/raid1/www/Hosts/bankrupt/TCR_Public/231027.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Friday, October 27, 2023, Vol. 27, No. 299
Headlines
10421 NORTHVALE: Claims Will be Paid from Property Sale/Refinance
120 OCEAN DRIVE: Case Summary & Two Unsecured Creditors
2318 SUNLAND: Dawn Maguire of Guttilla Named Subchapter V Trustee
2377 GLENDON: Claims Will be Paid from Property Sale/Refinance
4D FACTORY: Charles Persing of Bederson Named Subchapter V Trustee
A PLUS WIRELESS: Seeks Chapter 11 Bankruptcy Protection
AC NW RETAIL: Secured Creditor Submits Plan of Liquidation
AEROCISION PARENT: Hires Ordinary Course Professionals
AIR METHODS: S&P Downgrades ICR to 'D' on Chapter 11 Filing
AKUMIN INC: Court OKs $75MM DIP Loan from Stonepeak
AMBASSADOR CONTROLS: Scott Seidel Named Subchapter V Trustee
AMMACORE INC: Starts Subchapter V Bankruptcy Protection
APEX NORTH: Unsecureds Get Paid From Sale of Property
APPALACHIAN VALLEY: Unsecureds to Get $30K over 5 Years
ATLAS LITHIUM: Incurs $11.7 Million Net Loss in Third Quarter
AUSTIN CONVENTION: S&P Affirms 'BB+' Bonds Rating, Outlook Stable
AYALA PHARMACEUTICALS: Closes Merger With Biosight
B AND C BROS: Taps Albertjohn DePalantino & Company as Accountant
B3 ELECTRIC: Michael Wheatley Named Subchapter V Trustee
BEAZER HOMES: Moody's Hikes CFR to B1 & Alters Outlook to Stable
BITNILE METAVERSE: Amends Purchase Agreement With Arena Business
BITNILE METAVERSE: Files S-1 Resale Prospectus Covering 25M Shares
BLACK STONE: Hits Chapter 11 Bankruptcy Protection
BLACKRIDGE CONSTRUCTION: Geron Yann Named Subchapter V Trustee
BW HAMPTON: To Delay Disclosures Hearing by 2 Weeks
BW HAMPTON: Unsecureds to Get 100% Claim Total $33K
CAPSTONE GREEN: Hires Katten Muchin Rosenman as Legal Counsel
CAPSTONE GREEN: Hires KPMG LLP to Provide Valuation Services
CAPSTONE GREEN: Hires Young Conaway as Bankruptcy Co-Counsel
CAPSTONE GREEN: Seeks to Hire Ordinary Course Professionals
CAPSTONE GREEN: Seeks to Hire Riveron RTS as Financial Advisor
CAPSTONE GREEN: Taps Kroll Restructuring as Administrative Advisor
CENPORTS COMMERCE: Unsecureds to Get 1.14% Under Plan
CHEEKTOWAGA CONCRETE: Hires Gleichenhaus Marchese as Counsel
CLEAN ENERGY: Files S-3 Registration Statement for $75M Offering
COLIBRI: Moody's Alters Outlook on 'B3' CFR to Positive
COLLEGE SQUARE HOSPITALITY: Seeks Chapter 11 Bankruptcy Protection
CURO GROUP: Receives Notice of Noncompliance From NYSE
D & S ENTERPRISE: Case Summary & 17 Unsecured Creditors
DA VINCI DENTAL: Hires O. Allan Fridman as Bankruptcy Counsel
DEADWORDS BREWING: Commences Subchapter V Bankruptcy
DIAMOND SPORTS: Culminates Broadcast Deal With Arizona Coyotes
DIMCO GGR: Hits Chapter 11 Bankruptcy Protection
DRJ GROUP: Starts Subchapter V Bankruptcy Case
EAST ROCKAWAY: Seeks to Extend Plan Exclusivity to March 6, 2024
ECHO GLOBAL: S&P Downgrades ICR to 'B-', Outlook Stable
EMMANUEL HEALTH: Evidentiary Hearing on Plan on Nov. 8
EMPOWER CENTRAL: Seeks to Hire Winegarden Haley as Legal Counsel
EYEPOINT PHARMACEUTICALS: Files S-3 Prospectus for $350M Offering
EYEPOINT PHARMACEUTICALS: Registers 9.4M Shares Under 2023 LTIP
FARRAND ST. ASSOCIATES: Taps Prominent Properties as Realtor
FLEXOGENIX GROUP: Robert Goe Named Subchapter V Trustee
FLEXOGENIX NORTH: Robert Goe Named Subchapter V Trustee
FREEMAN TRANSIT: Case Summary & 20 Largest Unsecured Creditors
FRONTLINE MACHINING: Caroline Djang Named Subchapter V Trustee
FROZEN WHEELS: Seeks to Extend Plan Exclusivity to December 4
FTX GROUP: DOJ to Seize Sam Bankman-Fried's Private Jets
FTX GROUP:Co-Founder Wang Testifies of Committing Fraud With SBF
GAUCHO GROUP: Investor Converts Note Into 148,477 Common Shares
GET GREEN: Seeks to Hire HKA Global as Investment Banker
GET GREEN: Seeks to Hire Jordan & Zito as Bankruptcy Counsel
GOLDEN KEY: Plan Acceptance Period Extended to Dec. 4
GOLDEN SEAHORSE: Exclusivity Period Extended by 30 Days
GOLDEN SEAHORSE: W & D Says Disclosures Inadequate
GRUPO HIMA: Hires Morales Boscio Law Offices as Special Counsel
HAWK LOGISTICS: Commences Subchapter V Bankruptcy Protection
HERITAGE POWER: Unsecureds to Get Share of GUC Distribution
HOBBS WOOD: Unsecured Creditors to Get $250 per Month for 3 Years
INDIEV INC: Hits Chapter 11 Bankruptcy Protection
INDUSTRIAL AUTHORITY: Committee Taps DelCotto Law as Attorney
JAG CONTRACTORS: Lawrence Katz Named Subchapter V Trustee
JOANN INC: Falls Short of Nasdaq Minimum Bid Price Requirement
JUSTHAM CUSTOM: Unsecured Creditors to Get 100% Under Plan
LAMB WESTON: Moody's Affirms 'Ba2' CFR & Alters Outlook to Positive
LANDMARK COMMERCIAL: Seeks to Hire Lugo Mender Group as Attorney
LBRY INC: Space Odysee to Hold Auction on November 16
LIFETIME BRANDS: Moody's Rates New $150MM Secured Term Loan 'B3'
LIFETIME BRANDS: S&P Affirms 'B+' ICR, Outlook Negative
LIPSEY PAINTING: Brian Walding Named Subchapter V Trustee
LIVEONE INC: Expects Fiscal Q2 2024 Revenue of More Than $28M
MARINE WHOLESALE: Seeks to Extend Plan Exclusivity to Jan. 12, 2024
MATREIYA TRANS: Deadline to Confirm Plan Extended to Dec. 26
MCKISSOCK INVESTMENT: S&P Affirms 'B-' ICR on Debt Refinancing
MEDIMPACT HOLDINGS:S&P Rates $125MM Revolving Credit Facility 'B+'
MERIDIAN RESTAURANTS: Seeks to Extend Plan Exclusivity to Nov. 2
MP PPH: Seeks to Hire Psyllos & Psyllos LLP as Accountant
MULTEC INDUSTRIAL: Amends United Community Claims Pay Details
MUTSCHLER & MUTSCHLER: Hires Smith Financial as Accountant
MVK FARMCO: U.S. Trustee Appoints Creditors' Committee
NU STYLE LANDSCAPE: Hits Chapter 11 Bankruptcy
NUZEE INC: Expects to Raise $1M From Underwritten Stock Offering
ORBITAL INFRASTRUCTURE: Assets Pre-Ch. 11 Lender Creditor Bid Ok'd
OUTLOOK THERAPEUTICS: Falls Short of Nasdaq Bid Price Requirement
PALATIN TECHNOLOGIES: Posts Preliminary Q1 Product Revenue Results
PAULSON'S TRANSPORT: Michael DeLeo Named Subchapter V Trustee
PHENOMENAL FITNESS: William Avellone Named Subchapter V Trustee
PREGIS TOPCO: Moody's Affirms 'B3' CFR, Outlook Stable
PRIORITY PARTNERS: Seeks Chapter 11 Bankruptcy
RITE AID: Sets Record Date for Sell-Down Protocols
ROOFING DESIGNS: Katharine Battaia Clark Named Subchapter V Trustee
ROY BLACKWELL: Dives Chapter 11 Bankruptcy Protection
SAMJANE PROPERTIES: Starts Subchapter V Bankruptcy Case
SHIELDS NURSING: Seeks to Tap Jennifer Liu of JMLIU as Accountant
SHIFRIN & ASSOCIATES: Amends First Mid Bank & IRS Secured Claims
SINTX TECHNOLOGIES: Falls Short of Nasdaq Bid Price Requirement
SOUTHERN DRILL: Ongoing Operations to Fund Plan Payments
SPI ENERGY: Falls Short of Nasdaq Minimum Bid Price Requirement
TAYLOR COURT: Trustee Taps McManimon Scotland as Legal Counsel
TORI BELLE: $325K Sale to Kitzberger & Hunter to Fund Plan
TROIKA MEDIA: Incurs $12.3 Million Net Loss in Second Quarter
UNITED BRANDS: Seeks to Hire Verso Law Group as Trademark Counsel
UPTOWN PARTNERS: Nov. 30, 2023 Bid Deadline Set
US CONSOLIDATED: Tamara Miles Ogier Named Subchapter V Trustee
VENUS CONCEPT: Closes Fourth Sale of $2M Worth of Preferred Shares
VISTA CLINICAL: Hits Chapter 11 Bankruptcy
VOYAGER DIGITAL: U.S. Regulators Consider Penalizing Ex-CEO Ehrlich
WHAIRHOUSE LIMITED: Trustee Taps McManimon Scotland as Counsel
WHAIRHOUSE REAL ESTATE: Trustee Taps McManimon Scotland as Counsel
WHITEWATER WHISTLER: S&P Affirms 'BB+' ICR, Outlook Stable
WHITNEY OIL & GAS: Voluntary Chapter 11 Case Summary
YIELD10 BIOSCIENCE: To Finalize Exclusive License to Omega-3 Tech
YOUNG POULTRY: Voluntary Chapter 11 Case Summary
ZIP TOP INC: Seeks Subchapter V Bankruptcy Protection
[] Liability Management Takes Spotlight at Nov 29 DI Conference
[^] BOOK REVIEW: Bailout: An Insider's Account of Bank Failures
*********
10421 NORTHVALE: Claims Will be Paid from Property Sale/Refinance
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10421 Northvale LLC submitted a Disclosure Statement describing
First Amended Chapter 11 Plan dated October 19, 2023.
The Debtor is the owner of a vacant residential lot located at
10421 Northvale Rd, Los Angeles, CA 90064 ("Property"). Mr. Montero
believes the value of the Property is approximately $3,500,000.00.
The Debtor intends to complete construction and sell the real
property. Proponent seeks to liquidate its Property and pay holders
of allowed claims.
Entrust Group had initiated foreclosure proceedings prior to the
filing of this case. The Debtor intends to develop and sell the
property and pay the Entrust Group lien in full from the proceeds
of the sale.
The Debtor has no monthly income. Debtor has applied for various
permits and has demolished the previous structure on the property.
The Debtor intends to seek funding to complete construction.
Obtaining funding to complete the project has been delayed by the
pending civil forfeiture action and the related lis pendens. The
conclusion of the forfeiture action may be necessary prior to
obtaining the funding to complete construction.
The Debtor has no current income or expenses and will only generate
income when the project is complete and only if Debtor begins to
rent the property after a refinance. Otherwise, the plan will be
funded through the sale of the property. Debtor will either sell or
refinance the property after completion of construction.
Class 3 consists of General Unsecured Claims. In the present case,
the Debtor estimates that Class 3 general unsecured debt totals
$1,000,726.00. Class 3 claims will be discharged as it is not
expected any funds will be available for this class. This Class is
impaired.
The only interest holder in Debtor is Guillermo Montero, the sole
managing member of Debtor. Mr. Montero is retaining his equity
interest in the Debtor and is contributing $10,000.00 in new value
on account of his interest.
The Plan will be funded through the sale or refinance of the
Property. In addition, Mr. Montero, as an interest holder of the
Debtor, shall contribute new value by providing a cash infusion of
$10,000.00 upon the effective date of the plan.
A full-text copy of the Disclosure Statement dated October 19, 2023
is available at https://urlcurt.com/u?l=p5Mnbs from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Thomas B. Ure, Esq.
URE LAW FIRM
Florence Avenue, Suite 200
Downey, CA 90240
Tel: (213) 202-6070
Fax: (213) 202-6075
E-mail: tem@urelawfirm.com
About 10421 Northvale LLC
10421 Northvale LLC is the owner of a vacant residential lot
located at 10421 Northvale Rd., Los Angeles, CA 90064. It believes
the value of the Property is approximately $3,500,000.00.
To fend off foreclosure proceedings by lender Entrust Group, the
Debtor filed a Chapter 11 petition (Bankr. C.D. Cal. 22-15398) on
Oct. 3, 2023.
Thomas B. Ure, Esq. at URE LA FIRM, is the Debtor's counsel.
120 OCEAN DRIVE: Case Summary & Two Unsecured Creditors
-------------------------------------------------------
Debtor: 120 Ocean Drive 576 LLC (DE)
c/o Crosby Capital
1688 Meridian Ave, 7th floor
Miami Beach, FL 33139
Chapter 11 Petition Date: October 26, 2023
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 23-18768
Judge: Hon. Corali Lopez-Castro
Debtor's Counsel: Joel Aresty, Esq.
JOEL M. ARESTY PA
309 1st Ave. S.
Tierra Verde, FL 33715
Tel: (305) 904-1903
Email: aresty@icloud.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Joseph Deruscio as CRO.
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/XC36A5A/120_Ocean_Drive_576_LLC_DE__flsbke-23-18768__0001.0.pdf?mcid=tGE4TAMA
2318 SUNLAND: Dawn Maguire of Guttilla Named Subchapter V Trustee
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The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at
Guttilla Murphy Anderson, as Subchapter V trustee for 2318 Sunland
LLC.
Ms. Maguire will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Maguire declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Dawn Maguire, Esq.
Guttilla Murphy Anderson
5415 East High Street, Suite 200
Phoenix, AZ 85054
Telephone: (480) 304-8300
Fax: (480) 304-8301
Email: TrusteeMaguire@gamlaw.com
2318 Sunland
2318 Sunland, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-07222) on Oct.
11, 2023. Judge Brenda K. Martin oversees the case.
2377 GLENDON: Claims Will be Paid from Property Sale/Refinance
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2377 Glendon LLC submitted a Disclosure Statement describing First
Amended Chapter 11 Plan dated October 19, 2023.
Debtor was in the process of building a new single family
residence. Mr. Montero estimates an additional $200,000 is needed
to complete the construction.
The Debtor intends to seek funding to complete construction.
Obtaining funding to complete the project has been delayed by the
pending civil forfeiture action and the related lis pendens. The
conclusion of the forfeiture action may be necessary prior to
obtaining the funding to complete construction.
The Debtor has no monthly income. Debtor has obtained all necessary
permits for the work completed and the work needed to complete the
construction.
The Debtor intends to complete construction and sell the real
property. Proponent seeks to liquidate its primary and pay holders
of allowed claims.
The Debtor will either sell or refinance the property after
completion of construction.
Class 3 consists of General Unsecured Claims. In the present case,
the Debtor estimates that Class 3 general unsecured debt totals
$3,716,503.96. Class 3 claims will be discharged as it is not
expected any funds will be available for this class.
The only interest holder in Debtor is Guillermo Montero, the sole
managing member of Debtor. Mr. Montero is retaining his equity
interest in the Debtor and is contributing $10,000.00 in new value
on account of his interest.
The Plan will be funded through the sale or refinance of the
Property. In addition, Mr. Montero, as an interest holder of the
Debtor, shall contribute new value by providing a cash infusion of
$10,000.00 upon the effective date of the plan.
A full-text copy of the Disclosure Statement dated October 19, 2023
is available at https://urlcurt.com/u?l=uA58vE from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Thomas B. Ure, Esq.
URE LAW FIRM
8280 Florence Avenue, Suite 200
Downey, CA 90240
Tel: (213) 202-6070
Fax: (213) 202-6075
E-mail: tom@urelawfirm.com
About 2377 Glendon LLC
2377 Glendon LLC is engaged in activities related to real estate.
It owns in fee simple title a real property located at 2377 Glendon
Ave Los Angeles, CA, valued at $3.8 million.
2377 Glendon LLC filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-10498) on Jan.
30, 2023. In the petition filed by Guillermo Montero, as managing
member, the Debtor reported total assets of $3,800,000 and total
liabilities of $6,323,136.
The case is overseen by Honorable Bankruptcy Judge Neil W. Bason.
The Debtor is represented by:
Thomas B Ure, Esq.
Ure Law Firm
12991 NW 1st Street #106
Pembroke Pines, FL 33028-3207
Tel: 213-202-6070
Fax: 213-202-6075
Email: tom@urelawfirm.com
4D FACTORY: Charles Persing of Bederson Named Subchapter V Trustee
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The U.S. Trustee for Region 2 appointed Charles Persing, a
certified public accountant at Bederson, LLP, as Subchapter V
trustee for 4D Factory, Inc.
Mr. Persing will be paid an hourly fee of $490 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Persing declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Charles N. Persing, CPA/CFF, CVA, CIRA, CFE
Bederson LLP
100 Passaic Avenue, Suite 310
Fairfield, NJ 07004
Phone: (973) 530-9181
Fax: (862) 926-2481
Email: cpersing@bederson.com
About 4D Factory
4D Factory, Inc. is a New York-based media technology holding
company that invests in the technology-driven evolution of the
media landscape including platforms, content and applications.
4D Factory, Inc. and its affiliate, The 4D Factory, LLC, filed
petitions under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. S.D.N.Y. Case Nos. 23-11618 and 23-11619) on Oct. 10, 2023.
Cort Javarone, managing member, signed the petitions.
At the time of the filing, 4D Factory, Inc. reported as much as
$50,000 in both assets and liabilities while The 4D Factory, LLC
reported $10 million to $50 million in assets and $1 million to $10
million in liabilities.
Judge Michael E. Wiles oversees the cases.
Robert J. Spence, Esq., at Spence Law Office, P.C. represents the
Debtors as bankruptcy counsel.
A PLUS WIRELESS: Seeks Chapter 11 Bankruptcy Protection
-------------------------------------------------------
A Plus Wireless dba A Plus LLC filed for chapter 11 protection in
the Northern District of Texas. According to court documents, the
Debtor reports between $500,000 and $1 million in debt owed between
1 and 49 creditors. The petition states funds will not be available
to unsecured creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for November 17, 2023, at 11:00 A.M.
About A Plus Wireless
A Plus Wireless -- https://Apluswirdess -- doing business as A Plus
LLC, is a limited liability company in Texas.
A Plus Wireless sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-42990) on Oct. 2,
2023. In the petition filed by Jermaine Brekham, as owner, the
Debtor reported assets and liabilities between $500,000 and $1
million.
AC NW RETAIL: Secured Creditor Submits Plan of Liquidation
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Ladder Capital Finance LLC, Ladder Capital Finance I LLC, and LMezz
250 W90 LLC filed their Secured Creditor Plan of Liquidation of AC
NW Retail Investment LLC and Armstrong New West Retail LLC dated
September 29, 2023 (the "Secured Creditor Plan" or "Plan")) with
the United States Bankruptcy Court for the Southern District of New
York.
Armstrong owns the commercial condominium unit consisting of the
ground floor and basement level of 250 West 90th Street, New York,
New York (the "Property"). The Property is a 20,000 square foot
space that was until March 2016 leased and occupied by the Atlantic
and Pacific Tea Company ("A&P") under its Food Emporium brand.
On July 20, 2015, Ladder Capital Finance LLC ("Ladder") Ladder
extended a $21,000,000 loan ("Mortgage Loan") to Armstrong, which
loan closing took place a day after the filing by A&P of its second
and final bankruptcy proceeding. The Mortgage Loan was evidenced
by, amongst other documents, a consolidated, amended and restated
promissory note ("Promissory Note"); loan agreement ("Loan
Agreement"); a consolidated, amended and restated mortgage,
assignment of leases and rents and security agreement ("Mortgage
and Security Agreement"); an Assignment of Leases and Rents
("ALR"); and UCC-1 Financing Statement ("UCC" and with the
Promissory Note, Loan Agreement, Mortgage and Security Agreement
and ALR, the "Mortgage Loan Documents"). The Mortgage Loan and
Mortgage Loan Documents were assigned by Ladder to Ladder I on
August 28, 2015.
On July 20, 2015, Ladder also extended a $5,850,000 mezzanine loan
("Mezz Loan") to AC NW. The Mezz Loan was evidenced by, amongst
other documents, a promissory note ("Mezz Promissory Note");
mezzanine loan agreement ("Mezz Loan Agreement"); and pledge and
security agreement ("Pledge Agreement" and with the Mezz Promissory
Note and Mezz Loan Agreement, the "Mezz Loan Documents"). Pursuant
to the Pledge Agreement, AC NW pledged and granted Ladder a first
priority security interest in all of AC NW's right, title and
interest to, amongst other things, all of its pledged company
interests and all other ownership interests in Armstrong. The Mezz
Loan was assigned to LMezz 250 W90 LLC ("LMezz") on or around March
21, 2016.
The Secured Creditor Plan, in conjunction with the Modified Cash
Collateral Order, which has not yet been entered by the Court but
upon which the Secured Creditor Plan is contingent, is drafted so
as to provide for the Plan Proponents to release any lien or claim
against the Plan Fund (as necessary to fund Plan expenses
including, without limitation, all Administrative Claims and Class
3 Claims (Armstrong Unsecured Claims) which shall be used to fund
all required plan payments. As set forth in the Plan, the Plan Fund
is defined as the Debtors' remaining cash on hand which was
entirely derived from the BBB Settlement Sum. As of the date of the
filing of this Disclosure Statement, the balance in the Plan Fund
was $1,554,338.35.
In partial satisfaction of the LMezz Claim, all of AC NW's
membership interests in Armstrong (i.e., 100% of the membership
interests in Armstrong) are being transferred to LMezz or a nominee
thereof. Thus, upon the Confirmation Date, AC NW shall have no
further membership interest (or interest of any kind) in Armstrong.
To the extent, after AC NW transfers its membership interests in
Armstrong to LMezz or a nominee thereof, that any person or entity
(including without limitation Benjamin Ringel, AC NW, or any other
person or entity) has an interest in Armstrong that was not
transferred to LMezz or a nominee thereof, such interest(s) shall
be canceled and of no force and effect. For the avoidance of any
doubt, from and after Confirmation, neither AC NW, Benjamin Ringel,
nor any other person or entity (other than LMezz or a nominee
thereof) shall have any rights to revenue, profits, or other
remuneration and/or the right to operate, control, or otherwise
take any action with respect to Armstrong or the Property owned by
Armstrong.
Following Confirmation, LMezz shall control Armstrong in all
respects and shall, in furtherance of this Plan, cause the Property
to be sold in furtherance of the Plan. In that regard, upon
Confirmation, LMezz or its nominee shall be responsible for all
Property obligations that arise from and after the Confirmation
Date.
It is expressly understood and agreed that the Ladder Claim shall
remain in full force and effect until such time as LMezz, or its
nominee, shall sell the Property (which sale shall be free and
clear of all liens, claims and encumbrances of any kind that
existed as of the Confirmation Date (other than the Ladder
Entities' mortgage lien, which may, at the election of LMezz (or
its nominee) and the purchaser, be discharged and/or assigned) and
turnover all proceeds from such sale to Ladder, in full
satisfaction of the Ladder Claim. Subject to the foregoing, the
Ladder Entities' mortgage shall remain a lien against the Property
and shall survive Confirmation.
For the avoidance of doubt nothing in the Plan releases claims
against Benjamin Ringel including, without limitation, the LMezz
Guaranty Judgment.
Under the Plan, Class 3 - Armstrong Unsecured Claims total
$185,289.36. The holders of Allowed Armstrong Unsecured Claims will
receive their pro rata share of the Unsecured Creditors Fund unless
otherwise agreed to in writing. Payment shall be made within 5
business days of the Confirmation Date. Class 3 is impaired.
Class 6 - AC NW Unsecured Claims. Scheduled in the amount of
$532,800 inclusive of insider claims of $507,000. Estimated in the
amount of $25,640 for distribution purposes. Unsecured Claims will
not receive any distribution on account of any Allowed AC NW
Unsecured Claims. Class 6 is impaired.
The Plan Proponent and the Debtors shall take all necessary steps,
and perform all necessary acts, to consummate the terms and
conditions of the Plan. The Plan will be implemented by the
Modified Cash Collateral Order and/or the Ladder Entities' express
agreement (which is contingent upon the terms of the Modified Cash
Collateral Order being implemented) to release any lien or claim,
if any, against the Plan Fund which shall fund all payments
required under the Plan including, without limitation, payment of
all Administrative Claims and payment of all Class 3 Claims.
The Ladder Entities mortgage shall remain on the Property following
Confirmation. Upon Confirmation, LMezz or its nominee shall be
responsible for all Property obligations going forward. In
addition, LMezz or its nominee shall be responsible for causing the
Property to be sold in furtherance of this Plan with the proceeds
turned over to Ladder or its designee (the only entities entitled
to receive the proceeds of the sale). For the avoidance of doubt,
Ladder or its designee(s) shall be the sole entity entitled to
receive the proceeds of such sale.
The Confirmation Order shall contain appropriate provisions,
consistent with section 1142 of the Bankruptcy Code, directing the
Debtors and any other necessary party to, among other things, (i)
execute or deliver or to join in the execution or delivery of any
instrument required to effect a transfer of the equity of Armstrong
as required by the Plan, and (ii) perform any act, including the
satisfaction of any lien, and/or the release of any judgment that
is necessary for the consummation of the Plan.
The Confirmation Order shall authorize LMezz or its nominee to
sell, operate, lease, manage, pledge, finance, or take any other
action with respect to the Property (including, without limitation,
changing the name of Armstrong) and engage in any other activity or
transaction in furtherance of the Plan. Any such transactions may
be effective as of the Confirmation Date pursuant to the
Confirmation Order without any further action by the Court.
The Debtors' Cases are not being substantively consolidated such
that the priority and extent of claims against the Debtors'
respective estates shall be unaffected and the distribution of any
proceeds shall be made in accordance with the priorities
established by the Bankruptcy Code.
Funding for the Plan shall be from the Plan Fund.
Attorneys for Ladder Capital Finance LLC,
Ladder Capital Finance I LLC, and
LMezz 250 W 90 LLC:
Michael Yellin, Esq.
COLE SCHOTZ, P.C.
Court Plaza North
25 Main Street
Hackensack, New Jersey 07601
A copy of the Disclosure Statement dated October 4, 2023, is
available at https://tinyurl.ph/VUInL from PacerMonitor.com.
About AC NW Retail Investment and
Armstrong New West Retail
Armstrong New West Retail, LLC owns a commercial condominium unit
located at 250 West 90th Street, New York. The property is a
20,000-square-foot space that was occupied by Atlantic and Pacific
Tea Company until March 2016 under its Food Emporium brand.
Armstrong is 100% owned by AC NW Retail Investment, LLC, which is
100% owned by Benjamin Ringel.
AC NW Retail Investment and Armstrong New West Retail filed Chapter
11 petitions (Bankr. S.D.N.Y. Case Nos. 16-23085 and 16-23086) on
Aug. 9, 2016. Benjamin Ringel, sole equity member, signed the
petitions.
At the time of the filing, AC NW Retail estimated its assets at $10
million to $50 million and liabilities at $1 million to $10
million. Armstrong estimated its assets and liabilities at $10
million to $50 million.
Judge Robert D. Drain oversees the cases.
Arnold Mitchell Greene, Esq., at Leech Tishman Robinson Brog, PLLC
is the Debtors' bankruptcy counsel. The Law Offices of Lawrence J.
Berger, P.C. serves as special real estate tax counsel.
AEROCISION PARENT: Hires Ordinary Course Professionals
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AeroCision Parent, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ
professionals utilized in the ordinary course of business.
The OCP's include:
CliftonLarsonAllen LLP
Legal services for tax-related matters
-- $25,000
Constangy, Brooks, Smith & Prophete LLP
Legal services for human resources and employee related
matters
-- $25,000
About AeroCision Parent, LLC
AeroCision Parent, LLC and affiliates are are part of an
organization known as Bromford Group, a global manufacturing
business in the aerospace, defense, and power generation industry
that was founded in the United Kingdom in 1973. Bromford supplies
turbine engine and related components to all major OEM's, including
many of the industry's most prominent manufacturers, like General
Electric Aviation, Pratt & Whitney, and Rolls Royce, among others.
The manufacturers use Bromford's components to manufacture engines
for aircraft and other vehicles.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11032) on July 31,
2023. In the petition signed by David Nolletti, chief restructuring
officer, the Debtor disclosed up to $500 million in both assets and
liabilities.
Judge Karen B. Owens oversees the case.
Young Conaway Stargatt & Taylor, LLP represents the Debtors as
legal counsel, Riveron Consulting, LLC as restructuring advisor,
Jefferies LLC as investment banker, and Epiq Corporate
Restructuring, LLC as notice, claims, solicitation and balloting
agent and administrative advisor.
AIR METHODS: S&P Downgrades ICR to 'D' on Chapter 11 Filing
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on air medical
transportation provider Air Methods Corp. to 'D' from 'CCC'. At the
same time, S&P lowered its issue-level ratings on the company's
senior secured term loan due in 2024 to 'D' from 'CCC'
S&P also lowered its issue-level ratings on the senior unsecured
notes due in 2025 to 'D' from 'CC'.
S&P said, "We downgraded Air Methods after it filed for bankruptcy
under Chapter 11 of the U.S. Bankruptcy Code. This follows a
deterioration in profitability and cash flow due, in large part, to
reimbursement rate pressure from the No Surprises Act (NSA) and the
increase in short-term interest rates. We expect to reassess our
ratings on the company and its new capital structure when it
emerges from bankruptcy."
AKUMIN INC: Court OKs $75MM DIP Loan from Stonepeak
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Akumin, Inc. and affiliates to use
cash collateral and obtain postpetition financing, on an interim
basis.
Akumin is permitted to obtain a junior secured postpetition
financing on terms and conditions in an aggregate principal amount
not to exceed $75 million from Stonepeak Magnet Holdings LP or one
or more of its affiliates.
The DIP Facility will accrue interest at 8.00% per annum payable in
kind.
The occurrence of any of the following will constitute a
Termination Event under the Interim Order:
(i) The occurrence of 60 calendar days after the Petition
Date; provided, that the Outside Date will be automatically
extended by up to an 60 calendar days if the regulatory approvals
necessary to consummate the Prepackaged Plan have not yet been
obtained by the Debtors and all other conditions to the occurrence
of the effective date of the Prepackaged Plan have been satisfied
or waived other than those conditions that by their nature are to
be satisfied on the Prepackaged Plan Effective Date; provided
further, that the Outside Date may be further extended pursuant to
and in accordance with the terms of the Restructuring Support
Agreement;
(ii) The first business day on which the Interim Order expires
by its terms or is terminated, unless the Final Order has been
entered and become effective prior thereto;
(iii) The Debtors' failure to comply in any material respect
with the provisions of the Interim Order;
(iv) The conversion of any of the Chapter 11 Cases to a case
under chapter 7 of the Bankruptcy Code;
(v) The dismissal of any of the Chapter 11 Cases;
(vi) Termination of the Restructuring Support Agreement by any
of (x) the Debtors, (y) the Required Consenting Noteholders, and
(z) the DIP Lender;
(vii) With respect to the Prepetition 2025 Noteholders and
Prepetition 2028 Noteholders, except as otherwise agreed by the
Consenting Noteholder in writing, (x) the Bankruptcy Court enters
an order in favor of any Committee, any ad hoc committee, or any
other party in interest granting standing to pursue any claims
against the Prepetition 2025 Notes Secured Parties or the
Prepetition 2028 Notes Secured Parties, (y) an objection to any of
the claims of any such party is sustained, or (z) any lien held by
any such party is avoided, subordinated, or disallowed; and
(viii) The occurrence of any other Event of Default unless waived
in writing by the DIP Lender.
The Debtors are required to comply with these milestones:
(i) The Court's entry of the Final Order and an order
approving the Debtors' Prepackaged Plan by the date that is no
later than 45 days after the Petition Date,
(ii) The Interim Order will be entered no later than two days
following the Petition Date, and
(iii) The Debtors' Prepackaged Plan will be consummated by the
date that is no later than 60 days after the Petition Date;
provided, however, that the Outside Date will automatically be
extended by up to an additional 60 calendar days if regulatory
approvals necessary to consummate the Prepackaged Plan have not yet
been obtained by the Debtors solely to the extent that all other
conditions to the occurrence of the consummation of the Prepackaged
Plan have been satisfied or waived; provided, further, that the
Outside Date may be further extended by the consent of the parties
pursuant to the Restructuring Support Agreement.
On October 20, 2023, the Debtors executed a Restructuring Support
Agreement with key stakeholders that agreed to vote in favor of and
support confirmation of the Debtors' Prepackaged Plan. The
Prepackaged Plan contemplates a fulsome recapitalization and
take-private transaction by Stonepeak that would allow for
substantial deleveraging and new capital infusion to right size the
Debtors' balance sheet for the benefit of all stakeholders. The
Debtors have commenced the solicitation of votes on the Prepackaged
Plan, and consistent with their obligations under the Restructuring
Support Agreement, the Debtors are seeking to emerge from chapter
11 on an expedited basis.
As of the Petition Date, the Debtors had approximately $1.3 billion
in aggregate funded debt obligations. These obligations are:
Funded Debt Outstanding Principal Amount
----------- ----------------------------
Prepetition RCF Facility $55 million
Prepetition 2025 Notes $475 million
Prepetition 2028 Notes $375 million
Prepetition Series A Notes $470 million
Total Funded Debt $1.375 billion
The Debtors have an immediate and critical need to enter into the
DIP Facility and use cash collateral to, among other things, (i)
permit the orderly continuation and operation of their businesses,
(ii) maintain business relationships with customers, vendors and
suppliers, (iii) make payroll, (iv) make capital expenditures, (v)
pay the expenses of the Chapter 11 Cases, (vi) satisfy working
capital and operational needs of the Debtors, (v) repay, in full,
the Prepetition RCF Obligations using the DIP Loan Proceeds, (vi)
pay the Adequate Protection Fees and Expenses and the Adequate
Protection Payments and (vii) for general corporate purposes, in
each case, in accordance with and subject to the terms and
conditions of the Interim Order and the DIP Documents.
As adequate protection, the Prepetition Secured Parties are granted
additional and replacement valid, binding, enforceable,
non-avoidable, effective and automatically perfected liens on, and
security interest in the Prepetition Collateral.
The Prepetition Secured Parties are also granted, to the extent
provided by 11 U.S.C. sections 503(b) and 507(b), superpriority
administrative expense claims against each of the Debtors to the
extent of any Diminution in Value, which will be payable by each of
the Debtors on a joint and several basis and shall have recourse to
all DIP Collateral.
As further adequate protection, the Debtors are authorized and
directed to pay the reasonable and documented prepetition and
postpetition fees and expenses of the Prepetition Secured Parties
incurred in connection with any and all aspects of the Chapter 11
Cases.
A final hearing on the matter is set for November 29, 2023 at 1
p.m.
A copy of the order is available at https://urlcurt.com/u?l=RDPv4x
from PacerMonitor.com.
About Akumin
Akumin Inc. -- www.akumin.com -- provides fixed-site outpatient
diagnostic imaging services through a network of owned and/or
operated imaging locations; and outpatient radiology and oncology
services and solutions to approximately 1,000 hospitals and health
systems across 48 states. Its imaging procedures include magnetic
resonance imaging ("MRI"), computerized tomography ("CT"), positron
emission tomography, ultrasound, diagnostic radiology (X-ray),
mammography, and other related procedures. Akumin's cancer care
services include a full suite of radiation therapy and related
offerings.
Akumin Inc. and 58 affiliated entities sought Chapter 11 bankruptcy
protection (Bankr. S.D. Tex. Lead Case No. 23-90827) on Oct. 22,
2023. The petitions were signed by Riadh Zine, the Debtors' chief
executive officer. As of June 30, 2023, Akumin Inc. listed total
assets of $1,635,742,000 and total debts of $1,635,186,000.
The Hon. Christopher M Lopez presides over the cases.
The law firm of Dorsey & Whitney LLP, serves as the Debtors'
general bankruptcy counsel; Jackson Walker LLP, as their
co-bankruptcy counsel; AlixPartners, LLP as the Debtors' financial
advisors; the law firm of Stikeman Elliott LLP, as special Canadian
counsel; Leerink Partners as investment banking firm; and Epiq
Corporate Restructuring LLC, as their noticing and claims agent.
Ronald J. Bienias, Partner and Managing Director of AlixPartners,
serves as the Debtors' chief restructuring officer.
