to
operate the Hotel profitably during the Brick Refinancing Period.
The Debtor expects to have more than $400,000 in reserve in the DIP
Account as of the December 31, 2023. The Reserve shall be
maintained by the Reorganized Debtor and will not be used to
calculate the Brick semiannual payments.
Attorneys for 100 Orchard St. LLC d/b/a Blue Moon Hotel Debtor and
Debtor-in-Possession:
David H. Wander, Esq.
Scott S. Markowitz, Esq.
Alexander Tiktin, Esq.
TARTER KRINSKY & DROGIN LLP
1350 Broadway
New York, NY 10018
Tel.: (212) 216-8000
E-mail: dwander@tarterkrinsky.com
smarkowitz@tarterkrinsky.com
atiktin@tarterkrinsky.com
A copy of the Disclosure Statement dated September 27, 2023, is
available at https://tinyurl.ph/yyRjL from PacerMonitor.com.
About 100 Orchard St. LLC
100 Orchard St. LLC operates a 22-room boutique hotel known as the
"Blue Moon Hotel," located in the lower east side of Manhattan, at
100 Orchard Street. The Hotel is a historical building built in
1879. Beginning in 2002, 100 Orchard redesigned the five-story
tenement and restored the building to function as a stately
eight-story hotel. It was a five-year art preservation and design
project that received an award by National Geographic, acknowledged
by the Historic Districts Council, and written up in 50 major
articles. The Hotel was instrumental in revitalizing commerce south
of Delancey Street.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-10358) on March 23,
2022.
In the petition signed by Randy Settenbrino, president and managing
member, the Debtor disclosed $25,341,713 in assets and $11,166,747
in liabilities.
Judge David S. Jones oversees the case.
Scott S. Markowitz, Esq., at Tarter Krinsky and Drogin, LLP is the
Debtor's counsel.
1111 INVESTMENT: Unsecureds to Split 251K over 120 Months
---------------------------------------------------------
1111 Investment Holdings LLC, submitted an Amended Plan of
Reorganization for Small Business dated October 10, 2023.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $2,093.
The final Plan payment is expected to be paid on November 1, 2034.
This Plan of Reorganization proposes to pay creditors of the Debtor
from the net proceeds of the short term rental of Debtor's
properties.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately $0.26 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 2 consists of the Secured mortgage claim of Warwick castle an
Oregon LLC. The maturity date of this claim shall be extended to
April 1st, 2025 and Debtor shall pay an extension fee of 2% or
$6,202.50 directly to the designee of secured creditor, as well as
creditor's attorney fees of not more than $1,750. Payment of the
extension fee shall be due on the effective date of the plan. All
other existing terms shall remain unchanged.
Class 3 consists of Secured mortgage claim of Warwick castle an
Oregon LLC. The maturity date of this claim shall be extended to
August 1, 2025. Debtor shall pay an extension fee of 2% or
$3,611.54 directly to the designee of secured creditor, as well as
creditor's attorney fees of not more than $1,750. Payment of the
extension fee shall be due on the effective date of the plan. All
other existing loan terms shall remain unchanged.
Class 4 consists of the Secured claim of Joseph And Brenda Vicente.
Brenda and Joseph Vicente hold a secured claim in the amount of
$93,500, secured by personal property of the Debtor as evidenced in
Proof of Claim #1 filed on March 16, 2023. Pursuant to Section
506(a) of the Bankruptcy Code, their claim shall be bifurcated as
follows:
* Secured Portion: Brenda and Joseph Vicente's claim is
secured to the extent of the value of the personal property
collateral, which is $24,239.20. The secured portion of their claim
shall be paid over 60 months at an interest rate of 9%. The monthly
payment will be approximately $312.22.
* Unsecured Portion: The remaining balance of the claim,
totaling $69,260.80, will be reclassified as a general unsecured
claim and shall be paid pro rata with other general unsecured
claims. The disbursement to general unsecured creditors, including
the unsecured portion of Brenda and Joseph Vicente's claim, shall
be in accordance with the terms laid out for general unsecured
creditors in this plan.
Class 5 consists of Non-priority unsecured creditors. Non-priority
unsecured creditors will be paid on a pro rata basis an amount
totaling $251,138. Payments will be disbursed in monthly
installments of approximately $2,092.82 over a period of 120
months, at an interest rate of 0%. This provision is in accordance
with Section 1129(a)(7) of the Bankruptcy Code, ensuring that each
general unsecured creditor receives at least as much as they would
under a Chapter 7 liquidation. This class shall include the
unsecured claim of Kismat Investment in the amount of $520,277
pursuant to the court's order. This Class is impaired.
A full-text copy of the Amended Plan dated October 10, 2023 is
available at https://urlcurt.com/u?l=b30p9C from PacerMonitor.com
at no charge.
Attorney for the Plan Proponent:
Seth D. Ballstaedt, Esq.
Ballstaedt Law Firm, LLC
d/b/a Fair Free Legal Services
8751 W. Charleston Blvd., Suite 220
Las Vegas, NV 89117
Telephone: (702) 715-0000
Facsimile: (702) 666-8215
Email: help@bkvegas.com
About 1111 Investment Holdings
Las Vegas-based 1111 Investment Holdings, LLC, is primarily engaged
in renting and leasing real estate properties.
111 Investment Holdings filed a petition for relief under
Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Nev.
Case No. 23-10596) on Feb. 20, 2023, with $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. Brian D.
Shapiro has been appointed as Subchapter V trustee.
Judge August B. Landis oversees the case.
The Debtor is represented by Seth D. Ballstaedt, Esq., at
Ballstaedt Law Firm, LLC.
155 CHAMBERSFOOD: Seeks to Hire Wisdom Professional as Accountant
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155 Chambersfood, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Wisdom
Professional Services Inc. as its accountant.
The Debtor requires legal counsel to:
(a) gather and verify all pertinent information required to
compile and prepare; and
(b) prepare monthly operating reports for the Debtor in this
bankruptcy case.
The firm will charge $275 per report. The expected estimate monthly
cost of services is $275.
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid the firm an initial retainer of $3,600.
Michael Shtarkman, CPA, a member of Wisdom Professional Services,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Michael Shtarkman, CPA
Wisdom Professional Services Inc.
626 Sheepshead Bay Road Suite 640
Brooklyn, NY 11224
Telephone: (718) 554-6672
Email: mshtarkmancpa@gmail.com
About 155 Chambersfood, Inc.
155 Chambersfood, Inc. sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42937) on
August 16, 2023, listing up to $50,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Nancy Hershey Lord oversees the case.
Alla Kachan, Esq. at the Law Offices Of Alla Kachan P.C. represents
the Debtor as counsel.
155 CHAMBERSFOOD: Taps Law Offices of Alla Kachan as Counsel
------------------------------------------------------------
155 Chambersfood, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ the Law
Offices of Alla Kachan, PC.
The Debtor requires legal counsel to:
(a) assist in administering the Debtor's Chapter 11 case;
(b) make such motions or take such action as may be
appropriate or necessary under the Bankruptcy Code;
(c) represent the Debtor in prosecuting adversary proceedings
to collect assets of the estate and such other actions as the
Debtor deems appropriate;
(d) take such steps as may be necessary for the Debtor to
marshal and protect the estate's assets;
(e) negotiate with creditors in formulating a plan of
reorganization for the Debtor;
(f) draft and prosecute the confirmation of the Debtor's plan
of reorganization; and
(g) render such additional services as the Debtor may require
in its bankruptcy case.
The firm will be paid at these rates:
Attorney $475 per hour
Clerks and Paraprofessionals $250 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid the firm an initial retainer of $10,000.
Alla Kachan, Esq., disclosed in a court filing that his firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, PC
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Telephone: (718) 513-3145
Email: alla@kachanlaw.com
About 155 Chambersfood, Inc.
155 Chambersfood, Inc. sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42937) on
August 16, 2023, listing up to $50,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Nancy Hershey Lord oversees the case.
Alla Kachan, Esq. at the Law Offices Of Alla Kachan P.C. represents
the Debtor as counsel.
2ND CHANCE: Hearing on Amended Disclosures on Nov. 9
----------------------------------------------------
Judge Scott C. Clarkson has entered an order approving a
stipulation extending the deadline to file an Amended Plan and
Disclosure Statement of 2nd Chance Investment Group, LLC
The hearing on 2nd Chance Investment Group, LLC's Amended
Disclosure Statement is continued to November 9, 2023 at 11:00 a.m.
The deadline by which the Debtor must file and serve its First
Amended Plan and Second Amended Disclosure Statement, and a redline
of each, is extended to and including October 12, 2023.
Any objections to the First Amended Plan and Second Amended
Disclosure Statement must be filed and served by no later than
October 19, 2023.
Replies to any objections must be filed and served by no later than
October 26, 2023.
The chapter 11 status conference is continued to November 9, 2023
at 11:00 a.m.
Attorneys for the Debtor and Debtor in Possession:
Andy C. Warshaw, Esq.
FINANCIAL RELIEF LAW CENTER, APC
1200 Main St., Suite C
Irvine, CA 92614
Direct Phone: (714) 442-19
Facsimile: (714) 361-5380
E-mail: awarshaw@bwlawcenter.com
About 2ND Chance Investment Group
2ND Chance Investment Group, LLC owns in fee simple title 13 real
properties located in various locations in California and
Washington having an aggregate value of $7.02 million.
2ND Chance Investment Group sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 22-12142) on
Dec. 21, 2022. In the petition signed by its managing member,
Rayshon A. Foster, the Debtor disclosed $7,221,261 in assets and
$11,002,949 in liabilities.
Judge Scott C. Clarkson oversees the case.
Amanda G. Billyard, Esq., at Financial Relief Law Center, APC and
Grobstein Teeple, LLP serve as the Debtor's legal counsel and
financial advisor, respectively.
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 Goe Forsythe & Hodges, LLP.
4112 REALTY: Seeks to Hire Northgate Real Estate as Broker
----------------------------------------------------------
4112 Realty, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to employ Northgate Real Estate
Group as its real estate broker.
The firm will sell the real property located at 4112 4 Avenue,
Brooklyn, New York, NY 11232.
Northgate will be compensated by a commission of 4 percent of the
sale price.
As disclosed in the court filings, Northgate has no adverse
interest to the Debtor’s estate and will provide valuable
services to the Debtor.
The firm can be reached through:
Greg Corbin
Northgate Real Estate Group
433 5th Avenue 4th Floor
New York, NY 10016
Phone: (212) 419-8101
Email: Greg@northgatereg.com
About 4112 Realty LLC
4112 Realty, LLC filed Chapter 11 petition (Bankr. E.D.N.Y. Case
No. 23-42768) on Aug. 3, 2023, with as much as $50,000 in total
assets and $1 million to $10 million in total liabilities. Ira
Joseph Epstein, owner, signed the petition.
Judge Jil Mazer-Marino oversees the case.
The Law Office of Rachel S. Blumenfeld PLLC serves as the Debtor's
counsel.
540 WEST: Lender Seeks to Overrule the UST Objection
----------------------------------------------------
Ray New York, LLC, in its capacity as the prepetition secured
lender and postpetition debtor in-possession financing lender
submits this response in support 540 West 21st Street Holdings,
LLC's First Amended Combined Disclosure Statement and Plan, the
debtor's Motion for Approval of Interim and Final Orders and
related reliefs.
In the UST Objection, the UST has raised certain issues and
concerns regarding entry of the Final Order approving the DIP Loan
and entry of an order approving the Combined Disclosure Statement
and Plan. After the UST Objection was filed, Ray New York's counsel
had a discussion with the Office of the United States Trustee and
Debtor's counsel. As a result of that discussion, Ray New York has
agreed to extend the challenge period through the effective date of
the Plan. Ray has also agreed to modify the Final Order to provide
that Ray New York, as DIP Lender, shall have a lien on the proceeds
of all avoidance actions, as opposed to the avoidance actions
themselves. Ray New York believes, based on the discussion with the
UST, that these modifications address the UST's concerns regarding
entry of the Final Order. Nevertheless, Ray New York submits this
response to further address the issues raised in the UST Objection
to correct the record of the Chapter 11 Case and in support of
entry of the Final Order and an order approving the Combined
Disclosure Statement and Plan over the UST Objection and any other
objections that raise similar issues as those set forth in the UST
Objection.
Contrary to the assertion in the UST Objection, Ray New York is not
an "insider" as that term is defined in Section 101(31)(B) of the
Bankruptcy Code. While a principal of Ray New York is the father in
law of an investor in the Debtor, said investor is not a "general
partner, director, officer, or person in control of the Debtor."
Any failure to disclose such connection was inadvertent and should
in no way cast a cloud over the process as the UST Objection
asserts. Based on discussions with the Debtor's counsel, Ray New
York understands that the disclosure of the familial relationship
was not included in the Combined Disclosure Statement and Plan
because: (1) the investor had no substantive influence on the
negotiations that resulted in the Combined Disclosure Statement and
Plan and (2) as noted above, Ray New York is not an insider as that
term is defined in the Bankruptcy Code.
Ray New York is also providing debtor-in-possession financing that
will facilitate the implementation of the Combined Disclosure
Statement and Plan, which includes payment in full of all general
unsecured creditors. It is common practice in this Court to grant a
debtor-in-possession financing lender a lien on proceeds of
avoidance actions under the final order approving such financing.
As discussed above, Ray New York is not an insider and having
negotiated in good faith and at arms-length, it is proper and just
to provide Ray New York with the same protections as any other
similarly situated lender. Ray New York submits that on these
facts, Ray New York is entitled to a lien secured by the proceeds
of avoidance actions.
Here, on a purely economic basis, Ray New York has agreed to a
discount on its secured claim in the amount of not less than
$8,000,000 that will allow unsecured creditors and interest holders
to receive a recovery. Further, while the loan was in default, Ray
New York delayed enforcement of its rights and remedies for over
one year to allow the Debtor an opportunity to maximize the value
of the property. Ray New York has also agreed to lend additional
funds in the form of debtor-in-possession financing. Ray New York's
forbearance and agreement to provide additional funds was necessary
to implement the Plan. All general unsecured creditors are
unimpaired and each voting impaired class voted to accept the Plan.
The Plan was negotiated and proposed in good faith and at arm's
length and all parties that are in impaired voting classes under
the Plan were aware of the connection and support the Plan. Based
on these facts, Ray New York is entitled to the releases set forth
in the Combined Disclosure Statement and Plan.
Attorneys for Ray New York, LLC:
James E. O'Neill, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 N. Market Street, 17th Floor
P.O. Box 8705
Wilmington, DE 19899-8705 (Courier 19801)
Telephone: (302) 652-4100
Facsimile: (302) 652-4400
E-mail: joneill@pszjlaw.com
- and -
Jennifer L. Rodburg, Esq.
Andrew Minear, Esq.
FRIED, FRANK, HARRIS, SHRIVER
& JACOBSON LLP
One New York Plaza
New York, NY 10004
Telephone: (212) 859-8000
Facsimile: (212) 859-4000
E-mail: Jrodburg@friedfrank.com
aminear@Friedfrank.com
About 540 West
540 West 21st Street Holdings LLC is headquartered in New York, NY
and is a real estate holding company formed specifically to
facilitate the financing and construction of a mixed-use
development at the Property.
540 West sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del Lead Case No. 23-11053) on Aug. 2, 2023. In the
petition signed by Noam Teltch as authorized signatory, the Debtor
disclosed up to $95,842,716 in assets and $256,664,374 in
liabilities.
Hon. Mary F. Walrath oversees the case.
The Debtors tapped Bryan Cave Leighton Paisner LLP as lead counsel,
Chipman Brown Cicero & Cole, LLP as Delaware counsel, Tomer Jacob
as chief restructuring officer, and Bankruptcy Management
Solutions, Inc. dba Stretto as claims agent.
560 SEVENTH AVENUE: Court OKs Cash Collateral Access Thru Nov 10
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized 560 Seventh Avenue Owner Primary LLC to use cash
collateral on an interim basis in accordance with the budget, with
a 5% variance, through the date that is the earliest to occur of,
(a) a Cash Collateral Termination Event, (b) any Mezz Borrower Lift
Stay Termination Event, (c) the Final Hearing Date, or (d) November
10, 2023.
These events that constitute a "Cash Collateral Termination" event
include:
(i) the failure of the Debtor to make any payment under the
Third Interim Order to the Prepetition Senior Mortgage Lender
within two business days after such payment becomes due;
(ii)(A) the Fourth Interim Order or the Final Order (if
entered) ceases, for any reason (other than by reason of the
express written agreement by the Prepetition Senior Mortgage
Lender), to be in full force and effect in any material respect, or
(B) entry by the Court or any other court of an order vacating or
modifying the Interim Order or any final Order authorizing the use
of cash collateral in the case;
(iii) the Debtor supports in writing an action commenced by any
person against the Prepetition Senior Mortgage Lender with respect
to the Prepetition Loan Documents;
(iv) the Court will have entered an order granting relief from
the automatic stay to the holder or holders of any security
interest to permit foreclosure (or the granting of a deed in lieu
of foreclosure or the like) on any of the Debtor's assets which
have an aggregate value in excess of $100,000;
(v) the filing of any pleading by the Debtor in support of any
other person or entity's opposition to any motion filed in the
Court by the Prepetition Senior Mortgage Lender seeking
confirmation of the amount of its claims or the validity or
enforceability of the Prepetition Liens, except with regard to good
faith disputes over the payment of fees and expenses;
(vi) the failure of the Debtor to comply with any of the
material terms, provisions, conditions, covenants, or obligations
under the Interim Order;
(vii) the cash collateral is used other than for the purposes
set forth in the Second Interim Order and/or in accordance with the
Approved Budget (subject to any Variance);
(viii) any failure by the Debtor to obtain approval on any
Variance as required be paragraph 4 of the Second Interim Order;
(ix) any failure by the Debtor to pay any invoices issued by
the Prepetition Senior Mortgage Lender as and when due;
(x) unless otherwise agreed to in writing by the Prepetition
Senior Mortgage Lender in its sole discretion, the Debtor seeks
entry of an order authorizing the Debtor to obtain postpetition
secured financing secured by any liens priming or senior to those
of the Prepetition Senior Mortgage Lender pursuant to 11 U.S.C.
Section 364(d)(1); and
(xi) the dismissal of the Debtor's bankruptcy case or the
conversion of the case to a case under chapter 7 of the Bankruptcy
Code.
The assets of the Margaritaville Resort Times Square Hotel are
subject to a first mortgage lien held by OWS CRE Funding I, LLC,
the Prepetition Senior Mortgage Lender, to secure a loan issued in
2021 by the Original Lender in the total sum of $167 million, since
reduced to a current balance of $156.652 million, plus accrued and
unpaid interest thereon and fees, expenses, charges, indemnities,
and other costs and obligations incurred in connection therewith.
As more fully set forth in the Prepetition Loan Documents, the
Prepetition Senior Mortgage Lender holds first priority liens on
and security interests in the "Collateral" under and as defined in
the Prepetition Mortgage Loan Agreement.
To secure the Diminution Claim, the Prepetition Senior Mortgage
Lender, is, solely to the extent of the Diminution Claim, granted
valid, perfected, postpetition security interests and liens in and
on (a) all of the Prepetition Collateral, (b) the DIP Account,
and(c) the Existing Accounts, provided, however, the Replacement
Liens (x) will only be and remain subject and subordinate to the
Carve-Out; and (y) will not apply to any claims or causes of action
arising under Sections 544, 545, 547, 548, 49, an 550 of the
Bankruptcy Code or any other similar state or federal law or the
proceeds thereof.
As further adequate protection for and solely to the extent of the
Diminution Claim, the Prepetition Senior Mortgage Lender is granted
(effective upon the date of this Interim Order) a superpriority
claim with priority over all administrative expense claims and
unsecured claims against the Debtor or its estate, now existing or
hereafter arising, of any kind or nature whatsoever.
A copy of the order is available at https://urlcurt.com/u?l=3DMvPl
from PacerMonitor.com.
About 560 Seventh Avenue Owner Primary
560 Seventh Avenue Owner Primary LLC owns and operates the
Margaritaville Resort Times Square Hotel located at 560 Seventh
Avenue, New York, NY. The Debtor sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-11289) on
August 12, 2023. In the petition signed by Stehian Pomerantz,
president, the Debtor disclosed up to $500 million in both assets
and liabilities.
Judge Philip Bentley oversees the case.
Kevin J. Nash, Esq., at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP,
represents the Debtor as legal counsel.
572 SACKETT: Case Summary & One Unsecured Creditor
--------------------------------------------------
Debtor: 572 Sackett Corp.
572 Sackett Street
Brooklyn, NY 11217
Business Description: 572 Sackett owns real property located at
572 Sackett Street, Brooklyn, New York.
Chapter 11 Petition Date: October 15, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-43727
Judge: Hon. Jil Mazer-Marino
Debtor's Counsel: Rachel S. Blumenfeld, Esq.
LAW OFFICE OF RACHEL S. BLUMENFELD PLLC
26 Court Street
Suite 2220
Brooklyn, NY 11242
Email: rachel@blumenfeldbankruptcy.com
Total Assets: $0
Total Liabilities: $4,800,000
The petition was signed by Steven L. Hagerman as owner.
The Debtor listed Bona Fide Realty LLC as its only unsecured
creditor holding a claim of $1,300,000.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/XHTLM3I/572_Sackett_Corp__nyebke-23-43727__0001.0.pdf?mcid=tGE4TAMA
ALEAFIA HEALTH: RWB Named Successful Bidder Under CCAA Sale
-----------------------------------------------------------
Aleafia Health Inc. on Oct. 12, 2023, disclosed that Red White &
Bloom Brands Inc. ("RWB") has been selected as the successful
bidder pursuant to the Court-approved sale and investment
solicitation process (the "SISP") in connection with the previously
announced proceedings of Aleafia and certain of its subsidiaries
under the Companies' Creditors Arrangement Act (the "CCAA").
On August 22, 2023, the Ontario Superior Court of Justice
(Commercial List) (the "Court") approved, among other matters, the
terms of a SISP which included a stalking horse asset purchase and
share subscription agreement (the "Stalking Horse Agreement")
pursuant to which RWB would acquire certain assets from Aleafia and
subscribe for shares of certain subsidiaries of Aleafia if RWB were
to become the successful bidder pursuant to the SISP (the "RWB
Transaction"). The Stalking Horse Agreement was approved by the
Court in the context of the SISP, in order to establish the
baseline consideration for the Corporation's business and assets.
In addition, Aleafia has entered into a definitive purchase
agreement pursuant to which it has agreed to sell its Grimsby
facility to a third-party purchaser (the "Property Sale" and,
together with the RWB Transaction, the "Sale Transactions"), which
asset was excluded from the RWB Transaction and marketed separately
under the SISP.
In accordance with the terms of the SISP, Aleafia will be seeking
Court approval of the Sale Transactions in connection with the SISP
and authority to consummate the transactions provided for therein
at the approval hearing which will be held on October 27, 2023. If
approved by the Court, closing of the RWB Transaction is expected
to occur prior to November 22, 2023, and closing of the Property
Sale is expected to occur prior to November 1, 2023.
Additional information regarding the CCAA proceedings -- including
all of the Court materials filed in the CCAA proceedings and a copy
of the Stalking Horse Agreement -- may be found at the website of
KSV Restructuring Inc., Aleafia's Court-appointed Monitor:
https://www.ksvadvisory.com/insolvency-cases/case/aleafia
About Aleafia
The Corporation is a federally licensed Canadian cannabis company
offering cannabis products in Canadian adult-use and medical
markets and in select international markets. The Corporation
operates a virtual medical cannabis clinic staffed by physicians
and nurse practitioners which provide health and wellness services
across Canada.
The Corporation operates two licensed cannabis production
facilities and operates a strategically located distribution centre
all in the province of Ontario, including the largest, outdoor
cannabis cultivation facility in Canada. The Corporation produces a
diverse portfolio of cannabis and cannabis derivative products
including dried flower, pre-roll, milled, vapes, oils, capsules,
edibles, sublingual strips and topicals.
ALL STAR GLASS: Hires Law Office of Bonnie Bell Bond as Counsel
---------------------------------------------------------------
All Star Glass, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Colorado to hire the Law Office of Bonnie Bell
Bond, LLC as its counsel.
The firm's services include:
a. providing the Debtor with legal advice with respect to its
rights and duties under Chapter 11;
b. assisting the Debtor in the development of a plan of
reorganization or sale of its property;
c. preparing and filing pleadings, reports and actions, which
may become necessary;
d. representing the Debtor in litigation; and
e. performing all other necessary legal services for the
Debtor.
The hourly rates charged by the firm's attorney and paralegals are
as follows:
Bonnie Bell Bond, Esq. $350 per hour
Paralegals $175 per hour
The firm will also seek reimbursement for out-of-pocket expenses
incurred.
The Debtor paid the firm a retainer of $12,000.
Bonnie Bell Bond, Esq., a partner at the Law Office of Bonnie Bell
Bond, 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:
Bonnie Bell Bond, Esq.
LAW OFFICE OF BONNIE BELL BOND, LLC
8400 E. Prentice Avenue, Suite 1040
Greenwood Village, CO 80111
Tel: (303) 770-0926
Fax: (303) 770-0965
Email: bonnie@bellbondlaw.com
About All Star Glass, LLC
All Star Glass, LLC is a privately held commercial & residential
glass company. The Debtor sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 23-14377) on
September 27, 2023. In the petition signed by William R. Glover,
member, the Debtor disclosed up to $500,000 in assets and up to $1
million in liabilities.
Bonnie Bell Bond, Esq., at Law Office of Bonnie Bell Bond,
represents the Debtor as legal counsel.
APEX BRITTANY: Seeks to Tap Flaster/Greenberg as Legal Counsel
--------------------------------------------------------------
Apex Brittany MO LP seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Flaster/Greenberg P.C. as its
counsel.
The services the firm may be required to perform on behalf of the
Debtor include providing all required advice concerning operating
as debtor-in-possession and assisting in formulating and confirming
a Chapter 11 Plan.
Flaster/Greenberg charges these hourly fees:
Partners and Counsel $395 to $940
Associates $245 to $445
Paralegals $165 to $360
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Harry Giacometti, Esq., at Flaster/Greenberg, disclosed in a court
filing that he and his firm are "disinterested" pursuant to Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Damien Nicholas Tancredi, Esq.
Harry J. Giacometti, Esq.
FLASTER/GREENBERG P.C.
1007 N. Orange Street, Suite 400
Wilmington, DE 19801
Telephone: (215) 587-5675
Email: damien.tancredi@flastergreenberg.com
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.
ARA MACAO: Nov. 14 Hearing on Disclosure Statement
--------------------------------------------------
The Court having been advised that S. Cary Forrester, Chapter 11
Trustee and the Official Committee of Unsecured Creditors have
filed a disclosure statement and joint plan of liquidation for
Debtor, Ara Macao Holdings, L.P., under Chapter 11 of the
Bankruptcy Code, and good cause appearing:
Judge Paul Sala has entered an order that the Court will consider
the approval of the Disclosure Statement at a hearing on November
14, 2023, at 11:00 a.m. The Disclosure Statement Hearing will be
held in Courtroom 601, at the U.S. Bankruptcy Court, 230 N. First
Ave., Phoenix, AZ 85003.
The objection must be filed by November 3, 2023.
About Ara Macao Holdings
Ara Macao Holdings, L.P., is a provider of real estate development
services based in Sedona, Ariz.
On April 6, 2018, an involuntary Chapter 11 petition was filed
against Ara Macao Holdings (Bankr. D. Ariz. Case No. 18-03615). The
petitioning creditors are KB Partners, Inc., Christopher de Sibert,
Gary Nitsche, Daniel Dorgan, Richard Umbach and Edgewater
Resources, LLC. They are represented by Patrick A Clisham, Esq., at
Engelman Berger, P.C.
On May 8, 2018, the involuntary proceeding was converted to a
voluntary Chapter 11 case (Bankr. D. Ariz. Case No. 18-03615).
Judge Paul Sala oversees the case. Ara Macao Holdings hired Burch
& Cracchiolo, P.A. as its bankruptcy counsel.
The U.S. Trustee for Region 14 appointed an official committee of
unsecured creditors in Ara Macao Holdings' bankruptcy case. The
committee is represented by Engelman Berger, P.C.
S. Cary Forrester is the Chapter 11 trustee appointed for Ara Macao
Holdings. The trustee hired Forrester & Worth, PLLC as bankruptcy
counsel; Snell & Wilmer, LLP as special counsel; and REDW, LLC as
tax accountant.
ARCHBISHOP OF BALTIMORE: Gets OK to Hire Epiq as Claims Agent
-------------------------------------------------------------
Roman Catholic Archbishop of Baltimore received approval from the
U.S. Bankruptcy Court for the District of Maryland to hire Epiq
Corporate Restructuring, LLC as its claims and noticing agent.
The firm will oversee the distribution of notices and will assist
in the maintenance, processing and docketing of proofs of claim
filed in the Chapter 11 case of the Debtor.
The hourly rates of the firm's professionals are as follows:
Clerical/Administrative Support Waived
IT/Programming $30 - $72
Case Managers $65 - $135
Consultants/Directors/Vice Presidents $135 - $160
Solicitation Consultant $160
Executive Vice President, Solicitation $170
Executives No Charge
In addition, Epiq will seek reimbursement for expenses incurred.
As of the petition date, Epiq held a retainer in the amount of
$25,000.
Kathryn Tran, consulting director at Epiq, disclosed in a court
filing that she is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kathryn Tran
EPIQ CORPORATE RESTRUCTURING, LLC
777 Third Avenue, 12th Floor
New York, NY 10017
Phone: (714) 394-6998
Email: ktran@epiqglobal.com
About Roman Catholic Archbishop of Baltimore
Roman Catholic Archbishop of Baltimore is a non-profit religious
institution that maintains its principal place of business at 320
Cathedral Street, Baltimore, Maryland 21201. Consistent with Canon
Law and Maryland law, the RCAB holds property, including real
property, as a corporation sole for the purposes of erecting
churches, parsonages, burial grounds, or schools according to the
discipline and government of the Roman Catholic Church, with all
such property to be used only for such purposes.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on September 29,
2023. In the petition signed by William E. Lori, archbishop, the
Debtor disclosed up to $500 million in assets and up to $1 billion
in liabilities.
Judge Michelle M. Harner oversees the case.
YVS LAW, LLC and HOLLAND & KNIGHT LLP represent the Debtor as legal
counsel.
KEEGAN LINSCOTT & ASSOCIATES, PC is the financial and restructuring
advisor and EPIQ CORPORATE RESTRUCTURING LLC is the claims,
noticing, and balloting agent.
ARCHBISHOP OF BALTIMORE: US Trustee Appoints Creditors' Committee
-----------------------------------------------------------------
The U.S. Trustee for Region 5 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of The Roman
Catholic Archbishop of Baltimore.
The committee members are:
1. Paul Jan Zdunek
c/o Andrew D. Freeman
Brown, Goldstein & Levy
120 East Baltimore Street, Suite 2500
Baltimore, MD 21202
Email: (410) 962-1030
2. Carl L. Bart, Jr.
c/o Ryan S. Perlin
Beckman, Marder, Hopper, Malarkey & Perlin, LLC
1829 Reisterstown Road, Suite 200
Baltimore, MD 21208
Email: (410) 539-6633
3. Joseph Adam Martin, Jr.
c/o Ryan S. Perlin
Beckman, Marder, Hopper, Malarkey & Perlin, LLC
1829 Reisterstown Road, Suite 200
Baltimore, MD 21208
Email: (410) 539-6633
4. Rebecca Williams
c/o Ellen Flynn
The Yost Legal Group
341 North Calvert Street, Suite 100
Baltimore, MD 21202
Email: (410) 659-6800
5. Robert Hammond
c/o Jonathan Schulman
Slater, Slater, Schulman, LLP
8 Park Center Court, Suite 100
Baltimore, MD 21117
Email: (212) 922-0906
6. Joseph George Otterbein
c/o Jonathan Schochor
Schochor, Staton, Goldberg & Cardea, P.A.
1211 St. Paul Street
Baltimore, MD 21202
Email: (410) 234-1000
7. Jonathan Salamone
c/o Steve Boyd
Steve Boyd, P.C.
400 East Pratt Street, 8th Floor
Baltimore, MD 21202
Email: (410) 204-1100
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Roman Catholic Archbishop of Baltimore
Roman Catholic Archbishop of Baltimore is a non-profit religious
institution that maintains its principal place of business at 320
Cathedral Street, Baltimore, Md. Consistent with Canon Law and
Maryland law, the Debtor holds property, including real property,
as a corporation solely for the purposes of erecting churches,
parsonages, burial grounds, or schools according to the discipline
and government of the Roman Catholic Church, with all such property
to be used only for such purposes.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29,
2023. In the petition signed by William E. Lori, archbishop, the
Debtor disclosed $100 million to $500 million in assets and $500
million to $1 billion in liabilities.
YVS Law, LLC and Holland & Knight LLP represent the Debtor as legal
counsel. Keegan Linscott & Associates, PC is the financial and
restructuring advisor and Epiq Corporate Restructuring, LLC is the
claims, noticing, and balloting agent.
ARTISAN'S CABINETRY: Seeks Cash Collateral Access
-------------------------------------------------
Artisan's Cabinetry and Woodworks, LLC asks the U.S. Bankruptcy
Court for the Western District of Texas for authority to use cash
collateral and provide adequate protection.
The Debtor requires the use of cash collateral to pay expenses of
its business operations and the Chapter 11 case.
Hardwood Specialty Products, LG Funding LLC, Overton Funding LLC,
Globex Funding LLC and IOU Financial assert interests in the
Debtor's cash collateral
Hardwood Specialty Products holds a first lien on all the Debtor's
assets and the proceeds thereof, including its accounts receivable.
LG Funding LLC, and Overton Funding LLC hold a second and third
lien (respectively) on the Debtor's accounts and accounts
receivables. Globex Funding LLC and IOU Financial hold a fourth and
fifth lien on all the Debtor's assets and the proceeds thereof,
including its accounts receivables. The cumulative debt owing to
Hardwood Specialty Products, LG Funding LLC, Overton Funding LLC,
Globex Funding LLC and IOU Financial exceeds the value of the
Collateral assets and the proceeds thereof except for the Debtor's
deposit accounts), leaving all creditors who filed a UCC-1 after
August 16, 2023 with unsecured, non-priority claims.
As adequate protection, the Lenders will be granted adequate
protection of its interests in its collateral in the form of
replacement liens on all postpetition property of the Debtor as
described in its UCC-1 financing statement filed with the Secretary
of State of Texas.
A copy of the motion is available at https://urlcurt.com/u?l=mK3R9i
from PacerMonitor.com.
About Artisan's Cabinetry and Woodworks, LLC
Artisan's Cabinetry and Woodworks, LLC is a family owned and
operated company that manufactures custom cabinets to enhance home
settings and compliment commercial spaces.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10852) on October 9,
2023. In the petition signed by Christopher Wallace, managing
member, the Debtor disclosed $592,458 in assets and $3,007,072 in
liabilities.
Judge Shad Robinson oversees the case.
Kimberly Nash, Esq., at Law Office of Kimberly Nash, PC, represents
the Debtor as legal counsel.
BAFFINLAND IRON: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service downgraded Baffinland Iron Mines
Corporation's corporate family rating to Caa1 from B3, probability
of default rating to Caa1-PD from B3-PD, senior secured bank credit
facility rating to B1 from Ba3 and senior secured notes rating to
Caa1 from B3. The outlook was changed to negative from stable.
The downgrade of Baffinland reflects its weak liquidity driven by
the company's revolving credit facility expiring in May 2024, term
loan due September 2024, and litigation payments that have
significantly reduced cash this year.
RATINGS RATIONALE
Baffinland's Caa1 CFR is constrained by: (1) weak liquidity with
over $250 million in maturing debt due within the next twelve
months; (2) a concentration of cash flow from one metal (iron ore),
which has volatile pricing; (3) a single mine (about 6 million wet
metric tonnes (wmt)) in a remote location above the Arctic Circle
(northern Baffin Island); (4) shipping constraints due to ice that
limit transporting iron ore between mid-July to late October; (5) a
high cost structure relative to global iron ore producers that is
sensitive to prices; and (6) execution and financing risk related
to its planned rail expansion to Steensby Port. The company
benefits from: (1) the high-grade ore body of the mine; (2) low
complexity of the mine operations; and (3) the mine's location in
Canada's Nunavut Territory, a politically stable mining region.
Governance considerations were an important driver of the rating
actions, as the relatively late timing in addressing its expiring
revolving credit facility has weakened the credit quality of
Baffinland. As well, the company has a questionable track record
evidenced by it spending on its previously planned Phase 2
development ahead of receiving approval (which was ultimately
rejected by government officials). Some of the funds will be
reallocated to the Steensby project. This includes the cost of a
purchased shiploader, stacker/reclaimer, crushing/screening
buildings, and the railcar tippler.
Baffinland has weak liquidity with about $115 million of sources
against about $320 million in uses. The company had $115 million of
cash as of Q2/2023. Uses include about $40 million of negative free
cash flow to the end of 2024 and the company's current drawings
under its revolving credit facility. The company's $212.5 million
revolving credit facility (largely drawn and used for letters of
credit) expires in May 2024. Other uses include a $75 million term
credit facility due September 2024 and about $3 million of
promissory note repayment due October 2023. The company's $575
million notes are not due until July 2026.
The B1 rating on the company's senior secured revolving credit
facility, three notches above the Caa1 CFR, reflects the structural
superiority to the company's senior secured notes. The company's
senior secured notes are rated Caa1, in-line with the company's
CFR.
The negative outlook reflects Baffinland's weak liquidity that is
driven by approaching debt maturities that need to be refinanced.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company is able to address its
near-term maturities and have adequate liquidity in place. It
would also require that Baffinland's capital structure regarding
its Steensby expansion be defined and that debt to EBITDA can be be
maintained below 5x.
The ratings could be downgraded if Baffinland is unable to extend
and/or refinance its current maturities.
Baffinland is a privately held company that owns the Mary River
iron ore mine at the northern end of Baffin Island in the Nunavut
Territory, Canada. All its common shares are all owned by Nunavut
Iron Ore, Inc. (NIO). NIO is owned by the Energy & Minerals Group
and ArcelorMittal Canada Inc.
The principal methodology used in these ratings was Mining
published in October 2021.
BANNEKER SUPPLY: Hires Hollis Meddings as Financial Advisor
-----------------------------------------------------------
Banneker Supply Chain Solutions, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Rhode Island to employ Hollis
Meddings Group, Inc. as its financial advisor.
The firm's services include:
(a) assisting the Debtors in the management of the bankruptcy
process and business operations;
(b) assisting with the Chapter 11 reporting requirements and
filings, including cash flow budget to actuals, and preparing the
necessary bankruptcy schedules and budgets;
(c) assisting in obtaining debtor-in possession financing, if
required;
(d) assisting the Debtors in every step of the bankruptcy
reorganization process, with the goal of obtaining court approval
of their reorganization plan; and
(e) assisting the Debtors in other areas as required.
The firm's hourly rates are as follows:
Managers and Principals $375 per hour
Associates $275 - $325 per hour
Analysts and Consultants $275 - $300 per hour
Administrative support staff $150 per hour
The Debtor paid $20,000 to the firm as a retainer fee.
Joseph Meddings, a principal at Hollis Meddings Group, 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:
Joseph D. Meddings, C.P.A.
Hollis Meddings Group, Inc.
1481 Wampanoag Trail, Suite 3
Providence, RI 02915
Tel: (401) 421-3330
Email: jmeddings@hollismeddings.com
About Banneker Supply Chain Solutions, Inc.
Banneker Supply Chain Solutions, Inc. is a provider of end-to-end
supply chain management and integrated third-party logistics
solutions to a wide range of Fortune 100 companies in multiple
industries including e-commerce, retail, food and beverage,
industrial manufacturing, aerospace and defense, and government,
among others. The company is based in Woonsocket, R.I.
The Debtor filed Chapter 11 Petition (Bankr. D. Rhode Island Case
No. 23-10570) on Aug. 31, 2023, with $1,458,047 in assets and
$5,297,980 in liabilities. Alimamy D. Jabbie, Jr., president and
chief executive officer, signed the petition.
Judge Diane Finkle oversees the case.
Thomas P. Quinn, Esq., at McLaughlinQuinn, LLC represents the
Debtor as legal counsel.
BELA FLOR: Committee Taps Kilpatrick Townsend as Counsel
--------------------------------------------------------
The official committee of unsecured creditors of Bela Flor
Nurseries, Inc. and affiliates seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire
Kilpatrick Townsend & Stockton LLP as its counsel.
The firm's services include:
a) rendering legal advice regarding the Committee's
organization, duties, and powers in these cases;
b) evaluating and participating in the Debtors' restructuring
process to ensure such process proceeds in the most efficient
manner to maximize recoveries to the unsecured creditors;
c) assisting the Committee in investigating the acts, conduct,
assets, liabilities, and financial condition of the Debtors and
participating in and reviewing any proposed asset sales or
dispositions;
d) assisting the Committee in the review, analysis, and
negotiation of the Debtors' post-petition, debtor-in-possession
financing;
e) attending meetings of the Committee and meetings with the
Debtors and secured creditors, and their attorneys and other
professionals, and participating in negotiations with these
parties, as requested by the Committee;
f) taking all necessary action to protect and preserve the
interests of the Committee, including possible prosecution of
actions on its behalf and investigations concerning litigation in
which the Debtors are involved;
g) assisting the Committee with respect to communications with
the general unsecured creditor body about significant matters in
these cases;
h) reviewing and analyzing claims filed against the Debtors'
estates;
i) representing the Committee in hearings before the Court,
appellate courts, and other courts in which matters may be heard,
and representing the interests of the Committee before those courts
and before the U.S. Trustee;
j) assisting the Committee in preparing all necessary motions,
applications, responses, reports, and other pleadings in connection
with the administration of these cases;
k) analyzing any chapter 11 plan and related disclosure
statement filed in these cases; and
l) providing such other legal assistance as the Committee may
deem necessary and appropriate.
The firm will be paid at these rates:
Gianfranco Finizio, Esq. $815
Kelly E. Moynihan, Esq. $760
Jenna MacDonald, Esq. $565
Gianfranco Finizio, Esq., a partner at Kilpatrick, disclosed in
court filings that his firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Gianfranco Finizio, Esq.
KILPATRICK TOWNSEND & STOCKTON LLP
1114 Avenue of the Americas
The Grace Building
New York, New York 10035
Tel: (404) 815-6482
Fax: (404) 541-3307
Email: tmeyers@kilpatricktownsend.com
About Bela Flor
Bela Flor Nurseries, Inc. operates in the horticulture and retail
gardening industry. The company currently grows from seed and
cutting annual flowers, vegetables, bulbs, and floral items for
wholesalers, landscapers and retailers.
Bela Flor Nurseries sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. N. Texas, Case No. 23-42469) on August
22, 2023. In the petition filed by its chief restructuring
officer, Mark Shapiro, Bela Flor reported $10 million to $50
million in both assets and liabilities.
The Hon. Mark X. Mullin oversees the cases.
The Debtor tapped Husch Blackwell LLP as counsel, and B. Riley
Advisory Services as chief restructuring officer.
BENDED PAGE: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: Bended Page, LLC
d/b/a Bended Page Book Store, LLC
d/b/a Bended Page Food and Beverage, LLC
2526 East Colfax Avenue
Denver, CO 80206
Business Description: Bended Page is a book store owner in Denver,
Colorado.
Chapter 11 Petition Date: October 16, 2023
Court: United States Bankruptcy Court
District of Colorado
Case No.: 23-14679
Debtor's Counsel: Andrew D. Johnson, Esq.
ONSAGER FLETCHER JOHNSON PALMER LLC
600 17t St. Ste. 425N
Denver, CO 80202
Phone: 720-457-7061
Email: ajohnson@OFJlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Bradford Dempsey as chief executive
officer.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/JYVI4JY/Bended_Page_LLC__cobke-23-14679__0001.0.pdf?mcid=tGE4TAMA
BPI SPORTS: Seeks to Hire Akerman LLP as Bankruptcy Counsel
-----------------------------------------------------------
BPI Sports, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to employ the law firm of Akerman
LLP as its general bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties as
debtor and debtor-in-possession in the continued management and
operation of its business and properties;
(b) attend meetings and negotiate with representatives of
creditors and other parties-in-interest and advise and consult on
the conduct of the case, including all of the legal and
administrative requirements of operating in Chapter 11;
(c) advise the Debtor in connection with any contemplated
sales of assets or business combinations, including the negotiation
of sales promotion, liquidation, stock purchase, merger or joint
venture agreements, formulate and implement bidding procedures,
evaluate competing offers, draft appropriate corporate documents
with respect to the proposed sales, and counsel the Debtor in
connection with the closing of such sales;
(d) advise the Debtor in connection with post-petition
financing and cash collateral arrangements, provide advice and
counsel with respect to prepetition financing arrangements, and
provide advice to the Debtor in connection with the emergence
financing and capital structure, and negotiate and draft documents
relating thereto;
(f) provide advice to the Debtor with respect to legal issues
arising in or relating to the Debtor's ordinary course of business
including attendance at senior management meetings, meetings with
the Debtor's financial and turnaround advisors, and provide advice
on employee, workers' compensation, employee benefits, labor, tax,
insurance, securities, corporate, business operation, contracts,
joint ventures, real property, press/public affairs and regulatory
matters;
(g) take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on its
behalf, the defense of any actions commenced against the estate,
negotiations concerning all litigation in which the Debtor may be
involved and objections to claims filed against the estate;
(h) prepare on behalf of the Debtor all schedules, motions,
pleadings, applications, adversary proceedings, answers, orders,
reports and papers necessary to the administration of the estates;
(i) negotiate and prepare on the Debtor's behalf a plan of
reorganization, disclosure statement and all related agreements
and/or documents, and take any necessary action on behalf of the
Debtor to obtain confirmation of such plan;
(j) attend meetings with third parties and participate in
negotiations with respect to the above matters;
(k) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(l) appear before this Court, any appellate courts, and the
U.S. Trustee, and protect the interests of the Debtor's estate
before such courts and the U.S. Trustee; and
(m) perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with this
Chapter 11 case.
Akerman will be paid as follows:
Eyal Berger, Esq. $595
Amanda Klopp, Esq. $450
Paraprofessionals $200 to $450
Akerman received an initial retainer in the total amount of
$60,000.
Eyal Berger, Esq., a partner at Akerman, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Eyal Berger, Esq.
AKERMAN LLP
201 East Las Olas Boulevard, Suite 1800
Fort Lauderdale, FL 33301
Tel: (954) 712-6071
Email: eyal.berger@akerman.com
About BPI Sports, LLC
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 September
18, 2023. In the petition signed by Derek Ettinger, authorized
representative, the Debtor disclosed up to $10 million in assets
and liabilities.
Eyal Berger, Esq., at Akerman LLP, represents the Debtor as legal
counsel.
BRANDON HALL: Seeks to Tap Falcone Law Firm as Bankruptcy Counsel
-----------------------------------------------------------------
Brandon Hall School, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire The Falcone Law
Firm, PC as its counsel.
The firm's services include:
a. advising the Debtor regarding its rights, powers and duties
in the administration of its Chapter 11 case and assets of the
bankruptcy estate;
b. assisting the Debtor in connection with the analysis of its
assets, liabilities, financial condition and other matters related
to its business;
c. assisting in the preparation, negotiation and
implementation of a plan of reorganization;
d. advising the Debtor with regards to objections to or
subordination of claims and other litigation matters;
e. representing the Debtor in the investigation of the
desirability and feasibility of the rejection and potential
assignment of any executory contracts or unexpired leases;
f. advising the Debtor with regard to all applications,
motions or complaints concerning reclamation, adequate protection,
sequestration, relief from stays, use of cash collateral,
disposition or other use of assets of the estate and other similar
matters;
g. assisting the Debtor in the sale or disposition of assets
of its bankruptcy estate;
h. preparing legal papers and conducting examinations;
i. providing assistance to the Debtor with regard to the
proper receipt, disbursement and accounting of funds and property
of the estate; and
j. other legal services related to the Debtor's Chapter 11
case.
The firm will be paid at these rates:
Senior Attorneys $400 per hour
Associates $250 per hour
Paralegals $175 per hour
Staffs $75 per hour
In addition, the firm will seek reimbursement for out-of-pocket
expenses incurred.
Ian Falcone, Esq., a partner at Falcone Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Ian M. Falcone, Esq.
FALCONE LAW FIRM, P.C.
363 Lawrence Street
Marietta, GA 30060
Tel: (770) 426-9359
Email: Imffalconefirm.com
About Brandon Hall School, Inc.
Brandon Hall School, Inc. owns and operates a 96,697 sq ft boarding
school located on 25.02 acres at 1701 Brandon Hall Drive, Atlanta,
GA, valued at $7.6 million.
Brandon Hall School, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-59481) on Sep. 28, 2023. The petition was signed by Karen White
as Board Chair. At the time of filing, the Debtor estimated
$8,280,171 in assets and $7,212,913 in liabilities.
Judge Jeffery W. Cavender presides over the case.
Ian Falcone, Esq. at THE FALCONE LAW FIRM, PC represents the Debtor
as counsel.
BROIT BUILDERS: Continued Operations to Fund Plan
-------------------------------------------------
Broit Builders, Inc., d/b/a Broit Lifting, filed with the U.S.
Bankruptcy Court for the Middle District of Florida a Plan of
Reorganization dated October 10, 2023.
The Debtor is a forklift and heavy equipment company founded in
2016 by Troy Broitzman. Mr. Broitzman is the Debtor's President and
Chief Financial Officer. Mr. Broitzman is the Debtor’s sole
shareholder and officer.
The financial downturn caused by the COVID-19 pandemic hurt the
Debtor's operations. In an effort to improve the long-term
viability of its operations, the Debtor took out Economic Injury
Disaster Loans to expand operations. Unfortunately, the Debtor's
expansion proved unsustainable, and the Debtor was unable to timely
pay its obligations as they came due. On July 10, 2023, the Debtor
initiated the case by filing a voluntary petition for
reorganizational relief under Subchapter V.
To fund the Plan, the Debtor will use its income, including all
projected Disposable Income ("PDI") set forth in the Financial
Projections. Specifically, the Debtor will use its income,
including all PDI for the 5-year period beginning on the date that
the first payment is due under the Plan (the aforementioned period
hereafter the "Relevant Income Period").
The Plan proposes to pay creditors of the Debtor from its income.
Class 40 consists of allowed General Unsecured Creditors. Beginning
on the first day of the fourth calendar month after the Effective
Date, the Class shall receive a pro rata quarterly distribution
collectively totaling the Debtor's PDI for the 3 full calendar
months immediately preceding such payment, after payment of
administrative expense claims and priority tax claims. This Class
shall be paid until their allowed claims are paid in full, or 30
days after the Relevant Income Period expires, whichever is
earlier. This Class is impaired
Class 41 consists of Equity Security Holders. Mr. Broitzman is the
sole Equity Security Holder. Equity Security Holders shall retain
their interest in the Debtors. While all Equity Security Holders
shall retain their interest in the Debtors, all claims which Equity
Security Holders may assert against the Debtors shall not be paid
until allowed Class 8 claims are paid in full.
Payments required under the Plan will be funded from revenues
generated by continued operations.
A full-text copy of the Plan of Reorganization dated October 10,
2023 is available at https://urlcurt.com/u?l=BAK4Nr from
PacerMonitor.com at no charge.
Debtor's Counsel:
Mike Dal Lago, Esq.
DAL LAGO LAW
999 Vanderbilt Beach Rd. Suite 200
Naples FL 34108
Tel: 239-571-6877
E-mail: mike@dallagolaw.com
About Broit Builders
Broit Builders, Inc., doing business as, Broit Lifting offers tile
transport, storage, and loading services.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00762) on July 10,
2023, with $4,362,604 in assets and $5,922,297 in liabilities. Amy
Denton Mayer has been appointed as Subchapter V trustee.
Judge Caryl E. Delano oversees the case.
Mike Dal Lago, Esq., at Dal Lago Law, is the Debtor's legal
counsel.
CALUMET SPECIALTY: S&P Alters Outlook to Stable, Affirms 'B-' ICR
-----------------------------------------------------------------
S&P Global Ratings revised the outlook on Calumet Specialty
Products Partners L.P. to stable from positive and affirmed its
'B-' issuer credit rating.
S&P said, "We affirmed the 'B+' issue-level rating on the secured
2024 notes, and affirmed the 'B-' issue-level ratings on all the
company's senior unsecured notes. The '1' recovery rating on the
secured notes and the '3' recovery rating on the unsecured notes
remain unchanged.
"The stable outlook reflects our expectation that the company has
liquidity to redeem the 2024 notes before maturity, and that it
will not have to pay against its obligations related to renewable
identification numbers (RINs) in the next 12 months."
Calumet's 2024 secured notes remain current despite a recent debt
issuance, with 2025 notes also potentially becoming current in
April 2024.
In June 2023, the company issued new 9.75% unsecured notes of $325
million due 2028 and planned to use proceeds to redeem all its $200
million secured notes maturing in July 2024 and approximately $100
million of its 2025 notes; Calumet planned to use the remainder of
proceeds for fees and general corporate purposes. While the company
was successful in raising the new debt, only $21 million of the
2024 notes were redeemed as part of tender offers from existing
noteholders alongside the planned $100 million partial redemption
of the 2025 notes. In the interim, the company reduced outstanding
balances on its revolving credit facility. S&P said, "We believe
the company has sufficient availability under the revolver to be
able to redeem the remaining $179 million outstanding principal of
the 2024 notes at par before maturity. However, we note potential
near-term refinancing risk because of the April 2025 notes, which
will become current in the next six months if still outstanding."
Operational headwinds and continued margin normalization have
impacted the company's performance this year.
On a stand-alone basis, Calumet's performance has significantly
improved from 2020 to 2022, with its specialty products and
performance brands business segments growing revenues over 100%
during this period. Strengthening market dynamics, including
significant unit margin growth from stabilizing raw material costs,
favorable crack spreads, and recovering demand for key end products
supported this growth in the core businesses. Thus far in 2023,
operational performance has deteriorated on a year-over-year basis,
particularly in the second quarter due to continued normalization
of prices and a regressing margin environment after a record year
in 2022. In addition, lagging performance from ramp up of
production and unplanned outages at the new Montana Renewables LLC
(MRL) facility have limited capacity utilization levels. The
Shreveport facility also experienced outages due to severe weather.
Somewhat offsetting this, earnings continue to benefit from
stabilizing input costs and margins which, albeit normalizing,
remain above historic mid-cycle levels. S&P said, "While the
aforementioned factors have resulted in a downward revision of our
forecast for full-year 2023 revenues and earnings, we expect 2024
to be a stronger year and to more accurately represent the
company's future earnings potential and profile with higher volumes
expected at MRL. At that point, we expect the company's
weighted-average S&P Global Ratings-adjusted debt to EBITDA ratio
to improve toward 5.0x. While we generally hold an optimistic view
about future performance at MRL, and in turn Calumet, a track
record of stable operations at the facility is yet to be seen."
The company is subject to potential RINs obligations, which could
lead to a deterioration in credit metrics and liquidity.
The company has received exemptions from paying RINs in the past
because certain of their refineries have been granted small
refinery exemptions (SRE) by the Environmental Protection Agency
(EPA) under its renewable fuels standard (RFS) program. S&P said,
"While we note the EPA's recent denials of exemption applications,
our base case assumes that the company will continue to appeal
against these decisions and avoid paying them in the near term via
litigations and court stays. However, in a scenario where Calumet's
appeals are unsuccessful, and the company ultimately has to settle
against its RINs compliance requirements, its liquidity and credit
measures may be pressured depending on the amount of obligations
and the payout mechanism. We may revisit our rating on the company
as a result. As of June 30, 2023, reported obligations amounted to
around $500 million. We do not currently add these obligations to
our adjusted debt balances, although this could change in the
future if the likelihood of future payments from the company
increases."
Calumet continues to shift its focus to its higher-margin specialty
products business.
