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T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, December 28, 2023, Vol. 27, No. 361
Headlines
255 SHIPLEY: Christopher Hayes Named Subchapter V Trustee
4G PROPERTIES: Matt Grimshaw Named Subchapter V Trustee
ADON PROPERTIES: Seeks to Tap Weiner Law Firm as Bankruptcy Counsel
ALASKA LOGISTICS: Court OKs Cash Collateral Access Thru Jan 2024
AQUAGRILLE LLC: Court OKs Interim Cash Collateral Access
ART OF GRANITE: Hires William G. Haeberle CPA as Accountant
ARTEX INC: Mark Politan of Politan Law Named Subchapter V Trustee
ARTISAN PACKAGING: Peter Barrett Named Subchapter V Trustee
AVENTIV TECHNOLOGIES: S&P Cuts ICR to 'CC', Outlook Negative
BARKER SLEEP: Brenda Brooks Named Subchapter V Trustee
BAY PITA: Seeks Approval to Hire Silverman Law PLLC as Counsel
BAYES CAPITAL: Seeks to Hire Kenneth Baum as Bankruptcy Counsel
BENITAGO INC: Unsecureds Will Get 29.5% of Claims in Plan
BETHELITE COMMUNITY: Ronald Friedman Named Subchapter V Trustee
BISCAYNE BEACH: Hires Frank & De La Guarida as Counsel
BLUE LIGHTNING: Gets Court Nod to Sell Properties by Auction
BOONE BUILT: Wins Interim Cash Collateral Access
BRADLYNN CORP: Files Emergency Bid to Use Cash Collateral
CANTON & COMPANY: Monique Almy Named Subchapter V Trustee
CENTURY GRANITE: Court OKs Cash Collateral Access on Final Basis
CF SAFETY TRAINING: Case Summary & 19 Unsecured Creditors
CHRIS PETTIT: Trustee Seeks to Hire Special Litigation Counsel
CLOVER FAST: Hires Bernkopf Goodman as Special Leasing Counsel
CLOVER FAST: Hires Gunderson Dettmer as Special Corporate Counsel
CLOVER FAST: Hires Newpoint Advisors as Financial Advisor
CORE SCIENTIFIC: Court Declines to Toss Investor Lawsuit
CORE SCIENTIFIC: Reaches Agreement on Global Settlement
COUNTY INVESTMENT: Court OKs Cash Collateral Access Thru Jan 2024
COUNTY INVESTMENT: Seeks to Tap Clark Gaines Properties as Broker
DBA TRANSPORTATION: Seeks Cash Collateral Access
DONELSON CORPORATE: Court OKs Cash Collateral Access Thru Jan 2024
EBIX INC: Gets Approval to Hire Omni as Claims and Noticing Agent
FIRST GUARANTY: PIMCO Says Whistleblower Suit Stopped by Plan
FIRST QUALITY: Hires Lili Esperanza Castro Ospitia as Bookkeeper
FIRST QUALITY: Seeks to Hire AM Law LLC as Counsel
FREEDOM 26: Seeks to Hire Newmark of Southern California as Broker
FTX GROUP: Bankman-Fried's Sentencing Hearing Delay Bid Declined
FTX GROUP: Settles Some Claims Over Embed Deal With SBF, Others
GBC EXPRESS: Court OKs Interim Cash Collateral Access
GLOBAL SOURCING: Seeks to Hire Leaf Dahl and Company as Accountant
GLOBAL WOUND: Voluntary Chapter 11 Case Summary
GRASS IS ALWAYS GREEN: Receiver Appointed to Settle Firm's Debt
GRETA TRANSPORTATION: Robert Handler Named Subchapter V Trustee
GRO-MOR PLANT: Richard Furtek Named Subchapter V Trustee
GRS RESTAURANT: Court OKs Deal on Cash Collateral Access
HALF LION BREWING: Court OKs Interim Cash Collateral Access
HAWK LOGISTICS: Gets OK to Hire KapilaMukamal as Accountant
HEARGEN LLC: Jody Corrales of Deconcini Named Subchapter V Trustee
HILLRIDGE HOLDING: Seeks Approval to Hire Bankruptcy Counsel
HONX INC: Reaches Deal on New $190-Mil. Asbestos Victims Plan
HUDSON & MCKEE: Court OKs Cash Collateral Access Thru Jan 2024
HULL ORGANIZATION: Michael Wheatley Named Subchapter V Trustee
IBELIEVEINSWORDFISH: Gina Klump Named Subchapter V Trustee
INVESTWING CAPITAL: Court OKs Cash Collateral Access Thru Jan 2024
ITALIAN GRILLE: Hires Caldwell & Riffee PLLC as Legal Counsel
JJB DC: Court OKs Bid to Appoint Chapter 11 Trustee
JL DANIELS: Lender Seeks to Prohibit Cash Collateral Access
KINGDOM CONCEPTS: Wins Cash Collateral Access Thru Dec 31
KNS MOTEL: Court OKs Cash Collateral Access Thru Jan 2024
LA MOUNT GROUP: James Coutinho Named Subchapter V Trustee
LANCASTER TRENCHING: Court OKs Cash Collateral Access Thru Jan 2024
LASSETER ENTERPRISES: Unsecureds Will Get 56.45% over 5 Years
LION STAR: Seeks to Hire Forshey & Prostok as Bankruptcy Counsel
LION STAR: Seeks to Tap Fenley & Bate as Special Litigation Counsel
LOBSTER BOYS: Geron Yann Named Subchapter V Trustee
LTL MANAGEMENT: Consumers' Adviser Keep $1.75M Bonus in Chapter 11
MAISON DRAKE: Seeks to Hire MASCPA as Accountant
MEDICAL HEALING: Jodi Dubose of Stichter Named Subchapter V Trustee
MEDTRULY INC: Case Summary & 20 Largest Unsecured Creditors
MOTLEY MILL: Frances Smith Named Subchapter V Trustee
MULLEN AUTOMOTIVE: Agrees to Issue $50 Million Note at 36% Discount
MVK FARMCO: Committee Taps Alvarez & Marsal as Financial Advisor
MXP OPERATING: Wins Interim Cash Collateral Access
NOVVI LLC: Amends Plan; Confirmation Hearing Jan. 25, 2024
NURSES AT HEART: Hires Ivey McClellan Siegmund as Counsel
ONLINE EDUGO: Wins Cash Collateral Access Thru Feb 2024
OUTLOOK THERAPEUTICS: Incurs $59M Net Loss in FY Ended Sept. 30
PARTS ID: NYSE American to Commence Delisting Proceedings
PARTY CITY: Nears Deal With Anagram to Sell Unit to Lenders
PAULSON'S TRANSPORT: Seeks to Hire Kerry Van Duren as Accountant
PENN CENTER: Taps Cunningham Chernicoff & Warshawsky as Counsel
PUERTO RICO: PREPA Creditors Get Republican AGs' Support
QUALITY ASSURANCE: Beverly Brister Named Subchapter V Trustee
QUICK TUBE: Court OKs Interim Cash Collateral Access
RACHEL ONE: Seeks to Tap Philip J. Van Manen & Co. as Appraisers
RECEPTION PURCHASER: S&P Lowers ICR to 'B-', Outlook Negative
REMARKABLE HEALTHCARE: Wins Interim Cash Collateral Access
REPMGMT INC: Jolene Wee of JW Infinity Named Subchapter V Trustee
REVLON INC: Judge Declines Late Hair Products Cancer Claims
RITE AID CORP: Drug Benefits Unit Elixir Purchased by MedImpact
RODA LLC: Seeks to Hire Boverman & Associates as Consultant
ROSE AIRCRAFT: Hires F & L Tax Service PLLC as Accountant
ROSE UPHOLSTERY: Hires F & L Tax Service PLLC as Accountant
RUSS NOYES ROOFING: Seeks to Hire BransonLaw as Bankruptcy Counsel
SAI SB CENTER: Seeks to Hire Ansell Grimm & Aaron as Counsel
SHAGTASTIC ENTERPRISES: Beverly Brister Named Subchapter V Trustee
SHERWOOD SPORTHORSES: Case Summary & Seven Unsecured Creditors
SHORTEN INC: Case Summary & Nine Unsecured Creditors
SILICON VALLEY: HSBC Wants to Toss $1-Bil. First Citizens Suit
STEEL METHOD: Taps McManimon, Scotland & Baumann as Legal Counsel
STERLING CONSULTING: Carol Fox Named Subchapter V Trustee
STRUCTURLAM MASS: Amended Liquidating Plan Confirmed by Judge
STUDIOKAZA MOBILI: Case Summary & 20 Largest Unsecured Creditors
SUD'S CLUB: Hires Forty Four Holdings as Real Estate Broker
SUGAR CREEK: Taps Restovich and Associates as Litigation Counsel
SUNPOWER CORP: Gets Waiver Over Default From Delayed 10-Q
THIRTEEN FIFTY: Court OKs Cash Collateral Access Thru Jan 2024
TOPPOS LLC: Gets OK to Hire Davis Hartman Wright as Legal Counsel
TREES CORP: Files for CCAA Protection
UPHEALTH HOLDINGS: Seeks to Tap FTI Consulting as Financial Advisor
VESTTOO LTD: Unsecureds Will Get 3%-100%; Plan Hearing Feb. 6, 2024
WARBURG PINCUS: Secures $1-Billion NAV Loan from Apollo
WAVERLY MANSION: Seeks to Hire Ten-X LLC as Real Estate Auctioneer
WEWORK INC: Collapse a Distraction, Says IWG CEO
WHITESTONE UPTOWN: Hires Marcus & Millichap as Real Estate Broker
WORMHOLE LABS: Case Summary & 20 Largest Unsecured Creditors
[^] Recent Small-Dollar & Individual Chapter 11 Filings
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255 SHIPLEY: Christopher Hayes Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 17 appointed Christopher Hayes as
Subchapter V trustee for 255 Shipley Street LLC.
Mr. Hayes will be paid an hourly fee of $440 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Hayes declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christopher Hayes
23 Railroad Avenue, #1238
Danville, CA 94526
Phone: (925) 725-4323
Email: chayestrustee@gmail.com
About 255 Shipley Street
255 Shipley Street, LLC filed Chapter 11 petition (Bankr. N.D.
Calif. Case No. 23-30834) on Dec. 11, 2023, with $1 million to $10
million in both assets and liabilities. The petition was filed pro
se.
Judge Dennis Montali oversees the case.
4G PROPERTIES: Matt Grimshaw Named Subchapter V Trustee
-------------------------------------------------------
The Acting U.S. Trustee for Region 18 appointed Matt Grimshaw,
Esq., at Grimshaw Law Group, P.C., as Subchapter V trustee for 4G
Properties, LLC.
Mr. Grimshaw will be paid an hourly fee of $300 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Grimshaw declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Matt Grimshaw
Grimshaw Law Group, P.C.
800 W. Main Street, Ste 1460
Boise, ID 83702
Email: matt#@grimshawlawgroup.com
Office: (208) 391-7860
About 4G Properties
4G Properties, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Idaho Case No. 23-40578) on Dec.
13, 2023, with $500,001 to $1 million in assets and $100,001 to
$500,000 in liabilities.
Judge Noah G. Hillen oversees the case.
Steven L. Taggart, Esq., at Olsen Taggart, PLLC represents the
Debtor as legal counsel.
ADON PROPERTIES: Seeks to Tap Weiner Law Firm as Bankruptcy Counsel
-------------------------------------------------------------------
Adon Properties LLC seeks approval from the U.S. Bankruptcy Court
for the District of Massachusetts to employ Weiner Law Firm PC as
its counsel.
The firm's services include:
(a) advise the Debtor with respect to its powers and duties in
the continued operation of its business;
(b) represent the interest of the Debtor at hearings scheduled
before this honorable court;
(c) assist the Debtor in complying with the procedural
requirements of the Office of the United States Trustee;
(d) assist the Debtor in the resolution of its financial
problems and the implementation of the Plan of Reorganization which
it anticipates filing in the case;
(e) represent the Debtor in its dealing with regulatory
authorities, agencies, and taxing authorities;
(f) prepare on behalf of the Debtor legal papers; and
(g) perform all other bankruptcy related legal services for
the Debtor which may be necessary in the usual course of the
administration of this estate.
The firm received a retainer of $2,510, plus filing fee of $1,738.
Robert Girvan II, Esq., an attorney at Weiner Law Firm, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Robert E. Girvan III, Esq.
Weiner Law Firm, PC
1441 Main Street, Suite 610
Springfield, MA 01103
Telephone: (413) 732-6840
Facsimile: (413) 785-5666
Email: RGirvan@Weinerlegal.com
About Adon Properties
Adon Properties LLC sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-41035) on
Dec. 11, 2023. In the petition signed by Reysely Adon Rodriguez,
managing member, the Debtor disclosed under $1 million in both
assets and liabilities.
Judge Elizabeth D. Katz oversees the case.
Robert E. Girvan III, Esq., at Weiner Law Firm, PC serves as the
Debtor's counsel.
ALASKA LOGISTICS: Court OKs Cash Collateral Access Thru Jan 2024
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
authorized Alaska Logistics, LLC to continue using cash collateral
under the same terms and conditions in the Final Order, through
January 10, 2024.
The Debtor is directed to provide the same adequate protection and
reporting to Banner Bank as provided in the Final Cash Collateral
Order, except that the Debtor will not make the $18,200 adequate
protection payment in January 2024.
The Debtor received an insurance payment in the amount of $232,072.
The Debtor may endorse the Insurance Payment check and deliver it
to Banner Bank as additional adequate protection on or after
January 9, 2023, provided no creditors file an objection on the
proposed delivery of the Insurance Payment to Banner Bank or
opposes any relief proposed by January 8, 2024.
As previously reported by the Troubled Company Reporter, as
adequate protection and for the Debtor's use of the cash
collateral, Banner Bank, was granted replacement liens in the
Debtor's post-petition cash, accounts receivable and inventory, and
the proceeds of each of the foregoing, to the same extent and
priority as any duly perfected and unavoidable liens in cash
collateral held by Banner Bank as of the Petition Date.
A hearing on the matter is continued to January 10, 2024 at 1:30
p.m.
A copy of the order is available at https://urlcurt.com/u?l=LzUfYm
from PacerMonitor.com.
About Alaska Logistics LLC
Alaska Logistics LLC transports materials and equipment of all
sizes, shapes and types from Seattle to Western Alaska.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-11250) on July 7,
2023.
In the petition signed by Allyn Long, general manager/president,
the Debtor disclosed up to $50 million in both assets and
liabilities.
Judge Christopher M. Alston oversees the case.
Faye C. Rasch, Esq., at Wenokur Riordan PLLC, represents the Debtor
as legal counsel.
AQUAGRILLE LLC: Court OKs Interim Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
West Palm Beach Division, authorized Aquagrille, LLC to use cash
collateral, on an interim basis, in accordance with the budget,
with a 10% variance.
The Debtor requires the use of cash collateral to pay its regular
business operating expenses and administrative expenses and other
ordinary expenses as they become due.
Sez Holding Corp, WebBank c/o Toast Capital, Cloudfund, LLC, NewCo
Capital Group, Rewards Network and United First, LLC may have a
lien on the cash collateral of the Debtor by virtue of various loan
agreements and UCC-1 Financing Statements.
As adequate protection for the use of cash collateral, the
Creditors are granted replacement liens to the same extent as any
pre-petition lien, pursuant to 11 U.S.C. Section 361(2).
A continued interim hearing on the matter is set for January 11,
2024 at 1:30 p.m.
A copy of the order is available at https://urlcurt.com/u?l=EK292j
from PacerMonitor.com.
About AquaGrille, LLC
AquaGrille, LLC owns and operates a restaurant in Juno Beach, FL,
offering contemporary, coastal American dining set in a warm,
modern beach house-inspired decor.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-20253) on December
12, 2023. In the petition signed by Stephen Asprinio as Mgr, SA
Hospitality Ventures, LLC, manager of the Debtor, the Debtor
disclosed $84,305 in total assets and $2,820,727 in total
liabilities.
Judge Mindy A. Mora oversees the case.
Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC, represents
the Debtor as legal counsel.
ART OF GRANITE: Hires William G. Haeberle CPA as Accountant
-----------------------------------------------------------
Art of Granite Counter Tops Inc. seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ
William G. Haeberle, CPA as accountant.
The Debtor requires an accountant to prepare its monthly operating
reports and provide other services.
The firm will be paid $300 per month for the monthly operating
reports.
As disclosed in court filings, William G. Haeberle, CPA is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
William G. Haeberle, CPA
William G. Haeberle, CPA, LLC
4446-1A Hendricks Ave. #245
Jacksonville, FL 32207
Tel: (904) 245-1304
About Art of Granite Counter Tops Inc.
Art of Granite Counter Tops, Inc. provides countertops to various
contractors for residential and commercial purposes. It also
provides services for de-fabricating existing countertops and
installing the newly ordered product.
The Debtor filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
23-02706) on Nov. 2, 2023, with up to $500,000 in assets and up to
$1 million in liabilities. Marco Damas, president, signed the
petition.
Judge Jason A. Burgess oversees the case.
Donald M. DuFresne, Esq., at Parker & DuFresne, PA represents the
Debtor as legal counsel.
ARTEX INC: Mark Politan of Politan Law Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Mark Politan, Esq.,
at Politan Law, LLC, as Subchapter V trustee for Artex Inc.
Mr. Politan will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Politan 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. Politan, Esq.
Politan Law, LLC
88 East Main Street #502
Mendham, NJ 07945
Cell: (973) 768-6072
Email: mpolitan@politanlaw.com
About Artex Inc.
Artex Inc. filed Chapter 11 petition (Bankr. D.N.J. Case No.
23-21516) on Dec. 12, 2023, with $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities.
David L. Stevens of Scura, Wigfield, Heyer & Stevens represents the
Debtor as legal counsel.
ARTISAN PACKAGING: Peter Barrett Named Subchapter V Trustee
-----------------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Peter Barrett, Esq.,
at Kutak Rock, LLP as Subchapter V trustee for Artisan Packaging,
LLC.
Mr. Barrett will charge $480 per hour for his services as
Subchapter V trustee and will seek reimbursement for work-related
expenses incurred.
Mr. Barrett declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Peter J. Barrett, Esq.
Kutak Rock LLP
901 East Byrd St., Ste. 1000
Richmond, VA 23219
Phone: (804) 644-1700
Email: Peter.barrett@kutakrock.com
About Artisan Packaging
Artisan Packaging, LLC is a manufacturer of plastics bottles in
Harrisonburg, Va. It offers up to 100% post-consumer resin (PCR)
and use energy-saving features to fuel its manufacturing.
Artisan Packaging filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. W.D. Va. Case No. 23-50588) on Dec.
11, 2023, with up to $10 million in both assets and liabilities.
Richard Jay Veenis, member, signed the petition.
Stephan W. Milo, Esq., at Wharton, Aldhizer & Weaver, PLC,
represents the Debtor as legal counsel.
AVENTIV TECHNOLOGIES: S&P Cuts ICR to 'CC', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Aventiv
Technologies LLC to 'CC' from 'CCC-'.
S&P said, "At the same time, we lowered our issue-level rating on
the company's first-lien debt (due November 2024) to 'CC' from
'CCC-'. We also lowered our issue-level rating on the company's
super-priority revolving credit facility (due August 2024) to
'CCC+' from 'B+'.
"The negative outlook indicates that we will likely lower our
issuer credit rating on the company to 'SD' and on the senior
secured debt to 'D' upon completion of the transaction, if there is
not adequate compensation to offset the deferral of cash interest
payments."
On Dec. 19, 2023, Aventiv announced it had entered into an
agreement with a group of its existing first- and second-lien
lenders to restructure its outstanding term loan debt.
S&P said, "We view the proposed transaction as a distressed
exchange. On Dec. 19, 2023, Aventiv Technologies announced it had
entered into an agreement with about 92% of first-lien and 78% of
second-lien lenders on the company's debt restructuring. The
proposed transaction includes amendments to exchange existing
first- and second-lien debt for new priority debt, which would be
structurally senior (in lien and payment priority) to existing
debt. The transaction would also convert a material portion of
interest payments due to current term loan lenders to be payable
in-kind (PIK), and will likely include maturity extensions on the
$1.1 billion first-lien term loan (due November 2024) and the $225
million revolving credit facility (due August 2024), although the
new maturity dates have not yet been disclosed.
"If completed, we would view the proposed transactions as
distressed, because existing lenders would not receive adequate
compensation to offset the delayed interest payments (via the
one-time PIK provision) and extended maturities. The transaction
would also result in a more junior ranking for nonparticipating
lenders. The transaction is expected to close within the next 30-45
days.
"The negative outlook indicates that we will likely lower our
issuer credit rating on the company to 'SD' and on the senior
secured debt to 'D' upon completion of the transaction, if there is
not adequate compensation to offset the deferral of cash interest
payments."
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Other social factors
BARKER SLEEP: Brenda Brooks Named Subchapter V Trustee
------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Brenda Brooks at
Moore & Brooks as Subchapter V trustee for Barker Sleep Medicine
Professionals, PLLC.
Ms. Brooks will be paid an hourly fee of $250 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Brooks declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brenda Brooks
Moore & Brooks
6223 Highland Place Way
Suite 102
Knoxville, TN 37919
Phone: (865) 450-5455 | Fax: (865) 622-8865
Email: bbrooks@moore-brooks.com
About Barker Sleep Medicine Professionals
Barker Sleep Medicine Professionals, PLLC helps patients suffering
from a sleep disorder. It is based in Knoxville, Tenn.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 23-32132) on Dec. 11,
2023, with up to $1 million in assets and up to $10 million in
liabilities. Rosanne S. Barker, authorized representative of the
Debtor, signed the petition.
Judge Suzanne H. Bauknight oversees the case.
Maurice K. Guinn, Esq., at Gentry, Tipton and McLemore, PC,
represents the Debtor as legal counsel.
BAY PITA: Seeks Approval to Hire Silverman Law PLLC as Counsel
--------------------------------------------------------------
Bay Pita LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of New York to employ Silverman Law, PLLC as
counsel.
The firm will provide these services:
a. give advice regarding the Debtor's rights, powers and
duties in continuing to operate and manage its assets and
business;
b. prepare legal documents;
c. advise the Debtor concerning, and prepare responses to,
legal documents, which may be filed in its Chapter 11 case;
d. advise the Debtor concerning the actions it might take to
collect and recover property for the benefit of its estate;
e. negotiate with creditors in connection with claims and
Chapter 11 plan;
f. review and object to claims; and
g. perform all other legal services, which may be necessary or
appropriate in the administration of the Debtor's Chapter 11 case.
Mr. Silverman, the attorney handling the bankruptcy case will be
paid at the rate of $450 per hour. Paraprofessionals will be paid
$90 per hour. In addition, the firm will receive reimbursement for
out-of-pocket expenses incurred.
The retainer is $11,738.
Brett Silverman, Esq., a partner at Silverman Law, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Brett S. Silverman, Esq.
Silverman Law, PLLC
4 Terry Terrace
Livingston, NJ 07039
Tel: (646) 779-7210
Email: Bsilverman@silvermanpllc.com
About Bay Pita LLC
Bay Pita LLC in Brooklyn NY, filed its voluntary petition for
Chapter 11 protection (Bankr. E.D.N.Y. Case No. 23-44114) on
November 9, 2023, listing $2,002,011 in assets and $1,942,505 in
liabilities. Steve Rosenberg as CRO, signed the petition.
SILVERMAN LAW PLLC serve as the Debtor's legal counsel.
BAYES CAPITAL: Seeks to Hire Kenneth Baum as Bankruptcy Counsel
---------------------------------------------------------------
Bayes Capital, LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to employ the Law Offices of Kenneth
L. Baum, LLC to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Kenneth L. Baum, Member $375
Deborah DiPiazza, Paralegal $135
Mr. Baum disclosed in a court filing that his firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Kenneth L. Baum, Esq.
Law Offices of Kenneth L. Baum LLC
201 W. Passaic Street, Suite 104
Rochelle Park, NJ 07662
Telephone: (201) 853-3030
Facsimile: (201) 584-0297
Email: kbaum@kenbaumdebtsolutions.com
About Bayes Capital
Bayes Capital, LLC filed Chapter 11 petition (Bankr. D.N.J. Case
No. 23-20950) on Nov. 24, 2023, with up to $50,000 in assets and
$100,001 to $500,000 in liabilities.
Judge Stacey L. Meisel oversees the case.
Kenneth L. Baum, Esq., at the Law Offices of Kenneth L. Baum, LLC
represents the Debtor as bankruptcy counsel.
BENITAGO INC: Unsecureds Will Get 29.5% of Claims in Plan
---------------------------------------------------------
Benitago Inc. and its affiliates submitted an Amended Disclosure
Statement for the Amended Joint Chapter 11 Plan dated December 21,
2023.
The Plan is the result of extensive arms'-length, good faith and
hard fought negotiations among the Debtors, CoVenture,
SellersFunding, and the Committee, and their respective advisors,
including through the court-ordered Mediation.
After evaluating potential plan and sale process alternatives in
connection with these Chapter 11 Cases, the Debtors' independent
management consisting of the Independent Director (in the case of
Benitago Parent) and the Special Manager (in the case of the Acrux
Parties) determined, in the exercise of their business judgment,
that the reorganization set forth in the Plan is in the best
interests of the Debtors' estates and all stakeholders,
particularly in light of the Debtors' liquidity and need to emerge
from these Chapter 11 Cases as expeditiously as possible to
maximize value.
The Debtors require significant new capital investment to fund
working capital for the Reorganized Debtors as well as to pay the
administrative and other costs and expenses associated with these
Chapter 11 Cases. The Plan provides for the recapitalization and
reorganization of the Debtors pursuant to the transactions set
forth in the Plan, including a significant new money investment
from CoVenture of up to $7 million.
As part of the integrated settlements and compromises set forth in
the Plan, the Plan includes the consensual and global resolution of
CoVenture's potential claims and causes of action against the
Debtors and third parties and treatment thereof, as well as the
treatment of SellersFunding's secured and unsecured deficiency
claims. While the Debtors dispute CoVenture's claims and arguments,
the consensual resolution of them as part of the Plan provides
significant value to the Debtors and allows for a pathway for an
expeditious emergence from these Chapter 11 Cases. Among other
things, the Debtors, CoVenture, SellersFunding, and the Committee
have agreed to the following:
* New Money Exit Facility Financing: CoVenture has agreed to
provide a material new money financing in the aggregate amount of
up to $7 million in new money (the "Exit New Money Term Loan") to
(a) provide for sufficient funding to pay all allowed
administrative and priority claims in full and make available the
GUC Cash Pool for holders of allowed general unsecured claims and
(b) provide working capital financing to the Reorganized Debtors.
The Exit New Money Term Loan will be secured by liens on all assets
of the Reorganized Debtors, which shall have relative priority as
to liens granted under the Exit Takeback Term Loan consistent with
the terms set forth in the Exit Facility Term Sheet.
* Equitization of CoVenture's Secured Claims: CoVenture has
agreed to equitize its secured claims against the Debtors in
exchange for 100% of the equity in the Reorganized Debtors. By
consensually equitizing CoVenture's secured claims, the Debtors
avoid having to pay cash interest, fees, or other expenses on
account of such secured claims under the Plan.
* Funding of GUC Cash Pool: The Plan provides for funding of a
US$1 million pool of cash (referred to as the "GUC Cash Pool") that
will be made available for holders of Allowed General Unsecured
Claims and provide a meaningful recovery to such claims.
* Subordination of CoVenture's and SellersFunding's Deficiency
Claims: Despite recovering only a fraction of the outstanding
principal, interest and other amounts due under the CoVenture
Documents) the vast majority of which will only receive new equity
(and not payment in cash), CoVenture has agreed to voluntarily
subordinate its deficiency claims to holders of allowed general
unsecured claims. Doing so will allow for a significant recovery
for the holders of such claims that would otherwise be
significantly diluted to nearly zero. SellersFunding has likewise
agreed to subordinate its deficiency claims to holders of Allowed
General Unsecured Claims.
The Plan also provides for SellersFunding, Benitago Parent's senior
secured creditor, to receive $9 million in exit second lien take
back debt, which shall be secured by liens on all assets of the
Reorganized Debtors, which liens shall have relative priority as to
liens granted under the Exit New Money Term Loan consistent with
the terms set forth in the Exit Facility Term Sheet (the "Exit
Takeback Term Loan" and, together with the Exit New Money Term Loan
the "Exit Facility"). Similar to CoVenture, SellersFunding has also
agreed to voluntarily subordinate its deficiency claims.
CoVenture's and SellersFunding's agreements to the proposed
treatment of their claims facilitates and crystallizes recoveries
for Holders of Allowed General Unsecured Claims by providing such
Holders with a recovery through the GUC Cash Pool.
The Debtors dispute the CoVenture Claims and the above-described
arguments. Beginning in October 2023, the Independent Director
undertook an investigation into potential claims and causes of
action belonging to the Debtors' estates, including the CoVenture
Claims (to the extent belonging to the Debtors' estates). At this
time, the Independent Director has approved the releases set forth
in the Plan.
On December 18, 2023, the Debtors, CoVenture, SellersFunding, and
the Committee participated in the Mediation, which resulted in the
Mediation Settlement Term Sheet, (the "Mediation Settlement").
Pursuant to the Mediation Settlement, the Debtors, CoVenture,
SellersFunding, and the Committee agreed to, among other things, $1
million for the GUC Cash Pool.
Class 5 consists of General Unsecured Claims. Unless the Holder of
an Allowed General Unsecured Claim agrees to less favorable
treatment, in exchange for full and final satisfaction, settlement,
and release of each Allowed General Unsecured Claim, each Holder of
an Allowed General Unsecured Claim shall receive its pro rata share
of the GUC Cash Pool; provided that Holders of the CoVenture
Deficiency Claims and SellersFunding Deficiency Claims shall be
deemed to have waived their rights to recover from the GUC Cash
Pool on account of such claims. The allowed unsecured claims total
$3,389,715. This Class will receive a distribution of 29.5% of
their allowed claims.