Akin Gump Strauss Hauer & Feld LLP's Michael S. Stamer and Jason
Rubin, serves as counsel to the ad hoc group comprised of
beneficial holders of Prepetition 2025 Notes and Prepetition 2028
Notes.
King & Spalding LLP's Thad Wilson and Britney Baker serve as
counsel to the Prepetition RCF Agent.
Sidley Austin LLP's Anthony Grossi serves as counsel to the DIP
Lender, Stonepeak.
AMBASSADOR CONTROLS: Scott Seidel Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter
V trustee for Ambassador Controls and Engineering, LLC.
Mr. Seidel will be paid an hourly fee of $495 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Seidel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Scott Seidel
6505 West Park Blvd., Suite 306
Plano, TX 75093
214-234-2500-main
214-234-2503-direct
Email: scott@scottseidel.com
About Ambassador Controls and Engineering
Ambassador Controls and Engineering, LLC filed Chapter 11 petition
(Bankr. N.D. Texas Case No. 23-43059) on Oct. 6, 2023, with
$100,001 to $500,000 in assets and $500,001 to $1 million in
liabilities.
Eric A. Liepins, Esq., at Eric A. Liepins, P.C. represents the
Debtor as legal counsel.
AMMACORE INC: Starts Subchapter V Bankruptcy Protection
-------------------------------------------------------
Ammacore Inc. filed for chapter 11 protection. The Debtor reported
assets of up to $50,000 and liabilities of $1 million to $10
million. The petition states funds will be available to unsecured
creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated
for
Oct. 26, 2023, at 2:00 PM, TELEPHONIC MEETING. CONFERENCE
LINE:888-902-9750, PARTICIPANT CODE:9635734.
About Ammacore Inc.
Ammacore Inc. is a national onsite technology service company for
resellers, VARs, manufacturers, distributors, and software vendors.
Ammacore partners with its clients to thoroughly understand the
technology and service challenges of their customers and employ its
proprietary Scope of Service and Event Management Process to
identify the very best resources for their customers' needs.
Ammacore Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-59671) on Oct. 2,
2023. In the petition filed by Chris C. Gaffney, as CEO, the
Debtor reported assets up to $50,000 and estimated liabilities
between $1 million and $10 million.
The Honorable Bankruptcy Judge Barbara Ellis-Monro oversees the
case.
The Debtor is represented by:
Cameron M. McCord, Esq.
Jones & Walden, LLC
4555 Mansell Road,
Suite 300
Alpharetta, GA 30022
Phone: 404-564-9300
Email: info@joneswalden.com
APEX NORTH: Unsecureds Get Paid From Sale of Property
-----------------------------------------------------
Apex North Broad LLC filed an Amended Combined Plan of Liquidation
and Disclosure Statement pursuant to which the Debtor intends to
sell its only asset, real property located at 112- 122 North Broad
Street, Elizabeth, New Jersey (the "Property").
This Plan permits Apex to sell its property free and clear of all
liens, claims, and encumbrances. Secured creditors with liens
against the Property will be paid from the proceeds of the sale in
accordance with the priority of their valid liens. Pending receipt
of payment, Secured creditors liens shall attach to the proceeds of
sale in accordance with the priority of their valid liens.
In the Debtor's estimation, the value of the Property is sufficient
to pay all of the Debtor's Creditors in full through this Plan.
Under the Plan, Class 3 - General Unsecured Creditors will be paid
from the net proceeds from the sale of the Property, after payment
of all Administrative Expenses, Class 1 and Class 2 Creditors.
Class 3 is impaired.
The Plan will be funded by two means: (1) distribution of the
proceeds from the sale of the Property; and (2) distribution of the
balance of funds held by the Receiver after the sale of the
Property.
Upon the earlier of (a) 120 days from the Petition Date or (b) 15
days from the confirmation of the Plan (the "APA Closing
Deadline"), the Debtor shall close on a sale of the Property
pursuant to the terms of that certain Asset Purchase Agreement
between the Debtor and North Broad EP 7 LLC dated July 12, 2023
(the "Prepetition APA") or such other sale that provides for
consideration sufficient to pay the Class 1 Claims and all amounts
due to the Receiver and his professionals in full (the "Alternative
APA"). If the Prepetition APA is terminated (the "Prepetition APA
Termination") or sale of the Property pursuant to the either the
Prepetition APA or the Alternative APA does not close by the APA
Closing Deadline, the Debtor will within three Business Days of the
APA Closing Deadline (the "Sale Motion Filing Deadline") file with
the Court a motion to authorize the marketing and sale through a
competitive auction of the Property on terms and conditions
acceptable to the Lender (the "Sale Motion"). The Debtor will set
the Sale Motion for the first available hearing date.
The Debtor intends to retain a broker to market and sell the
Property. In the event that the Prepetition APA or the Alternative
APA do not result in a sale, the Debtor through a broker to be
retained in the Chapter 11 case, shall market the Property from
entry of the order authorizing the broker's retention until the
broker issues a call for offers. The Debtor has selected North
Point Real Estate Group ( "North Gate") as the broker to market the
Property. North Gate will develop a marketing plan the "Marketing
Plan") and work towards execution of a contract with a purchaser
for the highest price possible. The Marketing Plan shall be
acceptable to the Lender. The marketing period shall be 60 days
from the date the order retaining North Gate or another acceptable
broker to the Lender is entered. This period shall be defined as
the Marketing Period. If no contract of sale of the Property,
satisfactory to the Lender, at the conclusion of the Marketing
Period (or such additional time as agreed to by the Lender in its
sole and absolute discretion), the Sale Motion shall seek an order
authorizing the sale of the Property through a competitive auction
on terms and conditions acceptable to the Lender.
On Confirmation of the Plan, all property of the Debtor, tangible
and intangible, including, without limitation, licenses, furniture,
fixtures and equipment, will revert, free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor. The Debtor expects to have sufficient proceeds from the
sale in order to make all payments on the Effective Date. Until the
claim of RCC is paid in full, RCC shall retain its lien on and
security interest in the Property and all other collateral provided
in the loan documents.
As provided in Paragraph 2.1 of this Combined Plan and Disclosure
Statement, all United States Trustee Fees accrued prior to the
Effective Date shall be paid in full, on or before the Effective
Date, by the Debtor or any successor to the Debtor. All United
States Trustee Fees which accrue post-Effective Date shall be paid
in full on a timely basis by the Debtor or any successor to the
Debtor prior to the Debtor's case being closed, converted or
dismissed.
Counsel for Apex North Broad, LLC:
Harry J. Giacometti, Esq.
FLASTER/GREENBERG P.C.
1810 Chapel Avenue West
Cherry Hill, NJ 08002
Tel: (215) 587-5680
E-mail: harry.giacometti@flastergreenberg.com
A copy of the Amended Combined Plan of Liquidation and Disclosure
Statement dated October 4, 2023, is available at
https://tinyurl.ph/dITbf from PacerMonitor.com.
About Apex North
Apex North Broad LLC, a Single Asset Real Estate (as defined in 11
U.S.C. Section 101(51B)), is a New Jersey limited liability company
that exists for the purpose of owning the Property.
The Debtor filed a Chapter 11 bankruptcy petition (Bankr. D.N.J.
Case No. 23-16137) on July 19, 2023, with $10 million to $50
million in assets and $1 million to $10 million in liabilities.
Ephraim Diamond, chief restructuring officer, signed the petition.
Harry J. Giacometti, Esq., of FLASTER GREENBERG PC - Cherry Hill,
is the Debtor's counsel.
APPALACHIAN VALLEY: Unsecureds to Get $30K over 5 Years
-------------------------------------------------------
Appalachian Valley Transport, Inc., submitted an Amended Plan of
Reorganization dated October 17, 2023.
This Plan deals with all property of Debtor and provides for
treatment of all Claims against Debtor and its property.
Class 10 shall consist of the Secured Claim of Hanmi. Hanmi filed a
proof of claim for $46,009.38. To secure its claim, Hanmi asserts a
first priority security interest in in one (1) 2020 Chevy 2500 Van
(VIN ending in 1351) and 36 scanners (the "Class 10 Collateral").
Hanmi shall have an Allowed Secured Claim in the amount of
$46,009.38 and shall retain its lien on the Class 10 Collateral and
the lien shall be valid and fully enforceable to the same validity,
extent and priority as existed on the Filing Date.
Debtor shall pay the Secured Class 10 Claim amortized over a
72-month period with interest accruing at an annual rate of 8.0%
from the Effective Date with payment commencing on the 10th of the
month following the Effective Date and continuing on the 10th of
every subsequent month in the estimated amount of $806.69 until the
Secured Class 10 Claim is paid. Any payments in excess of the
aforementioned monthly payment after the Effective Date shall be
applied to the principal balance of the Secured Class 10 Claim. Any
payments made prior to the Effective Date and post-petition shall
be applied to the principal balance of the Secured Class 10 Claim.
No provision of this Plan is intended or shall be construed to
release or discharge Troy Wood, Gina Hobbs-Wood or any other
guarantor of Debtor. As long as Debtor has not defaulted on
payments under Class 10, Hanmi shall forbear from any collection
activity against any guarantors.
In the event the debtor defaults under this plan with respect to
Hanmi's Secured Claim, Hanmi shall follow the default notice
procedures. Should the Debtor fail to cure any default within the
allotted time thereunder or fail to request a plan modification
within the cure period, Hanmi shall be entitled to proceed to
exercise all of its rights and remedies against its collateral
under its contracts and under applicable law, without the need for
further order of the Court. Upon receipt of payment in full of the
Secured Class 10 Claim, Bush shall release its lien on the Class 10
Collateral.
Class 11 shall consist of General Unsecured Claims. If the Plan is
confirmed under Section 1191(a) of the Bankruptcy Code, Debtor
shall pay the General Unsecured Creditors $500.00/month for five
years. Class 11 creditors shall not receive interest on their
claims.
Debtor anticipates and projects but does not warrant the following
Holders of Class 11 Claims and the distributions under Class 11:
JPMorgan Chase with $96,747.36 and an estimated distribution of
$30,000.00. If the Plan is confirmed under Section 1191(b) of the
Bankruptcy Code, Class 11 shall be treated the same as if the Plan
was confirmed under Section 1191(a) of the Bankruptcy Code.
Notwithstanding anything else in this document to the contrary, any
claim listed shall be reduced by any payment received by the
creditor holding such claim from any third party or other obligor
and Debtor's obligations hereunder shall be reduced accordingly.
The Claims of the Class 11 Creditors are Impaired by the Plan.
Class 12 consists of the Equity Holder of the Debtor. Each equity
security holder will retain his Interest in the reorganized Debtor
as such Interest existed as of the Petition Date. This class is not
impaired and is not eligible to vote on the Plan.
The source of funds for the payments pursuant to the Plan is
Debtor's continued business operations.
A full-text copy of the Amended Plan dated October 17, 2023 is
available at https://urlcurt.com/u?l=x66Lmy from PacerMonitor.com
at no charge.
Attorneys for Debtor:
Will B. Geer, Esq.
Rountree Leitman Klein & Geer, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
Facsimile: (404) 704-0246
Email: wgeer@rlkglaw.com
About Appalachian Valley Transport
Appalachian Valley Transport, Inc. is a provider of express
delivery services. The company is based in Newnan, Ga.
Appalachian Valley Transport sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr.. N.D. Ga. Case No. 22-11359) on
Dec. 7, 2022. In the petition signed by its chief executive
officer, Gina Hobbs-Wood, the Debtor disclosed up to $100,000 in
assets and up to $10 million in liabilities.
Judge Paul Baisier oversees the case.
Will B. Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, is the
Debtor's legal counsel.
ATLAS LITHIUM: Incurs $11.7 Million Net Loss in Third Quarter
-------------------------------------------------------------
Atlas Lithium Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $11.74 million on $0 of revenue for the three months ended Sept.
30, 2023, compared to a net loss of $1.27 million on $3,301 of
revenue for the three months ended Sept. 30, 2022.
For the nine months ended Sept. 30, 2023, the Company reported a
net loss of $25.60 million on $0 of revenue compared to a net loss
of $$3.12 million on $6,145 of revenue for the nine months ended
Sept. 30, 2022.
As of Sept. 30, 2023, the Company had $29.13 million in total
assets, $22.70 million in total liabilities, and $6.42 million in
total stockholders' equity.
Atlas Lithium said, "Our future short- and long-term capital
requirements will depend on several factors, including but not
limited to, the rate of our growth, our ability to identify areas
for mineral exploration and the economic potential of such areas,
the exploration and other drilling campaigns needed to verify and
expand our mineral resources, the types of processing facilities we
would need to install to obtain commercial-ready products, and the
ability to attract talent to manage our different business
activities. To the extent that our current resources are
insufficient to satisfy our cash requirements, we may need to seek
additional equity or debt financing. If the needed financing is
not available, or if the terms of financing are less desirable than
we expect, we may be forced to scale back our existing operations
and growth plans, which could have an adverse impact on our
business and financial prospects and could raise substantial doubt
about our ability to continue as a going concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1540684/000149315223037830/form10-q.htm
About Atlas Lithium
Atlas Lithium Corporations formerly Brazil Minerals, Inc. is a
mineral exploration and development company with lithium projects
and exploration properties in other critical and battery minerals,
including nickel, rare earths, graphite, and titanium, to power the
increased demand for electrification. The Company's current focus
is on developing its hard-rock lithium project located in Minas
Gerais State in Brazil at a well-known, premier pegmatitic district
in Brazil. The Company intends to produce and sell lithium
concentrate, a key ingredient for the global battery supply chain.
Atlas Lithium reported a net loss of $5.66 million in 2022, a net
loss of $4.03 million in 2021, a net loss of $1.55 million in 2020,
a net loss of $2.08 million in 2019, a net loss of $1.85 million in
2018, a net loss of $1.89 million in 2017, a net loss of $1.74
million in 2016, and a net loss of $1.88 million in 2015.
AUSTIN CONVENTION: S&P Affirms 'BB+' Bonds Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' rating on Austin Convention
Enterprises Inc.'s (ACE) senior bond and raised the rating on the
subordinated bond to 'B+' from 'B'.
The stable outlook reflects S&P's view that both senior and
subordinated debt would have sufficient liquidity to weather a
material revenue decline during ACC's expansion, that the risk of
bond acceleration is fairly mitigated by the amendment, and the
hotel's performance being in line with its expectation for the rest
of 2023.
ACE owns Hilton Austin, an 801-room, full-service hotel in downtown
Austin, adjacent to the ACC. The hotel opened on Dec. 27, 2003, and
operates in a 31-story tower (24 of which are occupied by the
hotel) with about 98,800 square feet of meeting space (including
pre-function space). Below the hotel is a 750-space parking garage,
of which the hotel operates 600 spaces.
The risk of bond acceleration is fairly mitigated due to the third
amendment to the indenture. ACE received final approval on Sept.
22, 2023, which provides a conditional waiver for the event of
default triggered by ACC's closure. In addition, the city approved
a $25 million debt service loan to support senior and subordinated
debt payments and two capex loans ($13.75 million total) for
capital improvement during ACC construction. The $25 million debt
service loan covers two years of senior debt payments or five years
of subordinated debt payments by itself. The two capex loans are
available for capital improvements that fall under the definition
of life, health, and safety. All loans will be available for
drawdown only between start of ACC's construction and six to twenty
four months following reopening. Interest will be accrued before
Jan. 1, 2035, and principal and interest will be payable between
Jan. 1, 2035, and Jan. 1, 2040. The senior and subordinated hotel
revenue bonds mature on Jan. 1, 2034, one year before the loan's
principal and interest becomes due. All principal and interest
payments will be paid from the project's corporation account of
excess revenue fund, which is at the bottom of the cash flow
waterfall and therefore super-subordinated to any tranche of hotel
revenue bonds. As long as the city's loans are available for
drawdown, subject to terms, covenants, and conditions in the
amendment, the event of default triggered by the closure and
demolition of ACC will be waived. S&P believes this substantially
mitigates the bond acceleration risk.
Strong liquidity resiliency supports affirmation of the senior debt
rating and a one-notch upgrade for the subordinated debt. ACE shows
stronger resiliency under downside stress during ACC's expansion
period with $25 million additional city support exclusively for
senior and subordinated debt service. Under S&P's downside
scenario, it built in an additional year of delay for ACC's
construction by assuming 60% stress on 2019 RevPAR for five years
instead of four years (2025-2029 planned construction) from our
previous analysis. Both tranches of debt would survive for at least
five years with drawdown from the debt service loan, operating
reserve, and the respective debt service reserves. Additional
liquidity and resilience under the additional delay S&P assumed in
its downside case support the affirmation. The one-notch upgrade of
the subordinated debt is driven by the tremendous benefit provided
by the city's debt service loan since the subordinated debt could
utilize over 60% of available debt service loan funds under our
downside forecast. This extends the survival period by three more
years compared with its previous analysis.
S&P said, "The stable outlook on ACE reflects our view that both
senior and subordinated debt would have sufficient liquidity to
weather a material revenue decline during ACC's expansion, that the
risk of bond acceleration is fairly mitigated by the third
amendment to the indenture, and the hotel's performance being in
line with our expectation for the rest of 2023. We expect the
minimum debt service coverage ratios (DSCR) in 2025 of 1.86x for
the senior debt and 1.31x for the subordinated debt.
"We could lower the ratings on the senior and/or subordinated debt
if the city fails to fulfill its obligation to provide the loan to
ACE if requested, which could pose significant concern about the
validity of the waiver and ACE's liquidity buffer. We could also
lower the ratings on both tranches if ACE's RevPAR recovery falls
or operating margin falls significantly below our expectation given
lower demand due to ACC's construction activities or an economic
recession, and if the minimum senior DSCR is at the lower end of
the 1.5x-2.5x range or minimum total consolidated DSCR is close to
1x for the subordinated debt on a consistent basis.
"We could raise the ratings on the senior or subordinated debt if
the hotel consistently outperforms our base-case forecast despite
ACC construction interruptions, leading to a minimum senior DSCR
approaching 2.5x for the senior debt or total consolidated DSCR
approaching 1.5x for the subordinated debt on a consistent basis."
AYALA PHARMACEUTICALS: Closes Merger With Biosight
--------------------------------------------------
Ayala Pharmaceuticals, Inc. announced the closing of its merger
with Biosight, Ltd., pursuant to which Ayala acquired Biosight.
The combined company will operate under the name Ayala
Pharmaceuticals, Inc., and its shares will continue to trade on the
OTCQX under Ayala's current ticker symbol ("ADXS").
"We are pleased to close the merger with Biosight which expands our
product pipeline," said Ken Berlin, president and CEO. "We have
added aspacytarabine (BST-236), a novel antimetabolite, which is in
clinical development for AML and could potentially serve as a
superior backbone therapy for unfit AML as part of combination
treatment regimens. Our primary focus continues to be completing
the ongoing Phase 3 RINGSIDE study evaluating AL102 in desmoid
tumors and we look forward to continuing our mission of bringing
innovative therapies to people with rare tumors and aggressive
cancers."
Management and Organization
The combined company will be led by Ayala's existing senior
management team, with Ken Berlin serving as president and CEO;
Andres Gutierrez, MD, PhD, executive VP and chief medical officer;
and Dana Gelbaum, MSc, MBA, general manager and chief business
officer. Roy Golan, CPA, LLM, previously executive VP and CFO of
Biosight, has been appointed chief financial officer of the
combined company. The board of directors of the combined company
is comprised of David Sidransky, MD (Chairman); Robert Spiegel, MD,
FACP; Murray Goldberg; Vered Bisker-Leib, PhD, MBA; Roni Appel,
MBA; Pini Orbach, PhD; Yuval Cabilly, PhD; and Ken Berlin, with an
additional board member expected to be added at a later date.
About Ayala Pharmaceuticals
Formerly known as Advaxis, Inc., Ayala Pharmaceuticals, Inc. is a
clinical-stage oncology company focused on developing and
commercializing small molecule therapeutics for patients suffering
from rare and aggressive cancers, primarily in genetically defined
patient populations.
Ayala reported a net loss of $14.36 million for the year ended Oct.
31, 2022, compared to a net loss of $17.86 million for the year
ended Oct. 31, 2021. As of March 31, 2023, the Company had $20.99
million in total assets, $9.83 million in total current
liabilities, $1.48 million in total long-term liabilities, and
$9.67 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2012,
issued a "going concern" qualification in its report dated Feb. 9,
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.
B AND C BROS: Taps Albertjohn DePalantino & Company as Accountant
-----------------------------------------------------------------
B and C Bros., LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to employ Albertjohn
DePalantino & Company P.C. as its accountant.
W. Thomas Albert is a member of Albertjohn DePalantino and Company
P.C. and will be responsible for this engagement with the Debtor
and will assist and aid the Debtor in the preparation of all
financial reports, statements and tax returns and provide all other
professional accounting services as may be required.
Mr. Albert will be paid at these rates:
a. $150 per hour for bookkeeping, formattting into Quickbooks
and inputing all information and any conference calls with clients
and the Debtor's counsel;
b. $175 per hour for any court appearances;
c. $250 flat fee for preparing the monthly operating reports;
and
d. a flat fee of $2,500 for each tax return prepared.
Mr. Albert disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
Mr. Albert can be reached at:
W. Thomas Albert, CPA, MT
ALBERTJOHN DEPALANTINO & COMPANY P.C.
19 Short Rd
Doylestown, PA 18901
Telephone: (215) 345-0433
Facsimile: (215) 345-0483
Email: ta@depalantino.com
About B and C Bros.
B and C Bros., LLC is in the business of operating a commercial
plumbing and heating business with its assets in Bucks County,
Pennsylvania.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 23-10986-amc) on April
12, 2023. In the petition signed by Bill Davies, managing member,
the Debtor disclosed up to $50,000 in both assets and liabilities.
B3 ELECTRIC: Michael Wheatley Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Michael Wheatley as
Subchapter V trustee for B3 Electric, LLC.
Mr. Wheatley will be paid an hourly fee of $275 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Wheatley declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael E. Wheatley
P.O. Box 1072
Prospect, KY 40059
Phone: 502-744-6484
Email: mwheatleytr@gmail.com
About B3 Electric
B3 Electric, LLC is a commercial and industrial electrical
contractor in Russellville, Ky.
B3 Electric filed Chapter 11 petition (Bankr. W.D. Ky. Case No.
23-10766) on Oct. 12, 2023, with $1 million to $10 million in both
assets and liabilities. John Baker, member, signed the petition.
Robert C. Chaudoin, Esq., at Harlin Parker Attorneys at Law
represents the Debtor as bankruptcy counsel.
BEAZER HOMES: Moody's Hikes CFR to B1 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service upgraded the ratings for Beazer Homes
USA, Inc.'s corporate family rating to B1 from B2, its probability
of default rating to B1-PD from B2-PD, and the rating on the
company's senior unsecured notes to B1 from B2. Beazer's SGL-2
Speculative Grade Liquidity Rating was maintained. The outlook was
changed to stable from positive.
The ratings upgrade reflects Beazer's continued progress in
deleveraging and Moody's expectation that its debt to book
capitalization will decline toward 45% over the next 12 months.
"The company's recent establishment of a conservative net debt to
book capitalization target of below 30% to be achieved in the next
few years, is a positive credit consideration," says Natalia
Gluschuk, Moody's Vice President and Senior Credit Officer. The
rating action also reflects Beazer's solid revenue scale,
geographic market diversity, good liquidity, and disciplined
approach to investments and shareholder-returns.
RATINGS RATIONALE
Beazer's B1 CFR is supported by the company's: 1) considerable size
and scale, with LTM revenue of $2.4 billion as of June 30, 2023 and
geographic diversity; 2) focus on the first time homebuyer segment
for over half of home closings, which is expected to benefit from
favorable demographic trends, although pressured by constrained
affordability; 3) focus on strengthening the balance sheet and
track record of debt reduction and deleveraging, which is expected
to continue; and 4) conservative approach to land investments, with
about half of land supply optioned, and positive cash flow
generation.
At the same time the rating reflects: 1) the company's moderately
high debt to book capitalization ratio of 49% at June 30, 2023; 2)
its active share repurchase authorization, although significant
repurchases are not anticipated; 3) risk related to owned land
supply of 2.5 years and the exposure to potential impairments in an
event of meaningful price declines; and 4) exposure to the
cyclicality of the homebuilding industry and volatility in demand.
The stable outlook reflects Moody's expectation that over the next
12 to 18 months Beazer will continue to delever through increasing
its net worth, while exercising a disciplined approach to
shareholder returns and investments, and maintaining good liquidity
with positive free cash flow.
The SGL-2 Speculative Grade Liquidity Rating reflects Moody's
expectation that Beazer will maintain good liquidity over the next
12 to 15 months. Liquidity is supported by Moody's expectation of
positive free cash flow, ample availability under the company's
$265 million senior unsecured revolving credit facility expiring in
2026, good covenant compliance cushions, as well as alternate
sources of liquidity given its 2.5 years of owned land supply and a
largely unsecured capital structure.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
Governance considerations under Moody's ESG framework—including
financial strategy & risk management and management credibility and
track record—were key drivers of the rating action. Moody's
changed Beazer's governance profile score (IPS) to G-3 from G-4,
and its credit impact score (CIS) to CIS-3 from CIS-4. The revision
in the scores reflects the company's track record of deleveraging,
the recent establishment of a conservative debt leverage target of
30% net debt to capitalization, supported by the transparency of
financial disclosure given that the company is publicly traded, and
Moody's expectation of a disciplined approach to
shareholder-friendly actions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company expands its revenue
size and scale, and geographic diversity, if debt to book
capitalization declines sustainably below 45%, EBIT to interest
coverage sustains above 4.5x, gross margins are in line with sector
averages and good liquidity is maintained, while and industry
conditions remain favorable.
The ratings could be downgraded if the company's debt to book
capitalization exceeds 50%, EBIT to interest coverage declines
below 3.0x, if industry conditions weaken causing meaningful
declines in revenue and gross margin and result in net losses and
impairments, or if liquidity weakens.
The principal methodology used in this rating was Homebuilding and
Property Development published in October 2022.
Beazer Homes, USA, Inc., headquartered in Atlanta, Georgia, is a US
homebuilder operating in 13 states across three geographic regions:
West, East and Southeast. Beazer targets entry-level, move-up, and
active adult homebuyers. In the last twelve months ended June 30,
2023, the company generated $2.4 billion in revenue and $190
million in net income.
BITNILE METAVERSE: Amends Purchase Agreement With Arena Business
----------------------------------------------------------------
BitNile Metaverse, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the Company and Arena
Business Solutions Global SPC II Ltd amended their purchase
agreement to eliminate the minimum floor price required for
submitting a sales notice.
On Aug. 25, 2023, BitNile entered into the ELOC Purchase Agreement
with Arena Business on behalf of and for the account of Segregated
Portfolio #3 – SPC #3.
About BitNile Metaverse
Founded in 2011, BitNile Metaverse (formerly Ecoark Holdings, Inc.)
-- is a holding company, incorporated in the State of Nevada on
November 19, 2007. The Company's principal subsidiaries consisted
of (a) BitNile.com, Inc., a Nevada corporation which
includes the platform BitNile.com and that was acquired by the
Company on March 6, 2023, which transaction has been reflected as
an asset purchase, and (b) Ecoark, Inc., a Delaware corporation
that is the parent of Zest Labs and Agora.
BitNile Metaverse reported a net loss of $87.36 million on zero
revenue for the year ended March 31, 2023, compared to a net loss
of $10.55 million on $27,182 of revenues for the year ended March
31, 2022. As of March 31, 2023, the Company had $23.77 million in
total assets, $37.72 million in total liabilities, and a total
stockholders' deficit of $13.94 million.
New York, New York-based RBSM LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
July 14, 2023, citing that the Company has suffered recurring
losses from operations and had an accumulated deficit that raises
substantial doubt about its ability to continue as a going concern.
BITNILE METAVERSE: Files S-1 Resale Prospectus Covering 25M Shares
------------------------------------------------------------------
BitNile Metaverse, Inc. filed with the Securities and Exchange
Commission a preliminary prospectus on Form S-1 relating to the
offer and resale of up to 25,000,000 shares of common stock, par
value $0.001 per share, of the Company by Arena Business Solutions
Global SPC II, Ltd., on behalf of and for the account of Segregated
Portfolio #3 – SPC #3. The shares included in this prospectus
consist of:
(i) shares of the Company's common stock that the Company may,
in its discretion, elect to issue and sell to the Selling
Stockholder, from time to time after the date of this prospectus,
pursuant to a Purchase Agreement the Company entered into with the
Selling Stockholder on Aug. 24, 2023, as amended by that Amendment
No. 1 to Purchase Agreement, dated Oct. 18, 2023, in which the
Selling Stockholder has committed to purchase from the Company, at
its direction, up to an aggregate of $100 million of shares of
common stock; and
(ii) an aggregate of $4 million of shares of the Company's common
stock to be issued to the Selling Stockholder as consideration for
its irrevocable commitment to purchase shares of the Company's
common stock at its election in its sole discretion, from time to
time after the date of this prospectus.
The Company is not selling any shares of common stock being offered
by this prospectus and will not receive any of the proceeds from
the sale of such shares by the Selling Stockholder. However, the
Company may receive up to $100 million in aggregate gross proceeds
from sales of its common stock to the Selling Stockholder, in its
sole and absolute discretion, elect to make, from time to time over
the approximately 36-month period commencing on the date of the
Purchase Agreement, provided that this registration statement, of
which this prospectus forms a part, and any other registration
statement the Company may file from time to time, covering the
resale by the Selling Stockholder of the shares of the Company's
common stock purchased from the Company by the Selling Stockholder
pursuant to the Purchase Agreement is declared effective by the SEC
and remains effective, and the other conditions set forth in the
Purchase Agreement are satisfied.
The Company's common stock trades on The Nasdaq Capital Market
under the symbol "BNMV." On Oct. 19, 2023, the last reported sales
price of the Company's common stock, as reported by Nasdaq, was
$0.675 per share.
A full-text copy of the registration statement is available for
free at:
https://www.sec.gov/Archives/edgar/data/1437491/000121465923013757/p1019231s1.htm
About BitNile Metaverse
Founded in 2011, BitNile Metaverse (formerly Ecoark Holdings, Inc.)
-- is a holding company, incorporated in the State of Nevada on
November 19, 2007. The Company's principal subsidiaries consisted
of (a) BitNile.com, Inc., a Nevada corporation which
includes the platform BitNile.com and that was acquired by the
Company on March 6, 2023, which transaction has been reflected as
an asset purchase, and (b) Ecoark, Inc., a Delaware corporation
that is the parent of Zest Labs and Agora.
BitNile Metaverse reported a net loss of $87.36 million for the
year ended March 31, 2023, compared to a net loss of $10.55 million
for the year ended March 31, 2022. As of March 31, 2023, the
Company had $23.77 million in total assets, $37.72 million in total
liabilities, and a total stockholders' deficit of $13.94 million.
New York, New York-based RBSM LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
July 14, 2023, citing that the Company has suffered recurring
losses from operations and had an accumulated deficit that raises
substantial doubt about its ability to continue as a going concern.
BLACK STONE: Hits Chapter 11 Bankruptcy Protection
--------------------------------------------------
Black Stone Investment Group filed for chapter 11 protection in the
Southern District of Texas. According to court filing, the Debtor
reports between $1 million and $10 million in debt owed to 1 and 49
creditors. The petition states funds will be available to
unsecured creditors.
About Black Stone Investment Group
Black Stone Investment Group is the world's largest alternative
asset manager, with $1 trillion in AUM. It serves institutional and
individual investors by building strong businesses that deliver
lasting value.
Black Stone Investment Group sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-33848) on
October 3, 2023. In the petition filed by Ann Banda, as president,
the Debtor reports estimated assets and liabilities between $1
million and $10 million each.
The Debtor is represented by:
William P Haddock, Esq.
Pendergraft & Simon
5322 Bellaire Blvd., Suite 445
Houston, TX 77401
BLACKRIDGE CONSTRUCTION: Geron Yann Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Geron Yann, Esq., at Geron
Legal Advisors, LLC as Subchapter V trustee for Blackridge
Construction, LLC.
Mr. Yann will be paid an hourly fee of $825 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Yann declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Geron Yann, Esq., Esq.
Geron Legal Advisors LLC
370 Lexington Avenue, Suite 1101
New York, NY 10017
Phone: (646) 560-3224
Email: ygeron@geronlegaladvisors.com
About Blackridge Construction
Blackridge Construction, LLC is a company based in Montrose, N.Y.,
which specializes in civil construction projects.
The Debtor filed Chapter 11 petition (Bankr. S.D.N.Y. Case No.
23-22739) on Oct. 10, 2023, with up to $50,000 in assets and $1
million to $10 million in liabilities. James C. Carroll, president,
signed the petition.
Judge Sean H. Lane oversees the case.
Erica Aisner, Esq., at Kirby Aisner & Curley, LLP represents the
Debtor as legal counsel.
BW HAMPTON: To Delay Disclosures Hearing by 2 Weeks
---------------------------------------------------
The BW Hampton Group, Inc., filed a motion seeking approval of the
Disclosure Statement explaining its Chapter 11 Plan of
Reorganization dated September 30, 2023 pursuant to 11 U.S.C. Sec.
1125.
The Disclosure Statement contains "adequate information" as that
term is defined in Sec. 1125.
A hearing on the Motion is set for Nov. 8, 2023, at 9:00 AM at
Crtrm 1575, 255 E Temple St., Los Angeles, CA 90012.
According to a status report filed Oct. 25, 2023, the secured
lender filed an opposition to the Motion to approve the Disclosrue
Statement based on the Secured Lender wanting more information than
was provided. The Debtor will be requesting a two-week continuance
of the Disclosure Statement.
Attorneys for debtor The BW Hampton Group, Inc.:
Laura J. Portillo, Esq.
Kevin C. Ronk, Esq.
PORTILLO RONK LEGAL TEAM
5716 Corsa Ave, Suite 207
Westlake Village, CA 91362
Tel: (805) 203 6123
Fax: (805) 830 1717
E-mail: Attorneys@portilloronk.com
About BW Hampton Group
The BW Hampton Group, Inc., a company in Glendale, Calif., filed
its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal.
Case No. 23-13518) on June 7, 2023, with $1 million to $10 million
in both assets and liabilities. Judge Sandra R. Klein oversees the
case.
Laura Portillo, Esq., at Portillo Ronk Legal Team, serves as the
Debtor's bankruptcy counsel.
BW HAMPTON: Unsecureds to Get 100% Claim Total $33K
---------------------------------------------------
The BW Hampton Group, Inc., submitted a Disclosure Statement and
Chapter 11 Plan of Reorganization dated September 30, 2023.
In June of 2013, the Debtor purchased a commercial property located
at 1210 - 1212 S. Brand Blvd, Glendale, California 91202 (APN
5640-013-004)(the "Property"). The Debtor's other assets are
$235,802.91 in rental income receivable and, as of the date of
filing this DS, $56,674.16 in cash in its DIP Accounts. The Debtor
has leased the Property to Asian Journal Publications, Inc. ("Asian
Journal") and Asian Journal occupies the entire building. Asian
Journal is owned by Corazon and Roger Oriel, who also own the
Debtor. Therefore, Asian Journal is an affiliate/insider of the
Debtor.
Listed below are the sources of money earmarked to pay creditors
and interest-holders.
(a) The proceeds from the sale of the Property and future earnings
from continued operation of the Debtor, if the Debtor does not shut
down after a sale.
(b) Debtor's cash in its accounts from rental income operations as
of the Effective Date. Most likely, general unsecured creditors can
expect payment on:
a. On the Effective Date,
b. In the full amount of their allowed claims (estimated to be
$33,777).
Under the Plan, Class 3 General Unsecured Claims to receive 100% of
their claim total $ 33,777.03. The source of fund is the proceeds
from Sale of the Property and cash in Debtor's bank account. Class
3 is impaired.
Attorneys for Debtor and Debtor and Possession
The BW Hampton Group, Inc.:
Laura J. Portillo, Esq.
Kevin C. Ronk, Esq.
PORTILLO RONK LEGAL TEAM
5716 Corsa Ave, Suite 207
Westlake Village, CA 91362
Tel: (805) 203 6123
Fax: (805) 830 1717
E-mail: Attorneys@portilloronk.com
A copy of the Disclosure Statement dated September 30, 2023, is
available at https://tinyurl.ph/ZiHiL from PacerMonitor.com.
About BW Hampton Group
The BW Hampton Group, Inc., a company in Glendale, Calif., filed
its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal.
Case No. 23-13518) on June 7, 2023, with $1 million to $10 million
in both assets and liabilities. Judge Sandra R. Klein oversees the
case.
Laura Portillo, Esq., at Portillo Ronk Legal Team, serves as the
Debtor's bankruptcy counsel.
CAPSTONE GREEN: Hires Katten Muchin Rosenman as Legal Counsel
-------------------------------------------------------------
Capstone Green Energy Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
Katten Muchin Rosenman LLP as their counsel.
