/raid1/www/Hosts/bankrupt/TCR_Public/231102.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, November 2, 2023, Vol. 27, No. 305
Headlines
AI DESIGN: Nancy Isaacson Named Subchapter V Trustee
AMERICAN PHYSICIAN: Court Sets Chapter 11 Confirmation for December
AMPIO PHARMACEUTICALS: Board Adopts Compensation Recoupment Policy
ARCHDIOCESE OF SAN FRANCISCO: Insurers Say Suit to Help Ch. 11
AVIATION SAFETY: Case Summary & 20 Largest Unsecured Creditors
BENDED PAGE: Mark Dennis Named Subchapter V Trustee
CALAMP CORP: Accepts Resignation of Director
CHEMICAL EXCHANGE: KM Liquids to Repurchase Property for $1.2MM
COMMSCOPE HOLDING: S&P Places 'B-' ICR on CreditWatch Negative
CORLEY NISSAN: Case Summary & 20 Largest Unsecured Creditors
COX OPERATING: Creditors Slam Proposed $88.5-Mil. Asset Sale
CXOSYNC LLC: Starts Subchapter V Bankruptcy Protection
DIGITAL ALLY: Secures $4.9M Revolving Loan Commitment From Kompass
DIRECTBUY HOME: Seeks Approval to Sell Assets by Auction
DM & KC LLC: Voluntary Chapter 11 Case Summary
DRILLING COMPANY: Jenny Martin Walker Named Subchapter V Trustee
FTX GROUP: Bankman-Fried Appears Evasive, Vague in Front of Jury
GENEVA REPAIR: Neema Varghese Named Subchapter V Trustee
GLOBAL CANCER: Mark Sharf Named Subchapter V Trustee
I & J LIQUOR: Mark Shapiro Named Subchapter V Trustee
INSULATED WALL: Jennifer Schank Named Subchapter V Trustee
JAM PIZZA: Mark Schlant Named Subchapter V Trustee
KARPATIA TRUCKS: Case Summary & 20 Largest Unsecured Creditors
KOFC LTD: Eric Terry Named Subchapter V Trustee
LAJOHNTY HOLDINGS: Case Summary & 10 Unsecured Creditors
LASSETER ENTERPRISES: Drew McManigle Named Subchapter V Trustee
LAWRENCE COUNTY: Glen Watson Named Subchapter V Trustee
LILIUM N.V.: Falls Short of Nasdaq Minimum Bid Price Requirement
LORDSTOWN MOTORS: Disclosures Okayed Despite Investor Objection
LTL MANAGEMENT: Gets Court Nod for $13.1 Million Chapter 11 Fees
LUMEN TECHNOLOGIES: Gets $1.2-Bil. Long-Term Debt Financing
MULLEN AUTOMOTIVE: Files Supplement to S-3 Registration Statement
MULLEN AUTOMOTIVE: Nasdaq Grants Request for Continued Listing
NAVIENT CORP: S&P Rates New $500MM Senior Unsecured Notes 'B+'
NEXTPOINT FINANCIAL: Court Okays Going Concern Sale Transaction
NORTHERN DELIGHT: Case Summary & 10 Unsecured Creditors
ORIGINAL MONTANA: Voluntary Chapter 11 Case Summary
OROVILLE, CA: S&P Withdraws 'B' LT Rating on 2019 Revenue Bonds
PENNSYLVANIA REAL ESTATE: Lenders in Talks Over Debt Maturities
PEOPLE WHO CARE: Seeks Chapter 11 Bankruptcy
PIONEER AEROSPACE: Voluntary Chapter 11 Case Summary
PRETIUM PKG: Moody's Cuts CFR to Caa2 & Rates New 1st Lien Loan B2
RAISING CANE'S: Moody's Assigns First Time B1 Corp. Family Rating
RED APPLE INVESTMENTS: Hits Chapter 11 Bankruptcy
ROBERT P. OBREGON DDS: Walter Dahl Named Subchapter V Trustee
ROCKPORT DEVELOPMENT: Court Rejects Deal as 'Sub Rosa' Proposal
ROOF HEROES: Ruediger Mueller Named Subchapter V Trustee
S.E. INC: Case Summary & 20 Largest Unsecured Creditors
SA NW UPSCALE HOSPITALITY: Hits Chapter 11 Bankruptcy
SK SPEC 1: Katharine Battaia Clark Named Subchapter V Trustee
SOUTHERN LAND: Voluntary Chapter 11 Case Summary
SPIKE BODY: Neema Varghese Named Subchapter V Trustee
STILLPOINT INC: Michael Wheatley Named Subchapter V Trustee
STONY POINT: Eric Huebscher Named Subchapter V Trustee
SUNLIGHT FINANCIAL: Seeks Chapter 11 Bankruptcy Protection
TERLINGO CYCLE: Frances Smith Named Subchapter V Trustee
TUPPERWARE BRANDS: PwC Declines to Stand for Re-Appointment
UNIFIN: Restructuring Process Extension Okayed by Court
VIRGINIA REAL ESTATE: Richard Maxwell Named Subchapter V Trustee
VISTAGEN THERAPEUTICS: Appoints Joshua Prince as COO
WEWORK INC: Intends to File Chapter 11 Bankruptcy Protection
YIWAN TRADING: Nov. 14 Hearing on Bid to Close Sale of Artwork
ZYMERGEN INC: Dives in Chapter 11 Bankruptcy Protection
[*] FBFK's Rachael Smiley to Serve as TMA Global President-Elect
[*] Stephanie Hor-Chen Joins Blank Rome's Bankruptcy Group
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
AI DESIGN: Nancy Isaacson Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Nancy Isaacson,
Esq., at Greenbaum, Rowe, Smith & Davis, LP, as Subchapter V
trustee for AI Design, LLC and Custom Metal Fabrication, LLC.
Ms. Isaacson will be paid an hourly fee of $410 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Isaacson declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Nancy Isaacson, Esq.
Greenbaum, Rowe, Smith & Davis, LP
75 Livingston Avenue
Roseland, NJ 08068
Phone: (973) 535-1600
Email: nisaacson@greenbaumlaw.com
About AI Design
AI Design, LLC, is an architectural metal and glass designer,
fabricator and installer in Closter, N.J.
AI Design and its affiliate, Custom Metal Fabrication, LLC, filed
Chapter 11 petitions (Bankr. D. N.J. Lead Case No. 23-18795) on
Oct. 7, 2023. At the time of the filing, AI Design reported
$100,000 to $500,000 in assets and $1 million to $10 million in
liabilities while Custom Metal Fabrication reported up to $50,000
in assets and $100,001 to $500,000 in liabilities.
Judge Stacey L. Meisel oversees the cases.
Rosemarie E. Matera, Esq., at Kirby Aisner & Curley LLP, serves as
the Debtors' legal counsel.
AMERICAN PHYSICIAN: Court Sets Chapter 11 Confirmation for December
-------------------------------------------------------------------
Vince Sullivan of Law360 reports that bankrupt medical staffing
company American Physician Partners will have a Chapter 11 plan
confirmation hearing Dec. 14, 2023 after a Delaware judge approved
its plan disclosure statement Tuesday, Oct. 31, 2023, and urged the
debtor to continue negotiations with unsecured creditors.
About American Physician Partners
American Physician Partners, LLC, is an emergency medicine
management company in Brentwood, Tenn.
American Physician Partners and its affiliates sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 23-11469) on Sept. 18, 2023. In the petition signed by
its chief restructuring officer, John DiDonato, American Physician
Partners disclosed $100 million to $500 million in assets and $500
million to $1 billion in liabilities.
Judge Brendan L. Shannon oversees the cases.
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones LLP, is
the Debtor's legal counsel.
AMPIO PHARMACEUTICALS: Board Adopts Compensation Recoupment Policy
------------------------------------------------------------------
Ampio Pharmaceuticals, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the Board of Directors of
the Company adopted a Compensation Recoupment Policy with an
effective date of Oct. 2, 2023, in order to comply with Section 311
of the NYSE American Company Guide and Rule 10D-1 promulgated under
the Securities Exchange Act of 1934, as amended.
The Policy will be administered by the Compensation Committee of
the Board consisting solely of directors that are "independent"
under rules of the NYSE American or, in the absence of such
committee, the independent directors serving on the Board of
Directors (acting by a majority).
The Policy provides for the mandatory recovery of erroneously
awarded incentive-based compensation from current and former
executive officers of the Company in the event of any required
accounting restatement of the financial statements of the Company
due to the material noncompliance of the Company with any financial
reporting requirement under the applicable U.S. federal securities
laws, including any required accounting restatement to correct an
error in previously issued financial statements that is material to
the previously issued financial statements, or that would result in
a material misstatement if the error were corrected in the current
period or left uncorrected in the current period. Under the
Policy, the Company must recoup from the Covered Officer
erroneously awarded incentive compensation received within a
lookback period of the three completed fiscal years preceding the
date on which the Company is required to prepare such accounting
restatement, as well as any required transition period resulting
from a change in the Company's fiscal year.
About Ampio Pharmaceuticals
Headquartered in Englewood, Colorado, Ampio Pharmaceuticals, Inc.
-- http://www.ampiopharma.com-- is a pre-revenue stage
biopharmaceutical company. Until May 2022 the Company was focused
on the clinical development of Ampion and preclinical development
of AR-300, a novel, proprietary, small molecule formulation that
has (i) demonstrated anti-inflammatory properties in vitro and (ii)
protection of cartilage in preclinical rat meniscal tear studies.
Subsequently, the Company has shifted nearly all of its focus
towards the preclinical development of AR-300 and it is currently
conducting studies to evaluate the efficacy of AR-300 in
osteoarthritis-related pain.
Denver, Colorado-based Moss Adams LLP, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
March 27, 2023, citing that the Company has suffered recurring
losses from operations and cash used in operations that raise
substantial doubt about its ability to continue as a going concern.
ARCHDIOCESE OF SAN FRANCISCO: Insurers Say Suit to Help Ch. 11
--------------------------------------------------------------
Ben Zigterman of Law360 reports that three Chubb subsidiaries have
asked a bankruptcy judge to lift an automatic stay on their
California state court case against the Archdiocese of San
Francisco, arguing a resolution over the coverage issues in their
suit will help the archdiocese's bankruptcy case move forward.
About San Francisco Archdiocese
The Roman Catholic Archbishop of San Francisco, Archdiocese of San
Francisco, is a tax exempt religious organisation. The Archdiocese
of San Francisco is a Latin Church ecclesiastical territory or
diocese of the Catholic Church in the northern California region of
the United States. The Archdiocese of San Francisco was erected on
July 29, 1853, by Pope Pius IX and its cathedral is the Cathedral
of Saint Mary of the Assumption.
The Archdiocese sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Cal. Case No. 23-30564) on Aug. 21, 2023. In the
petition filed by Fr. Patrick Summerhays as vicar general and
moderator of the Curia, the Archdiocese reported $100 million to
$500 million in assets and liabilities.
The Hon. Dennis Montali oversees the case.
The Debtor tapped Feldserstein Fitzgerald Willoughby as counsel.
AVIATION SAFETY: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Aviation Safety Resources, Inc.
6448 Pinecastle Blvd., Suite 104
Orlando, FL 32809
Chapter 11 Petition Date: November 1, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-04639
Debtor's Counsel: Daniel R. Fogarty, Esq.
STICHTER, RIEDL, BLAIN & POSTLER, P.A.
110 E. Madison St.
Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
Email: dfogarty@srbp.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michael Rinaldi as president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/BMC4SIA/Aviation_Safety_Resources_Inc__flmbke-23-04639__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/BAXGXPY/Aviation_Safety_Resources_Inc__flmbke-23-04639__0001.0.pdf?mcid=tGE4TAMA
BENDED PAGE: Mark Dennis Named Subchapter V Trustee
---------------------------------------------------
The U.S. Trustee for Region 11 appointed Mark Dennis, a certified
public accountant at SL Biggs, as Subchapter V trustee for Bended
Page, LLC.
Mr. Dennis will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Dennis declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark D. Dennis, CPA
SL Biggs, A Division of SingerLewak, LLP
2000 S. Colorado Blvd., Tower 2, Ste. 200
Denver, CO 80222
Phone: 303-226-5471
Email: mdennis@slbiggs.com
About Bended Page
Bended Page, LLC filed a voluntary petition for Chapter 11
protection (Bankr. D. Colo. Case No. 23-14679) on Oct. 16, 2023. In
the petition signed by its chief executive officer, Bradford
Dempsey, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Michael E. Romero oversees the case.
Onsager Fletcher Johnson Palmer, LLC serves as the Debtor's legal
counsel.
CALAMP CORP: Accepts Resignation of Director
--------------------------------------------
CalAmp Corp. has amended its Current Report on Form 8-K, filed July
28, 2023, with the Securities and Exchange Commission to (i) revise
Item 5.02 to disclose the requirement for a director resignation
upon a failure to be re-elected and the subsequent decision by the
Board of Directors of the Company to accept the director's
resignation and (ii) revise Item 5.07 to reflect that a director of
the Company failed to be re-elected at the Company's 2023 Annual
Meeting of Stockholders.
On July 26, 2023, CalAmp held its 2023 Annual Meeting of
Stockholders. At the Annual Meeting, the Company's stockholders
approved the CalAmp Corp. Amended and Restated 2004 Incentive Stock
Plan. The Amended Plan was adopted by the Company's Board of
Directors on June 13, 2023.
The Amended Plan amends and restates the Company's existing CalAmp
Corp. Amended and Restated 2004 Incentive Stock Plan, as amended
and makes the following material changes to the Plan:
(i) Increases the number of shares of common stock available by
1,748,000 shares to an aggregate of 14,598,000 shares, and
therefore increases the number of shares which may be granted as
incentive stock options under the Amended Plan, by 1,748,000 shares
to an aggregate of 14,598,000 shares;
(ii) Increases the number of shares that may be granted to any
employee during any fiscal year of the Company by 200,000 shares to
500,000 shares;
(iii) Removes the Plan's "full value" award limit, which limited
the number of "full value" awards (i.e., awards other than stock
options and stock appreciation rights) that could be granted under
the Plan to awards covering 5,550,000 shares (notwithstanding the
Plan's aggregate share limit). Under the Amended Plan, the number
of shares pursuant to full value awards granted on or after the
effective date of the Amended Plan may be granted up to the maximum
number of shares available under the Amended Plan;
(iv) Removes "liberal share-counting" provisions, such that
shares tendered or withheld to satisfy the tax withholding
obligations associated with an award will not be added back into
the Amended Plan's share reserve;
(v) amends the definition of eligible consultants to include any
individual or entity that qualifies as a consultant under the Form
S-8 rules;
(vi) Clarifies the application of the minimum vesting provision;
and
(vii) Extends the right to grant awards under the Amended Plan
through June 1, 2033.
The Amended Plan, other than the Share Reserve Increase, the
increased Individual Employee Limit, and the Term Extension became
effective on the date the Board adopted the Amended Plan. The
Share Reserve Increase, the increased Individual Employee Limit and
the Term Extension became effective upon stockholder approval on
the date of the Annual Meeting on July 26, 2023.