Upon the occurrence of the Effective Date, CoVenture and
SellersFunding have agreed to provide the Reorganized Debtors with
the Exit Facility. Specifically, CoVenture has agreed to provide a
material new money financing in the form of the Exit New Money Term
Loan to (a) provide for sufficient funds to pay all allowed
administrative and priority claims and the GUC Cash Pool, and (b)
provide working capital financing to the Reorganized Debtors,
equitize its secured claims against the Debtors in exchange for
100% of the equity in the Reorganized Debtors and voluntarily
subordinate the CoVenture Deficiency Claim to Holders of Allowed
General Unsecured Claims.
The Bankruptcy Court has scheduled January 10, 2024 as the last day
to submit ballots to be counted as votes accepting or rejecting the
Plan.
A full-text copy of the Amended Disclosure Statement dated December
21, 2023 is available at https://urlcurt.com/u?l=r5FATS from
Stretto Inc., claims agent.
Counsel to the Debtors:
Kyle J. Ortiz, Esq.
Bryan M. Kotliar, Esq.
Amanda C. Glaubach, Esq.
Eitan E. Blander, Esq.
Togut, Segal & Segal LLP
One Penn Plaza, Suite 3335
New York, NY 10119
Tel: (212) 594-5000
Co-Counsel to the Acrux Debtors:
Sean Southard, Esq.
Klestadt Winters Jureller Southard & Stevens, LLP
200 West 41st Street, 17th Floor
New York, NY 10036-7203
Tel: (212) 972-3000
Fax: (212) 972-2245
Email: ssouthard@klestadt.com
About Benitago Inc.
Benitago Inc. operates an e-commerce aggregator platform intended
to create, acquire and grow businesses.
Benitago Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11394) on August 30, 2023.
In the petition filed by Thomas Studebaker, as chief restructuring
officer, the Debtor reports estimated assets and liabilities (on a
consolidated basis) between $50 million and $100 million.
Benitago Inc. is a New York-based company, which operates an
e-commerce aggregator platform intended to create, acquire and grow
businesses.
Benitago and affiliates sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-11394) on
Aug. 30, 2023. In the petition signed by its chief restructuring
officer, Thomas Studebaker, Benitago disclosed $50 million to $100
million in both assets and liabilities.
Judge Sean H. Lane oversees the cases.
Kyle J. Ortiz, Esq., at Togut Segal & Segal LLP, is the Debtors'
legal counsel, and Portage Point Partners is the financial advisor.
Stretto Inc. is the notice, claims, and balloting agent.
BETHELITE COMMUNITY: Ronald Friedman Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Ronald Friedman, Esq., at
Rimon, PC as Subchapter V trustee for Bethelite Community Baptist
Church Inc.
Mr. Friedman will be paid an hourly fee of $750 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Friedman declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Ronald J. Friedman, Esq.
Rimon PC
100 Jericho Quadrangle
Ste. 300
Jericho, NY 11753
Email: ronald.friedman@rimonlaw.com
About Bethelite Community Baptist Church
Bethelite Community Baptist Church, Inc. is a tax-exempt religious
organization in New York.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11984) on Dec. 12,
2023, with $5,727,590 in assets and $6,969,195 in liabilities.
Pastor James Manning, pastor and manager, signed the petition.
Judge Martin Glenn oversees the case.
Mark E. Cohen, Esq., at Pryor & Mandelup, L.L.P. represents the
Debtor as legal counsel.
BISCAYNE BEACH: Hires Frank & De La Guarida as Counsel
------------------------------------------------------
Biscayne Beach Apartments, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Frank & De La Guarida as counsel.
The firm will provide these services:
a. advise the Debtor regarding its rights, powers and duties;
b. prepare legal documents and reviewing all financial reports
to be filed in the Debtor's bankruptcy case;
c. advise the Debtor concerning, and preparing responses to,
legal papers that may be filed and served in its case, including
complying with the Office of the U.S. Trustee's operating
guidelines and reporting requirements and with the rules of the
court;
d. assist in the negotiation and documentation of financing
agreements, debt and cash collateral orders and related
transactions;
e. review the nature and validity of any liens asserted
against the Debtor's property and advising the Debtor concerning
the enforceability of such liens;
f. counsel the Debtor in connection with the formulation,
negotiation and promulgation of a plan of reorganization and
related documents;
g. assist the Debtor in connection with any potential property
dispositions;
h. advise the Debtor concerning executory contract and
unexpired lease assumption, assignment and rejection and lease
restructuring and recharacterization;
i. assist the Debtor in reviewing, estimating and resolving
claims asserted against the Debtor's estate;
j. commence and conduct litigation necessary or appropriate to
assert rights held by the Debtor, protecting assets of the Debtor's
Chapter 11 estate or otherwise further the goal of completing the
Debtor's successful reorganization;
k. provide general corporate, litigation and other
non-bankruptcy services as requested by the Debtor; and
l. perform all other necessary legal services.
The firm will be paid at these rates:
Attorneys $650 per hour
Paralegals $175 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael A. Frank, Esq., a partner at Law Offices of Frank & De La
Guardia, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Michael A. Frank, Esq.
LAW OFFICES OF FRANK & DE LA GUARDIA
2000 Northwest 89th Place, Suite 201
Doral, FL 33172
Tel: (305) 443-4217
Email: Pleadings@bkclawmiami.com
About Biscayne Beach Apartments, LLC
The Debtor is the owner of an 8-unit apartment building located at
834-842 84 St, Miami Beach, FL valued at $1.8 million.
Biscayne Beach Apartments LLC in Miami, FL, filed its voluntary
petition for Chapter 11 protection (Bankr. M.D. Fla. Case No.
23-20217) on December 11, 2023, listing $1,800,000 in assets and
$1,227,491 in liabilities. Benjamin Shames as manager, signed the
petition.
Judge Laurel M. Isicoff oversees the case.
LAW OFFICES OF FRANK & DE LA GUARDIA serve as the Debtor's legal
counsel.
BLUE LIGHTNING: Gets Court Nod to Sell Properties by Auction
------------------------------------------------------------
Blue Lightning Transportation Solutions, Inc. received approval
from the U.S. Bankruptcy Court for the Northern District of Texas
to sell personal properties by auction.
The properties up for sale include tractors and trailers used to
operate the businesses of the company and its affiliates.
Blue Lightning has tapped the services of Ritchie Bros. Auctioneers
(America) Inc. and Ironplanet, Inc. in connection with the sale.
The firms will hold an auction no later than Jan. 31 next year. The
properties will be sold at the auction in individual lots only and
participants interested to buy more than one property must submit
separate bids for each property.
Third Coast Commercial Capital, Inc. and Centerstone SBA Lending,
Inc. hold security interest in some of the properties.
After payment of the sale costs, the net proceeds from the sale of
properties that are subject to the lien of Centerstone will be
segregated and not used without further court order.
Meanwhile, 6% of the gross proceeds from the sale of properties
that are subject to the lien of Third Coast will be paid to the
taxing authorities. Third Coast will receive the remaining
proceeds.
About Blue Lightning Holdings
Blue Lightning Holdings, Inc. and its affiliates filed voluntary
petitions for Chapter 11 protection (Bankr. N.D. Texas Lead Case
No. 23-41064) on April 15, 2023. At the time of the filing, Blue
Lightning Holdings reported as much as $50,000 in assets and $1
million to $10 million in liabilities.
Judge Mark X. Mullin oversees the cases.
The Debtors tapped Howard Marc Spector, Esq., at Spector & Cox,
PLLC as legal counsel and Sabrina Hill, CPA, PLLC as accountant.
BOONE BUILT: Wins Interim Cash Collateral Access
------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Texas, San
Antonio Division, authorized Boone Built Solutions, LLC to use cash
collateral, on an interim basis, in accordance with the budget.
As previously reported by the Troubled Company Reporter, the Debtor
depends on the use of cash collateral for materials, payroll and
general operating expenses. Revenue is generated through the
Debtor's small commercial construction.
A search in the Texas Secretary of State shows that allegedly
secured positions are held by U.S. Small Business Administration
(UCC Filing No. 21-0014325058); Vernon Capital Group (UCC Filing
No. 21-0027177401); E Advance Services (UCC filing No. 23-
0021211830); Prosperum Capital Partners (UCC filing No.
23-0044038660); Rapid Finance (UCC Filing No. 22-0026546097) and
Alpine Advance 5 LLC (UCC Filing No. 23- 0030434059).
The court said as adequate protection for the use of cash
collateral, the lenders are granted replacement liens on all
post-petition cash collateral and post-petition acquired property
to the same extent and priority they possessed as of the Petition
Date only as to the diminution in value of their lien, if any.
A final hearing on the matter is set for January 4, 2024 at 10
a.m.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=VjI1jS from PacerMonitor.com.
The Debtor projects $610,083 in cash receipts and $530,127 in cash
disbursements for 30 days.
About Boone Built Solutions, LLC
Boone Built Solutions, LLC operates a small commercial construction
business.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-51763-mmp) on
December 20, 2023. In the petition signed by Dylan J. Boone, owner,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.
Judge Michael M. Parker oversees the case.
Robert C Lane, Esq., at Lane Law Firm, represents the Debtor as
legal counsel.
BRADLYNN CORP: Files Emergency Bid to Use Cash Collateral
---------------------------------------------------------
Bradlynn Corp. Inc. asks the U.S. Bankruptcy Court for the District
of Massachusetts for authority to use the cash collateral of
secured creditors Credibly of Arizona LLC and Headway Capital, LLC
and provide adequate protection.
The Debtor's operations were severely affected by COVID, and it is
still in the process of recovering from the COVID closures.
Additionally, creditor Credibly is exercising its UCC and taking
the Debtor’s accounts receivable. The Debtor is currently
operating and meeting its current obligations as they come due.
The Debtor's secured creditor is Credibly. The Debtor entered into
a business loan with Credibly in August of 2023. The current
balance of the loan is approximately $110,000. The Debtor's other
secured creditor is Headway. The Debtor entered into a business
loan with Headway in September of 2022 and the current balance of
the loan is approximately $62,923.
The Debtor has additional obligations to First Citizens Federal
Credit Union and Toyota Financial, both of which have loans secured
on the Debtor's vehicles.
The Debtor does not believe it has tax debt with the Massachusetts
Department of Revenue or the Internal Revenue Services but will
continue to monitor and evaluate any claims filed by the taxing
authorities.
The Debtor has approximately $250,000 in general unsecured debt,
which consists of mainly of trade debt.
The Debtor asserts that any cash collateral used by the Debtor will
be used solely to maintain operations and thus reduce the chance of
any possible diminution in value of the property. However, in
addition, the Debtor also proposes to grant to Credibly and Headway
the following as additional adequate protection:
a. The Debtor will make monthly adequate protection payments to
Credibly in the amount of $1,500;
b. The Debtor will make monthly adequate protection payments to
Headway in the amount of $1,000; and
c. The Debtor will remain within its Budget, within an overall
margin of 10%.
A copy of the motion is available at https://urlcurt.com/u?l=tgX5Wh
from PacerMonitor.com.
About Bradlynn Corp. Inc.
Bradlynn Corp. Inc. is a Massachusetts corporation that owns and
operates a plumbing business, located in Lakeville, Massachusetts.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 23-12142) on December 21,
2023. In the petition signed by Dean Fawcett, III, president, the
Debtor disclosed up to $500,000 in both assets and liabilities.
Peter M. Daigle, Esq., at Daigle Law Office, represents the Debtor
as legal counsel.
CANTON & COMPANY: Monique Almy Named Subchapter V Trustee
---------------------------------------------------------
Gerard Vetter, Acting U.S. Trustee for Region 4, appointed Monique
Almy, Esq., as Subchapter V trustee for Canton & Company, LLC.
Ms. Almy, a partner at Crowell & Moring, LLP, will be paid an
hourly fee of $800 for her services as Subchapter V trustee and
will be reimbursed for work-related expenses incurred.
Ms. Almy declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Monique D. Almy, Esq.
Crowell & Moring, LLP
1001 Pennsylvania Avenue, NW
Washington, DC 20004
Phone: (202) 624-2935
Email: malmy@crowell.com
About Canton & Company
Canton & Company, LLC is a healthcare growth and strategic services
firm in Baltimore, Md. Its comprehensive suite of growth services
includes Strategy & Insights, Integrated Marketing Solutions, and
Performance Solutions.
The Debtor filed Chapter 11 petition (Bankr. D. Md. Case No.
23-19054) on Dec. 12, 2023, with up to $500,000 in assets and up to
$10 million in liabilities. Richard (Don) McDaniel, Jr., manager,
signed the petition.
Daniel Staeven, Esq., at Frost Law, is the Debtor's bankruptcy
counsel.
CENTURY GRANITE: Court OKs Cash Collateral Access on Final Basis
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Georgia,
Athens Division, authorized Century Granite Company, Inc. to use
cash collateral, on a final basis, in accordance with the budget.
Blade Funding, LLC, Core Funding Sources, LLC, Fundbox, On Deck
Capital, Inc., and Seamless Capital Group, LLC assert an interest
in the Debtor's cash collateral.
The Debtor will provide the following adequate protection through
and including confirmation of a plan or other order of the Court:
a. All pre-petition liens of Respondent(s) and any other parties
with an interest in cash collateral will, subject to any
limitations in the Bankruptcy Code (including, without limitation,
11 U.S.C. Section 552(a)), continue through confirmation of a plan
or other order of the Court.
b. The Debtor will continue to operate and maintain its business
and properties in accordance with the Final Order.
c. The Debtor will pay when due post-petition property taxes with
respect to the properties, if any, held by Respondents and held by
other creditors with an interest in cash collateral.
d. The Debtor will maintain property insurance on the properties,
if any, collateralizing Respondents' and other secured parties'
purported secured claims.
A copy of the order is available at https://urlcurt.com/u?l=g1nf3f
from PacerMonitor.com.
About Century Granite Company, Inc.
Century Granite Company, Inc. sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-30611) on
December 4, 2023. In the petition signed by Anand S. Anandan,
president/CEO, the Debtor disclosed up to $10 million in both
assets and liabilities.
David L. Bury, Jr., Esq., at Stone & Baxter, LLP, represents the
Debtor as legal counsel.
CF SAFETY TRAINING: Case Summary & 19 Unsecured Creditors
---------------------------------------------------------
Debtor: CF Safety Training and Consulting, LLC
d/b/a CF Load Services
d/b/a CF Farms
230 Prides Xing
Shenandoah Junction, WV 25442
Business Description: CF Safety is a safety company that provides
a wide range of services to companies in
construction, general industry, maritime,
agriculture.
Chapter 11 Petition Date: December 26, 2023
Court: United States Bankruptcy Court
Northern District of West Virginia
Case No.: 23-00598
Debtor's Counsel: Aaron C. Amore, Esq.
AMORE LAW, PLLC
206 West Liberty Street
Charles Town, WV 25414
Tel: 304 885 4117
Fax: 866 417 8796
Email: aaron@amorelaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Russell Frederick Collins as
member/manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 19 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/ZGMRG4A/CF_Safety_Training_and_Consulting__wvnbke-23-00598__0001.0.pdf?mcid=tGE4TAMA
CHRIS PETTIT: Trustee Seeks to Hire Special Litigation Counsel
--------------------------------------------------------------
Eric Terry, the Chapter 11 trustee for Chris Pettit & Associates,
PC, seeks approval from the U.S. Bankruptcy Court for the Western
District of Texas to employ Watts Guerra, LLP and Wick Phillips
Gould & Martin, LLP as special litigation counsel.
The trustee requires special litigation counsel to investigate and
pursue claims of the estates against the following targets: (a)
Frost Bank and Cullen/Frost Bankers, Inc.; (b) American Bank, N.A.
(successor by acquisition to TexStar National Bank); (c) Texas
Partners Bank d/b/a The Bank of San Antonio; and (d) Winter Park
National Bank.
Watts and Wick Phillips will be compensated on a contingency fee
basis and will receive 30 percent and 10 percent, respectively, of
all money collected on any settlements, monies, judgments, or other
cash consideration, which may be paid to the trustee on the
claims.
In the event any party to a case files or perfects any appeal of
any judgment, order, or award, the aforementioned percentage will
increase to 33.75 percent for Watts and 11.25 percent for Wick
Phillips.
Francisco Guerra, IV, Esq., a partner at Watts, and Jason Rudd,
Esq., a partner at Wick Phillips, disclosed in court filings that
their firms are "disinterested persons" pursuant to Section 101(14)
of the Bankruptcy Code.
The firms can be reached through:
Francisco Guerra, IV, Esq.
Watts Guerra, LLP
875 East Ashby Place, Suite 1200
San Antonio, TX 78212
Telephone: (210) 447-0500
Email: fguerra@wattsguerra.com
- and –
Jason M. Rudd, Esq.
Wick Phillips Gould & Martin, LLP
3131 McKinney Avenue, Suite 500
Dallas, TX 75204
Telephone: (214) 692-6200
Facsimile: (214) 692-6255
Email: jason.rudd@wickphillips.com
About Chris Pettit & Associates
Chris Pettit & Associates, PC, a personal injury law firm in Texas,
and principal Christopher John Pettit sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Lead Case
No. 22-50591) on June 1, 2022. In the petition filed by Mr. Pettit,
the Debtors listed up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Craig A. Gargotta oversees the cases.
Michael G. Colvard, Esq., at Martin & Drought, PC is the Debtors'
bankruptcy counsel.
Eric Terry, the trustee appointed in the Chapter 11 cases, is
represented by his bankruptcy counsel, Wick Phillips Gould &
Martin, LLP. Rogers Towers PA; Jackson Walker LLP; Davis & Santos
PLLC; Mastrogiovanni PLLC; Langley & Banack Inc.; Chamberlain,
Hrdlicka, White, Williams and Aughtry PC; and Watts Guerra, LLP
serve as the trustee's special counsels.
CLOVER FAST: Hires Bernkopf Goodman as Special Leasing Counsel
--------------------------------------------------------------
Clover Fast Food, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Bernkopf Goodman LLP
as special leasing counsel.
The firm will represent and assist the Debtor in reviewing,
monitoring, amending, and drafting its unexpired leases for its
several restaurants, and any other legal matters related to such
leases.
The firm will be paid as follows:
Peter B. McGlynn $685 per hour
Eric R. Allon $625 per hour
Paralegals $295 per hour
Law clerks $140 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Eric R. Allon, Esq., a partner at Bernkopf Goodman LLP, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Eric R. Allon, Esq.
Bernkopf Goodman LLP
Two Seaport Lane 9th Floor
Boston, MA 02210
Tel: (617) 413-6401
Email: eallon@bernkopflegal.com
About Clover Fast Food, Inc.
Clover Fast Food, Inc. DBA Clover Food Lab is a vegetarian fast
food chain which operates restaurants around the Boston Metro
Area.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-11812) on November 3,
2023. In the petition signed by Julia Wrin Piper, as chief
executive officer, the Debtor disclosed $8,397,968 in total assets
and $4,573,997 in total liabilities.
Judge Brendan Linehan Shannon oversees the case.
Karen M. Grivner, Esq., at Clark Hill PLC, represents the Debtor as
legal counsel.
CLOVER FAST: Hires Gunderson Dettmer as Special Corporate Counsel
-----------------------------------------------------------------
Clover Fast Food, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Gunderson Dettmer
Stough Villeneuve Franklin & Hachigian, LLP as special corporate
counsel.
The firm represent and assist the Debtor by, among other things,
advising the debtor on its corporate authority and drafting
required corporate documents, including, without limitation, any
documents arising from a proposed plan of reorganization.
The firm will be paid at these rates:
Attorneys $550 to $1,550 per hour
Paralegals $200 to $545 per hour
The firm received from the Debtor an advance retainer of $50,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jeffrey M. Engerman, Esq., a partner at Gunderson Dettmer Stough
Villeneuve Franklin & Hachigian, LLP, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jeffrey M. Engerman, Esq.
Gunderson Dettmer Stough Villeneuve
Franklin & Hachigian, LLP
One Marina Park Drive, Suite 900
Boston, MA 02210
Tel: (617) 648-9100
About Clover Fast Food, Inc.
Clover Fast Food, Inc. DBA Clover Food Lab is a vegetarian fast
food chain which operates restaurants around the Boston Metro
Area.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-11812) on November 3,
2023. In the petition signed by Julia Wrin Piper, as chief
executive officer, the Debtor disclosed $8,397,968 in total assets
and $4,573,997 in total liabilities.
Judge Brendan Linehan Shannon oversees the case.
Karen M. Grivner, Esq., at Clark Hill PLC, represents the Debtor as
legal counsel.
CLOVER FAST: Hires Newpoint Advisors as Financial Advisor
---------------------------------------------------------
Clover Fast Food, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Newpoint Advisors
Corporation as financial advisor.
The firm's services include:
a. make preparation and analysis of pleadings filed, or to be
filed, by the Debtor, including but not limited to cash collateral
budgets, monthly operating reports, first day motions and
subsequent motions;
b. provide analysis of historical financial documents for the
Debtor;
c. make evaluation of the cash flow and disbursement
requirements of the Debtor;
d. assist the Debtor and the Debtor's counsel with the
development of a plan of reorganization, including, but not limited
to plan projections, cash flow projections, liquidation analysis,
and support for negotiations with creditors;
e. attend hearings as necessary;
f. consult with Debtor and Debtor's counsel throughout
engagement; and
g. provide other services, as requested by the Debtor or Court.
The firm will be paid at these rates:
Matthew Brash $395 per hour
Carin Sorvik, CPA, CIRA $350 per hour
Others $225 to $335 per hour
The firm received from the Debtors an advance retainer of $20,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Matthew Brash, a senior managing director at Newpoint Advisors
Corporation, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached at:
Matthew Brash
Newpoint Advisors Corporation
750 Old Hickory Blvd
Brentwood, TN 37027
Tel: (800) 306-1250
Fax: (702) 543-3881
About Clover Fast Food, Inc.
Clover Fast Food, Inc. DBA Clover Food Lab is a vegetarian fast
food chain which operates restaurants around the Boston Metro
Area.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-11812) on November 3,
2023. In the petition signed by Julia Wrin Piper, as chief
executive officer, the Debtor disclosed $8,397,968 in total assets
and $4,573,997 in total liabilities.
Judge Brendan Linehan Shannon oversees the case.
Karen M. Grivner, Esq., at Clark Hill PLC, represents the Debtor as
legal counsel.
CORE SCIENTIFIC: Court Declines to Toss Investor Lawsuit
--------------------------------------------------------
Emily Lever of Law360 reports that a Texas federal judge won't toss
a proposed class action claiming that executives at the bankrupt
bitcoin miner Core Scientific Inc. misled investors about rising
costs to secure approval of a merger with a blank-check company,
but dismissed several claims and let all of the company's leaders
off the hook save for its CEO.
About Core Scientific
Core Scientific, Inc. (OTCMKTS: CORZQ) is the largest U.S.
publicly-traded Bitcoin mining company in computing power. Core
Scientific, which was formed following a business combination in
July 2021 with blank check company XPDI, is a large-scale operator
of dedicated, purpose-built facilities for digital asset mining
colocation services and a provider of blockchain infrastructure,
software solutions and services. Core mines Bitcoin, Ethereum and
other digital assets for third-party hosting customers and for its
own account at its six fully operational data centers in North
Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1). Core
was formed following a business combination in July 2021 with XPDI,
a blank check company.
In July 2022, one of the Company's largest customers, Celsius
Mining LLC, filed for Chapter 11 bankruptcy in New York. With low
Bitcoin prices depressing mining revenue to a record low, Core
Scientific first warned in October 2022 that it may have to file
for bankruptcy if the company can't find more funding to repay its
debt that amounts to over $1 billion. Core Scientific did not make
payments that came due in late October and early November 2022 with
respect to several of its equipment and other financings, including
its two bridge promissory notes.
Core Scientific and its affiliates filed petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
22-90341) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific
had total assets of US$1.4 billion and total liabilities of US$1.3
billion.
The case was originally assigned to Judge David R. Jones. The case
was later assigned to Judge Christopher M. Lopez.
The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT
Partners, LP as investment banker; and AlixPartners, LLP as
financial advisor. Stretto is the claims agent.
A group of Core Scientific convertible bondholders is working with
restructuring lawyers at Paul Hastings. Meanwhile, B. Riley
Commercial Capital, LLC, as administrative agent under the
Replacement DIP facility, is represented by Choate, Hall & Stewart,
LLP.
On Jan. 9, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee tapped Willkie Farr & Gallagher,
LLP as legal counsel and Ducera Partners, LLC as investment
banker.
The U.S. Trustee for Region 7 appointed an official committee of
equity security holders. The equity committee is represented by
Vinson & Elkins, LLP.
CORE SCIENTIFIC: Reaches Agreement on Global Settlement
-------------------------------------------------------
Core Scientific, Inc. (OTC: CORZQ), a leader in high-performance
blockchain computing data centers and software solutions, on Dec.
21, 2023, announced it has reached an agreement in principle with
all key stakeholders on the terms of a global settlement (the
"Global Settlement") of its Chapter 11 cases.
The Global Settlement reached with the Ad Hoc Noteholders Group,
the Unsecured Creditors Committee, the Equity Committee, and B.
Riley -- the Company's Debtor in Possession lender -- represents a
significant milestone in the Company's Chapter 11 cases, allowing
the Company to move forward with a consensual plan of
reorganization and to proceed expeditiously towards confirmation
and exit from Chapter 11.
"The global settlement removes key hurdles to our anticipated
emergence from Chapter 11 in January," said Adam Sullivan, Core
Scientific's Chief Executive Officer. "With our team highly
focused on operational excellence, a post-emergence pathway to
de-lever our balance sheet and a plan for continued growth in 2024
and beyond, we are excited to pursue the opportunities ahead of us
in the new year."
To provide the parties with additional time to finalize updates to
the Company’s Chapter 11 Plan (the "Revised Plan") and Disclosure
Statement, and distribute the updated Plan and Disclosure Statement
to certain voting creditors and equity holders, Core Scientific is
adjourning the combined hearing to consider both (a) final approval
of the Disclosure Statement and (b) confirmation of the Plan from
December 22, 2023 to January 10, 2024. Core Scientific also
intends to file a motion requesting that the Court modify certain
dates and deadlines with respect to the Plan, including an
extension of the deadlines to vote on the Plan or file an objection
to the Plan. The Company expects to emerge from Chapter 11 in
mid-to-late January 2024.
In light of the Global Settlement and adjournment of the Combined
Hearing, the deadline for participating in the Equity Rights
Offering has been extended to Thursday, December 28, 2023. The
Rights Offering Procedures and Subscription Form can be found and
submitted by clicking
https://cases.stretto.com/corescientific/content/2529-submit-rights-offering-form/
Revised Plan and ERO Timeline:
* Equity Rights Offering Record Date: November 16, 2023
* End of Rights Offering Subscription Period/ Deadline for
Funding Rights Offering Subscription Amounts: December 28, 2023
* Voting Deadline: January 5, 2024
* Currently Scheduled Confirmation Hearing Date: January 10,
2024
* Anticipated Plan Distribution Record Date for Existing
Convertible Notes: January 10, 20242
* Anticipated Plan Effective Date; Anticipated Plan Distribution
Record Date for Existing Common Shares: TBD (expected mid-January
2024)
* Nasdaq Listing: Expected at or shortly after emergence
The timeline is illustrative and assumes a consensual Plan. Actual
dates will depend on the Court's calendar and discretion, the
status of negotiations with stakeholders, and stakeholder views on
appropriate deadlines.
About Core Scientific
Core Scientific, Inc. (OTCMKTS: CORZQ) is the largest U.S.
publicly-traded Bitcoin mining company in computing power. Core
Scientific, which was formed following a business combination in
July 2021 with blank check company XPDI, is a large-scale operator
of dedicated, purpose-built facilities for digital asset mining
colocation services and a provider of blockchain infrastructure,
software solutions and services. Core mines Bitcoin, Ethereum and
other digital assets for third-party hosting customers and for its
own account at its six fully operational data centers in North
Carolina (2), Georgia (2), North Dakota (1) and Kentucky (1). Core
was formed following a business combination in July 2021 with XPDI,
a blank check company.
In July 2022, one of the Company's largest customers, Celsius
Mining LLC, filed for Chapter 11 bankruptcy in New York. With low
Bitcoin prices depressing mining revenue to a record low, Core
Scientific first warned in October 2022 that it may have to file
for bankruptcy if the company can't find more funding to repay its
debt that amounts to over $1 billion. Core Scientific did not make
payments that came due in late October and early November 2022 with
respect to several of its equipment and other financings, including
its two bridge promissory notes.
Core Scientific and its affiliates filed petitions for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
22-90341) on Dec. 21, 2022. As of Sept. 30, 2022, Core Scientific
had total assets of US$1.4 billion and total liabilities of US$1.3
billion.
The case was originally assigned to Judge David R. Jones. The case
was later assigned to Judge Christopher M. Lopez.
The Debtors hired Weil, Gotshal & Manges, LLP as legal counsel; PJT
Partners, LP as investment banker; and AlixPartners, LLP as
financial advisor. Stretto is the claims agent.
A group of Core Scientific convertible bondholders is working with
restructuring lawyers at Paul Hastings. Meanwhile, B. Riley
Commercial Capital, LLC, as administrative agent under the
Replacement DIP facility, is represented by Choate, Hall & Stewart,
LLP.
On Jan. 9, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee tapped Willkie Farr & Gallagher,
LLP as legal counsel and Ducera Partners, LLC as investment
banker.
The U.S. Trustee for Region 7 appointed an official committee of
equity security holders. The equity committee is represented by
Vinson & Elkins, LLP.