The company has shed refining assets over the years, moving away
from traditional refining and fossil fuels to focus on its
specialty products and solutions. In addition, the company
converted its Great Falls, Montana facility into a renewable diesel
facility that is now operational under the MRL name. While the
facility achieved steady state production in mid-2023, refining
about 12,000 barrels per day (bbl/d), throughput has been limited
since August due to a leak in the renewable hydrogen plant. S&P
expects production to be at capacity utilization by 2024 and
potentially lead to future growth and profitability for the
company, including increasing offtake for its sustainable aviation
fuel (SAF) products in coming years--of which MRL is the largest
producer in North America. Calumet's operations in Montana include
two independent businesses: renewables through MRL and crude
refining through Calumet Montana Refining LLC.
S&P said, "The stable outlook reflects our expectation that the
company's earnings will remain constrained in the short term before
operational issues at the new MRL facility are resolved and
production ramps back up to planned capacity of 12,000 bbl/d and is
sustained at that level. While we expect the company to achieve
such production levels consistently in the near term, over the next
12 months we expect a slowdown in economic activity and
normalization of margins will continue to partially offset the
sequential growth in MRL earnings and the positive impact from
stabilization of input costs. We expect the company to maintain S&P
Global Ratings-adjusted debt to EBITDA between 6x-7x for 2023 and
improve in 2024, leading to an overall weighted-average metric in
the range of 5x-6x. Our stable outlook also incorporates our
expectation that the company will redeem the 2024 notes before
maturity. A key underpinning assumption at the rating is that in
our base-case scenario, based on past rulings and conversations
with the company, we assume Calumet will not have to pay against
its RINs liabilities in the next 12 months."
S&P could take a negative rating action on Calumet over the next 12
months if:
-- Its credit metrics weakened such that S&P Global
Ratings-adjusted debt to EBITDA rose to the high single-digit range
on a sustained basis, driven by a prolonged weakness in economic
activity, a steeper-than-expected decline in margins due to crack
spreads, or continued operational delays at MRL that diminishes
operating performance;
-- The near-term maturity risk related to the 2024 notes is not
addressed in a timely manner, or if the April 2025 notes become
current with no near-term prospects for their redemption; or
-- Due to ongoing litigation, the company is deemed obligated to
meet significant RIN obligations by purchasing RINs, thus weakening
liquidity or credit metrics, or its free cash flows were materially
negative, thereby pressuring the company's liquidity position.
S&P said, "We could take a positive rating action on Calumet if the
company's S&P Global Ratings-adjusted debt-to-EBITDA ratio is below
5x on a sustained basis. This could occur if EBITDA margins are 150
basis points (bps) higher than our current expectations due to
faster-than-expected ramp up of MRL operations or a stronger
pricing environment. Before a positive rating action, we would
expect the company to deliver on its stated operational and
financial goals, including timely redemption of the July 2024
notes. We would also expect the company to address the April 2025
notes maturity in a timely manner. Finally, if there is a sale or
initial public offering (IPO) at MRL and Calumet uses the proceeds
to deleverage, we could take a positive rating action."
CAMP DOG: Seeks to Hire Ellsworth & Stout as Accountant
-------------------------------------------------------
Camp Dog Inc. dba Camp Bow Wow seeks approval from the U.S.
Bankruptcy Court for the District of Nevada to employ Ellsworth &
Stout CPAs as its accountant.
The firm will assist in the determination of tax issues,
preparation of federal (and possibly state) income tax returns.
The rates presently charged by the accounting firm are:
Jeff Stout, Partner $350 per hour
Deborah Perry, Tax Manager $250 per hour
Christina Kaup, Bookkeeper $150 per hour
Jeff Stout, a partner at Ellsworth & Stout, disclosed in a court
filing that the firm does not hold any interest in the Debtor and
does not have connections with any "party-in-interest."
The firm can be reached through:
Jeff Stout
ELLSWORTH & STOUT CPAS
7881 W. Charleston Blvd. 155
Las Vegas, NV 89117
Phone: (702) 871-2727
Email: jeff@lvcpas.com
About Dog Inc. dba Camp Bow Wow
Camp Dog Inc. is a dog day care center in Nevada.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Nev. Case No. 23-13510) on Aug. 21,
2023, with $64,348 in assets and $1,482,040 in liabilities. Mari
Kaups, president, signed the petition.
Corey B. Beck, Esq., at Corey B. Beck, Esq., represents the Debtor
as legal counsel. The Debtor tapped Ellsworth & Stout CPAs as its
accountant.
CENTERPOINT RADIATION: Has Deal on Cash Collateral Access
---------------------------------------------------------
CenterPoint Radiation Oncology, LLC, a California limited liability
company, and affiliates advised the U.S. Bankruptcy Court for the
Central District of California, Los Angeles Division, that they
have reached an agreement with First-Citizens Bank & Trust Company
and (iii) Delphi Investors, Inc. regarding the use of cash
collateral and now desire to memorialize the terms of this
agreement into an agreed order.
The parties agreed that the Debtor may use cash collateral on an
interim basis through the close of business on October 31, 2023 in
accordance with the budget, solely to the extent necessary to pay
post-petition expenses.
The Debtors will use $45,000 of cash collateral to pay Delphi
Investors, LLC rent for October 2023.
Delphi, in exchange for receipt of $45,000 of cash collateral for
rent for October 2023, will withdraw its notice of default and will
not declare a default for failure to pay the sum of $101,000 rent
for October 2023.
The unpaid balance of $57,000 from the total rent of $101,000 for
October 2023, will be deferred and due upon the earlier of (A)
December 31, 2023, or (B) the date of dismissal of the Debtors'
chapter 11 bankruptcy cases.
A hearing on the matter is set for November 2, 2023 at 11 a.m.
A copy of the Debtors' stipulation and budget is available at
https://urlcurt.com/u?l=Hayovd from PacerMonitor.com.
The Debtors project total combined expenses, on a monthly basis, as
follows:
$204,830 for October 2023;
$204,455 for November 2023; and
$201,593 for December 2023.
About CenterPoint Radiation
CenterPoint Radiation Oncology, LLC filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case
No. 23-13448) on June 2, 2023, with $100,000 to $500,000 in assets
and $1 million to $10 million in liabilities. Dr. Rosalyn Morrell,
member, signed the petition.
Judge Sheri Bluebond oversees the case.
Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP is
the Debtor's counsel.
CENTRAL OKLAHOMA: Hires Stretto as Claims and Noticing Agent
------------------------------------------------------------
Central Oklahoma United Methodist Retirement Facility, Inc., doing
business as Epworth Villa, seeks approval from the U.S. Bankruptcy
Court for the Western District of Oklahoma to hire Stretto, Inc. as
its noticing and balloting agent.
The Debtor requires a claims, noticing and solicitation agent to
serve notices to creditors, equity security holders and other
concerned parties, and provide computerized claims-related
services.
The Debtors provided Stretto a retainer in the amount of $10,000.
Sheryl Betance, a senior managing director at Stretto, disclosed in
a court filing that her firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Sheryl Betance
STRETTO, INC.
410 Exchange, Ste. 100
Irvine, CA 92602
Telephone: (714) 716-1872
Email: sheryl.betance@stretto.com
About Central Oklahoma
Central Oklahoma United Methodist Retirement Facility, Inc. d/b/a
Epworth Villa is a locally owned not-for-profit Life Plan Community
serving senior adult singles and couples ages 55 and above.
The Debtor filed Chapter 11 Petition (Bankr. W.D. Okla. Case No.
23-12607) on September 29, 2023, with $10 million to $50 million in
assets and $50 million to $100 million in liabilities. Ron Kelly,
president and chief operating officer, signed the petition.
Sidney K. Swinson, Esq. of GABLE & GOTWALS, is the Debtor's legal
counsel. The Debtor tapped Raymond James & Associates, Inc. as its
investment banker, underwriter and bond placement agent.
CENTRAL OKLAHOMA: Seeks to Hire GableGotwals as Bankruptcy Counsel
------------------------------------------------------------------
Central Oklahoma United Methodist Retirement Facility, Inc., doing
business as Epworth Villa, seeks approval from the U.S. Bankruptcy
Court for the Western District of Oklahoma to hire GableGotwals as
its counsel.
The firm's services include:
a. advising the Debtor with respect to its powers and duties
as debtor and debtor-in-possession, including the legal and
administrative requirements of operating in chapter 11;
b. attending meetings and negotiating with representatives of
creditors and other parties-in-interest;
c. assisting with the preservation of the Debtor's estate,
including the prosecution of actions commenced under the Bankruptcy
Code or otherwise on their behalf, and objections to claims filed
against the estates;
d. preparing and prosecuting on behalf of the Debtor all
motions, applications, answers, orders, reports and papers
necessary for the administration of the estate;
e. negotiating and preparing on the Debtor's behalf chapter 11
plan(s), disclosure statement(s) and all related agreements and/or
documents;
f. advising the Debtor with respect to certain corporate,
financing, and tax;
g. employee benefit matters as requested by the Debtor and
without duplication of other professionals' services;
h. appearing before the Court, and any appellate courts, and
protecting the interests of the Debtor's estate before such courts;
and
i. performing all other legal services in connection with
these Chapter 11 Cases as requested by the Debtor and without
duplication of other professionals' services.
The firm will be paid at these hourly rates:
Graydon Dean Luthey, Jr., Shareholder $550
Sidney K. Swinson, Shareholder $440
Mark D.G. Sanders, Shareholder $400
Craig M. Regens, Shareholder $425
Sidney Swinson, Esq., shareholder at GableGotwals, disclosed in the
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:
Graydon D. Luthey Jr., Esq.
Sidney K. Swinson, Esq.
Mark D.G.Sanders, Esq.
GABLEGOTWALS
110 N. Elgin Ave., suite 200
Tulsa, OK 74120
Telephone: (918) 595-4800
Facsimile: (918) 595-4990 (fax)
Emails: dluthey@gablelaw.com
sswinson@gablelaw.com
msanders@gablelaw.com
About Central Oklahoma
Central Oklahoma United Methodist Retirement Facility, Inc. d/b/a
Epworth Villa is a locally owned not-for-profit Life Plan Community
serving senior adult singles and couples ages 55 and above.
The Debtor filed Chapter 11 Petition (Bankr. W.D. Okla. Case No.
23-12607) on September 29, 2023, with $10 million to $50 million in
assets and $50 million to $100 million in liabilities. Ron Kelly,
president and chief operating officer, signed the petition.
Sidney K. Swinson, Esq. of GABLE & GOTWALS, is the Debtor's legal
counsel. The Debtor tapped Raymond James & Associates, Inc. as its
investment banker, underwriter and bond placement agent.
CENTRAL OKLAHOMA: Seeks to Hire Hilborne & Weidman as Bond Counsel
------------------------------------------------------------------
Central Oklahoma United Methodist Retirement Facility, Inc., doing
business as Epworth Villa, seeks approval from the U.S. Bankruptcy
Court for the Western District of Oklahoma to hire John D. Weidman
of Hilborne & Weidman, P.C. as its bond counsel.
Mr. Weidman will represent the Debtor in the bond restructuring
process.
Mr. Weidman will be paid a flat fee of $250,000, plus out-of-pocket
expenses.
Mr. Weidman, member of Hilborne & Weidman, assured the court that
he is "disinterested" as that term is defined in 11 U.S.C. Sec.
101(14), and does not hold or represent an interest adverse to the
bankruptcy estate.
The firm can be reached through:
John D. Weidman, Esq.
HILBORNE & WEIDMAN, P. C.
2405 East 57th Street
Tulsa, OK 74105
Phone: (918) 749-0111
About Central Oklahoma
Central Oklahoma United Methodist Retirement Facility, Inc. d/b/a
Epworth Villa is a locally owned not-for-profit Life Plan Community
serving senior adult singles and couples ages 55 and above.
The Debtor filed Chapter 11 Petition (Bankr. W.D. Okla. Case No.
23-12607) on September 29, 2023, with $10 million to $50 million in
assets and $50 million to $100 million in liabilities. Ron Kelly,
president and chief operating officer, signed the petition.
Sidney K. Swinson, Esq. of GABLE & GOTWALS, is the Debtor's legal
counsel. The Debtor tapped Raymond James & Associates, Inc. as its
investment banker, underwriter and bond placement agent.
CENTRAL OKLAHOMA: Seeks to Hire Raymond James as Investment Banker
------------------------------------------------------------------
Central Oklahoma United Methodist Retirement Facility, Inc., doing
business as Epworth Villa, seeks approval from the U.S. Bankruptcy
Court for the Western District of Oklahoma to hire Raymond James &
Associates, Inc. as its investment banker, underwriter and bond
placement agent.
The firm will render these services:
a. conduct the Process to facilitate either 1) a restructuring
of the Bonds or 2) facilitate an asset sale, disposition, or an
affiliation of the "Project";
b. conduct a site-visit to the Project and determine what
further information and diligence items are needed to support the
Process, including evaluating the operation of the Project;
c. establish a timeline and work schedule which can reasonably
be accomplished;
d. work with Epworth and Greystone to develop and prepare a
financial forecast, which may be circulated to the Trustee and
Bondholders and interested 3rd parties;
e. participate in the negotiation process for the proposed
restructuring of Epworth obligations, including the Bonds;
f. assemble and distribute marketing materials to generate
awareness and interest in a potential sale of the Project;
g. assemble, distribute, solicit and market the sale or
affiliations of the Project to a broad audience through and
including: development of a Sales Memorandum and Virtual Data Room
(consent not unreasonably withheld); interact with interested
parties to generate bids; facilitate and a negotiation process to
select a 'stalking horse' for an auction (if required); negotiate
an asset purchase agreement/affiliation agreement/debt
restructuring; facilitate and conduct an auction (if required); and
close and consummate the debt issuance, asset sale or affiliation;
h. advise Epworth and its attorneys of current conditions in
the local and national relevant skilled nursing and/or senior
living market, and other general information and economic data;
and
i. attend meetings and participate in conference calls with
the Epworth and its working groups, including attorneys and other
professionals, as needed.
The firm will be compensated as follows:
(a) Monthly Fee. A monthly retainer of $15,000;
(b) Bond Restructuring Fee. A fee of 2 person of Par Amount of
Restructured Bonds will be paid upon the restructuring of the
Bonds;
(c) Placement Agent Fee. 1.00% of the Par amount of newly
issued bonds or interim loans;
(d) Expenses. Reasonable expenses will be reimbursed at cost.
As disclosed in the court filings, Raymond James is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code and does not hold or represent an interest adverse
to the Debtor's estate.
The firm can be reached through:
David B. Fields
RAYMOND JAMES & ASSOCIATES, INC.
300 Conshohocken State Road, Suite 400
West Conshohocken, PA 19428
Tel: (484) 534-3397
raymondjames.com
About Central Oklahoma
Central Oklahoma United Methodist Retirement Facility, Inc. d/b/a
Epworth Villa is a locally owned not-for-profit Life Plan Community
serving senior adult singles and couples ages 55 and above.
The Debtor filed Chapter 11 Petition (Bankr. W.D. Okla. Case No.
23-12607) on September 29, 2023, with $10 million to $50 million in
assets and $50 million to $100 million in liabilities. Ron Kelly,
president and chief operating officer, signed the petition.
Sidney K. Swinson, Esq. of GABLE & GOTWALS, is the Debtor's legal
counsel. The Debtor tapped Raymond James & Associates, Inc. as its
investment banker, underwriter and bond placement agent.
CHARLES LAU: Unsecureds Owed $435K to Get $15K
----------------------------------------------
Charles Lau DDS MSD LLC submitted an Amended Plan of Reorganization
dated September 27, 2023.
The Debtor operates on a fiscal year from November through October,
so the exhibit mirrors this and includes pre-petition and
pre-confirmation months, along with projections through October of
2028. The annual gross income is expected to range between
approximately $496,000 to $548,000 over the next 5 years, and the
regular expenses are estimated to be between $491,000 and $528,000.
The remaining disposable income will be used to address
administrative claims, secured debts, and unsecured claims.
The Debtor's cash flow projections are based upon the Debtor's
income and expenses in recent years and in its monthly operating
reports since this case was filed. These sources demonstrate that
the Debtor will have sufficient income to meet the needs of the
plan.
This is a five-year plan as payments to unsecured creditors will be
made quarterly over the next 60 months, but based upon
communications with creditors, the Debtor anticipates the plan will
be confirmed consensually under s 1191(a). If the Plan is confirmed
non-consensually under s 1191(b), the Debtor believes it is
appropriate for the Court to order that, pursuant to s 1194(b), the
Debtor may make payments to creditors directly.
The claims of all allowed general non-priority unsecured claims, to
the extent allowed as non-priority unsecured claims under s 502 of
the Code, total approximately $435,000 according to claims filed or
scheduled as undisputed, non-contingent, and liquidated. Debtor
will pay a total of $15,000 to all allowed general, non-priority,
unsecured claims in quarterly installments of $750 beginning on
January 1, 2024. The payments will be distributed pro rata to
creditors in this class and the claims will not accrue interest on
the prepetition balance.
The Debtor shall implement this Plan through the income generated
by the Debtor's dental practice.
Attorneys for the Debtor Charles Lau DDS MSD LLC:
John P. Driscoll, Esq.
KREKELER LAW, S.C.
A copy of the Amended Plan of Reorganization dated September 27,
2023, is available at https://tinyurl.ph/xTfuq from
PacerMonitor.com.
About Charles Lau DDS MSD LLC
Charles Lau DDS MSD LLC's business operations consist of a dental
practice doing business as Wisconsin Dental Wellness, which is the
primary source of its income.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wis. Case No. 23-10874) on May 25,
2023. In the petition signed by Charles Lau, the owner, the Debtor
disclosed up to $100,000 in assets and up to $1 million in
liabilities.
Judge Thomas M. Lynch oversees the case.
John P. Driscoll, Esq., at Krekeler Law, S.C., is the Debtor's
legal counsel.
CHARTER NEXT: Moody's Affirms 'B3' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Charter Next Generation, Inc.'s
("CNG") B3 corporate family rating and B3-PD Probability of Default
Rating. Moody's also affirmed the B3 rating on CNG's first lien
senior secured bank credit facility, including the revolving credit
facility and the term loan. The outlook was maintained at stable.
"The affirmation reflects Moody's expectation that CNG's leverage
will continue to improve from 6.4x for the twelve months that ended
in July 2023," said Motoki Yanase, VP - Senior Credit Officer at
Moody's.
"This is supported by the company's growth in sales volume, its
solid margin and positive free cash flow generation, which will
help keep the company's credit metrics appropriate for the B3 CFR,"
added Yanase.
RATINGS RATIONALE
CNG's B3 CFR reflects strengths in the company's credit profile,
including high exposure to relatively stable end markets, such as
food, consumer and healthcare. Most of CNG's products are
engineered films for which the company continues to invest in R&D.
CNG also has many blue-chip customers, which adds stability to its
revenue.
These strengths are counterbalanced by CNG's credit weaknesses,
including volatile input costs, primarily resins, and a lag in cost
pass-through, which could strain its profit, similar to other
plastic packaging manufacturers. Also, about 10-15% of the
company's sales are directed to industrial end users, which are
more volatile relative to the other end markets.
The stable rating outlook reflects Moody's expectation of a steady
improvement in CNG's credit metrics for the next 12-18 months,
backed by its high profitability and positive free cash flow
generation.
CNG's good liquidity is supported by Moody's expectation of
positive free cash flow generation and full availability under the
$100 million cash revolver for the next 12-18 months. CNG also has
an $140 million account receivable securitization facility, which
is undrawn as of September 30, 2023. The next debt maturity is the
account receivable securitization facility, which expires in August
2025, followed by the cash flow revolver expiring in July 2027.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if CNG fails to improve its credit
metrics, or there is a deterioration in its liquidity or the
competitive environment. Additionally, acquisitions that alter the
company's business and operating profile, significant debt-financed
acquisitions or shareholder distributions may also prompt a
downgrade. Specifically, the ratings could be downgraded if
debt/EBITDA is above 7.0x, EBITDA/interest expense is below 1.5x or
free cash flow/debt is below 1.0%.
The ratings could be upgraded if CNG sustainably improves its
credit metrics within the context of stability in the competitive
environment and the maintenance of good liquidity. The company
would also need to adequately maintain its asset base to support
its high margins and adopt more conservative financial policies.
Specifically, the ratings could be upgraded if debt/EBITDA is below
6.0x, EBITDA/interest expense is above 2.5x and free cash flow/debt
is above 4.0%.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
Headquartered in Chicago, Illinois, Charter Next Generation, Inc.
(CNG) is a producer of specialty films primarily for food,
consumer, industrial and healthcare customers. Revenue for the 12
months that ended July 2023 was about $1.5 billion.
CHEMICAL EXCHANGE: Hires Chiron Financial as Investment Banker
--------------------------------------------------------------
Chemical Exchange Industries Inc. and affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
hire Chiron Financial as their investment banker, financial
advisor, and chief restructuring officer.
The firm's services include:
a. updating as necessary an information memorandum describing
the Debtors, its business, its historical performance and
prospects, including existing contracts, marketing and sales, labor
force, management, and financial projections;
b. assisting the Debtors in the updating of a model that
includes financial projections prepared by the Debtors as well as
presenting sensitivities to changes in capital structure and/or
other variables;
c. assisting the Debtors in updating a data room of any
necessary and appropriate documents related to a Transaction;
d. assisting the Debtors in developing lists of potential
Transaction counterparties, as appropriate, who will be contacted
by the Advisor (i.e., Chiron Financial) and/or the Debtors;
e. coordinating the execution of confidentiality agreements
for potential Transaction Counterparties wishing to review the
information memorandum;
f. assisting the Debtors in coordinating site visits for
interested Transaction Counterparties and work with the Debtors'
management team to develop appropriate presentations for such
visits;
g. soliciting competitive offers from potential Transaction
Counterparties;
h. advising and assisting the Debtors in structuring the
Financing and/or M&A Transaction and negotiating the relevant
agreements;
i. assisting the Debtors and its other professionals, as
necessary, through closing on a best-efforts basis.
j. assisting with the preparation and presentation of
financial and operating information to lenders, investors, and/or
purchasers oriented toward meeting their expectations and
supporting integrity and credibility, which may include adjustments
to record keeping, categorization and labeling of items, and/or
process adjustments;
k. coordinating with the Debtors on the Preparation of weekly
cash flow reports to be provided to any lenders;
l. assisting with the preparation, review, and update of the
Debtors' thirteen-week budget, including but not limited to sales
forecasts, revenue forecasts, expense forecasts, cash flow
forecasts, balance sheet forecasts, income statement forecasts, and
budget vs. actual comparisons;
m. coordinating with the Debtors on the Preparation of US
Trustee monthly operating reports;
n. reviewing the Debtors' business operating plan, and
identification of potential liquidity sources which may include
strategy changes, cost cuts and asset sales;
o. discussing potential amendments, covenants, and other
provisions related to existing liabilities and credit agreements;
p. assisting Debtors counsel in preparation of schedules
and/or exhibits and other materials, including identifying the
roles of various entities and matching assets, liabilities, and
contracts with those entities, existing litigation, and a listing
of equipment and real estate;
q. reviewing accounts payable and payroll in consideration of
the separation of prepetition and post-petition claims in any
bankruptcy filing;
r. reviewing proofs of claim and making recommendations as to
objections;
s. preparing a waterfall analysis for a 363 Sale;
t. assisting the Debtors in preparation of financial
statements for preparing tax returns and other state returns;
u. coordinating with the Debtors of distributions approved by
the Bankruptcy Court or as may be provided under a reorganization
plan;
v. preparing final reports and related documents to close any
Bankruptcy Case; and
w. assisting the Debtors and its other professionals, as
needed, through closing of one or more Transaction(s) and exit from
bankruptcy, if any, on a best efforts basis.
The services that Christopher J. Mudd will provide as CRO will
include the following:
(a) Oversight (with the assisting of the other officers of the
Debtors) and full authority over all matters related to the
Debtors' restructuring and Chapter 11 proceeding, including but not
limited to authority over asset sales, reorganization efforts, DIP
financing draws and proposing and prosecuting any proposed chapter
11 plan(s);
(b) Specific assisting during the period prior to a Chapter 11
filing by, as applicable or necessary:
i. Working with the Debtors and/or its communications
advisor to develop chapter 11 communications, as necessary;
ii. Assisting with developing accounting and operating
procedures to segregate prepetition and post- petition business
transactions;
iii. Analyzing and preparing the support necessary for
first-day motions and proposed orders including lease rejections,
critical vendors, Key Employee Incentive Program, Key Employee
Retention Program, among others;
(c) Case management services following a chapter 11 filing,
including preparing or providing the following:
i. Cash-flow budgets;
ii. Financial reports and analysis in preparation of the
Initial Debtors' Interview with the United States Trustee;
iii. Statements, schedules, and all bankruptcy-related
accounting matters as required by the bankruptcy court and office
of the US Trustee;
iv. Schedules of Assets and Liabilities, Statements of
Financial Affairs, Monthly Operating Reports, and other requested
bankruptcy schedules;
v. Variance reporting and other reporting required by the
bankruptcy court;
vi. Financial analysis as requested to facilitate the
bankruptcy process, including the filing of a plan of
reorganization or liquidation;
vii. Information required by internal or external parties in
interest, including the bankruptcy court and/or any official
committees appointed in the proceedings;
viii. Expert testimony before the bankruptcy court having
jurisdiction over the Chapter 11 proceeding;
ix. Interaction with creditors, stakeholders, and claims
agent(s); and
(d) Perform other work, as necessary in connection with the
Debtors' bankruptcy process.
The firm will be compensated as follows:
-- Chiron Financial is holding approximately $99,000 as a
retainer.
-- Chiron Financial will be entitled to receive a monthly fee of
$10,000 for its investment banking services.
-- Chiron Financial will be entitled to an Equity Financing Fee
as follows:
Range of Equity Financing Amount Fees
$0 $20,000,000 5.0 percent
$20,000,000 $50,000,000 4.0 percent
$50,000,000 Any Amount 3.0 percent
-- Chiron Financial shall be entitled to an M&A fee as follows:
Range of Total Consideration Fees
$0 $10,000,000 4.0 percent
$10,000,001 $20,000,000 3.0 percent
$20,000,001 Any Amount 2.0 percent
-- Chiron Financial shall be paid for financial advisory services
on an hourly basis, at the following adjusted rates:
Managing Director $770
Director $630
Vice President $560
Associate $495
Analyst $380
Administrative $225
Christopher J. Mudd, managing director at Chiron, disclosed in a
court filing that his firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Christopher J. Mudd
Chiron Financial LLC
Fulbright Tower
1301 McKinney, Suite 2800
Houston, TX 77010
Phone: (713) 929-9080
Email: cmudd@chironfinance.com
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.
CHRISHULSERSELLSHOMES: Amends Unsecured Claims Pay Details
----------------------------------------------------------
ChrisHulserSellsHomes, Inc., submitted a First Amended Subchapter V
Plan of Reorganization dated October 10, 2023.
The Debtor submits all of its future disposable income to the
extent necessary to consummate this Chapter 11 Plan by paying
priority, secured and unsecured claims. The Debtor specifically
reserves all future income necessary for living and operating
expenses and for direct, long-term payment of secured claims.
Class 5 consists of Unsecured Claims. The Debtor anticipates that
this sum will be approximately $300,000.00. The Debtor elects to
modify the rights of the holder of unsecured claims as follows:
* Unsecured claimants shall receive fixed payments prorate
under the Plan. This payment will be made through the Subchapter V
Trustee.
* Annual "True Up" payments will be distributed pro rata to
Allowed Unsecured Claims. The Debtor contends this represents the
entire disposable income of the Debtor.
* No interest accrued after the date of filing of the
Prepetition shall be allowed on any unsecured claim, and interest
unmatured as of that date shall be disallowed.
* The value of the property as of the effective date of the
Plan to be distributed under the Plan on account of each unsecured
claim, equals or exceeds the amount that would be paid on such
claim in a liquidation under Chapter 7.
Debtor shall pay 90% of "Net Plan Profit" of Debtor's business
operations, which would be Gross Income of Debtor, less of business
operations, and secured and priority Plan payments, quarterly
payments for 5 years. Quarterly payments will commence on or before
December 31, 2023, and continue on or before April 14, July 15,
September 15, and December 31, 2023, and continue on or before
April 14, July 15, September 15 and December 15, of 2028, or until
all Allowed Claims are paid in full. The remaining 10% will be used
to pay taxes and the capital needs of the business.
Any surplus from the remaining 10% of Net Plan Profits shall be
paid as a "True Up" payment annually. This amount shall be
determined from the Debtor annual federal income tax and reported
to the Trustee on or before September 30 of each year of the Plan.
These will be yearly installments made by February of the following
year, beginning February 1, 2024. "True Up" payments, if any, shall
be made by October of the following year, beginning October 1,
2024.
The Debtor shall continue to operate its business as a Debtor in
Possession. The Debtor will fund this Plan through operations of
the business within the terms of this Plan.
A full-text copy of the First Amended Plan dated October 10, 2023
is available at https://urlcurt.com/u?l=1CivjY from
PacerMonitor.com at no charge.
The Debtor's counsel:
Stuart M. Maples, Esq.
Maples Law Firm, P.C.
200 Clinton Avenue West, Suite 1000
Huntsville, AL 35801
Tel: (256) 489-9779
Fax: (256) 489-9720
Email: smaples@mapleslawfirmpc.com
About ChrisHulserSellsHomes
ChrisHulserSellsHomes, Inc., is an Alabama corporation with its
principal place of business at 1896 Slaughter Road, Suite F,
Madison, Ala. It provides real estate brokerage services in the
North Alabama area.
ChrisHulserSellsHomes sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 23-80858) on May
10, 2023, with up to $50,000 in assets and up to $1 million in
liabilities. Christopher W. Hulser, president and owner, signed the
petition.
Judge Clifton R. Jessup, Jr. oversees the case.
Stuart M. Maples, Esq., at Maples Law Firm, P.C. is the Debtor's
bankruptcy counsel.
CLEARY PACKAGING: Creditor Submits Plan of Reorganization
---------------------------------------------------------
Cantwell-Cleary Co., Inc., a Creditor of the Debtor Cleary
Packaging, LLC, proposes the following Second Restated Chapter 11
Plan of Reorganization to resolve the outstanding Claims and Equity
Interests in and against the Debtor.
Under the Plan, Class 5 consists of General Unsecured Claims filed
against and/or scheduled by the Debtor in the aggregate amount of
approximately $459,427.15, excepting the Unsecured Judgment Claim
of Cantwell-Cleary, which constitutes a Class 6 Claim. This Class 5
Claim is comprised of the following alleged and/or asserted Claims:
(i) the scheduled Claim of Linda Barstow in the amount of
approximately $75,000.00; (ii) the filed Claim of Marcus Bonsib,
LLC in the amount of $205,377.74; (iii) the Unsecured Claim of
Axxis in the amount of $88.69; (iv) the Unsecured Claim of Berran
Industrial Group in the amount of $452.05; (v) the Unsecured Claim
of Better Packages, Inc. in the amount of $99.25; (vi) the
Unsecured Claim of DuBose Strapping Inc. in the amount of
approximately $1,183.43; (vii) the Unsecured Claim of Encore
Packaging in the amount of $70.75; (viii) the Unsecured Claim of
Essedant in the amount of $1,383.01; (ix) the Unsecured Claim of
Inflatable Packaging, Inc. in the amount of $161.04; (x) the
Unsecured Claim of Intertape Polymer Group in the amount of
$434.02; (xi) the Unsecured Claim of Lindenmeyr Munroe in the
amount of $2,500.00; (xii) the Unsecured Claim of Penske Baltimore
South in the amount of $47.73; (xiii) the Unsecured Claim of Rescue
One Training for Life, Inc. in the amount of $910.00; (xiv) the
Unsecured Claim of RJ Schinner Company in the amount of $167.28l;
(xv) the Unsecured Claim of Shurtape in the amount of $4,073.09;
(xvi) the Unsecured Claim of Waterlogic Americas, LLC in the amount
of $258.92; and (xvii) the alleged Unsecured Claim of Vincent D.
Cleary, Jr. in the amount of $176,437.90.
In the event the Lease of the Debtor's commercial space is
rejected, the lessor could assert a claim of rejection damages in
an amount estimated by the Debtor to be $242,131.72.
Notwithstanding a rejection of the lease, should it happen, Holders
of Allowed Class 5 Claims shall receive a minimum distribution of
65% of their Allowed Class 5 Claims before any distribution is made
to Cantwell-Cleary. Once Holders of Allowed Class 5 Claims receive
65% of their Allowed Class 5 Claims, distributions to Allowed
General Unsecured Claims shall then be allocated to Holders of
Allowed Class 5 Claims on a pro-rata basis, pari passu with
distributions to Holders of Allowed Class 6 Claims. The Plan
Proponent anticipates that, in total, Holders of Allowed Class 5
Claims will receive between 70% and 75% of their Allowed Class 5
Claims. Distributions to Holders of Class 5 Claims shall be made
semiannually, beginning in January and June of each year during the
term of this 108-month (9 years) Plan, beginning on January 1,
2024. Class 5 is impaired.
The Class 6 Claim consists of the Allowed Unsecured Judgment Claim
filed against and/or scheduled by the Debtor in the amount of
approximately $4,819,124.10. The Plan Proponent does not believe
separate classification of the Unsecured Judgment Claim is proper
under applicable bankruptcy law. However, on or about July 28,
2023, the Bankruptcy Court, in a Preliminary Order Addressing
Issues Concerning Plan of Reorganization, held that [at the time
the Court rendered its decision] the Debtor had "articulated
sufficient justifications for providing a separate class for the
[Judgment] claim." Insofar as the Bankruptcy Court found,
preliminarily, that separate classification of the Judgment is
potentially proper vis-Ã -vis the Debtor, it would necessarily be
proper under this competing Plan. Accordingly, and without
prejudice to the rights of the Plan Proponent to argue in the
Bankruptcy Court and, to the extent necessary, on appeal, the
Judgment of Cantwell-Cleary is separately classified in Class 6 in
the Allowed Amount of $4,819,124.10.
The Holder of the Allowed Class 6 Claim will receive distributions
pari passu with Holders of Class 5 Claims once Holders of Class 5
Claims receive a minimum distribution of 65% of their Allowed Class
5. Once Holders of Allowed Class 5 Claims receive 65% of their
Allowed Class 5 Claims, distributions to Holders of Class 5 and
Class 6 Claims shall receive pro-rata distributions. Distributions
to the Holder of this Class 6 Claim shall be made semi-annually,
beginning in November and May of each year during the term of this
108-month (9 year) Plan, beginning on January 1, 2024. The Plan
Proponent anticipates that the Holder of the Class 6 Claim will
receive between 35% and 45% of its Allowed Claim during the term of
this Plan. Class 6 is impaired.
The Plan will be funded from revenues of the business operations of
the Debtor, proceeds of avoidance actions, proceeds of
Cantwell-Cleary's new value contribution, and cash on hand. In
particular, the new value contribution, which shall be made on the
Effective Date, will immediately benefit, through distributions,
the Holders of Allowed Class 5 and Class 6 Claims, resulting in an
Effective Date distribution to Holders of Class 5 Claims of between
approximately 35% and 53% of their Allowed Claims (depending on
whether the commercial lease is rejected, which is expected).
Attorneys for Cantwell-Cleary Co., Inc.
Steven L. Goldberg, Esq.
MCNAMEE, HOSEA, P.A.
6411 Ivy Lane, Suite 200
Greenbelt, MD 20770
Telephone: (301) 441-2420
Facsimile: (301) 982-9450
E-mail: sgoldberg@mhlawyers.com
A copy of the Plan of Reorganization dated September 27, 2023, is
available at https://tinyurl.ph/rEeOK from PacerMonitor.com.
About Cleary Packaging
Cleary Packaging, LLC, is a wholesale distributor of packaging and
janitorial supplies. The company sought protection under Subchapter
V of Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No.
21-10765) on Feb. 7, 2021.
At the time of the filing, the Debtor disclosed assets of between
$1 million and $10 million and liabilities of the same range. The
Debtor tapped Yumkas, Vidmar, Sweeney & Mulrenin as its legal
counsel and George S. Magas CPA, PC as its accountant.
Scott W. Miller has been appointed as Subchapter V Trustee for the
Debtor.
COMMUTER ADVERTISING: Hires Brady Ware & Schoenfeld as Accountant
-----------------------------------------------------------------
Commuter Advertising, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Ohio to hire Brady Ware &
Schoenfeld, Inc. as its accountants.
The services to be provided by the firm include reconciling
accounts, adjusting entries, and preparing tax returns and
consultation regarding any and all other accounting matters of the
Debtor.
Hourly rates at Brady Ware are as follows:
Director $450
Manager $200
Staff accountant $145
Brady Ware is "disinterested" as defined in Section 101(14) of the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Patrick C. Rasey, CPA
Brady Ware & Schoenfeld, Inc.
3601 Rigby Road, Suite 400
Dayton, OH 45342
Phone: (937) 913-2527
Email: prasey@bradyware.com
Email: info@bradyware.com
About Commuter Advertising, Inc.
Commuter Advertising, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-31504) on
September 19, 2023. In the petition signed by Russ Gottesman,
president, the Debtor disclosed up to $1 million in assets and up
to $10 million in liabilities.
Judge Guy R. Humphrey oversees the case.
Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represents the
Debtor as legal counsel.
COMMUTER ADVERTISING: Hires Thomsen Law as Bankruptcy Counsel
-------------------------------------------------------------
Commuter Advertising, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Ohio to hire Thomsen Law Group,
LLC as its bankruptcy counsel.
The firm will render these services:
a. give the Debtors legal advice with respect to its powers
and duties as Debtors-in-Possession in the continued operation of
its businesses and management of its properties;
b. represent Debtors, as Debtors-in-Possession, in connection
with any adversary proceedings which are instituted within this
case;
c. prepare on behalf of Debtors, as Debtors-in-Possession,
necessary schedules, Petition, applications, motions, answers,
orders, reports, objections, disclosure statement and plan of
reorganization and other legal documentation in connection with
this case;
d. advise the Debtors with respect to, and assist in the
negotiation and documentation of, cash collateral orders and
related transactions;
e. review the nature and validity of any liens asserted
against property of the Debtors and advise the Debtors concerning
the enforceability of such liens;
f. advise the Debtors regarding its ability to initiate
actions to collect and recover property for the benefit of its
estate;
g. counsel the Debtors in connection with the formulation,
negotiation and promulgation of a plan of reorganization and
related documents;
h. advise and assist the Debtors in connection with any
potential property disposition;
i. advise the Debtors concerning executory contracts and
unexpired lease assumptions, assignments, rejections, lease
restructuring and recharacterization;
j. assist the Debtors in reviewing, estimating and resolving
claims asserted by or against the Debtors' estate;
k. commence and conduct any and all litigation necessary and
appropriate to assert rights held by the Debtors, protect assets of
the Debtors' estate, or otherwise further the goal of completing
the successful reorganization of the Debtors;
l. provide general corporate, litigation and other legal
services for the Debtors as requested by the Debtors; and
m. perform all other necessary and appropriate legal services
in connection with this Chapter 11 case for and on behalf of the
Debtors.
The customary hourly rates for Counsel are:
Ira H. Thomsen $425
Denis E. Blasius $350
Darlene E. Fierle $325
The firm received a retainer in the amount of $25,000.
Denis E. Blasius, Esq., attorney at Thomsen Law Group, assures the
Court that he and his firm are "disinterested persons" as defined
in Section 101(14) of the Code as required by Section 327(a) of the
Code.
The firm can be reached through:
Darlene E. Fierle, Esq.
Ira H. Thomsen, Esq.
Denis E. Blasius, Esq.
THOMSEN LAW GROUP, LLC
140 North Main Street, Suite A
Springboro, OH 45066
Telephone: (937) 748-5001
Facsimile: (937) 748-5003
Email: ithomsen@ihtlaw.com
dfierle@ihtlaw.com
dblasius@ihtlaw.com
About Commuter Advertising, Inc.
Commuter Advertising, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-31504) on
September 19, 2023. In the petition signed by Russ Gottesman,
president, the Debtor disclosed up to $1 million in assets and up
to $10 million in liabilities.
Judge Guy R. Humphrey oversees the case.
Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represents the
Debtor as legal counsel.
CUPPETT PERFORMING: Hires Robert S. Brandt as Bankruptcy Counsel
----------------------------------------------------------------
Cuppett Performing Art Center, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to hire The
Law Office of Robert S. Brandt as its counsel.
The firm will render these services:
a. advise and consult with the applicant concerning questions
arising in the conduct of the administration of the estate and
concerning the debtor’s rights and remedies with regard to the
estate’s assets and the claims of secured, preferred, and
unsecured creditors, and other parties of interest;
b. appear for, prosecute, defend and represent the debtor’s
interest in suits arising in or related to this case;
c. investigate and prosecute preferences and other actions
arising under the debtor’s avoiding powers;
d. assist in preparation of such pleadings, motions, notices,
and orders as are required for the orderly administration of this
estate, and to consult with and advise the debtor in connection
with the operation of the business of the debtor; and
e. prepare and file a plan and to obtain the confirmation and
completion of a plan of reorganization, and to prepare a final
report and a final accounting.
The firm will bill $400 per hour for its services.
As disclosed in the filings, The Law Office of Robert S. Brandt
does not hold or represent any interest adverse to that of the
debtor and that is a disinterested person within the meaning of 11
U.S.C. Section 101(14).
The firm can be reached through:
Robert S. Brandt, Esq.
THE LAW OFFICE OF ROBERT S. BRANDT
600 Cameron Street
Alexandria, VA 22314
Phone: (703) 342-7330
Emai: brandt@brandtlawfirm.com
About Cuppett Performing Arts Center, Inc.
Cuppett Performing 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.
CYTODYN INC: Audit Committee Appoints BF Borgers as Auditor
-----------------------------------------------------------
CytoDyn Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that the Audit Committee of the Board of
Directors of the Company engaged BF Borgers CPA PC and appointed
the firm as the Company's independent registered public accounting
firm for the fiscal year ended May 31, 2024.
Representatives of BF Borgers are expected to attend the Company's
annual meeting of stockholders to be held on Nov. 9, 2023 and to be
available to respond to appropriate questions, and will have an
opportunity to make a statement if they desire to do so.
The appointment of BF Borgers followed the resignation of the
Company's former independent registered public accounting firm,
Macias Gini & O'Connell LLP, as previously reported in the
Company's Form 8-K filed on Sept. 25, 2023. Representatives of MGO
are not expected to attend the Annual Meeting.
About CytoDyn Inc.
Headquartered in Vancouver, Washington, CytoDyn Inc. --
http://www.cytodyn.com-- is a clinical-stage biotechnology
company
focused on the development and commercialization of leronlimab, an
investigational humanized IgG4 monoclonal antibody (mAb) that is
designed to bind to C-C chemokine receptor type 5 (CCR5), a protein
on the surface of certain immune system cells that is believed to
play a role in numerous disease processes. CytoDyn is studying
leronlimab in multiple therapeutic areas, including infectious
disease, cancer, and autoimmune conditions.
CytoDyn reported a net loss of $79.82 million for the year ended
May 31, 2023, compared to a net loss of $210.82 million for the
year ended May 31, 2022. As of May 31, 2023, the Company had
$11.29 million in total assets, $120.79 million in total
liabilities, and a total stockholders' deficit of $109.51 million.
San Jose, California-based Macias Gini & O'Connell LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated Sept. 13, 2023, citing that the
Company incurred a net loss of approximately $70,146,000 for the
year ended May 31, 2023 and has an accumulated deficit of
approximately $832,012,000 through May 31, 2023, which raises
substantial doubt about its ability to continue as a going concern.
DELTA AIR LINES: S&P Assigns 'BB+' Rating on 2023 Revenue Bonds
---------------------------------------------------------------
S&P Global assigned its 'BB+' rating to Delta Air Lines Inc.'s New
York Transportation Development Corp.'s series 2023 special
facilities revenue bonds (Delta Air Lines Inc.--LaGuardia Airport
Terminals C&D Redevelopment Project) due from 2031-2040. Delta will
use proceeds from the issuance primarily to fund a portion of the
costs of completing the construction of the new terminal facilities
at LaGuardia Airport in New York. Delta will guarantee payment of
the interest and principal on the 2023 revenue bonds, which are
also secured by a leasehold mortgage on the company's sublease of
the LaGuardia terminal facilities.
S&P said, "We rate the 2023 revenue bonds the same as our issuer
credit rating on Delta, and the bonds rank pari passu with previous
series (2018 and 2020) of LaGuardia revenue bonds guaranteed by
Delta. We believe the security on the revenue bonds puts
bondholders in a potentially better bargaining position with Delta
in any future bankruptcy proceeding than if the bonds were secured
solely by the company's payments. In our view, LaGuardia is highly
important hub for Delta, and its sublease agreement with The Port
Authority of New York and New Jersey is necessary for its
continuing operations at this airport." While not expected,
bondholder claims would become unsecured in the event the sublease
is terminated prior to bond maturity. However, Delta would remain
obligated to continue to service its interest and principal payment
obligations on the bonds as sublease termination is not an event of
default under the bond indenture.
DESOLATION HOLDINGS: Court Approves Disclosure Statement
--------------------------------------------------------
Judge Brendan L. Shannon has entered an order approving the
Disclosure Statement of Desolation Holdings LLC, et al.
The Disclosure Statement Hearing Notice is approved.
The Disclosure Statement (including all applicable exhibits
thereto) provides Holders of Claims, Holders of Interests and other
parties in interest with sufficient notice of the injunction,
exculpation and release provisions in Article VIII of the Plan in
satisfaction of the requirements of Bankruptcy Rule 3016(c).
The Dates and Deadlines in Connection with Confirmation:
* The Deadline to File Bankruptcy Rule 3018 Motions for Plan
Voting Purposes will be on October 13, 2023 at 4:00 pm. (ET), or 7
days after service of Claim objections.
* The Plan Supplement Deadline will be on October 17, 2023 at
4:00 p.m. (ET).
* The Voting Deadline will be on October 24, 2023 at 4:00 p.m.
(ET).
* The Confirmation Objection Deadline October 24, 2023 at 4:00
p.m. (ET).
* The Deadline to Respond to Bankruptcy Rule 3018 Motions for
Plan Voting Purposes will be on October 24, 2023 at 4:00 p.m. (ET),
or ten (10) days after service of Bankruptcy Rule 3018 Motion.
* The Deadline for Voting Agent to File Voting Report will be on
October 27, 2023 at 4:00 p.m. (ET).
* The Deadline to file (i) Confirmation Memorandum and/or (ii)
Reply to Plan Objections will be on October 27, 2023 at 4:00 p.m.
(ET).
* The Confirmation Hearing will be on October 30, 2023 at 11:00
a.m. (ET).
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.
DIVERSE CONSTRUCTION: Hires Langley & Banack as Bankruptcy Counsel
------------------------------------------------------------------
Diverse Construction Group, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Texas to hire Langley
& Banack, Inc. as its legal counsel.
Langley & Banack will render these legal services:
(a) advise the Debtor regarding its powers and duties in this
Chapter 11 case; and
(b) handle all matters which come before the court in this
case.
William Davis, Jr., Esq., a partner at Langley & Banack, will be
billed at his hourly rate of $400.
The firm received a retainer fee in the amount of $35,000 from the
Debtor, plus the filing fee of $1,738.
Mr. Davis 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:
William R. Davis, Jr, Esq.
LANGLEY & BANACK, INC.
745 E. Mulberry, Suite 700
San Antonio, TX 78212
Telephone: (210) 736-6600
Email: wrdavis@langleybanack.com
About Diverse Construction Group, LLC
Diverse Construction Group, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-51281) on
September 26, 2023. In the petition signed by Dario Hernandez,
owner/member, the Debtor disclosed up to $10 million in assets and
up to $1 million in liabilities.
Judge Craig A. Gargotta oversees the case.
William R. Davis, Jr., Esq., at Langley & Banack, Inc., represents
the Debtor as legal counsel.
ELITE INVESTMENT: Hires Danning Gill as Bankruptcy Counsel
----------------------------------------------------------
Elite Investment Management Group seeks approval from the U.S.
Bankruptcy Court for the Central District of California to hire
Danning, Gill, Israel & Krasnoff, LLP as its general bankruptcy
counsel.
The firm will render these services:
(a) assist the Debtor in the preparation of its Schedules of
Assets and Liabilities, Statement of Financial Affairs, and other
required documents;
(b) advise and assist the Debtor with respect to Chapter 11
case requirements, including the preparation and filing of Monthly
Operating Reports, payment of fees to the United States Trustee,
and maintaining DIP bank accounts, among other requirements, and to
help the Debtor stay in compliance with the Bankruptcy Code, the
Federal Rules of Bankruptcy Procedure, the Court's Local Bankruptcy
Rules, and the Guidelines of the United States Trustee;
(c) appear with and represent the Debtor at its Initial Debtor
Interview;
(d) appear with and represent the Debtor at the meeting of
creditors;
(e) represent the Debtor in contested matters, adversary
proceedings, and any other hearings before this Court;
(f) assist the Debtor in post-petition borrowing, if
appropriate, and motions concerning the same;
(g) assist the Debtor in preparing motions and other pleadings
concerning the use of cash collateral;
(h) review and, if appropriate, pursue avoidable transfers and
other claims that the estate may have against third parties;
(i) analyze and review the validity of claims of creditors who
file proofs of claims and, if appropriate, object to those claims;
(j) analyze the validity of all administrative expenses and,
if appropriate, object to those expenses;
(k) assist the Debtor with the settlement and compromise of
claims by or against the estate, or pertaining to matters relating
to this case;
(l) assess prospects for reorganization of the Debtor's
financial affairs under Chapter 11 of the Code and, if appropriate,
assist the Debtor in the prompt formulation, proposal, confirmation
and implementation of a Chapter 11 plan; and
(m) perform other general legal services relating to the
Debtor's administration of the estate.
The firm's current hourly rates are:
Richard K. Diamond $825
Eric P. Israel $825
Brad D. Krasnoff $825
George E. Schulman $725
Uzzi O. Raanan $750
John N. Tedford, IV $750
Zev Shechtman $675
Aaron E. de Leest $695
Michael G. D'Alba $655
Alphamorlai L. Kebeh $395
Law Clerks $295
Paraprofessionals $305
The Debtor provided Danning Gill a $100,000 retainer to commence
services.
The firm and all of its partners and associates are disinterested
persons as that term is defined in 11 U.S.C. Sec. 101(14),
according to court filings.
The firm can be reached through:
John N. Tedford, IV, Esq.
DANNING, GILL, ISRAEL & KRASNOFF, LLP
1901 Avenue of the Stars, Suite 450
Los Angeles, CA 90067-4402
Tel: (310) 277-0077
Fax: (310) 277-5735
Email: jyedford@DanningGill.com
About Elite Investment Management Group
Elite Investment Management Group is engaged in activities related
to real estate. Its principal assets are located at 10710 Chalon
Rd., in Los Angeles, California.
Elite Investment Management Group sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-15752) on
Sept. 5, 2023. In the petition filed by Jonathan Menlo, as
authorized agent, the Debtor reported assets and liabilities
between $10 million and $50 million.
The Honorable Bankruptcy Judge Neil W. Bason handles the case.
John N. Tedford, IV, at DANNING, GILL, ISRAEL & KRASNOFF, LLP, is
the Debtor's counsel.
ELMER ANGELO: Gets OK to Hire Wolff & Wolff as Legal Counsel
------------------------------------------------------------
Elmer Angelo, Inc. received approval from the U.S. Bankruptcy Court
for the Eastern District of California to employ Mark A. Wolff,
Esq. and Wolff & Wolff as its counsel.
Wolff & Wolff will assist the Debtor in the administration of the
Chapter 11 case, including, representation at the Section 341
meeting and proposal of a Chapter 11 Plan.
The firm's current hourly rates are:
Mark A. Wolff $400
Ruby A. Wolf $400
Mark Wolff, Esq., founder of Wolff & Wolff, 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 A. Wolff, Esq.
WOLFF & WOLFF
900 W. Jackson Blvd., Suite 5E
Chicago, IL 60607
Phone: (916) 714-5050
Email: attorneys@wolffandwolff.com
About Elmer Angelo, Inc.
Elmer Angelo, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 23-22984) on August 30,
2023. In the petition signed by Norman Laukkanen, chief financial
officer, the Debtor disclosed up to $100,000 in assets and up to
$10 million in liabilities.
Mark A. Wolff, Esq., at Wolff & Wolff, represents the Debtor as
legal counsel.
ENSIGN ENERGY: S&P Downgrades Issuer Credit Rating to 'SD'
----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Canada-based
drilling contractor Ensign Energy Services Inc. to 'SD' (selective
default) from 'CCC'. At the same time, S&P affirmed its 'CCC-'
issue-level rating on the company's senior unsecured notes.
S&P intends to raise its issuer credit rating on Ensign as soon as
practical, likely in the next few days, to a level that reflects
its reduced near-term refinancing risk.
On Oct. 13, 2023, Ensign announced an agreement with its lenders to
extend the maturity on its credit facility by three years to
October 2026. S&P views this transaction as distressed and
tantamount to a default due to the following factors:
-- S&P's 'CCC' issuer credit rating on the company;
-- Given the near-term springing maturity of the credit facility
(Oct. 15, 2023) and its high utilization ($772 million outstanding
as of the second quarter of 2023), S&P believes Ensign would likely
face a conventional default absent the credit facility extension.
The springing maturity is in effect while the senior unsecured
notes remain outstanding, with the maturity being six months prior
to the notes' maturity of April 15, 2024. As of June 30, 2023,
about C$555 million of the notes were outstanding;
-- S&P believes the company's liquidity will remain challenged in
the near term due to the permanent reduction in the size of its
credit facility (to $700 million by 2025) and the aggressive
amortization under the new term loan; and
-- In S&P's view, the lenders also did not receive adequate
compensation for the three-year maturity extension.
S&P plans to reevaluate its issuer credit rating based on its view
of the company's liquidity and the outlook for oil and gas drilling
activity.
EVOLUTION MICRO: Jerrett McConnell Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq.,
at McConnell Law Group, P.A. as Subchapter V trustee for Evolution
Micro, LLC.
Mr. McConnell 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. McConnell declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jerrett M. McConnell, Esq.
McConnell Law Group, P.A.
6100 Greenland Rd., Unit 603
Jacksonville, FL 32258
Phone: (904) 570-9180
Email: trustee@mcconnelllawgroup.com
About Evolution Micro
Evolution Micro, LLC, a company in Debary, Fla., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 23-04081) on Sept. 29, 2023, with up to $10 million
in both assets and liabilities. Fazleabbas Khaki, member, signed
the petition.
Judge Tiffany P. Geyer oversees the case.
Justin M. Luna, Esq., at Latham Luna Eden & Beaudine LLP,
represents the Debtor as legal counsel.
EVOLUTION MICRO: Wins Use Cash Collateral Access Nov 7
------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, authorized Evolution Micro, LLC to use cash
collateral on an interim basis in accordance, with the budget, with
a 10% variance through November 7, 2023.
The Debtor requires the use of cash collateral to fund ordinary
business operations and necessary expenses in accordance with the
cash budget.
Subject to the provisions of the order, the Debtor is authorized to
use cash collateral to pay: (a) amounts expressly authorized by the
Court, including payments to the Subchapter V Trustee and payroll
obligations incurred post-petition in the ordinary course of
business; (b) the current and necessary expenses set forth in the
budget attached hereto as Exhibit A. plus an amount not to exceed
10% for each line item; and (c) such additional amounts as may be
expressly approved in writing by the United Stales Small Business
Administration.
SBA may hold a first-position security interest in the Debtor's
cash and/or cash equivalents.
Secured Lender Solutions, De Lage Landen Financial Services, Inc.,
Cadence Bank, N.A., Funding Circle, LLC, and/or Wells Fargo Bank,
N.A. are the holders of inferior position security interests in the
Debtor's cash, accounts and cash equivalents.
As adequate protection for the use of cash collateral, the Secured
Creditors are granted a replacement lien on post-petition cash
collateral to the same extent, priority, and validity as their
pre-petition liens, to the extent Debtor's use of cash collateral
results in a decrease in value of the Secured Creditors' interest
in the cash collateral.
A continued hearing on the mother is set for November 7 at 10 a.m.
A copy of the Debtor's motion and budget is available at $
https://urlcurt.com/u?l=AnGmau from PacerMonitor.com.