At the Annual Meeting Wesley Cummins, an incumbent director, did
not receive a majority of the votes cast at the Annual Meeting for
his election to the Board. In accordance with the Company's
director resignation policy, an incumbent director who is not
elected by a majority of the votes cast is expected to tender his
or her resignation to the Governance and Nominating Committee,
which will recommend to the Company's Board whether to accept or
reject the resignation offer, or whether other action should be
taken, in accordance with the director resignation policy in the
Company's Corporate Governance Guidelines.
On Oct. 24, 2023, upon the recommendation of the Governance and
Nominating Committee, the Board accepted Mr. Cummins' resignation,
effective Oct. 24, 2023.
About CalAmp
CalAmp Corp. is a connected intelligence company that leverages a
data-driven solutions ecosystem to help people and organizations
improve operational performance. The Company solves complex
problems for customers within the market verticals of
transportation and logistics, commercial and government fleets,
industrial equipment, K12 fleets, and consumer vehicles by
providing solutions that track, monitor, and protect their vital
assets.
CalAmp Corp. reported a net loss of $32.49 million for the year
ended Feb. 28, 2023, a net loss of $27.99 million for the year
ended Feb. 28, 2022, a net loss of $56.31 million for the year
ended Feb. 28, 2021, and a net loss of $79.30 million for the year
ended Feb. 29, 2020.
CHEMICAL EXCHANGE: KM Liquids to Repurchase Property for $1.2MM
---------------------------------------------------------------
Chemical Exchange Industries, Inc. and its affiliates asked the
U.S. Bankruptcy Court for the Southern District of Texas for
authority to sell an unimproved 10-acre tract of real property to
KM Liquids Terminals, LLC.
The property is being sold at the strike price of $1,244,790.29.
The proposed sale is in connection with KM's exercise of its right
to repurchase the property under a repurchase option agreement
dated April 30, 2010.
The property was originally acquired for future development. Other
than serving as collateral for the companies' debtor-in-possession
(DIP) loan, the property is not critical to the companies' business
operations, according to their attorney, Joseph Epstein, Esq., at
Joseph G. Epstein, PLLC.
DIP lenders Sallyport Commercial Finance, LLC and Briar Capital
Real Estate Fund, LLC consented to the sale on condition that the
net proceeds will be used for, among other things, payment of the
collateral release fee of $62,239.52 (5% of the strike price) by
the companies to Briar; and the setoff by KM from its net sales
proceeds payable to the companies against all post-petition
obligations owing by the companies to KM under a terminal service
agreement.
"A prompt sale of the property presents the best opportunity to
maximize value by providing additional liquidity and fostering the
reorganization effort to enhance the [companies] opportunity to
maximize the value of the enterprise for the benefit of creditors,"
Mr. Epstein said in a motion filed in court.
The motion is on the court's calendar for Nov. 8.
About Chemical Exchange Industries
Chemical Exchange Industries, Inc. specializes in contract
manufacturing and tolling, and the manufacture of DCPD
(dicyclopentadiene), DCPD alcohol, resin intermediates, n-butanol,
DCPD/CPD derivatives, mining chemicals, aromatic solvents, and
sustainable aviation fuel (SAF). The company is based in Galena
Park, Texas.
Chemical Exchange Industries and its affiliates filed Chapter 11
petitions (Bankr. S.D. Texas Lead Case No. 23-90778) on Sept. 18,
2023. In the petition signed by its chief executive officer,
Douglas H. Smith, Chemical Exchange Industries disclosed $10
million to $50 million in assets and $1 million to $10 million in
liabilities.
Judge David R. Jones oversees the cases.
The Debtors tapped Joseph Epstein, Esq., at Joseph G. Epstein, PLLC
and The Tower Law Firm, PLLC as bankruptcy counsels, and Chiron
Financial, LLC as investment banker and financial advisor.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Zachary McKay, Esq.
COMMSCOPE HOLDING: S&P Places 'B-' ICR on CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings places its ratings on network infrastructure
provider CommScope Holding Co. Inc. on CreditWatch with negative
implications, including the 'B-' issuer credit rating.
S&P will consider resolving the CreditWatch listing after reviewing
the company's full third quarter results.
The CreditWatch action follows CommScope's announcement of its
preliminary results for the third quarter of 2023, which
meaningfully lowered the company's projected 2023 revenue and
EBITDA due to continued demand weakness from all its major
segments. S&P said, "We now project CommScope's revenue will
decrease more than 20% and EBITDA will decrease more than 15% in
2023, which is worse than our projections from our analysis in
September 2023. We believe this could also hamper 2024 financial
performance and we may view its capital structure as unsustainable.
We will resolve the CreditWatch Negative once CommScope reports its
full third quarter of 2023 earnings and we speak to management
about 2024 financial performance expectations and upcoming
maturities."
CORLEY NISSAN: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Corley Nissan, LLC
a New Mexico limited liability company
1000 W. Jefferson
Gallup, NM 87301
Business Description: Corley Nissan is an automotive dealer in
Gallup, New Mexico.
Chapter 11 Petition Date: October 31, 2023
Court: United States Bankruptcy Court
District of New Mexico
Case No.: 23-10975
Judge: Hon. Robert H. Jacobvitz
Debtor's Counsel: Christopher M. Gatton, Esq.
GIDDENS & GATTON LAW, P.C.
10400 Academy N.E. Suite 350
Albuquerque, NM 87111
Phone: (505) 271-1053
Email: giddens@giddenslaw.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Debora M. Money as executive manager.
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/6HFHF7A/CORLEY_NISSAN_LLC_a_New_Mexico__nmbke-23-10975__0001.0.pdf?mcid=tGE4TAMA
COX OPERATING: Creditors Slam Proposed $88.5-Mil. Asset Sale
------------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that oil producer Cox
Operating LLC is facing creditor backlash after a proposed $88.5
million asset sale purportedly fell apart earlier this month.
Cox had sought to sell oil production assets in the Gulf of Mexico
to driller W&T Offshore Inc. but failed to finalize the deal,
according to a group of lienholders, which includes lifeboat
suppliers and energy companies.
"The Debtors' primary sale effort, the sale of assets to W&T
Offshore, Inc., was a failure, despite months of effort and
millions in fees and expenses," the lienholders said Monday,
October 30, 2023, filing in the US Bankruptcy Court for the
Southern District of Texas.
About Cox Operating
Cox Operating LLC provides offshore drilling services. The
Company
extracts oil from wells from offshore Florida to Texas.
On May 12, 2023, certain trade creditors filed an involuntary
petition under chapter 7 of the Bankruptcy Code against debtor Cox
Operating (Bankr. E.D. La. Case No. 23-10734). The petitioning
creditors -- Keystone Chemical, LLC, et al. -- are represented by
the Slyvester Law Firm.
Cox Operating LLC along with affiliates M21K, LLC, EPL Oil & Gas,
LLC, Cox Oil Offshore, L.L.C., Energy XXI Gulf Coast, LLC, and
Energy XXI GOM, LLC, sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90328) on May 14,
2023. The Debtors have sought joint administration of the cases
under In re MLCJR LLC (Bankr. S.D. Tex. Lead Case No. 23-90324).
The cases are overseen by Honorable Bankruptcy Judge Christopher
M. Lopez.
In its petition, Cox Operating estimated assets and liabilities
between $100 million and $500 million each.
The Debtors tapped the law firms of Latham & Watkins LLP and
Jackson Walker LLP as counsel; Alvarez & Marsal North America, LLC,
as financial advisor; and Moelis & Company LLC, as investment
banker.
CXOSYNC LLC: Starts Subchapter V Bankruptcy Protection
------------------------------------------------------
CXOsync LLC filed for chapter 11 protection in the Northern
District of Illinois. 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
November 13, 2023, at 1:30 PM.
About CXOsync LLC
CXOsync LLC is a corporate event planner which presents events and
workshops. Established in 2008, CXOsync has planned, populated and
executed thousands of CXO events globally; events that collaborate
corporate leaders with cutting edge content & solutions in the
fields of IT, Information Security, Marketing, Finance, Human
Resources and Customer Experience.
CXOsync LLC sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-13193) on
October 3, 2023. In the petition filed by Rupen Patel, as managing
member, the Debtor reports estimated assets between $50,000 and
$100,000 and estimated liabilities between $1 million and $10
million.
The case is overseen by Honorable Bankruptcy Judge A Benjamin
Goldgar.
The Debtor is represented by:
Ben L Schneider, Esq.
Schneider & Stone
1900 E. Golf Rd.Suite 500
Schaumburg, IL 60173
DIGITAL ALLY: Secures $4.9M Revolving Loan Commitment From Kompass
------------------------------------------------------------------
Digital Ally, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it entered into a Loan and
Security Agreement by and between the Company, Digital Ally
Healthcare, Inc., a wholly-owned subsidiary of the Company, and
Kompass Kapital Funding, LLC.
In connection with the Loan Agreement, on Oct. 26, 2023, the
Company entered into a Mortgage, Assignment of Leases and Rents,
Security Agreement and Fixture Filing by and between the Company,
as grantor, and Kompass, as grantee, and issued a Revolving Note to
Kompass. The gross proceeds to the Company are $4,880,000 before
repaying those certain Senior Secured Convertible Notes issued on
April 5, 2023 in the aggregate amount of $3,162,500 and paying
customary fees and expenses.
Pursuant to the Loan Agreement, Kompass agreed to make revolving
loans available to the Borrower as the Borrower may from time to
time request until, but not including, Oct. 26, 2025, and in such
amounts as the Borrower may from time to time request, provided,
however, that the aggregate principal balance of the Revolving
Loans outstanding at any time shall not exceed the lesser of
$4,880,000.00 or an amount equal to eighty percent of the value of
the mortgaged property, which consists of the real property owned
by the Company having an address of 14001 Marshall Drive, Lenexa,
KS 66215. Under the Loan Agreement, the Revolving Loans made by
Kompass may be repaid and, subject to customary terms and
conditions, borrowed again up to, but not including Oct. 26, 2025,
unless the Revolving Loans are otherwise accelerated, terminated or
extended as provided in the Loan Agreement. The Revolving Loans
will be used by the Borrower for the purpose of working capital and
to retire existing debt. Under the Loan Agreement, the Borrower is
required to provide written notice to Kompass prior to creating,
assuming or incurring any debt or becoming liable, whether as
endorser, guarantor, surety or otherwise, for any debt or
obligation of any other party. While obligations remain
outstanding under the Loan Agreement, the Borrower is required to
maintain a minimum balance of $97,600 in a reserve account. Under
the Loan Agreement, the Borrower is prohibited from creating,
assuming, incurring or suffering or permitting to exist any lien of
any kind or character upon the collateral, which consists of the
Mortgaged Property and the Company's interest in the Capital
Reserve Account. The Loan Agreement contains customary covenants,
representations and warranties by the Borrower.
Pursuant to the Loan Agreement, the Company issued the Revolving
Note to Kompass whereby the Company and Digital Ally Healthcare
jointly and severally promise to pay to the order of Kompass the
lesser of (i) $4,880,000.00, or (ii) the aggregate principal amount
of all Revolving Loans outstanding under and pursuant to the Loan
Agreement at the maturity or maturities and in the amount or
amounts stated on the records of Kompass, together with interest
(computed on the actual number of days elapsed on the basis of a
360 day year) at a floating per annum rate equal to the greater of
(i) the Prime Rate plus four percent or (ii) eight percent, on the
aggregate principal amount of all Revolving Loans outstanding from
time to time as provided in the Loan Agreement.
The Company entered into the Mortgage to secure its obligations
under the Loan Agreement. The property mortgaged under the
Mortgage consists of the Mortgaged Property. The Mortgage contains
customary covenants, representations and warranties by the
Company.
About Digital Ally
Digital Ally (NASDAQ: DGLY) through its subsidiaries, is engaged in
video solution technology for law enforcement and commercial uses,
human & animal health protection products, healthcare revenue cycle
management. It is further involved in event ticket brokering and
marketing, event production and jet chartering, through its Kustom
Entertainment subsidiary. Digital Ally continues to add
organizations that demonstrate the common traits of positive
earnings, growth potential, innovation and organizational
synergies.
New York, NY-based RBSM LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company has incurred substantial
operating losses and will require additional capital to continue
as
a going concern. This raises substantial doubt about the Company's
ability to continue as a going concern.
DIRECTBUY HOME: Seeks Approval to Sell Assets by Auction
--------------------------------------------------------
DirectBuy Home Improvement, Inc. asked the U.S. Bankruptcy Court
for the District of New Jersey to approve the sale of its assets by
auction.
DirectBuy, a California-based retailer that provides home
improvement products, intends to conduct a going concern sale
process for all or some of its assets on an expedited basis while
simultaneously initiating "soft" sales in its retail locations to
monetize its inventory.
"This dual path process is necessary to maintain optionality,
conserve liquidity and maximize the value of [DirectBuy's] assets,"
Michael Sirota, Esq., the company's attorney, said.
"[DirectBuy], however, continues to believe that there is value in
its brand and operations as a going concern," the attorney said,
adding that the company remains interested in exploring potential
sale transactions on a post-petition basis.
DirectBuy intends to put the assets up for bidding to solicit
higher and better offers.
The bidding process, which is subject to court approval, requires
potential buyers to place their bids on the assets on or before
Dec. 5.
Bids must identify the assets to be purchased; must clearly set
forth the purchase price; and must include a cash deposit in the
amount equal to 10% of the purchase price.
From the pool of these bids, a stalking horse bid will be selected.
The stalking horse bidder will receive a break-up fee in an amount
not to exceed 3% of its proposed purchase price and expense
reimbursement of up to $250,000.
An auction will be held on Dec. 7 if qualified bids are received.
Judge Stacey Meisel is set to hold a hearing on Dec. 15 to consider
the sale of the assets to the winning bidder. At the hearing, the
bankruptcy judge will also consider approval of the proposed
assumption and assignment of executory contracts and leases to the
winning bidder.
Objections to the sale are due by Dec. 12.
About DirectBuy Home Improvement
DirectBuy Home Improvement, Inc., doing business as Z Gallerie, is
a specialty retailer focused on fashion and art-inspired home
décor and home furnishings. The company is based in Gardena,
Calif.
The Debtor filed Chapter 11 petition (Bankr. D.N.J. Case No.
23-19159) on Oct. 16, 2023, with $50 million to $100 million in
both assets and liabilities. Robert Fetterman, chief financial
officer and interim chief executive officer, signed the petition.
Michael D. Sirota, Esq., at Cole Schotz P.C., represents the Debtor
as legal counsel.
ZG Lending SPV, LLC, as debtor-in-possession (DIP) agent and
prepetition agent, is represented by Robert M. Hirsh, Esq., and
Phillip Khezri, Esq., attorneys at Lowenstein Sandler, LLP.