COUNTY INVESTMENT: Court OKs Cash Collateral Access Thru Jan 2024
-----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized County Investment L.P. and 2017
Partners, LLC to use cash collateral on an interim basis in
accordance with the budget, with a 10% variance, through January
20, 2024.
The Debtor County Investment, LP, is indebted to Texas Capital
pursuant to (a) the Promissory Note, executed by the Debtor, County
Investment, LP, dated January 16, 2019, in the original principal
amount of $2.3 million; plus (b) the Promissory note, executed by
Debtor, County Investment, LP, dated August 4, 2020, in the
original principal amount of $215,000; plus (c) the Promissory
note, executed by Debtor, County Investment, LP, dated July 14,
2016, in the original principal amount of $251,500.
In addition, the Debtor 2017 Partners, LLC executed the Promissory
note, executed by Debtor, 2017 Partners, LLC, dated March 22, 2017
in the original principal amount of $975,000. Note 4 is secured by
the Deed of Trust and Security Agreement, dated March 22, 2017,
which granted the owner and holder of the Note, a perfected lien
and security interest in Rankin Road Property, which consists of 3
tracts of land located at West Rankin Road, 0 Ella Blvd and
Northborough Drive, recorded in the Harris County Real Property
records at Clerk's File No. RP-2017-124085. Note 4 and the Rankin
Road Property were included in the confirmed Plan and treated as
Class 2D in the confirmed Plan.
The Indebtedness was originally executed in favor of CommunityBank.
CommunityBank assigned the Indebtedness and all collateral for the
Indebtedness to Texas Capital pursuant to the Assignment of Note
and Liens, dated effective December 27, 2022 which was properly
recorded in the Real Property Records of Harris County, Texas under
Clerk's File No. RP-2023-7856.
TCL holds first and senior deeds of trust liens on the Huffmeister
Shopping Center, the 100 Northpoint Property and the Rankin Road
Property, plus an assignment of the Debtors' rents, income, revenue
and profits from the Properties, and all proceeds relating thereto,
which constitute the cash collateral of TCL as of the filing date.
TCL is owed principal, accrued interest, real property tax advances
and forced place insurance advances as of the filing date, plus
attorney's fees and expenses through October 31, 2023 on the
Indebtedness, as follows: (a) on Note 1, $2,467,597, with interest
accruing at a per diem rate of $1,049 from November 7, 2023 until
paid and additional attorney's fees and expenses incurred after
October 31, 2023; (b) on Note 2, $38,120, with interest accruing at
a per diem rate of $16 from November 7, 2023 until paid and
additional attorney's fees and expenses incurred after October 31,
2023; (c) on Note 3, $170,323, with interest accruing at a per diem
rate of $76 from November 7, 2023 until paid and additional
attorney's fees and expenses incurred after October 31, 2023; and
(4) on Note 4, $312,798, with interest accruing at a per diem rate
of $139 from November 7, 2023 until paid and additional attorney's
fees and expenses incurred after October 31, 2023.
As partial adequate protection for use by Debtors of TCL's cash
collateral, Debtor will pay TCL by the 10th calendar day of each
month, starting January 10, 2024, the amount of $14,000 and a like
amount of $14,000 due on the 10th calendar day of each month the
Order is in effect. TCL is permitted to apply the adequate
protection payments received in the case to date to first satisfy
the taxes paid on 0 Northpoint in the amount of $9,612, and then to
reduce the remaining indebtedness owing to TCL.
As partial adequate protection for use by Debtors of TCL's cash
collateral, TCL is granted replacement liens and security interests
as of the petition date for such cash collateral as is used by the
Debtors, in all of the Debtors' post-petition property.
The replacement liens and security interests granted are valid,
enforceable and fully perfected as of the petition date.
A final hearing on the matter is set for January 18, 202 at 9 a.m.
A copy of the order is available at https://urlcurt.com/u?l=IoejDT
from PacerMonitor.com.
About County Investment L.P.
County Investment L.P. is primarily engaged in renting and leasing
real estate properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-34374) on November 6,
2023. In the petition signed by Danesh Pajooh, managing member, the
Debtor disclosed up to $10 million in assets and up to $10 million
in liabilities.
Judge Jeffrey P. Norman oversees the case.
Leonard Simon, Esq., at Pendergraft & Simon LLP, represents the
Debtor as legal counsel.
COUNTY INVESTMENT: Seeks to Tap Clark Gaines Properties as Broker
-----------------------------------------------------------------
County Investment LP and 2017 Partners, LLC seek approval from the
U.S. Bankruptcy Court for the Southern District of Texas to employ
Clark Gaines Properties, LLC.
The Debtors require the services of a real estate broker in
connection with the court-approved sale of their property located
at 10803 Huffmeister Road, Houston, Texas.
The broker will receive 6 percent commission as compensation for
its services.
Daniel Greco, a member of Clark Gaines Properties, disclosed in a
court filing that the firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kelly D. Toney, CAI
Clark Gaines Properties, LLC
13333 NW Freeway, Suite 130
Houston, TX 77040
Telephone: (713) 322-2200
About County Investment L.P.
Houston-based County Investment L.P. is primarily engaged in
renting and leasing real estate properties.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 23-34374) on Nov. 6,
2023, with $1 million to $10 million in both assets and
liabilities. Danesh Pajooh, managing member, signed the petition.
Judge Eduardo V. Rodriguez oversees the case.
Leonard Simon, Esq., at Pendergraft & Simon, LLP represents the
Debtor as legal counsel.
DBA TRANSPORTATION: Seeks Cash Collateral Access
------------------------------------------------
DBA Transportation Inc. asks the U.S. Bankruptcy Court for the
Eastern District of New York for authority to use cash collateral
and provide adequate protection.
The Debtor requires the use of cash collateral to pay operating
expenses and general administrative overhead in connection with its
ongoing operations.
Prior to the Filing Date, the Debtor entered into ten loans to
finance its operations. In exchange for these Loans, the Debtor
signed security agreements, agreeing to give the Lender a security
interest in its assets, including its receivables.
The Debtor believes the CSC filings reflect UCCs filed on behalf of
Rapid Finance, Velocity Capital and Owens Capital. The total owed
to those three lenders and the three lenders that filed Form UCC-1
Forms, TD Bank, Citizens Bank and MNR Capital equals approximately
$500,000.
As adequate protection, the Debtors propose to provide the
Perfected Lenders with replacement liens to the same extent and
validity as the Perfected Lenders may hold in the cash collateral
pre-petition and security interests, a super priority
administrative claim but only to the extent of any diminution in
the value of the cash collateral as may be determined by the
Court.
A copy of the motion is available at https://urlcurt.com/u?l=3moDlz
from PacerMonitor.com.
About DBA Transportation, Inc.
DBA Transportation, Inc. provides daily transportation for
development ally disabled adults from their homes, to and from
their daily educational and habilitation programs at AHRC
facilities located in Bohemia and Westhampton Beach, New York. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. N.Y. Case No. 23-74786) on December 20, 2023. In
the petition signed by Charles Rampone, president, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.
Judge Robert E. Grossman oversees the case.
Eric J. Snyder, Esq., at Wilk Auslander LLP, represents the Debtor
as legal counsel.
DONELSON CORPORATE: Court OKs Cash Collateral Access Thru Jan 2024
------------------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Tennessee,
Nashville Division, authorized Donelson Corporate Centre, Limited
Partnership to use cash collateral on an interim basis, in
accordance with the budget, through January 31, 2024.
The Debtor requires the use of cash collateral for ordinary and
necessary operating expenses.
Wells Fargo Bank, N.A. is the only creditor believed to assert a
lien on the Debtor's cash collateral.
As adequate protection for the use of cash collateral, Wells Fargo
is granted continuing replacement like-kind liens in all of the
Debtor's cash collateral securing the indebtedness owing to Wells
Fargo in the same priority and in the same nature, extent, and
validity as such liens existed pre-petition.
To the extent that the Replacement Liens prove inadequate to
protect Wells Fargo's interest in the cash collateral from a
demonstrated diminution in the value of the cash collateral from
the Petition Date, then Wells Fargo is granted an administrative
expense claim under 11 U.S.C. section 503(b) with priority in
payment under 11 U.S.C. section 507(b).
A further hearing on the matter is set for January 30 at 9 a.m.
A copy of the order is available at https://urlcurt.com/u?l=WzqRWJ
from PacerMonitor.com.
About Donelson Corporate Centre, Limited Partnership
Donelson Corporate Centre, Limited Partnership owns real property
located at 3055 Lebanon Pike, Nashville, TN 37214 having an
appraised value of $36 million.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-04512) on December
8, 2023. In the petition signed by Floyd Shechter as chief manager
of JS Development, LLC (General Partner), the Debtor disclosed
$42,311,296 in assets and $16,472,593 in liabilities.
Judge Marian F. Harrison oversees the case.
Robert J. Gonzales, Esq., at Emergelaw, PLC, represents the Debtor
as legal counsel.
EBIX INC: Gets Approval to Hire Omni as Claims and Noticing Agent
-----------------------------------------------------------------
Ebix, Inc. and its affiliates received approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ Omni
Agent Solutions, Inc. as claims, noticing, and solicitation agent.
Omni will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.
The hourly rates of Omni's professionals are as follows:
Analyst $40 - $75
Consultants $75 - $195
Senior Consultants $200 - $240
Solicitation and Securities Consultant $200 - $225
Director of Solicitation and Securities $250
Technology Consultant $85 - $155
The retainer fee is $50,000.
Paul Deutch, executive vice president of Omni Agent Solutions,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Paul H. Deutch
Omni Agent Solutions, Inc.
1120 Avenue of the Americas, 4th Floor
New York, NY 10036
Telephone: (212) 302-3580
Facsimile: (212) 302-3820
Email: paul.web@omniagnt.com
About Ebix Inc.
Ebix, Inc. is an international supplier of on-demand infrastructure
software exchanges and e-commerce services to the insurance,
financial, travel, cash remittances, and healthcare industries.
Ebix and its affiliates sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 23-80004) on
Dec. 17, 2023. In the petitions signed by their chief financial
officer, Amit K. Garg, the Debtors disclosed $500 million to $1
billion in both assets and liabilities.
Judge Scott W. Everett oversees the cases.
The Debtors tapped Sidley Austin LLP as legal counsel;
AlixPartners, LLP as financial advisor; and Jefferies LLC as
investment banker. Omni Agent Solutions, Inc. is the claims,
noticing, and solicitation agent.
FIRST GUARANTY: PIMCO Says Whistleblower Suit Stopped by Plan
-------------------------------------------------------------
A Delaware bankruptcy judge on Dec. 21, 2023, considered whether a
whistleblower's lawsuit against a former equity holder of
reorganized mortgage company First Guaranty Mortgage Corp. is
foreclosed under a confirmed Chapter 11 plan's releases.
Pacific Investment Management Company LLC and PIMCO Investments LLC
in October filed a motion asking the Bankruptcy Court to hold
Relator in contempt and impose monetary sanctions sufficient to
motivate Relator to comply with the Plan Confirmation Order and the
Sept. 5, 2023 order enforcing the Plan Confirmation Order, and to
compensate the PIMCO Parties for the harm of noncompliance.
On Sept. 5, 2023, the Court held that the Plan and Confirmation
Order "conclusively, absolutely, unconditionally, irrevocably, and
forever released" "[a]ny and all claims, causes of action,
liabilities, remedies, and/or theories relating to alter ego, veil
piercing, and/or any form of vicarious liability, including those
asserted in the Qui Tam Litigation, against any of the PIMCO
Parties (collectively, the 'Released Claims')".
In an Oct. 5, 2023 filing, PIMCO said that in direct violation of
the Bankruptcy Court's orders, Relator has not taken any steps to
dismiss the Released Claims from the Qui Tam Litigation. To the
contrary, Relator has continued to pursue that action aggressively,
opposing lifting the stay on briefing of the PIMCO Parties' motion
to dismiss, filing a motion to compel the production of insurance
policies regarding claims that she was ordered to dismiss and
enjoined from continuing; and asked the District Court to transfer
the barred claims to the District Court for the District of
Delaware so that "one court can properly interpret the scope of the
release FGMC received in bankruptcy" and hear Relator's appeal of
the Enforcement Order.
At the hearing on the Motion for Contempt in NOvember, this Court
directed the parties to brief whether "the [T]hird [A]mended
[C]omplaint . . . violate[s] the original [P]lan injunction."
"Notwithstanding Relator's limited cosmetic changes, the TAC
(Relator's sixth attempt to state a cognizable and unbarred claim)
continues to assert the same released, derivative claims against
the PIMCO Parties, as well as the BRAVO Entities it proposes to add
as defendants, that have been released and permanently barred,"
PIMCO said in a Dec. 16, 2023 filing.
"Despite the Court's clear prohibition, Relator’s TAC continues
to assert Released Claims against Released Parties. Accordingly,
as with the SSAC, the Court should enforce the Confirmation Order
with respect to the claims asserted in TAC because those claims are
derivative claims that belonged to the Debtor and were released
under the Plan," PIMCO added.
About First Guaranty Mortgage
First Guaranty Mortgage Corporation -- https://www.fgmc.com/ -- was
a full service, non-bank mortgage lender, offering a full suite of
residential mortgage options tailored to borrowers' different
financial situations. It was one of the leading independent
mortgage companies in the United States that originated residential
mortgages through a national platform.
Just before the bankruptcy filing, as a result of an extreme and
unanticipated liquidity crisis and resultant inability to obtain
additional capital, FGMC ceased all of its mortgage loan
origination activity and separated nearly 80% of its workforce.
FGMC and an affiliate commenced Chapter 11 Cases to evaluate their
options, accommodate their customers, and maximize and preserve
value for all stakeholders.
First Guaranty Mortgage Corporation sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 22-10584)
on June 30, 2022. Affiliate Maverick II Holdings, LLC also sought
bankruptcy protection (Bankr. D. Del. Case No. 22-10583). In the
petition signed by Aaron Samples, chief executive officer, FGMC
disclosed up to $1 billion in both assets and liabilities.
Judge Craig T. Goldblatt oversees the cases.
Dentons US LLP and Pachulski Stang Ziehl, and Jones LLP represent
the Debtors as counsel. FTI Consulting, Inc. and Strategic
Mortgage Finance Group, LLC, serve as chief restructuring officer
(CRO) provider and investment banker, respectively. Kurtzman
Carson Consultants, LLC, is the claims and notice agent.
LVS II SPE XXXIV LLC, as Cash Flow DIP Lender, is represented by
lawyers at Greenberg Traurig, LLP. The Cash Flow DIP Lender is an
indirect subsidiary of a private investment managed by Pacific
Investment Management Company LLC. B2 FIE IV LLC, an affiliate of
the DIP Lender, owns 100% of the equity interests of FGMC.
Barclays Bank PLC serves as DIP Repo Agent and DIP Repo Purchaser
while Barclays Capital Inc. serves as DIP MSFTA Counterparty. They
are represented by Hunton Andrews Kurth LLP and Potter Anderson &
Corroon LLP.
FIRST QUALITY: Hires Lili Esperanza Castro Ospitia as Bookkeeper
----------------------------------------------------------------
First Quality Laboratory, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Lili Esperanza Castro Ospitia, a professional from Bogota,
Colombia, as bookkeeper.
Lili Esperanza Castro Ospitia will provide accounting services
including assisting the Debtor as may be necessary to prepare
financial projections in the bankruptcy matter.
The professional will be paid based upon its normal and usual
hourly billing rates, and will also be reimbursed for reasonable
out-of-pocket expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Lili Esperanza Castro Ospitia
13#79C 11
Bogota, Colombia
About First Quality Laboratory, Inc.
First Quality Laboratory, Inc. owns and operates a medical
laboratory in Hollywood, Fla.
First Quality Laboratory filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-19831) on Nov. 29, 2023, with $1 million to $10 million in both
assets and liabilities. Luz F. Garcia, vice president, signed the
petition.
Judge Peter D. Russin oversees the case.
The Debtor is represented by Gary M. Murphree, Esq., at Am Law,
LLC.
FIRST QUALITY: Seeks to Hire AM Law LLC as Counsel
--------------------------------------------------
First Quality Laboratory, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ AM
Law, LLC as counsel.
The firm will provide these services:
(a) give advice to the Debtor with respect to its powers and
duties;
(b) advise the Debtor with respect to its responsibilities in
complying with the U.S. trustee's operating guidelines and
reporting requirements and with the rules of the court;
(c) prepare legal documents and initiating adversary
proceedings necessary in the administration of the case;
(d) protect the interests of the Debtor in all matters pending
before the court; and
(e) represent the Debtor in negotiation with its creditors in
the preparation of a plan of reorganization.
The firm will be paid a retainer of $15,000.
Gary Murphree, Esq., at AM Law, disclosed in court filings that his
firm is disinterested as required by Section 327(a) of the
Bankruptcy Code.
The firm can be reached through:
Gary M Murphree, Esq.
AM LAW, LLC
7385 SW 87th Avenue, Ste. 100
Miami, FL 33173
Phone: (305) 441-9530
Email: gmm@amlaw-miami.com
About First Quality Laboratory, Inc.
First Quality Laboratory, Inc. owns and operates a medical
laboratory in Hollywood, Fla.
First Quality Laboratory filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-19831) on Nov. 29, 2023, with $1 million to $10 million in both
assets and liabilities. Luz F. Garcia, vice president, signed the
petition.
Judge Peter D. Russin oversees the case.
The Debtor is represented by Gary M. Murphree, Esq., at Am Law,
LLC.
FREEDOM 26: Seeks to Hire Newmark of Southern California as Broker
------------------------------------------------------------------
Freedom 26, LLC seeks approval from the U.S. Bankruptcy Court for
the Central District of California to employ Newmark of Southern
California, Inc.
The Debtor requires a real estate broker to:
(a) order, analyze, and prepare all documentation necessary to
list and advertise the properties for sale;
(b) list the properties with the most favorable listing
services available, show the properties as necessary and respond to
potential purchasers' inquiries, and solicit reasonable offers of
purchasers;
(c) convey all reasonable purchase offers to the Debtor, its
counsel, and the non-Debtor owners; and
(d) cause to be prepared and submitted to escrow on behalf of
the Debtor and the non-Debtor owners any and all documents
necessary to consummate a sale of the properties.
The broker will be paid 2.5 percent commission of the listing
price.
David Ghermazian, senior managing director at Newmark of Southern
California, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
David Ghermazian
1875 Century Park E, Suite 1380
Los Angeles, CA 90067
Telephone: (310) 201-2060
Email: david.ghermezian@nmrk.com
About Freedom 26 LLC
Freedom 26, LLC in Culver City, C, filed its voluntary petition for
Chapter 11 protection (Bankr. C.D. Calif. Case No. 23-16953) on
October 23, 2023, listing $10 million to $50 million in assets and
$1 million to $10 million in liabilities. Benham Rafalian, manager,
signed the petition.
Judge Deborah J. Saltzman oversees the case.
The Debtor tapped the Law Offices of Raymond H. Aver, A
Professional Corporation as legal counsel.
FTX GROUP: Bankman-Fried's Sentencing Hearing Delay Bid Declined
----------------------------------------------------------------
Katryna Perera of Law360 reports that a New York federal judge on
Wednesday, December 20, 2023, quickly rejected Sam Bankman-Fried's
request for a six-week sentencing adjournment, posting his denial
order before the motion was officially docketed, saying that the
defense has already been granted one extension and has had plenty
of time to prepare for the upcoming scheduled dates.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.
According to Reuters, SBF shared a document with investors on Nov.
10, 2022, showing FTX had $13.86 billion in liabilities and $14.6
billion in assets. However, only $900 million of those assets were
liquid, leading to the cash crunch that ended with the company
filing for bankruptcy.
The Hon. John T. Dorsey is the case judge.
The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims agent,
maintaining the page https://cases.ra.kroll.com/FTX/Home-Index
The Official Committee of Unsecured Creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the Committee's Delaware and conflicts counsel.
Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.
FTX GROUP: Settles Some Claims Over Embed Deal With SBF, Others
---------------------------------------------------------------
Reuters reports that bankrupt crypto exchange FTX and its debtors
on Friday said they have entered into a settlement agreement with
founder Samuel Bankman-Fried and others to resolve some claims
related to its acquisition of stock trading platform Embed.
The settlement agreement is between Bankman-Fried, and former FTX
executives Nishad Singh and Gary Wang.
The FTX debtors will recover 100% of the value paid for Embed's
acquisition and all the assets held under the names of
Bankman-Fried, Singh and Wang at Embed as part of the settlement.
The debtors will continue to pursue other claims against the former
CEO and executives, FTX said.
FTX in May filed three lawsuits in the U.S. Bankruptcy Court in
Delaware targeting former FTX insiders including indicted founder
Bankman-Fried, Embed executives including founder Michael Giles,
and Embed shareholders. FTX was seeking to claw back more than $240
million it paid for Embed.
FTX closed on the Embed acquisition just six weeks before the
crypto exchange collapsed in November. It lost billions in customer
money while propping up its own risky investments, actions its
current CEO John Ray called "old-fashioned embezzlement".
"This agreement allows us to take further steps to resolve matters
at Embed and at the same time, we are not inhibited in any way as
we pursue additional outstanding claims in parallel and advance the
work underway to maximize recoveries for creditors," said John J.
Ray III, CEO and Chief Restructuring Officer of the FTX Debtors,
according to Bloomberg.
About FTX Group
FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.
Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.
Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.
At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.
FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.
FTX Trading and its affiliates each listed $10 billion to $50
billion 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.
GBC EXPRESS: Court OKs Interim Cash Collateral Access
-----------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
authorized GBC Express, LLC to use cash collateral on an interim
basis from December 21, 2023 through January 4, 2024, for payment
of post-petition operating expenses limited to a maximum of $7,000.
Subject to the $7,000 limit, the Debtor is permitted to make the
listed expenditures and if necessary, to exceed the amounts set
forth in the amended Cash Collateral Budget by as much as 15% more
than the budget total without Court approval.
The amount of cash collateral authorized to be used on an interim
basis through January 4, 2024, until the continued interim hearing
to be held January 4, 2023, is necessary to avoid injury and
irreparable harm to the estate.
As adequate protection for the Debtor's use of the cash collateral
on an interim basis from November 8, 2023 through December 4, 2023,
the Court grants secured creditors Commercial Credit Group, Inc.,
WABASH National Finance Services, Engs Commercial Finance, Co.,
Volvo Financial Services (VFS), Blue Bridge Financial, LLC, Amur,
North Mill Credit Trust and Alliance Funding Group replacement
liens in the Debtor's post-petition cash, accounts receivable,
inventory, and the proceeds of each of the foregoing, to the same
extent, validity and priority that existed as to such liens held by
the secured creditors named above as of the petition date, to the
extent that any cash collateral of the named secured creditors is
used by the Debtor.
A continued hearing on the matter is set for January 4 at 9:30
a.m.
A copy of the order is available at https://urlcurt.com/u?l=BJueNT
from PacerMonitor.com.
About GBC Express, LLC
GBC Express, LLC is a trucking company in Bellevue, Washington. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. W.D. Wash. Case No. 23-11814) on September 26, 2023.
In the petition signed by Mihail Nicoara, president, the Debtor
disclosed $2,653,339 in assets and $4,543,064 in liabilities.
Judge Marc Barreca oversees the case.
Steven Palmer, Esq., at Curtis, Casteel & Palmer, PLLC, represents
the Debtor as legal counsel.
GLOBAL SOURCING: Seeks to Hire Leaf Dahl and Company as Accountant
------------------------------------------------------------------
Global Sourcing Connection, Ltd. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
Leaf Dahl and Company Ltd. as its accountant.
The Debtor requires an accountant to:
(a) consult, advise, research, plan, and analyze with regard
to accounting, tax compliance, and tax consulting services as may
be necessary, desirable, or requested from time to time;
(b) prepare state and federal tax returns; and
(c) prepare accounting reports and perform additional
professional tax services as may be necessary, desirable, or
requested.
The hourly rates of the firm's professionals are as follows:
Jeffrey Dahl/Managing Partner $330
Senior Staff (review level) $225 - $230
Staff $175 – 185
Administrative/Clerical $70 - $95
In addition, the firm will seek reimbursement for expenses
incurred.
Jeffrey Dahl, a partner at Leaf Dahl and Company, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey Dahl
Leaf Dahl and Company, Ltd.
666 Dundee Rd.
Northbrook, IL 60062
Telephone: (773) 545-9090
About Global Sourcing Connection
Global Sourcing Connection, Ltd. is a promotional products
distributor with factory direct capabilities.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-14996) on November 7,
2023. In the petition signed by its chief executive officer,
Jennifer Arenson, the Debtor disclosed up to $50,000 in assets and
up to $10 million in liabilities.
Judge Timothy A. Barnes oversees the case.
The Debtor tapped Matthew T. Gensburg, Esq., at Gensburg
Calandriello & Kanter, PC as legal counsel and Jeffrey Dahl at Leaf
Dahl and Company Ltd. as accountant.
GLOBAL WOUND: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Global Wound Care Products, Inc.
3678 W. Oceanside Road
Oceanside, NY 11572
Business Description: Global Wound is a home health care services
provider.
Chapter 11 Petition Date: December 26, 2023
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 23-74803
Judge: Hon. Robert E Grossman
Debtor's Counsel: Heath S. Berger, Esq.
BERGER, FISCHOFF, SHUMER, WEXLER & GOODMAN, LLP
6901 Jericho Turnpike
Suite 230
Syosset, NY 11791
Tel: 516-747-1136
Email: hberger@bfslawfirm.com/
gfischoff@bfslawfirm.com
Total Assets: $119,717
Total Liabilities: $1,056,051
The petition was signed by Elena Rudish as vice president.
A copy of the Debtor's list of 20 largest unsecured creditors is
now available for download at PacerMonitor.com.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/QR2LMPA/Global_Wound_Care_Products_Inc__nyebke-23-74803__0001.0.pdf?mcid=tGE4TAMA
GRASS IS ALWAYS GREEN: Receiver Appointed to Settle Firm's Debt
---------------------------------------------------------------
Jonathan Capriel of Law360 reports that a Washington state court
has appointed a receiver to take over the assets of a Seattle-area
cannabis company that's been accused of bilking an ex-business
partner to whom it owes a nearly half-million-dollar settlement by
putting its dispensary licenses in jeopardy, twice.
About Grass is Always Green
Grass is Always Green is a pot shop in Seattle, Washington.
GRETA TRANSPORTATION: Robert Handler Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 11 appointed Robert Handler of
Commercial Recovery Associates, LLC as Subchapter V trustee for
Greta Transportation, Inc.
Mr. Handler will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Handler declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Handler
Commercial Recovery Associates, LLC
205 West Wacker Drive, Suite 918
Chicago, IL 60606
Tel: (312) 845-5001 x221
Email: rhandler@com-rec.com
About Greta Transportation
Greta Transportation, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-16678) on Dec. 13, 2023, with $500,000 to $1 million in assets
and $1 million to $10 million in liabilities. Tudor Talmaci,
president, signed the petition.
Judge Jacqueline P. Cox oversees the case.
Ben Schneider, Esq., at The Law Offices of Schneider and Stone
represents the Debtor as bankruptcy counsel.
GRO-MOR PLANT: Richard Furtek Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of
Furtek & Associates, LLC as Subchapter V trustee for Gro-Mor Plant
Food Company, Inc.
Mr. Furtek will be paid an hourly fee of $295 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Furtek 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 E. Furtek
Furtek & Associates, LLC
Lindenwood Corporate Center
101 Lindenwood Drive, Suite 225
Malvern, PA 19355
Phone: (215) 768-8030
Email: rfurtek@furtekassociates.com
About Gro-Mor Plant Food Company
Gro-Mor Plant Food Company, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No.
23-13726) on Dec. 8, 2023. In the petition signed by M. Dwane
Moyer, president, the Debtor disclosed $4,450,412 in total assets
and $2,884,075 in total liabilities.
Judge Patricia M. Mayer oversees the case.
Lawrence V. Young, Esq., at CGA Law Firm represents the Debtor as
legal counsel.
GRS RESTAURANT: Court OKs Deal on Cash Collateral Access
--------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of California,
San Francisco Division, authorized GRS Restaurant Group, Inc. to
use cash collateral on a final basis in accordance with the budget
and its agreement with Comerica Bank, through December 31, 2023.
On December 29, 2014, Comerica filed a UCC Financing Statement with
the California Secretary of State as File No. 15-7443154630
identifying as collateral all personal property of the Debtor
including but not limited to all identified tangibles as well as
general intangibles.
The parties agreed that GRS may use cash collateral to pay its
normal and ordinary operating expenses pursuant to the budget,
subject to the terms and conditions of the Stipulation and the
Prior Cash Collateral Stipulations, including the prior
Court-approved grants of Adequate Protection by GRS to Comerica.
Consent to use of the cash collateral will automatically expire on
the earlier of:
a. 5pm PST December 31, 2023 (unless Comerica and GRS extend
the expiration date by written agreement; and
c. the Court's granting, in whole or in part, GRS's request
for DIP financing, as amended, modified, or re-filed.
A copy of the stipulation is available at
https://urlcurt.com/u?l=HMaj9q from PacerMonitor.com
A copy of the court's order is available at
https://urlcurt.com/u?l=nHS4uh from PacerMonitor.com.
About GRS Restaurant
GRS Restaurant Group, Inc., doing business as Stacks, operates in
the restaurant industry. It is based in Burlingame, Calif.
The Debtor filed Chapter 11 petition (Bankr. N.D. Calif. Case No.
23-30430) on June 30, 2023, with $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities. Gina Klump, Esq., at the
Law Office of Gina R. Klump, has been appointed as Subchapter V
trustee.
Judge Hannah L. Blumenstiel oversees the case.
Matthew D. Metzger, Esq., at Belvedere Legal, PC represents the
Debtor as counsel.
HALF LION BREWING: Court OKs Interim Cash Collateral Access
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of Washington
authorized Half Lion Brewing Company, LLC to use cash collateral on
an interim basis, in accordance with the budget, with a 15%
variance.
