/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/240102.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, January 2, 2024, Vol. 28, No. 1 Headlines 178 WYONA OWNER: Seeks to Tap Solomon Rosengarten as Legal Counsel 33 MILL CREEK: Hits Chapter 11 Bankruptcy Protection ACCAM1 INC: Court OKs Interim Cash Collateral Access ADON PROPERTIES: Steven Weiss Named Subchapter V Trustee AIR MAX HEATING: Kimberly Strong Named Subchapter V Trustee AIR METHODS: RiverNorth Marks $560,000 Loan at 69% Off ART OF GRANITE: Wins Interim Cash Collateral Access ASTRA ACQUISITION: RiverNorth Marks $1.9MM Loan at 38% Off ASTRA ACQUISITION: RiverNorth Marks $452,400 Loan at 24% Off ATLAS PURCHASER: RiverNorth Marks $686,600 Loan at 28% Off AULT ALLIANCE: Sets 2024 Revenue Goals at $230-$240 Million AURORA GRACE: Hits Chapter 11 Bankruptcy Protection AVEANNA HEALTHCARE: RiverNorth Marks $538,800 Loan at 34% Off BACCI OF BENSENVILLE: Court OKs Interim Cash Collateral Access BACKBEAT BREWING: David Madoff Named Subchapter V Trustee BIRD GLOBAL: DIP Loans from MidCap, US Bank Win Interim OK BLACKBERRY LTD: Reports Third Quarter Fiscal Year 2024 Results BOBBITT ELECTRICAL: Judy Wolf Weiker Named Subchapter V Trustee CANO HEALTH: Dr. Marlow Hernandez Holds 4.39% Class A Shares CAPROCK LAND: Court OKs Bid to Appoint Chapter 11 Trustee CHIEF FIRE: Areya Aurzada of Holder Law Named Subchapter V Trustee CITIUS PHARMA: Wolf & Company, P.C. Raises Going Concern Doubt DBA TRANSPORTATION: Files Bare Bones Chapter 11 Bankruptcy DIVERSIFIED HEALTHCARE: Flat Footed, Marc Andersen Hold 9.8% Stake EFFICIENT COLLABORATIVE: PennantPark Marks $7.6MM Loan at 30% Off ELITE ROOF: Kimberly Ross Clayson Named Subchapter V Trustee ENCHANTED LITTLE FOREST: Court OKs Cash Access Thru Jan 2024 ENVISION HEALTHCARE: RiverNorth Marks $893,900 Loan at 77% Off FERRY STREET R2W: Hits Chapter 11 Bankruptcy Protection FISHERMANS COVE: Files Chapter 11 Subchapter V Case FISHERMANS COVE: Salvatore LaMonica Named Subchapter V Trustee GAUCHO GROUP: Postpones Special Stockholder Meeting Until Feb. 29 GLOBAL DWELLING: Starts Subchapter V Bankruptcy Process GLOBAL FERTILITY: Dr. Hu Bo Seeks Chapter 11 Trustee Appointment GLOBAL VALUES: Court OKs Cash Collateral Access Thru Jan 2024 GOLDEN GLOBE: Jolene Wee of JW Infinity Named Subchapter V Trustee GOUGER OIL: Eric Terry Named Subchapter V Trustee GRAY MATTER HOLDINGS: Kicks Off Subchapter V Bankruptcy Process GREENUP INDUSTRIES: Commences Subchapter V Bankruptcy Proceeding GUANELLA PASS: Voluntary Chapter 11 Case Summary H & H FAST: Matthew Brash of Newpoint Named Subchapter V Trustee HALF LION: Intends to File Reorganization Plan Early February IAMGOLD CORP: Files Technical Report for Essakane Gold Mine IAMGOLD CORP: Gold Prepay Deals to Increase Cashflow in Q1 2024 IBIO INC: Unit Extends Maturity of Woodforest Credit Agreement IMPEL NEUROPHARMA AUSTRALIA: Seeks Chapter 11 Bankruptcy Protection IMPEL PHARMACEUTICALS: Court OKs Interim Cash Collateral Access INNOVATIVE NURSING: Kicks Off Subchapter V Bankruptcy INNOVATIVE NURSING: Leon Jones Named Subchapter V Trustee INPIXON: 49.1M Warrants Exercised in Inducement Agreements INPIXON: Plans to Offer $10 Million Worth of Common Shares INTERGALACTIC THERAPEUTICS: Files Chapter 11 to Pursue Wind Down JJB DC: Court OKs Appointment of Lawrence Katz as Trustee JOANN INC: May Issue Additional 400K Shares Under 2021 ESPP KODIAK TRUCKING: David Sousa Named Subchapter V Trustee LOCAL GYM: Files Emergency Bid to Use Cash Collateral LOGMEIN INC: RiverNorth Marks $205,700 Loan at 33% Off LTGF BUSINESS TRUST: Files Subchapter V Case LUCKY BUCKS: PennantPark Marks $4.4MM Loan at 74% Off MERCURITY FINTECH: Incurs $2.58MM Net loss in H1 2023 MIG EAST LLC: Files Subchapter V Case, Sues Surety MIG EAST: Richardo Kilpatrick Named Subchapter V Trustee MILLENNIAL BENEFIT: David Klauder Named Subchapter V Trustee MILLENNIAL BENEFIT: Starts Subchapter V Bankruptcy Case MOBIQUITY TECHNOLOGIES: Chairman Holds 70.7% Equity Stake MULLEN AUTOMOTIVE: Delivers 63 Vehicles to Randy Marion Worth $4M MUSTARD SEED: Continued Operations to Fund Plan Payments NURSES AT HEART: Ashley Rusher Named Subchapter V Trustee OUTPUT SERVICES: PennantPark Marks $4.9MM Loan at 80% Off PARTS ID INC: Files for Chapter 11 With Prepackaged Plan PDG HOLDINGS: Gina Klump Named Subchapter V Trustee PENNSYLVANIA REAL ESTATE: Extends Maturity of Notes to Feb. 15 PREFERRED BUILDERS: Michael Markham Named Subchapter V Trustee PROFRAC HOLDINGS II: Moody's Rates New $520MM Secured Notes 'B3' RADIOLOGY PARTNERS: S&P Places 'CCC+' ICR on CreditWatch Negative RAOCORE TECHNOLOGY: Jolene Wee Named Subchapter V Trustee RAWHIDE MINING: Files for Chapter 11 Bankruptcy Protection RGV PUMP & EQUIPMENT: Catherine Curtis Named Subchapter V Trustee RITE AID: Court OKs DIP Loans from Bank of America RIVERBED TECHNOLOGY: RiverNorth Marks $420,000 Loan at 35% Off ROCKCLIFF ENERGY: S&P Raises ICR to 'B+' Then Withdraws Rating ROCKY MOUNTAIN FINE WINES: Seeks Chapter 11 Bankruptcy Protection ROCKY MOUNTAIN FINE: Court OKs Cash Collateral Access Thru Jan 2024 ROOF HEROES: Wins Interim Cash Collateral Access SECURED COMMUNICATIONS: Unsecureds to Recover 5% to 14% in Plan SKIN BY ASK LLC: Starts Subchapter V Bankruptcy Process SPCH INVESTMENTS: Brian Shapiro Named Subchapter V Trustee SPEEDWAY AUTO SALES 27: Starts Subchapter V Bankruptcy Case SPEEDWAY AUTO: Amy Denton Mayer Named Subchapter V Trustee STUDIOKAZA MOBILI: Files Emergency Bid to Use Cash Collateral SWING AWAY: Marc Albert of Stinson Named Subchapter V Trustee TG NATURAL RESOURCES: S&P Assigns 'B+' ICR on Rockcliff Deal THERATECHNOLOGIES INC: Renews Shelf Prospectus, Files Form F-3 THINK & LEARN: RiverNorth Marks $646,400 Loan at 65% Off U SPORTS LEAGUE: Kicks Off Chapter 11 Bankruptcy Protection WESTERN URANIUM: Grants 1.5M Stock Options to Directors, Officers WESTERN URANIUM: Provides Market and Company Updates WOLF RIGS: Joli Lofstedt Named Subchapter V Trustee XD INDUSTRIES: Robert Goe Named Subchapter V Trustee ZIGI USA: Case Summary & 20 Largest Unsecured Creditors [] 2023 Bankruptcy Filings Rose as Retail Firms' Lifelines Ran Out [] 7 Famous Businesses That Went Bankrupt in 2023 ********* 178 WYONA OWNER: Seeks to Tap Solomon Rosengarten as Legal Counsel ------------------------------------------------------------------ 178 Wyona Owner, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Solomon Rosengarten, Esq., an attorney practicing in Brooklyn, N.Y., to handle its Chapter 11 case. Mr. Rosengarten will be paid at his hourly rate of $500, plus reimbursement of expenses incurred. The attorney received a retainer fee of $7,500 from Al Kahanbash, the Debtor's principal. Mr. Rosengarten disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Solomon Rosengarten, Esq. 2329 Nostrand Avenue, Suite 100 Brooklyn, NY 11210 Telephone: (718) 627-4460 Email: vokma@aol.com About 178 Wyona Owner 178 Wyona Owner LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-44199) on Nov. 16, 2023, with up to $1 million in both assets and liabilities. Judge Nancy Hershey Lord oversees the case. Solomon Rosengarten, Esq., serves as the Debtor's counsel. 33 MILL CREEK: Hits Chapter 11 Bankruptcy Protection ---------------------------------------------------- 33 Mill Creek Close Corp. filed for chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Sec. 341(a) is slated to be held on Jan. 22, 2024, at 2:00 PM at Room 563, 560 Federal Plaza, CI, NY. About 33 Mill Creek Close Corp. 33 Mill Creek Close Corp. is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B). 33 Mill Creek Close Corp. sought relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-74755) on Dec. 19, 2023. In the petition signed by Pnina Anza, as authorized representative, the Debtor reported assets and liabilities between $1 million and $10 million. Pnina Anza is the Debtor's attorney. ACCAM1 INC: Court OKs Interim Cash Collateral Access ---------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, authorized Accam1, Inc. to use cash collateral on an interim basis in accordance with the budget, with a 10% variance. As adequate protection for the Debtor's use of cash collateral, Regions Bank will have a first priority post-petition security interest in, and lien upon, all of the Applicable Debtor's personal property. The Post-Petition Lien is, and will be deemed, perfected without the need to execute or file any document or instrument that might otherwise be required under applicable non-bankruptcy law to perfect said lien. If diminution occurs in the value of cash collateral from and alter the Petition Date as a result of the Debtor's use thereof in an amount in excess of the value of the Replacement Liens granted, then Regions will be granted an Administrative claim under 11 U.S.C. Section 507(b). The Debtor will maintain insurance for Regions' collateral same form and amount consistent with the requirements of the loan documents. A continued hearing on the matter is set for February 5, 2024 at 2 p.m. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=OnuSWx from PacerMonitor.com. The Debtor projects $42,000 in gross profit and $68,189 in total expenses. About Accam1, Inc. Accam1, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00574) on May 23, 2023. In the petition signed by Al Mueller, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Caryl E. Delano oversees the case. Jonathan Bierfeld, Esq., at Martin Law Firm, represents the Debtor as legal counsel. ADON PROPERTIES: Steven Weiss Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 1 appointed Steven Weiss, Esq., at Shatz, Schwartz and Fentin, P.C., as Subchapter V trustee for Adon Properties, LLC. Mr. Weiss will be paid an hourly fee of $515 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Weiss declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven Weiss, Esq. Shatz, Schwartz and Fentin, P.C. 1441 Main Street, Suite 1100 Springfield, MA 01103 Phone: (413) 737-1131 Email: sweiss@ssfpc.com About Adon Properties Adon Properties, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 23-41035) on December 11, 2023, with $100,001 to $500,000 in both assets and liabilities. Robert Girvan, Esq., at Weiner Law Firm, P.C. represents the Debtor as bankruptcy counsel. AIR MAX HEATING: Kimberly Strong Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Kimberly Strong, audit director at Harper, Rains, Knight & Company, P.A., as Subchapter V trustee for Air Max Heating & Cooling, LLC. Ms. Strong 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. Strong declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kimberly Strong 1052 Highland Colony Pwky, Suite 100 Ridgeland, MS 39157 Phone: (601) 605-0542 Email: kstrong@hrkcpa.com About Air Max Heating Air Max Heating & Cooling, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 23-02886) on December 13, 2023, with up to $50,000 in both assets and liabilities. Judge Jamie A. Wilson oversees the case. R. Michael Bolen of Hood & Bolen, PLLC represents the Debtor as legal counsel. AIR METHODS: RiverNorth Marks $560,000 Loan at 69% Off ------------------------------------------------------ The RiverNorth Funds has marked its $560,064 loan extended to Air Methods Corp to market at $172,923 or 31% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in RiverNorth's Form N-CSR for the Fiscal Year ended September 30, 2023, filed with the Securities and Exchange Commission. RiverNorth is a participant in a First Lien - Initial Term Loan (d) (3M US L + 3.50%, 1.00% Floor) to Air Methods Corp. The loan matures on April 22, 2024. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended. Air Methods Corporation provides ambulance services. The Company offers emergency medical services by air transport. ART OF GRANITE: Wins Interim Cash Collateral Access --------------------------------------------------- The U.S Bankruptcy Court for the Middle District of Florida, Jacksonville Division, authorized Art of Granite Countertops, Inc. to use cash collateral on an interim basis in accordance with the budget. The Debtor is authorized to use cash collateral to pay: (a) amounts expressly authorized by the Court, including payments to the US Trustee for quarterly fees; (b) the "bare necessities" for day-to-day operations and (c) prepetition wages to employees who are retained by the Debtor moving forward; (d) such additional amounts as may be expressly approved in writing by GFE Holdings, and Small Business Administration. As adequate protection, each creditor with a security interest in cash collateral will have a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as the prepetition lien, without the need to file or execute any document as may otherwise be required under applicable non bankruptcy law. The Debtor will maintain insurance coverage for its property in accordance with the obligations under the loan and security documents with the Secured Creditors. A continued hearing on the matter is set for February 6, 2024 at 9:30 a.m. A copy of the order is available at https://urlcurt.com/u?l=8eXhKg from PacerMonitor.com. About Art of Granite Countertops, Inc. Art of Granite Countertops, Inc. provides countertops to various contractors- for residential and commercial purposes. The Debtor also provides services for de-fabricating existing countertops and installing the newly ordered product. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 3:23-bk-02706) on November 2, 2023. In the petition signed by Marco Damas, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Jason A. Burgess oversees the case. Donald M. DuFresne, Esq., at Parker & DuFresne, P.A., represents the Debtor as legal counsel. ASTRA ACQUISITION: RiverNorth Marks $1.9MM Loan at 38% Off ---------------------------------------------------------- The RiverNorth Funds has marked its $1,989,522 loan extended to Astra Acquisition Corp to market at $1,243,451 or 62% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in RiverNorth's Form N-CSR for the Quarterly Period ended September 30, 2023, filed with the Securities and Exchange Commission. RiverNorth is a participant in a Second Lien - Initial Term Loan (3M SOFR + 8.88%) to Astra Acquisition Corp. The loan matures on October 22, 2029. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended. Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. ASTRA ACQUISITION: RiverNorth Marks $452,400 Loan at 24% Off ------------------------------------------------------------ The RiverNorth Funds has marked its $452,470 loan extended to Astra Acquisition Corp to market at $341,841 or 76% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in RiverNorth's Form N-CSR for the Fiscal Year ended September 30, 2023, filed with the Securities and Exchange Commission. RiverNorth is a participant in a First Lien - Initial Term Loan (3M SOFR + 5.25%) to Astra Acquisition Corp. The loan matures on October 22, 2028. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended. Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. ATLAS PURCHASER: RiverNorth Marks $686,600 Loan at 28% Off ---------------------------------------------------------- The RiverNorth Funds has marked its $686,642 loan extended to Atlas Purchaser, Inc to market at $491,989 or 72% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in RiverNorth's Form N-CSR for the Fiscal Year ended September 30, 2023, filed with the Securities and Exchange Commission. RiverNorth is a participant in a First Lien - Initial Term Loan(3M US L + 3.00%, 0.75% Floor) to Atlas Purchaser, Inc. The loan matures on May 18, 2028. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended. Atlas Purchaser, Inc., which does business as Alvaria, Inc., acquired the assets of Aspect Software in a leveraged buyout in 2021. Aspect is a provider of call center software and solutions. AULT ALLIANCE: Sets 2024 Revenue Goals at $230-$240 Million ----------------------------------------------------------- Ault Alliance, Inc. outlined its revenue objectives and other corporate initiatives for 2024. The Company is targeting gross consolidated revenue between $230 million and $240 million. Additionally, Ault Alliance reiterates that it has successfully completed the repayment of its $38.5 million senior secured debt as of Dec. 14, 2023. The Company is updating the market with these projections based upon substantial growth at Sentinum, Inc., its data center operations and Bitcoin mining sector, further complemented by the strong performance of its crane rental business, Circle 8 Crane Services, LLC. These announcements mark significant achievements for the Company, showcasing its commitment to sustainable growth, financial discipline and enhancing stockholder value. The upcoming exchange offer alongside the debt repayment, highlight the Company's efforts to improve its capital structure and future capital management strategy. The significant growth in Sentinum's operations, along with Circle 8's exceptional performance, demonstrate the Company's dedication to its core verticals and commitment to these industries. Milton "Todd" Ault III, executive chairman of Ault Alliance, emphasized, "Our revenue targets for 2024, the completed debt repayment, and our focus on our key business segments reflect our diversified approach to business growth and our commitment to enhancing stockholder value. Each of these sectors plays a critical role in our collective success, underscoring our ability to capitalize on emerging market opportunities and technological advancements." The Company notes that all estimates and other projections are subject to a number of factors that could result in decreased revenue for fiscal 2024, including, but in no way not limited to: (i) the unforeseen delays in completing the buildout of the Company's new data center in Montana and the transfer of Bitcoin miners to that location from current third party hosted centers; (ii) the volatility in, and downward pressure on, Bitcoin's market price; (iii) the increase in the Bitcoin mining difficulty level and the impact of the forthcoming halving; (iv) revenues and profits generated by its wholly owned subsidiary Ault Lending, LLC, which includes unrealized gains and losses on marketable securities from changes in prices, which can cause significant volatility between periods; and (v) a significant number of other factors that could adversely impact the results of production or operations. About Ault Alliance Inc. Ault Alliance, Inc. (formerly, BitNile Holdings, Inc.) is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly- and majority-owned subsidiaries and strategic investments, the Company owns and operates a data center at which the Company mines Bitcoin, and provides mission-critical products that support a diverse range of industries, including crane services, oil exploration, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance reported a net loss of $189.83 million for the year ended Dec. 31, 2022, compared to a net loss of $23.04 million for year year ended Dec. 31, 2021. As of March 31, 2023, the Company had $526.91 million in total assets, $336.56 million in total liabilities, and $190.34 million in total stockholders' equity. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company has a working capital deficiency, has incurred net losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. AURORA GRACE: Hits Chapter 11 Bankruptcy Protection --------------------------------------------------- Aurora Grace LLC filed for chapter 11 protection in the Eastern District of Pennsylvania. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for January 22, 2024, at 10:00 AM at UST-LA3, TELEPHONIC MEETING. CONFERENCE LINE:1-877-685-3103, PARTICIPANT CODE:6249335#. About Aurora Grace Aurora Grace LLC is a limited liability company in Pennsylvania. Aurora Grace LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Penn. Case No. 23-13863) on December 22, 2023. In the petition filed by Aurora Wold, as sole member, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by: Maggie S. Soboleski, Esq. Center City Law Offices LLC 517 S. 5TH STREET Philadelphia, PA 19147 AVEANNA HEALTHCARE: RiverNorth Marks $538,800 Loan at 34% Off ------------------------------------------------------------- The RiverNorth Funds has marked its $538,805 loan extended to Aveanna Healthcare LLC to market at $355,611 or 66% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in RiverNorth's Form N-CSR for the Fiscal Year ended September 30, 2023, filed with the Securities and Exchange Commission. RiverNorth is a participant in a Second Lien - Initial Term Loan (d) (3M SOFR + 7.00%, 0.50% Floor) to Aveanna Healthcare LLC. The loan matures on December 10, 2029. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended. Aveanna Healthcare LLC provides health care services. The Company offers pediatric skilled nursing, therapy, autism, enteral nutrition, and adult services. BACCI OF BENSENVILLE: Court OKs Interim Cash Collateral Access -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, authorized Bacci of Bensenville Inc. to use cash collateral on an interim basis, in accordance with the budget, effective December 20, 2023. Smart Business/Triton Recovery Group and Reliant Funding will each receive adequate protection payments in the amount of $1,500 and, as additional adequate protection, are granted a lien on the proceeds of the cash collateral subsequent to the filing of the Chapter 11 petition subject to the extent and validity of the lien. A continued hearing on the matter is set for January 17, 2024 at 1 p.m. A copy of the order is available at https://urlcurt.com/u?l=sUgOIz from PacerMonitor.com. About Bacci of Bensenville Inc. Bacci of Bensenville Inc. owns and operates three restaurants. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-17054) on December 20, 2023. In the petition signed by Pasquale Di Diana, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge David D. Cleary oversees the case. Penelope Bach, Esq., at Bach Law Offices, represents the Debtor as legal counsel. BACKBEAT BREWING: David Madoff Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 1 appointed David Madoff, Esq., a partner at Madoff & Khoury, LLP, as Subchapter V trustee for Backbeat Brewing Co., LLC, and BB Commercial Holdings, LLC. Mr. Madoff will be compensated at $415 per hour for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. In court filings, Mr. Madoff declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David B. Madoff Madoff & Khoury, LLP 124 Washington Street, Suite 202 Foxborough, MA 02035 Phone: (508) 543-0040 Email: madoff@mandkllp.com About Backbeat Brewing Co. Backbeat Brewing Co., LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-12113) on December 18, 2023, with up to $50,000 in both assets and liabilities. Judge Janet E. Bostwick oversees the case. John F. Sommerstein, Esq., at the Law Offices of John F. Sommerstein represents the Debtor as bankruptcy counsel. BIRD GLOBAL: DIP Loans from MidCap, US Bank Win Interim OK ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, authorized Bird Global, Inc. and affiliates to use cash collateral and obtain postpetition financing, on an interim basis. The Debtor is permitted to obtain postpetition financing comprising: i. a postpetition senior secured priming and super-priority debtor-in-possession loan facility provided by the lenders party to the Prepetition Credit Agreement pursuant to the terms and conditions of the DIP Orders and the DIP Credit Agreement, consisting of new money loans up to $19.5 million of which up to $11.5 million will be available upon the entry of the Interim Order after exhaustion of the DIP New Money Notes; ii. a postpetition senior secured note purchase agreement junior only to the DIP Credit Facility, the First Lien Adequate Protection Obligations, and the Prepetition First Lien Obligations, provided by certain lenders party to the Prepetition Note Purchase Agreement pursuant to the terms and conditions of the DIP Orders and the DIP Note Purchase Agreement of up to $5.6 million in new money notes, of which $5.6 million will be available upon the entry of the DIP Orders pursuant to the terms and conditions of he DIP Orders and the DIP Credit Agreement. The Debtors, upon entry of the Final Order, will convert to DIP Obligations: (i) the loans under the Prepetition Credit Agreement, held by the Prepetition First Lien Lenders and rolled up into the DIP Credit Facility, in an aggregate principal amount of $41.455 million, plus accrued and unpaid interest of not less than $2.8 million and all other Prepetition First Lien Obligations; and (ii) notes issued under the Prepetition Note Purchase Agreement, held by the Participating Second Lien Lenders and rolled up into the DIP Junior Notes Facility, in an aggregate principal amount of $4 million. MidCap Financial Trust serves as administrative agent under the DIP Credit Agreement. US Bank, National Association, is the junior DIP Agent. The DIP Loans would be due in full, and the DIP Loan Commitment would terminate on, the earliest to occur of the following: (a) unless the Final Order will have been entered on or before the date that is 30 days after the entry of the Interim Order; (b) the date upon which the Sale Transaction is consummated; (c) March 18, 2024; and (d) acceleration by the Senior DIP Agent or Junior DIP Agent following an Event of Default. (A) First Lien Obligations - First Lien Credit Facility On April 27, 2021, Bird Opco, Bird Holdco, MidCap Financial Trust, as administrative agent, and certain other lenders thereto entered into a Loan and Security Agreement, pursuant to which Bird could finance its future vehicle capital expenditures. The First Lien Credit Facility included a repayment mechanism tied directly to revenue generation by vehicles on lease by Bird Opco to Bird Rides under an intercompany leasing arrangement. As of the Petition Date, the outstanding principal balance under the First Lien Credit Facility, inclusive of the First Lien Bridge Loan, is not less than $41.455 million, plus accrued and unpaid interest of not less than $2.833 million and all other Prepetition First Lien Obligations. (B) Second Lien Obligations - Note Purchase Agreement In connection with the Bird Canada Acquisition, Bird Global, as issuer, the Second Lien Agent and the Second Lien Noteholders from time-to-time party thereto, entered into a Note Purchase Agreement dated December 30, 2022. Pursuant to the Note Purchase Agreement, Bird Global issued and sold an aggregate principal amount of $30.1 million of its Second Lien Notes. The Second Lien Notes were issued and sold in a private placement to certain "accredited investors" conducted pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The terms of the Second Lien Notes are governed by the Note Purchase Agreement. As of the Petition Date, the outstanding principal balance under the Note Purchase Agreement is not less than $63.850 million, plus approximately $7.180 million in accrued and unpaid interest thereon (including PIK interest), attorneys' fees and costs. The Debtors require immediate access to the DIP Facilities in addition to continued use of the cash collateral in order to satisfy near-term and long-term expenses critical to the business and their chapter 11 efforts. As adequate protection, the Prepetition First Lien Lenders and the Prepetition Second Lien Lenders, continuing valid, binding, enforceable and perfected postpetition security interests in and liens on all of the Debtors' assets, including, without limitation, the DIP Collateral. As further adequate protection of the interests of (a) the Prepetition Secured Parties in the Prepetition Collateral against any Diminution in Value of such interests in the Prepetition Collateral, the Prepetition Agent, on behalf of itself and the other Prepetition Secured Parties, is to be granted, as and to the extent provided by 11 U.S.C. section 507(b), an allowed superpriority administrative expense claim in each of the Cases and any Successor Cases. As additional adequate protection to the Prepetition Secured Parties, the Debtors will (i) make monthly payments to the Prepetition First Lien Lenders on the last business day of each month