DM & KC LLC: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: DM & KC, LLC
a New Mexico limited liability company
1000 W. Jefferson Ave
Gallup, NM 87301
Business Description: DM & KC is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: October 31, 2023
Court: United States Bankruptcy Court
District of New Mexico
Case No.: 23-10976
Judge: Hon. David T. Thuma
Debtor's Counsel: Christopher M. Gatton, Esq.
GIDDENS & GATTON LAW, P.C.
10400 Academy N.E. Suite 350
Albuquerque, NM 87111
Phone: (505) 271-1053
Email: giddens@giddenslaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kaul Corley as managing member.
The Debtor stated it has no unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/67KYH7Q/DM__KC_LLC_a_New_Mexico_limited__nmbke-23-10976__0001.0.pdf?mcid=tGE4TAMA
DRILLING COMPANY: Jenny Martin Walker Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Jenny Martin Walker as
Subchapter V trustee for Drilling Company, LLC.
Ms. Walker will be paid an hourly fee of $325 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Walker declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jenny Martin Walker
P.O. Box 1956
Macon, GA 31202-1956
Phone: (478) 200-6184
Email: Trustee.jmw@adamshemingway.com
About Drilling Company
Drilling Company, LLC filed Chapter 11 petition (Bankr. M.D. Ga.
Case No. 23-71060) on Oct. 18, 2023, with $100,001 to $500,000 in
both assets and liabilities.
Byron W. Wright, III, Esq., at Bruner Wright. P.A. represents the
Debtor as legal counsel.
FTX GROUP: Bankman-Fried Appears Evasive, Vague in Front of Jury
----------------------------------------------------------------
Ava Benny-Morrison and Bob Van Voris of Bloomberg News report that
after weeks listening to the government's criminal case against
him, Sam Bankman-Fried finally got his chance to respond from the
witness stand. But once prosecutors took charge, the FTX co-founder
didn't fare well, appearing vague and sometimes evasive in front of
a jury on the cusp of deciding his fate.
Over two days, federal prosecutor Danielle Sassoon subjected
Bankman-Fried to a painstaking cross examination, confronting the
former King of Crypto with his voluminous public statements about
FTX’s collapse, his humble boy genius persona and his ties to
politicians and celebrities.
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, 2022, 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.
GENEVA REPAIR: Neema Varghese Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 11 appointed Neema Varghese of NV
Consulting Services as Subchapter V trustee for Geneva Repair Shop,
Inc.
Ms. Varghese will be paid an hourly fee of $400 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Varghese declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Neema T. Varghese
NV Consulting Services
701 Potomac, Ste. 100
Naperville, IL 60565
Tel: (630) 697-4402
Email: nvarghese@nvconsultingservices.com
About Geneva Repair Shop
Geneva Repair Shop, Inc. is a family-owned business offering an
array of auto body collision services, custom paint, airbrushing
and restoration projects. The company is based in Batavia, Ill.
Geneva Repair Shop filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-13878) on Oct.
17, 2023, with $1 million to $10 million in both assets and
liabilities. Pasquale Roppo, president, signed the petition.
David K. Welch, Esq., at Burke, Warren, Mackay & Serritella, P.C.
represents the Debtor as legal counsel.
GLOBAL CANCER: Mark Sharf Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a
practicing attorney in Los Angeles, as Subchapter V trustee for
Global Cancer Research Institute, Inc.
Mr. Sharf will charge $660 per hour for his services as Subchapter
V trustee and will seek reimbursement for work-related expenses
incurred.
Mr. Sharf declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark Sharf, Esq.
6080 Center Drive, 6th Floor
Los Angeles, CA 90045
Telephone: (323) 612-0202
Email: mark@sharflaw.com
About Global Cancer Research
Global Cancer Research Institute, Inc. is the first and only
community-based dedicated Phase 1 to 4 Clinical Trial Unit in
Hematology and Medical Oncology in Northern California. It offers
patients access to cutting-edge, innovative new cancer drugs, some
of which are not available elsewhere.
Global Cancer Research Institute filed Chapter 11 Petition (Bankr.
N.D. Calif. Case No. 23-51174) on Oct. 12, 2023, with $1 million to
$10 million in both assets and liabilities. Lynne A. Bui, chief
executive officer, signed the petition.
Judge M. Elaine Hammond oversees the case.
Raymond H. Aver, Esq., at the Law Offices of Raymond H. Aver, A
Professional Corporation represents the Debtor as bankruptcy
counsel.
I & J LIQUOR: Mark Shapiro Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Mark Shapiro of
Steinberg, Shapiro & Clark as Subchapter V trustee for I & J
Liquor, Inc.
Mr. Shapiro 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. Shapiro declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark H. Shapiro
Steinberg, Shapiro & Clark
25925 Telegraph Rd., Ste. 203
Southfield, MI 48033
Phone: (248) 352-4700
Email: shapiro@steinbergshapiro.com
About I & J Liquor
I & J Liquor, Inc. filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-49087) on
Oct. 16, 2023, with $100,001 to $500,000 in assets and $500,001 to
$1 million in liabilities.
Judge Thomas J. Tucker oversees the case.
Robert N. Bassel, Esq., represents the Debtor as legal counsel.
INSULATED WALL: Jennifer Schank Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 11 appointed Jennifer Schank as
Subchapter V trustee for Insulated Wall Holdings, LLC.
Ms. Schank will be paid an hourly fee of $310 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Schank declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jennifer M. Schank
6405 Century Avenue, Ste. 101
Middleton, WI 53562
Phone: (608) 327-4200
Fax: (608) 841-1502
Email: jschank@fuhrmandodge.com
About Insulated Wall Holdings
Insulated Wall Holdings, LLC is a producer of light gauge steel
structural insulated panels in Kenosha, Wis.
Insulated Wall Holdings filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Wis. Case No.
23-24709) on Oct. 16, 2023, with $1,500,317 in total assets and
$2,268,856 in total liabilities. David T. Wallach, chief executive
officer, signed the petition.
Judge G. Michael Halfenger oversees the case.
Nicholas W. Kerkman, Esq., at Kerkman & Dunn serves as the Debtor's
legal counsel.
JAM PIZZA: Mark Schlant Named Subchapter V Trustee
--------------------------------------------------
The U.S. Trustee for Region 2 appointed Mark Schlant, Esq., at
Zdarsky, Sawicki & Agostinelli, LLP as Subchapter V trustee for Jam
Pizza, Inc.
Mr. Schlant 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. Schlant declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark J. Schlant, Esq.
Zdarsky, Sawicki & Agostinelli, LLP
1600 Main Place Tower
350 Main St.
Buffalo, NY 14202
Phone: (716) 855-3200
Email: mschlant@zsalawfirm.com
About Jam Pizza
Jam Pizza, Inc., doing business as The Dough Boys Gourmet Pizzeria,
filed a petition under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. N.D.N.Y. Case No. 23-30747) on Oct. 18, 2023. At the
time of the filing, the Debtor reported up to $50,000 in assets and
$100,001 to $500,000 in liabilities.
Judge Wendy A. Kinsella oversees the case.
Zachary DeCurtis McDonald, Esq., at Orville & Mcdonald Law, PC
represents the Debtor as legal counsel.
KARPATIA TRUCKS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Karpatia Trucks USA LLC
325 N. Main Street
Middlebury, IN 46540
Business Description: Karpatia Trucks is a manufacturer and
refurbisher of food trucks, trailers,
containers, and other mobile food vehicles.
The Debtor has locations in the USA
(Atlanta), Europe (Rotterdam, Budapest and
Sofia) and Mexico (Mexico City).
Chapter 11 Petition Date: November 1, 2023
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 23-21234
Debtor's Counsel: Cameron M. McCord, Esq.
JONES & WALDEN, LLC
699 Piedmont Avenue NE
Atlanta, GA 30308
Phone: 404-564-9300
Email: info@joneswalden.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Tim de Visser as manager.
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/4CHAPAY/Karpatia_Trucks_USA_LLC__ganbke-23-21234__0001.0.pdf?mcid=tGE4TAMA
KOFC LTD: Eric Terry Named Subchapter V Trustee
-----------------------------------------------
The U.S. Trustee for Region 7 appointed Eric Terry as Subchapter V
trustee for KOFC, LTD.
Mr. Terry will charge $450 per hour for his services as Subchapter
V trustee and will seek reimbursement for work-related expenses
incurred.
Mr. Terry declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Eric Terry
3511 Broadway
San Antonio, TX 78209
Phone: (210)468-8274
Email: eric@ericterrylaw.com
About KOFC LTD
KOFC, LTD filed Chapter 11 petition (Bankr. W.D. Texas Case No.
23-51414) on Oct. 18, 2023, with $50,001 to $100,000 in assets and
$500,001 to $1 million in liabilities.
Judge Michael M. Parker oversees the case.
Morris Eugene White, III, Esq., at Villa & White, LLP represents
the Debtor as legal counsel.
LAJOHNTY HOLDINGS: Case Summary & 10 Unsecured Creditors
--------------------------------------------------------
Debtor: Lajohnty Holdings, LLC
1100 East State Street
Camden, NJ 08105
Business Description: The Debtor owns five residential real estate
and a vacant land in Camden, NJ valued at
$690,000 in the aggregate.
Chapter 11 Petition Date: November 1, 2023
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 23-19739
Debtor's Counsel: Charles M. Izzo, Esq.
LAW OFFICE OF CHARLES M. IZZO
116 North 2nd Street
Suite 204
Camden, NJ 08102
Tel: 856-757-0550
Fax: 856-757-9071
Email: cminj2001@yahoo.com
Total Assets: $690,000
Total Liabilities: $1,796,057
The petition was signed by Tyrone Pitts as managing member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/C5MUTSY/Lajohnty_Holdings_LLC__njbke-23-19739__0001.0.pdf?mcid=tGE4TAMA
LASSETER ENTERPRISES: Drew McManigle Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 7 appointed Drew McManigle as
Subchapter V trustee for Lasseter Enterprises, Inc. and Westheimer
Party Company, LLC.
Mr. McManigle will be paid an hourly fee of $425 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. McManigle declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Drew McManigle
700 Milam, Suite 1300
Houston, TX 77002
Telephone: (410) 350-1839
Email: drew@macco.group
About Lasseter Enterprises
Lasseter Enterprises, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No.
23-33641) on Sept. 22, 2023, with $100,001 to $500,000 in assets
and $500,001 to $1 million in liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Robert Chamless Lane, Esq., at The Lane Law Firm represents the
Debtor as bankruptcy counsel.
LAWRENCE COUNTY: Glen Watson Named Subchapter V Trustee
-------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Glen Watson, Esq.,
at Watson Law Group, PLLC as Subchapter V trustee for Lawrence
County Hospitality, LLC.
Mr. Watson will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Watson declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Glen Watson, Esq.,
Watson Law Group, PLLC
1114 17th Av. S., Suite 201
P.O. Box 121950
Nashville, TN 37212
Phone: (615) 823-4680
Email: glen@watsonpllc.com
About Lawrence County Hospitality
Lawrence County Hospitality, LLC is a company based in
Lawrenceburg, Tenn., which conducts business under the name
Stetar's Restaurant.
Lawrence County Hospitality filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
23-03820) on Oct. 19, 2023, with $179,172 in assets and $2,244,591
in liabilities. Mike Stetar, president and chief executive officer,
signed the petition.
Judge Marian F. Harrison oversees the case.
Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz represents the
Debtor as legal counsel.
LILIUM N.V.: Falls Short of Nasdaq Minimum Bid Price Requirement
----------------------------------------------------------------
Lilium N.V. announced that it received a written notice from The
Nasdaq Stock Market LLC that the Company is not in compliance with
the minimum bid price requirement of US$1.00 per share set forth in
Nasdaq Rules for continued listing on Nasdaq.
Based on the closing bid price of the Company's Class A Shares for
30 consecutive business days from Sept. 15, 2023 to Oct. 26, 2023,
the Company no longer meets the minimum bid price requirement set
forth in the Listing Rules. The Company has been provided 180
calendar days, or until April 24, 2024, to regain compliance with
the Listing Rules. To regain compliance, the Company's Class A
Shares must have a closing bid price of at least US$1.00 for a
minimum of 10 consecutive business days.
The Notice is not expected to have any impact on the Company's
business operations or listing of the Company's Class A Shares,
which will continue to be listed and traded on Nasdaq. The Company
intends to monitor the closing bid price of its Class A Shares and
will, if appropriate, consider implementing available options,
including, but not limited to, implementing a reverse stock split
of its Class A Shares, to regain compliance with the minimum bid
price requirement under the Listing Rules.
About Lilium
Lilium (NASDAQ: LILM) -- www.lilium.com -- is creating a
sustainable and accessible mode of high-speed, regional
transportation for people and goods. Using the Lilium Jet, an
all-electric vertical take-off and landing jet, designed to offer
leading capacity, low noise, and high performance with zero
operating emissions, Lilium is accelerating the decarbonization of
air travel. Working with aerospace, technology, and infrastructure
leaders, and with announced sales and indications of interest in
Europe, the United States, China, Brazil, UK, and the Kingdom of
Saudi Arabia, Lilium's 800+ strong team includes approximately 450
aerospace engineers and a leadership team responsible for
delivering some of the most successful aircraft in aviation
history. Founded in 2015, Lilium's headquarters and manufacturing
facilities are in Munich, Germany, with teams based across Europe
and the U.S.
Munich, Germany-based PricewaterhouseCoopers GmbH
Wirtschaftsprufungsgesellschaft, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated March
28, 2023, citing that he Company has incurred recurring losses from
operations since its inception and expects to continue to generate
operating losses that raise substantial doubt about its ability to
continue as a going concern.
LORDSTOWN MOTORS: Disclosures Okayed Despite Investor Objection
---------------------------------------------------------------
Hilary Russ of Law360 reports that bankrupt electric truckmaker
Lordstown Motors Corp. won approval of its Chapter 11 disclosure
statement in Delaware on Tuesday, Oct. 31, 2023, despite one
remaining objection from a putative class of investors seeking more
details about third-party releases.
About Lordstown Motors Corp.
Lordstown Motors Corp. -- http://www.lordstownmotors.com/-- is an
electric vehicle OEM developing innovative light duty commercial
fleet vehicles, with the Endurance all electric pickup truck as its
first vehicle. It has engineering, research and development
facilities in Farmington Hills, Mich. and Irvine, Calif.
On June 27, 2023, Lordstown Motors Corp. and two affiliated debtors
filed voluntary petitions for relief under Chapter 11 of the
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10831). The cases
are pending before Judge Mary F. Walrath.
The Debtors tapped White & Case, LLP and Richards, Layton & Finger,
P.A., as bankruptcy counsels; Baker & Hostetler, LLP as special
counsel; Jefferies, LLC as investment banker; KPMG, LLP as auditor;
and Silverman Consulting as restructuring advisor. Kurtzman Carson
Consultants, LLC, is the Debtors' claims and noticing agent and
administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. The committee tapped Troutman Pepper Hamilton Sanders,
LLP as legal counsel and Huron Consulting Group Inc. as financial
advisor.