The Debtor projects total cash paid out, on a monthly basis, as
follows:
$105,975 for October 2023;
$156,275 for November 2023; and
$206,475 for December 2023;
About Evolution Micro, LLC
Evolution Micro, LLC sought protection under Chapter 11 of the
U.S.Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04081) on
September 29, 2023.
In the petition signed by Fazleabbas Khaki, member, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Tiddaay P. Geyet oversees the case.
Justin M. Luna, Esq. , at Latham Luna Eden & Beaudine LLP,
represents the Debtor as legal counsel.
EXPANSION INDUSTRIES: Hires Eric A. Liepins as Legal Counsel
------------------------------------------------------------
Expansion Industries, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to hire Eric A. Liepins,
P.C. as its legal counsel.
The Debtor requires legal assistance to liquidate its assets,
reorganize the claims of the estate, and determine the validity of
claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $5,000, plus filing fee.
Mr. Liepins, the sole shareholder of the firm, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Eric A. Liepins, Esq.
ERIC A. LIEPINS, PC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About Expansion Industries, LLC
Expansion Industries, LLC files its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
23-41828) on Sep. 29, 2023. The petition was signed by Kelly Winget
as president of Managing Member. At the time of filing, the Debtor
estimated up to $50,000 in assets and $10 million to $50 million in
liabilities.
Eric A. Liepins, Esq. at ERIC A. LIEPINS represents the Debtor as
counsel.
FANATICS HOLDINGS: S&P Alters Outlook to Neg., Affirms 'BB-' ICR
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer credit ratings on New
York, NY-based sports merchandise and collectibles retailer and
online sports betting and iCasino company Fanatics Holdings Inc.
(FHI) and its core operating subsidiaries--Fanatics Commerce
Intermediate Holdco LLC (Fanatics Commerce) and Fanatics
Collectible Intermediate Holdco Inc. (Fanatics Collectibles)--and
revised its outlook on the rating to negative from stable.
The negative outlook reflects S&P's expectation for leverage to
remain near the mid-6x area through fiscal 2023 before improving to
4x and below in fiscal 2024.
FHI's leverage is elevated due to weaker profitability and
strategic investments. Fanatics Commerce reported roughly flat
revenue growth in the second quarter (ended June 30, 2023) due to
slowing consumer demand for its discretionary product offering. At
the same time, Fanatics Collectibles reported revenue growth of 4%
in its second quarter, and lowered its guidance for the year due to
production delays and updated product launch schedules. In
addition, both businesses experienced significant margin
deterioration through the first half of fiscal 2023. Fanatics
Commerce's company-adjusted EBITDA margins declined more than 675
basis points (bps) in the second quarter due to fulfilment cost
pressures, planned investments in customer experience, and
inventory return challenges. Fanatics Collectibles reported more
than a 550 bps decline in company-adjusted EBITDA margins due to
elective infrastructure investments and sales deleveraging. Lastly,
LIDS Sports Group (LIDS), in which FHI holds a 61% stake,
experienced top line and bottom line pressures attributable to
softer macroeconomic trends. These factors resulted in consolidated
second-quarter S&P Global Ratings-adjusted EBITDA margins declining
nearly 550 bps to 2.5%.
Meanwhile, the company continues to spend heavily on its new online
gaming and betting venture, which contributes to higher overhead
and subsidiary investment costs. FHI's significant cash balance
(roughly $2.3 billion as of June 30, 2023) helps support its
strategy of investing in new ventures even during periods of weaker
demand at existing businesses; however, it meaningfully strains its
credit metrics.
FHI's S&P Global Ratings-adjusted debt to EBITDA spiked to above 7x
on depressed earnings and revolver borrowings of about $440 million
at Fanatics Commerce as of June 30, 2023. S&P said, "We expect
leverage will remain at mid-6x in fiscal 2023 before falling below
4x by the end of fiscal 2024 as the company grows its earnings
base. The company has a stated gross leverage target of 3x-4x at
its core operating subsidiaries. In contrast to our adjusted credit
metric calculations, this target does not incorporate overhead
costs or costs associated with new subsidiary investments at FHI."
Challenging economic conditions are a key risk, notwithstanding
some growth opportunities. S&P said, "We forecast nearly 30%
revenue growth for FHI in fiscal 2023, which mostly reflects the
consolidation of LIDS into its financials, though also incorporates
roughly 10% revenue growth at Fanatics Commerce and 12% revenue
growth at Fanatics Collectibles. We expect consolidated revenue
growth of more than 10% in fiscal 2024, supported by Fanatics
Collectibles' UFC licensing additions and the Euro Championship,
which is held once every four years. We note that this is below our
prior forecast because we expect softer economic conditions and
dampened consumer spending will broadly impact FHI's businesses."
Moreover, Fanatics Commerce's licensing agreements include
guaranteed minimum royalty payments that it must pay to
intellectual property owners regardless of its sales volume. S&P
believes these royalty guarantees could further weaken its
profitability if it is unable to increase its sales in line with
its contractual obligations.
In addition, Fanatics Collectibles remains concentrated in a niche
category with a limited customer base. While agreements with the
NBA, NBA Players Association, NFL, and NFL Players Association
support its longer-term growth potential, MLB property (i.e.
baseball cards) will remain a primary source of revenue over the
next couple of years. This concentration presents a risk that
slowing demand could lead to lagging revenue growth relative to
S&P's forecast.
Despite performance uncertainty over the next 12 months, FHI holds
a solid position in the sports merchandise and collectibles market.
Fanatics Commerce maintains long-term exclusive rights to
manufacture and distribute branded fan apparel, and Fanatics
Collectibles holds exclusive rights to produce and sell trading
cards and other collectible products using the intellectual
property (IP) of its partners. S&P said, "In our view, its broad
portfolio of exclusive merchandising and retailing rights provides
it with a reliable, long-term competitive moat. In addition, its
diversified revenue channels and vast database of customers offset
some near-term risks. Lastly, there is a significant cash balance
at FHI, which supports news ventures and is available to
subsidiaries during periods of stress. We apply a positive
one-notch comparable ratings analysis adjustment to our anchor on
the company to reflect our view that these factors positively
differentiate FHI from other retailers."
The negative outlook reflects S&P's expectation for performance
headwinds across FHI's businesses due to slowing consumer demand
and cost pressures, leading to compressed profitability and
elevated leverage over the next 12 months.
S&P could lower its ratings if:
-- FHI is unable to restore profitability and grow earnings at
Fanatics Commerce, Fanatics Collectibles, and LIDS in line with its
forecast; and
-- Cash burn accelerates at FHI due to ongoing profitability
challenges at its operating subsidiaries amid continued investments
in new ventures while balance sheet cash deteriorates. S&P would
expect S&P adjusted leverage to be sustained above 5x in such a
scenario.
S&P could revise its outlook back to stable if:
-- The company restores its S&P Global Ratings-adjusted EBITDA
margin to the mid-single-digit area and free operating cash flow
(FOCF) turning significantly positive; and
-- It sustains S&P Global Ratings-adjusted leverage below 5x on a
consolidated basis.
FARADAY FUTURE: Ke Sun Resigns as Director
------------------------------------------
Ke Sun, a member of the Board of Directors of Faraday Future
Intelligent Electric Inc., notified the Board that she will resign
as a director of the Company effective immediately.
Ms. Sun also served as a member of the Compensation Committee and
as a member of the Nominating and Corporate Governance Committee.
Ms. Sun's decision to resign from the Board was not the result of
any disagreement with the Company on any matters relating to the
Company's operations, policies, or practices, as disclosed by the
Company in a Form 8-K filed with the Securities and Exchange
Commission. She will continue as an advisor of the Company
focusing on capital markets and strategic financing, given her
relevant background and experience.
About Faraday Future
Los Angeles, CA-based Faraday Future (NASDAQ: FFIE) --
http://www.ff.com-- designs and engineers next-generation
intelligent, connected, electric vehicles. FF intends to start
manufacturing vehicles at its production facility in Hanford,
California, with additional future production capacity needs
addressed through a contract manufacturing partner in South Korea.
FF is also exploring other potential contract manufacturing options
in addition to the contract manufacturer in South Korea. The
Company has additional engineering, sales, and operational
capabilities in China and is exploring opportunities for potential
manufacturing capabilities in China through a joint venture or
other arrangement.
Faraday Future reported a net loss of $552.07 million for the year
ended Dec. 31, 2022, a net loss of $516.50 million for the year
ended Dec. 31, 2021, compared to a net loss of $147.08 million for
the year ended Dec. 31, 2020.
New York, NY-based Mazars USA LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
March 9, 2023, citing that the Company has incurred operating
losses since inception, has continued cash outflows from operating
activities, and has an accumulated deficit. These conditions raise
substantial doubt about its ability to continue as a going concern.
FEDNAT HOLDING: Braun Seeks Denial of Plan Confirmation
-------------------------------------------------------
Michael H. Braun ("Mr. Braun"), as a former director and/or officer
of Debtor FedNat Holding Company ("FNHC") and certain of its
subsidiaries, FedNat Underwriters, Inc.("FNU"); ClaimCor, LLC
("ClaimCor"); Century Risk Insurance Services, Inc.("CRIS"); and
Insure-Link, Inc.("Insure-Link") (the "FNHC Subsidiaries," together
with FNHC, the "FNHC Debtors") who are the chapter 11
debtors-in-possession in these jointly administered bankruptcy
cases, and FedNat Insurance Company ("FNIC"), a non-debtor
subsidiary of FNHC, filed a joinder in the objection by Present and
Former Directors and Officers of Debtors to First Amended Combined
Disclosure Statement and Chapter 11 Plan of Liquidation of FedNat
Holding Company and Its Debtor Affiliates.
The Objectors seek to have the Court sustain objections to the
First Amended Combined Disclosure Statement and Chapter 11 Plan of
Liquidation of FedNat Holding Company and Its Debtor Affiliates
(the "Plan") filed by the FNHC Debtors and the Official Committee
of Unsecured Creditors (the "Committee" and, together with the FNHC
Debtors, the "Plan Proponents"), and deny confirmation of the Plan,
unless and until Mr. Braun is included within the protections of
the release and injunction provisions of the Plan, on the grounds
that the relief sought by the Objection and the reasons advanced as
to why that relief should be given, apply equally to Mr. Braun.
The Plan Proponents propose to reject the Indemnification
Obligations because they are not listed in the Plan Supplement as
being assumed.
In Exhibit B of their Plan Supplement containing a Schedule of
Retained Causes of Action, the Plan Proponents purport to preserve
for pursuit by the Plan Administrator all retained causes of action
not expressly settled or released and (a) in Annex (ii) they
expressly reserve causes of action related to director and officer
liability, (b) in Annex (iv) they expressly reserve all causes of
action related to the D&O Policies, and (c) in Annex (ix) they
expressly reserve all causes of action against directors and
officers of the FNHC Debtors, including Mr. Braun by name.
As set forth by the Movants in the Objection (the "Movants"), the
Plan's release and injunction provisions seriously impair or even
extinguish Mr. Braun's, along with the Movants', ability to defend
themselves, bring appropriate claims, and/or seek indemnification.
In exchange, Mr. Braun and Movants receive nothing, as they have
been specifically excluded from the status of released parties,
while the very claims for which the FedNat Debtors are obligated to
protect them against have been explicitly preserved.
Just as the Movants filed claims against the FNHC Debtors, as a
result of the FNHC Debtors' Plan Supplement, Mr. Braun has filed
proof of claims against the FNHC Debtors on September 25, 2023, by
virtue of his status as a former director and/or a former officer
of one or more of the FNHC Debtors and the FNHC Debtors' proposed
rejection of their Indemnification Obligations pursuant to the Plan
(the "Braun Claims").
The Braun Claims asserted contingent and unliquidated claims in
unknown amounts against the FNHC Debtors based on the proposed
rejection of the Indemnification Obligations.
Michael H. Braun Counsel:
Ben A. Andrews, Esq.
PENNINGTON P.A.
Post Office Box 10095
Tallahassee, FL 32302-2095
Tel: (850) 222-3533
Fax: (850) 222-2126
E-mail: bandrews@penningtonlaw.com
About Fednat Holding Company
FedNat Holding Co. -- https://www.fednat.com/ -- is a regional
insurance holding company in Sunrise, Fla., which controls
substantially all aspects of the insurance underwriting,
distribution and claims processes through subsidiaries and
contractual relationships with independent and general agents. It
is not an insurance carrier and does not issue insurance policies.
Rather, FedNat provides agency, underwriting and policy holder
services to its insurance carrier clients. Its business is
comprised of two primary components: underwriting and claims
processing.
FedNat and its affiliates filed petitions for relief under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 22-19451)
on Dec. 11, 2022. In the petition filed by its manager, Mark
Allen, FedNat reported assets between $10 million and $50 million
and liabilities between $100 million and $500 million.
Judge Peter D. Russin oversees the cases.
The Debtors tapped Shane G. Ramsey, Esq., at Nelson Mullins Riley &
Scarborough, LLP, as legal counsel and Aprio, LLP, as tax
preparer.
The U.S. Trustee for Region 21 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Pachulski Stang Ziehl & Jones, LLP, as lead
bankruptcy counsel; Bast Amron, LLP as local counsel; and
AlixPartners, LLP, as financial advisor.
FORTE II LLC: Nov. 22 Hearing on Final Approval of Disclosure
-------------------------------------------------------------
Jude Mike K. Nakagawa has entered an order conditionally approving
the Disclosure Statement of Forte II, LLC.
November 6, 2023 is fixed as the last day for filing written
acceptances or rejections of the Plan.
November 22, 2023 at 9:30 a.m. is fixed for the hearing on final
approval of the Disclosure Statement (if a written objection has
been timely filed) and for the hearing on confirmation of the
plan.
November 6, 2023 is fixed as the last day for filing and serving
written objections to the Disclosure Statement and confirmation of
the Plan.
Attorneys for the Debtor:
Marjorie A. Guymon, Esq.
GOLDSMITH & GUYMON, P.C.
2055 Village Center Circle
Las Vegas, NV 89134
Telephone: (702) 873-9500
Facsimile: (702) 873-9600
E-mail: mguymon@goldguylaw.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.
GAE RODKE: Gets OK to Hire Berkshire as Real Estate Broker
----------------------------------------------------------
Gae Rodke, MD FACOG, PLLC and its owner, Gae Rodke, received
approval from the U.S. Bankruptcy Court for the Southern District
of New York to hire Berkshire HomeServices New York Properties.
The Debtors require a real estate broker to sell an apartment unit
located at 135 West 70th St., in New York.
Berkshire will get a commission of 5.5% of the sale price to be
paid by the Debtor.
Michael Moran, an associate real estate broker at Berkshire,
disclosed in a court filing that his firm is a "disinterested
person" pursuant to Section 101(14) of the Bankruptcy Code.
Berkshire can be reached at:
Michael Moran
Berkshire HomeServices New York Properties
590 Madison Ave.
New York, NY 10022
Office: 646-677-0030
Cell: 917-747-7643
Email: michael@bhhsnyp.com
About Gae Rodke
Gae Rodke, MD FACOG, PLLC provides gynecological healthcare
services.
Gae Rodke, MD FACOG filed Chapter 11 petition (Bankr. S.D.N.Y. Case
No. 22-11657) on Dec. 9, 2022, with up to $50,000 in assets and
$500,001 to $1 million in liabilities. On the same day, a Chapter
13 case was filed for its owner, Gae Rodke (Bankr. S.D. N.Y. Case
No. 22-11658), which was converted to one under Chapter 11 on May
23, 2023. The cases were substantively consolidated under Case No.
22-11657 pursuant to the court's order dated May 23, 2023.
Judge Martin Glenn oversees the Debtors' cases.
The Law Office of Rachel S. Blumenfeld and Giddins Claman, LLP
serve as the Debtors' bankruptcy counsel and special real estate
counsel, respectively.
GAE RODKE: Gets OK to Hire Giddins Claman as Real Estate Counsel
----------------------------------------------------------------
Gae Rodke, MD FACOG, PLLC and its owner, Gae Rodke, received
approval from the U.S. Bankruptcy Court for the Southern District
of New York to hire Giddins Claman, LLP.
The Debtors require a special real estate counsel in connection
with the sale of their property located at 135 West 70th St., New
York.
Giddins is charging a fixed fee of $3,600 for the transaction, plus
incidental items. The billing rate is $395 per hour for attorney
time.
Scott Claman, a partner at Giddins, 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:
Scott Claman
Giddins Claman, LLP
675 Third Avenue, 29th Floor
New York, NY 10017
Phone: +1 212-573-6703
About Gae Rodke
Gae Rodke, MD FACOG, PLLC provides gynecological healthcare
services.
Gae Rodke, MD FACOG filed Chapter 11 petition (Bankr. S.D.N.Y. Case
No. 22-11657) on Dec. 9, 2022, with up to $50,000 in assets and
$500,001 to $1 million in liabilities. On the same day, a Chapter
13 case was filed for its owner, Gae Rodke (Bankr. S.D. N.Y. Case
No. 22-11658), which was converted to one under Chapter 11 on May
23, 2023. The cases were substantively consolidated under Case No.
22-11657 pursuant to the court's order dated May 23, 2023.
Judge Martin Glenn oversees the Debtors' cases.
The Law Office of Rachel S. Blumenfeld and Giddins Claman, LLP
serve as the Debtors' bankruptcy counsel and special real estate
counsel, respectively.
GBC EXPRESS: Seeks Cash Collateral Access Thru March 2024
---------------------------------------------------------
GBC Express, LLC asks U.S. Bankruptcy Court for the Western
District of Washington for authority to use cash collateral on an
interim basis in accordance with the budget, with a 15% variance,
from the petition date through March 26, 2024, or until the
effective date of the Plan, whichever is earlier.
The Debtor seeks to use cash collateral for payment of all other
ordinary and necessary ongoing operating expenses.
Facing mounting collection pressure from creditors, and the
imminent repossession of the Debtor's fleet, the Debtor filed for
protection under Chapter 11, Subchapter V, in order to remain in
business.
Based on a search of the Washington State Department of Licensing,
performed on September 22, 2023, the Debtor has identified UCC-1
financing statements.
The creditors with an interest in the Debtor's cash collateral are
Commercial Credit Group, WABASH National Finance Services, Engs
Commercial Finance, Co., Volvo Financial Services (VFS), Blue
Bridge Financial, LLC, Amur, North Mill Credit Trust, and Alliance
Funding Group.
The Declaration further sets forth that, as of the petition date,
the Debtor's cash amounts are $6,491, and accounts receivable of
$5,000.
Accordingly, on the date of the petition, the Debtor's cash
collateral was estimated to be valued at $11,491.
As adequate protection and for the Debtor's use of the cash
collateral, the Secured Creditor will be granted replacement liens
in the debtor's post-petition cash, accounts receivables, and the
proceeds of each of the foregoing, to the same extent and priority
as any duly perfected and unavoidable liens in cash collateral held
by the Secured Credit or as of the Petition Date, limited to the
amount of any cash collateral of the Secured Creditor as of the
petition date, to the extent that any cash collateral of the
Secured Creditor is actually used by the Debtor.
A copy of the motion is available at https://urlcurt.com/u?l=rQxVyx
from PacerMonitor.com.
About GBC Express, LLC
GBC Express, LLC is a trucking company in Bellevue, Washington. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Wash. Case No. 23-11814) on September 26, 2023.
In the petition signed by Mihail Nicoara, president, the Debtor
disclosed $2,653,339 in assets and $4,543,064 in liabilities.
Judge Marc Barreca oversees the case.
Steven Palmer, Esq., at Curtis, Casteel & Palmer, PLLC, represents
the Debtor as legal counsel.
GENESIS CARE: Class 5A Unsecureds Unimpaired in Plan
----------------------------------------------------
Genesis Care Pty Limited, et al. submitted a First Amended Joint
Plan of Reorganization.
As of the Effective Date, the DIP Claims shall be Allowed and
deemed to be Allowed Claims in the full amount outstanding under
the DIP Credit Agreement. Upon the satisfaction of the Allowed DIP
Claims in accordance with the terms of the Plan, pursuant to the
U.S. Equitization Restructuring or the Sale Transaction
Restructuring, as applicable, or other such treatment as
contemplated by this Article II.C of the Plan on the Effective
Date, all Liens and security interests granted to secure the DIP
Claims shall be automatically terminated and of no further force
and effect without any further notice to or action, order, or
approval of the Bankruptcy Court or any other Entity.
Except to the extent that a Holder of an Allowed DIP Claim agrees
to less favorable treatment, on the Effective Date, in full and
final satisfaction, settlement, release, and discharge of, and in
exchange for such Allowed DIP Claim, each Holder of an Allowed DIP
Claim shall receive: (a) on account of Allowed DIP New Money
Claims, payment in full in Cash, or such Holder, in its discretion,
may elect to instead receive, in respect of some or all of the
aggregate amount of such Holder's Allowed DIP New Money Claim, a
share of the Exit Takeback Term Loans in an amount equal to that
amount (if any) of such Holder's Allowed DIP New Money Claim as to
which such election is made, provided that such election shall be
made by the delivery of written notice to the Debtors and their
legal and financial Professionals no later than the date determined
by the Debtors and the Required Lenders; and (b) on account of
Allowed DIP Roll-Up Claims, its Pro Rata share of the (i) the DIP
Equity Pool, subject to dilution by the ROW New Equity Interests
issued pursuant to the Management Incentive Plans, the exercise of
the New Warrants, the Rights Offering (if any), and the Put Option
Premium (if any), (ii) the Exit Takeback Term Loans, (iii)
Distributable Cash allocated to the DIP Roll-Up Claims, if any,
pursuant to the Waterfall Recovery, and (iv) Subscription Rights,
if any.
Under the Plan, Class 5A consists of all General Unsecured Claims
against the ROW Debtors. Each Holder of an Allowed General
Unsecured Claim against the ROW Debtors will receive either: (i)
Reinstatement of such Allowed General Unsecured Claim pursuant to
section 1124 of the Bankruptcy Code; or (ii) Payment in full in
Cash on (a) the Effective Date, or (b) the date due in the ordinary
course of business in accordance with the terms and conditions of
the particular transaction giving rise to such Allowed General
Unsecured Claim. Class 5A is unimpaired.
Class 5B consists of all General Unsecured Claims against the GC
U.S. Debtors. Subject to section 1129(a)(7)(A)(ii) of the
Bankruptcy Code, on the Effective Date each General Unsecured Claim
against the GC U.S. Debtors will be discharged and released, and
each Holder of a General Unsecured Claim against the GC U.S.
Debtors will not receive or retain any distribution, property, or
other value on account of such General Unsecured Claim against the
GC U.S. Debtors. Class 5B is impaired under the Plan.
Sources of consideration for plan distribution include: New Money
Exit Facilities, Takeback Facilities, New Equity Investment, ROW
New Equity Interests, Rights Offering, AUS Holdco New Equity
Interests, EUR Holdco New Equity Interests, GC U.S. New Equity
Interests and Issuance of the New Warrants.
On the Effective Date, the Reorganized Debtors will fund Cash
distributions under the Plan, in whole or in part, with (1) Cash on
hand and (2) Cash consideration received by the GC U.S. Debtors
pursuant to the Sale Transaction Restructuring.
Co-Counsel to the Debtors and Debtors in Possession:
Matthew D. Cavenaugh, Esq.
Jennifer F. Wertz, Esq.
Genevieve M. Graham, Esq.
JACKSON WALKER LLP
1401 McKinney Street, Suite 1900
Houston, TX 77010
Telephone: (713) 752-4200
Facsimile: (713) 752-4221
E-mail: mcavenaugh@jw.com
jwertz@jw.com
ggraham@jw.com
- and -
Joshua A. Sussberg, P.C.
Steven N. Serajeddini, P.C.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, NY 10022
Telephone: (212) 446-4800
Facsimile: (212) 446-4900
E-mail: joshua.sussberg@kirkland.com
steven.serajeddini@kirkland.com
- and -
Jaimie Fedell, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
300 North LaSalle Street
Chicago, IL 60654
Telephone: (312) 862-2000
Facsimile: (312) 862-2200
E-mail: jaimie.fedell@kirkland.com
A copy of the Plan of Reorganization dated September 27, 2023, is
available at https://tinyurl.ph/DpKWb from
restructuring.ra.kroll.com, the claims agent.
About GenesisCare
One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.
Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; Teneo as communications
advisor; and Clayton Utz as special investigation counsel. Kroll
Restructuring Administration, LLC is the notice and claims agent.
On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.
Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.
GIGA-TRONICS INC: Pro Forma Reports Filed Over Gresham Deal
-------------------------------------------------------------
Giga-tronics Incorporated filed an amendment to its Form 8-K to
report certain pro forma financial information required from the
Company, after giving effect to the acquisition of Gresham
Worldwide, Inc.
On September 8, 2022, the Company acquired 100% of the capital
stock of Gresham from Ault Alliance, Inc. in exchange for 2,920,085
shares of the Company's common stock and 514.8 shares of Series F
Convertible Preferred Stock that are convertible into an aggregate
of 3,960,043 shares of the Company's common stock.
"Prior to the closing of the Business Combination, our fiscal year
ended on a day in late March. Subsequent to the Business
Combination, we began using Gresham's calendar year as our fiscal
year. While we were the legal acquirer in the Business Combination,
because Gresham was deemed the accounting acquirer, the historical
financial statements of Gresham became the historical financial
statements of the combined company. As a result, for purposes of
the pro formas, we are using our historical results for certain
fiscal quarters based on a late March year-end and comparing it to
our current fiscal quarter based on a December 31st year-end," the
Company stated.
The Pro Forma Financial Information includes:
* The audited consolidated financial statements of the Company
as of December 31, 2021 and 2020, a full-text copy of which is
available at https://tinyurl.com/mvaftn4u
* The unaudited financial statements of the Company for the
six months ended June 30, 2022 and 2021, a full-text copy of which
is available at https://tinyurl.com/bde4h2hm
* Unaudited Pro Forma Condensed Balance Sheets as of June 30,
2022 and unaudited Pro Forma Condensed Statements of Operations for
the six-month period ended June 30, 2022, a full-text copy of which
is available at https://tinyurl.com/yak4dxan
* Unaudited Pro Forma Condensed Balance Sheets as of December
31, 2021 and unaudited Pro Forma Condensed Statements of Operations
for the year ended December 31, 2021, a full-text copy of which is
available at https://tinyurl.com/46j75ubw
* Notes to Unaudited Pro Forma Condensed Financial
Statements.
About Giga-tronics Inc.
Headquartered in Dublin, California, Giga-Tronics Inc. is a
publicly held company, traded on the OTCQB Capital Market under the
symbol "GIGA". Giga-tronics -- http://www.gigatronics.com--
manufactures specialized electronic equipment for use in both
military test and airborne operational applications. The Company's
operations consist of two business segments, those of its wholly
owned subsidiary, Microsource Inc., and those of its Giga-tronics
Division. The Company's Microsource segment designs and
manufactures custom microwave products for military airborne
applications while the Giga-tronics Division designs and
manufactures real time solutions for RADAR/EW test applications.
Giga-Tronics reported a net loss of $18.42 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.86 million for
the year ended Dec. 31, 2021.
New York, New York-based Marcum LLP, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 11, 2023, citing that the Company has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
GREATER FELLOWSHIP: Seeks to Hire Wardlow Appraisals as Appraiser
-----------------------------------------------------------------
Greater Fellowship Ministries, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Arkansas to employ
Wardlow Appraisals as its appraiser.
Wardlow will testify regarding the appraisal prepared on the
property located at 2401 S. Main Street, Pine Bluff, AR 72039 in
Jefferson County.
As disclosed in the court filings, Wardlow is a disinterested
person within the meaning of 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Dale Wardlow
Wardlow Appraisals
Phone: (501) 729-1015
Email: wardlow.app@gmail.com
About Greater Fellowship Ministries
Greater Fellowship Ministries, Inc., a tax-exempt religious
organization, filed a petition for relief under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Ark. Case No. 23-10710) on March 13,
2023. In the petition filed by Esau Watson, chief executive officer
(CEO), the Debtor disclosed $100,000 to $500,000 in assets and $1
million to $10 million in liabilities.
Judge Bianca M. Rucker oversees the case.
Frank H. Falkner, Esq., at Dilks Law Firm serves as the Debtor's
counsel.
GREENSMITH LAND: Seeks to Hire Fischer & Kelly CPA as Accountant
----------------------------------------------------------------
Greensmith Land Management, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Florida to hire
Fischer & Kelly, CPA as its accountant.
The firm will provide monthly accounting services consisting of
preparation of tax returns, monthly bookkeeping, and payroll.
The firm will charge these rates:
Tax Returns $475 per month
Bookkeeping $200 per month
Payroll $180 per month
Fischer & Kelly does not hold or represent any interest adverse to
the Debtor or estate, according to court filings.
The firm can be reached through:
Jennifer Fischer, CPA
LeighJean Gilbride, CPA
FISCHER & KELLY, CPA
1900 Hwy 87
Navarre, FL 32566
About Greensmith Land Management, LLC
Greensmith offers design, installation, and service for outdoor
structures, landscaping, land clearing, and construction material
hauling.
Greensmith Land Management, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla.
Case No. 23-30616) on Sep. 1, 2023. The petition was signed by
Paul Smith as managing member. At the time of filing, the Debtor
estimated $500,000 to $1 million in assets and $1 million to $10
million in liabilities.
J. Steven Ford, Esq. at WILSON, HARRELL, FARRINGTON, FORD, ET, AL.
represents the Debtor as counsel.
GSE SYSTEMS: Agrees With Lind Global to Amend Promissory Notes
--------------------------------------------------------------
GSE Systems, Inc. and Lind Global Fund II, LP entered into that
certain (a) First Amendment to Senior Convertible Promissory Note
("Note Amendment"), amending the Company's existing Promissory
Note, dated June 23, 2023, in the original principal amount of
$1,800,000, and (b) First Amendment to Amended and Restated Senior
Convertible Promissory Note ("A&R Note Amendment"), amending the
Company's existing Amended and Restated Promissory Note, dated June
23, 2023, in the principal amount of $2,747,228.
As disclosed in a Form 8-K filed with the Securities and Exchange
Commission, the Note Amendment amended Section 2.1 pertaining to
events of default by deleting and replacing Section 2.1(r), which
previously provided for an event of default under the Note in the
event that the Company's Market Capitalization (as defined in the
Note) was below $7 million for 10 consecutive days. As amended,
the Note provides that, at any time after Jan. 31, 2024, an event
of default will occur in the event that the Company's Market
Capitalization is below $7 million for 10 consecutive days.
The A&R Note Amendment amended Section 2.1 pertaining to events of
default by deleting and replacing Section 2.1(r), which previously
provided for an event of default under the Note in the event that
the Company's Market Capitalization was below $7 million for 10
consecutive days. As amended, the A&R Note provides that, at any
time after Jan. 31, 2024, an event of default will occur in the
event that the Company's Market Capitalization is below $7 million
for 10 consecutive days. Prior to the Amendment, the "Conversion
Price" in Section 3.1(b) of the A&R Note "means $1.94, and shall be
subject to adjustment as provided herein." The A&R Note Amendment
amended the definition of "Conversion Price" "the lower of (i)
$1.94 and (ii) eighty-five percent (85%) of the average of the
three (3) lowest daily VWAPs during the twenty (20) Trading Days
prior to the delivery by the Holder of the applicable notice of
conversion."
The Company also made customary reaffirmations, representations and
warranties typical for an amendment of a financing of this type.
About GSE Systems
Headquartered in Columbia, Maryland, GSE Systems -- www.gses.com --
is a provider of engineering services and technology, expert
staffing, and simulation software to clients in the power and
process industries.
Tysons, VA-based Forvis, LLP (formerly, Dixon Hughes Goodman LLP),
the Company's auditor since 2020, issued a "going concern"
qualification in its report dated April 17, 2023, citing that the
Company has incurred losses from operations for the year ended Dec.
31, 2022. The auditor added that the continued decline in revenues
has significantly impacted the Company's operating results and
raises substantial doubt about the Company's ability to continue as
a going concern.
HEALY CHIROPRACTIC: L. Todd Budgen Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., as
Subchapter V trustee for Healy Chiropractic and Wellness Center
LLC.
Mr. Budgen will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Budgen declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
L. Todd Budgen, Esq.
P.O. Box 520546
Longwood, FL 32752
Tel: (407) 232-9118
Email: Todd@C11Trustee.com
About Healy Chiropractic
Healy Chiropractic and Wellness Center, LLC filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla.
Case No. 23-04091) on Sept. 29, 2023, with $50,001 to $100,000 in
assets and $500,001 to $1 million in liabilities.
Judge Lori V. Vaughan oversees the case.
Jeffrey Ainsworth, Esq., and Robert B. Branson, Esq., at
Bransonlaw, PLLC are the Debtor's bankruptcy attorneys.
HENDERSON INTERNATIONAL: Taps FTI Consulting to Provide CRO, Staff
------------------------------------------------------------------
Henderson International Land, LLC and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Nevada to hire
FTI Consulting, Inc. and designate Michael Tucker as their chief
restructuring officer.
FTI Professionals will render these services:
-- manage a sale or transaction process of Debtor assets or
interests in potentially one or more transactions.
Specific Transaction services potentially undertaken related
to this task may include:
(a) evaluate Client businesses, operations, financial
condition, and prospects.
(b) prepare a data room for Potential Purchasers to access
Client information.
(c) consult with the Client and its senior management
regarding identification of Potential Purchasers.
(d) provide financial advice to the Client with respect to the
form or structure of a Transaction.
(e) assist the Client in the preparation of materials
concerning a proposed Transaction, including potentially a
Confidential Information Memorandum.
(f) assist the Client in contacting Potential Purchasers to
ascertain their interests in a potential Transaction.
(g) assist the Client as to strategy and tactics in connection
with its negotiations with respect to any Transaction.
(h) assist the Client with any meetings and or management
presentations with Potential Purchasers.
(i) provide timely reporting to the Client on the status and
progress of any Transaction.
(j) assist the Debtors and its advisors on any closing
procedures.
-- formulate and prepare a plan of reorganization and disclosure
statement.
-- prepare an analysis of Client's lenders claimed amount owed,
including an investigation of its liens and collateral.
-- investigate purported equity holders for compliance with
federal law.
-- evaluate cash and liquidity requirements, including Assist
Client in preparing and reporting on appropriate cash and liquidity
forecasts.
-- assist with the management of all aspects of Client
operations, including all initiatives related to managing financial
operations.
-- assist with the evaluation of strategic alternatives,
-- assist with the preparation of filings and reports required by
the Bankruptcy Code and Bankruptcy Rules, including, motions,
statements of financial affairs, schedules of assets and
liabilities, and monthly operating reports.
-- assist Client management in responding to requests from, and
negotiation with, investors, lenders, creditors, any official
committees, and other stakeholders as requested by Client.
-- assist in strategic communications with Client's employees,
vendors and other stakeholders, as needed.
-- assist Client in communicating with the Company's lenders.
-- direct the efforts of external professionals, consultants, and
advisors in connection with liquidation initiatives, including the
negotiation of any agreements with asset purchasers, potential
investors or funding sources; and
-- perform such other services as may be reasonably requested by
Client and are customary in this type of engagement.
The firm will be paid at these hourly rates:
Senior Managing Directors $1,045 - $1,495
Directors / Senior Directors /
Managing Directors $785 - $1,055
Consultants / Senior Consultants $435 - $750
Administrative / Paraprofessionals $175 - $325
Michael Tucker, a senior managing director at FTI, disclosed in a
court filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Michael Tucker
FTI CONSULTING, INC.
4835 East Cactus Road, Suite 230
Scottsdale, AZ 85254
Tel: (602) 744-7144
Email: michael.tucker@fticonsulting.com
About Henderson International Land
Henderson International Land, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case
No. 23-12852) on July 13, 2023, listing $10 million to $50 million
in both assets and liabilities. The petition was signed by Fredrick
Waid as manager.
Judge Hilary L. Barnes presides over the case.
Fox Rothschild, LLP represents the Debtor as legal counsel.
HERSHA HOSPITALITY: Glazer Capital Reports 5.6% Equity Stake
------------------------------------------------------------
Glazer Capital, LLC, filed a Schedule 13G Report with the
Securities and Exchange Commission to report about Glazer Capital
and Paul J. Glazer's ownership of Hersha Hospitality Trust common
stock. The report was filed pursuant to Rule 13d-1(c) of the
Securities Exchange Act of 1934. The Securities reported are Class
A Common Shares, with a par value of $.01 per share.
Glazer Capital said it beneficially owns an aggregate amount of
2,028,117 shares, equivalent to 5.6% of Hersha Hospitality's common
stock.
Glazer Capital, LLC may be reached at:
Paul J. Glazer
Glazer Capital, LLC
250 West 55th Street, Suite 30A
New York, NY 10019
A full-text copy of the Schedule 13G Report is available at
https://tinyurl.com/yckxcpcv
About Herhsa Hospitality
Harrisburg, Pa.-based Hersha Hospitality Trust is a self-advised
Maryland real estate investment trust that was organized in 1998
and completed its initial public offering in January of 1999. Its
common shares are traded on the New York Stock Exchange under the
symbol "HT." Hersha invests primarily in institutional grade hotels
in major urban gateway markets including New York, Washington, DC,
Boston, Philadelphia, South Florida and select markets on the West
Coast.
KPMG LLP, based in Philadelphia, Pennsylvania, said in an audit
report for the 2021 fiscal year that there is substantial doubt
about Hersha Hospitality Trust's ability to continue as a going
concern. The Company has significant debt maturities in August
2022 for which the Company does not have committed funds, which
raised substantial doubt about its ability to continue as a going
concern, KPMG said in its audit report dated February 23, 2022,
filed together with the Company's Annual Report on Form 10-K for
the fiscal year ended December 31, 2021.
During 2022, the Trust closed on the sale of 10 hotel properties
for consideration of $641.0 million. The proceeds from the sales
were used to pay off the Company's unsecured notes facility at a
redemption price of $164.4 million, and to pay down amounts
borrowed under the Company's line of credit and term loans. On
August 4, 2022, the Company entered into a new credit agreement for
a senior secured credit facility which provided for a $100.0
million revolving line of credit and a $400.0 million term loan.
The Company made an initial draw of $400.0 million on the
facility's term loan, using the proceeds to pay off the remaining
balances under the Company's prior line of credit and term loans,
effectively reducing the Company's borrowings and moving the
maturity of borrowings under the Company's credit facility to
August of 2024. The $100.0 million line of credit provided by the
new credit facility remains undrawn.
As of June 30, 2023, Hersha has $1,393,779,000 in total assets and
$648,556,000 in total liabilities.
* * *
This concludes the Troubled Company Reporter's coverage of
Investview until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
HUDSON & MCKEE: Seeks Cash Collateral Access
--------------------------------------------
Hudson & McKee Real Estate LLC asks the U.S. Bankruptcy Court for
the Eastern District of Missouri, Eastern Division, for authority
to use cash collateral and provide adequate protection.
The Debtor's primary secured creditor is Park Place Finance LLC. As
of the Petition Date, the Debtor was indebted to the Lender under
the following promissory note and guaranty:
a. Promissory Note dated May 13, 2022 in the principal amount
of $1.9 million plus interest and other charges from Borrower
payable to the Lender. The approximate outstanding balance of the
Note is $1.855 million;
b. The Note is guaranteed by a former principal of the Debtor,
Maureen Wooten.
c. The Note is further secured by a deed of trust in the
amount of $1.9 million on the Debtor's real estate located at 3121
Brantner St. Louis, MO 63106; 3125 Brantner St. Louis, MO 63106;
3129 Brantner St. Louis, MO 63106; 3141 Brantner St. Louis, MO
63106; 3149 Brantner St. Louis, MO 63106; 2826 Sheridan St. Louis,
MO 63106; 2900 Sheridan St. Louis, MO 63106 and 3127 Sheridan St.
Louis, MO 63106.
The Lender's interest in the cash collateral is adequately
protected. The fair market value of the Real Estate based on the
Lender's appraisal is $3.092 million, well in excess of the
Pre-Petition Indebtedness. Further, adequate protection will be
provided to Lender by (i) granting a replacement lien in
post-petition rents subject to the Lender's pre-petition lien; (ii)
partial payments of post-petition accrued interest beginning on or
before December 15, 2023.
A copy of the motion is available at https://urlcurt.com/u?l=ITcADA
from PacerMonitor.com.
About Hudson & McKee Real Estate LLC
Hudson & McKee Real Estate LLC is primarily engaged in acting as
lessors of buildings used as residences or dwellings.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mo. Case No. 23-43539) on October 1,
2023. In the petition signed by Raymond McKee, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.
Spencer Desai, Esq., at the Desai Law Firm, represents the Debtor
as legal counsel.
IBIO INC: Amends Credit Agreement to Allow up to $2M Withdrawals
----------------------------------------------------------------
iBio, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that iBio CDMO LLC, as borrower, a wholly owned
subsidiary of the Company, and Woodforest National Bank entered
into the Seventh Amendment to the Credit Agreement, which was
entered into on Nov. 1, 2021, as previously amended as of Oct. 11,
2022, Feb. 9, 2023, Feb. 20, 2023, March 24, 2023, May 10, 2023 and
Sept. 18, 2023, which amendment among other things, permits the
Company, in each case, so long as no Potential Default or Default
(as such terms are defined in the Credit Agreement) to make the
following withdrawals from the Reserve Funds Deposit Account (as
defined in the Credit Agreement):
(i) up to $1,000,000 on Oct. 4, 2023 so long as Borrower
maintains a minimum balance of $2,000,000 until Oct. 16, 2023;
(ii) up to an additional $750,000 after Oct. 16, 2023 so long as
Borrower maintains a minimum balance of $1,250,000 until Nov. 13,
2023; and
(iii) up to an additional $250,000 after Nov. 13, 2023 so long as
Borrower maintains a minimum balance of $1,000,000 until Payment in
Full.
On the earlier of (a) the closing of the Purchase Agreement (as
defined in the Credit Agreement), or (b) the Maturity Date (as
defined in the Credit Agreement), the Company will pay Woodforest
$20,000. In addition, on Oct. 4, 2023, the Company, as guarantor,
entered into the Fifth Amendment to the Guaranty, which was
executed on Nov. 1, 2021, as amended by the Guaranty First
Amendment, the Guaranty Second Amendment, the Guaranty Third
Amendment and the Guaranty Fourth Amendment, which amendment
reduces the liquidity covenant that requires the Company to
maintain a specified amount in unrestricted cash to $0.00.
About iBio Inc.
iBio, Inc. -- http://www.ibioinc.com-- is a developer of
next-generation biopharmaceuticals using its proprietary
Artificial
Intelligence-Driven Discovery Platform and FastPharming
Manufacturing System. The Company focused its technologies on the
research and development of novel products at its Drug Discovery
Center in California. The Company is currently using its
FastPharming Manufacturing System and Glycaneering Technologies to
develop its portfolio of proprietary biologic drug candidates.
iBio reported a net loss available to the Company's stockholders of
$65.01 million for the year ended June 30, 2023, compared to a net
loss available to stockholders of $50.39 million for the year ended
June 30, 2022. As of June 30, 2023, the Company had $41.21 million
in total assets, $25.83 million in total liabilities, and $15.38
million in total stockholders' equity.
Holmdel, New Jersey-based CohnReznick LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Sept. 27, 2023, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities for the years ended June 30, 2023 and 2022 and
has an accumulated deficit as of June 30, 2023. These matters,
among others, raise substantial doubt about its ability to continue
as a going concern.
INNERLINE ENGINEERING: Seeks Cash Collateral Access Thru Feb 2024
-----------------------------------------------------------------
Innerline Engineering, Inc. asks the U.S. Bankruptcy Court for the
Central District of California, Riverside Division, for authority
to use cash collateral on an interim basis for the period from
October 31, 2023 to February 28, 2024.
The Debtor requires the use of cash collateral to pay ordinary and
necessary operating expenses.
The creditors with liens on the cash collateral are HOP Capital,
Danny Song, Dig Vac, LLC, APS Environmental Inc., the U.S. Small
Business Administration, and the Internal Revenue Service.
Prepetition, the Debtor entered into a merchant cash agreement with
HOP Capital. The debt purports to arise from an agreement wherein
the Debtor "sold" "future receivable" to the lender, but the Debtor
is investigating whether the agreement is a loan in disguise or in
fact true merchant cash agreement.
Danny Song holds a judgment lien, which was recorded on November
19, 2019. He is unrelated to the Debtor or its insiders.
Dig Vac holds a judgment against the Debtor, which was recorded on
April 2, 2019.
APS holds a judgment against the Debtor, which was recorded on
April 2, 2019.
Prepetition, on May 10, 2020, the Debtor executed an SBA Note,
pursuant to which the Debtor obtained a $150,000 loan. The terms of
the Note require the Debtor to pay principal and interest payments
of $731 every month beginning 12 months from the date of the Note
over the 30-year term of the SBA Loan. The SBA Loan has an annual
rate of interest of 3.75% and may be prepaid at any time without
notice of penalty.
Herc Rentals holds a judgment against the Debtor, which was
recorded on November 16, 2020.
The IRS asserts it holds a claim of approximately $282,700 for the
Debtor's employment tax liabilities for the periods ending March
31, 2017, through December 31, 2017, that is secured by lien(s)
against all of the Debtor's right, title and interest to property
pursuant to 26 U.S.C. Section 6321, including but not limited to,
cash collateral.
Inner Asset, LLC filed its Proof of Claim No. 25 on August 22,
2022, asserting a security interest in all of the Debtor's assets
in the amount of $1,252,024.
The Debtor believes the Secured Creditors are adequately protected
by the continued and uninterrupted operation of the business.
Notwithstanding, the Debtor will continue to make adequate
protection payments to HOP Capital, Danny Song, SBA and the IRS
during the period.
The Debtor will give the Secured Creditors a replacement lien to
the extent the automatic stay, pursuant to 11 U.S.C. Section 362,
as well as the use, sale, lease or grant results in a decrease in
the value of the Secured Creditors' interest in the cash collateral
on a postpetition basis retroactive to the Petition Date. The
Debtor believes the replacement lien is valid, perfected and
enforceable and will not be subject to dispute, avoidance, or
subordination, and this replacement lien need not be subject to
additional recording.
The Debtor will continue to make adequate protection payments as
follows:
Creditor Amount
-------- ------
HOP Capital $1,498
Danny Song $3,20
SBA $731
IRS $5,465
A copy of the motion and the Debtor's budget for the period from
November 2023 to February 2024 is available at
https://urlcurt.com/u?l=ASiAVV from PacerMonitor.com.
The budget provides for total operating expenses, on a monthly
basis as follows:
$124,031 for November 2023;
$145,275 for December 2023;
$129,372 for January 2023; and
$129,643 for February 2023.
About Innerline Engineering
Corona, Cal.-based Innerline Engineering, Inc. --
http://www.innerlineengineering.com/-- offers a variety of
services to municipalities, utility owners, industrial facilities
and commercial property owners for the maintenance of their
underground utilities.
Innerline Engineering filed a petition for Chapter 11 protection
(Bankr. C.D. Cal. Case No. 21-14305) on Aug. 9, 2021, listing as
much as $10 million in both assets and liabilities. Thomas J.C.
Yeh, chief financial officer, signed the petition.
Judge Wayne E. Johnson oversees the case.
Resnik Hayes Moradi LLP serves as the Debtor's bankruptcy counsel.
INVESTVIEW INC: Closes Buyback of 303 Million Common Shares
-----------------------------------------------------------
Investview, Inc disclosed in a Form 8-K Report filed with the
Securities and Exchange Commission that on September 29, 2023, the
Company closed on the private purchase of shares of its common
stock under the terms of a Stock Purchase and Release Agreement.
Under the Agreement dated dated September 18, 2023, the Company
purchased for surrender in a series of private transactions, an
aggregate of 302,919,223 shares of the Company's common stock from
sellers consisting of Mario Romano, Annette Raynor, and a series of
their family members and related entities. The Purchased Shares
were purchased for an aggregate consideration of $2,922,380,
representing a price of $0.00964739 per share. One-eighth of the
purchase price was paid within seven days of the closing, with the
balance payable in a series of equal quarterly payments over seven
consecutive quarters thereafter.
In addition to the cash consideration for the Purchased Shares, the
Company also agreed to cover a limited amount of the legal fees
incurred by Romano and Raynor in the transaction, as well as
provide them with a $250,000 expense allowance, payable in
installments, to cover legal fees and other expenses on a
non-accountable basis, in connection with any matters that may
arise in which either or both of Romano and/or Raynor served as
officers and directors of the Company. In return, Romano and Raynor
agreed to waive any future entitlement, if at all, to
indemnification of costs and expenses. This includes legal fees
under Nevada law or otherwise arising from or relating to any
period in which Romano or Raynor were officers and directors of the
Company.
Under the Agreement, the sellers represented to the Company that
the Purchased Shares represent 100% of the common equity ownership
in the Company of Romano, Raynor, and their respective family
members and related entities. The Purchased Shares represent
approximately 11.49% of the Company's outstanding shares. As
adjusted to reflect the surrender, the Company's outstanding shares
have been reduced from 2,636,275,719 to 2,333,356,496 shares of
common stock.
Romano and Raynor were two of the original founders of the Company.
They served as officers and directors of the Company through their
resignations from those positions in January 2022. From January
2022 through August 2023, Romano and Raynor served as consultants
to the Company. The Purchased Shares had been the subject of a
lock-up agreement which limited resales until April 2025, the terms
of which were waived to allow the transaction with the Company
under the Agreement.
In addition to customary purchase and sale terms, under the
Agreement, the sellers, including Romano and Raynor, agreed to
provide a customary release to the Company and its affiliates; as
well, they agreed to certain customary standstill,
non-disparagement, non-competition, and non-solicitation
covenants.
Explaining the Company's decision to close on the transaction,
Company CEO Victor Oviedo said, "Although we have not yet deployed
stock buybacks as part of our overall strategic initiatives, when
the opportunity to purchase this large a block of shares became
available, we pursued it aggressively as we believe it represents a
balanced approach to capital allocation, and a unique opportunity
to rationalize the use of our capital to purchase over 10% of our
outstanding shares of our common stock at what we believe is very
attractive pricing; particularly, considering the strategic
initiatives that the Company is working on."
Mr. Oviedo continued, "We are very bullish on the outlook for the
Company and believe that the use of our capital for the purpose of
this buyback was opportunistic given that we believe our share
price does not reflect the long-term intrinsic value of the Company
should we succeed in growing the Company organically and through
the pursuit of certain strategic initiatives, even though we
realize there is always uncertainty in predicting future trends and
outcomes."
About Investview
Headquartered in Salt Lake City, Utah, Investview, Inc., is a
diversified financial technology organization that operates through
its subsidiaries, to provide financial products and services to
individuals, accredited investors and select financial
institutions.
For the year ended March 31, 2020 the Company had incurred a
significant net loss, had a working capital deficit, and had a
large accumulated deficit. These conditions raised substantial
doubt about its ability to continue as a going concern.
During the six months ended June 30, 2023, the Company recorded a
net income from operations of $1,601,341 and net income of
$1,005,299. As of June 30, 2023, it has cash and cash equivalents
of $21,431,952 and a working capital balance of $12,838,961. As of
June 30, 2023, its unrestricted cryptocurrency balance was reported
at a cost basis of $1,929,788. Management does not believe there
are any liquidity issues as of June 30, 2023.
As of June 30, 2023, Investview has $36,809,916 in total assets and
$17,442,457 in total liabilities.
* * *
This concludes the Troubled Company Reporter's coverage of
Investview until facts and circumstances, if any, emerge that
demonstrate financial or operational strain or difficulty at a
level sufficient to warrant renewed coverage.
IRONNET INC: Has $10M DIP Loan Deal Ahead of Bankruptcy Filing
--------------------------------------------------------------
IronNet, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that in connection with its anticipated
bankruptcy filing, the Company, IronNet Cybersecurity, Inc., and
ITC Global Advisers LLC, and/or ITC GA's designated affiliates
and/or related funds or accounts, and such other lender parties
that have agreed or may agree from time to time to provide
commitments to fund the DIP Facility (the "DIP Facility Lender"),
entered into a binding term sheet for debtor-in-possession
financing, which sets forth the principal terms of a superpriority,
senior secured debtor-in-possession credit facility, pursuant to
which the DIP Facility Lender will provide the Company with a
senior (priming) secured and superpriority debtor-in-possession
delayed-draw term loan credit facility in an aggregate principal
amount not to exceed $10,000,000, consisting of up to $8,500,000 of
term loans and $1,500,000 of the Bridge Amount, subject to the
terms and conditions set forth in the Term Sheet.
Until the entry of a final order approving the DIP Facility by the
U.S. Bankruptcy Court for the District of Delaware, a maximum
amount of up to $4,500,000 of the DIP Facility (inclusive of the
Bridge Amount) would be available on an interim basis.
Upon the execution of the Term Sheet on Oct. 10, 2023, the DIP
Facility Lender advanced $1,500,000 to the Company. The Bridge
Amount is secured by all the assets of the Company and IronNet
Cybersecurity, provided, however, that to the extent the DIP
Facility Lender fails to fund any of the DIP Loans after the date
on which the Bankruptcy Court shall have entered an interim order
approving the DIP Facility, such security interest shall be limited
to only the assets of IronNet, Inc. and shall not include a
security interest in any intellectual property or the assets of
IronNet Cybersecurity, with such revocation of security interest
effective as of the date the Bridge Amount is funded.
The DIP Loans will accrue interest at a per annum rate of 16.00%,
payable in kind on the termination of the DIP. Upon the occurrence
of an event of default under the Term Sheet, the interest rate on
outstanding DIP Loans would increase by 2.00% per annum. The
Company is obligated to pay agency fees in the amount of $300,000.
The DIP Facility Lender's commitment to provide the DIP Facility
shall terminate, and the aggregate principal amount owing under the
DIP Facility, all accrued and unpaid interest thereon, and all fees
and expenses incurred by the administrative agent and the
collateral agent for the DIP Facility Lender with respect to the
DIP Facility and the DIP Facility Lender as provided in the Term
Sheet in connection with the DIP Facility shall be repaid in full
on the earliest to occur of: (a) the date which is 180 days after
the date of commencement of proceedings under Chapter 11 of the
Bankruptcy Code, unless extended by agreement of the DIP Facility
Agent in its sole discretion; (b) the effective date of any Chapter
11 plan confirmed in any of the Chapter 11 Cases; (c) the entry of
an order for the dismissal or conversion to Chapter 7 of the
Bankruptcy Code of any of the Chapter 11 Cases; (d) the closing of
a sale of all or substantially all assets or equity of the Company
and IronNet Cybersecurity; or (e) the date of any event of default
under the DIP Credit Agreement or any of the DIP Documents and the
election of the DIP Facility Agent to terminate the DIP Facility
commitments following any such event of default and the expiration
of all applicable notice and cure periods.
The Term Sheet also contemplates that, as part of acceptable
bankruptcy plan, the DIP Facility Lender will convert its DIP Loans
into equity in the reorganized company.
On Sept. 29, 2023, given the unavailability of additional sources
of liquidity and after considering strategic alternatives, IronNet,
Inc. ceased substantially all of its business activities. The
board of directors of the Company further authorized the Company to
take such actions necessary to prepare for and, subject to final
approval by the board of directors to be given at a subsequent
meeting, file a voluntary petition for relief under the applicable
provisions of the United States Bankruptcy Code in the United
States Bankruptcy Court as expeditiously as possible.
Subsequently, management of the Company sought out potential
financing sources that could fund, in whole or in part, the
Company's liquidity needs in connection with a Bankruptcy Filing.
Certain key vendors of the Company have suspended their services to
the Company. The Company said that management continues to
negotiate with these key vendors, including for the provider of the
Company's cloud computing platform, to restore the
previously-suspended services that the Company needs to operate and
service the Company's customers.
About IronNet
Founded in 2014 and headquartered in McLean, VA, IronNet, Inc.
(NYSE: IRNT) -- www.ironnet.com -- is a global cybersecurity
company that is transforming how organizations secure their
networks by delivering the first-ever collective defense platform
operating at scale. Employing a number of former NSA cybersecurity
operators with offensive and defensive cyber experience, IronNet
integrates deep tradecraft knowledge into its industry-leading
products to solve the most challenging cyber problems facing the
world today.