The firm's services include:
(a) advising 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) advising and consulting on the conduct of these Chapter 11
Cases, including all of the legal and administrative requirements
of operating in chapter 11;
(c) negotiating with representatives of creditors and other
parties in interest;
(d) taking 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) preparing pleadings in connection with these Chapter 11
Cases, including motions, applications, answers, orders, reports,
and papers necessary or otherwise beneficial to the administration
of the Debtors' estates;
(f) representing the Debtors in connection with obtaining
authority to obtain postpetition financing and use of cash
collateral;
(g) advising the Debtors in connection with any potential sale
of assets;
(h) appearing before the Court and any appellate courts to
represent the interests of the Debtors' estates;
(i) advising the Debtors regarding tax matters;
(j) taking any necessary action on behalf of the Debtors to
negotiate, prepare, and obtain approval of a disclosure statement
and confirmation of a chapter 11 plan and all documents related
thereto; and
(k) performing all other necessary legal services for the
Debtors in connection with the prosecution of these Chapter 11
Cases, including: (i) analyzing the Debtors' leases and contracts
and the assumption and assignment or rejection thereof; (ii)
analyzing the validity of liens against the Debtors; and (iii)
advising the Debtors on corporate and litigation matters.
Katten’s hourly rates are:
Partners $945 to $1,985
Counsel $965 to $1,600
Associates $625 to $1,000
Paraprofessionals $310 to $720
The Debtors paid $500,000 to Katten as an advance payment
retainer.
Peter A. Siddiqui, a partner of Katten, assured the court that
Katten is a "disinterested person" within the meaning of section
101(14) of the Bankruptcy Code, as required by section 327(a) of
the Bankruptcy Code, and does not hold or represent an interest
adverse to Debtors’ estates and has no connection to Debtors,
their creditors, or other parties in interest.
The firm can be reached through:
Peter A. Siddiqui, Esq.
KATTEN MUCHIN ROSENMAN LLP
525 West Monroe Street
Chicago, IL 60661-3693
Telephone: (312) 902-5200
Facsimile: (312) 902-1061
About Capstone Green Energy Corporation
Capstone Green Energy Corporation build microturbine energy systems
and battery storage systems that allow customers to produce power
on-site in parallel with the electric grid or stand-alone when no
utility grid is available. Capstone Green offers microturbines
designed for commercial, oil and gas, and other industrial
applications.
Capstone Green and affiliated sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11634) on
September 28, 2023. In the petition signed by John Juric, chief
financial officer, the Debtor disclosed $104,000,000 in total
assets and $111,000,000 in total debt.
Judge Laurie Selber Silverstein oversees the case.
Katten Muchin Rosenman LLP represents the Debtors as legal counsel,
Young Conaway Stargatt & Tayloor LLP as co-counsel, Riveron RTS,
LLC as financial advisor, and Kroll Restructuring Administration
LLC as claims, noticing & solicitation agent and administrative
advisor.
CAPSTONE GREEN: Hires KPMG LLP to Provide Valuation Services
------------------------------------------------------------
Capstone Green Energy Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
KPMG LLP to provide accounting advisory and valuation services.
The firm will render these services:
Accounting Advisory Services
A. Restructuring Accounting and Financial Reporting Support
KPMG will assist management with planning an approach,
consideration of alternatives, research, analysis, implementation
and documentation related to accounting and reporting as a
debtor-in-possession and for the period of emergence. In providing
this assistance, KPMG will support the Debtors in their
consideration or evaluation of the following:
i. Issues & documentation. Researching and documenting
(memoranda, discussions with the Debtors' independent auditor as
required, etc.) to support the accounting and reporting conclusions
reached for (1) applicability of fresh-start accounting; (2)
accounting for the proposed debtor-in-possession financing
facility; (3) accounting for the treatment of proposed exit notes;
(4) accounting for the extinguishment of predecessor notes; (5)
consolidation analysis of newly created operating company; and (6)
debtor-in-possession accounting, including liabilities to
compromise and reorganization items analysis and related position
under ASC 852, Reorganizations;
ii. Financial reporting. Assistance with (1) reporting and
disclosures as debtor-in-possession (assumes one financial period
quarter); (2) reporting and disclosures in emergence quarter; and
(3) Regulation S-X Article 11 financial statements, if required.
B. Restatement Accounting and Financial Reporting Support
KPMG will assist management with planning an approach,
consideration of alternatives, research, analysis, implementation
and documentation related to accounting and restating the Debtors'
historical financial statements. In providing this assistance, KPMG
will support management in its consideration or evaluation of the
following:
i. Issues & documentation. Researching and documenting
(memoranda, discussions with the Debtors' independent auditor as
required, etc.) to support (1) the accounting and reporting
conclusions reached with regard to an accounting analysis on
revenue recognition for the Debtors' contracts covering products,
services agreements and related/embedded leases; (2) accounting
analysis on the cost and liability recognition under the Debtors'
long-term service agreements; (3) evaluation of disclosure and
transactions with related parties, including sufficiency of
disclosure and related party consolidation considerations; SAB 99
and 108 materiality memorandums with respect to the above
transactions and events; and
ii. Financial reporting. Assistance with reporting and
disclosures under ASC 250, Accounting Changes and Error
Corrections, and incremental SEC disclosures with respect to the
restated matters.
Valuation Services
A. KPMG will estimate the fair value of 100 percent
controlling, marketable interest in the Debtors as of the Valuation
Date.
KPMG will bill these rates:
Accounting Advisory Services
Partner $930
Managing Director $885
Director $795
Manager $690
Senior Associate $570
Associate $405
The majority of fees to be charged for accounting advisory services
reflect an agreed reduction of approximately 30 percent from KPMG's
normal and customary rates.
Valuation Services
Partner $930
Managing Director $885
Director $795
Manager $690
Senior Associate $570
Associate $405
The majority of fees to be charged for valuation services reflect
an agreed reduction of approximately 40 percent from KPMG's normal
and customary rates.
Prior to the Petition Date, KPMG received a retainer in the amount
of $96,950.
KPMG 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 Debtors' estates.
The firm can be reached through:
Joseph D. Yusz
811 Main Street, Suite 4500
Houston, TX 77002
Phone: +1 713 319 2000
Fax: +1 713 319 2041
About Capstone Green Energy Corporation
Capstone Green Energy Corporation build microturbine energy systems
and battery storage systems that allow customers to produce power
on-site in parallel with the electric grid or stand-alone when no
utility grid is available. Capstone Green offers microturbines
designed for commercial, oil and gas, and other industrial
applications.
Capstone Green and affiliated sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11634) on
September 28, 2023. In the petition signed by John Juric, chief
financial officer, the Debtor disclosed $104,000,000 in total
assets and $111,000,000 in total debt.
Judge Laurie Selber Silverstein oversees the case.
Katten Muchin Rosenman LLP represents the Debtors as legal counsel,
Young Conaway Stargatt & Tayloor LLP as co-counsel, Riveron RTS,
LLC as financial advisor, and Kroll Restructuring Administration
LLC as claims, noticing & solicitation agent and administrative
advisor.
CAPSTONE GREEN: Hires Young Conaway as Bankruptcy Co-Counsel
------------------------------------------------------------
Capstone Green Energy Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
Young Conaway Stargatt & Taylor, LLP as bankruptcy co-counsel.
The firm's services include:
a. providing legal advice and services with respect to the
Debtors' powers and duties as debtors in possession in the
continued operation of their business, management of their
property, the Local Rules, practices, and procedures, and providing
substantive and strategic advice on how to accomplish the Debtors'
goals in connection with the prosecution of these cases and their
pre-packaged plan of reorganization;
b. pursuing confirmation of a plan and approval of a
disclosure statement;
c. preparing, on behalf of the Debtors, necessary
applications, motions, answers, orders, reports, and other legal
papers;
d. appearing in Court and protecting the interests of the
Debtors before the Court; and
e. performing all other legal services for the Debtors that
may be necessary and proper in these proceedings, in conjunction
with Katten Muchin Rosenman LLP as bankruptcy co-counsel to the
Debtors in these chapter 11 cases.
Young Conaway also provided the following in response to the
request for additional information set forth in Paragraph D.1 of
the U.S. Trustee Guidelines:
-- Young Conaway has not agreed to a variation of its standard or
customary billing arrangements for this engagement;
-- None of the firm's professionals included in this engagement
have varied their rate based on the geographic location of these
chapter 11 cases;
-- Young Conaway was retained by the Debtors pursuant to an
engagement agreement dated August 17, 2023. The billing rates and
material terms of the prepetition engagement are the same as the
rates and terms described in the Application; and
-- The Debtors have approved or will be approving a prospective
budget and staffing plan for Young Conaway's engagement for the
postpetition period as appropriate. In accordance with the U.S.
Trustee Guidelines, the budget may be amended as necessary to
reflect changed or unanticipated developments.
Matthew Lunn, Esq., a partner at Young Conaway Stargatt & Taylor,
disclosed in a court filing that the firm is a "disinterested
person" as defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Matthew B. Lunn, Esq.
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Rodney Square
1000 North King Street
Wilmington, DE 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1253
Email: mlunn@ycst.com
About Capstone Green Energy Corporation
Capstone Green Energy Corporation build microturbine energy systems
and battery storage systems that allow customers to produce power
on-site in parallel with the electric grid or stand-alone when no
utility grid is available. Capstone Green offers microturbines
designed for commercial, oil and gas, and other industrial
applications.
Capstone Green and affiliated sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11634) on
September 28, 2023. In the petition signed by John Juric, chief
financial officer, the Debtor disclosed $104,000,000 in total
assets and $111,000,000 in total debt.
Judge Laurie Selber Silverstein oversees the case.
Katten Muchin Rosenman LLP represents the Debtors as legal counsel,
Young Conaway Stargatt & Tayloor LLP as co-counsel, Riveron RTS,
LLC as financial advisor, and Kroll Restructuring Administration
LLC as claims, noticing & solicitation agent and administrative
advisor.
CAPSTONE GREEN: Seeks to Hire Ordinary Course Professionals
-----------------------------------------------------------
Capstone Green Energy Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
professionals utilized in the ordinary course of business.
The OCP's include:
a. Boies Schiller Flexner LLP
2200 Corporate Blvd. NW, Ste. 400
Boca Raton, FL 33431
-- Legal Services
b. Burke Williams & Sorenson LLP
444 S. Flower St., Ste. 2400
Los Angeles, CA 90071
-- Legal Services
c. CNM LLP
21051 Warner Center Lane
Woodland Hills, CA 91367
-- Internal Audit
-- Advisory Services
d. Deloitte LLP UK
1 New Street Square
London, EC4A 3HQ
United Kingdom
-- Tax Services
e. Halpern May Ybarra Gelberg LLP
550 S. Hope St., Suite 2330
Los Angeles, CA 90071
-- Legal Services
(Independent Investigation)
f. Marcum LLP
2049 Century Park East #300
Los Angeles, CA 90067
-- Accounting and Advisory Services
g. Moss Adams LLP
11766 Wilshire Blvd., Ste. 900
Los Angeles, CA 90025
-- Accounting, Tax and Consulting Services
h. RM Boulanger S.A.
17A Rue du Vertuquet
59960 Newuville-en-Ferrain
France
-- Tax Services
i. Rutan & Tucker, LLP
611 Anton Blvd., Ste. #1400
Costa Mesa, CA 92628-1950
-- Legal Services
j. Vedder Price PC
222 North LaSalle St.
Chicago, IL 60601
-- Legal Services
(Independent Investigation)
About Capstone Green Energy Corporation
Capstone Green Energy Corporation build microturbine energy systems
and battery storage systems that allow customers to produce power
on-site in parallel with the electric grid or stand-alone when no
utility grid is available. Capstone Green offers microturbines
designed for commercial, oil and gas, and other industrial
applications.
Capstone Green and affiliated sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11634) on
September 28, 2023. In the petition signed by John Juric, chief
financial officer, the Debtor disclosed $104,000,000 in total
assets and $111,000,000 in total debt.
Judge Laurie Selber Silverstein oversees the case.
Katten Muchin Rosenman LLP represents the Debtors as legal counsel,
Young Conaway Stargatt & Tayloor LLP as co-counsel, Riveron RTS,
LLC as financial advisor, and Kroll Restructuring Administration
LLC as claims, noticing & solicitation agent and administrative
advisor.
CAPSTONE GREEN: Seeks to Hire Riveron RTS as Financial Advisor
--------------------------------------------------------------
Capstone Green Energy Corporation and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to hire
Riveron RTS, LLC as its financial advisor.
The firm's services include:
(a) evaluating the short-term cash flows and financing
requirements of the Debtor as it relates to its Chapter 11
proceedings;
(b) assisting the Debtor in its Chapter 11 proceedings,
including the preparation and oversight of its financial statements
and bankruptcy schedules, monthly operating reports, first-day
pleadings, and other information required in the bankruptcy;
(c) assisting the Debtor in obtaining court approval to use
cash collateral or other financing;
(d) assisting the Debtor with respect to its
bankruptcy-related claims management and reconciliation process;
(e) assisting the Debtor in the development of a plan of
reorganization;
(f) assisting the management, where appropriate, in
communications and negotiations with other constituents critical to
the successful execution of the Debtor's bankruptcy proceedings;
(g) working with the Debtor, as appropriate, and its retained
investment banking professionals, to assess any offer made pursuant
to bankruptcy court-approved sale procedures;
(h) assisting the Debtor in communications with key
constituents, as requested, including lenders, equity holders,
customers and other stakeholders;
(h) assisting the management, where appropriate, in
communications and negotiations with stakeholders critical to the
successful execution of the Debtor's near-term business plan; and
(i) other financial advisory services.
Riveron RTS’s hourly rates are:
Senior Managing Director $840 to $1,450 per hour
Managing Director $675 to $960 per hour
Associate Director to
Senior Director $535 to $940 per hour
Associate to Manager $350 to $525 per hour
Paraprofessional $260 per hour
Riveron RTS received a total retainer of $190,000.
Norman Lieu, managing director at Riveron RTS, disclosed in a court
filing that he is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Norman Lieu
Riveron RTS, LLC
324 South Beverly Drive #402
Los Angeles, CA 90212
Tel: (213) 416-6205
Email: norm.lieu@riveron.com
About Capstone Green Energy Corporation
Capstone Green Energy Corporation build microturbine energy systems
and battery storage systems that allow customers to produce power
on-site in parallel with the electric grid or stand-alone when no
utility grid is available. Capstone Green offers microturbines
designed for commercial, oil and gas, and other industrial
applications.
Capstone Green and affiliated sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11634) on
September 28, 2023. In the petition signed by John Juric, chief
financial officer, the Debtor disclosed $104,000,000 in total
assets and $111,000,000 in total debt.
Judge Laurie Selber Silverstein oversees the case.
Katten Muchin Rosenman LLP represents the Debtors as legal counsel,
Young Conaway Stargatt & Tayloor LLP as co-counsel, Riveron RTS,
LLC as financial advisor, and Kroll Restructuring Administration
LLC as claims, noticing & solicitation agent and administrative
advisor.
CAPSTONE GREEN: Taps Kroll Restructuring as Administrative Advisor
------------------------------------------------------------------
Capstone Green Energy Corporation and its debtor affiliates seeks
approval from the U.S. Bankruptcy Court for the District of
Delaware to hire Kroll Restructuring Administration LLC as its
administrative advisor.
The firm's services include:
a. assisting with, among other things, solicitation, balloting
and tabulation of votes, preparing any related reports in support
of confirmation of a Chapter 11 plan, and processing requests for
documents;
b. preparing an official ballot certification and, if
necessary, testifying in support of the ballot tabulation results;
c. assisting with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs, and
gathering data in conjunction therewith;
d. providing a confidential data room, if requested; and
e. managing and coordinating any distributions pursuant to a
Chapter 11 plan; and
f. providing such other processing, solicitation, balloting
and other administrative services
Prior to their bankruptcy filing, the Debtors provided Kroll an
advance in the amount of $50,000, which was received by Kroll on
Sep 18, 2023. In addition, on Sep 22, 2023, Kroll received a
payment in the amount of $18,500 for actual and/or estimated
prepetition fees and expenses.
Benjamin Steele, a managing director at Kroll, disclosed in a court
filing that his firm is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Benjamin J. Steele
Kroll Restructuring Administration LLC
55 East 52nd Street, 17th Floor
New York, NY 10055
Telephone: (212) 593-1000
About Capstone Green Energy Corporation
Capstone Green Energy Corporation build microturbine energy systems
and battery storage systems that allow customers to produce power
on-site in parallel with the electric grid or stand-alone when no
utility grid is available. Capstone Green offers microturbines
designed for commercial, oil and gas, and other industrial
applications.
Capstone Green and affiliated sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11634) on
September 28, 2023. In the petition signed by John Juric, chief
financial officer, the Debtor disclosed $104,000,000 in total
assets and $111,000,000 in total debt.
Judge Laurie Selber Silverstein oversees the case.
Katten Muchin Rosenman LLP represents the Debtors as legal counsel,
Young Conaway Stargatt & Tayloor LLP as co-counsel, Riveron RTS,
LLC as financial advisor, and Kroll Restructuring Administration
LLC as claims, noticing & solicitation agent and administrative
advisor.
CENPORTS COMMERCE: Unsecureds to Get 1.14% Under Plan
-----------------------------------------------------
Cenports Commerce Inc. submitted an Amended Plan of Reorganization,
dated October 4, 2023.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income for the period described in
Sec. 1191(c)(2) of $1,048.56 per month average projected disposable
income {estimated average based on year #1 projections). After
committing the entire disposable income to Class 3 general
unsecured creditors, the net income is $0.00. The final Plan
payment is expected to be paid on January 2029.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 1.14 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Under the Plan, Class 3 Non-priority unsecured creditors will be
paid 1.14% of such creditors' claims over 5 years with the first
payment of $1,132.56 due on effective date, followed by 11
consecutive monthly payment, each due on the first day of each
month and each in the amount of $1,048.56; $,1287.25 per month for
months 13-24; $1,015.95 per month for months 25-36; $1,141.02 per
month for months 37-48; and $1,141.14 per month for months 49-60.
Class 3 is impaired.
Distribution to creditors under this Plan will be funded primarily
from the following sources: (a) the Debtor's cash on hand on the
Effective Date and (b) the net income derived from the continued
operation of the Debtor's business.
A copy of the Plan of Reorganization dated October 4, 2023, is
available at https://tinyurl.ph/Nbphi from PacerMonitor.com.
About Cenports Commerce Inc.
Cenports Commerce Inc. is a B2B drop shopping (virtual
distribution) company that helps brands sell products online to
HomeDepot, Lowes, etc. under their own account. The Company has no
inventory and uses internal tools to help retailers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. case No. 23-40478) on April 25,
2023. In the petition signed by Derrick Chen, as CEO of Censports
Commerce Holding Inc., the Debtor's shareholder, the Debtor
disclosed $212,973 in assets and $7,391,240 in liabilities.
Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger,
is the Debtor's legal counsel.
CHEEKTOWAGA CONCRETE: Hires Gleichenhaus Marchese as Counsel
------------------------------------------------------------
Cheektowaga Concrete, LLC seeks approval from the U.S. Bankruptcy
Court for the Western District of New York to hire Gleichenhaus
Marchese & Weishaar PC as its counsel.
The firm will provide these services:
(a) give the Debtor legal advice with respect to its powers
and duties as Debtor-in-Possession in the continued operation of
its business and in the management of its assets;
(b) take necessary action to avoid liens against the Debtor's
property, remove restraints against the Debtor's property and such
other actions to remove any encumbrances of liens which are
avoidable, which were placed against the property of the Debtor
prior to the filing of the Petition instituting this proceeding and
at a time when the Debtor was insolvent;
(c) take necessary action to enjoin and stay until final
decree herein any attempts by secured creditors to enforce liens
upon property of the Debtor in which property the Debtor has
substantial equity;
(d) represent the Debtor as Debtor-in-Possession in any
proceedings which may be instituted in this Court by creditors or
other parties during the course of this proceeding;
(e) prepare on behalf of the Debtor, as Debtor-in-Possession,
necessary petitions, answers, orders, reports, and other legal
papers; and
(f) perform all other legal services for the Debtor as
Debtor-in-Possession, or to employ attorneys for such services.
The firm will be paid at these rates:
Michael A. Weishaar, Esq. $395 per hour
Scott Bogucki, Esq. $375 per hour
Attorneys $350 per hour
Paralegals $200 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 in addition
to the Chapter 11 filing fee of $1,738.
Michael A. Weishaar, an attorney at Gleichenhaus, Marchese &
Weishaar, PC, disclosed in court filings that the firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Michael A. Weishaar, Esq.
GLEICHENHAUS, MARCHESE & WEISHAAR, PC
930 Convention Tower
43 Court Street
Buffalo, NY 14202
Telephone: (716) 845-6446
About Cheektowaga Concrete
Cheektowaga Concrete, LLC is a cement and concrete product
manufacturer based in Hamburg, N.Y.
The Debtor filed Chapter 11 petition (Bankr. W.D.N.Y. Case No.
23-10949) on Sept. 19, 2023, with $3,429,101 in assets and
$7,880,382 in liabilities. Rosanne DiPizio, general manager, signed
the petition.
Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar,
P.C. represents the Debtor as legal counsel.
CLEAN ENERGY: Files S-3 Registration Statement for $75M Offering
----------------------------------------------------------------
Clean Energy Technologies, Inc. filed with the Securities and
Exchange Commission a Form S-3 registration statement relating to
the offer of up to $75,000,000 of any combination of common stock
warrants, and units in one or more offerings. The Company may also
offer securities as may be issuable upon conversion, redemption,
repurchase, exchange or exercise of any securities, including any
applicable antidilution provisions.
The Company's common stock is quoted on The Nasdaq Capital Market
under the symbol "CETY." On Oct. 19, 2023, the last reported sales
price of the Company's common stock was $1.49 per share. The
applicable prospectus supplement will contain information, where
applicable, as to any other listing on The Nasdaq Capital Market or
any securities market or other exchange of the securities, if any,
covered by the applicable prospectus supplement.
The Company will sell these securities directly to investors,
through agents designated from time to time or to or through
underwriters or dealers, on a continuous or delayed basis.
A full-text copy of the prospectus is available for free at:
https://www.sec.gov/Archives/edgar/data/1329606/000149315223037910/forms-3.htm
About Clean Energy
Headquartered in Costa Mesa, California, Clean Energy Technologies,
Inc. -- http://www.cetyinc.com-- designs, produces and markets
clean energy products and integrated solutions focused on energy
efficiency and renewables. The Company provides waste heat
recovery solutions, waste to energy solutions, and engineering,
consulting and project management solutions.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2015, issued a "going concern"
qualification in its report dated April 17, 2023, citing that the
Company has an accumulated deficit, a working capital deficit and
negative cash flows from operations. These factors, among others,
raise substantial doubt about the Company's ability to continue as
a going concern.
COLIBRI: Moody's Alters Outlook on 'B3' CFR to Positive
-------------------------------------------------------
Moody's Investors Service affirmed McKissock Investment Holdings,
LLC's ("Colibri") B3 Corporate Family Rating and B3-PD Probability
of Default Rating following the proposed acquisition of Project
Triumph. Concurrently Moody's downgraded the senior secured first
lien bank credit facilities rating to B3 from B2 (facility consists
of a revolver and term loan) and also assigned a B3 senior secured
rating to the proposed incremental first lien term loan. At the
same time, Moody's changed the outlook to positive from stable.
Colibri entered into a definitive agreement to acquire a target in
the healthcare end market ("Project Triumph"). Proceeds from the
proposed $400 million first lien term loan along with new preferred
equity and new convertible preferred equity will be used to repay
Colibri's existing $180 million second lien term loan, fund the
acquisition of Project Triumph, and pay related fees and expenses.
At the same time, Colibri is upsizing its revolver to $70 million
(about $12 million drawn at close) expiring in March 2027.
The change to a positive outlook reflects that the Project Triumph
acquisition is modestly deleveraging due to the sizable equity
component of the financing and will improve Colibri's operating
profile. Acquiring Project Triumph supports a favorable shift in
business mix towards the less cyclical healthcare vertical, and
away from verticals more vulnerable to economic pressures such as
real estate and valuation services. Nevertheless, execution risk is
high, including Colibri's ability to effectively integrate its
largest acquisition to date and uncertainty around the company's
ability to sustain higher earnings. Moody's adjusted debt-to-EBITDA
leverage is expected to marginally improve to roughly 6.1x pro
forma for the transaction from 6.5x as of the last 12 months ended
June 2023 (Moody's adjusted EBITDA deducts capitalized content
development costs). Moody's projects debt-to-EBITDA leverage will
decline below 6.0x in 2024 through modest earnings growth and debt
reduction.
The two series of preferred stock will be issued by holding
companies that do not guarantee the credit facility and the
preferred stock will not have upstream guarantees. Moody's assumes
the final terms will be structured such that the credit facility
does not cross default to the preferred stock, and that the
preferred stock will only have an equity claim in bankruptcy and
only one of the two series of preferred stock will have pay-in-kind
dividend accretion.
Moody's affirmed Colibri's B3 CFR reflecting its high leverage,
exposure to rising interest rates that contribute to volatile free
cash flow, modest scale in a competitive and fragmented market for
professional certification and continuing education services and
aggressive financial policy that includes a history of acquisitions
that have been funded with debt and equity and a divided
distribution to shareholders. The company's scale, while improved
when combined with Project Triumph, remains modest relative to
other services companies in the single-B category. Moody's views
scale as an important factor for the industry, enabling the company
to leverage technology and content investments to more effectively
compete and successfully take market share.
The downgrade of the credit facility ratings to B3 from B2 reflects
that the repayment of the second lien term loan eliminates loss
absorption cushion and weakens recovery estimates for the first
lien debt in the event of a default. The B3 ratings on the senior
secured credit facility instruments reflect that the facility
represents the preponderance of debt in the capital structure. The
first lien credit facility will consist of a $70 million revolver
expiring in March 2027, the existing $661.6 million term loan
maturing March 2029 and the proposed $400 million incremental term
loan maturing March 2029. The credit facility is secured by a first
lien collateral pledge from substantially all of Colibri's assets.
RATINGS RATIONALE
Colibri's B3 CFR reflects its high leverage with Moody's adjusted
debt-to-EBITDA estimated at 6.1x as of June 2023 pro forma for the
Project Triumph acquisition (after deducting content development
costs and not including change in deferred revenue as an adjustment
to EBITDA). Moody's forecasts revenue growth of 4% - 6% annually in
2024 and 2025, largely reflecting additional volume from the
healthcare vertical and upselling and cross-selling opportunities
with existing customers. Moody's projects debt-to-EBITDA leverage
will decline below 6x in 2024 driven by earnings growth and
synergies realized over the next 12 months, as well as modest debt
reduction. The rating also reflects the company's modest scale
relative to other services companies. Additionally, investment
needed to support and innovate digital offerings is very high and
is critical to customers when selecting a provider.
Colibri's ratings benefit from its established market position
within its end markets, demonstrating the ability to grow both
organically and through tuck-in acquisitions, and largely
successful track record integrating a large number of acquisitions
through the realization of synergies and cost savings. Colibri
further benefits from the diversity of its end markets, enabling
weakness in real estate and valuation services to be partially
offset by accounting, healthcare and teaching verticals that are
considered less vulnerable to economic cycles. Colibri's services
for professional certifications are considered non-discretionary
relative to the more volatile demand of qualifying and continuing
education services.
Moody's views the proposed preferred stock instruments as equity in
Moody's credit metric calculations, but the instruments pose event
risk. Since the preferred stock will be held by third parties that
have a priority equity claim ahead of Gridiron Capital's common
equity and there is a high PIK rate on one class of preferred
stock, Moody's believes there is event risk. There is potential
that at some point Gridiron may choose to replace the instruments
with lower-priced debt to avoid the high return hurdle created by
the PIK instrument. The intent is likely to redeem the preferred
stock through a sale of the company or initial public offering, but
this could be challenging if public equity market conditions are
soft or the company does not generate strong growth.
Liquidity is good consisting of roughly $7 million of balance sheet
cash pro forma for the proposed transaction, about $58 million
available under the $70 million revolver and expectations of about
$25 to $40 million of annual free cash flow in 2024 and 2025. The
revolver is subject to a springing first lien 8.0x net leverage
covenant when utilization exceeds 35%. Moody's does not expect the
covenant to spring into effect over the next 12 months, but if it
does the company should have good cushion. The first lien term loan
does not have any financial maintenance covenants.
The CIS-4 indicates the rating is lower than it would have been if
ESG risk exposures did not exist. Governance risk factors are the
primary driver of the CIS-4 score and relate to the company's
aggressive financial policies and concentrated control under
private equity ownership by Gridiron Capital. The willingness to
operate with high financial leverage and event risk related to
debt-funded acquisitions are governance risks. Moody's expects
Gridiron's financial strategy will be focused on growth, most
likely through smaller tuck-in acquisitions and not shareholder
distributions. Environmental and social risks exist but are lesser
drivers of the CIS-4 than governance risks.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The positive outlook reflects Moody's expectations that the company
can reduce debt-to-EBITDA leverage to a 5.5x range in the next 12
months through good operating execution and acquisition integration
that drives earnings improvement. The outlook also reflects Moody's
expectation for good liquidity, including at least $30 million of
positive free cash flow in 2024.
The ratings could be upgraded if Colibri delivers sustained revenue
and earnings growth, free cash flow-to-debt sustained above 5% and
debt-to-EBITDA sustained below 6.5x. The company would also need to
maintain more conservative financial policies such that
transactions such as acquisitions, shareholder distributions or a
redemption of the preferred stock would not lead to re-leveraging.
The ratings could be downgraded if revenue and earnings deteriorate
resulting in weakened credit metrics such as EBITA-to-interest
expense below 1x, weak or negative free cash flow or liquidity
deterioration. The ratings could also be downgraded if credit
metrics weaken due to an aggressive financial policy.
McKissock Investment Holdings, LLC (dba Colibri, headquartered in
St. Louis, Missouri) is a provider of professional education
solutions across six core end markets including accounting, real
estate, financial services, healthcare, valuation & property
services ("VPS") and teaching. The solutions support continuing
education ("CE") and qualifying education ("QE") required for
professionals to pursue and maintain their licenses. The company
operates a portfolio of 20 brands that span business-to-business
("B2B") and business-to-consumer ("B2C") services. Colibri was
acquired by a private equity firm Gridiron Capital in May 2019. Pro
forma for the acquisition of Project Triumph expected to close in
October 2023, the company generated approximately $453 million of
revenue as of LTM June 2023. Project Triumph is a provider of
healthcare training services, supporting over 100 state and
profession specific healthcare accreditations across 50 states. The
target company provides evidence-based medication recommendations
and continuing education services through a digital offering to
pharmacists, pharmacist technicians, providers, and nurses via
institutional subscriptions and individual subscriptions.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COLLEGE SQUARE HOSPITALITY: Seeks Chapter 11 Bankruptcy Protection
------------------------------------------------------------------
College Square Hospitality Inc. filed for chapter 11 protection in
the District of South Carolina. According to court filing, the
Debtor reports between $100,000 and $500,000 in debt owed to 1 and
49 creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated
for
October 30, 2023, at 9:00 AM.
About College Square Hospitality Inc.
College Square Hospitality Inc. is a Single Asset Real Estate (as
defined in 11 U.S.C. Sec. 101(51B)).
College Square Hospitality Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 23-02974) on
October 2, 2023. In the petition filed by Ying Chuang, as owner,
the Debtor reports estimated assets between $1 million and $10
million and estimated liabilities between $100,000 and $500,000.
Honorable Bankruptcy Judge Helen E Burris handles the case.
The Debtor is represented by:
Jason Michael Ward, Esq.
Jason Ward Law, LLC
11 Carriage Drive
Lexington, MA 02420
CURO GROUP: Receives Notice of Noncompliance From NYSE
------------------------------------------------------
CURO Group Holdings Corp. announced that it received notice from
the New York Stock Exchange that it is no longer in compliance with
the NYSE continued listing standards set forth in Section 802.01B
of the NYSE's Listed Company Manual due to the fact that the
Company's average global market capitalization over a consecutive
30 trading-day period was less than $50 million while its
stockholders' equity was less than $50 million.
The Notice does not affect the Company's business operations or its
reporting obligations with the Securities and Exchange Commission,
and it does not conflict with or cause an event of default under
any of the Company's material debt or other agreements.
As set forth in the Notice, as of Oct. 16, 2023, the 30 trading-day
average global market capitalization of the Company was
approximately $44.7 million and the Company's last reported
stockholders' deficit as of June 30, 2023 was $268.4 million.
The Company has notified the NYSE that it will submit a plan within
45 days of the Notice advising the NYSE of definitive action it has
taken, or is taking, to bring it into conformity with Section
802.01B within 18 months of receipt of the Notice. The NYSE will
review the Company's plan and, within 45 days, make a determination
as to whether the Company has made a reasonable demonstration of
its ability to come into conformity with Section 802.01B within 18
months. If the Company's plan is not submitted on a timely basis
or is not accepted, the NYSE will initiate delisting proceedings.
If the NYSE accepts the Company's plan, the Company's common stock
will continue to be listed and traded on the NYSE during the cure
period, subject to the Company's compliance with the plan and other
continued listing standards. The NYSE will review the Company on a
quarterly basis to confirm compliance with the plan. If the
Company fails to comply with the plan or does not meet continued
listing standards at the end of the 18-month cure period, it will
be subject to the prompt initiation of NYSE suspension and
delisting procedures.
The Notice has no immediate impact on the listing of the Company's
common stock, which will continue to be listed and traded on the
NYSE during the cure period under the common stock trading symbol
"CURO", subject to the Company's continued compliance with the plan
and other listing requirements of the NYSE. However, the common
stock trading symbol will have an added designation of ".BC" to
indicate that the status of the common stock is below criteria with
the NYSE continued listing standards. The ".BC" indicator will be
removed at such time as the Company regains compliance.
About Curo Group
Headquartered in Chicago, IL, Curo Group Holdings COrp. is a a
tech-enabled, omni-channel consumer finance company serving a full
spectrum of non-prime, near-prime and prime consumers in portions
of the U.S. and Canada. CURO was founded over 25 years ago to meet
the growing needs of consumers looking for alternative access to
credit. The Company continuously updates its products and
technology platform to offer a variety of convenient, accessible
financial and loan services.
Curo Group reported a net loss of $185.48 million for the year
ended Dec. 31, 2022. As of Dec. 31, 2022, the Company had $2.79
billion in total assets, $2.84 billion in total liabilities, and a
total stockholders' deficit of $54.13 million.
* * *
As reported by the TCR on May 26, 2023, S&P Global Ratings raised
its issuer credit rating on Curo Group Holdings Corp. to 'CCC+'
from 'SD'. S&P said, "While the debt exchange improved Curo's
liquidity by over $100 million, we expect the company to continue
generating negative net income in 2023. We take a balanced view of
the company's debt restructuring. Curo was able to address its
liquidity needs, but it added debt with higher interest rates to
its capital structure."
Also in May 2023, Moody's Investors Service downgraded Curo Group
Holdings Corp.'s corporate family rating to Caa2 from Caa1.
Moody's said the downgrade of Curo's CFR to Caa2 from Caa1 was
driven by deterioration in the company's credit profile over the
past year following the acquisitions of Heights Finance and First
Heritage, two near prime installment businesses, and the sale of
its legacy US deep subprime lending business.
D & S ENTERPRISE: Case Summary & 17 Unsecured Creditors
-------------------------------------------------------
Debtor: D & S Enterprise LLC
1044 Inglewood Drive
Suite 205
Fernley, NV 89408
Chapter 11 Petition Date: October 25, 2023
Court: United States Bankruptcy Court
District of Nevada
Case No.: 23-50797
Judge: Hon. Hilary L. Barnes
Debtor's Counsel: Kevin A. Darby, Esq.
DARBY LAW PRACTICE
499 W. Plumb Lane, Suite 202
Reno, NV 89509
Tel: 775-322-1237
Fax: 775-996-7290
Email: kevin@darbylawpractice.com
Total Assets: $273,508
Total Liabilities: $1,051,950
The petition was signed by Benjamin Schuler as manager.
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/TSK4R6A/D__S_ENTERPRISE_LLC__nvbke-23-50797__0001.0.pdf?mcid=tGE4TAMA
DA VINCI DENTAL: Hires O. Allan Fridman as Bankruptcy Counsel
-------------------------------------------------------------
Da Vinci Dental, Ltd. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to hire the Law Office of O.
Allan Fridman for purposes of providing the Debtor with legal
representation in its case.
The firm's services include:
(a) generally administering the Estate on behalf of the
Debtor;
(b) initiating settlement negotiations with various
creditors;
(c) preparing monthly operating reports;
(d) drafting and receiving approval on its Chapter 11 plan;
(e) other various matters that may arise during the course of
this Chapter 11 case.
The counsel will charge $450 per hour for its services.
Mr. Fridman assured the court that he does not hold or represent
any interest adverse to the Debtor or its Chapter 11 estate,
creditors or any other party in interest and is a "disinterested
person" as such term is defined in Sec. 101(14) of the Bankruptcy
Code.