LTL MANAGEMENT: Gets Court Nod for $13.1 Million Chapter 11 Fees
----------------------------------------------------------------
Yun Park of Law360 reports that a New Jersey bankruptcy judge has
approved $13.1 million in fees and expenses to a pair of law firms
who represented talc claimants in the Chapter 11 case of a Johnson
& Johnson affiliate, but has yet to decide on approving fees
accrued by the firms during the first 10 days of the case.
About LTL Management
LTL Management, LLC, is a subsidiary of Johnson & Johnson (J&J),
which was formed to manage and defend thousands of talc-related
claims and oversee the operations of Royalty A&M. Royalty A&M owns
a portfolio of royalty revenue streams, including royalty revenue
streams based on third-party sales of LACTAID, MYLANTA/MYLICON and
ROGAINE products.
LTL Management filed a petition for Chapter 11 protection (Bankr.
W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was
transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov.
16, 2021. The Hon. Michael B. Kaplan is the case judge. At the
time of the filing, the Debtor was estimated to have $1 billion to
$10 billion in both assets and liabilities.
The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as
bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon
LLP as special counsel; McCarter & English, LLP as litigation
consultant; Bates White, LLC as financial consultant; and
AlixPartners, LLP as restructuring advisor. Epiq Corporate
Restructuring, LLC, is the claims agent.
An official committee of talc claimants was formed in the Debtor's
Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S.
Trustee for Regions 3 and 9 reconstituted the talc claimants'
committee and appointed two separate committees: (i) the official
committee of talc claimants I, which represents ovarian cancer
claimants, and (ii) the official committee of talc claimants II,
which represents mesothelioma claimants.
The official committee of talc claimants I tapped Genova Burns
LLC,
Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as
its
legal counsel. Meanwhile, the official committee of talc claimants
II is represented by the law firms of Cooley LLP, Bailey Glasser
LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and
Sherman Silverstein Kohl Rose & Podolsky P.A.
Re-Filing of Chapter 11 Petition
On Jan. 30, 2023, a panel of the Third Circuit issued an opinion
directing the Court to dismiss the 2021 Chapter 11 case on the
basis that it was not filed in good faith. Although the Third
Circuit panel recognized that the Debtor "inherited massive
liabilities" and faced "thousands" of future claims, it concluded
that the Debtor was not in financial distress before the filing.
On March 22, 2023, the Third Circuit entered an order denying the
Debtor's petition for rehearing. The Third Circuit entered an order
denying LTL's stay motion on March 31, 2023, and, on the same day,
issued its mandate directing the Bankruptcy Court to dismiss the
2021 Chapter 11 Case.
The Bankruptcy Court entered an order dismissing the 2021 Case on
April 4, 2023.
Johnson & Johnson on April 4, 2023, announced that its subsidiary
LTL Management LLC (LTL) has re-filed for voluntary Chapter 11
bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain
approval of a reorganization plan that will equitably and
efficiently resolve all claims arising from cosmetic talc
litigation against the Company and its affiliates in North
America.
In the new filing, J&J said it has agreed to contribute up to a
present value of $8.9 billion, payable over 25 years, to resolve
all the current and future talc claims, which is an increase of
$6.9 billion over the $2 billion previously committed in connection
with LTL's initial bankruptcy filing in October 2021. LTL also has
secured commitments from over 60,000 current claimants to support a
global resolution on these terms.
LUMEN TECHNOLOGIES: Gets $1.2-Bil. Long-Term Debt Financing
-----------------------------------------------------------
Lumen Technologies, Inc. (NYSE: LUMN) on Oct. 31, 2023, announced
that it has entered into a transaction support agreement with a
group of creditors holding over $7 billion of the outstanding
indebtedness of the Company and its subsidiaries to, among other
things, extend maturities of the debt instruments of the Company
and Level 3 Financing, Inc. In addition, the creditors have
committed to provide $1.2 billion of financing to the Company
through new long-term debt. The consummation of the transactions
contemplated by the transaction support agreement is subject to the
satisfaction of various closing conditions.
"After several months of constructive discussions, we are pleased
to have reached this agreement. This transaction will position the
Company to better align our balance sheet with our current business
needs," said Kate Johnson, President and Chief Executive Officer of
the Company. "As we move forward, we remain focused on executing
our strategic transformation and delivering excellent value to our
customers."
"We appreciate the engagement of the creditors involved in this
transaction in determining the best path forward for our business.
We look forward to swiftly consummating the transactions
contemplated by the transaction support agreement, and to utilizing
the flexibility we have retained in addressing the needs of our
other key stakeholders," said Chris Stansbury, Chief Financial
Officer of the Company.
Guggenheim Securities, LLC served as financial advisor and
Wachtell, Lipton, Rosen & Katz served as legal advisor to the
Company.
About Lumen Technologies
Lumen Technologies, Inc., headquartered in Monroe, Louisiana, is
an
integrated communications company that provides an array of
communications services to large enterprise, mid-market
enterprise,
government and wholesale customers in its larger Business segment.
The company's smaller Mass Markets segment primarily provides
broadband services to its residential and small business customer
base.
MULLEN AUTOMOTIVE: Files Supplement to S-3 Registration Statement
-----------------------------------------------------------------
Mullen Automotive Inc. filed with the U.S. Securities and Exchange
Commission a supplement to its prospectus dated Feb. 14, 2023,
which was included in the registration statement on Form S-3
(Registration No. 333-269766) filed with the SEC on Feb. 14, 2023.
The Prospectus Supplement relates to the registration of
103,009,651 shares of the Company's common stock, par value $0.001
per share issuable or issued upon exercise of warrants issued to
certain selling stockholders identified in the Prospectus
Supplement in connection with the Company's existing securities
purchase agreement dated as of June 7, 2022 and amended on June 23,
2022, Sept. 19, 2022, Nov. 15, 2022, and April 3, 2023.
The Prospectus Supplement was filed to attach an opinion of the
Company's counsel, McDermott Will & Emery LLP, regarding the
legality of the Common Stock covered by the Prospectus Supplement.
"Based on the foregoing, and subject to the assumptions,
limitations and qualifications set forth herein, we are of the
opinion that the Shares have been duly authorized, validly issued,
fully paid and non-assessable," said McDermott.
A full-text copy of the Opinion is available for free at:
https://www.sec.gov/Archives/edgar/data/1499961/000110465923112240/tm2326627d2_ex5-1.htm
About Mullen
Mullen Automotive Inc., f/k/a Net Element Inc., is a Southern
California-based automotive company building the next generation
of
electric vehicles that will be manufactured in two Company-owned
United States-based assembly plants. Mullen's EV development
portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial
Class 1 and 3 EVs and Bollinger Motors, which features both the B1
and B2 electric SUV trucks and Class 4-6 commercial offerings.
Mullen reported a net loss of $740.32 million for the year ended
Sept. 30, 2022, compared to a net loss of $44.24 million for the
year ended Sept. 30, 2021.
Fort Lauderdale, Florida-based Daszkal Bolton LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated Jan. 13, 2023, citing that the Company has sustained
net losses, has indebtedness in default, and has a deficiency in
working capital of approximately $36 million at Sept. 30, 2022,
which raise substantial doubt about its ability to continue as a
going concern.
MULLEN AUTOMOTIVE: Nasdaq Grants Request for Continued Listing
--------------------------------------------------------------
Mullen Automotive, Inc. announced that the Nasdaq Hearings Panel
has granted Mullen's request to continue its listing on The Nasdaq
Capital Market, subject to the following conditions:
1. on or before Jan. 22, 2024, the Company must demonstrate
compliance with Listing Rule 5550(a)(2), by maintaining a closing
bid price of $1 per share for 20 consecutive trading sessions; and
2. on or before March 8, 2024, the Company must demonstrate
compliance with Listing Rule 5620(a) by holding an annual
shareholder meeting.
While the Company held an annual meeting on Aug. 3, 2023, and the
proposals that were approved at such meeting including the election
of directors are, and remain, valid, the Nasdaq Listing
Qualifications Department determined that the meeting did not
satisfy Listing Rule 5620(a) since the Company did not afford
stockholders the opportunity to discuss Company affairs with
management at the meeting. In order to demonstrate compliance, the
Company plans to hold a combined 2023 and 2024 annual meeting.
"I am pleased Nasdaq gave the Company this opportunity to continue
implementing its business plan. We are diligently working to
regain and maintain compliance with Nasdaq's continued listing
requirements," said David Michery, CEO and chairman of Mullen
Automotive.
About Mullen
Mullen Automotive Inc., f/k/a Net Element Inc., is a Southern
California-based automotive company building the next generation
of
electric vehicles that will be manufactured in two Company-owned
United States-based assembly plants. Mullen's EV development
portfolio includes the Mullen FIVE EV Crossover, Mullen Commercial
Class 1 and 3 EVs and Bollinger Motors, which features both the B1
and B2 electric SUV trucks and Class 4-6 commercial offerings.
Mullen reported a net loss of $740 million for the year ended Sept.
30, 2022, compared to a net loss of $44.24 million for the year
ended Sept. 30, 2021. For the nine months ended June 30, 2023,
Mullen reported a net loss of $806 million, up from a net loss of
$485 million for the same period in 2022.
Fort Lauderdale, Florida-based Daszkal Bolton LLP, the Company's
auditor since 2020, issued a "going concern" qualification in its
report dated Jan. 13, 2023, citing that the Company has sustained
net losses, has indebtedness in default, and has a deficiency in
working capital of approximately $36 million at Sept. 30, 2022,
which raise substantial doubt about its ability to continue as a
going concern.
NAVIENT CORP: S&P Rates New $500MM Senior Unsecured Notes 'B+'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' debt rating on Navient Corp.'s
proposed issuance of $500 million in senior unsecured notes due
2031. The company intends to use net proceeds for general corporate
purposes, including debt repurchases, which could include
redemptions, open market debt repurchases, or tender offers.
The debt rating at 'B+' is one notch below the issuer credit rating
on Navient (BB-/Stable/B) as the company's unencumbered assets to
unsecured debt ratio is well below 1.0x. S&P excludes from
unencumbered assets the company's overcollateralization balances
associated with its asset-backed securities trusts, although the
company has successfully borrowed funds against those balances.
S&P expects the company will prudently address its upcoming
unsecured debt maturities. As of Sept. 30, 2023, Navient has about
$1.3 billion in unsecured notes due 2024, $851 million of which are
due March 2024 and $500 million in October 2024.
As of Sept. 30, 2023, liquidity from primary sources (unrestricted
cash, investments, unencumbered loans) stood at $1.1 billion.
Navient may also draw additional liquidity from its secured
facilities, which totaled $1.7 billion as of Sept. 30, 2023.
Navient's risk-adjusted capital ratio was 9.4% as of the same
date.
The stable outlook indicates S&P's expectation that Navient will
manage its unsecured debt maturities in the next 12 months and
deliver steady operating results. S&P also expects Navient will
maintain a risk-adjusted capital ratio over 7.0%.
NEXTPOINT FINANCIAL: Court Okays Going Concern Sale Transaction
---------------------------------------------------------------
NextPoint Financial Inc. (OTCPINK: NACQQ) on Nov. 1, 2023,
disclosed that the Supreme Court of British Columbia ("Court") has
granted an order that, among other things, approves a going concern
sale transaction (the "Transaction") pursuant to a transaction
agreement entered into on October 27, 2023 (as amended from time to
time, the "Transaction Agreement") among the Company, certain of
its direct and indirect subsidiaries, and BP Commercial Funding
Trust, Series SPL-X. Under the terms of the order, no shareholder
approval is required.
The consideration paid under the Transaction Agreement includes a
credit bid of US$196,590,000 and the assumption of certain
liabilities. The closing of the Transaction is currently expected
to occur in mid-November, 2023, subject to the recognition of the
Canadian order in the Company's Chapter 15 case in the U.S.
Bankruptcy Court for the District of Delaware (the "U.S. Court")
and the satisfaction or waiver of the other conditions to closing.
The U.S. Court has scheduled a hearing to consider recognition of
the Canadian order on November 6, 2023.
On the closing of the Transaction, all the outstanding equity of
CTAX Acquisition LLC and LT Holdco, LLC (together with their
respective applicable subsidiaries, the "Acquired Entities") will
be transferred to the acquiror, and the Acquired Entities will
continue the Community Tax and Liberty Tax business operations in
the ordinary course. There will be no recovery for the general
unsecured creditors of the Acquired Entities, unless expressly
classified as "Assumed Liabilities" under the Transaction
Agreement. Liabilities that will not be retained will be
transferred to newly formed corporations (the "ResidualCos"), along
with excluded assets. The Company expects that there will not be
any recoveries for creditors available from the ResidualCos.
Following the consummation of the Transaction, it is intended that
the Company and all of its remaining subsidiaries that are not
acquired, including its LoanMe business, will be wound-up.
The Company also announces that, following the granting of the
Canadian order and approval of the Transaction, Don Turkleson, Nik
Ajagu, Maryann Bruce, William Minner, Alicia Morga, and Logan
Powell have resigned as directors of the Company, effective as of
October 31, 2023. Scott Terrell has resigned as Chief Executive
Officer of the Company; however, he will continue to function in
his current role as an employee of the Liberty Tax business,
effective as of October 31, 2023. The Canadian Court has granted an
order authorizing Peter Kravitz, the Chief Restructuring Officer of
the Company, to exercise additional and expanded powers to
undertake any action in the absence of any other of the directors
and officers of the Company.
Additional Information
The Canadian Court has appointed FTI Consulting Canada Inc. to
serve as the Monitor in the CCAA proceedings. The Transaction
Agreement and other information is available on the Monitor's
website: http://cfcanada.fticonsulting.com/nextpoint.Court
documents in the U.S. Chapter 15 proceedings are available at
https://cases.stretto.com/nextpoint.
DLA Piper (Canada) LLP and DLA Piper LLP (US) are serving as legal
counsel to the Company in Canada and the U.S., respectively, and
Province is serving as its financial restructuring advisor. As
previously announced, Peter Kravitz of Province serves as
NextPoint's Chief Restructuring Officer.
About NextPoint Financial
NextPoint is an all-inclusive marketplace for financial services
empowering hardworking and underserved consumers and small
businesses. NextPoint's primary business units are Liberty Tax, a
leading provider of tax preparation services, and Community Tax, an
effective advocate for tax debt resolution on behalf of customers.
NORTHERN DELIGHT: Case Summary & 10 Unsecured Creditors
-------------------------------------------------------
Debtor: Northern Delight, LLC
2988 W. Burdickville Rd
Maple City, MI 49664
Chapter 11 Petition Date: November 1, 2023
Court: United States Bankruptcy Court
Northern District of Michigan
Case No.: 23-02538
Judge: Hon. James W. Boyd
Debtor's Counsel: Jeffrey C. Alandt, Esq.