IronNet reported a net loss of $111.01 million for the fiscal year
ended Jan. 31, 2023, compared to a net loss of $242.65 million for
the fiscal year ended Jan. 31, 2022. As of Jan. 31, 2023, the
Company had $33.66 million in total assets, $68.38 million in total
liabilities, and a total stockholders' deficit of $34.72 million.
JMR RENTALS: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 8 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of JMR Rentals, LLC.
About JMR Rentals
JMR Rentals, LLC filed Chapter 11 petition (Bankr. W.D. Ky. Case
No. 23-32057) on Sept. 1, 2023, with up to $50,000 in assets and
$500,001 to $1 million in liabilities.
Judge Alan C. Stout oversees the case.
Wm. Stephen Reisz, Esq., at Tilford, Dobbins & Schmidt, PLLC is the
Debtor's legal counsel.
JSMITH CIVIL: Wins Interim Cash Collateral Access
-------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, New Bern Division, authorized JSmith Civil, LLC to use
cash collateral on an interim basis in accordance with the budget.
Due to unforeseen circumstances, including payment disputes
preventing collection of outstanding accounts receivable for bonded
and non-bonded projects in excess of $3 million in 2022, and delays
in projects attributable to prime contractors and owners, the
Debtor began to experience significant financial problems as a
result of its inability to pay certain ongoing expenses associated
with the performance of all its ongoing commercial construction
projects throughout the State of North Carolina.
The Debtor's sole sources of revenue and income consist of the
following: (a) Funds currently on hand and on deposit in its bank
accounts; (b) Income and revenue generated from the collection of
outstanding accounts receivable; (c) Monthly income totaling not
less than $85,042 generated from the lease of the Debtor's
equipment and vehicles to third parties pursuant to Master Lease
Agreements and Options to Purchase; (d) Income and revenue
earned/generated from the continued performance of commercial
construction and site preparation services to existing projects;
and (e) Funds recovered from third parties for construction
services and work performed for which payment to the Debtor was
withheld and not remitted.
The Debtor incurred multiple obligations to the following creditors
who have security interests in certain collateral owned by the
Debtor, as well as proceeds and products thereof, that may
constitute cash collateral as defined by Section 3 63of the
Bankruptcy Code: (a) Ally Financial, Inc.; (b) Bank of the West;
(c) Caterpillar Financial Services Corporation (d) CIT Bank, N.A.;
(e) First-Citizens Bank & Trust Company; (f) Citizens One Auto
Finance; (g) Engs Commercial Finance Co.; (h) De Lage Landen
Financial Services, Inc.; (i) Ferguson Enterprises, Inc. (j)
Gregory Poole Equipment Company; (k) PNC Equipment Financ, LLC; (l)
Truist Equipment Finance Corp.; (m) Wells Fargo Bank, N.A.; (n)
Westfield Insurance Company a/k/a Westfield National Insurance
Company and/or Ohio Farmers Insurance Company; and (o) Second Wind
Consultants, Inc.
In the interim, and to continue and maintain its existing
operations, the Debtor will be required to incur certain operating
expenses, including payroll, payroll taxes, utilities, rent,
insurance premiums, materials, costs, and supplies, and other costs
and expenses associated with the performance of electrical services
and operation of its business.
A copy of the order is available at https://urlcurt.com/u?l=JSM0pH
from PacerMonitor.com.
About JSmith Civil LLC
JSmith Civil LLC is a Goldsboro contractor.
JSmith Civil LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Banjr. E.D.N.C. Case No. 23-02734) on September
19, 2023. In the petition filed by Jeremy Smith, as president, the
Debtor reports estimated assets and liabilities between $10 million
and $50 million each.
The Debtor is represented by at Joseph Zachary Frost, Esq. at
Buckmiller, Boyette & Frost, PLLC.
KELHAM VINEYARD: Trustee Hires Arch & Beam as Financial Advisor
---------------------------------------------------------------
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 Arch & Beam Global, LLC as his
financial advisor.
Arch & Beam will render these services:
a. assist the trustee in evaluating the current state of
Debtor's business and its current operations;
b. provide services related to financial forecasting and
analysis, including potential financing options;
c. advise the Trustee on Debtor's on-going operations issues,
including but not limited to analysis of numerous purchase and sale
contracts; and
d. assist the Trustee with his analysis and execution of a
reorganization and/or orderly sale process.
Arch + Beam will charge these hourly rates:
Associates $375
Senior Associates $395
Directors $445
Managing Directors $495
Senior Directors $595
Matthew English, the firm's senior managing director, will lead on
the engagement.
Mr. English disclosed in court filings that his firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
Arch + Beam can be reached through:
Matthew English
Arch & Beam Global, LLC
2500 Camino Diablo, Suite 110
Walnut Creek, CA 94597
Telephone: (415) 252-2900
Facsimile: (415) 358-4486
Email: menglish@arch-beam.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.
KEN FARRINGTON: Bid to Use Cash Collateral Denied as Moot
---------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, denied as moot the motion to use cash collateral
filed by Ken Farrington Tractor & Landclearing, Inc. following
confirmation of the Debtor' s Plan or Reorganization.
A copy of the Court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=DQ0GNO from PacerMonitor.com.
About Ken Farrington Tractor & Landclearing, Inc.
Ken Farrington Tractor & Landclearing, Inc. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Banker M.D. Fla. Case No.
23-01935) on May 22, 2023.
In the petition signed by Kenneth J. Farrington, the Debtor
disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Judge Tiffany P. Geyer oversees the case.
Daniel A. Velasquez, Esq., at the Latham Luna Eden and Beaudine,
LLP, represents the Debtor as legal counsel.
LARRET PROPERTIES: Unsecureds Owed $100K Will be Paid in Full
-------------------------------------------------------------
Larret Properties Unlimited, LLC, Terral Construction, LLC,
D'arbonne Construction Company, Inc., and Thomas Kendal Terral and
Kahla Dion Hearn Terral submitted a First Amended Joint Plan of
Reorganization.
Thomas Kendal Terral and Kahla D. Terral are married Debtors, and
own 100% of the membership interests in Larret Properties
Unlimited, LLC and Terral Construction, LLC; and own 100% of the
stock in D'Arbonne Construction Company, Inc. Collectively, Kendal
Terral, Kahla D. Terral, Larret Properties Unlimited, LLC, Terral
Construction, LLC, and D'Arbonne Construction Company, Inc., are
referred to as "Debtors." Debtors are in the business of
residential, commercial, and road and bridge construction.
Debtors' Assets:
Larret Properties Unlimited, LLC owns parcels of real property in
Union Parish in which its interest is valued at $1,000,000, and
equipment in which its current interest is valued at $5,000.
Terral Construction, LLC has interests in equipment valued at
$227,000, and accounts receivable in the amount of $150,000, with
nominal cash as of the Petition Date.
D'Arbonne Construction Company, Inc. owns several parcels of real
property in Union Parish, and estimates its interest in such to be
$20,000. It also owns several pieces of equipment with its interest
valued at $1,000.
Thomas Kendal Terral and Kahla D. Terral own a home and several
parcels of real property in Union Parish, with their interest in
such estimated at $820,000. Their interest in personal property is
valued at $294,203.11, which includes several vehicles, a camper,
teacher's pension, and interest in common stock of Terral
Industries, Inc. These individual Debtors have claimed exemptions
for the pension and other personal assets of more limited value.
Under the Plan, Class 3 General Unsecured Claims total $100,530.87.
The Class 3 General Unsecured Claims will be paid in full and
without interest over a period of 5 years from the Effective Date,
with Cash payments to be made on a quarterly basis beginning 30
days from the Effective Date. At the option of the Reorganized
Debtors, the Class 3 General Unsecured Claims may be satisfied
before these payments are due, in the amounts as stated, from the
Plan Implementation Funding. Class 3 is impaired.
The Plan will be funded primarily from the proceeds of the
following:
* Land Sale: A sale to Entergy of land held by T & R Investments,
Inc. or Terral Industries, Inc. (the "Land Sale"), in which
entities Thomas Kendal Terral and his two siblings each own a 1/3
interest. It is anticipated that Entergy will offer $4.65M for the
land for use as a solar farm. The Land Sale is expected to net each
sibling $1.2M after taxes.
* Timber Sale: A sale of timber (the "Timber Sale") from the land
being sold in the Land Sale. The Timber Sale is expected to yield
approximately $500,000. The proceeds of the Timber Sale are subject
to the same 1/3 division described above.
* Homeland Loan: Homeland Federal Savings Bank is considering
funding for the development of a convenience store on the land
owned by Larret Properties and Thomas Kendal Terral. The proposed
development would include an owner-occupied pharmacy which is
expected to generate approximately $4M in gross revenue with a 35%
gross profit percentage. Terral Construction will construct the
improvements. An Appraisal Review Report which describes the
development is attached as Exhibit D.
* Sales of Land Owned by Larret Properties Unlimited and the
Terrals: If financing for the development is unable to proceed, the
land will be sold at private sale or at auction in consultation
with Peoples Bank, the Class 1 Secured Creditor.
Collectively, the Land Sale, Timber Sale, Homeland Loan, and Sales
of Land Owned by Larret Properties Unlimited and the Terrals are
referred to as the "Plan Implementation Funding." The Plan may also
be funded from the Debtors' continued business operations.
Attorneys for the Debtors in Possession:
Bradley L. Drell, Esq.
Heather M. Mathews, Esq.
GOLD, WEEMS, BRUSER, SUES & RUNDELL
P. O. Box 6118
Alexandria, LA 71307-6118
Tel: (318) 445-6471
Fax: (318) 445-6476
E-mail: bdrell@goldweems.com
A copy of the Plan of Reorganization dated September 27, 2023, is
available at https://tinyurl.ph/qdMVX from PacerMonitor.com.
About Larret Properties Unlimited
Larret Properties Unlimited, LLC, and its affiliates, Terral
Construction, LLC and D'Arbonne Construction Company, Inc., filed
voluntary petitions for Chapter 11 protection (Bankr. W.D. La. Lead
Case No. 23-30074) on Jan. 24, 2023. Thomas R. Willson has been
appointed as Subchapter V trustee.
At the time of the filing, Larret reported $1,005,000 in assets and
$1,003,287 in liabilities.
Judge John S. Hodge oversees the cases.
The Debtors tapped Bradley L. Drell, Esq., at Gold Weems Bruser
Sues & Rundell, APLC as legal counsel and Chad M. Garland, CPA, LLC
as accountant.
LEONA TRANSPORTATION: Seeks to Extend Plan Exclusivity to Feb. 27
-----------------------------------------------------------------
Leona Transportation, Inc. asked the U.S. Bankruptcy Court for
the Eastern District of New York to extend the time period to
file a plan of reorganization and disclosure statement to
February 27, 2024.
The Debtor's exclusive period to file a plan and disclosure
statement is set to expire on October 30, 2023.
The Debtor explained that it needs time to reorganize its
business operations, to reach an agreement with the main creditor
US Small Business Administration, to obtain Court approval for
the settlement terms and thereafter to file a plan of
reorganization and disclosure statement, offering treatment to
the creditors of the estate.
Leona Transportation, Inc. is represented by:
Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
About Leona Transportation
Leona Transportation, Inc. filed a Chapter 11 bankruptcy petition
(Bankr. E.D.N.Y. Case No. 23-41546) on May 3, 2023, with as much
as $1 million in both assets and liabilities. Judge Elizabeth S.
Stong oversees the case.
The Debtor tapped the Law Offices of Alla Kachan, P.C. as
bankruptcy counsel and Wisdom Professional Services, Inc. as
accountant.
LJF INC: Seeks to Hire Meridian Management Partners as OCP
----------------------------------------------------------
LJF, Inc. seeks approval from the U.S. Bankruptcy Court for the
Western District of Pennsylvania to employ Meridian Management
Partners as a professional employed in the ordinary course of
business.
Meridian will provide the Debtor with consulting and management
assistance as it prepares to sell its business as a going concern.
The firm's services also include:
a. assisting the Debtor in the preparation of cash
requirements, cash forecasts and financial projections;
b. analyzing the sale or potential sale of Company assets. If
needed, developing, and preparing for implementation of sales
and/or liquidation strategy;
c. formulating and executing immediate cash conservation
strategies;
d. assisting in negotiations with lenders, creditors, and
parties in interest as required;
e. supporting with such other matters as may be requested that
fall within the Meridian’s expertise.
The firm will be paid at these hourly rates:
Michael Von Lehman $500
William Fredrick $405
Meridian received a retention retainer of $3,000.
Michael Von Lehman, president of Meridian, disclosed in the court
filings that his firm is a "disinterested person" and does not hold
any interest that is materially adverse to the Debtor, its estate,
its creditors, or the parties in interest.
The firm can be reached through:
Michael Von Lehman
Meridian Management Partners
39 Newgate Road
Pittsburgh, PA 15202
Phone: (412) 251-4115
Email: mvonlehman@meridianmp.com
About LJF, Inc.
LJF, Inc. provides trucking and logistics to the coal industry. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Pa. Case No. 23-70316) on September 14, 2023. In
the petition signed by Leo C. Frailey, president, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Jeffery A. Deller oversees the case.
David Z. Valencik, Esq., at Calaiaro Valencik, represents the
Debtor as legal counsel.
LOUISA RIDGE: Seeks to Hire Steel & Company as Bankruptcy Counsel
-----------------------------------------------------------------
Louisa Ridge Adult Day Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Ohio to hire Steel &
Company Law Firm as its bankruptcy counsel.
The firm's services include:
a. filing and monitoring the Debtor's Chapter 11 case;
b. advising the Debtor of its obligations and duties as
debtor-in-possession;
c. filing legal papers;
d. appearing before the court;
e. assisting in the administration of the chapter 11 case;
and
f. other legal services.
The firm will charge these rates:
Attorneys $365 per hour
Paralegals $50 per hour
Law Clerks $25 per hour
The firm received a retainer in the amount of $25,000.
Steel & Company is a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Michael A. Steel, Esq.
STEEL & COMPANY LAW FIRM
2950 W Market St G
Fairlawn, OH 44333
Phone: (330) 223-5050
Email: msteel@steelcolaw.com
About Louisa Ridge Adult Day Services, Inc.
Louisa Ridge Adult Day Services, Inc. sought protection for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No.
23-51350) on Sep. 29, 2023, listing $100,001 - $500,000 in assets
and $500,001 - $1 million in liabilities.
Michael A. Steel, Esq. at Steel & Company, Ltd. represents the
Debtor as counsel.
LOVE FAMILY: Seeks to Hire Buddy D. Ford as Bankruptcy Counsel
--------------------------------------------------------------
The Love Family Trust, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ the law firm of
Buddy D. Ford, PA as its bankruptcy counsel.
The Debtor requires legal counsel to:
(a) analyze the financial situation, and rendering advice and
assistance to the Debtor in determining whether to file a petition
under Title 11, United States Code;
(b) give advice regarding the powers and duties of the Debtor
in the continued operation of its business and management of the
estate's property;
(c) prepare and file schedules of assets and liabilities,
statement of affairs, and other documents required by the court;
(d) represent the Debtor at the Section 341 creditors'
meeting;
(e) advise the Debtor with respect to its responsibilities in
complying with the United States Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(f) prepare legal papers;
(g) protect the interest of the Debtor in all matters pending
before the court;
(h) represent the Debtor in negotiation with its creditors in
the preparation of a Chapter 11 plan; and
(i) perform all other necessary legal services for the
Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Buddy D. Ford, Esq. $450
Senior Associate Attorneys $400
Junior Associate Attorneys $350
Senior Paralegal Services $150
Junior Paralegal Services $100
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the commencement of its Chapter 11 case, the Debtor paid
the firm an advance fee of $20,000.
Buddy Ford, Esq., disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
BUDDY D. FORD, PA
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Telephone: (813) 877-4669
E-mail: Buddy@tampaesq.com
Jonathan@tampaesq.com
Heather@tampaesq.com
About The Love Family Trust
The Love Family Trust, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-04313) on Sep. 28, 2023, listing as much as $10 million in both
assets and liabilities. Daniel Delpiano, manager, signed the
petition.
Buddy D Ford, Esq., at Buddy D. Ford, P.A. serves as the Debtor's
legal counsel.
MANANTIAL ROCA: Unsecureds Will Get 6% of Claims over 120 Months
----------------------------------------------------------------
Manantial Roca Cristal, LLC, filed with the U.S. Bankruptcy Court
for the District of Puerto Rico an Amended Plan of Reorganization
for Small Business dated October 10, 2023.
The Debtor is a corporation which operates a natural water bottling
and distribution plant and is located at Road Number 112, Ramal
4445 Int. Km 1.5, Rocha Ward in Moca, Puerto Rico.
The debtor filed bankruptcy to stop the imminent foreclosure of
debtor's commercial property and principal asset, due to failure to
maintain regular monthly payments of the 3 commercial loans with
Banco Popular de Puerto Rico in the total amount of $726,547.88.
The general slow-down of the economy and reduction of sales
combined with the increase in operating costs and expenses are the
principal reasons that affect debtor's cash flow and cause this
situation. Also, the debtor has been struggling to pay these debts
in part because the monthly payments for the 4 commercial loans
secured with its commercial property are not feasible anymore.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $2,800.00 per month to pay
their commercial secured and unsecured debt, for it is reasonably
expected that the debtor will maintain the ability of averaging, at
least, $378.00 per month to pay unsecured claims during the next
120 months, and a capped $2,500.00 payment to the Chapter 11
Trustee to cover his fees, in addition to the previously awarded
fees to Subchapter V Trustee.
A liquidation analysis demonstrates that the debtor's estate
adjusted valued is $31,772.49, or at least, 4% of all unsecured
claims which is $674,131.46, which includes BPPR'S, Internal
Revenue Service and Department of Treasury's unsecured portion and
SBA's unsecured loans. The debtor will pay pro-rata 6% of the total
amount of unsecured claims or $40,447.88 with a total monthly
payment of $338.00 for 120 months.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 6 cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.
Class 3 consists of Unsecured Claims. All non-priority unsecured
claims allowed under §502 of the Code will be paid 6% pro-rate of
the claimed amounts, including the unsecured balances of Banco
Popular de PR, Internal Revenue Service and Department of
Treasury's claims, and SBA's unsecured loans. The debtors will
distribute $338.00 per month within 120 months among unsecured
creditors, distributed pro rata.
The debtor will continue operating its business and will continue
administering all the assets of the estate to fund the plan. The
Plan will be funded from the debtors' post-petition disposable
income from the operation of its business.
All allowed secured claims will remain current, and all unsecured
claims will be paid at 6% of the claimed amount. The debtor will
fund the plan from the disposable income obtained from the regular
operation of its business. All unsecured payments proposed under
the Plan will be distributed by the Debtor in the amount of $378.00
in pro-rata monthly payments until all unsecured are paid up and
until a 6% of their claims or adjusted claims. The payments in the
amount of $378.00 will start the tenth day of the month following
the approval and confirmation of the plan, and so forth every first
day of the months for 120 months.
A full-text copy of the Amended Plan of Reorganization dated
October 10, 2023 is available at https://urlcurt.com/u?l=QtX8mX
from PacerMonitor.com at no charge.
Attorney for Debtor:
Juan Carlos Bigas Valedon, Esq.
Juan C Bigas Law Office
515 Ferrocarril
Urb. Santa Marìa
Ponce, PR 00717
Phone: 787-259-1000
Email: cortequiebra@yahoo.com
citas@preguntalegalpr.com
About Manantial Roca Cristal
Manantial Roca Cristal, LLC, operates a natural water bottling and
distribution plant and is located at Road Number 112, Ramal 4445
Int. Km 1.5, Rocha Ward in Moca, Puerto Rico.
The Debtor filed its voluntary petition for Chapter 11 protection
(Bankr. D.P.R. Case No. 23-02122) on July 10, 2023, listing
$721,764 in assets and $1,022,313 in liabilities. Lourdes Socorro
Ramirez Benique as presidente, signed the petition.
Judge Enrique S. Lamoutte Inclan oversees the case.
Juan C. Bigas-Valedon, Esq. serves as the Debtor's legal counsel.
MATCON CONSTRUCTION: Seeks to Extend Plan Exclusivity to Nov. 29
----------------------------------------------------------------
Matcon Construction Services, Inc. asked the U.S. Bankruptcy
Court for the Middle District of Florida to extend its exlusive
periods to file a plan and solicit acceptances thereof to
November 29, 2023 and January 29, 2024, respectively.
The Debtor explained that it seeks this extension so that it can
continue productive conversations with various parties in
interest regarding the terms of the plan, and allow it sufficient
time to participate in the U.S. Small Business Administration's
("SBA") formal Offer in Compromise ("OIC") process while
remaining within the exclusive plan period.
The Debtor also pointed out that it has made substantial progress
towards reaching a consensual plan treatment with both the Lake
Michigan Credit Union and the SBA, and continues to advance
towards reorganization.
Unless extended, the Debtor's exlusive filing period and
exclusive solicitation period ends on September 30, 2023 and
November 29, 2023, respectively.
Matcon Construction Services, Inc. is represented by:
Scott A. Underwood, Esq.
Megan W. Murray, Esq.
Adam M. Gilbert, Esq.
Melissa J. Sydow, Esq.
UNDERWOOD MURRAY, P.A.
Regions Building
100 N Tampa St., Suite 2325
Tampa, FL 33602
Tel: (813)-540-8401
Email: sunderwood@underwoodmurray.com
mmurray@underwoodmurray.com
agilbert@underwoodmurray.com
msydow@underwoodmurray.com
About Matcon Construction Services, Inc.
Matcon Construction Services, Inc. provides general contracting,
solar solutions and development Services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00215) on January
20, 2023. In the petition signed by Derek Mateos, president, the
Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
Judge Roberta A. Colton oversees the case.
Scott Underwood, Esq., at Underwood Murray, P.A., represents the
Debtor as counsel.
MAYVILLE HOLDINGS: Iana Vladimirova Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 11 appointed Iana Vladimirova of
Stafford Rosenbaum, LLP as Subchapter V trustee for Mayville
Holdings, LLC.
Ms. Vladimirova will be paid an hourly fee of $390 for her services
as Subchapter V trustee and will be reimbursed for work related
expenses incurred.
Ms. Vladimirova declared that she is a disinterested person
according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Iana A. Vladimirova
Stafford Rosenbaum LLP
222 West Washington Avenue, Suite 900
Madison, WI 53703
608.259.2639 (Phone)
608.259.2600 (Fax)
Email: ivladimirova@staffordlaw.com
About Mayville Holdings
Mayville Holdings, LLC, a company in Columbus, Wis., owns and
operates an assisted living facility.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Wis. Case No. 23-24460) on Sept. 30,
2023, with $1 million to $10 million in both assets and
liabilities. Micheal Eisenga, sole member of First American
Properties, signed the petition.
Judge Beth E. Hanan oversees the case.
Evan P. Schmit, Esq., at Kerkman & Dunn represents the Debtor as
legal counsel.
MEGA SUNSET: Seeks Cash Collateral Access
-----------------------------------------
Mega Sunset, LLC asks the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, for authority to use
cash collateral and provide adequate protection.
The Debtor requires cash collateral generated by the Debtor's real
property, in which Sunset Laveta, LLC and MBM Acquisitions, Inc.
hold or may claim a security interest for the Debtor's ordinary and
necessary operating expenses and administration of its Chapter 11
bankruptcy estate, with a 10% variance.
Sunset Laveta claims a first priority deed of trust lien against
the Sunset Boulevard Property having obtained an assignment of the
interest of Union Home Loan, Inc. in the deed of trust made by Mega
Sunset dated May 28, 2021, and recorded on June 10, 2021 as
Instrument No. 2021C921949. It is estimated that Sunset Laveta is
owed approximately $2.080 million under the promissory note
underlying this deed of trust.
MBM Acquisitions claims a second priority deed of trust lien
against the Sunset Boulevard Property pursuant to a deed of trust
made on August 11, 2023, and recorded on September 30, 2022 as
Instrument No. 20220953117. It is estimated that MBM Acquisitions
is owed approximately $500,000 under the promissory note underlying
this deed of trust. This debt is further secured by a junior deed
of trust lien against the real property contiguous to the Sunset
Boulevard Property owned by Reposition Laveta, LLC, an entity that
shares a common ownership with Mega Sunset.
The Debtor submits that the interests of the entities that assert a
perfected security interest and lien in cash collateral are
adequately projected because of the substantial equity cushion they
enjoy in the Sunset Boulevard Property. In addition, the Debtor
will to the extent of available funds: (a) maintain insurance
coverage for the Sunset Boulevard Property in a dollar amount at
least equal to the Debtor's good faith estimate of the value of
Sunset Laveta and MEM Acquisitions alleged interests in the Sunset
Boulevard that is typically insured, with such insurance naming
Sunset Laveta and MBM Acquisitions as additional insureds; (b) will
remain current on payments on account of postpetition real estate
taxes assessed against the Sunset Boulevard Property.
In the unlikely event, the Court determines that the interests of
Laveta Sunset and/or of MBM Acquisitions are not adequately
protected, Mega Sunset has agreed to provide a replacement lien
against after acquired assets, i.e., the rents, to the extent the
use of cash collateral results in a decrease of value of their
interests in the property.
A hearing on the matter is set for October 31, 2023 at 1 p.m.
A copy of the motion is available at https://urlcurt.com/u?l=oFv2By
from PacerMonitor.com.
About Mega Sunset, LLC
Mega Sunset, LLC is the owner of the commercial real property
located at 1539 West Sunset Boulevard, Los Angeles, California
90069.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-15583) on August 29,
2023. In the petition signed by Ted Hsu, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Neil W. Bason oversees the case.
Raymond H. Aver, Esq., at Law Offices of Raymond H. Aver, A
Professional Corporation, represents the Debtor as legal counsel.
MEGA SUNSET: Seeks to Hire Raymond H. Aver as Bankruptcy Counsel
----------------------------------------------------------------
Mega Sunset, LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to hire Law Offices Of Raymond
H. Aver as its legal counsel.
The firm will render these legal services:
(a) represent the Debtor at its initial interview;
(b) represent the Debtor at the meeting of creditors pursuant
to Bankruptcy Code Section 341(a);
(c) represent the Debtor at all hearings before the bankruptcy
court;
(d) prepare legal papers;
(e) advise the Debtor regarding matters of bankruptcy law;
(f) represent the Debtor with regard to all contested
matters;
(g) represent the Debtor in the preparation of a disclosure
statement and the negotiation, preparation, and implementation of a
plan of reorganization;
(h) analyze claims that have been filed in the Debtor's
Chapter 11 case;
(i) negotiate with the Debtor's secured and unsecured
creditors regarding the amount and payment of their claims;
(j) object to claims as may be appropriate; and
(k) perform all other legal services.
Raymond H. Aver, Esq., a shareholder, will be paid an hourly rate
of $575.
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $18,000.
Raymond Aver, Esq., disclosed in court filings that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Raymond H. Aver, Esq.
LAW OFFICES OF RAYMOND H. AVER
A PROFESSIONAL CORPORATION
10801 National Boulevard, Suite 100
Los Angeles, CA 90064
Telephone: (310) 571-3511
Email: ray@averlaw.com
About Mega Sunset, LLC
Mega Sunset, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
23-15583) on August 29, 2023. The petition was signed by Ted Hsu as
manager. At the time of filing, the Debtor estimated $1 million to
$10 million in both assets and liabilities.
Judge Neil W. Bason oversees the case.
Raymond H. Aver, Esq. at the Law Offices Of Raymond H. Aver, APC
represents the Debtor as legal counsel.
MISION RESCATE: Seeks to Hire Hector M. Babilonia as Accountant
---------------------------------------------------------------
Mision Rescate Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Hector M. Babilonia Vale to
act as accountant.
The accountant will render these services:
a. prepare the Monthly Reports of Operation;
b. prepare necessary financial statements required by the US
Trustee;
c. assist in preparing cash flow projections needed for the
Chapter 11 Plan;
d. assist in all financial and accounting pertaining to the
administration of the estate;
e. prepare and file federal, state and municipal tax returns;
and
f. provide other legal services.
The accountant will charge $450 per month for his services.
Mr. Babilonia Vale assured the court that he is a "disinterested
person" as defined in 11 U.S.C. 101(14).
Mr. Babilonia Vale can be reached at:
Hector M. Babilonia Vale
HC60 Box 292405
Aguada, PR 00602
Phone: 787-600-0761
Email: gakhb@yahoo.com
About Mision Rescate Inc
Mision Rescate Inc sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.P.R. Case No. 23-02088) on July 7,
2023. At the time of filing, the Debtor estimated $500,000 - $1
million in assets and $100,000 - $500,000 in liabilities. Gloria M.
Justiniano Irizarry, Esq. at Justiniano's Law Office represents the
Debtor as counsel.
MIVA INSURANCE: Seeks 90-Day Extension to Plan Exclusivity
----------------------------------------------------------
MIVA Insurance Corp. asks the U.S. Bankruptcy Court for the
District of Puerto Rico to extend for 90 days its exclusivity
period to file a combined disclosure statement and plan of
reorganization.
The Debtor also asks that the deadline to procure the votes under
the plan be extended for a term of 60 days after the order
conditionally granting the approval of the disclosure statement.
The Debtor stated that it is in the process of evaluating and
filing objections to creditors claims and verifying the merits of
the adversary proceeding filed by a creditor.
The Debtor also explained that it needs additional time to
negotiate a viable plan of reorganization and prepare adequate
information for the disclosure statement.
Unless extended, the Debtor's exclusivity period to file a
combined disclosure statement and plan of reorganization expires
on September 9, 2023.
MIVA Insurance Corp. is represented by:
Javier Vilarino, Esq.
VILARINO & ASSOCIATES, LLC
P.O. Box 9022515
San Juan, PR 00902-2515
Tel: (787) 565-9894
Email: jvilarino@vilarinolaw.com
About MIVA Insurance Corp.
MIVA Insurance Corp. sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 23-00731) on
March 13, 2023, with as much as $1 million in both assets and
liabilities. Judge Maria De Los Angeles Gonzalez oversees the
case.
Javier Vilarino, Esq., at Vilarino & Associates, LLC represents
the Debtor as counsel.
MSS INC: Court OKs Cash Collateral Access Thru Nov 13
-----------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of North
Carolina, Raleigh Division, authorized SS. Inc. d/b/a MSS-Ortiz
Electrical Services to use cash collateral on an interim basis, in
accordance with the budget, with a 10% variance, for the period
from October 13, 2023, through November 13, 2023.
Prepetition, the Debtor incurred the following indebtedness in
connection with the financing of its business operations:
A. Truist Loan (Loan No. 0497). The Debtor, on February 23, 2018,
executed and delivered to SUNTRUST BANK, predecessor-in-interest to
TRUIST BANK a Promissory Note in the original principal amount of
$150,000. The security interest in the Truist Collateral was
perfected by the filing of a UCC-1 Financing Statement with the
North Carolina Secretary of State, File No. 2018 00174966A. The
Debtor paid, in full, the outstanding balance owed to Truist under
the Truist Loan, from the proceeds generated by the FNB Loan. As a
result, and on the Petition Date, there were no amounts due and
owing by the Debtor pursuant to the Truist Loan.
B. First National Loan (Loan No. 2786). Prepetition, the Debtor and
other coobligors, executed and delivered to FIRST NATIONAL BANK OF
PENNSYLVANIA, a Promissory Note dated July 26, 2023, in the
original principal amount of $450,000, the principal amount of
which was due and payable on January 26, 2025, with regularly
monthly payments of accrued interest, at a rate equal to 8.25% per
annum, and payable monthly commencing on August 26, 2023. Repayment
and performance of the FNB Note was secured by a security interest,
granted under a Security Agreement.
The security interest of FNB, in the FNB Collateral, was perfected
by the UCC Financing Statement filed with the North Carolina
Secretary of State on August 15, 2023, File No. 20230102499C. A
portion of the proceeds of the FNB Loan were used to satisfy, in
full, the existing obligation evidenced by the Truist Loan. The
outstanding balance of the FNB Loan, as of August 14, 2023, was
$431,504.
C. McCorkle Loan. The Debtor executed and delivered to TOMMY JOE
MCCORKLE, a Promissory Note dated March 8, 2023, in the original
principal amount of $500,000, with interest accruing thereon at a
rate equal to 2% per annum and payable on demand. Repayment of the
McCorkle Note was secured by a Security Agreement, which granted
McCorkle a security interest in personal property collateral. The
security interest in the McCorkle Loan Collateral was perfected by
the filing of a UCC Financing Statement with the North Carolina
Secretary of State.
The Debtor will pay, as adequate protection, $50,000 to First
National Bank of Pennsylvania in exchange for the interim use of
cash collateral under the Order.
It will be a default thereunder for any one or more of the
following to occur:
(a) the Debtor fails to comply with any terms or conditions of the
Order; or
(b) the Debtor uses cash collateral other than as permitted in the
Order.
A further hearing on the matter is set for November 7, 2023 at 2
p.m.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=RGv8KZ from PacerMonitor.com.
The Debtor projects $353,155 in total income and $336,287 in total
operating expenses for the period from October 13 to November 13,
2023.
About MSS Inc.
MSS. Inc. sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. N.C. Case No. 23-02487) on August 28, 2023. In
the petition signed by Matthew Filzen, vice president/chief
operations officer, the Debtor disclosed up to $10 million in both
assets and liabilities.
Judge Joseph N. Callaway oversees the case.
Joseph Z. Frost, Esq., at Buckmiller, Boyette & Frost, PLLC,
represents the Debtor as legal counsel.
MUSCLEPHARM CORP: FitLife Brands Closes Acquisition of Assets
-------------------------------------------------------------
FitLife Brands, Inc. (Nasdaq: FTLF), a provider of innovative and
proprietary nutritional supplements and wellness products, on Oct.
13 disclosed that on October 10, 2023, it successfully closed the
acquisition of substantially all of the assets of MusclePharm
Corporation ("MusclePharm") as previously approved by the US
Bankruptcy Court for the District of Nevada.
Through the asset purchase transaction under Section 363 of the US
Bankruptcy Code, the Company acquired substantially all of the
assets and assumed none of the liabilities of MusclePharm other
than de minimus cure costs relating to certain assumed contracts.
Total consideration for the acquisition was approximately $18.5
million cash. Of this amount, $10.0 million was funded using
proceeds from a new term loan provided by First Citizens Bank, with
the remainder funded from FitLife's available cash balances.
Dayton Judd, FitLife's Chairman and CEO, commented, "We are excited
to close the MusclePharm acquisition. We expect MusclePharm to
drive continued revenue and earnings growth for our Company as we
expand distribution and launch new products."
About FitLife Brands
FitLife Brands -- http://www.fitlifebrands.com/-- is a developer
and marketer of innovative and proprietary nutritional supplements
and wellness products for health-conscious consumers. FitLife
markets over 240 different products primarily online, but also
through domestic and international GNC franchise locations as well
as through more than 17,000 additional domestic retail locations.
FitLife is headquartered in Omaha, Nebraska.
NASHVILLE SENIOR: Committee Gets OK to Hire Dunham as Co-Counsel
----------------------------------------------------------------
The official unsecured creditors' committee appointed in the
Chapter 11 cases of Nashville Senior Care, LLC and its affiliates
received approval from the U.S. Bankruptcy Court for the Middle
District of Tennessee to hire Dunham Hildebrand, PLLC.
The firm will serve as co-counsel with Womble Bond Dickinson (US)
LLP, the committee's lead bankruptcy counsel. Its services
include:
a. Assisting the committee in its consultations with the
Debtors regarding the administration of the cases;
b. Assisting the committee with respect to the Debtors'
retention of professionals and advisors;
c. Assisting the committee in analyzing the Debtors' assets
and liabilities, investigating the extent of validity of liens, and
participating in and reviewing any proposed asset sales;
d. Assisting the committee in any manner relevant to reviewing
and determining the Debtors' rights and obligations under leases
and other executory contracts;
e. Assisting the committee in investigating the acts, conduct,
assets, liabilities, and financial condition of the Debtors, the
Debtors' operations, and the desirability of the continuance of any
portion of those operations, and any other matters relevant to the
cases or to the formulation of a Chapter 11 plan;
f. Assisting the committee in connection with the sale of the
Debtors' assets;
g. Assisting the committee in the negotiation, formulation, or
objection to any plan of liquidation or reorganization;
h. Advising the committee regarding its powers and duties
under the Bankruptcy Code and the Bankruptcy Rules;
i. Assisting the committee in the evaluation of claims and on
any litigation matters, including avoidance actions; and
j. Other necessary legal services.
The firm's standard rates for attorneys range from $300 to $500 per
hour. The rate for paralegals is $150 per hour.
Henry Hildebrand, IV, Esq., an attorney at Dunham, disclosed in a
court filing that his firm is "disinterested" pursuant to Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Henry E. Hildebrand, IV, Esq.
Dunham Hildebrand, PLLC
2416 21st Avenue South, Suite 303
Nashville, TN 37212
Phone: 629.777.6539/615.933.5851
Email: ned@dhnashville.com
About Nashville Senior Care
Nashville Senior Care, LLC and affiliates are comprised of five
senior living communities and one Medicare-certified home health
agency affiliated with the Trousdale Foundation. All of the real
estate associated with the senior living communities is owned by
the Debtors.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 23-02924) on Aug.
14, 2023. In the petitions signed by Thomas Johnson, executive
director, Nashville Senior Care disclosed $50 million to $100
million in assets and $100 million to $500 million in liabilities.
Judge Marian F. Harrison oversees the cases.
The Debtors tapped McDonald Hopkins LLC as general bankruptcy
counsel; EmergeLaw, PLC as co-counsel; and Houlihan Lokey Capital,
Inc. as investment banker. Stretto, Inc. is the notice, claims and
balloting agent.
On Aug. 31, 2023, the U.S. Trustee for Region 8 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped Womble Bond Dickinson (US), LLP and
Dunham Hildebrand, PLLC as legal counsel, and Rock Creek Advisors,
LLC as financial advisor.
NASHVILLE SENIOR: Committee Gets OK to Hire Womble as Lead Counsel
------------------------------------------------------------------
The official unsecured creditors' committee appointed in the
Chapter 11 cases of Nashville Senior Care, LLC and its affiliates
received approval from the U.S. Bankruptcy Court for the Middle
District of Tennessee to hire Womble Bond Dickinson (US) LLP as its
lead counsel.
The committee requires legal counsel to:
a. Give advice with respect to the powers and duties of the
committee under Bankruptcy Code Section 1102;
b. Assist the committee in investigating the acts, conduct,
assets, liabilities and financial condition of the Debtors, the
operation of the Debtors' business, potential claims, and any other
matters relevant to the cases, the sale of assets, or the
formulation of a Chapter 11 plan;
c. Participate in the formulation of a plan;
d. Provide legal advice with respect to any Chapter plan and
disclosure statement filed in the Debtors' bankruptcy cases and
with respect to the process for confirming or denying confirmation
of a plan;
e. Prepare legal papers;
f. Appear in court;
g. Assist the committee in requesting the appointment of a
trustee or examiner should such action be necessary; and
h. Perform other necessary legal services.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Partners $365 - $1,290
Of Counsel $380 - $1,460
Associates $305 - $705
Senior Counsel $125 - $895
Counsel $125 - $635
Paralegals $95 - $565
In addition, the firm will seek reimbursement for work-related
expenses incurred.
The attorneys expected to represent the committee are:
Standard Rates 10% Discount
-------------- ------------
Edward Schnitzer $925 per hour $832 per hour
Donald Detweiler $785 per hour $706 per hour
David Broughton $795 per hour $715 per hour
Will Curtis $415 per hour $373 per hour
Elazar Kosman $340 per hour $306 per hour
Edward Schnitzer, Esq., a partner at Womble, disclosed in a court
filing that his firm holds no interest adverse to the committee,
the Debtors and the Debtors' estate or creditors as to the matters
in which it is to be employed.
In accordance with Appendix B-Guidelines for reviewing fee
applications filed by attorneys in larger Chapter 11 cases, Mr.
Schnitzer also disclosed the following:
a. Womble did not agree to a variation of its standard and
customary billing arrangements for the engagement except the
discounts;
b. Womble's professionals included in the engagement have not
varied their rates based on the geographic location of the Chapter
11 cases; and
c. Womble did not represent the committee prior to the
petition date.
Womble can be reached at:
Edward Schnitzer, Esq.
Womble Bond Dickinson (US) LLP
950 Third Avenue, Suite 2400
New York, NY 10022
Tel: +1 332.258.8400/+1 332.258.8495
Email: edward.schnitzer@wbd-us.com
About Nashville Senior Care
Nashville Senior Care, LLC and affiliates are comprised of five
senior living communities and one Medicare-certified home health
agency affiliated with the Trousdale Foundation. All of the real
estate associated with the senior living communities is owned by
the Debtors.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 23-02924) on Aug.
14, 2023. In the petitions signed by Thomas Johnson, executive
director, Nashville Senior Care disclosed $50 million to $100
million in assets and $100 million to $500 million in liabilities.
Judge Marian F. Harrison oversees the cases.
The Debtors tapped McDonald Hopkins LLC as general bankruptcy
counsel; EmergeLaw, PLC as co-counsel; and Houlihan Lokey Capital,
Inc. as investment banker. Stretto, Inc. is the notice, claims and
balloting agent.
On Aug. 31, 2023, the U.S. Trustee for Region 8 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped Womble Bond Dickinson (US), LLP and
Dunham Hildebrand, PLLC as legal counsel, and Rock Creek Advisors,
LLC as financial advisor.
NEILLY'S FOOD: Seeks to Hire Cunningham Chernicoff as Attorney
--------------------------------------------------------------
Neilly's Food, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Pennsylvania to hire Cunningham,
Chernicoff & Warshawsky, P.C. as its attorney.
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 $200 to $350 per hour
Associate Attorneys $150 to $300 per hour
Paralegals $100 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
Email: rec@cclawpc.com
About Neilly's Food, LLC
Neilly's Food, LLC is a manufacturer and distributor of healthy
multicultural meal solutions.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-02135) on September
19, 2023. In the petition signed by Albert Ndjee, manager/member,
the Debtor disclosed up to $1 million in assets and up to $10
million in liabilities.
Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawky
PC, represents the Debtor as legal counsel.
NEWFOLD DIGITAL: Moody's Rates New $500MM First Lien Notes 'B2'
---------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Newfold Digital
Holdings Group, Inc.'s proposed $500 million senior secured 1st
lien notes due 2028. Proceeds from this issuance will be used to
fund a $400 million distribution to shareholders with the remaining
proceeds used to repurchase a portion of the existing 6.0%
unsecured notes due 2029. Moody's concurrently affirmed all other
ratings, including Newfold's B3 Corporate Family Rating, B3-PD
Probability of Default Rating, B2 senior secured first lien credit
facility rating and Caa2 senior unsecured notes rating. Newfold
provides internet domain name registrations, web hosting and
website building tools to small and mid-sized businesses.
The outlook has been changed to positive from stable based on
Moody's expectation that Newfold will be able grow revenue from
continued demand for web presence solutions and margins will remain
stable. As a result, credit metrics will improve, and
debt-to-EBITDA leverage will decline to 6.5x by the end of 2024.
Moody's also expects the company will maintain good liquidity,
including balanced financial policies and free cash flow-to-debt
above 3% of total debt.
RATINGS RATIONALE
The B3 CFR reflects Newfold's position as one of the largest global
providers of web presence solutions, a highly diversified revenue
base with more than 7 million paid-subscribers, the
mission-critical nature of the company's offerings that service
small and medium-sized businesses (SMB), a largely recurring and
predictable revenue base underpinned by annual contracts with
auto-renew options, and strong customer retention rates.
Newfold owns several established brands within the web presence
services space that includes Web.com and Bluehost, in addition to
other brands that will be consolidated into these two primary
go-to-market brands. The web presence services industry is
fragmented with a large number of competitors in each of the
product categories where Newfold operates. Newfold differentiates
itself by being a provider of scale for most of the needs of its
customers that are ooking to build an online presence. The
company's focus going forward is to consolidate its brands under
its two primary go-to-market brands that is expected to drive
cross-sells and customer acquisition. Due to the essential nature
of web hosting and domain registration solutions for customers
along with limited ability to increase pricing, product cross
sells, yield management and to a lesser extent customer
acqusitions, are all important drivers of Newfold's business
strategy and earnings growth. Moody's believes that there is
stability in the long-term outlook for the web presence services
sector. Factors driving demand for services that Newfold provides
includes a stable to growing number of SMB businesses, the need to
increase web presence in a simplified manner, grow e-commerce
capabilities and availability of support when needed.
The rating also reflects the company's high financial leverage and
the potential for further debt funded acquisitions that may impact
Newfold's deleveraging path, cyclicality due to exposure to the SMB
market where businesses tend to be less resilient to economic
cycles and risks from operating in a highly competitive market that
has low barriers to entry. Pro forma leverage for the 12-month
period ending June 30, 2023 is 7.2x. Moody's treats capitalized
software development costs as an expense in the calculation of
leverage. Moody's expects debt-to-EBITDA leverage to decline to
7.1x by the end of this year and further to 6.5x by the end of
2024, driven by revenue growth. The assessment assumes the company
will not undertake any debt-funded acquisitions in the near
future.
The positive outlook reflects Moody's view that Newfold's credit
profile will improve over the next 12-18 months, driven by topline
growth and stable margins in the 35% plus area. Demand for
Newfold's services will be stable and there is upside to margins as
the company consolidates brands and drives new customer
acquisition. Moody's also views the paydown of the senior unsecured
notes as leverage management on the company's part. Moody's expects
the company will maintain good liquidity, including balanced
financial policies and free cash flow-to-debt above 3% of total
debt. The outlook assumes the company will not undertake any
debt-funded acquisitions in the near future. The outlook could be
stabilized if revenue growth is lower than expected or margins
decline, which would delay deleveraging or if Moody's anticipates
that leverage will remain above 6.5x for any other reason.
Newfold's good liquidity profile is supported by Moody's
expectation that the company will generate annual free cash flow of
around $140 million (before any distributions). Moody's expects the
company to pay down debt under its revolvers over the next 12 to 18
months such that there will be more than 50% availability under the
combined revolvers by the end of this year and the revolvers will
be largely undrawn by the end of 2024. There are no financial
maintenance covenants under the existing credit facility (revolver
and term loan), but the revolver is subject to a springing maximum
first lien leverage ratio (as defined in the facility agreement) of
7.1x if the amount drawn exceeds more than 35% of the revolving
credit facility. Moody's expects the company will maintain covenant
compliance over the next 12-15 months.
The new capital structure that will be the result of the
contemplated issuance will include the existing first lien credit
facilities, the new senior secured first lien notes and the
existing unsecured notes. The B2 rating to Newfold's senior secured
first lien credit facility (revolver and term loan) is one notch
higher than the company's B3 CFR, reflecting moderate amount of
junior support in the capital structure, in the form of unsecured
debt and other non-debt obligations. The B2 rating on the new $500
million senior secured first lien notes reflect the pari passu
nature of the notes to the credit facilities and also benefits from
the support from junior capital. The Caa2 rating on the senior
unsecured notes is two notches lower than the company's B3 CFR,
reflecting the notes effective subordination to the revolvers, term
loans and new secured notes. The notes are guaranteed on a senior
unsecured basis by the holdings and the borrower's direct and
indirect, existing and future, wholly-owned domestic subsidiaries.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if: i) Newfold achieves a steady
increase in revenue that would indicate continued demand for its
services or an increase in market share, ii) margins improve that
would indicate success in cross selling while controlling costs,
iii) free cash flow to debt is sustained at 5% or better; and iv)
debt-to-EBITDA (Moody's adjusted) is maintained below 6.5x.
The positive outlook indicates that a downgrade is unlikely in the
near term but the ratings could be downgraded if: i) weak topline
growth or margin compression, ii) free cash flow approaches
breakeven levels, iii) debt-to-EBITDA (Moody's adjusted) remains
elevated; or, iv) liquidity deteriorates for any other reason.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Newfold Digital Holdings Group, Inc. is a leading provider of
internet domain name registrations, web hosting and website
building tools to small businesses. The company has an expanded
portfolio of leading web services brands, which include Bluehost,
Network Solutions, and Web.com as well as other regional and
complimentary brands. Moody's project annual revenue in excess of
$1.4 billion in 2023. The company is majority owned by Clearlake
and Siris.
NORTHFACE LEASE: Seeks to Hire Modestas Law as Bankruptcy Counsel
-----------------------------------------------------------------
Northface Lease LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to employ Modestas Law
Offices, P.C. as its bankruptcy counsel.
The firm will render these services:
(a) negotiate with creditors;
(b) prepare a plan and financial statements;
(c) examine and resolve claims filed against the estate;
(d) prepare pleadings filed in the case;
(e) interact with the trustee in this case;
(f) attend at court hearings; and
(g) otherwise represent the Debtor in matters before the
court.
Saulius Modestas, Esq., the primary attorney in this
representation, will be paid at his hourly rate of $475.
Mr. Modestas disclosed in a court filing that his firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Saulius Modestas, Esq.
MODESTAS LAW OFFICES, P.C.
401 S. Frontage Rd., Ste. C
Burr Ridge, IL 60527-7115
Tel: (312) 251-4460
Fax: (312) 277-2586
Email: smodestas@modestaslaw.com
About Northface Lease LLC
Northface Lease LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-11238) on August 25, 2023. The petition was signed by Marcin
Pogorzelski as managing member. At the time of filing, the Debtor
estimated $1 million to $10 million in both assets and liabilities.
Judge Jacqueline P Cox presides over the case.
Saulius Modestas, Esq. at MODESTAS LAW OFFICES, P.C. represents the
Debtor as counsel.
NSG HOLDINGS: S&P Affirms 'BB+' ICR on Continued Debt Paydown
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating on NSG
Holdings LLC (NSGH) and its 'BBB-' issue-level rating on the
company's senior secured notes. The '2' recovery rating on the
notes is unchanged, indicating its expectation for substantial
(70%-90%; rounded estimate: 85%) recovery in a default scenario.
The stable outlook reflects S&P Global Ratings' expectation that
cash flows will remain predictable, existing debt fully amortizes,
and no new debt is issued. Under S&P's base-case scenario, it
expects stable operations and forecast leverage will be less than
1x in 2024 and 2025.
Offtake contracts alongside existing liquidity are sufficient to
cover remaining debt repayment; therefore, the most significant
risk is operational.
S&P said, "We expect that the cash flows from the contracts in
place buffered by existing liquidity will be sufficient to repay
debt, and that the biggest risk to debt repayment is operational
performance. Offtake contracts, namely PPAs and a tolling
agreement, begin to expire December 2023 through mid-2027, while
debt is repaid by 2025. Therefore, debt to EBITDA remains minimal
until 2025.
"To the extent that the assets continue to perform in line with
historical performance and within the terms of their respective
agreements, we expect that they will generate sufficient EBITDA to
repay debt." Fuel risk has been largely mitigated as NSGH or its
assets, with the exception of Vandolah, which has a tolling
agreement, have natural gas supply agreements for the duration of
their respective PPAs, where about 90% of the expected gas volumes
are hedged overall. Vandolah is under a tolling arrangement, where
dispatch, and thereby profitability, depends on whether or not it
is called on by the offtaker. At Vandolah, NSGH is not responsible
for sourcing fuel nor does it have direct commodity price
exposure.
The company has adequate liquidity to meet its robust amortization
schedule.
Both the senior secured notes and term loan have mandatory
amortization schedules, and S&P expects the former will be repaid
in 2024 and the latter in 2025. The Orange Cogeneration project
bonds were fully repaid in first-quarter 2022. For the remaining
debt, interest rate risk is dampened by floating-to-fixed interest
swaps in place. The company has adequate sources of liquidity to
support debt repayment, mitigating operational risks in the near
term. NSGH has full availability on its $98.8 million letter of
credit facility, of which $58.8 million is earmarked for debt
service reserves, and has cash on hand of about $52 million, of
which $20 million is restricted cash held for debt and other
obligations.
Proceeds from asset sales will be available for debt repayment,
while not materially weaking NSGH's overall contractedness.
S&P said, "We expect that proceeds from asset sales during the next
two years will be available to repay debt. Recontracting at NCA No.
1 in Nevada will provide some cash flow visibility from that asset
in 2023 and 2024. NSGH has agreements in place to sell its Polk
Power facility (115-megawatt [MW] capacity), Orange Cogeneration
facility (104-MW capacity) and Orlando Cogeneration facility
(120-MW capacity) in Florida over the next two years, when their
respective PPAs expire. NSGH recontracted at NCA No. 1 for the
months of June-September in 2023 and 2024, under similar terms to
the existing PPA, which provides marginal, incremental cash flow
stability as the original PPA expired in April 2023, and the
Vandolah tolling agreement runs until December 2027. Furthermore,
given that the asset sales coincide with their respective PPA
expiries, we expect minimal exposure to merchant sales."
The closed-end nature of the portfolio and cash waterfall are
supportive of debt repayment.
S&P said, "We do not expect NSGH to add any assets and that any
proceeds from asset sales will remain available for debt repayment.
Furthermore, owing to the cash flow waterfall outlined in the
credit agreement, debt repayment is prioritized over distributions.
Consequently, NSGH would be required to pare back distributions as
needed, to meet mandatory debt service.
"The stable outlook reflects S&P Global Ratings' expectation that
cash flows will remain predictable, debt fully amortizes, and no
new debt is issued. Under our base-case scenario, we expect stable
operations and forecast leverage will be less than 1x in 2024 and
2025.
"We could lower the rating if leverage rose to above 2.5x. This
would most likely occur if NSGH issues additional debt but could
also stem from a significant increase in operating costs and major
plant outages, leading to lower operating margins.
"Given the closed-end nature of the portfolio and the asset sales
that have occurred, we view a positive rating action as unlikely."
OFF LEASE: Seeks to Hire Proskauer Rose LLP as Bankruptcy Counsel
-----------------------------------------------------------------
Off Lease Only LLC, Off Lease Only Parent LLC, and Colo Real Estate
Holdings LLC seek approval from the U.S. Bankruptcy Court for the
District of Delaware to hire Proskauer Rose, LLP as its counsel.
The Debtors require Proskauer Rose to:
a. advise the Debtors with respect to their powers and duties
as debtors in possession in the continued management and operation
of their businesses and properties;
b. advise and consult on the conduct of these chapter 11
cases, including all of the legal and administrative requirements
of operating in chapter 11;
c. attend meetings and negotiating with representatives of
creditors and other parties in interest;
d. take all necessary actions to protect and preserve the
Debtors' estates, including prosecuting actions on the Debtors'
behalf, defending any action commenced against the Debtors, and
representing the Debtors in negotiations concerning litigation in
which the Debtors are involved, including objections to claims
filed against the Debtors' estates;
e. prepare pleadings in connection with these chapter 11cases,
including motions, applications, answers, orders, reports, and
papers necessary or otherwise beneficial to the administration of
the Debtors' estates;
f. represent the Debtors in connection with obtaining
authority to continue using cash collateral and postpetition
financing;
g. appear before the Court and any appellate courts to
represent the interests of the Debtors' estates;
h. advise the Debtors regarding tax matters;
i. take any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a chapter 11 plan and all documents related
thereto; and
j. perform all other necessary legal services for the Debtors
in connection with the prosecution of these chapter 11 cases.
Proskauer Rose will be paid at these hourly rates:
Partners $1,395 to $2,075
Of Counsel $1,375 to $1,495
Associates $995 to $1,245
Paraprofessionals $75 to $565
The Debtors paid $75,000 constituting an initial retainer.
Proskauer Rose 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: Proskauer Rose currently rates are Partners, $1,395 -
$2,075; Of Counsel, $1,375 - $1,495; Associates, $995 - $1,245;
Paraprofessionals, $75 - $565. Proskauer represented the Debtors
during the twelve-month period before the Petition Date, using
these hourly rates.
Question: Has your client approved your prospective budget and
staffing plan, and, if so for what budget period?
Response: Yes, the Debtors have approved Proskauer's
prospective budget through Sep. 30, 2023.
Brian S. Rosen, partner of Proskauer Rose LLP, 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.
Proskauer Rose can be reached at:
Brian S. Rosen, Esq.
Joshua A. Esses, Esq.