Mr. Fridman can be reached at:
O. Allan Fridman, Esq.
LAW OFFICE OF O. ALLAN FRIDMAN
555 Skokie Blvd, Suite 500
Northbrook, IL 60062
Telephone: (847) 412-0788
Facsimile: (847) 412-0898
Email: allanfridman@gmail.com
About Da Vinci Dental, Ltd.
Da Vinci Dental, Ltd. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-12085) on
September 12, 2023.
In the petition signed by James Ojjeh, president, the Debtor
disclosed up to $100,000 in assets and up to $500,000 in
liabilities.
Judge Donald R Cassling oversees the case.
O. Allan Fridman, Esq., at Law Office of Allan Fridman, represents
the Debtor as legal counsel.
DEADWORDS BREWING: Commences Subchapter V Bankruptcy
----------------------------------------------------
Deadwords Brewing Company LLC filed for Chapter 11 protection in
the Middle District of Florida. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed to 1
and 49 creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated
for
November 6, 2023, at 2:00 PM, TELEPHONIC MEETING. CONFERENCE
LINE:(877) 801-2055, PARTICIPANT CODE:8940738#.
About Deadwords Brewing Company
Deadwords Brewing Company LLC is a craft brewpub operating in the
Parramore District of Downtown Orlando.
Deadwords Brewing Co. LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-04117) on Oct. 2, 2023. In the petition filed by James D.
Satterfield, as managing member, the Debtor reported assets between
$500,000 and $1 million and estimated liabilities between $1
million and $10 million.
Honorable Bankruptcy Judge Grace E Robson oversees the case.
The Debtor is represented by:
Daniel A Velasquez, Esq.
Latham, Luna, Eden & Beaudine, LLP
14140 Corrigan Avenue
Orlando, FL 32827
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: dvelasquez@lathamluna.com
DIAMOND SPORTS: Culminates Broadcast Deal With Arizona Coyotes
--------------------------------------------------------------
Jonathan Randles of Bloomberg Law reports that the bankrupt owner
of Bally Sports branded sports channels has dropped the National
Hockey League's Arizona Coyotes from its lineup before the start of
the regular season.
Diamond Sports Group said its broadcast deal with the Coyotes isn't
profitable and that ending the contract now will save the company
from having to pay the team substantial rights fees during the
upcoming season, which kicks off on October 10, 2023. The judge
overseeing Diamond's bankruptcy granted the company's request to
end the agreement on Thursday.
The move effectively ends Diamond's broadcasting of Arizona's major
sports teams.
About Diamond Sports Group
Diamond Sports Group, LLC and its affiliates own and/or operate the
Bally Sports Regional Sports Networks, making them the nation's
leading provider of local sports programming. DSG's 19 Bally
Sports RSNs serve as the home for 42 MLB, NHL, and NBA teams. DSG
also holds joint venture interests in Marquee, the home of the
Chicago Cubs, and the YES Network, the local destination for the
New York Yankees and Brooklyn Nets. The RSNs produce about 4,500
live local professional telecasts each year in addition to a wide
variety of locally produced sports events and programs.
DSG is an unconsolidated and independently run subsidiary of
Sinclair Broadcast Group.
Diamond Sports Group and 29 of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90116) on March 14, 2023. In the petition filed by David F.
DeVoe, Jr., as chief financial officer and chief operating officer,
Diamond Sports Group listed $1 billion to $10 billion in both
assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP
and Porter Hedges, LLP as bankruptcy counsels; Wilmer Cutler
Pickering Hale, Dorr, LLP and Quinn Emanuel Urquhart & Sullivan,
LLP as special counsels; AlixPartners, LLP as financial advisor;
Moelis& Company, LLC and LionTree Advisors, LLC as investment
bankers; Deloitte Tax, LLP as tax advisor; Deloitte Financial
Advisory Services, LLP as accountant; and Deloitte Consulting, LLP
as consultant. Kroll Restructuring Administration, LLC is the
claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Akin Gump Strauss Hauer& Feld LLP as counsel; FTI
Consulting, Inc. as financial advisor; and Houlihan Lokey Capital,
Inc. as investment banker.
DIMCO GGR: Hits Chapter 11 Bankruptcy Protection
------------------------------------------------
DIMCO GGR LLC and affiliates filed for chapter 11 protection in the
Northern District of Illinois. According to court filing, the
Debtor reports between $1 million and $10 million in debt owed to 1
and 49 creditors. The petition states funds will be available to
unsecured creditors.
About DIMCO GGR LLC
DIMCO GGR LLC is a limited liability company in Illinois.
DIMCO GGR LLC sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-13138) on
October 1, 2023. In the petition filed by James Meyers, as manager,
the Debtor reports estimated assets and liabilities between $1
million and $10 million each.
The Debtor Represented by:
Gregory J Jordan, Esq.
Jordan & Zito LLC
600 North Broadway
Aurora, IL 60505
DRJ GROUP: Starts Subchapter V Bankruptcy Case
----------------------------------------------
DRJ Group Inc. filed for chapter 11 protection in the Western
District of Texas. According to court documents, the Debtor
reported between $1 million and $10 million in debt. The petition
states funds will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated
for
November 6, 2023, at 1:00 PM, TELEPHONIC MEETING. CONFERENCE
LINE:(866)909-2905, PARTICIPANT CODE:5519921#.
About DRJ Group Inc.
DRJ Group Inc., d/b/a Ann Marie's Catering, operates a
restaurant/catering business.
DRJ Group Inc. sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-51346) on
Oct. 2, 2023. In the petition filed by Ruben Luna, as managing
member, the Debtor reported assets up to $50,000 and estimated
liabilities between $1 million and $10 million.
The case is overseen by Honorable Bankruptcy Judge Michael M.
Parker.
The Debtor is represented by:
Dean William Greer, Esq.
Dean W. Greer
12475 Starcrest Dr., Ste. 101
San Antonio, TX 78216
Phone: (210) 342-7100
Email: dean@dwgreerlaw.com
EAST ROCKAWAY: Seeks to Extend Plan Exclusivity to March 6, 2024
----------------------------------------------------------------
East Rockaway Corp. asked the U.S. Bankruptcy Court for the
Eastern District of New York to extend its exclusive period to
file a plan of reorganization and disclosure statement to March
6, 2024.
The Debtor's exclusivity period is currently set to expire on
November 7, 2023.
The Debtor explained that ample cause exists to grant the
extension as, inter alia:
(i) the Debtor needs more time to reach mutually agreeable
terms of settlement with the creditors of the case, in
order to fully resolve the filed claims, and allowing
the Debtor to approve said terms by an Order of the
Bankruptcy Court and confirm a plan of reorganization
containing said terms,
(ii) there is no prejudice to the creditors, as, in fact,
allowing the Debtor time to reach and finalize mutual
terms of treatment of the creditors' claims,
respectively, will be in the best interest of all
creditors.
The Debtor asserted that the relief requested will allow it to
present the Court and its creditors with a sound plan
satisfactory to all involved.
East Rockaway Corp. 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 East Rockaway Corp.
East Rockaway Corp., doing business as Bagel Boss, filed a
Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No.
23-41638) on May 11, 2023, with as much as $1 million in both
assets and liabilities. Judge Jil Mazer-Marino oversees the case.
The Debtor tapped the Law Offices of Alla Kachan, P.C. as legal
counsel and Wisdom Professional Services, Inc. as accountant.
ECHO GLOBAL: S&P Downgrades ICR to 'B-', Outlook Stable
-------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Echo Global
Logistic Inc. to 'B-' from 'B' and its issue rating on Echo's
first-lien term loan to 'B-' from 'B'. The '3' recovery rating is
unchanged, indicating its expectation of meaningful recovery
(50%-70%; rounded estimate: 65%) in the event of a default.
The stable outlook on Echo reflects S&P's expectation that despite
the current freight recession, Echo's cash position and liquidity
resources are sufficient to absorb expected negative free operating
cash flow (FOCF) until the freight demand environment improves.
Echo's leverage is higher than our previous expectations amid
prolonged softness in the freight sector. S&P said, "We previously
expected the company's S&P Global Ratings'-adjusted debt to EBITDA
in the low- to mid-5x area in 2023, reflecting flat revenue growth
(with expected organic revenue decline of 5% offset by full year
revenue contribution from Roadtex) and EBITDA margins of 3%-4%. We
now forecast debt to EBITDA will be in the 7x area in 2023 and the
mid-6x area in 2024. This reflects our revised expectation for
revenue declines of 14%-16% in 2023, followed by revenue growth of
3%-5% in 2024 and stable EBITDA margins of 3%-4%. Echo added about
300-320 employees through its acquisitions of Roadtex and Fastmore,
which contributed to the 2022 EBITDA margin contraction from 4.7%.
We expect Echo will largely maintain its headcount going forward so
it can take advantage of a freight rebound in 2024."
New awards in Echo's managed transportation business unit, and
full-year revenue contributions from recent acquisitions, were more
than offset by softness in its transactional segment as both
contract and spot brokerage were weaker year over year. EBITDA
margins remained pressured due to the mix between contract and spot
loads brokered shifting to 60% contract (with contract loads being
less profitable than spot loads), knock on effects of lower revenue
with lower year-over-year loadcount (down 6.5% through June 30,
2023)and weaker gross profit per load overall. Further, despite
greater (absolute year to date) revenue contribution from Roadtex
and Fastmore in 2023, both are reporting revenue declines compared
with pro forma full-year 2022 revenue. This is again due to weaker
demand and rates declining across all modes (air, ocean, trucking)
relative to the peak in 2022. S&P notes air and ocean freight
forwarding is particularly soft with ocean container rates
declining nearly 90% and air cargo rates down 30% year over year
(through September 2023).
S&P said, "We expect the freight market will rebound somewhat in
2024, with capacity beginning to show signs of exiting the market.
We believe the full benefit is unlikely to be realized in 2024 as
contracts re-bid at rates similar to those seen in 2023 and are
lower than the peak in early 2022. We understand the company
secures demand from customers in advance of when it procures
capacity to perform moves on behalf of the customer (a portion of
contracts are typically awarded between November and January for
freight moved between February and May)." This creates a delay
between when accounts receivable (lower in a rising freight rate
environment) and accounts payable (higher in a rising freight rate
environment) would offset one another as freight spot rates
recover. Given the timing delay, working capital could be pressured
and possibly a use of cash during the initial freight recovery.
Similarly, EBITDA margins could also contract during the initial
stages of the recovery as it pays carriers higher rates than it
receives from shippers, which could further delay the recovery of
Echo's leverage and free cash flow.
The challenging operating and elevated interest rate environment
could pressure Echo's ability to generate meaningfully positive
free cash flows over the next few years. Echo upsized its
first-lien term loan by $50 million and drew $50 million on its
$100 million revolver to facilitate the acquisitions of Roadtex and
Fastmore in 2022. S&P said, "Given higher interest rates, we now
expect annual cash interest to be $19 million higher than our
previous forecast. This is compounded further by freight market
weakness in 2023 and we estimate the company's S&P Global
Ratings'-adjusted EBITDA to be around $35 million lower. We believe
the freight market will improve somewhat in 2024, however given the
higher for longer interest rate environment, Echo will likely face
multiyear headwinds generating FOCF. We forecast reported FOCF
negative $5 million to breakeven with ($15 million positive working
capital) in 2023, and negative $15 million to negative $10 million
in 2024 ($0 working capital). This is materially weaker than our
prior forecast, which assumed $55 million-$60 million in 2023 and
2024."
S&P said, "We still expect Echo's financial policy will include
opportunistic acquisitions. Though we do not incorporate future
acquisitions into our base-case assumptions, given the financial
sponsor ownership of the company we expect Echo will continue to
opportunistically deploy cash and could look to lever up to pursue
acquisitions in the future. This could prevent leverage from
improving in the near term, even if operations improve beyond
current expectations over the next few years.
"The stable outlook on Echo reflects our expectation that despite
the current freight recession, Echo's cash position and liquidity
resources are sufficient to absorb expected negative FOCF until the
freight demand environment improves. We forecast its debt to EBITDA
will deteriorate to around 7x in 2023 from 4.4x in 2022, then
improve to the mid-6x area in 2024. We also believe Echo will
sustain funds from operations (FFO) to debt between 3%-5% over the
same period.
"We could lower our ratings on Echo over the next 12 months if the
company's liquidity becomes constrained or we believe the company's
capital structure will not be sustainable over the longer term."
This could occur if:
-- EBITDA margins deteriorate further as freight spot prices
recover given timing between shipper demand and carrier costs.
-- Working capital outflows pressure the company's ability to
generate positive operating cash flow.
S&P could raise its ratings on Echo over the next 12 months if
leverage improves to below 6.5x and FFO to debt is in the
high-single-digit area.
S&P said, "Governance is a moderately negative factor in our credit
rating analysis. We view financial sponsor-owned companies with
highly leveraged financial risk profiles as demonstrating corporate
decision-making that prioritizes the controlling owners' interests,
typically with finite holding periods and a focus on maximizing
shareholder returns."
EMMANUEL HEALTH: Evidentiary Hearing on Plan on Nov. 8
------------------------------------------------------
Judge Christopher Lopez has entered an order that the Disclosure
Statement of Emmanuel Health Homecare, Inc. is conditionally
approved.
Nov. 1, 2023, 2023 at 5:00 p.m. (prevailing Central Time) is the
deadline for filing ballots accepting or rejecting the Plan.
Nov. 1, 2023 at 5:00 p.m. (prevailing Central Time) is the deadline
for filing and serving written objections to confirmation of the
Plan and written objections to final approval of the Disclosure
Statement.
The Court will conduct an evidentiary hearing in Courtroom 401, 4th
Floor, United States Courthouse, 515 Rusk, Houston, Texas 77002 to
consider final approval of the Disclosure Statement and
confirmation of the Plan on 11/08/2023 at 10:00 AM. (prevailing
Central Time).
About Emmanuel Health Homecare
Emmanuel Health Homecare, Inc., is a home health care services
provider in Houston, Texas. The company is a small business debtor
as defined in 11 U.S.C. Section 101(51D).
Emmanuel Health Homecare filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy (Bankr. S.D. Tex. Case No.
22-33207) on Oct. 28, 2022, with $50,001 to $100,000 in assets and
$100,001 to $500,000 in liabilities. Joyce Jones, R.N., chief
executive officer, signed the petition.
Judge Christopher M. Lopez oversees the case.
The Debtor tapped Margaret Maxwell McClure, Esq., as bankruptcy
counsel and John F. Coggin, CPA as accountant.
EMPOWER CENTRAL: Seeks to Hire Winegarden Haley as Legal Counsel
----------------------------------------------------------------
Empower Central Michigan, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to hire
Winegarden, Haley, Lindholm, Tucker & Himelhoch, P.L.C. to handle
its Chapter 11 proceedings.
Zachary R. Tucker, Esq., the main attorney handling the Debtor's
Chapter 11 case, will be paid at the rate of $300 per hour.
The firm holds the sum of $5,000 as a retainer.
As disclosed in court filings, Tucker & Himelhoch is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Zachary R. Tucker, Esq.
Winegarden, Haley, Lindholm, Tucker & Himelhoch, P.L.C.
9460 S. Saginaw Rd, Suite A
Grand Blanc, MI 48439
Telephone: (810) 579-3600
Email: ztucker@winegarden-law.com
About Empower Central
Empower Central Michigan, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No.
23-31281) on Aug. 4, 2023, with as much as $50,000 in assets and
$500,001 to $1 million in liabilities. Judge Joel D. Applebaum
oversees the case.
Zachary R. Tucker, Esq., at Winegarden, Haley, Lindholm, Tucker &
Himelhoch, PLC represents the Debtor as legal counsel.
EYEPOINT PHARMACEUTICALS: Files S-3 Prospectus for $350M Offering
-----------------------------------------------------------------
Eyepoint Pharmaceuticals, Inc. filed a Form S-3 registration
statement with the Securities and Exchange Commission relating to
the offer to the public from time to time in one or more series or
issuances and on terms that the Company will determine at the time
of the offering:
* shares of the Company's common stock;
* shares of the Company's preferred stock;
* warrants to purchase shares of the Company's common stock,
preferred stock and/or debt securities;
* debt securities consisting of debentures, notes or other
evidences of indebtedness;
* units consisting of a combination of the foregoing securities;
or
* any combination of these securities.
The aggregate initial offering price of all securities sold by the
Company pursuant to this prospectus will not exceed $350,000,000.
The securities may be sold by the Company to or through
underwriters or dealers, directly to purchasers or through agents
designated from time to time.
The Company's common stock trades on the Nasdaq Global Market under
the ticker symbol "EYPT." On Oct. 19, 2023, the last reported sale
price per share of the Company's common stock was $7.50. The
Company has not yet determined whether the other securities that
may be offered by this prospectus will be listed on any exchange,
interdealer quotation system or over-the-counter market. If the
Company decides to seek the listing of any such securities upon
issuance, the prospectus supplement relating to those securities
will disclose the exchange, quotation system or market on which
those securities will be listed.
A full-text copy of the prospectus is available for free at:
https://www.sec.gov/Archives/edgar/data/1314102/000119312523260012/d894177ds3.htm
About EyePoint Pharmaceuticals
EyePoint Pharmaceuticals, Inc., formerly pSivida Corp. --
http://www.eyepointpharma.com-- headquartered in Watertown, MA,
is
a specialty biopharmaceutical company committed to developing and
commercializing innovative ophthalmic products in indications with
high unmet medical need to help improve the lives of patients with
serious eye disorders. The Company's pipeline leverages its
proprietary Durasert technology for sustained intraocular drug
delivery including EYP-1901, an investigational sustained delivery
intravitreal treatment currently in Phase 2 clinical trials. The
proven Durasert drug delivery platform has been safely administered
to thousands of patients' eyes across four U.S. FDA approved
products, including YUTIQ for the treatment of posterior segment
uveitis, which is currently marketed by the Company.
EyePoint reported a net loss of $102.25 million for the year ended
Dec. 31, 2022, a net loss of $58.42 million for the year ended
Dec. 31, 2021, a net loss of $45.39 million for the year ended Dec.
31, 2020, a net loss of $56.79 million for the year ended Dec. 31,
2019, and a net loss of $53.17 million for the year ended June 30,
2018.
EYEPOINT PHARMACEUTICALS: Registers 9.4M Shares Under 2023 LTIP
---------------------------------------------------------------
EyePoint Pharmaceuticals, Inc. filed a Form S-8 registration
statement with the Securities and Exchange Commission to register
an aggregate of 9,364,690 shares of common stock of the Company,
par value $0.001 per share, available for issuance under the
EyePoint Pharmaceuticals, Inc. 2023 Long Term Incentive Plan,
consisting of:
(a) 3,500,000 shares reserved for issuance under the 2023
Plan;
(b) 184,904 shares of Common Stock that were previously
available for grant under the EyePoint Pharmaceuticals, Inc. 2016
Long-Term Incentive Plan, as amended, that were transferred to the
2023 Plan as of June 20, 2023, the effective date of the 2023 Plan;
and
(c) a maximum of 5,679,786 shares of Common Stock that were
subject to outstanding awards under the pSivida Corp. 2008
Incentive Plan, as amended and the 2016 Plan as of the Effective
Date.
Pursuant to Section 4(a) of the 2023 Plan, the Outstanding Award
Shares will become available for issuance under the 2023 Plan if
such awards under the Prior Plans are forfeited or otherwise
terminated. The maximum number of shares of Common Stock that may
be issued pursuant to awards under the 2023 Plan as a result of
applying the formula described in clauses (b) and (c) above will
not exceed 5,864,690 shares of Common Stock.
Inducement Nonqualified Stock Option Awards
The Registration Statement was also being filed for the purpose of
registering 173,700 shares of Common Stock issuable upon the
exercise of nonqualified stock option awards granted to employees
of the Registrant to induce each such employee to accept employment
with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
The Inducement Awards were approved by the Company's Compensation
Committee of the Board of Directors in compliance with and in
reliance on Nasdaq Listing Rule 5635(c)(4). The Inducement Awards
were granted outside of the 2023 Plan and the Prior Plans.
A full-text copy of the prospectus is available for free at:
https://www.sec.gov/Archives/edgar/data/1314102/000119312523260008/d878481ds8.htm
About EyePoint Pharmaceuticals
EyePoint Pharmaceuticals, Inc., formerly pSivida Corp. --
http://www.eyepointpharma.com-- headquartered in Watertown, MA,
is
a specialty biopharmaceutical company committed to developing and
commercializing innovative ophthalmic products in indications with
high unmet medical need to help improve the lives of patients with
serious eye disorders. The Company's pipeline leverages its
proprietary Durasert technology for sustained intraocular drug
delivery including EYP-1901, an investigational sustained delivery
intravitreal treatment currently in Phase 2 clinical trials. The
proven Durasert drug delivery platform has been safely administered
to thousands of patients' eyes across four U.S. FDA approved
products, including YUTIQ for the treatment of posterior segment
uveitis, which is currently marketed by the Company.
EyePoint reported a net loss of $102.25 million for the year ended
Dec. 31, 2022, a net loss of $58.42 million for the year ended
Dec. 31, 2021, a net loss of $45.39 million for the year ended Dec.
31, 2020, a net loss of $56.79 million for the year ended Dec. 31,
2019, and a net loss of $53.17 million for the year ended June 30,
2018.
FARRAND ST. ASSOCIATES: Taps Prominent Properties as Realtor
------------------------------------------------------------
Farrand St. Associates, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Shana Martine Sanchez
and Prominent Properties Sotheby's International Realty to market
and sell its property located at 46 Farrand Street, Bloomfield, New
Jersey 07003.
The realtor shall receive 5 percent commission.
Ms. Sanchez, agent with Prominent Properties, disclosed that her
firm is a disinterested person under 11 U.S.C. Sec. 101(14), and
does not represent or hold any interest adverse to the debtor or
the estate.
The realtor can be reached through:
Shana Martine Sanchez
Prominent Properties Sotheby's International Realty
1022 Closter Dock Road
Alpine, N.J. 07620
Email: shanamartine.sanchez@sothebysrealty.com
About Farrand St. Associates, LLC
Farrand St. owns a 75,000 square foot storage facility located at
46-50 Farrand Street, Bloomfield, New Jersey valued at $15.68
million. The Facility is occupied by Solid State Inc. - paying
$34,500 a month in rent. The Lease commences on Jan. 1, 2024 and
ends Dec. 31, 2024.
Farrand St. Associates, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No.
23-17163) on August 18, 2023. The petition was signed by Michael
Kaufman as president. At the time of filing, the Debtor estimated
$15,685,000 in assets and $9,962,790 in liabilities.
Judge John K. Sherwood presides over the case.
Stephen B. McNally, Esq. at MCNALLYLAW, LLC represents the Debtor
as counsel.
FLEXOGENIX GROUP: Robert Goe Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a
practicing attorney in Irvine, Calif., as Subchapter V trustee for
Flexogenix Group, Inc.
Mr. Goe will be paid an hourly fee of $595 for his services as
Subchapter V trustee while his case administrator, Arthur Johnston,
will be paid an hourly fee of $195. In addition, the Subchapter V
trustee will receive reimbursement for work-related expenses
incurred.
Mr. Goe declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Goe, Esq.
17701 Cowan
Building D, Suite 210
Irvine, CA 92614
Telephone: (949) 798-2460
Facsimile: (949) 955-9437
Email: bktrustee@goeforlaw.com
About Flexogenix Group
Flexogenix Group, Inc. offers treatment for peripheral joint pain.
It is based in Cary, N.C.
Flexogenix Group filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-16652) on Oct.
12, 2023, with $201,184 in assets and $6,436,696 in liabilities.
Iris Whalen, president, signed the petition.
Judge Barry Russell oversees the case.
Jeremy W. Faith, Esq., at Margulies Faith, LLP represents the
Debtor as legal counsel.
FLEXOGENIX NORTH: Robert Goe Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a
practicing attorney in Irvine, Calif., as Subchapter V trustee for
Flexogenix North Carolina, PC.
Mr. Goe will be paid an hourly fee of $595 for his services as
Subchapter V trustee while his case administrator, Arthur Johnston,
will be paid an hourly fee of $195. In addition, the Subchapter V
trustee will receive reimbursement for work-related expenses
incurred.
Mr. Goe declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Goe, Esq.
17701 Cowan
Building D, Suite 210
Irvine, CA 92614
Telephone: (949) 798-2460
Facsimile: (949) 955-9437
Email: bktrustee@goeforlaw.com
About Flexogenix North Carolina
Flexogenix North Carolina, PC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No.
23-16653) on Oct. 12, 2023, with $100,001 to $500,000 in both
assets and liabilities.
Judge Barry Russell oversees the case.
Jeremy Faith, Esq., at Margulies Faith, LLP represents the Debtor
as legal counsel.
FREEMAN TRANSIT: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Freeman Transit, LLC
1300 Scott Street
Van Buren, AR 72956
Case No.: 23-71571
Business Description: The Debtor is a freight delivery service
provider.
Chapter 11 Petition Date: October 26, 2023
Court: United States Bankruptcy Court
Western District of Arkansas
Judge: Hon. Bianca M. Rucker
Debtor's Counsel: Joel G. Hargis, Esq.
CADDELL REYNOLDS LAW FIRM
PO Box 184
Fort Smith, AR 72902-0184
Tel: 479-782-5297
Fax: 479-782-5284
Email: jhargis@caddellreynolds.com
Total Assets: $927,793
Total Liabilities: $2,666,103
The petition was signed by Christopher Ray Freeman as
owner/president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/AXRV32A/Freeman_Transit_LLC__arwbke-23-71571__0001.0.pdf?mcid=tGE4TAMA
FRONTLINE MACHINING: Caroline Djang Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 16 appointed Caroline Djang, Esq., at
Buchalter Law Firm, as Subchapter V trustee for Frontline
Machining, LLC.
Ms. Djang will be paid an hourly fee of $595 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred. The compensation for her trustee administrator,
Laurie Verstegen, is $270 per hour.
Ms. Djang declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Caroline Djang, Esq.
Buchalter Law Firm
18400 Von Karman Ave., Suite 800
Irvine, CA 92612
Phone: (949) 263-6586
Email: cdjang@buchalter.com
About Frontline Machining
Frontline Machining, LLC is a machine shop located in Riverside,
Calif., specializing in difficult materials and complex parts in
the space, medical, and defense industries.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-14710) on Oct. 11,
2023, with $111,500 in assets and $2,599,063 in liabilities.
Charles Jones, managing member, signed the petition.
Judge Magdalena Reyes Bordeaux oversees the case.
Andrew Bisom, Esq., at the Law Office of Andrew S. Bisom represents
the Debtor as bankruptcy counsel.
FROZEN WHEELS: Seeks to Extend Plan Exclusivity to December 4
-------------------------------------------------------------
Frozen Wheels, LLC and B"H Frozen Wheels, LLC asked the U.S.
Bankruptcy Court for the Southern District of Florida to extend
their exclusive period to file a chapter 11 plan and to obtain
acceptances thereof to December 4, 2023 and February 2, 2023,
respectively.
The Debtors stated that they have focused on their operations, as
well as other matters including settlement discussions with
certain creditors, seeking the continued use of cash collateral
and litigation pending in the District Court of Maryland.
The Debtors further stated that they are continuing their review
of the claims that have been filed in their case. The Debtors
alleged that to date, a total of 12 claims exceeding $20 million
have been filed in Frozen Wheels, LLC's bankruptcy case and 6
claims exceeding $8 million have been filed in the B"H Frozen
Wheels' case. The Debtors stated that they have made progress
with respect to resolving certain claims of creditors.
Frozen Wheels, LLC and B"H Frozen Wheels, LLC are represented by:
Glenn D. Moses, Esq.
Eric D. Jacobs, Esq.
VENABLE LLP
100 Southeast Second Street, Suite 4400
Miami, FL 33131
Tel: (305) 349-2300
Email: gmoses@venable.com
edjacobs@venable.com
About Frozen Wheels
Frozen Wheels, LLC filed its voluntary petition for Chapter 11
protection (Bankr. S.D. Fla. Case No. 22-18638) on Nov. 7, 2022.
In the petition signed by Isaac Halwani, manager, the Debtor
disclosed up to $50,000 in assets and up to $50 million in
liabilities.
Judge Laurel M. Isicoff oversees the case.
Glenn D. Moses, Esq., at Venable LLP serves as the Debtor's legal
counsel.
FTX GROUP: DOJ to Seize Sam Bankman-Fried's Private Jets
--------------------------------------------------------
Bob Van Voris of Bloomberg New reports that the U.S. on Oct. 4,
2023, notified FTX co-founder Sam Bankman-Fried that it's going
after two luxury jets that prosecutors claim are the proceeds of
the multi-billion-dollar fraud he's currently being tried for in
Manhattan federal court.
Ownership of the jets, a Bombardier Global 5000 BD700-1A11 and an
Embraer Legacy EMB-135BJ, is already the subject of litigation in
FTX's massive Delaware bankruptcy case. A Bahamian charter airline
claims it bought the planes last year for $28.4 million, based on a
handshake deal with Bankman-Fried, with financing from FTX.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
FTX GROUP:Co-Founder Wang Testifies of Committing Fraud With SBF
----------------------------------------------------------------
Bob Van Voris, Ava Benny-Morrison, and Yueqi Yang of Bloomberg News
reported FTX co-founder Gary Wang said he and Sam Bankman-Fried
committed a multibillion-dollar fraud with customer funds that led
to the cryptocurrency exchange's collapse, shortly after taking the
stand against his onetime math camp buddy and MIT roommate.
Dressed in a gray suit and red tie, Wang didn't make eye contact
with Bankman-Fried as he entered the Manhattan courtroom Thursday
afternoon to testify as a government witness. At one point,
Assistant US Attorney Nicolas Roos asked Wang, 30, to identify his
former colleague. Wang craned his neck, looking around the
courtroom before pointing towards Bankman-Fried, who was seated
between his lawyers.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
GAUCHO GROUP: Investor Converts Note Into 148,477 Common Shares
---------------------------------------------------------------
Gaucho Group Holdings, Inc., and an institutional investor
previously entered into that certain Securities Purchase Agreement,
dated as of Feb. 21, 2023 and the Company issued to the Holder a
senior secured convertible note, as amended and warrant to purchase
3,377,099 shares of common stock of the Company.
On Oct. 16, 2023, the investor elected to convert a total of
$63,228 of principal and $9,484 of premium, pursuant to the Note
into 100,000 shares of common stock of the Company at a conversion
price of $0.727 per share.
On Oct. 19, 2023, the investor elected to convert a total of
$31,296 of principal and $4,694 of premium, pursuant to the Note
into 48,477 shares of common stock of the Company at a conversion
price of $0.742 per share.
The shares of common stock that have been and may be issued under
the Note Documents are being offered and sold in a transaction
exempt from registration under the Securities Act of 1933, as
amended, in reliance on Section 4(a)(2) thereof and/or Rule 506(b)
of Regulation D thereunder. The Company filed a Form D with the
SEC on or about March 3, 2023.
About Gaucho Group
Headquartered in New York, NY, Gaucho Group Holdings, Inc. --
http://www.algodongroup.com-- was incorporated on April 5, 1999.
Effective Oct. 1, 2018, the Company changed its name from Algodon
Wines & Luxury Development, Inc. to Algodon Group, Inc., and
effective March 11, 2019, the Company changed its name from Algodon
Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly
owned subsidiaries, GGH invests in, develops and operates real
estate projects in Argentina. GGH operates a hotel, golf and
tennis resort, vineyard and producing winery in addition to
developing residential lots located near the resort. In 2016, GGH
formed a new subsidiary and in 2018, established an e-commerce
platform for the manufacture and sale of high-end fashion and
accessories. The activities in Argentina are conducted through its
operating entities: InvestProperty Group, LLC, Algodon Global
Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties
II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its
wines in Europe through its United Kingdom entity, Algodon Europe,
LTD.
Gaucho Group reported a net loss of $21.83 million for the year
ended Dec. 31, 2022, compared to a net loss of $2.39 million for
the year ended Dec. 31, 2021. As of March 31, 2023, the Company
had $21.01 million in total assets, $8.60 million in total
liabilities, and $12.40 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2013,
issued a "going concern" qualification in its report dated April
17, 2023, citing that the Company has a significant working capital
deficiency, has incurred significant losses and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
GET GREEN: Seeks to Hire HKA Global as Investment Banker
--------------------------------------------------------
Get Green Recycling Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to hire Northern
District of Illinois to hire HKA Global, LLC as its investment
banker.
The firm's services include:
a. reviewing the financial information prepared by the debtor
and its professionals, including, but not limited to, cash flow
projections, budgets, financial and strategic plans, and asset and
liability analysis, and advising debtors on same;
b. reviewing and assessing the pre-petition financial
management of the debtor's business;
c. evaluating from a financial perspective the Debtor's
operations and ongoing viability as a going concern;
d. analyzing, reviewing, and monitoring the restructuring
process, including, but not limited to, an assessment of potential
recoveries for general unsecured creditors through the forensic
investigation of potential preference actions, certain pre-petition
transactions, fraudulent conveyances, and managerial malfeasance;
e. assisting counsel to the Debtor with the prosecution of
motions, responses, responses, and objections, as required by the
debtors; and
f. providing such other assistance as the Debtor or counsel
may deem necessary and consistent with the role of a financial
advisor in this context and not duplicative of services provided by
other professionals in the Chapter 11 Cases.
The firm will bill these rates:
Ronald H. Braver $500 per hour
James Roach $450 per hour
Senior Associates $285 per hour
Associates $275 per hour
As disclosed in the court filings, HKA Global does not represent
any interest adverse to the Debtor or its estate.
The firm can be reached through:
Ronald H. Braver
HKA Los Angeles
333 South Grand Avenue, Suite 1400
Los Angeles, CA 90071
Phone: (213) 784-5000
Email: ronbraver@hka.com
About Get Green Recycling Inc.
Get Green Recycling Inc. is a recycling center in Aurora,
Illinois.
Get Green Recycling Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-13092) on Sept. 30, 2023. The petition was signed by James
Meyers as president. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and liabilities.
Judge Donald R. Cassling presides over the case.
Gregory J Jordan, Esq. at Jordan & Zito LLC represents the Debtor
as counsel.
GET GREEN: Seeks to Hire Jordan & Zito as Bankruptcy Counsel
------------------------------------------------------------
Get Green Recycling Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to hire Northern
District of Illinois to hire Jordan & Zito LLC as its counsel.
Services required of Jordan & Zito are:
a. provide advice to the Debtor regarding its rights, duties,
and powers as a debtor and debtor in possession in the continued
management and operation of its business;
b. attend meetings and negotiating with representatives of
creditors and other parties in interest;
c. take all necessary actions to protect and preserve the
Debtor's bankruptcy estate, including the prosecution of certain
actions on its behalf, the defense of certain actions commenced
against him, and the representation of its interests in
negotiations concerning litigation in which the Debtor is involved
except as delineated, including, but not limited to, objections to
claims against its bankruptcy estate;
d. prepare and submit on behalf of the Debtor's bankruptcy
estate, among other things, various applications, motions, answers,
pleadings, orders, notices, schedules and other legal papers to be
prepared and submitted in this case, and to assist in the
preparation of and review of financial and other reports to be
filed;
e. take all actions necessary on the Debtor's behalf in
connection with the formulation, negotiation, drafting and
promulgation of a disclosure statement and plan of reorganization
and related documents;
f. appear before this Court, any appellate court and the
otherwise protect the interests of the Debtor's bankruptcy estate
before such court;
g. appear at statutory meetings of creditors and with the
United States Trustee to represent the interests of the Debtor's
bankruptcy estate;
h. consult with the Debtor and special counsel to be engaged
regarding tax matters;
i. investigate the nature and validity of any liens asserted
against the Debtor's assets and advise its estate concerning the
enforceability of any such liens;
j. investigate and provide advice to the Debtor's bankruptcy
estate concerning the taking of such actions as may be necessary to
collect and, in accordance with the applicable law, recover
property for the benefit of the estate; and
k. represent the Debtor and perform all other legal services
for the Debtor's bankruptcy estate that may be necessary, in
connection with this case except as delineated.
Jordan & Zito's hourly rates are:
Gregory J. Jordan Manager $500
Mark R. Zito Manager $425
Jordan & Zito is a "disinterested person" within the meaning of
Bankruptcy Code Sec. 101(14), according to court filings.
The counsel can be reached through:
Gregory J. Jordan, Esq.
Mark R. Zito, Esq.
JORDAN & ZITO LLC
55 West Monroe St., Suite 3600
Chicago IL 60603
Phone: (312) 854-7181
Email: gjordan@jz-llc.com
mzito@jz-llc.com
About Get Green Recycling Inc.
Get Green Recycling Inc. is a recycling center in Aurora,
Illinois.
Get Green Recycling Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-13092) on Sept. 30, 2023. The petition was signed by James
Meyers as president. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and liabilities.
Judge Donald R. Cassling presides over the case.
Gregory J Jordan, Esq. at Jordan & Zito LLC represents the Debtor
as counsel.
GOLDEN KEY: Plan Acceptance Period Extended to Dec. 4
-----------------------------------------------------
Judge Maria Ellena Chavez-Ruark of the U.S. Bankruptcy Court for
the District of Maryland extended Golden Key Group, LLC's
exclusive periods to file a plan of reorganization and obtain
acceptances thereof to October 3, 2023 and December 4, 2023,
respectively.