in an amount equal to the interest accrued on or after the Petition Date on the First Lien Prepetition Secured Obligations; and (ii) pay the fees and expenses of Prepetition Second Lien Agent and the Prepetition Second Lien Lenders. A final hearing on the matter is set for January 16, 2024 at 10 a.m. A copy of the order is available at https://urlcurt.com/u?l=wJm9te from PacerMonitor.com. About Bird Global, Inc. Bird Global, Inc., a micro-mobility operator, is an electric vehicle company dedicated to bringing affordable, environmentally friendly transportation solutions such as e-scooters and e-bikes to communities across the world. Bird Global, Inc. and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 23-20514) on December 20, 2023. In the petition signed by Christopher Rankin, chief restructuring officer, Bird Global disclosed up to $500 million in both assets and liabilities. Judge Laurel M. Isicoff oversees the case. Paul Steven Singerman, Esq., Jordi Guso, Esq., and Clay B. Roberts, Esq., at Berger Singerman LLP, represent the Debtor as legal counsel. Teneo Capital LLC is the Debtor's restructuring advisor. Epiq Corporate Restructuring, LLC serves as notice and claims agent. The Senior DIP Parties and Prepetition First Lien Parties, led by MidCap Financial Trust, are represented by Latham & Watkins LLP (James Ktsanes; John Lister; Hugh Murtagh). Covington & Burling LLP (Ronald A. Hewitt) represents the Junior DIP Agent, U.S. Bank. Venable LLP (Paul J. Battista) advises the Junior DIP Lenders and Participating Second Lien Parties. BLACKBERRY LTD: Reports Third Quarter Fiscal Year 2024 Results -------------------------------------------------------------- BlackBerry Limited has reported financial results for the three months ended November 30, 2023. Commenting on the results, John J. Giamatteo, CEO of BlackBerry, said, "This was a good quarter for BlackBerry. Our IoT business delivered solid revenue growth and continued its impressive design win momentum. We showed particular strength in Automotive, especially in ADAS where we continue to expand our market position. We also saw a strong quarter for the Cybersecurity business, securing large strategic deals with leading government agencies that helped drive strong sequential revenue growth and margin expansion. Work has commenced to fully separate and significantly rightsize our businesses, and we expect to further reduce operating cashflow usage in Q4." Third Quarter Fiscal 2024 Financial Highlights Include: * Total company revenue was $175 million. * Total company non-GAAP and GAAP gross margin increased to 73%. * IoT revenue was $55 million, a 12% sequential and 8% year-over-year increase; IoT gross margin was 84%. * Cybersecurity revenue was $114 million, a 44% sequential and 8% year-over-year increase; Cyber gross margin improved by 14 percentage points sequentially to 68%. * Cybersecurity ARR was $273 million. * Cybersecurity billings were $109 million. * Licensing and Other revenue was $6 million. * Non-GAAP operating profit was $13 million and GAAP operating loss was $11 million. * Total cash, cash equivalents, short-term and long-term investments was $271 million. Business Highlights & Strategic Announcements * BlackBerry appoints cybersecurity industry veteran, and President of BlackBerry's Cybersecurity division, John Giamatteo as CEO * Process underway to establish fully standalone IoT and Cybersecurity divisions, separating centralized functions and right-sizing cost structures to increase options for maximizing shareholder value * BlackBerry announces partial extension of convertible debentures, fully repaying $365 million of the 2020 debentures and issuing $150 million of short-term debentures on substantially identical terms * BlackBerry secures significant, multi-year deal to provide full suite of cybersecurity solutions to the Government of Malaysia * United States Department of Homeland Security awards new PENS contract to BlackBerry, utilizing BlackBerry AtHoc critical event management (CEM) solution * BlackBerry launches Generative AI-powered cybersecurity assistant to increase efficiency and reduce fatigue for CISO teams * BlackBerry announces enhancements to BlackBerry SecuSUITE for Government, including encrypted video and group audio calls BlackBerry is providing the following guidance for the fourth quarter of fiscal 2024 (ending February 29, 2024). Total BlackBerry revenue: $150 - $159 million IoT revenue: $62 - $66 million Cyber revenue: $83 - $88 million Licensing & Other revenue: Approximately $5 million A full-text copy of the Report filed on Form 8-K with the SEC is available at http://tinyurl.com/vrxhpe9h About BlackBerry Headquartered in Waterloo, Ontario, BlackBerry Limited (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. As of Aug. 31, 2023, the Company had $1.613 billion in total assets against $784 million in total liabilities. In September 2023, Egan-Jones Ratings Company maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by BlackBerry Limited. BOBBITT ELECTRICAL: Judy Wolf Weiker Named Subchapter V Trustee --------------------------------------------------------------- The U.S. Trustee for Region 10 appointed Judy Wolf Weiker of Manewitz Weiker Associates, LLC as Subchapter V trustee for Bobbitt Electrical Service, LLC. Ms. Weiker 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. Weiker declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Judy Wolf Weiker Manewitz Weiker Associates, LLC P.O. Box 40185 Indianapolis, IN 46240 Phone: 973-768-2735 Email: JWWtrustee@manewitzweiker.com About Bobbitt Electrical Service Bobbitt Electrical Service, LLC owns and operates as an electrical contractor providing services to commercial customers. The company was incorporated in 2019 and operates out of the owner's home in Indianapolis, Ind. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-05620) on December 19, 2023, with up to $50,000 in assets and up to $500,000 in liabilities. Bernard Bobbitt, president, signed the petition. John Allman, Esq., at Hester Baker Krebs, LLC, represents the Debtor as legal counsel. CANO HEALTH: Dr. Marlow Hernandez Holds 4.39% Class A Shares ------------------------------------------------------------ In a Schedule 13D/A filed with the Securities and Exchange Commission, the following entities reported beneficial ownership of shares of Class A common stock of Cano Health, Inc. as of Dec. 18, 2023: Shares Percent Beneficially of Reporting Person Owned Class Dr. Marlow Hernandez 237,236 4.39% Hernandez Borrower Holdings, LLC 220,345 4.08% Marlow B. Hernandez 2020 Family Trust 1,144 Less Than 1% The aggregate number and percentage of shares of Class A Common Stock beneficially owned by the Reporting Persons is based upon 2,887,608 shares of Class A Common Stock outstanding and 2,518,894 shares of Class B Common Stock outstanding as of Nov. 9, 2023, as reported on the Issuer's Form 10-Q, filed on Nov. 13, 2023 plus shares of Class A Common Stock underlying the Public Warrants, shares of Class B Common Stock underlying the options and Class B Common Stock held by the Reporting Persons. The amount of beneficial ownership includes (1) 11,405 shares of the Issuer's Class A Common Stock, 700 shares of the Issuer's Class B Common Stock and 3,638 Public Warrants to purchase Class A Common Stock held by Dr. Hernandez; (2) 134,976 shares of the Issuer's Class B Common Stock held by Hernandez Borrower Holdings, LLC; (3) an option provided to Dr. Hernandez and Hernandez Borrower Holdings, LLC pursuant to the Repayment Agreement to acquire 85,369 shares of Class B Common Stock; and (4) 675 shares of the Issuer's Class A Common Stock and 469 Public Warrants to purchase Class A Common Stock held by Marlow B. Hernandez 2020 Family Trust. The beneficial ownership does not include 1,043 shares of Class A Common Stock underlying stock options which are currently unvested and 13,168 restricted stock units not scheduled to vest within 60 days of Dec. 20, 2023 (the date hereof). Following the sales of securities on Dec. 18, 2023, and Dec. 19, 2023, each of the Reporting Persons ceased to be a beneficial owner of more than five percent of the Issuer's shares. A full-text copy of the regulatory filing is available for free at: https://www.sec.gov/Archives/edgar/data/1800682/000119312523300237/d89715dsc13da.htm About Cano Health Cano Health, Inc. (NYSE: CANO) -- canohealth.com -- is a primary care-centric, technology-powered healthcare delivery and population health management platform. Founded in 2009, with its headquarters in Miami, Florida, Cano Health is transforming healthcare by delivering primary care that measurably improves the health, wellness, and quality of life of its patients and the communities it serves through its primary care medical centers and supporting affiliated providers. Cano Health reported a net loss of $428.39 million in 2022, a net loss of $116.74 million in 2021, a net loss of $71.06 million in 2020, and a net loss of $19.78 million in 2019. * * * As reported by the TCR on Aug. 17, 2023, S&P Global Ratings lowered its issuer credit rating on Cano Health Inc. to 'CCC-' from 'B-'. S&P said, "We based our negative outlook on our expectation for continued weak operating performance and cash flow deficits. Given the company's current liquidity position, we believe there is heightened risk of a near-term default such as a bankruptcy filing, debt restructuring, or missed interest payment." CAPROCK LAND: Court OKs Bid to Appoint Chapter 11 Trustee --------------------------------------------------------- Judge Robert Jones of the U.S. Bankruptcy Court for the Northern District of Texas granted the motion by StoneX Commodity Solutions, LLC to appoint a Chapter 11 trustee in the bankruptcy case of CapRock Land Company, LLC. Judge Jones ordered the U.S. Trustee for Region 6, the Justice Department's bankruptcy watchdog overseeing the case, to appoint a bankruptcy trustee. Counsel for StoneX Commodity: John Massouh, Esq. Sprouse Shrader Smith PLLC 701 S. Taylor, Suite 500 P.O. Box 15008 Amarillo, TX 79105-5008 Telephone: (806) 468-3300 Email: John.massouh@sprouselaw.com -- and -- Jane Pearson, Esq. Michael Schuster, Esq. Polsinelli PC 1000 2nd Ave, Suite 3500 Seattle, WA 98104 Telephone: (206) 393-5415 Email: jane.pearson@polsinelli.com Email: mschuster@polsinelli.com About CapRock Land Company CapRock Land Company, LLC is a global logistics company that manages organic feed ingredients around the world to the benefit of its end customers. It operates seven storage facilities across the U.S. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 23-20172) on August 25, 2023, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Thomas Bunkley, owner, signed the petition. Judge Robert L. Jones oversees the case. Steven L. Hoard, Esq., at Mullin Hoard & Brown, LLP, represents the Debtor as legal counsel. StoneX Commodity Solutions LLC, as lender, is represented by Polsinelli PC. CHIEF FIRE: Areya Aurzada of Holder Law Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 6 appointed Areya Holder Aurzada, Esq., at Holder Law as Subchapter V trustee for Chief Fire Prevention Holdings, LLC and its affiliates. Ms. Aurzada will be paid an hourly fee of $495 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Aurzada declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Areya Holder Aurzada, Esq. Holder Law 901 Main Street, Ste. 5320 Dallas, TX 75202 Office: 972-438-8800 Mobile: 817-907-4140 About Chief Fire Prevention Holdings Chief Fire Prevention Holdings, LLC is a fire prevention company in Southlake, Texas, which offers restaurant owners a suite of services to accommodate every need associated with fire prevention. It offers fire suppression services, range hood cleaning services, and fire extinguisher maintenance. Chief Fire Prevention Holdings and its affiliates filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 23-43849) on December 17, 2023. At the time of the filing, Chief Fire Prevention Holdings reported up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Mark X. Mullin oversees the cases. Bryan C. Assink, Esq., at Bonds Ellis Eppich Shafer Jones, LLP represents the Debtors as legal counsel. CITIUS PHARMA: Wolf & Company, P.C. Raises Going Concern Doubt -------------------------------------------------------------- Citius Pharmaceuticals, Inc. disclosed in a Form 10-K Report filed with the U.S. Securities and Exchange Commission for the fiscal year ended September 30, 2023, that Wolf & Company, P.C., the Company's independent auditor, expressed substantial doubt about the Company's ability to continue as a going concern. Wolf & Company, P.C., said, "We have audited the accompanying consolidated balance sheets of Citius Pharmaceuticals, Inc. as of September 30, 2023 and 2022, and the related consolidated statements of operations, changes in stockholders' equity and cash flows for the years then ended, and the related notes to the consolidated financial statements. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2023 and 2022, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. "The Company has suffered recurring losses and negative cash flows from operations and has a significant accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern." According to the Company, it experienced negative cash flows from operations of $29,060,212 and $28,361,256, for the years ended September 30, 2023, and 2022, respectively. It had a working capital of approximately $28.6 million at September 30, 2023. The Company estimates that its available cash resources will be sufficient to fund its operations through August 2024 which raises substantial doubt about the Company's ability to continue as a going concern within the next 12 months. "For the year ended September 30, 2023, we incurred a net loss of $32,542,912 compared to a net loss of $33,640,646 for the year ended September 30, 2022. The $1,097,734 decrease in the net loss was primarily due to the increase in other income of $4,513,707 offsetting the increase in our operating expenses of $3,415,973." The Company has generated no operating revenue to date and has principally raised capital through the issuance of debt and equity instruments to finance its operations. However, the Company's continued operations beyond August 2024, including its development plans for LYMPHIR, Mino-Lok, Mino-Wrap, Halo-Lido and NoveCite, will depend on its ability to obtain regulatory approval to market LYMPHIR and/or Mino-Lok and generate substantial revenue from the sale of LYMPHIR and/or Mino-Lok and on its ability to raise additional capital through various potential sources, such as equity and/or debt financings, strategic relationships, or out-licensing of its product candidates. However, the Company can provide no assurances on regulatory approval, commercialization, or future sales of LYMPHIR and/or Mino-Lok or that financing or strategic relationships will be available on acceptable terms, or at all. If the Company is unable to raise sufficient capital, find strategic partners or generate substantial revenue from the sale of LYMPHIR and/or Mino-Lok, there would be a material adverse effect on its business. Further, the Company expects in the future to incur additional expenses as it continues to develop its product candidates, including seeking regulatory approval and protecting its intellectual property. A full-text copy of the Form 10-K is available at http://tinyurl.com/4n32y4nx About Citius Pharmaceuticals, Inc. Cranford, NJ-based Citius Pharmaceuticals, Inc. is a late-stage pharmaceutical company dedicated to the development and commercialization of first-in-class critical care products with a focus on oncology, anti-infectives in adjunct cancer care, unique prescription products, and stem cell therapy. As of September 30, 2023, the Company has $103,611,150 in total assets and $12,179,662 in total liabilities. DBA TRANSPORTATION: Files Bare Bones Chapter 11 Bankruptcy ---------------------------------------------------------- DBA Transportation Inc. filed for chapter 11 protection in the Eastern District of New York. The Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for January 23, 2023, at 2:00 PM at Room 562, 560 Federal Plaza, CI, NY. About DBA Transportation 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. DBA Transportation 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. The Debtor is represented by: Eric J Snyder, Esq. Wilk Auslander LLP 65 Davinci Drive, Suite B Bohemia, NY 11716 DIVERSIFIED HEALTHCARE: Flat Footed, Marc Andersen Hold 9.8% Stake ------------------------------------------------------------------ Flat Footed LLC and Marc Andersen disclosed in a Schedule 13D/A filed with the Securities and Exchange Commission that as of Dec. 19, 2023, they beneficially owned 23,487,000 common shares of Beneficial Interest, $0.01 par value per share, of Diversified Healthcare Trust, representing 9.8 percent of the Shares outstanding. The aggregate percentage of Shares reported owned by each person is based upon 240,450,349 Shares outstanding as of Oct. 27, 2023, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q, filed with the SEC on Nov. 1, 2023. On Dec. 19, 2023, the Reporting Persons delivered a letter to the Board of Trustees of the Issuer regarding the Issuer's decision to (i) sell its 31.9% stake in AlerisLife, Inc. to ABP Acquisition 2 LLC, an entity indirectly controlled by the Managing Trustee of the Board, and (ii) waive certain defaults under the master management agreement between AlerisLife and the Issuer, without any apparent consideration. The December Letter indicated that the Reporting Persons are particularly interested in knowing what, if any, analysis the Board has conducted to determine whether the Issuer should exercise its right to repurchase its 31.9% share of AlerisLife at $1.31 per share because (i) the sale to ABP significantly undervalued AlerisLife, (ii) AlerisLife was acquired at a time when its 2023 EBITDA projections were abnormally depressed, and (iii) by reacquiring AlerisLife, the Issuer would regain some ability to influence and oversee an entity vital to its business. Pursuant to the December Letter, the Reporting Persons, due to the reasons outlined above, strongly encouraged the Issuer to exercise its AlerisLife repurchase option by the Dec. 31, 2023 deadline. A full-text copy of the SEC filing is available for free at: https://www.sec.gov/Archives/edgar/data/1075415/000091957423006828/d10921248_13d-a.htm About Diversified Healthcare Trust Diversified Healthcare Trust (Nasdaq: DHC) -- www.dhcreit.com -- is a real estate investment trust, which owns senior living communities, medical office and life science buildings and wellness centers throughout the United States. As of Sept. 30, 2023, DHC's approximately $7.2 billion portfolio included 376 properties in 36 states and Washington, D.C., occupied by approximately 500 tenants, and totaling approximately 9 million square feet of life science and medical office properties and more than 27,000 senior living units. DHC is managed by The RMR Group (Nasdaq: RMR), an alternative asset management company with approximately $36 billion in assets under management as of Sept. 30, 2023 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. The Company stated in its Quarterly Report for the period ended Sept. 30, 2023, that "As discussed in Note 1 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, based on these challenges and upcoming debt maturities, we have concluded that there is substantial doubt about our ability to continue as a going concern for at least one year from the date of issuance of the financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q. Our continuation as a going concern is dependent upon many factors, including our ability to meet our debt covenants and repay our debts and other obligations when due. While we believe raising permissible new capital, including proceeds from our planned asset sales, and the possible extension of our credit facility, will alleviate the substantial doubt about our ability to continue as a going concern, we cannot provide assurance that any new capital raised, including proceeds from our planned asset sales, will be available to us or sufficient to repay our upcoming maturing debt, or that our lenders will agree to an extension of the maturity date of our credit facility. We cannot be sure that we will be able to obtain any future debt financing, and any such debt financing we may obtain may not be sufficient to repay our upcoming maturing debt. If we are unable to obtain sufficient funds, we may be unable to continue as a going concern." EFFICIENT COLLABORATIVE: PennantPark Marks $7.6MM Loan at 30% Off ----------------------------------------------------------------- PennantPark Floating Rate Capital Ltd has marked its $7,645,000 loan extended to Efficient Collaborative Retail Marketing Company, LLC to market at $5,352,000 or 70% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in PennantPark's Form 10-K for the Fiscal year ended September 30, 2023, filed with the Securities and Exchange Commission. PennantPark Floating is a participant in a First Lien Secured Loan-Revolver to Efficient Collaborative Retail Marketing Company, LLC. The loan accrues interest at a rate of 13.15% (3M SOFR+776) per annum. The loan matures on June 15, 2024. PennantPark Floating Rate Capital Ltd. was organized as a Maryland corporation in October 2010. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. On April 14, 2022, listing and trading of the Company's common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC effective at market close on April 13, 2022. Efficient Collaborative Retail Marketing Company, LLC (ECRM) provides direct marketing services. The Company offers retailers information, sales promotion, and advertising event management services. ECRM serves customers worldwide. ELITE ROOF: Kimberly Ross Clayson Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Kimberly Ross Clayson, Esq., as Subchapter V trustee for Elite Roof Group, LLC. Ms. Clayson, an attorney at Taft Stettinius & Hollister, LLP, 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. Clayson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kimberly Ross Clayson, Esq. Taft Stettinius & Hollister, LLP 27777 Franklin Rd., Ste. 2500 Southfield, MI 48034 Phone: (248) 727.1635 Email: kclayson@taftlaw.com About Elite Roof Group Elite Roof Group, LLC is a roofing contractor in Grand Blanc, Mich., serving residential, commercial, and industrial clients. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-31987) on December 14, 2023, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Matthew Camargo, sole member, signed the petition. Judge Joel D. Applebaum oversees the case. Peter T. Mooney, Esq., at Simen, Figura & Parker, PLC represents the Debtor as legal counsel. ENCHANTED LITTLE FOREST: Court OKs Cash Access Thru Jan 2024 ------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Washington, authorized Enchanted Little Forest Childcare Center, LLC to use cash collateral, on an interim basis, in accordance with the budget, with a 15% variance, through January 29, 2024. The Debtor is permitted to use cash collateral for the purpose of satisfying prepetition payroll obligations and associated payroll taxes and insurance for the Debtor's employees for the December 22, 2023 payroll with included pre-petition payroll for the period of December 1, 2023 through December 15, 2023 which are wage claims entitled to priority under 11 U.S.C. section 507(a)(4) and that payment is necessary to avoid irreparable harm to the estate. The entities that assert an interest in the Debtor's cash collateral are Harborstone Credit Union by virtue of its title lien and the Internal Revenue Service by virtue of its blanket lien and tax liens filed in Snohomish County Washington. As adequate protection for the Debtor's use of the cash collateral, the Court grants the IRS and any other secured creditors replacement liens in the Debtor's assets including post-petition cash, accounts of the foregoing, to the same extent and priority as any duly perfected and unavoidable liens held by the Secured Creditors as of the petition date, to secure any decrease in value of each Secured Creditor's interest as of the petition date. A final hearing on the matter is set for January 26 at 9:30 a.m. A copy of the order is available at https://urlcurt.com/u?l=p6Lifj from PacerMonitor.com. About Enchanted Little Forest Childcare Center, LLC Enchanted Little Forest Childcare Center, LLC is a childcare center which focuses on n lower social and economic families and the underprivileged children, so their tuition was essentially paid by Washington State with small copays from the families. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-12435-TWD) on December 15, 2023. In the petition signed by Kay Doramus, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Timothy W. Dore oversees the case. Steven Palmer, Esq, at Palmer & Associates, PLLC, represents the Debtor as legal counsel. ENVISION HEALTHCARE: RiverNorth Marks $893,900 Loan at 77% Off -------------------------------------------------------------- The RiverNorth Funds has marked its $893,979 loan extended to Envision Healthcare Corpto market at $208,409 or 23% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in RiverNorth's Form N-CSR for the Fiscal Year ended September 30, 2023, filed with the Securities and Exchange Commission. RiverNorth is a participant in a First Lien (d) (3M SOFR + 4.25%Floor) to Envision Healthcare Corp. The loan matures on March 31, 2027. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended. Envision Healthcare Corporation provides health care services. The Hospital offers surgery, pharmacy, medical imaging, emergency care, and other related health care services. Envision Healthcare serves patients in the United States. FERRY STREET R2W: Hits Chapter 11 Bankruptcy Protection ------------------------------------------------------- Ferry Street R2W LLC filed for chapter 11 protection in the District of New Jersey. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Ferry Street R2W Ferry Street R2W LLC is a limited liability company in New Jersey. Ferry Street R2W LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 23-21761) on December 21, 2023. In the petition filed by Wendel Correa, as partner, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. FISHERMANS COVE: Files Chapter 11 Subchapter V Case --------------------------------------------------- Fishermans Cove Inc. filed for protection under Subchapter V of Chapter 11 of the Bankruptcy Code in the Eastern District of New York. The Debtor reporte between $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Jan. 26, 2024, at 10:00 AM at UST-LA3, TELECONFERENCE MEETING. About Fishermans Cove Fishermans Cove Inc. is primarily engaged in the retail sale of prepared food and drinks for on-premise or immediate consumption. Fishermans Cove Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-44696) on Dec. 19, 2023. In the petition filed by Kirk Gibson, as CEO/president, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Jil Mazer-Marino oversees the case. The Subchapter V trustee: Salvatore LaMonica, Esq. 3305 Jerusalem Avenue Wantagh, New York 11793 (516) 826-6500 SL@lhmlawfirm.com The Debtor is represented by: Joshua R Bronstein, Esq. Suite 3N 2025 Church Avenue Brooklyn, NY 11226 Tel: 516-698-0202 Fax: 516-791-3470 Email: jbrons5@yahoo.com FISHERMANS COVE: Salvatore LaMonica Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for Fishermans Cove Inc. Mr. LaMonica will be paid an hourly fee of $675 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: 516-826-6500 Email: sl@lhmlawfirm.com About Fishermans Cove Fishermans Cove Inc. is primarily engaged in the retail sale of prepared food and drinks for on-premise or immediate consumption. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-44696) on December 19, 2023, with $10 million to $50 million in both assets and liabilities. Kirk Gibson, chief executive officer and president, signed the petition. Judge Jil Mazer-Marino oversees the case. Joshua R. Bronstein, Esq., at Joshua R. Bronstein & Associates, PLLC represents the Debtor as legal counsel. GAUCHO GROUP: Postpones Special Stockholder Meeting Until Feb. 29 ----------------------------------------------------------------- Gaucho Group Holdings, Inc. announced that its Special Meeting of Stockholders, previously scheduled to be held at 12:00 p.m. Eastern Time on Thursday, Dec. 28, 2023, has been postponed and will now take place on Thursday, Feb. 29, 2024. A formal notice setting forth the exact location and time of the rescheduled meeting will be distributed to the stockholders of the Company in due course. The Board of Directors has determined it to be in the best interests of the stockholders to postpone the Stockholder Meeting to allow stockholders sufficient time to review the following new proposal to be considered at the Stockholder Meeting: To approve for purposes of complying with Nasdaq Listing Rule 5635(d), the full issuance and exercise of shares of the Company's common stock to be issued pursuant to that certain Securities Purchase Agreement, dated Feb. 21, 2023, that certain senior secured convertible promissory note dated Feb. 21, 2023 that certain common stock purchase warrant dated Feb. 21, 2023, and that certain Registration Rights Agreement, dated Feb. 21, 2023 by and between the Company and an institutional investor. The record date for the postponed Stockholder Meeting will be changed. Amended proxy materials will be filed with the Securities and Exchange Commission prior to the rescheduled Stockholder Meeting. The amended proxy materials and a new proxy card will be distributed to the stockholders by the Company in advance of the rescheduled meeting date. About Gaucho Group Headquartered in New York, NY, Gaucho Group Holdings, Inc.'s (gauchoholdings.com) mission has been to source and develop opportunities in Argentina's undervalued luxury real estate and consumer marketplace. The Company has positioned itself to take advantage of the continued and fast growth of global e-commerce across multiple market sectors, with the goal of becoming a leader in diversified luxury goods and experiences in sought after lifestyle industries and retail landscapes. Gaucho reported a net loss of $21.83 million for the year ended Dec. 31, 2022, compared to a net loss of $2.39 million for the year ended Dec. 31, 2021. As of March 31, 2023, the Company had $21.01 million in total assets, $8.60 million in total liabilities, and $12.40 million in total stockholders' equity. In its Quarterly Report for the three months ended Sept. 30, 2023, Gaucho disclosed that based upon projected revenues and expenses, the Company may not have sufficient funds to operate for the next twelve months from the date of the report. Since inception, the Company's operations have primarily been funded through proceeds received from equity and debt financings. The Company believes it has access to capital resources and continues to evaluate additional financing opportunities. There is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its development initiatives or attain profitable operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. GLOBAL DWELLING: Starts Subchapter V Bankruptcy Process ------------------------------------------------------- Global Dwelling, LLC dba Trade Masters filed for chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for January 17, 2023, at 2https://www.pacermonitor.com/public/case/51761419/Global_Dwelling,_LLC:30 PM at UST-LA3, TELECONFERENCE MEETING. About Global Dwelling Global Dwelling, LLC operates as a sales and marketing firm of home services and products such as roofing, insulation and waterproofing, located in High Falls (Ulster County), New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-36040) on December 20, 2023. In the petition signed by John Kotsides, managing member, the Debtor disclosed $500,000 in assets and up to $1 million. The Debtor is represented by: Michelle L Trier, Esq. Genova, Malin & Trier, LLP PO Box 490 High Falls, NY 12440 GLOBAL FERTILITY: Dr. Hu Bo Seeks Chapter 11 Trustee Appointment ---------------------------------------------------------------- Dr. Hu Bo asked the U.S. Bankruptcy Court for the Southern District of New York to appoint a Chapter 11 trustee for Global Fertility & Genetics New York, LLC. Global Fertility, a Delaware limited liability company, is controlled by one director who has sole decision-making authority. That director, Jun Jung (Annie) Liu, has abused that authority by mismanaging the company during its Chapter 11 case and making decisions to advance her own interests at the expense of the company, creditors and other stakeholders. That self-interest has culminated in the filing of a proposed plan of reorganization that is the epitome of an abusive insider plan. Dr. Hu Bo stated that Global Fertility, under Liu's management and at her sole behest, commenced this Chapter 11 case over six months ago, painting a bleak financial picture that valued the company's assets at $289,000 and its liabilities at over $1 million. Yet, Global Fertility has languished in bankruptcy, seeking no affirmative relief and foregoing even the most fundamental actions typical of a Chapter 11 debtor. Moreover, Dr. Hu Bo believes, based on discussions between counsel and certain of Global Fertility's former employees, that the company has transferred its entire workforce and related books and records, without disclosing or seeking court authority for such action, to a non-debtor entity controlled by the other minority member of the company who would become its co-owner under the plan. Dr. Hu Bo has sat patiently and tried to be a solution rather than an impediment by offering further financial investment in the company through a potential sale transaction where he (or more likely a family member or family-owned trust) would serve as a stalking horse bidder to acquire the company's assets. Rather than support this proposed approach, Liu rejected Dr. Hu Bo's offer almost outright, engaging in no negotiations and discussing no alternative exit strategies. Dr. Hu Bo claims that rather than support a transaction that almost certainly would pay creditors in full upon Global Fertility's emergence from bankruptcy, Liu has instead proposed an insider plan that would allow her to maintain control of the company and, in the process, completely disenfranchise Dr. Hu Bo (by extinguishing his equity stake in the company). Worse, the plan proposes to pay creditors over a five-year period, thus forcing creditors to assume further credit risk from management that has already shown itself unreliable. According to Dr. Hu Bo, conflicts of interest, the lack of progress in this Chapter 11 and the egregious insider plan and rejection of any attempt to maximize value of the company has eroded both stakeholder confidence and, more importantly, potential value. Moreover, an independent and objective fiduciary is needed to guide Global Fertility through Chapter 11 to protect this estate, to implement an exit strategy that will maximize the estate's value, and to prevent further unconscionable actions by Liu that prioritize her personal interests over those of creditors, Dr. Hu Bo and other stakeholders. Counsel to Dr. Hu Bo: Norton Rose Fulbright US, LLP Andrew Rosenblatt, Esq 1301 Avenue of the Americas New York, New York 10019 Telephone: (212) 408-5100 Facsimile: (212) 318-3400 Email: andrew.rosenblatt@nortonrosefulbright.com About Global Fertility & Genetics Global Fertility & Genetics, New York, LLC is a reproductive endocrinology and fertility center in New York. The Debtor filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 23-10905) on June 6, 2023, with $289,407 in assets and $1,123,740 in liabilities. Judge Philip Bentley oversees the case. Michael J. Kasen, Esq., at Kasen & Kasen, P.C., is the Debtor's legal counsel. David Crapo is the patient care ombudsman appointed in the Debtor's Chapter 11 case. GLOBAL VALUES: Court OKs Cash Collateral Access Thru Jan 2024 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Georgia, Athens Division, authorized Global Values, Inc. and Global Values VT, LLC to use cash collateral on an interim basis, in accordance with the budget, through January 31, 2024. The Debtors acknowledge that as of the Petition Date they are indebted to Community National Bank in the aggregate amount of $3.779 million in principal, $405,260 in interest, $11,782 in attorney’s fees, and $23,138 in late fees, for a total amount due to CNB as of the Petition Date of $4.3 million and that CNB alleges that the CNB Debt is secured by first priority liens against real estate located at 19 South Front Street, Barre, Vermont, 25 South Front Street, Barre, Vermont, Vanetti Place, Barre, Vermont, and all business assets of the Debtors. The CNB Debt constitutes the legal, valid, and binding obligation of the Debtors, jointly and severally, enforceable in accordance with the prepetition loan documents between the Debtors and CNB. The Debtors acknowledge that as of the Petition Date the Vermont Economic Development Authority and the Vermont Small Business Development Corporation allege that the Debtors are jointly and severally indebted to (i) VEDA in the aggregate amount of principal of $447,641, interest of $13,760, and attorney's fees of $2,024 and (ii) VSBDC in the aggregate amount of principal of $170,629 and interest of $5,645. The Debtors further acknowledge that VEDA and VSBDC allege that (i) the alleged debts to VEDA are secured by a mortgage on 19 South Front Street Barre, Vermont and by UCC liens on Debtors’ business assets and (ii) the alleged debts to VSBDC are secured by a mortgage on 25 South Front Street, Barre, Vermont. As adequate protection, CNB is granted replacement liens and security interests in any and all assets acquired by the Debtors after the Petition Date of the same kind, category, and character that CNB held a perfected lien against as of the Petition Date. The Debtors will pay when due postpetition property taxes with respect to real property located at 19 South Front Street, Barre, Vermont; 25 South Front Street, Barre, Vermont; and Vanetti Place Barre, Vermont and provide proof of payment to CNB at the time payment is made. The Debtors will also maintain property insurance on the properties collateralizing Respondents' and other secured parties' purported secured claims. A final hearing on the matter is set for January 26 at 10 a.m. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=MdQX3w from PacerMonitor.com. The Debtor projects total expenses, on a monthly basis, as follows: $297,884 for January 2024; and $297,884 for February 2024. About Global Values, Inc. Global Values, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-30612) on December 4, 2023. In the petition signed by Anand S. Anandan, president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge James Smith oversees the case. David L. Bury, Jr., Esq., at Stone and Baxter, LLP, represents the Debtor as legal counsel. GOLDEN GLOBE: 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 Golden Globe Diner Ltd. Ms. Wee will be paid an hourly fee of $595 for her services as Subchapter V trustee for 2023 and $615 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 Golden Globe Diner Golden Globe Diner Ltd. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-44595) on December 12, 2023, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Elizabeth S. Stong oversees the case. Richard S. Feinsilver, Esq. represents the Debtor as legal counsel. GOUGER OIL: Eric Terry Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 7 appointed Eric Terry as Subchapter V trustee for Gouger Oil Company LLC. Mr. Terry will charge $450 per hour for his services as Subchapter V trustee and will seek reimbursement for work-related expenses incurred. Mr. Terry declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Eric Terry 3511 Broadway San Antonio, TX 78209 Phone: (210)468-8274 Email: eric@ericterrylaw.com About Gouger Oil Company Gouger Oil Company, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas Case No. 23-51752) on December 15, 2023, with $100,001 to $500,000 in both assets and liabilities. Michael G. Colvard, Esq., at Martin & Drought, PC represents the Debtor as legal counsel. GRAY MATTER HOLDINGS: Kicks Off Subchapter V Bankruptcy Process --------------------------------------------------------------- On December 21, 2023 Gray Matter Holdings Inc. filed for chapter 11 protection in the Northern District of Ohio. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Gray Matter Holdings Gray Matter Holdings Inc. the principal activity of the company is to act as a holding company. [BN] Gray Matter Holdings Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio. Case No. 23-41366) on December 21, 2023. In the petition filed by Anthony James Davian Sr., as president and CEO, the Debtor reports zero assets and estimated liabilities between $10 million and $50 million. The Honorable Bankruptcy Judge Tiiara Patton oversees the case. The Debtor is represented by: Thomas W. Coffey, Esq. Coffey Law LLC 1999 Poland Avenue Youngstown, OH 44502 GREENUP INDUSTRIES: Commences Subchapter V Bankruptcy Proceeding ---------------------------------------------------------------- On December 20, 2023 Greenup Industries LLC filed for chapter 11 protection in the Eastern District of Louisiana. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for January 23, 2023, at 10:00 AM at UST-LA3, TELEPHONIC MEETING. CONFERENCE LINE:866-790-6904, PARTICIPANT CODE:3156784. About Greenup Industries Greenup Industries LLC is a provider of pecialized services and procurement support to a diverse clientele, including the oil and gas, construction, telecommunication, and other industries, as well as city, parish, state, and federal governments. Greenup Industries LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 23-12179) on December 20, 2023. In the petition filed by Rodney D. Greenup, Jr., as president and sole member, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Meredith S. Grabill oversees the case. The Debtor is represented by: Michael E. Landis, Esq. Heller, Draper & Horn, L.L.C. 2400 Veterans Blvd Ste 500 Kenner, LA 70062 Tel: 504-299-3300 Email: mlandis@hellerdraper.com GUANELLA PASS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Guanella Pass Brewing Company, LLC DBA Guanella Pass Brewery FDBA Chifu's Cantina FDBA Guanella Pass Cantina DBA Silverbrick Saloon 501 Rose St. Box 952 Georgetown, CO 80444 Business Description: The Debtor owns and operates a brewery in Georgetown, CO. Chapter 11 Petition Date: December 30, 2023 Court: United States Bankruptcy Court District of Colorado Case No.: 23-16068 Judge: Hon. Thomas B. Mcnamara Debtor's Counsel: Katharine Sender, Esq. COHEN & COHEN, P.C. 1720 S Bellaire St Ste 205 Denver, CO 80222 Tel: 303-933-4529 Email: sender@cohenlawyers.com Total Assets: $72,340 Total Liabilities: $2,282,564 The petition was signed by Steven Skalski as managing member. 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/CJADGLI/Guanella_Pass_Brewing_Company__cobke-23-16068__0001.0.pdf?mcid=tGE4TAMA H & H FAST: Matthew Brash of Newpoint Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint Advisors Corporation as Subchapter V trustee for H & H Fast Properties, Inc. Mr. Brash will be paid an hourly fee of $395 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Brash declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Matthew Brash Newpoint Advisors Corporation 655 Deerfield Road, Suite 100-311 Deerfield, IL 60015 Tel: (847) 404-7845 Email: mbrash@newpointadvisors.us About H & H Fast Properties H & H Fast Properties, Inc., a Chicago-based company, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-16874) on December 18, 2023, with $1 million to $10 million in both assets and liabilities. Amanda Henderson, president, signed the petition. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. HALF LION: Intends to File Reorganization Plan Early February ------------------------------------------------------------- Steve Hunter of Kent Reporter reports that Half Lion Brewing is in the middle of a Chapter 11 bankruptcy in an effort to reorganize and possibly reopen Half Lion Public House in Kent and its brewery in Sumner. The company filed for bankruptcy in November 2023 fter unexpectedly closing in October 2023. Half Lion Public House rents restaurant/bar space at the Riverbend Golf Complex from the city of Kent. "Half Lion's bankruptcy is working its way through the court system," Kent City Attorney Tammy White said in a December 18, 2023 email. "The Chapter 11 bankruptcy process is designed to give businesses the opportunity to reorganize their debts, secure additional investments and stabilize business operations. Half Lion filed its bankruptcy petition on Nov. 9. After filing, Half Lion has 90 days to consider its options and propose its plan for reorganization." Half Lion anticipates timely filing its plan of reorganization on or before Feb. 7, 2024, according to Western District of Washington/U.S. Bankruptcy Court documents. "Currently, all we know is that Half Lion is exploring with its attorneys what options it has available, which could include a proposal to continue to operate at the Riverbend Golf Complex," White said. "The city will have a better understanding of Half Lion's intent once it files its proposed reorganization plan with the bankruptcy court for consideration." Half Lion Public House, 2019 W. Meeker St., opened in 2019 and just six months later had to shut down due to the pandemic. In 2022, its first full year of operation, the restaurant/bar made a profit on its operations. But other company debts led to the closure. "The city has retained an attorney experienced with commercial bankruptcy, and that attorney has timely prepared and filed the city's formal proof of claim concerning debt owed to the city by Half Lion," White said. That proof of claim is for $21,341, according to city documents filed Dec. 6. Since the claim is based on a lease, the city lists $42,000 as the amount necessary to cure any default as of the date of the petition. "Keep in mind, however, that the proof of claim articulates only those amounts owed to the city as of the date of the bankruptcy filing," White said. "In order for Half Lion to assume the city's lease for the purpose of continuing operations, or for the purpose of assigning the lease to a potential buyer, Half Lion will be required to cure all amounts owed under the lease at the time of assumption, including additional amounts to be determined that will establish adequate assurance of future performance by Half Lion or any assignee of the lease." Half Lion signed a 10-year lease with the city of Kent in 2019, plus three five-year options to renew, at a rent of $3,000 per month or $36,000 per year, with increases based on the Consumer Price Index. In the meantime, White said, the city is exploring what options it may have available to restore food and beverage service at Riverbend, which features an 18-hole golf course and a driving range. According to bankruptcy court documents, Half Lion anticipates funding the reorganization plan from regular business income. The company anticipates proposing a plan of reorganization which will pay all allowed administrative claims, secured claims, priority claims and some unsecured creditors. Court documents describe Half Lion as a small business debtor and its aggregate noncontingent liquidated debts (excluding debts owed to insiders or affiliates) are less than $3.02 million. The company's estimated assets are $100,000 to $500,000. Half Lion has $1.3 million in liabilities based on claims. The company had gross revenue of $570,000 to $698,000 in each of the last three years, according to court documents. Owner Jason Nelson received $75,000 in wages in the last 365 days as managing member and his wife Katie Nelson was paid $42,850. Half Lion's largest debts are business loans, including $248,000 with OnDeck Capital in Utah and $149,990 with Parkview Advance in Connecticut. Half Lion also faces a civil lawsuit filed June 27, 2023 in King County Superior Court by The Baseball Club of Seattle (Mariners) seeking $80,000 from Half Lion, according to court documents. Half Lion agreed to pay $200,000 to the Mariners for sponsorship signage in 2021 at T-Mobile Park and sales of its beer. Half Lion has paid $120,000 of that fee. Half Lion counter sued the Mariners for more than $100,000 claiming the Mariners didn't live up to their advertising promises. Filings about the case continue in court. A trial date has been set for June 24, 2024. About Half Lion Brewing Company Half Lion Brewing Company LLC -- https://www.halflion.com/ -- is a beer manufacturing company. Half Lion Brewing Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-41981) on Nov. 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. IAMGOLD CORP: Files Technical Report for Essakane Gold Mine ----------------------------------------------------------- IAMGOLD Corporation has announced the filing of a Technical Report for the Company's Essakane Gold Mine, located in Burkina Faso. The primary objective of the Technical Report is to provide an updated Mineral Resource and Mineral Reserve ("MRMR") estimate and an accompanying updated life of mine ("LOM") plan for Essakane. The Technical Report was prepared in accordance with the disclosure requirements of National Instrument 43-101 ("NI 43-101") and has an effective date of September 30, 2023. The Technical Report is available on SEDAR at www.sedar.com and on the Company's website at www.iamgold.com. Highlights of updated Technical Report * Mine life extension to 2028, mining will occur from three remaining pit phases in the Essakane Main Zone ("EMZ") pit, and the Lao and Gourouol satellite pits * Overall production of 2.4 million ounces of gold ("oz Au") from 2023 to 2028, with an annual average gold production of approximately 400,300 oz Au during this period * Average estimated operating costs over the LOM (2023-2028) $32.49/t milled net of capitalized waste stripping ("CWS") (excluding CWS and stockpile movements, with CWS being transferred to sustaining capital). * Capital expenditures over life of mine estimated at $502.7 million (including 2023) * Mineral Reserve estimate from the open pit increased 21% to 1.9 million ounces at an average grade of 1.32 g/t * Mineral Resource estimate from the open pit increased 37% to 3.1 million ounces at an average grade of 1.40 g/t "As one of the top gold-producing mines in West Africa, Essakane continues to be an integral part of IAMGOLD," commented Renaud Adams, President and Chief Executive Officer of IAMGOLD. "The filing of the updated Technical Report demonstrates the successes our teams have had within the fence delineating additional ounces which have increased our mineral resource inventory and more than offset mine production depletion in 2023. As a result, we have been able to extend the mine life of Essakane an additional year, providing visibility for the next five years of operations at the project." A full-text copy of the Report filed on Form 6-K with the SEC is available at http://tinyurl.com/mtjn2pf About IAMGOLD Corporation Headquartered in Toronto, Canada, IAMGOLD Corporation is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. In June 2023, S&P Global Ratings revised its outlook on IAMGOLD Corp. to positive from negative and affirmed its 'CCC+' issuer credit rating. At the same time, S&P lowered its issue-level rating on the company's unsecured notes to 'CCC' from 'CCC+' and revised its recovery rating to '5' from '4'. In September 2023, Egan-Jones Ratings Company maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by IAMGOLD. IAMGOLD CORP: Gold Prepay Deals to Increase Cashflow in Q1 2024 --------------------------------------------------------------- IAMGOLD Corporation has entered into a forward gold sale arrangement ("2025 Q1 Prepay Arrangement") and a partial amendment to one of its existing gold prepay arrangements ("Deferral Prepay Arrangement", together the "Arrangements"). The net result of these Arrangements is the effective transition of current gold delivery obligations out of the first quarter of 2024 into the following year, increasing cashflow in Q1 2024 by approximately $72.5 million assuming current gold prices. "These arrangements take advantage of positive market rates while ensuring the prudent management of IAMGOLD's balance sheet during a key juncture for the Company," said Renaud Adams, President and CEO of IAMGOLD. "The Cote Gold project is advancing rapidly towards initial production in March 2024 followed by the ramp up of operations through the year. Under the terms of the prior prepay arrangements, IAMGOLD was contracted to deliver 37,500 ounces of gold in the first quarter of 2024 at a time when Cote Gold is starting up, thereby weighing the deliveries heavily on Essakane and Westwood. Pushing these deliveries into the first quarter of 2025 improves the flexibility for the Company for a reasonable cost at favourable forward gold prices. Our primary goal and focus continues to be on managing the steady ramp up of Cote Gold towards its design capacity by the end of the year - at which point the mine will be the third largest gold mine in Canada." Under the 2025 Q1 Prepay Arrangement, the Company will receive a prepayment amount of $59.9 million during Q1 2024 in exchange for delivering 31,250 ounces in the first quarter of 2025. The Deferral Prepay Arrangement allows for the deferral of 6,250 ounces that were previously scheduled for delivery in Q1 2024 under the existing gold prepay arrangements entered into in 2022 (the "2022 Prepay Arrangements") to now be delivered in Q1 2025. The Arrangements are supported by the Company's syndicate of banks under its revolving credit facility. Key terms of the 2025 Q1 Prepay Arrangement are as follows: * Funding of $59.9 million is provided to IAMGOLD at an effective gold price of $1,916 per ounce and paid equally in three monthly increments in the first quarter of 2024 for physical delivery of 31,250 ounces of gold over the period of January 2025 to March 2025. * Delivery can be made from the production of gold from any of IAMGOLD's operating mines. Key terms of the Deferral Prepay Arrangement are as follows: * Deferral of the delivery of 6,250 ounces from Q1 2024 under the 2022 Prepay Arrangements to Q1 2025. The ounces that are deferred were previously funded at a price of $1,753 per ounce. * The Company will make a cash payment of $0.5 million in total at the time of delivery in Q1 2024 in consideration for the deferral. * Delivery can be made from the production of gold from any of IAMGOLD's operating mines. During 2021, the Company entered the 2022 Prepay Arrangements in respect of 150,000 gold ounces. These arrangements had an average forward contract pre-funded price of $1,753 per ounce on 50,000 gold ounces and a collar range of $1,700 to $2,100 per ounce on the remaining 100,000 gold ounces. The Company received $236.0 million in 2022 and, prior to the Deferral Prepay Arrangement, was to physically deliver the 150,000 ounces in equal monthly increments of 12,500 ounces over the course of 2024. A full-text copy of the Report filed on Form 6-K with the SEC is available at http://tinyurl.com/39wrtyk7 About IAMGOLD Corporation Headquartered in Toronto, Canada, IAMGOLD Corporation is an intermediate gold producer and developer based in Canada with operating mines in North America and West Africa. In June 2023, S&P Global Ratings revised its outlook on IAMGOLD Corp. to positive from negative and affirmed its 'CCC+' issuer credit rating. At the same time, S&P lowered its issue-level rating on the company's unsecured notes to 'CCC' from 'CCC+' and revised its recovery rating to '5' from '4'. In September 2023, Egan-Jones Ratings Company maintained its 'B+' foreign currency and local currency senior unsecured ratings on debt issued by IAMGOLD. IBIO INC: Unit Extends Maturity of Woodforest Credit Agreement -------------------------------------------------------------- iBio, Inc. announced its wholly owned