PROSKAUER ROSE LLP
Eleven Times Square
New York, NY 10036
Telephone: (212) 969-3000
Facsimile: (212) 969-2900
Email: brosen@proskauer.com
About Off Lease Only LLC
Prior to the Petition Date, Off Lease Only LLC and affiliates were
used car retailer, operating dealerships. The Company operated five
used car dealerships in Florida and one in Texas. However, the
Company sold cars to customers throughout the US. The Company
ceased operations shortly before the Petition Date and intends to
wind down its business and allow its floorplan lender to collect
the vehicles securing its loan during the Chapter 11 Cases.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11388) on
September 7, 2023. In the petition signed by Leland Wilson, chief
executive officer, the Debtor disclosed up to $500 million in both
assets and liabilities.
Judge Craig T. Goldblatt oversees the case.
The Debtors tapped Prokkauer Rose LL and Pachulski Stang Ziehl &
Jones LLp as co-counsel, FTI Consulting, Inc. as financial advisor,
Bofa Securities, Inc. as investment banker, and Stretto, Inc. as
claims and noticing agent and administrative advisor.
ORGANIC NAILS: Rob Messerli of Gunrock Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Region 14 appointed Rob Messerli of Gunrock
Venture Partners as Subchapter V trustee for Organic Nails KS,
LLC.
Mr. Messerli will be paid an hourly fee of $225 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Messerli declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Rob Messerli
Gunrock Venture Partners
6917 Tomahawk Road
P.O. Box 8686
Prairie Village, KS 66208-2618
Phone: 913-662-3524
Email: rob.messerli@gunrockvp.com
About Organic Nails
Organic Nails KS, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. D. Kan. Case No. 23-21172) on Oct.
2, 2023, with $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Robert D. Berger oversees the case.
Nancy Leah Skinner, Esq., at Skinner Law, LLC represents the Debtor
as bankruptcy counsel.
ORGANIC NAILS: Wins Cash Collateral Access Thru Oct 19
------------------------------------------------------
The U.S. Bankruptcy Court for the District of Kansas authorized
Organic Nails KS LLC to use cash collateral on an emergency basis
through October 19, 2023.
While the Debtor has not fully analyzed all of its creditors'
liens, the Debtor does believe that Rapid Finance and Mulling
Funding hold duly perfected liens on the Debtor's account, accounts
receivables, inventory, equipment and accounts.
The Debtor is indebted to Rapid Finance LLC who asserts a security
interest in all inventory, accounts, and equipment of the Debtor's
business.
The Debtor is also indebted to Mulligan Funding LLC who asserts a
security interest in all accounts, chattel paper, goods, inventory,
equipment, instruments, reserves, reserve accounts, investment
properties, documents, general intangibles of the Debtor's
business.
The Debtor is permitted to pay all expenses in the Budget when due,
including insurance, taxes, and Mulligan Funding LLC and Rapid
Finance LLC.
The Debtor is directed to make the following adequate protection
payments:
a. Rapid Finance the monthly sum of $800 beginning December 1, 2023
and the 1st of each month until further Order of the Court
b. Mulligan Funding the monthly sum of $1,900 beginning December 1,
2023 and the 1st of each month until further Order of the Court.
Effective as of the Petition Date, Mulligan Funding and Rapid
Finance are granted replacement security interests in, and liens
on, all post-Petition Date acquired property of the Debtor and the
Debtor's bankruptcy estate that is the same type of property that
Mulligan Funding and Rapid Finance hold pre-petition interest, lien
or security interest to the extent of the validity and priority of
such interests, liens, or security interests, if any. The amount of
each of the Replacement Liens will be up to the amount of any
diminution of the Mulligan Funding and Rapid Finance's Collateral
positions from the Petition Date. The priority of the Replacement
Liens will be in the same priority as Mulligan Funding and Rapid
Finance's pre-petition interests, liens and security interests in
similar property.
To the extent that the Replacement Liens prove inadequate to
protect Mulligan Funding and Rapid Finance from a demonstrated
diminution in value of Collateral positions from the Petition Date,
Mulligan Funding and Rapid Finance are granted an administrative
expense claim under Code section 503(b) with priority in payment
under Code section 507(b).
The Debtor will continue to maintain adequate and sufficient
insurance on all its property and assets.
A further hearing on the matter is set for October 19.
A copy of the order is available at https://urlcurt.com/u?l=zazmaq
from PacerMonitor.com.
About Organic Nails KS LLC
Organic Nails KS LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 23-21172) on October 2,
2023. In the petition filed by Allen Hiranhphom, owner, the Debtor
disclosed up to $100,000 in assets and up to $500,000 in
liabilities.
Judge Robert D. Berger oversees the case.
Nancy Leah Skinner, Esq., at Skinner Law, LLC, represents the
Debtor as legal counsel.
OSG HOLDINGS: Case Summary & 30 Largest Unsecured Creditors
-----------------------------------------------------------
Lead Debtor: OSG Holdings, Inc.
900 Kimberly Drive
Carol Stream, IL 60188
Business Description: The Debtors, together with their non-Debtor
subsidiaries, are a digital and print
communications platform, serving corporate
clients throughout North America and the
United Kingdom. The Company provides
primarily transactional, marketing, and
payment solutions to various industries,
including consumer services, business-to-
business markets, education, retail,
property management, financial services,
healthcare, and the government, both through
the use of its traditional print and mail
businesses, as well as through its
omnichannel software-as-service (SaaS)
platform. The Company also provides a
comprehensive suite of complementary
services to its clients, such as online
payment portals and accounts receivable
software, real-time reporting and data
analytics, and database management services.
Chapter 11 Petition Date: October 15, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Twenty-eight affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
OSG Holdings, Inc. (Lead Case) 23-90799
The Pisa Group, Inc. 23-90798
Applied Information Group, Inc. 23-90800
Diamond Marketing Solutions Group, Inc. 23-90801
DoublePositive Marketing Group, Inc. 23-90802
E-statement.com Corp. 23-90803
Globalex Corporation 23-90804
JJT Enterprise, Inc. 23-90805
Mansell Group Holding Company 23-90806
Mansell Group, Inc. 23-90807
Metrogroup PD-WI Acquisition, LLC 23-90808
Microdynamics Corporation 23-90809
Microdynamics Group Nebraska, Inc. 23-90810
Microdynamics Transactional Mail, LLC 23-90811
National Business Systems, Inc. 23-90812
National Data Services of Chicago, Inc. 23-90813
NCP Solutions, LLC 23-90814
OSG Group Holdings, Inc. 23-90815
OSG Group TopCo, LLC 23-90816
OSG Intermediate Holdings, Inc. 23-90817
Output Services Group, Inc. 23-90818
Payments Business Corporation 23-90819
PPS Business Corporation 23-90820
SouthData, Inc. 23-90821
Telereach, Inc. 23-90822
The Garfield Group, Inc. 23-90823
WhatCounts, Inc. 23-90824
Words, Data and Images, LLC 23-90825
Judge: Hon. Christopher M. Lopez
Debtors'
General
Bankruptcy
Counsel: Marcus A. Helt
MCDERMOTT WILL & EMERY LLP
845 Texas Avenue, Suite 4000
Houston, TX 77002
Tel: (214) 295-8000
Fax: (972) 232-3098
Email: mhelt@mwe.com
- and -
Gregg Steinman, Esq.
MCDERMOTT WILL & EMERY LLP
333 SE 2nd Avenue, Suite 4500
Miami, FL 33131
Tel: (305) 358-3500
Fax: (305) 347-6500
Email: gsteinman@mwe.com
- and -
Felicia Gerber Perlman, Esq.
Bradley Thomas Giordano, Esq.
Carole Wurzelbacher, Esq.
MCDERMOTT WILL & EMERY LLP
444 West Lake Street
Chicago, IL 10036
Tel: (312) 372-2000
Fax: (312) 984-7700
Email: fperlman@mwe.com
bgiordano@mwe.com
cwurzelbacher@mwe.com
Debtors'
Financial
Advisor: ACCORDION PARTNERS, LLC
Debtors'
Investment
Banker: HOULIHAN LOKEY CAPITAL, INC.
Debtors'
Notice &
Claims
Agent: KURTZMAN CARSON CONSULTANTS LLC
Estimated Assets: $500 million to $1 billion
Estimated Liabilities: $500 million to $1 billion
The petitions were signed by Keith A. Maib as chief restructuring
officer.
Full-text copies of two of the Debtors' petitions are available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/WCXXZEQ/The_Pisa_Group_Inc__txsbke-23-90798__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/WMLV5EI/OSG_Holdings_Inc__txsbke-23-90799__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Wilmington Trust Mezz Agent $70,818,705
PO Box 8955
Wilmington, Delaware 19899
Te: 866-829-1928
2. Communisis Trustee (2011) UK Pension $30,329,530
Company Limited
Communisis House, Manston Lane
Leeds, UK LS15 8AH
3. Pitney Bowes Presort Trade Claim $8,000,000
Services Inc
Dept CH 14035
Palatine, Illinois 60055-4035
Phone: 203-356-5000
Email: pbsoftware.sales@pb.com
4. Cenlar $3,903,805
425 Phillips Blvd
Ewing, New Jersey 08618
Tel: 800-223-6527
5. UST Global Inc. Trade Claim $2,964,882
PO Box 894427
Los Angeles, California 90189-4427
Tel: 949-716-8757
6. Cenveo Trade Claim $1,164,214
PO Box 74007456
Chicago, Illinois 60674-7456
Tel: 773-267-3600
7. Double Envelope Co. Trade Claim $729,779
PO Box 415000
Nashville, Tennessee 37241-7599
Phone: 540-362-3311
Email: inquire@double-envelope.com
8. BlueCrest Trade Claim $791,576
PO Box 371896
Pittsburg, Pennsylvania 15250
Phone: 877-406-7704
Email: justin.odonnell@bluecrestinc.com
9. Domtar Trade Claim $547,123
PO Box 281580
Atlanta, Georgia 30384-1580
Phone: 803-802-7500
Email: communications@domtar.com
10. Amazon Web Services Inc Trade Claim $527,487
PO Box 84023
Seattle, Washington 98124-8423
Tel: 206-508-4051
11. Mac Papers Trade Claim $508,608
PO Box 745747
Atlanta, Georgia 30374-5747
Phone: 800-334-7026
Email: mpec@macpapers.com
12. CINC Systems Trade Claim $455,443
1130 Hurricane Shoals Rd NE
Lawrenceville, Georgia 30043
Phone: 678-205-1465
Email: pat@cincsystems.com
13. DMT Solutions Trade Claim $445,966
PO Box 74007412
Chicago, Illinois 60674-7412
Phone: 877-406-7704
Email: justin.odonnell@bluecrestinc.com
14. GuidePoint Security, LLC Trade Claim $376,654
PO Box 844716
Boston, Massachusetts 02284-4716
Tel: 877-889-0132
15. Flexible Staffing Services Trade Claim $225,629
2955 Eagle Way
Chicago, Illinois 60678-2955
Phone: 847-960-1200
Email: info@fssstaff.com
16. Black Knight Financial Trade Claim $217,986
Services, Inc.
601 Riverside Avenue
Jacksonville, Florida 3220
Phone: 904-854-5100
Email: AskBlackKnight@BKFS.com
17. Open Text Inc Trade Claim $199,142
C/O J.P. Morgan Lockbox
24685 Network Place
Chicago, Illinois 60673-1246
Tel: 800-499-6544
18. Computer Design & Trade Claim $174,150
Integration LLC
PO Box 23246
New York, New York 10087-324
Tel: 877-216-0133
19. Tension Envelope Trade Claim $170,861
PO Box 957385
St. Louis, Missouri 63195-7385
Tel: 816-471-3800
20. Bell and Howell, LLC Trade Claim $164,732
PO Box 743679
Atlanta, Georgia 30374-3679
Tel: 800-961-7282
21. Randstad Trade Claim $161,490
PO Box 2084
Carol Stream, Illinois 60132-2084
Tel: 312-201-9690
22. GoLiveSMS Trade Claim $141,215
2046 Treasurer Coast Plaze, Suite A 119
Vero Beach, Florida 32960
Tel: 949-682-9691
23. Solarwinds Trade Claim $137,528
PO Box 730720
Dallas, Texas 75373-0720
Tel: 866-530-8040
24. Xcel Staffing Solutions, LLC Trade Claim $135,433
1541 S Waukegan Road
Waukegan, Illinois 60085
Phone: 847-261-2550
Email: contact@thexcelgroup.com
25. Insight Direct USA, Inc. Trade Claim $125,535
6820 South Harl Avenue
Temple, Arizona 85283-4318
Tel: 800-467-4448
26. Foxpointe Solutions Trade Claim $116,800
171 Sully's Trail
Pittsford, New York 14534
Tel: 844-726-8869
27. Stolze Printing Company, Inc. Trade Claim $107,636
3435 Hollenburg Dr
Bridgerton, MO 63044
Tel: 314-209-1997
28. Genesis Technology Solutions Trade Claim $91,001
856 RT 206, Building C, Suite 15
Hillsborough, NJ 08844
Tel: 281-673-2800
29. CBTS Technology Solutions Trade Claim $90,183
1507 Solutions Center
Chicago, IL 60677
Tel: 888-783-2506
30. Compuwerx Trade Claim $90,173
10406 W 134th St
Palos Pack, IL 60464
Tel: 708-234-9510
PACIFIC BEND: Exclusivity Period Extended to December 12
--------------------------------------------------------
Judge Wayne Johnson of the U.S. Bankruptcy Court for the Central
District of California extended Pacific Bend, Inc.'s exclusive
period to file a chapter 11 plan from August 28, 2023 to December
12, 2023.
Pacific Bend, Inc. is represented by:
David R. Haberbush, Esq.
Vanessa M. Haberbush, Esq.
Lane K. Bogard, Esq.
HABERBUSH, LLP
444 West Ocean Boulevard, Suite 1400
Long Beach, CA 90802
Tel: (562) 435-3456
Email: vharberbush@lbinsolvency.com
About Pacific Bend
Pacific Bend, Inc., is a manufacturer of pallet racking in Hemet,
Calif.
Pacific Bend sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Calif. Case No. 23-10761) on Feb. 28, 2023,
with up to $50 million in both assets and liabilities. Darlene
Barios, president and chief executive officer of Pacific Bend,
signed the petition.
Judge Wayne Johnson oversees the case.
The Debtor tapped Vanessa M. Haberbush, Esq., at Haberbush, LLP,
as legal counsel and Wilson Ivanova Certified Public Accountants,
Inc., APAC, as accountant.
PALMER DRIVES: Amends Unsecured Claims Details
----------------------------------------------
Palmer Drives Controls & Systems, Inc., submitted an Amended
Subchapter V Plan of Reorganization dated October 10, 2023.
The Debtor scheduled a number of unsecured pre-petition debts. At
least one of the unsecured creditors have filed Proofs of Claims.
The Claims list containing all known unsecured Claims against the
Debtor shows total general unsecured claims in the amount of
$1,475,271.17 having been asserted against the estate.
Like in the prior iteration of the Plan, Class 4(a) general
unsecured creditors who hold Allowed Claims of $3,000 or less shall
receive payment in full of its Allowed Claim on or before six
months after the Effective Date of the Plan from the monies
deposited into the Unsecured Creditor Account.
Class 4(b) consists of general unsecured creditors of the Debtor
who hold Allowed Claim of greater than $3,000. Class 4(b) shall
receive payment of their Allowed Claims as set forth:
* Any Class 4(b) claimant who holds an Allowed Claim may
reduce its Claim to $3,000 and be treated as a Class 4(a)
claimant.
* Holders of Class 5 Allowed Claims shall share on a Pro Rata
basis monies deposited into the Unsecured Creditor Account. Upon
the first full month following the Effective Date of the Plan and
every month until Administrative Claims are paid in full and then
for the remainder of the Term of the Plan the Debtor will every
month in accordance with the terms of this Plan deposit for the
five year term of the Plan: (a) during the first year of the Plan
$26,374; (b) during the second year of the Plan $26,008; (c) during
the third year term of the Plan $28,952; (d) during the fourth year
of the Plan $27,016 and (e) during the fifth year of the Plan
$26,654. At the end of each calendar quarter, the balance of the
Unsecured Creditor Account will be distributed to the holders of
Allowed Administrative Claims on a Pro Rata basis until such time
as all holders of Allowed Administrative Claims have been paid in
full, and then will be distributed to Class 4(b) general unsecured
creditors that hold Allowed Claims on a Pro Rata basis, less the
payment made to Class 4(a). The obligation to make deposits will
terminate at the end of the earlier of: (a) the five-year term of
the Plan or (b) upon satisfaction of Allowed Administrative Claims
and Allowed Claims in Class 4(a) and Class 4(b).
* All funds recovered by the Debtor on account of Avoidance
Actions shall be distributed to Allowed Administrative Claims until
paid in full and then to Class 4(a) until paid in full and then
Class 4(b) claimants holding Allowed Claims on a pro-rata basis,
net of attorneys' fees and costs. Whether or not the Debtor pursues
any Avoidance Actions shall be up to the Debtor and the decision to
pursue such claims shall be discretionary with the Debtor.
The Debtor shall be empowered to take such action as may be
necessary to perform its obligations under this Plan.
The Debtor believes that the Plan, as proposed, is feasible. The
funding for the Plan will come from the Debtor's continued
operations.
As detailed in the Projections, the Debtor will have sufficient
cash on hand and profits during the term of the Plan to satisfy its
Plan obligations. The Debtor has sufficient cash on hand to pay
Administrative Claims and Tax Claims in full on the Effective Date
of the Plan.
A full-text copy of the Amended Plan dated October 10, 2023 is
available at https://urlcurt.com/u?l=0h80qa from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Aaron A. Garber, Esq.
David J. Warner, Esq.
Wadsworth Garber Warner Conrardy, PC
2580 West Main Street, Suite 200
Littleton, CO 80120
Telephone: (303) 296-1999
Facsimile: (303) 296-7600
Email: agarber@wgwc-law.com
dwarner@wgwc-law.com
About Palmer Drives Controls and Systems
Palmer Drives Controls and Systems, Inc., is a nationally
recognized manufacturer of industrial electrical control equipment,
including magnetic motors starters and industrial controls panels.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Colo. Case No. 23-13002) on July 10,
2023. In the petition signed by Lynn Weberg, president, the Debtor
disclosed $3,328,915 in assets and $3,118,969 in liabilities.
Judge Joseph G Rosania, Jr. oversees the case.
Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C.,
is the Debtor's legal counsel.
PAULSON'S TRANSPORT: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Paulson's Transport, Inc.
16824 44th Ave W. Ste 170
Lynnwood, WA 98037
Business Description: The Debtor is a transporter of shipping
containers in WA, OR, ID, MT, WY, NV and CA
areas.
Chapter 11 Petition Date: October 14, 2023
Court: United States Bankruptcy Court
Western District of Washington
Case No.: 23-11959
Debtor's Counsel: Steven Palmer, Esq.
CURTIS, CASTEEL & PALMER, PLLC
3400 188th St. SW, Ste 565 565
Lynwood WA 98037
Phone: (425) 409-2745
Email: spalmer@curtislaw-pllc.com
Total Assets: $1,293,527
Total Liabilities: $1,728,154
The petition was signed by Charles Christian Carr 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/DUBQDBA/Paulsons_Transport_Inc__wawbke-23-11959__0001.0.pdf?mcid=tGE4TAMA
PERFORMANCE RESULTS: Seeks Approval to Hire Thompson Auctioneers
----------------------------------------------------------------
Performance Results Plus, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Ohio to employ
Stephen Thompson and Thompson Auctioneers to sell its equipment by
public auction.
The firm will receive a commission equal to 5 percent of the sale
price of each item of the equipment plus reimbursement of actual,
necessary expenses for advertising and labor, not to exceed
$7,000.
In addition, there is a buyer's premium of 18 percent of the sale
price to be paid by the buyers.
The Debtor believes that the auctioneer is a "disinterested person"
as required by 11 U.S.C. Sec. 327 and 101(14).
The firm can be reached through:
Stephen Thompson
THOMPSON AUCTIONEERS
3519 State Route 235
Fairborn, OH 45324
Phone: (937) 426-8446
Email: sthompson@thompsonauctioneers.com
About Performance Results Plus, Inc.
Performance Results Plus, Inc. owns and operates a hydraulic
machine shop. The Debtor sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-52960) on August
28, 2023. In the petition signed by Michael L. Adkins, president,
the Debtor disclosed $3,219,882 in assets and $3,128,718 in
liabilities.
Judge Kathryn Preston oversees the case.
John W. Kennedy, Esq., at Strip Hoppers Leithart McGrath & Terlecky
Co., LPA, represents the Debtor as legal counsel.
PHYSICIAN PARTNERS: Moody's Rates New $150MM Incremental Loan 'B2'
------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Physician
Partners LLC's ("Physician Partners", dba "Better Health Group")
new $150 million incremental backed senior secured first lien term
loan. There is no change to Physician Partners' existing ratings,
including its B2 Corporate Family Rating, B2-PD Probability of
Default Rating, and B2 rating on the backed senior secured first
lien credit facilities. The rating outlook remains stable.
Proceeds from the new $150 million incremental backed senior
secured first lien term loan will be used to add cash to the
balance sheet, for general corporate purposes including investments
in growth of the platform. At the same time, Physician Partners LLC
plans to upsize the revolving credit facility from $80 million to
$105 million.
While the incremental term loan will add liquidity to fund future
growth, pro forma leverage will rise from 4.7x to the 5.8x
(excluding any EBITDA contribution from growth investments).
Moody's expects that leverage will decline back under 5.0x when
growth investments are completed.
RATINGS RATIONALE
Physician Partners' B2 CFR is constrained by its moderately high
financial leverage, with adjusted debt to EBITDA of around 5.8
times pro forma for the transaction as of June 30, 2023, moderate
scale, and geographic concentration in Florida. Density in Florida
can be beneficial as it offers members a strong network of
physicians to meet their healthcare needs, but it also adds to
exposure to economic risks and increasing competition. An inherent
challenge within the company's business model is that it requires
the company to aggressively manage the cost of patient care, given
that it earns revenues on a capitated basis from Medicare Advantage
plan providers.
The rating is supported by an experienced management team and long
track record of solid organic growth. Physician Partners benefits
from favorable industry dynamics, as its business model aligns
incentives of improving patient outcomes while focusing on treating
patients with Medicare Advantage health insurance plans in a
cost-effective manner.
Moody's anticipates that Physician Partners will maintain very good
liquidity, supported by an undrawn $105 million proposed upsized
revolving credit facility and about $200 million of cash pro forma
June 30, 2023. Moody's forecasts that Physician Partners will
generate roughly $60 million in free cash flow in 2023.
Physician Partners (CIS-4) indicates the rating is lower than it
would have been if ESG risk exposures did not exist. This reflects
Physician Partners' exposure to social risk considerations (S-5)
and governance risk considerations (G-4). Governance risk exposures
are influenced by the company's aggressive financial policies and
limited track record of execution. Additionally, Physician Partners
is owned by private equity firm, Kinderhook Industries, which may
result in more shareholder friendly policies. Physician Partners
has material credit exposure to environmental risks due to the
company's high exposure to physical climate risk. Physician
Partners has substantial concentration in Florida which makes the
company susceptible to hurricanes and other extreme weather
conditions. Credit exposure to social risks is significant as
Physician Partners is almost entirely reliant on government payors,
including Medicare and Medicare Advantage, which may face
longer-term budgetary pressures. As a healthcare service provider,
Physician Partners is also exposed to labor pressures and human
capital constraints.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The rating could be downgraded if Physician Partners' operating
performance deteriorates, or if it experiences material integration
related disruptions. Additionally, the rating could be downgraded
if Moody's expects debt/EBITDA to be sustained above 5.5 times or
the company's liquidity erodes. Further, debt-funded shareholder
returns or other aggressive financial policies could also result in
a downgrade.
The rating could be upgraded if Physician Partners achieves greater
diversity by state and customer. Physician Partners will also need
to manage its growth while continuing to generate solid free cash
flow. An upgrade would also be supported by the company adopting
more conservative financial policies and maintaining debt/EBITDA
below 4.0 times.
Physician Partners LLC (dba Better Health Group) is a value-based
primary care physician group and managed service organization (MSO)
network that services over 250,000 members, with over 1,000
providers and 111 owned centers. Private equity firm, Kinderhook
Industries, is an investor in Better Health Midco, LLC with LTM
revenue as of June 30, 2023 of approximately $1.1 billion.
The principal methodology used in this rating was Business and
Consumer Services published in November 2021.
PLASTIQ INC: Exclusivity Period Extended to December 20
-------------------------------------------------------
Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware extended the exclusive periods within which
Plastiq Inc. and affiliates may file a chapter 11 plan and
solicit acceptances thereof to December 20, 2023 and February 19,
2024, respectively.
About Plastiq Inc.
Founded in 2012, Plastiq Inc. is a B2B payments company for SMBs.
It has helped tens of thousands of businesses improve cash flow
with instant access to working capital while automating and
enabling control over all aspects of accounts payable and
receivable. Plastiq provides growing finance teams with
technology and know-how once reserved for only large enterprises.
The flagship product, Plastiq Pay, pioneered a way for businesses
to pay suppliers by credit card regardless of acceptance as an
alternative to expensive, scarce bank loan options. Plastiq
Accept offers an alternative to expensive merchant services,
enabling businesses to accept credit cards with no merchant fees
and get paid across any customer touch point, including a
website, invoice, checkout process, and in person via QR code.
Plastiq Inc. and affiliates sought relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10671) on May
24, 2023. In the petition filed by its chief restructuring
officer, Vladimir Kasparov, Plastiq Inc. reported $50 million to
$100 million in both assets and liabilities.
Judge Brendan Linehan Shannon oversees the cases.
The Debtors tapped Young, Conaway, Stargatt & Taylor, LLP as
counsel; and Portage Point Partners, LLC as restructuring
advisor. Vladimir Kasparov of Portage Point Partners serves as
the Debtors' chief restructuring officer. Kurtzman Carson
Consultants, LLC is the claims agent and administrative advisor.
PLATINUM BEAUTY: Wins Interim Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Georgia, Macon
Division, authorized Platinum Beauty Bar and Spa, LLC to use cash
collateral on an interim basis in accordance with the budget.
The Debtor proposes to use cash collateral to fund critical
operations.
The Debtor asserts that it is allegedly a borrower on a loan with
Citizens Bank, which asserts a security interest in certain of the
Debtor's personal property.
To provide adequate protection for the Debtor's use of cash
collateral, the Lender is granted a valid and properly perfected
post-petition lien on all property acquired by the Debtor after the
Petition Date that is the same or similar nature, kind, or
character as the Lender's respective pre-petition collateral,
except that no such replacement lien will attach to the proceeds of
any avoidance actions under Chapter 5 of the Bankruptcy Code. The
Adequate Protection Lien will be deemed automatically valid and
perfected upon entry of the Order.
A final hearing on the matter is set for October 19, 2023 at 1
p.m.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=Sbuhh1 from PacerMonitor.com.
The Debtor projects $114,000 in total revenue and $104,497 in total
expenses.
About Platinum Beauty Bar and Spa, LLC
Platinum Beauty Bar and Spa, LLC is a full-service spa in Conyers,
Georgia. The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-51222) on September 1,
2023. In the petition signed by Rebecca Davis, sole member, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Austin E. Carter oversees the case.
William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC,
represents the Debtor as legal counsel.
Citizens Bank, as lender, is represented by John A. Thomson, Jr.,
Esq. at Adams and Reese LLP.
PRIMA(R) WAWONA: Files Chapter 11 to Facilitate Sale Process
------------------------------------------------------------
Prima(R) Wawona, the industry's largest producer of stone fruit, on
Oct. 13 disclosed that it is transitioning ownership of the Company
and recapitalizing the business. In connection with an agreement
reached amongst the Company's Lenders, Prima(R) Wawona is
proceeding with a transaction that will involve either the
conversion of existing lender debt into equity ownership of the
business or allow for a sale transaction to a third-party buyer.
The ownership transition is expected to allow for the continued
operation and long-term sustainability of the business.
To facilitate the sale process, the Company has initiated voluntary
Chapter 11 proceedings. The Company commences the Chapter 11 case
with the backing of its lenders, who entered into a Lender Support
Agreement ("LSA") among themselves. The Company will ultimately
proceed with the highest and best offer via a court-supervised
auction process.
Prima(R) Wawona remains dedicated to delivering consistent and
superior-quality stone fruits to its customers and consumers. The
Company recently completed a successful harvest season and intends
to continue providing its customers across the country with the
highest quality fruit.
John Boken, Prima(R) Wawona's Chief Executive Officer, said, "Over
the last several years, Prima(R) Wawona has grown tremendously. We
recently completed the 2023 harvest season, during which our team
grew, packed and delivered more fruit across more acres than ever
before. At the same time, the business has faced significant
headwinds, including increased costs and weather-related impacts,
that have combined to make our existing capital structure
unsustainable. Over the course of this year, we proactively
evaluated options intended to enable us to build on our leading
market position, our efficient and sustainable farming practices,
and our history as an employer of choice."
"We are pleased that our lenders have reached an agreement and
fully support this ownership transition that charts a path forward
to strengthen Prima(R) Wawona and position the business for
long-term success. The court-supervised process allows for the
possibility that a qualified third-party buyer will emerge as the
owner of the business as an alternative to our lenders. The entire
Prima(R) Wawona organization is focused on working through this
process as quickly as possible."
Mr. Boken concluded, "As we move forward, we are committed to our
industry-leading farming practices and continuing to provide the
high-quality stone fruit for which Prima(R) Wawona is known. We
thank our customers and partners for their ongoing support, and we
look forward to continuing to serve them. We are grateful to the
entire Prima(R) Wawona team for their hard work and dedication at
this important time in the history of our Company."
Additional Information About the Chapter 11 Process
The Company on Oct. 13 initiated voluntary Chapter 11 cases in the
United States Bankruptcy Court for the District of Delaware to
pursue one or more potential sale transactions, or, in the
alternative, an equitization transaction that would transition
ownership to the Company's prepetition lenders through a
debt-to-equity conversion.
The Company's prepetition lenders have retained ACM Management
Company, LLC, an experienced operator in the Company's industry, to
advise them as to a potential ownership transition. In connection
with these Chapter 11 cases, the prepetition lenders have consented
to the use of cash collateral to support the ordinary course
operations of the business and to fund the administration of the
sale process and these Chapter 11 cases.
The Company has filed a number of customary motions seeking court
approval to continue to support its operations during the
court-supervised process, including the continued payment of
employee wages and benefits without interruption. Prima(R) Wawona
intends to pay vendors in full under normal terms for goods and
services provided on or after the filing date.
With the support of its lenders, the Company intends to move
through Chapter 11 expediently to consummate a sale transaction or
an equitization transaction with its lenders.
Additional information is available at http://www.PW-Process.com/.
Court filings and other information related to the proceedings are
available on a separate website administered by the Company's
claims agent, Stretto, at https://cases.stretto.com/primawawona, by
calling Stretto toll-free at (888) 405-4599 or (949) 385-6774 for
calls originating outside of the U.S., or by sending an email to
PrimaWawonaInquiries@stretto.com.
Kirkland & Ellis LLP and Young Conaway Stargatt & Taylor, LLP are
serving as the Company's legal counsel. Houlihan Lokey Capital,
Inc. is serving as the Company's investment banker. AP Services,
LLC is serving as its interim management and restructuring
advisor.
About Prima(R) Wawona
Family Farming Legacies bringing together over a century and a half
of expertise and passion from two of the stone fruit industry's
leading family farms, Prima(R) Wawona is committed to advancing
strong retail partnerships and supporting the success of our supply
chain partners, workforce and communities. For more information,
visit www.prima.com
PRIMAL MATERIALS: Seeks Cash Collateral Access Thru Jan 2024
------------------------------------------------------------
Primal Materials, LLC asks the U.S. Bankruptcy Court for the
Northern District of Texas, Abilene Division, for authority to use
cash collateral and provide adequate protection.
The Debtor requires the use of cash collateral to fund ongoing
expenses of operation as set forth in the budget through January
31, 2024.
As of the Petition Date, the Debtor has available cash reserves of
approximately $12,000 and accounts receivable of approximately
$185,000.
According to the Debtor, the peak season has commenced and ongoing
operations are anticipated to continue to generate revenues
sufficient to not only support current operating expenses, but an
exit from this reorganization proceeding.
Liens against the Debtor's personal property, including accounts,
inventory, equipment and contract rights generally, are asserted by
these lenders:
a. ALJR Ventures, LLC: UCC-1 Financing Statement filed April
20, 2022 securing obligations totaling approximately $674,674 as of
the Petition Date.
b. FundThrough USA Inc.: UCC-1 Financing Statement filed April
5, 2023 securing obligations totaling approximately $157,000 as of
the Petition Date.
The Debtor estimates there are approximately nine unsecured
creditors holding claims aggregating about $1.2 million.
The Debtor believes the interests of the Secured Creditors are
adequately protected by the value of the property securing their
claims; however, the Debtor proposes additional adequate protection
in the form of a replacement lien.
The Debtor proposes the Secured Creditors will receive, as adequate
protection to the extent of the diminution in value of each of
their perfected interests in the cash collateral, a replacement
lien in their respective prepetition collateral and proceeds of
their respective prepetition collateral.
The Adequate Protection Liens will (i) be supplemental to and in
addition to the prepetition liens or interests of each respective
Secured Creditor, (ii) be accorded the same validity and priority
as enjoyed by the prepetition liens or interests immediately prior
to the Petition Date, (iii) be deemed to have been perfected
automatically effective as of the entry of the Order without the
necessity of filing of any UCC-1 financing statement, state or
federal notice, mortgage or other similar instrument or document in
any state or public record or office and without the necessity of
taking possession or control of any collateral.
As additional adequate protection for the Secured Creditors'
interests, the Debtor currently maintains and will continue to
maintain appropriate insurance coverage at acceptable levels.
A copy of the Debtor's motion and budget is available at
https://urlcurt.com/u?l=9TNCLR from PacerMonitor.com.
The Debtor projects $446,112 in cash receipts and $394,235 in total
general overhead for the period from November 2023 to January
2024.
About Primal Materials, LLC
Primal Materials, LLC is a locally owned and operated company,
providing dirt moving and excavation services for ranchers and new
construction sites in the Big Country surrounding Abilene, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-10081) on June 12,
2023. In the petition signed by Victor John Hirsch, III,
member/manager, the Debtor disclosed up to $500,000 in assets and
up to $10 million in liabilities.
Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP --
jpostnikoff@romclaw.com -- serves as counsel to the Debtor.
PRIZE MANAGEMENT: Bankr. Administrator Unable to Appoint Committee
------------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Prize Management, LLC.
About Prize Management
Prize Management, LLC is a sand and gravel mining company which
operates on the land owned by Sand Ridge Development Assn., Inc.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 23-02681) on September
14, 2023. In the petition signed by Alton Williams, Jr., president,
the Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
Judge David M. Warren oversees the case.
William P. Janvier, Esq., at Stevens Martin Vaugh & Tadych, PLLC,
represents the Debtor as legal counsel.
QURATE RETAIL: Schedules 3rd Quarter Conference Call for Nov. 3
---------------------------------------------------------------
Qurate Retail, Inc. announced that it will host a conference call
to discuss results for the third quarter of 2023 on Friday,
November 3, at 8:30 a.m. E.T. Before the open of market trading
that day, Qurate Retail will issue a press release reporting such
results, which can be found at
https://www.qurateretail.com/investors/news-events/press-releases.
The press release and conference call may discuss Qurate Retail's
financial performance and outlook, as well as other forward looking
matters.
Please call InComm Conferencing at (877) 704-4234 or +1 (215)
268-9904, passcode 13736993, at least 10 minutes prior to the call.
Callers will need to be on a touch-tone telephone to ask questions.
The conference administrator will provide instructions on how to
use the polling feature.
In addition, the conference call will be broadcast live via the
Internet. All interested participants should visit the Qurate
Retail website at
https://www.qurateretail.com/investors/news-events/ir-calendar to
register for the webcast. Links to the press release and replays
of the call will also be available on the Qurate Retail website.
The conference call will be archived on the website after
appropriate filings have been made with the SEC.
About Qurate Retail
Headquartered in Englewood, Colorado, Qurate Retail, Inc. owns
controlling and non-controlling interests in a broad range of video
and online commerce companies. The Company's largest businesses
and reportable segments are QxH (QVC U.S. and HSN) and QVC
International. QVC, Inc., which includes QxH and QVC International,
markets and sells a wide variety of consumer products in the United
States and several foreign countries via highly engaging
video-rich, interactive shopping experiences. Cornerstone Brands,
Inc. consists of a portfolio of aspirational home and apparel
brands, and is a reportable segment. The Company's "Corporate and
other" category includes its consolidated subsidiary Zulily, LLC,
along with various cost and equity method investments.
Qurate Retail disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on Sept. 14, 2023, it received written
notice from The Nasdaq Stock Market notifying the Company that,
because the closing bid price for the Company's Series A common
stock, par value $0.01 per share, has fallen below $1.00 per share
for 30 consecutive business days, the Company no longer complies
with the minimum bid price requirement for continued listing of
QRTEA on the Nasdaq Global Select Market.
Qurate reported a net loss of $2.53 billion for the year ended Dec.
31, 2022.
* * *
As reported by the TCR on March 21, 2023, S&P Global Ratings
lowered its issuer credit rating on U.S.-based video commerce and
online retailer Qurate Retail Inc. to 'CCC+' from 'B-'. S&P said,
"We view the company's capital structure as potentially
unsustainable in a rising interest rate environment. We expect
Qurate's adjusted leverage to remain high, above the 6x area in
2023."
RADYO PANOU: Seeks to Hire Narissa A. Joseph as Bankruptcy Counsel
------------------------------------------------------------------
Radyo Panou Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of New York to hire the Law Office of Narissa
A. Joseph as its counsel.
The firm's services include:
(a) consulting with the Debtor concerning the administration
of its Chapter 11 case;
(b) investigating the Debtor's past transactions, commencing
actions with respect to its avoiding powers under the Bankruptcy
Code, and advising the Debtor with respect to transactions entered
into during the pendency of the case;
(c) assisting the Debtor in the formulation of a Chapter 11
plan; and
(d) providing other legal services as may be required by the
Debtor in the interest of the estate.
The firm will be paid at these rates:
Partner $350 to 400 per hour
Associate $275 to 300 per hour
Paralegal $75 to $100 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Narissa Joseph, Esq., a partner at the Law Office of Narissa A.
Joseph, disclosed in a court filing that her firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached at:
Narissa A. Joseph, Esq.
LAW OFFICE OF NARISSA A. JOSEPH
305 Broadway, Suite 1001
New York, NY 10007
Tel: (212) 233-3060
Email: njosephlaw@aol.com
About Radyo Panou Inc.
Radyo Panou Inc. sought protection for relief under Chapter 11 of
the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42942) on August
17, 2023, listing $500,001 to $1 million in both assets and
liabilities. Judge Nancy Hershey Lord presides over the case.
Narissa A. Joseph, Esq. at the LAW OFFICE OF NARISSA A. JOSEPH
represents the Debtor as counsel.
RAPID METALS: Hires Joselson Rosenberg as Special Counsel
---------------------------------------------------------
Rapid Metals, LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Michigan to employ Joselson Rosenberg PLC
as its special counsel.
The Debtor requires the advice and assistance of special counsel to
pursue claims it brought prior to the Petition Date against Long
View Steel Corp, currently pending in the United States District
Court for the Eastern District of Michigan, Case No.
2:22-cv-13153.
As disclosed in this application, Joselson Rosenberg PLC does not
hold an interest adverse to the estate and is a disinterested
person as defined by 11 U.S.C. Section 101(14).
The firm can be reached through:
Marc N. Drasnin, Esq.
JOELSON ROSENBERG, PLC
30665 Northwestern Highway, Suite 200
Farmington Hills, MI 48334
Tel: (248) 855-3088
Fax: (248) 855-2388
Email: mdrasnin@jrlawplc.com
About Rapid Metals
Rapid Metals, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-46098) on July 12,
2023, with $10 million to $50 million in both assets and
liabilities. Judge Maria L. Oxholm oversees the case.
Charles D. Bullock, Esq., at Stevenson & Bullock, PLC is the
Debtor's legal counsel.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent the Debtor's unsecured creditors. The
committee tapped Bernstein-Burkley, PC as bankruptcy counsel and
Schafer and Weiner, PLLC as local counsel.
RAYONIER ADVANCED: Morgan Out, Yokley In
----------------------------------------
Rayonier Advanced Materials Inc. disclosed in a Form 8-K Report
that Thomas I. Morgan has tendered his resignation from the
Company's Board of Directors as of September 30, 2023.
Morgan's resignation is due to personal reasons and does not
involve any disagreement on any matter relating to the Company's
operations, policies or practices.
Following Morgan's resignation, on October 1, 2023, the Company's
Board elected Bryan D. Yokley as a Class II independent director of
the Company. He will serve until the 2025 annual meeting of the
stockholders of the Company and thereafter until his successor has
been duly elected and qualified, or until his earlier death,
resignation or removal. Yokley was also appointed to each of the
Audit Committee and the Compensation and Management Development
Committee of the Board. There are no arrangements or understandings
between Yokley and any other person pursuant to which he was
selected as a director. In addition, there are no transactions in
which Yokley has an interest that would require disclosure under
Item 404(a) of Regulation S-K.
Upon his election to the Board, Yokley will receive compensation
equivalent to the compensation of the other non-employee directors
except that Yokley will receive a prorated 2023-2024 annual cash
retainer and a prorated number of restricted stock units of the
Company, to vest on the earlier of the first anniversary of the
date of grant or the next annual meeting of the stockholders at
which one or more members of the Board are standing for
re-election, as long as Yokley has not voluntarily left the Board
prior to such date.
"We are pleased to welcome Bryan to our Board of Directors and look
forward to the benefit of his insight, experience, and expertise,"
stated Lisa M. Palumbo, Non-Executive Chair of the Company's Board
of Directors. "Bryan's more than 38 years of cross-sector and
international experience in risk management, cyber security,
technology, P&L management, M&A, audit, and governance will bring
significant value to our Board and stockholders."
Yokley retired from EY in June 2022, where he spent 34 years
serving in various capacities, including Audit Partner in Georgia,
New York, Australia, Sweden, California, and North Carolina. He
also served on EY's governing board for two terms and was the
market leader for Alabama, Georgia, and Tennessee and the Central
Region Cyber leader. He received EY's highest award, Global
Chairman's Value Award, recognizing integrity, inclusive
leadership, commitment to EY's values and the cultivation of future
leaders (2011).
In addition, Yokley served a two-year fellowship with the Financial
Accounting and Standard's Board in Connecticut, and as the CFO of
World Access, Inc. Yokley is a certified public accountant and
holds a bachelor's degree in business administration from the
University of Alabama.
Beyond Yokley's business endeavors, he is deeply invested in
corporate responsibility and community engagement efforts. He has
served on several not-for-profit boards, including Zoo Atlanta and
Boys and Girls Club of America and currently serves on the
President's Cabinet for the University of Alabama and the Board of
Visitors for the University of Alabama's Business school.
In connection with Yokley's election to the Board, the Company and
Yokley will enter into an indemnification agreement in
substantially the same form that the Company has entered into with
each of the Company's existing directors.
About RYAM
Rayonier Advanced Material Inc., headquartered in Jacksonville,
Florida, is a leading global producer of specialty cellulose (SC)
pulp. The company also produces commodity pulp and consumer paper
packaging. As of June 30, 2023, RYAM has $2.3 billion in total
assets and $1.49 billion in total liabilities.
In March 2020, S&P Global Ratings lowered its issuer credit rating
on RYAM to 'CCC+' from 'B-' and lowered its issue-level rating on
its senior unsecured notes to 'CCC' from 'CCC+'. S&P explained
RYAM's adjusted debt to EBITDA leverage had fallen each of the past
five quarters and EBITDA interest coverage has fallen below 1.5x.
The downgrade reflected the severe deterioration in RYAM's margins,
which caused its leverage to rise to more than 10x as of Dec. 31,
2019, from 3.6x as of Dec. 31, 2019 and 7.4x as of Sept. 30, 2019.
In November 2021, S&P raised its issuer credit rating on RYAM to
'B' from 'B-' and raised the issue-level ratings on its senior
secured notes to 'B+' from 'B-' and its senior unsecured notes to
'B-' from 'CCC', citing the sale of RYAM's noncore assets that
allowed it to reduce debt and focus its efforts on higher-margin
high-purity cellulose. RYAM closed the sale of its lumber and
newsprint assets to GreenFirst Forest Products Inc. in August that
year and used a portion of the proceeds ($193 million cash, in
addition to 28 million shares of GreenFirst Forest Products, which
were valued at $32 million as of Setp. 30, 2021) to repurchase
about $127 million of its 5.50% senior unsecured notes due 2024 and
redeem $25 million of its 7.625% senior secured notes due 2026.
In July 2023, S&P affirmed its 'B-' issuer credit rating on RYAM
and removed it from CreditWatch, where S&P placed it with negative
implications on June 30, 2023. S&P said, "At the same time, we
lowered our issue-level rating on the company's $500 million senior
secured notes due 2026 ($465 million outstanding) to 'B-' from 'B'
and removed the rating from CreditWatch. We revised the recovery
rating on this debt to '4' from '2'. The firm added, "The stable
outlook reflects our view that RYAM's credit metrics will remain
commensurate with the rating over the next 12 months, with free
operating cash flow (FOCF) deficits improving in fiscal 2024."
RYAM entered into a $250 million senior secured credit agreement
with Oaktree on July 20, 2023, as part of the refinancing of its
2024 senior unsecured notes, essentially removing all near-term
refinancing risks. S&P said, "While we hold a favorable view on the
company's ability to issue new debt amid current credit market
conditions, the increased interest burden will constrain the
company's already pressured FOCF generating ability."
S&P noted the refinancing transaction has reduced the company's
liquidity, as it utilized $85 million of balance sheet cash in
redeeming the outstanding 2024 unsecured notes. However, $130
million available under its ABL facility (due December 2025), and
approximately $80 million of balance sheet cash provide roughly
$200 million of available liquidity. RYAM's next major maturity
date following the ABL is 2026, when its 7.625% senior secured
notes mature, and scheduled amortization of its term loans is
around $12.5 million annually.
S&P continues to view RYAM's financial risk profile (FRP) as highly
leveraged, but supportive of the current rating.
RIALTO BIOENERGY: Seeks to Hire Moss Adams as Accountant
--------------------------------------------------------
Rialto Bioenergy Facility, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to employ
Moss Adams LLP as certified public accountant.
The firm will assist the Debtor with the preparation of its 2022
federal and state tax returns.
Moss Adams has agreed to accept as compensation for its services a
fixed fee of $13,000.
Eric Rohner, a partner at Moss Adams, disclosed in a court filing
that his firm neither holds nor represents an interest adverse to
the estate.
The firm can be reached through:
Eric Rohner, CPA
Moss Adams LLP
4747 Executive Drive Suite 1300
San Diego, CA 92121
Direct: (858) 627-1461
Email: Eric.Rohner@mossadams.com
About Rialto Bioenergy Facility
Rialto Bioenergy Facility, LLC owns and operates a multi-feedstock
bioenergy facility in Rialto, Calif., which converts organic waste,
such as food waste, yard waste, and biosolids into carbon-negative
renewable natural gas, with capability to also generate renewable
electricity and soil amendment/fertilizer. The facility, the
largest in North America and valued at $196.6 million, utilizes
anaerobic digestion technology to convert the organic waste
received from waste haulers into renewable natural gas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Calif. Case No. 23-01467) on May 25,
2023, with $100 million to $500 million in both assets and
liabilities. Yaniv Scherson, vice president, signed the petition.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo
and Golubchik, LLP as bankruptcy counsel; B. Riley Securities, Inc.
as financial advisor; and GlassRatner Advisory & Capital Group, LLC
as valuation consultant.
UMB Bank, N.A. as Indenture Trustee is represented by Nahal
Zarnighian, Esq., at Ballard Spahr, LLP.
The U.S. Trustee for Region 15 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Brinkman Law Group, PC.
RIALTO BIOENERGY: Taps Columbia Tax as Property Tax Consultant
--------------------------------------------------------------
Rialto Bioenergy Facility, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of California to employ
Columbia Tax Advisory Services PLLC as its property tax
consultant.
Columbia Tax will provide property tax consulting services with
respect to property tax assessments for the Debtor for tax year
2023.
The firm will further render these services:
a. timely file appeals for the regular 2023 assessment set
forth in the Tax Bill and subsequent years if requested;
b. prepare a valuation analysis to support reductions for tax
years under the appeal;
c. represent the Debtor before county assessment
representatives and an appeals board; and
d. provide general property tax consulting research and
advice.
Columbia will charge the Debtor an hourly rate of $500.
David Perkins, managing member of Columbia, assured the court that
his firm is a "disinterested person" within the meaning of 11
U.S.C. 101(14).
The firm can be reached through:
David Perkins, CPA
Columbia Tax Advisory Services PLLC
5215 NW 16th Circle
Camas, WA 98607
Phone: (206) 550-1065
About Rialto Bioenergy Facility
Rialto Bioenergy Facility, LLC owns and operates a multi-feedstock
bioenergy facility in Rialto, Calif., which converts organic waste,
such as food waste, yard waste, and biosolids into carbon-negative
renewable natural gas, with capability to also generate renewable
electricity and soil amendment/fertilizer. The facility, the
largest in North America and valued at $196.6 million, utilizes
anaerobic digestion technology to convert the organic waste
received from waste haulers into renewable natural gas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Calif. Case No. 23-01467) on May 25,
2023, with $100 million to $500 million in both assets and
liabilities. Yaniv Scherson, vice president, signed the petition.
Judge Christopher B. Latham oversees the case.
The Debtor tapped Ron Bender, Esq., at Levene, Neale, Bender, Yoo
and Golubchik, LLP as bankruptcy counsel; B. Riley Securities, Inc.
as financial advisor; and GlassRatner Advisory & Capital Group, LLC
as valuation consultant.
UMB Bank, N.A. as Indenture Trustee is represented by Nahal
Zarnighian, Esq., at Ballard Spahr, LLP.
The U.S. Trustee for Region 15 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Brinkman Law Group, PC.
RITE AID: Board Appoints Jeffrey Stein as Chief Executive Officer
-----------------------------------------------------------------
Rite Aid Corporation (NYSE: RAD) ("Rite Aid" or the "Company") on
Oct. 15 disclosed that its Board of Directors has appointed Jeffrey
S. Stein as Chief Executive Officer (CEO), Chief Restructuring
Officer (CRO) and a member of the Board of Directors, effective
immediately. Mr. Stein succeeds Elizabeth ("Busy") Burr, who has
served as Interim CEO of Rite Aid since January 2023. Ms. Burr will
continue to serve on the Company's Board.
Mr. Stein brings more than three decades of experience as a leader
and executive director at both public and private companies. Mr.
Stein has particular expertise in supporting companies that are
driving meaningful business transformations and undergoing
financial restructurings. This includes developing and enhancing
corporate growth and turnaround strategies, evaluating financing
alternatives, analyzing capital investment programs, managing
complex litigation matters and assessing asset acquisition and
disposition opportunities. As announced in a separate press release
on Oct. 15, Rite Aid has initiated a voluntary court-supervised
process under Chapter 11 of the U.S. Bankruptcy Code. The Company
is continuing to operate in the ordinary course.
Bruce Bodaken, Rite Aid Chairman, stated, "After a thorough and
thoughtful search process, the Board unanimously agreed that Jeff
is the right executive to lead Rite Aid through its transformation.
Jeff is a proven leader with a strong track record of guiding
companies through financial restructurings. We look forward to
benefitting from his contributions and leveraging his expertise as
we strengthen Rite Aid's foundation and position the business for
long-term success."
Mr. Stein said, "As CEO, CRO, and a member of the Board of
Directors, my priorities will include overseeing the actions now
underway to strengthen the Company's financial position and further
advance its journey to reach its full potential as a modern
neighborhood pharmacy. I have tremendous confidence in this
business and the turnaround strategy that has been developed in
recent months. I look forward to working closely with the Board,
management team, and our lenders and bond holders as we better
position Rite Aid to deliver on our purpose of bringing people
whole health for life."
"I am honored to have had the opportunity to lead this incredible
team during this pivotal transition period," Ms. Burr said. "I
can't think of a better leader than Jeff to take the reins at this
stage of Rite Aid's evolution, and I look forward to working
closely with him as I continue serving on the Board. I am grateful
for the hard work and dedication of our associates during my tenure
as Interim CEO, and I'm confident they will give Jeff the same
levels of support as the Company moves through the next phase of
its transformation."
"On behalf of the entire Board, I thank Busy for the mark she has
made as Rite Aid's Interim CEO," Mr. Bodaken said. "Busy has been a
true culture carrier for Rite Aid, and an avid cheerleader of our
store, pharmacy and distribution center team members. Under her
leadership, we have continued to make significant progress on our
turnaround initiatives to drive growth and reduce costs, and we
look forward to her continued contributions as a member of the
Company's Board."
In addition to Mr. Stein, Rite Aid has appointed Carrie Teffner and
Paul Keglevic to its Board of Directors, also effective
immediately:
-- Ms. Teffner has over 30 years of strategic, financial and
operational leadership experience assisting retail and consumer
product companies in driving growth and profitability. She has deep
expertise leading successful large-scale transformation initiatives
and has served as Executive Vice President and Chief Financial
Officer at several Fortune 500 companies. Ms. Teffner currently
serves on the boards of DXC Technology, International Data Group
and BFA Industries. She previously served on the boards of Ascena
Retail Group, Avaya and GameStop.
-- Mr. Keglevic is an NACD-certified director with over 45
years of leadership experience and deep expertise in finance and
accounting, operational improvement and turnarounds, restructuring
and risk management across a range of industries. He has served as
CEO, CFO, Chief Restructuring Officer and Chief Risk Officer at
numerous companies, most recently as CEO of Energy Future Holdings.
Earlier in his career, Mr. Keglevic was a Partner and member of the
U.S. leadership team at PricewaterhouseCoopers. He currently serves
on the boards of WeWork, Evergy and Envision Healthcare. Mr.
Keglevic previously served on the boards of Ascena Retail Group,
Bonanza Creek Energy, Clear Channel Holdings, Cobalt International
Energy and Frontier Communications, among others.
With the appointments of Mr. Stein, Ms. Teffner and Mr. Keglevic,
Rite Aid's Board of Directors will have nine members.
About Jeffrey S. Stein
Mr. Stein is Founder and Managing Partner of Stein Advisors LLC, a
financial advisory firm that provides consulting services to public
and private companies experiencing significant challenges,
including financial and operational restructuring, complex contract
renegotiation and litigation, and increased regulatory oversight.
He has served as an Executive Chairman, Chief Executive Officer,
and Chief Restructuring Officer and as a director on board
committees including audit, compensation, corporate governance,
finance, restructuring and risk management. Mr. Stein previously
served as Chief Executive Officer and Chief Restructuring Officer
of GWG Holdings, Inc. and as Chief Restructuring Officer of Liberty
Steel Group Holdings Pte. Ltd., Whiting Petroleum Corporation,
Philadelphia Energy Solutions, LLC and Westmoreland Coal Company.
Prior to founding Stein Advisors LLC in 2010, Mr. Stein was a
Co-Founder and Principal of Durham Asset Management LLC, a global
event-driven distressed debt and special situations equity asset
management firm. From 2003 through 2009, Mr. Stein served as
Co-Director of Research at Durham responsible for the
identification, evaluation and management of investments for the
various Durham portfolios.
From 1997 to 2002, Mr. Stein served as Co-Director of Research at
The Delaware Bay Company, Inc., a boutique research and investment
banking firm focused on the distressed debt and special situations
equity asset classes. Earlier in his career, he was an Associate
and then an Assistant Vice President in the Capital Preservation &
Restructuring Group at Shearson Lehman Brothers.
Mr. Stein received a B.A. in Economics from Brandeis University and
an MBA in Finance and Accounting from New York University. Mr.
Stein is a Certified Turnaround Professional as designated by the
Turnaround Management Association.
About Rite Aid
Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy
that improves health outcomes. Rite Aid is defining the modern
pharmacy by meeting customer needs with a wide range of vehicles
that offer convenience, including retail and delivery pharmacy, as
well as services offered through our wholly owned subsidiaries,
Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's
pharmacy benefits and services company, consists of accredited mail
and specialty pharmacies, prescription discount programs and an
industry leading adjudication platform to offer superior member
experience and cost savings. Health Dialog provides healthcare
coaching and disease management services via live online and phone
health services. Regional chain Bartell Drugs has supported the
health and wellness needs in the Seattle area for more than 130
years. Rite Aid employs more than 6,100 pharmacists and operates
more than 2,100 retail pharmacy locations across 17 states.