Golden Key Group, LLC is represented by:
Paul Sweeney, Esq.
YVS LAW, LLC
11825 West Market Place, Suite 200
Fulton, MD 20759
About Golden Key Group
Golden Key Group, LLC, is a professional services firm dedicated
to helping federal and commercial clients solve today's
strategic, organizational and operational challenges while
addressing their future needs. Founded in 2002, Golden Key
Group's solution offerings include Human Capital Management
Support, Human Resources Operations, Employee Training and
Leadership Development, Professional Consulting Services, Program
Management Office, Acquisition and Category Management, Analytics
and Information Technology, Executive Search Services, and Select
Solutions.
The Debtor sought protection under U.S. Bankruptcy Code (Bankr.
D. Md. Case No. 23-10414) on Jan. 20, 2023. In the petition
signed by Gretchen McCracken as CEO and managing member, the
Debtor disclosed up to $10 million in assets and up to $50
million in liabilities.
Judge Maria Elena Chavez-Ruark oversees the case.
Paul Sweeney, Esq., at Yumkas, Vidmar, Sweeney and Mulrenin, LLC,
is the Debtor's legal counsel.
GOLDEN SEAHORSE: Exclusivity Period Extended by 30 Days
-------------------------------------------------------
Judge Philip Bentley of the U.S. Bankruptcy Court for the
Southern District of New York extended Golden Seahorse LLC's
exclusivity period under 11 U.S.C. Sec. 1121(b) and (c) to 30
days from entry of an order pursuant to Sec. 1125(b) of the
Bankruptcy Code approving any amended disclosure statement which
the Debtor files.
Golden Seahorse LLC is represented by:
Scott Markowitz, Esq.
TARTER KRINSKY & DROGIN LLP
1350 Broadway, 11th Floor
New York, NY 10018
Tel: (212) 216-8005
Email: smarkowitz@tarterkrinsky.com
About Golden Seahorse
Golden Seahorse LLC, doing business as Holiday Inn Manhattan
Financial District, operates the Holiday Inn hotel, which is a
full-service hotel located at 99 Washington St., New York. It
also owns an adjacent neighboring property at 103 Washington St.,
New York, whereby it leases space to Amazon Restaurant and Bar
(doing business as St. George Tavern). The Debtor believes the
value of the hotel is at least $165 million, an amount greater
than the $137.2 million in principal, together with accrued
interest, due pre-bankruptcy lenders.
Golden Seahorse sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-11582) on Nov. 29,
2022. In the petition signed by Jubao Xie, managing member of
Hysendal USA, LLC, the Debtor disclosed up to $500 million in
both assets and liabilities.
Judge Philip Bentley oversees the case.
Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, is the
Debtor's counsel.
GOLDEN SEAHORSE: W & D Says Disclosures Inadequate
--------------------------------------------------
W & D Consulting Corp., as its objection to approval of the
Disclosure Statement filed by Golden Seahorse LLC dba Holiday Inn
Manhattan Financial District.
W & D is the holder of an administrative claim filed on August 8,
2023. W & D had previously filed a general unsecured claim in this
case. Recently, W & D learned that the Court expunged that claim in
July 2023. W & D did not receive the objection and only learned
this recently from papers filed by another creditor. In any event,
W & D filed its administrative claim in August 2023. The Debtor has
not objected to that claim. For the reasons set forth in this
objection this Court should not approve the Disclosure Statement
because it fails to contain adequate information as that is defined
by the Bankruptcy Code.
The Disclosure Statement does not contain adequate information
because it does not discuss, or even mention, W & D's
administrative claim. Creditors should know the true story about
how the Debtor obtained its contract with the City, that the
contract came about because of W & D's services to the Debtor.
Creditors should know the potential impact of W & D's
administrative claim on the Debtor's Plan of Reorganization. The
Debtor's plan also does not mention W & D's administrative claim
and does not provide for payment of the claim. In addition to the
Disclosure Statement failing to provide adequate information, it is
in support of a plan that cannot be confirmed. This Court should
deny approval of the Debtor's Disclosure Statement
Attorneys for W & D:
Yoram Nachimovksy, Esq.
YORAM NACHIMOVSKY, PLLC
225 Broadway, Suite 2018
New York, New York 10007
Tel: (212) 964-5052
About Golden Seahorse
Golden Seahorse LLC, doing business as Holiday Inn Manhattan
Financial District, operates the Holiday Inn hotel, which is a
full-service hotel located at 99 Washington St., New York. It also
owns an adjacent neighboring property at 103 Washington St., New
York, whereby it leases space to Amazon Restaurant and Bar (doing
business as St. George Tavern). The Debtor believes the value of
the hotel is at least $165 million, an amount greater than the
$137.2 million in principal, together with accrued interest, due
pre-bankruptcy lenders.
Golden Seahorse sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 22-11582) on Nov. 29,
2022. In the petition signed by Jubao Xie, managing member of
Hysendal USA, LLC, the Debtor disclosed up to $500 million in both
assets and liabilities.
Judge Philip Bentley oversees the case.
Scott S. Markowitz, Esq., at Tarter Krinsky & Drogin LLP, is the
Debtor's counsel.
GRUPO HIMA: Hires Morales Boscio Law Offices as Special Counsel
---------------------------------------------------------------
Grupo Hima San Pablo, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of Puerto Rico to employ
Morales Boscio Law Offices, PSC, as their special counsel.
The counsel is retained to recover medical plans outstanding claims
due to the estate, including monies, property or any other owed by
insurance healthcare providers or agents, this as a result of
settlement agreement or a judgement.
The Debtor will pay the counsel a reduced hourly fee of $200, which
will be deducted from a 25 percent contingent fee from any amount
recovered in the litigation matters.
Additionally as to the cases (1) CMT v. UTICORP, MOLINA; 18-
BN-03-001/18-BN-09-067, before ASES, (2) CMT v. MOLINA et als,
21-V-06-734, before ASES, and (3) CMT v. MOLINA et als,
SJ2021CV03145, before the Court of First Instance, MBL will charge
a reduced hourly fee of $200.00, which will be deducted from a
contingency fee of 25% applied to any amount recovered in excess of
$6,000,000.
Also, following matters will be exclusively billed under a $250
hourly fee, since these actions do not seek payments of any account
receivables: CMT v. TSS, TSA; SJ2023CV04899 (Injunction seeking to
enjoin TSS and TSA from terminating provider's agreement); Molina
Healthcare of Puerto Rico, Inc. v. ASES, SJ2021CV05150
(Interventor).
As disclosed in the court filings, Morales Boscio Law Offices is a
"disinterested person" as that term is defined in 11 U.S.C. Sec.
101(14).
The firm can be reached through:
Jose A. Morales Boscio, Esq.
MORALES BOSCIO LAW OFFICES, PSC
1225 Ave. Ponce de Leon
San Juan, PR, 00907
Tel: (787) 473-7778
E-mail: jamb@mbprlaw.com
About Grupo Hima San Pablo, Inc.
Grupo HIMA San Pablo, Inc. serves as a diversified healthcare
services holding Debtors pursuant to a corporate reorganization of
several businesses related by common ownership. Through its
subsidiaries and affiliates, the Debtors primarily owns and
operates hospital facilities and other healthcare related
businesses. As of August 2023, the HIMA GROUP operates four
hospitals, with over 1,200 licensed beds, including an Oncological
Hospital, a multi-specialty physician practice management Debtors,
Home Care Service (including infusion therapies and wound care), a
free-standing Ambulatory Center and a 16-Ambulance Service
Debtors.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. P.R. Case No. 23-02510-EAG11) on August
15, 2023. In the petition signed by Armando J. Rodriguez-Benitez,
chief executive officer, the Debtor disclosed up to $1 billion in
assets and up to $500,000 in liabilities.
Judge Enrique S. Lamoutte Inclan oversees the case.
Wigberto Lugo Mender, Esq., at Lugo Mender Group, LLC, represents
the Debtor as legal counsel. Pietrantoni Mendez & Alvarez LLC as
special counsel.
HAWK LOGISTICS: Commences Subchapter V Bankruptcy Protection
------------------------------------------------------------
Hawk Logistics LLC filed for chapter 11 protection in the Southern
District of Florida. According to court filing, the Debtor reports
between $1 million and $10 million in debt owed to 1 and 49
creditors. The petition states funds will be available to unsecured
creditors.
A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is
slated for November 6, 2023, at 3:00 PM.
About Hawk Logistics
Hawk Logistics LLC is part of the general freight trucking
industry.
Hawk Logistics LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-18059) on
October 2, 2023. In the petition filed by Osmel Guzman, as CFO, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
Judge Laurel M. Isicoff oversees the case.
The Debtor is represented by:
Eric J Silver, Esq.
7601 E Treasure Dr., Suite PH118
North Bay Village,, FL 33141
Phone: 305-789-3200
Email: esilver@stearnsweaver.com
HERITAGE POWER: Unsecureds to Get Share of GUC Distribution
-----------------------------------------------------------
Heritage Power, LLC, et al., submitted a First Amended Joint
Chapter 11 Plan of Reorganization.
If the Debtors enter into a DIP Facility, treatment of the DIP
Claims shall be as agreed among the Debtors and the Required
Consenting Creditors in a manner consistent with the provisions of
the Bankruptcy Code, any orders of the Bankruptcy Court approving
and effectuating such DIP Facility and the Restructuring Support
Agreement.
Under the Plan, Class 5 - General Unsecured Claim holders will
receive its Pro Rata share of the GUC Distribution, payable on the
later of the Effective Date and the date that is 10 Business Days
after the date on which such General Unsecured Claim becomes an
Allowed General Unsecured Claim, in each case, or as soon as
reasonably practicable thereafter. For the avoidance of doubt,
Class 5 includes the First Lien Deficiency Claims, and any Claim
resulting from the rejection of the Dominion Agreement. Class 5 is
impaired.
"GUC Distribution" means a Cash pool of $1 million or such other
higher amount determined by the Required Consenting Creditors, in
their sole discretion, in consultation with the Debtors.
Cash payments or distributions to be made hereunder shall be funded
from the existing Cash of the Debtors and the Cash proceeds of the
Exit Facility.
Counsel for the Debtors:
Charles A. Beckham, Jr., Esq.
Kelli S. Norfleet, Esq.
Arsalan Muhammad, Esq.
Kourtney Lyda, Esq.
David Trausch, Esq.
HAYNES AND BOONE, LLP
1221 McKinney Street, Suite 4000
Houston, Texas 77010
Telephone: (713) 547-2000
Facsimile: (713) 547-2600
Email: charles.beckham@haynesboone.com
kelli.norfleet@haynesboone.com
arsalan.muhammad@haynesboone.com
kourtney.lyda@haynesboone.com
david.trausch@haynesboone.com
-and-
Kenric D. Kattner, Esq.
David L. Staab, Esq.
HAYNES AND BOONE, LLP
30 Rockefeller Plaza 26th Floor
New York, New York 10112
Telephone: (212) 659-7300
Facsimile: (212) 918-8989
Email: kenric.kattner@haynesboone.com
david.staab@haynesboone.com
A copy of the Plan of Reorganization dated September 30, 2023, is
available at https://tinyurl.ph/vIQKT from PacerMonitor.com.
About Heritage Power
Heritage Power, LLC and affiliates are a power company with a focus
on power generation activities in Pennsylvania, New Jersey and
Ohio. The Debtors own or operate sixteen power generation assets
with 13 in Pennsylvania, two in New Jersey and one in Ohio.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90032) on Jan.
24, 2023, with $50 million to $100 million in assets and $500
million to $1 billion in liabilities. David Freysinger, president
of Heritage Power, signed the petitions.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Haynes and Boone, LLP as bankruptcy counsel;
Munsch Hardt Kopf & Harr, P.C. as special conflicts counsel;
Alvarez and Marsal North America, LLC as restructuring and
financial advisor; and Epiq Corporate Restructuring, LLC as notice,
claims and solicitation agent.
Counsel for the ad hoc group of pre-bankruptcy lenders is Milbank,
LLP. The ad hoc group of pre-bankruptcy lenders also retained
Porter Hedges, LLP, Ross Aronstam & Moritz, LLP and Ducera
Partners, LLC as advisors.
Jefferies Finance, LLC, as administrative agent, is represented by
Latham & Watkins, LLP.
MUFG, collateral agent, is represented by Thompson Hine, LLP.
J. Aron & Company, LLC, counterparty under an ISDA master
agreement, is represented by Cleary Gottlieb Steen & Hamilton, LLP.
HOBBS WOOD: Unsecured Creditors to Get $250 per Month for 3 Years
-----------------------------------------------------------------
Hobbs Wood Logistics, Inc., filed with the U.S. Bankruptcy Court
for the Northern District of Georgia an Amended Plan of
Reorganization dated October 17, 2023.
Debtor is a family business that has operated since 2020. Debtor
operates FedEx shipping routes and employs Troy Wood and Gina
Hobbs-Wood, married individuals, as the managers of the Debtor.
Debtor's only shareholder is Troy Wood. Mr. Wood is the CEO of the
Debtor and shall continue in this capacity post-confirmation.
Debtor employs Gina Hobbs-Wood and Troy Wood as COO and CEO,
respectively. Both insiders will be paid a salary of $800.00/week.
This Plan deals with all property of Debtor and provides for
treatment of all Claims against Debtor and its property.
Class 14 shall consist of the General Unsecured Claims ("GUCs"). If
the Plan is confirmed under Section 1191(a) of the Bankruptcy Code,
Debtor shall pay the General Unsecured Creditors in $250.00/month
over three years. Debtor anticipates and projects but does not
warrant the following Holders of Class 14 Claims: CFC ($92,240.35);
Bush 10 ($5,929.50); Bush 9 ($8,323.82); Bush 8 ($7,350.30);
Allegiant 7 ($10,378.81); Allegiant 6 ($7,270.45); Balboa 5
($9,359.51); and Balboa 6 ($6,859.51).
If the Plan is confirmed under Section 1191(b) of the Bankruptcy
Code, Class 14 shall be treated the same as if the Plan was
confirmed under Section 1191(a) of the Bankruptcy Code.
Notwithstanding anything else in this document to the contrary, any
claim listed above shall be reduced by any payment received by the
creditor holding such claim from any third party or other obligor
and Debtor's obligations hereunder shall be reduced accordingly.
The Claims of the Class 14 Creditors are Impaired by the Plan.
Class 15 shall consist of Equity Security Holders. Each equity
security holder will retain his Interest in the reorganized Debtor
as such Interest existed as of the Petition Date. This class is not
impaired and is not eligible to vote on the Plan.
Upon confirmation, Debtor will be charged with administration of
the Plan. Debtor will be authorized and empowered to take such
actions as are required to effectuate the Plan. Debtor will file
all post-confirmation reports required by the United States
Trustee's office or by the Subchapter V Trustee.
The source of funds for the payments pursuant to the Plan is
Debtor's continued business operations.
A full-text copy of the Amended Plan dated October 17, 2023 is
available at https://urlcurt.com/u?l=OsKosQ from PacerMonitor.com
at no charge.
Debtor's Counsel:
Will Geer, Esq.
ROUNTREE, LEITMAN, KLEIN & GEER, LLC
2987 Clairmont Road Suite 350
Atlanta, GA 30329
Tel: 678-587-8740
Email: wgeer@rlkglaw.com
About Hobbs Wood
Hobbs Wood Logistics, Inc., operates as an express delivery
services provider.
The Debtor filed Chapter 11 Petition (Bankr. N.D. Ga. Case No.
22-11360) on December 7, 2022, with $100,000 to $500,000 in assets
and $1 million to $10 million in liabilities. Troy Wood, CEO,
signed the petition.
Judge Paul Baisier oversees the case.
Will Geer, Esq. of ROUNTREE, LEITMAN, KLEIN & GEER, LLC is the
Debtor's Counsel.
INDIEV INC: Hits Chapter 11 Bankruptcy Protection
-------------------------------------------------
Sean O'Kane of Bloomberg News reports that a second potential
customer for Foxconn Technology Group's electric-vehicle factory in
Ohio has filed for bankruptcy, following the Chapter 11 filing of
Lordstown Motors Corp. in June 2023.
IndiEV Inc., an electric-vehicle startup, filed for Chapter 11
protection Monday in the US Bankruptcy Court for the Central
District of California. The California-based startup listed $2.83
million in assets and $26.4 million in liabilities.
About INDIEV INC.
INDIEV INC. -- https://www.indiev.com -- IndiEV Inc., an
electric-vehicle startup.
INDIEV INC. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 23-12036) on Oct. 3, 2023. In the
petition filed by Ying Zhou, as chief restructuring officer, the
Debtor reported assets between $1 million and $10 million and
estimated liabilities between $10 million and $50 million.
The Debtor is represented by:
Michael Jay Berger, Esq.
1690 Scenic Avenue
Costa Mesa, CA 92626
Tel: (310) 271-6223
Email: michael.berger@bankruptcypower.com
INDUSTRIAL AUTHORITY: Committee Taps DelCotto Law as Attorney
-------------------------------------------------------------
The official committee of unsecured creditors of The Industrial
Authority of Mayfield-Graves County seeks approval from the U.S.
Bankruptcy Court for the Western District of Kentucky to employ
DelCotto Law Group PLLC as its attorney.
The firm will render these services:
(a) advise and consult with the Committee concerning its
rights, powers and duties under Bankruptcy Code Sec. 1103;
(b) advise and consult with the Committee concerning the
administration of the Debtor's Chapter 11 case, including whether
Debtor is eligible for a chapter 11 filing, which the Committee has
advised the Debtor and the UST it is currently analyzing;
(c) advise and consult with the Committee regarding its duty
to investigate and investigation of the acts, conduct, assets,
liabilities, and financial condition of the Debtor and the
operation of the Debtor's business and of affiliated entities;
(d) advise and consult with the Committee in connection with
the Debtor's postpetition financing and the Debtor's exit strategy
from chapter 11, including, but not limited to, the formulation and
confirmation of a plan of reorganization;
(e) investigate and advise upon the nature, enforceability,
and validity of the indebtedness incurred by the Debtor and the
liens against the Debtor's property;
(f) advise and consult with the Committee in connection with
any sale of some or all of the assets of the Debtor;
(g) prepare on behalf of the Committee all necessary and
appropriate applications, answers, draft orders, motions,
responses, objections, notices, pleadings, and other legal papers;
(h) review all financial and other reports filed in this
Chapter 11 case;
(i) appear on behalf of the Committee in this Court; and
(j) perform all other necessary legal services on behalf of
the Committee in connection with Debtor's Chapter 11 case.
The firm will be paid at these rates:
Laura Day DelCotto, Esq. $400 per hour
Members $255 to $595 per hour
Paralegals $160 to $175 per hour
Laura Day DelCotto, member of DelCotto Law, disclosed in the court
filings that her firm is a "disinterested person" as defined in
section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Laura Day DelCotto, Esq.
DELCOTTO LAW GROUP PLLC
200 North Upper Street
Lexington, KY 40507
Telephone: (859) 231-5800
Facsimile: (859) 281-1179
Email: ldelcotto@dlgfirm.com
About The Industrial Authority of
Mayfield-Graves County
The Industrial Authority of Mayfield-Graves County filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Kentucky Case No. 23-50409) on Sep. 4, 2023. The
petition was signed by Darvin D. Towery as chairman. At the time of
filing, the Debtor estimated $10 million to $50 million in both
assets and liabilities.
Charity S. Bird, Esq. at KAPLAN JOHNSON ABATE & BIRD LLP represents
the Debtor as counsel.
JAG CONTRACTORS: Lawrence Katz Named Subchapter V Trustee
---------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Lawrence Katz of
Hirschler Fleischer, PC as Subchapter V trustee for JAG
Contractors, Inc.
Mr. Katz will be paid an hourly fee of $595 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Katz declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Lawrence A. Katz
Hirschler Fleischer, PC
1676 International Drive, Suite 1350
Tysons Corner, VA 22102-4940
Phone: (703) 584-8901
Email: LKatz@hirschlerlaw.com
About JAG Contractors
JAG Contractors, Inc., a company in Alexandria, Va., filed Chapter
11 petition (Bankr. E.D. Va. Case No. 23-11650) on Oct. 12, 2023,
with $1 million to $10 million in both assets and liabilities.
Josue Guzman, president, signed the petition.
Richard G. Hall Esq., represents the Debtor as legal counsel.
JOANN INC: Falls Short of Nasdaq Minimum Bid Price Requirement
--------------------------------------------------------------
JOANN Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that it received a written notice from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
that the Company is not in compliance with the requirement to
maintain a minimum closing bid price of $1.00 per share, as set
forth in Nasdaq Listing Rule 5450(a)(1), because the closing bid
price of the Company's common stock, par value $0.01 per share, was
below $1.00 per share for 30 consecutive business days prior to
Oct. 19, 2023.
The Bid Price Notice provided that, in accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has a period of 180
calendar days from the date of the Bid Price Notice, or until April
16, 2024, to regain compliance with the Bid Price Requirement.
During this period, the Common Stock will continue to trade on the
Nasdaq Global Market. If at any time before April 16, 2024 the bid
price of the Common Stock closes at or above $1.00 per share for a
minimum of ten consecutive trading days, Nasdaq will provide
written notification that the Company has achieved compliance with
the Bid Price Requirement and the matter will be closed, unless
Nasdaq exercises its discretion to extend the ten-day period
pursuant to Nasdaq Listing Rule 5810(c)(3)(H).
In the event the Company does not regain compliance with the Bid
Price Requirement by April 16, 2024, the Company may be eligible
for an additional 180 calendar day period to regain compliance. To
qualify, the Company would need to apply to transfer the listing of
the Common Stock to The Nasdaq Capital Market and would be required
to meet the continued listing requirement for market value of
publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, except for the Bid Price Requirement.
The Company would also be required to provide written notice to
Nasdaq of its intent to cure the deficiency during this second
compliance period, including by effecting a reverse stock split, if
necessary. If it appears to the Nasdaq staff that the Company will
not be able to cure the deficiency, or if the Company is otherwise
not eligible, Nasdaq would provide notice to the Company that its
Common Stock would be subject to delisting. At that time, the
Company may appeal the Nasdaq staff's delisting determination to a
Nasdaq Hearing Panel. In such event, there can be no assurance
that such an appeal would be successful.
On July 20, 2023, the Company received two written notices from
Nasdaq that the Company is not in compliance with (i) the
requirement to maintain a minimum market value of listed securities
of at least $50 million as set forth in Nasdaq Listing Rule
5450(b)(2)(A), and (ii) the requirement to maintain a minimum
market value of publicly held listed securities of at least $15
million as set forth in Nasdaq Listing Rule 5450(b)(2)(C). In
accordance with Nasdaq Listing Rule 5810(c)(3)(C) and Nasdaq
Listing Rule 5810(c)(3)(D), the Company was provided a period of
180 calendar days, or until Jan. 16, 2024, to regain compliance
with the Market Value Standard and the Publicly Held Market Value
Standard, respectively.
The Company is considering available options to regain compliance
with Nasdaq listing criteria. However, the Company said, there can
be no assurance that the Company will be able to regain compliance
under the Bid Price Requirement, the Market Value Standard, or the
Publicly Held Market Value Standard, or will otherwise be in
compliance with other Nasdaq listing criteria.
About JOANN
JOANN operates in the fabric and sewing industry with one of the
largest assortments of arts and crafts products. JOANN has
transformed itself into a fully-integrated, digitally-connected
omni-channel retailer.
JOANN reported a net loss of $200.6 million for the year ended Jan.
28, 2023. As of July 29, 2023, the Company had $2.26 billion in
total assets, $563.3 million in total current liabilities, $1.09
billion in long-term debt, $714.8 million in long-term operating
lease liabilities, $20.4 million in long-term deferred income
taxes, $29.2 million in other long-term liabilities, and a total
shareholders' deficit of $162.2 million.
* * *
As reported by the TCR on July 14, 2023, S&P Global Ratings lowered
its ratings on U.S.-based creative products retailer Joann Inc. to
'CCC' from 'CCC+'. The outlook is negative, reflecting the risk
S&P could lower its rating on Joann if liquidity deteriorates or
the company pursues a debt transaction that S&P views as tantamount
to default.
JUSTHAM CUSTOM: Unsecured Creditors to Get 100% Under Plan
----------------------------------------------------------
Justham Custom Homes, LLC, submitted a Disclosure Statement dated
October 4, 2023.
General unsecured creditors are classified in Class 3, and will
receive a distribution of approximately 100% of their allowed
claims. Each Allowed General Unsecured Claim shall be paid the
balance of all proceeds from the Debtor's liquidation to the extent
there are funds available after payment of all Secured and Priority
Claims as required under the Bankruptcy Code. The Debtor proposes
to make the payments proposed in its Plan from the liquidation of
all assets as well as the collection of any outstanding receivables
that are collectible.
Under the Plan, Class 3 General Unsecured Class total $89,764, not
counting the disputed and unliquidated claim of Jeremy and Jennifer
Ward.
.
The Debtor had $213,036.58 in funds on-hand on the Petition Date,
with an additional $9,269.32 in collectible receivables that it
should collect before any distributions are due under its Plan.
The Debtor will satisfy Claims in Class 3 by distributing funds
on-hand at the time of the Claims Bar Date, (2/5/2024), to Allowed
General Unsecured Claims, after satisfying all Administrative costs
and expenses, and after the payment of any filed secured or
priority claims. The Debtor is not aware of any such priority or
secured claims at the time of filing this disclosure statement.
The Debtor expects to pay Allowed General Unsecured Claims in Class
3 that are not disputed in full. In the event that there are not
sufficient funds on hand to pay Class 3 claims in full, each claim
will be paid its pro rata share of funds available after satisfying
all Administrative costs and expenses, and after the payment of any
filed secured or priority claims. Class 3 is impaired.
Class 3B General Unsecured Class - Disputed and Unliquidated
Claims. The Debtor believes that the only claim in this class is
the disputed and unliquidated claim of Jeremy and Jennifer Ward,
(the "Wards Claim"). It is not clear of the exact amount of the
Wards Claim but at some point the amount was believed to have been
$259,443.10.
The Debtor does not believe that the Wards Claim is valid in any
respect and intends to remove the state court action to bankruptcy
court to resolve as an adversary proceeding.
To the extent that the Bankruptcy Court determines that the Wards
have a valid claim, that claim will be satisfied from funds
remaining on-hand fifteen days after said claim is liquidated and
established by final non-appealable order, after satisfaction of
all outstanding and projected Administrative costs and expenses.
In the event that the Wards claim is established by final
non-appealable order prior to distribution in Class 3 herein, the
Wards claim shall be treated as an Allowed General Unsecured Claim
in Class 3. Class 3B is impaired.
The Debtor believes it will collect its final outstanding
receivable no later than October 31, 2023. The Debtor anticipates
that it will have on hand net funds in the approximate amount of
$200,000.00 by the time of its distribution to Class 3 claims. The
Debtor intends to distribute payment to Class 3 claims no later
than February 6, 2024, which is the day after the Claims Bar Date.
In the event that the Bankruptcy Court determines that there 1s a
valid Class 3B claim, the Debtor shall distribute remaining
proceeds on hand to Allowed Claims in that class fifteen days after
the entry of a final non-appealable order establishing such claim.
In the event that a valid Class 3B claim is established by final,
non-appealable order prior to the Claims Bar Date, all such claims
shall be paid as Class 3 claims.
In Summary, after collection of all funds the Debtor shall make
distributions of all funds on hand as follows:
1. First, the Debtor will satisfy all outstanding Allowed
Administrative Expense Claims, and then any Allowed Priority or
Secured Claims, if any are filed.
2. All funds that remain after payment of all outstanding
Allowed Administrative Expense Claims, priority claims and secured
claims, shall be paid to Allowed General Unsecured Claims in Class
3 herein on a Pro Rata basis.
3. To the extent that a Class 3B claim is established by the
Bankruptcy Court after the Claims Bar Date, such claim shall be
satisfied from remaining funds on hand fifteen days after the entry
of a final non-appealable order establishing such claim, subject to
outstanding and anticipated Administrative Expense Claims. In the
event that a valid Class 3B claim is established by final,
non-appealable order prior to the Claims Bar Date, all such claims
shall be paid as Class 3 claims.
A copy of the Disclosure Statement dated October 4, 2023, is
available at https://tinyurl.ph/ioYkJ from PacerMonitor.com.
About Justham Custom Homes
Justham Custom Homes, LLC, sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
23-02858) on Oct. 3, 2023, listing under $1 million in both assets
and liabilities. Danny Bradford, Esq. at Paul D. Bradford, PLLC,
is the Debtor's counsel.
LAMB WESTON: Moody's Affirms 'Ba2' CFR & Alters Outlook to Positive
-------------------------------------------------------------------
Moody's Investors Service changed Lamb Weston Holdings, Inc.
outlook to positive from stable. At the same time, Moody's affirmed
Lamb Weston's Ba2 Corporate Family Rating, Ba2-PD Probability of
Default Rating, and the Ba3 senior unsecured notes ratings. The
Speculative Grade Liquidity Rating ("SGL") was changed to SGL-2
from SGL-3.
The change in outlook to positive reflects Lamb Weston's sustained
improvement in operating performance, as inflation-based pricing
actions, supply chain productivity savings, and efforts to improve
customer and product mix have resulted in a nearly 80% improvement
in EBITDA as of the last 12 month (LTM) period ended August 2023
compared to the fiscal year ended May 2022. As a result of this
significant improvement in EBITDA, Lamb Weston's Moody's adjusted
debt to EBITDA has declined from 4.4x at the end of Fiscal 2022 to
3.1x as of the LTM period ended August 2023. Based on management's
guidance for the fiscal year ended May 2024, Moody's expects Lamb
Weston's EBITDA to grow an incremental 30% above the company's
current LTM EBITDA of $1.2 billion. This further reduces Lamb
Weston's Moody's adjusted debt to EBITDA to below 2.5x, excluding
any potential acquisitions or incremental debt issuance. Lamb
Weston's announced reduction in its net leverage target at the
October 11th investor day of up to 3.5x (based on the company's
calculation) from a prior 3.5-4.0x indicates a favorable focus on
maintaining lower leverage. The positive outlook also reflects the
potential that good execution of capacity investments and the
company's operating strategies will sustain earnings growth and
restore positive free cash flow once the significant capital
spending initiatives through fiscal 2025 subside.
The rating affirmation nevertheless reflects that Lamb Weston's
free cash flow will likely remain negative in fiscal 2024. The
company is in the midst of a multi-year plan to increase
manufacturing capacity, leading to an increase in capital
expenditures to a range of $800-900 million annually from roughly
$300 million in fiscal 2022. The capital spending should drive
higher sales and more operating efficiency but are a drag on free
cash flow in the interim. Good execution is nevertheless necessary
to translate the investments into higher earnings and free cash
flow. The company also remains acquisitive, is operating under its
leverage target and could experience pressure to reduce prices from
its customers due to lower commodity costs.
RATINGS RATIONALE
Lamb Weston's Ba2 CFR reflects the company's leading North America
market position and top-tier global market position in value-added
frozen potato products--a category with attractive operating profit
margins and good long-term global growth prospects. The rating is
further supported by the company's improving global manufacturing
and processing diversity, product development capabilities, and
sourcing of potatoes that leads to good product quality. Lamb
Weston's growth initiatives through acquisitions and internal
development lead to periodic increases in debt and leverage, while
dividends and share repurchases consume cash that could otherwise
be used to repay debt and fund growth investments. The company's
target to maintain net debt-to-EBITDA leverage below 3.5x (based on
the company's calculation) provides a governor on such activities
though the 2.3x leverage on this basis as of the quarter ended
August 2023 suggests there is some risk that transactions could
push leverage higher. The company's credit profile is constrained
by its narrow business focus, relatively high customer and supply
concentrations, and high capital expenditures. The company is also
exposed to volatile commodity costs, particularly for potatoes, and
weather or other factors that can negatively affect the quantity
and quality of agricultural commodity inputs.
The upgrade of Lamb Weston's speculative grade liquidity to SGL-2
from SGL-3 reflects improving cushion under the credit facility
financial maintenance covenants due to earnings growth. The
company's good liquidity reflects that internal cash sources and
the revolver should provide sufficient funding for operating needs
and debt service. Moody's believes the company's cash balance of
$163 million as of August 27, 2023 and the undrawn $1 billion U.S.
revolver expiring August 2026 provide ample capacity to meet
projected cash needs including the sizable capital spending
program. Moody's expects that the company will generate close to
breakeven free cash flow in fiscal 2024 and approximately $200
million in fiscal 2025. Capital expenditures will remain elevated
at approximately $900 million in fiscal 2024 and $850 million in
fiscal 2025 to fund the company's capacity expansion projects with
the improvement in free cash flow in 2025 resulting from earnings
growth. In addition, Moody's projections include dividend payments
of approximately $180 million in fiscal 2024 and $230 million in
fiscal 2025. The next major debt maturities aside from roughly $40
million of annual term loan amortization are the EUR75 million
unsecured term loan facility due in December 2024 and the $276
million senior secured term A-2 facility due April 2025.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if Lamb Weston sustains organic revenue
growth, maintains or improves its EBITDA margin, generates
consistent and comfortably positive free cash flow, and sustains
debt/EBITDA below 4.0x. The company would also need to maintain
financial policies that would sustain these credit metrics.
Ratings could be downgraded if the company's operating performance
deteriorates due to pricing or volume pressure from customers, an
inability to mitigate inflationary cost increases, or execution
challenges with the significant capital investments. Debt-funded
acquisitions or shareholder distributions, debt/EBITDA sustained
above 5.0x, or a deterioration in liquidity could also lead to a
downgrade.
The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.
Lamb Weston Holdings, Inc., based in Eagle, Idaho, manufactures and
sells value-added frozen potato products. The company's products,
which include french fries and other cut, chopped, and formed
potato products, are primarily sold to restaurant chains and
foodservice distributors. Annual net sales for the publicly traded
company (NYSE: LW) are approximately $5.9 billion.
LANDMARK COMMERCIAL: Seeks to Hire Lugo Mender Group as Attorney
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Landmark Commercial Centers Development Inc. seeks approval from
the U.S. Bankruptcy Court for the District of Puerto Rico to hire
Lugo Mender Group, LLC as its attorneys.
The firm will render these legal services:
(a) advise the Debtor regarding its duties, powers and
responsibilities in the continued management of its business
operations;
(b) advise the Debtor in connection with its reorganization
endeavors;
(c) assist the Debtor with respect to negotiations with
creditors for the purpose of arranging a feasible Plan of
Reorganization;
(d) prepare legal papers;
(e) appear before the bankruptcy court, or any other court in
which the Debtor asserts a claim or defense directly or indirectly
related to this bankruptcy case; and
(f) perform such other legal services for the Debtor as may be
required in these proceedings.
The hourly rates of the firm's counsel and staff are as follows:
Wigberto Lugo Mender, Esq. $325
Senior Attorney $250
Associate Staff Attorney $175
Legal and Financial Assistants $125
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer in the
amount of $6,937 for the legal services to be rendered in
connection with this case.
Wigberto Lugo Mender, Esq., an attorney at Lugo Mender Group,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Wigberto Lugo Mender, Esq.
LUGO MENDER GROUP, LLC
100 Carr. 165, Suite 501
Guaynabo, PR 00968-8052
Telephone: (787) 707-0404
Facsimile: (787) 707-0412
Email: a_betancourt@lugomender.com
About Landmark Commercial Centers Development Inc.
Landmark is primarily engaged in renting and leasing real estate
properties.
Landmark Commercial Centers Development Inc. filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
D.P.R. Case No. 23-03338) on Oct. 16, 2023. The petition was signed
by Jose A. Feliciano-Ruiz as president. At the time of filing, the
Debtor estimated $6,555,072 in assets and $8,609,063 in
liabilities.
Judge Edward A Godoy presides over the case.
Wigberto Lugo Mender, Esq. at Lugo Mender Group, LLC represents the
Debtor as counsel.
LBRY INC: Space Odysee to Hold Auction on November 16
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Pursuant to Section 9-610 of the UCC and certain loan documents,
Space Odysee Inc. ("lender") will conduct a public sale of the
assets of LBRY Inc. ("borrower") including without limitation the
borrower's 100% equity interest in Odysee Holdings Inc., which is a
decentralized on-line video platform that will continue to be
operated, to be held in-person at the offices of Polsinelli PC, 222
Delaware Avenue, Suite 1101, Wilmington, Delaware 19801, by auction
on Nov. 16, 2023, at 10:00 a.m. (Eastern Time).
The deadline to provide bid on the assets is Nov. 9, 2023, at 4:00
p.m. (Eastern Time). No LBC tokens are included in the sale.
If you wish to inquire about further details of the sale, contact
Christopher A. Ward, Esq., at Polsinelli, cward@polsinelli.com,
(302) 252-0922 or Susan Joseph, Esq., at Susan Joseph LLC,
cjoseph@susangjoseph.com, (914) 383-5489.
LIFETIME BRANDS: Moody's Rates New $150MM Secured Term Loan 'B3'
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Moody's Investors Service assigned a B3 rating to Lifetime Brands,
Inc.'s proposed $150 million senior secured term loan B due 2027.