subsidiary, iBio CDMO LLC, and its lender, Woodforest National Bank, have entered into an amendment to the Credit Agreement dated Nov. 1, 2021, extending the Agreement's maturity date from Dec. 31, 2023 to the earlier March 29, 2024, or the acceleration of maturity of the term loan in accordance with the Credit Agreement. "We are pleased to have worked constructively with Woodforest to execute this amendment and extension of the maturity date of our existing Credit Agreement," said Martin Brenner, DVM, Ph.D., iBio's chief executive officer and chief scientific officer. "This provides us with additional financial flexibility to focus on the sale of our cGMP biologics manufacturing facility in Texas concurrent with the continued advancement of our AI drug discovery platform and immunotherapy pipeline out of our research and development center in California." About iBio Inc. iBio, Inc. -- http://www.ibioinc.com-- iBio develops next-generation biopharmaceuticals using computational biology and 3D-modeling of subdominant and conformational epitopes, prospectively enabling the discovery of new antibody treatments for hard-to-target cancers and other diseases. iBio's mission is to decrease drug failures, shorten drug development timelines, and open up new frontiers against the most promising targets. iBio reported a net loss available to the Company's stockholders of $65.01 million for the year ended June 30, 2023, compared to a net loss available to stockholders of $50.39 million for the year ended June 30, 2022. As of June 30, 2023, the Company had $41.21 million in total assets, $25.83 million in total liabilities, and $15.38 million in total stockholders' equity. Holmdel, New Jersey-based CohnReznick LLP, the Company's auditor since 2010, issued a "going concern" qualification in its report dated Sept. 27, 2023, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities for the years ended June 30, 2023 and 2022 and has an accumulated deficit as of June 30, 2023. These matters, among others, raise substantial doubt about its ability to continue as a going concern. IMPEL NEUROPHARMA AUSTRALIA: Seeks Chapter 11 Bankruptcy Protection ------------------------------------------------------------------- Impel NeuroPharma Australia Pty Ltd filed for chapter 11 protection in the Northern District of Texas. The Debtor reported between $100 million and $500 million in debt owed to 200 and 500 creditors. The petition states funds will be available to unsecured creditors. About Impel NeuroPharma Australia Pty Ltd Impel NeuroPharma Australia Pty Ltd -- https://www.impelpharma.com -- is a commercial stage biopharmaceutical company focused on developing and providing transformative therapies that unlock the full potential of therapeutic molecules for people suffering from diseases with with high unmet medical needs. Impel NeuroPharma Australia Pty Ltd sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-80015) on December 20, 2023. In the petition filed by Brandon Smith, as chief restructuring officer, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by: Rakhee V. Patel, Esq. Sidley Austin LLP 40 City Road Floor 19, HWT Tower Southbank IMPEL PHARMACEUTICALS: Court OKs Interim Cash Collateral Access --------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, authorized Impel Pharmaceuticals, Inc. and affiliates to use cash collateral, on an interim basis, in accordance with the budget. The Debtors require the use of cash collateral to, among other things, (A) pay certain adequate protection payments; (B) pay the costs of administration of their estates, including the payment of professional fees and expenses; and (C) to satisfy other working capital and general corporate needs of the Debtors. Under the Prepetition Term Loan Credit Agreement, dated March 17, 2022, with Oaktree Fund Administration, LLC, as administrative agent, Impel borrowed an aggregate principal amount of $101.505 million of Tranche A Term Loans and $20.020 million of Tranche B Term Loans, subject to the relative rights, rankings, and priorities set forth in the agreement. As adequate protection, the Prepetition Term Loan Administrative Agent, is granted valid, binding, continuing, enforceable, fully-perfected, nonavoidable, first-priority senior, additional and replacement security interests in and liens on (i) the Prepetition Collateral and (ii) all of the Debtors' now-owned and hereafter-acquired real and personal property, assets and rights. As further adequate protection, the Prepetition Term Loan Administrative Agent, is granted allowed superpriority administrative expense claims in these Chapter 11 Cases ahead of and senior to any and all other administrative expense claims in the Chapter 11 Cases to the extent of any Diminution in Value, junior only to the Carve Out and the termination fee and expense reimbursement approved by the Court in favor of JN Bidco LLC in substantially the forms included in Sections 9.3(a) and 9.3(b), respectively, of that certain Asset Purchase Agreement dated as of December 18, 2023 by and between the Stalking Horse Bidder and Impel Pharmaceuticals Inc. A final hearing on the matter is set for January 10, 2024 at 9:30 a.m. A copy of the order is available at https://urlcurt.com/u?l=Do0ZOa from PacerMonitor.com. About Impel Pharmaceuticals Impel Pharmaceuticals Inc. is a commercial-stage pharmaceutical company developing transformative therapies for people suffering from diseases with high unmet medical needs. Impel offers development opportunities that pair its proprietary POD technology with well-established therapeutics. In September 2021, Impel received U.S. FDA approval for its first product, Trudhesa® nasal spray, which is approved in the U.S. for the acute treatment of migraine with or without aura in adults. On the Web: https://impelpharma.com/ Impel Pharmaceuticals Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 23-80016) on Dec. 20, 2023. In the petition filed by Brandon Smith, as chief restructuring officer, the Debtor disclosed total assets of $35,073,000 and total debt of $126,978,000 as of Sept. 30, 2023. The case is overseen by the Honorable Bankruptcy Judge Stacey G. Jernigan. Impel is being advised by Moelis & Company LLC as its investment banker, Teneo Capital LLC as its financial advisor, and Sidley Austin LLP and Fenwick & West LLP as legal counsel. Omni Agent Solutions is the claims agent. INNOVATIVE NURSING: Kicks Off Subchapter V Bankruptcy ----------------------------------------------------- Innovative Nursing Solutions and Hospice Care LLC filed for chapter 11 protection in the Northern District of Georgia. The Debtor on the Petition Date filed motions to use cash collateral, pay wages of employees and contractors, pay critical vendors, and use its bank accounts. The Debtor reported between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Jan. 16, 2024, at 2:00 PM at UST-LA3, TELEPHONIC MEETING. CONFERENCE LINE: 888-902-9750, PARTICIPANT CODE: 9635734. About Innovative Nursing Solutions and Hospice Care Innovative Nursing Solutions and Hospice Care LLC -- https://www.inshospice.com/ -- is the operator of a home health and hospice nursing service. Innovative Nursing Solutions and Hospice Care LLC sought relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-62548) on December 19, 2023. In the petition filed by Phyllis Dove-Edwin, as president/member-manager, the Debtor estimated assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. The Subchapter V trustee appointed in the case: Leon S. Jones Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, Georgia 30308 (404) 564-9300 ljones@joneswalden.com The Debtor is represented by: Angelyn M. Wright, Esq. The Wright Law Alliance, P.C. 1818 Lakefield Court SE Suite B Conyers, GA 30013 Tel: (404) 373-9933 Fax: (888) 900-0610 Email: twlopc@earthlink.net INNOVATIVE NURSING: Leon Jones Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Innovative Nursing Solutions and Hospice Care LLC. Mr. Jones 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. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: ljones@joneswalden.com About Innovative Nursing Solutions and Hospice Care Innovative Nursing Solutions and Hospice Care, LLC is a home health care services provider in Conyers, Ga. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-62548) on December 19, 2023, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Phyllis Dove-Edwin, president and member-manager, signed the petition. Angelyn M. Wright, Esq., at The Wright Law Alliance, P.C. represents the Debtor as legal counsel. INPIXON: 49.1M Warrants Exercised in Inducement Agreements ---------------------------------------------------------- Inpixon filed with the Securities and Exchange Commission a Form 8-K/A Report to correct the amount of Existing Warrants that the Holders exercised pursuant to the Inducement Agreements. The Original 8-K incorrectly stated that the Holders exercised an aggregate of 55,000,000 Existing Warrants pursuant to the Inducement Agreements. As previously disclosed in the Original Filing, on December 15, 2023, the Company entered into warrant inducement letter agreements with the holders (including their respective successors and assigns, the "Holders") of the Common Stock Purchase Warrants issued by the Company on May 17, 2023, and transferred on December 15, 2023, as applicable (as amended on June 20, 2023, the "Existing Warrants"). Pursuant to the Inducement Agreements, the Holders correctly exercised an aggregate of 49,131,148 Existing Warrants for an aggregate exercise price of $2,520,427.88. On December 19, 2023, the Company issued 46,555,462 shares of its common stock in connection with such exercise; 2,575,686 shares were not issued due to beneficial ownership blockers in the Existing Warrants. About Inpixon Headquartered in Palo Alto, Calif., Inpixon (Nasdaq: INPX) is an indoor data company and specializes in indoor intelligence. The Company's Indoor Intelligence and industrial real-time location system (RTLS) solutions are leveraged by a multitude of industries to optimize operations, increase productivity, and enhance safety. Inpixon reported a net loss of $66.3 million in 2022, a net loss of $70.13 million in 2021, a net loss of $29.21 million in 2020, a net loss of $33.98 million in 2019, and a net loss of $24.56 million in 2018. INPIXON: Plans to Offer $10 Million Worth of Common Shares ---------------------------------------------------------- Inpixon filed with the Securities and Exchange Commission a preliminary registration statement on Form S-1 relating to an offering of $10,000,000 shares of its common stock. The Company's common stock is listed on the Nasdaq Capital Market under the symbol "INPX." On Dec. 19, 2023, the last reported sale price of its common stock on the Nasdaq Capital Market was $0.0618. A full-text copy of the Preliminary Prospectus is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1529113/000121390023097382/ea190146-s1_inpixon.htm#a_002 About Inpixon Headquartered in Palo Alto, Calif., Inpixon (Nasdaq: INPX) -- www.inpixon.com -- is an indoor data company and specializes in indoor intelligence. The Company's Indoor Intelligence and industrial real-time location system (RTLS) solutions are leveraged by a multitude of industries to optimize operations, increase productivity, and enhance safety. Inpixon reported a net loss of $66.3 million in 2022, a net loss of $70.13 million in 2021, a net loss of $29.21 million in 2020, a net loss of $33.98 million in 2019, and a net loss of $24.56 million in 2018. INTERGALACTIC THERAPEUTICS: Files Chapter 11 to Pursue Wind Down ---------------------------------------------------------------- Intergalactic Therapeutics Inc., f/k/a IGTX, LLC, filed for chapter 11 protection in the District of Massachusetts to pursue an orderly sale of its assets and a wind-down of the business. The Debtor reported between $10 million and $50 million in debt. The petition states funds will be available to Unsecured Creditors. The Debtor is an early stage, life sciences company that was initially established in March 2020 as IGTX, LLC, a Delaware limited liability company and, immediately thereafter, was converted to a Delaware corporation under the name Intergalactic Therapeutics, Inc. The majority shareholder of the Debtor is ATP Life Sciences. ATP Life Sciences is an affiliate of Apple Tree Partners ("ATP"), a private equity fund that holds interests in a number of life sciences companies. The formation of the Debtor in March 2020 occurred in connection with the acquisition of certain assets from Limelight Bio, Inc. At that time, and pursuant to a Separation Agreement, Limelight transferred certain of its assets to the Debtor including intellectual property, contracts, biologic materials and other personal property. The Debtor formerly had a principal place of business at 150 Cambridgepark Drive, Suite 800 in Cambridge, Massachusetts (the "Premises") pursuant to a lease ("Real Property Lease") between the Debtor and PPF OFF 150 Cambridge Park Drive, LLC ("Landlord"). The Real Property Lease was terminated on October 2, 2023, and the Debtor has since vacated the Premises. While occupying the Premises, the Debtor had a Space Sharing Agreement with Marlinspike Therapeutics, Inc., an ATP affiliated entity. Prior to its prepetition decision to terminate ongoing business operations, the Debtor developed a technology platform to enable the broad application of non-viral gene therapies by combining synthetic biology and precision engineering to develop tunable, persistent, and safe non-viral DNA in vivo. Intergalactic's lead program IG-002 is in Opthalmology and has potential to address an inherited retinal disease, Stargardt, which affects 50,000 to 80,000 patients in the United States and the European Union. Intergalactic's non-viral C3DNA vector is designed to target large genes as well as multiple genes and to be durable, safe, and re-dosable. The Debtor's use of electro-transfer technology for tunable gene delivery is intended to deliver low energy/short duration pulses making it safe and effective and allowing for favorable distribution into cells and nucleus. The C3DNA based expression has been shown to persist up to 12 months in adult porcine retina cells. In addition, Intergalactic has shown persistence of expression up to six months in non-human primate retinas, whose maculae most closely resemble the human eye. The gene therapy being developed by Intergalactic has the potential to overcome the limitation of other gene therapy technologies and has the potential to transform gene therapies and provide cures for unmet medical needs at a cost that will enable global access. A rapid, scalable, and cost effective manufacturing process could help make gene therapy more accessible. The Debtor has engaged in its drug development program in conjunction with an ATP affiliated entity, Galvanize Therapeutics, Inc., pursuant to a Collaboration and License Agreement dated Sept. 23, 2021. Pursuant to the Collaboration Agreement, the Debtor was granted an exclusive license to use and sell the system developed by Galvanize to deliver nucleic acids and other genetic material to therapeutic targets for use with the Debtor's therapeutic candidate. Intergalactic is obligated to pay development milestone payments to Galvanize for therapeutic candidates utilizing the Galvanize Delivery System based upon clinical trials and regulatory approvals. Intergalactic is obligated to make royalty payments to Galvanize for products using the Galvanize Delivery System based upon worldwide net sales. Galvanize was granted the license to use the Debtor's intellectual property in connection with making, using, selling, or otherwise exploiting the Galvanize Delivery System outside of the Debtor's therapeutic candidate. The Collaboration Agreement seeks to synthesize the Debtor's gene therapy development and Galvanize's medical delivery device technology for the mutual benefit of the parties. The Debtor was engaged in animal studies for IG-002 until shortly before the Petition Date. The Debtor was on track to submit an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) in 2024 and to begin human clinical trials shortly thereafter. While early data has demonstrated the potential of the gene therapy, the Debtor has been unable to raise sufficient capital to support continued research and development activities. The Debtor's operations were largely funded prepetition by investments totaling approximately $96,000,000 by ATP Life Sciences. In 2020, the Debtor incurred a net loss of $10,789,000 and used cash in operations of $10,031,000. In 2021, the Debtor incurred a net loss of $28,941,000 and used cash in operations of $24,869,000. In 2022, the Debtor incurred a net loss of $51,830,000 and used cash in operations of $39,535,000. In the six-month period Jan. 1, 2023 through June 30, 2023, the Debtor incurred a net loss of $12,969,000 and used cash in operations of $14,482,000. The Debtor has been unable to obtain additional funding from ATP Life Sciences, other than such amounts as may be necessary to finance an orderly sale of the Debtor's assets and a wind-down of the Debtor's business. In early 2022, the Debtor had approximately 40 employees. As a result of multiple reductions in force occurring in June 2022, November 2022, May 2023, and June 2023, all employees have been terminated other than the affiant. In September 2023, the Debtor entered into and consummated an Asset Purchase Agreement with Surplus Solutions, LLC for the sale of its owned laboratory equipment for the sum of $322,500. The Debtor's objective in this Chapter 11 case is to conduct a sale of substantially all of its assets pursuant to Section 363 and to implement an orderly wind-down of the estate. The Debtor and ATP Life Sciences are in the process of finalizing an Asset Purchase Agreement and related pleadings for the sale of substantially all of the Debtor's assets, subject to higher and better counteroffers. In connection with the proposed sale, the Debtor intends to retain an investment banker to assist in marketing the Debtor's assets and in the solicitation of counteroffers. ATP Life Sciences has also agreed to provide a debtor-in-possession loan to fund a sale process About Intergalactic Therapeutics Intergalactic Therapeutics Inc. -- https://www.intergalactic-tx.com -- is a company specializing in developing non-viral gene therapies based in Cambridge, MA. Intergalactic uses synthetic biology and engineered gene circuits to make covalently closed and circular DNA ("C3DNA") molecules designed to provide a potentially safer and more effective solution for patients. Intergalactic Therapeutics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass.Case No. 23-41067) on Dec. 19, 2023. In the petition filed by Charles Allen, as president, secretary, and treasurer, the Debtor reported assets between $100,000 and $500,000 and liabilities between $10 million and $50 million. The Debtor tapped Murphy & King, P.C., as counsel, and Verdolino & Lowey, P.C., as financial advisor. JJB DC: Court OKs Appointment of Lawrence Katz as Trustee --------------------------------------------------------- Judge Elizabeth Gunn of the U.S. Bankruptcy Court for the District of Columbia approved the appointment of Lawrence A. Katz as Chapter 11 trustee for JJB D.C., Inc. The appointment comes upon the application filed by Gerard Vetter, Acting U.S. Trustee for Region 4, to appoint a bankruptcy trustee in JJB's Chapter 11 case. Mr. Katz disclosed in a court filing that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. 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. JOANN INC: May Issue Additional 400K Shares Under 2021 ESPP ----------------------------------------------------------- JOANN Inc. filed with the Securities and Exchange Commission a registration statement on Form S-8 to register an additional 400,000 shares of Common Stock, par value $0.01 per share, under the JOANN Inc. 2021 Employee Stock Purchase Plan (as amended). Previously filed registration statements on Form S-8 are effective for the ESPP. A full-text copy of the prospectus is available for free at: https://www.sec.gov/Archives/edgar/data/1834585/000119312523295509/d74309ds8.htm About JOANN JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. As of Oct. 28, 2023, the Company had $2.25 billion in total assets, $553.7 million in total current liabilities, $1.15 billion in net long-term debt, $692 million in long-term operating lease liabilities, $20.8 million in long-term deferred income taxes, $26 million in other long-term liabilities, and a total shareholders' deficit of $183 million. JOANN Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that it received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC that the Company is not in compliance with the requirement to maintain a minimum closing bid price of $1.00 per share, as set forth in Nasdaq Listing Rule 5450(a)(1), because the closing bid price of the Company's common stock, par value $0.01 per share, was below $1.00 per share for 30 consecutive business days prior to Oct. 19, 2023. * * * As reported by the TCR on July 14, 2023, S&P Global Ratings lowered its ratings on U.S.-based creative products retailer Joann Inc. to 'CCC' from 'CCC+'. The outlook is negative, reflecting the risk S&P could lower its rating on Joann if liquidity deteriorates or the company pursues a debt transaction that S&P views as tantamount to default. S&P said weak operating performance and higher borrowing costs are straining cash flow and liquidity. KODIAK TRUCKING: David Sousa Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed David Sousa as Subchapter V trustee for Kodiak Trucking Inc. Mr. Sousa will be paid an hourly fee of $415 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Sousa declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David Sousa P. O. Box 3167 Visalia, CA 93278-3167 Phone: (559) 242-2065 Email: Dave@fresnotrustee.com About Kodiak Trucking Kodiak Trucking Inc., a company in Bakersfield, Calif., offers specialized freight trucking services. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-12784) on December 15, 2023, with $1 million to $10 million in both assets and liabilities. Marco Arambula, chief executive officer, signed the petition. Judge Jennifer E. Niemann oversees the case. Peter Fear, Esq., at Fear Waddell, P.C. represents the Debtor as legal counsel. LOCAL GYM: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------- The Local Gym, LLC asks the U.S. Bankruptcy Court for the Northern District of Georgia, Rome Division, for authority to use cash collateral and provide adequate protection. In 2022, the debtor needed cash, and entered into a credit relationship with Everest Business Funding, which relationship was essentially a Merchant Cash Advance arrangement. Thereby, Everest acquired a lien on Debtor's accounts receivable that derived from the monthly membership amounts. The current approximate owed to Everest is $33,000. In December 2023, Everest seized debtor's income as it was processed by Global Payment Systems, and these funds are currently frozen - the Debtor cannot access these funds. Upon information and belief, the sum of $18,000 in frozen membership payments, is currently frozen and inaccessible to the Debtor. The Debtor is in dire need of these funds to continue in operation. The Debtor is fully financially capable of paying down the remaining debt to Everest, and proposes that as additional adequate protection, the debtor pays Everest the sum of $3,000 per month until the debt is paid in full. A copy of the motion is available at https://urlcurt.com/u?l=wgUaXi from PacerMonitor.com. About The Local Gym, LLC The Local Gym, LLC is a membership-based gym located in Paulding County, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-41899) on December 22, 2023. In the petition signed by Bryan Wetzel, manager, the Debtor disclosed up to $50,000 in both assets and liabilities. Michael Familetti, Esq., at Familetti Law Firm, represents the Debtor as legal counsel. LOGMEIN INC: RiverNorth Marks $205,700 Loan at 33% Off ------------------------------------------------------ The RiverNorth Funds has marked its $205,759 loan extended to LogMeIn, Inc.to market at $137,625 or 67% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in RiverNorth's Form N-CSR for the Fiscal Year ended September 30, 2023, filed with the Securities and Exchange Commission. RiverNorth is a participant in a First Lien - Initial Term Loan(3M SOFR + 4.75% Floor) to LogMeIn, Inc. The loan matures on August 31, 2027. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended. LogMeIn Inc is a flexible-work provider of software as a service and loud-based remote work tools for collaboration and IT management. LTGF BUSINESS TRUST: Files Subchapter V Case -------------------------------------------- LTGF Business Trust, a Florida business trust, filed for protection under Subchapter V of Chapter 11 of the Bankruptcy Code. The Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Jan. 25, 2024, at 1:00 PM at UST-LA3, TELEPHONIC MEETING. CONFERENCE LINE:866-910-029, PARTICIPANT CODE:75605747. About LTGF Business Trust LTGF Business Trust, d/b/a Attorneys' Title Insurance Fund, is a Florida business trust. LTGF Business Trust sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01538) on Dec. 19, 2023. In the petition filed by Gerard A. McHale, chief liquidating officer, the Debtor reported assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. The Subchapter V trustee appointed in the case: Ruediger Mueller 1112 Watson Court Reunion, FL 34747 Phone: (678) 863-0473 Fax: (407) 540-9306 E-mail: trustee@tcmius.com The Debtor is represented by: Michael C Markham, Esq. Johnson Pope Bokor Ruppel & Burns LLP 1601 Jackson St., Ste. 200 Fort Myers, FL 33901 Tel: 813-225-2500 Email: mikem@jpfirm.com LUCKY BUCKS: PennantPark Marks $4.4MM Loan at 74% Off ----------------------------------------------------- PennantPark Floating Rate Capital Ltd has marked its $4,489,000 loan extended to Lucky Bucks, LLC to market at $4,210,000 or 26% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in PennantPark's Form 10-K for the Fiscal year ended September 30, 2023, filed with the Securities and Exchange Commission. PennantPark Floating is a participant in a First Lien Secured Loan-Revolver to Lucky Bucks, LLC. The loan matures on July 20, 2027. PennantPark classified the investment as a Non-income producing securities. PennantPark Floating Rate Capital Ltd. was organized as a Maryland corporation in October 2010. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. On April 14, 2022, listing and trading of the Company's common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC effective at market close on April 13, 2022. About Lucky Bucks Lucky Bucks, LLC -- https://luckybucksga.com/ -- is a digital skill-based COAM operator based in and incorporated under the laws of the State of Georgia in the U.S. Its team has a combined 45 years of experience in the Georgia COAM industry. After reaching a deal for a plan to equitize substantially all of Lucky Bucks' secured debt, Lucky Bucks and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10758) on June 9, 2023. In the petition signed by James Boyden, executive vice president, Lucky Bucks disclosed up to $500 million in assets and up to $1 billion in liabilities. As of the petition date, the Debtors have outstanding funded debt obligations in the aggregate principal amount of $610 million. Judge Karen B. Owens oversees the case. Dennis F. Dunne, Esq., and Tyson Lomazow, Esq., at Milbank LLP; and Russell C. Silberglied, Esq., at Richards, Layton & Finger P.A., serve as the Debtors’ legal counsel. Evercore Group L.L.C. is the Debtors’ investment banker while M3 Advisory Partners, L.P., is the financial advisor. Epiq Corporate Restructuring, LLC, serves as the Debtors’ claims and noticing agent. C Street Advisory Group, LLC served as strategy and communications advisor to Lucky Bucks. Akin Gump Strauss Hauer & Feld LLP and Cole Schotz PC served as legal counsel, Greenhill & Co., LLC served as financial advisor, and OnMessage Public Strategies served as the communications advisor to the ad hoc group of lenders holding term loan secured debt of Lucky Bucks. Latham & Watkins LLP served as legal counsel to certain other lenders holding secured debt of Lucky Bucks. * * * In October 2023, Lucky Bucks, LLC announced the completion of its restructuring process and successful emergence from Chapter 11. Lucky Bucks' exit from the bankruptcy process concludes a swift restructuring that received approval of the Bankruptcy Court for the District of Delaware through confirmation of its Chapter 11 plan on July 28, 2023, and approval of the Georgia Lottery Corporation on September 29, 2023. The restructuring enabled Lucky Bucks to reduce debt by over $500 million and inject substantial new liquidity. The Bankruptcy Court separately ordered that the Chapter 11 proceeding of Lucky Bucks Holdings LLC, the parent company of Lucky Bucks LLC, be converted to a Chapter 7 liquidation at the behest of its noteholders. MERCURITY FINTECH: Incurs $2.58MM Net loss in H1 2023 ----------------------------------------------------- Mercurity Fintech Holding Inc. has announced its unaudited financial results for the six months ended June 30, 2023, disclosing: * GAAP revenue - First half 2023 GAAP revenues of US$246,242, compared to revenues of US$783,089 in first half 2022, reflecting a decrease of 68.56% in GAAP revenue and demonstrating the Company's enhanced profitability and diversified revenue stream in the six months ended June 30, 2023. * GAAP gross loss - First half 2023 GAAP gross loss of US$447,178, compared to gross loss of US$508,695 in first half 2022, reflecting a decrease of 12.09% in GAAP gross loss. * GAAP net loss - First half 2023 GAAP net loss of US$2,578,541, compared to net loss of US$4,646,205 in first half 2022, reflecting a decrease of 44.5% in GAAP net loss and demonstrating the Company's cost management improvement. The Company had an accumulated deficit of approximately $670 million as of June 30, 2023 and had a net loss of approximately $2.55 million for the six months ended June 30, 2023. The Company has incurred recurring operating losses and negative cash flows from operating activities and has an accumulated deficit. Management has determined that these conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Company's Report filed on Form 6-K with the Securities and Exchange Commission is available at http://tinyurl.com/m3s7xmja About Mercurity Formerly known as JMU Limited, Mercurity Fintech Holding Inc. is a digital fintech group powered by blockchain technology. The Company's primary business scope includes digital asset trading, asset digitization, cross-border remittance and other services, providing compliant, professional, and highly efficient digital financial services to its customers. The Company recently began to narrow in on Bitcoin mining, digital currency investment and trading, and other related fields. This shift has enabled the company to deepen its involvement in all aspects of the blockchain industry, from production to circulation. Mercurity reported a net loss of US$5.63 million in 2022, compared to a net loss of US$21.66 million in 2021. As of Dec. 31, 2022, the Company had US$18.89 million in total assets, US$2.06 million in total liabilities, and US$16.83 million in total shareholders' equity. Singapore-based Onestop Assurance PAC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 25, 2023, citing that the Company has incurred recurring operating losses and negative cash flows from operating activities and has an accumulated deficit, which raise substantial doubt about its ability to continue as a going concern. As of June 30, 2023, the Company has US$30,078,695 in total assets, US$11,052,529 in total liabilities, and US$19,026,166 in total shareholders' equity. MIG EAST LLC: Files Subchapter V Case, Sues Surety -------------------------------------------------- MIG East LLC filed for chapter 11 protection in the Eastern District of Michigan. The Debtor filed a motion to keep its bank accounts and pay employee wages. The Debtor reported $6,281,100 in debt owed to 1 and 49 creditors as of the bankruptcy filing. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for January 19, 2023, at 11:00 AM at UST-LA3, TELEPHONIC MEETING. Lawsuit Against Selective Immediately after the Chapter 11 filing, MIG EAST filed a complaint against Selective Insurance Company of America: (1) for a temporary restraining order and preliminary injunction staying the litigation in 2:23-cv-12948-LVP-APP (the "Companion Case") as it pertains to Paul Jenkins, Sr. and Anita D. Washington-Jenkins ("Officer Guarantors"); (2) temporary restraining order and preliminary injunction to the effect that (i) all claimants of the bond in question, as claimants of MIG are more appropriately dealt with in 23-51096-mar (the "Lead Case"); and, (ii) that Selective is to cease or refrain from paying any claim made against due to the pendency of the Lead Case. MIG has traditionally performed General Contracting Services on private projects, which are not bonded. From the year 2000 to 2021, MIG has gone from a small company to one which grosses twenty-eight million a year. MIG was operated by Paul Jenkins, Sr., and now the second generation of Jenkins (Paul Jenkins, Jr.) is running MIG (as of this year). MIG had run, continuously, with a comptroller (in-house), and otherwise operated with very little credit, having only one main line of credit through Independent Bank (and a very slight business credit card balance of $45k). In 2020, prior to Paul Jenkins, Jr., taking the helm of MIG, Brian Deming was president of MIG. Mr. Deming steered MIG toward taking a "bonded project," e.g., one wherein MIG had to post a bond to cover or otherwise guaranty the completion of the project. The project is DREAMTROIT - ADAPTIVE RE-USE & RENOVATION (the "Project"), the Project had a bond guaranty amount of $11,295,755. The Project commenced, post-execution of a standard agreement, on September 24, 2020. Prior to the execution of the Project Agreement, MIG and the Officer Guarantors had to execute a "General Agreement of Indemnity," this allowed Selective to be indemnified and otherwise created liability for the Project in the Officer Guarantors. The surety allows sub-contractors, and other independent contractors which are "under" or subordinate to MIG, to make claims for payment against the surety, provided MIG is not paying, or cannot pay, those claims ("Tier 1," and "Tier 2 Claims"). The Project had/has an estimator which otherwise determines/determined the funding and payment schedule that the owner of the project will pay MIG. The Project was fatally flawed, however, because it was grossly "under-estimated," by around $500,000. What this meant is that from inception, MIG could not complete performance at the amount of funding they had from the owner, as determined by the estimator. MIG submitted change orders to the owner of the project, however, those change orders were not (and are still not) approved. Shortly after it became clear that the Project was tanking and becoming overly encumbered with claims due to change orders not being signed and MIG not being paid, Brian Deming resigned and left MIG high and dry. Recently, around an additional one million dollars' worth of bond claims has/have come through the surety, and MIG/the principals of MIG can no longer collateralize the surety on their own without funding from the owner of the project. The Debtor no longer operates, but, as property of the estate, has an equity interest in a joint venture entity that can otherwise confirm a viable plan of reorganization. However, to even get to a point where there is a confirmable plan proposed, MIG will need liquidity from its Officer Guarantors. Moreover, MIG can only reorganize where a creditor is not actively undermining the reorganization by adjusting or otherwise modifying their claim by enforcing liability against third-party guarantors. If a judgment is realized by Selective against the Officer Guarantors, their interest in MIG is subject to execution by charging Order, which would significantly undermine these proceedings. Moreover, the ability of Selective to have a competitive advantage over the other unsecured creditors in this matter would significantly undermine and interfere with principles of equity that are enshrined in the bankruptcy code. About MIG East LLC MIG East LLC -- https://www.migconstruction.com/ -- d/b/a MIG Detroit, is a general contractor based in Detroit, Michigan. MIG East LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-51096) on Dec. 19, 2023. In the petition filed by Mr. Paul Jenkins, Jr., as authorized member, the Debtor reported total assets of $5,442,581 and total liabilities of $6,281,100. The Subchapter V trustee appointed in the case: Richardo I. Kilpatrick Kilpatrick & Associates, P.C. 1030 Doris Rd., Suite 200 Auburn Hills, Mi 48326 (248) 377-0700 rkilpatrick@shermeta.com The Debtor is represented by: Alexander Joseph Berry-Santoro, Esq. Maxwell Dunn, PLC 422 W. Congress, Ste. 400 Detroit, MI 48226 MIG EAST: Richardo Kilpatrick Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Richardo Kilpatrick, Esq., at Kilpatrick & Associates, P.C. as Subchapter V trustee for MIG East, LLC. Mr. Kilpatrick will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kilpatrick declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richardo I. Kilpatrick, Esq. Kilpatrick & Associates, P.C. 903 N. Opdyke Rd., Ste. C. Auburn Hills, MI 48326 Phone: (248) 377-0700 Fax: (248) 377-0800 Email: rkilpatrick@kaalaw.com About MIG East MIG East, LLC is a general contractor based in Detroit, Mich. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-51096) on December 19, 2023, with $5,442,581 in assets and $6,281,100 in liabilities. Mr. Paul Jenkins, Jr., authorized member, signed the petition. Judge Mark A. Randon oversees the case. Alexander J. Berry-Santoro, Esq., at Maxwell Dunn, PLC represents the Debtor as legal counsel. MILLENNIAL BENEFIT: David Klauder Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed David Klauder, Esq., at Bielli & Klauder, LLC as Subchapter V trustee for Millennial Benefit Management Corporation and its affiliates. Mr. Klauder will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Klauder declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: David M. Klauder, Esq. Bielli & Klauder, LLC 1204 N. King Street Wilmington, DE 19801 Phone: (302) 803-4600 Fax: (302) 397-2557 Email: dklauder@bk-legal.com About Millennial Benefit Management Millennial Benefit Management Corporation's business was an online pharmacy that used an online platform to connect patients, providers and pharmacists employing medication insights and savings recommendations. Prior to suspending all business operations, MBMC dispensed medicines, over-the-counter products and wellness supplements and shipped them nationwide. MBMC offered online insurance coordination, multi-dose medication packaging, delivery and management; as well as real-time pharmacy chat and support with personalized treatment plans that consumers could access via a health and wellness pharmacy dashboard. Millennial Benefit Management currently has two employees and one part-time contractor. Millennial Benefit Management and Mailmyprescriptions.com Pharmacy Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-12083 and 23-12084) on December 19, 2023, with $50,000 to $100,000 in assets and $10 million to $50 million in liabilities. Donovan Chin, chief restructuring officer, signed the petitions. Judge Thomas M. Horan oversees the cases. William E. Chipman, Jr., Esq., at Robert A. Weber, Esq. represents the Debtor as legal counsel. MILLENNIAL BENEFIT: Starts Subchapter V Bankruptcy Case ------------------------------------------------------- Millennial Benefit Management Corporation and an affiliate filed for chapter 11 protection in the District of Delaware. The Debtor reported between $10 million and $50 million in debt owed to 200 and 999 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Jan. 25, 2024, at 11:00 AM at UST-LA3, TELEPHONIC MEETING. About Millennial Benefit Management Corp. Millennial Benefit Management Corporation, doing business as GeniusCo., the Debtors' business was an online pharmacy that used an online platform to connect patients, providers and pharmacists employing medication insights and savings recommendations. Prior to suspending all business operations, MBMC dispensed medicines, over-the-counter products and wellness supplements and shipped them nationwide. MBMC offered online insurance coordination, multi-dose medication packaging, delivery and management; as well as real-time pharmacy chat and support with personalized treatment plans that consumers could access via a health and wellness pharmacy dashboard. The Debtors currently have two employees and one part-time contractor. Millennial Benefit Management Corporation and Mailmyprescriptions.com Pharmacy Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-12083) on Dec. 19, 2023. In the petition filed by CRO Donovan Chin, Millennial Benefit reported assets between $50,000 and $100,000 and estimated liabilities between $10 million and $50 million. The Honorable bankruptcy judge Thomas M. Horan oversees the case. The Debtor is represented by: Robert Alan Weber, Esq. Chipman Brown Cicero & Cole, LLP 671 NW 119th Street Miami, FL 33168 MOBIQUITY TECHNOLOGIES: Chairman Holds 70.7% Equity Stake --------------------------------------------------------- Gene Salkind disclosed in a Schedule 13D/A filed with the Securities and Exchange Commission that as of Dec. 18, 2023, he beneficially owned 8,068,265 shares of common stock of Mobiquity Technologies, Inc., representing 70.7 percent of the Shares outstanding. Dr. Salkind is Chairman of the Board of the Issuer and a principal stockholder. Dr. Salkind, his wife, and a family trust used their personal funds to make investments in the Issuer over the last several years. Dr. Salkind, his wife, and a family trust beneficially own 548,535 common shares of the Issuer and Series H Preferred Stock convertible into 7,519,730 common shares for an aggregate beneficial ownership interest of 8,068,265 common shares or 70.7% of the outstanding common shares. The foregoing excludes outstanding warrants owned by him to purchase 96,100 common shares at exercises prices of at least $60 per share. Effective Nov. 7, 2023, the Company closed on three Subscription Agreements for the sale of a combined 300,789 shares of its newly designated Series G Preferred Stock to parties associated with Gene Salkind (Preferred Shareholders), for total proceeds of $1,200,000 plus conversion of principal and accrued interest from the October 2023 Loan of $303,495, resulting in an increase in shareholders' equity of $1,503,495. Each share of the Series G Preferred Stock is convertible by the Preferred Shareholders at any time after issuance into 10 shares of the Company's Common Stock, or $0.50 per Common Share (Conversion Ratio). The Series G Preferred Stock will automatically convert at the same Conversion Ratio upon the Company's Common Stock reporting of a closing sales price over $5.00 per share for 10 consecutive trading days. The Company will pay annualized dividends equal to 20% of the subscription price of the Series G Preferred Stock, payable monthly commencing Jan. 2, 2024, in either cash or shares of Common Stock, at the option of the Preferred Shareholders. Should the cash option be elected, the Company may determine that such dividend shall be paid through the issuance of a one-year 15% promissory note, secured by all assets of the Company. Prior to Nov. 7, 2023, the Company's compensation committee approved a one year consulting agreement to issue 150,000 restricted shares of common stock to Gene Salkind, Chairman of the Board. On Dec. 18, 2023, the Company exchanged 300,789 shares of Series G Preferred Stock with an equity value of $1,503,495 for 751,973 shares of Series H Preferred Stock at an issue price of $2.00 per share. Each share of the Series H Preferred Stock is convertible by the Preferred Shareholders at any time after issuance into 10 shares of the Company's Common Stock, or $0.20 per Common Share (Conversion Ratio). The Series H Preferred Stock will automatically convert at the same Conversion Ratio upon the Company's Common Stock reporting of a closing sales price over $2.00 per share for 10 consecutive trading days or Dec. 31, 2026, whichever is earlier. The Company will pay monthly dividends equal to one percent of the issue price of the Series H Preferred Stock, payable monthly commencing Jan. 2, 2024, in either cash or shares of Common Stock, at the option of the Preferred Shareholders. Should the cash option be elected, the Company may determine that such dividend shall be paid through the issuance of a one-year 15% promissory note, secured by all assets of the Company. On Dec. 19, 2023, Mr. Salkind received options to purchase 100,000 common shares at an exercise price of $.20 per share over a term of 5 years. The original purpose of the Nov. 7, 2023 transaction was to increase the Company's stockholders equity over $2.5 million to attempt to ensure compliance with NASDAQ Capital Market maintenance requirements and to provide working capital to the Issuer. A full-text copy of the SEC filing is available for free at: https://www.sec.gov/Archives/edgar/data/1084267/000168316823009068/mobq_13da3.htm About Mobiquity Technologies Inc. Headquartered in Shoreham, NY, Mobiquity Technologies, Inc., is a next-generation advertising technology, data compliance and intelligence company which operates through its various proprietary software platforms. The Company's product solutions are comprised of three proprietary software platforms: Advertising Technology Operating System (ATOS Platform); Data Intelligence Platform; and Publisher Platform for Monetization and Compliance. Mobiquity reported a net loss of $8.06 million in 2022, compared to a net loss of $18.33 million in 2021. As of Dec. 31, 2022, the Company had $2.63 million in total assets, $2.65 million in total liabilities, and a total stockholders' deficit of $10,830. Palm Beach Gardens, FL-based D. Brooks & Associates, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has incurred operating losses, has incurred negative cash flows from operations and has an accumulated deficit. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. MULLEN AUTOMOTIVE: Delivers 63 Vehicles to Randy Marion Worth $4M ----------------------------------------------------------------- Mullen Automotive, Inc. announced 63 additional Class 3 vehicles have been delivered to Randy Marion Automotive Group with the Company invoicing RMA for $3,969,000. To-date, The Company has delivered 121 Mullen THREEs to RMA for a total of $7,623,000. The Company is on track to deliver 150 Mullen THREEs by EOY 2023. In total, Randy Marion has committed to 1,000 Class 3 vehicles for a total of $63 million, with the majority of the vehicles to be delivered in calendar year 2024. As previously reported, Class 3 production at the Tunica, Mississippi, facility is planned for 150 vehicles for 2023, with total capacity for Class 3 planned at 3,000 vehicles annually per shift. Mullen THREE production is based out of Tunica, which is home to Mullen's commercial vehicle assembly for both the Mullen ONE, Class 1 EV cargo van, and the Class 3 EV cab chassis trucks. Mullen began first deliveries of the Mullen THREE to Randy Marion on Sept. 28, 2023. Randy Marion received its North Carolina license to retail Mullen's commercial EVs on Nov. 16, 2023, opening the ability of the dealership to conduct sales to customers. "We are laser-focused on hitting our commitment to deliver 150 Mullen THREEs by the end of this year," said David Michery, CEO and chairman of Mullen Automotive. The All-Electric Mullen THREE is a Class 3 low cab forward EV truck featuring a robust payload and 125-mile range. The Mullen THREE was purpose-built to meet the demands of urban last-mile delivery. The Mullen THREE chassis can be easily upfit to meet a variety of vocational needs from last mile delivery, construction, landscaping, catering and more. The chassis has a clean top-of-rail design for easy upfitting with bodies up to 14 feet long and over 5,300 pounds of payload. Mullen THREE Vehicle Highlights: * 125-mile estimated range * 11,000 lbs. GVWR * 5,316 lbs. max payload * 14 ft. max box length * 38 ft. turning diameter 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. MUSTARD SEED: Continued Operations to Fund Plan Payments -------------------------------------------------------- Mustard Seed Living, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a Subchapter V Plan of Reorganization dated December 26, 2023. The Debtor was formed in 2013, and is a real estate development. Marcus Trimble, the Chief Manager of the Debtor and the owner of the real estate involved in this case, acted as contractor to develop the property. The Debtor's principal creditor, Simmons Bank, accelerated the loans secured by the assets owned by the Debtor due to the Covid pandemic loss of income. These actions caused the Chapter 11 filing. The Debtor is in the process of locating a means to sell the real estate and pay creditors in full. The Debtor, through its principal member, Marcus Trimble, is hoping to purchase all of the assets of the Debtor. While the real estate is not completed, he is hoping that the secured lenders will take a discount for an immediate cash payment while not having to complete the real estate while using his personal assets to satisfy the other obligations in this case. This Plan of Reorganization proposes to pay the creditors of the Debtor from cash flow from business operations and future income of the Debtor. Class No. 006 shall consist of the allowed unsecured claims not entitled to priority and not expressly included in the definition of any other class. This class includes, without limitation, claims arising out of the rejection of any executory contact or unexpired lease, each allowed claim secured by a lien on property in which the Debtor has an interest to the extent that such claim is determined to be unsecured to the extent that the allowed amount of such claim exceeds the amount which such claim may be afforded priority thereunder. The claims in this class shall be paid in full on the Effective Date of the plan from the sale of all of these properties to Marcus Trimble, the Chief Manager of the Debtor, and his wife. The Debtor will retain all ownership rights in property of the estate. The Debtor anticipates the funds to meet the plan payments shall come from the daily operations of the Debtor's retail business selling furniture. A full-text copy of the Subchapter V Plan dated December 26, 2023 is available at https://urlcurt.com/u?l=359HCn from PacerMonitor.com at no charge. Attorney for Debtor: Steven L. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC 908 Harpeth Valley Place Nashville, TN 37221 Telephone: (615) 256-8300 Facsimile: (615) 255-4516 Email: slefkovitz@lefkovitz.com About Mustard Seed Living Mustard Seed Living, LLC, is the owner of real property located in Nashville, Tenn., valued at $1.4 million. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-03551) on Sept. 28, 2023, with $3,350,041 in assets and $2,306,603 in liabilities. Marcus Trimble, director, signed the petition. Judge Charles M. Walker oversees the case. Steven L. Lefkovitz, Esq., at Lefkovitz & Lefkovitz, is the Debtor's legal counsel. NURSES AT HEART: Ashley Rusher Named Subchapter V Trustee --------------------------------------------------------- John Paul Cournoyer, the U.S. Bankruptcy Administrator for the Middle District of North Carolina, appointed Ashley Rusher as Subchapter V trustee for Nurses At Heart Nursing Staffing Agency, LLC. Ms. Rusher 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. Rusher declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Nurses At Heart Nurses At Heart Nursing Staffing Agency, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 23-50844) on December 14, 2023, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Lena M. James oversees the case. Samantha K. Brumbaugh, Esq.., at Ivey, Mcclellan, Siegmund, Brumbaugh & Mcdonough, LLP represents the Debtor as legal counsel. OUTPUT SERVICES: PennantPark Marks $4.9MM Loan at 80% Off --------------------------------------------------------- PennantPark Floating Rate Capital Ltd has marked its $4,923,000 loan extended to Output Services Group, Inc to market at $960,000 or 20% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in PennantPark's Form 10-K for the Fiscal year ended September 30, 2023, filed with the Securities and Exchange Commission. PennantPark Floating is a participant in a First Lien Secured Loan-Revolver to Output Services Group, Inc. The loan matures on June 27, 2026. PennantPark classified the loan as non-income producing. PennantPark Floating Rate Capital Ltd. was organized as a Maryland corporation in October 2010. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. On April 14, 2022, listing and trading of the Company's common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC effective at market close on April 13, 2022. Output Services Group, Inc. offers electronic billing, e-statements, outsourced billing, electronic bill presentment and payment, print and mail, invoice printing and processing, statement processing, statement services, transpromo marketing services. PARTS ID INC: Files for Chapter 11 With Prepackaged Plan -------------------------------------------------------- Parts ID Inc., a publicly traded operator of ecommerce websites focused on automotive parts, filed for Chapter 11 bankruptcy on Dec. 26, 2023 with a Prepackaged Plan of Reorganization negotiated with key stakeholders. The company listed assets of at least $10 million against liabilities of more than $50 million in its bankruptcy petition. The filing allows Parts ID to keep operating while it works out a creditor-repayment plan. The Debtors have sought approval of a variety of "first day" motions containing customary relief intended to enable the Debtors to continue ordinary course operations during the Chapter 11 Cases. The Debtors continue to operate their businesses as a "debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Additionally, the Debtors have requested the Bankruptcy Court schedule a hearing to confirm its Prepackaged Plan by no later than Feb. 2, 2024, with a Plan voting deadline of January 8, 2024. Prepacked Plan of Reorganization According to a regulatory filing with the SEC, on the Petition Date, the Debtors also filed with the Bankruptcy Court a pre-packaged Chapter 11 plan of reorganization. The Plan contemplates, among other things, the following: * the Debtors will obtain a new debtor-in-possession multi-draw term loan financing facility pursuant to the Credit Agreement, consisting of (A) new money term loans in an aggregate principal amount of up to $12,000,000, and (B) term loans not to exceed the outstanding principal and accrued but unpaid interest owed under the New Bridge Loan and Existing Bridge Loans; * on the effective date of the Plan (the "Plan Effective Date"), the Company (as reorganized, "Reorganized PARTS iD") will issue and the Plan Sponsor will purchase $26,000,000 of new preferred equity interests ("New Preferred Stock"); * on the Plan Effective Date, Reorganized PARTS iD will issue common equity interests (the "New Common Stock"); * the initial board of directors of Reorganized PARTS iD will implement a customary management incentive plan; * on the Plan Effective Date, the following distributions will be made: -- holders of New Money DIP Claims will receive their pro rata share of New Preferred Stock; -- holders of Tranche 1 Roll-Up DIP Claims and Tranche 2 Roll-Up DIP Claims will receive their pro rata share of New Common Stock; -- holders of Tranche 3 Roll-Up DIP Claims will receive cash equal to the amount of such Tranche 3 Roll-Up DIP Claims; -- holders of Senior Secured Note Claims will receive cash in the aggregate amount of $4,224,500 minus any payments made to such Holders on account of such claims during the Chapter 11 Cases; -- holders of MCA Claims will receive either the Wave Distribution or the RCNY Distribution, as applicable; -- holders of Subordinated Secured Note Claims will be entitled to receive two (2) of the following, provided, however, that no holder of a Subordinated Secured Note Claim will receive, in the aggregate, more than 100% of amount of such holder's Subordinated Secured Note Claim: (i) payment in cash of 55% of such Subordinated Secured Note Claim; (ii) such holder's pro rata share from the net recoveries (after payments of fees, litigation financing and taxes) from the Litigation Proceeds; and (iii) payment in cash upon the achievement of an EBITDA target to be agreed between the Plan Sponsor and the Debtors; -- holders of Vendor Claims will receive cash in an amount equal to 25% of such Vendor Claim, and beginning the month following the Plan Effective Date, payment in the aggregate amount equal to 30% of its Vendor Claim, paid in equal monthly installments over a period of 36 months; and -- holders of Convenience Claims will receive cash in an amount equal to 65% of its Convenience Claim. During the Chapter 11 cases, the Debtors intend to operate their business in the ordinary course and will seek authorization from the Bankruptcy Court to make payment in full on a timely basis to trade creditors, vendors, suppliers, customers and employees of undisputed amounts due prior to and during the Chapter 11 Cases. Bridge Loan / DIP Credit Agreement On Dec. 19, 2023, PARTS iD, Inc., a Delaware corporation and its subsidiary PARTS iD, LLC, a Delaware limited liability company entered into a Credit Agreement with Fifth Star, Inc., a Delaware corporation ("Fifth Star", and its various capacities, the "New Bridge Lender", the "New Money DIP Lender", the "Administrative Agent" and the "Plan Sponsor") to which certain Roll-Up DIP Lenders have joined the Credit agreement by execution of a Roll-Up DIP Lender supplement. In connection with the Company's intention to commence voluntary cases under Chapter 11 of the Bankruptcy Code, the Credit Agreement provides for a secured credit facility, pursuant to which (i) the New Bridge Lender has provided a prepetition term loan facility in an aggregate amount of up to $3,000,000 (less $500,000 towards reimbursement of legal and financial advisory expenses of Fifth Star) prior to the Petition Date (the "New Bridge Loan"), (ii) the New Money DIP Lender will provide a "new money" term loan facility in the form of post-petition debtor-in-possession financing under Section 364 of the Bankruptcy Code in an aggregate principal amount of up to $6,000,000, subject to the terms of the Credit Agreement and the DIP Order and (iii) certain of the previous loans provided to the Company in which the Company issued various promissory notes (the "Existing Bridge Loans") in the aggregate principal amount of $3,300,000, and the New Bridge Loan will be exchanged into post-petition term loans thereunder. The Credit Agreement also provides that following the occurrence of (i) the failure to meet any Milestone , (ii) the occurrence of any Event of Default, (iii) the failure to satisfy the Direct Investment Commitment Conditions that have not been waived or (iv) the failure to obtain affirmative votes of the Vendor Claims in sufficient amount and number to satisfy the requirements of class acceptance under the Bankruptcy Code upon tabulation of votes received on or prior to the Voting Deadline, with such tabulation to occur within two business days following the Voting Deadline, the Plan Sponsor may, in lieu of the Plan, elect to (a) pursue a sale, pursuant to Section 363 of the Bankruptcy Code or otherwise, of all or substantially all of the Company's assets, on terms and conditions acceptable to the Plan Sponsor with the Plan Sponsor serving as the stalking horse bidder and (b) provide an additional $6,000,000 post-petition debtor-in-possession term loan facility to fund such sale process. As collateral for the obligations under the Credit Agreement, the Debtors have granted to the Administrative Agent, on behalf of the Secured Parties a security interest in all of Debtors' right, title, and interest in, to and under all of Debtors' property (inclusive of intellectual property), subject to certain exceptions, as set forth in the Security and Pledge Agreement and the Trademark Security Agreement. Such security interest shall be subordinate to any valid, perfected and enforceable Lien securing the Prepetition Senior Secured Obligations, including being junior to the liens granted to Lind Global Fund II LP under the Securities Purchase Agreement, dated as of July 17, 2023, by and between the Company and Lind. The Credit Agreement also contains other customary representations and warranties, affirmative and negative covenants and events of default that are standard for agreements of this type. About PARTS iD Inc. PARTS iD Inc. -- https://www.partsidinc.com/ -- headquartered in Cranbury, New Jersey, the company 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. 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. Parts ID went public via a merger with a blank-check firm in 2020. The company operates websites including CARiD.com, TRUCKiD.com and CAMPERiD.com. Parts ID Inc. and subsidiary PARTS iD, LLC, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-12098) on Dec. 26, 2023. In the petition filed by CEO Lev Peker, Parts ID Inc. disclosed $18.7 million in assets against $55.02 million in debt as of Sept. 30, 2023. DLA PIPER LLP (US) is the Debtors' bankruptcy counsel. KROLL RESTRUCTURING ADMINISTRATION LLC is the claims agent. PDG HOLDINGS: 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 PDG Holdings One, LLC. 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 PDG Holdings One PDG Holdings One, LLC, a company in Pacifica, Calif., filed Chapter 11 petition (Bankr. N.D. Calif. Case No. 23-30844) on December 14, 2023, with $1,400,000 in assets and $1,026,519 in liabilities. Andrea Lanette Ruth, managing member, signed the petition. Judge Dennis Montali oversees the case. Michael R. Totaro, Esq., at Totaro & Shanahan, LLP represents the Debtor as legal counsel. PENNSYLVANIA REAL ESTATE: Extends Maturity of Notes to Feb. 15 -------------------------------------------------------------- Pennsylvania Real Estate Investment Trust disclosed in a Form 8-K Report filed with the Securities and Exchange Commission that PR Cherry Hill STW LLC and Cherry Hill Center, LLC, both of which are subsidiaries of PREIT that owns Cherry Hill Mall, PREIT Associates, L.P., which is the guarantor under the Notes, and New York Life Insurance Company and Teachers Insurance and Annuity Association of America, which are the lenders under the loans that are evidenced by the Notes, entered into a Loan Extension, Modification and Commitment to Restate Agreement, in connection to that certain (i) $150 million promissory note with New York Life Insurance Company dated August 15, 2012, and (ii) $150 million promissory note with Teachers Insurance and Annuity Association of America dated August 15, 2012. The Extension, Modification, and Commitment to Restate Agreement extended the maturity date of the Notes to February 15, 2024. To satisfy the conditions precedent of the Extension, Modification and Commitment to Restate Agreement and effectuate the extension of the Maturity Date of the Notes, the Borrowers paid an extension fee to the Lenders calculated by multiplying 0.35% by the outstanding principal balance of each Note and paid certain expenses incurred by the Lenders in connection with the Extension, Modification and Commitment to Restate Agreement, among other terms and conditions. Additionally, the Borrowers are party to certain other agreements that were amended in accordance with the Extension, Modification and Commitment to Restate Agreement. The Extension, Modification and Commitment to Restate Agreement also provided for a commitment to restate the loans that are evidenced by the Notes pursuant to an amendment and restatement of each Note, effective as of February 15, 2024, on the same terms as each existing Note, except as follows: (i) the maturity date will be the earlier of (a) February 15, 2025 and (b) the initial Failed Milestone Date, if any; (ii) the interest rate will be a rate that is the greater of (a) a fixed rate equivalent to 2.75% in excess of the then 2-Year US Treasury Rate and (b) 7.25% per annum; (iii) each Note will require a monthly payment of principal and interest based upon the new interest rate, an assumed principal balance of $114,453,252.00 and a continuation of the existing 30 year amortization schedule; and (iv) there will be successive extension options thereafter to February 15, 2026, August 15, 2026, February 15, 2027 and August 15, 2027, each extension subject to the terms and conditions set forth under the Extension, Modification and Commitment to Restate Agreement. The Lenders' obligations under the Commitment are subject to (i) the payment by the Borrowers of an additional $7.5 million of the outstanding principal balance of each Note ($15 in the aggregate with respect to both Notes) and (ii) the Bankruptcy Court entering a final order approving a DIP Facility by February 12, 2024, among other terms and conditions. A full-text copy of the Loan Extension, Modification and Commitment to Restate Agreement is available at http://tinyurl.com/3c2953t2 About PREIT PREIT (OTCQB:PRET) -- http://www.preit.com/-- is a real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multifamily & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. PREIT and its debtor-affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 23-11974) on December 10, 2023. As of Sept. 30, 2023, PREIT has $1.72 billion in total assets and $1.99 billion in total debts. The Hon. Karen B. Owens oversees the cases. The Debtors tapped DLA Piper LLP (US) as general bankruptcy counsel; Wachtell, Lipton, Rosen & Katz and Dilworth Paxson, LLP as special counsels; and PJT Partners, LP as financial advisor. Kroll Restructuring Administration, LLC is the notice, claims, balloting and subscription agent. Paul Hastings, LLP and Young Conaway Stargatt & Taylor, LLP serve as legal counsels while Houlihan Lokey serve as financial advisor to the ad hoc group of PREIT's first lien and second lien secured lenders. Paul Hastings also advises the debtor-in-possession (DIP) lenders. PREFERRED BUILDERS: Michael Markham Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Preferred Builders of Florida, Inc. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Email: Mikem@jpfirm.com About Preferred Builders of Florida Preferred Builders of Florida, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01528) on December 17, 2023, with up to $50,000 in assets and $50,001 to $100,000 in liabilities. Michael R. Dal Lago, Esq., represents the Debtor as legal counsel. PROFRAC HOLDINGS II: Moody's Rates New $520MM Secured Notes 'B3' ---------------------------------------------------------------- Moody's Investors Service assigned a B3 rating to ProFrac Holdings II, LLC's (ProFrac) new $520 million senior secured notes due in 2029. Moody's affirmed ProFrac's B2 Corporate Family Rating and B2-PD Probability of Default Rating and maintained the stable outlook. The company's SGL-3 Speculative Grade Liquidity Rating remains unchanged. RATINGS RATIONALE ProFrac issued $520 million secured notes and a $365 million term loan by its wholly-owned subsidiary, PF Proppant Holding, LLC (Alpine). The combined proceeds were applied to retiring its existing $808 million senior secured term loan due in 2025 (rated B2) and around $12 million of other debts (unrated). Moody's views the extension of ProFrac's maturity schedule as a credit positive, partially offset by the increased complexity of the company's capital structure. The rating on the senior secured term loan due 2025 will be withdrawn following its repayment. ProFrac's B2 CFR reflects the company's market position in the onshore U.S. pressure pumping market and Moody's expectation that the company's free cash flow generation will continue to grow, offset by the highly cyclical nature of the oilfield services sector, and pressure pumping in particular. ProFrac's 2023 results have been pressured by lower utilization of its assets due to its meaningful exposure to spot work in an environment characterized by declining demand for pressure pumping. ProFrac has increased its contractual coverage for 2024 and Moody's expects its results to show improvement in 2024 as a result of higher asset utilization. The rating is tempered by ProFrac's recent history of debt-funded acquisitions as well as execution risks on the company's ongoing efforts to integrate recent acquisitions and its strategic shift to emphasize more contracted work. Pressure pumping, which accounts for the majority of the company's EBITDA, is a highly competitive sector with volatile margins. ProFrac's SGL-3 Speculative Grade Liquidity (SGL) rating reflects Moody's expectation for the company to maintain adequate liquidity through 2024. Pro forma for the refinancing transactions, ProFrac is expected to have total liquidity of $75 million, including $65 million of available borrowing capacity under its ABL credit facility maturing in 2027 and around $10 million of cash on hand. Moody's expects the company to be able to continue to meet its cash requirements including interest, maintenance capital expenditures, and cash taxes from operating cash flow. The secured notes contain one maintenance covenant limiting LTV to 75% of Orderly Liquidation Value of First Lien Collateral, tested semi-annually, as defined under the indenture. The presence of this maintenance covenant in the secured notes heightens ProFrac's future covenant compliance risks given the highly volatile nature of the pressure pumping sector and the potential effect that has on equipment values. The ABL contains financial covenants including maintenance of a fixed charge coverage ratio of at least 1.0x if availability is less than the greater of $30 million or 12.5% of the line cap. The $365 million Alpine term loan requires the maintenance of secured leverage of no greater than 2.0x beginning at September 30, 2024. Moody's expects ProFrac to remain in compliance with its covenants through 2024. ProFrac's secured notes due 2029 are rated B3, one notch below the CFR. The notes are secured by a first lien on all of ProFrac Services assets other than the ABL collateral and a second lien on the ABL collateral. The company's $325 million ABL revolver has a first lien on working capital assets of ProFrac Holdings II, LLC and a second lien on other assets. The ABL has a priority claim to the more liquid assets and based on its size relative to the secured notes, the notes rating is notched down from the CFR. The ABL has a stated maturity of March 2027 but will accelerate to 91 days ahead of the stated maturity of any material indebtedness other than the First Financial Loan, U.S. Well Services debt, and the Monarch acquisition seller note. ProFrac has a history of carrying a meaningful amount of ABL borrowings and utilizing its ABL to finance its acquisitive growth strategy. The $365 million Alpine term loan has a first lien on all of Alpine's assets other than Monarch, and a second lien on Monarch; Monarch will become first lien collateral for the Alpine term loan upon the repayment of the $55 million Monarch Seller Note. The secured notes and Alpine term loan also benefit from an unsecured parent guarantee from ProFrac Holding Corp. ProFrac's stable outlook reflects Moody's expectations for growth in cash flow generation through fleet growth and margin improvements, with rising free cash flow used to repay revolver debt and bolster liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to a rating upgrade include sustainable EBITDA growth, debt reduction, increased covenant compliance headroom and liquidity, and conservative financial policies. Factors that could lead to a rating downgrade include debt/EBITDA above 4x, EBITDA/interest below 3x, deterioration in liquidity, or more aggressive financial policies. ProFrac Holdings II, LLC is a wholly owned subsidiary of ProFrac Holding Corp. (NASDAQ: ACDC), headquartered in Willow Park, Texas, and is a vertically integrated provider of hydraulic fracturing services to E&P companies in the United States. ProFrac is substantially owned by the Wilks family. The principal methodology used in these ratings was Oilfield Services published in January 2023. RADIOLOGY PARTNERS: S&P Places 'CCC+' ICR on CreditWatch Negative ----------------------------------------------------------------- S&P Global Ratings placed all ratings on Radiology Partners Holdings LLC (RP), including the 'CCC+' issuer credit rating, on CreditWatch with negative implications. The recovery ratings of '3' and '6' on the company's first lien secured debt and unsecured notes, respectively, are unchanged. The CreditWatch placement with negative implications reflects heightened downside risk to its ratings given the potential that the company might default or engage in a distressed exchange in 2024. S&P placed the rating on CreditWatch to reflect the heightened downside risk to its ratings. RP has drawn about 80% from its existing RCF, which is coming due in less than a year (November 2024), and about 80% of the remaining debt is due in less than two years (July 2025 and December 2025). Also, the company has been generating persistent cash flow deficits over the past few years, despite having paused its acquisition spending to focus on de novo growth and having implemented cost-saving programs. The company's free cash flow deficits are mainly due to the adverse working capital impact from NSA and payor disputes. Given the company's low rating and the distressed trading levels of its outstanding debt, we see some potential for the company to negotiate amendments to the outstanding debt. If that were to involve lenders getting less than they were originally promised, (i.e. an amendment without adequate compensation) S&P would likely view that distressed exchange type transaction as a selective default. S&P said, "The CreditWatch placement with negative implications reflects heightened risk for a potential default in 2024. We expect to resolve the CreditWatch listing within the next few months, or sooner, as we get more clarity on the company's plans to address these approaching maturities. "We could lower our ratings if the company is unable to address the maturities on the existing debt in the next few months or if the company pursues a distressed transaction that we deem to be a selective default." RAOCORE TECHNOLOGY: Jolene Wee Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for Raocore Technology, LLC. Ms. Wee will be paid an hourly fee of $595 for her services as Subchapter V trustee for 2023 and $615 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 Raocore Technology Raocore Technology, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 23-12080) on December 20, 2023. At the time of the filing, the Debtor reported $100,001 to $500,000 in both assets and liabilities. RAWHIDE MINING: Files for Chapter 11 Bankruptcy Protection ---------------------------------------------------------- Rawhide Mining LLC filed for chapter 11 protection in the District of Nevada. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 200 and 999 creditors. The petition states funds will be available to unsecured creditors. About Rawhide Mining Rawhide Mining LLC provides gold mining services. The Company serves customers in the State of Nevada. Rawhide Mining LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 23-15619) on December 20, 2023. In the petition filed by Marceau Schlumberger, as manager, the Debtor reports assets and liabilities between $10 million and $50 million. The Debtor is represented by: Samuel A. Schwartz SCHWARTZ LAW, PLLC c/o Schwartz Law, PLLC 601 East Bridger Avenue Las Vegas, NV 89101 RGV PUMP & EQUIPMENT: Catherine Curtis Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Catherine Curtis as Subchapter V Trustee for RGV Pump & Equipment, LLC. Ms. Curtis will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Curtis declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Catherine Curtis P.O. Box 720788 McAllen, TX 78504 Phone: (956) 489-5958 Email: ccurtis@mcginnislaw.com About RGV Pumps & Equipment Established in San Benito, Texas, in March 2008, RGV Pump & Equipment, LLC -- https://www.rgvpumps.com/ -- is a provider of solutions for automotive and commercial trucks, and industrial equipment. Its services include lubricant delivery, waste oil removal, equipment servicing, and fueling. RGV Pump & Equipment filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 23-10223) on Dec. 12, 2023, with total assets of $329,021 and total liabilities of $1,690,466. Eliud George, managing member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. Robert C. Lane, Esq., at The Lane Law Firm serves as the Debtor's counsel. Growbooks Business Solutions, LLC is the bookkeeper. RITE AID: Court OKs DIP Loans from Bank of America -------------------------------------------------- Rite Aid Corporation and affiliates won final approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral and obtain postpetition financing. Rite Aid has entered into a superpriority senior secured priming asset-based credit facility from a consortium of lenders led by Bank of America, N.A., as administrative agent, in the aggregate principal amount of $3.25 billion. The facility consists of of: (A) a senior secured superpriority revolving credit facility in the aggregate principal amount equal to $2.85 billion; and (B) a senior secured superpriority "first in, last out" term loan facility in the aggregate principal amount of $400 million pursuant to the DIP Orders and the definitive credit agreement governing the DIP ABL Facilities. Rite Aid also has entered into a superpriority senior secured asset-based term loan credit facility from a consortium of lenders led by Bank of America, N.A., as administrative agent and collateral agent, consisting of term loan commitments in an aggregate principal amount equal to $200 million. The DIP facilities are due and payable one year after the Closing Date. The Debtors are required to comply with certain milestones in the chapter 11 cases, including with respect to filing and obtaining approval of motions with regard to the conduct and consummation of marketing and sale processes for certain of the Debtors' assets and the solicitation and confirmation of a chapter 11 plan. The cash collateral and DIP Facilities will be used to pay the principal, interest, fees, expenses, and other amounts payable and reimbursable under the DIP Documents and the DIP Orders as such become due, make permitted adequate protection payments, and provide funding for working capital and other general corporate purposes. As of the Petition Date, the Debtors had outstanding secured debt obligations in the aggregate principal amount of approximately $4 billion under two credit facilities, two series of secured notes, and certain finance leases. Rite Aid Corporation is the borrower under the credit agreement dated as of December 20, 2018, by and among RAD, the lenders party thereto from time to time, Bank of America, N.A., as administrative agent and collateral agent thereunder, and the other parties thereto. The Prepetition ABL Credit Agreement provides for asset-based credit facilities consisting of a $2.85 billion asset-based revolving credit facility and a $400 million "first-in, last-out" term loan facility. Under the Prepetition ABL Credit Agreement, the Prepetition FILO Facility is contractually subordinated to the Prepetition Revolving Facility in right of payment. The Prepetition ABL Facilities are guaranteed by a substantial majority of Rite Aid Corporation's Debtor subsidiaries and secured by liens on substantially all of the Debtors' property. The Prepetition Revolving Facility and Prepetition FILO Facility both mature in August 2026. As of the Petition Date, the outstanding principal amount of Prepetition Revolving Loans totals approximately $2.2 billion, the outstanding principal amount of Prepetition FILO Loans totals approximately $400 million, and letters of credit issued and outstanding under the Prepetition Revolving Facility total approximately $237 million. Rite Aid is also the issuer of these secured notes: a. 7.5% Senior Secured Notes due 2025. On February 5, 2020, Rite Aid Corporation issued $600 million of 7.500% Senior Secured Notes due July 1, 2025 (approximately $320 million of which remains outstanding as of the Petition Date). The 2025 Secured Notes are guaranteed by each of the other Debtors. b. 8% Senior Secured Notes due 2026. On July 27, 2020, Rite Aid Corporation issued $850 million of 8% Senior Secured Notes due November 15, 2026 (approximately $850 million of which remains outstanding as of the Petition Date). The 2026 Secured Notes are guaranteed by each of the other Debtors. The Company leases most of its retail stores, certain distribution facilities, and certain equipment and other assets under non-callable operating and finance leases. The Finance Leases generally have initial lease terms of 5 to 22 years. As of the Petition Date, approximately $17.7 million remains outstanding under the Finance Leases. As adequate protection, the Prepetition Secured Parties are granted additional and replacement, valid, binding, enforceable, non-avoidable, and effective and automatically perfected postpetition security interests in and liens as of the date of the Interim Order. As further adequate protection, each of the Prepetition Agents, for the benefit of themselves and the respective Prepetition Secured Parties, are granted allowed administrative expense claims in each of the Cases ahead of and senior to any and all other administrative expense claims in such Cases to the extent of any postpetition Diminution in Value, but junior to the Carve Out and the DIP Superpriority Claims and with the priorities set forth in the Prepetition Intercreditor Agreement. Members of the lending consortium are: * BANK OF AMERICA, N.A., as the Administrative Agent; and as Lender and an Issuing Bank * WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and an Issuing Bank * CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender and an Issuing Bank * BMO BANK N.A., as a Lender and an Issuing Bank * FIFTH THIRD BANK, as a Lender and an Issuing Bank * MUFG UNION BANK, N.A., as a Lender and an Issuing Bank * PNC BANK, NATIONAL ASSOCIATION, as a Lender and an Issuing Bank * TRUIST BANK, as a Lender and an Issuing Bank * ING CAPITAL LLC, as a Lender and an Issuing Bank * CITIZENS BANK, N.A., as a Lender * TD BANK, N.A., as a Lender * THE HUNTINGTON NATIONAL BANK, as a Lender * FIRST-CITIZENS BANK & TRUST COMPANY, N.A., as a Lender * U.S. BANK NATIONAL ASSOCIATION, as a Lender * UBS AG, STAMFORD BRANCH, as a Lender * SIEMENS FINANCIAL SERVICES, INC., as a Lender * WEBSTER BUSINESS CREDIT CORPORATION, as a Lender * KEYBANK NATIONAL ASSOCIATION, as a Lender * NYCB SPECIALTY FINANCE COMPANY, LLC, a wholly owned subsidiary of New York Community Bank, as a Lender * ATLANTIC UNION BANK, as a Lender * CATHAY BANK, as a Lender * APPLE BANK FOR SAVINGS, as a Lender A copy of the order is available at https://urlcurt.com/u?l=lGETRs from PacerMonitor.com. About Rite Aid Rite Aid -- http://www.riteaid.com-- is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's pharmacy benefits and services company, consists of accredited mail and specialty pharmacies, prescription discount programs and an industry leading adjudication platform to offer superior member experience and cost savings. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs more than 6,100 pharmacists and operates more than 2,100 retail pharmacy locations across 17 states. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on October 15, 2023. In the petition signed by Jeffrey S. Stein, chief executive officer and chief restructuring officer, the Debtor disclosed $7,650,418,000 in total assets and $8,597,866,000 in total liabilities. Judge Michael B. Kaplan oversees the case. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Cole Schotz, P.C. as local bankruptcy counsel, Guggenheim Partners as investment banker, Alvarez & Marsal North America, LLC as financial, tax and restructuring advisor, and Kroll Restructing Administration as claims and noticing agent. Kramer Levin Naftalis & Frankel LLP, serves as counsel to the Official Committee of Unsecured Creditors. Kelley Drye & Warren LLP serves as co-counsel to the Committee. A Tort Claimants Committee is represented by Akin Gump Strauss Hauer & Feld LLP as lead counsel and Sherman, Silverstein, Kohl, Rose & Podolsky, P.A as local counsel. The Dann Law Firm, P.C.; Martzell, Bickford & Centola; Creadore Law Firm PC; and Thompson Barney advise an Ad Hoc Committee comprised of parents and guardians advocating on behalf of children born with Neonatal Abstinence Syndrome, and who assert general unsecured claims on account of the children's fetal opioid exposure. DLA Piper LLP (US) serves as counsel to Medimpact Healthcare Systems, Inc., the buyer of the Elixir pharmacy benefits management business. Greenberg Traurig, LLP, and Choate Hall & Stewart LLP serve as co-counsel to Bank of America, N.A., the administrative agent for the prepetition first lien lenders and the DIP lenders. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Fox Rothschild LLP represent the Ad Hoc Group of Secured Noteholders. FTI Consulting and Evercore is serving or served as financial advisors to the Bondholders. RIVERBED TECHNOLOGY: RiverNorth Marks $420,000 Loan at 35% Off -------------------------------------------------------------- The RiverNorth Funds has marked its $420,072 loan extended to Riverbed Technology LLC to market at $274,097 or 65% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in RiverNorth's Form N-CSR for the Fiscal Year ended September 30, 2023, filed with the Securities and Exchange Commission. RiverNorth is a participant in a Term loan (9.8%) to Riverbed Technology LLC. The loan matures on July 1, 2028. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended. Riverbed Technology, Inc. provides application performance monitoring, cloud migration, network performance monitoring, and security solutions. Riverbed Technology serves customers globally. ROCKCLIFF ENERGY: S&P Raises ICR to 'B+' Then Withdraws Rating -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Rockcliff Energy II LLC to 'B+' from 'B'. At the same time, S&P affirmed its 'B+' issue-level rating on the company's unsecured notes and revised the recovery rating to '3' from '2' reflecting its expectation for meaningful recovery (50%-70%; 55% rounded) in event of payment default. S&P subsequently withdrew its issuer credit rating on Rockcliff. On Dec. 28, 2023, oil and gas exploration and production company TG Natural Resources LLC completed its acquisition of Rockcliff Energy II LLC. These rating actions follow the close of TGNR's acquisition of Rockcliff. S&P said, "We raised our rating on the company and assigned a stable outlook to equalize it with our rating and outlook on TGNR because we now consider Rockcliff to be a core entity of TGNR. We subsequently withdrew our issuer credit rating on Rockcliff." TGNR assumed Rockcliff's unsecured notes as part of the acquisition. The lower recovery rating of '3' reflects TGNR's capital structure, most notably the larger reserve-based lending (RBL) facility of $1.35 billion. However, the issue-level rating is unchanged, reflecting the higher issuer credit rating of TGNR. ROCKY MOUNTAIN FINE WINES: Seeks Chapter 11 Bankruptcy Protection ----------------------------------------------------------------- Rocky Mountain FineWines LLC dba Premier Wine Distributors of Colorado, LLC filed for chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for January 24, 2024, at 1:00 PM at UST-LA3, TELEPHONIC MEETING. CONFERENCE LINE:888-497-4718, PARTICIPANT CODE:6026644. About Rocky Mountain Fine Wines Rocky Mountain Fine Wines, LLC, is a Colorado limited liability company based in Thorton, Colorado and was formed in 2014. The Debtor is generally involved in the wine distribution industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 23-15883-MER) on Dec. 20, 2023. In the petition signed by Cory Brown, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Honorable Bankruptcy Judge Michael E Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. ROCKY MOUNTAIN FINE: Court OKs Cash Collateral Access Thru Jan 2024 ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado authorized Rocky Mountain Fine Wines, LLC to use cash collateral on an interim basis, in accordance with the budget, through the date of the final hearing set for January 22, 2024 at 9:30 a.m. The U.S Small Business Administration may have or assert a lien encumbering the Debtor's cash collateral. The SBA filed on April 2, 2021 a UCC-1 financing statement asserting a lien encumbering substantially all of the Debtor's assets on account of an EDIL loan. To the extent that any party possesses a properly perfected security interest in the Debtor's cash collateral, as adequate protection for the Debtor's use of cash collateral: a. The Debtor will provide such party with a replacement lien on all postpetition accounts receivable to the extent that the use of cash collateral results in a decrease in the value of such party's interest in the cash collateral pursuant to 11 U.S.C. Section 361(2); b. The Debtor will maintain adequate insurance coverage on all personal property assets and adequately insure against any potential loss; c. The Debtor will provide to such secured party all periodic reports and information filed with the Bankruptcy Court, including debtor-in-possession reports; d. The Debtor will only expend cash collateral pursuant to the Budget subject to reasonable fluctuation by no more than 15% for each expense line item per month, plus any fees owed to the U.S. Trustee; e. The Debtor will pay all post-petition taxes; and f. The Debtor will retain in good repair all collateral in which such party has an interest. A copy of the order is available at https://urlcurt.com/u?l=2xZQlD from PacerMonitor.com. About Rocky Mountain Fine Wines, LLC Rocky Mountain Fine Wines, LLC is a Colorado limited liability company based in Thorton, Colorado and was formed in 2014. The Debtor is generally involved in the wine distribution industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 23-15883-MER) on December 20, 2023. In the petition signed by Cory Brown, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. ROOF HEROES: Wins Interim Cash Collateral Access ------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers, authorized Roof Heroes LLC to use cash collateral on an interim basis in accordance with the budget. The Debtor's Lenders are: Cucumber Capital LLC - $224,850 Everest Business Funding - $100,000 Velocity Capital Group - $84,000 As adequate protection for the use of cash collateral, the Lenders are granted a replacement lien on the all post-petition property of the Debtor that is of the same nature and type as Lenders' pre-petition collateral. A further hearing on the matter is set for January 11, 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=X9oZtt from PacerMonitor.com. The Debtor projects $150,000 in gross income for 30 days. About Roof Heroes Roof Heroes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01235) on Oct. 14, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Caryl E. Delano oversees the case. Joel M. Aresty, Esq., at Joel M. Aresty, P.A. represents the Debtor as legal counsel. SECURED COMMUNICATIONS: Unsecureds to Recover 5% to 14% in Plan --------------------------------------------------------------- Secured Communications, Inc., submitted a First Amended Small Business Plan of Reorganization dated December 26, 2023. On October 30, 2023, the Debtor filed a Motion of the Debtor for Entry of an Order Approving the Settlement Between the Debtor, Robert Wilson, II, Keli Wilson, FJP Holdings, LLC, Aria Holdings, LLC, Argus Holdings, LLC, Secured Communications, LLC, and Solomon Technologies, LLC seeking approval of a global settlement of claims between the Debtor, one of the Debtor's founders and former chief executive officer, and various affiliates of such parties. The Court entered an order granting the motion and approving the settlement on November 20, 2023. On Oct. 30, 2023, the Debtor filed a Motion of the Debtor for Entry of an Order Approving the Settlement Between the Debtor, David Fritsche, Argus Holdings, LLC, and Secured Communications, LLC seeking approval of a global settlement of claims between the Debtor, one of the Debtor's founders, and various affiliates of such parties. The Court entered an order granting the motion and approving the settlement on November 20, 2023. Class 1 consists of Convertible Note Claims. Except to the extent that a Holder of an Allowed Convertible Note Claim agrees to less favorable treatment, each Holder of an Allowed Convertible Note Claim shall receive, at Holder's election, either (i) Class A Common Stock in the Reorganized Debtor at the conversion rate set forth in the Reorganized Debtor Capitalization Table or (ii) the same treatment as Holders of Allowed General Unsecured Claims (Class 2), in full satisfaction of such Claims. The amount of claim in this Class total $4,490,652.91. Class 2 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, each Holder of an Allowed General Unsecured Claim shall receive a Pro Rata Share of each Distributed Cash Payment on each Distributed Cash Payment Date, in full satisfaction of such Claims. The allowed unsecured claims total $1,705,638.85. This Class will receive a distribution of 5% to 14% of their allowed claims. This Class is impaired. Each Distributed Cash Payment shall be in the amount of $30,000, with all Distributed Cash Payments totaling $240,000. Distributed Cash Payments will be made on each of the following dates: June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, and March 31, 2026; provided, however, that the Debtor may make any Distributed Cash Payment on an earlier date, in the Debtor's sole discretion. On the Effective Date, all Equity Interests in the Debtor shall be cancelled. On the Effective Date, all property of the Debtor, tangible and intangible, will revert to the Debtor, free and clear of all Claims and Equity Interests except as provided in the Plan. Through the Exit Financing, the Debtor expects to have sufficient Cash on hand to make the payments required on the Effective Date and to fund the Debtor's operations during the Post-Confirmation Period. The Debtor intends to finance the Plan and the Debtor's future operations through two tranches of Exit Financing supplied by equity fundraising, together with a backstop commitment from the DIP Lenders that will provide the Debtor with a guaranteed minimum level of financing regardless of the success of the Debtor's equity fundraising efforts. A full-text copy of the First Amended Plan dated December 26, 2023 is available at https://urlcurt.com/u?l=aIB4os from PacerMonitor.com at no charge. Debtor's Counsel: Alexis C. Beachdell , Esq. Baker & Hostetler LLP Key Tower, 127 Public Square, Suite 2000 Cleveland, OH 44114 Tel: +1 216-621-0200 Email: abeachdell@bakerlaw.com William E. Chipman, Jr., Esq. Chipman Brown Cicero & Cole, LLP 1313 N. Market Street, Suite 5400 Wilmington, DE 19801 Tel: 302-414-8906 Email: Chipman@ChipmanBrown.com About Secured Communications Secured Communications, Inc., is a global technology company specializing in safeguarding communications. Secured Communications sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 23-11043) on Aug. 1, 2023. In the petition signed by Damien Fortune, chief financial officer and chief operating officer, the Debtor disclosed $819,354 in assets and $2,794,128 in liabilities. Judge Thomas M. Horan oversees the case. William E. Chipman, Jr., Esq., at Chipman Brown Cicero & Cole, LLP, is the Debtor's legal counsel. SKIN BY ASK LLC: Starts Subchapter V Bankruptcy Process ------------------------------------------------------- Skin by Ask LLC filed for chapter 11 protection in the Northern District of New York. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for January 16, 2024, at 10:00 AM. About Skin by Ask LLC Skin by Ask LLC -- https://www.skinbyask.com/ -- is a limited liability company in New York. Skin by Ask LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-11308) on Dec. 21, 2023. In the petition filed by Andrew Kelly, as managing member, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by: Michael Leo Boyle, Esq. Boyle Legal, LLC 29 Church Street Saratoga Springs, NY 12866 SPCH INVESTMENTS: Brian Shapiro Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 17 appointed Brian Shapiro as Subchapter V trustee for SPCH Investments LLC. Mr. Shapiro will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Shapiro declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian Shapiro 510 S. 8th Street Las Vegas, NV 89101 Phone: (702) 386-8600 Email: brian@trusteeshapiro.com About SPCH Investments SPCH Investments, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 23-15544) on December 15, 2023, with $100,001 to $500,000 in both assets and liabilities. Timothy P. Thomas of the Law Offices of Timothy P. Thomas, LLC represents the Debtor as legal counsel. SPEEDWAY AUTO SALES 27: Starts Subchapter V Bankruptcy Case ----------------------------------------------------------- Speedway Auto Sales 27 LLC, d/b/a Lakeland Car Mart, filed for chapter 11 protection in the Middle District of Florida. As part of its business operations, the Debtor floor planned vehicles through Westlake Flooring Company, LLC. During the course of its business operations, the Debtor became "out of trust" with Westlake. Upon information and belief as of the Petition Date, the Debtor owes Westlake a total of $1,038,810. On the Petition Date, and prior to the filing of the Voluntary Petition, Westlake sent a representative to the Debtor who demanded that the Debtor either immediately pay $200,000, or, in the alternative, surrender possession of the Debtor’s rolling stock. Since the Debtor did not have the financial ability to tender the payment, its only choice was to either cease operations or file bankruptcy to preserve its assets for the benefit of its creditors. The Debtor elected to file bankruptcy to reorganize the loan. The Debtor reported between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Jan. 10, 2024, at 11:30 AM at UST-LA3, TELEPHONIC MEETING. CONFERENCE LINE:866-910-0293.1, PARTICIPANT CODE:7560574. About Speedway Auto Sales 27 Speedway Auto Sales 27 LLC, d/b/a Lakeland Car Mart, operates in the automobiles, used cars only business/industry within the automotive dealers sector. It has been operating for approximately four years. The company is estimated to generate $2.0 million in annual revenues and employs approximately 10 employees. The Debtor operates from the leased premises at 3225 US Highway 98 South, Lakeland, FL 33803, Polk County, Florida. Speedway Auto Sales 27 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-05737) on Dec. 19, 2023. In the petition filed by Phyllis Dove-Edwin, as president/member-manager, the Debtor reported assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Buddy D Ford, Esq. Buddy D. Ford, P.A. 3009 Sanctuary Circle Lakeland, FL 33803 SPEEDWAY AUTO: Amy Denton Mayer Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Amy Denton Mayer at Stichter Riedel Blain & Postler P.A. as Subchapter V trustee for Speedway Auto Sales 27, LLC. Ms. Mayer will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About Speedway Auto Sales 27 Speedway Auto Sales 27, LLC is a pre-owned vehicle dealership in Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-05737) on December 19, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Suyapa Duran, manager, signed the petition. Judge Roberta A. Colton oversees the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. represents the Debtor as legal counsel. STUDIOKAZA MOBILI: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------- Studiokaza Mobili, LLC. asks the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, for authority to use cash collateral and provide adequate protection. The Debtor is aware of several creditors that may claim to have a secured interest in the cash collateral including: Fox Capital Group, Inc., LG Funding, LLC, Epic Advance, LLC, Star Capital, LLC, Oakwood Business Funding, LLC, CFG Merchant Solutions, LLC, Seabrook Funding. To the extent that the Court may determine that these creditors are indeed secured creditors, the Debtor has provided sufficient and adequate protection to these Alleged Secured Creditors to ensure that their purported secured claims are protected. The adequate protection to be provided to the Alleged Secured Creditors includes replacement liens on the Debtor's future accounts receivable and future proceeds thereof to the same extent validity and priority that existed on the Petition Date. A copy of the motion is available at https://urlcurt.com/u?l=nmMykk from PacerMonitor.com. About StudioKaza Mobili, LLC StudioKaza Mobili, LLC offers exclusive and luxury furniture, high-end furnishings, custom-made woodworking, marbles and granites, residential automation, and unique-designed accessories from global partners. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-20746) on December 27, 2023. In the petition signed by Marco Andrade, authorized representative, operations vice president, the Debtor disclosed up to $10 million in both assets and liabilities. Morgan Edelboim, Esq., at Edelboim Lieberman Revah PLLC, represents the Debtor as legal counsel. SWING AWAY: Marc Albert of Stinson Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Marc Albert, Esq., a partner at Stinson, LLP, as Subchapter V trustee for Swing Away Sports, LLC. Mr. Albert will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Albert declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Marc E. Albert Stinson, LLP 1775 Pennsylvania Ave, NW, Suite 800 Washington, DC 20006 Phone: (202) 728-3020 Email: marc.albert@stinson.com About Swing Away Sports Swing Away Sports, LLC, doing business as The Ballpark Loudoun, filed Chapter 11 petition (Bankr. E.D. Va. Case No. 23-12057) on December 15, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Christopher Bourassa, manager, signed the petition. Craig M. Palik, Esq., at McNamee Hosea, P.A. represents the Debtor as legal counsel. TG NATURAL RESOURCES: S&P Assigns 'B+' ICR on Rockcliff Deal ------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issuer credit rating to TG Natural Resources LLC (TGNR). S&P said, "We affirmed our 'B+' issue-level rating on the assumed $700 million senior unsecured notes and revised the recovery rating to '3' from '2', indicating our expectation of meaningful (50%-70%; rounded estimate: 55%) recovery of principal in the event of payment default, reflecting additional priority debt in the capital structure." Haynesville shale-focused oil and gas exploration and production (E&P) company, TG Natural Resources LLC (TGNR) has acquired in-basin peer Rockcliff Energy II LLC for a consideration of $2.7 billion, including the assumption of Rockcliff's $700 million of senior unsecured notes due 2029. S&P assigned a 'B+' issuer credit rating to TG Natural Resources, reflecting the company's modest proved reserves and production, modest percentage of proved developed reserves (46%), 95% natural gas concentration, and lack of geographic diversification. Additionally, the rating reflects the relatively high initial draw of 56% (about $755 million) on the reserve-based lending (RBL) facility, as well as TGNR's status as a majority-owned (93% post transaction) subsidiary of 'AA-' rated Tokyo Gas Co. Ltd. S&P's rating on TGNR also incorporates its assessment of the company's low-cost structure, modest leverage, and healthy hedging program. S&P views TGNR as a moderately strategic subsidiary of Tokyo Gas. Tokyo Gas owns 93% of TGNR and represents its primary upstream investment vehicle for U.S. shale exposure. As part of its 2030 initiative, Tokyo Gas targets generating $200 million of EBIT from upstream investments, while also creating a natural hedge for its domestic gas utility business. Legacy TGNR was established in 2016 by Castleton Commodities International LLC (CCI; not rated), which still hold the minority stake. Tokyo Gas increased its equity interest with each asset acquisition, and assumed control in November 2020, subsequently rebranding the company TG Natural Resources. S&P said, "We view TGNR as a moderately strategic subsidiary under our criteria because we consider it as an important part of the parent's long-term strategy, but we consider it likely to be sold if its financial or operational performance substantially deteriorates. We also recognize Tokyo Gas' long-term focus on growing its renewable business, and that TGNR's business is not strongly related to the core utilities business. Therefore, we apply one notch of uplift to our stand-alone credit profile to arrive at the 'B+' issuer credit rating." Pro forma the acquisition, TGNR will have daily production of about 1.2 billion cubic feet equivalent per day (bcfe/d) and proved reserves of 5.0 trillion (t) cfe, consisting of 95% natural gas. Roughly 75% of pro forma production will come from legacy Rockcliff assets. Roughly 85% of production and reserves are concentrated in the higher decline rate (about 35%) Haynesville Shale of East Texas and Louisiana, compared with about 15% from lower decline (10%-15%) conventional production from TGNR's Cotton Valley interest in North Louisiana. S&P said, "We expect a 0%-5% production decline in 2024 and 2025 as the company executes a three rig/two frac crew program focused on the newly acquired acreage in Harrison and Panola counties of East Texas. The proved developed reserve life of 4.9 years and proved reserves of 5.0 tcfe (46% developed) are comparable to peers. We anticipate operating costs will remain low at about $1.16 per thousand cubic feet equivalent (mcfe) due to the high percentage of dry gas production and our expectation that existing midstream contracts will remain in place. Although we view the company's scale and costs favorably compared to 'B-' and 'B' rated peers, TGNR lacks the scale of peers such as Comstock Resources Inc., Ascent Resources Utica Holdings LLC, and CNX Resources Corp." Historically, TGNR has grown production through acquisitions of mature, producing assets and through its nonoperated participation with Shell instead of operated drilling. However, the company drilled 12 wells in 2023 while building its drilled uncompleted (DUC) well count to 10-15 due to the lower natural gas price environment. S&P said, "We anticipate the company will largely complete these wells in 2024 as natural gas prices recover. We also expect the company to execute its drilling target of 30-35 operated wells per year since legacy TGNR assets are adjacent to Rockcliff and the current management team has been in place since 2015." The company's nonoperated production will also improve to 10% from about 33% prior to the acquisition. S&P assesses liquidity as less than adequate due to the relatively high initial RBL draw of 56%. An initial pro forma balance of about $755 million on the new $1.350 billion RBL due December 2027 leaves limited availability should production and/or natural gas prices decline below our assumptions. However, TGNR's hedging program mitigates a portion of the volatility. S&P said, "We assume 55% of production is hedged in 2024 at $3/mcfe and 45% hedged in 2025 at $3.5/mcfe. We would likely need to see a meaningfully lower draw before reassessing liquidity." S&P expects FFO to debt of 50%-60% and leverage of 1.5x-2.0x as natural gas prices recover. Despite the high revolver draw, leverage remains modest partially due to the balanced acquisition financing (50/50 debt and equity) and the low absolute debt levels pre-acquisition. The company has no upcoming debt maturities until the RBL in four years. S&P said, "We expect EBITDA to be bolstered by a healthy hedging program, and $600 million-$650 million of capital spending to fund a maintenance development program that emphasizes free cash flow. We expect discretionary cash flow of $50 million-$100 million in 2024, improving significantly in 2025, and for excess cash to be used to reduce the RBL balance." S&P said, "The stable outlook reflects our expectation that TGNR will integrate the Rockcliff assets while running three rigs/two frac crews for a maintenance drilling program to largely offset natural production declines. We expect the company to use free cash flow to pay down the relatively high initial draw (56%) on the credit facility before paying shareholder distributions. Over the next two years, we project FFO/debt of 50%-60% and debt to EBITDA of 1.5x-2x." S&P could lower its ratings if: -- FFO to debt approaches 30%, or if liquidity deteriorates materially. This would most likely occur if commodity prices decline substantially and the company does not take steps to reduce capital spending. -- Alternatively, S&P revised its group status assessment of TGNR and viewed it as a nonstrategic entity to the parent company, Tokyo Gas, S&P could remove the current positive one-notch of support. This could occur if it becomes less certain that TGNR would receive extraordinary support from the parent in some foreseeable circumstances. S&P could raise its ratings if: -- TGNR meaningfully increased reserves and production to levels more consistent with higher rated peers while maintaining FFO to debt above 60%; and -- The company materially improves liquidity, most likely by reducing the relatively high drawn on the RBL. THERATECHNOLOGIES INC: Renews Shelf Prospectus, Files Form F-3 -------------------------------------------------------------- Theratechnologies Inc. announced that it has filed a preliminary short form base shelf prospectus with the securities regulatory authorities of all the provinces of Canada and a corresponding shelf registration statement with the United States Securities and Exchange Commission on Form F-3. The filing is made for the purpose of restoring the original financing capacity which was available to Theratechnologies under its previous base shelf prospectus dated Dec. 14, 2021 expiring on Jan. 14, 2024. Once the Canadian securities regulatory authorities have issued a receipt for the final short form base shelf prospectus and the shelf registration statement becomes effective, these filings will, subject to securities regulatory requirements, provide for the potential offering in Canada and the United States of up to an aggregate of US$100,000,000 of common shares, preferred shares, subscription receipts, warrants, debt securities and units from time to time over a 25-month period. These filings are intended to give the Company the flexibility to take advantage of financing opportunities when market conditions are favourable. The terms of such future offerings, if any, will be established at the time of such offerings. At the time any of the securities covered by these filings are offered for sale, a prospectus supplement containing specific information about the terms of any such offering will be filed with applicable Canadian securities regulatory authorities and the SEC. The shelf registration statement filed with the SEC has not yet become effective. No securities may be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. About Theratechnologies Theratechnologies (TSX: TH) (NASDAQ: THTX) -- www.theratech.com -- is a biopharmaceutical company focused on the development and commercialization of innovative therapies addressing unmet medical needs. Montreal, Canada-based KPMG LLP, the Company's auditor since 1993, issued a "going concern" qualification in its report dated Feb. 27, 2023, citing that the Company's convertible notes mature in June 2023 and its Loan Facility contains various covenants, including minimum liquidity covenants. There is material uncertainty related to events or conditions that cast substantial doubt about its ability to continue as a going concern. THINK & LEARN: RiverNorth Marks $646,400 Loan at 65% Off -------------------------------------------------------- The RiverNorth Funds has marked its $646,487 loan extended to Think & Learn Private, Ltd to market at $224,169 or 35% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in RiverNorth's Form N-CSR for the Fiscal Year ended September 30, 2023, filed with the Securities and Exchange Commission. RiverNorth is a participant in a First Lien - B Term Loan(3M US L + 0.00%Floor) to Think & Learn Private, Ltd. The loan matures on November 5, 2026. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended. Think & Learn Private Limited, doing business as Byju's, provides online educational services. U SPORTS LEAGUE: Kicks Off Chapter 11 Bankruptcy Protection ----------------------------------------------------------- U Sports League L.L.C filed for chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About U Sports League U Sports League LLC is a limited liability company in Florida. U Sports League LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-05756) on December 20, 2023. In the petition filed by Amanda Warren, as manager, the Debtor estimated assets and liabilities between $500,000 and $1 million each. WESTERN URANIUM: Grants 1.5M Stock Options to Directors, Officers ----------------------------------------------------------------- Western Uranium & Vanadium Corp. disclosed in a Form 8-K filed with the Securities and Exchange Commission that it granted an aggregate of 1,525,000 options to a number of officers, directors, and employees of the Company under its Incentive Stock Option Plan. The option exercise price was set at C$1.60 based on the closing prices on both the date of the grant and the prior trading day and on the pricing of units offered by Western in its most recent private placement. Each option is exercisable to acquire one Western common share for a five-year term starting with the vesting date. The options vest equally in three instalments on Jan. 31, 2024, July 31, 2024, and Jan. 31, 2025. The Company granted the options and offered the underlying common shares in reliance on the exemption from registration for private offerings provided by Section 4(a)(2) of the U.S. Securities Act of 1933, as amended. About Western Uranium & Vanadium Western Uranium & Vanadium Corp. is a Colorado-based company engaged in the business of exploring, developing, mining and production of its uranium and vanadium resource properties. Its mineral properties are located in western Colorado and eastern Utah and adjacent areas of the western United States. Western Uranium reported a net loss of $713,767 for the year ended Dec. 31, 2022, compared to a net loss of $2.07 million for the year ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had $30.86 million in total assets, $3.92 million in total liabilities, and $26.93 million in total shareholders' equity. In its Quarterly Report for the three months ended Sept. 30, 2023, Western Uranium said there are no assurances that the Company will be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated from its operations will be sufficient to meet its current operating costs. If the Company is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned product development, which could harm its financial condition and operating results, or it may not be able to continue to fund its ongoing operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern to sustain operations for at least one year from the issuance of these condensed interim consolidated financial statements. WESTERN URANIUM: Provides Market and Company Updates ---------------------------------------------------- Western Uranium & Vanadium Corp. issued the following news release which provided several company updates: Uranium Markets A few months, have made 2023 an extraordinary year for uranium markets. From January through mid-August, uranium spot prices ("Spot") traded in a narrow range from $50 per pound to $57 per pound. Then in mid-August Spot began to rally surpassing the $60 and $70 price level in September. Well beyond expectations, Spot surpassed $80 price levels in November and $90 price levels in December. Over 15 year highs were achieved, price levels not seen since 2007. Uranium has been the best performing commodity in 2023. Uranium Equity Markets Uranium equities have been subject to the same positive nuclear and uranium fundamental newsflow, however these have recently lagged. The Sprott Uranium Miners ETF ("URNM") can be used as a proxy for the broad uranium miners universe. During 3Q2023, URNM increased 40% outperforming the Spot increase from $56 to $72 price levels or +28%. However, during 4Q203 the URNM rally hit a ceiling advancing less than 5%, while Spot has continued to increase to $90 price levels or about +25%. U.S. Legislative Catalyst The U.S. civilian nuclear fleet remains the largest in the world. This month in a show of bipartisan support, the U.S. House of Representatives has passed the Prohibiting Russian Uranium Imports Act. The Russian response was notable as Bloomberg reported "the Kremlin may preemptively bar exports of its nuclear fuel to the US if lawmakers in Washington pass legislation prohibiting imports starting in 2028". Subsequently, Bloomberg reported that Rosatom refuted that "potential pre-emptive ban". Currently, the reliance on Russian uranium, conversion and enrichment services is being viewed quite differently than it has for decades. The legislative process toward a Russian ban will continue when the United States Senate returns in January 2024. Positive Market Signals for Western's Operations Western believes that escalating spot uranium price levels reflect both the growth in nuclear power generation and supply market factors. We have observed a significant contraction in available uranium inventory. The market is moving into a stage of an increasing supply / demand deficit, including new supply impairments due to the military overthrow of the government in Niger. Since Russia's invasion of Ukraine, the U.S. legislature has been considering the energy and national security implications of the dependence upon uranium imports from Russia to fuel the domestic civilian nuclear reactor fleet. Based upon these strong uranium market signals, Western has recently raised additional capital to accelerate a ramp-up in Western's production capability. Additional staff and a second mining team has been added for January 2024 to double our mining capability at the Sunday Mine Complex. Additional consulting commitments have been made to accelerate the licensing and development of the Maverick Minerals Processing Plant. To add follow-on capacity, the Company is continuing its permitting of the San Rafael and Topaz Mine projects. Western is investing to take advantage of the opportunities from this generational shake-up in the U.S. nuclear fuel cycle. About Western Uranium & Vanadium Western Uranium & Vanadium Corp. is a Colorado-based company engaged in the business of exploring, developing, mining and production of its uranium and vanadium resource properties. Its mineral properties are located in western Colorado and eastern Utah and adjacent areas of the western United States. Western Uranium reported a net loss of $713,767 for the year ended Dec. 31, 2022, compared to a net loss of $2.07 million for the year ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had $30.86 million in total assets, $3.92 million in total liabilities, and $26.93 million in total shareholders' equity. In its Quarterly Report for the three months ended Sept. 30, 2023, Western Uranium said there are no assurances that the Company will be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated from its operations will be sufficient to meet its current operating costs. If the Company is unable to obtain sufficient amounts of additional capital, it may be required to reduce the scope of its planned product development, which could harm its financial condition and operating results, or it may not be able to continue to fund its ongoing operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern to sustain operations for at least one year from the issuance of these condensed interim consolidated financial statements. WOLF RIGS: Joli Lofstedt Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 11 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Wolf Rigs Ltd. Ms. Lofstedt, a practicing attorney in Louisville, Colo., 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. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Wolf Rigs Wolf Rigs Ltd. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 23-15846) on December 19, 2023, with $1,000,001 to $10 million in assets and $500,001 to $1 million in liabilities. Judge Kimberley H. Tyson oversees the case. XD INDUSTRIES: Robert Goe Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a practicing attorney in Irvine, Calif., as Subchapter V trustee for XD Industries, Inc. Mr. Goe will be paid an hourly fee of $595 for his services as Subchapter V trustee while his case administrator, Arthur Johnston, will be paid an hourly fee of $195. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Goe declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Goe, Esq. 17701 Cowan Building D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 Email: bktrustee@goeforlaw.com About XD Industries XD Industries, Inc., a company in Lake Forest, Calif., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-12656) on December 14, 2023, with $129,260 in assets and $1,685,898 in liabilities. Alexander Mutuc, president, signed the petition. Judge Theodor Albert oversees the case. Jeremy Rothstein, Esq., at G&BE Law, LLP represents the Debtor as bankruptcy counsel. ZIGI USA: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: Zigi USA, LLC 200 Rector Place 26B New York, NY 10280 Business Description: The Debtor specializes in the wholesale sale of women's footwear. Chapter 11 Petition Date: December 31, 2023 Court: United States Bankruptcy Court Southern District of New York Case No.: 23-12102 Debtor's Counsel: Leo Jacobs, Esq. JACOBS PC 595 Madison Avenue FL 39 New York, NY 10022 Tel: (718) 772-8704 Email: leo@jacobspc.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Marc Bernard as chief operating officer. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CWQ6UEI/Zigi_USA_LLC__nysbke-23-12102__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 1820 146th St LLC $108,168 1820 146th Street 33181 2. Blue X Trade $146,357 104, Taiwan, Taipei City, Zhongshan District, Section 2, Nanjing E Rd, 132?11F 3. BOWH Inventory $75,399 168 Newman Avenue Seekonk, MA 02771 4. Brita (Xiamen) $39,650 International Ltd. 5. Eckert Seaman $31,074 Cherin & Mellott LLC 600 Grant St 44th Floor, Pittsburgh, PA 15219 6. Fujian Mosbon $2,337,785 Trade Co., Ltd. 7. Icon De Holdings, LLC $52,000 Ed Hardy 8. Industria Poliuretanica $33,562 Montecosaro Via Pantaleoni 62010 Montecosaro Scalo, Italy 9. Izzuz Partners $25,939 6319 Chalet Dr Los Angeles, CA 90040 10. Kerry Shipping $28,831 11. Macau H&L International $37,193 Limited 12. OEC Shipping Los $53,618 Angeles, Inc. 13100 Alondra Blvd Suite 100 90703 13. Southern Development $53,605 Investment Company PO Box 300 Rosemead, CA 91772-0001 14. Strategy Enterprises Limited $500,000 Unit 2202 22/F Causeway Bay Plaza 1 489 Hennessy Rd Causeway Bay HK 15. Transmodal Corporation $37,286 48 SOuth Franklin Turnpike Suite 202 Ramsey, NJ 07446 16. True Religion/GURU $399,048 Denim LLC 500 W 190 Street #300 Gardena, CA 90248 17. Wenling New East $409,067 Trading Co., Ltd. RM 1105, West Building, Century Square, Sanxing Avenue, Wenling, Zhejiang, China 18. Wenzhou Delang $822,437 Imp. & Exp. Trade Co. LT 19. Worldwide Express $46,420 P.O. Box 733360 Dallas, TX 75373 20. Zhejiang Zhonglong $694,712 Import & Export Co. The Fith Floor Agriculture BAMK Mansion Wansong East Road Zhejiang China Ruian City [] 2023 Bankruptcy Filings Rose as Retail Firms' Lifelines Ran Out ------------------------------------------------------------------ Melissa Daniels of Modern Retail reports that bankruptcy filings soared in 2023 as retail companies ran out of lifelines. When David's Bridal filed for bankruptcy for the second time in five years this past April, the brand was about $257 million in debt. The goal was to find a buyer, trim operations and keep the brand alive. But none of that would come to fruition if the brand couldn't do one thing: ensure that every existing order for a dress would be fulfilled. "We knew if we started jeopardizing our brand's ability to deliver that dress, that would have irreparable damage," CEO Jim Marcum said, "And so we stayed true to it." David's Bridal was one of more than 17,000 companies that filed for bankruptcy this year as of Sept. 30, the most recently available federal data. This year saw nearly 30% more companies file than the year prior, encompassing both Chapter 7 cases -- where the company essentially folds -- and Chapter 11, where the intent is to restructure. Legacy retailers like Bed Bath & Beyond, Party City and Rite Aid were among the headline-grabbing filers after racking up billions in debt. But niche startups and direct-to-consumer brands also were on the list, like the baby brand Hello Bello, sleepwear brand Lunya and air purifier brand Molekule. Other notable instances include Showfields, a store that curated a marketplace of goods, and coworking hub WeWork. Between high inflation, post-Covid transformations, rising interest rates and investor money drying up, retailers saw numerous headwinds that not every brand could navigate without seeking court protection to restructure its debts. While this 2023's bankruptcy filings don't come close to the record set the aftermath of the Great Recession in 2010, where around 55,000 companies went under, the recent uptick does suggest a broader trend in how companies are looking to bankruptcy as a way to restructure their finances when they run out of liquidity. Numerous retailers are filing with a plan in place, or a potential bidder lined up. In the case of David's Bridal, the company was over $250 million in debt. Though it explored the opportunity for a sale, an asset sale under Chapter 11 became the clearest path to keep the business alive under new ownership. "In the end, we had to make the difficult decision and use the bankruptcy somewhat strategically to assist us when we were going through the sale process," Marcum said. But it also meant trying to keep the brand's reputation strong by continuing to keep stores open, sell online and limit any negative customer experiences that could further damage the brand's image. Bankruptcy doesn't quite have the same stigma it once did, but Marcum said it was critical to ensure customers had a good experience if the brand were to survive. "That reputation around your brand? In the end, there is no substitute for it," Marcum said. Debt loads and lending issues While the exact reasons for filing vary from company to company, one universal through line was that less available capital and tightening markets resulted in fewer lifelines for indebted companies. The Federal Reserve's series of interest rate hikes -- currently at 5.25% to 5.5%, up from 2.25% to 2.5% in March 2022 -- meant more difficulty in obtaining finances, while high inflation raised operational costs. On the startup side, global venture activity was down to $247 billion as of September 2023, per Pitchbook, less than half of what it was through the same time last year. But there were also cultural components affecting revenue, as the accelerated shift to online shopping in recent years left some legacy brands struggling to keep up. The wave of bankruptcy filings also reflected changes in shopping habits and the ways people responded to inflation. A cohort of furniture companies, which fared well in 2020 and 2021 as people redid their homes amid lockdowns, hit a downturn as those sales stalled. Z Gallerie, Mitchell Gold + Bob Williams and Noble House Home furnishings all filed for bankruptcy in 2023. In the case of David's Bridal, Marcum said that the coronavirus lockdown policies put a slowdown on the company's business. "People weren't meeting at the same scale they had been historically in order to build the relationships that lead to the proposal and the engagement," he said, adding that wedding planning cycles stretched out form an average of nine to 18 months as venues shut down and shuffled dates. "All of that had a tremendous effect on our business right through 2023." Attorney John W. Weiss, chair of the bankruptcy practice at Pashman Stein, said this uptick in filings could continue into 2024 as companies wrestle with something of "a perfect storm" — distress on the revenue side paired with a dampened ability to refinance or extend credit. "When businesses hit distress in conjunction with capital markets that aren't as willing to refinance or extend, this situation is causing an increase in bankruptcy filings," he said. Some of the companies that filed for bankruptcy this year had racked up billions in debt. Rite Aid reportedly has about $4 billion when it filed this fall. Bed Bath & Beyond had at least $1.7 billion, and Party City had nearly $1 billion. "Years ago, when capital was very available and a company got into a distressed situation, they would engage with their lender, and resolve their debt with existing lenders, or they might go out into the market and find alternative pricing," Weiss said. Shifting trends Weiss said that companies that are filing for Chapter 11 are increasingly coming to court with potential buyers or sale plans lined up. While the fundamental process remains the same for companies that want to address debt and any underperforming assets or leases, they're doing "more pre-planning than ever before." In one such case, baby care brand Hello Bello announced it was initiating a Chapter 11 in October as part of a plan to be acquired by Hildred Capital Management, a healthcare private equity firm. Court documents from early December show the purchase price sitting at roughly $65 million. At its peak in 2021, the company called itself the largest direct-to-consumer diaper subscription in the United States with about 130,000 subscribers and about $200 million in annual net sales. Then at its bankruptcy filing, its estimated liabilities were between $100 million and $500 million. The end result of negotiated filings like this, Weiss said, is often a speedier case. "The timing of companies remaining in bankruptcy cases has reduced dramatically over the last several years," he said. David's Bridal filed its case in April and it was resolved by July. The brand had explored a sale but was unable to with its debt load. Engaging in Chapter 11 allowed the brand to examine its inventory and close down underperforming stores as part of its eventual sale to one of its investors, Cion Investment Corporation. New attempts The aftermath of a Chapter 11 provides an opportunity for reinvention -- whether that's the overall footprint, new online strategies or changes in leadership. Buybuy Baby, for example, saw its store shut down as part of the bankruptcy of parent company Bed Bath and Beyond. But its IP was auctioned off and purchased by Dream On Me, a baby furniture brand that's already reopened 11 stores. New CEO Pete Daleiden previously told Modern Retail that expansion plans include opening 100 stores, along with driving e-commerce sales. Tuesday Morning, the housewares retailer founded in Texas in 1974 that filed for bankruptcy in early 2023, shuttered all of its roughly 200 stores as part of the process. But it's now back online with an expanded assortment of categories, like baby gear and apparel, and it has already opened its first physical location in Utah. It has an inbound form seeking new franchisers on its website. Party City filed for Chapter 11 in January. Its restructuring plan, finalized in October, kept 800 stores open while it closed about 20 "less productive locations." The deal eliminated $1 billion in debt and allowed the company to renegotiate leases and take other steps to get on a solid financial footing -- like $75 million to fund its go-forward operations. At David's Bridal, about 100 stores closed as part of the bankruptcy restructuring, leaving around 195 across the country and about 7,000 employees. The company aims to continue its path to become a destination for all things wedding and not just dress shopping, with a new loyalty program and a wedding planning site. Marcum said future stores could experiment with different formats, whether that's a store-within-a-store, or a showroom concept. The company is also betting that its gowns, priced lower than designer brands, will win over budget-conscious brides. "There are a lot of touch points the average retailer does not have that differentiates the company," Marcum said. "For David's and this emergence - we were fortunate to be in that position, where we provide that value-add offering, and investors truly understood." [] 7 Famous Businesses That Went Bankrupt in 2023 ------------------------------------------------- Brian Neeley of Business News reports that it's been a tough year for some household-name American retailers and businesses. As the economy emerged from the COVID-19 pandemic, companies faced a long list of problems arising from higher costs, supply shortages and increased competition. As a result, many big names filed for bankruptcy in 2023. Of course, bankruptcy does not mean that a business is going under. Many businesses in the US file for bankruptcy to close some operations, reduce debt, and save costs. A common route is Chapter 11 bankruptcy, which allows a company to resolve its financial problems through reorganization. 1. WeWork WeWork had a great year in 2023. Once the country's most valuable start-up company, it seemed set to remake the nature of work in America. Some compare its meteoric rise and chaotic, high-profile fall to the Fyre Festival and FTX fiascos. The troubled coworking-space company filed for Chapter 11 bankruptcy in November. This was not much of a surprise. A month ago, WeWork had said it was struggling to repay its loans after the pandemic hit its core business as more people were working from home. However, the creation of former tech unicorns began to fizzle out long before COVID-19. A failed IPO attempt in 2019 left the business in disarray, revealing larger-than-expected losses and a potential conflict of interest with company co-founder and then-CEO Adam Neumann. Newman's unorthodox leadership style was the subject of a lot of news coverage (including a Hulu documentary), and he was ousted in 2019. WeWork said it will remain open and operational as it renegotiates its leases and debt obligations. 2. Rite Aid After a long series of problems for the drugstore, Rite Aid filed for Chapter 11 bankruptcy in October. Like CVS and Walgreens, Rite Aid had to settle costly lawsuits over allegations it filed illegal opioid prescriptions for customers. But, unlike its competitors, Rite Aid was losing its battle against rising debt and was not able to recover financially. Rite Aid was also struggling to compete against Amazon, Walmart, Target and Costco, which are more customer-friendly alternatives to nationwide pharmacy chains. In an October SEC filing, the company said it expected losses to increase significantly -- on top of the three-quarters of a billion dollars lost between March 2022 and March 2023 -- and a loss of $307 million between March and May this year. Happened. The company said in a statement that it had secured $3.5 billion in financing and debt reduction agreements from lenders to keep the company afloat after the bankruptcy. It said it would accelerate the pace of its store closures and sell some of its businesses, including prescription benefits provider Elixir Solutions; And also appointed a new CEO. Rite Aid specifically cited increased theft in closing some of its stores. 3. Bed Bath and Beyond In a long road that finally came to an end this year, the everything-store filed for bankruptcy in April. It also closed its last 360 stores and 120 BuyByBabies in one of the largest retail bankruptcies in years. But you'll still see the famous blue logo. Overstock.com purchased the brand after bankruptcy and relaunched its site as BedBathandBeyond.com. The move merged Overstock's online business model and merchandise categories with the popular branded products preferred by Bed Bath & Beyond shoppers. Bed Bath & Beyond's iconic 20%-off single item "Big Blue" coupon was revived, but can only be used online. The company had been shrinking for a long time to save money. Earlier in 2023, it said it would close about 400 locations but keep profitable stores open in key markets. It also tried to save money by not paying salaries to some laid-off employees when it closed stores. 4. Tuesday Morning Another home goods store slated to close in 2023 is Tuesday Morning, which filed for Chapter 11 bankruptcy in February due to its "extremely burdensome debt." This was its second bankruptcy in three years. In May, the company announced it was going out of business and closing all 200 of its stores. Its first bankruptcy occurred in May 2020, with prolonged store closures during the height of the pandemic creating an "insurmountable financial hurdle". Three years ago it had 700 locations. When the party filed for bankruptcy in January 2023, it seemed like everything was lost for the party supply store, due to competition and years of financial losses. In a regulatory filing it said it had reached a deal with debtholders to cut its $1.7 billion debt load. 5. Party City America's largest party supplier filed for bankruptcy in 2023, hurt by big-box retailer competition, rising costs during the pandemic -- and helium shortages. However, in September, it exited bankruptcy after a US judge signed off on the retailer's restructuring plans. The plan cancels approximately $1 billion of Party City's debt, and also cancels approximately some of Party City's debt 800 US stores will close due to bankruptcy deal, most will remain open, According to the company. 6. SmileDirectClub The telehealth orthodontics company closed in December, less than three months after filing for Chapter 11 bankruptcy. The company sold teeth aligners, the typical course of which was 4-6 months. The company encouraged customers who were stuck in the middle of their treatment to consult local dental offices. Founded in 2014, SmileDirectClub once billed itself as an affordable alternative to traditional Orthodontics' mission is to "democratize access to the smile everyone loves by making it affordable and convenient for everyone." In a statement, the company said the restructuring "will allow SmileDirectClub to thrive as an international oral care leader for many years to come" and stressed its intention to "provide affordable and accessible oral care to its customers without disruption." "Will continue to provide care." 7. Lordstown The electric vehicle maker filed for Chapter 11 bankruptcy protection in June and put itself up for sale. It also announced a lawsuit against Foxconn, accusing its largest shareholder and former partner of "destroying" its business. The company said in a statement that it was left with no choice after the collapse of its high-profile alliance with Foxconn, one of the world's largest electronics makers. It accused Foxconn of fraud and failing to fulfill promises to invest in the company. Lordstown, taking its name from its industrial Ohio base, was a lifeline for the local economy -- it bought its factory from GM in 2019 to produce small cars for America's top automaker. It previously employed 1,600 people, by the end of 2022 it had only 260 full-time employees. In 2021, just a few years after launching, it warned that it could go out of business. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. 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