RITE AID: Case Summary & 50 Largest Unsecured Creditors
-------------------------------------------------------
Lead Debtor: Rite Aid Corporation
1200 Intrepid Avenue, 2nd Floor
Philadelphia, Pennsylvania 19122
Business Description: The Debtors are operators of over 2,000
retail pharmacy locations and a nationwide
pharmacy benefits management business
conducting business under the names Rite
Aid, Elixir, Bartell Drugs, and Health
Dialog.
Chapter 11 Petition Date: October 15, 2023
Court: United States Bankruptcy Court
District of New Jersey
One hundred twenty affiliates that concurrently filed voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Rite Aid Corporation (Lead Case) 23-18993
Rite Aid Corporation (Lead Case) 23-18993
Rite Aid of New Jersey, Inc. 23-18991
Lakehurst and Broadway Corporation 23-18992
K & B Tennessee Corporation 23-18994
K & B, Incorporated 23-18995
K&B Texas Corporation 23-18996
Rite Aid Lease Management Company 23-18997
Laker Software, LLC 23-18998
Rite Aid Hdqtrs. Corp. 23-18999
LMW - 90B Avenue Lake Oswego, Inc. 23-19000
1515 West State Street, Boise, Idaho, LLC 23-19001
Rite Aid Hdqtrs. Funding, Inc. 23-19002
Maxi Drug North, Inc. 23-19003
1740 Associates, L.L.C. 23-19004
Maxi Drug South, L.P. 23-19005
Rite Aid of Connecticut, Inc. 23-19006
4042 Warrensville Center Road - Warrensville Ohio 23-19007
Maxi Drug, Inc. 23-19008
Rite Aid of Delaware, Inc. 23-19009
5277 Associates, Inc. 23-19010
Maxi Green Inc. 23-19011
Rite Aid of Georgia, Inc. 23-19012
5600 Superior Properties, Inc. 23-19013
Munson & Andrews, LLC 23-19014
Rite Aid of Indiana, Inc. 23-19015
Name Rite, L.L.C. 23-19016
Advance Benefits, LLC 23-19017
Rite Aid of Kentucky, Inc. 23-19019
P.J.C. Distribution, Inc. 23-19020
Rite Aid of Maine, Inc. 23-19021
P.J.C. Realty Co., Inc. 23-19022
PDS-1 Michigan, Inc. 23-19024
Rite Aid of Maryland, Inc. 23-19025
Apex Drug Stores, Inc. 23-19026
Perry Drug Stores, Inc. 23-19027
Rite Aid of Michigan, Inc. 23-19028
Ascend Health Technology LLC 23-19029
PJC Lease Holdings, Inc. 23-19030
Rite Aid of New Hampshire, Inc. 23-19031
Broadview and Wallings-Broadview Heights Ohio, Inc23-19033
PJC Manchester Realty LLC 23-19034
Rite Aid of New York, Inc. 23-19035
Design Rx Holdings LLC 23-19036
PJC of Massachusetts, Inc. 23-19037
Rite Aid of North Carolina, Inc. 23-19038
Design Rx, LLC 23-19039
PJC of Rhode Island, Inc. 23-19040
Designrxclusives, LLC 23-19041
Rite Aid of Ohio, Inc. 23-19042
PJC of Vermont Inc. 23-19043
Drug Palace, Inc. 23-19044
PJC Peterborough Realty LLC 23-19045
Rite Aid of Pennsylvania, LLC 23-19046
Eckerd Corporation 23-19047
PJC Realty MA, Inc. 23-19048
EDC Drug Stores, Inc. 23-19049
Rite Aid of South Carolina, Inc. 23-19050
PJC Revere Realty LLC 23-19051
Elixir Holdings, LLC 23-19052
Rite Aid of Tennessee, Inc. 23-19053
PJC Special Realty Holdings, Inc. 23-19054
RCMH LLC 23-19055
Elixir Pharmacy, LLC 23-19056
Rite Aid of Vermont, Inc. 23-19057
RDS Detroit, Inc. 23-19058
Elixir Puerto Rico, Inc. 23-19059
Rite Aid of Virginia, Inc. 23-19060
Elixir Rx Options, LLC 23-19062
READ's Inc. 23-19063
Rite Aid of Washington, D.C. Inc. 23-19064
RediClinic Associates, Inc. 23-19065
Elixir Rx Solutions, LLC 23-19066
Rite Aid of West Virginia, Inc. 23-19067
RediClinic LLC 23-19068
Elixir Rx Solutions, LLC 23-19069
RediClinic of Dallas-Fort Worth, LLC 23-19070
Rite Aid Online Store, Inc. 23-19071
Elixir Rx Solutions of Nevada, LLC 23-19072
RediClinic of DC, LLC 23-19073
Elixir Savings, LLC 23-19074
Rite Aid Payroll Management, inc. 23-19075
First Florida Insurers of Tampa, LLC 23-19076
RediClinic of DE, LLC 23-19077
GDF, Inc. 23-19078
Rite Aid Realty Corp. 23-19079
RediClinic of MD, LLC 23-19080
Genovese Drug Stores, Inc. 23-19081
RediClinic of PA, LLC 23-19082
Rite Aid Rome Distribution Center, Inc. 23-19083
Gettysburg and Hoover-Dayton, Ohio, LLC 23-19084
Grand River & Fenkell, LLC 23-19085
Rite Aid Specialty Pharmacy, LLC 23-19086
RediClinic of VA, LLC 23-19087
Harco, Inc. 23-19088
Health Dialog Services Corporation 23-19089
Rite Aid Transport, Inc. 23-19090
RediClinic US, LLC 23-19091
Hunter Lane, LLC 23-19092
Richfield Road - Flint, Michigan, LLC 23-19093
Rite Investments Corp. 23-19094
ILG - 90 B Avenue Lake Oswego, LLC 23-19095
Rite Aid Drug Palace, Inc. 23-19096
Rite Investments Corp., LLC 23-19097
JCG (PJC) USA, LLC 23-19098
JCG Holdings (USA), Inc. 23-19099
Rx Choice, Inc. 23-19100
Juniper Rx, LLC 23-19101
Rx Initiatives, L.L.C. 23-19102
K & B Alabama Corporation 23-19103
K & B Louisiana Corporation 23-19104
Rx USA, Inc. 23-19105
K & B Mississippi Corporation 23-19106
The Bartell Drug Company 23-19107
K & B Services, Incorporated 23-19108
The Jean Coutu Group (PJC) USA, Inc. 23-19109
The Lane Drug Company 23-19111
Thrift Drug, Inc. 23-19112
Thrifty Corporation 23-19113
Thrifty PayLess, Inc. 23-19114
Tonic Procurement Solutions, LLC 23-19115
Judge: Hon. Michael B. Kaplan
Debtors'
General
Bankruptcy
Counsel: Edward O. Sassower, P.C.
Joshua A. Sussberg, P.C.
Aparna Yenamandra, P.C.
Ross J. Fiedler, Esq.
Zachary R. Manning, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: esassower@kirkland.com
joshua.sussberg@kirkland.com
aparna.yenamandra@kirkland.com
ross.fiedler@kirkland.com
zach.manning@kirkland.com
Debtors'
Local
Bankruptcy
Counsel: Michael D. Sirota, Esq.
Warren A. Usatine, Esq.
Felice R. Yudkin, Esq.
Seth Van Aalten, Esq.
COLE SCHOTZ P.C.
Court Plaza North, 25 Main Street
Hackensack, New Jersey 07601
Tel: (201) 489-3000
Email: msirota@coleschotz.com
wusatine@coleschotz.com
fyudkin@coleschotz.com
svanaalten@coleschotz.com
Debtors'
Investment
Banker: GUGGENHEIM PARTNERS
Debtors'
Financial,
Tax and
Restructuring
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
Debtors'
Claims &
Noticing
Agent: KROLL RESTRUCTURING ADMINISTRATION
Counsel to
Parent Board: WILSON SONSINI GOODRICH & ROSATI P.C.
Counsel to
Disinterested
Directors of
Hunter Lane, LLC: KATTEN MUCHIN ROSENMAN, LLP
Counsel to Disinterested
Directors of Thrifty
PayLess, Inc.: MILBANK LLP
Counsel to Disinterested
Directors of Rite Aid
Corporation: KOBRE & KIM
Total Assets as of June 3, 2023: $7,650,418,000
Total Debts as of June 3, 2023: $8,597,866,000
The petitions were signed by Jeffrey S. Stein as chief executive
officer and chief restructuring officer.
Full-text copies of two of the Debtors' petitions are available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/AFMM7CA/Rite_Aid_Corporation__njbke-23-18993__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/DKLEEII/Rite_Aid_of_New_Jersey_Inc__njbke-23-18991__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 50 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. McKesson Corporation Trade Payables $667,570,707
6555 State Hwy 161
Irving, TX 75039
United States
Attn: Brian S. Tyler
Title: Chief Executive Officer
2. U.S. Bank Trust 7.7% Notes Due $199,691,000
National Association February 2027
300 E Delaware Ave
Wilmington, DE 19809
United States
Attn: Donnie Hurrelbrink, Angela Davis, Martha Earley,
Jason R. Dressel, Jay Paulson, Christine Robinette
Title: Vice President
Fax: 651-466-7431
3. Humana Health Plan, Inc. Litigation $136,832,724
c/o Crowell & Moring LLP
1001 Pennsylvania Avenue, NW
Washington, DC 20004
United States
Attn: Keith J. Harrison, Esq.
Fax: 202-628-5116
4. Loyd F. Schmuckley Jr., Litigation $58,000,000
Relator
c/o California Department
of Justice, Office of Attorney General
1300 "I" Street
Sacramento, CA 95814-2919
United States
Attn: Emmanuel R. Salazar and Bernice L. Louie Yew
5. Seqirus USA Inc. Trade Payables $35,414,901
25 Deforest Ave
Summit, NJ 07901
United States
Attn: Stephen Marlow
Title: Senior Vice President
6. Medical Card System Customer $28,109,859
MCS Plaza 1 ER Piso Suite 105 Liabilities
255 Ave
Ponce De Leon
San Juan, 00916-1919
Puerto Rico
Attn: Jim O'Drobinak
Title: Chief Executive Officer
7. Prisma Health Customer $12,355,499
2806 Garfield Street Liabilities
Missoula, MT 59801
United States
Attn: Mark S. O'Halla
Title: President and Chief Executive Officer
8. Amerisourcebergen Drug Corp Trade Payables $11,839,180
Elevate
1300 Morris Drive
Chesterbrook, PA 19087
United States
Attn: Steven H. Collis
Title: Chief Executive Officer
Fax: 800-640-5221
9. UFCWNorcal Customer $10,264,901
2200 Professional Drive Liabilities
Roseville, CA 95661
United States
Attn: Jacques Loveall
Title: President
Fax: 916-786-0958
10. Walgreens Drug Stores Customer $9,502,225
200 Wilmot Rd Liabilities
Deerfield, IL 60015-4260
United States
Attn: Jeff Gruener
Title: Senior Vice President and Chief Financial Officer
11. Bright Health Plans Customer $8,757,822
8000 Norman Center Drive Liabilities
Suite 1200
Minneapolis, MN 55437
United States
Attn: Jay Matushak
Title: Chief Financial Office
12. CVS Health Corp Customer $7,140,208
1 CVS Drive Liabilities
Woodsocket, RI 02895
United States
Attn: Karen S. Lynch
Title: Chief Executive Officer
13. Acon Laboratories Trade Payables $6,993,904
10125 Mesa Rim Rd
San Diego, CA 92121
United States
Attn: Lin Jixun
Title: Chief Executive Officer
Fax: 858-200-0729
14. Imari Andrews, Et Al. Litigation $6,450,000
c/o Fitapelli & Schaffer, LLP
28 Liberty Street, 30th Floor
New York, NY 10005
United States
Attn: Brian S. Schaffer, Esq. and
Hunter G Benharris, Esq
15. Cox Healthplans Customer $5,507,776
Medical Mile Plaza Liabilities
3200 S. National, Building B
Springfield, MO 65807
United States
Attn: Max D. Buetow
Title: Chief Executive Officer
Fax: 417-269-9599
16. Virginia Premier Healthplans Customer $5,355,911
600 E Broad St Liabilities
Ste #400
Richmond, VA 23219
United States
Attn: Linda Hines
Title: Chief Executive Officer
17. Massachusetts Medicaid Customer $5,330,893
(Mass Health) Liabilities
2 Copley Place, SUite 600
Boston, MA 02116
United States
Attn: David Seltz
Title: Executive Director
18. The Kroger Company Customer $4,717,151
1014 Vine Street Liabilities
Cincinnati, OH 45202-1100
United States
Attn: Rodney McMullen
Title: Chief Executive Officer
Fax: 513-762-1575
19. Fresno Unified School District Customer $4,634,494
2309 Tulare Street Liabilities
Fresno, CA 93721
United States
Attn: Bob Nelson Ed.D.
Title: Superintendent
20. Walmart Stores Bank Customer $4,501,584
of America Liabilities
702 SW 8th St.
Bentonville, AR 72716
United States
Attn: Doug McMillon
Title: Chief Executive Officer
21. AMWINS Customer $4,442,959
4725 Piedmont Row Drive Liabilities
Suite 600
Charlotte, NC 28210
United States
Attn: James Drinkwater
Title: President
22. TakeCare Insurance Customer $4,418,756
219 S. Marine Corps Drive Liabilities
Suite 200
Tamuning, 96913
Guam
Attn: Joseph Husslein
Title: President
Fax: 671-647-3551
23. The City of Murfreesboro Customer $4,264,934
111 West Vine Street Liabilities
Murfreesboro, TN 37130
United States
Attn: Tara MacDougall
Title: Chief Executive Officer
Fax: 615-849-2679
24. Special Care Pharmacy Customer $4,149,867
Services LLC Liabilities
55 Arzuaga Street
San Juan, PR 00925
Puerto Rico
Attn: Jose Rojas
Title: Chief Executive Officer
Phone: On File
Fax: 787-783-2951
25. FGX International Trade Payables $3,996,144
500 George Washington Highway
Smithfield, RI 02917
United States
Attn: Diana Pooles
Title: President
Fax: 401-232-7235
26. Valley Health System Customer $3,993,984
220 Campus Blvd. Liabilities
Suite 420
Winchester, VA 22601
United States
Attn: Mark Nantz, MHA
Title: Chief Executive Officer
Phone: On File
27. Vaxserve Inc Trade Payable $3,902,246
54 Glenmaura National Blvd
Ste 301
Moosic, PA 18507-2101
United States
Attn: Wayne Pisano
Title: Chief Executive Officer
28. Deaconess Health System Customer $3,819,536
600 Mary St. Liabilities
Evansville,IN 47747
United States
Attn: Shawn McCoy
Title: Chief Executive Officer
29. Johnson County, Kansas Customer $3,775,052
County Administration Building Liabilities
111 S. Cherry St.
Olathe, KS 66061
United States
Attn: Amy Meeker-Berg
Title: County Clerk
30. Provider Pay Customer $3,191,301
6555 State Hwy 161 Liabilities
Irving, TX 75039
United States
Attn: Brian S. Tyler
Title: Chief Executive Officer
31. CVS Procare Pharmacy Inc. Customer $3,144,990
One CVS Drive Liabilities
Woonsocket, RI 02895
United States
Attn: Prem Shah
Title: Executive Vice President
Fax: 212-645-1429
32. Hudson RPM Dist LLC Trade Payables $3,084,084
8 Cotton Rd
Nashua, NH 03063
United States
Attn: John Geoghan
Title: Vice President
33. City of Wichita Customer $3,052,678
455 N. Main Liabilities
Wichita, KS 67202
United States
Attn: Robert Layton
Title: City Manager
34. Onco360 Customer $2,916,541
13410 Eastpoint Centre Drive Liabilities
Louisville, KY 40223
United States
Attn: Paul Jardina
Title: Chief Executive Officer
Fax: 877-662-6355
35. Gallagher Pharmacy Alliance Customer $2,834,494
2850 Golf Road Liabilities
Rolling Meadows, IL 60008
United States
Attn: Laura Mendise
Title: Area Vice President
36. Ohio Laborers District Customer $2,784,889
Council of Ohio Liabilities
800 Hillsdowne Road
Westerville, OH 43081
United States
Attn: Ralph E. Cole
Title: Board Chairman
Phone: On File
Email: On File
Fax: 614-895-8082
37. West Virginia Senior Customer $2,770,513
Advantage Liabilities
Stonerise Services, LLC
30 Mon Health Drive, Bldg 2
Morgantown, WV 26505
United States
Attn: Tomi McMillian
Title: Executive Director
Fax: 888-918-2992
38. Southern Galzer's CA/ Trade Payables $2,730,041
Coastal
2400 SW 145th Avenue, Suite 200
Miramar, FL 33027
United States
Attn: Wayne Chaplin
Title: Chief Executive Office
39. Forvis, LLP Customer $2,662,144
1155 Avenue of the Americas Liabilities
Suite 1200
New York, NY 10036-2711
United States
Attn: Megan Adams
Title: Managing Director
40. GMS Benefits Customer $2,620,676
3750 Timberlake Dr. Liabilities
Richfield, OH 44286
United States
Attn: Rick Melin
Title: Senior Vice President
41. Accredo Health Group Inc. Customer $2,481,314
1640 Century Center Parkway Liabilities
Memphis, TN 38134
United States
Attn: Timothy Wentworth
Title: Chief Executive Officer
42. Northwest Ironworkers Customer $2,444,090
7525 24th Street Liabilities
Suite 200
Mercer Island, WA 98040
United States
Attn: Teri Robinson
Title: Chief Executive Officer
43. Frito-Lay, Inc. Trade Payables $2,408,923
7701 Legacy Drive
Plano, TX 75024-4099
United States
Attn: Steven Williams
Title: Chief Executive Officer
44. Vons Companies Inc. Customer $2,270,436
618 Michillinda Ave. Liabilities
Arcadia, CA 91007-6300
United States
Attn: Jeannie Arell
Title: Chief Executive Officer
45. Pepsi-Cola Trade Payables $2,202,582
700 Anderson Hill Rd.
Purchase, NY 10577
United States
Attn: Ramon Laguarta
Title: Chief Executive Officer
46. Wentworth Douglas Hospital Customer $2,185,395
789 Central Avenue Liabilities
Dover, NH 03820
United States
Attn: Jeff Hughes
Title: President
47. Lindt Trade Payables $2,181,793
One Fine Chocolate Place
Stratham, NH 03885
United States
Attn: Adalbert Lechner
Title: Chief Executive Officer
48. Northwest Sheet Metal Customer $2,076,639
Workers Liabilities
1322 N Post Place
Spokane, WA 99201
United States
Attn: Bernie Antchak
Title: Chief Executive
Fax: 509-535-7883
49. Care N Care Customer $2,064,991
1701 River Run Liabilities
Suite 402
Fort Worth, TX 76101
United States
Attn: Thomas G. Wilson
Title: Vice President
50. Harris Trust and 6.875% Fixed- $2,046,000
Savings Bank Rate Senior Notes
c/o Harris Trust Company of Due December 2028
New York
88 Pine Street, 19th Floor
New York, NY 10005
United States
Attn: M.A. Brown
Title: President
RITE AID: Files for Chapter to Facilitate Restructuring
-------------------------------------------------------
Rite Aid Corporation (NYSE: RAD) on Oct. 15 disclosed that it has
reached an agreement in principle with certain of its senior
secured noteholders on the terms of a financial restructuring plan
that will allow the Company to accelerate its ongoing business
transformation. Implementing the contemplated restructuring plan
will significantly reduce the Company's debt, increase its
financial flexibility and enable it to execute on key initiatives.
In connection with this, Rite Aid has initiated a voluntary
court-supervised process under Chapter 11 of the U.S. Bankruptcy
Code.
Rite Aid is continuing to deliver leading healthcare products and
services across its retail and online platforms for the nearly one
million customers it serves daily. The Company remains committed to
improving health outcomes and delivering on its purpose to help
people achieve whole health for life.
The court-supervised process provides an orderly and efficient
forum for Rite Aid to:
-- Finalize and build consensus for the agreement in principle
the Company
has reached with certain of its senior secured noteholders;
-- Accelerate the Company's store footprint optimization plan;
-- Implement a proposed transaction under which MedImpact would
acquire Elixir Solutions, subject to the outcome of a
court-approved marketing process;
-- Access additional liquidity; and
-- Resolve litigation claims in an equitable manner.
In connection with this process, Rite Aid has received a commitment
for $3.45 billion in new financing from certain of its lenders.
This financing is expected to provide sufficient liquidity to
support the Company throughout this process.
In a separate press release, Rite Aid on Oct. 15 announced the
appointment of Jeffrey S. Stein as Chief Executive Officer, Chief
Restructuring Officer and a member of the Company's Board of
Directors, effective immediately. Mr. Stein is an experienced
corporate leader and executive director with significant expertise
in supporting companies that are driving meaningful business
transformations and undergoing financial restructurings. He
succeeds Elizabeth ("Busy") Burr, who has served as Interim CEO
since January 2023. Ms. Burr will continue in her role as a
Director on the Company's Board.
Mr. Stein said, "Rite Aid has served customers and communities
across our country for more than 60 years, and the important
actions we are taking today will enable us to move ahead as a
stronger company. With the support of our lenders, we look forward
to strengthening our financial foundation, advancing our
transformation initiatives and accelerating the execution of our
turnaround strategy. In doing so, we will be even better able to
deliver the healthcare products and services our customers and
their families rely on -- now and into the future."
Mr. Stein continued, "We remain focused on serving our customers
and communities, and we are grateful that they continue to choose
our stores and pharmacies for their healthcare needs. We thank our
associates for their ongoing hard work and dedication, and we
extend our gratitude to our partners, suppliers and vendors for
their continued support."
Reducing Debt and Enhancing Financial Flexibility
The Company has reached an agreement in principle with certain of
its senior secured noteholders on the terms of a financial
restructuring that would significantly reduce the Company's debt.
Rite Aid intends to use the court-supervised process to finalize
the agreement in principle, build additional consensus for the
financial restructuring plan it contemplates and implement it as
quickly and efficiently as possible.
Optimizing the Company's Store Footprint
Rite Aid regularly evaluates its store portfolio to ensure it is
operating efficiently while meeting the needs of its customers,
communities and associates. In connection with the court-supervised
process, the Company will continue assessing its footprint and
close additional underperforming stores. These efforts will further
reduce the Company's rent expense and are expected to strengthen
its overall financial performance.
Mr. Stein added, "The court-supervised process provides Rite Aid
with legal tools to accelerate our footprint optimization in an
efficient and orderly manner. We look forward to working closely
with our landlords to determine the best path forward for each of
our stores."
The Company is making every effort to ensure customers of impacted
stores have access to health services, whether at another Rite Aid
or a nearby pharmacy, and will work to transfer prescriptions
accordingly so that there is no disruption of services. The Company
will also transfer associates at impacted stores to other Rite Aid
locations where possible.
A&G Realty Partners is assisting the Company with its store closing
and lease restructuring program. Rite Aid landlords are encouraged
to contact A&G Realty Partners through its website,
www.agrealtypartners.com.
Serving Elixir Clients, Plan Sponsors, Members and Customers While
Conducting a Sale Process
Rite Aid has entered into an agreement with MedImpact Healthcare
Systems, Inc. ("MedImpact"), an independent pharmacy benefit
solutions company, pursuant to which MedImpact will acquire Rite
Aid's Elixir Solutions business. Under the terms of the agreement,
MedImpact will serve as the "stalking horse bidder" in a
court-supervised sale process under section 363 of the U.S.
Bankruptcy Code. Accordingly, the proposed transaction is subject
to higher and better offers, court approval and other customary
conditions.
Elixir Solutions is operating normally and continuing to serve
clients, plan sponsors, members and customers as usual.
Elixir Insurance is not included in Rite Aid's Chapter 11 process
or the proposed transaction with MedImpact, and it is continuing to
operate and serve members as usual.
Additional Information About the Court-Supervised Process
Rite Aid and certain of its subsidiaries, including those that
comprise Elixir Solutions, have filed voluntary petitions for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in the
U.S. Bankruptcy Court for the District of New Jersey. Elixir
Insurance is not included in the Chapter 11 process.
The Company has filed a number of customary motions with the Court
seeking authorization to support its operations, including the
payment of employee wages, salaries and benefits without
interruption. The Company expects to receive court approval for
these requests shortly. The Company intends to pay vendors and
suppliers in full for goods and services provided on or after the
filing date.
Additional information regarding the Company's court-supervised
process is available at www.riteaidrestructuring.com. Court filings
and other information related to the proceedings are available on a
separate website administrated by the Company's claims agent,
Kroll, at https://restructuring.ra.kroll.com/RiteAid; by calling
Kroll toll-free at (844) 274-2766, or (646) 440-4878 for calls
originating outside of the U.S. or Canada; or by emailing Kroll at
RiteAidInfo@ra.kroll.com.
Kirkland & Ellis LLP is serving as legal advisor, Guggenheim
Securities is serving as investment banker and Alvarez & Marsal is
serving as transformation officer and financial advisor to the
Company.
About Rite Aid
Rite Aid -- http://www.riteaid.com/-- is a full-service pharmacy
that improves health outcomes. Rite Aid is defining the modern
pharmacy by meeting customer needs with a wide range of vehicles
that offer convenience, including retail and delivery pharmacy, as
well as services offered through our wholly owned subsidiaries,
Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's
pharmacy benefits and services company, consists of accredited mail
and specialty pharmacies, prescription discount programs and an
industry leading adjudication platform to offer superior member
experience and cost savings. Health Dialog provides healthcare
coaching and disease management services via live online and phone
health services. Regional chain Bartell Drugs has supported the
health and wellness needs in the Seattle area for more than 130
years. Rite Aid employs more than 6,100 pharmacists and operates
more than 2,100 retail pharmacy locations across 17 states.
ROBBINS SERVICE: Gets OK to Hire Exorevel as Financial Advisor
--------------------------------------------------------------
Robbins Service Group, LLC received approval from the U.S.
Bankruptcy Court for the Western District of North Carolina to
employ Exorevel, LLC, as its financial advisor.
Exorevel will provide financial advisory services to the Debtor,
including those relating to the potential sale of the business as a
going-concern.
Exorevel's services will be billed on an hourly basis at the rate
of $300 per hour. Work performed by Exorevel is billed through Mark
B Thompson CPA, PA.
As disclosed in the court filings, Exorevel does not hold any
interest adverse to the Debtor's estate; and is a "disinterested
person" as defined within Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Mark B Thompson, CPA
Exorevel, LLC
Mark B. Thompson, CPA, PA
20212 Zion Ave, Suite 201
Cornelius, NC 28031
Phone: (704) 892-2609
About Robbins Service Group
Robbins Service Group, LLC is a North Carolina limited liability
company that operates a landscaping business under the name
Whispering Pines Landscaping. Its services generally include
landscape design, installation, and maintenance. Robbins'
geographic focus is primarily the Lake Norman area.
Robbins Service Group sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 23-40082) on May 15,
2023, with $1 million to $10 million in both assets and
liabilities. Michael A. Robbins, president and chief executive
officer, signed the petition.
Judge Craig Whitley oversees the case.
The Debtor tapped Matthew L. Tomsic, Esq., at Rayburn Cooper &
Durham, P.A. as legal counsel and REH CPA, PLLC as accountant.
RODA LLC: MacMillan's Exclusivity Period Extended to Nov. 5
-----------------------------------------------------------
Judge Teresa H. Pearson of the U.S. Bankruptcy Court for the
District of Oregon extended Roda, LLC and Roy MacMillan's
exclusivity periods contained in 11 U.S.C. Sec. 1121(b) and Sec.
1121(c)(3) to September 25, 2023 and November 5, 2023,
respectively.
RODA, LLC is represented by:
Douglas R. Ricks, Esq.
Christopher N. Coyle, Esq.
VANDEN BOS & CHAPMAN, LLP
319 SW Washington St., Ste. 520
Portland, OR 97204
Tel: 503-241-4869
Email: doug@vbcattorneys.com
chris@vbcattorneys.com
Roy MacMillan is represented by:
Thomas W. Stilley, Esq.
Joshua G. Flood, Esq.
SUSSMAN SHANK LLP
1000 S.W. Broadway, Suite 1400
Portland, OR 97205-3089
Tel: (503) 227-1111
Email: tstilley@sussmanshank.com
jflood@sussmanshank.com
About RODA LLC
RODA, LLC, a company in Washington County, Ore., sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
D. Ore. Case No. 23-30250) on Feb. 6, 2023. In the petition
signed by its managing member, Roy MacMillan, the Debtor
disclosed up to $10 million in both assets and liabilities.
MacMillan is a debtor in a separate Chapter 11 case (Bankr. D.
Ore. Case No. 23-30159). The cases are jointly administered.
Judge Teresa H. Pearson oversees the case.
Douglas R. Ricks, Esq., at Vander Bos and Chapman, LLP,
Intellequity Legal Services, LLC and Thomas L Strong CPA PC
serve as the Debtor's bankruptcy counsel, special counsel and
accountant, respectively.
SABRINAS ATLANTIC: Hires Better Tax Associates as Accountant
------------------------------------------------------------
Sabrinas Atlantic Window Cleaning and Pressure seeks approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
employ Jospeh Gottesman, CPA of Better Tax Associates, Inc. as its
accountant.
Better Tax Associates will prepare and file the Debtor's 2022
income tax returns and provide related tax advice and
consultation.
The accountant will charge a flat fee of $650 for its services.
Mr. Gottesman, CPA with Better Tax, assured the court that his
firm is a "disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached through:
Jospeh Gottesman, CPA
Better Tax Associates, Inc.
660 W Oakland Pk Blvd, ,
Ft Lauderdale, FL 33311
Phone: (954) 561-1040
About Sabrinas Atlantic Window
Cleaning and Pressure
Sabrinas Atlantic Window Cleaning and Pressure Cleaning, LLC filed
a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No.
22-18568) on Nov. 3, 2022, with as much as $1 million in both
assets and liabilities. Judge Scott M. Grossman oversees the case.
The Debtor is represented by Jonathan M. Sykes, Esq., at Nardella &
Nardella, PLLC.
SAMSON TOURS: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------
Samson Tours Inc. dba Samson Trailways ask the U.S. Bankruptcy
Court for the Northern District of Georgia, Atlanta Division, for
authority to use cash collateral and provide adequate protection.
The Debtor requires the use of cash collateral to pay the operating
expenses of the business.
First Bank (fka Heritage Bank), which is owed approximately $93,661
has a first priority security interest in cash collateral pursuant
to its UCC-1 filed on March 5, 2018 (Heritage Bank:
060-2018-001977) with a continuation filed on January 10, 2023
(060-2023-000185).
Truist Bank, which is owed approximately $172,979, has a second
priority security interest in cash collateral pursuant to its UCC-1
filed on June 22, 2018 (Branch Banking & Trust: 007-2018-028530)
with a continuation filed on December 28, 2022 (Branch Banking &
Trust 007-2022-075144) and a name change filed on December 28, 2022
(Truist Bank: 007-2022-07535).
Nextwave Enterprises LLC (Corporation Services Company, as agent)
which is owed approximately $133,548 has a third priority security
interest in cash collateral pursuant to its UCC-1 filed on December
31, 2022 (038-2019-023621).
On Deck Capital, Inc (Financial Agent Services, as agent) which is
owed approximately $128,000, may assert that it has a fourth
priority security interest in cash collateral pursuant to its UCC-1
filed on January 1, 2020 (038-2020-000098). The Debtor asserts that
the creditor was paid in full on August 31, 2022.
U.S. Small Business Administration, which is owed approximately
$500,000, has a fifth priority security interest in cash collateral
pursuant to its UCC-1 filed on May 6, 2022 (038-2020-008685).
Cash Collateral will be used only pursuant to the terms of the
Budget during the period following entry of the Interim Order until
earlier of: (i) 30 days following entry of the Interim Order; (ii)
conversion of the case to Chapter 7 or dismissal of the case; or
(iii) the Debtor's material violation of the terms of the Interim
Order, including failure to comply with the Budget (plus a ten
percent variance per category).
As adequate protection for the cash collateral expended pursuant to
the Interim Order, lender will be given replacement liens, to the
same extent and validity of those liens that presently exist in the
same order of priority as existed pre-petition for the lender which
include all assets of the debtor with a fair market value estimated
to be no less than $4,795,908. Also, the Debtor will make monthly
payments to lenders in the amounts as follows:
i. First Bank-25% of Debtor's actual net profit per month
ii. Truist Bank-0% of Debtor's actual net profit per month
iii Nextwave Enterprises-10% of Debtor's actual net profit per
month
iv. Small Business Administration-5% of Debtor's actual net profit
per month
A copy of the motion is available at https://urlcurt.com/u?l=2c8bIM
from PacerMonitor.com.
About Samson Tours Inc.
Samson Tours Inc. provides luxury bus charter services. The Debtor
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ga. Case No. 23-59894) on October 6, 2023. In the
petition signed by John Sambdman, CEO, the Debtor disclosed
$4,795,908 in assets and $5,833,867 in liabilities.
Ian Falcone, Esq., the Falcone Law Firm, PC, represents the Debtor
as legal counsel.
SAND RIDGE: Bankruptcy Administrator Unable to Appoint Committee
----------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Sand Ridge Development Assn., Inc.
About Sand Ridge Development Assn., Inc.,
Sand Ridge Development Assn., Inc. in Rich Square, N.C, filed its
voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case
No. 23-02678) on Sept. 14, 2023, listing $10 million to $50 million
in assets and $1 million to $10 million in liabilities. Alton
Williams, Jr., president, signed the petition.
Judge David M. Warren oversees the case.
Stevens Martin Vaughn & Tadych, PLLC serves as the Debtor's legal
counsel.
SCULLY ROYALTY: CCAA Proceedings Begin, Obtains $75M DIP Loan
-------------------------------------------------------------
Scully Royalty Ltd. (the "Company") (NYSE: SRL) on Oct. 13
disclosed that the operator of the Scully mine has obtained an
initial court order commencing proceedings under the Companies'
Creditor's Arrangement Act (Canada) ("CCAA").
In connection with the CCAA proceedings, the operator of the mine
announced that it had reached agreement for a US$75 million loan
facility (debtor-in-possession), which it stated will enable it to
continue operating in the ordinary course until a transaction or
restructuring is completed.
The Company currently has various outstanding claims against the
operator that are subject to a stay under the initial CCAA order,
including royalties for the second quarter of 2023 of approximately
C$5.865 million and a disputed claim for previously underpaid
royalties which was subject to arbitration.
"We are encouraged by this development as it provides the operator
with additional capital and a path towards increased production at
the Scully Mine," commented Samuel Morrow, Chief Executive Officer
of Scully Royalty. "We are an integral stakeholder of the Scully
Mine and our goal remains to maximize earnings and dividends to our
shareholders based upon our iron ore royalty interest over the
long-term."
SH 168: Seeks to Hire Northgate Real Estate Group as Broker
-----------------------------------------------------------
SH 168, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of New York to hire Northgate Real Estate Group as
its real estate broker in connection with a potential sale of real
property located at 142-28/30 38 Avenue, Flushing, NY.
Northgate will be paid a commission equal to 2.75 percent of the
gross purchase price of the property if the price is, or exceeds
$25,000,000; or 2.25 percent of the gross purchase price of the
property if the price is $25,000,000.
As disclosed in the court filings, the broker neither holds nor
represents any interests adverse to the Debtor's estate and is a
"disinterested person" within the meaning of Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Greg Corbin
NORTHGATE REAL ESTATE GROUP
433 5th Avenue, Fourth Floor
New York, NY 10016
Phone: (212) 419-9103
About SH 168, LLC
SH 168, LLC filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41864) on
May 25, 2023. At the time of filing, the Debtor estimated
$10,000,001 to $50 million in both assets and liabilities.
Judge Elizabeth S Stong presides over the case.
William X Zou, Esq. at Bill Zou & Associates PLLC represents the
Debtor as counsel.
SKINNY & CO: Seeks to Extend Plan Deadline to October 20
--------------------------------------------------------
Skinny & Co. asked the U.S. Bankruptcy Court for the District of
Indiana to extend its time to file a plan of reorganization to
October 20, 2023.
The Debtor's deadline for filing a plan was previously extended
to September 5, 2023.
The Debtor explained that its ability to reorganize is primarily
dependent upon its receipt of approximately $390,000 in Employee
Retention Credits (the "ERC Funds").
The Debtor stated, however, that:
(1) the ERC credit has not yet been approved by the IRS;
(2) that approval of the ERC credit is not dependent on the
Debtor having all prior tax returns filed; but
(3) once the ERC credit is approved by the IRS, the ERC
Funds will not be released to the Debtor until the
Debtor has become "filing compliant" with the IRS,
meaning the Debtor must catch up unfiled prepetition
tax returns.
The Debtor explained that it needs the extension to allow
sufficient time to learn whether its ERC application has been
approved by the IRS and to ensure it has become "filing
compliant" so the Debtor can receive the ERC Funds necessary to
propose a feasible plan of reorganization.
Skinny & Co. is represented by:
Wendy D. Brewer, Esq.
FULTZ MADDOX DICKENS PLC
333 N. Alabama Street, Ste. 350
Indianapolis, IN 46204
Tel: (317) 215.6220
Email: wbrewer@fmdlegal.com
About Skinny & Co.
Skinny & Co. is a skincare company offering chemical-free products
for skin, hair, and body.
Skinny & Co. filed its voluntary Chapter 11 petition (Bankr. S.D.
Ind. Case No. 23-01410) on April 7, 2023, with $390,275 in assets
and $2,954,157 in liabilities. Luke Geddie, president, signed the
petition.
Judge Jeffrey J. Graham presides over the case.
The Debtor tapped Wendy Brewer, Esq., at Fultz Maddox Dickens, PLC
as legal counsel and Brawley & Associates, PC as accountant.
SOLOMON ENTERPRISES: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Solomon Enterprises LLC
1515 Pennsylvania Avenue
Room 10G
Brooklyn, NY 11239
Business Description: Solomon Enterprises is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section
101(51B)).
Chapter 11 Petition Date: October 15, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-43726
Debtor's Counsel: Michael L. Previto, Esq.
MICHAEL L. PREVITO
150 Motor Parkway
Hauppauge NY 11788
Tel: 631-379-0837
Email; mchprev@aol.com
Total Assets: $1,100,000
Total Debts: $1,409,000
The petition was signed by David Borykhov as president/owner.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/6YGHBNY/Solomon_Enterprises_LLC__nyebke-23-43726__0001.0.pdf?mcid=tGE4TAMA
SPECIALTY DENTAL: Unsecureds to Get 64 Cents on Dollar in Plan
--------------------------------------------------------------
Specialty Dental Holdings, LLC, and its Debtor Affiliates filed
with the U.S. Bankruptcy Court for the Western District of Texas a
Plan of Reorganization dated October 10, 2023.
Specialty Dental Holdings, LLC (SDH), Specialty Dental Management,
LLC (SDM), and Grow Pediatric Management, LLC (GPM) were formed
from late 2021 to mid-2022 for the purpose of purchasing the assets
of two pre-existing pediatric dental clinics.
Consistent with restrictions in Texas law governing the corporate
practice of dentistry, the business is structured as a dental
service organization (DSO) involving three principal entities: (1)
SDH is the holding company, which owns and manages GPM; (2) GPM is
the operating management entity, which owns the non-clinical assets
related to the dental practices; and (3) SDM is the practice
entity, which owns the professional assets related to the dental
practices, oversees all clinical care at the dental practices, and
is owned by Dr. Yashodhara Singh.
The Debtors have struggled to improve operations and generate
sufficient profit, despite investments of time and services. In
recognizing the difficulties of the current situation, the officers
of the Debtors have endeavored to repair the Debtors' finances and
operations with the view of finding a viable purchaser for
substantially all of the operating assets of the Debtor, after
which funds would be available to address the debts accrued by the
Debtors during the approximately year in which they operated the
two respective offices. Efforts in this regard have been successful
as the Debtors have located a buyer who is willing to buy all the
assets of the Debtors under terms that would allow the Debtors to
have sufficient funds to repay creditors.
As part of this process, the Debtors have retained Holland &
Knight, LLP ("H&K") as special counsel to advise them on the
proposed sale of their assets to the buyer, and such employment was
approved by the Court on August 24, 2023. The Debtors have signed
an Asset Purchase Agreement to sell substantially all of their
assets. The Court has approved the sale which is expected to close
on or about October 19, 2023.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $1,448,438.27. The
projections do not take into account recoveries from litigation.
Any such recoveries would constitute additional disposable income.
The final Plan payment is expected to be paid on October 10, 2024.
This Plan of Reorganization proposes to pay creditors of the Debtor
from revenues received from operating its business.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at 64 cents on the dollar based on total unsecured claims of up to
$1,570,113.37 and projected payments to unsecured creditors of
$1,013,438.27. However, this is based on estimates which will vary
depending on administrative expenses and claims ultimately allowed.
This Plan provides for full payment of administrative expenses and
priority claims.
Class 3 consists of Unsecured Claims that are not patient claims,
subordinated claims or intercompany claims. The allowed unsecured
claims total $1,570,113.37. After Administrative Claims and claims
in classes 1 to 2 have been paid the amount of their Allowed
Claims, The Plan Trustee shall pay the creditors in Class 4 on a
pro rata basis. In the event that any creditor shall have claims
against more than one estate, it shall be entitled to a single
satisfaction of its Allowed Claim. This Class is impaired.
Class 7 consists of Equity Interests of Specialty Dental Holdings,
LLC. After Administrative Claims and claims in Classes 1-5 have
been paid the amount of their Allowed Claims, the Plan Trustee
shall remit the remaining funds in the Plan Trustee account to
Specialty Dental Holdings, LLC for distribution to its equity
holders in accordance with their respective membership interests.
Michael Colvard, the SubV Trustee, shall serve as Plan Trustee. The
Plan Trustee shall have the authority to employ professionals
without the need for further court order. The Plan Trustee shall be
deemed to be an estate representative under Section 1123(b)(3)(B)
of the Bankruptcy Code. The power to pursue, release or compromise
claims and causes of action belonging to the estates shall be
vested in the Plan Trustee.
The monies to fund the Plan shall consist of: (i) all monies held
by any of the Debtors on the Effective Date; (ii) all monies owed
to the Debtors on the Effective Date, specifically including the
pediatric dental receivables; and (iii) all monies recovered by the
Plan Trustee from pursuing Estate Causes of Action.
A full-text copy of the Chapter 11 Plan dated October 10, 2023 is
available at https://urlcurt.com/u?l=7JGQbB from PacerMonitor.com
at no charge.
Attorney for the Debtor:
Charles I. Murnane, Esq.
Barron & Newburger, PC
7320 N. MoPac Expy, Suite 400
Austin, TX 78731
Tel: (512) 476-9103
Fax: (512) 279-0310
About Specialty Dental Holdings
Specialty Dental Holdings, LLC filed Chapter 11 petition (Bankr.
W.D. Texas Case No. 23-10498) on July 10, 2023, with as much as
$50,000 in assets and $500,001 to $1 million in liabilities.
Judge Shad Robinson oversees the case.
Stephen W. Sather, Esq., at Barron & Newburger, PC is the Debtor's
legal counsel. Holland and Knight, LLP as special counsel.
SPIRIPLEX INC: Wins Cash Collateral Access Thru Nov 7
-----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, authorized Spiriplex, Inc. to use cash collateral
on an interim basis in accordance with the budget, with a 10%
variance, through November 7, 2023.
The Court said the Debtor may only pay professionals after the
professional fees are approved by further Court order.
In return for the Debtor's continued interim use of cash
collateral, the U.S. Small Business Administration is granted the
following adequate protection for its purported secured interests
in cash collateral equivalents, including the Debtor's cash,
accounts receivable and inventory, among other collateral:
A. The Debtor will permit the SBA to inspect, upon reasonable
notice, and within reasonable business hours, the Debtor's books
and records;
B. The Debtor will maintain and pay premiums for insurance to
cover all of its assets from fire, theft and water damage;
C. The Debtor will, upon reasonable request, make available to
the SBA evidence of that which purportedly constitutes their
collateral or proceeds;
D. The Debtor will properly maintain the collateral and
properly manage the collateral; and
E. The Debtor will grant a replacement lien to the SBA to the
extent of its prepetition lien, and attaching to the same assets of
the Debtor in which the SBA asserted pre-petition liens.
A further hearing on the matter is set for November 21, 2023 at
1:30 p.m.
A copy of the Court's order is available at
https://urlcurt.com/u?l=uSJkp3 from PacerMonitor.com.
About Spiriplex, Inc.
Spiriplex, Inc. specializes in micro-sample allergenic diagnostics,
providing clinical laboratory services throughout the U.S. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ill. Case No. 23-02773) on March 1, 2023. In the
petition signed by David C. Fleisner, CEO, the Debtor disclosed up
to $500,000 in assets and up to $10 million in liabilities.
Judge Jacqueline Cox oversees the case.
Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman, serves as
counsel to the Debtor.
SPITFIRE ENERGY: Seeks to Hire Phillips Murrah PC as Attorney
-------------------------------------------------------------
Spitfire Energy Group LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire Phillips Murrah
P.C. as its attorneys.
Phillips Murrah will render these legal services:
(a) advise the Debtor regarding its powers and duties in the
continued operation of its business;
(b) take all necessary action to protect and preserve the
Debtor's estate;
(c) prepare legal papers;
(d) negotiate, prepare, and file a plan of reorganization and
related disclosure statements and all related documents, and
otherwise promote the financial rehabilitation of the Debtor; and
(e) perform all other necessary legal services.
The hourly rates of Phillips Murrah's attorneys and staff are as
follows:
Clayton D. Ketter, Director $375
Jason M. Sansone, Associate $335
Maribeth D. Mills, Certified Bankruptcy Assistant $160
In addition, Phillips Murrah will seek reimbursement for expenses
incurred.
Clayton Ketter, a director at Phillips Murrah, 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:
Clayton D. Ketter, Esq.
PHILLIPS MURRAH P.C.
3710 Rawlins Street, Suite 900
Dallas, TX 75219
Telephone: (405) 235-4100
Facsimile: (405) 235-4133
Email: cdketter@phillipsmurrah.com
About Spitfire Energy Group LLC
Spitfire Energy Group LLC is a strategic midstream and water
management provider and currently operates commercial saltwater
disposal facilities in the Texas panhandle with over 165 miles of
pipeline gathering and a disposal capacity of over 100,000 barrels
per day. Such facilities are primarily located in Hemphill County
and Wheeler County, Texas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-20186) on September
1, 2023. In the petition signed by David D. Le Norman, manager, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Robert L. Jones oversees the case.
Clayton D. Ketter, Esq., at Phillips Murrah P.C., represents the
Debtor as legal counsel.
SUPPLY CHAIN: Unsecureds to Split $350K over 5 Years
----------------------------------------------------
Supply Chain Warehouses Savannah, LLC, filed with the U.S.
Bankruptcy Court for the Southern District of Georgia a Third
Amended Plan of Reorganization dated October 10, 2023.
The Debtor is a Georgia limited liability company formed on or
about July 10, 2020. The Debtor is a third party logistic ("3PL")
business that performs warehouse, transload, repackaging, and other
related logistical services for the transportation industry.
The Debtor is owned by Timothy Mark Cobb and Phillip L. Stover, who
both own an equal 50% interest in the Debtor. The Debtor began
operation at 605 Expansion Boulevard, Port Wentworth Georgia ("605
Expansion Blvd") on the date of formation.
In June 2023, the landlord of 605 Expansion Blvd began its default
and lease termination process. As a result, the Debtor filed this
bankruptcy to reorganize its affairs by, among other things,
ceasing operation of non-profitable locations, curing lease
arrearages, and restructuring debts to allow repayment without
diverting revenue from operating expenses.
This Plan deals with all property of Debtor and provides for
treatment of all Claims against Debtor and its property.
Class 5 shall consist of the General Unsecured Claims-
$2,360,716.21. Debtor shall pay Holders of Allowed General
Unsecured Claims a guaranteed minimum equal to their pro-rata share
of $350,000.00 without interest ("Guaranteed Minimum"). The
Guaranteed Minimum equals the Debtor's projected disposable income
after payment of expenditures necessary for the continuation,
preservation, or operation of the business of the Debtor and
payments required under this Plan. The Guaranteed Minimum shall be
paid in five annual disbursements ("Annual Disbursements").
Upon payment of each of the Annual Disbursements, the Holders of
the Allowed General Unsecured Claims shall have been paid their
full amount of their pro-rata portion of Guaranteed Minimum. There
shall be no pre-payment penalty.
Notwithstanding any provision to the contrary, in the event the
Holder of an Allowed General Unsecured Claim shall receive an
aggregate distribution of $10.00 or less under the terms of the
Plan, the Debtor shall be authorized to make a single distribution
to the Holder of the Allowed General Unsecured Claim of the total
amount to be received under the terms of the Plan on the first
annual installment payment date established in Class 5 as payment
in full of the obligations of the Debtor to the Holder of such an
Allowed General Unsecured Claim.
In the event the Debtor pursues and recovers funds under any
Avoidance Action, the Debtor shall distribute the proceeds pro
rata, to the Holder of Allowed General Unsecured Claims, but only
after the Debtor has (i) first made payment of cost of collection,
including, but not limited, to attorneys' fees and costs,
professional fees, expert fees, and fees and costs ("Collection
Costs"), and (ii) then, pro-rata, to the balance of any
Unclassified Tax Claims, if any, until paid in full.
Class 4 consists of the Interests Claim of Stover and Cobb. Stover
and Cobb shall retain their ownership interest in and of the
Debtor.
The source of funds for the payments pursuant to the Plan is the
continued operation of the Business.
A full-text copy of the Third Amended Plan dated October 10, 2023
is available at https://urlcurt.com/u?l=AjrCm0 from
PacerMonitor.com at no charge.
Attorney for Debtor:
Jon A. Levis, Esq.
Levis Law Firm, LLC
Post Office Box 129
Swainsboro, GA 30401
Telephone: (478) 237-7029
Email: levis@merrillstone.com
About Supply Chain Warehouses Savannah
Supply Chain Warehouses Savannah, LLC, operates warehousing and
storage facility.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ga. Case No. 23-40540) on June 23,
2023. In the petition signed by Phillip Lowell Stover, managing
member, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Edward J. Coleman III oversees the case.
Jon Levis, Esq., at Levis Law Firm, LLC, is the Debtor's legal
counsel.
TACORA RESOURCES: Enters CCAA Proceedings, Obtains $75M DIP Loan
----------------------------------------------------------------
Tacora Resources Inc. has obtained an order (the "Initial Order")
from the Ontario Superior Court of Justice (Commercial List) (the
"Court") commencing proceedings (the "CCAA Proceedings") under the
Companies' Creditors Arrangement Act (the "CCAA"). The Initial
Order includes, among other things: (a) a stay of proceedings in
favour of Tacora; (b) approval of the DIP Facility (as described
below); and (c) appointment of FTI Consulting Canada Inc. as
monitor of Tacora (in such capacity, the "Monitor").
In connection with the CCAA Proceedings, Tacora has reached
agreement for a $75 million debtor-in-possession facility (the "DIP
Facility") with Cargill, Incorporated ("Cargill"). The CCAA
Proceedings and DIP Facility will enable Tacora to continue
operating in the ordinary course and complete a strategic sales and
investment solicitation process to pursue alternatives and develop
a transaction that will allow Tacora to emerge as a strong and
sustainable operation and continue its efforts to ramp up
production at the Scully Mine.
During the CCAA Proceedings, operations of the Company will
continue in the normal course. The board of directors of the
Company remains in place and management remains responsible for the
day-to-day operations. Greenhill & Co. Canada Ltd. is acting as
financial advisor to Tacora and Stikeman Elliott LLP is acting as
legal advisor.
A copy of the Initial Order and more information related to the
CCAA Proceedings can be obtained on the Monitor's website at
http://cfcanada.fticonsulting.com/Tacora.Information regarding
CCAA Proceedings can also be obtained by calling the Monitor's
hotline at 1-833-420-9074 or by email at tacora@fticonsulting.com.
About Cargill
Cargill -- http://www.Cargill.com-- provides food, agriculture,
financial and industrial products and services to the world.
Cargill and its affiliates are existing stakeholders of Tacora and
party to various existing operational agreements with Tacora.
Together with farmers, customers, governments and communities,
Cargill helps people thrive by applying our insights and 151 years
of experience. Cargill has more than 150,000 employees in 70
countries who are committed to feeding the world in a responsible
way, reducing environmental impact and improving the communities
where we live and work. Cargill is active in global ferrous
markets, offering tailored physical supply and financial solutions
in iron ore and steel.
About Tacora Resources Inc.
Tacora -- http://www.tacoraresources.com-- is a private company
that is focused on the production and sale of high-grade and
quality iron ore products that improve the efficiency and
environmental performance of steel making and, subject to final
process verification and economic assessment, the development of a
high purity manganese product for advanced battery technology. The
Company owns and operates the Scully Mine, an iron ore concentrate
producer located near Wabush, Newfoundland and Labrador, Canada
with a production capacity of six million tonnes per year.
TAGRISK LLC: Taps Carney Badley and Scheer.Law as Special Counsel
-----------------------------------------------------------------
Tagrisk, LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Georgia to hire Carney Badley Spellman, P.S.
and Scheer.Law, PLLC as its special co-counsel in prosecuting an
appeal.
A large Default Judgment was entered against the Debtor in the
Washington Suit on Feb 19, 2021, and the Debtor was unaware of the
entry of the Default Judgment until the plaintiffs took action to
enforce the Default Judgment by initiating a garnishment proceeding
against in December, 2022. The Debtor filed its notice of appeal on
March 14, 2023, and that appeal is pending in the Washington Court
of Appeals, No. 85096-2.
By this application, the Debtor requests authorization to employ
Carney and Scheer
as special co-counsel to the Debtor in prosecuting the Appeal.
Carney's present hourly rates are:
Shareholders $450 - $550
Associates $350
Paralegals $250
Scheer.Law's present hourly rates are:
Attorneys $295
Paralegals $195
As disclosed in the court filings, Carney Badley Spellman and
Scheer.Law represent no interests adverse to Debtor in the matters
upon which the firms are to be engaged.
The firms can be reached through:
Rory D. Cosgrove, Esq.
CARNEY BADLEY SPELLMAN, P.S.
701 Fifth Avenue, Suite 3600
Seattle, WA 98104
Phone: (206) 622-8020
Email: cosgrove@carneylaw.com
- and -
Jennifer L. Crow, Esq.
SCHEER.LAW PLLC
2101 Fourth Ave, Suite 830
Seattle, WA 98121
Phone: (206) 800-4070
Email: jen@scheer.law
About Tagrisk, LLC
Tagrisk is an insurance agency in Huntington Beach, California.
Tagrisk, LLC filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-55024) on
August 21, 2023, listing $500,000 to $1 million in assets and $10
million to $50 million in liabilities. The petition was signed by
Larry Anaya as executive vice president.
J. Robert Williamson, Esq. at SCROGGINS & WILLIAMSON, P.C.
represents the Debtor as counsel.
TAMPA BAY PLUMBERS: Unsecureds to Split $200K in 5 Years
--------------------------------------------------------
Tampa Bay Plumbers, LLC, filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Plan of Reorganization dated
October 10, 2023.
The Debtor either directly, or through its wholly owned
subsidiaries Ypoxi, Inc. and Tampa Bay Septic and Environmental,
LLC, provides plumbing, drain, and septic services to commercial
and residential customers.
The Plan proposes to pay creditors of the Debtor from the Debtor's
current and future earnings.
This Plan provides for 1 class of priority claims; 42 classes of
secured claims; 1 class of general unsecured claims; and 1 class of
equity security holders. Unsecured creditors holding allowed claims
will receive a pro rata distribution of their allowed claim payable
over five years. This Plan also provides for the payment of
administrative and priority claims under the terms to the extent
permitted by the Code or by agreement between the Debtor and the
claimant.