LAW OFFICE OF JEFFREY C ALANDT
121 E Front Street Ste 302
Traverse City, MI 49684
Phone: (231) 941-7766
Email: jalandt@sbcglobal.ne
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Bryan Cloninger as member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/7NVNM2A/Northern_Delight_LLC__miwbke-23-02538__0001.0.pdf?mcid=tGE4TAMA
ORIGINAL MONTANA: Voluntary Chapter 11 Case Summary
---------------------------------------------------
Debtor: The Original Montana Club Cooperative Association
d/b/a The Montana Club of Helena Since 1885
d/b/a The Montana Club
d/b/a Rathskeller
d/b/a The Original Montana Club
24 West Sixth Avenue
Helena, MT 59601
Business Description: The Montana Club is a co-operative
association opened to the public in June
2018 for a la carte dining, private dining,
weddings, celebrations and business
meetings.
Chapter 11 Petition Date: November 1, 2023
Court: United States Bankruptcy Court
District of Montana
Case No.: 23-20145
Judge: Hon. Benjamin P. Hursh
Debtor's Counsel: James A. Patten, Esq.
PATTEN PETERMAN BEKKEDAHL & GREEN
2817 2nd Avenue N, Ste 300
Billings, MT 59101
Tel: 406-252-8500
Email: apatten@ppbglaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Charles Robison as president.
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/TBV5FKA/THE_ORIGINAL_MONTANA_CLUB_COOPERATIVE__mtbke-23-20145__0001.0.pdf?mcid=tGE4TAMA
OROVILLE, CA: S&P Withdraws 'B' LT Rating on 2019 Revenue Bonds
---------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term rating on the City of
Oroville, Calif.'s series 2019 revenue bonds, issued for Oroville
Hospital. At the same time, S&P Global Ratings removed the rating
from CreditWatch, where it was placed with negative implications on
Oct. 5, 2023.
The withdrawal reflects management's request to withdraw the
rating.
PENNSYLVANIA REAL ESTATE: Lenders in Talks Over Debt Maturities
---------------------------------------------------------------
Erin Hudson of Bloomberg Law reports that some lenders to
Pennsylvania Real Estate Investment Trust have signed
confidentiality agreements in order to enter talks with the
troubled mall owner ahead of upcoming debt maturities, according to
people with knowledge of the matter.
The discussions come ahead of the Dec. 10, 2023 maturity of PREIT's
first- and second-lien credit facilities, according to the people,
who asked not to be named because the matter is private PREIT,
which filed for bankruptcy in November 2020 and emerged about a
month later, has been exploring options for more than a year to
restructure its debt through refinancing and asset sales.
About Pennsylvania Real Estate
Pennsylvania Real Estate Investment Trust is a Pennsylvania
business trust founded in 1960 and one of the first equity real
estate investment trusts ("REITs") in the United States. It has a
primary investment focus on retail shopping malls located in the
eastern half of the United States, primarily in the Mid-Atlantic
region. PREIT currently owns interests in 23 retail properties, of
which 22 are operating properties and one is a development
property.
PREIT reported a net loss of $150.57 million in 2022 following a
net loss of $135.87 million in 2021.
Philadelphia, Pennsylvania-based BDO USA, LLP, PREIT's auditor
since 2022, issued a "going concern" qualification in its report
dated March 27, 2023, citing that PREIT has two secured credit
agreements maturing in December 2023 which raises substantial doubt
about its ability to continue as a going concern.
PEOPLE WHO CARE: Seeks Chapter 11 Bankruptcy
--------------------------------------------
People Who Care Youth Center Inc. filed for chapter 11 protection
in the District of Central California. According to court filing,
the Debtor reports between $500,000 and $1 million in debt owed to
1 and 49 creditors. The petition states funds will be available to
unsecured creditors.
About People Who Care Youth Center Inc.
People Who Care Youth Center Inc., is a non-profit corporation
that provides child daycare to low-income working parents in South
Central Los Angeles. Its primary asset is a commercial real
property building located at 1502 and 1512 West Slauson Avenue,
Los
Angeles, California.
People Who Care Youth Center Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C. D. Cal. Case No. 23-16449) on
October 3, 2023. In the petition filed by Michelle McArn, as CEO,
the Debtor reports estimated assets between $500,000 and $1 million
and estimated liabilities between $100 million and $500 million.
PIONEER AEROSPACE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Pioneer Aerospace Corporation
d/b/a ASR-Pioneer
131 Phoenix Crossing
Bloomfield, CT 06002
Chapter 11 Petition Date: November 1, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-04643
Debtor's Counsel: Daniel R. Fogarty, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 E. Madison St.
Suite 200
Tampa, FL 33602
Phone: (813) 229-0144
Email: dfogarty@srbp.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michael Rinaldi as president.
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/6GMHSRI/Pioneer_Aerospace_Corporation__flmbke-23-04643__0001.0.pdf?mcid=tGE4TAMA
PRETIUM PKG: Moody's Cuts CFR to Caa2 & Rates New 1st Lien Loan B2
------------------------------------------------------------------
Moody's Investors Service downgraded Pretium PKG Holdings, Inc.'s
corporate family rating to Caa2 from Caa1, and its probability of
default rating to Caa2-PD/LD from Caa1-PD. At the same time,
Moody's also appended a limited default designation ("/LD") to the
PDR, following the completion of its distressed exchange. Moody's
further downgraded the company's first lien senior secured term
loan to Ca from Caa2 and its second lien senior secured term loan
to Ca from Caa3. Concurrently, Moody's assigned B2 to Pretium's
newly issued super senior first-out first lien term loan, and Caa2
to the super senior second-out first lien term loan. The rating
outlook is maintained at stable.
The rating action reflects the closing of Pretium's exchange offer
to solicit the first lien term loan lenders to exchange into a new
super senior second-out first lien term loan at a discounted price.
About 99.8% of the existing first lien term loan lenders consented
to the offer. The remaining first lien term loans lenders are in a
subordinated position relative to the new super senior loans.
Moody's considered this up-tiering transaction a default and
appended a "/LD" designation to Pretium's Caa2-PD PDR. Moody's will
remove the "/LD" designation from the company's PDR in
approximately three business days.
"The downgrade of the ratings reflects Moody's expectation of
negative funds from operation and negative free cash flow at least
for the next 12-18 months, despite better liquidity after the debt
restructuring," said Motoki Yanase, VP - Senior Credit Officer at
Moody's.
"Pretium's higher debt load restrains the recovery rate of the debt
below the top-most tranches, which also was factored into the
downgrade," added Yanase.
Governance considerations are relevant to the rating action,
including risks from an aggressive financial policy with an
elevated debt load.
RATINGS RATIONALE
The restructuring of Pretium's capital structure improved the
company's liquidity by providing over $200 million of cash on hand.
The option to pay a portion of pay-in-kind (PIK) interest on the
new super senior term loans and no amortization on the new
first-out and the second-out super senior loans also alleviated the
company's cash outflow to some extent.
Nevertheless, the transaction increased the total debt by close to
$190 million, which Moody's expects will keep the company's
leverage at a very high level of around 14x at least for the next
12-18 months. This incorporates Moody's expectation of gradual
sales recovery with year-on-year change of sales volume returning
to positive in the March quarter of 2024.
Because of the high debt load, Moody's expects the new super senior
loans, including the first-out and the second-out term loans, will
absorb most of the enterprise value in a potential default
scenario, leaving little residual value to the existing first lien
and the second lien term loan holders. The lower CFR also considers
the recovery rates of these respective tranches under the new debt
capital structure.
Moody's expects Pretium to have adequate liquidity over the next
12-18 months, supported by availability on the $100 million ABL
revolver and over $200 million of cash on hand attained at the
closing of the debt restructuring. Moody's expects higher cash on
hand will be a key source of liquidity given negative funds from
operations and negative free cash flow. As such, Moody's expect the
company to maintain full availability under the ABL revolver, at
least over the next 12-18 months. The ABL revolver expires in
October 2026.
The super senior first-out term loan is rated B2, three notches
above the Caa2 CFR. The higher rating reflects the priority lien on
the collateral and limited proportion of the loan in the debt
capital structure with the loss absorption provided by the lower
tranches. The loan's rating is one notch below the rating Moody's
would assign to other senior secured obligations based on its loss
given default (LGD) model derived outcome. The negative override of
the LGD model rating reflects Moody's view of a lower recovery rate
in the event of default.
The super senior second-out term loan is rated Caa2, in line with
the CFR. The rating reflects the significant proportion of the loan
in the company's debt capital structure after restructuring. The
rating also reflects limited recovery of the loan after the
company's enterprise value is absorbed by the priority claims,
including the priority account payable, the ABL revolver and the
first-out term loan in the event of default.
The first-lien term loan and the second-lien term loan are both
rated Ca, two notches below the CFR. The lower rating reflects
their subordinated positions relative to the super senior loans and
very weak recovery under a potential default scenario. Moody's
applied a one-notch negative override on the first-lien term loan
in its LGD analysis to reflect the likelihood of very weak recovery
in the event of a default.
The stable outlook reflects the improved liquidity after Pretium's
debt restructuring and an expected gradual recovery in sales volume
in the coming quarters.
ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
Governance is key consideration among the environmental, social and
governance (ESG) factors for Pretium' rating. The company's
exposure to governance risks reflects its aggressive financial
strategy and risk management, including its historical
debt-financed acquisitions and elevated debt load even after the
debt restructuring. The governance score also considers the
distressed exchange to address Pretium's liquidity.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the rating if the company meaningfully
recovers its profit and attains a more sustainable capital
structure. An upgrade also requires the company to maintain at
least adequate liquidity.
Moody's could downgrade the rating if the company fails to improve
sales volume and cash flow generation. A deterioration of liquidity
could also lead to a downgrade.
Headquartered in St. Louis, Missouri, Pretium PKG Holdings, Inc. is
a manufacturer of rigid plastic containers for variety of end
markets, including food and beverage, chemicals, healthcare,
wellness and personal care. Pretium PKG Holdings, Inc. has been a
portfolio company of Clearlake since January 2020.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
RAISING CANE'S: Moody's Assigns First Time B1 Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned first time ratings to Raising
Cane's Restaurants, LLC, including a B1 corporate family rating,
B1-PD probability of default rating and B3 rating to the proposed
senior unsecured notes. The outlook assigned is stable. Ratings are
subject to final review of documentation.
Raising Cane's proposed $500 million 5.5-year senior unsecured
notes will be used to repay existing revolver borrowings. The
company also intends amend its existing credit agreement to extend
the maturity to 2028, and upsize the existing term loan A (unrated)
to $1 billion, with a total revolving credit facility size of $1
billion. Pro forma for the transaction, Moody's adjusted
debt/EBITDA was 4.1x for the last twelve-months (LTM) ending June
27, 2023.
The B1 CFR assignment reflects Raising Cane's narrow product
offering, relatively small number of system-wide restaurants, some
geographic concentration and moderately high leverage, somewhat
offset by its solid performance, strong margins, and good brand
awareness in its core markets. The assignment also reflects
governance considerations particularly Raising Cane's private
ownership and historical distributions to the owner.
RATINGS RATIONALE
Raising Cane's B1 CFR reflects its narrow product focus, relatively
small number of system-wide restaurants and moderately high
geographic concentration in three states. The rating also reflects
the company's adequate liquidity given the expectation that the
revolver will fund the company's rapid growth plans and
distributions to the owner. Supporting the ratings are the
company's long track record of positive same-restaurant sales,
strong margins, and good brand awareness in its core markets
reflected in its high average unit volumes (AUVs). Additional
considerations are the company's moderately high leverage with
debt/EBITDA of 4.1x and good interest coverage with EBITA/interest
of 2.8x, pro forma for the transaction.
The stable outlook reflects that despite potential pressures in the
restaurant industry due to lower quick-service restaurant traffic
trends, Raising Cane's will continue to generate solid operating
performance and new restaurant openings will be at a measured pace.
The outlook also reflects that Raising Cane's will maintain
adequate liquidity after its growth spending and distributions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could result in an upgrade include sustained operating
performance and same-restaurant sales resulting in improved credit
metrics. Other factors include increased size, scale, and
geographic diversification. Quantitatively, a higher rating would
require debt/EBITDA sustained under 4.5x and EBIT/interest expense
above 2.5x. An upgrade would also require good liquidity and
positive free cash flow to fund growth.
A downgrade could occur if operating performance sustainably
weakens or if financial strategies become more aggressive, such as
leveraging the company to fund distributions. Specifically,
debt/EBITDA sustained above 5.25x or EBIT/interest expense below
2.0x.
Raising Cane's Restaurants, LLC owns and operates around 670
restaurants and 57 franchises in 37 states and five countries under
the brand name Raising Cane's. Revenue was about $3.3 billion for
the LTM period ending June 27, 2023. The company is majority owned
by its founder.
The principal methodology used in these ratings was Restaurants
published in August 2021.
RED APPLE INVESTMENTS: Hits Chapter 11 Bankruptcy
-------------------------------------------------
Red Apple Investments LLC filed for chapter 11 protection in the
Northern District of Georgia. 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
November 8, 2023, at 1:00 PM, TELEPHONIC MEETING. CONFERENCE LINE:
888-902-9750, PARTICIPANT CODE:9635734.
About Red Apple Investments
Red Apple Investments LLC is a Single Asset Real Estate (as defined
in 11 U.S.C. Sec. 101(51B)).
Red Apple Investments LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-59726) on Oct. 3,
2023. In the petition filed by Jouval Zive, as manager, the Debtor
reported assets and liabilities between $1 million and $10
million.
The Debtor is represented by:
Paul Reece Marr, Esq.
Paul Reece Marr, PC
6075 Barfield Road
Suite 213
Sandy Springs, GA 30328-4402
Phone: (770) 984-2255
Email: paul.marr@marrlegal.com
ROBERT P. OBREGON DDS: Walter Dahl Named Subchapter V Trustee
-------------------------------------------------------------
The U.S. Trustee for Region 17 appointed Walter Dahl, Esq., a
partner at Dahl Law, as Subchapter V trustee for Robert P. Obregon
DDS, Inc.
Mr. Dahl will be compensated at $435 per hour for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
In court filings, Mr. Dahl declared that he is a disinterested
person according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Walter R. Dahl
Dahl Law
2304 "N" Street
Sacramento, CA 95816-5716
Telephone: (916) 446-8800
Telecopier: (916) 741-3346
Email: wdahl@dahllaw.net
About Robert P. Obregon DDS
Robert P. Obregon DDS Inc. is a family, cosmetic and implant
dentistry based in Citrus Heights, Calif.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-23620) on Oct. 13,
2023, with $712,637 in assets and $1,922,082 in liabilities. Robert
Obregon, president, signed the petition.
Gabriel E. Liberman, Esq., at the Law Offices of Gabriel Liberman,
APC represents the Debtor as legal counsel.
ROCKPORT DEVELOPMENT: Court Rejects Deal as 'Sub Rosa' Proposal
---------------------------------------------------------------
Alex Wittenberg of Law360 reports that a Delaware bankruptcy judge
rejected a settlement proposed by Rockport that would create a
$500,000 reserve for distribution to general unsecured creditors,
saying the agreement amounted to a de facto reorganization plan, in
violation of parts of the U.S. Bankruptcy Code.
About Rockport Development
Rockport Development, Inc., a company based in Irvine, Calif.,
sought protection under Chapter 11 of the Bankruptcy Code (Bankr.