As adequate protection for the Debtor's use of the cash collateral,
the Court grants the U.S. Small Business Administration replacement
liens in the Debtor's post-petition cash, accounts receivable and
inventory, and the proceeds of each of the foregoing, to the same
extent and priority as any duly perfected and unavoidable liens in
cash collateral held by the secured creditors as of the petition
date, to the extent that any cash collateral of the Secured
Creditors are actually used by the Debtor.
The Debtor is ordered to pay adequate protection payments to the
SBA in the amount of $629 per week or $2726 per month starting on
December 18, 2023.
The Debtor's authority to use cash collateral will terminate on the
date when one or more of the following conditions has occurred or
has been met:
a. June 18, 2024;
b. The Court enters an order converting the case under Chapter 7 of
the Bankruptcy Code; or the debtor has filed a motion or has not
timely opposed a motion seeking such relief;
c. The Court enters an order appointing or electing a trustee,
examiner or any other similar entity with expanded powers;
d. The Court enters an order dismissing this case, or the Debtor
has filed a motion or has not timely opposed a motion seeking such
relief;
e. The Court enters any order that stays, modifies, or reverses the
Final Order.
A copy of the order is available at https://urlcurt.com/u?l=9mnXMU
from PacerMonitor.com.
About Half Lion Brewing Company
Half Lion Brewing Company LLC -- https://www.halflion.com/ -- is a
beer manufacturing company.
Half Lion Brewing Co. LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No.
23-41981) on November 9, 2023. In the petition filed by Jason
Nelseon, as managing member, the Debtor reports total assets of
$261,946 and total liabilities of $1,308,426.
The Honorable Bankruptcy Judge Mary Jo Heston handles the case.
Virginia A. Burdette has been appointed as Subchapter V trustee.
The Debtor is represented by Steven M Palmer, Esq. at Curtis,
Casteel & Palmer, PLLC.
HAWK LOGISTICS: Gets OK to Hire KapilaMukamal as Accountant
-----------------------------------------------------------
Hawk Logistics, LLC received approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ KapilaMukamal
as its accountant.
The Debtor requires an accountant to prepare estate tax returns and
render such other assistance in the nature of tax and accounting
services.
KapilaMukamal has agreed to perform the foregoing services at the
ordinary and usual hourly billing rates of its members who will
perform services in this matter.
The firm will also be reimbursed for out-of-pocket expenses
incurred.
Soneet Kapila, CPA, a partner at KapilaMukamal, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Soneet R. Kapila, CPA
KapilaMukamal
1000 South Federal Hwy., Suite 200
Fort Lauderdale, FL 33316
Telephone: (954) 712-3201
Email: kapila@kapilamukamal.com
About Hawk Logistics
Hawk Logistics, LLC operates in the general freight trucking
industry. The company is based in North Bay Village, Fla.
Hawk Logistics filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-18059) on Oct. 2,
2023, with $1 million to $10 million in both assets and
liabilities. Osmel Guzman, chief financial officer, signed the
petition.
Judge Laurel M. Isicoff oversees the case.
The Debtor tapped Eric J. Silver, Esq., at Stearns Weaver Miller
Weissler Alhadeff & Sitterson, PA as legal counsel and Soneet R.
Kapila, CPA, at KapilaMukamal as accountant.
HEARGEN LLC: Jody Corrales of Deconcini Named Subchapter V Trustee
------------------------------------------------------------------
The U.S. Trustee for Region 14 appointed Jody Corrales, Esq., at
Deconcini McDonald Yetwin & Lacy P.C. as Subchapter V trustee for
HearGen, LLC.
Ms. Corrales will be paid an hourly fee of $375 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Corrales declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jody A. Corrales
Deconcini McDonald Yetwin & Lacy P.C.
252 E. Broadway Blvd., Suite 200
Tucson, AZ 85716
Telephone: 520-322-5000
Fax: 520-322-5585
Email: jcorrales@dmyl.com
About HearGen LLC
HearGen, LLC filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Ariz. Case No. 23-08860) on Dec. 11,
2023, with up to $100,000 in assets and up to $500,000 in
liabilities. Christopher D. Beckham, managing member, signed the
petition.
Judge Scott H. Gan oversees the case.
Allan D. NewDelman, Esq., at Allan D. NewDelman, PC, represents the
Debtor as legal counsel.
HILLRIDGE HOLDING: Seeks Approval to Hire Bankruptcy Counsel
------------------------------------------------------------
Hillridge Holding Company, LLC seeks approval from the U.S.
Bankruptcy Court for the Middle District of Georgia to employ the
Law Office of Emmett L. Goodman, Jr., LLC.
The Debtor requires legal counsel to:
(a) give advice with respect to the powers and duties of the
Debtor in the continued operation of its business and management of
its property;
(b) prepare legal papers;
(c) prepare motions, pleadings and applications, and to
conduct examinations incidental to the administration of the
Debtor's estate;
(d) take any and all necessary action instant to the proper
preservation and administration of the estate;
(e) assist the Debtor with the preparation and filing of
supplemental Schedules and Lists as may be appropriate;
(f) take whatever action is necessary with reference to the
use by the Debtor of its property pledged as collateral to preserve
the same for the benefit of Debtor;
(g) assert, as directed by the Debtor, all claims it has
against others; and
(h) perform all other necessary legal services for the
Debtor.
Daniel Wilder, Esq., the primary attorney in this representation,
will be billed at the rate of $350 per hour.
The firm received a retainer of $9,750 from the Debtor.
Mr. Wilder disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Daniel Wilder, Esq.
Law Office of Emmett L. Goodman, Jr., LLC
544 Mulberry Street, Suite 800
Macon, GA 31201
Telephone: (478) 745-5415
Email: dwilder@goodmanlaw.org
About Hillridge Holding Company
Hillridge Holding Company, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga.
Case No. 23-51704) on Dec. 4, 2023, listing under $1 million in
both assets and liabilities.
The Debtor tapped the Law Office of Emmett L. Goodman, Jr., LLC as
counsel.
HONX INC: Reaches Deal on New $190-Mil. Asbestos Victims Plan
-------------------------------------------------------------
Global oil and gas company Hess Corp. and its bankrupt subsidiary
reached a deal to pay about $190 million under a plan to resolve
hundreds of asbestos claims stemming from a Caribbean refinery.
Honx Inc. filed notice of the creditor settlement on Thursday in
the US Bankruptcy Court for the Southern District of Texas. The
deal would resolve 910 current claims from workers and their
families who say they were exposed to asbestos at a former Hess oil
refinery in St. Croix.
Honx Inc. filed in Bankruptcy Court a binding term sheet describing
a proposed settlement by and between:
* HONX, Inc.,
* Hess Corporation,
* the Honorable Barbara J. Houser, retired U.S. Bankruptcy
Judge for the United States Bankruptcy Court for the Northern
District of Texas, in her capacity as legal representative for the
future asbestos claimants (the "FCR"),
* the Official Committee of Unsecured Creditors, and
* Burns Charest LLP in its capacity as counsel to certain
Holders of Asbestos Claims.
The Term Sheet does not address all terms, conditions or other
provisions that would be required in connection with the Settlement
or that will be set forth in the Plan Documents, which are subject
to agreement in accordance with this Term Sheet. The Plan
Documents will not contain any terms or conditions that are
inconsistent with the Term Sheet.
The key economic terms provided for in the Term Sheet are:
-- Funding to cover malignant and non-malignant Current Asbestos
Claims: HONX and Hess to contribute $105 million and 100% of the
New Common Equity of the Reorganized Debtor on the Effective Date
to cover payment to malignant and non-malignant Current Asbestos
Claims. For the avoidance of doubt, the entire $105 million will
be used to pay Holders of Current Asbestos Claims, in accordance
with the Plan; none of the $105 million will be used to pay
anything else such as, but without limitation, funding of the
Asbestos Trust and the funding of Reorganized HONX.
-- Reorganized HONX Board of Managers: On the Effective Date,
Reorganized HONX’s Board of Managers shall include at least two
Managers. Hess shall be entitled to appoint at least 50% of the
Managers on the Board of Managers of Reorganized HONX for so long
as Reorganized HONX is in existence.
-- Reorganized HONX expenses: Hess shall pay all fees and
expenses associated with Reorganized
HONX.
-- Initial Funding to cover Asbestos Claims by Future Demand
Holders and Asbestos Trust fees and expenses: HONX and Hess to
contribute $45 million and 100% of the New Common Equity of the
Reorganized Debtor to cover payment to potential malignant or
non-malignant Claims asserted by Future Demand Holders, and any
other fees and expenses of the Asbestos Trust after the Trust
Expense Contribution is exhausted. The $45 million contribution
will be broken down over time as follows: (1) $25 million and 100%
of the New Common Equity of the Reorganized Debtor on the Effective
Date; and (2) An additional $20 million on the 5th Anniversary of
the Effective Date.
-- Supplemental Funding to cover malignant Claims asserted by
Future Demand Holders based on Asbestos Trust experience: In
addition to the $20 million that may be paid on the 5th Anniversary
of the Effective Date, Hess shall pay, if needed per the terms
below, an additional amount to the Asbestos Trust at predetermined
check-in dates on the 5th, 10th, 15th, 20th, and 25th Anniversaries
of the Effective Date. Hess' total additional contribution set
forth in this specific provision shall be capped at $37 million,
provided that $11,562,500 out of this $37 million shall be reserved
by the Asbestos Trust for payment of approved mesothelioma Claims
asserted by Future Demand Holders from the Effective Date up until
the 20th Anniversary of the Effective Date.
-- Asbestos Trust Expenses: On the Effective Date, Hess shall
contribute $3 million for payment of liabilities, costs, or
expenses incurred by the Asbestos Trust related to the
administration of Claims, including with respect to the Asbestos
Trustee carrying out the terms of the Asbestos Trust Documents,
participating in a Tort Out (including paying any District Court
Judgment related thereto) (both as defined below), and enforcing
its rights and management of the Asbestos Trust Assets (the "Trust
Expense Contribution"). After the Trust Expense Contribution is
exhausted, all further expenses related to the liabilities, costs,
or expenses incurred by the Asbestos Trust related to the
administration of Claims, including with respect to the Asbestos
Trustee carrying out the terms of the Asbestos Trust Documents,
participating in a Tort Out (including paying any District Court
Judgment related thereto), and enforcing its rights and management
of the Asbestos Trust Assets, shall be paid from the $82 million
contributed by HONX and Hess for distribution to Future Demand
Holders.
The Settlement shall continue in effect until the earlier of (a)
Dec. 22, 2023, unless the Amended Plan Documents have been filed,
(b) Jan. 20, 2024, unless an order confirming the Plan has been
entered, and (c) Feb. 10, 2024, unless the Effective Date of the
Plan has occurred; provided that these dates may be extended by
agreement of all the Parties.
About HONX Inc.
HONX Inc. is a subsidiary of Hess Corporation, a publicly-traded
global energy company. HONX is the corporate successor of Hess Oil
Virgin Islands Corporation, which owned and operated an oil
refinery in St. Croix, U.S. Virgin Islands from the beginning of
its construction in 1965 until a non-operating entity with minimal
assets consisting primarily of a 50% ownership in a joint venture
from 1998 to 2016, and post-2016 it has continued its corporate
existence solely to manage its alleged asbestos liabilities related
to the refinery.
HONX sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas
Case No. 22-90035) on April 28, 2022. In the petition signed by
Todd R. Snyder, chief administrative officer, the Debtor disclosed
$10 million to $50 million in assets and $500 million to $1 billion
in liabilities.
Judge Marvin Isgur oversees the case.
The Debtor tapped Kirkland & Ellis and Jackson Walker, LLP as
bankruptcy counsels; Piper Sandler Companies/TRS Advisors, LLC as
investment banker and financial advisor; and Bates White, LLC as
asbestos consultant. Stretto, Inc. is the claims, noticing and
solicitation agent.
The Honorable Barbara J. Houser (Ret.) was appointed as the legal
representative for future asbestos claimants in this Chapter 11
case. Ms. Houser tapped Young Conaway Stargatt & Taylor, LLP as
bankruptcy counsel; O'ConnorWechsler, PLLC as local counsel; FTI
Consulting, Inc., as financial advisor; and NERA Economic
Consulting as consultant.
HUDSON & MCKEE: Court OKs Cash Collateral Access Thru Jan 2024
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Missouri,
Eastern Division, authorized Hudson & McKee Real Estate LLC to use
cash collateral on an interim basis in accordance with the budget,
with a 10% variance, through January 3, 2024.
The Debtor's only secured creditor is Community Loan Servicing LLC.
The Lender contends, and the Debtor agrees, that as of the Petition
Date, the Debtor was indebted to the Lender as follows:
a. Promissory Note dated May 13, 2022 in the principal amount
of $1.9 plus interest and other charges from Borrower payable to
Lender. The approximate outstanding balance of the Note is $1.855
million.
b. The Note is further secured by a deed of trust in the
amount of $1.9 million on the Debtor's real estate located at
3121-3123 Brantner St. Louis, MO 63106; 3125-3127 Brantner St.
Louis, MO 63106; 3129-3135 Brantner St. Louis, MO 63106; 3141-3143
Brantner St. Louis, MO 63106; 3147-3149 Brantner St. Louis, MO
63106; 2826 Sheridan St. Louis, MO 63106; 2900-2902 Sheridan St.
Louis, MO 63106 and 3127 Sheridan St. Louis, MO 63106.
As adequate protection, the Lender will receive: (i) subject to the
Carve Out, a valid and perfected, security interest in, and liens
on all of the right, title, and interest of the Debtor in the Real
Estate and rents derived from the Real Estate, to the extent the
Lender held prepetition liens, including, without limitation, all
cash rent proceeds contained in any account of the Debtor; provided
that Post-Petition Collateral will expressly exclude causes of
action arising under sections 544, 545, 547, 548, 550, and 553 of
the Bankruptcy Code and proceeds generated therefrom.
The Debtor will also maintain adequate insurance on all the
prepetition and postpetition assets.
These events constitute an "Event of Default":
The entry of an order (i) converting the Debtor's case to a case
under Chapter 7 of the Code, or (ii) dismissing the Debtor's case
under section 1112 of the Code, or (iii) granting the Lender relief
from the automatic stay, or (iv) that specifically terminates the
Order.
A further hearing on the matter is set for January 3, 2024 at 1:30
p.m.
A copy of the order is available at https://urlcurt.com/u?l=vcQApt
from PacerMonitor.com.
About Hudson & McKee Real Estate LLC
Hudson & McKee Real Estate LLC is primarily engaged in acting as
lessors of buildings used as residences or dwellings.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mo. Case No. 23-43539) on October 1,
2023. In the petition signed by Raymond McKee, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Brian C. Walsh oversees the case.
Spencer Desai, Esq., at the Desai Law Firm, represents the Debtor
as legal counsel.
HULL ORGANIZATION: Michael Wheatley Named Subchapter V Trustee
--------------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Michael Wheatley as
Subchapter V trustee for Hull Organization, LLC.
Mr. Wheatley will be paid an hourly fee of $275 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Wheatley declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Michael E. Wheatley
P.O. Box 1072
Prospect, KY 40059
Phone: 502-744-6484
Email: mwheatleytr@gmail.com
About Hull Organization
Hull Organization, LLC is primarily engaged in renting and leasing
real estate properties.
The Debtor filed Chapter 11 petition (Bankr. W.D. Ky. Case No.
23-32983) on Dec. 13, 2023, with $1 million to $10 million in both
assets and liabilities. Robert E. Hull, member, signed the
petition.
Judge Alan C. Stout oversees the case.
Tyler R. Yeager, Esq., at Kaplan Johnson Abate & Bird, LLP
represents the Debtor as legal counsel.
IBELIEVEINSWORDFISH: Gina Klump Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 17 appointed Gina Klump, Esq., at the
Law Office of Gina R. Klump, as Subchapter V trustee for
iBelieveInSwordfish, Inc.
Ms. Klump will be paid an hourly fee of $485 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Klump declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gina Klump, Esq.
Law Office of Gina R. Klump
11 5th Street, Suite 102
Petaluma, CA 94952
Phone: (707) 778-0111
Email: gklump@klumplaw.net
About iBelieveInSwordfish Inc.
iBelieveInSwordfish, Inc. is a motion design studio based in the
San Francisco Bay Area specializing in marketing and user
experience.
The Debtor filed Chapter 11 petition (Bankr. N.D. Calif. Case No.
23-30835) on Dec. 12, 2023, with $667,474 in assets and $1,077,424
in liabilities. Matthew Silverman, manager and executive creative
director, signed the petition.
Judge Dennis Montali oversees the case.
Brent D. Meyer, Esq., at Meyer Law Group, LLP represents the Debtor
as legal counsel.
INVESTWING CAPITAL: Court OKs Cash Collateral Access Thru Jan 2024
------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona authorized
Investwing Capital, LLC to use cash collateral on an interim basis,
in accordance with the budget, with a 15% variance, through January
23, 2024.
The Debtor requires the use of cash collateral to pay the
postpetition operating expenses of the Debtor's businesses.
During the period, the Debtor must not pay insiders, as that term
is defined under 11 U.S.C. Section 101(31), except for the ordinary
salary that such insiders would be paid for work done for the
Debtor, and the payment of the marketing fee.
As adequate protection, Fund-Ex Solutions Group LLC is granted
valid and perfected security interests in the Debtor's postpetition
assets of the same type and to the same extent and priority (if
any) as existed prior to the Petition Date.
During the Interim Period, the Debtor will maintain insurance on
Fund-Ex's physical collateral. The Debtor will also provide proof
of insurance to Fund-Ex upon request.
A final hearing on the matter is set for January 23, 2024 at 11:30
a.m.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=FqgCN0 from PacerMonitor.com.
The Debtor projects $381,000 in revenue and $357,172 in total
expenses.
About Investwing Capital, LLC
Investwing Capital, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 23-08998) on
December 15, 2023. In the petition signed by Joshua Petrawski,
chief executive officer, the Debtor disclosed up to $50,000 in
assets and up to $10 million in liabilities.
Jason D. Curry, Esq., at Quarles & Brady LLP, represents the Debtor
as legal counsel.
MCA Financial Group, Ltd. is the financial advisor.
ITALIAN GRILLE: Hires Caldwell & Riffee PLLC as Legal Counsel
-------------------------------------------------------------
Italian Grille and Deli, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of West Virginia to
employ Caldwell & Riffee, PLLC as counsel.
The firm will provide these services:
a. provide the Debtor with legal advice with respect to its
powers and duties as the Debtor in Possession;
b. assist the Debtor in preparation of the petition and
schedules;
c. participate in the first meeting of creditors;
d. participate in all status conferences;
e. negotiate, as necessary, adequate protection payments;
f. investigate causes of action; and
g. perform such other legal services, including a Reorganization
Plan, as are necessary for the advancement of the case.
The firm will be paid at the rate of $375 per hour, and a retainer
of $5,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Joseph W. Caldwell, Esq., a partner at Caldwell & Riffee, PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Joseph W. Caldwell, Esq.
Caldwell & Riffee, PLLC
P.O. Box 4427
Charleston, WV 25364
Tel: (304) 925-2100
Email: jcaldwell@caldwellandriffee.com
About Italian Grille and Deli, LLC
Italian Grille and Deli, LLC sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. W.Va. Case No.
23-30290) on November 15, 2023, listing up to $50,000 in both
assets and liabilities.
Joseph W. Caldwell, Esq. at Caldwell & Riffee represents the Debtor
as counsel.
JJB DC: Court OKs Bid to Appoint Chapter 11 Trustee
---------------------------------------------------
Judge Elizabeth Gunn of the U.S. Bankruptcy Court for the District
of Columbia granted the motion by Gerard Vetter, the Acting U.S.
Trustee for Region 4, to appoint a Chapter 11 trustee in the
bankruptcy case of JJB D.C., Inc.
The bankruptcy watchdog on Nov. 30 called for an independent
trustee to take over the Chapter 11 case of JJB or to dismiss or
convert the case into one under Chapter 7.
In his motion, Mr. Vetter said there "has been gross mismanagement
of the estate sufficient to constitute cause to dismiss, convert or
appoint a Chapter 11 trustee."
About JJB D.C.
JJB D.C., Inc. is a telecommunications contracting group
predominantly serving Maryland, Virginia, and the District of
Columbia. It also performs services in surrounding states upon
request.
The Debtor filed Chapter 11 petition (Bankr. D.D.C. Case No.
23-00214) on Aug. 2, 2023, with $10 million to $50 million in both
assets and liabilities. Bruce Stuart Boone, Sr., president, signed
the petition.
Judge Elizabeth L. Gunn oversees the case.
The Debtor tapped Whiteford, Taylor, and Preston, LLP as bankruptcy
counsel; Martin Law Group, PC as conflicts counsel; and Meridian
Management Partners as financial advisor.
JL DANIELS: Lender Seeks to Prohibit Cash Collateral Access
-----------------------------------------------------------
Velocity Commercial Capital, LLC asks the U.S. Bankruptcy Court for
the Northern District of Alabama, Southern Division, to prohibit JL
Daniels Group LLC from using cash collateral and to provide an
accounting and turnover of cash collateral received post-petition.
On September 16, 2022, Debtor executed a $1.320 million Term Note
which matures on October 1, 2052.
As security for repayment of the Note, Debtor executed a Commercial
Mortgage, Security Agreement, and Assignment of Leases and Rents on
the real and personal property identified in Velocity's proof of
claim.
Velocity's duly recorded mortgage is a valid first-priority
perfected lien on the Debtor's property, fully enforceable in
accordance with the terms of the underlying loan documents, without
defense, offset or counterclaim of any nature.
On August 23, 2023, Velocity commenced advertisement of a
nonjudicial foreclosure against the real property located at 2628
Wenonah Oxmoor Road, Birmingham, Alabama 35211, with a scheduled
sale date of September 22, 2023, during the legal hours of sale.
On September 21, 2023, the day prior to the Foreclosure sale date,
the Debtor filed for relief under Chapter 11 of Title 11, claiming
status as a Subchapter V debtor.
As of the Petition Date, the Debtor owed Velocity at least $1.4
million, including arrearages of $82,47, and such amount increases
every day.
The Debtor has not requested nor received Court approval to use
Velocity's cash collateral or rent and the Debtor has made no
adequate protection payments to Velocity.
The Debtor has converted for its owner's own use and purpose cash
collateral rightly belonging to Velocity without Velocity's
permission and without Court authorization.
Velocity is entitled to an immediate accounting for the use of its
cash collateral by the Debtor, and to repayment of accumulated cash
collateral, as well as a prohibition against future use of cash
collateral.
A copy of the motion is available at https://urlcurt.com/u?l=5FujGg
from PacerMonitor.com.
About JL Daniels Group LLC
JL Daniels Group, LLC, a company in Birmingham, Ala., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. N.D. Ala. Case No. 23-02503) on Sept. 21, 2023, with $1
million to $10 million in both assets and liabilities. James L.
Daniels, president, signed the petition.
Jacquese Antoinette Gary, Esq., at Gary Law, LLC represents the
Debtor as bankruptcy counsel.
KINGDOM CONCEPTS: Wins Cash Collateral Access Thru Dec 31
---------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, authorized Kingdom Concepts, LLC to use cash
collateral on an interim basis in accordance with the budget, with
a 10% variance, through December 31, 2023.
As previously reported by the Troubled Company Reporter, the Debtor
has an immediate need to use the cash collateral of Quick Funding
Group and Spot On, the Debtor's secured creditors claiming liens on
the Debtor's personal property including cash and accounts.
As adequate protection, the Secured Lenders were granted
replacement liens and security interests, in accordance with U.S.C.
Sections 361, 363, 364(c)(2), 364(e), and 552, co-extensive with
their pre-petition liens.
The replacement liens are automatically perfected without the need
for filing of a UCC-1 financing statement with the Secretary of
State's Office or any other such act of perfection.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=YfN2dk from PacerMonitor.com.
The Debtor projects $200,000 in gross revenue and $198,050 in total
expenses for one month.
About Kingdom Concepts, LLC
Kingdom Concepts, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-31895-swe11) on
August 31, 2023. In the petition signed by Cedric Brown, manager,
the Debtor disclosed up to $500,000 in both assets and
liabilities.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC,
represents the Debtor as legal counsel.
KNS MOTEL: Court OKs Cash Collateral Access Thru Jan 2024
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Indiana, New
Albany Division, authorized KNS Motel, Inc. to use cash collateral,
on an interim basis, in accordance with the budget, with a 10%
variance.
The Debtor is authorized to use the cash collateral pursuant to the
terms of the Order until the earlier of: (i) if the Order is
approved on a final basis, through and including January 8, 2024;
(ii) the occurrence of an "Event of Default"; or (iii) the
indefeasible payment in full of all indebtedness due and owing to
the Bank.
As adequate protection for the use of cash collateral, the Debtor
grants to the Bank a first priority security interest in and lien
upon all property of the Debtor of the same type and description as
the Bank Collateral, whether now owned or hereafter acquired,
subject only to any prior valid and enforceable, perfected and
non-avoidable liens of other secured creditors, as of the Petition
Date. The Adequate Protection Claim will further be entitled under
11 U.S.C. Section 507(b) to priority over any or all administrative
expenses of the kind specified in Section 503(b) or 507 of the
Bankruptcy Code, but only to the extent of the diminution in the
value of the Bank's interests in the Bank Collateral. The Debtor
will maintain the value of the business as a going concern, pending
reorganization or sale, in accordance with the Motion and the
Budget.
The Debtor will maintain insurance on the Business Premises subject
to the Bank's liens and Replacement Liens in amounts not less than
what it held prior to the Petition Date.
These events constitute an "Event of Default":
(i) the Debtor fails to maintain appropriate insurance;
(ii) the Debtor fails to pay the utilities at the Business
Premises and/or the utilities are shut off;
(iii) the Debtor fails to perform any duty or obligation under
the Order;
(iv) the Debtor discontinues or is ordered to discontinue the
conduct of its business in the ordinary course;
(v) the case is converted to a chapter 7 case under the
Bankruptcy Code;
(vi) a trustee is appointed under any chapter of the Bankruptcy
Code (other than the previously appointed subchapter V trustee
while exercising his duties as a subchapter V trustee);
(vii) the Debtor seeks to enter into new loans or debtor in
possession financing, except upon consent of the Bank;
(viii) the Debtor grants or permits any liens to be placed on any
of the Collateral without the Bank's prior written consent;
(ix) the automatic slay provided in section 362 of the
Bankruptcy Code, as it relates to the Collateral, or any of it,
will be terminated, annulled, modified or conditioned in favor of
any other creditor;
(x) the Court will determine after notice and hearing that the
Debtor will not have sufficient cash or cash collateral available
for it to continue its business operations in the ordinary course;
(xi) the certain Fairfield Inn & Suites by Marriott Rclicensing
Franchise Agreement, dated on or about March 3,2022, and between
the Debtor and Marriott International, Inc. is terminated and/or
rejected without the consent of the Bank; or
(xii) the Court does not enter a final order granting the Motion
on or before January 8,2024.
A copy of the court's order and the Debtor's budget is available at
https://urlcurt.com/u?l=imIzpE from PacerMonitor.com.
The Debtor projects $19,818 in gross operating income and $9,700 in
total fixed expenses for December 2023.
About KNS Motel
KNS Motel, Inc. operates in the traveler accommodation industry. It
owns in fee simple interest a real property located at 619 N. Shore
Drive, Jeffersonville, Ind., valued at $6.1 million.
KNS Motel filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-90897) on Sept. 13,
2023, with $6,193,078 in assets and $5,006,679 in liabilities.
Indravadan Patel, president, signed the petition.
Judge Andrea K. Mccord oversees the case.
Michael W. McClain, Esq., at Goldberg Simpson, LLC represents the
Debtor as legal counsel.
LA MOUNT GROUP: James Coutinho Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed James Coutinho,
Esq., at Allen Stovall Neuman & Ashton, LLP as Subchapter V trustee
for La Mount Group, LLC.
Mr. Coutinho will be paid an hourly fee of $360 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Coutinho declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
James A. Coutinho, Esq.
Allen Stovall Neuman & Ashton, LLP
10 N. Broad Street, Ste. 2400
Columbus, OH 43215
Email: coutinho@asnalaw.com
Telephone: (614) 221-8500
About La Mount Group
La Mount Group, LLC is a franchisee of Culver's American restaurant
in Hamilton, Ohio.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-12409) on Dec. 11,
2023, with $163,242 in assets and $1,675,066 in liabilities. Joshua
Hankins, member, signed the petition.
Judge Beth A. Buchanan oversees the case.
Eric W. Goering, Esq., at Goering & Goering, represents the Debtor
as legal counsel.
LANCASTER TRENCHING: Court OKs Cash Collateral Access Thru Jan 2024
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Idaho authorized
Lancaster Trenching, Inc. to use cash collateral on an interim
basis in accordance with the budget, effective December 21, 2023
through the date of the hearing set for January 3, 2024 at 4 p.m.
The collateral will be used to pay liability insurance, vehicle
insurance, and fuel.
DL Evans Bank, Equify Financial, LLC, and Channel Partners Capital,
will be granted and will maintain adequate protection liens on all
post-petition cash collateral to the same extent and priority as
existed pre-petition to the extent of any cash collateral actually
used by the Debtor; provided, however, that such replacement liens
will not attach to any proceeds of any avoidance actions.
A copy of the order is available at https://urlcurt.com/u?l=TFzg4D
from PacerMonitor.com.
About Lancaster Trenching, Inc.
Lancaster Trenching, Inc. operates a land grading business. The
Debtor sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D. Idaho Case No. 23-40600) on December 21, 2023. In
the petition signed by Frances Lancaster, secretary, the Debtor
disclosed $4,959,722 in assets and $4,561,680 in liabilities.
Judge Noah G. Hillen oversees the case.