Class 39 consists of General Unsecured Claims. Claimants will be
paid their pro rata share of $200,000 in twenty quarterly payments,
without interest, with payments commencing on the start of the
calendar quarter immediately following the Effective Date of
Confirmation and continuing for a total of twenty consecutive
quarters. In the event that this quarter starts less than 30 days
after the entry of the Confirmation Order, payment shall not
commence until the following quarter.
Promissory notes will be issued to each creditor in this class with
allowed claims to evidence payments, which promissory notes shall
be enforceable in any Court of Competent Jurisdiction. The amount
of the pro rata distribution will be considered final and binding
30 days after the filing of the Certificate of Substantial
Consummation by the Debtor.
Class 40 consists of Equity Security Holders of the Debtor. Equity
will retain ownership in the Debtor post-confirmation. No
distributions will be made to equity until such time as all
payments in Class 39 have been made.
Ryan Pelky will continue to manage the Debtor post-confirmation.
The Plan will be funded by the current and future income earned by
the Debtor and/or any employee retention credit the Debtor may
receive from the Internal Revenue Service.
A full-text copy of the Plan of Reorganization dated October 10,
2023 is available at https://urlcurt.com/u?l=Da7UPo from
PacerMonitor.com at no charge.
Attorney for Debtor:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
9301 West Hillsborough Avenue
Tampa, Florida 33615-3008
Telephone: (813) 877-4669
Office Email: All@tampaesq.com
Email: Buddy@tampaesq.com
Email: Jonathan@tampaesq.com
Email: Heather@tampaesq.com
About Tampa Bay Plumbers
Tampa Bay Plumbers, LLC, provides plumbing, drain, and septic
services to commercial and residential customers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02904) on July 10,
2023. In the petition signed by Ryan J. Pelky, its manager, the
Debtor disclosed $1,781,764 in assets and $4,418,145 in
liabilities.
Judge Catherine Peek McEwen oversees the case.
Buddy D. Ford, Esq., is the Debtor's legal counsel.
TEHUM CARE: Seeks to Extend Plan Acceptances to Jan. 9, 2024
------------------------------------------------------------
Tehum Care Services Inc. asked the U.S. Bankruptcy Court for the
Southern District of Texas to extend its exclusive periods to
file a chapter 11 plan and solicit acceptances thereof to October
11, 2023 and January 9, 2024, respectively.
Unless extended, the Debtor's filing exclusivity period ends on
September 11, 2023 and its solicitation exclusivity period will
expire on November 10, 2023.
The Debtor stated that, together with the official committee of
unsecured creditors, a global settlement has been reached with
the mediation parties that will provide a meaningful recovery to
creditors. The Debtor further stated that they intend to
document the settlement via a joint chapter 11 plan of
liquidation. The Debtor explained however, that they need a
brief additional extension of the filing exclusivity period to
draft and file the plan.
Moreover, given the number of pro se litigants and incarcerated
individuals that have filed claims in this chapter 11 case, the
Debtor explained that they need a lengthier time to solicit votes
for the plan to provide such claimants with a fair opportunity to
vote on the plan.
Tehum Care Services Inc. is represented by:
Jason S. Brookner, Esq.
Aaron M. Kaufman, Esq.
Lydia R. Webb, Esq.
Amber M. Carson, Esq.
1300 Post Oak Boulevard, Suite 2000
Houston, TX 77056
Tel: (713) 986-7127
Email: jbrookner@grayreed.com
akaufman@grayreed.com
lwebb@grayreed.com
acarson@grayreed.com
About Tehum Care Services
Tehum Care Services Inc., doing business as Corizon Health
Services Inc., is a privately held prison healthcare contractor
in the United States. It is based in Brentwood, Tenn.
Tehum Care Services filed a petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Texas Case No. 23-90086) on
Feb. 13, 2023. In the petition filed by Russell A. Perry, as
chief restructuring officer, the Debtor reported assets between
$1 million and $10 million and liabilities between $10 million
and $50 million.
Judge Christopher M. Lopez oversees the case.
The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel;
Bradley Arant Boult Cummings, LLP as special litigation counsel;
and Ankura Consulting Group, LLC as financial advisor. Russell A.
Perry, senior managing director at Ankura, serves as the Debtor's
chief restructuring officer. Kurtzman Carson Consultants, LLC is
the claims, noticing and solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
The committee is represented by Stinson, LLP.
TIMOTHY HILL: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: Timothy Hill Children's Ranch, Inc.
298 Middle Country Road
Riverhead, NY 11901
Business Description: The Debtor owns and operates transitional
housing programs for troubled teens and
young adults.
Chapter 11 Petition Date: October 16, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-73821
Judge: Hon. Louis A. Scarcella
Debtor's Counsel: Heath S. Berger, Esq.
BERGER, FISCHOFF, SHUMER, WEXLER & GOODMAN, LLP
6901 Jericho Turnpike
Suite 230
Syosset, NY 11791
Phone: 516-747-1136
Email: hberger@bfslawfirm.com/
gfischoff@bfslawfirm.com
Total Assets: $13,637,708
Total Liabilities: $4,841,336
The petition was signed by Thaddaeis Hill as executive director.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/V7DHOSQ/Timothy_Hill_Childrens_Ranch_Inc__nyebke-23-73821__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Bento Vendor $25,000
PO Box 190608
San Francisco, CA 94119
2. Cerini & Associates Services $24,000
3340 Veterans
Memorial Highway
Bohemia, NY 11716
3. Chase Bank Credit Card $28,066
PO Box 15298
Wilmington, DE
19850-5298
4. Devitt Spellman Legal Fees $10,650
Barrett LLP
50 Route 111
Smithtown, NY
11787
5. Dime Credit Card $17,350
15 Frowein Road
Suite A-3
Center Moriches, NY 11934
6. Eric Rogers CPA Services $3,000
Rogers and Company CPA
534 Broadhollow Road
Melville, NY 11747
7. GardaWorld Security Services Services $5,437
PO Box 843886
Kansas City, MO
64184-3886
8. Griffing Hardware Co Vendor $4,235
PO Box 448
Riverhead, NY
11901-0448
9. Hampton Hills Golf Vendor $6,505
& Country Club
PO Box 1087
Westhampton, NY 11978
10. J&S Construction Vendor $173,492
1843 Forman Drive
Cookeville, TN
38501
11. Joseph Germana Vendor $3,930
12 Rose Lane
Wallkill, NY 12589
12. MityLife Inc Vendor $4,082
PO Box 732698
Dallas, TX
75373-2698
13. Peconic Bay Services $7,646
Medical Center
PO Box 350
Plainview, NY
11803-0350
14. Philadelphia Insurance Premiums $14,455
Companies
PO Box 70251
Philadelphia, PA
19176-0251
15. Pryor Cashman LLP Legal Fees $25,071
PO Box 22556
New York, NY
10087-2556
16. Riverhead Building Supply Vendor $4,045
250 David Court
Calverton, NY 11933
17. Sidhal Industries LLC Vendor $6,178
176 Front Street
Hempstead, NY
11550
18. Talmage Enterprises Ltd Vendor $3,636
1122 Osborne Avenue
Riverhead, NY 11901
19. Tech360 Vendor $3,400
4 Sunflower Court
Holtsville, NY 11742
20. Westside Nutrition Vendor $25,000
1909 E Beebe Capps Expy
Searcy, AR 72143
TOLIAO IOROI: Court OKs Cash Collateral Access Thru Dec 7
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California
authorized Toliao Ioroi Holding, LLC to use cash collateral on an
interim basis in accordance with the budget, through December 7,
2023.
As previously reported by the Troubled Company Reporter, the Debtor
requires the use of cash collateral to pay for all necessary
post-petition operating expenses including materials, salary, rent,
maintenance, supplies, payroll taxes, utility bills, and merchant
fees.
Ioroi has been managing Cassava, a restaurant for 11 years. The
first location was at 3519 Balboa St, San Francisco, CA 94121, and
the debtor moved to 401 Columbus Ave, San Francisco, CA 94133 on
August 15, 2021. The Debtor secured a SBA guaranteed loan from Main
Street Launch in 2018 for $250,000 for working capital. The debtor
signed a ten-year lease for the Columbus location, which required
extensive tenant improvement.
During the COVID pandemic, the Debtor received two loans through
the Small Business Administration's Economic Injury Disaster Loans.
The Debtor also secured a $150,000 loan from BayFirst National Bank
for tenant improvement. The Debtor officially opened the Columbus
location in October 2022, but the location's revenues are
significantly lower than projections, and the Debtor has fallen
behind on loan payments and sales tax payments. The debtor borrowed
$250,000 from Main Street Launch, $464,400 from SBA, $500,00 from
BayFirst National Bank, and $350,000 from Newtek Small Business
Finance, LLC.
The Debtor is directed to pay adequate protection payments to Main
Street Launch in the amount of $1,265 per month and SBA in the
amount of $2,263 per month for the First SBA loan and $257 per
month for the Second SBA loan.
A continued hearing on the matter is set for December 7, 2023 at 10
a.m.
A copy of the order is available at https://urlcurt.com/u?l=0aWvUz
from PacerMonitor.com.
About Toliao Ioroi
Toliao Ioroi Holding, LLC operates a restaurant in California with
indoor and outdoor seating.
The Debtor filed Chapter 11 petition (Bankr. N.D. Calif. Case No.
23-30498) on July 26, 2023, with $718,637 in assets and $2,982,464
in liabilities. Yuka Ioroi, president, signed the petition.
Judge Hannah L. Blumenstiel oversees the case.
Kevin Tang, Esq., at Tang & Associates represents the Debtor as
counsel.
TRANSOCEAN LTD: Holders Agree to Swap US$101M Bonds for Shares
--------------------------------------------------------------
Transocean Ltd. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that, as part of its ongoing efforts to
optimize its capital structure, Transocean Inc., a wholly owned
subsidiary of the Company, entered into individually negotiated
agreements (i) on Oct. 3, 2023 with certain holders of its 4.0%
Senior Guaranteed Exchangeable Bonds due 2025, and (ii) on Oct. 4,
2023 with certain holders of its 4.625% Senior Guaranteed
Exchangeable Bonds due 2029.
Pursuant to the 2025 EB Agreements, (i) the 2025 EB Holders agreed
to exercise their rights to exchange US$60,000,000 aggregate
principal amount of 2025 Exchangeable Bonds for 11,428,568 shares,
CHF 0.10 par value, of the Company in accordance with the exchange
ratio and other terms of that certain Indenture, dated Feb 26,
2021, by and among Transocean Inc., the guarantors party thereto
and Computershare Trust Company, N.A., as successor trustee to
Wells Fargo Bank, National Association, and (ii) Transocean Inc.
agreed to deliver, in consideration therefor, in aggregate
1,921,298 additional Shares to such 2025 EB Holders. Pursuant to
the 2029 EB Agreements, (i) the 2029 EB Holders agreed to exercise
their rights to exchange US$41,000,000 aggregate principal amount
of 2029 Exchangeable Bonds for 11,917,130 Shares in accordance with
the exchange ratio and other terms of that certain Indenture, dated
Sept. 30, 2022, by and among Transocean Inc., the guarantors party
thereto and Truist Bank, as trustee, and (ii) Transocean Inc.
agreed to deliver, in consideration therefor, in aggregate
1,223,550 additional Shares to such 2029 EB Holders.
The issuances of Shares to the 2025 EB Holders and the 2029 EB
Holders are exempt pursuant to Section 4(a)(2) of the Securities
Act of 1933, as amended, which exempts transactions by an issuer
not involving a public offering.
About Transocean
Transocean Ltd. is an international provider of offshore contract
drilling services for oil and gas wells. The Company provides, as
its primary business, contract drilling services in a single
operating segment, which involves contracting its mobile offshore
drilling rigs, related equipment and work crews to drill oil and
gas wells.
Transocean Ltd. reported a net loss of $621 million for the year
ended Dec. 31, 2022, a net loss of $591 million for the year ended
Dec. 31, 2021, a net loss of $568 million for the year ended Dec.
31, 2020 and a net loss of $1.25 billion for the year ended Dec.
31, 2019. As of June 30, 2023, the Company had $20.21 billion in
total assets, $1.14 billion in total current liabilities, $8.66
billion in total long-term liabilities, and $10.40 billion in total
equity.
As of March 31, 2023, the Company had $20.19 billion in total
assets, $1.05 billion in total current liabilities, $8.81 million
in total long-term liabilities, and $10.32 billion in total
equity.
* * *
As reported by the TCR on Sept. 28, 2023, S&P Global Ratings raised
its issuer credit rating on offshore drilling contractor Transocean
Ltd. to 'CCC+' from 'CCC'. S&P said, "The upgrade reflects
improved rig demand, higher day rates, and our view that there is
reduced near-term risk of a distressed debt exchange or balance
sheet restructuring."
UETEK: Seeks to Hire OKeefe & Associates Law as Insolvency Counsel
------------------------------------------------------------------
UETEK seeks approval from the U.S. Bankruptcy Court for the Central
District of California to hire OKeefe & Associates Law Corporation,
P.C. as its general insolvency counsel.
The firm will render these legal services:
a. advise the Debtor with respect to his rights, powers,
duties, and obligations as Debtor-in-possession in the
administration of this case, the management of his business
affairs, and the management of his property;
b. advise and assist the Debtor with respect to compliance
with the requirements of the Office of the United States Trustee;
c. advise the Debtor regarding matters of bankruptcy law,
including the rights and remedies of the Debtor with respect to his
assets and with respect to the claims of creditors;
d. represent the Debtor in any proceedings or hearings in the
Bankruptcy Court related to bankruptcy law issues;
e. advise, assist, and represent the Debtor in connection with
the Estate's claims against the MCAs as well as defend the Estate
against the claims asserted by the MCAs Lenders;
f. conduct examinations of witnesses, claimants, or adverse
parties, and prepare and assist in the preparation of reports,
accounts and pleadings related to the Debtor's Chapter 11 case;
g. advise the Debtor regarding its legal rights and
responsibilities under the Bankruptcy Code and the Federal Rules of
Bankruptcy Procedure;
h. assist the Debtor in the negotiation, preparation, and
confirmation of a plan of reorganization; and
i. perform any other necessary legal services for the Debtor
incident to the Bankruptcy Case.
OKeefe's hourly rates are:
Sean A. OKeefe $795
Michael N. Nicastro (Of Counsel) $595
Paraprofessionals $200
Sean A. OKeefe, Esq., member of OKeefe & Associates, attests that
the firm is a "disinterested person" within the meaning of sections
101(14) and 327 of the Bankruptcy Code and it does not represent
any interest adverse to the Debtors or their estates.
The firm can be reached through:
Sean A. O'Keefe, Esq.
OKEEFE & ASSOCIATES LAW CORPORATION, P.C.
30 Newport Center Dr
Newport Beach, CA 92660
Phone: (949) 334-4135
About UETEK
UETEK -- https://UETEK.COM -- is a wholesaler of grocery and
related products.
UETECK sought relief under Subchapter V of Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-14201) on Sept. 15,
2023. In the petition filed by Hsiang Woodby, as chief executive
officer, secretary, chief financial officer, the Debtor reports
total assets of $779,202 and total liabilities of $1,976,556.
The Honorable Bankruptcy Judge Wayne E Johnson oversees the case.
The Debtor is represented by Sean A OKeefe, Esq. at OKeefe & Assoc.
Law Corp., P.C.
VELSICOL CHEMICAL: Seeks to Hire BMC Group Inc as Noticing Agent
----------------------------------------------------------------
Velsicol Chemical LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Northern District of Illinois to hire
BMC Group, Inc. as noticing, claims, and balloting agent.
The firm will render these services:
a. relieve the Court of all noticing under any applicable
Bankruptcy Rule, including those relating to the institution of any
claims bar date and the processing of claims;
b. file with the Court a certificate of service, within 10
days after each service, a list of persons to whom service was made
and the manner and date thereof;
c. maintain an up-to-date mailing list of all entities that
have requested service of pleadings in this case and a master
service list of creditors and other parties in interest, which
lists shall be available upon request of the Court;
d. assist the Debtors with administrative tasks in the
preparation of their Schedules of Assets and Liabilities and
Statement of Financial Affairs;
e. provide balloting services in connection with the
solicitation process for any chapter 11 plan;
f. at any time, upon request, satisfy the Court that it has
the capability to efficiently and effectively notice, docket and
maintain proofs of claim;
g. furnish notice(s) of bar date(s) approved by the Court for
the filing of proofs of claim (including the coordination of
publication, if necessary) and a form for filing a proof of claim
to each party notified of the filing;
h. maintain all proofs of claim filed against the Debtors'
estates;
i. maintain an official claims register by docketing all
proofs of claim on a register containing certain information;
j. maintain the original proofs of claim in correct claim
number order, in an environmentally secure area, and protect the
integrity of these original documents from theft and/or
alteration;
k. transmit to the Court an official copy of the claims
register on a monthly basis, unless requested in writing by the
Court on a more/less frequent basis;
l. maintain an up-to-date mailing list for all entities that
have filed a proof of claim, which list shall be available upon
request of a party in interest or the Court;
m. provide access to the public for examination of copies of
the proofs of claim or proofs of interest filed in this case
without charge during regular business hours;
n. record all transfers of claims under Bankruptcy Rule
3001(e) and provide notice of the transfer as required by
Bankruptcy Rule 3001(e);
o. maintain Court orders concerning claims resolution;
p. make all original documents available to the Court upon
request on an immediate basis; and
q. promptly comply with such further conditions and
requirements as the Court.
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 received from the Debtors a retainer of $7,500.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Tinamarie Feil, co-founder of BMC Group, disclosed in a court
filing that she is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Tinamarie Feil
BMC Group, Inc.
3732 W. 120th Street
Tel: (206) 499-2169
Email: tfeil@bmcgroup.com
About Velsicol Chemical LLC
Velsicol is a technology company in the industrial intermediate
chemicals industry serving the global polymer additives as well as
flame retardant markets.
Velsicol Chemical LLC and its affiliates files their voluntary
petition for relief under Chapter 11 of the Bankrutpcy Code (Bankr.
N.D. Ill. Lead Case No. 23-12544) on Sep. 21, 2023. The petitions
were signed by Timothy Horn as authorized representative of the
Debtors. At the time of filing, the Debtor estimated $1 million to
$10 million in assets and $10 million to $50 million in
liabilities.
Judge David D. Cleary oversees the case.
Jeffrey M. Schwartz, Esq. at MUCH SHELIST PC represents the Debtors
as counsel.
VENATOR MATERIALS: Completes Chapter 11 Recapitalization Process
----------------------------------------------------------------
Venator Materials PLC, a global manufacturer and marketer of
chemical products, has successfully completed its Chapter 11
recapitalization process and has emerged with an improved balance
sheet and lower debt. The Company is now better positioned to
address macroeconomic and market challenges. Venator's
recapitalization plan was confirmed by the Bankruptcy Court on July
25, 2023.
Venator entered into a restructuring process following
unprecedented macroeconomic headwinds, including significantly
lower product demand and higher raw material and energy costs. The
Company has significantly reduced its debt from more than $1
billion to approximately $200 million upon emergence. The majority
of the Company's recapitalized equity is now owned by its former
lenders by virtue of the equitization of the Company's prepetition
debt. It is expected that the Company's credit rating will improve
in due course to reflect its improving credit profile.
In connection with its emergence, Venator has formed a new Board of
Directors for the reorganized company comprised of senior
executives who have extensive experience and sector expertise, to
guide the future strategic direction of the Company. The new Board
members are: Katherine Harper (Chairperson), Arjen de Leeuw Den
Bouter, Bart de Jong, E. Bryan Snell and Fried-Walter Münstermann.
Their biographies are below. Both Simon Turner, President and Chief
Executive Officer, and Jame Donath, who was appointed to the Board
in January 2023 in connection with the recapitalization process,
will retain their existing Board positions.
Simon Turner, President and Chief Executive Officer of Venator,
said: "Against the backdrop of unprecedented macroeconomic
headwinds, we have stayed focused on stabilising the business and
acting in the best interests of our stakeholders. The
recapitalization provides us with an improved capital structure and
balance sheet. We are now better positioned to address what
continues to be a challenging market. Venator has great potential
for long-term future growth and the new Board will work closely
alongside management to develop a strategy to drive sustainable
value for our stakeholders. Thank you to the Venator team around
the world, our creditors, advisors, and of course our customers and
vendors for your confidence and support throughout this process. I
would also like to thank the outgoing Board members for their hard
work and dedication."
In connection with the pre-packaged Chapter 11 and recapitalization
process, Venator has been assisted by Moelis & Company and Kirkland
& Ellis as respective financial and legal advisors, in addition to
Alvarez & Marsal as operational advisor and Epiq Corporate
Restructuring, LLC as claims, noticing, and solicitation agent.
Additional information may be found at:
dm.epiq11.com/case/venator.
About Venator
Venator is a global manufacturer and marketer of chemical products
that comprise a broad range of pigments and additives that bring
color and vibrancy to buildings, protect and extend product life,
and reduce energy consumption. It markets its products globally to
a diversified group of industrial customers through two segments:
Titanium Dioxide, which consists of our TiO(2) business, and
Performance Additives, which consists of our functional additives,
color pigments and timber treatment businesses. Based in Wynyard,
U.K., Venator employs approximately 2,800 associates and sells its
products in more than 106 countries.
VESTTOO LTD: Committee Taps Greenberg Traurig as Counsel
--------------------------------------------------------
The official committee of unsecured creditors of Vesttoo Ltd. and
its affiliates seeks approval from the U.S. Bankruptcy Court for
the District of Delaware to hire Greenberg Traurig, LLP as its
counsel.
The firm will render these services:
(a) advise the Committee with respect to its rights, duties,
and powers in these Cases;
(b) assist and advise the Committee in its consultations with
the Debtors in connection with the administration of these Cases;
(c) assist the Committee in its investigation of the acts,
conduct, assets, liabilities, and financial condition of the
Debtors, operation of the Debtors' business and the desirability of
continuing or selling such business and/or assets under Bankruptcy
Code section 363, the formulation of a Chapter 11 plan, and other
matters relevant to these Cases;
(d) assist the Committee in analyzing the claims of the
Debtors' creditors and the Debtors' capital structure and in
negotiating with holders of claims and equity interests, including
analysis of possible objections to the nature, extent, validity,
priority, amount, subordination, or avoidance of claims and/or
transfers of property in consideration of such claims;
(e) advise and represent the Committee in connection with
matters generally arising in these Cases, including the obtaining
of credit, the sale of assets, any litigation or adversary
proceeding, and the rejection or assumption of executory contracts
and unexpired leases;
(f) appear before this Court, and any other federal, state, or
appellate court;
(g) prepare, on behalf of the Committee, any pleadings,
including without limitation, motions, memoranda, complaints,
objections, and responses to any of the foregoing; and
(h) perform such other legal services.
The firm will be paid at these rates:
Shareholders $500 to $1,900 per hour
Of Counsel $500 to $1,790 per hour
Associates $400 to $1,100 per hour
Paralegals $175 to $570 per hour
Anthony Clark, Esq., senior counsel at Greenberg Traurig, disclosed
in a court filing that the firm is a "disinterested person"
pursuant to Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Anthony W. Clark, Esq.
GREENBERG TRAURIG, LLP
222 Delaware Avenue, Suite 1600
Wilmington, DE 19801
Phone: (302) 661-7000
Email: Anthony.Clark@gtlaw.com
About Vesttoo Ltd.
Vesttoo Ltd. is a technology-driven collateralized reinsurance
provider in Tel Aviv, Israel. It connects the insurance industry
with the capital markets by combining AI-powered technology with
expertise in data science, insurance and finance.
Vesttoo and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. (Lead Case No. 23-11160) on
August 14 and 15, 2023.
The Honorable Bankruptcy Judge Mary F. Walrath oversees the case.
The Debtors tapped DLA Piper, LLP (US) as legal counsel and Kroll,
LLC as financial advisor. Epiq Corporate Restructuring, LLC is the
claims and administrative agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee is represented by Greenberg Traurig, LLP.
VIPER ENERGY: Fitch Assigns BB- Rating on New Unsec. Notes Due 2031
-------------------------------------------------------------------
Fitch Ratings has assigned a 'BB-'/'RR4' rating to Viper Energy
Partners LP's proposed senior unsecured notes due 2031. Viper
intends to use the proceeds from the notes, new equity and cash on
hand to fund the approximately $1.0 billion purchase price of
certain mineral and royalty interests from affiliates of Warwick
Capital Partners and GRP Energy Capital. The transaction is
expected to close in the middle of 4Q23.
Viper's current ratings and Positive Outlook reflect its increasing
size and scale following the GRP transaction, strong credit metrics
and expectations for consistent FCF generation throughout the
forecast. The company's production size, proved reserves and
mid-cycle EBITDA are nearing 'BB' category thresholds, and Fitch
will look to resolve the Outlook in the next 12 months following
integration and continued growth.
KEY RATING DRIVERS
Credit-Neutral Notes Issuance: Viper's proposed senior unsecured
notes offering and funding of the GRP transaction is neutral to the
credit profile given the large equity issuance, representing
approximately 50% of the $1.0 billion purchase price. Fitch expects
a minor draw incremental draw on the company's reserve-based credit
facility (RBL), which Fitch expects will be reduced in the medium
term with FCF. The eight-year tenor of the notes also provides
ample runway for Viper to grow its production base, generate FCF
and pay down debt in the medium term.
Unique Asset Base: Viper's asset base is unique relative to
growth-oriented independent E&Ps; the company owns and acquires
mineral and royalty interests in oil and gas properties across the
Permian Basin. Viper's net royalty acreage is highly contiguous and
largely undeveloped (less than 30% developed in the core of the
Permian). Given the royalty structure, the asset requires no
operating expenses and provides organic growth opportunities
without any capital costs, resulting in higher margins than
operating peers in the Permian.
FANG-Linked Production: Fitch forecasts that Viper's net royalty
production attributed to its parent Diamondback Energy, Inc.'s
(NYSE:FANG) operating activity will be maintained at approximately
60%-65%. FANG's highest return wells are on Viper's net royalty
acres in the Northern Midland Basin, and management expects FANG
will continue to target this acreage in the near and medium term.
Fitch believes this linkage provides a production floor and drives
Viper's production growth through the forecast. Fitch expects
Viper's production growth from third party operators to remain in
the low to mid-single-digit range.
In general, Viper has strong insight into Diamondback's volumes and
drilling plans, reducing volumetric and cash flow risks, and
considerably less visibility and certainty around volumes from
third-party non-operated interests. Consolidation of mineral
interests on third-party acreage could result in additional cash
flow risk in the longer term. Viper attempts to offset this risk by
targeting royalty interests on acreage that is highly contiguous
and core to targeted third-party operators.
Distribution Policy Provides Flexibility: Management's variable
distribution rate of at least 75% of FCF rewards shareholders,
while the remaining 25% provides Viper additional financial
flexibility and capital optionality. The company's high margin
profile and lack of capital costs supports robust FCF generation
throughout Fitch's price deck.
Sub-1.5x Leverage Metrics: Fitch forecasts Viper's debt/EBITDA of
1.4x in 2023 at Fitch's $75 WTI price. Fitch expects leverage will
remain below 1.5x in the outer years of the forecast following
continued repayment of the revolver borrowings and low to
mid-single-digit production growth.
Near-Term Hedging Program: Fitch expects Viper to maintain a
near-term focused hedge program to protect from the extreme
downside while maximizing upside exposure. The company is hedging
approximately 45% of its 2H23 oil production through deferred
premium put options with an average strike price of approximately
$55. Management is also hedging Midland-Cushing oil basis and WAHA
natural gas basis to protect against in-basin price fluctuations,
which have been volatile recently.
As leverage continues to improve, Fitch believes management will
reduce overall hedge coverage, but will continue to retain extreme
downside protection through puts in order to maintain liquidity,
fund distributions and repay debt.
Uplift from Linkage with Parent: Viper's IDR receives a one-notch
uplift due to the moderate linkage between the company and its
higher rated parent, Diamondback. The linkage reflects the lack of
strong legal ties (debt guarantees, cross defaults), weaker
strategic ties given Viper's low overall financial contribution and
moderate operational ties as the companies have integrated
management personnel and since Diamondback generates stronger unit
economics on Viper acreage.
DERIVATION SUMMARY
Viper is an independent E&P focused on owning the mineral interests
of the liquids-oriented Delaware and Midland basins with 2Q23 net
production of 38.0 mboe/d (56% oil). Production size, due to the
nature of the royalties business, is substantially smaller than its
'BB' category E&P peers Matador Resources Company (BB-/Positive;
140-145 Mboepd pro forma the Advanced Energy Partners transaction),
SM Energy Company (BB-/Stable; 154 Mboepd) and Vermilion Energy
Inc. (BB-/Stable; 83 Mboepd). Viper's production is slightly larger
than mineral and royalties peer Sitio Royalties Operating
Partnership, LP (B+/Stable; 35 Mboepd).
As a minerals owner, Viper has minimal operating costs, which
results in Fitch-calculated unhedged cash netback of $38.2/boe (84%
margin) for 2Q23, among the highest of Fitch's aggregate E&P peer
group. Viper's high unhedged cash netbacks and lack of capex result
peer-leading EBITDA margins and pre-dividend FCF margins. The
company's current 75% distribution rate should facilitate positive
FCF going forward.
On a debt/EBITDA basis, Fitch forecasts Viper's leverage at 1.4x in
2023 and is forecast to remain below 1.5x in the outer years of the
base case at mid-cycle prices through production growth and
reduction of revolver borrowings. Debt/EBITDA metrics are in line
with the 'BB' category thresholds and Fitch's Permian-focused E&P
peer group.
KEY ASSUMPTIONS
- WTI oil price of $75/bbl in 2023, $70/bbl in 2024, $65/bbl in
2025, and $60/bbl in 2026, and $57/bbl in the long term;
- Henry Hub natural gas price of $2.80/mcf in 2023, $3.25/mcf in
2024, $3.00/mcf in 2025 and $2.75 in the long term;
- Single-digit production growth throughout the forecast;
- Distribution rate of 75% in 2023 and thereafter;
- FCF after dividends used to repay revolver borrowings;
- No material M&A activity through the forecast.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Improving operational and/or strategic ties to Diamondback that
leads to a stronger parent-subsidiary linkage;
- Increased size and scale resulting in mid-cycle EBITDA at or
above $500 million while maintaining strong relationship with
Diamondback;
- Mid-cycle debt/EBITDA maintained below 2.0x on a sustained
basis;
Leverage sensitivities are consistent with higher-rated peers and
are unlikely to change upon future rating upgrades.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- Production trending below 15-20 mboe/d and/or increased
volumetric risk;
- Erosion in Diamondback's credit profile, or material reduction in
parent support for Viper (on an ownership, acreage and/or
production basis);
- Change in financial policy, particularly publicly stated leverage
targets and M&A funding appetite;
- Mid-cycle debt/EBITDA above 3.0x on a sustained basis.
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: At 2Q23, Viper had cash of $13 million and
availability under the revolving credit facility of $526 million
($224 million outstanding; $750 million of elected commitments
under the $1.0 billion borrowing base). Throughout 2023, Viper
retained 25% of distributable FCF to strengthen the balance sheet
by repaying revolver borrowings and repurchasing the senior
unsecured notes at a discount. Fitch believes management's
financial policy decisions will continue to reward shareholders
through distributions and buybacks in the near term but will also
allow for repayment of the revolver.
Simple Debt Structure: Viper's senior secured revolver matures in
June 2025, and the company's existing 5.375% senior unsecured notes
are due in November 2027.
Distribution Limitations: Viper's distributions are limited by the
indenture under the company's 5.375% senior unsecured notes due
2027. Outside of the builder basket, Viper is able to make
restricted payments as long as leverage is under 3.0x.
Additionally, to the extent the company is above 3.0x, Viper has a
general basket up to the greater of $50 million or 4% of ACNTA.
ISSUER PROFILE
Viper Energy Partners, LP and its subsidiary Viper Energy Partners
LLC own the oil and gas mineral, royalty, overriding royalty, and
similar interests operated primarily by its parent company
Diamondback Energy, Inc. and third parties in the Permian and Eagle
Ford basins.
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
----------- ------ --------
Viper Energy
Partners LP
senior
unsecured LT BB- New Rating RR4
VIPER ENERGY: Moody's Rates New $400MM Unsec. Notes Due 2031 'Ba3'
------------------------------------------------------------------
Moody's Investors Service assigned a Ba3 rating to Viper Energy
Partners LP's proposed $400 million backed senior unsecured notes
due 2031. Viper's other ratings and stable outlook were unchanged.
Debt proceeds will be used to fund a portion of the cash
consideration for the pending $1 billion acquisition of certain
mineral and royalty interests from affiliates of Warwick Capital
Partners and GRP Energy Capital. Viper will also issue equity to
the sellers and to Diamondback Energy, Inc. and use balance sheet
cash to pay for the acquisition, which is expected to close in the
fourth quarter of 2023.
RATINGS RATIONALE
The new senior unsecured notes were rated Ba3 given they will rank
equally in right of payment with all of Viper's existing and future
senior indebtedness, including its existing 5.375% senior notes due
2027. The notes will be fully and unconditionally guaranteed on a
senior unsecured basis by Viper Energy Partners LLC, the sole
operating subsidiary of Viper. Viper's senior notes are rated one
notch below the Ba2 Corporate Family Rating (CFR) because of their
unsecured claim to the company's assets, and their subordinated
position to the sizeable secured borrowing base revolving credit
facility that has a first-lien claim on substantially all of
Viper's assets.
Viper's Ba2 CFR reflects its strong margins and cash flow from
mineral and royalty interests in the Permian Basin that require
zero capital expenditures and minimal operating expenses;
oil-weighted reserves that are operated and developed by
financially strong E&P companies; and proven track record of steady
growth. The rating also reflects management's demonstrated history
of conservative financial policies, including maintaining low debt
level, adjusting shareholder distributions when needed, and
deleveraging after debt-funded acquisitions. The rating also
incorporates significant uplift from Viper's operating and
strategic importance to Diamondback Energy, Inc. (Baa2 stable),
which controls and manages Viper but does not guarantee Viper's
debt. Diamondback operated roughly 58% of Viper's net royalty
acreage, and owned 100% of Viper's general partner and 56% of
Viper's publicly traded units as of June 30, 2023. Viper's rating
is constrained by its much smaller production and cash flow base
relative to similarly rated E&Ps; reliance on E&P operators for its
non-operated passive ownership interests with no control over
drilling and development decisions; the need to make periodic
acquisitions to replace production and reserves and the related
valuation and financing risks associated with it; and high
distribution business model that may lead to debt-funded
distributions in times of rapid oil price declines.
The stable outlook reflects Moody's expectation of solid free cash
flow generation and modest deleveraging through 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
Increased scale and free cash flow generation while sustaining low
financial leverage will likely be the primary drivers for a
potential upgrade. Viper sustaining the Debt/Average Daily
Production ratio below $14,000 per boe and the Debt/PD Reserves
ratio below $6 per boe while meaningfully increasing production and
reserves could lead to a ratings upgrade. A downgrade in the rating
could occur if average daily production falls materially, or if
large debt funded acquisitions occur without significant follow-on
deleveraging, or the company executes debt funded distributions or
unit repurchases. The Debt/Average Daily Production ratio sustained
above $25,000 per boe and the Debt/PD Reserves above $9 per boe
would pressure ratings.
Viper Energy Partners LP is a publicly traded partnership based in
Midland, Texas, which is engaged in owning and acquiring mineral
and royalty interests in oil and natural gas properties.
The principal methodology used in this rating was Independent
Exploration and Production published in December 2022.
VIRGINIA REAL: Case Summary & Two Unsecured Creditors
-----------------------------------------------------
Debtor: Virginia Real Estate Services and Rentals, LLC
296 Stickley St.
Strasburg, VA 22657
Business Description: Virginia Real is primarily engaged in
renting and leasing real estate properties.
Chapter 11 Petition Date: October 16, 2023
Court: United States Bankruptcy Court
Western District of Virginia
Case No.: 23-50486
Debtor's Counsel: David Cox, Esq.
COX LAW GROUP
900 Lakeside Drive
Lynchburg VA 24501
Email: david@coxlawgroup.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Dale King as manager and sole member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's two unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/NBZC5JQ/Virginia_Real_Estate_Services__vawbke-23-50486__0001.0.pdf?mcid=tGE4TAMA
VISTA CLINICAL: Jerrett McConnell Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq.,
at McConnell Law Group, P.A. as Subchapter V trustee for Vista
Clinical Diagnostic, LLC.
Mr. McConnell 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. McConnell declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jerrett M. McConnell, Esq.
McConnell Law Group, P.A.
6100 Greenland Rd., Unit 603
Jacksonville, FL 32258
Phone: (904) 570-9180
Email: trustee@mcconnelllawgroup.com
About Vista Clinical Diagnostics
Vista Clinical Diagnostics, LLC is an independent laboratory
offering a complete compendium of clinical laboratory testing
capabilities, including microbiology, PCR molecular biology and
surgical pathology.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04109) on Oct. 2,
2023, with up to $10 million in both assets and liabilities. Davian
S. Santana, president, signed the petition.
Judge Tiffany P. Geyer oversees the case.
R. Scott Shuker, Esq., at Shuker & Dorris, PA, represents the
Debtor as legal counsel.
VOYAGER DIGITAL: FTC Announces Settlement, Suit Filed v. Ex-CEO
---------------------------------------------------------------
The Federal Trade Commission on Oct. 12 announced a settlement with
bankrupt crypto company Voyager that will permanently ban it from
handling consumers' assets and is filing suit against its former
CEO, Stephen Ehrlich, for falsely claiming that customers' accounts
were insured by the Federal Deposit Insurance Corporation (FDIC)
and were "safe," even as the company was approaching an eventual
bankruptcy. The complaint also names Stephen Ehrlich's wife,
Francine Ehrlich, as a relief defendant.
In the federal court complaint, the FTC charges that from at least
2018 until it declared bankruptcy in July 2022, Voyager used
promises that consumers' deposits would be "safe" to entice them to
hand over their funds. When the company failed, consumers lost
access to significant assets they had saved, including ongoing
salary deposits, college tuition funds, and down payments for
homes, according to the complaint, which notes that consumers were
locked out of their cash accounts for more than a month and lost
more than $1 billion in crypto assets.
"Consumers reported over $1.4 billion in losses to cryptocurrency
scams in the last year, and the FTC continues to crack down on
those who lie to consumers about these risky assets," said Samuel
Levine, Director of the FTC's Bureau of Consumer Protection. "This
action reminds companies and individuals: don't play fast and loose
with claims about FDIC insurance."
The proposed settlement with Voyager and its affiliates will
permanently ban the companies from offering, marketing, or
promoting any product or service that could be used to deposit,
exchange, invest, or withdraw any assets. The companies also agreed
to a judgment of $1.65 billion, which will be suspended to permit
Voyager to return its remaining assets to consumers in the
bankruptcy proceedings. Former executive Stephen Ehrlich has not
agreed to a settlement and the FTC's case against him will proceed
in federal court.
According to the complaint, Voyager enticed consumers to deposit
cash and cryptocurrency with the company based on assurances that
their assets were especially safe on the platform. The company
offered incentives to consumers who converted the cash they
deposited into a cryptocurrency called USD Coin, a so-called
"stablecoin" that claims to track the value of the U.S. dollar.
The company's marketing included direct promises about the safety
of consumers' deposits. One example cited in the complaint included
the line "YOUR USD IS FDIC INSURED"
Voyager, however, is not a bank or financial institution, and the
deposits consumers made with Voyager were not eligible to be
insured by the FDIC. The complaint notes that the FDIC does not
insure crypto assets at all, and consumers' cash deposits were
actually placed in an account held by Voyager at a traditional bank
that also issued debit cards on behalf of Voyager. Consumers' cash
was only protected if that bank itself failed, and their
cryptocurrency wasn't protected at all.
The complaint notes that Voyager was aware that the company's
claims could mislead consumers. The bank where Voyager deposited
consumers' funds contacted the company in 2021 saying the claims
were "potentially misleading." A bank representative went on to say
that "a reasonable consumer could conclude that his USDC [USD Coin]
held with Voyager is FDIC-insured." While Voyager made some changes
to its cardholder agreement, the complaint notes that the company
continued its misleading advertisements. The company only removed
the FDIC claims from its advertising after receiving a
cease-and-desist letter from the FDIC.
Ehrlich himself, in a June 2022 letter to Voyager customers,
reassured them of the company's stability, claimed it was
"well-capitalized and positioned to weather the bear market," and
said that consumers' funds were "as safe with us as at a bank."
Two weeks later, the company froze consumers' access to their
accounts.
The FTC staff complaint alleges that Voyager and Stephen Ehrlich
violated the FTC Act's prohibition on deceptive practices and the
Gramm-Leach-Bliley Act's prohibition on obtaining a customer's
financial information through false, fictitious, or fraudulent
statements. The complaint also alleges that Stephen Ehrlich
transferred millions of dollars to his wife Francine, including
funds that can be traced directly to the alleged unlawful conduct.
In addition to banning Voyager and its affiliated companies from
handling consumers' assets, the proposed settlement prohibits the
companies from misrepresenting the benefits of any product or
service; from making false, fictitious, or fraudulent
representations to any customer of a financial institution in order
to obtain or attempt to obtain their financial information; and
from disclosing nonpublic personal information about consumers
without their express consent.
The Commission voted 3-0 to file a complaint against Voyager and
its affiliated companies, Stephen Ehrlich, and relief defendant
Francine Ehrlich and to approve a stipulated order with Voyager and
its affiliated companies. The complaint was filed in the U.S.
District Court for the Southern District of New York.
In a parallel action, on October 12, the Commodity Futures Trading
Commission separately charged Ehrlich with fraud and registration
failures.
NOTE: The Commission authorizes the filing of a complaint when it
has "reason to believe" that the law has been or is being violated,
and it appears to the Commission that a proceeding is in the public
interest. Stipulated orders have the force of law when approved and
signed by the District Court judge.
The staff attorneys on this matter are Quinn Martin, Sanya
Shahrasbi, and Larkin Turner of the FTC's Bureau of Consumer
Protection.
About Voyager Digital Holdings
Based in Toronto, Canada, Voyager Digital Holdings Inc. --
https://www.investvoyager.com/ -- runs a cryptocurrency platform.
Voyager claims to offer a secure way to trade over 100 different
crypto assets using its easy-to-use mobile application. Through
its subsidiary Coinify ApS, Voyager provides crypto payment
solutions for both consumers and merchants around the globe.
Voyager Digital Holdings Inc. and two affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead
Case No. 22-10943) on July 5, 2022. In the petition filed by
Stephen Ehrlich, chief executive officer, the Debtors estimated
assets and liabilities between $1 billion and $10 billion.
Judge Michael E. Wiles oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy
counsel; Berkeley Research Group, LLC as financial advisor; Moelis
& Company as investment banker; Consello Group as strategic
financial advisor; Deloitte Tax, LLP as tax services provider;
andDeloitte & Touche, LLP as accounting advisor. Stretto, Inc., is
the claims agent.
On July 19, 2022, the U.S. Trustee for Region 2 appointed an
official committee of unsecured creditors in the Chapter 11 cases.
The committee tapped McDermott Will & Emery, LLP as bankruptcy
counsel; FTI Consulting, Inc. as financial advisor; Cassels Brock &
Blackwell, LLP as Canadian counsel; and Epiq Corporate
Restructuring, LLC as noticing and information agent.
The committee also tapped the services of Harney Westwood &
Riegels, LP, in connection with Three Arrows Capital Ltd.'s
liquidation proceedings in British Virgin Islands.
On July 6, 2022, the Debtors filed a joint Chapter 11 plan of
reorganization.
* * *
Following an auction process, the Debtors in September 2022
selected the bid submitted by FTX US' West Realm Shires Inc. as the
winning bid for the assets. But after a series of events, FTX
collapsed in November 2022, before the sale could be completed.
After reopening bidding, Voyager Digital selected the offer from
U.S. exchange BAM Trading Services Inc. (doing business as
"Binance.US") as the highest and best bid for its assets. Binance's
bid is valued at $1.022 billion.
In April 2023, Binance.US called off its deal to buy assets of
bankrupt crypto lender Voyager Digital, citing a "hostile and
uncertain regulatory climate."
WAITS R.V. CENTER: Case Summary & 17 Unsecured Creditors
--------------------------------------------------------
Debtor: Waits R.V. Center, Inc.
3954 Byron Drive
West Palm Beach, FL 33404
Business Description: Waits RV Center is an RV dealership serving
the West Palm Beach area offering a
selection of new and pre-owned RVs.
Chapter 11 Petition Date: October 15, 2023
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 23-18437
Judge: Hon. Mindy A. Mora
Debtor's Counsel: Craig I. Kelley, Esq.
KELLEY, FULTON & KAPLAN, P.L.
1665 Palm Beach Lakes Blvd
The Forum - Suite 1000
West Palm Beach, FL 33401
Tel: 561-491-1200
Email: craig@kelleylawoffice.com
Total Assets: $1,845,763
Total Liabilities: $2,375,951
The petition was signed by William Waits as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 17 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/VZ4R2TY/Waits_RV_Center_Inc__flsbke-23-18437__0001.0.pdf?mcid=tGE4TAMA
WAYFORTH INC: William Callahan Jr. Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed William Callahan,
Jr., Esq., at Gentry Locke as Subchapter V trustee for Wayforth,
Inc.
Mr. Callahan 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. Callahan declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
William E. Callahan, Jr., Esq.
Gentry Locke
10 Franklin Road, S.E., Suite 900
Roanoke, VA 24011
Phone: (540) 983-9309
Fax: (540) 983-9400
Email: callahan@gentrylocke.com
About Wayforth Inc.
Wayforth, Inc., a company in Richmond, Va., delivers personalized
moving and move management services in Central Virginia.
The Debtor filed Chapter 11 petition (Bankr. E.D. Va. Case No.
23-33382) on Sept. 29, 2023, with $50,000 to $100,000 in assets and
$1 million to $10 million in liabilities. Craig Shealy, chief
executive officer, signed the petition.
Judge Kevin R. Huennekens oversees the case.
Loc Pfeiffer, Esq., at Kutak Rock, LLP represents the Debtor as
legal counsel.
WILLIAM-WALTON INC: Taps Roop Law Office as Bankruptcy Counsel
--------------------------------------------------------------
William-Walton, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Western Virginia to hire Roop Law
Office LC as its bankruptcy counsel.
The firm will render these services:
a. give the debtor legal advice with respect to its powers and
duties;
b. prepare legal papers;
c. perform all other legal services for the Debtor.
Roop Law Office has been paid a retainer for legal services in the
sum of $10,000.
The hourly rate of Mr. Woop for providing services in the case is
$375 while the paralegal rate is $100 per hour.
The firm does not represent any interest adverse to the Debtor or
its estate.
The firm can be reached through:
Paul W. Roop, II, Esq.
ROOP LAW OFFICE, L.C.
P.O. Box 1145
Beckley, WV 25802
Telephone: (304) 255-7667
Facsimile: (304) 256-2295
Email: bankruptcy@rooplawoffice.com
About William-Walton, Inc.
William-Walton, Inc. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. W.Va. Case No. 23-50082) on
Sep. 29, 2023. At the time of filing, the Debtor estimated $50,001
to $100,000 in assets and $100,001 to $500,000 in liabilities.
Paul W. Roop, II, Esq. at Roop Law Office LC represents the Debtor
as counsel.
WINDOW SYSTEMS: Court OKs Cash Collateral Access on Final Basis
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Window Systems of Texas, Inc. to use
cash collateral on a final basis in accordance with the budget.
As previously reported by the Troubled Company Reporter, the Debtor
depends on the use of cash collateral for payroll and general
operating expenses. Revenue is generated through the Debtor's
commercial glass and glazing contractor business.
A search in the Texas Secretary of State shows that allegedly
secured positions are held by Unknown UCC (UCC Filing
19-0006033365), SBA (UCC Filing 20-0022896867), Unknown UCC (UCC
Filing 22-0053812972), Unknown UCC (UCC 23-0000454442) and Legal
Advance Funding (UCC Filing 23-0039245927).
The court ruled that as adequate protection for the use of cash
collateral, the parties are granted replacement liens on all
post-petition cash collateral and post-petition acquired property
to the same extent and priority they possessed as of the Petition
Date.
The holders of allowed secured claims with a perfected security
interest in cash collateral, if any, as that term is defined in the
Code, will be entitled to a replacement lien in post-petition
accounts receivable, contract rights, and deposit accounts to the
same extent allowed and in the same priority as those interests
held as of the Petition Date.
A copy of the order is available at https://urlcurt.com/u?l=EuUX7c
from PacerMonitor.com.
A copy of the budget is available at https://urlcurt.com/u?l=t293UV
from PacerMonitor.com.
The Debtor projects $260,000 in cash receipts and $247,550 in cash
disbursements for 30 days.
About Window Systems of Texas, Inc.
Window Systems of Texas, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-33685) on
September 26, 2023. In the petition signed by David Mallette,
president, the Debtor disclosed up to $50,000 in assets and up to
$1 million in liabilities.
Judge Jeffrey P. Norman oversees the case.
Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as
legal counsel.
WINDOW SYSTEMS: Seeks to Hire Lane Law Firm PLLC as Counsel
-----------------------------------------------------------
Window Systems of Texas, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ The
Lane Law Firm, PLLC as its counsel.
The firm will provide these services:
(a) assist, advise, and represent the Debtor relative to the
administration of the Chapter 11 case;
(b) assist, advise, and represent the Debtor in analyzing its
assets and liabilities, investigating the extent and validity of
lien and claims, and participating in and reviewing any proposed
asset sales or dispositions;
(c) attend meetings and negotiate with representatives of
secured creditors;
(d) assist the Debtor in the preparation, analysis, and
negotiation of any plan of reorganization and disclosure
statement;
(e) take all necessary action to protect and preserve the
interests of the Debtor;
(f) appear, as appropriate, before the bankruptcy court, the
appellate courts, and other courts in which matters may be heard;
and
(g) perform all other necessary legal services.
The firm will be paid at these rates:
Robert C. Lane, Partner $550 per hour
Joshua D. Gordon, Partner $500 per hour
Associate Attorneys $425 per hour
Bankruptcy Paralegals/Legal Assistants $150 to $190 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received payments for its retainer in the total amount of
$30,000.
Robert C. Lane, Esq., a partner at The Lane Law Firm, 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 through:
Robert C. Lane, Esq.
Joshua D. Gordon, Esq.
THE LANE LAW FIRM, PLLC
6200 Savoy, Suite 1150
Houston, TX 77036
Telephone: (713) 595-8200
Facsimile: (713) 595-8201
Email: notifications@lanelaw.com
joshua.gordon@lanelaw.com
About Window Systems of Texas, Inc.
Window Systems of Texas, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-33685) on
September 26, 2023. In the petition signed by David Mallette,
president, the Debtor disclosed up to $50,000 in assets and up to
$1 million in liabilities.
Judge Jeffrey P. Norman oversees the case.
Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as
legal counsel.
WINDSOR TERRACE: Committee Taps Troutman Pepper as Counsel
----------------------------------------------------------
The official committee of unsecured creditors of Windsor Terrace
Healthcare, LLC and its affiliates seeks approval from the U.S.
Bankruptcy Court for the Central District of California to employ
Troutman Pepper Hamilton Sanders LLP as its counsel.
The firm's services include:
a. advising the committee with respect to its rights, duties
and powers in the Debtor's Chapter 11 case;
b. assisting the committee in its consultations with the
Debtor relating to the administration of the case;
c. analyzing the claims of creditors and the Debtor's capital
structure and negotiating with the holders of claims and, if
appropriate, equity interests;
d. investigating the acts, conduct, assets, liabilities and
financial condition of the Debtor and other parties involved with
the Debtor, and the operation of the Debtor's businesses;
e. assisting the committee in its analysis of, and
negotiations with the Debtor or any other third party concerning
matters related to, among other things, the assumption or rejection
of non-residential real property leases and executory contracts,
asset dispositions, financing of other transactions and the terms
of a plan of reorganization for the Debtor;
f. advising the committee as to its communications, if any, to
the general creditor body regarding significant matters in the
case;
g. representing the committee at all hearings and other
proceedings;
h. reviewing, analyzing and advising the committee with
respect to all applications, orders, statements of operations and
schedules filed with the court;
i. assisting the committee in preparing pleadings and
applications as may be necessary in furtherance of the committee's
interests and objectives; and
j. other necessary legal services.
Troutman's hourly rates are as follows:
Partners $740 to $1,680 per hour
Associates $530 to $850 per hour
Paralegals $150 to $440 per hour
The firm will also receive reimbursement for out-of-pocket expenses
incurred.
Francis Lawal, Esq., a partner at Troutman, disclosed in a court
filing that her firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Francis J. Lawall, Esq.
TROUTMAN PEPPER HAMILTON SANDERS LLP
3000 Two Logan Square
18th & Arch Streets
Philadelphia, PA 19103-2799
Telephone: (215) 981-4451
Email: francis.lawall@troutman.com
About Windsor Terrace Healthcare, LLC
Windsor Terrace Healthcare, LLC are primarily engaged in the
businesses of owning and operating skilled nursing facilities
throughout the State of California. Collectively, the Debtors own
and operate 16 skilled nursing facilities, which provide 24 hour, 7
days a week and 365 days a year care to patients who reside at
those facilities. In addition to the 16 skilled nursing facilities,
the Debtors own and operate one assisted living facility (which is
Windsor Court Assisted Living, LLC), one home health care center
(which is S&F Home Health Opco I, LLC), and one hospice care center
(which is S&F Hospice Opco I, LLC). The Debtors do not own any of
the real property upon which the facilities are located.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Lead Case No. 23-11200) on August
23, 2023. In the petition signed by Avrohom Tress, manager, the
Debtor disclosed up to $10 million in both assets and liabilities.
Judge Victoria S. Kaufman oversees the case.
Ron Bender, Esq., Monica Y. Kim, Esq., and Juliet Y. Oh, Esq., at
Levene, Neale, Bender, Yoo, and Golubchik LLP, represent the Debtor
as legal counsel. Stretto, Inc. is the Debtor's claims, noticing
and solicitation agent.
WYATT LLC: Seeks Approval to Hire Roger A. Kraft as Attorney
------------------------------------------------------------
The Wyatt, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Utah to hire Roger A. Kraft, Attorney at Law, P.C.
The firm will render these services:
a. provide legal advice;
b. represent the Debtor in hearings, meetings, depositions and
other required meetings;
c. prepare schedules, statements and other appropriate legal
documents; and
d. perform other such legal services as are required pursuant
to prosecution of the Chapter 11 proceeding.
The firm will be paid at these hourly rates:
Attorney $400
Paralegals $150
Outside Counsel $200 consultation fee
The firm received a retainer in the amount of $10,000.
Roger A. Kraft, Attorney at Law, P.C. is a "disinterested person"
within the meaning of 11 U.S.C. 101(14), according to court
filings.
The firm can be reached through:
Roger A. Kraft, Esq.
ROGER A. KRAFT, ATTORNEY AT LAW, P.C.
7660 Holden St
Midvale, UT 84047
Phone: (801) 871-8353
Email: courtmail@rogerkraftlaw.com
About The Wyatt LLC
The Wyatt, LLC is a single asset real estate debtor (as defined in
11 U.S.C. Section 101(51B)). The company is based in Murray, Utah.
Wyatt filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Utah Case No. 23-24195) on Sept. 20,
2023, with $1 million to $10 million in both assets and
liabilities. John Belcher, authorized representative, signed the
petition.
Roger A. Kraft, Esq., at Roger A. Kraft Attorney at Law, P.C.
represents the Debtor as bankruptcy counsel.
YC RIVERGOLD: Seeks to Extend Plan Exclusivity to December 29
-------------------------------------------------------------
YC Rivergold Hotel LLC asks the U.S. Bankruptcy Court for the
District of Alaska to extend its exclusive periods to file and
seek confirmation of a chapter 11 plan to December 29, 2023,
provided that it files a plan by September 29, 2023.
The Debtor stated that it has moved expeditiously toward
settlement with its secured creditor, as the most expeditious
route toward resoling its case.
The Debtor explained that the issues surrounding the CMBS
lender's claim are extremely complicated, and may require
additional time to address, whether through settlement talks or
through a plan.
YC Rivergold Hotel LLC is represented by:
Austin Barron, Esq.