C.D. Cal. Case No. 20-11339) on May 7, 2020. On June 11, 2020,
Rockport's affiliate Tiara Townhomes LLC filed a Chapter 11
petition (Bankr. C.D. Cal. Case No. 20-11683).
Judge Scott C. Clarkson oversees the cases, which are jointly
administered under Case No. 20-11339.
At the time of the filing, Rockport was estimated to have $10
million to $50 million in both assets and liabilities. Tiara
Townhomes LLC disclosed assets of between $1 million and $10
million and liabilities of the same range.
The Debtor has tapped Marshack Hays, LLP as its legal counsel, and
Michael VanderLey of Force Ten Partners, LLC as its chief
restructuring officer.
On Sept. 30, 2020, the Court appointed Glen Scher and Filip
Niculete of Marcus & Millichap as the Estate's real estate agent.
ROOF HEROES: Ruediger Mueller Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI,
Inc. as Subchapter V trustee for Roof Heroes, LLC.
Mr. Mueller will be paid an hourly fee of $350 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Mueller declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ruediger Mueller
TCMI, Inc.
1112 Watson Court
Reunion, FL 34747
Email: truste@tcmius.com
About Roof Heroes
Roof Heroes, LLC filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01235) on Oct.
14, 2023, with up to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Caryl E. Delano oversees the case.
Joel M. Aresty, Esq., at Joel M. Aresty, P.A. represents the Debtor
as legal counsel.
S.E. INC: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------
Debtor: S.E., Inc.
d/b/a Strong Enterprises
6448 Pinecastle Blvd., Suite 104
Orlando, FL 32809
Chapter 11 Petition Date: November 1, 2023
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 23-04641
Debtor's Counsel: Daniel R. Fogarty, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 E. Madison St.
Suite 200
Tampa, FL 33602
Phone: (813) 229-0144
Email: dfogarty@srbp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Michael Rinaldi as president.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/I5S3K7I/SE_Inc__flmbke-23-04641__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/IQADA7Q/SE_Inc__flmbke-23-04641__0001.0.pdf?mcid=tGE4TAMA
SA NW UPSCALE HOSPITALITY: Hits Chapter 11 Bankruptcy
-----------------------------------------------------
SA NW Upscale Hospitality Group LLP filed for chapter 11 protection
in the Western District of Texas. According to court filings, the
Debtor reported between $10 million and $50 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 9, 2023, at 1:00 PM, TELEPHONIC MEETING.
CONFERENCE LINE:866)909-2905, PARTICIPANT CODE:5519921#-.
About SA NW Upscale Hospitality
SA NW Upscale Hospitality Group LLP is a limited liability
partnership in Texas.
SA NW Upscale Hospitality Group LLP sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-51371) on
October 3, 2023. In the petition filed by Vikas B. Bhakta, as
agent/partner, the Debtor reports estimated assets and liabilities
between $10 million and $50 million each.
Honorable Bankruptcy Judge Michael M Parker handles the case.
The Debtor is represented by:
Martin Seidler, Esq.
Law Offices of Martin Seidler
3925 S. Padre Island Dr.
Corpus Christi, TX 78415
Phone: (210) 694-0300
Email: Marty@Seidlerlaw.com
SK SPEC 1: 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 SK SPEC 1, 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 SK SPEC 1
SK SPEC 1, LLC, a company in Irving, Texas, filed Chapter 11
petition (Bankr. N.D. Texas Case No. 23-32348) on Oct. 13, 2023,
with up to $50,000 in assets and $1 million to $10 million in
liabilities. Steven Kennedy, member-manager, signed the petition.
Howard Marc Spector, Esq., at Spector & Cox, PLLC represents the
Debtor as legal counsel.
SOUTHERN LAND: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Southern Land Acquisitions, LLC
625 Bakers Bridge Road
Suite 105-166
Franklin, TN 37067
Business Description: The Debtor owns six properties in various
locations in Tennessee having a total
current value of $4.65 million.
Chapter 11 Petition Date: November 1, 2023
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 23-04017
Debtor's Counsel: Steven L. Lefkovitz, Esq.
LEFKOVITZ & LEFKOVITZ
908 Harpeth Valley Place
Nashville, TN 37221
Tel: 615-256-8300
Email: slefkovitz@lefkovitz.com
Total Assets: $4,650,425
Total Liabilities: $440,119
The petition was signed by Chris Cruzen as chief manager.
The Debtor stated it has no unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/UQHT4GY/Southern_Land_Acquisition_LLC__tnmbke-23-04017__0001.0.pdf?mcid=tGE4TAMA
SPIKE BODY: Neema Varghese Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 11 appointed Neema Varghese of NV
Consulting Services as Subchapter V trustee for Spike Body Werks,
Inc.
Ms. Varghese will be paid an hourly fee of $400 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Varghese declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Neema T. Varghese
NV Consulting Services
701 Potomac, Ste. 100
Naperville, IL 60565
Tel: (630) 697-4402
Email: nvarghese@nvconsultingservices.com
About Spike Body
Spike Body Werks, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-13885) on Oct. 17, 2023, with $1 million to $10 million in both
assets and liabilities. Pasquale Roppo, president, signed the
petition.
Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman represents the
Debtor as legal counsel.
STILLPOINT INC: Michael Wheatley Named Subchapter V Trustee
-----------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Michael Wheatley as
Subchapter V trustee for Stillpoint, Inc.
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 Stillpoint Inc.
Stillpoint, Inc., filed Chapter 11 petition (Bankr. W.D. Ky. Case
No. 23-32419) on Oct. 16, 2023, with up to $50,000 in assets and
$100,001 to $500,000 in liabilities.
Tyler R. Yeager, Esq., at Kaplan Johnson Abate & Bird, LLP
represents the Debtor as legal counsel.
STONY POINT: Eric Huebscher Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 2 appointed Eric Huebscher of Eric
Huebscher Consulting as Subchapter V trustee for Stony Point
Ambulance Corps, Inc.
Mr. Huebscher will be paid an hourly fee of $425 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Huebscher declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Eric Huebscher
Eric Huebscher Consulting
301 E 87th St.
New York, NY 10128
Phone: 646-584-3141
Email: ehuebscher@huebscherconsulting.com
About Stony Point Ambulance Corps
Stony Point Ambulance Corps, Inc. -- https://www.spacems.org -- is
the official ambulance service for the Town of Stony Point, N.Y. It
offers NYS EMT certification and provides personal growth and
career development opportunities.
Stony Point Ambulance filed Chapter 11 petition (Bankr. S.D.N.Y.
Case No. 23-22654) on Sept. 7, 2023, with $1 million to $10 million
in both assets and liabilities. Johan Waite, chief operating
officer, signed the petition.
Judge Sean H. Lane oversees the case.
The Debtor tapped Erica Aisner, Esq., at Kirby Aisner and Curley,
LLP as legal counsel.
SUNLIGHT FINANCIAL: Seeks Chapter 11 Bankruptcy Protection
----------------------------------------------------------
Vince Sullivan of Law360 reports that solar technology financing
company Sunlight Financial Holdings Inc. filed for Chapter 11
protection late Monday in Delaware bankruptcy court with a
prepackaged plan to sell its business to a group of industry
investors in less than three weeks.
About Sunlight Financial Holdings
Sunlight Financial Holdings Inc. operates a
business-to-business-to-consumer, technology-enabled point-of-sale
financing platform. The Company provides solar and home
improvement contractors across the United States with the ability
to offer homeowners loans funded by the Company's capital
providers. The Company uses proprietary technology and deep credit
expertise to simplify the financing process for contractors and
installers, capital providers, and homeowners, successfully helping
over 125,000 homeowners install residential solar systems, reduce
their carbon footprint, and save
money.
Sunlight Financial Holdings Inc. and its affiliates sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead
Case No. 23-11794) on Oct. 30, 2023. In the petition filed by
Matthew R. Potere, as chief executive officer, the Debtor reported
total assets as of Aug. 31, 2023 amounting to $403,848,901 and
total debt of $173,943,096.
The Debtors tapped WEIL, GOTSHAL & MANGES LLP as bankruptcy
counsel; RICHARDS, LAYTON & FINGER, P.A., as local counsel; ALVAREZ
& MARSAL NORTH AMERICA, LLC, as financial advisor; and GUGGENHEIM
PARTNERS, LLC, as investment banker. OMNI AGENT SOLUTIONS, INC.,
is the claims agent.
TERLINGO CYCLE: Frances Smith Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at
Ross, Smith & Binford, PC, as Subchapter V trustee for TerlinGO
Cycle, LLC.
Ms. Smith will be paid an hourly fee of $475 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Smith declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Frances A. Smith, Esq.
Ross, Smith & Binford, PC
700 N. Pearl Street, Ste. 1610
Dallas, TX 75201
Phone: 214-593-4976
Fax: 214-377-9409
Email: frances.smith@rsbfirm.com
About TerlinGO Cycle
TerlinGO Cycle, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Texas Case No. 23-32337) on
Oct. 12, 2023, with up to $50,000 in assets and $500,001 to $1
million in liabilities.
Eric A. Liepins, Esq., represents the Debtor as legal counsel.
TUPPERWARE BRANDS: PwC Declines to Stand for Re-Appointment
-----------------------------------------------------------
Tupperware Brands Corporation disclosed in a Form 8-K filed with
the Securities and Exchange Commission that PricewaterhouseCoopers
LLP informed the Company that it is declining to stand for
re-appointment as the Company's registered public accounting firm
for the integrated audit of the fiscal year ending Dec. 30, 2023.
According to the Company, there is no dispute between the Company
and PwC.
PwC's reports on the Company's financial statements for the fiscal
years ended Dec. 31, 2022 and Dec. 25, 2021 contained no adverse
opinion or disclaimer of opinion and were not qualified or modified
as to uncertainty, audit scope or accounting principles, except
that the report for the fiscal year ended Dec. 31, 2022 included an
explanatory paragraph indicating that there was substantial doubt
about the Company's ability to continue as a going concern.
The Company further disclosed that "During the Company's fiscal
years ended Dec. 31, 2022 and Dec. 25, 2021, and in the subsequent
interim period through Oct. 24, 2023, (i) there were no
"disagreements" as that term is defined in Item 304(a)(1)(iv) of
Regulation S-K promulgated by the Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934, as
amended, between the Company and PwC on any matter of accounting
principles or practices, financial statement disclosure or auditing
scope or procedure, which disagreements, if not resolved to the
satisfaction of PwC, would have caused PwC to make reference to the
subject matter of the disagreement in their reports on the
financial statements for such years, and (ii) there were no
"reportable events" as that term is defined in Item 304(a)(1)(v) of
Regulation S-K, except for the material weakness in the Company's
internal controls over financial reporting disclosed in Part II,
Item 9A of the Company's Form 10-K for the fiscal year ended
December 31, 2022 filed with the SEC on Oct. 13, 2023, which
resulted in a restatement of the Dec. 25, 2021 and Dec. 26, 2020
consolidated financial statements, as management determined the
Company (a) did not design and maintain an effective control
environment commensurate with its financial reporting requirements
as it did not maintain a sufficient complement of personnel with an
appropriate degree of internal controls and accounting knowledge,
experience, and training commensurate with its accounting and
financial reporting requirements, (b) did not design and maintain
effective controls in response to the risks of material
misstatement as changes to existing controls or the implementation
of new controls were not sufficient to respond to changes to the
risks of material misstatement in financial reporting. These
material weaknesses contributed to the following material
weaknesses:(1) the accounting for the completeness, occurrence,
accuracy and presentation of income taxes, including the income tax
provision and related income tax assets and liabilities, (2) the
accounting for the completeness, accuracy and presentation of right
of use assets and lease liabilities, (3) the monitoring of the
designation of intercompany loans as being of long term in nature
and the related impact to the accounting for foreign currency
transaction gains and losses and translation adjustments, (4) the
accounting for the valuation of goodwill, (5) account
reconciliations to support the completeness, accuracy and
presentation of the consolidated financial statements, and (6) the
review of the Consolidated Statement of Cash Flows. The Audit and
Finance Committee of the Company's Board of Directors discussed the
material weaknesses and the restatement of the Company's financial
statements with PwC. The Company has authorized PwC to respond
fully to the inquiries of the successor accountant concerning the
subject matter of each such "reportable event."
The Company will disclose its engagement of a new independent
registered public accounting firm once the evaluation process has
been completed and as required by, and in accordance with, the
SEC's rules and regulations.
NYSE Continued Listing Standards
As disclosed in the Company's 2022 Form 10-K, the Company
previously received a notice of noncompliance from the New York
Stock Exchange as a result of the Company's failure to timely file
its 2022 Form 10-K, and subsequently, its Quarterly Reports on Form
10-Q for the first, second and third quarters of 2023. The Company
said that given the time needed to evaluate and engage a new
independent registered public accounting firm to serve as
independent auditor for the fiscal year ending Dec. 30, 2023, the
Company will likely become further delayed in filing its 2023
Quarterly Reports on Form 10-Q, as well as the Company's Annual
Report on Form 10-K for fiscal year 2023. If the Company fails to
file its 2023 Quarterly Reports on Form 10-Q by March 31, 2024,
then the NYSE may commence suspension or delisting procedures.
About Tupperware Brands
Tupperware Brands Corporation (NYSE: TUP) -- Tupperwarebrands.com
-- is a global consumer products company that designs innovative,
functional and environmentally responsible products that people
love and trust. Founded in 1946, Tupperware's signature container
created the modern food storage category that revolutionized the
way the world stores, serves and prepares food. Today, this iconic
brand has more than 8,500 functional design and utility patents for
solution-oriented kitchen and home products. With a purpose to
nurture a better future, Tupperware products are an alternative to
single-use items. The company distributes its products into nearly
70 countries, primarily through independent representatives around
the world.
On June 1, 2023, Tupperware Brands received a notice from the New
York Stock Exchange indicating the Company is not in compliance
with Sections 802.01B and Section 802.01C of the NYSE Listed
Company Manual because (i) the Company's average global market
capitalization over a consecutive 30 trading-day period was less
than $50 million and, at the same time, its last reported
stockholders' equity was less than $50 million, and (ii) the
average closing price of the Company's common stock was less than
$1.00 over a consecutive 30 trading-day period. The Notice has no
immediate effect on the listing of the Company's common stock.
Tupperware Brands reported a net loss of $232.5 million for the
year ended Dec. 31, 2022. As of Dec. 31, 2022, the Company had
$743.6 million in total assets, $1.17 billion in total liabilities,
and a total shareholders' deficit of $429.8 million.
Tampa, Florida-based PricewaterhouseCoopers LLP, the Company's
auditor since 1995, issued a "going concern" qualification in its
report dated Oct. 13, 2023, citing that the Company has experienced
liquidity challenges and is uncertain about its ability to comply
with debt covenants, which resulted in the borrowings under the
Company's credit agreement being classified as current as of Dec.
31, 2022, and that also raises substantial doubt about its ability
to continue as a going concern.