Matthew Christensen, Esq., at Johnson May, represents the Debtor as
legal counsel.
LASSETER ENTERPRISES: Unsecureds Will Get 56.45% over 5 Years
-------------------------------------------------------------
Lasseter Enterprises, Inc., and Westheimer Party Company, LLC,
filed with the U.S. Bankruptcy Court for the Southern District of
Texas a Plan of Reorganization dated December 21, 2023.
The Debtors each operated a single, separate, retail store that
sell party supplies, costumes and other accessories. Lasseter
Enterprises, Inc. was formed in 1992 and, until November 2023,
operated Store #22.
Westheimer Party Company LLC still operates Store #23. Lasseter
Enterprises, Inc. is also the parent company of Westheimer Party
Company LLC. The two entities were forced to file this bankruptcy
due to their inability to make required payments to creditors
Amscan, Inc and PartyCity USA.
The Debtors filed this case on September 22, 2023, to seek
protection from creditors, primarily inventory suppliers. Debtor
proposes to pay allowed unsecured claims based on the projections
and cash available. Debtor anticipates having enough revenue to
fund the plan and pay the creditors pursuant to the Plan.
Debtor's Plan of Reorganization provides for the continued
operations of the Westheimer store in order to make payments to the
creditors as set forth in this Plan. Debtor seeks to confirm a
consensual plan or reorganization so that all payments to creditors
required under the Plan will be made directly by the Debtor to its
creditors. Although the Lasseter store is permanently closed,
organizationally there are no changes. Lasseter remains the parent
company of Westheimer. There are no secured creditors in this case
and the inventory from the Lasseter store has been relocated to the
Westheimer store for sale in the usual course of business.
Class 3 consists of General Unsecured Claims. All allowed unsecured
creditors shall receive a pro rata distribution at zero percent per
annum over the next five years beginning on the15th day of the
first full calendar month following 30 days after the effective
date of the plan and continuing every year thereafter for the life
of the Plan. Debtor will distribute up to $998,500.00 to the
general allowed unsecured creditor pool over the 5-year term of the
plan. The General Unsecured Claims will receive 56.45% of their
allowed claims under this plan. These claims are impaired. The
allowed unsecured claims total $1,768,959.78.
Class 4 consists of Equity Interest Holders (Current Owners). The
current owners will receive no payments under the Plan; however,
they will be allowed to retain their ownership in the Debtor. Class
4 Claimants are not impaired under the Plan.
Debtor anticipates the continued operations of the business to fund
the Plan. All guarantees and other obligations shall be deemed
modified to reflect the restructuring of the primary obligations
under the Plan. If the Plan is confirmed, a creditor may not
enforce liability under a guaranty or other third party claim
unless the Debtor defaults under the Plan for that creditor. In the
event of default, only the amount owing under the Plan shall be
recovered from the guarantor. This provision is intended to apply
to creditors who had previously recovered judgments against the
guarantor.
A full-text copy of the Plan of Reorganization dated December 21,
2023 is available at https://urlcurt.com/u?l=TcOCxL from
PacerMonitor.com at no charge.
Debtor's Counsel:
Robert C. Lane, Esq.
Joshua D. Gordon, Esq.
THE LANE LAW FIRM, PLLC
6200 Savoy, Suite 1150
Houston, TX 77036
Telephone: (713) 595-8200
Facsimile: (713) 595-8201
Email: notifications@lanelaw.com
joshua.gordon@lanelaw.com
About Lasseter Enterprises
Lasseter Enterprises, Inc., operated a single, separate, retail
store that sell party supplies, costumes and other accessories.
The Debtor 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.
LION STAR: Seeks to Hire Forshey & Prostok as Bankruptcy Counsel
----------------------------------------------------------------
Lion Star Nacogdoches Hospital, LLC, doing business as Nacogdoches
Memorial Hospital, seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Forshey & Prostok,
LLP.
The Debtor requires legal counsel to:
(a) give advice regarding the rights, powers and duties of the
Debtor in the continued operation and management of its business
and assets;
(b) advise the Debtor concerning, and assist in the
negotiation and documentation of, agreements, debt restructurings,
and related transactions;
(c) review the nature and validity of liens asserted against
the property of the Debtor and advise it concerning the
enforceability of such liens;
(d) advise the Debtor concerning the actions that it might
take to collect and to recover property for the benefit of the
Debtor's estate;
(e) prepare on behalf of the Debtor all necessary and
appropriate legal documents;
(f) advise the Debtor concerning, and prepare responses to,
applications, motions, pleadings, notices, and other papers that
may be filed and served in this Chapter 11 case;
(g) counsel the Debtor in connection with the formulation,
negotiation, and promulgation of one or more plans of
reorganization and related documents;
(h) perform all other legal services for and on behalf of the
Debtor that may be necessary or appropriate in the administration
of this Chapter 11 case; and
(i) all such other legal services as may be necessary or
appropriate in connection with the bankruptcy case.
The hourly rates of the firm's counsel and staff are as follows:
Jeff P. Prostok $795
Lynda L. Lankford $575
Emily Chou $550
Dylan T.F. Ross $395
Other Firm Attorneys $395 – $795
Paralegal/Legal Assistant $175 - $255
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid a retainer to the firm in the amount of $10,000 and
$200,000 on November 7, 2023 and November 17, 2023, respectively.
Jeff Prostok, Esq., an attorney at Forshey & Prostok, disclosed in
a court filing that the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeff P. Prostok, Esq.
Lynda L. Lankford, Esq.
Dylan T.F. Ross, Esq.
Forshey & Prostok LLP
777 Main St., Suite 1550
Fort Worth, TX 76102
Telephone: (817) 877-8855
Facsimile: (817) 877-4151
Email: jprostok@forsheyprostok.com
llankford@forsheyprostok.com
dross@forsheyprostok.com
About Lion Star Nacogdoches Hospital
Lion Star Nacogdoches Hospital, LLC is a provider of healthcare
services based in Nacogdoches, Texas.
The Debtor filed Chapter 11 petition (Bankr. N.D. Texas Case No.
23-43535) on Nov. 17, 2023, with $10 million to $50 million in both
assets and liabilities. Sean Fowler, chief executive officer,
signed the petition.
Judge Mark X. Mullin oversees the case.
The Debtor tapped Jeff P. Prostok, Esq., at Forshey & Prostok, LLP
as legal counsel and Curtis W. Fenley, III, Esq., at Fenley & Bate,
LLP as special counsel.
LION STAR: Seeks to Tap Fenley & Bate as Special Litigation Counsel
-------------------------------------------------------------------
Lion Star Nacogdoches Hospital, LLC, doing business as Nacogdoches
Memorial Hospital, seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to employ Fenley & Bate, LLP as
special counsel.
The Debtor requires a special counsel to represent its interests in
pending lawsuits: (a) Civil Action 9:23-CV-127, Kenneth Jurist, MD
v. Lion Star Nacogdoches Hospital, LLC, D/B/A Nacogdoches Memorial
Hospital; (b) Cause No. C2338992, Lion Star Nacogdoches Hospital,
LLC d/b/a Nacogdoches Memorial Hospital v. Nacogdoches County
Hospital District and Nacogdoches County Hospital District Board of
Directors; (c) Civil Action No. 9:22-CV-103, Susan Michelle
McCollum v. Lion Star Nacogdoches Hospital, LLC d/b/a Nacogdoches
Memorial Hospital; (d) Cause No. CV2314846, Ralph Loggins d/b/a
Loggins Plumbing vs. Lion Star Nacogdoches Hospital, LLC d/b/a
Nacogdoches Memorial Hospital; and (e) Cause No. C2338917, Dialysis
Clinic, Inc., v. Nacogdoches County Hospital District d/b/a
Nacogdoches Memorial Hospital k/n/a Nacogdoches Memorial Hospital
Corporation.
Curtis Fenley, III, Esq., the primary attorney in this
representation, will be billed at an hourly rate of $250.
The hourly rate of other attorneys who may render services to the
Debtor ranges between $250 and $175.
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid a retainer to the firm in the amount of $80,000.
Mr. Fenley disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Curtis W. Fenley, III, Esq.
Fenley & Bate, LLP
224 E. Lufkin Ave.
Lufkin, TX 75901
Telephone: (936) 634-3346
About Lion Star Nacogdoches Hospital
Lion Star Nacogdoches Hospital, LLC is a provider of healthcare
services based in Nacogdoches, Texas.
The Debtor filed Chapter 11 petition (Bankr. N.D. Texas Case No.
23-43535) on Nov. 17, 2023, with $10 million to $50 million in both
assets and liabilities. Sean Fowler, chief executive officer,
signed the petition.
Judge Mark X. Mullin oversees the case.
The Debtor tapped Jeff P. Prostok, Esq., at Forshey & Prostok, LLP
as legal counsel and Curtis W. Fenley, III, Esq., at Fenley & Bate,
LLP as special counsel.
LOBSTER BOYS: Geron Yann Named Subchapter V Trustee
---------------------------------------------------
The U.S. Trustee for Region 2 appointed Geron Yann, Esq., at Geron
Legal Advisors, LLC as Subchapter V trustee for Lobster Boys, LLC
and affiliates.
Mr. Yann will be paid an hourly fee of $825 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Yann declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Geron Yann, Esq.
Geron Legal Advisors, LLC
370 Lexington Avenue, Suite 1101
New York, NY 10017
Phone: (646) 560-3224
Email: ygeron@geronlegaladvisors.com
About Lobster Boys
Lobster Boys, LLC is a lobster harvester and distributor in
Huntington, N.Y. The company conducts business under the name
Lobsterboys.
Lobster Boys filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11986) on Dec. 12,
2023, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Travis Maderia, member, signed the
petition.
The Debtor is represented by Stephen M. Packman, Esq., at Archer &
Greiner, PC.
LTL MANAGEMENT: Consumers' Adviser Keep $1.75M Bonus in Chapter 11
------------------------------------------------------------------
Rick Archer of Law360 reports that the New Jersey bankruptcy judge
overseeing the now-dismissed Chapter 11 case of Johnson & Johnson
talc spinoff LTL Management declined Thursday, December 21, 2023,
to reconsider his decision to award a $1.75 million bonus to the
tort claimants' investment banker.
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 August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton,
New Jersey, ruled that the second bankruptcy case should be
dismissed, ending J&J's second attempt to use bankruptcy to resolve
thousands of lawsuits alleging that its talc products sometimes
contained asbestos and caused mesothelioma and ovarian cancer.
MAISON DRAKE: Seeks to Hire MASCPA as Accountant
------------------------------------------------
Maison Drake, LLC seeks approval from the U.S. Bankruptcy Court for
the Middle District of Florida to employ MASCPA, as accountant.
The firm will assist in the preparation of business tax returns,
and provide any other accounting services.
The firm will be paid at the rates of $75 to $250 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mark Stiles, CPA, a partner of MASCPA, disclosed in a court filing
that the firm is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Mark Stiles, CPA
MASCPA
148 Blake Road
Epping, NH 03042
Tel: (407) 928-8278
About Maison Drake, LLC
Maison Drake, LLC, a company in Longwood, Fla., filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D.
Fla. Case No. 23-03825) on Sept. 15, 2023, with $74,058 in assets
and $3,827,597 in liabilities. David Lanxner, managing member,
signed the petition.
Judge Lori V. Vaughan oversees the case.
Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC, is the Debtor's
bankruptcy counsel.
MEDICAL HEALING: Jodi Dubose of Stichter Named Subchapter V Trustee
-------------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Jodi Daniel Dubose, Esq.,
at Stichter, Riedel, Blain & Postler P.A. as Subchapter V trustee
for Medical Healing Center, LLC.
Ms. Dubose will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Dubose declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jodi Daniel Dubose, Esq.
Stichter, Riedel, Blain & Postler P.A.
41 N. Jefferson Street, Suite 111
Pensacola, FL 32502
Phone: (850) 637-1836
Email: jdubose@srbp.com
About Medical Healing Center
Medical Healing Center, LLC, a company in Tallahassee, Fla.,
provides adult primary care with emphasis on holistic medicine. It
conducts business under the name The Medical Healing Center.
Medical Healing Center filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No.
23-40478) on Dec. 12, 2023, with $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities. Angela D. Myers, managing
member, signed the petition.
Byron W. Wright III, Esq., at Bruner Wright, P.A. represents the
Debtor as legal counsel.
MEDTRULY INC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: MedTruly, Inc.
340 Amaryllis Terrace
Sunnyvale, CA 94086
Business Description: MedTruly provides a blend of in-person and
virtual care aiming to reduce hospital and
urgent care visits.
Chapter 11 Petition Date: December 27, 2023
Court: United States Bankruptcy Court
Northern District of California
Case No.: 23-51507
Debtor's Counsel: Jeffrey I. Golden, Esq.
GOLDEN GOODRICH LLP
3070 Bristol Street
Suite 640
Costa Mesa, CA 92626
Tel: (714) 966-1000
Fax: (714) 966-1002
E-mail: jgolden@go2.law
Total Assets: $36,136
Total Liabilities: $6,823,740
The petition was signed by Russell Anas as chief executive officer
and president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
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/RTIGO7Y/MedTruly_Inc__canbke-23-51507__0001.0.pdf?mcid=tGE4TAMA
MOTLEY MILL: 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 Motley Mill
and Cube Corporation.
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 Motley Mill and Cube Corporation
Motley Mill and Cube Corporation filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No.
23-50240) on Dec. 4, 2023, with $919,415 in total assets and
$1,117,339 in total liabilities. James A. Gwinn, president, signed
the petition.
Tarbox Law, PC, led by Max R. Tarbox, Esq., serves as the Debtor's
legal counsel.
MULLEN AUTOMOTIVE: Agrees to Issue $50 Million Note at 36% Discount
-------------------------------------------------------------------
Mullen Automotive, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it agreed to issue a
non-convertible secured promissory note that does not include any
stock, warrants or other securities. The Note, which does not
include any conversion rights, will provide additional capital for
the Company's manufacturing operations.
Pursuant to the Debt Agreement, the Company will issue a Note that
will have an aggregate principal amount of $50,000,000, for a total
purchase price of $32,000,000, or an original issue discount of
$18,000,000. The issuance of the non-convertible Note contemplated
by the Debt Agreement will occur on the later of: (i) Jan. 1, 2024
or (ii) the first day on which the Nasdaq Stock Market is open for
trading on which all conditions to closing of both parties under
the Debt Agreement have been satisfied. The Debt Agreement
contains customary representations, warranties and covenants.
The Note will bear interest at a rate of 10% per annum (which
interest rate is increased to 18% per annum immediately after the
occurrence and continuance of an Event of Default (as defined in
the Note) and it will have a maturity date set as the date that is
three months from its date of issuance. The Company's repayment
obligations under the Note may be accelerated, at the holder's
election, upon the occurrence of certain customary events of
default. In the event of a default and acceleration of the
Company's obligations, the Company would be required to pay the
principal amount of the Note, plus all accrued and unpaid interest,
plus all other amounts, costs, or expenses due under the Note.
The Note contains customary representations, warranties and
covenants including among other things and subject to certain
exceptions, covenants that restrict the Company from incurring
additional indebtedness other than certain Permitted Indebtedness
(as defined in the Note), creating or permitting liens on assets
other than certain Permitted Liens (as defined in the Note),
repurchasing or otherwise acquiring more than a de minimis number
of its Common Stock or equivalents thereof, repaying outstanding
indebtedness, and entering into transactions with affiliates.
Further, the Note provides that following the consummation of any
financing, the Company shall prepay the outstanding principal
amount of the Note from the net amount of proceeds raised in such
financing.
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.
MVK FARMCO: Committee Taps Alvarez & Marsal as Financial Advisor
----------------------------------------------------------------
The official committee of unsecured creditors appointed in the
Chapter 11 cases of MVK FarmCo LLC and its affiliates seeks
approval from the U.S. Bankruptcy Court for the District of
Delaware to employ Alvarez & Marsal North America, LLC as its
financial advisor.
The committee requires a financial advisor to:
(a) assist in the assessment and monitoring of cash flow
budgets, liquidity, and operating results;
(b) assist in the review of court disclosures;
(c) assist in the review of the Debtors' cost/benefit
evaluations with respect to the assumption or rejection of
executory contracts and unexpired leases;
(d) assist in the analysis of any assets and liabilities and
any proposed transactions for which court approval is sought;
(e) attend meetings with the Debtors, their lenders and
creditors, potential investors, the committee, and any other
official committees organized in these Chapter 11 cases, the U.S.
Trustee, other parties in interest, and professionals hired by the
same, as requested;
(f) assist in the review of any tax issues;
(g) assist in the investigation of causes of actions;
(h) assist in the review of the claims reconciliation and
estimation process;
(i) assist in the review of the Debtors' business plan;
(j) assist in the review of the sales or dispositions of the
Debtors' assets;
(k) assist in the valuation of the Debtors' intellectual
property, if required;
(l) assist in the review and/or preparation of information and
analysis necessary for the confirmation of a plan in these Chapter
11 cases; and
(m) render such other general business consulting or such
other assistance as the committee or its counsel may deem
necessary.
The hourly rates of the firm's professionals are as follows:
Managing Directors $1,025 - $1,375
Directors $775 - $975
Associates $575 - $775
Analysts $425 - $550
As of January 1, 2024, the firm's hourly rates will be charged as
follows:
Managing Directors $1,075 – $1,525
Directors $825 – $1,075
Associates $625 – $825
Analysts $425 – $625
In addition, the firm will seek reimbursement for expenses
incurred.
Richard Newman, a managing director at Alvarez & Marsal North
America, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Richard Newman
Alvarez & Marsal North America, LLC
540 West Madison Street, Suite 1800
Chicago, IL 60661
Telephone: (312) 601-4220
Facsimile: (312) 332-4599
Email: richard.newman@alvarezandmarsal.com
About MVK FarmCo
MVK FarmCo, LLC and its affiliates are providers of stone fruit,
operating an integrated network of farms, ranches, and packaging
facilities. Founded in 1999 and headquartered in Fresno, Calif.,
the Debtors cultivate approximately 18,000 acres of land nestled
throughout the San Joaquin Valley.
The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case
No. 23-11721) on Oct. 13, 2023. John Boken, chief executive
officer, signed the petitions.
At the time of the filing, the Debtors reported consolidated assets
of $500 million to $1 billion and consolidated liabilities of $1
billion to $10 billion.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis
International, LLP as bankruptcy counsel; Young Conaway Stargatt &
Taylor, LLP as local counsel; Houlihan Lokey as investment banker;
and Stretto, Inc. as claims and noticing agent. AP Services, LLC
provides interim management and restructuring support services to
the Debtors.
On October 23, 2023, the U.S. Trustee for the District of Delaware
appointed an official committee of unsecured creditors in these
Chapter 11 cases. The committee tapped Alvarez & Marsal North
America, LLC as its financial advisor.
MXP OPERATING: Wins Interim Cash Collateral Access
--------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas,
Sherman Division, authorized MXP Operating, LLC to use cash
collateral on an interim basis in accordance with the budget.
HKMF Holdings Company, LLC, successor to Seven Energy Investments,
LLC dba Alpha Seven Energy, asserts a lien and/or ownership
position in the cash collateral and proceeds.
The court said, for unpaid, non-salary expense in excess of $25,000
incurred by the Debtor before November 7, 2023, the Debtor will
provide HKMF and the Committee with invoices for each item and HKMF
will have seven days from receipt of such invoice to object to
payment of an item. If HKMF does not object to the payment of an
item, the Debtor will be authorized to pay those expenses. If HKMF
objects to the payment of an expense, that expense will not be paid
without further order of the Court or withdrawal of the objection
by HKMF.
A hearing on the matter is set for January 9, 2024 at 2 p.m.
A copy of the order is available at https://urlcurt.com/u?l=K5z7NZ
from PacerMonitor.com.
About MXP Operating, LLC
MXP Operating, LLC operates a company providing operating services
for Oil and Gas wells in Texas and Oklahoma.
The Debtor filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 23-41446) on
August 11, 2023. The petition was signed by Rachel T. Patman, Esq.
as managing member. At the time of filing, the Debtor estimated
$2,732,000 in assets and $8,603,928 in liabilities.
Judge Brenda T. Rhoades oversees the case.
Eric A. Liepins, Esq. at Eric A. Liepins, P.C. represents the
Debtor as counsel.
NOVVI LLC: Amends Plan; Confirmation Hearing Jan. 25, 2024
----------------------------------------------------------
Novvi, LLC, submitted a First Amended Combined Chapter 11 Plan of
Reorganization and Disclosure Statement dated December 21, 2023.
The Plan constitutes a reorganization plan for the Debtor in
accordance with the RSA executed by the Debtor, H&R, and Chevron
prior to the Petition Date.
From August 15 to August 18, 2023, the Debtor and H&R met for a
three-day collaborative effort involving the Debtor's technical,
operations, commercial, and marketing teams. Together, the Debtor
and H&R were able to develop a strategy and a turn-around plan that
could be executed in the next 2-3 years and would reach
profitability while utilizing a finite amount of new capital. This
model was refined and validated from August 16 until now via weekly
reviews of the turnaround business plan and bottom-up sales plan,
with business and financial managers from H&R.
Upon developing this new business plan, the Debtor, Chevron, and
H&R began negotiating the RSA. The RSA provides for a balance sheet
reorganization where only the Prepetition Debt and prepetition
Membership Interests are Impaired. The end-result of this
restructuring is a significantly deleveraged Company better able to
compete in the niche high performance lubricants market. Due to
significant investment and the debt for equity swap, Holders of
Allowed General Unsecured Claims such as vendors and other
creditors are contemplated to be paid in full under this Plan.
The Debtor has been authorized by the Bankruptcy Court to obtain
post-petition financing on a senior secured super-priority priming
debtor in possession credit facility in an aggregate principal
amount not to exceed $16,000,000 which shall be comprised of: (i)
$6,000,000 of new money and (ii) a deemed term loan roll up of up
to $9,950,000 of the H&R DIP Term Refinancing.
The Amended Combined Plan and Disclosure Statement does not alter
the proposed treatment for unsecured creditors and the equity
holder:
* Class 4 shall consist of the Allowed General Unsecured
Claims, including Claims made or asserted under the Phantom Equity
Plan. On the Effective Date, in full and final satisfaction,
compromise, settlement, release, and discharge of, and in exchange
for, its allowed General Unsecured Claim, each holder of an allowed
General Unsecured Claim shall receive, at the Debtor's election,
either (i) payment in full, in cash, of the unpaid portion of its
allowed General Unsecured Claim or (ii) such other treatment as may
be agreed to by such holder and the Debtor.
* Class 5 shall consist of the Company's Interests. On the
Effective Date, the Company’s Interests shall be cancelled,
released, discharged, and extinguished. Holders of the Company's
Interests shall not receive any distribution on account of such
Interests.
The Debtor shall fund distributions under the Plan, as applicable,
with: (1) Cash on hand; (2) the H&R Equity Capital Commitment; and
(3) the Lender Equity Distribution. Each distribution and issuance
referred to in the Plan shall be governed by the terms and
conditions set forth in the Plan applicable to such distribution or
issuance and by the terms and conditions of the instruments or
other documents evidencing or relating to such distribution or
issuance, which terms and conditions shall bind each Entity
receiving such distribution or issuance.
H&R will provide additional capital to the Reorganized Debtor in
accordance with the Updated Business Plan and related Financing
Plan, each of which will be attached to the Fifth Amended and
Restated Operating Agreement of Novvi LLC, such capital commitment
to be equal to approximately $25 million minus the amounts funded
under the H&R DIP Loan (inclusive of any roll-up of the H&R
Prepetition Obligations) (the "H&R Capital Commitment Amount").
Such funding will be included in the calculations for the Lender
Equity Distributions (as adjusted for any future non-funding of
such capital commitment in accordance with the Reorganized Debtor
Operating Agreement) and shall be the primary source of financing
for the Reorganized Debtor until fully funded.
The Bankruptcy Court has scheduled a Confirmation Hearing to
consider final approval the Disclosure Statement and Confirmation
of the Plan for January 25, 2024 at 2:00 p.m. In order to be
counted, Ballots must be duly completed, executed and received no
later than January 19, 2024 (the "Voting Deadline").
A full-text copy of the First Amended Combined Plan and Disclosure
Statement dated December 21, 2023 is available at
https://urlcurt.com/u?l=pHgZwm from PacerMonitor.com at no charge.
Proposed Attorneys for Debtor:
Matthew Okin, Esq.
David L. Curry, Jr., Esq.
Edward A. Clarkson, Esq.
Ryan A. O'Connor, Esq.
Kelly Killorin Edwards, Esq.
OKIN ADAMS BARTLETT CURRY LLP
1113 Vine St., Suite 240
Houston, TX 77002
Tel: (713) 228-4100
E-mail: mokin@okinadams.com
dcurry@okinadams.com
eclarkson@okinadams.com
roconnor@okinadams.com
kedwards@okinadams.com
About Novvi, LLC
Novvi, LLC was formed in 2011 as a joint venture between Amyris,
Inc. and Cosan US, Inc. to develop, produce, market and sell
lubricant base oils from renewable feedstocks. The Debtor's base
oil product, Novaspec, used a combination of farnesene and
petroleum derived linear olefins as monomers to create lubricant
base oils to meet high performance requirements in the commodity
lubricants space.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90906) on December 3,
2023, with $10 million to $50 million in assets and liabilities.
Jason Wells, interim president, signed the petition.
Judge Christopher M. Lopez oversees the case.
OKIN ADAMS BARTLETT CURRY LLP is the Debtor's legal counsel.
NURSES AT HEART: Hires Ivey McClellan Siegmund as Counsel
---------------------------------------------------------
Nurses At Heart Nursing Staffing Agency, LLC seeks approval from
the U.S. Bankruptcy Court for the Middle District of North Carolina
to employ Ivey, McClellan, Siegmund, Brumbaugh & Mc Donough, LLP as
counsel.
The firm's services include:
a. representing the Debtor in a Chapter 11 bankruptcy to
include assisting in investigating and examining contracts, leases,
financing statements and other related documents to determine the
validity of such, to determine the rights and priorities of
lienholders, if any; and
b. providing advice in preserving the Debtor's properties and
assets, and generally assisting the Debtor in administering the
estate.
The firm will be paid as follows:
Samantha K. Brumbaugh $400 per hour
Dirk W. Siegmund $425 per hour
Charles M. Ivey, III $550 per hour
Darren McDonough $425 per hour
Melissa Murrell $125 per hour
Tabitha Coltrane $125 per hour
Janice Childers $100 per hour
Samantha Brumbaugh, Esq., a partner at Ivey, McClellan, Gatton &
Siegmund, LLP, disclosed in court filings that her firm is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Samantha K. Brumbaugh, Esq.
Ivey, McClellan, Gatton & Siegmund, LLP
100 South Elm Street, Suite 500
Greensboro, NC 27401
Telephone: (336) 274-4658
Facsimile: (336) 274-4540
Email: dws@iveymcclellan.com
About Nurses At Heart Nursing Staffing Agency, LLC
Nurses At Heart Nursing Staffing Agency, LLC, filed a Chapter 11
bankruptcy petition (Bankr. M.D.N.C. Case No. 23-50844) on December
14, 2023. The Debtor hires Ivey, McClellan, Siegmund, Brumbaugh &
Mc Donough, LLP as counsel.
ONLINE EDUGO: Wins Cash Collateral Access Thru Feb 2024
-------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
Los Angeles Division, authorized Online Edugo, Inc. to use cash
collateral on an interim basis, through February 6, 2024 on the
same terms and conditions as set forth in the prior cash collateral
orders.
The Debtor's use of cash collateral is conditioned upon (a) the
Debtor's ongoing payment of adequate protection payments to its
secured creditors and the monthly payment to the Subchapter V
Trustee on or before the 17th of each month, and (b) the Debtor's
prompt cure of its delinquent adequate protection payment owed to
the U.S. Small Business Administration.
A continued hearing on the matter is set for February 6, 2024 at 1
p.m.
A copy of the order is available at https://urlcurt.com/u?l=5qZcmW
from PacerMonitor.com.
About Online Edugo
Founded in 2014, Online Edugo, Inc. operates a testing center in
Los Angeles.
Online Edugo filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-14459) on July 17,
2023, with $2,147,657 in assets and $1,805,315 in liabilities.
Connie H. Kim, chief executive officer, secretary and chief
financial officer, signed the petition.
Judge Neil W. Bason oversees the case.
Kevin Tang, Esq., at Tang & Associates represents the Debtor as
legal counsel.
OUTLOOK THERAPEUTICS: Incurs $59M Net Loss in FY Ended Sept. 30
---------------------------------------------------------------
Outlook Therapeutics, Inc. filed with the Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$58.98 million for the year ended Sept. 30, 2023, compared to a net
loss of $66.05 for the year ended Sept. 30, 2022.
As of Sept. 30, 2023, the Company had $32.30 million in total
assets, $46.74 million in total liabilities, and a total
stockholders' deficit of $14.44 million.
Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor
since 2015, issued a "going concern" qualification in its report
dated Dec. 22, 2023, citing that the Company has incurred recurring
losses and negative cash flows from operations and has an
accumulated deficit, that raise substantial doubt about its ability
to continue as a going concern.
"We have not generated any revenue from product sales. Since
inception, we have incurred net losses and negative cash flows from
our operations. Through September 30, 2023, we have funded
substantially all of our operations with $470.6 million in net
proceeds from the sale and issuance of our equity securities, debt
securities and borrowings under debt facilities. We have also
received an aggregate of $29.0 million pursuant to emerging
markets collaboration and licensing agreements for our inactive
biosimilar development programs," Outlook Therapeutics said.
"We anticipate incurring additional losses until such time, if
ever, that we can generate significant sales of ONS-5010 or any
other product candidate we may develop. We will need substantial
additional financing to fund our operations and to commercially
launch ONS-5010 or any other product candidate we may develop.