All other ratings for the company remained unchanged, including the
B2 Corporate Family Rating, the B2-PD Probability of Default
Rating, and the B3 rating on the existing $275 million original
principal amount senior secured term loan B due 2025. The company's
SGL-2 Speculative Grade Liquidity is unchanged, and maintained the
stable outlook.
Lifetime Brands plans to use the net proceeds from the proposed
$150 million senior secured term loan B due 2027, along with a $49
million drawing on its $200 million asset based lending (ABL)
revolver due 2027 to refinance the approximate $199 million
remaining balance on its existing senior secured term loan B. The
proposed refinancing transaction is structured as an amendment and
extension of the existing senior secured bank credit facility and
includes participation from certain new lenders. Moody's will
withdraw the rating on the existing senior secured term loan B upon
the closing of the transaction and the repayment of the debt
obligation.
The B3 rating on the proposed senior secured term loan B due 2027
is one notch below the B2 CFR and reflects the term loan's weaker
collateral coverage relative to the $200 million ABL revolver
(unrated), and the facility's effective priority position relative
to the company's much smaller non-debt unsecured liabilities.
The B2 CFR and stable outlook are unaffected because the proposed
refinancing transaction is leverage neutral and Moody's expects
Lifetime Brands' debt/EBITDA leverage to remain around 4.6x by the
end of fiscal 2023. The proposed transaction critically addresses
the approaching February 28, 2025 maturity of the existing senior
secured term loan B, thereby also avoiding a spring forward of the
revolver expiration. The revolver expires in August 2027 but the
maturity springs to 90 days prior to the existing term loan
maturity if the term loan is not refinanced by that date. The
refinancing nevertheless also reduces the ABL revolver's
availability. Factoring borrowing base limitations, existing
drawdowns and letters of credit, availability on the revolver was
$152 million at the end of June 2023 and will decline to
approximately $103 million pro forma for the proposed refinancing.
The proposed refinancing transaction follows Lifetime's repayment
of approximately $45 million of the existing first lien term loan
during 2Q-2023 using excess cash on balance sheet, and Moody's
anticipates that the lower overall debt balance will offset the
higher interest burden on the extended term loan.
RATINGS RATIONALE
Lifetime Brands' B2 CFR broadly reflects its strong market position
in the homewares industry with many leading brands in narrowly
defined product categories, and its good brand and product
diversification. Lifetime Brands' well-diversified retail
distribution channel, which includes e-commerce, positions the
company well to benefit from the continued shift of consumer
spending to online. Governance considerations include the company's
financial policy that targets a net debt-to-EBITDA leverage ratio
(company's calculation) of below 3.0x, which should support
moderate leverage, although the company has a history of operating
above its stated target, which was at 3.8x as of 2Q-2023.
The credit profile also considers Lifetime Brands' small scale with
annual revenue under $700 million, high geographic and customer
concentration, and its low EBIT margin in the mid-single digit
percentage range. The company's products are discretionary in
nature and susceptible to consumer spending reductions. Lifetime
Brands operates in the mature, highly price-sensitive and
competitive kitchenware product category, which limits pricing
flexibility and contributes to the low margin. The company's
financial leverage is high with debt/EBTIDA at 4.6x as of the last
12 months (LTM) period ending June 30, 2023, and Moody's projects
leverage will remain in that range by end of fiscal 2023. Lifetime
Brands' cash and projected cash flow provide capacity to repay debt
and reduce leverage. However, Moody's believes that the low product
category growth creates acquisition event risk as a means of
pursuing growth. Lifetime Brands sources its products mostly from
China, exposing the company's supply chain to manufacturing issues
affecting the region, as well as social risk factors such as
responsible sourcing. The outsourced manufacturing leads to good
cost variability that limits downward gross margin pressure when
sales contract.
The company's SGL-2 liquidity rating is supported by $15 million of
cash as of June 2023 and Moody's expectations for positive free
cash flow of around $25 million in fiscal 2023, in part supported
by a reduction of inventory. Moody's projects more modest free cash
flow in fiscal 2024 of around $10-$12 million, somewhat pressured
by investments in working capital to support revenue growth in the
low single digit percentage range. The company will also have $103
million available on its $200 million ABL revolving facility as of
30 June 2023 and pro forma for the proposed refinancing, which
provides financial flexibility to fund business seasonality over
the next 12 months. The revolver expires in August 2027 if the
proposed refinancing is completed. The proposed $150 million term
loan B due 2027 requires an annual amortization of 5% of the
original amount, payable in equal quarterly installments.
Lifetime Brands' ESG credit impact score CIS-4 indicates the
company's rating is lower than it would have been if ESG exposure
did not exist. The score is mainly driven by governance risks
primarily related to its aggressive financial strategy that
includes operating with high leverage given the company's operating
profile and debt-financed acquisitions. The company is publicly
traded but private equity firm Centre Partners Management LLC. has
a large ownership stake (approximately 27%) that creates some
concentration in decision making. The company has exposure to
environmental and social risks but these have less influence on the
rating than governance risks.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The stable outlook reflects Moody's expectations that EBITDA will
be flat year-over-year in fiscal 2023, but that EBITDA will grow by
around 10% in 2024 because consumer demand will stabilize and
retailer inventory destocking will be less of a headwind. Moody's
also projects Lifetime Brands' will generate positive free cash
flow of around $25 million in 2023, in part supported by a
normalization of working capital in fiscal 2023. The expected free
cash flow provides some ability to repay debt and fund business
investments, including seasonal working capital in fiscal 2024.
The ratings could be upgraded if the company generates consistent
organic revenue growth and improves the EBIT margin to a high
single digit percentage range. A ratings upgrade would also require
debt/EBITDA sustained below 4.5x, and financial policies that
maintains credit metrics at the above levels, as well as
maintaining good liquidity including good free cash flow relative
to debt.
The ratings could be downgraded if Lifetime Brands' operating
performance deteriorates due to ongoing organic revenue declines or
EBIT margin deterioration, or debt/EBITDA is sustained above 5.5x.
The ratings could also be downgraded if liquidity deteriorates,
including weaker free cash flow or high reliance on revolver
borrowings, or if financial policies become more aggressive, in
particular regarding a material debt-finance acquisition or
shareholder distribution.
Lifetime Brands, Inc. designs, sources, and sells branded
kitchenware, tableware and other products used in the home.
Lifetime Brands is publicly traded (ticker: LCUT) with Centre
Partners Management LLC owning approximately 27%. The company
reported revenue of approximately $686 million for the LTM period
ending June 30, 2023.
The principal methodology used in this rating was Consumer Durables
published in September 2021.
LIFETIME BRANDS: S&P Affirms 'B+' ICR, Outlook Negative
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S&P Global Ratings affirmed its 'B+' issuer credit rating on
U.S.-based Lifetime Brands Inc.
S&P said, "At the same time, we raised our issue-level rating on
Lifetime's term loan B to 'BB-' from 'B+' on higher expected
recovery due to the reduction of the term loan's size. We revised
upward our recovery rating on this debt to '2' from '3', indicating
our expectation for substantial (70%-90%; rounded estimate: 80%)
recovery in the event of a default. The rating on the term loan is
subject to our review of the final documentation.
"While the company is proactively addressing its upcoming term loan
maturity, the negative outlook reflects the possibility that we
will lower our ratings if it is unable to complete the transaction
as contemplated or its leverage weakens above 5x over the next 12
months due to weaker demand and profitability."
The affirmation reflects the company's sequentially improving
profitability and the extension of its term loan maturity. However,
the negative outlook reflects the risk that its leverage could
remain elevated amid a weak demand environment."
Lifetime's sales declined by about 12.6% during the first half of
fiscal year 2023, compared with the same period the prior year, due
to retailer inventory overstocking in the U.S. and a weak
macroeconomic environment in Europe. These factors have led to six
consecutive quarters of year-over-year sales decline. S&P estimates
Lifetime's S&P Global Ratings-adjusted leverage peaked at about
6.0x for the 12-months ended March 31, 2023, which compares with
3.5x for the same period the prior year. The company's demand
appears to be stabilizing in its core U.S. market, though it has
yet to materially recover from its 2022 lows.
Lifetime's international segment continues to face significant
demand pressure do the weak macroeconomic environment in the U.K.
That said, the company has materially expanded its profitability on
lower inbound freight costs, product mix, and reduced duty costs in
Europe. Lifetime's gross profit margin increased by about 220 basis
points (bps) to 37.6% during the first six months of 2023 relative
to the same period the prior year. S&P estimates that the company
will improve its S&P Global Ratings-adjusted EBITDA margin by about
100 bps to approximately 10% in fiscal year 2023. While S&P expects
Lifetime will continue to deleverage, its current leverage of 4.9x
leaves it with a limited cushion relative to our 5.0x downside
trigger for the current rating.
Lifetime has deleveraged and is proactively managing its capital
structure.
In June 2023, the company primarily used cash on hand to repurchase
approximately $47 million of its outstanding term loan B debt at a
5% discount. S&P said, "Therefore, we estimate its S&P Global
Ratings-adjusted leverage decreased to about 4.9x for the 12-months
ended June 30, 2023, from about 5.7x prior to the transaction.
Despite the challenging conditions in the credit markets and
elevated interest rate environment, Lifetime is continuing to
proactively manage its capital structure by seeking to extend the
maturity of its term loan before it becomes current in February
2024. We expect the company's interest costs will increase and its
credit terms will tighten following the proposed amendment."
Nonetheless, the maturity extension eliminates Lifetime's
refinancing risk amid highly uncertain conditions. It will also
enable management to focus on its growth strategy and other
strategic initiatives.
S&P expects the company will continue to generate healthy free
operating cash flow (FOCF) and maintain a good liquidity cushion.
Lifetime generated FOCF of about $28 million during the first half
of fiscal year 2023, which compares with negative $10 million
during the same period the prior year. In response to its elevated
inventory levels in 2021-2022, because of inflation and supply
chain constraints, the company materially reduced its inventory
levels his year. This reduced its working capital usage by about
$40 million in the first half of 2023 compared to the same period
the prior year. S&P said, "We believe Lifetime's improved
profitability will help it sustain healthy FOCF generation despite
the weak demand environment. Moreover, while the company plans to
draw on its ABL facility to paydown approx. $50 million of the term
loan, we estimate that it will maintain a good liquidity cushion of
about $140 million, comprising cash and ABL borrowing availability,
following the transaction."
The negative outlook reflects that S&P could lower its ratings on
Lifetime if it does not execute the proposed amendment as
contemplated and its term loan becomes current or it sustains
leverage of more than 5x over the next 12 months.
S&P believes this could occur if:
-- Its end-consumer demand weakens due to a deterioration in the
macroenvironment;
-- It requires significant capital investment to restore its
profitability; or
-- The company completes debt-funded acquisitions or share
repurchases.
S&P could revise its outlook on Lifetime to stable if it addresses
its upcoming term loan maturity on manageable terms and improves
its performance such that it sustains S&P Global Ratings-adjusted
leverage below 5x. This could occur if:
-- Its demand improves, supporting a rebound in its operating
performance; and
-- It sustains its positive FOCF generation.
LIPSEY PAINTING: Brian Walding Named Subchapter V Trustee
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J. Thomas Corbett, the U.S. Bankruptcy Administrator for the
Northern District of Alabama, appointed Brian Walding at Walding,
LLC as Subchapter V Trustee for Lipsey Painting Contractors, LLC.
Mr. Walding will be paid an hourly fee of $395 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Walding declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brian R. Walding
Walding, LLC
2227 First Avenue South
Suite 100
Birmingham, AL 35233
Phone: 205-307-5050
Email: bwalding@waldinglaw.com
About Lipsey Painting Contractors
Lipsey Painting Contractors, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No.
23-02712) on Oct. 12, 2023, with $50,001 to $100,000 in assets and
$500,001 to $1 million in liabilities.
Judge Tamara O. Mitchell oversees the case.
C. Taylor Crockett, Esq., represents the Debtor as legal counsel.
LIVEONE INC: Expects Fiscal Q2 2024 Revenue of More Than $28M
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LiveOne Inc. announced these preliminary and unaudited results for
the second quarter and first six months ended Sept. 30, 2023:
* Expected Fiscal Q2 2024 Record Revenue of $28M+ and $2.5M
Adjusted EBITDA* with Trailing Six-Month Revenue of $55M and $4.7M
Adjusted EBITDA*
* Audio Division Expects Q2 Revenue including PodcastOne
(NASDAQ: PODC) and Slacker Radio of $26M+ and Adjusted EBITDA* of
$5M+
* Audio Division Six Months Revenue of $51.7M and $9M+ of
Adjusted EBITDA
* LVO Slashes Additional $2M of Costs, Now Totaling Over $32M
* LVO Continues to Expand its Share Buyback Program Which
Currently has $5M Remaining
As of Oct. 19, 2023 (the date of this press release), LiveOne has
not completed its financial statement reporting process for Q2
Fiscal 2024, and LiveOne's independent registered accounting firm
has not audited the preliminary financial results discussed in this
press release. During the course of LiveOne's quarter-end closing
procedures and review process, LiveOne may identify items that
would require it to make adjustments, which may be material, to the
information presented above. The estimated preliminary unaudited
financial results contained in this press release are based only on
currently available information as of Oct. 19, 2023. As a result,
the estimates above constitute forward-looking information and are
subject to risks and uncertainties, including possible adjustments
to preliminary financial results, and are not guarantees of future
performance and may differ from actual results.
The timing, price and actual number of shares repurchased under the
stock repurchase program will be at the discretion of LiveOne's
management and will depend on a variety of factors, including stock
price, general business and market conditions, and alternative
investment opportunities. The repurchase program will continue to
be executed consistent with LiveOne's capital allocation strategy,
which will continue to prioritize growing LiveOne's business.
Under the stock repurchase program, repurchases can be made from
time to time using a variety of methods, including open market
purchases, all in compliance with the rules of the U.S. Securities
and Exchange Commission and other applicable legal requirements.
The repurchase program does not obligate LiveOne to acquire any
particular amount of shares, and the program may be suspended or
discontinued at any time at LiveOne's discretion. LiveOne will
review the stock repurchase program periodically and may authorize
adjustment of its terms and size. The increased stock repurchase
program, which may include the possibility of buying back shares of
common stock of PodcastOne, is subject to approval by LiveOne's
board of directors and any other applicable approvals and consents,
which LiveOne fully expects to obtain.
About LiveOne
Headquartered in Los Angeles, California, LiveOne, Inc. (NASDAQ:
LVO) (formerly known as LiveXLive Media, Inc.) is a creator-first,
music, entertainment and technology platform focused on delivering
premium experiences and content worldwide through memberships and
live and virtual events.
LiveOne reported a net loss of $10.02 million for the year ended
March 31, 2023, compared to a net loss of $43.91 million for the
year ended March 31, 2022. As of March 31, 2023, the Company had
$65.89 million in total assets, $62.07 million in total
liabilities, $4.83 million in redeemable convertible preferred
stock, and a total stockholders' deficit of $1.01 million.
Los Angeles, CA-based Macias Gini & O'Connell LLP, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated June 29, 2023, citing that the Company has suffered
recurring losses from operations, negative cash flows from
operating activities and has a net capital deficiency. These
matters raise substantial doubt about the Company's ability to
continue as a going concern.
MARINE WHOLESALE: Seeks to Extend Plan Exclusivity to Jan. 12, 2024
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Marine Wholesale and Warehouse Co. asked the U.S. Bankruptcy
Court for the Central District of California to extend its
exclusivity period from September 5, 2023 to January 12, 2024.
The Debtor explained that in order to file a plan and disclosure
statement, enough time needs to pass to allow it to:
(1) resolve the Objection to TTB Claim 5;
(2) evaluate the legitimacy of the claims that have been
and/or will be filed against it;
(3) resolve any objection to any of the filed claims; and
(4) assess profitability and provide projections to support
feasibility of any proposed plan.
Marine Wholesale and Warehouse Co. 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: vhaberbush@lbinsolvency.com
About Marine Wholesale and Warehouse Co.
Marine Wholesale and Warehouse Co. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.
22-13785) on July 12, 2022. In the petition signed by Jennifer
Hartry, vice president and secretary, the Debtor disclosed up to
$50 million in both assets and liabilities.
Judge Sheri Bluebond oversees the case.
David R. Haberbush, Esq., at Haberbush, LLP is the Debtor's
counsel.
MATREIYA TRANS: Deadline to Confirm Plan Extended to Dec. 26
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Judge Jil Mazer-Marino has entered an order granting the Motion to
Extend Time to Confirm a Plan of Reorganization and to obtain
approval of Disclosure Statement of debtor Matreiya Trans, Corp.
That the time to obtain approval of (JMM) a chapter 11 small
business disclosure statement and to confirm (JMM) a chapter 11
small business plan will be extended through and including December
26, 2023.
Plan of Reorganization
Matreiya Trans, Corp., filed with the U.S. Bankruptcy Court for the
Eastern District of New York an Amended Small Business Disclosure
Statement describing Plan of Reorganization dated September 19,
2023.
The Debtor is a taxi medallion corporation located at 105 East 34
Street, Suite 174, New York 10016.
The Action stems from a dramatic decline in the value of the taxi
medallion, which constituted the collateral of the loan of DePalma
Acquisition I LLC. Being unable to contribute additional collateral
and supplement the monthly note payment out of personal funds of
the principal of the corporation, the Debtor filed for Chapter 11
Bankruptcy protection on December 26, 2019.
Class I shall consist of the claim of the main creditor, DePalma
Acquisition I LLC, in the total amount of $329,999.32. In full and
final satisfaction of DePalma's Claim, the settlement payment in
the amount of $230,000.00 shall be paid in lump sum cash payment
("Settlement Payment") on the effective date of the plan. The
Debtor agrees to use good faith efforts to confirm the Amended Plan
as soon as reasonably possible following entry of the Approval
Order and to achieve the effective date by no later than December
30, 2023. The Settlement Payment of $230,000.00 represents 69.69%
of the total claim of DePalma Acquisition I LLC.
The unsecured claim of the New York State Department of Taxation &
Finance in the amount of $150,00 will be paid 69.69% dividend
($104.53) on the effective date of the plan.
Karen E. Simon, the sole equity interest holder, shall retain her
interest in the Debtor following Confirmation, in consideration of
a new value contribution, being made by her as the equity holder,
toward the payment of general unsecured creditor claims. The
Debtor's president will contribute funds in installments over the
life of the plan, on as needed basis.
Karen E. Simon, Debtor's principal and the sole shareholder, will
continue to be employed by the reorganized Debtor.
The claim of the DePalma Acquisition I LLC, being the main creditor
of the cases, was settled pursuant to terms of the Settlement
Agreement. The Settlement Agreement will be funded from the
contribution of personal funds of the Debtor's principal, Karen E.
Simon, as well as from funds, accumulated in the Debtors' DIP
accounts.
All remaining claims, including administrative claims, will be
funded from sums accumulated in the Debtors' DIP account from the
date of the petition and from continuing business operations,
continuously from the date of the petition.
A full-text copy of the Amended Disclosure Statement dated
September 19, 2023 is available at https://urlcurt.com/u?l=9vBH8T
from PacerMonitor.com at no charge.
Attorney for Debtor:
Alla Kachan, Esq.
2799 Coney Island Ave, Suite 202
Brookyn, NY 11235
Tel: (718) 513-3145
Fax: (347) 342-315
E-mail: alla@kachanlaw.com
About Matreiya Trans Corp.
Matreiya Trans Corp. is a taxi medallion corporation located at 105
East 34th Street, Suite 174, New York. Matreiya Trans Corp. sought
Chapter 11 protection (Bankr. E.D.N.Y. Case No. 19-47711) on Dec.
26, 2019. Matreiya disclosed $157,164 in assets and $330,000 in
liabilities as of the bankruptcy filing. The petition was signed by
Michael L. Simon, president. The LAW OFFICES OF ALLA KACHAN, P.C.,
serves as bankruptcy counsel to the Debtor.
MCKISSOCK INVESTMENT: S&P Affirms 'B-' ICR on Debt Refinancing
--------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
U.S.-based professional education solutions provider McKissock
Investment Holdings LLC (doing business as Colibri). At the same
time, S&P assigned its 'B' issue-level rating and '3' recovery
rating (50%-70%; rounded estimate: 50%) to the proposed incremental
first-lien term loan.
S&P said, "The stable outlook reflects our expectation that
Colibri's acquisition of Project Triumph will diversify the
company's revenue mix, with the new businesses offsetting continued
declines in the segments exposed to the challenged real estate
market. We also expect the company will generate positive reported
free cash flow despite very high debt leverage and higher cash
interest costs from the refinancing.
"The affirmation reflects our view that Colibri will generate
sufficient free operating cash flow (FOCF) despite its partially
debt-funded acquisition of Project Triumph, which will increase
Colibri's leverage to the 9.5x-10.5x range in 2023."
Colibri plans to acquire Project Triumph, a healthcare training
service provider specializing in pharmacy, hospitals, and nursing.
The purchase price will be funded with proceeds from a $400 million
incremental first-lien term loan, perpetual preferred equity and
convertible preferred equity. The company will repay the existing
$180 million second-lien term loan as part of the transaction. The
company will also be increasing the size of the revolver to $70
million from $50 million.
S&P said, "We expect pro forma S&P Global Ratings-adjusted leverage
will increase to the 9.5x-10.5x range over the next two years from
8.1x for the 12 months ended June 30, 2023. Offsetting the
meaningful EBITDA contribution from the proposed acquisition of
Project Triumph is the company's high gross debt burden (including
our treatment of the preferred equity instrument as debt). The
preferred equity issuance has payment in kind (PIK) interest. While
this provides the company with financial flexibility and the
ability to preserve cash flows, it will slow deleveraging because
of the high interest rates that accrue on the facility, creating a
growing liability. Nonetheless, we forecast EBITDA growth will
offset the growing PIK liability such that S&P Global
Ratings-adjusted leverage gradually declines over time.
"We forecast pro forma S&P Global Ratings-adjusted FOCF to debt
will improve to the 3.0%-4.0% range over the next two years from
negative 2.1% as of June 30, 2023. We also estimate the company's
EBITDA cash interest coverage will be roughly 1.8x in 2023 and 1.5x
in 2024, compared with 1.4x as of June 30, 2023. Organic growth,
improved business mix from the proposed acquisition, synergies from
both recent and proposed acquisitions, and roll-off of one-time
costs underpin our expectations for improved cash flow. We expect
strong organic and inorganic EBITDA growth will offset the
increased cash interest expense. Additionally, we estimate the
increased debt load will result in roughly $10 million and $20
million of increased cash interest expense in 2023 and 2024,
respectively, compared with 2022; however, we expect EBITDA will
grow by about 140% and 10% in 2023 and 2024, respectively.
"We expect Colibri's S&P Global Ratings-adjusted leverage will
remain high due to its increased debt load and aggressive financial
policy.
"Despite improving EBITDA generation and mandatory debt repayment,
we expect the company's S&P Global Ratings-adjusted leverage will
remain elevated because of the aggressive financial policy of its
sponsor, Gridiron Capital, which has actively pursued debt-funded
acquisitions for expansion since it took over in 2019. Although the
company has benefited from the additional scale and diversification
away from mortgage and real estate businesses, the acquisitive
growth strategy over the past several years shows a high tolerance
for debt leverage and an aggressive financial policy by the
sponsor. While we do not forecast any additional acquisitions in
2023 and beyond in our base case scenario, we expect the company
will continue to pursue debt-funded acquisitions for growth,
including additional debt financings in the future."
The proposed acquisition of Project Triumph will modestly diversify
its business mix and slightly offset headwinds in the mortgage and
real estate markets.
S&P said, "The acquisition of Project Triumph will increase revenue
diversification by growing the company's participation in its
healthcare end market along with increased revenue contributions
from business to business (B2B) offerings, which we view as more
stable than business to consumer (B2C) offerings. We expect 40% of
Colibri's overall revenue mix will be B2B compared to 37% prior to
the acquisition. The company's total revenue (pro forma for the
acquisitions completed in 2022) declined 4% in the first six months
of 2023, due to macroeconomic headwinds including a weakening real
estate market and rising interest rates, resulting in diminished
EBITDA generation and slower deleveraging. High mortgage rates and
economic uncertainty are pressuring the markets in which it
operates. These macroeconomic headwinds have resulted in lower new
realtor market entrants seeking licenses, limited hiring spending
by mortgage banks and brokers, and ultimately less qualifying
education traffic for Colibri. Prior to the acquisition,
approximately one-third of Colibri's business is exposed to the
real estate and mortgage markets, although a portion is mitigated
by continuing education offerings. While we expect these trends to
persist in 2023, we forecast the company's revenue (pro forma for
Project Triumph acquisition) will grow in the low-single-digit
percentage area from a newly implemented go-to-market strategy, B2B
growth, and new product offerings. We also expect Colibri's
exposure to the real estate and mortgage markets will decline to
about 25% from 33%.
"We view the professional education solutions industry as highly
fragmented and competitive.
There has been an increased demand for specialized training,
certifications, and licensing for working professionals. While
Colibri has more resources and more course offerings than most
small family-owned direct regional competitors, it also has a much
smaller scale than rated peers in the broader professional
education market with more diverse course offerings. Colibri
competes by acquiring direct regional competitors and improving
operations through scale, a common content delivery platform, and a
multi-channel marketing platform. As such, the company has made
several acquisitions in the last two years, driving robust
double-digit revenue growth. Nevertheless, S&P believes Colibri
faces integration risk from combining multiple acquisitions into
its operations in a short time frame.
S&P said, "The stable outlook reflects our expectation that
Colibri's acquisition of Project Triumph will diversify the
company's revenue mix, with the new businesses offsetting continued
declines in the segments exposed to the challenged real estate
market. We also expect the company will generate positive reported
free cash flow despite very high debt leverage and higher cash
interest costs from the refinancing.
"We could lower the rating if Colibri generates negligible cash
flow, which in our view would raise uncertainty regarding the
sustainability of the capital structure." This could occur under a
combination of the following factors:
-- Cash interest coverage declines below 1.0x, likely due to
operating challenges because of intensifying competition, changing
industry dynamics, or inability to successfully integrate
acquisitions;
-- Revenue growth challenges, margin pressure, or interest rate
increases; or
-- Aggressive financial policy decisions such as large debt-funded
acquisitions or substantial debt-funded distributions to its
sponsor.
MEDIMPACT HOLDINGS:S&P Rates $125MM Revolving Credit Facility 'B+'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '3'
recovery rating to MedImpact Holdings Inc.'s existing $330 million
term loan A and $125 million revolving credit facility ($95 million
outstanding), issued by subsidiary MI OpCo Holdings Inc. The '3'
recovery rating indicates our expectation for meaningful recovery
(50%-70%; rounded estimate: 65%) in the event of a payment
default.
The existing debt is pari passu with MedImpact's recently proposed
term loan B and is rated the same. The company plans to use the
proceeds of that term loan to acquire the pharmacy benefits manager
(PBM) assets of Rite Aid.
Issue Ratings - Recovery Analysis
Key analytical factors
-- MI OpCo Holdings' proposed capital structure consists of a $125
million revolving credit facility ($95 million drawn), $575 million
term loan B due 2029, and $330 million term loan A due 2026.
-- The '3' recovery rating reflects S&P's expectation for
meaningful recovery in the event of a payment default.
-- S&P's simulated default scenario contemplates a default in 2027
precipitated by declining EBITDA from pricing pressures, contract
losses, and competition from larger competitors in the PBM
subsector.
-- S&P values the company on a going-concern basis using a 5.0x
multiple of its projected emergence EBITDA, consistent with its
treatment of similar peers with similar business positioning and
scale.
-- S&P's recovery analysis incorporates the assets of MI OpCo
Holdings Inc. and non-subsidiary guarantors Prescient Holdings
Group LLC and Lunaria Data Solutions Inc.
Simulated default assumptions
-- Simulated year of default: 2027
-- EBITDA at emergence: $133 million
-- EBITDA multiple: 5.0x
-- Revolver will be 85% drawn at default
Simplified waterfall
-- Net emergence value (after 5% administrative costs): $632
million
-- Valuation split (obligors/nonobligors): 100%/0%
-- Collateral value available to first-lien secured debt: $632
million
-- Total first-lien debt: $941 million
--Recovery expectations: 50%-70% (rounded estimate: 65%)
All debt amounts include six months of prepetition interest.
MERIDIAN RESTAURANTS: Seeks to Extend Plan Exclusivity to Nov. 2
----------------------------------------------------------------
Meridian Restaurants Unlimited, LC and its affiliates ask the
U.S. Bankruptcy Court for the District of Utah to further extend
their exclusive period to file a chapter 11 plan and to solicit
accptances thereof to November 2, 2023 and January 2, 2024,
respectively.
The Court previously extended the Debtors' exclusive period to
file chapter 11 plans to August 31, 2023 and to solicit and
obtain acceptances of any such plans to November 17, 2023.
As of the Petition Date, the Debtors operated 116 restaurants,
and the Debtors currently operate 93 restaurants across 9 states.
The Debtors pointed out that their cases are large and relatively
complex, and, particularly in light of the appointment of Michael
Thatcher of GlassRatner Advisory & Capital Group, LLC dba B.
Riley Advisory Services as the Debtors' CRO, additional time to
prepare adequate information in order to formulate a concensual
joint chapter 11 plan is required.
The Debtors also explained that, pursuant to the term sheet, they
agreed to pivot a sale process controlled by the CRO, which is
expected to facilitate collaboration and cooperation between the
Debtors, the Official Committee of Unsecured Creditors, and
Burger King Company, LLC towards a prompt sale process and the
formulation of a consensual joint chapter 11 plan. The Debtors
seek to maximize the value of their estates for the benefit of
their creditors by conducting an auction for the sale of
substantially all of their assets.
Meridian Restaurants Unlimited, LC and its affiliates are
represented by:
Michael R. Johnson, Esq.
David H. Leigh, Esq.
Elaine A. Monson, Esq.
36 South State Street, 14th Floor
Salt Lake City, UT 84111
Tel: (801) 532-1500
Email: mjohnson@rqn.com
dleigh@rqn.com
emonson@rqn.com
- and -
James T. Markus, Esq.
Matthew T. Faga, Esq.
Lacey S. Bryan, Esq.
1775 Sherman Street, Suite 1950
Denver, CO 80203-4505
Tel: (303) 830-0800
Email: jmarkus@markuswilliams.com
mfaga@markuswilliams.com
lbryan@markuswilliams.com
About Meridian Restaurants Unlimited
Meridian Restaurants Unlimited, LC, owner and operator of
restaurants in Utah, and its affiliates filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.
Utah Case No. 23-20731) on March 2, 2023. At the time of the
filing, Meridian Restaurants Unlimited disclosed $10 million to
$50 million in both assets and liabilities.
Judge Kevin R. Anderson oversees the cases.
The Debtors tapped Markus Williams Young & Hunsicker, LLC, as
bankruptcy counsel; Ray Quinney & Nebeker P.C. as local and
litigation counsel; Peak Franchise Capital, LLC as financial
advisor; Hilco Corporate Finance, LLC as investment banker; and
Keen-Summit Capital Partners, LLC as real estate advisor. BMC
Group, Inc. is the noticing agent.
The U.S. Trustee for Region 19 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
The committee is represented by Foley & Lardner, LLP.
MP PPH: Seeks to Hire Psyllos & Psyllos LLP as Accountant
---------------------------------------------------------
MP PPH LLC seeks approval from the U.S. Bankruptcy Court for the
District of Columbia to hire Peter A. Psyllos, CPA, and firm of
Psyllos & Psyllos LLP as its accountants.
The firm will prepare the Debtor's yearly federal and state tax
returns, and general accounting consultation as needed.
Psyllos & Psyllos represents no interest adverse to the Debtor, or
the estate in the matters upon which it to be engaged, are
disinterested persons within the meaning of 11 U.S.C. 101(14),
according to court filings.
The firm can be reached through:
Peter A. Psyllos, CPA
Psyllos & Psyllos LLP
2113-35 40th Avenue
Bayside, NY 11361
Phone: (718) 225-2300
E-Mail: cpas@psyllos.com
About MP PPH LLC
MP PPH LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. D.C. Case No. 23-00246-ELG) on August
31, 2023. In the petition signed by Michael A. Abreu, vice
president of operations, the Debtor disclosed up to $500,000 in
assets and up to $100 million in liabilities.
Marc E. Albert, Esq., at Stinson LLP, represents the Debtor as
legal counsel.
MULTEC INDUSTRIAL: Amends United Community Claims Pay Details
-------------------------------------------------------------
Multec Industrial Packaging, Inc., submitted a Third Modified Plan
of Reorganization dated October 17, 2023.
The changes do not materially and adversely affect the rights of
any parties in interest which have not had notice and an
opportunity to be heard with regard thereto.
Section 4.12 of the Plan is deleted in its entirety and replaced
with the following:
Class 12 consists of the claims asserted or assertable by United
Community Bank ("UCB") (the "Class 12 UCB Claims"). UCB filed proof
of claim number 5 asserting an unsecured claim in the amount of
$409,170.77 as evidenced by (i) a promissory note dated December 4,
2015 (the "2015 Note") in the original principal amount of
$500,000.00 and (ii) a promissory note dated February 29, 2016 (the
"2016 Note") in the original principal amount of $50,000.00. UCB
asserts the following amounts due on the 2015 Note as of the
Petition Date $362,816.58 (the "2015 Indebtedness") consisting of
(i) a 2015 Principal Balance in the amount of $361,447.00; (ii)
interest of $1,052.81 and (iii) late charges of $316.77. UCB
asserts the following amounts due on the 2016 Note as of the
Petition Date $46,354.19 (the "2016 Indebtedness") consisting of
(i) a 2016 Principal Balance in the amount of $46,198.63 and (ii)
interest of $155.56. As security for the 2015 Indebtedness and the
2016 Indebtedness, UCB asserts a lien on real property located at
17 Augusta Drive, Newnan, Coweta County, Georgia 30263 (the
"Augusta Drive Property"). Tammy Hughes, Debtor's landlord, owns
the Augusta Drive Property. Debtor is the tenant of the Augusta
Drive Property.
Commencing on the Confirmation Date and continuing on the 5th day
of each subsequent month through and including the 3-year
anniversary of the Effective Date so long as no Class 12
Termination Event has occurred, Debtor shall directly pay UCB on
the 2015 Note at the rate of $3,345.90 per month (the "2015 Note
Payment"). The 2015 Note maturity date shall be extended to October
18, 2026. Commencing on the Confirmation Date and continuing on the
5th day of each subsequent month through and including the 2-year
anniversary of the Effective Date so long as no Class 12
Termination Event has occurred, Debtor shall directly pay UCB on
the 2016 Note at the rate of 5.5% for payments of $750.00 per month
(the "2016 Note Payment"). The 2016 Note maturity date shall be
extended to October 18, 2025. Debtor shall execute any necessary
loan documents to effectuate the terms of this Plan.
A failure by Debtor to make a 2015 Note Payment or 2016 Note
Payment pursuant to the terms of the Plan shall be an event of
default as to UCB. Notwithstanding the terms herein, in the event
of a default as to UCB, UCB shall be immediately entitled to
exercise all rights and remedies as provided in the 2015 Note and
2016 Note. So long as Debtor is not in default pursuant to this
Class 12 and the non-financial terms of the Security Deed recorded
at Deed Book 4304, Page 708 in the records of the Superior Court of
Coweta County, Georgia; the Assignment of Rents recorded at Deed
Book 4304, Page 724, aforesaid records; and the Security Deed
recorded at Deed Book 4345, Page 365, aforesaid records, regarding
the Augusta Drive Property mortgage are not in default, UCB agrees
that it will not foreclose on or take action against the Augusta
Drive Property.
In the event (i) Debtor ceases to occupy the Augusta Drive Property
due to Tammy Hughes' inability to lease the premises to Debtor in
its current condition due to UCB's foreclosure or otherwise or (ii)
UCB's lien on the Augusta Drive Property is paid or otherwise
satisfied, such shall constitute a "Class 12 Termination Event."
UCB is impaired under the Plan and entitled to vote to accept or
reject the Plan.
Notwithstanding anything else in this Plan to the contrary, any
Class 12 Claim shall be reduced by any payment received by the
creditor holding such claim from any third party or other obligor
and Debtor's obligations hereunder shall be reduced accordingly.
A full-text copy of the Third Modified Plan dated October 17, 2023
is available at https://urlcurt.com/u?l=xV7kTW from
PacerMonitor.com at no charge.
Attorney for Debtor:
Leslie M. Pineyro, Esq.
JONES & WALDEN LLC
699 Piedmont Ave. NE
Atlanta, GA 30308
Phone: (404) 564-9300
Email: lpineyro@joneswalden.com
About Multec Industrial Packaging, Inc.
Multec Industrial Packaging, Inc., provides products for packaging
and industrial applications. Multec designs, fabricates, and
delivers packaging for automobile industry parts and trim, water
vehicles, golf carts, freezers, and refrigeration.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-10535) on May 8, 2023.
In the petition signed by John E. Hughes, Sr., chief executive
officer, the Debtor disclosed up to $50,000 in assets and up to
$500,000 in liabilities.