UNIFIN: Restructuring Process Extension Okayed by Court
-------------------------------------------------------
Alex Vasquez of Bloomberg News reports that Unifin said it obtained
from the Mexican court an extension until Jan. 28, 2024 of its
restructuring process. The extension is the second and last that
will be granted.
"The company will continue to carry out negotiations in good faith
with all its groups of creditors in order to reach an agreement for
its consensual restructuring in the coming weeks," Unifin said.
Mexico's troubled leasing firm Unifin said in September 2023 it
filed a draft of a plan to restructure its debt, as it aims to
emerge from bankruptcy. The proposed plan would help Unifin manage
debt, resume operations, preserve jobs, and generate returns for
stakeholders, according to the company statement.
The company last published quarterly results in the second quarter
last year, which showed financial liabilities at around $4
billion.
About Unifin
Unifin's business model focuses on offering specialized financing
to companies, including automotive credit.
VIRGINIA REAL ESTATE: Richard Maxwell Named Subchapter V Trustee
----------------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Richard Maxwell of
Woods Rogers Vandeventer Black, PLC as Subchapter V trustee for
Virginia Real Estate Services and Rentals, LLC.
Mr. Maxwell will charge $425 per hour for his services as
Subchapter V trustee and will seek reimbursement for work-related
expenses incurred.
Mr. Maxwell declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Richard C. Maxwell
Woods Rogers Vandeventer Black PLC
10 S. Jefferson Street, Suite 1800
Roanoke, Virginia 24011
Telephone: (540) 983-7628
Email: Rich.Maxwell@wrvblaw.com
About Virginia Real Estate Services
Virginia Real Estate Services and Rentals, LLC, formerly known as
Virginia Real Estate Services, LLC, is primarily engaged in renting
and leasing real estate properties. The company is based in
Strasburg, Va.
Virginia Real Estate Services filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Va. Case No.
23-50486) on Oct. 16, 2023, with $1 million to $10 million in
assets and $500,000 to $1 million in liabilities. Dale King,
manager and sole member, signed the petition.
David Cox, Esq., at Cox Law Group represents the Debtor as
bankruptcy counsel.
VISTAGEN THERAPEUTICS: Appoints Joshua Prince as COO
----------------------------------------------------
Vistagen Therapeutics, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that Joshua Prince was appointed
to serve as the chief operating officer of the Company.
Mr. Prince, 53, has served as the Company's senior vice president,
Business Operations, since November 2021. Mr. Prince has over 20
years of experience in the pharmaceutical industry. Throughout his
career, he has developed extensive expertise from early development
through commercial launch of pharmaceuticals across a range of
therapeutic areas. Prior to joining the Company, Mr. Prince held
multiple positions at CSL Behring, Teva Pharmaceuticals, and
AstraZeneca PLC, including North American Lead, Commercial Insight
and Analytics, Senior Director of CNS Global Insight, and Director
of Forecasting & Performance Analytics. Mr. Prince holds a BS in
Mechanical Engineering from the University of Missouri-Rolla, and
an MBA from The Pennsylvania State University.
In connection with his appointment, the Company entered into an
Indemnification Agreement with Mr. Prince which requires the
Company to indemnify Mr. Prince to the fullest extent permitted
under Nevada law against liability that may arise by reason of his
service to the Company and to advance certain expenses incurred as
a result of any proceeding against him as to which he could be
indemnified.
About VistaGen
Headquartered in San Francisco, California, VistaGen Therapeutics,
Inc. -- http://www.vistagen.com-- is a late clinical-stage
biopharmaceutical company aiming to transform the treatment
landscape for individuals living with anxiety, depression and
other CNS disorders. The Company is advancing therapeutics with
the potential to be faster-acting, and with fewer side effects and
safety concerns, than those that are currently available for
treatment of anxiety, depression and multiple CNS disorders.
Vistagen reported a net loss and comprehensive loss of $59.25
million for the fiscal year ended March 31, 2023, compared to a
net loss and comprehensive loss of $47.76 million on $1.11 million
of total revenues for the year ended March 31, 2022. As of March
31, 2023, the Company had $21.09 million in total assets, $9.01
million in total liabilities, and $12.08 million in total
stockholders' equity.
San Francisco, California-based WithumSmith+Brown, PC, the
Company's auditor since 2006, issued a "going concern"
qualification in its report dated June 28, 2023, citing that the
Company has suffered negative cash flows from operations and
recurring losses from operations since inception, resulting in an
accumulated deficit of $326.9 million as of March 31, 2023, that
raise substantial doubt about its ability to continue as a going
concern.
WEWORK INC: Intends to File Chapter 11 Bankruptcy Protection
------------------------------------------------------------
WeWork Inc. plans to file for bankruptcy as early as next week, the
Wall Street Journal reported Tuesday, October 31, 2023.
According to Bloomberg, the company had one of the most dramatic
trajectories of the last startup boom -- reaching a valuation of
$47 billion before a disastrous attempt at an initial public
offering and challenges to its co-working model during the
pandemic.
In a filing Tuesday, October 31, 2023, the company said it has been
holding discussions with creditors about "improving its balance
sheet" and taking steps to "rationalize its real estate footprint."
About WeWork Inc.
New York, NY-based WeWork Inc. (NYSE: WE) -- http://www.wework.com/
-- is a global flexible workspace provider, serving a membership
base of businesses large and small through its network of 779
Systemwide Locations, including 622 Consolidated Locations as of
December
2022.
WeWork reported a net loss of $2.29 billion for the year ended Dec.
31, 2022, a net loss of $4.63 billion for the year ended Dec. 31,
2021, a net loss of $3.83 billion in 2020, and a net loss of $3.77
billion in 2019. As of Dec. 31, 2022, the Company had $17.86
billion in total assets, $21.31 billion in total liabilities, and a
total deficit of $3.43 billion.
WeWork disclosed in a Form 8-K filed with the Securities and
Exchange Commission on Oct. 2, 2023, that it has elected to
withhold aggregate interest payments of approximately $37.3 million
payable in cash and $57.9 million payable in the form of additional
PIK notes.
YIWAN TRADING: Nov. 14 Hearing on Bid to Close Sale of Artwork
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California is
set to hold a hearing on Nov. 14 to consider Yiwan Trading Company
Limited's motion to consummate the pre-bankruptcy sale of Small
Lie, an artwork owned by the company.
The motion filed on Oct. 20 seeks a court order authorizing Yiwan
to complete the sale of the artwork created by the artist KAWS, and
authorizing the company to use the proceeds from the sale to pay
Sotheby's Financial Services of California, Inc.
In April, SFS' affiliate Sotheby's Inc. held a public auction of
the artwork, which was sold for HK$5.5 million (US$715,000).
The buyer paid Sotheby's in September, however, Yiwan's bankruptcy
has delayed the transfer of the item to the buyer and the payment
of SFS' secured debt.
On Sept. 18, Yiwan filed its initial motion to consummate the
pre-bankruptcy sale, which the bankruptcy court denied. In its Oct.
10 tentative ruling, the court denied the initial motion on the
grounds that, inter alia, Yiwan does not make clear whether the
company requires the relief sought because it is in the business of
buying and selling art, the property subject of the initial motion
was sold by the company at an auction conducted prior to its
Chapter 11 filing, and the company has not provided any relevant
contract or sale document.
About Yiwan Trading Company Limited
Yiwan Trading Company Limited is a Los Angeles-based company, which
operates in the manufacturing industry.
Yiwan Trading Company Limited sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-13978) on June
27, 2023, with $10 million to $50 million in both assets and
liabilities. Jiayuan Li, co-president and director, signed the
petition.
Judge Vincent P. Zurzolo oversees the case.
The Debtor tapped Eric Snyder, Esq., at Wilk Auslander, LLP as
bankruptcy counsel and Anthony R. Bisconti, Esq., at Bienert
Katzman Littrell Williams, LLP as local counsel.
ZYMERGEN INC: Dives in Chapter 11 Bankruptcy Protection
-------------------------------------------------------
Ilya Banares of Bloomberg News reports that Ginkgo Bioworks unit
Zymergen filed for Chapter 11 bankruptcy in Delaware. Neither
Ginkgo nor other subsidiaries are filing for bankruptcy
protection.
Ginkgo ended the second quarter of 2023 with $1.1 billion of cash
and cash equivalents.
Ginkgo entered into an asset purchase agreement with Zymergen as
the stalking horse bidder to acquire exclusive rights to
substantially all of Zymergen's intellectual property assets and
certain other assets.
About Zymergen Inc.
Zymergen Inc. which was founded in April 2013, is a science and
material innovation company focused on designing, developing and
commercializing bio-based products for use in a variety of
industries. Zymergen's business initially focused on providing
research and development services to customers and collaboration
partners using Zymergen's proprietary platform, which includes its
metagenomic library, data science and software tools. Starting in
late 2019 and early 2020, Zymergen shifted to a revenue model
focused on using its proprietary platform and expertise to develop,
market, and commercialize its own bio-based products, seeking to
provide more sustainable alternatives as compared to traditional
chemical companies that often use petrochemicals for product
development.
Zymergen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Del. Case No. 23-11661) on October 3, 2023. In the
petition filed by Claire Smith, as senior vice president of
Finance, the Debtor reported assets and liabilities between $100
million and $500 million each.
Morris Nichols Arsht & Tunnell, led by Curtis S. Miller, is the
Debtor's counsel.
[*] FBFK's Rachael Smiley to Serve as TMA Global President-Elect
----------------------------------------------------------------
The Turnaround Management Association (TMA) disclosed that FBFK law
firm's Rachael Smiley, Bankruptcy and Restructuring
Shareholder/Attorney and Chair of the Litigation Group, will be
serving as the organization's first-ever Global President-Elect
beginning Jan. 1, 2024.
Considered the premier professional community dedicated to
turnaround management and corporate renewal with more than 10,000
members in 54 chapters worldwide, the TMA provides networking and
professional development to enhance the expertise of turnaround
professionals.
"Being chosen as TMA's first-ever Global President-Elect is an
extraordinary honor. The connections I have built through TMA have
been a powerful force in my career. I look forward to sharing my
passion for this organization and the unparalleled value of TMA
involvement with the turnaround industry worldwide," said Smiley.
"We are thrilled to usher in a new chapter of leadership for our
association," said TMA CEO Scott Y. Stuart, Esq. "With the addition
of the President-Elect position, we are ensuring seamless
continuity and a steadfast vision for the future. Additionally, the
introduction of the Vice President of DE&I highlights our
unwavering commitment to diversity, equity, and inclusion. These
strategic steps will not only fortify our organization but also
empower us to reach new heights in our mission. Together, we are
poised to make a significant impact by championing our values and
embracing a future that is inclusive, diverse, and bright," added
Stuart.
Established in 1988, the Turnaround Management Association (TMA) is
the "most professionally diverse organization in the corporate
restructuring and renewal, and corporate health space." Its members
include turnaround practitioners, attorneys, accountants, advisors,
liquidators, consultants, as well as academic, government
employees, and members of the judiciary.
About FBFK
Celebrating more than 20 years of legal expertise and success
across Texas and the U.S., Dallas-based FBFK -- http://www.fbfk.law
-- is an entrepreneurial-minded, full-service business law firm
with offices in Plano, Houston and Austin, Texas, as well as in
Orange County, Calif. Driven by a commitment to creating lasting
client relationships grounded in high-quality representation and
client service, FBFK represents clients nationwide in nearly 40
practice areas related to business structures and transactions,
intellectual property protection and dispute resolution.
[*] Stephanie Hor-Chen Joins Blank Rome's Bankruptcy Group
----------------------------------------------------------
Blank Rome LLP on Nov. 1, 2023, disclosed that Stephanie K.
Hor-Chen has joined the firm's Chicago office in the Finance,
Restructuring, and Bankruptcy group as a partner. Ms. Hor-Chen
focuses her practice on insolvency and restructuring and has
extensive transactional and bankruptcy court experience. She joins
the firm from Katten Muchin Rosenman LLP.
Ms. Hor-Chen rejoins her former partners Kenneth J. Ottaviano,
Karin H. Berg, Paige Barr Tinkham, and William J. Dorsey, who
opened Blank Rome's Chicago office in June 2019. Since the opening,
the Chicago office has grown to include 22 attorneys, 11 of which
joined this year including partners Basileios "Bill" Katris
(Commercial Litigation), Rikke A. Dierssen-Morice (Insurance
Recovery), Eric Tower (Corporate, M&A, and Securities), and Joel V.
Sestito (Real Estate).
"We are excited to welcome Stephanie to our firm," said Grant S.
Palmer, Blank Rome's Chair and Managing Partner. "Stephanie is
highly regarded for managing complex insolvency matters and
representing lenders and administrative agents in significant loan
workouts, refinancings, and reorganizations, achieving successful
outcomes in each matter. Her deep experience and commitment to
client service is a perfect match for our firm, Chicago office, and
bankruptcy and restructuring team."
Ms. Hor-Chen represents lenders--including banks, commercial
finance companies, private equity firms, equipment lenders,
administrative agents, and indenture trustees--in out-of-court
workouts and in-court proceedings. She also routinely represents
other creditors, receivers, assignees for the benefit of creditors,
and purchasers of assets in distressed transactions, out-of-court
restructurings, and in-court proceedings. Stephanie has experience
in all phases of litigation, including drafting pleadings,
discovery, and motion practice in federal and state courts.
Ms. Hor-Chen's experience extends to all aspects of complex Chapter
11 cases, including debtor-in-possession financing, cash collateral
disputes, and Section 363 sales. She also represents indenture
trustees and administrative agents with respect to the enforcement
of holder rights and remedies in bankruptcy and other proceedings.
Additionally, Stephanie represents lenders in general commercial
loan transactions, and counsels such clients in the structuring and
documentation of credit facilities and the negotiation of
intercreditor agreements.
"We are thrilled Stephanie is joining us at Blank Rome and that we
will have the opportunity to work together again," said Kenneth J.
Ottaviano, Partner and Chair of the firm's Chicago office.
"Stephanie has an excellent track record of helping creditors
resolve loan and lease defaults, and manage the acquisition of
distressed assets. She will be a great addition to our national
bankruptcy and restructuring team. We have experienced steady and
strategic growth in our Chicago office since opening in 2019. I am
thrilled with the progress we have made over the past four years
and look forward to continuing this great momentum to meet the
needs of our clients."
"Joining Blank Rome creates so many opportunities for my clients
and my practice," noted Stephanie. "I look forward to supporting
current clients, reconnecting with former clients, and serving them
all from a nationally renowned bankruptcy and restructuring
platform. I am also really excited to rejoin my former colleagues,
Ken, Karin, Paige, and Will, and to contribute to the firm's
culture, participate in the firm's women's group, and contribute to
additional growth in the Chicago office."
Ms. Hor-Chen earned her J.D. from the University of Illinois
College of Law, her M.P.H. from the University of Illinois School
of Public Health, and her B.S. from the University of Illinois at
Urbana-Champaign. While in law school, she was an associate editor
for the University of Illinois Law Review. Following law school,
Stephanie clerked for the Honorable William V. Altenberger of the
U.S. Bankruptcy Court for the Central District of Illinois.