Management is currently evaluating various strategic opportunities
to obtain the required funding for future operations. These
strategies may include but are not limited to payments from
potential strategic research and development, licensing and/or
marketing arrangements with pharmaceutical companies, private
placements and/or public offerings of equity and/or debt
securities. Alternatively, we will be required to, among other
things, make reductions in our workforce, scale back our plans and
place certain activities on hold, discontinue our development
programs, liquidate all or a portion of our assets, or seek
protection under the provisions of the U.S. Bankruptcy Code," the
Company further said.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1649989/000155837023020000/otlk-20230930x10k.htm
About Outlook Therapeutics
Outlook Therapeutics, Inc., formerly known as Oncobiologics, Inc.
-- http://www.outlooktherapeutics.com-- is a biopharmaceutical
company working to develop the first FDA-approved ophthalmic
formulation of bevacizumab for use in retinal indications,
including wet AMD, DME and BRVO. If ONS-5010, its investigational
ophthalmic formulation of bevacizumab, is approved, Outlook
Therapeutics expects to commercialize it as the first and only
on-label approved ophthalmic formulation of bevacizumab for use in
treating retinal diseases in the United States, Europe, Japan and
other markets.
PARTS ID: NYSE American to Commence Delisting Proceedings
---------------------------------------------------------
NYSE American LLC on Dec. 26, 2023, disclosed that the staff of
NYSE Regulation has determined to commence proceedings to delist
the Class A common stock of PARTS iD, Inc. (the "Company") --
ticker symbol ID -- from NYSE American. Trading in the Company's
Class A common stock will be suspended immediately.
NYSE Regulation has determined that the Company is no longer
suitable for listing and will commence delisting proceedings
pursuant to Section 1003(c)(iii) of the NYSE American Company Guide
in light of the disclosure on December 26, 2023 that the Company
filed a voluntary petition for relief under Chapter 11 of title 11
of the United States Code in the United States Bankruptcy Court for
the District of Delaware. NYSE Regulation noted that the Company
disclosed it is unlikely that holders of the Company's Class A
common stock will receive any payment or other distribution on
account of those shares following the Chapter 11 Cases.
The Company has a right to a review of staff's determination to
delist the Class A common stock by the Listings Qualifications
Panel of the Committee for Review of the Board of Directors of the
Exchange. The NYSE American will apply to the Securities and
Exchange Commission to delist the Company's Class A common stock
upon completion of all applicable procedures, including any appeal
by the Company of the NYSE Regulation staff's decision.
About PARTS iD
Headquartered in Cranbury, New Jersey, PARTS iD, Inc. is a
technology-driven, digital commerce company focused on creating
custom infrastructure and unique user experiences within niche
markets. The Company was founded in 2008 with a vision of creating
a one-stop digital commerce destination for the automotive parts
and accessories market. Management believes that the Company has
since become a market leader and proven brand-builder, fueled by
its commitment to delivering an engaging shopping experience;
comprehensive, accurate and varied product offerings; and continued
digital commerce innovation.
Princeton NJ-based WithumSmith+Brown PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated April 17, 2023, citing that the Company has suffered
recurring losses from operations, has experienced cash used from
operations, and has an accumulated deficit, that raise substantial
doubt about its ability to continue as a going concern.
PARTY CITY: Nears Deal With Anagram to Sell Unit to Lenders
-----------------------------------------------------------
Jonathan Randles of Bloomberg Law reports that Party City Holdco
Inc.'s bankrupt balloon-manufacturing affiliate, Anagram Holdings,
is close to striking an agreement with the retail chain and won
court permission to sell the unit to lenders.
Anagram lawyer Nicholas Baker said during a court hearing Dec. 22,
2023, that the firm is optimistic it will be able to finalize the
settlement with its parent company in the coming days. The sale
and proposed agreement with Party City would resolve disputes
between the companies and allow Anagram to continue operating
without interruption, Baker said.
About Party City Holdco
Party City Holdco Inc. (NYSE: PRTY) is the global leader in the
celebrations' industry, with its offerings spanning more than 70
countries around the world. It is also the largest designer,
manufacturer, distributor, and retailer of party goods in North
America. Party City Holdco had 761 company-owned stores as of
September 2022. It is headquartered in Woodcliff Lake, N.J. with
additional locations throughout the Americas and Asia.
Party City Holdco and its domestic subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90005). As of Sept. 30, 2022, Party City Holdco had
total assets of $2,869,248,000 against total debt of
$3,022,960,000.
Judge David R. Jones oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP,
as legal counsel; Moelis & Company, LLC as investment banker;
AlixPartners, LLP as financial advisor; A&G Realty Partners as real
estate advisor; and Kroll as the claims agent.
PricewaterhouseCoopers LLP (PwC) provides accounting and valuation
advisory services, tax-related services, and internal audit
Sarbanes-Oxley Act support services.
Davis Polk & Wardwell, LLP and Lazard serve as legal counsel and
investment banker, respectively, to the ad hoc group of first lien
holders.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases. The
committee is represented by Pachulski Stang Ziehl & Jones, LLP.
PAULSON'S TRANSPORT: Seeks to Hire Kerry Van Duren as Accountant
----------------------------------------------------------------
Paulson's Transport, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Washington to employ Kerry Van
Duren, CPA, a revenue agent at Goodsell & Associates, Inc.
The Debtor needs an accountant to assist in its bookkeeping and in
the filing of its corporate tax returns.
Ms. Duren will be billed at her hourly rate of $200.
Ms. Duren disclosed in a court filing that she is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The accountant can be reached at:
Kerry Van Duren, CPA
Goodsell & Associates, Inc.
2232 Broadway Street, Suite 102
Everett, WA 98201
Telephone: (425) 339-1109
About Paulson's Transport
Paulson's Transport Inc. -- https://www.paulsonstransport.com –is
a transporter of shipping containers in Washington, Oregon, Idaho,
Montana, Wyoming, Nevada and California areas.
Paulson's Transport Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No.
23-11959) on October 14, 2023, with total assets of $1,293,527 and
total liabilities of $1,728,154. Charles Christian Carr, president,
signed the petition.
Judge Marc Barreca oversees the case.
The Debtor tapped Steven M Palmer, Esq., at Curtis, Casteel &
Palmer, PLLC as legal counsel and Kerry Van Duren, CPA, at Goodsell
& Associates, Inc. as accountant.
PENN CENTER: Taps Cunningham Chernicoff & Warshawsky as Counsel
---------------------------------------------------------------
Penn Center Harrisburg, LP seeks approval from the U.S. Bankruptcy
Court for the Middle District of Pennsylvania to employ Cunningham,
Chernicoff & Warshawsky, PC to handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Robert E. Chernicoff $450
Partners $400 - $450
Associate Attorneys $225 - $350
Law Clerk/Paralegal $100 - $175
In the 90-day period prior to the filing of this petition, the
Debtor paid the sum of $23,912.50.
Robert Chernicoff, Esq., a shareholder at Cunningham, Chernicoff &
Warshawsky, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Robert E. Chernicoff, Esq.
Cunningham, Chernicoff & Warshawsky, PC
2320 North Second Street
P.O. Box 60457
Harrisburg, PA 17106
Telephone: (717) 238-6570
About Penn Center Harrisburg
Penn Center Harrisburg, LP sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-02771) on
December 7, 2023, with $1 million to $10 million in assets and $10
million to $50 million in liabilities. Michael Daley, partner,
signed the petition.
Judge Henry W. Van Eck oversees the case.
Robert E. Chernicoff, Esq., at Cunningham, Chernicoff, Warshawsky
PC, represents the Debtor as legal counsel.
PUERTO RICO: PREPA Creditors Get Republican AGs' Support
--------------------------------------------------------
Michelle Kaske of Bloomberg News reports that more than a dozen US
state attorneys general are backing an appeal by creditors of the
Puerto Rico Electric Power Authority seeking to challenge a
bankruptcy ruling that sharply limits their revenue claims.
US District Court Judge Laura Taylor Swain decided in March the
utility's bondholders only had a secured lien on about $16 million
already deposited in reserve accounts. She then capped at $2.38
billion their right to the utility's net revenue. PREPA, as the
agency is known, owes $9 billion to bondholders and fuel-line
lenders.
Its creditors, including GoldenTree Asset Management and Syncora
Guarantee, earlier this December 2023.
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States. The chief of state is the President of the
United States of America. The head of government is an elected
Governor. There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.
In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.
The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.
On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA"). The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico's
PROMESA petition is available at
http://bankrupt.com/misc/17-01578-00001.pdf
On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation
(COFINA) commenced a case under Title III of PROMESA (D.P.R. Case
No. 17-01599). Joint administration has been sought for the Title
III cases.
On May 21, 2017, two more agencies -- Employees Retirement System
of the Government of the Commonwealth of Puerto Rico and Puerto
Rico Highways and Transportation Authority (Case Nos. 17-01685 and
17-01686) -- commenced Title III cases.
U.S. Chief Justice John Roberts named U.S. District Judge Laura
Taylor Swain to preside over the Title III cases.
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains the case Website https://cases.primeclerk.com/puertorico
Jones Day is serving as counsel to certain ERS bondholders.
Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.
QUALITY ASSURANCE: Beverly Brister Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 13 appointed Beverly Brister,
Esq., a practicing attorney in Benton, Ark., as Subchapter V
trustee for Quality Assurance Roofing Company of Texas, LLC.
Ms. Brister will be paid an hourly fee of $300 for her services as
Subchapter V trustee. Should travel be required outside of Saline
or Pulaski Counties, the Subchapter V trustee will seek a
compensation rate of $100 per hour for actual travel time
incurred.
Ms. Brister declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Beverly I. Brister, Esq.
Attorney at Law
212 W. Sevier
Benton, AR 72015
Phone: 501-778-2100
Email: bibristerlaw@gmail.com
About Quality Assurance Roofing Company
Quality Assurance Roofing Company of Texas, LLC filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D.
Ark. Case No. 23-71848) on Dec. 12, 2023, with $50,001 to $100,000
in assets and $500,001 to $1 million in liabilities.
Judge Bianca M. Rucker oversees the case.
By Carl W. Hopkins Attorney At Law represents the Debtor as
bankruptcy counsel.
QUICK TUBE: Court OKs Interim Cash Collateral Access
----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, authorized Quick Tube Systems, Inc. to use cash
collateral on an interim basis in accordance with the budget, with
a 5% variance.
As previously reported by the Troubled Company Reporter, a search
in the Texas Secretary of State shows that allegedly secured
positions are held by Bancorpsouth (orig UCC Filing 17-0019592357
and continuation to UCC Filing 22- 00012301), Bancorpsouth (UCC
Filing 19-0019953865) and Bancorpsouth (UCC Filing 21- 0054746089).
Bancorpsouth Bank is now known as Cadence Bank. The second-position
UCC lien is only a lien on equipment.
The court said as adequate protection for the use of cash
collateral, the parties that assert an interest in the cash
collateral, are granted replacement liens on all post-petition cash
collateral and post-petition acquired property to the same extent
and priority they possessed as of the Petition Date.
The holders of allowed secured claims with a perfected security
interest in cash collateral, will be entitled to a replacement lien
in post-petition accounts receivable, contract rights, and deposit
accounts to the same extent allowed and in the same priority as
those interests held as of the Petition Date.
A copy of the order is available at https://urlcurt.com/u?l=uINCVx
from PacerMonitor.com.
About Quick Tube Systems, Inc.
Quick Tube Systems, Inc. is a provider of physical security,
electronic security, customized drive-up service, and delivery
systems. Its products include pneumatic delivery systems, indoor &
outdoor kiosks, deal drawers & drive through windows, electronic &
mechanical locks, security storage, cash management security, video
surveillance, security entrance control & access control, alarm
panels & alarm monitoring, biometric access control, intercom audio
& video systems, and directional LED signs.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-33570) on September
15, 2023. In the petition signed by Ray Epps, CEO, the Debtor
disclosed $2,395,188 in assets and $3,383,980 in liabilities.
Judge Jeffrey P Norman oversees the case.
Robert C. Lane, Esq., at the Lane Law Firm, represents the Debtor
as legal counsel.
RACHEL ONE: Seeks to Tap Philip J. Van Manen & Co. as Appraisers
----------------------------------------------------------------
Rachel One Holding Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Philip J. Van
Manen & Co. as appraiser.
Philip J. Van Manen & Co. will prepare an appraisal of the value of
the Debtor's real property located at 130-35 91st Avenue, Richmond
Hill, N.Y. The firm will be entitled to a flat fee of up to
$3,875.
The firm's current hourly rates are as follows:
Philip J. Van Manen $300
Associate appraisers $200
Philip Van Manen, the firm's president, disclosed in a court
filing, that the firm is a "disinterested" within the meaning of
section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Philip J. Van Manen
Philip J. Van Manen & Co.
426 Madison Street
Franklin Square, NY 11010
Telephone: (516) 410-6081
Email: vanman426@aol.com
About Rachel One
Rachel One Holding Inc. filed Chapter 11 petition (Bankr. E.D.N.Y.
Case No. 23-42184) on June 22, 2023, with as much as $50,000 in
assets and $100,001 to $500,000 in liabilities.
Judge Elizabeth S. Stong oversees the case.
Karamvir Dahiya, Esq., at Dahiya Law Offices, LLC represents the
Debtor as bankruptcy counsel.
RECEPTION PURCHASER: S&P Lowers ICR to 'B-', Outlook Negative
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Reception
Purchaser LLC (doing business as STG) to 'B-' from 'B'.
S&P said, "We also lowered our issue-level rating on STG's
first-lien term loan to 'B-' from 'B'. The '3' recovery rating is
unchanged, indicating our expectation of meaningful (50%-70%;
rounded estimate: 60%) recovery in the event of a default.
"The negative outlook reflects our expectation that despite our
forecast for slightly improving credit metrics in 2024, we believe
continued negative free cash flow (FOCF) generation will limit
STG's liquidity as it utilizes its cash on hand and revolving
credit facility (RCF) to fund its losses.
"STG's credit metrics have weakened significantly from our previous
expectations amid softer freight demand and lower rates. We now
forecast STG's S&P Global Ratings-adjusted leverage will be
elevated above 8x for fiscal 2023 and 2024, materially higher
compared to our previous expectations of mid-4x. The leverage
increase stems from about 60% year-over-year decline in the
company's EBITDA during the first nine months of fiscal 2023. While
STG's pro forma revenue has declined about 25% during this period,
many of the rates associated with STG's variable purchased
transportation costs are contractual in nature and have not
declined to this same degree, or at all in some cases. The revenue
decline is a sharp deviation from our earlier estimate of pro forma
low-single-digit percent growth. We attribute the revenue
underperformance to 25% lower volumes in STG's distribution and
drayage operations along with a meaningful contraction in rates in
its drayage (about 30% decline) and intermodal freight
transportation (about 12% decline) segments. This is partially
offset by STG's efforts to utilize its increased intermodal
container fleet capacity that helped in growing its intermodal
volumes by 18%. Moreover, STG also benefited from revenue
contributions from its 2023 tuck-in acquisitions.
"We expect STG's 2023 pro forma revenue will decline in the
mid-teens percent area (despite factoring acquisitions-related
growth equivalent of about 5% of 2022 revenues) in 2023. We expect
S&P Global Ratings-adjusted EBITDA margins will decline to about 8%
in 2023 from 14% in 2022 due to steady per unit shipment costs. For
2024, we believe that growing U.S. import volumes, encouraging
trends of retails sales during the early holiday season, and near
normalization of excess inventory levels will support some volume
growth; we anticipate this will enable organic revenue to grow.
"We therefore expect 2024 revenue to grow by 8%, split almost
equally between modest volume-driven organic growth and full-year
contribution from recent acquisitions. We estimate EBITDA margins
will remain subdued at 8% for 2024 as STG re-bids its 2024
contracts at rates similar to those seen in 2023, which were lower
than the peak rates of 2022. We expect STG's recent cost
containment initiatives of facility rationalization, headcount
reduction, and network optimization will be offset by inflationary
cost pressures limiting EBITDA margin improvement.
"We also expect STG's funds from operations (FFO) to debt will
decline sharply to low-single-digit percent for 2023 and 2024 from
11% in 2022 given lower profitability; also, FFO is being depressed
further by elevated interest expenses.
"We expect STG's business performance will remain under pressure
until freight rates recover and are incorporated in re-bid
contracts. STG operates largely in the contracted intermodal
freight market. It enters into mostly year-long contracts with its
customers, which are bid primarily during the first two quarters of
the calendar year. We expect intermodal contract rates will remain
weak heading into 2024, though these could improve in the later
part of 2024. Therefore, if STG contracts are already bid early in
2024, the company will likely not benefit much from any contract
rate increases that occur in the second half of the year, though we
expect they would see gains from this in 2025."
Intermodal and trucking contract rates have materially declined
after peaking in 2022. Significant trucking capacity entered the
market during pandemic-induced periods of high demand. A shift in
consumer spending preferences toward services and away from goods
has led to excess inventory at retailers throughout much of 2023.
This has lead to lower freight volumes, excess trucking capacity,
and low freight rates.
Trucking rates have not rebounded as they typically have in past
cycles, with excess trucking capacity continuing to linger. S&P
said, "This has prolonged the current trough in rates. However, we
do believe trucking capacity exiting the market is inevitable,
allowing rates to strengthen, though we do not expect this to occur
before mid-2024. We also expect intermodal rates to improve because
these have some correlation with trucking rates, albeit with a
lag."
STG's earnings are sensitive to contract intermodal freight rates.
Its profitability was significantly hindered during the first nine
months of 2023 when market conditions compelled STG to re-bid its
contracts during the 2023 season at rates which were 12%-14% lower
than the previous year.
S&P said, "We believe STG currently has sufficient liquidity but
negative free cash flows for 2024 and 2025, which could deplete
cash balances and revolver availability. On Sept. 30. 2023, STG had
$129 million of cash on hand and $30 million of availability under
its $60 million revolving credit facility. Although reported cash
flow from operations (pre-working capital) was a use of $4 million
of cash in the first nine months of 2023, STG benefited from about
$55 million of release in working capital, which is typical in a
falling interest rate environment.
"We forecast STG's reported free cash flows for 2023 will be $10
million-$15 million and negative $50 million to negative $45
million in 2024. Coupled with scheduled debt amortization of $8
million and finance lease-related payments of about $15 million, we
expect STG will use about $70 million of its cash in 2024.
"We anticipate a growth in freight rates will improve financial
performance and lead to a reduction in cash shortfall in 2025.
However, we expect continued (but improving) negative FOCF will
lead to a depletion in cash and incremental draws on STG's
revolving credit facility in 2025, which will further reduce total
liquidity. Any further delay in improvement in freight rates than
considered in our base case or a slower-than-expected ramp-up in
volumes could constrain STG's liquidity and may indicate an
unsustainable capital structure.
"The negative outlook reflects our expectation that despite our
forecast for slightly improving credit metrics in 2024, we believe
continued negative free cash flow (FOCF) generation will limit
STG's liquidity as it utilizes its cash on hand and revolving
credit facility to fund its losses.
"Governance factors have a moderately negative influence on our
credit rating analysis of STG. We view financial-sponsor owned
companies with highly leveraged financial risk profiles as
demonstrating corporate decision-making that prioritizes the
controlling owners' interests, typically with finite holding
periods and a focus on maximizing shareholder returns. Although STG
primarily arranges intermodal shipping, which is more
fuel-efficient than traditional trucking because of its use of rail
transportation, we do not believe environmental advantages have
been significant in attracting business, and they are not a
material factor in our credit analysis."
REMARKABLE HEALTHCARE: Wins Interim Cash Collateral Access
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas,
Sherman Division, authorized Remarkable Healthcare of Carrollton,
LP and affiliates to use cash collateral on an interim basis in
accordance with the budget, with a 10% variance and the Second
Interim Cash Collateral Order dated December 8, 2023, through
January 10, 2024.
As previously reported by the Troubled Company Reporter, the
Debtors require the use of cash collateral to pay post-petition
operating expenses and obtain goods and services needed to carry on
their businesses in a manner that will avoid irreparable harm to
their estates.
The following parties have asserted or may assert liens in the
Debtors' deposit accounts and cash:
1. Alleon Capital Partners
2. Comerica Bank
3. PeopleFund
4. Glazier Foods Company
5. Gordon Food Service, Inc.
As of the Petition Date, (a) the Prepetition Facility Obligations
of Alleon are legal, valid, binding, fully perfected, and
non-avoidable obligations in the estimated aggregate liquidated
amount of not less than $3.435 million as of the Petition Date; and
(b) the Prepetition Facility Obligations constitute legal, valid,
binding, fully perfected, and non-avoidable senior first-priority
obligations of the Debtors, enforceable in accordance with the
terms and conditions of Debtors' and Alleon's prepetition written
agreements.
A final hearing on the matter is set for January 9, 2024 at 2:30
p.m.
A copy of the order is available at https://urlcurt.com/u?l=szmq49
from PacerMonitor.com.
About Remarkable Healthcare of Carrollton, LP
Remarkable Healthcare of Carrollton, LP and affiliates own and
operate nursing home facilities.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 23-42098) on November 2,
2023. In the petition signed by Laurie Beth McPike, CEO, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Brenda T. Rhoades oversees the case.
Mark Castillo, Esq., at Carrington, Coleman, Sloman & Blumental,
LLP, represents the Debtor as legal counsel.
REPMGMT INC: Jolene Wee of JW Infinity Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Jolene Wee of JW Infinity
Consulting, LLC as Subchapter V trustee for RepMGMT Inc.
Chartered.
Ms. Wee will be compensated at $595 per hour for her services as
Subchapter V trustee for 2023 and $615 per hour for work performed
in 2024. In addition, the Subchapter V trustee will receive
reimbursement for work-related expenses incurred.
Ms. Wee declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jolene E. Wee
JW Infinity Consulting, LLC
447 Broadway 2nd Fl #502
New York, NY 10013
Email: jwee@jw-infinity.com
Phone: (929) 502-7715
Fax: (646) 810-3989
Email: jwee@jw-infinity.com
About RepMGMT Inc.
RepMGMT Inc. Chartered filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.D.C. Case No.
23-00375) on Dec. 12, 2023, with $50,000 to $100,000 in assets and
$1 million to $10 million in liabilities. Bradley Bauman,
president, signed the petition.
Judge Elizabeth L. Gunn oversees the case.
Robert Lannan, Esq., at Lannan Legal, PLLC represents the Debtor as
bankruptcy counsel.
REVLON INC: Judge Declines Late Hair Products Cancer Claims
-----------------------------------------------------------
Emlyn Cameron of Law360 reports that a New York bankruptcy judge
denied a request by people who alleged they were harmed by Revlon
Inc.'s hair straightener products to bring cancer claims against
the company after the deadline to do so, concluding that it had
done enough to notify purported victims.
About Revlon Inc.
Revlon Inc. manufactures, markets and sells an extensive array of
beauty and personal care products worldwide, including color
cosmetics; fragrances; skin care; hair color, hair care and hair
treatments; beauty tools; men's grooming products; antiperspirant
deodorants; and other beauty care products. Today, Revlon's
diversified portfolio of brands is sold in approximately 150
countries around the world in most retail distribution channels,
including prestige, salon, mass, and online.
Since its breakthrough launch of the first opaque nail enamel in
1932, Revlon has provided consumers with high-quality product
innovation, performance and sophisticated glamour. In 2016, Revlon
acquired the iconic Elizabeth Arden company and its portfolio of
brands, including its leading designer, heritage and celebrity
fragrances.
Revlon is among the leading global beauty companies, with some of
the world's most iconic and desired brands and product offerings in
color cosmetics, skin care, hair color, hair care and fragrances
under brands such as Revlon, Revlon Professional, Elizabeth Arden,
Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy
Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos,
Christina Aguilera and AllSaints.
Revlon sought Chapter 11 protection (Bankr. S.D.N.Y. Case No.
22-10760) on June 15, 2022. Fifty affiliates, including Almay,
Inc., Beautyge Brands USA, Inc., and Elizabeth Arden, Inc., also
sought bankruptcy protection on June 15 and June 16, 2022.
Revlon disclosed total assets of $2,328,093,000 against total
liabilities of $3,689,240,395 as of April 30, 2022.
The Hon. David S. Jones is the case judge.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP as
bankruptcy counsel; Mololamken, LLC as special litigation counsel;
PJT Partners, LP as investment banker; KPMG, LLP as tax services
provider; and Alvarez & Marsal North America, LLC as restructuring
advisor. Robert M. Caruso and Matthew Kvarda of Alvarez & Marsal
serve as the Debtors' chief restructuring officer and interim chief
financial officer, respectively. Meanwhile, Kroll Restructuring
Administration, LLC is the Debtors' claims agent and administrative
advisor.
The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on June 24, 2022. Brown Rudnick, LLP,
Province, LLC and Houlihan Lokey Capital, Inc. serve as the
committee's legal counsel, financial advisor and investment banker,
respectively.
RITE AID CORP: Drug Benefits Unit Elixir Purchased by MedImpact
---------------------------------------------------------------
Steven Church of Bloomberg News reports that bankrupt pharmacy
chain Rite Aid Corp. canceled an auction for its Elixir division
and agreed to sell the insurance-related business to MedImpact
Healthcare Systems for $575 million after no higher bid came in,
court papers show.
The deal to sell Elixir to MedImpact was put together before Rite
Aid filed bankruptcy. The company used the $575 million offer as
the floor for a potential auction, which is a common practice in
Chapter 11 cases.
MedImpact tried to finance its bid through the broadly syndicated
loan market, but the process sputtered and Rite Aid instead pivoted
to a self-financing structure.
About Rite Aid Corp.
Rite Aid -- http://www.riteaid.com/-- is a full-service pharmacy
that improves health outcomes. Rite Aid is defining the modern
pharmacy by meeting customer needs with a wide range of vehicles
that offer convenience, including retail and delivery pharmacy, as
well as services offered through our wholly owned subsidiaries,
Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's
pharmacy benefits and services company, consists of accredited mail
and specialty pharmacies, prescription discount programs and an
industry leading adjudication platform to offer superior member
experience and cost savings. Health Dialog provides healthcare
coaching and disease management services via live online and phone
health services. Regional chain Bartell Drugs has supported the
health and wellness needs in the Seattle area for more than 130
years. Rite Aid employs more than 6,100 pharmacists and operates
more than 2,100 retail pharmacy locations across 17 states.
The Debtors sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In
the petition signed by Jeffrey S. Stein, chief executive officer
and chief restructuring officer, Rite Aid disclosed $7,650,418,000
in total assets and $8,597,866,000 in total liabilities.
Judge Michael B. Kaplan oversees the cases.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis
International LLP as general bankruptcy counsel, Cole Schotz, P.C.,
as local bankruptcy counsel, Guggenheim Partners as investment
banker, and Alvarez & Marsal North America, LLC, as financial, tax
and restructuring advisor. Kroll Restructuring Administration is
the claims and noticing agent.
RODA LLC: Seeks to Hire Boverman & Associates as Consultant
-----------------------------------------------------------
Roda LLC seeks approval from the U.S. Bankruptcy Court for the
District of Oregon to employ Boverman & Associates, LLC.
The Debtor requires a business and turnaround consultant to:
(a) actively manage the business of the Debtor working closely
with other officers, managers, advisors or employees;
(b) establish and communicate a commitments and disbursements
policy designed to ensure that Daniel Boverman, a consultant at
Boverman & Associates, approves all significant financial
commitments of the Debtor prior to such commitments being made and
all significant disbursements prior to such disbursements being
made;
(c) represent the interests of the Debtor during
communications and negotiations with its customers, suppliers,
employees, lenders, consultants, and advisors;
(d) evaluate prospects for the Debtor to be able to continue
as a going concern following the completion of a restructuring and
consummation of the bankruptcy case;
(e) prepare and maintain liquidation analysis;
(f) make recommendations with respect feasibility,
attractiveness, risks, cash flow implications and likelihood of
various prospective alternatives and outcomes;
(g) oversee financial reporting; and
(h) assist the Debtor's bankruptcy counsel with respect to
preparing various documentation required for the bankruptcy case.
Mr. Boverman will be paid at an hourly rate of $350, plus
expenses.
Mr. Boverman disclosed in a court filing that the firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Daniel J. Boverman
Boverman & Associates, LLC
11285 SW Walker Rd.
Portland, OR 97225
Telephone: (503) 627-9905
Email: danboverman@boverman.biz
About Roda LLC
Roda, LLC, a company in Washington County, Ore., sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case
No. 23-30250) on Feb. 6, 2023. In the petition signed by its
managing member, Roy MacMillan, the Debtor disclosed up to $10
million in both assets and liabilities.
Judge Teresa H. Pearson oversees the case.
The Debtor tapped Vander Bos and Chapman, LLP as bankruptcy
counsel; Intellequity Legal Services, LLC as special counsel;
Thomas L. Strong CPA PC as accountant; and Boverman & Associates,
LLC as business consultant.
ROSE AIRCRAFT: Hires F & L Tax Service PLLC as Accountant
---------------------------------------------------------
Rose Aircraft Maintenance and Repair, Inc. seeks approval from the
U.S. Bankruptcy Court for the Western District of Arkansas to
employ F & L Tax Service, PLLC as accountant.
The firm will provide these services:
a) complete on behalf of the Debtor, all necessary tax returns,
schedules and supplemental documents and filings, as may be
necessary;
b) perform all other tax preparation related services for Debtor
that may be necessary; and
c) prepare and submit to Debtor's counsel the Debtor's monthly
operating reports as they become due.
The firm will be paid at the rate of $25 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lurene Ockerman, a partner at F & L Tax Service, PLLC, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Lurene Ockerman
F & L Tax Service, PLLC
221 Perry Street
Glenwood, AR 71943
Tel: (918) 851-8460
About Rose Aircraft Maintenance and Repair, Inc.