Judge Paul Baisier oversees the case.
Leslie Pineyro, Esq., at Jones & Walden, LLC, is the Debtor's legal
counsel.
MUTSCHLER & MUTSCHLER: Hires Smith Financial as Accountant
----------------------------------------------------------
Mutschler & Mutschler, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to employ Smith Financial
& Associates, P.C. to provide accounting services.
The firm will charge $500 per month for the services of Richard T.
Smith, Jr., member of Smith Financial.
Mr. Smith assured the court that his firm does not hold or
represent any interest adverse to the Debtor or the estate.
The firm can be reached through:
Richard T. Smith, Jr., MBA
Smith Financial & Associates, P.C.
411 North McGraw
Forney, TX 75126
Telephone: (972) 564-4011
Facsimile: (972) 552-2893
Email: rich@smithfinancialwealthadvisory.com
About Mutschler & Mutschler, LLC
Mutschler & Mutschler, LLC operates as a construction company. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Tex. Case No. 23-32146-11) on September 27, 2023.
In the petition signed by Larry Allen Mutschler, managing member,
the Debtor disclosed up to $50,000 in assets and up to $1 million
in liabilities.
Judge Michelle Larson oversees the case.
Eric A. Liepins, Esq. represents the Debtor as legal counsel.
MVK FARMCO: U.S. Trustee Appoints Creditors' Committee
------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of MVK
FarmCo, LLC and its affiliates.
The committee members are:
1. Brifo Land, LLC
Attn: Cortland Barnes
c/o AG Capital Partners Capital Partners
2679 West Main St., Suite 300-346
Littleton, CO 80120
Email: cort@agpartners.capital
Phone: (650) 575-8016
2. Veritiv Operating Company
Attn: Nancy Bride, Senior Counsel
1000 Abernathy Rd NE, Bldg 400, Ste 1700
Atlanta, GA 30328
Email: nancy.bride@veritivcorp.com
Phone: (901) 351-2107
3. Nutrien Ag Solutions, Inc.
Attn: Willie Linder and Nancy Chase
3005 Rocky Mountain Ave.
Loveland, CO 80538
Email: willie.linder@nutrien.com
Email: nancy.chase@nutrien.com
Phone: (970) 685-3300
4. Verdegaal Brothers, Inc.
Attn: Brayden Sanchez
13555 S. 11th Ave.
Hanford, CA 93230
Email: bsanchez@verdegaalbrothers.com
Phone: (559) 582-9205
5. Allen Lund Company
Attn: Steve Doerfler
4529 Angeles Crest Hwy
La Canada, CA 91011
Email: steve.doerfler@allenlund.com
Phone: (818) 949-4507
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 MVK FarmCo
MVK FarmCo, LLC and its affiliates are providers of stone fruit,
operating an integrated network of farms, ranches and packaging
facilities. Founded in 1999 and headquartered in Fresno, Calif.,
the Debtors cultivate approximately 18,000 acres of land nestled
throughout the San Joaquin Valley.
The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case
No. 23-11721) on Oct. 13, 2023. John Boken, chief executive
officer, signed the petitions.
At the time of the filing, the Debtors reported consolidated assets
of $500 million to $1 billion and consolidated liabilities of $1
billion to $10 billion.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Young Conaway Stargatt &
Taylor, LLP as local counsel; Houlihan Lokey as investment banker;
and Stretto, Inc. as claims and noticing agent. AP Services, LLC
provides interim management and restructuring support services to
the Debtors.
NU STYLE LANDSCAPE: Hits Chapter 11 Bankruptcy
----------------------------------------------
Nu Style Landscape & Development LLC filed for chapter 11
protection in the District of Colorado. According to court filing,
the Debtor between $1 million and $10 million in debt owed to 50
and 99 creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated
for
November 8, 2023, at 1:00 P.M., TELEPHONIC MEETING.
CONFERENCE LINE:888-497-4718, PARTICIPANT CODE:6026644#.
About Nu Style Landscape & Development
Nu Style Landscape & Development LLC is a landscape designer in
Denver, Colorado.
Nu Style Landscape & Development LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 23-14475) on
October 2, 2023. In the petition filed by Michael Moilanen, as
managing member, the Debtor reports assets and liabilities between
$1 million and $10 million each.
Judge Thomas B Mcnamara oversees the case.
The Debtor is represented by:
Bailey C. Pompea, Esq.
Allen Vellone Wolf Helfrich & Factor PC
646 Bryant Street
Denver, CO 80204
Phone: 303-534-4499
E-mail: jweinman@allen-vellone.com
NUZEE INC: Expects to Raise $1M From Underwritten Stock Offering
----------------------------------------------------------------
NuZee, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that it entered into an underwriting agreement
with Maxim Group LLC, as the sole book-running manager and
underwriter, relating to an underwritten public offering of 425,000
shares of common stock, par value $0.00001 per share, at a price to
the public of $3.00 per share of Common Stock. Pursuant to the
Underwriting Agreement, the Company granted the Underwriter a
45-day option to purchase up to 63,750 additional shares of Common
Stock at the Offering Price, less underwriting discounts and
commissions.
The Company expects to receive approximately $1.011 million in net
proceeds from the Offering, after deducting underwriting discounts
and commissions and other estimated Offering expenses payable by
the Company, assuming no exercise by the Underwriter of its option
to purchase additional shares of Common Stock, or approximately
$1.189 million if the Underwriter exercises its option to purchase
additional shares of Common Stock in full.
The Offering is being made pursuant to a shelf registration
statement filed with and declared effective by the Securities and
Exchange Commission (Registration No. 333-274818), a base
prospectus, dated Oct. 5, 2023, included as part of the
registration statement, and a prospectus supplement, dated Oct. 17,
2023.
The Underwriting Agreement contains representations, warranties and
covenants of the Company that are customary for transactions of
this type and customary conditions to closing. Additionally, the
Company has agreed to provide the Underwriter with customary
indemnification rights under the Underwriting Agreement. The
Company, its executive officers and directors have also agreed,
subject to certain exceptions, not to sell or transfer any shares
of its common stock, warrants or securities convertible into common
stock for a period of 60 days following the date of the final
prospectus supplement without the approval of the Underwriter.
About NuZee
NuZee, Inc. (d/b/a Coffee Blenders) is a co-packing company for
single serve coffee formats that partners with companies to help
them develop within the single serve and private label coffee
category.
Nuzee reported a net loss of $11.80 million for the year ended
Sept. 30, 2022, a net loss of $18.55 million for the year ended
Sept. 30, 2021, a net loss of $9.52 million for the year ended
Sept. 30, 2020, and a net loss of $12.21 million for the year ended
Sept. 30, 2019.
Houston, Texas-based MaloneBailey, LLP, the Company's auditor since
2013, issued a "going concern" qualification in its report dated
Dec. 23, 2022, citing that the Company has suffered recurring
losses and negative cash flows from operations that raises
substantial doubt about its ability to continue as a going concern.
ORBITAL INFRASTRUCTURE: Assets Pre-Ch. 11 Lender Creditor Bid Ok'd
------------------------------------------------------------------
Alex Wittenberg of Law360 reports that energy services company
Orbital Infrastructure Group received approval from a Texas
bankruptcy judge Thursday, October 5, 2023, to sell two of its
business units for $211 million in credit bids to its stalking
horse bidders, advancing a Chapter 11 liquidation process that the
judge praised for protecting "every last modicum of value out
there."
About Orbital Infrastructure Group
Orbital offers a comprehensive suite of infrastructure solutions,
providing engineering, design, construction, maintenance, and
disaster recovery services to electric power, telecommunications,
and renewable energy customers, of which electric power and
telecommunication segments are still active.
Orbital Infrastructure sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90763) on Aug.
23, 2023. In the petition filed by James F. O'Neil III, as chief
executive officer, the Debtor reported total assets as of June 30,
2023 amounting to $24,185,668 and total debt of $225,850,276.
The case is overseen by the Honorable Bankruptcy Judge David R.
Jones.
The Debtors tapped HAYNES AND BOONE, LLP as counsel, and MOELIS &
COMPANY as investment banker. DONLIN, RECANO & COMPANY, INC., is
the claims agent.
OUTLOOK THERAPEUTICS: Falls Short of Nasdaq Bid Price Requirement
-----------------------------------------------------------------
Outlook Therapeutics, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it received a letter from
the Listing Qualifications Staff of The Nasdaq Stock Market LLC
notifying the Company that for the 32 consecutive business days
prior to Oct. 16, 2023, the bid price of the Company's common stock
had closed below $1.00 per share, the minimum closing bid price
required by the continued listing requirements of Nasdaq Listing
Rule 5550(a)(2).
The notification received has no immediate effect on the listing of
the Company's common stock on the Nasdaq Capital Market. In
accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has
180 calendar days, or until April 15, 2024, to regain compliance
with the minimum bid price requirement. To regain compliance, the
closing bid price of the Company's common stock must be at least
$1.00 per share for a minimum of ten consecutive business days
before the Compliance Date.
If the Company's common stock does not achieve compliance by the
Compliance Date, the Company may be eligible for an additional
180-day period to regain compliance if it meets the continued
listing requirement for market value of publicly held shares and
all other initial listing standards, with the exception of the bid
price requirement, and provides written notice to Nasdaq of its
intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. However,
if it appears to the Nasdaq Staff that the Company will not be able
to cure the deficiency, or if the Company is otherwise not eligible
for the additional compliance period, and the Company does not
regain compliance by the Compliance Date, the Nasdaq Capital Market
will provide written notification to the Company that its common
stock is subject to delisting. At that time, the Company may
appeal the delisting determination to a hearings panel pursuant to
the procedures set forth in the applicable Nasdaq listing rules.
However, there can be no assurance that, if the Company does appeal
the delisting determination by Nasdaq to the panel, such appeal
would be successful.
The Company said it intends to actively monitor the closing bid
price of its common stock between now and the Compliance Date and
will evaluate available options to resolve the deficiency and
regain compliance with the minimum bid price rule.
About Outlook Therapeutics
Outlook Therapeutics, Inc., formerly known as Oncobiologics, Inc.
-- http://www.outlooktherapeutics.com-- is a biopharmaceutical
company working to develop the first FDA-approved ophthalmic
formulation of bevacizumab for use in retinal indications,
including wet AMD, DME and BRVO. If ONS-5010, its investigational
ophthalmic formulation of bevacizumab, is approved, Outlook
Therapeutics expects to commercialize it as the first and only
on-label approved ophthalmic formulation of bevacizumab for use in
treating retinal diseases in the United States, Europe, Japan and
other markets.
Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated Dec. 29, 2022, citing that the Company has incurred recurring
losses and negative cash flows from operations and has an
accumulated deficit, that raise substantial doubt about its ability
to continue as a going concern.
PALATIN TECHNOLOGIES: Posts Preliminary Q1 Product Revenue Results
------------------------------------------------------------------
Palatin Technologies, Inc. announced preliminary fiscal year 2024
first quarter ended Sept. 30, 2023 results, for Vyleesi product
revenue. Vyleesi is the first and only as-needed treatment
approved by the U.S. Food and Drug Administration (FDA) for
premenopausal women with acquired, generalized hypoactive sexual
desire disorder (HSDD).
"We are pleased with Vyleesi's quarterly growth in all key
operating and distribution metrics," stated Carl Spana, Ph.D.,
president and CEO of Palatin. "We continue to successfully execute
our commercial strategy, as evidenced by seven consecutive quarters
of double-digit profitable growth. Importantly, net revenue per
prescriptions dispensed continues to improve, and quarterly net
product revenue for Vyleesi continues to grow and exceed Vyleesi
quarterly operating expenses."
Preliminary Vyleesi product revenue results for the fiscal year
2024 first quarter ended September 30, 2023:
* Gross product revenue was $4.6 million, an 11% increase over
the prior quarter, and a 100% increase over the comparable quarter
last year.
* Net product revenue was $2.1 million, an 18% increase over the
prior quarter, and a 137% increase over the comparable quarter last
year.
* Prescriptions dispensed increased 14% and 88% over the prior
quarter and comparable quarter last year, respectively.
* All key operating and commercial metrics, including new
patient starts, refill rates, commercial insurance reimbursement,
net revenue per prescription dispensed, and new healthcare
prescribers, continued with positive and impactful results and
trends, versus the prior quarter, and comparable quarter last
year.
Preliminary Financial Information
The Vyleesi related financial and operating data for the first
fiscal quarter of 2024 is preliminary and may change. This
preliminary data has been prepared by, and is the responsibility
of, Palatin's management and no independent accounting firm has
audited, reviewed, compiled, or performed any procedures with
respect to this preliminary financial data. There can be no
assurance that Palatin's actual results for this quarterly period
will not differ from the preliminary financial and operating data
and such changes could be material. In addition, Palatin's
estimate of Vyleesi product revenues for the quarter ended Sept.
30, 2023 should not be viewed as a substitute for full financial
statements prepared in accordance with U.S. generally accepted
accounting standards. Additional information that will be material
to investors will be provided in the financial statements for the
three months ended Sept. 30, 2023, and, accordingly, investors
should not place undue reliance on the limited preliminary
information being provided.
About Palatin
Headquartered in New Jersey, Palatin -- www.Palatin.com -- is a
biopharmaceutical company developing first-in-class medicines based
on molecules that modulate the activity of the melanocortin
receptor systems, with targeted, receptor-specific product
candidates for the treatment of diseases with significant unmet
medical need and commercial potential. Palatin's strategy is to
develop products and then form marketing collaborations with
industry leaders to maximize their commercial potential.
Palatin reported a net loss of $27.54 million for the year ended
June 30, 2023, compared to a net loss of $36.20 million on $1.47
million of total revenues for the year ended June 30, 2022.
Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor
since 2002, issued a "going concern" qualification in its report
dated Sept. 28, 2023, citing that the Company has incurred
operating losses and negative cash flows from operations since
inception and will need additional funding to complete planned
product development efforts that raise substantial doubt about its
ability to continue as a going concern.
PAULSON'S TRANSPORT: Michael DeLeo Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 18 appointed Michael DeLeo as
Subchapter V trustee for Paulson's Transport, Inc.
Mr. DeLeo 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. DeLeo declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael S. DeLeo
10900 NE 4th Street, Suite 1850
Bellevue, WA 98004
Phone: (425) 462-4700
Email: Msdeleo-trustee@prklaw.com
About Paulson's Transport
Paulson's Transport, Inc. is a transporter of shipping containers
in the Washington, Oregon, Idaho, Montana, Wyoming, Nevada and
California areas. The company is based in Lynnwood, Wash.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-11959) on Oct. 14,
2023, with $1,293,527 in assets and $1,728,154 in liabilities.
Charles Christian Carr, president, signed the petition.
Steven Palmer, Esq., at Curtis, Castel & Palmer, PLLC represents
the Debtor as legal counsel.
PHENOMENAL FITNESS: William Avellone Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 11 appointed William Avellone of
Chartered Management as Subchapter V trustee for Phenomenal
Fitness, Inc.
Mr. Avellone will be paid an hourly fee of $375 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Avellone declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
William B. Avellone
Chartered Management
10 South Riverside Plaza, Suite 875
Chicago, IL 60606
Tel: (312) 273-4004
Email: bill.avellone@charteredmgt.com
About Phenomenal Fitness
Phenomenal Fitness, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-13614) on Oct. 11, 2023, with up to $50,000 in assets and
$100,001 to $500,000 in liabilities.
Judge Janet S. Baer oversees the case.
William J. Factor, Esq., at FactorLaw represents the Debtor as
bankruptcy counsel.
PREGIS TOPCO: Moody's Affirms 'B3' CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service affirmed Pregis TopCo LLC's B3 corporate
family rating, B3-PD probability of default Rating, and B2 ratings
on its first lien backed senior secured credit facility, inclusive
of revolver and term loan. The rating outlook is stable.
The affirmation and stable outlook reflect Pregis' ability to
manage through weaker volume trends in 2023 with pricing
initiatives. Moody's expects Pregis to show slight improvement in
credit metrics in 2024. The company's credit metrics should benefit
from continued cost efficiency actions, gain of market share from
competitors, and pricing strategies.
"Pregis has performed well in uncertain market conditions, as
evidenced by its healthy EBITDA margin and moderate debt leverage,
but a rise in interest rates has weighed on interest coverage,"
said Scott Manduca, Vice President at Moody's.
RATINGS RATIONALE
Pregis' B3 CFR reflects an aggressive financial policy, with a
history of funded dividends and acquisitions. With that said, the
company has a track record of successfully integrating acquisitions
and reducing debt leverage post transactions. Through EBITDA
growth, Pregis has lowered its debt leverage to just below 5.5x
(Moody's adjusted), maintained its EBITDA margin above 20%, and
generated free cash flow. The capital structure of Pregis consists
of all floating rate debt and the rise in interest rates has
resulted in a decline of interest coverage to around 2.0x. Pregis
is entrenched with its customers through its "razor/razor blade"
model encompassing Pregis' machinery and complimenting packaging
material on the customer premises. This concept creates high
switching costs for the customer and provides revenue visibility
with a recurring revenue stream for Pregis.
Moody's views Pregis to have good liquidity, with a recently
upsized and extended $215 million revolving credit facility
expiring in July 2026, and forecasted free cash flow of around $35
to $40 million in both 2023 and 2024. The company's nearest
maturities are in 2026.
Pregis' first lien senior secured credit facilities, inclusive of
cash revolver and term loan, are rated B2, one notch above its B3
CFR, reflecting their priority position in the capital structure
and loss absorption in a distressed scenario provided by
second-lien term debt. The first lien senior secured credit
facilities are secured by a first lien on the assets, shares of
capital stock, other equity interests and promissory notes owned by
the borrower and guarantors subject to certain exclusions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be downgraded if there is a weakening of credit
metrics caused by aggressive financial policy actions, including
large debt funded acquisitions or dividends, and a deterioration in
liquidity. Specifically, if debt-to-EBITDA (Moody's adjusted) is
above 6.5x, EBITDA-to-interest expense is less than 2.0x, and free
cash flow-to-debt is negative.
The ratings could be upgraded if there is sustained improvement in
credit metrics and good liquidity is maintained. Specifically, if
debt-to-EBITDA (Moody's adjusted) is below 5.5x, EBITDA-to-interest
expense is above 3.0x, and free cash flow-to-debt is above 4.0%.
Headquartered in Chicago, Illinois, Pregis TopCo LLC is a
manufacturer of protective management and equipment. Pregis has
been owned by private equity sponsor, Warburg Pincus, since 2019.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
PRIORITY PARTNERS: Seeks Chapter 11 Bankruptcy
----------------------------------------------
Priority Partners Inc. filed for chapter 11 protection in the
District of Maryland. According to court filing, the Debtor reports
between $10 million and $50 million owed to 200 and 999 creditors.
The petition states funds will be available to unsecured
creditors.
About Priority Partners
Priority Partners Inc. is an insurance company in Maryland.
On Oct. 2, 2023, Priority Partners Inc. filed for chapter 11
protection (Bankr. D. Md. Case No. 23-17059). The petition states
funds will be available to unsecured creditors.
Bankruptcy Judge Maria Ellena Chavez-Ruark handles the case.
The Debtor is represented by:
Chidiebere Onukwugha, Esq.
Onukwugha & Associates, LLC
7755 Belle Point Drive
Greenbelt, MD 20770
RITE AID: Sets Record Date for Sell-Down Protocols
--------------------------------------------------
The U.S. Bankruptcy Court for the District of New Jersey issued an
order establishing a record date for potential notice and sell-down
procedures for trading in certain claims against the estates of
Rite Aid Corporation and its debtor-affiliates.
Pursuant to the Record Date Order, claimholders and potential
purchasers of claims against the Debtors are notified that
claimholders that acquire claims after the Record Date in an amount
that would entitle them to receive more than 4.7% of the stock of
the reorganized Debtors under the Debtors' Chapter 11 plan of
reorganization may be subject to a acquired sell-down of any claims
purchased after the Record Date.
All persons or entities that acquired debt claims against the
Debtors after the Record Date and currently hold or come to hold
such claims in such an amount that the persons or Entities holding
such claims would be entitled to receive more than 4.75 percent of
the equity of the reorganized Debtors under the Debtors' plan of
reorganization shall be required to identify themselves to the
Debtors after the Court’s approval of a corresponding motion.
Upon request of any person or entity, the Debtors' proposed claims
and noticing agent, Kroll Restructuring LLC, will provide a copy of
the Record Date Order in a reasonable amount of time. Complete
copies of the motion and Record Date Order are available via PACER
on the Court's website at https://www.njb.uscourts.gov for a fee,
or free of charge by accessing the Debtors' restructuring website
at https://restructuring.ra.kroll.com/RiteAid.
The entry of the Record Date Order will in no way prejudice the
rights of any party to oppose a Sell-Down Order, on any grounds,
and all parties' rights are expressly preserved hereby.
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.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15,
2023. In the petition signed by Jeffrey S. Stein, chief executive
officer and chief restructuring officer, Rite Aid disclosed
$7,650,418,000 in total assets and $8,597,866,000 in total
liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel, Cole Schotz, P.C.
as local bankruptcy counsel, Guggenheim Partners as investment
banker, Alvarez & Marsal North America, LLC as financial, tax and
restructuring advisor, and Kroll Restructing Administration as
claims and noticing agent.
ROOFING DESIGNS: Katharine Battaia Clark Named Subchapter V Trustee
-------------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of
Thompson Coburn, LLP as Subchapter V trustee for Roofing Designs by
JR, LLC.
Ms. Clark will be paid an hourly fee of $495 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Clark declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Katharine Battaia Clark
Thompson Coburn, LLP
2100 Ross Avenue, Ste. 3200
Dallas, TX 75201
Office: 972-629-7100
Mobile: 214-557-9180
Fax: 972-629-7171
Email: kclark@thompsoncoburn.com
About Roofing Designs
Roofing Designs by JR, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No.
23-32275) on Oct. 4, 2023, with $50,001 to $100,000 in assets and
$500,001 to $1 million in liabilities.
Eric A. Liepins, Esq., at Eric A. Liepins, P.C. represents the
Debtor as legal counsel.
ROY BLACKWELL: Dives Chapter 11 Bankruptcy Protection
-----------------------------------------------------
Roy Blackwell Enterprises Inc. filed for chapter 11 protection in
the Western District of Tennessee. According to court filing, the
Debtor reports $2,894,996 in debt owed to 1 and 49 creditors. The
petition states funds will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated
for
November 6, 2023, at 10:30 A.M.
About Roy Blackwell Enterprises
Roy Blackwell Enterprises Inc. --
https://royblackwellenterprises.com/ -- provides expert precision
measurement and alignment service to be utilized during the
installation of machinery.
Roy Blackwell Enterprises Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No.
23-24865) on Oct. 2, 2023. In the petition filed by Larry Avist
Jr., as president, the Debtor reported total assets of $1,120,661
and total liabilities of $2,894,996.
Judge Jennie D. Latta handles the case.
The Debtor is represented by:
Bo Luxman, Esq.
250 Menefee Street
Covington, TN 38019
Tel: (901) 526-7770
Fax: (901) 526-7957
Email: Bo@luxmanlaw.com
SAMJANE PROPERTIES: Starts Subchapter V Bankruptcy Case
-------------------------------------------------------
SamJane Properties LLC filed for chapter 11 protection in the
Eastern District of Missouri. According to court documents, the
Debtor reported up to $50,000 in debt owed to 1 and 49 creditors.
The petition states funds will be available to Unsecured
Creditors.
About SamJane Properties
SamJane Properties LLC is a Single Asset Real Estate (as defined in
11 U.S.C. Sec. 101(51B)). The Company provides real estate
operating, development, and management services for retail and
business properties.
SamJane Properties LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No.
23-43553) on Oct. 3, 2023. In the petition filed by Sung Y. Bae,
as manager, the Debtor estimated assets between $500,000 and $1
million and estimated liabilities up to $50,000.
Bankruptcy Judge Bonnie L Clair oversees the case.
The Debtor is represented by:
Robert A. Breidenbach, Esq.
Goldstein and Pressman
2386 N. Hwy 67
Florissant, MO 63033
SHIELDS NURSING: Seeks to Tap Jennifer Liu of JMLIU as Accountant
-----------------------------------------------------------------
Shields Nursing Centers, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of California to employ
Jennifer Liu, owner of JMLIU CPA Accountancy Corp, as its
accountant.
The accounting services to be rendered by Ms. Liu include preparing
monthly operating reports, setting up 20 Quickbooks account system,
providing data necessary for interim statements, and booking
services.
Ms. Liu received a retainer in the amount of $12,000.
The Debtor agrees to pay the accountant an hourly fee of $350.
Ms. Liu disclosed in a court filing that she does not have prior
connection with the Debtor and does not hold any pre-bankruptcy
claim.
Ms. Liu can be reached at:
Jennifer M. Liu, CPA, MBT
JMLIU, CPA, Accountancy Corp.
9454 Wilshire Blvd. Ste 628
Beverly Hills, CA 90212
Cell Phone: (310) 801-2479
Email: jmliucpa@gmail.com
About Shields Nursing Centers, Inc.
The Debtor owns and operates a a skilled nursing facility that
offers a state-of-the-art rehabilitation program: physical therapy,
occupational therapy and speech therapy.
Shields Nursing Centers, Inc. in Hercules, CA, filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Cal. Case No.
23-41201) on September 20, 2023, listing $1,726,970 in assets and
$13,504,710 in liabilities. William M. Shields Jr., as chief
executive officer, signed the petition.
LAW OFFICES OF MICHAEL JAY BERGER serve as the Debtor's legal
counsel.
SHIFRIN & ASSOCIATES: Amends First Mid Bank & IRS Secured Claims
----------------------------------------------------------------
Shifrin & Associates submitted a First Modified Subchapter V Plan
of Reorganization.
Pursuant to the Plan, Debtor proposes to pay its Creditors, after
confirmation and the Effective Date of the Plan, from a combination
of monies that Debtor has accumulated during this Chapter 11 Case
and future disposable income received by Debtor for 5 years
following the Effective Date of the Plan unless otherwise
provided.
This Plan provides for two Classes of Secured Claims; one Class of
Priority Claims; one Class of Unsecured Claims; one Class of
Allowed Interests. This Plan also provides for the payment of
Subchapter V Trustee fees, Administrative Expense Claims, and
Priority Tax Claims.
Class 2 consists of the Secured Claims of First Mid Bank & Trust.
First Mid Bank & Trust is a Secured Claimant holding a senior lien
in the First Mid Bank Collateral. First Mid Bank & Trust shall have
an Allowed Secured Claim in the amount of $45,000.00. The Allowed
Secured Claim of First Mid Bank and Trust shall be paid in full
upon confirmation of the Plan using the proceeds of the New Loan
Facility.
Class 3 consists of the Secured Claims of Internal Revenue Service.
The Internal Revenue Service ("IRS") is a Secured Claimant holding
a junior lien on the First Mid Bank Collateral. The IRS's Secured
Claim is allowed in the amount of $73,856.00. The Allowed Secured
Claim of the IRS shall be paid in full upon confirmation of the
Plan using the proceeds of the New Loan Facility.
Like in the prior iteration of the Plan, holders of Allowed General
Unsecured Claims will receive their Pro Rata share of Excess
Monthly Income quarterly for 5 years or until the holders of
Allowed Class 4 Claims are paid in full, whichever is shorter.
All of Debtor's Excess Monthly Income and cash accumulated since
the Petition Date will be used to fund the Plan.
Financial & Marketing Solutions, LLC (the "Exit Lender") has
offered the New Loan Facility which will act as an exit loan for
the Debtor to fund payments of certain claims of the Debtor as
described in the Plan. As a part of the New Loan Facility, The Exit
Lenders have agreed to extend a loan in the amount of $236,900.00
to Debtor.
A full-text copy of the First Modified Plan dated October 17, 2023
is available at https://urlcurt.com/u?l=FLNahu from
PacerMonitor.com at no charge.
Attorneys for Debtor:
Robert E. Eggmann, Esq.
Thomas H. Riske, Esq.
Carmody MacDonald, PC
120 South Central Avenue, Suite 1800
St. Louis, MO 63105
Telephone: (314) 854-8600
Facsimile: (314) 854-8660
Email: ree@carmodymacdonald.com
thr@carmodymacdonald.com
About Shifrin & Associates
Shifrin & Associates operates an environmental consulting company
specializing in due diligence and site assessments for construction
projects.
Shifrin & Associates sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 23-40921) on March
17, 2023, with up to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Brian C. Walsh oversees the case.
Robert E. Eggmann, Esq., at Carmody MacDonald P.C., is the Debtor's
legal counsel.
SINTX TECHNOLOGIES: Falls Short of Nasdaq Bid Price Requirement
---------------------------------------------------------------
SINTX Technologies, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Oct. 20, 2023, the
Company received a notice from Nasdaq Listing Qualifications
department of the Nasdaq Stock Market LLC stating that the bid
price of the Company's common stock for the 30 consecutive trading
days prior to Oct. 20, 2023 had closed below the minimum $1.00 per
share required for continued listing under Listing Rule
5550(a)(2).
The Nasdaq notification letter does not result in the immediate
delisting of the Company's common stock, and the stock will
continue to trade uninterrupted on the The Nasdaq Capital Market
under the symbol "SINT".
If the Company does not regain compliance with Rule 5550(a)(2) by
April 17, 2024, the Company may be eligible for additional time.
To qualify, the Company will be required to meet the continued
listing requirement for market value of publicly held shares and
all other initial listing standards for The Nasdaq Capital Market,
with the exception of the bid price requirement, and will need to
provide written notice of its intention to cure the deficiency
during the second compliance period, by effecting a reverse stock
split, if necessary. If the Company meets these requirements, the
Staff will inform the Company that it has been granted an
additional 180 calendar days. However, if it appears to Staff that
the Company will not be able to cure the deficiency, or if the
Company is otherwise not eligible, the Staff will provide notice
that its securities will be subject to delisting.
The Company said it intends to actively monitor the closing bid
price for its common stock and will consider available options to
resolve the deficiency and regain compliance with Nasdaq Listing
Rule 5550(a)(2).
About SINTX Technologies
Headquartered in Salt Lake City, Utah, SINTX Technologies, Inc. --
https://ir.sintx.com -- is an advanced ceramics company that
develops and commercializes materials, components, and technologies
for biomedical, technical, and antipathogenic applications. The
core strength of SINTX Technologies is the manufacturing, research,
and development of advanced ceramics for external partners.
SINTX reported net loss of $12.04 million in 2022, a net loss of
$9.31 million in 2021, a net loss of $7.03 million in 2020, and a
net loss of $4.79 million in 2019. For the six months ended June
30, 2023, the Company reported a net loss of $2.75 million.
As of Dec. 31, 2022, the Company had $15.77 million in total
assets, $10.07 million in total liabilities, and $5.70 million in
total stockholders' equity.
SOUTHERN DRILL: Ongoing Operations to Fund Plan Payments
--------------------------------------------------------
Southern Drill Supply-Acquisition, LLC, filed with the U.S.
Bankruptcy Court for the Northern District of Florida a Plan of
Reorganization for Small Business dated October 17, 2023.
The Debtor is a Limited Liability Corporation. Since July 2019, the
Debtor has been in the business of supplying material for the
underground drilling industry and outdoor power equipment,
providing sales and service to the northern Gulfport, MS area.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $212,150.00. The final
Plan payment is expected to be paid on December 2025.
This Plan of Reorganization proposes to pay creditors of the Debtor
from ongoing business operations.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 0 cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.
Class 3 consists of Non-Priority Unsecured Creditors:
* 3A: Wells Fargo (Claim 5) with a claim amount of $5,986.97.
Part of transaction being challenged and subject to prosecution of
Escambia County, Florida Case No.: 2019 CA 002096.
* 3B: LaRent Equipment, Inc. and LaRent of MS, LLC (Claim 6)
with a claim amount of $112,636.58. No Proof of Claim filed and is
challenged and subject to prosecution of Escambia County, Florida
Case No.: 2019 CA002096.
* 3C: Bill Gibson with a claim amount of $37,500.00. No Proof
of Claim filed and is challenged and subject to prosecution of
Escambia County, Florida Case No.: 2019 CA002096.
* 3D: Lisa Lyons with a claim amount of $37,500.00. Subject to
prosecution of Escambia County, Florida Case No.: 2019 CA 002096.
* 3E: PNC Bank (SBA Loan) with a claim amount of $6,207.35.
Pay with possibility of additional funds being forgiven subject to
re-payment by Government.
A full-text copy of the Plan of Reorganization dated October 17,
2023 is available at https://urlcurt.com/u?l=p0JXbn from
PacerMonitor.com at no charge.
Attorney for Debtor:
Todd M. LaDouceur, Esq.
GALLOWAY, JOHNSON, TOMPKINS, BURR & SMITH
21 East Garden Street 1st Floor
Pensacola, FL 32502
Tel: (850) 436-7000
Fax: (850) 436-7099
Email: tladouceur@gallowaylawfirm.com
About Southern Drill Supply-Acquisition
Southern Drill Supply-Acquisition LLC is a professional and
commercial equipment and supplies merchant wholesaler.
Southern Drill Supply-Acquisition sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-30452) on
July 3, 2023. In the petition filed by William Shearer, as
managing member, the Debtor reported assets between $100,000 and
$500,000 and liabilities between $1 million and $10 million.
Todd M. LaDouceur, Esq., and Todd M. LaDouceur, P.A., at Galloway
Law Firm, is the Debtor's counsel.
SPI ENERGY: Falls Short of Nasdaq Minimum Bid Price Requirement
---------------------------------------------------------------
SPI Energy Co., Ltd. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it received a notice in the
form of a letter from the Nasdaq Listing Qualifications Department
of The Nasdaq Stock Market LLC stating that the Company was not in
compliance with Nasdaq Listing Rule 5450(a)(1) because the bid
price for the Company's ordinary shares had closed below $1.00 per
share for the 30 consecutive business days prior to Oct. 19, 2023.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company
has been given 180 calendar days, or until April 16, 2024, to
regain compliance with the Minimum Bid Price Requirement. If at
any time before April 16, 2024, the bid price of the Company's
ordinary shares closes at $1.00 per share or more for a minimum of
10 consecutive business days, the Staff will provide written
confirmation that the Company has achieved compliance.
In the event the Company does not regain compliance, the Company
may be eligible for additional time. To qualify for the additional
compliance period, the Company will be required to (i) submit, no
later than the expiration date, an on-line Transfer Application,
(ii) submit a non-refundable $5,000 application fee, (iii) meet the
continued listing requirement for the market value of its publicly
held shares and all other continued listing standards for The
Nasdaq Stock Market, with the exception of the bid price
requirement, and (iv) will need to provide written notice of its
intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split if necessary. As part
of its review process, the Staff will make a determination of
whether they believe the Company will be able to cure this
deficiency. Should the Staff conclude that the Company will not be
able to cure the deficiency, or should the Company determine not to
submit a transfer application or make the required representation,
the Staff will provide notice that the Company's securities will be
subject to delisting.
The Nasdaq Deficiency Letter has no immediate impact on the listing
of the Company's ordinary shares, which will continue to be listed
and traded on The Nasdaq Global Select Market, subject to the
Company's compliance with the other continued listing requirements
of The Nasdaq Stock Market.
The Company intends to actively monitor the closing bid price for
the Company's ordinary shares and may, if appropriate, evaluate
available options to resolve the deficiency and regain compliance
with the Minimum Bid Price Requirement. The Company said that
while it is exercising diligent efforts to maintain the listing of
its ordinary shares on Nasdaq, there can be no assurance that the
Company will be able to regain or maintain compliance with Nasdaq
listing standards.
About SPI Energy Co.
SPI Energy Co., Ltd. is a global renewable energy company and
provider of solar storage and EV solutions that was founded in
2006 in Roseville, California and is now headquartered in McClellan
Park, California.
SPI Energy reported a net loss of $33.72 million for the year ended
Dec. 31, 2022, compared to a net loss of $44.83 million for the
year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$231.09 million in total assets, $213.22 million in total
liabilities, and $17.87 million in total equity.
New York, New York-based Marcum Asia CPAs LLP, the Company's
auditor since 2018, issued a "going concern" qualification in its
report dated April 14, 2023, citing that the Company has a
significant working capital deficit, has incurred significant
losses and needs to raise additional funds to sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
TAYLOR COURT: Trustee Taps McManimon Scotland as Legal Counsel
--------------------------------------------------------------
Mark Politan, Chapter 11 Trustee of Taylor Court Apartments, LLC,
seeks approval from the U.S. Bankruptcy Court for the District of
New Jersey to hire McManimon, Scotland & Baumann, LLC as his
counsel.
The firm's services include:
a. advising the Trustee with respect to his powers and
duties;
b. assisting in the identifying, marshalling and liquidating
of the assets of the Debtor;
c. prosecuting any claims that may arise in connection with
this Chapter 11 proceeding; and
d. performing such other legal services for the Trustee as may
be necessary and appropriate.