About Blank Rome
Blank Rome -- http://www.blankrome.com/-- is an Am Law 100 firm
with 15 offices and more than 680 attorneys and principals who
provide comprehensive legal and advocacy services to clients
operating in the United States and around the world.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Sulaiman Masood
Bankr. C.D. Cal. Case No. 23-12198
Chapter 11 Petition filed October 24, 2023
represented by: Roye Zur, Esq.
In re Collabo Group Inc.
Bankr. S.D.N.Y. Case No. 23-35891
Chapter 11 Petition filed October 24, 2023
See
https://www.pacermonitor.com/view/BZU65WQ/Collabo_Group_Inc__nysbke-23-35891__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Lewis, Esq.
ROBERT S LEWIS PC
E-mail: Robert.lewlaw1@gmail.com
In re Portofindough, LLC
Bankr. S.D.N.Y. Case No. 23-11695
Chapter 11 Petition filed October 24, 2023
See
https://www.pacermonitor.com/view/DNC7HRI/Portofindough_LLC__nysbke-23-11695__0001.0.pdf?mcid=tGE4TAMA
represented by: Gary C. Fischoff, Esq.
BERGER, FISCHOFF, SHUMER, WEXLER &
GOODMAN, LLP
E-mail: hberger@bfslawfirm.com/
gfischoff@bfslawfirm.com
In re Maltese Falcon LLC
Bankr. S.D. Ohio Case No. 23-53697
Chapter 11 Petition filed October 24, 2023
See
https://www.pacermonitor.com/view/OX4CPNY/Maltese_Falcon_LLC__ohsbke-23-53697__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re CRU Transportation LLC
Bankr. W.D. Tex. Case No. 23-60547
Chapter 11 Petition filed October 24, 2023
See
https://www.pacermonitor.com/view/4S57D6A/CRU_Transportation_LLC__txwbke-23-60547__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert C Lane, Esq.
THE LANE LAW FIRM
E-mail: notifications@lanelaw.com
In re Mayberry Funeral Home, LLC
Bankr. S.D. Ala. Case No. 23-12503
Chapter 11 Petition filed October 25, 2023
See
https://www.pacermonitor.com/view/A26HH7I/Mayberry_Funeral_Home_LLC__alsbke-23-12503__0001.0.pdf?mcid=tGE4TAMA
represented by: Barry A Friedman, Esq.
BARRY A FRIEDMAN & ASSOCIATES, PC
E-mail: bky@bafmobile.com
In re Reinke Bros., Inc.
Bankr. D. Colo. Case No. 23-14917
Chapter 11 Petition filed October 25, 2023
See
https://www.pacermonitor.com/view/EJ2RP4Q/Reinke_Bros_Inc__cobke-23-14917__0001.0.pdf?mcid=tGE4TAMA
represented by: Brittany D. Reinke, Esq.
MILLER & LAW, P.C.
E-mail: bdr@millerandlaw.com
In re Todd Hardy Boring and Chrystie Lynn Carter
Bankr. D. Colo. Case No. 23-14890
Chapter 11 Petition filed October 25, 2023
represented by: Arthur Lindquist-Kleissler, Esq.
LINDQUIST-KLEISSLER & COMPANY, LLC
In re Ask For Cool Air Conditioning, Inc.
Bankr. S.D. Fla. Case No. 23-18752
Chapter 11 Petition filed October 25, 2023
See
https://www.pacermonitor.com/view/HGSXIGI/Ask_For_Cool_Air_Conditioning__flsbke-23-18752__0001.0.pdf?mcid=tGE4TAMA
represented by: Joe M. Grant, Esq.
LORIUM LAW
E-mail: jgrant@loriumlaw.com
In re Loyality Investment & Management, Inc.
Bankr. N.D. Ill. Case No. 23-14273
Chapter 11 Petition filed October 25, 2023
See
https://www.pacermonitor.com/view/MHRJONY/Loyality_Investment__Management__ilnbke-23-14273__0001.0.pdf?mcid=tGE4TAMA
represented by: Paul M. Bach, Esq.
BACH LAW OFFICES
E-mail: paul@bachoffices.com
In re George L Reed, JR and LouAnn Reed
Bankr. E.D. Mo. Case No. 23-43851
Chapter 11 Petition filed October 25, 2023
represented by: Robert Eggmann, Esq.
In re Sabine Lucie Elias
Bankr. D.N.H. Case No. 23-10590
Chapter 11 Petition filed October 25, 2023
represented by: Kathleen McKenzie, Esq.
In re 775 East 37th Street Ventures LLC
Bankr. E.D.N.Y. Case No. 23-43870
Chapter 11 Petition filed October 25, 2023
See
https://www.pacermonitor.com/view/CXQPXGY/775_East_37th_Street_Ventures__nyebke-23-43870__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Park & Main Restaurant, Inc.
Bankr. E.D.N.Y. Case No. 23-73989
Chapter 11 Petition filed October 25, 2023
See
https://www.pacermonitor.com/view/7QPANVY/Park__Main_Restaurant_Inc__nyebke-23-73989__0001.0.pdf?mcid=tGE4TAMA
represented by: Brian McCaffrey, Esq.
BRIAN MCCAFFREY ATTORNEY AT LAW, PC
E-mail: info@mynylawfirm.com
In re Georgian Backyard LLC
Bankr. E.D.N.Y. Case No. 23-43881
Chapter 11 Petition filed October 25, 2023
See
https://www.pacermonitor.com/view/SJEMMAA/Georgian_Backyard_LLC__nyebke-23-43881__0001.0.pdf?mcid=tGE4TAMA
represented by: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
E-mail: alla@kachanlaw.com
In re Percevejo Florence Corp.
Bankr. E.D.N.Y. Case No. 23-73987
Chapter 11 Petition filed October 25, 2023
See
https://www.pacermonitor.com/view/7GMG23Y/Percevejo_Florence_Corp__nyebke-23-73987__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Aquarium Solutions, LLC
Bankr. S.D.N.Y. Case No. 23-35894
Chapter 11 Petition filed October 25, 2023
See
https://www.pacermonitor.com/view/F3JIAVI/Aquarium_Solutions_LLC__nysbke-23-35894__0001.0.pdf?mcid=tGE4TAMA
represented by: Michelle L. Trier, Esq.
GENOVA, MALIN & TRIER, LLP
In re Hot Land Carrier LLC
Bankr. M.D. Fla. Case No. 23-04508
Chapter 11 Petition filed October 26, 2023
See
https://www.pacermonitor.com/view/UD2IWGA/Hot_Land_Carrier_LLC__flmbke-23-04508__0001.0.pdf?mcid=tGE4TAMA
represented by: Jeffrey S. Ainsworth, Esq.
BRANSONLAW, PLLC
E-mail: jeff@bransonlaw.com
In re Paul R. Litten, II and Valerie A. Litten
Bankr. C.D. Ill. Case No. 23-80800
Chapter 11 Petition filed October 26, 2023
represented by: Sumner Bourne, Esq.
In re Signature Delivery & Moving LLC
Bankr. N.D. Ind. Case No. 23-40270
Chapter 11 Petition filed October 26, 2023
See
https://www.pacermonitor.com/view/M2HMSPI/Signature_Delivery__Moving_LLC__innbke-23-40270__0001.0.pdf?mcid=tGE4TAMA
represented by: Thomas B. O'Farrell, Esq.
MCCLURE O'FARRELL LP
E-mail: ecf@mcclureofarrell.net
In re James Pine & Son Trucking LLC
Bankr. D.N.J. Case No. 23-19461
Chapter 11 Petition filed October 26, 2023
See
https://www.pacermonitor.com/view/QROP7PI/James_Pine__Son_Trucking_LLC__njbke-23-19461__0001.0.pdf?mcid=tGE4TAMA
represented by: David A. Kasen, Esq.
KASEN & KASEN, P.C.
E-mail: dkasen@kasenlaw.com
In re St. Paul's Evangelical Lutheran Church
Bankr. D.N.J. Case No. 23-19463
Chapter 11 Petition filed October 26, 2023
See
https://www.pacermonitor.com/view/TJNWOWY/St_Pauls_Evangelical_Lutheran__njbke-23-19463__0001.0.pdf?mcid=tGE4TAMA
represented by: E. Richard Dressel, Esq.
LEX NOVA LAW, LLC
E-mail: rdressel@lexnovalaw.com
In re 1358 53 2b LLC
Bankr. E.D.N.Y. Case No. 23-43906
Chapter 11 Petition filed October 26, 2023
See
https://www.pacermonitor.com/view/NI5BFJI/1358_53_2b_LLC__nyebke-23-43906__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Investors Properties & Holdings LLC
Bankr. E.D.N.Y. Case No. 23-43908
Chapter 11 Petition filed October 26, 2023
See
https://www.pacermonitor.com/view/N3VLMMQ/Investors_Properties__Holdings__nyebke-23-43908__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Tracy A. Hardyal
Bankr. E.D.N.Y. Case No. 23-43911
Chapter 11 Petition filed October 26, 2023
represented by: Alla Kachan, Esq.
In re Hillsdale United Brethren in Christ Church
Bankr. N.D. Ohio Case No. 23-31914
Chapter 11 Petition filed October 26, 2023
See
https://www.pacermonitor.com/view/QHH25TI/Hillsdale_United_Brethren_in_Christ__ohnbke-23-31914__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 117 S. Main Street, LLC
Bankr. W.D. Tenn. Case No. 23-25310
Chapter 11 Petition filed October 26, 2023
See
https://www.pacermonitor.com/view/F3XYRDA/117_S_Main_Street_LLC__tnwbke-23-25310__0001.0.pdf?mcid=tGE4TAMA
represented by: Toni Campbell Parker, Esq.
LAW FIRM OF TONI CAMPBELL PARKER
E-mail: tparker002@att.net
In re James C. Clayton
Bankr. M.D. Tenn. Case No. 23-03935
Chapter 11 Petition filed October 26, 2023
represented by: Robert Gonzales, Esq.
In re Robert E. Monger
Bankr. M.D. Tenn. Case No. 23-03936
Chapter 11 Petition filed October 26, 2023
represented by: Robert Gonzales, Esq.
In re Construction All Stars, LLC
Bankr. N.D. Tex. Case No. 23-32446
Chapter 11 Petition filed October 26, 2023
See
https://www.pacermonitor.com/view/4SSDQIA/Construction_All_Stars_LLC__txnbke-23-32446__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Ahmad Ali Kohzad
Bankr. C.D. Cal. Case No. 23-12249
Chapter 11 Petition filed October 27, 2023
represented by: Roye Zur, Esq.
In re Simon Szekit Law
Bankr. D.N.J. Case No. 23-19542
Chapter 11 Petition filed October 27, 2023
represented by: Jenee Ciccarelli, Esq.
In re Miracle Mile Properties 4, LLC
Bankr. E.D.N.Y. Case No. 23-43941
Chapter 11 Petition filed October 27, 2023
See
https://www.pacermonitor.com/view/MZTYRJY/Miracle_Mile_Properties_4_LLC__nyebke-23-43941__0001.0.pdf?mcid=tGE4TAMA
represented by: Heath S. Berger, Esq.
BERGER, FISCHOFF, SHUMER, WEXLER &
GOODMAN, LLP
E-mail: hberger@bfslawfirm.com/
gfischoff@bfslawfirm.com
In re WC Concrete, Inc.
Bankr. M.D. Tenn. Case No. 23-03939
Chapter 11 Petition filed October 27, 2023
See
https://www.pacermonitor.com/view/HCO6GIA/WC_CONCRETE_INC__tnmbke-23-03939__0001.0.pdf?mcid=tGE4TAMA
represented by: Steven L. Lefkovitz, Esq.
LEFKOVITZ & LEFKOVITZ
E-mail: slefkovitz@lefkovitz.com
In re Savvyan Technologies, LLC
Bankr. E.D. Tex. Case No. 23-42043
Chapter 11 Petition filed October 27, 2023
See
https://www.pacermonitor.com/view/VKGAGTA/Savvyan_Technologies_LLC__txebke-23-42043__0001.0.pdf?mcid=tGE4TAMA
represented by: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
E-mail: joyce@joycelindauer.com
In re Whitetail Development Group, LLC
Bankr. W.D. Tex. Case No. 23-70138
Chapter 11 Petition filed October 27, 2023
See
https://www.pacermonitor.com/view/637KD7A/Whitetail_Development_Group_LLC__txwbke-23-70138__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert T DeMarco, Esq.
DEMARCO MITCHELL, PLLC
E-mail: robert@demarcomitchell.com
In re Ramin Messian and Negar Salim
Bankr. C.D. Cal. Case No. 23-17119
Chapter 11 Petition filed October 30, 2023
represented by: Stephen Burton, Esq.
In re Sha-Yah Allah, LLC
Bankr. N.D. Ga. Case No. 23-60662
Chapter 11 Petition filed October 30, 2023
See
https://www.pacermonitor.com/view/FXUNLRI/Sha-Yah_Allah_LLC__ganbke-23-60662__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Veterans Mfg., Inc.
Bankr. S.D. Ind. Case No. 23-04846
Chapter 11 Petition filed October 30, 2023
See
https://www.pacermonitor.com/view/6E35QNY/Veterans_Mfg_Inc__insbke-23-04846__0001.0.pdf?mcid=tGE4TAMA
represented by: Preeti Gupta, Esq.
PREETI (NITA) GUPTA, ATTORNEY
E-mail: nita07@att.net
In re Sang H. Yi
Bankr. D. Md. Case No. 23-17804
Chapter 11 Petition filed October 30, 2023
represented by: Daniel Staeven, Esq.
FROST LAW
In re A1 Properties KC LLC
Bankr. W.D. Mo. Case No. 23-41518
Chapter 11 Petition filed October 30, 2023
See
https://www.pacermonitor.com/view/7U7H5AA/A1_Properties_KC_LLC__mowbke-23-41518__0001.0.pdf?mcid=tGE4TAMA
represented by: Colin Gotham, Esq.
EVANS & MULLINIX, P.A.
E-mail: cgotham@emlawkc.com
In re 9-11 Wellesley LLC
Bankr. E.D.N.Y. Case No. 23-43955
Chapter 11 Petition filed October 30, 2023
See
https://www.pacermonitor.com/view/RW2Z56A/9-11_Wellesley_LLC__nyebke-23-43955__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Kamalakannan Sivanandam
Bankr. E.D. Tex. Case No. 23-42051
Chapter 11 Petition filed October 30, 2023
represented by: Joyce Lindauer, Esq.
In re Autobuysale, LLC
Bankr. D. Utah Case No. 23-24926
Chapter 11 Petition filed October 30, 2023
See
https://www.pacermonitor.com/view/AAVPPPA/Autobuysale_LLC__utbke-23-24926__0001.0.pdf?mcid=tGE4TAMA
represented by: David Drake, Esq.
DAVID DRAKE, P.C.
E-mail: davidrake2033@gmail.com
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
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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.
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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
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Monthly Operating Reports are summarized in every Saturday edition
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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
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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.
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