Rose Aircraft Maintenance and Repair, Inc., filed a Chapter 11
petition (Bankr. W.D. Ark. Case No. 23-71284) on Sept. 6, 2023,
with up to $50,000 in assets and $500,001 to $1 million in
liabilities.
Joel G. Hargis, Esq., at Caddell Reynolds Law Firm, is the Debtor's
bankruptcy counsel.
ROSE UPHOLSTERY: Hires F & L Tax Service PLLC as Accountant
-----------------------------------------------------------
Rose Upholstery, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Arkansas to employ F & L Tax Service,
PLLC as accountant.
The firm will provide these services:
a) complete on behalf of the Debtor, all necessary tax returns,
schedules and supplemental documents and filings, as may be
necessary;
b) perform all other tax preparation related services for Debtor
that may be necessary; and
c) prepare and submit to Debtor's counsel the Debtor's monthly
operating reports as they become due.
The firm will be paid at the rate of $25 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Lurene Ockerman, a partner at F & L Tax Service, PLLC, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Lurene Ockerman
F & L Tax Service, PLLC
221 Perry Street
Glenwood, AR 71943
Tel: (918) 851-8460
About Rose Upholstery, Inc.
Rose Upholstery, Inc. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 23-71283) on Sep.
5, 2023, listing $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Bianca M Rucker oversees the case.
Joel G. Hargis, Esq. at Caddell Reynolds represents the Debtor as
counsel.
RUSS NOYES ROOFING: Seeks to Hire BransonLaw as Bankruptcy Counsel
------------------------------------------------------------------
Russ Noyes Roofing Inc., doing business as Rhino Roofing Inc.,
seeks approval from the U.S. Bankruptcy Court for the Middle
District of Florida to employ BransonLaw, PLLC.
The Debtor requires legal counsel to:
(a) prosecute and defend any causes of action on behalf of the
Debtor;
(b) prepare legal papers;
(c) assist in the formulation of a plan of reorganization;
and
(d) provide all other services of a legal nature.
The hourly rates of the firm's counsel and staff range from $515 to
$225.
Prior to the commencement of this Chapter 11 case, the Debtor paid
an advance fee of $10,084 for post-petition services and expenses
and the filing fee of $1,738.
Jeffrey Ainsworth, Esq., an attorney at BransonLaw, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jeffrey S. Ainsworth, Esq.
Jacob D. Flentke, Esq.
Flentke Legal Consulting, PLLC, Of Counsel
BransonLaw, PLLC
1501 E. Concord St.
Orlando, FL 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
Email: jeff@bransonlaw.com
jacob@bransonlaw.com
About Russ Noyes Roofing
Russ Noyes Roofing Inc., doing business as Rhino Roofing Inc., is a
roofing contractor in Orlando, Fla., offering professional
installation, repair, and maintenance of roofs for homes.
Russ Noyes Roofing filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-05063) on Dec.
1, 2023, with total assets of $183,919 and total liabilities of
$2,563,619. Russell Leonard Noyes, president, signed the petition.
Judge Tiffany P. Geyer oversees the case.
The Debtor is represented by Jeffrey S. Ainsworth, Esq., at
BransonLaw PLLC.
SAI SB CENTER: Seeks to Hire Ansell Grimm & Aaron as Counsel
------------------------------------------------------------
SAI SB Center, LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to employ Ansell Grimm & Aaron, PC.
The Debtor requires legal counsel to:
(a) give advice regarding the rights, powers, and duties of
the Debtor in the continued operation and management of its
business and assets;
(b) advise and consult the Debtor on the conduct of this
Chapter 11 case;
(c) attend meetings and negotiations with representatives of
creditors and other parties-in-interest;
(d) take all necessary actions to protect and preserve the
Debtor's estate;
(e) review the nature and validity of agreements relating to
the Debtor's business and property and advise in connection
therewith;
(f) review the nature and validity of liens, if any, asserted
against the Debtor and advise as to the enforceability of such
liens;
(g) advise the Debtor concerning the actions it might take to
collect and recover property for the benefit of its estate;
(h) prepare on the Debtor's behalf all necessary and
appropriate legal papers to be filed in the Chapter 11 case;
(i) advise the Debtor concerning, and prepare responses to,
legal papers which may be filed in the Chapter 11 case;
(j) represent the Debtor in connection with obtaining
authority to continue using cash collateral and post-petition
financing;
(k) appear before the court and any appellate courts to
represent the interests of the Debtor's estate;
(l) advise the Debtor in connection with any potential sale of
assets;
(m) counsel the Debtor in connection with formulation,
negotiation, and promulgation of a Chapter 11 Plan and litigation
with respect to competing plans; and
(n) perform any other legal services for and on behalf of the
Debtor which may be necessary or appropriate in the administration
of its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Partners $440 - $525
Associates $275 - $440
Paralegals $175
Law Clerks $125
The firm received a retainer of $10,000 on December 15, 2023, and
another $10,000 payable on or before December 29, 2023.
Anthony D'Artiglio, Esq., a partner at Ansell Grimm & Aaron,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Anthony J. D'Artiglio, Esq.
Ansell Grimm & Aaron, PC
365 Rifle Camp Road
Woodland Park, NJ 07424
Telephone: (973) 247-9000
Facsimile: (973) 247-9199
Email: adartiglio@ansell.law
About SAI SB Center
SAI SB Center, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 23-21025) on Nov. 28, 2023.
In the petition signed by Ronak Shah, principal, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Christine M. Gravelle oversees the case.
Anthony J. D'Artiglio, Esq., at Ansell Grimm & Aaron, PC serves as
the Debtor's counsel.
SHAGTASTIC ENTERPRISES: Beverly Brister Named Subchapter V Trustee
------------------------------------------------------------------
The Acting U.S. Trustee for Region 13 appointed Beverly Brister,
Esq., a practicing attorney in Benton, Ark., as Subchapter V
trustee for Shagtastic Enterprises, Inc.
Ms. Brister will be paid an hourly fee of $300 for her services as
Subchapter V trustee. Should travel be required outside of Saline
or Pulaski Counties, the Subchapter V trustee will seek a
compensation rate of $100 per hour for actual travel time
incurred.
Ms. Brister declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Beverly I. Brister, Esq.
Attorney at Law
212 W. Sevier
Benton, AR 72015
Phone: 501-778-2100
Email: bibristerlaw@gmail.com
About Shagtastic Enterprises
Shagtastic Enterprises, Inc., a company in Russellville, Ark.,
offers automotive repair and maintenance services. The company
conducts business under the name Newton Tire & Auto.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Ark. Case No. 23-13922) on Dec. 13,
2023, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Michael Wilkins, president, signed the
petition.
Judge Phyllis M. Jones oversees the case.
Vanessa Cash Adams, Esq., at AR Law Partners, PLLC represents the
Debtor as bankruptcy counsel.
SHERWOOD SPORTHORSES: Case Summary & Seven Unsecured Creditors
--------------------------------------------------------------
Debtor: Sherwood Sporthorses, Inc.
20530 Forestview Dr.
Magnolia, TX 77355-5579
Business Description: The Debtor offers horse boarding, custom
riding lessons, horse training & showing,
and horse sales and leases.
Chapter 11 Petition Date: December 27, 2023
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 23-35058
Judge: Hon. Jeffrey P. Norman
Debtor's Counsel: Donald Wyatt, Esq.
ATTORNEY DONALD WYATT PC
PO Box 132467
Spring, TX 77393-2467
Tel: (281) 419-8703
Email: don.wyatt@wyattpc.com
Total Assets: $1,417,697
Total Liabilities: $2,031,724
The petition was signed by Joanna Schroed as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/BPCPEFI/Sherwood_Sporthorses_Inc__txsbke-23-35058__0001.0.pdf?mcid=tGE4TAMA.
SHORTEN INC: Case Summary & Nine Unsecured Creditors
----------------------------------------------------
Debtor: Shorten, Inc.
d/b/a A-Z Best Home Care
d/b/a Simply Compassion
16165 N. 83rd Ave.
#200
Peoria, AZ 85382
Business Description: The Debtor is a provider of home health care
services.
Chapter 11 Petition Date: December 26, 2023
Court: United States Bankruptcy Court
District of Arizona
Case No.: 23-09246
Debtor's Counsel: James Gaudiosi, Esq.
JIM GAUDIOSI, ATTORNEY AT LAW PLLC
17505 N. 79th Ave.
Suite 207
Glendale, AZ 85308
Tel: 623-777-4760
Fax: 602-388-8250
Email: jim@gaudiosilaw.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Todd Shorten as owner.
A full-text copy of the petition containing, among other items, a
list of the Debtor's nine unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/KWY6MRI/SHORTEN_INC__azbke-23-09246__0001.0.pdf?mcid=tGE4TAMA
SILICON VALLEY: HSBC Wants to Toss $1-Bil. First Citizens Suit
--------------------------------------------------------------
Bonnie Eslinger of Law360 reports that HSBC urged a California
federal judge Thursday, December 21, 2023, to toss First Citizens
Bank's suit claiming it owes $1 billion for stealing confidential
information to poach employees from failed Silicon Valley Bank as
it was divvied up between the U.K. and U. S. buyers, calling the
suit's allegations "vague and conclusory."
About Silicon Valley Bank
Silicon Valley Bank was the nation's 16th largest bank and the
biggest to fail since the 2008 financial meltdown.
During the week of March 6, 2023, Silicon Valley Bank, Santa Clara,
CA, experienced a severe "run-on-the-bank." On the morning of
March 10, 2023, the California Department of Financial Protection
and Innovation seized SVB and placed it under the receivership of
the Federal Deposit Insurance Corporation (FDIC).
The FDIC on March 13, 2023, disclosed that it transferred all
deposits -- both insured and uninsured -- and substantially all
assets of the former Silicon Valley Bank of Santa Clara,
California, to a newly created, full-service FDIC-operated "bridge
bank" in an action designed to protect all depositors of Silicon
Valley Bank.
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin
Glenn is the bankruptcy judge. The Debtor had assets of
$19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31,
2022.
Centerview Partners LLC is proposed financial advisor, Sullivan &
Cromwell LLP proposed legal counsel and Alvarez & Marsal proposed
restructuring advisor to SVB Financial Group as
debtor-in-possession. Kroll is the claims agent.
STEEL METHOD: Taps McManimon, Scotland & Baumann as Legal Counsel
-----------------------------------------------------------------
The Steel Method, LLC, doing business as Sneeze It, seeks approval
from the U.S. Bankruptcy Court for the District of New Jersey to
employ McManimon, Scotland & Baumann, LLC.
The Debtor requires legal counsel to:
(a) give advice with respect to the power, duties, and
responsibilities of the Debtor in the continued management of its
financial affairs;
(b) advise the Debtor with respect to preparing and obtaining
approval of a disclosure statement and plan of reorganization;
(c) prepare on behalf of the Debtor, as necessary, legal
documents;
(d) appear before this court and other officials and
tribunals, if necessary, and protect the interests of the Debtor in
federal, state, and foreign jurisdictions and administrative
proceedings;
(e) negotiate and prepare documents relating to the use,
reorganization, and disposition of assets as requested by the
Debtor;
(f) negotiate and formulate a disclosure statement and plan of
reorganization;
(g) advise the Debtor concerning the administration of its
estate; and
(h) perform such other legal services for the Debtor as may be
necessary and appropriate herein.
The hourly rates of the firm's counsel and staff are as follows:
Anthony Sodono, III, Member $695
Sari B. Placona, Partner $410
Partners $350 - $695
Associates $220 - $350
Law Clerks $150 - $175
Paralegals and Support Staff $175 - $235
Mr. Sodono disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Anthony Sodono, III, Esq.
Sari B. Placona, Esq.
McManimon, Scotland & Baumann, LLC
75 Livingston Avenue, Suite 201
Roseland, NJ 07068
Telephone: (973) 622-1800
Email: asodono@msbnj.com
splacona@msbnj.com
About Steel Method
Steel Method, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.J. Case No. 23-21620) on December 15,
2023. In the petition signed by David Sieradzky, CEO/owner, the
Debtor disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Anthony Sodono, III, Esq., at McManimon, Scotland & Baumann, LLC
represents the Debtor as legal counsel.
STERLING CONSULTING: Carol Fox Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner
as Subchapter V trustee for Sterling Consulting Corporation.
Ms. Fox will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Fox declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Carol Fox
GlassRatner
200 East Broward Blvd., Suite 1010
Fort Lauderdale, FL 33301
Tel: 954.859.5075
Email: cfox@brileyfin.com
About Sterling Consulting
Sterling Consulting Corporation filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-20196) on Dec. 11, 2023, with $50,001 to $100,000 in assets and
$100,001 to $500,000 in liabilities.
Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC represents
the Debtor as legal counsel.
STRUCTURLAM MASS: Amended Liquidating Plan Confirmed by Judge
-------------------------------------------------------------
Judge Craig T. Goldblatt has entered findings of fact, conclusions
of law and order confirming the First Amended Combined Disclosure
Statement and Chapter 11 Plan of Liquidation of Structurlam Mass
Timber U.S., Inc., et al.
The Combined Plan and Disclosure Statement has been proposed in
good faith and not by any means forbidden by law, thereby
satisfying the requirements of Section 1129(a)(3) of the Bankruptcy
Code.
All documents necessary to implement the Combined Plan and
Disclosure Statement, and all other relevant and necessary
documents have been developed and negotiated in good faith and at
arm's length and shall, upon completion of documentation and
execution, and subject to the occurrence of the Effective Date, be
valid, binding, and enforceable agreements and not be in conflict
with any federal or state law.
All objections, responses, statements, and comments in opposition
to the Combined Plan and Disclosure Statement, other than those
withdrawn with prejudice, waived, or settled prior to, or on the
record at, the Combined Hearing, shall be, and hereby are,
overruled in their entirety.
Notwithstanding anything herein or in the Combined Plan and
Disclosure Statement to the contrary, after the Effective Date,
Walmart Inc. ("WMT") shall have the authority to file an objection
to the intercompany claim in the amount of approximately
$12,816,000 asserted by SMTC against SMTU (as may be amended, the
"SMTC Intercompany Claim"), which authority shall run coterminous
with the right of the Liquidating Trustee under the Plan and
Liquidating Trust Agreement to object to Claims.
Absent the consent of WMT, or until the claims of WMT in the
Chapter 11 Cases have been deemed Allowed, are resolved
consensually or are finally adjudicated by court order, the SMTC
Intercompany Claim shall not be deemed Allowed and no distribution
shall be made on the SMTC Intercompany Claim.
A copy of the Plan Confirmation Order dated December 19, 2023 is
available at https://urlcurt.com/u?l=1xfTEU from PacerMonitor.com
at no charge.
Counsel to Debtors:
William E. Chipman, Jr., Esq.
Robert A. Weber, Esq.
Mark L. Desgrosseilliers, Esq.
Mark D. Olivere, Esq.
CHIPMAN BROWN CICERO & COLE, LLP
Hercules Plaza
1313 North Market Street, Suite 5400
Wilmington, DE 19801
Telephone: (302) 295-0191
Email: chipman@chipmanbrown.com
weber@chipmanbrown.com
desgross@chipmanbrown.com
olivere@chipmanbrown.com
About Structurlam Mass Timber U.S.
Structurlam Mass Timber U.S., Inc. -- http://structurlam.com/-- is
a North American provider of mass timber solutions for construction
and industrial markets in Canada and the U.S. Established in 1962,
Structurlam is based in Penticton, British Columbia and has mass
timber production facilities in Canada and the U.S.
After reaching a deal with Mercer International Inc. to sell assets
in British Columbia and Arkansas for US$60 million, Structurlam and
certain of its affiliates sought Chapter 11 protection (Bankr. D.
Del. Lead Case No. 23-10497) on April 21, 2023. The Debtors also
have sought recognition of the Chapter 11 proceedings in the
Supreme Court of British Columbia.
Structurlam Mass Timber estimated assets and debt of $100 million
to $500 million as of the bankruptcy filing.
Judge Craig T. Goldblatt oversees the Debtors' Chapter 11 cases.
The Debtors tapped Chipman Brown Cicero & Cole, LLP and Potter
Anderson Corroon, LLP as bankruptcy counsels; Paul Hastings, LLP as
special counsel; Gowling WLG as Canadian counsel; Alvarez & Marsal
Canada, Inc. as financial advisor; and Stifel, Nicolaus & Company,
Incorporated and Miller Buckfire & Co., LLC as investment bankers.
Kurtzman Carson Consultants, LLC is the claims and noticing agent
and administrative advisor.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases.
The committee hired Buchalter, P.C. and Morris, Nichols, Arsht &
Tunnell, LLP as bankruptcy counsels; Goodmans, LLP as Canadian
counsel; and Dundon Advisers, LLC as financial advisor.
STUDIOKAZA MOBILI: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: StudioKaza Mobili, LLC
6711 NE 4th Ave.
Miami, FL 33138
Business Description: StudioKaza Mobili offers exclusive and
luxury furniture, high-end furnishings,
custom-made woodworking, marbles and
granites, residential automation, and
unique-designed accessories from global
partners.
Chapter 11 Petition Date: December 27, 2023
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 23-20746
Debtor's Counsel: Morgan Edelboim, Esq.
EDELBOIM LIEBERMAN REVAH PLLC
20200 W. Dixie Highway,
Suite 905
Miami, FL 33180
E-mail: morgan@elrolaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Marco Andrade as authorized
representative, operations vice president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/QWEB3HI/StudioKaza_Mobili_LLC__flsbke-23-20746__0001.0.pdf?mcid=tGE4TAMA
SUD'S CLUB: Hires Forty Four Holdings as Real Estate Broker
-----------------------------------------------------------
SUD'S Club, LLC seeks approval from the U.S. Bankruptcy Court for
the Middle District of Georgia to employ Forty Four Holdings, LLC
d/b/a Coldwell Banker Lake Oconee Realty as real estate broker.
The firm will market and sell the Debtor's real property located at
673 Old Phoenix Rd. NE, Eatonton, GA 31021.
The firm will be paid a commission of 6 percent of the gross sales
price.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
H. Howard McMichael, Jr.
Forty Four Holdings, LLC
d/b/a Coldwell Banker Lake Oconee Realty
2800 Reynolds Walk Trl
Greensboro, GA 30642
Tel: (706) 473-1999
Email: hmcmichael@blakeoconee.com
About SUD'S Club, LLC
SUD'S Club, LLC, is the owner of a commercial property located at
673 Old Phoenix Road Eatonton, Georgia valued at $2.2 million.
SUD'S Club filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-51151) on Aug.
23, 2023, listing $3,037,441 in assets and $2,280,000 in
liabilities. The petition was signed by Jacob Fried as sole
member.
Christopher W. Terry, at BOYER TERRY LLC, is the Debtor's counsel.
SUGAR CREEK: Taps Restovich and Associates as Litigation Counsel
----------------------------------------------------------------
Sugar Creek Acquisition LLC, doing business as O'Fallon Brewery,
seeks approval from the U.S. Bankruptcy Court for the Eastern
District of Missouri to employ Restovich and Associates, LLC as
special litigation counsel.
The firm's services include:
(a) prepare and argue, on behalf of the Debtor, all necessary
and appropriate legal documents in connection with an arbitration
case and federal court litigation;
(b) conduct and defend all necessary discovery;
(c) advise and assist the Debtor in connection with any
settlements concerning an arbitration case and federal court
litigation; and
(d) perform all other necessary or appropriate legal services
in connection with an arbitration case and federal court
litigation.
Restovich intends to handle the arbitration case and federal court
litigation on a contingent fee basis as follows: (a) 35 percent of
all monetary sums collected plus the value of all personal property
collected on behalf of Debtor. The fee increases to 45 percent if
the matter proceeds to trial.
George Restovich, principal of Restovich & Associates, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
George Restovich, Esq.
Restovich & Associates, LLC
214 North Clay Avenue, Number 100
Kirkwood, MO 63122
Telephone: (314) 434-7700
Facsimile: (314) 480-3355
Email: george@restovichlawstl.com
About Sugar Creek Acquisition
Sugar Creek is a regional craft brewery located in St. Louis,
Missouri.
Sugar Creek Acquisition LLC d/b/a O'Fallon Brewery LLC filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. E.D. Mo. Case No. 23-42041) on June 12, 2023. The
petition was signed by James Gorczyca as manager. As of April 30,
2023, the Debtor estimated $4,182,851 in assets and $10,964,120 in
liabilities.
The Debtor tapped Spencer P. Desai, Esq., at The Desai Law Firm,
LLC as bankruptcy counsel and George Restovich, Esq., at Restovich
& Associates, LLC as special litigation counsel.
SUNPOWER CORP: Gets Waiver Over Default From Delayed 10-Q
---------------------------------------------------------
SunPower Corporation said in a regulatory filing that on December
22, 2023, SPWR RIC Borrower 2022-1, a wholly owned indirect
subsidiary, entered into the Fourth Amendment and Temporary Waiver
to the Loan and Security Agreement (the "Amendment") which waives
certain enumerated events of default under and amends that certain
Loan and Security Agreement, dated June 30, 2022, by and among the
Subsidiary, the lenders party thereto from time to time, Atlas
Securitized Products Holdings, L.P., as administrative agent and
Computershare Trust Company, National Association, as paying agent
(as amended, the "Atlas Credit Agreement").
As previously disclosed, the Company became aware of a breach of
the covenant requiring delivery of the Company's quarterly
financials for the third quarter of 2023 (the "Q3 Financials")
within 45 days following quarter end (the "Quarterly Financials
Covenant"), subject to a 10 business day cure period. Due to the
delay in delivery of the Q3 Financials within the period, there was
an event of default under the Atlas Credit Agreement, which could
be read to result in the immediate acceleration of debt thereunder
(the "Quarterly Financials Default"), which would be equal to
approximately $65.3 million.
The Amendment provides for, among other things, (i) a temporary
waiver until January 19, 2024 of (x) the Quarterly Financials
Default and (y) any defaults or events of default arising from the
restatement of the consolidated financial statements of the Company
for the fiscal year ending January 1, 2023 and (ii) the inclusion
of a cross-default in respect of the expiration of certain
previously-disclosed waivers obtained by the Company with respect
to its senior secured credit facility with Bank of America or any
other defaults under such facility if the effect of such default is
to cause or permit such indebtedness to be accelerated.
SunPower on November 13, 2023, filed a Notification of Late Filing
on Form 12b-25 indicating that it was unable, without unreasonable
effort or expense, to file its Quarterly Report on Form 10-Q for
the fiscal quarter ended Oct. 1, 2023 by the prescribed due date as
a result of the restatement of certain of the Company's financial
statements.
The Company said Nov. 27 that it and Bank of America, N.A., the
administrative agent and collateral agent for the lenders (the
"Agent") under the Credit Agreement dated as of September 12, 2022
(as amended by the First Amendment, dated as of January 26, 2023,
the "Credit Agreement"), among the Company, the subsidiaries party
thereto, the Agent and the lenders party thereto were negotiating
the terms and conditions of a consent and waiver, which is intended
to address, including without limitation, the effects of the
Restatement and failure to timely deliver the Form 10-Q to the
lenders under the Credit Agreement.
The Company previously disclosed that the Company had received a
notice from The Nasdaq Stock Market LLC on November 22, 2023
indicating that, as a result of not having timely filed the
Company's Form 10-Q with the SEC, the Company was not in compliance
with Nasdaq Listing Rule 5250(c)(1). On Dec. 19, 2023, the Company
received written notice from Nasdaq stating that the Company had
regained compliance with the Listing Rule based on the Company's
Dec. 18, 2023 filing of the Form 10-Q, and that the aforementioned
matter is now closed.
About SunPower
Headquartered in Richmond, California, SunPower (NASDAQ: SPWR) --
http://www.sunpower.com/-- is a residential solar, storage and
energy services provider in North America. SunPower offers solar +
storage solutions that give customers control over electricity
consumption and resiliency during power outages while providing
cost savings to homeowners.
For the six months ended July 2, 2023, Sunpower reported a net loss
of $83.66 million, compared to a net loss of $90.79 million for the
six months ended July 3, 2022. As of July 2, 2023, the Company had
$1.57 billion in total assets, $1.10 billion in total liabilities,
and $477.68 million in total stockholders' equity.
THIRTEEN FIFTY: Court OKs Cash Collateral Access Thru Jan 2024
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida,
West Palm Beach Division, authorized Thirteen Fifty Apparel LLC to
use cash collateral on an interim basis, in accordance with the
budget, with a 10% variance, through January 24, 2024.
The Debtor is permitted, through December 14, 2023, to use cash
collateral to pay all ordinary and necessary expenses in the
ordinary course of its business provided that: (a) the Debtor will
also be entitled to pay prepetition employee wages as separately
authorized by the Court; and (b) the Budget will include an
additional $1,000 monthly line item for the administrative expense
of Subchapter V Trustee Maria Yip, for which the Debtor will tender
such amount into the trust account of its counsel, Shraiberg Page
P.A, subject to a further order of the Court authorizing the award,
and payment out of trust, of such administrative expense to
Subchapter V Trustee Maria Yip.
As adequate protection, Fountainhead SBF LLC, the U.S. Small
Business Administration, NewCo, and Everee are granted
post-petition security interests and liens in, to and against any
and all personal property assets of the Debtor, to the same extent
and priority that each such entity held a properly perfected
pre-petition security interest in such assets.
A final hearing on the matter is set for January 24, 2023 at 1:30
p.m.
A copy of the court's order is available at
https://urlcurt.com/u?l=BMzoPw from PacerMonitor.com.
About Thirteen Fifty Apparel LLC
Thirteen Fifty Apparel LLC offers clothing and accessories for
first responders.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-18236) on October 9,
2023. In the petition signed by Christopher Lewis, CEO/owner, the
Debtor disclosed $314,414 in assets and $2,310,441 in liabilities.
Judge Mindy A. Mora oversees the case.
Eric Pendergraft, Esq., at Shraiberg Page PA, represents the Debtor
as legal counsel.
TOPPOS LLC: Gets OK to Hire Davis Hartman Wright as Legal Counsel
-----------------------------------------------------------------
The trustee appointed in the Chapter 11 case of Toppos, LLC
received approval from the U.S. Bankruptcy Court for the Eastern
District of North Carolina to employ Davis Hartman Wright LLP as
counsel.
The firm's services include:
(a) assist in identifying the legal problems which may arise
in the administration of the estate;
(b) examine security agreements, deeds of trust and other
instruments which may constitute liens upon the property of the
estate;
(c) identify and examine any statutory or judicial liens;
(d) determine the validity and priority of all such security
agreements, liens, and encumbrances;
(e) investigate any additional assets and any rights which the
trustee may have to property of the estate;
(f) examine and research all legal problems which may arise in
the administration of the estate; and
(g) generally, advise the trustee upon any legal matters which
may arise in the course of the administration of the bankruptcy
estate.
The trustee seeks to employ the firm for compensation as may be
approved by the court.
John Bircher, III, Esq., an attorney at Davis Hartman Wright,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
John C. Bircher, III, Esq.
Davis Hartman Wright LLP
209 Pollock Street
New Bern, NC 28560
Telephone: (252) 262-7055
Email: jcb@dhwlegal.com
About Toppos LLC
Toppos LLC, primarily engaged in acting as lessors of buildings
used as residences or dwellings, sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 23-02889) on
October 5, 2023. In the petition signed by Neil Carmichael Bender,
II, member-manager, the Debtor disclosed up to $50 million in
assets and up to $100 million in liabilities.
Judge Pamela W. Mcafee oversees the case.
Blake Y. Boyette, Esq., at Buckmiller, Boyette & Frost, PLLC
represents the Debtor as legal counsel.
The trustee appointed in this Chapter 11 case tapped Davis Hartman
Wright LLP as counsel.
TREES CORP: Files for CCAA Protection
-------------------------------------
Trees Corporation (CBOE: TREE), on Dec. 22, 2023, disclosed that
the Company and its subsidiaries, Ontario Cannabis Holdings Corp.,
Miraculo Inc., 2707461 Ontario Ltd., OCH Ontario Consulting Corp.,
and 11819496 Canada Inc., have received an order for creditor
protection (the "Initial Order") from the Ontario Superior Court of
Justice (Commercial List) (the "Court") under the Companies'
Creditors Arrangement Act (the "CCAA").
The Trees Group has been actively pursuing additional financing to
raise capital to fund its operations, and engaged a financial
advisor to assist the Trees Group with reviewing strategic options,
including financing options. Following such review and after
careful consideration of all available alternatives, and
consultation with legal and financial advisors, the directors of
the Trees Group determined that it was is in the best interests of
the Trees Group to file an application for creditor protection
under the CCAA.
The Initial Order includes, among other things: (i) a stay of
proceedings in favour of the Trees Group, and (ii) the appointment
of Ernst & Young Inc. as the monitor of the Trees Group (in such
capacity, the "Monitor").
The Trees Group sought creditor protection under the CCAA in order
to receive a stay of proceedings that will allow the Trees Group to
work with the Monitor to facilitate the development of an orderly
process designed to streamline its operations and conduct a
Court-supervised sales process to obtain a going concern solution
for its operations and maximize the value of the Trees Group's
assets for the benefit of its stakeholders.
The board of directors of the Trees Group will remain in place and
management will remain responsible for the day-to-day operations of
the Trees Group, under the general oversight of the Monitor.
It is anticipated that Cboe Canada (the "Cboe") will place the
Company under delisting review and there can be no assurance as to
the outcome of such review or the continued qualification for
listing on the Cboe.
About Trees Corporation
Trees is a cannabis company at the intersection of community,
content, and commerce. Listed on Cboe Canada, Trees offers a
differentiated retail experience, that aims to educate, amplify and
unlock emerging consumer segments and need states that allows Trees
to uniquely engage the 360-cannabis consumer. The Trees Group
currently has 13 branded Trees storefronts in Canada, including 9
stores owned and operated in Ontario and 4 stores owned and
operated in BC.