STEP TWO LAW
3300 Arctic Blvd Ste 201-1090
Anchorage, AK 99503
Tel: (877) 478-3789
Email: abarron@steptwolaw.com
About YC Rivergold Hotel LLC
YC Rivergold Hotel LLC is part of the traveler accommodation
industry. The Debtor sought protection under Chapter 11 of the
U.S.
Bankruptcy Code (Bankr. D. Alaska Case No. 23-00072) on April 29,
2023. In the petition signed by Baldev Johal, special bankruptcy
officer of YC Rivergold Holtel, LLC and managing member of YC
Rivergold Hotel MM, LLC, the Debtor disclosed up to $50 million in
both assets and liabilities.
Judge Gary Spraker oversees the case.
Austin K. Barron, Esq., at Step Two Law, represents the Debtor as
legal counsel.
Wells Fargo, as lender, is represented by LANE POWELL LLC,
POLSINELLI PC, and Agentis PLLC.
[^] Large Companies with Insolvent Balance Sheet
------------------------------------------------
Total
Share- Total
Total Holders' Working
Assets Equity Capital
Company Ticker ($MM) ($MM) ($MM)
------- ------ ------ -------- -------
ACCELERATE DIAGN AXDX* MM 49.9 (38.7) (11.5)
AEMETIS INC AMTX US 212.6 (238.9) (88.0)
AEMETIS INC DW51 GR 212.6 (238.9) (88.0)
AEMETIS INC AMTXGEUR EZ 212.6 (238.9) (88.0)
AEMETIS INC AMTXGEUR EU 212.6 (238.9) (88.0)
AEMETIS INC DW51 GZ 212.6 (238.9) (88.0)
AEMETIS INC DW51 TH 212.6 (238.9) (88.0)
AEMETIS INC DW51 QT 212.6 (238.9) (88.0)
AIR CANADA AC CN 30,783.0 (581.0) (227.0)
AIR CANADA ADH2 GR 30,783.0 (581.0) (227.0)
AIR CANADA ACEUR EU 30,783.0 (581.0) (227.0)
AIR CANADA ADH2 TH 30,783.0 (581.0) (227.0)
AIR CANADA ACDVF US 30,783.0 (581.0) (227.0)
AIR CANADA ADH2 QT 30,783.0 (581.0) (227.0)
AIR CANADA ACEUR EZ 30,783.0 (581.0) (227.0)
AIR CANADA ADH2 GZ 30,783.0 (581.0) (227.0)
ALNYLAM PHAR-BDR A1LN34 BZ 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE ALNY US 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE DUL GR 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE DUL QT 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE ALNYEUR EU 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE DUL TH 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE DUL SW 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE DUL GZ 3,402.4 (408.1) 1,735.4
ALNYLAM PHARMACE ALNYEUR EZ 3,402.4 (408.1) 1,735.4
ALPHATEC HOLDING L1Z1 GR 628.2 (4.6) 160.9
ALPHATEC HOLDING ATEC US 628.2 (4.6) 160.9
ALPHATEC HOLDING ATECEUR EU 628.2 (4.6) 160.9
ALPHATEC HOLDING L1Z1 GZ 628.2 (4.6) 160.9
ALTICE USA INC-A ATUS US 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUS* MM 32,107.7 (381.5) (2,271.1)
ALTICE USA INC-A ATUS-RM RM 32,107.7 (381.5) (2,271.1)
ALTIRA GP-CEDEAR MOC AR 37,151.0 (3,777.0) (7,326.0)
ALTIRA GP-CEDEAR MOD AR 37,151.0 (3,777.0) (7,326.0)
ALTIRA GP-CEDEAR MO AR 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 GR 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO* MM 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO US 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO SW 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MOEUR EU 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC 4MO TE 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 TH 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO CI 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 QT 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MOUSD SW 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 GZ 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC 0R31 LI 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC ALTR AV 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MOEUR EZ 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MOCL CI 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC MO-RM RM 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7 BU 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7D EB 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7D IX 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP INC PHM7D I2 37,151.0 (3,777.0) (7,326.0)
ALTRIA GROUP-BDR MOOO34 BZ 37,151.0 (3,777.0) (7,326.0)
AMC ENTERTAINMEN AMC US 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH91 GR 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AMC4EUR EU 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH91 TH 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH91 QT 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AMC* MM 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH91 GZ 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH91 SW 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AMC-RM RM 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN A2MC34 BZ 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AH9 BU 8,669.7 (2,582.6) (846.6)
AMC ENTERTAINMEN AMCE AV 8,669.7 (2,582.6) (846.6)
AMERICAN AIR-BDR AALL34 BZ 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL US 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G GR 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL* MM 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G TH 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G QT 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G GZ 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL11EUR EU 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL AV 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE 4AAL TE 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE A1G SW 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE 0HE6 LI 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL11EUR EZ 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL-RM RM 67,260.0 (4,385.0) (6,096.0)
AMERICAN AIRLINE AAL_KZ KZ 67,260.0 (4,385.0) (6,096.0)
AULT DISRUPTIVE ADRT/U US 2.9 (3.0) (1.7)
AUTOZONE INC AZO US 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZ5 TH 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZ5 GR 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZOEUR EU 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZ5 QT 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZO AV 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC 4AZO TE 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZO* MM 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZOEUR EZ 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZ5 GZ 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC AZO-RM RM 14,635.8 (4,301.6) (2,470.7)
AUTOZONE INC-BDR AZOI34 BZ 14,635.8 (4,301.6) (2,470.7)
AVID TECHNOLOGY AVID US 293.8 (119.0) 9.4
AVID TECHNOLOGY AVD GR 293.8 (119.0) 9.4
AVID TECHNOLOGY AVD TH 293.8 (119.0) 9.4
AVID TECHNOLOGY AVD GZ 293.8 (119.0) 9.4
AVIS BUD-CEDEAR CAR AR 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA GR 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR US 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA QT 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR2EUR EU 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CAR* MM 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA TH 31,395.0 (125.0) (611.0)
AVIS BUDGET GROU CUCA GZ 31,395.0 (125.0) (611.0)
BABCOCK & WILCOX UBW1 TH 986.9 (13.0) 192.6
BATH & BODY WORK LTD0 GR 5,195.0 (2,154.0) 680.0
BATH & BODY WORK LTD0 TH 5,195.0 (2,154.0) 680.0
BATH & BODY WORK BBWI US 5,195.0 (2,154.0) 680.0
BATH & BODY WORK LBEUR EU 5,195.0 (2,154.0) 680.0
BATH & BODY WORK BBWI* MM 5,195.0 (2,154.0) 680.0
BATH & BODY WORK LTD0 QT 5,195.0 (2,154.0) 680.0
BATH & BODY WORK BBWI AV 5,195.0 (2,154.0) 680.0
BATH & BODY WORK LBEUR EZ 5,195.0 (2,154.0) 680.0
BATH & BODY WORK LTD0 GZ 5,195.0 (2,154.0) 680.0
BATH & BODY WORK BBWI-RM RM 5,195.0 (2,154.0) 680.0
BELLRING BRANDS BRBR US 722.4 (364.7) 282.4
BELLRING BRANDS D51 TH 722.4 (364.7) 282.4
BELLRING BRANDS BRBR2EUR EU 722.4 (364.7) 282.4
BELLRING BRANDS D51 GR 722.4 (364.7) 282.4
BELLRING BRANDS D51 QT 722.4 (364.7) 282.4
BEYOND MEAT INC BYND US 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 GR 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 GZ 968.6 (299.1) 442.8
BEYOND MEAT INC BYNDEUR EU 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 TH 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 QT 968.6 (299.1) 442.8
BEYOND MEAT INC BYND AV 968.6 (299.1) 442.8
BEYOND MEAT INC 0Q3 SW 968.6 (299.1) 442.8
BEYOND MEAT INC 0A20 LI 968.6 (299.1) 442.8
BEYOND MEAT INC BYNDEUR EZ 968.6 (299.1) 442.8
BEYOND MEAT INC 4BYND TE 968.6 (299.1) 442.8
BEYOND MEAT INC BYND* MM 968.6 (299.1) 442.8
BEYOND MEAT INC BYND-RM RM 968.6 (299.1) 442.8
BIOCRYST PHARM BO1 TH 529.9 (388.7) 417.6
BIOCRYST PHARM BCRX US 529.9 (388.7) 417.6
BIOCRYST PHARM BO1 GR 529.9 (388.7) 417.6
BIOCRYST PHARM BO1 QT 529.9 (388.7) 417.6
BIOCRYST PHARM BCRXEUR EU 529.9 (388.7) 417.6
BIOCRYST PHARM BCRX* MM 529.9 (388.7) 417.6
BIOCRYST PHARM BCRXEUR EZ 529.9 (388.7) 417.6
BIOTE CORP-A BTMD US 139.1 (73.2) 90.4
BOEING CO-BDR BOEI34 BZ 134,774.0 (15,493.0) 15,336.0
BOEING CO-CED BA AR 134,774.0 (15,493.0) 15,336.0
BOEING CO-CED BAD AR 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA EU 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO GR 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BAEUR EU 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE 4BA TE 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA* MM 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA SW 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BOEI BB 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA US 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO TH 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA PE 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA CI 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO QT 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BAUSD SW 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCO GZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA AV 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA-RM RM 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BAEUR EZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA EZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BACL CI 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BA_KZ KZ 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCOD EB 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCOD IX 134,774.0 (15,493.0) 15,336.0
BOEING CO/THE BCOD I2 134,774.0 (15,493.0) 15,336.0
BOMBARDIER INC-A BBD/A CN 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BDRAF US 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BBD GR 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BBD/AEUR EU 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-A BBD GZ 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBD/B CN 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC GR 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BDRBF US 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC TH 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDBN MM 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBD/BEUR EU 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC GZ 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBD/BEUR EZ 12,544.0 (2,490.0) (285.0)
BOMBARDIER INC-B BBDC QT 12,544.0 (2,490.0) (285.0)
BOOKING HLDG-BDR BKNG34 BZ 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 GR 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG US 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG* MM 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 TH 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG CI 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG SW 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 QT 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNGUSD SW 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCLNEUR EU 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCE1 GZ 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BOOK AV 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS 4BKNG TE 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS PCLNEUR EZ 26,558.0 (665.0) 6,868.0
BOOKING HOLDINGS BKNG-RM RM 26,558.0 (665.0) 6,868.0
BOX INC- CLASS A BOX US 1,068.1 (45.9) 99.4
BOX INC- CLASS A 3BX GR 1,068.1 (45.9) 99.4
BOX INC- CLASS A 3BX TH 1,068.1 (45.9) 99.4
BOX INC- CLASS A 3BX QT 1,068.1 (45.9) 99.4
BOX INC- CLASS A BOXEUR EU 1,068.1 (45.9) 99.4
BOX INC- CLASS A BOXEUR EZ 1,068.1 (45.9) 99.4
BOX INC- CLASS A 3BX GZ 1,068.1 (45.9) 99.4
BOX INC- CLASS A BOX-RM RM 1,068.1 (45.9) 99.4
BRIDGEBIO PHARMA BBIO US 503.7 (1,349.6) 322.8
BRIDGEBIO PHARMA 2CL GR 503.7 (1,349.6) 322.8
BRIDGEBIO PHARMA 2CL GZ 503.7 (1,349.6) 322.8
BRIDGEBIO PHARMA BBIOEUR EU 503.7 (1,349.6) 322.8
BRIDGEBIO PHARMA 2CL TH 503.7 (1,349.6) 322.8
BRINKER INTL EAT US 2,487.0 (144.3) (352.6)
BRINKER INTL BKJ GR 2,487.0 (144.3) (352.6)
BRINKER INTL BKJ QT 2,487.0 (144.3) (352.6)
BRINKER INTL EAT2EUR EU 2,487.0 (144.3) (352.6)
BRINKER INTL EAT2EUR EZ 2,487.0 (144.3) (352.6)
BRINKER INTL BKJ TH 2,487.0 (144.3) (352.6)
BROOKFIELD INF-A BIPC CN 10,973.0 (764.0) (3,410.0)
BROOKFIELD INF-A BIPC US 10,973.0 (764.0) (3,410.0)
CALUMET SPECIALT CLMT US 2,804.2 (297.8) (350.8)
CARDINAL HEALTH CAH US 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CLH GR 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CLH TH 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CLH QT 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CAHEUR EU 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CLH GZ 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CAH* MM 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CAHEUR EZ 43,417.0 (2,851.0) 127.0
CARDINAL HEALTH CAH-RM RM 43,417.0 (2,851.0) 127.0
CARDINAL-CEDEAR CAH AR 43,417.0 (2,851.0) 127.0
CARDINAL-CEDEAR CAHC AR 43,417.0 (2,851.0) 127.0
CARDINAL-CEDEAR CAHD AR 43,417.0 (2,851.0) 127.0
CARVANA CO CVNA US 7,849.0 (1,406.0) 1,733.0
CARVANA CO CV0 TH 7,849.0 (1,406.0) 1,733.0
CARVANA CO CV0 QT 7,849.0 (1,406.0) 1,733.0
CARVANA CO CVNAEUR EU 7,849.0 (1,406.0) 1,733.0
CARVANA CO CV0 GR 7,849.0 (1,406.0) 1,733.0
CARVANA CO CV0 GZ 7,849.0 (1,406.0) 1,733.0
CARVANA CO CVNAEUR EZ 7,849.0 (1,406.0) 1,733.0
CARVANA CO CVNA* MM 7,849.0 (1,406.0) 1,733.0
CARVANA CO CVNA-RM RM 7,849.0 (1,406.0) 1,733.0
CEDAR FAIR LP FUN US 2,316.4 (762.7) (233.6)
CENTRUS ENERGY-A LEU US 762.0 (32.5) 197.2
CENTRUS ENERGY-A 4CU TH 762.0 (32.5) 197.2
CENTRUS ENERGY-A 4CU GR 762.0 (32.5) 197.2
CENTRUS ENERGY-A LEUEUR EU 762.0 (32.5) 197.2
CENTRUS ENERGY-A 4CU GZ 762.0 (32.5) 197.2
CENTRUS ENERGY-A 4CU QT 762.0 (32.5) 197.2
CHENIERE ENERGY CQP US 19,557.0 (1,046.0) (139.0)
CINEPLEX INC CGX CN 2,234.8 (62.6) (293.6)
CINEPLEX INC CX0 GR 2,234.8 (62.6) (293.6)
CINEPLEX INC CPXGF US 2,234.8 (62.6) (293.6)
CINEPLEX INC CX0 TH 2,234.8 (62.6) (293.6)
CINEPLEX INC CGXEUR EU 2,234.8 (62.6) (293.6)
CINEPLEX INC CGXN MM 2,234.8 (62.6) (293.6)
CINEPLEX INC CX0 GZ 2,234.8 (62.6) (293.6)
COHERUS BIOSCIEN CHRS US 469.6 (174.8) 216.0
COHERUS BIOSCIEN 8C5 GR 469.6 (174.8) 216.0
COHERUS BIOSCIEN 8C5 TH 469.6 (174.8) 216.0
COHERUS BIOSCIEN CHRSEUR EU 469.6 (174.8) 216.0
COHERUS BIOSCIEN 8C5 QT 469.6 (174.8) 216.0
COHERUS BIOSCIEN CHRSEUR EZ 469.6 (174.8) 216.0
COHERUS BIOSCIEN 8C5 GZ 469.6 (174.8) 216.0
COMPOSECURE INC CMPO US 181.1 (271.9) 61.3
CONSENSUS CLOUD CCSI US 667.1 (217.4) 90.9
CONTANGO ORE INC CTGO US 25.7 (4.8) 10.0
COOPER-STANDARD CPS US 1,870.8 (61.7) 208.5
COOPER-STANDARD C31 GR 1,870.8 (61.7) 208.5
COOPER-STANDARD CPSEUR EU 1,870.8 (61.7) 208.5
COOPER-STANDARD C31 GZ 1,870.8 (61.7) 208.5
COOPER-STANDARD C31 TH 1,870.8 (61.7) 208.5
CPI CARD GROUP I PMTS US 300.1 (63.0) 116.3
CPI CARD GROUP I CPB1 GR 300.1 (63.0) 116.3
CPI CARD GROUP I PMTSEUR EU 300.1 (63.0) 116.3
CYTOKINETICS INC CYTK US 779.9 (333.1) 521.0
CYTOKINETICS INC KK3A GR 779.9 (333.1) 521.0
CYTOKINETICS INC KK3A QT 779.9 (333.1) 521.0
CYTOKINETICS INC CYTKEUR EU 779.9 (333.1) 521.0
CYTOKINETICS INC KK3A TH 779.9 (333.1) 521.0
DELEK LOGISTICS DKL US 1,692.6 (129.5) 29.0
DELL TECHN-C DELL US 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C 12DA TH 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C 12DA GR 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C 12DA GZ 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C DELL1EUR EU 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C DELLC* MM 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C 12DA QT 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C DELL AV 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C DELL1EUR EZ 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C DELL-RM RM 85,658.0 (2,677.0) (11,943.0)
DELL TECHN-C-BDR D1EL34 BZ 85,658.0 (2,677.0) (11,943.0)
DENNY'S CORP DE8 GR 465.6 (42.6) (49.9)
DENNY'S CORP DENN US 465.6 (42.6) (49.9)
DENNY'S CORP DENNEUR EU 465.6 (42.6) (49.9)
DENNY'S CORP DE8 TH 465.6 (42.6) (49.9)
DENNY'S CORP DE8 GZ 465.6 (42.6) (49.9)
DIEBOLD NIXDORF DBD US 3,405.5 (2,130.6) (953.4)
DIGITALOCEAN HOL DOCN US 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU GR 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU TH 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL DOCNEUR EU 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU GZ 1,497.9 (267.6) 474.8
DIGITALOCEAN HOL 0SU QT 1,497.9 (267.6) 474.8
DINE BRANDS GLOB DIN US 1,666.6 (281.0) (130.4)
DINE BRANDS GLOB IHP GR 1,666.6 (281.0) (130.4)
DINE BRANDS GLOB IHP TH 1,666.6 (281.0) (130.4)
DINE BRANDS GLOB IHP GZ 1,666.6 (281.0) (130.4)
DOMINO'S P - BDR D2PZ34 BZ 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA EZV TH 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA EZV GR 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZ US 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA EZV QT 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZEUR EU 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZ AV 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZ* MM 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA EZV GZ 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZEUR EZ 1,619.5 (4,141.5) 232.7
DOMINO'S PIZZA DPZ-RM RM 1,619.5 (4,141.5) 232.7
DOMO INC- CL B DOMO US 212.1 (151.8) (84.3)
DOMO INC- CL B 1ON GR 212.1 (151.8) (84.3)
DOMO INC- CL B 1ON GZ 212.1 (151.8) (84.3)
DOMO INC- CL B DOMOEUR EU 212.1 (151.8) (84.3)
DOMO INC- CL B 1ON TH 212.1 (151.8) (84.3)
DOMO INC- CL B 1ON QT 212.1 (151.8) (84.3)
DROPBOX INC-A DBX US 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 GR 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 SW 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 TH 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 QT 2,938.6 (411.9) 203.3
DROPBOX INC-A DBXEUR EU 2,938.6 (411.9) 203.3
DROPBOX INC-A DBX AV 2,938.6 (411.9) 203.3
DROPBOX INC-A DBX* MM 2,938.6 (411.9) 203.3
DROPBOX INC-A DBXEUR EZ 2,938.6 (411.9) 203.3
DROPBOX INC-A 1Q5 GZ 2,938.6 (411.9) 203.3
DROPBOX INC-A DBX-RM RM 2,938.6 (411.9) 203.3
EMBECTA CORP EMBC US 1,252.1 (809.4) 401.7
EMBECTA CORP EMBC* MM 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 GR 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 QT 1,252.1 (809.4) 401.7
EMBECTA CORP EMBC1EUR EZ 1,252.1 (809.4) 401.7
EMBECTA CORP EMBC1EUR EU 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 GZ 1,252.1 (809.4) 401.7
EMBECTA CORP JX7 TH 1,252.1 (809.4) 401.7
ETSY INC ETSY US 2,568.8 (464.2) 910.5
ETSY INC 3E2 GR 2,568.8 (464.2) 910.5
ETSY INC 3E2 TH 2,568.8 (464.2) 910.5
ETSY INC 3E2 QT 2,568.8 (464.2) 910.5
ETSY INC 2E2 GZ 2,568.8 (464.2) 910.5
ETSY INC 300 SW 2,568.8 (464.2) 910.5
ETSY INC ETSY AV 2,568.8 (464.2) 910.5
ETSY INC ETSYEUR EZ 2,568.8 (464.2) 910.5
ETSY INC ETSY* MM 2,568.8 (464.2) 910.5
ETSY INC ETSY-RM RM 2,568.8 (464.2) 910.5
ETSY INC 4ETSY TE 2,568.8 (464.2) 910.5
ETSY INC - BDR E2TS34 BZ 2,568.8 (464.2) 910.5
ETSY INC - CEDEA ETSY AR 2,568.8 (464.2) 910.5
EVOLUS INC EOLS US 169.0 (7.0) 55.1
EVOLUS INC EVL GR 169.0 (7.0) 55.1
EVOLUS INC EOLSEUR EU 169.0 (7.0) 55.1
EVOLUS INC EVL TH 169.0 (7.0) 55.1
EVOLUS INC EVL QT 169.0 (7.0) 55.1
EVOLUS INC EVL GZ 169.0 (7.0) 55.1
EVOLUS INC EOLSEUR EZ 169.0 (7.0) 55.1
FAIR ISAAC - BDR F2IC34 BZ 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI GR 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICO US 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICOEUR EU 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI QT 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICOEUR EZ 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FICO1* MM 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI GZ 1,584.6 (704.0) 182.1
FAIR ISAAC CORP FRI TH 1,584.6 (704.0) 182.1
FENNEC PHARMACEU FRX CN 19.4 (9.7) 15.6
FENNEC PHARMACEU FENC US 19.4 (9.7) 15.6
FENNEC PHARMACEU RV41 TH 19.4 (9.7) 15.6
FENNEC PHARMACEU RV41 GR 19.4 (9.7) 15.6
FENNEC PHARMACEU FRXEUR EU 19.4 (9.7) 15.6
FENNEC PHARMACEU RV41 GZ 19.4 (9.7) 15.6
FERRELLGAS PAR-B FGPRB US 1,531.4 (247.4) 176.6
FERRELLGAS-LP FGPR US 1,531.4 (247.4) 176.6
FIBROGEN INC FGEN* MM 515.1 (60.3) 217.3
FIBROGEN INC FGEN-RM RM 515.1 (60.3) 217.3
GCM GROSVENOR-A GCMG US 450.8 (100.9) 89.4
GEN RESTAURANT G GENK US 184.7 31.6 12.3
GODADDY INC -BDR G2DD34 BZ 6,793.9 (664.5) (1,204.8)
GODADDY INC-A GDDY US 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D GR 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D QT 6,793.9 (664.5) (1,204.8)
GODADDY INC-A GDDY* MM 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D TH 6,793.9 (664.5) (1,204.8)
GODADDY INC-A 38D GZ 6,793.9 (664.5) (1,204.8)
GOOSEHEAD INSU-A GSHD US 323.2 (13.4) 15.1
GOOSEHEAD INSU-A 2OX GR 323.2 (13.4) 15.1
GOOSEHEAD INSU-A GSHDEUR EU 323.2 (13.4) 15.1
GOOSEHEAD INSU-A 2OX TH 323.2 (13.4) 15.1
GOOSEHEAD INSU-A 2OX QT 323.2 (13.4) 15.1
GREEN PLAINS PAR GPP US 127.5 (1.5) 3.5
GROUPON INC G5NA GR 587.2 (24.8) (171.8)
GROUPON INC G5NA TH 587.2 (24.8) (171.8)
GROUPON INC GRPN US 587.2 (24.8) (171.8)
GROUPON INC G5NA QT 587.2 (24.8) (171.8)
GROUPON INC GRPNEUR EU 587.2 (24.8) (171.8)
GROUPON INC G5NA GZ 587.2 (24.8) (171.8)
GROUPON INC GRPN AV 587.2 (24.8) (171.8)
GROUPON INC GRPN* MM 587.2 (24.8) (171.8)
GROUPON INC GRPNEUR EZ 587.2 (24.8) (171.8)
HCM ACQUISITI-A HCMA US 295.2 276.9 1.0
HCM ACQUISITION HCMAU US 295.2 276.9 1.0
HERBALIFE LTD HOO GR 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HLF US 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HLFEUR EU 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO QT 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO GZ 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO SW 2,770.6 (1,150.4) 130.6
HERBALIFE LTD HOO TH 2,770.6 (1,150.4) 130.6
HERON THERAPEUTI HRTX-RM RM 201.2 (39.3) 78.6
HEWLETT-CEDEAR HPQD AR 36,632.0 (2,245.0) (7,727.0)
HEWLETT-CEDEAR HPQC AR 36,632.0 (2,245.0) (7,727.0)
HEWLETT-CEDEAR HPQ AR 36,632.0 (2,245.0) (7,727.0)
HILTON WORLD-BDR H1LT34 BZ 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLT US 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 TH 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 GR 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 QT 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLTEUR EU 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLT* MM 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE 4HLT TE 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLTEUR EZ 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLTW AV 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HI91 GZ 15,297.0 (1,423.0) (855.0)
HILTON WORLDWIDE HLT-RM RM 15,297.0 (1,423.0) (855.0)
HP COMPANY-BDR HPQB34 BZ 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ* MM 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ US 36,632.0 (2,245.0) (7,727.0)
HP INC 7HP TH 36,632.0 (2,245.0) (7,727.0)
HP INC 7HP GR 36,632.0 (2,245.0) (7,727.0)
HP INC 4HPQ TE 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ CI 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ SW 36,632.0 (2,245.0) (7,727.0)
HP INC 7HP QT 36,632.0 (2,245.0) (7,727.0)
HP INC HPQUSD SW 36,632.0 (2,245.0) (7,727.0)
HP INC HPQEUR EU 36,632.0 (2,245.0) (7,727.0)
HP INC 7HP GZ 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ AV 36,632.0 (2,245.0) (7,727.0)
HP INC HPQEUR EZ 36,632.0 (2,245.0) (7,727.0)
HP INC HPQ-RM RM 36,632.0 (2,245.0) (7,727.0)
HP INC 7HPD EB 36,632.0 (2,245.0) (7,727.0)
HP INC 7HPD IX 36,632.0 (2,245.0) (7,727.0)
HP INC 7HPD I2 36,632.0 (2,245.0) (7,727.0)
INHIBRX INC INBX US 213.2 (24.8) 172.0
INHIBRX INC 1RK GR 213.2 (24.8) 172.0
INHIBRX INC INBXEUR EU 213.2 (24.8) 172.0
INHIBRX INC 1RK QT 213.2 (24.8) 172.0
INSEEGO CORP INSG-RM RM 153.7 (70.8) 22.9
INSMED INC INSM US 1,439.1 (155.7) 848.2
INSMED INC IM8N GR 1,439.1 (155.7) 848.2
INSMED INC IM8N TH 1,439.1 (155.7) 848.2
INSMED INC INSMEUR EU 1,439.1 (155.7) 848.2
INSMED INC INSM* MM 1,439.1 (155.7) 848.2
INSPIRATO INC ISPO* MM 365.4 (122.9) (173.8)
INSPIRED ENTERTA INSE US 353.5 (50.3) 64.4
INSPIRED ENTERTA 4U8 GR 353.5 (50.3) 64.4
INSPIRED ENTERTA INSEEUR EU 353.5 (50.3) 64.4
INTUITIVE MACHIN LUNR US 95.8 (72.8) (58.1)
INVITAE CORP NVTA* MM 1,523.0 (200.8) 299.3
INVITAE CORP NVTA-RM RM 1,523.0 (200.8) 299.3
IRONWOOD PHARMAC I76 GR 603.2 (346.8) 12.2
IRONWOOD PHARMAC IRWD US 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 TH 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 QT 603.2 (346.8) 12.2
IRONWOOD PHARMAC IRWDEUR EU 603.2 (346.8) 12.2
IRONWOOD PHARMAC I76 GZ 603.2 (346.8) 12.2
JACK IN THE BOX JBX GR 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK US 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK1EUR EU 2,951.8 (705.4) (228.5)
JACK IN THE BOX JBX GZ 2,951.8 (705.4) (228.5)
JACK IN THE BOX JBX QT 2,951.8 (705.4) (228.5)
JACK IN THE BOX JACK1EUR EZ 2,951.8 (705.4) (228.5)
L BRANDS INC-BDR B1BW34 BZ 5,195.0 (2,154.0) 680.0
LESLIE'S INC LESL US 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 GR 1,137.4 (179.8) 221.4
LESLIE'S INC LESLEUR EU 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 TH 1,137.4 (179.8) 221.4
LESLIE'S INC LE3 QT 1,137.4 (179.8) 221.4
LIFEMD INC LFMD US 33.9 (7.4) (7.9)
LINDBLAD EXPEDIT LIND US 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 GR 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LINDEUR EU 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 TH 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 QT 853.8 (103.1) (73.9)
LINDBLAD EXPEDIT LI4 GZ 853.8 (103.1) (73.9)
LOWE'S COS INC LWE GR 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW US 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LWE TH 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW SW 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LWE QT 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOWEUR EU 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LWE GZ 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW* MM 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC 4LOW TE 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOWE AV 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOWEUR EZ 44,521.0 (14,732.0) 4,624.0
LOWE'S COS INC LOW-RM RM 44,521.0 (14,732.0) 4,624.0
LOWE'S COS-BDR LOWC34 BZ 44,521.0 (14,732.0) 4,624.0
LUMINAR TECHNOLO LAZR US 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZR* MM 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZR-RM RM 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS GR 658.4 (82.3) 393.9
LUMINAR TECHNOLO LAZREUR EU 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS TH 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS GZ 658.4 (82.3) 393.9
LUMINAR TECHNOLO 9FS QT 658.4 (82.3) 393.9
LUMINE GROUP INC LMN CN 1,481.8 (2,860.1) (3,545.5)
LUMINE GROUP INC LMGIF US 1,481.8 (2,860.1) (3,545.5)
MADISON SQUARE G MSGS US 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 GR 1,315.0 (337.2) (371.3)
MADISON SQUARE G MSG1EUR EU 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 TH 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 QT 1,315.0 (337.2) (371.3)
MADISON SQUARE G MS8 GZ 1,315.0 (337.2) (371.3)
MADISON SQUARE G MSGE US 1,401.2 (69.5) (245.4)
MADISON SQUARE G MSGE1* MM 1,401.2 (69.5) (245.4)
MANNKIND CORP NNFN GR 313.4 (260.5) 133.3
MANNKIND CORP MNKD US 313.4 (260.5) 133.3
MANNKIND CORP NNFN TH 313.4 (260.5) 133.3
MANNKIND CORP NNFN QT 313.4 (260.5) 133.3
MANNKIND CORP MNKDEUR EU 313.4 (260.5) 133.3
MANNKIND CORP NNFN GZ 313.4 (260.5) 133.3
MARKETWISE INC MKTW* MM 445.6 (257.3) (50.3)
MARRIOTT - BDR M1TT34 BZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD EB 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD IX 25,087.0 (224.0) (4,076.0)
MARRIOTT INTERNA MAQD I2 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ TH 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ GR 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR US 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ QT 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAREUR EU 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ GZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR AV 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A 4MAR TE 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAQ SW 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAREUR EZ 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR* MM 25,087.0 (224.0) (4,076.0)
MARRIOTT INTL-A MAR-RM RM 25,087.0 (224.0) (4,076.0)
MATCH GROUP -BDR M1TC34 BZ 4,339.0 (177.5) 594.8
MATCH GROUP INC 0JZ7 LI 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH US 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH1* MM 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN TH 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN GR 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN QT 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN SW 4,339.0 (177.5) 594.8
MATCH GROUP INC MTC2 AV 4,339.0 (177.5) 594.8
MATCH GROUP INC 4MGN GZ 4,339.0 (177.5) 594.8
MATCH GROUP INC MTCH-RM RM 4,339.0 (177.5) 594.8
MBIA INC MBI US 3,257.0 (988.0) -
MBIA INC MBJ GR 3,257.0 (988.0) -
MBIA INC MBJ TH 3,257.0 (988.0) -
MBIA INC MBJ QT 3,257.0 (988.0) -
MBIA INC MBI1EUR EU 3,257.0 (988.0) -
MBIA INC MBJ GZ 3,257.0 (988.0) -
MCDONALD'S CORP MDOD EB 50,442.0 (4,999.1) 1,271.7
MCDONALD'S CORP MDOD IX 50,442.0 (4,999.1) 1,271.7
MCDONALD'S CORP MDOD I2 50,442.0 (4,999.1) 1,271.7
MCDONALDS - BDR MCDC34 BZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO TH 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP 4MCD TE 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO GR 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD* MM 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD US 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD SW 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD CI 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO QT 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDUSD EU 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDUSD SW 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDEUR EU 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MDO GZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD AV 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDUSD EZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDEUR EZ 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP 0R16 LN 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCD-RM RM 50,442.0 (4,999.1) 1,271.7
MCDONALDS CORP MCDCL CI 50,442.0 (4,999.1) 1,271.7
MCDONALDS-CEDEAR MCDD AR 50,442.0 (4,999.1) 1,271.7
MCDONALDS-CEDEAR MCDC AR 50,442.0 (4,999.1) 1,271.7
MCDONALDS-CEDEAR MCD AR 50,442.0 (4,999.1) 1,271.7
MCKESSON CORP MCK* MM 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK GR 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK US 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK TH 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK1EUR EU 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK QT 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK GZ 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK1EUR EZ 64,096.0 (1,240.0) (2,883.0)
MCKESSON CORP MCK-RM RM 64,096.0 (1,240.0) (2,883.0)
MCKESSON-BDR M1CK34 BZ 64,096.0 (1,240.0) (2,883.0)
MEDIAALPHA INC-A MAX US 140.2 (94.4) (3.7)
METTLER-TO - BDR M1TD34 BZ 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD US 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO GR 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO QT 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO GZ 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTO TH 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTDEUR EU 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD* MM 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTDEUR EZ 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD AV 3,370.4 (89.7) 238.5
METTLER-TOLEDO MTD-RM RM 3,370.4 (89.7) 238.5
MSCI INC 3HM GR 4,762.8 (1,193.7) 306.1
MSCI INC MSCI US 4,762.8 (1,193.7) 306.1
MSCI INC 3HM QT 4,762.8 (1,193.7) 306.1
MSCI INC 3HM SW 4,762.8 (1,193.7) 306.1
MSCI INC MSCI* MM 4,762.8 (1,193.7) 306.1
MSCI INC MSCIEUR EZ 4,762.8 (1,193.7) 306.1
MSCI INC 3HM GZ 4,762.8 (1,193.7) 306.1
MSCI INC 3HM TH 4,762.8 (1,193.7) 306.1
MSCI INC MSCI AV 4,762.8 (1,193.7) 306.1
MSCI INC MSCI-RM RM 4,762.8 (1,193.7) 306.1
MSCI INC-BDR M1SC34 BZ 4,762.8 (1,193.7) 306.1
N/A CPB1 GZ 300.1 (63.0) 116.3
NANOSTRING TECHN NSTG* MM 289.0 (21.5) 159.0
NATHANS FAMOUS NATH US 65.8 (39.2) 36.2
NATHANS FAMOUS NFA GR 65.8 (39.2) 36.2
NATHANS FAMOUS NATHEUR EU 65.8 (39.2) 36.2
NATIONAL CINEMED NCMI US 43.4 (19.3) 14.0
NEW ENG RLTY-LP NEN US 386.9 (64.3) -
NIOCORP DEVELOPM NB CN 27.7 (11.7) 0.2
NOVAVAX INC NVV1 GR 1,685.0 (754.5) (468.7)
NOVAVAX INC NVAX US 1,685.0 (754.5) (468.7)
NOVAVAX INC NVV1 TH 1,685.0 (754.5) (468.7)
NOVAVAX INC NVV1 QT 1,685.0 (754.5) (468.7)
NOVAVAX INC NVAXEUR EU 1,685.0 (754.5) (468.7)
NOVAVAX INC NVV1 GZ 1,685.0 (754.5) (468.7)
NOVAVAX INC NVV1 SW 1,685.0 (754.5) (468.7)
NOVAVAX INC NVAX* MM 1,685.0 (754.5) (468.7)
NOVAVAX INC 0A3S LI 1,685.0 (754.5) (468.7)
NOVAVAX INC NVV1 BU 1,685.0 (754.5) (468.7)
NUTANIX INC - A NTNX US 2,526.9 (707.4) 725.6
NUTANIX INC - A 0NU GR 2,526.9 (707.4) 725.6
NUTANIX INC - A NTNXEUR EU 2,526.9 (707.4) 725.6
NUTANIX INC - A 0NU TH 2,526.9 (707.4) 725.6
NUTANIX INC - A 0NU QT 2,526.9 (707.4) 725.6
NUTANIX INC - A 0NU GZ 2,526.9 (707.4) 725.6
NUTANIX INC - A 0NU SW 2,526.9 (707.4) 725.6
NUTANIX INC - A NTNXEUR EZ 2,526.9 (707.4) 725.6
NUTANIX INC - A NTNX-RM RM 2,526.9 (707.4) 725.6
NUTANIX INC-BDR N2TN34 BZ 2,526.9 (707.4) 725.6
O'REILLY AUT-BDR ORLY34 BZ 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT OM6 GR 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLY US 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT OM6 TH 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT OM6 QT 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLY* MM 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLYEUR EU 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT OM6 GZ 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLY AV 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLYEUR EZ 13,276.6 (1,627.5) (2,382.4)
O'REILLY AUTOMOT ORLY-RM RM 13,276.6 (1,627.5) (2,382.4)
ORGANON & CO OGN US 10,979.0 (555.0) 1,571.0
ORGANON & CO 7XP TH 10,979.0 (555.0) 1,571.0
ORGANON & CO OGN-WEUR EU 10,979.0 (555.0) 1,571.0
ORGANON & CO 7XP GR 10,979.0 (555.0) 1,571.0
ORGANON & CO OGN* MM 10,979.0 (555.0) 1,571.0
ORGANON & CO 7XP GZ 10,979.0 (555.0) 1,571.0
ORGANON & CO 7XP QT 10,979.0 (555.0) 1,571.0
ORGANON & CO OGN-RM RM 10,979.0 (555.0) 1,571.0
ORGANON & CO 4OGN TE 10,979.0 (555.0) 1,571.0
OTIS WORLDWI OTIS US 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI 4PG GR 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI 4PG GZ 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI OTISEUR EZ 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI OTISEUR EU 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI OTIS* MM 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI 4PG TH 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI 4PG QT 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI OTIS AV 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI OTIS-RM RM 10,135.0 (4,625.0) (741.0)
OTIS WORLDWI-BDR O1TI34 BZ 10,135.0 (4,625.0) (741.0)
PAPA JOHN'S INTL PZZA US 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PP1 GR 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PZZAEUR EU 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PP1 GZ 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PP1 TH 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PP1 QT 873.6 (464.5) (54.8)
PAPA JOHN'S INTL PZZAEUR EZ 873.6 (464.5) (54.8)
PELOTON INTERA-A PTON US 2,769.1 (295.1) 877.7
PELOTON INTERA-A 2ON GR 2,769.1 (295.1) 877.7
PELOTON INTERA-A 2ON GZ 2,769.1 (295.1) 877.7
PELOTON INTERA-A PTONEUR EZ 2,769.1 (295.1) 877.7
PELOTON INTERA-A PTONEUR EU 2,769.1 (295.1) 877.7
PELOTON INTERA-A 2ON QT 2,769.1 (295.1) 877.7
PELOTON INTERA-A 2ON TH 2,769.1 (295.1) 877.7
PELOTON INTERA-A PTON* MM 2,769.1 (295.1) 877.7
PELOTON INTERA-A 0A46 LI 2,769.1 (295.1) 877.7
PELOTON INTERA-A PTON AV 2,769.1 (295.1) 877.7
PELOTON INTERA-A 2ON SW 2,769.1 (295.1) 877.7
PELOTON INTERA-A PTON-RM RM 2,769.1 (295.1) 877.7
PELOTON INTERACT 4PTON TE 2,769.1 (295.1) 877.7
PETRO USA INC PBAJ US - (0.1) (0.1)
PHILIP MORRI-BDR PHMO34 BZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1EUR EU 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMI SW 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4PM TE 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 TH 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1CHF EU 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 GR 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM US 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMIZ IX 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMIZ EB 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 QT 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 4I1 GZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN 0M8V LN 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PMOR AV 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM* MM 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1CHF EZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM1EUR EZ 61,868.0 (7,960.0) (3,409.0)
PHILIP MORRIS IN PM-RM RM 61,868.0 (7,960.0) (3,409.0)
PITNEY BOW-CED PBI AR 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW GR 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBI US 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW TH 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBIEUR EU 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW QT 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBW GZ 4,423.4 (75.5) (241.9)
PITNEY BOWES INC PBI-RM RM 4,423.4 (75.5) (241.9)
PLANET FITNESS I P2LN34 BZ 2,848.2 (216.0) 230.9
PLANET FITNESS I PLNT* MM 2,848.2 (216.0) 230.9
PLANET FITNESS-A PLNT US 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL TH 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL GR 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL QT 2,848.2 (216.0) 230.9
PLANET FITNESS-A PLNT1EUR EU 2,848.2 (216.0) 230.9
PLANET FITNESS-A 3PL GZ 2,848.2 (216.0) 230.9
PROS HOLDINGS IN PH2 GR 434.0 (51.5) (48.6)
PROS HOLDINGS IN PRO US 434.0 (51.5) (48.6)
PROS HOLDINGS IN PRO1EUR EU 434.0 (51.5) (48.6)
PTC THERAPEUTICS PTCT US 1,338.1 (577.8) 113.3
PTC THERAPEUTICS BH3 GR 1,338.1 (577.8) 113.3
PTC THERAPEUTICS P91 TH 1,338.1 (577.8) 113.3
PTC THERAPEUTICS P91 QT 1,338.1 (577.8) 113.3
RAPID7 INC RPD US 1,355.7 (111.0) 4.5
RAPID7 INC R7D GR 1,355.7 (111.0) 4.5
RAPID7 INC RPDEUR EU 1,355.7 (111.0) 4.5
RAPID7 INC R7D SW 1,355.7 (111.0) 4.5
RAPID7 INC R7D TH 1,355.7 (111.0) 4.5
RAPID7 INC RPD* MM 1,355.7 (111.0) 4.5
RAPID7 INC R7D GZ 1,355.7 (111.0) 4.5
RAPID7 INC R7D QT 1,355.7 (111.0) 4.5
RH RH US 4,212.8 (284.6) 483.9
RH RS1 GR 4,212.8 (284.6) 483.9
RH RH* MM 4,212.8 (284.6) 483.9
RH RHEUR EU 4,212.8 (284.6) 483.9
RH RS1 TH 4,212.8 (284.6) 483.9
RH RS1 GZ 4,212.8 (284.6) 483.9
RH RHEUR EZ 4,212.8 (284.6) 483.9
RH RS1 QT 4,212.8 (284.6) 483.9
RH - BDR R2HH34 BZ 4,212.8 (284.6) 483.9
RINGCENTRAL IN-A RNG US 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A 3RCA GR 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A RNGEUR EU 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A 3RCA TH 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A 3RCA QT 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A RNGEUR EZ 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A RNG* MM 1,960.4 (272.4) 211.2
RINGCENTRAL IN-A 3RCA GZ 1,960.4 (272.4) 211.2
RINGCENTRAL-BDR R2NG34 BZ 1,960.4 (272.4) 211.2
SABRE CORP SABR US 4,924.6 (1,068.6) 446.5
SABRE CORP 19S GR 4,924.6 (1,068.6) 446.5
SABRE CORP 19S TH 4,924.6 (1,068.6) 446.5
SABRE CORP 19S QT 4,924.6 (1,068.6) 446.5
SABRE CORP SABREUR EU 4,924.6 (1,068.6) 446.5
SABRE CORP SABREUR EZ 4,924.6 (1,068.6) 446.5
SABRE CORP 19S GZ 4,924.6 (1,068.6) 446.5
SAVERS VALUE VIL SVV US 1,783.2 (12.6) (23.8)
SBA COMM CORP 4SB GR 10,604.5 (5,054.8) (219.8)
SBA COMM CORP SBAC US 10,604.5 (5,054.8) (219.8)
SBA COMM CORP 4SB TH 10,604.5 (5,054.8) (219.8)
SBA COMM CORP 4SB QT 10,604.5 (5,054.8) (219.8)
SBA COMM CORP SBACEUR EU 10,604.5 (5,054.8) (219.8)
SBA COMM CORP 4SB GZ 10,604.5 (5,054.8) (219.8)
SBA COMM CORP SBAC* MM 10,604.5 (5,054.8) (219.8)
SBA COMM CORP SBACEUR EZ 10,604.5 (5,054.8) (219.8)
SBA COMMUN - BDR S1BA34 BZ 10,604.5 (5,054.8) (219.8)
SEAGATE TECHNOLO S1TX34 BZ 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STXN MM 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STX US 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 GR 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 GZ 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STX4EUR EU 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 TH 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO STXH AV 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 847 QT 7,556.0 (1,199.0) 313.0
SEAGATE TECHNOLO 4STX TE 7,556.0 (1,199.0) 313.0
SEAWORLD ENTERTA SEAS US 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L GR 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L TH 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA SEASEUR EU 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L QT 2,505.2 (377.5) (176.9)
SEAWORLD ENTERTA W2L GZ 2,505.2 (377.5) (176.9)
SIRIUS XM HO-BDR SRXM34 BZ 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI US 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO TH 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO GR 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO QT 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRIEUR EU 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN RDO GZ 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI AV 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRIEUR EZ 10,078.0 (3,111.0) (2,196.0)
SIRIUS XM HOLDIN SIRI* MM 10,078.0 (3,111.0) (2,196.0)
SIX FLAGS ENTERT SIX US 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT 6FE GR 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT SIXEUR EU 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT 6FE TH 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT 6FE QT 2,713.6 (450.7) (342.5)
SIX FLAGS ENTERT S2IX34 BZ 2,713.6 (450.7) (342.5)
SLEEP NUMBER COR SNBR US 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 GR 965.2 (419.1) (713.2)
SLEEP NUMBER COR SNBREUR EU 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 TH 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 QT 965.2 (419.1) (713.2)
SLEEP NUMBER COR SL2 GZ 965.2 (419.1) (713.2)
SONDER HOLDINGS SOND* MM 1,607.9 (136.6) (43.4)
SPIRIT AEROSYS-A S9Q GR 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPR US 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A S9Q TH 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPREUR EU 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A S9Q QT 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPREUR EZ 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A S9Q GZ 6,545.2 (628.9) 1,105.5
SPIRIT AEROSYS-A SPR-RM RM 6,545.2 (628.9) 1,105.5
SPLUNK INC SPLK US 6,076.9 (39.0) 1,040.2
SPLUNK INC S0U GR 6,076.9 (39.0) 1,040.2
SPLUNK INC S0U TH 6,076.9 (39.0) 1,040.2
SPLUNK INC S0U QT 6,076.9 (39.0) 1,040.2
SPLUNK INC SPLK SW 6,076.9 (39.0) 1,040.2
SPLUNK INC SPLKEUR EU 6,076.9 (39.0) 1,040.2
SPLUNK INC SPLK* MM 6,076.9 (39.0) 1,040.2
SPLUNK INC SPLKEUR EZ 6,076.9 (39.0) 1,040.2
SPLUNK INC S0U GZ 6,076.9 (39.0) 1,040.2
SPLUNK INC SPLK-RM RM 6,076.9 (39.0) 1,040.2
SPLUNK INC - BDR S1PL34 BZ 6,076.9 (39.0) 1,040.2
SQUARESPACE -BDR S2QS34 BZ 766.4 (291.2) (113.9)
SQUARESPACE IN-A SQSP US 766.4 (291.2) (113.9)
SQUARESPACE IN-A 8DT GR 766.4 (291.2) (113.9)
SQUARESPACE IN-A 8DT GZ 766.4 (291.2) (113.9)
SQUARESPACE IN-A SQSPEUR EU 766.4 (291.2) (113.9)
SQUARESPACE IN-A 8DT TH 766.4 (291.2) (113.9)
SQUARESPACE IN-A 8DT QT 766.4 (291.2) (113.9)
STARBUCKS CORP SBUX US 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX* MM 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRB TH 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRB GR 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX CI 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX SW 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRB QT 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX PE 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUXUSD SW 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRB GZ 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX AV 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP 4SBUX TE 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUXEUR EU 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP 1SBUX IM 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUXEUR EZ 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP 0QZH LI 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX-RM RM 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUXCL CI 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SBUX_KZ KZ 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRBD BQ 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRBD EB 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRBD IX 28,733.0 (8,341.6) (2,043.9)
STARBUCKS CORP SRBD I2 28,733.0 (8,341.6) (2,043.9)
STARBUCKS-BDR SBUB34 BZ 28,733.0 (8,341.6) (2,043.9)
STARBUCKS-CEDEAR SBUX AR 28,733.0 (8,341.6) (2,043.9)
STARBUCKS-CEDEAR SBUXD AR 28,733.0 (8,341.6) (2,043.9)
SYNDAX PHARMACEU SNDX US 431.3 (378.7) 378.9
SYNDAX PHARMACEU 1T3 GR 431.3 (378.7) 378.9
SYNDAX PHARMACEU SNDXEUR EU 431.3 (378.7) 378.9
SYNDAX PHARMACEU 1T3 TH 431.3 (378.7) 378.9
SYNDAX PHARMACEU 1T3 QT 431.3 (378.7) 378.9
SYNDAX PHARMACEU 1T3 GZ 431.3 (378.7) 378.9
TABULA RASA HEAL TRHC US 355.9 (78.1) 53.0
TABULA RASA HEAL 43T GR 355.9 (78.1) 53.0
TABULA RASA HEAL TRHCEUR EU 355.9 (78.1) 53.0
TABULA RASA HEAL 43T TH 355.9 (78.1) 53.0
TABULA RASA HEAL 43T GZ 355.9 (78.1) 53.0
TRANSDIGM - BDR T1DG34 BZ 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP T7D GR 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP TDG US 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP T7D QT 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP TDGEUR EU 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP T7D TH 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP TDG* MM 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP TDGEUR EZ 19,555.0 (2,387.0) 4,719.0
TRANSDIGM GROUP TDG-RM RM 19,555.0 (2,387.0) 4,719.0
TRAVEL + LEISURE WD5A GR 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE TNL US 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE WD5A TH 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE WD5A QT 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE WYNEUR EU 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE 0M1K LI 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE WD5A GZ 6,602.0 (1,004.0) 614.0
TRAVEL + LEISURE TNL* MM 6,602.0 (1,004.0) 614.0
TRIUMPH GROUP TG7 GR 1,649.9 (751.9) 518.3
TRIUMPH GROUP TGI US 1,649.9 (751.9) 518.3
TRIUMPH GROUP TGIEUR EU 1,649.9 (751.9) 518.3
TRIUMPH GROUP TG7 TH 1,649.9 (751.9) 518.3
TRIUMPH GROUP TG7 GZ 1,649.9 (751.9) 518.3
UBIQUITI INC 3UB GR 1,406.4 (115.7) 815.2
UBIQUITI INC UI US 1,406.4 (115.7) 815.2
UBIQUITI INC UBNTEUR EU 1,406.4 (115.7) 815.2
UBIQUITI INC 3UB TH 1,406.4 (115.7) 815.2
UNITED HOMES GRO UHG US 246.9 (117.1) 200.1
UNITED HOMES GRO 6PO GR 246.9 (117.1) 200.1
UNITED HOMES GRO DHHCEUR EU 246.9 (117.1) 200.1
UNITI GROUP INC UNIT US 5,034.6 (2,331.2) -
UNITI GROUP INC 8XC GR 5,034.6 (2,331.2) -
UNITI GROUP INC 8XC TH 5,034.6 (2,331.2) -
UNITI GROUP INC 8XC GZ 5,034.6 (2,331.2) -
UROGEN PHARMA LT URGN US 95.4 (138.4) 54.6
UROGEN PHARMA LT UR8 GR 95.4 (138.4) 54.6
UROGEN PHARMA LT URGNEUR EU 95.4 (138.4) 54.6
VECTOR GROUP LTD VGR GR 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGR US 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGR QT 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGREUR EU 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGREUR EZ 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGR TH 1,033.2 (797.1) 332.8
VECTOR GROUP LTD VGR GZ 1,033.2 (797.1) 332.8
VERISIGN INC VRS TH 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRS GR 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSN US 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRS QT 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSNEUR EU 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRS GZ 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSN* MM 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSNEUR EZ 1,677.2 (1,617.9) (144.3)
VERISIGN INC VRSN-RM RM 1,677.2 (1,617.9) (144.3)
VERISIGN INC-BDR VRSN34 BZ 1,677.2 (1,617.9) (144.3)
VERISIGN-CEDEAR VRSN AR 1,677.2 (1,617.9) (144.3)
WAVE LIFE SCIENC WVE US 230.0 (43.8) 44.5
WAVE LIFE SCIENC WVEEUR EU 230.0 (43.8) 44.5
WAVE LIFE SCIENC 1U5 GR 230.0 (43.8) 44.5
WAVE LIFE SCIENC 1U5 TH 230.0 (43.8) 44.5
WAVE LIFE SCIENC 1U5 GZ 230.0 (43.8) 44.5
WAYFAIR INC- A W US 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF GR 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF TH 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A WEUR EU 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF QT 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A WEUR EZ 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A 1WF GZ 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- A W* MM 3,382.0 (2,698.0) (200.0)
WAYFAIR INC- BDR W2YF34 BZ 3,382.0 (2,698.0) (200.0)
WEWORK INC-CL A 9WEA GR 15,063.0 (3,593.0) (1,445.0)
WEWORK INC-CL A 9WEA TH 15,063.0 (3,593.0) (1,445.0)
WEWORK INC-CL A WE1EUR EU 15,063.0 (3,593.0) (1,445.0)
WEWORK INC-CL A 9WEA QT 15,063.0 (3,593.0) (1,445.0)
WEWORK INC-CL A 9WEA GZ 15,063.0 (3,593.0) (1,445.0)
WEWORK INC-CL A WE* MM 15,063.0 (3,593.0) (1,445.0)
WEWORK INC-CL A 1WE IM 15,063.0 (3,593.0) (1,445.0)
WINGSTOP INC WING US 451.2 (365.4) 179.4
WINGSTOP INC EWG GR 451.2 (365.4) 179.4
WINGSTOP INC WING1EUR EU 451.2 (365.4) 179.4
WINGSTOP INC EWG GZ 451.2 (365.4) 179.4
WINGSTOP INC EWG TH 451.2 (365.4) 179.4
WINMARK CORP WINA US 47.7 (43.6) 24.0
WINMARK CORP GBZ GR 47.7 (43.6) 24.0
WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3)
WW INTERNATIONAL WW US 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 GR 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 TH 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WTWEUR EU 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 QT 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 GZ 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW6 SW 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WTW AV 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WTWEUR EZ 1,001.5 (716.3) (23.5)
WW INTERNATIONAL WW-RM RM 1,001.5 (716.3) (23.5)
WYNN RESORTS LTD WYR GR 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNN* MM 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNN US 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYR TH 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNN SW 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYR QT 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNNEUR EU 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYR GZ 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNNEUR EZ 13,783.7 (1,507.2) 3,005.7
WYNN RESORTS LTD WYNN-RM RM 13,783.7 (1,507.2) 3,005.7
YUM! BRANDS -BDR YUMR34 BZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM US 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR GR 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR TH 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMEUR EU 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR QT 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM SW 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMUSD SW 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC TGR GZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM* MM 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM AV 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUMEUR EZ 5,848.0 (8,436.0) 28.0
YUM! BRANDS INC YUM-RM RM 5,848.0 (8,436.0) 28.0
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts. The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
The Sunday TCR delivers securitization rating news from the week
then-ending.
TCR subscribers have free access to our on-line news archive.
Point your Web browser to http://TCRresources.bankrupt.com/and use
the e-mail address to which your TCR is delivered to login.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without prior
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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
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are $25 each. For subscription information, contact Peter A.
Chapman at 215-945-7000.
*** End of Transmission ***