McManimon Scotland will be paid at these hourly rates:
Anthony Sodono, III (Member) $695
Sari B. Placona (Partner) $410
Partners $325 to $625
Associates $255 to $295
Law Clerks $145 to $175
Paralegals/Support Staffs $145 to $215
McManimon Scotland will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Anthony Sodono, III, a member at McManimon Scotland, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
McManimon Scotland can be reached at:
Anthony Sodono, III, Esq.
McMANIMON, SCOTLAND & BAUMANN, LLC
75 Livingston Avenue, Second Floor
Roseland, NJ 07068
Tel: (973) 622-1800
E-mail: asodono@msbnj.com
About Taylor Court Apartments
Taylor Court Apartments, LLC filed Chapter 11 petition (Bankr.
D.N.J. Case No. 23-16641) on Aug. 2, 2023, with $1 million to $10
million in both assets and liabilities. The petition was filed pro
se.
Judge Rosemary Gambardella oversees the case.
TORI BELLE: $325K Sale to Kitzberger & Hunter to Fund Plan
----------------------------------------------------------
Tori Belle Cosmetics, LLC submitted an Amended Plan of
Reorganization dated October 17, 2023.
This Plan is a liquidating plan under which most of the debtor's
assets will be sold and the Debtor will cease operations.
The Debtor will sell all its assets except for the excluded assets,
free and clear of liens, claims and interests, to Robert Kitzberger
and Laura Hunter, or their assignees, for the sum of $325,000 (the
"Gross Sale Price") payable in two equal installments, 50% at the
Effective Date of the plan, and the remaining 50% within 60 days of
the Effective Date. The assets to be sold include all inventory,
supplies, the website www.toribellecosmetics.com, product data,
order data, customer lists, customer datasets and any and all
trademarks or other intellectual property (the "Included Assets").
The assets excluded from the sale will be the debtor's cash on
hand, accounts receivable as of the Confirmation Date, payments in
transit as of Confirmation Date (net of orders to be fulfilled),
and a pending duty drawback estimated at $70,707 (net of
third-party representative's fees of 15%) (the "Excluded Assets"),
all of which are estimated to have a value at the Confirmation Date
of between $75,000 and $100,000. Mr. Kitzberger and Ms. Hunter
anticipate use of Mr. Kitzberger's retirement funds to pay the
Gross Sale Price.
Priority unsecured claims will be paid in full, with post
confirmation interest, within 30 days after the Effective Date.
Non-priority unsecured creditors holding allowed claims may receive
distributions if secured claims, administrative expenses and
priority unsecured claims are paid in full. The proponent of this
Plan estimates no distributions to general unsecured creditors.
Class 1 consists of all allowed claims entitled to priority. The
Internal Revenue Service will receive payment in full within 30
days after the Effective Date. The Massachusetts Department of
Revenue will receive payment in full within 30 days after the
Effective Date.
Class 2 consists of the claim of Streamline Fulfillment, LLC. The
lien of Streamline Fulfillment, LLC shall attach to the proceeds of
sale and this Class shall receive payment of 17% of its allowed
secured claim. One-half of the distribution shall be paid within 30
days of the Effective Date and the remaining one-half shall be paid
within 90 days thereafter. The remainder of the claim shall be
unsecured.
Class 3 consists of the claim of CHTD Swift Financial. The lien of
CHTD Swift Financial shall attach to the proceeds of sale and this
Class shall receive payment of 17% of its allowed secured claim.
One half of the distribution shall be paid within 30 days of the
Effective Date and the remaining one-half shall be paid within
90days thereafter. The remainder of the claim shall be unsecured.
Class 4 consists of the claim of PIRS Capital. The lien of PIRS
CAPITAL shall attach to the proceeds of sale and this Class shall
receive payment of 17% of its allowed secured claim. One-half of
the distribution shall be paid within 30 days after allowance of
the claim and the remaining one-half shall be paid within 60 days
thereafter. The Plan Distribution Agent may object to this claim.
The remainder of the claim shall be unsecured.
Class 5 consists of the claim of Bank of America. The lien of Bank
of America shall attach to the proceeds of sale and this Class
shall receive payment of 17% of its allowed secured claim. One-half
of the distribution shall be paid within 30 days of the Effective
Date and the remaining one-half shall be paid within 90 days
thereafter. The remainder of the claim shall be unsecured.
Class 6 consists of the claim of LashLiner. The lien of LashLiner
shall attach to the proceeds of sale and this Class shall receive
payment of 17% of its allowed secured claim. One-half of the
distribution shall be paid within 30 days of the Effective Date and
the remaining one-half shall be paid within 90 days thereafter. The
remainder of the claim shall be unsecured.
Class 7 consists of all non-priority unsecured claims. Filed or
scheduled undisputed claims approximate $3 million. Disputed claims
are approximately $10 million, including the Jens class action
claim. General unsecured creditors holding allowed claims will
receive pro rata payments from the Plan Distribution Agent only
after all secured claims, administrative claims and unsecured
priority claims have been paid in full. It is not expected that
general unsecured creditors will receive a distribution greater
than 10%.
Mr. Kitzberger and Ms. Hunter will pay to the Plan Distribution
Agent the Gross Sale Price on Confirmation and prior to the
Effective Date. In the event the order confirming the Plan is
appealed, the Gross Sale Price shall nonetheless be paid unless the
appealing party obtains a stay of the Confirmation Order.
A full-text copy of the Amended Plan dated October 17, 2023 is
available at https://urlcurt.com/u?l=wRyAGB from PacerMonitor.com
at no charge.
Debtor's Counsel:
James E. Dickmeyer, Esq.
LAW OFFICE OF JAMES E. DICKMEYER, PC
520 Kirkland Way Suite 400
PO Box 2623
Kirkland WA 98083-2623
Tel: 425-889-2324
E-mail: jim@jdlaw.net
About Tori Belle
Tori Belle Cosmetics, LLC, offers cosmetic products in Woodinville,
Wash.
Tori Belle Cosmetics filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-11122) on
June 16, 2023, with $4,687,380 in assets and $2,751,998 in
liabilities. Robert Kitzberger, president and authorized officer,
signed the petition.
Judge Marc Barreca oversees the case.
James E. Dickmeyer, Esq., at the Law Office of James E. Dickmeyer,
PC, is the Debtor's bankruptcy counsel.
TROIKA MEDIA: Incurs $12.3 Million Net Loss in Second Quarter
-------------------------------------------------------------
Troika Media Group, Inc. filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $12.26 million on $58.69 million of revenue for the three months
ended June 30, 2023, compared to a net loss of $18.06 million on
$85.38 million of revenue for the three months ended June 30,
2022.
For the six months ended June 30, 2023, the Company reported a net
loss of $20.16 million on $117.73 million of revenue compared to a
net loss of $32.44 million on $101.07 million of revenue for the
six months ended June 30, 2022.
As of June 30, 2023, the Company had $146.18 million in total
assets, $132.31 million in total liabilities, and $13.87 million in
total stockholders' equity.
Financing Matters
As has been previously reported, the Company agreed with its senior
lender, Blue Torch, to undertake a process with an investment
banker to facilitate the repayment of Blue Torch's debt in full
either through an acquisition or disposition involving the Company,
a refinance of Blue Torch's debt, or some combination thereof. As
a result, the Company engaged Jefferies LLC, a leading global
full-service investment banking and capital markets firm, in
December 2022 and the Board formed a Special Committee to, among
other things, oversee a Potential Transaction. To date, no
agreement for a Potential Transaction has been reached, and the
Company is pursuing a long-term amendment of the Financing
Agreement with Blue Torch. The current waivers with Blue Torch
expire on Oct. 20, 2023, subject to potential extension if a
definitive written agreement is delivered on or prior to Oct. 20,
2023, providing for cash repayment in full of all obligations owed
to Blue Torch or which is otherwise acceptable to Blue Torch.
"There can be no assurance that the Company will be able to execute
a Potential Transaction or reach agreement with Blue Torch by such
date. If necessary, the Company will request additional waivers
and extensions of the expiration date of the waivers from Blue
Torch, but there can be no assurance that Blue Torch will agree to
any requested waivers or extensions. The Company is currently in
negotiations to extend that date.
"The issues with the Company's capital structure and the costs of
the Blue Torch debt have materially impacted the liquidity of the
Company and have negatively impacted the performance of the
business given the Company's limited ability to invest in the
business and the material amounts of time management has spent on
the restructuring process. Pursuant to current projections of the
Company's cash flow, the Company would fail to have enough cash to
continue to fund operations for the next twelve months. Thus,
management has concluded that there is substantial doubt that the
Company will continue as a going concern," the Company said in a
news release dated Oct. 20, 2023.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1021096/000162828023034838/trka-20230630.htm
About Troika
Troika Media Group, Inc. (fka M2 nGage Group, Inc.) -- thetmgrp.com
-- is a professional services company that architects and builds
enterprise value in consumer facing brands to generate scalable
performance driven revenue growth. The Company delivers three
solutions pillars that: CREATE brands and experiences and CONNECT
consumers through emerging technology products and ecosystems to
deliver PERFORMANCE based measurable business outcomes.
Troika Media reported a net loss of $9.58 million for the six
months ended Dec. 31, 2022. Troika Media reported a net loss of
$38.69 million for the year ended June 30, 2022, a net loss of $16
million for the year ended June 30, 2021, and a net loss of $14.45
million for the year ended June 30, 2020.
UNITED BRANDS: Seeks to Hire Verso Law Group as Trademark Counsel
-----------------------------------------------------------------
United Brands Products Design Development & Marketing, Inc. seeks
approval from the U.S. Bankruptcy Court for the Northern District
of California to employ Verso Law Group LLP as its trademark
counsel.
Verso Law Group has historically managed and protected the Debtor's
international trademarks. The firm's further representation will
generally be as follows:
a. continue managing and protecting the Debtor’s portfolio
of trademarks;
b. continue handling the aforesaid dispute;
c. continue assisting the Debtor with retaining and managing
local counsel in foreign countries; and
d. perform such other services as are necessary and
appropriate to the engagement.
The hourly rates to be charged in this matter are:
Attorneys $475 - $775
Paralegals $150 - $175
Luisa Bonachea, partner with the law firm of Verso Law Group LLP,
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:
Luisa Bonachea, Esq.
Verso Law Group LLP
209 Kearny St #300
San Francisco, CA 94108
Phone: (415) 534-0495
Email: luisa.bonachea@versolaw.com
About United Brands Products Design
Development & Marketing, Inc.
United Brands Products Design Development & Marketing, Inc., doing
business as Whip-It!, is a manufacturer of dispensers and chargers
in South San Francisco, Calif.
The Debtor filed Chapter 11 petition (Bankr. N.D. Cal. Case No.
23-30604) on Sept. 5, 2023, with $10 million to $50 million in
assets and $1 million to $10 million in liabilities. Nesser David
Zahriya, president, signed the petition.
Judge Hannah L. Blumenstiel oversees the case.
The Debtor tapped Michael W. Malter, Esq., at Binder & Malter, LLP
as legal counsel and James C. Morris, Esq., at Gordon Rees Scully
Mansukhani, LLP as special litigation counsel.
UPTOWN PARTNERS: Nov. 30, 2023 Bid Deadline Set
-----------------------------------------------
Hilco Real Estate will hold public sale of a 222 units Hud Housing
Portfolio located at Governor's Square, 2020 Fulton Street,
Harrisburg, Pennsylvania 171110. The property is owned by Uptown
Partners LLP.
Deadline to submit offers is Nov. 30, 2023.
Hilco Real Estate can be reached at:
Hilco Real Estate
Attn: Jonathan Cuticelli
Tel: (847) 305-4256
Cel: (203) 561-8737
Email: jcuticelli@hilcoglobal.com
About Uptown Partners
Harrisburg, Pennsylvania-based Uptown Partners is the owner of
Harrisburg housing complex Governor's Square.
Uptown Partners, LP, sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-00988) on May 2,
2023.
The Debtor tapped Robert E. Chernicoff of Cunningham And Chernicoff
PC as its counsel
US CONSOLIDATED: Tamara Miles Ogier Named Subchapter V Trustee
--------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq.,
at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for US
Consolidated, LLC.
Ms. Ogier will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Ogier declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Tamara Miles Ogier, Esq.
Ogier, Rothschild & Rosenfeld, PC
P.O. Box 1547
Decatur, GA 30031
Phone: (404) 525-4000
Email: tmo@orratl.com
About US Consolidated
US Consolidated, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-21144) on
Oct. 11, 2023, with $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.
Charles N. Kelley, Jr., Esq., at Kelley & Clements, LLP represents
the Debtor as legal counsel.
VENUS CONCEPT: Closes Fourth Sale of $2M Worth of Preferred Shares
------------------------------------------------------------------
Venus Concept Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Oct. 20, 2023, the
Company and investors EW Healthcare Partners, L.P. and EW
Healthcare Partners-A, L.P consummated the fourth sale in the
Private Placement, under which the Company sold the Investors an
aggregate of 502,513 shares of Senior Preferred Stock for an
aggregate purchase price of $2,000,000. The Fourth Placement was
consummated in reliance on the private placement exemption from
registration provided by Section 4(a)(2) of the Securities Act of
1933, as amended, and Rule 506 of Registration D, promulgated by
the Securities and Exchange Commission, as well as similar
exemptions under applicable state laws. The Company expects to use
the proceeds of the Fourth Placement, after the payment of
transaction expenses, for general working capital purposes.
Venus Concept entered into a Stock Purchase Agreement, dated May
15, 2023, as amended on July 6, 2023, with the Investors. Under
the Stock Purchase Agreement, the Company may issue and sell to the
Investors up to $9,000,000 in shares of newly-created senior
convertible preferred stock, par value $0.0001 per share, in
multiple tranches from time to time until Dec. 31, 2025, subject to
a minimum aggregate purchase amount of $500,000 in each tranche.
The initial sale in the Private Placement occurred on May 15, 2023,
under which the Company sold to the Investors an aggregate of
280,899 shares of Senior Preferred Stock for an aggregate purchase
price of $2,000,000. The second sale in the Private Placement
occurred on July 12, 2023, under which the Company sold to the
Investors an aggregate of 500,000 shares of Senior Preferred Stock
for an aggregate purchase price of $2,000,000. The third sale in
the Private Placement occurred on Sept. 8, 2023, under which the
Company sold to the Investors an aggregate of 292,398 shares of
Senior Preferred Stock for an aggregate purchase price of
$1,000,000.
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related practice enhancement
services. The Company's aesthetic systems have been designed on a
cost-effective, proprietary and flexible platform that enables the
Company to expand beyond the aesthetic industry's traditional
markets of dermatology and plastic surgery, and into
non-traditional markets, including family and general practitioners
and aesthetic medical spas.
Venus Concept reported a net loss of $43.58 million in 2022
compared to a net loss of $22.14 million in 2021. As of Dec. 31,
2022, the Company had $125.38 million in total assets, $116.64
million in total liabilities, and $8.74 million in stockholders'
equity.
Toronto, Canada-based MNP LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated March
27, 2023, citing that the Company has reported recurring net losses
and negative cash flows from operations that raise substantial
doubt about its ability to continue as a going concern.
VISTA CLINICAL: Hits Chapter 11 Bankruptcy
------------------------------------------
Vista Clinical Diagnostics LLC filed for chapter 11 protection in
the Middle District of Florida. According to court documents, the
Debtor reports between $1 million and $10 million in debt owed to 1
and 49 creditors. The petition states funds will be available to
unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated
for
October 30, 2023, at 1:30 PM at UST-LA3, TELEPHONIC MEETING.
CONFERENCE LINE: 877-801-2055, PARTICIPANT CODE:8940738#.
About Vista Clinical Diagnostics
Vista Clinical Diagnostics LLC -- https://www.vista-clinical.com/
-- doing business as Vista Clinical, is an independent laboratory
offering a complete compendium of clinical laboratory testing
capabilities, including microbiology, PCR molecular biology &
surgical pathology.
Vista Clinical Diagnostics LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
23-04109) on Sept. 2, 2023. In the petition filed by Davian S.
Santana, as president, the Debtor reported assets and liabilities
between $1 million and $10 million each.
The Debtor is represented by:
R Scott Shuker, Esq.
Shuker & Dorris, P.A.
3705 South Highway 27
Clermont, FL 34711
Phone: (407) 337-2060
Email: rshuker@shukerdorris.com
VOYAGER DIGITAL: U.S. Regulators Consider Penalizing Ex-CEO Ehrlich
-------------------------------------------------------------------
Allyson Versprille of Bloomberg News reports that investigators at
a key US regulator have concluded that the co-founder of Voyager
Digital Ltd. broke derivatives regulations before the failed crypto
lender plunged into bankruptcy last 2022, according to people
familiar with the matter.
Staff in the Commodity Futures Trading Commission's enforcement
division recommended internally that the agency accuse Stephen
Ehrlich of breaking its rules by misleading customers about the
safety of their assets following a probe into Voyager's conduct.
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; and
Deloitte & 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."
WHAIRHOUSE LIMITED: Trustee Taps McManimon Scotland as Counsel
--------------------------------------------------------------
Mark Politan, Chapter 11 Trustee of Whairhouse Limited Liability
Company, seeks approval from the U.S. Bankruptcy Court for the
District of New Jersey to hire McManimon, Scotland & Baumann, LLC
as his counsel.
The firm's services include:
a. advising the Trustee with respect to his powers and
duties;
b. assisting in the identifying, marshalling and liquidating
of the assets of the Debtor;
c. prosecuting any claims that may arise in connection with
this Chapter 11 proceeding; and
d. performing such other legal services for the Trustee as may
be necessary and appropriate.
McManimon Scotland will be paid at these hourly rates:
Anthony Sodono, III (Member) $695
Sari B. Placona (Partner) $410
Partners $325 to $625
Associates $255 to $295
Law Clerks $145 to $175
Paralegals/Support Staffs $145 to $215
McManimon Scotland will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Anthony Sodono, III, a member at McManimon Scotland, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
McManimon Scotland can be reached at:
Anthony Sodono, III, Esq.
McMANIMON, SCOTLAND & BAUMANN, LLC
75 Livingston Avenue, Second Floor
Roseland, NJ 07068
Tel: (973) 622-1800
E-mail: asodono@msbnj.com
About Whairhouse Limited
RG3, LLC and eight other creditors of Whairhouse Limited Liability
Company filed an involuntary Chapter 11 petition (Bankr. D.N.J.
Case No. 23-17272) against the company on Aug. 22, 2023. The
creditors are represented by Sean Mack, Esq., at Pashman Stein
Walder Hayden, PC.
Judge Rosemary Gambardella oversees the case.
Whairhouse is represented by the Law Firm of Brian W. Hofmeister.
WHAIRHOUSE REAL ESTATE: Trustee Taps McManimon Scotland as Counsel
------------------------------------------------------------------
Mark Politan, Chapter 11 Trustee of Whairhouse Real Estate
Investments, LLC, seeks approval from the U.S. Bankruptcy Court for
the District of New Jersey to hire McManimon, Scotland & Baumann,
LLC as his counsel.
The firm's services include:
a. advising the Trustee with respect to his powers and
duties;
b. assisting in the identifying, marshalling and liquidating
of the assets of the Debtor;
c. prosecuting any claims that may arise in connection with
this Chapter 11 proceeding; and
d. performing such other legal services for the Trustee as may
be necessary and appropriate.
McManimon Scotland will be paid at these hourly rates:
Anthony Sodono, III (Member) $695
Sari B. Placona (Partner) $410
Partners $325 to $625
Associates $255 to $295
Law Clerks $145 to $175
Paralegals/Support Staffs $145 to $215
McManimon Scotland will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Anthony Sodono, III, a member at McManimon Scotland, assured the
Court that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code and does not
represent any interest adverse to the Debtor and its estates.
McManimon Scotland can be reached at:
Anthony Sodono, III, Esq.
McMANIMON, SCOTLAND & BAUMANN, LLC
75 Livingston Avenue, Second Floor
Roseland, NJ 07068
Tel: (973) 622-1800
E-mail: asodono@msbnj.com
About Whairhouse Real Estate Investments, LLC
Whairhouse Real Estate Investments, LLC filed Chapter 11 petition
(Bankr. D.N.J. Case No. 23-16723) on Aug. 4, 2023, with $1 million
to $10 million in both assets and liabilities. The petition was
filed pro se.
Judge Rosemary Gambardella oversees the case.
WHITEWATER WHISTLER: S&P Affirms 'BB+' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' issuer credit rating on
WhiteWater Whistler Holdings LLC (WhiteWater Whistler).
S&P said, "At the same time, we affirmed our 'BB+' issue-level
rating and '4' recovery rating on the company's senior secured term
loan. The '4' recovery rating indicates our expectation for average
(30%-50%; rounded estimate: 35%) recovery in a payment default
scenario.
"The stable outlook reflects our expectation that WhiteWater
Whistler's S&P Global Ratings-adjusted debt to EBITDA of 6.0x-6.5x
in 2023 and 4.5x-5.0x in 2024.
"We now consider I Squared Capital Advisors LLC (I Squared) an
infrastructure fund rather than a financial sponsor and no longer
consider WhiteWater Whistler to be a financial sponsor-owned
company.
"We no longer view I Squared as a financial sponsor. WhiteWater
Whistler is owned by affiliates of I Squared, which we now view as
an infrastructure fund. We generally expect financial sponsors to
have aggressive policies, using financial leverage to generate high
returns on an investment within a short holding period. We do not
expect I Squared will aggressively increase WhiteWater Whistler's
leverage over the long term and believe I Squared has exhibited a
financial strategy akin to other infrastructure funds. Although
financial policy may differ between various funds invested, we
expect the I Squared fund that holds its investment in WhiteWater
Whistler to display this financial policy. In our view, I Squared
targets a lower internal rate of return compared with typical
private equity firms and believe I Squared's financial policy
differentiates it from other financial-sponsor-owned companies that
we rate. As a result, we now assess WhiteWater Whistler's financial
policy as neutral.
"We expect WhiteWater Whistler's financial measures will improve
over the next two years. Given the company is solely dependent on
the cash flow from Whistler Pipeline LLC (Whistler) and Whistler's
subsidiaries, we continue proportionally consolidating its 62.5%
stake in Whistler. We forecast the company will generate surplus
free operating cash flow of at least $50 million in 2023 and about
$180 million-$190 million in 2024 with minimal maintenance capital
needs. We expect WhiteWater Whistler will deleverage to the 4.0x
area over the next two years given the benefits from the excess
cash flow (ECF) sweep, the mandatory amortization payments at its
subsidiary, and the incremental cash flow from its expansion
projects.
"The stable outlook reflects the predictability and stability of
WhiteWater Whistler's cash flows supported by Whistler's long-term
minimum volume commitments. We expect the company's S&P Global
Ratings-adjusted debt to EBITDA will be 6.0x-6.5x in 2023 and
4.5x-5.0x in 2024, and will deleverage to 4.0x area over time as it
benefits from the cash flow sweep and incremental cash flow from
its expansion projects when completed.
"We could consider a negative rating action if WhiteWater
Whistler's S&P Global Ratings-adjusted debt to EBITDA increases
above 5.5x on a consistent basis, which could occur due to a
lower-than-anticipated excess cash sweep, incremental debt, or if
it pursues a more aggressive financial policy.
"We could consider a positive rating action if WhiteWater Whistler
achieves S&P Global Ratings-adjusted debt to EBITDA of below 4.5x
on a consistent basis while expanding the scale of its operations
and demonstrating a track record of stable profitability measures
such that we view its business risk profile more favorably."
WHITNEY OIL & GAS: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Whitney Oil & Gas LLC
920 Memorial City Way Ste 200
Houston, TX 77024
Business Description: Whitney Oil & Gas is part of the oil and
gas extraction industry.
Chapter 11 Petition Date: October 26, 2023
Court: United States Bankruptcy Court
Eastern District of Louisiana
Case No.: 23-11873
Debtor's Counsel: Douglas S. Draper, Esq.
HELLER, DRAPER & HORN, LLC
650 Poydras Street
Suite 2500
New Orleans, LA 70130
Tel: 504-299-3300
Email: ddraper@hellerdraper.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Christopher O. Ryals as chief
restructuring 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/HKODU5A/Whitney_Oil__Gas_LLC__laebke-23-11873__0001.0.pdf?mcid=tGE4TAMA
YIELD10 BIOSCIENCE: To Finalize Exclusive License to Omega-3 Tech
-----------------------------------------------------------------
Yield10 Bioscience, Inc. announced that the Company has exercised
its option to finalize an exclusive global, commercial license to
advanced omega-3 production technology from U.K.-based Rothamsted
Research Limited. In 2020, Yield10 signed an exclusive
collaboration agreement with Rothamsted to support Rothamsted's
Flagship Program to develop omega-3 oils in Camelina sativa. As
part of the collaboration agreement, Yield10 received an exclusive
option to sign a global, exclusive license agreement for the
technology.
The technology developed by Rothamsted enables the sustainable,
plant-based production of omega-3 nutritional oils in Camelina.
Over the last decade, the Rothamsted team, led by Professor
Johnathan Napier, Ph.D., Science Director, has demonstrated the
production of omega-3 oils in Camelina seed and conducted
evaluations of the oils in salmon feeding and human clinical
studies to demonstrate lipid lowering effects. Omega-3 oils are
essential for human nutrition and have demonstrated benefits in
heart health.
"Our decision to exercise the exclusive global option to the
omega-3 production technology with Rothamsted underscores our
belief that there will be significant market opportunities for the
omega-3 oil profiles that can be produced using Camelina as a
platform crop," said Oliver Peoples, Ph.D., president and chief
executive officer of Yield10 Bioscience. "The Rothamsted team has
advanced the omega-3 Camelina technology to where it is ready to
begin commercialization. We are also planning improvements in the
varieties through the deployment of our herbicide tolerance and
performance traits. Commercially, we are on a promising path to
commercializing elite omega-3 varieties of Camelina that combine
good agronomics in the field while also producing high-value,
high-purity omega-3 oils possessing very attractive economics."
The potential market opportunity for omega-3 fatty acids produced
in Camelina includes use in pharmaceutical (ethyl-EPA) products,
dietary supplements, and food and feed ingredients. Currently, the
primary source of the essential fatty acids EPA (eicosapentaenoic
acid) and DHA (docosahexaenoic acid) is ocean-caught fish, where
omega-3 oil produced from anchovy harvest is the industry
benchmark. Over the last few years, there has been increasing
pressure on the supply of omega-3 oil due to over-fishing. In
2023, Peru, which produces 20% of the global fish oil supply,
canceled its first season anchovy harvest due to a lack of mature
fish. Producing omega-3 fatty acids in Camelina may represent a
way to enable a predictable supply of high-quality omega-3 oils to
meet the global demand for EPA and DHA.
Under the collaboration with Yield10, additional intellectual
property has been developed by Rothamsted for next generation
omega-3 Camelina varieties. However, in response to customer
interest, Yield10 has elected to prioritize the current EPA8
omega-3 Camelina as the initial profile for commercialization. In
spring 2023, Yield10 planted omega-3 (EPA) Camelina at acre-scale
in the United States to begin the ramp-up of seed inventory for
future planting as well as to produce oil for use in business
development activities. The seed yield, oil content and oil
composition of the EPA8 Camelina variety have thus far met the
Company's expectations for performance, setting the stage for
advanced development and possible future market introduction.
Yield10 plans to conduct further seed scale-up of EPA8 Camelina in
contra season in South America this winter. In the third quarter
of 2023, Yield10 submitted a Request for Status Review ("RSR") for
EPA8 Camelina to USDA-APHIS Biotechnology Regulatory Services under
the Sustainable, Ecological, Consistent, Uniform, Responsible,
Efficient (SECURE) Rule. A favorable review under the SECURE Rule
would allow the crop to be grown at large scale in the United
States.
Yield10 and Rothamsted are also pursuing commercial development of
Camelina to produce omega-3 oil containing both EPA and DHA fatty
acids as a sustainable alternative to oil obtained from
ocean-harvested fish, which serves as an essential ingredient for
fish feed used in aquaculture, including the farming of Atlantic
salmon.
About Yield10
Yield10 Bioscience, Inc. -- http://www.yield10bio.com-- is an
agricultural bioscience company focused on the large-scale
production of low carbon sustainable products from processing
Camelina seed using the oilseed Camelina sativa ("Camelina") as a
platform crop.
Yield10 Bioscience reported a net loss of $13.57 million for the
year ended Dec. 31, 2022, compared to a net loss of $11.03 million
for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company
had $8.08 million in total assets, $3.68 million in total
liabilities, and $4.40 million in total stockholders' equity.
Boston, Massachusetts-based RSM US LLP, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
March 14, 2023, citing that the Company has suffered recurring
losses from operations and does not have sufficient liquidity to
meet forecasted costs. This raises substantial doubt about the
Company's ability to continue as a going concern.
YOUNG POULTRY: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Young Poultry Farm, LLC
13300 County Road 298
Collinsville, MS 39325
Chapter 11 Petition Date: October 25, 2023
Court: United States Bankruptcy Court
Southern District of Mississippi
Case No.: 23-02495
Judge: Hon. Jamie A. Wilson
Debtor's Counsel: Douglas M. Engell, Esq.
DOUG ENGELL
PO Box 309
Marion, MS 39342
Tel: 601-693-6311
Email: dengell@dougengell.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Louis Clay Young as member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/6LAVIDA/Young_Poultry_Farm_LLC__mssbke-23-02495__0001.0.pdf?mcid=tGE4TAMA
ZIP TOP INC: Seeks Subchapter V Bankruptcy Protection
-----------------------------------------------------
Zip Top Inc. For Chapter 11 protection in the Western District of
Texas. According to court documents, the Debtor reported
$13,090,851 in debt owed to 1 and 49 creditors. The petition
states funds will be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated
for
Nov. 2, 2023, at 2:00 PM, TELEPHONIC MEETING. CONFERENCE
LINE:(866)711-2282, PARTICIPANT CODE:3544189#7.
About Zip Top Inc.
Zip Top Inc. -- https://www.ziptop.com/ -- doing business as Zip
Top, is a company that produces 100% Platinum Silicone reusable
containers that stand up, stay open, and zip shut. Their containers
are microwave, freezer, and dishwasher safe, and are an
eco-friendly alternative to single-use plastics.
Zip Top Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10832) on Oct.
2, 2023. In the petition filed by Scott Robertson, as CEO, the
Debtor reported total assets of $17,611,746 and total liabilities
of $13,090,851.
The case is overseen by Honorable Bankruptcy Judge Shad Robinson.
The Debtor is represented by:
Frank B. Lyon, Esq.
Frank B. Lyon, Attorney
12400 W Highway 71 Ste 350-304
Bee Cave, TX 78738-6517
Phone: (512) 345-8964
Email: frank@franklyon.com
[] Liability Management Takes Spotlight at Nov 29 DI Conference
---------------------------------------------------------------
Catch not one, but two sessions on the issue of liability
management at the 30TH DISTRESSED INVESTING CONFERENCE presented by
Beard Group, Inc. on Nov. 29.
Join experts Mark Hebbeln, Partner, Foley & Lardner LLP; Evan Hill,
Partner, Corporate Restructuring, Skadden; and Dan Kamensky,
Founder, Creditor Coalition, as they take on one of the credit
market's most contentious issues: the rising trend of companies,
especially those backed by financial sponsors, employing aggressive
liability management techniques to extend runway but in the process
favoring one group of creditors over another, leading to intense
battles over the spoils. Discover how changes in market norms and
contractual rights in the past two decades have fueled these
aggressive techniques and understand the judiciary's reaction
through pivotal case law developments.
Karn Chopra, Partner, Central View Partners; Damian Schaible,
Partner, Davis Polk; Anthony Sexton, Partner, Kirkland & Ellis; and
John Sobolewski, Partner, Wachtell, Lipton, Rosen & Katz then take
over to discuss the intricacies of liability management techniques,
emphasizing the intricate deal dynamics and the relationships among
transaction parties. Uncover their driving motivations and learn
how they shield themselves from self-serving actions. Get insights
into the structures used in these transactions, common influential
tax problems, and strategies used to safeguard against future
challenges.
Registration remains open for the 30th DI Conference to be held
Wed., Nov. 29, in-person at the Harmonie Club in Manhattan.
Top industry experts gather together to discuss the latest topics
and trends in the distressed investing industry. Now on its 30th
year, this value-packed event features special presentations from
keynote speakers, live panel discussions and networking sessions
with other insolvency professionals.
This year's Distressed Investing Conference is sponsored by:
* Kirkland & Ellis and Foley & Lardner, as conference
co-chairs
* Davis Polk
* Dechert
* Dentons
* DSI
* Locke Lord
* Parkins & Rubio
* RJReuter
* Skadden
* SSG
* Stein Advisors
* Troutman Pepper
* Wachtell Lipton Rosen & Katz
* Weil Gotshal
Our Media partners:
* BankruptcyData
* Debtwire
* LevFin Insights
* PacerMonitor
* REORG
Our knowledge partner:
* Creditor Rights Coalition
Visit https://www.distressedinvestingconference.com/ for more
information.
For conference sponsorship and speaking opportunities, contact:
Will Etchison
305-707-7493
Will@BeardGroup.com
[^] BOOK REVIEW: Bailout: An Insider's Account of Bank Failures
---------------------------------------------------------------
Bailout: An Insider's Account of Bank Failures and Rescues
Author: Irvine H. Sprague
Publisher: Beard Books
Soft cover: 321 pages
List Price: $34.95
Order your personal copy at
https://ecommerce.beardbooks.com/beardbooks/bailout.html
No one is more qualified to write a work on this subject of bank
bailouts. Holding the positions of chairman or director of the
Federal Deposit Insurance Corporation (FDIC) during the 1970s and
1980s, one of Sprague’s most important tasks was to close down
banks that were failing before they could cause wider damage. The
decades of the 1970s and ‘80s were times of high interest rates
for both depositors and borrowers. Rates for depositors at many
banks approached 10%, with rates for loans higher than that. The
fierce competition in the banking industry to offer the highest
rates to attract and keep depositors caused severe financial stress
to an unusually high number of banks. Having to pay out so much in
interest to stay competitive without taking in much greater
deposits was straining the cash and other assets of many banks.
The unprecedented high interest rates also had the effect of
reducing the number of loans banks were giving out. There were not
so many borrowers willing to take on loans with the high interest
rates. With the disruptions in their interrelated deposits and
loans, many banks began to engage in unprecedented and unfamiliar
financial activities, including investing in risky business
ventures. As well as having harmful effects on local economies,
the widely reported troubles of a number of well-known and
well-respected banks were having a harmful effect on the public’s
confidence in the entire banking industry.
Sprague along with other government and private-sector leaders in
the banking and financial field realized the problems with banks of
all sizes in all parts of the country had to be dealt with
decisively. Action had to be taken to restore public confidence,
as well as prevent widespread and long-lasting damage to the U. S.
economy. Sprague’s task was one of damage control largely on the
blind. The banking industry, the financial community, and the
government and the public had never faced such a large number of
bank failures at one time. The Home Loan Bank Board for the
savings-and-loans associations had allowed these institutions to
treat goodwill as an asset in an effort to shore up their
deteriorating financial situations with disastrous results for
their depositors and U. S. taxpayers. Such a desperate stratagem
only made the problems with the savings-and-loans worse. The banks
covered by the FDIC headed by Sprague were different from these
institutions. But the problems with their basic business of
deposits and loans were more or less the same. And the cause of the
problem was precisely the same: the high interest rates.
Faced with so many bank failures, Sprague and the government
officials, Congresspersons, and leaders he worked with realized
they could not deal effectively with every bank failure. So one of
their first tasks was to devise criteria for which failures they
would deal with. Their criteria formed what came to be known as
the “essentiality doctrine.” This was crucial for guidance in
dealing with the banking crisis, as well as for explanation and
justification to the public for the government agency’s decisions
and actions. Sprague’s tale is mainly a “chronicle [of] the
evolution of the essentiality doctrine, which derives from the
statutory authority for bank bailouts.” The doctrine was first
used in the bailout of the small Unity Bank of Boston and refined
in the bailouts of the Bank of the Commonwealth and First
Pennsylvania Bank. It then came into use for the multi-billion
dollar bailout of the Continental Illinois National Bank and Trust
Company in the early 1980s. Continental’s failure came about
almost overnight by the “lightening-fast removal of large
deposits from around the world by electronic transfer.” This was
another of the unprecedented causes for the bank failures Sprague
had to deal with in the new, high-interest, world of banking in the
‘70s and ‘80s. The main part of the book is how the
essentiality doctrine was applied in the case of each of these four
banks, with the especially high-stakes bailout of Continental
having a section of its own.
Although stability and reliability have returned to the banking
industry with the return of modest and low interest rates in
following decades, Sprague’s recounting of the momentous
activities for damage control of bank failures for whatever reasons
still holds lessons for today. For bank failures inevitably occur
in any economic conditions; and in dealing with these promptly and
effectively in the ways pioneered by Sprague, the unfavorable
economic effects will be contained, and public confidence in the
banking system maintained.
As chairman or director of the FDIC for more than 11 years, Irvine
H. Sprague (1921-2004) handled 374 bank failures. He was a special
assistant to President Johnson, and has worked on economic issues
with other high government officials.
*********
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
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assets. A company may establish reserves on its balance sheet for
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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
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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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*** End of Transmission ***