UPHEALTH HOLDINGS: Seeks to Tap FTI Consulting as Financial Advisor
-------------------------------------------------------------------
UpHealth Holdings, Inc. and its affiliates seek approval from the
U.S. Bankruptcy Court for the District of Delaware to employ FTI
Consulting, Inc. as financial advisor.
The firm will render these services:
(a) assistance to the Debtors in the preparation of financial
related disclosures required by the court;
(b) assistance with the identification and implementation of
short-term cash management procedures;
(c) assistance and advice to the Debtors with respect to the
identification of core business assets and the disposition of
assets or liquidation of unprofitable operations;
(d) assistance with the identification of executory contracts
and leases and performance of cost/benefit evaluations with respect
to the affirmation or rejection of each;
(e) assistance in the preparation/refinement of financial
information for distribution to creditors and others;
(f) assistance with restructuring plans;
(g) attendance at meetings and assistance in discussions with
potential investors, banks, secured lenders, any official
committee(s) appointed in these Chapter 11 cases, the Office of the
U.S. Trustee for Region 3, other parties in interest and
professionals hired by the same, as requested;
(h) analysis of creditor claims by type, entity and individual
claim;
(i) assistance in the preparation of information and analysis
necessary for the confirmation of a plan in these Chapter 11
cases;
(j) render such other general business consulting, litigation
support or such other assistance as the Debtor's management or
counsel may deem necessary that are consistent with the role of a
financial advisor and not duplicative of services provided by other
professionals in these Chapter 11 cases; and
(k) assistance in providing responses to certain governmental
requests.
The hourly rates of the firm's corporate finance & restructuring
professionals are as follows:
Senior Managing Directors $1,095 - $1,495
Directors/Senior Directors/Managing Directors $825 - $1,110
Consultants/Senior Consultants $450 - $790
Administrative/Paraprofessionals $185 - $370
The hourly rates of the firm's forensic and litigation consulting
professionals are as follows:
Senior Managing Directors $1,045 - $1,325
Directors/Senior Directors/Managing Directors $785 - $1,055
Consultants/Senior Consultants $570 - $750
Administrative/Paraprofessionals $175 - $275
In addition, the firm will seek reimbursement for expenses
incurred.
Andrew Hinkelman, a senior managing director at FTI Consulting,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Andrew Hinkelman
FTI Consulting, Inc.
50 California Street, Suite 1900
San Francisco, CA 94111
Telephone: (415) 283-4214
Email: andrew.hinkelman@fticonsulting.com
About UpHealth Holdings
UpHealth Holdings Inc. is a global digital health company
delivering technology platforms, infrastructure, and services to
modernize care delivery and health management.
UpHealth Holdings and its affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11476) on
Sept. 19, 2023. In the petitions filed by Samuel J. Meckey, chief
executive officer, UpHealth Holdings disclosed up to $500 million
in both assets and liabilities.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Stuart M. Brown, Esq., at DLA Piper LLP (US) as
counsel; Morrison & Foerster LLP as litigation counsel; and FTI
Consulting, Inc. as financial advisor. Omni Agent Solutions is the
Debtors' administrative agent.
VESTTOO LTD: Unsecureds Will Get 3%-100%; Plan Hearing Feb. 6, 2024
-------------------------------------------------------------------
The Official Committee of Unsecured Creditors submitted an Amended
Combined Disclosure Statement and Chapter 11 Plan of Liquidation
for Vesttoo Ltd. And its affiliates dated December 21, 2023.
In accordance with the provisions of this Combined Disclosure
Statement and Plan, the Wind Down Agreement, and the Liquidating
Trust Agreement, the Wind Down Officer and Liquidating Trustee will
marshal the remaining assets of the Debtors' Estates, including
prosecution and recovery of the Liquidating Trust Claims (including
certain Contributed Non-Estate Causes of Action), review and
reconcile Claims, and make Distributions from the Liquidating Trust
Assets and the proceeds thereof to Holders of certain Allowed
Claims, consistent with the provisions of the Bankruptcy Code.
Class 1 consists of Other Priority Claims. In full and final
satisfaction of each Allowed Other Priority Claim, except to the
extent that a Holder of an Allowed Other Priority Claim agrees to a
less favorable treatment, each Holder thereof will receive payment
in full in Cash. The amount of claim in this Class total $200,000
to $300,000. This Class will receive a distribution of 100% of
their allowed claims.
Class 3 consists of General Unsecured Claims. In full and final
satisfaction of each Allowed General Unsecured Claim, each Holder
thereof shall receive its Pro Rata Share of the Class 3 Liquidating
Trust Interests. Each Holder of a General Unsecured Claim shall
also have the right to make a Contribution Election. The amount of
claim in this Class total $1.6 billion to $2.5 billion. This Class
will receive a distribution of 3% to 100% of their allowed claims.
Class 3A consists of Convenience Claims. In full and final
satisfaction of each Allowed Convenience Claim, Each Holder thereof
shall receive payment in Cash, payable on the later of the
Effective Date and the date that is ten Business Days after the
date on which such Convenience Claim becomes an Allowed Claim, in
the amount of the lesser of (i) 15% of the Allowed amount of such
Convenience Claim and (ii) such Holder's Pro Rata Share of the
Convenience Class Pool. The amount of claim in this Class total $0
to $1.3 million. This Class will receive a distribution of 15% of
their allowed claims.
Inasmuch as the Debtors' Assets will be liquidated and the Combined
Disclosure Statement and Plan provides for the distribution of all
of the Cash proceeds of the Debtors' Assets to Holders of Claims
that are Allowed as of the Effective Date in accordance with the
Combined Disclosure Statement and Plan, for purposes of this test,
the Plan Proponent has analyzed the ability of the Liquidating
Trustee to meet its obligations under the Combined Disclosure
Statement and Plan. Based on the analysis, the Liquidating Trustee
will have sufficient assets to accomplish its tasks under the
Combined Disclosure Statement and Plan.
After the Effective Date, pursuant to the Plan, the Wind Down
Officer shall effectuate the Wind Down without any further approval
by the Bankruptcy Court and free of any restrictions of the
Bankruptcy Code or Bankruptcy Rules, provided, that, the Wind Down
Officer shall not effectuate the Wind Down in a manner inconsistent
with any express requirements of the Wind Down Agreement, the
Liquidating Trust Agreement, or this Combined Disclosure Statement
and Plan. The Wind Down (as determined for federal income tax
purposes) shall occur in an expeditious but orderly manner after
the Effective Date.
Each of the Wind Down Debtors shall indemnify and hold harmless the
Wind Down Officer, the Wind Down Advisory Board, their respective
members, employees, employers, designees or professionals, or any
of their duly designated agents or representatives, solely in their
capacities as such, for any losses incurred in such capacity,
except to the extent such losses were the result of such Person's
bad faith, gross negligence, willful misconduct, or criminal
conduct.
The following are important dates relating to the Combined
Disclosure Statement and Plan:
* The Plan Proponent must provide any supplemental disclosures
regarding the Combined Disclosure Statement and Plan by January 16,
2024;
* Ballots from Holders of Claims entitled to vote on the
Combined Disclosure Statement and Plan must be received by January
23, 2024 at 4:00 p.m.
* Objections to confirmation of the Combined Disclosure
Statement and Plan must be filed and served by January 23, 2024 at
4:00 p.m.; and
* Hearing on adequacy of disclosures and confirmation of the
Combined Disclosure Statement and Plan will be on February 6, 2024
at 10:30 a.m.
A full-text copy of the Amended Combined Disclosure Statement and
Plan dated December 21, 2023 is available at
https://urlcurt.com/u?l=oUI0YB from Epiq Corporate Restructuring,
LLC, claims agent.
Counsel for the Official Committee of Unsecured Creditors:
Dennis A. Meloro, Esq.
Anthony W. Clark, Esq.
GREENBERG TRAURIG, LLP
222 Delaware Avenue, Suite 1600
Wilmington, DE 19801
Phone: (302) 661-7000
Email: melorod@gtlaw.com
anthony.clark@gtlaw.com
About Vesttoo Ltd
Vesttoo Ltd. is a technology-driven collateralized reinsurance
provider in Tel Aviv, Israel. It connects the insurance industry
with the capital markets by combining AI-powered technology with
expertise in data science, insurance and finance.
Vesttoo and its affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. (Lead Case No. 23-11160) on
August 14 and 15, 2023.
The Honorable Bankruptcy Judge Mary F. Walrath oversees the case.
The Debtors tapped DLA Piper, LLP (US) as legal counsel and Kroll,
LLC as financial advisor. Epiq Corporate Restructuring, LLC is the
claims and administrative agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case. The
committee tapped Greenberg Traurig, LLP as legal counsel and
Alvarez & Marsal North America, LLC as financial advisor.
WARBURG PINCUS: Secures $1-Billion NAV Loan from Apollo
-------------------------------------------------------
Peter Eichenbaum of Bloomberg Law reports that Warburg Pincus
turned to Apollo for a $1 billion loan to pay down bank facilities
involving an older fund.
The report cites people familiar with the matter as confirming that
the loan was secured by a portion of investments in a $15 billion
fund launched by Warburg in 2018 and represents the first time that
the PE firm has turned to an investment institution rather than a
bank to borrow against a portfolio of companies.
According to Bloomberg's sources, the decision was made in part
because Warburg wanted to expend its funding sources beyond
traditional Wall Street banks.
At a rate of 10%, Warburg is reportedly paying marginally more for
the loan than the debt it is replacing, but decided reducing its
reliance on banks was worth the extra cost.
About Warburg Pincus
Warburg Pincus LLC is a global private equity firm, headquartered
in New York City, with offices in the United States, Europe,
Brazil, China, Southeast Asia and India. Warburg has been a private
equity investor since 1966. The firm currently has approximately
US$16 billion of assets under management with an additional US$4
billion available for investment in a range of sectors including
consumer and retail, industrial, business services, healthcare,
financial services, energy, real estate and technology.
WAVERLY MANSION: Seeks to Hire Ten-X LLC as Real Estate Auctioneer
------------------------------------------------------------------
Waverly Mansion, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Virginia to employ Ten-X, LLC as its
real estate auctioneer.
The Debtor needs an auctioneer to market its commercial real estate
located at 604 S. King St., Leesburg, Virginia.
The firm's compensation is transaction fee based. For an auction
price in the range of $3 million to $5 million, the transaction fee
would be 2.5 percent of the auction price. Additionally, the firm
could become entitled to its transaction fee if the property were
to be sold post-auction during the applicable "tail period." In
that event, the Debtor's existing broker Long & Foster would split
its 5 percent commission with the firm as would occur with any
cooperating broker, to save the Debtor from having to pay more than
one full commission for the same sale.
Eric Horowitz, a real estate agent at Ten-X, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Eric Horowitz
Ten-X, LLC
15295 Alton Parkway
Irvine, CA 92618
About Waverly Mansion
Waverly Mansion is a Single Asset Real Estate (as defined in 11
U.S.C. Section 101(51B)).
Waverly Mansion LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No.
23-11251) on August 2, 2023. The petition was signed by Charles T.
Matheson as manager. At the time of filing, the Debtor estimated $1
million to $10 million on both assets and liabilities.
Steven B. Ramsdel, Esq. at Tyler, Bartl & Ramsdell, P.L.C.
represents the Debtor as counsel.
WEWORK INC: Collapse a Distraction, Says IWG CEO
------------------------------------------------
Jo Constantz of Bloomberg News reports that Mark Dixon, founder and
CEO of IWG Plc, said WeWork is a distraction, not an opportunity.
IWG Plc. is an office space provider that owns coworking brands
like Regus and Spaces. Dixon founded the company in 1989, more
than two decades before WeWork Inc. catapulted the concept into
public consciousness.
But just as WeWork Inc. entered bankruptcy, IWG posted record
revenue for the first half of this year. IWG is now eyeing some of
its collapsed peer's locations as more long-term office leases
expire and hybrid work plans stick, with companies calling workers
back more days each week.
"It's a tiny opportunity. It's a huge, growing industry -- there
will be us and there will be others. For us, it's more about not
being bracketed with them. We're in the same general area, but
we're nothing like them. With the restructure, if they come out
the other end much smaller and more healthy, that would be good.
Because it's been a distraction: a distraction that's affected our
share price. It affects every conversation I have," Dixon told
Bloomberg's Jo Constantz.
Asked on the difference between IWG's business model and WeWork's,
Dixon said, "We're in 120 countries. We do everything from rural to
suburbs to the central business districts. So that's much bigger
and much deeper into the market. We also get about a third of our
revenues from services. For example, if you wanted to open your
business in Thailand tomorrow, we could help you do that. We do
basic things, like we can supply partners, hardware. If you hire
someone in Minnesota, they turn up, everything's in and they can
start working immediately. It's adding value and making it very
efficient for the company."
About WeWork Inc.
New York, NY-based WeWork Inc. (NYSE: WE) -- 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 Inc. and its affiliates sought relief under Chapter 11 of
the Bankruptcy Code (Bankr. D.N.J. Case No. 23-19865) on Nov. 6,
2023. In its petition, WeWork Inc. reported $19 billion of
liabilities and $15 billion of assets.
Judge John K. Sherwood oversees the case.
The Debtors are represented by Kirkland & Ellis LLP (Edward
Sassower, Joshua Sussberg, Steven Serrejeddini, Ciara Foster,
Oliver Pare, Josh Greenblatt, Jimmy Ryan, Connor Casas, William
Arnault) and Cole Schotz PC (Michael Sirota, Warren Usatine, Felice
Yudkin, Ryan Jareck) as legal counsel, Alvarez & Marsal North
America LLC (Justin Schmaltz) as financial advisor, and PJT
Partners LP (Paul Sheaffer) as investment banker. Softbank is
represented by Weil Gotshal & Manges LLP (Gary Holtzer, Gabriel
Morgan, Kevin Bostel, Eric Einhorn) and Wollmuth Maher & Deutsch
LLP (Paul DeFilippo, James Lawlor, Steven Fitzgerald, Joseph
Pacelli) as legal counsel and Houlihan Lokey Capital as financial
advisor.
The Ad Hoc Group of First Lien and Second Lien Lenders is
represented by Davis Polk & Wardwell LLP (Eli Vonnegut, Elliot
Moskowitz, Natasha Tsiouris, Jonah Peppiatt) and Greenberg Traurig
LLP (Alan Brody) as legal counsel and Ducera Partners LLC as
financial advisor.
WHITESTONE UPTOWN: Hires Marcus & Millichap as Real Estate Broker
-----------------------------------------------------------------
Whitestone Uptown Tower, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Marcus & Millichap Real Estate Investment Services as real estate
broker.
The broker's services include:
(a) represent the Debtor as its agent in all aspects of
identifying and communicating with prospective purchasers of the
property;
(b) participate in meetings with the Debtor and potential
purchasers;
(c) provide necessary information to prospective purchasers;
(d) negotiate the terms and conditions of sale with any
prospective purchasers of the property; and
(e) generally, take any reasonable actions and initiatives
necessary to sell the property.
The broker will receive a commission of 3 percent of the sale price
of the property.
Tim Speck, a senior vice present of Marcus & Millichap Real Estate
Investment Services, disclosed in a court filing that the firm is a
"disinterested person" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Tim A. Speck
Marcus & Millichap Real Estate Investment Services
5001 Spring Valley Road, Suite 100W
Dallas, TX 75244
Telephone: (972) 755-5200
Email: tim.speck@marcusmillichap.com
About Whitestone Uptown Tower
Whitestone Uptown Tower, LLC is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)).
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-32832) on December 1,
2023. In the petition signed by Bradford Johnson, authorized
representative, the Debtor disclosed up to $50 million in both
assets and liabilities.
Judge Michelle V Larson oversees the case.
Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as legal counsel.
WORMHOLE LABS: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Wormhole Labs, Inc.
f/k/a TapThere, Inc.
11801 Domain Blvd., 3rd Floor
Austin, TX 78758
Business Description: Wormhole Labs develops a globally scalable
new technology platform called Wormhole. It
allows people and businesses anywhere in the
world to 'teleport' to each other to
interact, socialize, play, and shop as if
they are actually present and physically
walking around anywhere in the world.
Chapter 11 Petition Date: December 27, 2023
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 23-11107
Judge: Hon. Shad Robinson
Debtor's Counsel: Mark C. Taylor, Esq.
HOLLAND & KNIGHT LLP
100 Congress Ave
Suite 1800
Austin, TX 78701
Tel: 512-685-6400
Fax: 512-685-6417
E-mail: mark.taylor@hklaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Mark Mitroka as CAO and secretary.
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/QGM5YZI/Wormhole_Labs_Inc__txwbke-23-11107__0001.0.pdf?mcid=tGE4TAMA
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Servo Corp, LLC
Bankr. E.D. Cal. Case No. 23-24541
Chapter 11 Petition filed December 19, 2023
See
https://www.pacermonitor.com/view/CHMXCNA/Servo_Corp_LLC__caebke-23-24541__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Marc A Christiansen
Bankr. N.D. Cal. Case No. 23-41661
Chapter 11 Petition filed December 19, 2023
represented by: Jeffrey Goodrich, Esq.
In re Wolf Rigs Ltd.
Bankr. D. Colo. Case No. 23-15846
Chapter 11 Petition filed December 19, 2023
See
https://www.pacermonitor.com/view/GXKJ72I/Wolf_Rigs_Ltd__cobke-23-15846__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Aaron Fischman
Bankr. S.D. Ind. Case No. 23-36038
Chapter 11 Petition filed December 19, 2023
represented by: Kendra Harris, Esq.
In re Bobbitt Electrical Service, LLC
Bankr. S.D. Ind. Case No. 23-05620
Chapter 11 Petition filed December 19, 2023
See
https://www.pacermonitor.com/view/AMUT6DI/Bobbitt_Electrical_Service_LLC__insbke-23-05620__0001.0.pdf?mcid=tGE4TAMA
represented by: John Allman, Esq.
HESTER BAKER KREBS LLC
E-mail: jallman@hbkfirm.com
In re Tavares A. Boykins, Sr and Cara N. Boykins
Bankr. D. Neb. Case No. 23-41202
Chapter 11 Petition filed December 19, 2023
represented by: Trev Peterson, Esq.
In re 33 Mill Creek Close Corp
Bankr. E.D.N.Y. Case No. 23-74755
Chapter 11 Petition filed December 19, 2023
See
https://www.pacermonitor.com/view/CRIQMHY/33_Mill_Creek_Close_Corp__nyebke-23-74755__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re SVJ Auto Collision Inc.
Bankr. E.D.N.Y. Case No. 23-44709
Chapter 11 Petition filed December 19, 2023
See
https://www.pacermonitor.com/view/WDFYVCA/SVJ_Auto_Collision_Inc__nyebke-23-44709__0001.0.pdf?mcid=tGE4TAMA
represented by: Leo Jacobs, Esq.
JACOBS PC
E-mail: leo@jacobspc.com
In re Gamboa, Inc.
Bankr. D. Rhode Island Case No. 23-10783
Chapter 11 Petition filed December 19, 2023
See
https://www.pacermonitor.com/view/HP46S7A/Gamboa_Inc__ribke-23-10783__0001.0.pdf?mcid=tGE4TAMA
represented by: Thomas P. Quinn, Esq.
MCLAUGHLINQUINN LLC
E-mail: tquinn@mclaughlinquinn.com
In re Vittorio Testa
Bankr. E.D. Va. Case No. 23-12078
Chapter 11 Petition filed December 19, 2023
represented by: Craig Palik, Esq.
In re Aiteon 1, LLC
Bankr. C.D. Cal. Case No. 23-18402
Chapter 11 Petition filed December 20, 2023
See
https://www.pacermonitor.com/view/R5LTYEA/Aiteon_1_LLC__cacbke-23-18402__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Maria Elizabeth Montero Leon
Bankr. C.D. Cal. Case No. 23-18404
Chapter 11 Petition filed December 20, 2023
represented by: Eric Bensamochan, Esq.
In re Rocky Mountain FineWines, LLC
Bankr. D. Colo. Case No. 23-15883
Chapter 11 Petition filed December 20, 2023
See
https://www.pacermonitor.com/view/BB2UIZI/Rocky_Mountain_FineWines_LLC__cobke-23-15883__0001.0.pdf?mcid=tGE4TAMA
represented by: Aaron A. Garber, Esq.
WADSWORTH GARBER WARNER CONRARDY, P.C.
E-mail: agarber@wgwc-law.com
In re Perfectos Cigar Lounge, Inc.
Bankr. M.D. Fla. Case No. 23-05387
Chapter 11 Petition filed December 20, 2023
See
https://www.pacermonitor.com/view/H4UVZFQ/Perfectos_Cigar_Lounge_Inc__flmbke-23-05387__0001.0.pdf?mcid=tGE4TAMA
represented by: Chad Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
E-mail: chad@cvhlawgroup.com
In re U Sports League L.L.C
Bankr. M.D. Fla. Case No. 23-05756
Chapter 11 Petition filed December 20, 2023
See
https://www.pacermonitor.com/view/GWTUU6I/U_Sports_League_LLC__flmbke-23-05756__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Bacci of Bensenville, Inc.
Bankr. N.D. Ill. Case No. 23-17054
Chapter 11 Petition filed December 20, 2023
See
https://www.pacermonitor.com/view/2TM2X5Y/Bacci_of_Bensenville_Inc__ilnbke-23-17054__0001.0.pdf?mcid=tGE4TAMA
represented by: Penelope Bach, Esq.
BACH LAW OFFICES
E-mail: pnbach@bachoffices.com
In re 2318 Sunland LLC
Bankr. D. Nev. Case No. 23-15623
Chapter 11 Petition filed December 20, 2023
See
https://www.pacermonitor.com/view/BKT6A4Y/2318_SUNLAND_LLC__nvbke-23-15623__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Mehdi Moslem
Bankr. E.D.N.Y. Case No. 23-44723
Chapter 11 Petition filed December 20, 2023
represented by: Lawrence Morrison, Esq.
In re Skin by Ask, LLC
Bankr. N.D.N.Y. Case No. 23-11308
Chapter 11 Petition filed December 20, 2023
See
https://www.pacermonitor.com/view/VMZV6VQ/Skin_by_Ask_LLC__nynbke-23-11308__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Boyle, Esq.
BOYLE LEGAL LLC
E-mail: mike@boylebankruptcy.com
In re Global Dwelling, LLC
Bankr. S.D.N.Y. Case No. 23-36040
Chapter 11 Petition filed December 20, 2023
See
https://www.pacermonitor.com/view/JT5K45A/Global_Dwelling_LLC__nysbke-23-36040__0001.0.pdf?mcid=tGE4TAMA
represented by: Michelle L. Trier, Esq.
GENOVA, MALIN & TRIER, LLP
In re Dylan James Homes LLC
Bankr. W.D. Tex. Case No. 23-51764
Chapter 11 Petition filed December 20, 2023
See
https://www.pacermonitor.com/view/HOAYPQY/Dylan_James_Homes_LLC__txwbke-23-51764__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert C Lane, Esq.
THE LANE LAW FIRM
E-mail: notifications@lanelaw.com
In re Raocore Technology, LLC
Bankr. E.D. Va. Case No. 23-12080
Chapter 11 Petition filed December 20, 2023
See
https://www.pacermonitor.com/view/OYAHT5A/Raocore_Technology_LLC__vaebke-23-12080__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re MR@M1, LLC
Bankr. M.D. Fla. Case No. 23-05794
Chapter 11 Petition filed December 21, 2023
See
https://www.pacermonitor.com/view/YMVNGMQ/MRM1_LLC__flmbke-23-05794__0001.0.pdf?mcid=tGE4TAMA
represented by: Buddy D. Ford, Esq.
BUDDY D. FORD, P.A.
E-mail: All@tampaesq.com
In re Derric Thompson
Bankr. M.D. Fla. Case No. 23-05783
Chapter 11 Petition filed December 21, 2023
In re Stephen Lewis Peet and Dianna H. Peet
Bankr. N.D. Ga. Case No. 23-62629
Chapter 11 Petition filed December 21, 2023
represented by: Leslie Pineyro, Esq.
In re Bradlynn Corp. Inc.
Bankr. D. Mass. Case No. 23-12142
Chapter 11 Petition filed December 21, 2023
See
https://www.pacermonitor.com/view/44OTA4Q/Bradlynn_Corp_Inc__mabke-23-12142__0001.0.pdf?mcid=tGE4TAMA
represented by: Peter M. Daigle, Esq.
DAIGLE LAW OFFICE
E-mail: pmdaigleesq@yahoo.com
In re TNT Cyber Solutions, LLC
Bankr. D. Neb. Case No. 23-41217
Chapter 11 Petition filed December 21, 2023
See
https://www.pacermonitor.com/view/C2W7AYI/TNT_Cyber_Solutions_LLC__nebke-23-41217__0001.0.pdf?mcid=tGE4TAMA
represented by: Patrick D. Turner, Esq.
TURNER LEGAL GROUP, LLC
E-mail: pturner@turnerlegalomaha.com
In re Ferry Street R2W, LLC
Bankr. D.N.J. Case No. 23-21761
Chapter 11 Petition filed December 21, 2023
See
https://www.pacermonitor.com/view/4ZD3JGI/Ferry_Street_R2W_LLC__njbke-23-21761__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Rudolph W. Giuliani
Bankr. S.D.N.Y. Case No. 23-12055
Chapter 11 Petition filed December 21, 2023
See
https://www.pacermonitor.com/view/OBYDHDI/Rudolph_W_Giuliani__nysbke-23-12055__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 Cusma Sober Housing
Bankr. N.D. Ohio Case No. 23-61502
Chapter 11 Petition filed December 21, 2023
See
https://www.pacermonitor.com/view/C6PNNXI/Cusma_Sober_Housing__ohnbke-23-61502__0001.0.pdf?mcid=tGE4TAMA
represented by: Anthony J. DeGirolamo, Esq.
ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW
E-mail: tony@ajdlaw7-11.com
In re Aurora Grace, LLC
Bankr. E.D. Pa. Case No. 23-13863
Chapter 11 Petition filed December 21, 2023
See
https://www.pacermonitor.com/view/AMP6GSA/AURORA_GRACE_LLC__paebke-23-13863__0001.0.pdf?mcid=tGE4TAMA
represented by: Maggie Soboleski, Esq.
CENTER CITY LAW OFFICES, LLC
E-mail: msoboles@yahoo.com
In re Value Price Auto, LLC
Bankr. D. Ariz. Case No. 23-09215
Chapter 11 Petition filed December 22, 2023
See
https://www.pacermonitor.com/view/L6ULVUA/VALUE_PRICE_AUTO_LLC__azbke-23-09215__0001.0.pdf?mcid=tGE4TAMA
represented by: James Gaudiosi, Esq.
JIM GAUDIOSI, ATTORNEY AT LAW PLLC
E-mail: jim@gaudiosilaw.com
In re Andrew Wilson Sistrunk
Bankr. M.D. Fla. Case No. 23-05430
Chapter 11 Petition filed December 22, 2023
represented by: Jeffrey Ainsworth, Esq.
In re Beverly L Davis
Bankr. N.D. Ga. Case No. 23-81572
Chapter 11 Petition filed December 22, 2023
represented by: Stephanie Harris, Esq.
In re The Local Gym, LLC
Bankr. N.D. Ga. Case No. 23-41899
Chapter 11 Petition filed December 22, 2023
See
https://www.pacermonitor.com/view/CRINVAA/The_Local_Gym_LLC__ganbke-23-41899__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Familetti, Esq.
FAMILETTI LAW FIRM
E-mail: familettilaw@gmail.com
In re Chips Daiquiris Airline, LLC
Bankr. W.D. La. Case No. 23-50947
Chapter 11 Petition filed December 22, 2023
See
https://www.pacermonitor.com/view/M4PSHMY/Chips_Daiquiris_Airline_LLC__lawbke-23-50947__0001.0.pdf?mcid=tGE4TAMA
represented by: Tom St. Germain, Esq.
WEINSTEIN & ST. GERMAIN
In re AHM, LLC
Bankr. D. Maine Case No. 23-20269
Chapter 11 Petition filed December 22, 2023
See
https://www.pacermonitor.com/view/E53F3KY/AHM_LLC__mebke-23-20269__0001.0.pdf?mcid=tGE4TAMA
represented by: Tanya Sambatakos, Esq.
MOLLEUR LAW FIRM
E-mail: tanya@molleurlaw.com
In re ADMV Management, LLC
Bankr. D. Mass. Case No. 23-41078
Chapter 11 Petition filed December 22, 2023
See
https://www.pacermonitor.com/view/A3UTCUA/ADMV_Management_LLC__mabke-23-41078__0001.0.pdf?mcid=tGE4TAMA
represented by: Leah O'Farrell, Esq.
MURPHY & KING, PROFESSIONAL CORPORATION
E-mail: lofarrell@murphyking.com
In re Lafleur Way, LLC
Bankr. E.D. Cal. Case No. 23-24610
Chapter 11 Petition filed December 23, 2023
See
https://www.pacermonitor.com/view/5RGBYPI/Lafleur_Way_LLC__caebke-23-24610__0001.0.pdf?mcid=tGE4TAMA
represented by: Peter G. Macaluso, Esq.
LAW OFFICE OF PETER G. MACALUSO
E-mail: info@pmbankruptcy.com
In re Erick Fernando Crespo
Bankr. N.D. Cal. Case No. 23-30874
Chapter 11 Petition filed December 23, 2023
represented by: Arasto Farsad, Esq.
In re Chefs Table Inc.
Bankr. E.D.N.Y. Case No. 23-44745
Chapter 11 Petition filed December 25, 2023
See
https://www.pacermonitor.com/view/KQWR3GQ/Chefs_Table_Inc__nyebke-23-44745__0001.0.pdf?mcid=tGE4TAMA
represented by: Rachel S. Blumenfeld, Esq.
LAW OFFICE OF RACHEL S. BLUMENFELD PLLC
E-mail: rachel@blumenfeldbankruptcy.com0
*********
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S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.
Copyright 2023. All rights reserved. ISSN: 1520-9474.
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