/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/240108.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, January 8, 2024, Vol. 28, No. 7 Headlines 117 SPENCER: Country Bank Says Disclosure Inadequate 21ST CENTURY: Hires Weinberg Wheeler Hudgins as Litigation Counsel 560 SEVENTH AVENUE: Hires Cozen O'Connor as Bankruptcy Counsel A-CAM APTS: Seeks Approval to Hire ReMax-Surfside as Realtor ACCLIVITY ANCILLARY: Case Summary & Three Unsecured Creditors ACCLIVITY WEST: Case Summary & 30 Largest Unsecured Creditors ACPRODUCTS INC: Calamos CHI Marks $469,000 Loan at 20% Discount ACPRODUCTS INC: Calamos CHY Marks $508,300 Loan at 20% Discount ACPRODUCTS INC: Calamos CSQ Marks $586,500 Loan at 20% Discount AETIUS COMPANIES: Seeks to Hire Great Neck Realty as Advisor AINOS INC: Regains Compliance With Nasdaq Bid Price Requirement AJSK SERVICES: Greta Brouphy Named Subchapter V Trustee ALLIANCE PARTNERS: Taps Millennium Properties as Real Estate Agent AMERICAN TRUCKING: Robert Goe Named Subchapter V Trustee AMMACORE INC: Claims Will be Paid from Lawsuit Proceeds ASTRA ACQUISITION: $500MM Bank Debt Trades at 52% Discount ATHERSYS INC: Case Summary & 20 Largest Unsecured Creditors BAKERS RESIDENTIAL: Case Summary & 20 Largest Unsecured Creditors BIRD GLOBAL: Seeks to Hire Cassel Salpeter as Investment Banker BLACK STONE: Unsecureds Will Get 100% of Claims in Plan BLUE DIAMOND: Seeks to Hire Sheehan & Ramsey as Legal Counsel BRIGHT HEALTH: Closes Sale of Medicare Advantage Business to Molina BRIGHTSTAR PROPERTY: Hires Gamberg & Abrams as Bankruptcy Counsel BRITELAB INC: Taps Levene Neale Bender as Bankruptcy Counsel BUCKEYE PIZZA: Unsecureds Will Get 2.8% of Claims over 36 Months CABALLERO SAND: Continued Operations to Fund Plan CALLON PETROLEUM: Fitch Puts 'B+' LongTerm IDR on Watch Positive CALLON PETROLEUM: S&P Places 'B+' ICR on CreditWatch Positive CANOO INC: All Three Proposals Approved at Annual Meeting CANOPY GROWTH: Inks 5h Amendment to Floating Share Arrangement Deal CAPROCK MILLING: Hires William Hood & Company as Investment Banker CASA SYSTEMS: Amends 2023 Superpriority Credit Agreement CASA SYSTEMS: Board Increases Number of Directors to Nine CORNER OYSTER: Amends American Microloan & SBA Secured Claims Pay CXOSYNC LLC: Hires Schneider & Stone as Bankruptcy Counsel DEADWORDS BREWING: Unsecureds to Get Share of Income for 3 Years DENTAL EXPRESSION: Unsecureds to Get 20% Dividend in Plan DESERT VALLEY: Seeks to Hire DM Bankruptcy Law Group as New Counsel DIOCESE OF BUFFALO: Taps Hanna Commercial as Real Estate Broker DOMUS BWW: 47 East Seeks Appointment of Examiner DRJ GROUP: Property Sale or Continued Operations to Fund Plan EAGLE TRUCKLINES: Unsecureds to Get Share of GUC Pool in Plan EBIX INC: U.S. Trustee Appoints Creditors' Committee ECHOSTAR CORP: S&P Assigns 'CCC+' ICR on Dish Network Acquisition ENTERCOM MEDIA: Calamos CCD Marks $420,000 Loan at 56% Discount ENTERCOM MEDIA: Calamos CHI Marks $1.5M Loan at 56% Off ENTERCOM MEDIA: Calamos CHY Marks $1.5M Loan at 56% Discount ENTERCOM MEDIA: Calamos CSQ Marks $1.76M Loan at 56% Discount FARFETCH US: $600MM Bank Debt Trades at 23% Discount FORM TECHNOLOGIES: $175MM Bank Debt Trades at 28% Discount FRANCHISE GROUP: $1BB Bank Debt Trades at 18% Discount FRANCHISE GROUP: $300MM Bank Debt Trades at 18% Discount GAC ENVIRONMENTAL: Unsecureds Will Get 10% of Claims over 36 Months GAMBOA INC: Seeks to Tap McLaughlinQuinn LLC as Bankruptcy Counsel GENESIS SPECIALIST: EUR400MM Bank Debt Trades at 85% Discount GLOBAL MEDICAL: $1.98BB Bank Debt Trades at 21% Discount H2O COMMERCIAL: Unsecureds Will Get 18% of Claims over 5 Years HAWK LOGISTICS: Unsecureds Will Get 8% of Claims over 3 Years HELIX ENERGY: Completes Repurchase, Exchange of 6.75% 2026 Notes HILTON GRAND: S&P Affirms 'BB' ICR Despite Acquisition Debt HUGOTON OPERATING: Seeks to Hire Sheehan & Ramsey as Counsel HUMANIGEN INC: Jan. 12 Deadline Set for Panel Questionnaires INDIEV INC: Seeks Approval to Hire R.L. Spear Co as Auctioneer INTERGALACTIC THERAPEUTICS: Taps Murphy & King as Legal Counsel INTERGALACTIC THERAPEUTICS: Taps Verdolino & Lowey as Fin. Advisor JER INVESTORS: Jan. 12 Deadline Set for Panel Questionnaires JER INVESTORS: Seek Interim Approval of Plan Disclosures JER INVESTORS: Unsecured Creditors Will Recover 20% in Plan JSMITH CIVIL: Hires Markham, Mitchell & Stroud as Accountant KAFHAYAAYNSAD ENTERPRISE: Cash Contribution & Income to Fund Plan KBR INC: S&P Lowers U.S. Secured Debt Rating to 'BB' on Add-On MALLINCKRODT INTERNATIONAL: Calamos CHI Marks $1M Loan at 24% Off MALLINCKRODT INTERNATIONAL: Calamos CHY Marks $1M Loan at 24% Off MERCY HOSPITAL: Hires H2C Securities Inc. as Investment Banker MICROTEK: Seeks to Hire Craig Dwyer as Bankruptcy Attorney MLN US HOLDCO: $155.8MM Bank Debt Trades at 37% Discount NEAR INTELLIGENCE: Hires Ernst & Young LLP as Financial Advisor NEO IMAGE: Voluntary Chapter 11 Case Summary NEW TENT: Voluntary Chapter 11 Case Summary NWR CONSTRUCTION: Unsecureds Will Get 6.52% of Claims over 5 Years ORGANIC NAILS: Unsecureds to Get $500 per Month for 18 Months PANDA ACQUISITION: Cliffwater ECF Marks $3.9MM Loan at 18% Off PAR PACIFIC: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable PARTS ID: Hires Kroll Restructuring as Claims and Noticing Agent PARTS ID: Jan. 8 Deadline Set for Panel Questionnaires PARTS ID: Taps Arkady Goldinstein of SRV Partners as Interim CFO PETERSON REAL ESTATE: Voluntary Chapter 11 Case Summary PH BEAUTY: $70MM Bank Debt Trades at 18% Discount POLAR US: $1.48BB Bank Debt Trades at 33% Discount PRECIPIO INC: Christina Valauri Joins Board of Directors PROTERRA INC: Julian Soell Steps Down as COO READYMAX INC: Seeks to Tap Darby Law Practice as Bankruptcy Counsel RESOLUTE INVESTMENT: S&P Upgrades ICR to 'B', Outlook Stable RITE AID: Committee Taps Freres & Co. LLC as Investment Banker RITE AID: Committee Taps Kelley Drye & Warren as Co-Counsel ROOFING DESIGNS: Continued Operations to Fund Plan ROOFING DESIGNS: Seeks to Hire Martin Averill as Special Counsel SAMIA TAXI: Business Income to Fund Plan Payments SHUTTERFLY FINANCE: $968.9MM Bank Debt Trades at 28% Discount SOUTHERN DRILL: Fine-Tunes Plan Documents SPRINT BIDCO: EUR700MM Bank Debt Trades at 24% Discount STERETT COMPANIES: Committee Taps Dentons Bingham as Counsel STERETT COMPANIES: Taps Comprehensive Business Solution as Advisor STRATEGIC MATERIALS: Hires Wachtell Lipton Rosen as Co-Counsel STRATEGIC MATERIALS: Seeks to Hire Vinson & Elkins as Co-Counsel STRATEGIC MATERIALS: Taps Alvarez & Marsal as Restructuring Advisor TEAM HEALTH: Calamos CHI Marks $2.4MM Loan at 28% Discount TEAM HEALTH: Calamos CHY Marks $2.6MM Loan at 28% Off TEAM HEALTH: Calamos CSQ Marks $2.8MM Loan at 28% Discount TELESAT CANADA: Calamos CCD Marks $140,000 Loan at 31% Off TELESAT CANADA: Calamos CHI Marks $485,000 Loan at 31% Off TELESAT CANADA: Calamos CHY Marks $525,000 Loan at 31% Off TELESAT CANADA: Calamos CSQ Marks $600,000 Loan at 31% Off THREE DELUNA: Seeks to Hire Accounting Concepts & Tax Service TRINSEO MATERIALS: Calamos CHY Marks $507,000 Loan at 20% Off TRINSEO MATERIALS: Calamos CSQ Marks $596,000 Loan at 20% Off TROIKA MEDIA: Common Stock, Warrants Delisted From Nasdaq TURBO FINANCIAL: Hires Norgaard O'Boyle & Hannon as Attorney UPHEALTH HOLDINGS: Hires DLA Piper LLP as Bankruptcy Counsel VISTA CLINICAL: Unsecureds to Get Share of Income for 3 Years XD INDUSTRIES: Seeks to Hire G&B Law LLP as Bankruptcy Counsel XPLORNET COMMS: $200MM Bank Debt Trades at 73% Discount XPLORNET COMMS: $995MM Bank Debt Trades at 40% Discount YELLOW CORP: Completes $870 Million Asset Sale to XPO YELLOW CORP: Conversant, 3 Others Report 5% Equity Stake YOGOLD U.S.A.: Voluntary Chapter 11 Case Summary [^] BOND PRICING: For the Week from January 1 to 5, 2024 ********* 117 SPENCER: Country Bank Says Disclosure Inadequate ---------------------------------------------------- Country Bank for Savings, the holder of a valid, enforceable and duly perfected first mortgage on the property located at 117 Main Street, Spencer, MA (the "Property"), objects to the Disclosure Statement with respect to Joint Plan of Reorganization of 117 Spencer, LLC and 136 Spencer, LLC. On May 18, 2021, the Bank and Debtor entered into a Loan Agreement for the extension of credit in the amount of $2,200,000.00 the (the "Loan Agreement") as evidenced by a Commercial Promissory Note in the original principal amount of $2,200,000.00 dated May 18, 2021 (the "Note"). The Bank's loan to the Debtor was a refinancing of a then-existing loan from QS to the Debtor. The Debtor filed this case as a "single asset real estate" case within the meaning of section 101(51B) of the Code even though it does not hold record title to the Property. The Joint Plan is predicated on a proposed settlement agreement by and among the Debtor and QS Private Lending, LLC, its sole member, Steven Ross, and Steven A. Ross, Trustee of QS Lending Trust (collectively referred to as the "Ross-related Entities") that provides, among other things, for the reconveyance of the Property from QS to the Debtor and an exchange of releases. Country Bank claims that the Disclosure Statement contains insufficient, inadequate, or misleading information on the relevant facts leading up to the Debtor's bankruptcy filing and the of the relationships by and among the Debtor, Peter Venuto, Lisa Venuto, QS, its various affiliates, Steven Ross, and E.W. Woods, Inc. that permit creditors to make an informed judgment about the Joint Plan. Country Bank asserts that the Court should deny approval of the Disclosure Statement because the Plan is not confirmable. The substantive defects of the Plan are, but include: (1) that the Joint Plan impermissibly modifies the Bank's loan documents; (2) lack of good faith within the meaning of section 1129(a)(3) of the Code, (3) the impermissible artificial impairment of claims that is designed to obtain the acceptance of an impaired class of creditors under section 1129(a)(10) of the Code; and the improper separate classification of the Ross/QS claim also designed to obtain the acceptance of an impaired class of creditors. Country Bank further asserts that the Disclosure Statement and Plan impermissibly modify the Bank's loan documents. The Bank objects to the Disclosure Statement's language that vitiates the fundamental protections that induced the Bank to enter into the financing that are indeed "inconsistent with or more expansive" than the Plan. Country Bank states that the Disclosure Statement further seeks to impermissibly modify and extend grace periods under the Bank's loan documents. The Disclosure Statement impermissibly imposes a by imposing a 20-day grace period for any post-confirmation payment defaults and a 40-day grace period for non-payment defaults. The Debtor cannot unilaterally modify the Bank's rights and remedies under its loan documents. Country Bank cites that the Joint Plan fails to pay Class 5 General Unsecured Claims postpetition interest even though the Debtor's bankruptcy schedules show only $51,206.95 in general unsecured claims. These facts suggests that the Debtor has designated Class 5 General Unsecured Claims as "Impaired" solely designed to obtain the acceptance of an impaired class of creditors under section 1129(a)(10). Moreover, the Joint Plan it improperly creates a separate Class 4 for the unsecured claim of QS (the holder of an unsecured claim) from the Class 6 General Unsecured Claims and unfairly discriminates against the latter by proposing to pay interest to Class 4 but not to Class 6 claims. A full-text copy of Country Bank's objection dated January 2, 2024 is available at https://urlcurt.com/u?l=2VqwNo from PacerMonitor.com at no charge. Attorney for Country Bank: Mark W. Powers, Esq. BOWDITCH & DEWEY, LLP 311 Main Street P.O. Box 15156 Worcester, MA 01615-0156 Telephone: 508-926-3416 Facsimile: 508-929-3116 E-mail: mpowers@bowditch.com About 117 Spencer and 136 Spencer 117 Spencer, LLC, is a Massachusetts limited liability company that was formed in 2019 to own and operate the real estate located at 117 Main Street, Spencer, Massachusetts. Lisa Venuto and Peter Venuto, who are married, collectively own 100% of the Debtor's membership interests. Peter Venuto is the manager of the Debtor. 117 Spencer, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 23-40590) on July 21, 2023. In the petition signed by Peter Venuto (by Lisa Venuto under power of attorney), the Debtor disclosed up to $10 million in both assets and liabilities. 136 Spencer LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 23-40684) on Aug. 23, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Elizabeth D. Katz oversees the cases. D. Ethan Jeffery, Esq., at Murphy & King, Professional Corporation, serves as the Debtors' legal counsel. 21ST CENTURY: Hires Weinberg Wheeler Hudgins as Litigation Counsel ------------------------------------------------------------------ 21st Century Communities, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Weinberg, Wheeler, Hudgins, Gunn & Dial, LLC as its special litigation counsel. The firm will represent and assist the Debtors in the adversary proceeding filed in this case, as Case No. 23-01123-nmc, pursuant to Bankruptcy Rule 2014(a). The firm will render these services: a. assist the Debtors' bankruptcy counsel and act as lead counsel in the Adversary Case brought by Debtors against Fallbrook Capital Securities Corporation, FMI Asset Management, LLC, Rose Eaton, Brandt Blanken, and Idacorp Financial Services, Inc; and b. assist the Debtors' bankruptcy counsel, and advise the Debtor, as may become necessary in the Adversary Case, and where appropriate, the bankruptcy proceeding. The firm will be paid at these rates: D. Lee Roberts, Esq. $400 per hour Sebastian Cribari, Esq. $300 per hour Attorneys $400 per hour Paralegals $155 per hour As disclosed in the court filings, Weinberg does not hold or represent an interest adverse to the above-captioned bankruptcy estate, and each are disinterested persons. The firm can be reached through: D. Lee Robert, Esq. Sebastian Cribari, Esq. Weinberg Wheeler Hudgins Gunn & Dial, LLC 3344 Peachtree Rd #2400 Atlanta, GA 30326 Phone: (404) 876-2700 Email: lroberts@wwhgd.com scribari@wwhgd.com About 21st Century Communities 21st Century Communities, Inc. is a Las Vegas-based company engaged in activities related to real estate. 21st Century Communities sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 23-12047) on Aug. 23, 2022. In November 2022, an order dismissing the case was entered, and in February 2023, the case was formally closed. On May 19, 2023, 21st Century Communities and affiliates, FCT-MM, LLC and FCT-SM, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Lead Case No. 23-12047). At the time of the filing, 21st Century Communities reported total assets of $3,608,738 and total liabilities of $1,448,631. Brian Shapiro, Esq., at the Law Office of Brian D. Shapiro, has been appointed as Subchapter V trustee. Judge Natalie M. Cox oversees the cases. The Debtors are represented by Matthew L. Johnson, Esq., at Johnson & Gubler, P.C. 560 SEVENTH AVENUE: Hires Cozen O'Connor as Bankruptcy Counsel -------------------------------------------------------------- 560 Seventh Avenue Owner Primary LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Cozen O'Connor as its bankruptcy counsel. The firm's services include: (a) advising the Debtor with respect to its powers and duties as a debtor and debtor in possession in the continued management and operation of its assets; (b) taking all necessary actions to protect and preserve the Debtor's estate, including the prosecution of actions on its behalf, the defense of any actions commenced against its estate, the negotiation of disputes in which the Debtor may be involved, and the preparation of objections to claims filed against the estate; (c) preparing on behalf of the Debtor, as debtor-in-possession, all motions, applications, answers, orders, reports and papers necessary to and in connection with the administration of the estate; (d) negotiating and preparing on the Debtor's behalf plan(s) of reorganization or liquidation, disclosure statement(s) and all related agreements and/or documents and taking any necessary action on behalf of the Debtor to obtain confirmation of such plan(s); (e) appearing before this Court, any appellate courts, and the United States Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; and (f) performing all other necessary legal services and providing all other necessary legal advice to the Debtor in connection with its Chapter 11 Case. Cozen O'Connor will be paid at these hourly rates: 2023 2024 Members $590 to $915 $645 to $960 Associates $560 to $560 $580 to $590 Paraprofessionals $325 to $335 $330 to $340 In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The retainer fee is $150,000. Joseph Caruso, Esq., a partner at Cozen O'Connor, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Frederick E. Schmidt, Jr, Esq. Cozen O'Connor 3WTC, 175 Greenwich Street, 55th Floor New York, NY 10007 Telephone: (212) 883-4948 Email: eschmidt@cozen.com About 560 Seventh Avenue Owner Primary 560 Seventh Avenue Owner Primary LLC owns and operates the Margaritaville Resort Times Square Hotel located at 560 Seventh Avenue, New York, NY. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-11289) on August 12, 2023. In the petition signed by Stehian Pomerantz, president, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Philip Bentley oversees the case. Kevin J. Nash, Esq., at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, represents the Debtor as legal counsel. A-CAM APTS: Seeks Approval to Hire ReMax-Surfside as Realtor ------------------------------------------------------------ A-Cam Apts LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Kathleen Harron of ReMax-Surfside as its realtor. The realtor will be able to advertise the building for sale and show the property to potential buyers. The realtor will receive 5.5 percent sales commission. Ms. Harron, a licensed real estate agent of REMAX Realty Group, assures the court that she represents no adverse interest to the Estate. The firm can be reached at: Kathleen Harron ReMax-Surfside 315 Ocean Street, Ste. 24 Cape May, NJ 08204 Phone: (609) 780-3938 About A-Cam Apts A-Cam Apts LLC is the owner of real property at 118 E. Taylor Avenue, Wildwood, New Jersey having purchased the property on May 26, 2021. The Debtor filed a Chapter 11 petition (Bankr. D.N.J. Case No. 23-13254) on April 19, 2023, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Jerrold N. Poslusny Jr. oversees the case. Marc C. Capone of Gillman, Bruton & Capone, LLC, is the Debtor's legal counsel. ACCLIVITY ANCILLARY: Case Summary & Three Unsecured Creditors ------------------------------------------------------------- Debtor: Acclivity Ancillary Services LLC 11200 Broadway St Ste 2705 Pearland, TX 77584-9790 Chapter 11 Petition Date: January 5, 2024 Court: United States Bankruptcy Court Southern District of Texas Case No.: 24-90001 Judge: Hon. Marvin Isgur Debtor's Counsel: Lenard M. Parkins, Esq. PARKINS & RUBIO LLP 700 Milam Street Suite 1300 Houston TX 77002 Tel: (713) 715-1666 Email: lparkins@parkinsrubio.com Debtor's Financial Advisor: SCHWARTZ ASSOCIATES, LLC Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by W. Marc Schwartz as chief restructuring officer. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/TDHPQIY/Acclivity_Ancillary_Services_LLC__txsbke-24-90001__0001.0.pdf?mcid=tGE4TAMA ACCLIVITY WEST: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Acclivity West, LLC 300 Spectrum Center Dr Irvine, CA 92618-4989 Business Description: Acclivity West is an investment company in Irvine, Calif. Chapter 11 Petition Date: January 5, 2024 Court: United States Bankruptcy Court Southern District of Texas Case No.: 24-90002 Judge: Hon. Marvin Isgur Debtor's Counsel: Lenard M. Parkins, Esq. PARKINS & RUBIO LLP 700 Milam Street Suite 1300 Houston TX 77002 Tel: (713) 715-1666 Email: lparkins@parkinsrubio.com Debtor's Financial Advisor: SCHWARTZ ASSOCIATES, LLC Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by W. Marc Schwartz as chief restructuring officer. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/JEK2AKY/Acclivity_West_LLC__txsbke-24-90002__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Bernard A. & Miriam F. Active - In $131,722 Abrams Trust SWAP/LOF 7933 Grado El Tupelo Carlsbad, CA 92009 Tel: (858) 451-6828 2. Eric Giere (on behalf of Active - In $95,968 deceased father Robert) SWAP/LOF 6563 Gibson Dr Belle Isle, FL 32809 Tel: (407) 770-9415 3. Ernest Blanco Active - In $78,930 23765 Adams Avenue SWAP/LOF Murrieta, CA 92562 Tel: (714) 313-5052 4. Hansen Family Trust DTD 4/25/07 Active - In $77,192 414 West Gallatin Street SWAP/LOF Livingston, MT 59047 Tel: (858) 693-0368 5. James Bruce Varnell Active - In $115,820 2555 Duraznitos Place SWAP/LOF Ramona, CA 92065 Tel: (760) 787-5812 6. James W. Kline Active - In $78,877 6168 Saddleback Way SWAP/LOF Camarillo, CA 93012 Tel: (805) 484-0117 7. Janice Carole Active - In $184,597 Guajardo_Qualified SWAP/LOF 28070 Blackberry Way Yorba Linda, CA 92887 Tel: (714) 694-0602 8. Kenneth & Ada Chuang Active - In $129,701 17 Silver Fern SWAP/LOF Irvine, CA 92603 Tel: (949) 230-2461 9. Marc Franklin_TRAD0811 Investor: $117,286 1942 Port Albans Pl Active - In Newport Beach, CA SWAp/LOF 92660 Redemption Tel: (949) 644-0482 Email: marcf@cal-am.com 10. Michael R. & Beryl C. Henry Active - In $225,249 Trust dtd 3/5/99 SWAP/LOF 11346 Drysdale Ln Los Alamitos, CA 90720 Tel: (562) 430-4248 Email: mhenry3000@gmail.com 11. Porter Hedges LLP Legal Fees $98,564 Amegy Bank Lockbox Dept 510 P.O. Box 4346 Houston, TX 77210-4346 12. Rhynard Family Foundation Active - In $80,380 18543 Yorba Linda Blvd # 371 SWAP/LOF Yorba Linda, CA 92886 Tel: (951) 301-5656 Email: RhynardFoundation@gmail.com 13. Rita Villalobos Active - In $91,716 5343 Via Vicente SWAP/LOF Yorba Linda, CA 92887 Tel: (714) 701-9575 Email: rita8621@att.net 14. Robert Chagolla Active - In $95,032 33341 Redbird Dr SWAP/LOF Yucaipa, CA 92399 Tel: (909) 800-4508 Email: ltdtransport2012@yahoo.com 15. Steve Watson - TRUSTEE of Active - In $102,848 Estate for Carole J. Watson SWAP/LOF IRA Dec'd 5520 Withers Ave Fontana, CA 92336 Tel: (909) 899-6673 Email: stephenwatson@watsonsprofiling.com 16. Steven Jones Active - In $80,029 9489 Lockford Ct SWAP/LOF Elk Grove, CA 95624 Tel: (916) 715-3728 Email: sjones@paradigmfinancial.us 17. Susan R. Hunt Active - In $93,953 3939 E Allin St Unit SWAP/LOF 201 Long Beach, CA 90803 Tel: (562) 252-2855 Email: suesmac3939@gmail.com 18. Terry K. Ryan Active - In $72,838 C/O Martha Potesta 1689 SWAP/LOF Sausalito Rd W Sacramento, CA 95691 Tel: (916) 803-6913 Email: ct4foto@gmail.com 19. Thomas & Marion Patterson Active - In $126,983 1931 Pine Crest Dr SWAP/LOF Corona, CA 92882 Tel: (951) 279-8167 20. Timothy Buchanan Active - In $138,047 12 Santa Gustavo Rcho Sta Marg, SWAP/LOF CA 92688 Tel: (949) 858-7476 21. William E. Fraser Active - In $87,154 2221 Warfield Avenue #A Redondo SWAP/LOF Beach, CA 90278 Tel: (703) 309-5118 22. Michael A. Bula_Trad7163 Active - In $72,137 18 Eastridge SWAP/LOF Coto De Caza, CA 92679 Tel: (949) 589-1944 23. Kenneth Martini Active - In $70,124 7612 Camino Abierto SWAP/LOF Carsbad, CA 92009 Tel: (760) 753-1973 24. Tonyce Bates Active - In $66,989 27 Morning Dove SWAP/LOF Irvine, CA 92602 Tel: (949) 786-8475 25. Colleen Park Active - In $64,985 6320 East Norris Road SWAP/LOF Gordon, WI 54838 Tel: (949) 786-8475 26. Joan M. Stiehl Active - In $64,758 388 East Ocean #1016 SWAP/LOF Long Beach, CA 90802 Tel: (562) 673-6469 27. Benoit Family, LLC Active - In $64,797 18 Eastridge SWAP/LOF Coto De Caza, CA 92679 Tel: (949) 589-1944 28. Terry John Ballard Active - In $63,149 16401 Kohala Lane SWAP/LOF Huntington Beach, CA 92649 Tel: (714) 356-6767 29. Hubbard Family Trust Active - In $62,935 1300 North Ardmore Avenue SWAP/LOF Manhattan Beach, CA 90266 Tel: (310) 345-1301 30. Dennis Blough Active - In $62,776 25761 Nellie Gail Road SWAP/LOF Laguna Hills, CA 92653 Redemption Tel: (949) 677-0457 ACPRODUCTS INC: Calamos CHI Marks $469,000 Loan at 20% Discount --------------------------------------------------------------- Calamos Convertible Opportunities and Income Fund (Ticker: CHI) has marked its $469,200 loan extended to ACProducts, Inc. to market at $374,447 or 80% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHI is a participant in a bank loan to ACProducts. The loan accrues interest at a rate of 9.902% (3 mo. SOFR + 4.25%) per annum. The loan matures on May 17, 2028. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHI is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rate moves. Like all Calamos closed-end funds, the Fund invests in multiple asset classes and aims to provide a steady stream of distributions paid out monthly. ACProducts, Inc., headquartered in The Colony, Texas, is a national manufacturer and distributor of kitchen and bathroom cabinetry. American Industrial Partners, through its affiliates, is the primary owner of ACProducts, having acquired it in 2012. ACPRODUCTS INC: Calamos CHY Marks $508,300 Loan at 20% Discount --------------------------------------------------------------- Calamos Convertible and High Income Fund (Ticker: CHY) has marked its $508,300 loan extended to ACProducts, Inc. to market at $405,651 or 80% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHY is a participant in a bank loan to ACProducts. The loan accrues interest at a rate of 9.902% (3 mo. SOFR + 4.25%) per annum. The loan matures on May 17, 2028. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHY is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rates. Like all Calamos closed-end funds, the Fund seeks to provide a steady stream of distributions paid out monthly and invests in multiple asset classes that may be reweighted in an effort to optimize returns. ACProducts, Inc., headquartered in The Colony, Texas, is a national manufacturer and distributor of kitchen and bathroom cabinetry. American Industrial Partners, through its affiliates, is the primary owner of ACProducts, having acquired it in 2012. ACPRODUCTS INC: Calamos CSQ Marks $586,500 Loan at 20% Discount --------------------------------------------------------------- Calamos Strategic Total Return Fund (Ticker: CSQ) has marked its $586,500 loan extended to ACProducts, Inc. to market at $468,059 or 80% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CSQ is a participant in a bank loan to ACProducts. The loan accrues interest at a rate of 9.902% (3 mo. SOFR + 4.25%) per annum. The loan matures on May 17, 2028. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CSQ is a total-return-oriented offering that seeks to provide a steady stream of income paid out monthly. It invests in a diversified portfolio of equities, convertible securities and high-yield bonds. The allocation to each asset class is dynamic and reflects its view of the economic landscape and the potential of individual securities to contribute to the portfolio. By using the asset classes in combination, it believes the Fund can be optimally positioned to generate capital gains and income over the long term. This broader range of security types also provides CSQ with increased opportunities to manage the risk and reward characteristics of the portfolio over full market cycles. Through this approach, it seeks to offer investors an attractive monthly distribution and equity participation. ACProducts, Inc., headquartered in The Colony, Texas, is a national manufacturer and distributor of kitchen and bathroom cabinetry. American Industrial Partners, through its affiliates, is the primary owner of ACProducts, having acquired it in 2012. AETIUS COMPANIES: Seeks to Hire Great Neck Realty as Advisor ------------------------------------------------------------ Aetius Companies, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Great Neck Realty Company of North Carolina, LLC as real estate advisor. The firm will provide real estate advisory services with a focus on restructurings and bankruptcies. The firm will be compensated as follows: (a) The Debtors shall pay Great Neck Realty a non-refundable advisory fee in the amount of $12,500, which shall be offset in full against any Transaction Fees earned by Great Neck Realty under the Retention Agreement. (b) For any lease modification agreement related to Great Neck Realty's services, Great Neck Realty shall be paid a Transaction Fee in the greater of six percent (6) of Savings or three thousand seven hundred and fifty dollars ($3,750). Under the Retention Agreement, "Savings" is calculated per property as the present value (using a 3 percent discount rate) of the difference between the remaining leasehold liability payable by the Debtors prior to the execution of a loan modification agreement, and the remaining leasehold liability payable by the Debtors following the lease modification agreement date. (c) Such transaction fees shall be payable, without further order of the Court, by the Debtors upon the full execution of a modification agreement. Robert Tramantano, a broker at Great Neck Realty, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert Tramantano Great Neck Realty of North Carolina, LLC 1011 S. Hamilton Road Chapel Hill, NC 27561 Telephone: (984) 528-3619 Email: rtramantano@greatneckrealtyco.com About Aetius Companies, LLC Aetius Companies, LLC and affiliates operate a restaurant chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Lead Case No. 23-30470) on July 19, 2023. In the petition signed by Mark Cote, president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Craig Whitley oversees the case. Robert A. Cox, Jr., Esq., at Hamilton Stephens Steele + Martin, PLLC, represents the Debtor as legal counsel. Judge Craig Whitley, upon recommendation of the U.S. Bankruptcy Administrator for the Western District of North Carolina, issued an order appointing an official committee to represent unsecured creditors in the Chapter 11 cases of Aetius Companies, LLC and its affiliates. Brinkman Law Group, P.C. as counsel, and Cole Hayes, Esq. as local counsel. AINOS INC: Regains Compliance With Nasdaq Bid Price Requirement --------------------------------------------------------------- Ainos, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that the Nasdaq Staff has determined that for the last 10 consecutive business days, from Dec. 14, 2023 to Dec. 28, 2023, the closing bid price of the Company's common stock has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2). On Jan. 5, 2023, Nasdaq Staff notified Ainos that its common stock failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of The Nasdaq Stock Market. About Ainos Ainos, Inc. (www.ainos.com), formerly known as Amarillo Biosciences, Inc., is a diversified healthcare company engaged in the research and development and sales and marketing of pharmaceutical and biotech products. The Company is engaged in developing medical technologies for point-of-care testing and safe and novel medical treatment for a broad range of disease indications. The Company is a Texas corporation incorporated in 1984. The Company has historically been involved in extensive research and development of low-dose oral interferon as a therapeutic. The Company continues to develop its VELDONA platform and other pharmaceutical platforms and recently have acquired intellectual properties to expand our POCT business. In 2021 and 2022, the Company acquired significant intellectual property from its majority shareholder, Ainos KY, to expand its potential product portfolio into Volatile Organic Compounds and COVID-19 POCTs. Ainos reported a net loss of $14.01 million for the year ended Dec. 31, 2022, compared to a net loss of $3.89 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $37.11 million in total assets, $2.48 million in total liabilities, and $34.63 million in total stockholders' equity. In its Quarterly Report for the three months ended Sept. 30, 2023, Ainos reported substantial doubt about the Company's ability to continue as a going concern for at least one year from the issuance of the financial statements. The Company said it has incurred net operating losses in every year since inception and has an accumulated deficit as of September 30, 2023 of $31,961,654 and expects to incur additional losses and negative operating cash flows for at least the next twelve months. AJSK SERVICES: Greta Brouphy Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Greta Brouphy, Esq., at Heller, Draper and Horn, LLC as Subchapter V trustee for AJSK Services LLC. Ms. Brouphy 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. Brouphy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Greta M. Brouphy, Esq. Heller, Draper and Horn, LLC 650 Poydras Street, Suite 2500 New Orleans, LA 70130-6175 Telephone: 504-299-3300 Facsimile: 504-299-3399 Email: gbrouphy@hellerdraper.com About AJSK Services AJSK Services, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 23-12211) on December 28, 2023, with $100,001 to $500,000 in both assets and liabilities. Judge Meredith S. Grabill oversees the case. Frederick L. Bunol, Esq., at The Derbes Law Firm, L.L.C. represents the Debtor as bankruptcy counsel. ALLIANCE PARTNERS: Taps Millennium Properties as Real Estate Agent ------------------------------------------------------------------ Alliance Partners, Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Millennium Properties Real Estate, Inc. as real estate agents. The firm will conduct the auction sale of the Debtor's properties located at 8809 South State St., Chicago, Ill. and 33 East 113th St., Chicago, Ill., and 3007 East 110th Street, Chicago, IL. The commission is 8.5 percent of the total gross price. The firm shall pay 2.5 percent to a co-op broker, if sold through a co-op buyer. There is a minimum commission of $5,000 per parcel. As disclosed in a court filing, Millennium Properties is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel J. Hyman Brad Thompson MILLENNIUM PROPERTIES R/E 225 West Illinois Suite #350 Chicago, IL 60654 Phone: (312) 338-3000 Email: dhyman@mpirealestate.com bthompson@mpirealestate.com About Alliance Partners Alliance Partners, Ltd., is an Illinois Corporation which was engaged in the purchase of real property at scavenger sales conducted by Cook County. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-00418) on Jan. 12, 2023, listing up to $500,000 in assets and up to $100,000 in liabilities. Judge A. Benjamin Goldgar oversees the case. The Law Offices of Joel A. Schechter is the Debtor's counsel. AMERICAN TRUCKING: 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 American Trucking Routes, LLC. 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 American Trucking Routes American Trucking Routes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-18605) on December 28, 2023, with $100,001 to $500,000 in both assets and liabilities. Judge Julia W. Brand oversees the case. Stella A. Havkin, Esq., at Havkin & Shrago represents the Debtor as legal counsel. AMMACORE INC: Claims Will be Paid from Lawsuit Proceeds ------------------------------------------------------- Ammacore Inc. filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated January 2, 2024. Debtor is a Georgia corporation and as its business, Debtor provides its commercial clients with skilled labor to install, update, and support technology used by those clients to serve their customers. Debtor did substantial work for Black Box Limited pre-petition from 2012 to 2023. Beginning in December 2022, Black Box stopped paying invoices, totaling $4,035,322.43, issued by Ammacore for the materials and services Ammacore provided to Black Box. This caused Debtor to experience cash flow issues and made it difficult for Debtor to satisfy its debts. Debtor sued Black Box in connection with the aforementioned nonpayment of invoices in a lawsuit styled Ammacore Inc. v. Black Box Limited (f/k/a AGC), Networks Limited, Norstan, Communications, Inc., Black Box Corporation, ACSDataline, LP, and Black Box Network Services, Inc. – Government Solutions (Case No. 1:23-cv-01342-LMM) (the "Black Box Lawsuit"). Debtor has claims against Black Box for unpaid invoices and interest in excess of $5,000,000.00. The Debtor also has claims for willful breach of contract and punitive damages. Debtor filed bankruptcy on October 2, 2023. As of the date of the filing of this Plan, Debtor has elected to cease operations. The source of all funds provided for in this plan will be the proceeds of the Black Box Lawsuit. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 9 shall consist of general unsecured claims not otherwise specifically classified in the Plan. Debtor will pay the Holders of Class 9 General Unsecured Claims in accordance with the Plan Payment Procedures set forth in Section 4.11 of this Plan. The Class 9 Claims are Impaired by the Plan and the holders of the Class 9 Claims are entitled to vote to accept or reject the Plan. Class 10 consists of the Equity Claims. The holders of Equity Claims shall retain their interests in the shares in Debtor. The holders of Class 10 Claims are not Impaired by the Plan and the holders of the Class 10 Claims are conclusively deemed to have accepted the plan. The source of funds for Creditor Payments is the proceeds of the Black Box Lawsuit (the "Lawsuit Proceeds"). Notwithstanding anything to the contrary in this Plan or otherwise, the Lawsuit Proceeds includes any payment received by Debtor in connection with the final resolution of the Black Box Lawsuit, regardless of whether such funds are received because of a final settlement, final judgment, or other final disposition of the Black Box Lawsuit. Debtor is ceasing operations, therefore, no funds will be derived from the continued operation of the Debtor's Business. The Creditors Payments shall be disbursed as follows: * First, in the amount necessary to pay the Allowed Class 5 Secured Claim of Field Nation, subordinate only to the payment of Debtor's Black Box Lawsuit counsel and the Carveout for Debtor's bankruptcy counsel, as more particularly described in the DIP Order; and then * Upon payment in full of the Class 5 Secured Claim, the amount necessary to pay the Allowed Class 6 Secured Claim of AFC; * Next, upon payment in full of the Class 5 Secured Claim and Class 6 Secured Claim, the amount necessary to pay the Class 8 Claim of the SBA; * Next, upon payment in full of the Class 5 Secured Claim, Class 6 Secured Claim, and Class 8 Claim, the amount necessary to pay the Class 7 Claim of National; * Next, the balance of the Creditor Payments will be distributed to any Allowed Administrative Expense Claim until paid in full pro-rata based on a fraction the numerator of which is the particular Allowed Administrative Expense Claim and the denominator of which is all Allowed Administrative Expense Claims. Debtor anticipates and projects the administrative expense of Jones & Walden, LLC, as Debtor's bankruptcy counsel; * Next, the Creditor Payments shall be distributed to Holders of Allowed Priority Claims, including holders of Priority Tax Claims, pro-rata based on a fraction the numerator of which is the particular Allowed Priority Claim and the denominator of which is all Allowed Priority Claims, with interest accruing on the principal balance of said claim at the rate required by Section 511 of the Bankruptcy Code from the Effective Date to the date of payment. For the avoidance of doubt, any Allowed Priority Tax Claim will be paid in full by the 5-year anniversary of the Filing Date; * Finally, Debtor shall commence distributions of the Creditor Payments to holders of General Unsecured Claims pro-rata based on a fraction the numerator of which is the particular Allowed General Unsecured Claim and the denominator of which is all Allowed General Unsecured Claims. A full-text copy of the Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=42S7lY from PacerMonitor.com at no charge. Attorneys for Debtor: Cameron M. McCord, Esq. Mark D. Gensburg, Esq. JONES & WALDEN, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: cmccord@joneswalden.com mgensburg@joneswalden.com About Ammacore Inc. Ammacore Inc. is a national onsite technology service company for resellers, VARs, manufacturers, distributors, and software vendors. Ammacore partners with its clients to thoroughly understand the technology and service challenges of their customers and employ its proprietary Scope of Service and Event Management Process to identify the very best resources for their customers' needs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-59671) on Oct. 2, 2023. In the petition signed by Chris C. Gaffney, CEO, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Cameron M. McCord, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. ASTRA ACQUISITION: $500MM Bank Debt Trades at 52% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Astra Acquisition Corp is a borrower were trading in the secondary market around 48.0 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $500 million facility is a Term loan that is scheduled to mature on October 25, 2029. The amount is fully drawn and outstanding. Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. ATHERSYS INC: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Athersys, Inc. 23-10043 1625 Rockwell Avenue Cleveland, OH 4411 ABT Holding Company 23-10044 1625 Rockwell Avenue Cleveland, OH 44114 Advanced Biotherapeutics, Inc. 23-10045 1625 Rockwell Avenue Cleveland, OH 44114 ReGenesys, LLC 23-10046 1625 Rockwell Avenue Cleveland, OH 44114 ReGenesys BVBA 23-10047 1625 Rockwell Avenue Cleveland, OH 44114 Business Description: Athersys is a clinical-stage biotechnology company developing novel and proprietary best-in-class therapies designed to extend and enhance the quality of human life. Its focus is on the treatment of medical conditions where there is significant clinical need, and it is particularly focused on developing therapies in the regenerative medicine area. Debtor Athersys, Inc. is the direct or indirect parent of each Debtor. Chapter 11 Petition Date: January 5, 2024 Court: United States Bankruptcy Court Northern District of Ohio Judge: Hon. Jessica E. Price Smith Debtors' Counsel: Nicholas Miller, Esq. MCDONALD HOPKINS LLC 600 Superior Avenue Cleveland, OH 44114 Tel: 216-348-5400 Email: nmiller@mcdonaldhopkins.com Debtors' Financial Advisor: ANKURA CONSULTING GROUP, LLC Debtors' Investment Banker: OUTCOME CAPITAL, LLC Athersys, Inc.'s Estimated Assets: $1 million to $10 million Athersys, Inc.'s Estimated Liabilities: $10 million to $50 million ABT Holding's Estimated Assets: $1 million to $10 million ABT Holdings' Estimated Liabilities: $1 million to $10 million Advanced Biotherapeutics' Estimated Assets: $1 million to $10 million Advanced Biotherapeutics' Estimated Liabilities: $10 million to $50 million ReGenesys, LLC's Estimated Assets: $0 to $50,000 ReGenesys, LLC's Estimated Liabilities: $500,000 to $1 million ReGenesys BVBA's Estimated Assets: $100,000 to $500,000 ReGenesys BVBA's Estimated Liabilities: $500,000 to $1 million The petitions were signed by Kasey Rosado as chief financial officer. Full-text copies of the petitions are available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/N2CGN6A/Athersys_Inc__ohnbke-24-10043__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/JE45B6Y/ABT_Holding_Company__ohnbke-24-10044__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/T7NF3EQ/Advanced_Biotherapeutics_Inc__ohnbke-24-10045__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/ZCRC76I/ReGenesys_LLC__ohnbke-24-10046__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/Z732NUQ/ReGenesys_BVBA__ohnbke-24-10047__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Lonza Netherlands BV Note $15,000,000 Oxfordlaan 70 NLD 2. Lonza Netherlands BV Trade Debt $11,800,000 Oxfordlaan 70 NLD 3. Seasons Business Center Four LLC Lease $8,266,000 981 Keynote Circle, Suite 15 Brooklyn Heights, OH 44131 4. Healios K.K. Advance $5,200,000 Hibiya Mitsui Tower 12 F 1-1-2 Yurakucho Chiyoda-ku Tokyo 100-0006, Japan 5. Medpace, Inc. (USA) Trade Debt $1,186,038 5375 Medpace Way Cincinnati, OH 45227 6. Lonza Verviers SPRL Trade Debt $779,105 Rue des Biolleux 2 4800 Verviers Belgium 7. Labcorp Drug Development Trade Debt $676,665 Otley Road Harrogate N Yorkshire HG3 1PYGBR 8. Nikon Cell Innovation Co., Ltd. Trade Debt $513,265 HOB1086290 TokyoShinagawa Intercity Tower C, 2-15-3 KonanMinato-ku 9. Minaris Regenerative Medicine Trade Debt $327,174 GMBH Max-Lebsche-Platz 3081377 MunchenDEU 10. IQVIA Biotech LLC Trade Debt $312,193 4820 Emperor Blvd Durham, NC 27703 11. Fisher BioServices, Inc. Trade Debt $288,798 P.O. Box 418395 Boston, MA 02241 12. Lonza Houston, Inc. Trade Debt $285,000 14905 Kirby Drive Houston, TX 77047 13. Sartorius Stedim Trade Debt $206,798 North America, Inc. 24917 Network Place Chicago, IL 60673-1249 14. Millen, White, Professional $173,712 Zelano & Branigan Services 2200 Clarendon Blvd., Ste 1400 Arlington, VA 22201 15. Jones Day Professional $172,916 P.O. Box 7026 Services Cleveland, OH 44190 16. Broadridge Investor Professional $155,206 Communication Solutions, Inc. Services P.O. Box 416423 Boston, MA 02241 17. Univ. of Tx. Health Science Ctr. Trade Debt $124,341 Financial Admin Support P.O. Box 301418 Dallas, TX 75303 18. Nova Biologics, Inc. Trade Debt $94,735 4120 Avenida de la Plata Oceanside, CA 92056 19. Aeirtec Limited Unit 1 Trade Debt $82,932 SmokehousseNewcastle upon TyneNE30 1JEGBR 20. Medidata Solutions, Inc. Trade Debt $81,000 350 Hudson St., Fl 9 New York, NY 10014 BAKERS RESIDENTIAL: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Bakers Residential Experts Heating, Cooling, Plumbing, and Electrical, LLC 2910 Highway 65 Conway, SC 29526 Business Description: The Debtor is an HVAC contractor in South Carolina. Chapter 11 Petition Date: January 5, 2024 Court: United States Bankruptcy Court District of South Carolina Case No.: 24-00052 Judge: Hon. Elisabetta Gm Gasparini Debtor's Counsel: Kevin Campbell, Esq. CAMPBELL LAW FIRM, PA PO Box 684 Mt. Pleasant, SC 29465 Tel: (843) 884-6874 Fax: (843) 884-0997 Email: kcampbell@campbell-law-firm.com Total Assets: $141,700 Total Liabilities: $1,085,718 The petition was signed by Franklin Felton, Sr. as owner. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/64AML2A/Bakers_Residential_Experts_Heating__scbke-24-00052__0001.0.pdf?mcid=tGE4TAMA BIRD GLOBAL: Seeks to Hire Cassel Salpeter as Investment Banker --------------------------------------------------------------- Bird Global, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Cassel Salpeter & Co., LLC as their investment banker. The firm will render these services: (a) General Advisory Services (i) If requested, attending meetings of the Board of Directors of the Debtor (whether in person or telephonically) with respect to matters on which the firm has been engaged to advise under the Engagement Letter; (ii) assisting in the determination of a range of values for the Debtor on a going concern basis; (iii) providing testimony, as necessary, with respect to matters on which Cassel Salpeter has been engaged to advise under the Engagement Letter in any proceeding before the Bankruptcy Court; and (iv) if requested, assisting in exploring alternative DIP financing options. (b) Restructuring Services (i) advising the Debtor in connection with its negotiations with the stakeholders; (ii) rendering financial advice to the Debtor and participating in meetings or negotiations with the stakeholders and/or other appropriate parties in connection with any Restructuring; (iii) advising the Debtor on the timing, nature, and terms of new securities, other consideration or other inducements to be offered pursuant to any Restructuring; and (iv) assisting the Debtor in preparing documentation within our area of expertise that is required in connection with any Restructuring. (c) Sale Transaction Services (i) assisting in the preparation of materials, describing the Debtor's industry, business strategy, business and management, and incorporating current financial and other appropriate information furnished by the Debtor (which may be amended and/or supplemented from time to time); (ii) assisting in any discussions and/or negotiations with potential stalking horse bidders; (iii) using its reasonable efforts in identifying and introducing the Debtor to prospective potential acquirers; (iv) evaluating Sale Transaction proposals and providing Debtor management with guidance on Sale Transaction structure and terms; (v) coordinating and assisting the management of the Debtor in preparing for and hosting management presentations, as well as conference and diligence calls; (vi) assisting in any discussions and/or negotiations of a Sale Transaction; (vii) if requested, assisting in the coordination and documentation of a Sale Transaction; and (viii) advising with regards to divestitures of non-strategic assets. Cassel Salpeter and the Debtors have agreed on the following terms of compensation and expense reimbursement: (a) Initial Fee. A non-refundable, cash fee of $250,000, payable by wire transfer in immediately available U.S. funds, with $100,000 due on the date of the Engagement Letter, $75,000 due on each of the first and second monthly anniversary thereafter. (b) Restructuring and Sale Transaction Fee. (i) If the Debtor consummates a Sale Transaction through a Credit Bid in which the first lien lenders or second lien lenders under the Existing Obligations, collectively, become the majority owner ofthe Debtor, the Debtor shall pay to Cassel Salpeter a sale transaction fee, payable by wire transfer in immediately available U.S. funds at the closing, equal to $450,000. (ii) If the Debtor consummates a Restructuring in which the First a majority owners of the Debtor, the Debtor shall pay to Cassel Salpeter a restructuring fee, payable by wire transfer in immediately available U.S. funds upon the consummation ofthe Restructuring, equal to $450,000. (iii) If, whether in connection with the consummation of a Restructuring, or otherwise, the Debtor consummates a Restructuring or Sale Transaction and a third party becomes the majority owner of the Debtor, the Debtor shall pay to Cassel Salpeter either a Restructuring Fee or a Sale Transaction Fee, as applicable, payable by wire transfer in immediately available U.S. funds from the proceeds of the Restructuring or Sale Transaction at either the consummation of the Restructuring or the closing of the Sale Transaction, equal to $1 million plus 5.0 percent of any Sale Consideration after the payment in full in cash of all obligations owing to the First Lien Lenders and the Second Lien Lenders. As disclosed in the court filings, Cassel Salpeter & Co. is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code and does not hold or represent an interest materially adverse to the Debtors. The firm can be reached through: James S. Cassel Cassel Salpeter & Co., LLC 801 Brickell Avenue, Suite 1900 Miami, FL 33131 Phone: (305) 438-7700 Email: jcassel@Cassel Salpeter-ib.com About Bird Global, Inc. Bird Global, Inc., a micro-mobility operator, is an electric vehicle Debtor 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. BLACK STONE: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------- Black Stone Investment Group, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization dated January 2, 2024. The Debtor was formed on August 20, 2018, for the purpose of purchasing, rehabilitating, managing, and/or selling residential real estate and providing general contracting services for residential and commercial construction. Ann Banda is the Debtor's sole Member and Manager. Subsequent to its formation, the Debtor and its insiders have become embroiled in contentious disputes, resulting in litigation, that has caused the Debtor to not fully pursue its business and has ultimately resulted in the Debtor defaulting on its obligations to its creditors, including secured creditors. This Plan of Reorganization proposes to pay creditors of the Debtor from the sales of certain real property and using future income to pay allowed unsecured claims. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 100 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 5 consists of non-priority unsecured creditors. All allowed general unsecured claims will be paid a pro rata share of their claims, in one, or more, deferred cash payments upon the later of the Effective Date of this Plan or the date on which such claim is allowed by a final non-appealable order after making all required payments to holders of allowed claims in Classes 1 through 4. If the Plan is not consensual, following the Effective Date, all disposable net income of the Debtor shall be paid on a pro rata basis, after making all required payments to holders of allowed claims in Classes 1 through 4, by the Subchapter V Trustee from the Effective Date to the earlier of: (a) 36 months from the Effective Date, or (b) until such claims are paid in full. Creditors in this class are projected to receive 100 percent of their allowed claims. This Class is unimpaired. Class 6 consists of the Claims of Insiders. All allowed secured and unsecured claims of insiders of the Debtor, including Devon Jones, will be paid after all payments due to holders of allowed claims in Classes 1 through 5 are paid in accordance with the Plan. The allowed unsecured claims total $449,733.78. Class 7 consists of equity security holders of the Debtor. The equity interests of the Member shall remain unchanged as a result of confirmation of this Plan. The Debtor anticipates recovering monies from the sales of real property that will pay claims in Class 2 and provide funds for payment of unsecured claims. If the Plan is a nonconsensual plan, the Debtor shall pay all disposable income over the 3-year period beginning at the Effective Date to the Subchapter V Trustee for distribution to creditors in Class 3. Debtor's Counsel: William Haddock, Esq. PENDERGRAFT & SIMON LLP 2777 Allen Parkway Suite 800 Houston TX 77019 Phone: 713-528-8555 Email: whaddock@pendergraftsimon.com About Black Stone Black Stone Investment Group, LLC, was formed on August 20, 2018, for the purpose of purchasing, rehabilitating, managing, and/or selling residential real estate and providing general contracting services for residential and commercial construction. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 23-33848) on October 2, 2023, with $1 million to $10 million in assets and liabilities. Ann Banda, president, signed the petition. Judge Marvin Isgur oversees the case. William Haddock, Esq., at Pendergraft & Simon, LLP, is the Debtor's legal counsel. BLUE DIAMOND: Seeks to Hire Sheehan & Ramsey as Legal Counsel ------------------------------------------------------------- Blue Diamond Energy, Inc. and its affiliates filed an amended application seeking approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ Sheehan & Ramsey, PLLC as their legal counsel. The Debtors require legal counsel to: (a) consult with any appointed committee concerning the administration of the Debtors' Chapter 11 cases; (b) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors and other matters relevant to the cases; (c) formulate a Chapter 11 plan; and (d) prepare legal papers and reports necessary in the bankruptcy cases. The Debtor has been informed that Sheehan & Ramsey will adjust its rates effective Jan. 1, 2024. Sheehan & Ramsey will be paid at these rates: Patrick A. Sheehan $450 per hour Partners $375 per hour Associate Attorneys $275 per hour Paralegals $150 per hour Patrick Sheehan, Esq., an attorney at Sheehan & Ramsey, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick A. Sheehan, Esq. Sheehan & Ramsey, PLLC 492 Porter Avenue Ocean Springs, MS 39564 Telephone: (228) 875-0572 Facsimile: (228) 875-0895 Email: Pat@sheehanramsey.com About Blue Diamond Energy Blue Diamond Energy, Inc. and affiliates, Escambia Operating Co., LLC and Escambia Asset Company, LLC, filed petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Lead Case No. 23-50490) on April 3, 2023. In its petition, Blue Diamond reported $10 million to $50 million in both assets and liabilities. Thomas Swarek, president of Blue Diamond, signed the petition. Judge Jamie A. Wilson oversees the case. The Debtors tapped Steve Wright Mullins, Sr., Esq. at Mullins Law Firm and Sheehan & Ramsey, PLLC as bankruptcy counsels; and Matthews, Cutrer & Lindsay, P.A. as accountant. BRIGHT HEALTH: Closes Sale of Medicare Advantage Business to Molina ------------------------------------------------------------------- Bright Health Group, Inc. announced that it has successfully completed the sale of its California Medicare Advantage business, Brand New Day and Central Health Plan, to Molina Healthcare, Inc. The sale closed effective as of Jan. 1, 2024. Concurrent with the closing of the sale, the Company also made the final repayment on its amended credit facility with J.P. Morgan, eliminating its secured debt. The remaining proceeds of the sale are expected to provide a solid foundation for the Company to continue to advance its continuing business, NeueHealth, in 2024 and beyond. "We are pleased to announce the close of this transaction as it meaningfully improves our capital position and allows us to focus on making high-quality healthcare accessible and affordable to all populations," said Mike Mikan, president and CEO of Bright Health. "We see tremendous opportunities in our NeueHealth business and look forward to continuing to partner with providers and payors to deliver a more seamless, coordinated care experience for health consumers." Bright Health expects to drive strong results in its NeueHealth business, reaffirming its expectation to be profitable on an Adjusted EBITDA basis in 2024. The Company expects to share its full outlook for 2024 on its Fourth Quarter earnings call. Moelis & Company LLC served as Bright Health's financial advisor and Simpson Thacher & Bartlett LLP acted as Bright Health's legal advisor in connection with the sale. About Bright Health Group Headquartered in Minneapolis, MN, Bright Health Group -- www.brighthealthgroup.com -- is a technology enabled, value-driven healthcare company that organizes and operates networks of affiliate care providers to be successful at managing population risk. The Company focuses on serving aging and underserved consumers that have unmet clinical needs through its Fully Aligned Care Model in Florida, Texas and California. In its Quarterly Report for the three months ended Sept. 30, 2023, Bright Health disclosed that based on its projected cash flows and absent any other action, it may not meet certain covenants under its $350.0 million revolving credit agreement with a syndicate of banks, the fourth waiver under the credit agreement, or the new credit agreement with NEA 18 Venture Growth Equity, L.P. and other lenders, which may result in the obligations under the credit agreement and the new credit agreement being accelerated. The Company will require additional liquidity to meet its obligations as they come due in the 12 months following the date the condensed consolidated financial statements contained in the Quarterly Report are issued. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BRIGHTSTAR PROPERTY: Hires Gamberg & Abrams as Bankruptcy Counsel ----------------------------------------------------------------- Brightstar Property Maintenance Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Gamberg & Abrams as its general bankruptcy counsel. The firm's services include: (a) advising the Debtor with respect to its powers and duties in the continued management and operation of its business and properties; (b) attending meetings and negotiating with representatives of creditors and other parties, and advising the Debtor on the conduct of its case, including all of the legal and administrative requirements of operating in Chapter 11; (c) advising the Debtor on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; (f) advising the Debtor regarding legal issues arising in or relating to its ordinary course of business; (g) taking all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on its behalf, the defense of any actions commenced against the estate, negotiations concerning all litigation in which the Debtor may be involved and objections to claims filed against the estate; (h) preparing legal papers; (i) negotiating and preparing a plan of reorganization, disclosure statement and all related documents, and taking any necessary action to obtain confirmation of such plan; (g) attending meetings with third parties and participating in negotiations; (k) appearing before the bankruptcy court, any appellate courts, and the Office of the U.S. Trustee; and (l) performing all other necessary legal services for the Debtor. The firm will be paid at these rates: Thomas L. Abrams $500 per hour Jared L. Gamberg $450 per hour The firm received a retainer in the amount of $15,000. As disclosed in court filings, Gamberg & Abrams is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas L. Abrams, Esq. GAMBERG & ABRAMS 633 S. Andrews Avenue, #500 Fort Lauderdale, FL 33301 Tel: (954) 523-0900 Fax: (954) 915-9016 Email:tabrams@tabramslaw.com About Brightstar Property Maintenance Services, Inc. Brightstar offers property maintenance services. Brightstar Property Maintenance Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-20835) on Dec. 29, 2023. The petition was signed by Leon Nelson as president. At the time of filing, the Debtor estimated $1,100,683 in assets and $1,074,719 in liabilities. Judge Scott M. Grossman presides over the case. Thomas L. Abrams, Esq. at GAMBERG & ABRAMS represents the Debtor as counsel. BRITELAB INC: Taps Levene Neale Bender as Bankruptcy Counsel ------------------------------------------------------------ BriteLab, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Levene, Neale, Bender, Yoo & Golubchik L.L.P. as its general bankruptcy counsel. The firm's services include: a. advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules and the Office of the United States Trustee as they pertain to the Debtor; b. advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims, and interests of creditors; c. representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; d. conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of LNBYG's expertise or which is beyond LNBYG's staffing capabilities; e. preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, lease pleadings, cash collateral pleadings, financing pleadings, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; f. representing the Debtor with regard to obtaining use of debtor-in-possession financing and/or cash collateral including but not limited to, negotiating and seeking Bankruptcy Court approval of any debtor-in-possession financing and/or cash collateral pleading or stipulation and preparing any pleadings relating to obtaining use of debtor-in-possession financing and/or cash collateral; g. assisting the Debtor in any asset sale process; h. assisting the Debtor in negotiation, formulation, preparation and confirmation of a plan of reorganization and the preparation and approval of a disclosure statement in respect of the plan; and i. performing any other services which may be appropriate in the firm's representation of the Debtor during its bankruptcy case. The firm will be paid at these rates: Attorneys $450 to $690 per hour Paraprofessionals $295 per hour 2023 2024 Ron Bender $690 per hour $725 per hour Todd Arnold $650 per hour $695 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The firm received from the Debtor a retainer of $40,000. Ron Bender, Esq., a managing partner at Levene, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ron Bender, Esq. Levene, Neale, Bender, Yoo & Golubchik, LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: rb@lnbyg.com About BriteLab, Inc. BriteLab offers OEM material handling robots and systems for semiconductor fabrication as well as contract services for engineering and manufacturing assembly. Their 70,000 square foot warehouse supports the vast robotics, production automation, E-mobility and electro-mechanical hardware from concept creation to box ready for shipment. BriteLab, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-51520) on Dec. 29, 2023. The petition was signed by Ali Bushehri as chief executive officer. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Stephen L Johnson presides over the case. Ron Bender, Esq. at Levene, Neale, Bender, Yoo & Golubchik L.L.P. represents the Debtor as counsel. BUCKEYE PIZZA: Unsecureds Will Get 2.8% of Claims over 36 Months ---------------------------------------------------------------- Buckeye Pizza Winter Park, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated January 2, 2024. The Debtor is a Florida limited liability company engaged in the business of operation of a Donatos Pizza franchise in Winter Park, Florida. The Debtor operates out of its store front and location at 4058 Goldenrod Road, Winter Park, FL 32792. The Debtor has fallen behind on certain trade debt and payments to other creditors. Meanwhile labor costs have increased. Further economic conditions in Florida, particularly in Winter Park, have been adversely affected by reduced tourism, declining restaurant sales, and higher insurance costs. This has resulted in lower store sales and profitability. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $300. The final Plan payment is expected to be paid on March 1, 2027. This Plan of Reorganization proposes to restructure its business loans and provide for payment to unsecured creditors of all disposable income during months 1-36 from future income of the Debtor derived from income generated through operation of its Donatos Pizza franchise restaurant in order to obtain a discharge pursuant to Section 1192 of the Bankruptcy Code. This Plan provides for 1 class of priority claims, 1 class of secured claims; and 1 class of general unsecured claims. Class 3 unsecured creditors holding allowed claims will receive distribution under this Plan based on their pro rata share via monthly payments of the Debtor's disposable monthly income for 36 months beginning on the Effective Date of this Plan. This Plan also provides for the payment of administrative and priority claims either upon the effective date of the Plan, as agreed or as allowed under the Bankruptcy Code. Class 3 consists of General Unsecured Creditors. To the extent that unsecured claims are filed and allowed, the Debtor shall pay the total amount of $10,800 to unsecured claims at the rate of $300.00/month during months 1-36 of the plan. Each allowed unsecured claim will receive its prorata share of this payment for approximately 2.8% repayment of all unsecured claims. Class 3 is impaired by this Plan. The Plan contemplates that the Debtor will continue to manage and operate its business with low operating expenses. The Debtor believes the cash flow generated from operations will be sufficient to make all Plan Payments and maintain existing operations, as established by the Projections. The Debtor will be the Disbursing Agent and will make all required payments under the Plan whether the Plan is confirmed under Section 1191(b) or 1191(a) of the Bankruptcy Code. A full-text copy of the Subchapter V Plan dated January 2, 2024 is available at https://urlcurt.com/u?l=3QXtLL from PacerMonitor.com at no charge. Counsel for Plan Proponent: Thomas C. Adam, Esq. ADAM LAW GROUP, P.A. 2258 Riverside Avenue Jacksonville, FL 32204 Tel: (904) 329-7249 Fax: (904) 606-1245 E-mail: tadam@adamlawgroup.com About Buckeye Pizza Buckeye Pizza Winter Park, LLC is a Florida limited liability company engaged in the business of operation of a Donatos Pizza franchise in Winter Park, Florida. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-02391) on Oct. 5, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Jason A. Burgess oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A. represents the Debtor as legal counsel. CABALLERO SAND: Continued Operations to Fund Plan ------------------------------------------------- Caballero Sand & Gravel, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated January 2, 2024. The Debtor was formed in 2015. The Debtor currently operates a landscape materials and trucking business in Justin, Texas. As a result of construction on the roads in front of the Debtor former location n Rhome, Texas, the Debtor's revenues fell off dramatically in 2022. The Debtor has acquired a number of pieces of equipment that it now struggled to maintain payments on the new equipment. The Company was forced to move its long time location in Rhome, Texas to a new location in Justin, Texas. This move resulted in a continued loss of revenue. The Debtor has now been able to establish a new customer base and has been gaining market share in the new location. The Debtor is currently owned 100% by Jose Caballero. After confirmation the ownership will remain the same. The Debtor filed this case on Oct. 4, 2023, and has been able to continue operations. The Debtor believes that the business is beginning to return to historic levels. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. Class 11 consists of Allowed Unsecured Creditors. All unsecured creditors shall share pro rata in the unsecured creditors pool. The Debtor shall make monthly payments commencing 30 days after the effective into the unsecured creditors' pool. The Debtor shall make distributions to the Class 11 creditors every 90 days commencing 90 days after the first payment into the unsecured creditors pool. The Debtor shall make 36 payments into the unsecured creditors pool. The Class 11 creditors are impaired. The allowed unsecured claims total $530,000 and will receive a distribution of 7%. The current owner will receive no payments under the Plan, however, it will be allowed to retain his ownership in the Debtor. Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=TjCtaM from PacerMonitor.com at no charge. Proposed Attorneys for the Debtor: Eric A. Liepins, Esq. ERIC A. LIEPINS, PC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 Fax: (972) 991-5788 Email: eric@ealpc.com About Caballero Sand & Gravel Caballero Sand & Gravel, Inc., is a landscape material supply company in Rhome, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 23-43032) on Oct. 4, 2023, with up to $50,000 in assets and up to $10 million in liabilities. Jose Caballero, president, signed the petition. Judge Mark X. Mullin oversees the case. Eric A. Liepins, Esq., is the Debtor's legal counsel. CALLON PETROLEUM: Fitch Puts 'B+' LongTerm IDR on Watch Positive ---------------------------------------------------------------- Fitch Ratings has placed Callon Petroleum Company's 'B+' Long-Term Issuer Default Rating (IDR) and all issue-level ratings on Rating Watch Positive (RWP). The RWP placement follows the announcement that APA Corporation (APA) has entered into a definitive agreement to acquire Callon in an all-stock acquisition valued at approximately $4.5 billion, including approximately $1.9 billion of net debt. As contemplated, Callon shareholders will receive 1.0425 shares of APA for each Callon share at close. The combined company will produce over 500 thousand barrels of oil equivalent per day (Mboepd), will hold approximately 425 thousand net acres in the Permian basin, excluding Alpine High and certain Midland acreage, and cost synergies associated with the deal are estimated at approximately $150 million per annum. APA expects to refinance all of Callon's existing debt with pre-payable term loans on or shortly after close, which provides a path toward deleveraging in the near term. Fitch expects to resolve the RWP at close which is currently expected in 2Q24. Although unlikely, the closing of the transaction and resolution of the RWP could take longer than six months. KEY RATING DRIVERS Acquisition Enhances Footprint: The announced $4.5 billion acquisition of Permian pure-play Callon should improve APA Corp's business profile by adding scale to the company's Permian operations. Callon contributes 145 thousand net acres in the Permian, split between the Delaware (82%) and Midland basins (18%), with Delaware acreage primarily in Ward, Reeves, and Winkler counties. The acquisition also adds 102 Mboepd, boosting APA's pro forma size by around one-quarter to over 500 Mboepd and increasing its portfolio tilt toward the U.S. The acquisition should also increase APA's 1P reserve life (6.1 years versus CPE's 12.6 at YE22), provide a modest boost to APA's liquids mix (79% of production for CPE versus 67% for APA at Q323) and the transaction is expected to be FCF accretive. Modestly Leveraging: The Callon acquisition is moderately leveraging (44% debt funding), and will add $2 billion in new unsecured term loans, which will be used to refinance CPE's existing debt. Both APA and CPE had low leverage heading into the deal (1.1x and 1.4x respectively for the LTM period ending Q3 2023, as calculated by Fitch). Fitch expects APA's credit metrics will remain within bounds of the 'BBB-' rating under the agency's base case assumptions (WTI oil prices of $70/$65/$60/$57/bbl 2024-2027) but notes a sustained drop in oil prices could be a risk for debt repayment given the historical lack of hedges at APA. Sub-2.0x Standalone Leverage: Fitch forecasts sub-2.0x standalone mid-cycle EBITDA leverage for Callon, which utilizes Fitch's $57/bbl WTI oil and $2.75/mcf gas price assumptions, at the company's 3Q23 gross debt balance of approximately $1.96 billion. Fitch projects mid-cycle leverage will improve toward 1.5x following continued debt reduction toward management's stated long-term target of less than $1.5 billion. DERIVATION SUMMARY Callon's 3Q23 average daily production of 102 Mboepd (57% oil) is higher than Permian peers Moss Creek Resources Holdings, Inc. (B/Stable; 58 Mboepd in 1Q23), but less than than SM Energy Company (BB-/Stable; 154 Mboepd) and Matador Resources Company (BB-/Stable; 135 Mboepd). The company's oil mix of 57% is on the higher end of the Permian peer average and supports the FCF and margin profiles. The company's Fitch-calculated unhedged cash netback of $33.1/boe in 3Q23 is similar to SM Energy ($32.1/boe), but lower than Matador ($40.3/boe) and Moss Creek primarily given differences in oil mix and in-basin realized oil prices. KEY ASSUMPTIONS - Base Case WTI oil price of $75/bbl in 2024, $65/bbl in 2025, $60/bbl in 2026, and $57 in 2027; - Henry Hub natural gas prices of $3.25/mcf in 2024, $3.00 in 2025, and $2.75 in 2026 and 2027; - APA Acquisition closes as contemplated in 2Q24; - Average standalone annual production growth in the low single-digit percentage points; - Standalone growth-linked capital expenditures throughout the rating case. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Fitch expects to resolve the RWP upon completion of the contemplated transaction under proposed terms and favorable treatment of Callon's debt. Factors that could lead to a positive rating action for Callon independent of the transaction include: - FCF generation that leads to gross debt reduction approaching $1.5 billion; - Organic and/or M&A growth resulting in total production approaching 125 Mboepd; - Maintenance of economic drilling inventory, proved reserve life and unit costs; - Mid-cycle EBITDA leverage sustained below 2.0x. Factors that could, individually or collectively, lead to negative rating action/downgrade - Inability to generate FCF leading to an erosion of the liquidity profile and/or RBL utilization sustained at or above 50%; - Inability to manage economic drilling inventory and/or expectations for weakened unit economics; - Mid-cycle EBITDA Leverage sustained above 2.5x. LIQUIDITY AND DEBT STRUCTURE Adequate Standalone Liquidity: As of Sept. 30th, 2023, Callon had $3 million of cash and $396 million outstanding under its RBL credit facility. The credit facility matures in 2027 and supports a $2.0 billion borrowing base and $1.5 billion of elected commitments. Fitch does not expect any material borrowings under the RBL in the near term and believes the liquidity profile is further supported by the expectation for strong standalone FCF generation in 2024. Fitch believes Callon's outstanding notes will be refinanced with new APA term loans and the credit facility will be fully repaid and terminated on or shortly after the transaction close. ISSUER PROFILE Callon Petroleum Company is a public U.S. onshore-focused exploration and production (E&P) company focused in West Texas. The company's asset base consists of approximately 145,000 net acres split between the Delaware and Midland Basins. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Callon Petroleum Company LT IDR B+ Rating Watch On B+ senior unsecured LT BB- Rating Watch On RR3 BB- senior secured LT BB+ Rating Watch On RR1 BB+ CALLON PETROLEUM: S&P Places 'B+' ICR on CreditWatch Positive ------------------------------------------------------------- S&P Global Ratings placed its 'B+' issuer credit rating and 'BB-' issue-level rating on Callon Petroleum Co. on CreditWatch with positive implications. The CreditWatch positive placement reflects the likelihood that S&P will raise its ratings on the company following the close of the acquisition, which S&P expects will occur in the second quarter of 2024. On Jan. 4, 2024, U.S.-based oil and gas exploration and production company APA Corp. (the parent of Apache Corp.) announced it entered into a purchase agreement to acquire independent oil and gas producer Callon Petroleum Co. in an all-stock transaction valued at $4.5 billion, including the assumption of about $1.9 billion of Callon's net debt. S&P said, "We placed our ratings on Callon, including our 'B+' issuer credit rating and 'BB-' issue-level rating on its unsecured debt, on CreditWatch with positive implications. "The CreditWatch placement reflects the likelihood that we will raise the ratings on Callon following the close of its acquisition by higher-rated Apache Corp.'s parent company APA Corp. The transaction values Callon at about $4.5 billion, including the assumption of Callon's net debt, which stood at about $1.9 billion as of Sept. 30, 2023. "The transaction is subject to customary closing conditions and regulatory approvals. We expect to resolve the CreditWatch placement when the acquisition closes, which we anticipate will occur in the second quarter of 2024. "Assuming the transaction is completed as proposed, we will likely raise our ratings on Callon to equalize them with our ratings on Apache Corp. (BB+/Positive)." CANOO INC: All Three Proposals Approved at Annual Meeting --------------------------------------------------------- Canoo Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that the Company held its annual meeting of stockholders during which the Company's stockholders: (1) elected Tony Aquila and Josette Sheeran to serve as directors for a term expiring in 2026 or until their successors shall have been elected and qualified; (2) approved, by an advisory vote, the compensation of the Company's named executive officers, as disclosed in the Proxy Statement; and (3) ratified the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the year ending Dec. 31, 2023. About Canoo Torrance, California-based Canoo Inc. -- www.canoo.com -- is a mobility technology company with a mission to bring electric vehicles to everyone and provide connected services that improve the vehicle ownership experience. The Company is developing a technology platform that it believes will enable the Company to rapidly innovate and bring new products, addressing multiple use cases, to market faster than its competition and at lower cost. Canoo reported a net loss and comprehensive loss of $487.69 million for the year ended Dec. 31, 2022, compared to a net loss and comprehensive loss of $346.77 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $496.47 million in total assets, $259.90 million in total liabilities, and $236.57 million in total stockholders' equity. In its Quarterly Report for the three months ended Sept. 30, 2023, Canoo reported substantial doubt about its ability to continue as a going concern for the twelve months from the date of issuance of the financial statements included in the Quarterly Report. The Company said it requires substantial additional capital to develop its EVs and services and fund its operations for the foreseeable future. The Company will also require capital to identify and commit resources to investigate new areas of demand. Until it can generate sufficient revenue from vehicle sales, the Company is financing its operations through access to private and public equity offerings and debt financings. CANOPY GROWTH: Inks 5h Amendment to Floating Share Arrangement Deal ------------------------------------------------------------------- Canopy Growth Corporation disclosed in a Form 8-K filed with the Securities and Exchange Commission that the Company, Canopy USA, LLC, and Acreage Holdings, Inc. entered into a fifth amendment to the Floating Share Arrangement Agreement. Pursuant to the terms of the Amendment, the Company, Canopy USA, and Acreage agreed to amend the Exercise Outside Date (as defined in the Floating Share Arrangement Agreement) from Dec. 31, 2023 to March 31, 2024. The completion of the Floating Share Arrangement is subject to satisfaction or, if permitted, waiver of certain closing conditions, including, among others, completion of the Canopy Capital Reorganization (as defined in the Floating Share Arrangement Agreement) on or prior to the Exercise Outside Date. There can be no certainty, nor can the Company provide any assurance, that all conditions precedent contained in the Floating Share Arrangement Agreement and the Existing Arrangement Agreement will be satisfied or waived, which may result in the acquisition of Acreage not being completed. On Oct. 26, 2022 Canopy Growth entered into an arrangement agreement dated Oct. 24, 2022, as amended on March 17, 2023, May 31, 2023, Aug. 31, 2023 and Oct. 31, 2023, with Canopy USA, LLC and Acreage Holdings, Inc., pursuant to which, subject to the terms and conditions of the Floating Share Arrangement Agreement, including all closing conditions contained in the arrangement agreement between the Company and Acreage dated April 18, 2019, as amended on May 15, 2019, Sept. 23, 2020 and Nov. 17, 2020, Canopy USA will acquire all of the issued and outstanding Class D subordinate voting shares of Acreage by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) at a fixed exchange ratio of 0.45 of a common share of Canopy Growth for each Floating Share held. About Canopy Growth Headquartered in Smiths Falls, Ontario, Canopy Growth is a cannabis and consumer packaged goods company which produces, distributes, and sells a diverse range of cannabis, hemp, and CPG products. Cannabis products are principally sold for adult-use and medical purposes under a portfolio of distinct brands in Canada pursuant to the Cannabis Act, SC 2018, c 16 (the "Cannabis Act"), and globally pursuant to applicable international and Canadian legislation, regulations, and permits. The Company's other product offerings, which are sold by its subsidiaries in jurisdictions where it is permissible to do so, include: (i) Storz & Bickel GmbH vaporizers; (ii) BioSteel Sports Nutrition Inc. sports nutrition beverages, hydration mixes, proteins and other specialty nutrition products; and (iii) This Works Products Ltd. beauty, skincare, wellness and sleep products. Its core operations are in Canada, the United States, and Germany. Ottawa, Canada-based KPMG LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 22, 2023, citing that the Company has material debt obligations coming due in the short-term, has suffered recurring losses from operations and requires additional capital to fund its operations, which raise substantial doubt about its ability to continue as a going concern. CAPROCK MILLING: Hires William Hood & Company as Investment Banker ------------------------------------------------------------------ Caprock Milling & Crushing, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ William Hood & Company as its investment bankers. The firm's services include: a. analyzing and evaluating the Debtor's business, operations and financial positions; b. assisting in preparing a comprehensive information presentation for distribution and presentation to potential purchasers; c. assisting in the development, preparation and implementation of a marketing plan; d. assisting in the identification, contacting, and screening of prospective purchasers; e. assisting in coordinating the due diligence investigations of prospective purchasers; f. communicating with the Debtor's representatives and other parties-in interest, to discuss the proposed transaction(s); g. advising and assisting the Debtor with respect to any form of transaction, including the sale of the Debtor's assets, or any other transaction resulting in a disposition of the Debtor's assets; and h. performing such other advisory and investment banking services. The firm will charge a fee of 10 percent of the sale price of assets or equity with a minimum fee for any outcome will be the greater of 10 percent of the sale price of assets or $150,000. William Hood, managing director of William Hood & Company, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William Hood William Hood & Company, LLC 555 Madison Avenue, 11th Floor New York, NY 10022 Phone: (212) 365-5293 About Caprock Milling & Crushing, LLC CapRock Milling & Crushing, LLC in Amarillo, TX, filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 23-20251) on November 3, 2023, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Thomas Bunkley as member, signed the petition. MULLIN HOARD & BROWN, L.L.P. serve as the Debtor's legal counsel. CASA SYSTEMS: Amends 2023 Superpriority Credit Agreement -------------------------------------------------------- Casa Systems, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that the Company and certain of its subsidiaries entered into an amendment to the Superpriority Credit Agreement, dated as of June 15, 2023, with certain lenders, to extend the date by which certain liquidity covenants apply to the Company. Pursuant to the Amendment, the Company also agreed to provide certain additional financial reporting to the Lenders. Each Lender party to the Credit Agreement, which collectively constitute the Required Lenders (as defined in the Amended Credit Agreement), has consented to the Amendment. About Casa Systems Inc. Casa Systems, Inc. (Nasdaq: CASA) -- http://www.casa-systems.com-- delivers the core-to-customer building blocks to speed 5G transformation with future-proof solutions and cutting-edge bandwidth for all access types. Casa Systems creates disruptive architectures built specifically to meet the needs of service provider networks. The Company's suite of open, cloud-native network solutions unlocks new ways for service providers to build networks without boundaries and maximize revenue-generating capabilities. Commercially deployed in more than 70 countries, Casa Systems serves over 475 Tier 1 and regional communications service providers worldwide. In its Quarterly Report for the three months ended Sept. 30, 2023, Casa Systems disclosed that due to the inherent uncertainty regarding its ability to meet the liquidity covenant over the next twelve months from the filing of the Quarterly Report, the Company's management concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. * * * As reported by the TCR on July 10, 2023, S&P Global Ratings upgraded Casa Systems Inc. to 'CCC+' from 'CCC' to reflect its overall view of its improved credit prospects following the Transaction Support Agreement (TSA), despite the company's reliance on favorable supply chain conditions and exposure to volatile telecom capex patterns. Moody's Investors Service upgraded Casa Systems, Inc.'s ratings, including the Corporate Family Rating to Caa1 from Caa2, the TCR reported on July 3, 2023. The rating actions follow Casa's completion of the exchange offer, which extends the maturity of 98% of the company's debt to December 2027 and thus greatly enhances the financial viability of the company. CASA SYSTEMS: Board Increases Number of Directors to Nine --------------------------------------------------------- Casa Systems, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that the Board of Directors of the Company voted to increase the size of the Board from eight to nine directors and appointed Harvey L. Tepner to fill the newly created vacancy, effective immediately. Mr. Tepner was designated as a Class II director in accordance with the Company's Restated Certificate of Incorporation and Amended and Restated Bylaws to serve a term expiring at the Company's 2025 Annual Meeting of Stockholders or until his successor has been duly elected and qualified, or until his earlier death, resignation or removal. Mr. Tepner has not yet been appointed to any committee of the Board. Harvey L. Tepner, age 67, is an independent corporate director, strategic advisor, restructuring expert, and private investor. He is a former senior executive of WL Ross & Co., an alternative asset manager and private equity firm, and was a general partner of the WL Ross private equity funds. Prior to WL Ross, Mr. Tepner spent more than 20 years as an investment banker at Rothschild & Co., Dillon, Read & Co., Loeb Partners and Compass Advisors. He began his career with PricewaterhouseCoopers in Toronto. Mr. Tepner has a B.A. from Carleton University, an MBA from Cornell University, and is a Chartered Accountant/CPA (Canada). Mr. Tepner serves on the board of Bird Global, Inc. (OTC: BRDSQ) and several other private companies. Over the preceding five years, Mr. Tepner has served on the boards of several public and private companies including Alpha Natural Resources Holdings, Inc., Clear Channel Outdoor Holdings, Inc., Contura Energy Inc., Core-Mark Holding Company, Inc., Exide Holdings, Inc., Nine West Holdings, Inc., and Serta Simmons Bedding, LLC. In connection with Mr. Tepner's appointment, on the Appointment Date, the Company entered into an Independent Director Agreement with Mr. Tepner. Pursuant to the Director Agreement, Mr. Tepner agreed to act as a director of the Company and to perform the duties consistent with such position pursuant to the Company's Restated Certificate of Incorporation and Amended and Restated Bylaws, and any additional codes, guidelines or policies of the Company that may be effective now or in the future, including serving on such committees as determined by the Board and accepted by Mr. Tepner. The Director Agreement may be terminated by either party at any time, effective immediately upon written notice to the other party. The Director Agreement provides that Mr. Tepner will receive a monthly cash payment of $35,000 for each month that he serves on the Board and a cash payment of $5,000 for each day in which he is required to spend more than four hours addressing matters that are outside of routine Board matters. The Company also agreed to reimburse Mr. Tepner for all reasonable and documented out-of-pocket expenses incurred by him in carrying out his duties as a director. The Company also agreed to pay up to $10,000 of attorneys' fees incurred by independent counsel engaged by Mr. Tepner in connection with a review of the Director Agreement, Indemnification Agreement, any associated agreements, and the Company's directors' and officers' liability insurance policy. The Director Agreement also requires the Company to maintain a minimum level of directors' and officers' liability insurance. The Director Agreement contains customary confidentiality provisions, customary representations and warranties by the parties and other customary miscellaneous provisions. In connection with Mr. Tepner's appointment and pursuant to the Director Agreement, on the Appointment Date, the Company also entered into an indemnification agreement with Mr. Tepner. Pursuant to the terms of the Indemnification Agreement, the Company may be required, among other things, to indemnify Mr. Tepner for certain expenses, including attorneys' fees, judgments, fines and settlement amounts incurred by him in any action or proceeding arising out of his service as a director of the Company. The Company said there are no family relationships between Mr. Tepner and any director or executive officer of the Company, and except as described above, there are no arrangements or understandings between Mr. Tepner and any other person pursuant to which he was elected as a director or transactions in which Mr. Tepner has an interest requiring disclosure under Item 404(a) of Regulation S-K. About Casa Systems Inc. Casa Systems, Inc. (Nasdaq: CASA) -- http://www.casa-systems.com-- delivers the core-to-customer building blocks to speed 5G transformation with future-proof solutions and cutting-edge bandwidth for all access types. Casa Systems creates disruptive architectures built specifically to meet the needs of service provider networks. The Company's suite of open, cloud-native network solutions unlocks new ways for service providers to build networks without boundaries and maximize revenue-generating capabilities. Commercially deployed in more than 70 countries, Casa Systems serves over 475 Tier 1 and regional communications service providers worldwide. In its Quarterly Report for the three months ended Sept. 30, 2023, Casa Systems disclosed that due to the inherent uncertainty regarding its ability to meet the liquidity covenant over the next twelve months from the filing of the Quarterly Report, the Company's management concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. * * * As reported by the TCR on July 10, 2023, S&P Global Ratings upgraded Casa Systems Inc. to 'CCC+' from 'CCC' to reflect its overall view of its improved credit prospects following the Transaction Support Agreement (TSA), despite the company's reliance on favorable supply chain conditions and exposure to volatile telecom capex patterns. Moody's Investors Service upgraded Casa Systems, Inc.'s ratings, including the Corporate Family Rating to Caa1 from Caa2, the TCR reported on July 3, 2023. The rating actions follow Casa's completion of the exchange offer, which extends the maturity of 98% of the company's debt to December 2027 and thus greatly enhances the financial viability of the company. CORNER OYSTER: Amends American Microloan & SBA Secured Claims Pay ----------------------------------------------------------------- Corner Oyster House, LLC, submitted an Amended Plan of Reorganization for Small Business dated January 2, 2024. Debtor's financial projections show that the Debtor will have projected disposable income of $750. The final Plan payment is expected to be paid on January 1, 2027. This Plan of Reorganization proposes to pay creditors of the Debtor from future restaurant revenues and recoveries from bankruptcy causes of action. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 0.00 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 2A consists of the Secured claim of American Microloan. Debtor will pay value of allowed secured claim, $14,630.00, in 84 equal amortized installments with interest calculated at 6% per annum, commencing on the first day after the effective date. Class 2B consists of the Secured claim of U.S. Small Business Administration (SBA,) CGF Merchant Solutions, First Electronic Bank and ABF Servicing, LLC/Revenued Web Bank. This claim shall be voided and treated as a general unsecured claim under Class 3. In the event of an objection by the Class 2B claimant, the Court shall determine the value of the allowed secured claim and it shall be paid in 84 amortized installments with interest calculated at 6% per annum as a Class 2A claim. Like in the prior iteration of the Plan, non-priority unsecured creditors will receive a pro rata share of the creditors' trust described in Article 7 after full payment of any administrative and priority claims. A full-text copy of the Amended Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=alo3Io from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Wesley J. Boyer, Esq. Boyer Terry LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Telephone: (478) 742-6481 Email: Wes@BoyerTerry.com About Corner Oyster House Corner Oyster House, LLC, owns and operates a restaurant known as Oyster House. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 23-40452) on August 4, 2023. In the petition signed by Peter Brochu, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Fife M Whiteside, Esq., at Fife M. Whiteside PC, is the Debtor's legal counsel. CXOSYNC LLC: Hires Schneider & Stone as Bankruptcy Counsel ---------------------------------------------------------- CXOsync, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Law Offices of Schneider & Stone to handle its Chapter 11 case. The firm will be paid at these rates: Attorney $400 per hour Paralegal $175 per hour The firm received a retainer in the amount of $9,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ben Schneider, Esq., a partner at Law Office of Schneider & Stone, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ben Schneider, Esq. Schneider & Stone 8424 Skokie Blvd., Suite 200 Skokie, IL 60077 Tel: (847) 933-0300 Fax: (847) 676-2676 Email: ben@windycitylawgroup.com About CXOsync LLC CXOsync, LLC is a corporate event planner which presents events and workshops. Established in 2008, CXOsync has planned, populated and executed thousands of CXO events globally that collaborate corporate leaders with cutting edge content and solutions in the fields of IT, Information Security, Marketing, Finance, Human Resources and Customer Experience. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-13193) on Oct. 3, 2023, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Rupen Patel, managing member, signed the petition. Judge A. Benjamin Goldgar oversees the case. Ben Schneider, Esq., at The Law Offices of Schneider and Stone represents the Debtor as legal counsel. DEADWORDS BREWING: Unsecureds to Get Share of Income for 3 Years ---------------------------------------------------------------- Deadwords Brewing Company, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated January 2, 2024. The Debtor is a Florida limited liability company organized in 2018 by James and Cheryl Satterfield to develop, produce, market and distribute premium hand-crafted beers. Deadwords operates a brewery, bar, restaurant and event space at a 14,000 square foot leased facility located in the Parramore District of Downtown Orlando located at: 23 N. Orange Blossom Trail, Orlando, Florida 32805 (the "Brewery"). Shortly before the commencement of this case, Deadwords negotiated payment relief with certain creditors, but pressure started to mount from creditors as to a long-term repayment solution. In order to avoid litigation, and to preserve and develop its business for the benefit of its creditors and estate, Deadwords commenced the instant Chapter 11 case and elected to proceed with its reorganization effort under Subchapter V. Deadwords believes this Chapter 11 case will provide an opportunity for it to pivot into major distribution channels, reduce its operating overhead, and preserve its goal of opening additional brewpubs in select locations throughout the Southeast. Class 7 consists of all Allowed General Unsecured Claims against the Debtor. In full satisfaction of the Allowed Class 7 General Unsecured Claims, Holders of Class 7 Claims shall receive a pro rata share of Distributions paid pursuant to the following payment schedule: * Payment #1: $1,000.00 of the Effective Date of the Plan. * Payment #2: $1,000.00 on the last day of the 6th month following the Effective Date. * Payment #3: $5,000.00 on the last day of the 12th month following the Effective Date. * Payment #4: $5,000.00 on the last day of the 24th month following the Effective Date. * Payment #5: $5,000.00 on the last day of the 36th month following the Effective Date. However, Debtor shall devote its Disposable Income over a 3-year period commencing on the Effective Date to be paid pro rata on an annual basis pursuant to the payment dates established for Payments 3, 4, and 5 above to the extent that its Disposable Income exceeds the value of Payment #3, Payment #4, and Payment #5. For purposes of clarity, the Debtor is devoting its Disposable Income over a 3-year period commencing on the Effective Date for distribution to Holders of Allowed Class 7 Claims but establishing a mandatory minimum payment of $5,000.00 per year to the extent that its Disposable Income does not exceed $5,000.00 in any given year of the Plan term. In addition to the annual Distributions, Class 7 Claimholders shall also receive a pro rata share of the net proceeds recovered from all Causes of Action after payment of professional fees and costs associated with such collection efforts, and after Administrative Claims and Priority Claims are paid in full. The maximum Distribution to Class 7 Claimholders shall be equal to the total amount of all Allowed Class 7 General Unsecured Claims. Class 7 is Impaired. Class 8 consists of all equity interests in Deadwords Brewing Company, LLC. Class 8 Interest Holders shall retain their respective Interests in Deadwords Brewing Company, LLC in the same proportions such Interests were held as of the Petition Date (i.e., 100% of Class A Interests retained by Siduri Corporation; and Class B Interests retained by the Class B Interest Holders). Class 8 is Unimpaired. The Plan contemplates the Debtor will continue to manage and operate its business in the ordinary course, but with restructured debt obligations. It is anticipated the Debtor's postconfirmation business will mainly involve continued operation of the brewery component of its operation, while assigning (or subleasing) the right to use and occupy the Restaurant/Brew Pub portion of its leased premises to an independent third-party. In addition, and in connection with the reduction of Debtor's operating footprint, Debtor anticipates selling the Restaurant Equipment, the funds from which will be utilized toward the Debtor's payment obligations under the Plan. With respect to Debtor's continued brewery operation. Funds generated from the Debtor's operations through the Effective Date will be used for Plan Payments; however, the Debtor's cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Subchapter V Plan dated January 2, 2024 is available at https://urlcurt.com/u?l=zK9UsV from PacerMonitor.com at no charge. Counsel for the Debtor: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 Email: dvelasquez@lathamluna.com About Deadwords Brewing Company Deadwords Brewing Company LLC is a craft brewpub operating in the Parramore District of Downtown Orlando. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04117) on October 2, 2023. In the petition signed by James D. Satterfield, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Grace E. Robson oversees the case. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine LLP, is the Debtor's legal counsel. DENTAL EXPRESSION: Unsecureds to Get 20% Dividend in Plan --------------------------------------------------------- Dental Expression, PLLC submitted as Fifth Amended Plan of Reorganization, dated Dec. 29, 2023. The Debtor provides family dental services to the citizens of Shelby County, Tennessee. The projected income reveals that there will be sufficient cash flow to meet monthly expenses as well as payments to all classes of creditors under the plan. The Liquidation Analysis clearly shows that if this case is converted to a Chapter 7 under the U.S, Bankruptcy Code there will be insufficient funds to satisfy the secured claims and no funds to pay the unsecured claims. It is in the best interest of the secured and unsecured creditors to allow a confirmed plan of reorganization rather than a Chapter 7 liquidation. Unsecured claims will be treated as follows: Claim 8: Unsecured Claim of Fundation: General Unsecured Claim of Fundation: Fundation holds a general unsecured claim in the amount of $8,060. This claim will be paid a dividend of 20% with 0% interest and a monthly payment of $26.86. Payments will begin 30 days after the Effective Date. Class 8 is impaired. Claim 9: Deficiency Claim of Patterson Dental Supply. Patterson Dental Supply holds an unsecured claim in the amount of $75,000. This claim will be paid a dividend of 20% with a 0% interest in the amount of $250. Class 9 is impaired. Claim No. 10: Deficiency Claim of Great American Finance. Great American Finance holds an unsecured deficiency claim in the amount of $3,640.86. This claim will be paid a dividend of 20% with 0% interest and a monthly payment of $68.66. Payments will begin 30 days after the Effective Date. Class 10 is impaired. The Plan will be funded by: (a) the Cash on hand, that will be transferred to the Reorganized Debtor, on the Effective Date; (b) the weekly income generated by the Debtor. Counsel for Debtor: John E. Dunlap, Esq. THE LAW OFFICE OF JOHN E. DUNLAP 3340 Poplar Ave. Suite 320 Memphis, TN 38111 Tel: (901) 320-1603 Fax: (901) 320-6914 E-mail: dunlap00@gmail.com A copy of the Plan of Reorganization dated Dec. 29, 2023, is available at https://tinyurl.ph/hNGvd from PacerMonitor.com. About Dental Expression Dental Expression, PLLC, is a Tennessee Professional Limited Liability Company. The Debtor sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 23-20354) on Jan. 20, 2023, with $100,001 to $500,000 in both assets and liabilities. Judge Jennie D. Latta oversees the case. The Law Office of John E. Dunlap serves as the Debtor's counsel. DESERT VALLEY: Seeks to Hire DM Bankruptcy Law Group as New Counsel ------------------------------------------------------------------- Desert Valley Steam Carpet Cleaning, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ the DM Bankruptcy Law Group, LLC as substitute bankruptcy counsel. The hourly rates of the firm's attorneys and staff are as follows: Attorney $325 Paralegal $125 Christopher Dutkiewicz, Esq., an attorney at DM Bankruptcy Law Group, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher J. Dutkiewicz, Esq. DM Bankruptcy Law Group, LLC 4140 S. Baseline Rd., Ste. 101 Mesa, AZ 85206 Telephone: (480) 842-8786 Email: chris@azdebtattorney.com About Desert Valley Steam Carpet Cleaning Desert Valley Steam Carpet Cleaning, LLC was formed on Aug. 12, 2005, for the purpose of owning and operating a multi-family housing property located at 603 and 607 North D. St., Eloy, Ariz. Desert Valley Steam Carpet Cleaning sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 20-00570) on Jan. 16, 2020. Judge Brenda K. Martin oversees the case. Christopher J. Dutkiewicz, Esq., at DM Bankruptcy Law Group, LLC serves as the Debtor's bankruptcy counsel. DIOCESE OF BUFFALO: Taps Hanna Commercial as Real Estate Broker --------------------------------------------------------------- The Diocese of Buffalo, N.Y. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Hanna Commercial Real Estate as its real estate broker with respect to certain parcels of real property. The firm will render these services: a. advertise and market such property for sale; b. undertake to find a purchaser for any such property, upon terms and conditions acceptable to the Diocese; c. make available to prospective purchasers, upon request, information regarding the availability of inspections of the property; d. report to the Diocese regarding expressions of interest in the property; e. assist in preparing a purchase offer with an attorney approval clause; f. follow up with purchaser and/or purchaser's designee once a contract is negotiated; and g. update the Diocese regarding fulfillment of contract contingencies. The Diocese has agreed to pay the broker a commission as follows: a) six percent of the gross purchase price of any sale of property that has a sale price under $1 million; b) five percent of the sale price of any sale of property that has a sale price between $1 million and $4,999,999; c) four and a half percent of the sale price of any sale of property that has a sale price over $5,000,000; and d) solely with respect to sales where the successful buyer of a property was properly represented by a broker who has registered with Broker, six percent (6), regardless of the sale price of the transaction, to be split equally between Broker and the successful buyer's broker (3 each). As disclosed in the court filings, Hanna is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b); and does not hold or represent an interest adverse to the Diocese's estate. The broker can be reached through: William K. Heussler HANNA COMMERCIAL REAL ESTATE 344 Delaware Avenue, Suite 2A Buffalo, NY 14202 Telephone: (716) 426-0601 Facsimile: (716) 818-3186 Email: WilliamHeussler@HannaCRE.com About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., is the diocese's counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP are its special litigation counsel; and Phoenix Management Services, LLC is its financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DOMUS BWW: 47 East Seeks Appointment of Examiner ------------------------------------------------ A creditor of 1801 Admin, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a motion to appoint an independent examiner in the Chapter 11 cases of the company and its affiliate, Domus BWW Funding, LLC. In its motion, 47 East 34th Street (N.Y.), LP said the appointment of an examiner is warranted to investigate pre-bankruptcy transactions involving allegations of self-dealing by affiliates and insiders of both companies. 47 East claimed that a substantial portion of the pre-bankruptcy business and revenue of 1801 Admin was diverted to Versa Capital Management, L.P. and its affiliates prior to the company's Chapter 11 filing, and operated by the same officers, directors and employees out of the same offices. 1801 Admin is wholly owned by Versa Capital Management, a Delaware limited partnership based in Philadelphia, Pa. 47 East also claimed that the Chapter 11 plan of reorganization proposed by 1801 Admin and Domus contemplates not pursuing potentially valuable claims against their insiders and affiliates. "It is clear that the [companies] have a conflict of interest in bringing claims against their own insiders and affiliates," Yonit Caplow., Esq., attorney for 47 East, said. "Given the nature of the alleged transfers and the conflicts of interest, the [companies] and their current management are in no realistic position to investigate the allegations and potential claims against insiders and affiliates impartially in a fashion upon which creditors can rely," the attorney said. 47 East holds the single largest unsecured claim in the amount of approximately $14.6 million in 1801 Admin's bankruptcy case. 47 East can be reached through: Martin J. Weis, Esq. Ira N. Glauber, Esq. Yonit A. Caplow, Esq. Dilworth Paxson, LLP 1500 Market Street, Suite 3500E Philadelphia, PA 19102 Telephone: (215) 575-7000 Email: mweis@dilworthlaw.com ycaplow@dilworthlaw.com About Domus BWW Funding Domus BWW Funding, LLC, and 1801 Admin, LLC filed their voluntary Chapter 11 petitions (Bankr. E.D. Pa. Lead Case No. 22-11162) on May 3, 2022, with up to $500,000 in assets and up to $50,000 in liabilities. Judge Eric L. Frank presides over the cases. The Debtors tapped Aris J. Karlis, Esq., at Karalis PC as bankruptcy counsel. Dinsmore & Shohl LLP, McGuireWoods LLP, Landis Rath & Cobb LLP, Perkins Coie LLP, Gateley Plc, Anderson Kill PC, and Dechert LLP serve as special counsel. DRJ GROUP: Property Sale or Continued Operations to Fund Plan ------------------------------------------------------------- DRJ Group, Inc., filed with the U.S. Bankruptcy Court for the Western District of Texas a Plan of Reorganization dated January 2, 2024. The Debtor operates a catering service in San Antonio and has been in existence since 1992. The business had been successful until COVID swept through the United States. The Debtor proposes a two-prong plan to repay its obligations. The first is to sell the primary asset of the Debtor which is a building located at 12475 Starcreast Dr., San Antonio, Texas where the Debtor operates its catering business. It consists of approximately 1.25 acres improved with a 15,000 square foot building. The building houses the catering business, a fully equipped kitchen, and a ballroom. In addition, the Debtor leases approximately 3,000 square feet of space to Rockhills Church. Currently, the monthly payments are $6,325 a month ("Property"). Debtor believes the property can be sold for approximately $2.1 million. This may include the Debtor and possibly the church leasing back the property. This price would be sufficient to pay almost all debts of the Estate. The Debtor is actively marketing the Property. During the first 12 months following the effective date, Debtor will make interest only payments to Texas Champion Bank and LiftFunds, its primary two secured creditors. In addition, the Debtor will pay all administrative fees and will commence payments to both ad valorem creditors and the IRS. If the Debtor does not sell the Property within one year of the effective date, the Debtor will commence making payments to all creditors as set forth herein. Class 3 consists of General Unsecured Claims. Class 3 is impaired under the Plan. * During Sale Period: The allowed general unsecured claims will be paid a pro-rata share of all remaining cash generated from the sale of the Property. "Remaining cash" means that fund left after payment of administrative claims, the Class 1 Priority claims, and the Class 2 claims. Once all claims are allowed, the Debtor will pay these creditors their pro-rata share. Notwithstanding, the creditors identified as insiders will be paid after all other class 3 creditors are paid in full. * Post Sale Period: To the extent there are remaining Class 3 creditors and the Debtor is continuing to operate, the remaining unsecured creditors will be paid their pro rata share of $3,000 a month for 48 months or $144,000. Creditors will be paid quarterly commencing April 15, 2025. All existing equity Interests in the Debtor shall be retained. This Plan is based upon distributions to creditors by the Debtor, at its option, by means of one or more of the following: (a) cash presently held by the Debtor and cash to be acquired through the operation of its business including cash generated from the operations of its catering business; (b) collection of its accounts receivables; (c) monies received from any lawsuit the Debtor may bring against creditors and (d) the sale of the Property. A full-text copy of the Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=KpGjkk from PacerMonitor.com at no charge. Attorney for the Debtor: Dean W. Greer, Esq. WEST & WEST ATTORNEYS AT LAW, P.C. 2929 Mossrock, Ste. 204 San Antonio, TX 78230 Tel: (210) 342-7100 Fax: (210) 342-3633 Email: dean@dwgreerlaw.com About DRJ Group DRJ Group operates a restaurant/catering business. DRJ Group, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-51346) on Oct. 2, 2023. The petition was signed by Ruben Luna as managing member. At the time of filing, the Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Michael M. Parker presides over the case. Dean W. Greer, Esq. at WEST & WEST ATTORNEYS AT LAW, P.C., is the Debtor's counsel. EAGLE TRUCKLINES: Unsecureds to Get Share of GUC Pool in Plan ------------------------------------------------------------- Eagle Trucklines, Inc., and its affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Joint Plan of Reorganization dated January 2, 2024. The Debtors conduct "over-the-road" trucking operations; transporting goods and products nationwide. The Debtors operate as a single economic unit. The sole shareholder of each of the Debtors is Gurinder Chouhan. The Plan provides for a reorganization and restructuring of the Debtors' financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtors over the course of 5 years from the Debtors' continued business operations. Class 3 consists of non-priority unsecured Claims. Class 3A shall be deemed to include those Creditor(s) holding an alleged Secured Claim against Trucklines, for which: (y) no collateral exists to secure the alleged Secured Claim; and/or (z) liens, security interests, or other encumbrances that are senior in priority to the alleged Secured Claim exceed the fair market value of the collateral securing such alleged Secured Claims as of the Petition Date. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtors from an Unsecured Creditor Pool, which pool shall be funded at the rate of $8,335 per month commencing October 1, 2024, and continuing on the same day each month until the obligations set forth herein are satisfied. The holders of Allowed Class 3 Claims shall be paid quarterly from the Unsecured Creditor Pool for a period not to exceed 4 years (16 quarterly payments). The first quarterly payment will be made on or before December 20, 2024, and continue on the same day each quarter thereafter until the Allowed Class 3 Claim is paid in full. Debtors estimate the aggregate of all Allowed Unsecured Claims against the Debtors to be approximately $400,000.00, excluding the claims of any insiders, which insider claims are estimated to be approximately $1.1 million. This Class is impaired. Class 4 consists of the holders of Allowed Interests in the Debtors. The holder of an Allowed Class 4 Interest shall retain their interests in the Reorganized Debtors. A full-text copy of the Joint Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=aCY53y from PacerMonitor.com at no charge. Attorneys for the Debtors: Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. DEMARCO MITCHELL, PLLC 1255 W. 15th Street, 805 Plano, TX 75075 Tel: (972) 578-1400 Fax: (972) 346-6791 Email: robert@demarcomitchell.com mike@demarcomitchell.com About Eagle Trucklines Eagle Trucklines, Inc., a company in Southlake, Texas, and its affiliates operate in the general freight trucking industry. The Debtors filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 23-43044) on October 4, 2023, with $1 million to $10 million in both assets and liabilities. Gurinder Chouhan, president, signed the petition. Judge Edward L. Morris oversees the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC, is the Debtor's legal counsel. EBIX INC: U.S. Trustee Appoints Creditors' Committee ---------------------------------------------------- The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Ebix, Inc. and its affiliates. The committee members are: 1. Black Dragon Capital c/o Christopher Ducanes, General Counsel 6400 W. Boynton Beach Blvd. #740486 Boynton, FL 33474 Phone: (305) 539-9415 Email: cducanes@blackdragoncap.com 2. Amadeus IT Group, S.A. c/o Abraham Goodwin, Senior Legal Counsel c/o Darryl S. Laddin, Esq. Arnall Golden Gregory LLP 171 17th St., NW, Ste. 2100 Atlanta, GA 30363 Phone: (404) 873-8120 Email: abraham.goodwin@amadeus.com 3. Ascension Growth and Innovation Craig Apatov, Managing Partner 2000 Riveredge Parkway #945 Atlanta, GA 30328 Phone: (404) 250-4547 Email: capatov@ascensionstrategy.com 4. Zakipoint Health Ramesh Kumar, CEO One Broadway Cambridge, MA 02142 Phone: (857) 383-1574 Email: ramesh.kumar@zakipointhealth.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Ebix Inc. Ebix, Inc. is an international supplier of on-demand infrastructure software exchanges and e-commerce services to the insurance, financial, travel, cash remittances, and healthcare industries. Ebix and its affiliates sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Texas Case No. 23-80004) on Dec. 17, 2023. In the petitions signed by their chief financial officer, Amit K. Garg, the Debtors disclosed $500 million to $1 billion in both assets and liabilities. Judge Scott W. Everett oversees the cases. The Debtors tapped Sidley Austin LLP as legal counsel; AlixPartners, LLP as financial advisor; and Jefferies LLC as investment banker. Omni Agent Solutions, Inc. is the claims, noticing, and solicitation agent. ECHOSTAR CORP: S&P Assigns 'CCC+' ICR on Dish Network Acquisition ----------------------------------------------------------------- S&P Global Ratings assigned its 'CCC+' issuer credit rating to parent EchoStar Corp. due to high leverage, a significant cash burn, and substantial refinancing requirements in the coming years at its largest subsidiary, Dish Network. EchoStar has completed its acquisition of Dish Network Corp. in an all-stock transaction. S&P also lowered its issuer credit rating on Hughes Satellite Systems Corp. to 'CCC+' from 'BB' in line with the rating on the parent due to support it will provide in helping fund cash shortfalls at sister company Dish Network. The negative outlook reflects capital intensity associated with Dish's wireless build that will continue large cash flow deficits; execution risk associated with profitably expanding its wireless business; and high cost of capital with significant refinancing requirements through 2026. S&P believes EchoStar is vulnerable to tight financing conditions and depends on favorable business, financial, and economic conditions to meet its financial commitments in the next 2-3 years. The company will need to raise substantial capital in the coming years to fund capital spending, wireless losses, and debt maturities. Dish's merger with EchoStar (whose primary operating subsidiary prior to the merger was Hughes) does not solve its financial problems but improves its liquidity position: -- EchoStar has about $2 billion cash (as of Sept. 30, 2023). -- Hughes provides a potential funding vehicle to refinance a portion of Dish's upcoming maturities, carrying relatively low leverage of about 3x. However, given that North American satellite broadband faces significant long-term secular pressure, S&P does not believe capital markets would provide incremental debt such that leverage were to rise significantly on this business, which may limit potential future issuance. Leverage of 4x-5x would yield an additional borrowing capacity of about $500 million-$1 billion. -- Hughes will generate modest free operating cash flow (FOCF) of about $150 million-$200 million per year over the next 2-3 years to partially offset Dish's substantial cash burn. S&P said, "We forecast that Dish will need to raise about $1.5 billion in 2024 to address its November maturities of $2 billion and another $2.5 billion in 2025 before a massive maturity wall approaches in 2026. We believe that Dish's valuable unencumbered spectrum assets (totaling about $15 billion in book value) provide options to raise capital." However, market appetite for incremental debt may be significantly more limited than the book value of spectrum because investors have required overcollateralization in recent spectrum-back transactions, including a 35% loan-to-value (LTV) covenant. Furthermore, secured notes will likely still be expensive as overcollateralized spectrum-backed debt issued over the past year yields more than 10%. Dish will need success in its nascent wireless business to lower its cost of capital and service its debt, which is highly uncertain. EchoStar has almost $10 billion of debt coming due in 2026, mostly at Dish. If interest rates remain at current yields, we project that Dish will not generate positive cash flow and will have difficulty accessing the capital markets in 2026 (or earlier), which could result in default. Dish's wireless business is bleeding cash, its retail business is losing money, and its 5G network segment has yet to generate meaningful revenue. The company recently completed its network buildout to 70% of the U.S. population. This should improve economics in its retail business as it can migrate existing customers on-network. However, there will be increasing marketing and distribution costs as well as handset subsidies as Dish aims to expand its Boost retail brand by entering the postpaid market. Furthermore, Boost's prepaid business is shrinking rapidly and has contributed to an operating loss (before depreciation and amortization) of $130 million through the first nine months of 2023. S&P said, "We believe the retail business will continue to struggle to gain market share given mature wireless market conditions and competition from larger, more established wireless players with already strong brands. This leaves little room for a new entrant with limited brand recognition. We believe Dish will need to compete on price, but cable providers have penetrated the more price-sensitive segment of the market recently by aggressively bundling mobile service with high-speed internet, which could be difficult for Dish to compete against." Ultimately, the bigger wireless opportunity lies with the nascent 5G enterprise, internet of things, and wholesale markets, which Dish has yet to penetrate in a meaningful way. The company lacks meaningful contracts with large enterprise clients and a long-anticipated strategic partner that could improve line of sight into revenue growth. Furthermore, the adoption of 5G private networks has been slow to gain traction across the industry. Potential enterprise customers could pause decision-making around deploying new communications architecture in an uncertain economic environment, which could limit potential benefits over the next year. Management targeted a 25% market share that management indicated in May 2022 could be a $30 billion overall domestic market by 2025. Clearly, the addressable market will be much smaller by 2025, which S&P believes will be a pivotal year for Dish as it will need to progress toward significant earnings growth potential to address 2026 maturities. The negative outlook reflects large FOCF deficits, execution risk, uncertainty of EchoStar's long-term wireless earnings growth and significant refinancing requirements, which will be exacerbated by elevated interest rates. S&P said, "We could lower the rating if the company's liquidity position tightens such that we view a default or distressed exchange as likely over the next 12 months. "We could revise the outlook to stable if the company improves its liquidity position such that there are no longer material cash flow shortfalls over the next 12 months. "We could raise the rating if the company demonstrates a path to long-term FOCF generation, possibly from profitable market share gains in its wireless segment. This would likely involve public disclosure of network partners and enterprise contracts that would give us greater confidence that its wireless strategy can generate significant revenues and cash flow." ENTERCOM MEDIA: Calamos CCD Marks $420,000 Loan at 56% Discount --------------------------------------------------------------- Calamos Dynamic Convertible and Income Fund(Ticker: CCD) has marked its $420,000 loan extended to Entercom Media Corp. to market at $184,735 or 44% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CCD is a participant in a bank loan to Entercom Media Corp. The loan accrues interest at a rate of 8.145% (3 mon. SOFR+2.50%) per annum. The loan matures on November 18, 2024. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CCD is a total-return-oriented fund that seeks to provide steady income paid out monthly. It invests in a diversified portfolio of convertible and high-yield securities. The allocation to each asset class is dynamic and reflects its view of the economic landscape as well as the potential of individual securities. By combining asset classes, it believes the Fund is well positioned to generate capital gains and income over the long term. The dynamic allocation of security types also provides with opportunities to manage the risk/reward characteristics of the portfolio over full market cycles. Entercom Media Corp is in the Communication Services industry. ENTERCOM MEDIA: Calamos CHI Marks $1.5M Loan at 56% Off ------------------------------------------------------- Calamos Convertible Opportunities and Income Fund (Ticker: CHI) has marked its $1,505,000 loan extended to Entercom Media Corp. to market at $661,967 or 44% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHI is a participant in a bank loan to Entercom Media Corp. The loan accrues interest at a rate of 8.145% (3 mon. SOFR+2.50%) per annum. The loan matures on November 18, 2024. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHI is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rate moves. Like all Calamos closed-end funds, the Fund invests in multiple asset classes and aims to provide a steady stream of distributions paid out monthly. Entercom Media Corp is in the Communication Services industry. ENTERCOM MEDIA: Calamos CHY Marks $1.5M Loan at 56% Discount ------------------------------------------------------------ Calamos Convertible and High Income Fund (Ticker: CHY) has marked its $1,527,000 loan extended to Entercom Media Corp. to market at $671,643 or 44% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHY is a participant in a bank loan to Entercom Media Corp. The loan accrues interest at a rate of 8.145% (3 mon. SOFR+2.50%) per annum. The loan matures on November 18, 2024. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHY is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rates. Like all Calamos closed-end funds, the Fund seeks to provide a steady stream of distributions paid out monthly and invests in multiple asset classes that may be reweighted in an effort to optimize returns. Entercom Media Corp is in the Communication Services industry. ENTERCOM MEDIA: Calamos CSQ Marks $1.76M Loan at 56% Discount ------------------------------------------------------------- Calamos Strategic Total Return Fund (Ticker: CSQ) has marked its $1,755,000 loan extended to Entercom Media Corp. to market at $771,928 or 44% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CSQ is a participant in a bank loan to Entercom Media Corp. The loan accrues interest at a rate of 8.145% (3 mon. SOFR+2.50%) per annum. The loan matures on November 18, 2024. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CSQ is a total-return-oriented offering that seeks to provide a steady stream of income paid out monthly. It invests in a diversified portfolio of equities, convertible securities and high-yield bonds. The allocation to each asset class is dynamic and reflects our view of the economic landscape and the potential of individual securities to contribute to the portfolio. By using the asset classes in combination, it believes the Fund can be optimally positioned to generate capital gains and income over the long term. This broader range of security types also provides us with increased opportunities to manage the risk and reward characteristics of the portfolio over full market cycles. Through this approach, it seeks to offer investors an attractive monthly distribution and equity participation. Entercom Media Corp is in the Communication Services industry. FARFETCH US: $600MM Bank Debt Trades at 23% Discount ---------------------------------------------------- Participations in a syndicated loan under which Farfetch US Holdings Inc is a borrower were trading in the secondary market around 76.8 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $600 million facility is a Term loan that is scheduled to mature on October 20, 2027. About $595.0 million of the loan is withdrawn and outstanding. Farfetch is the global leading marketplace for personal luxury fashion, including clothes and accessories. FORM TECHNOLOGIES: $175MM Bank Debt Trades at 28% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Form Technologies LLC is a borrower were trading in the secondary market around 72.1 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $175 million facility is a Term loan that is scheduled to mature on October 22, 2025. The amount is fully drawn and outstanding. Form Technologies LLC produces precision components. The Company offers zinc, aluminum, and magnesium die casting services to automotive telecommunications, and consumer electronics industry. Form Technologies LLC serves customers worldwide. FRANCHISE GROUP: $1BB Bank Debt Trades at 18% Discount ------------------------------------------------------ Participations in a syndicated loan under which Franchise Group Inc is a borrower were trading in the secondary market around 81.6 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $1 billion facility is a Term loan that is scheduled to mature on March 10, 2026. About $769.8 million of the loan is withdrawn and outstanding. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. FRANCHISE GROUP: $300MM Bank Debt Trades at 18% Discount -------------------------------------------------------- Participations in a syndicated loan under which Franchise Group Inc is a borrower were trading in the secondary market around 81.6 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $300 million facility is a Term loan that is scheduled to mature on March 10, 2026. About $297.8 million of the loan is withdrawn and outstanding. Franchise Group, Inc., through its subsidiaries, operates franchised and franchisable businesses including The Vitamin Shoppe, Pet Supplies Plus, LLC, Badcock Home Furniture & More, American Freight, Buddy's Home Furnishings and Sylvan Learning Systems, Inc. GAC ENVIRONMENTAL: Unsecureds Will Get 10% of Claims over 36 Months ------------------------------------------------------------------- GAC Environmental, Inc., filed with the U.S. Bankruptcy Court for the Southern District of New York a First Amended Subchapter V Plan dated January 2, 2024. Established 35 years ago, the Debtor is a family business providing environmental services for residential, private, commercial and public properties. Like so many businesses, the Debtor suffered financially during the COVID shut down and slow down. The Debtor filed its Chapter 11 Case to restructure its financial affairs and propose a Plan of Reorganization. Class 1 shall consist of the Allowed Secured Claims of JPMorgan Chase Bank, N.A. which shall receive payment in full from the Debtor's net income in 60 monthly payments. Class 1 Claims are Impaired and entitled to vote under the Plan. Class 2 shall consist of the Allowed Secured Claims of the U.S. Small Business Administration, which shall receive payments of $731 per month for 12 months followed by payment of the balance 30 years later. Class 2 Claims are Impaired and entitled to vote under the Plan. Class 3 shall consist of the Allowed Unsecured Claims. Each holder of an Allowed Unsecured Claim shall receive a distribution, Pro Rata, from the Debtor's net income in in thirty-six monthly payments totaling $921.91 commencing on the Effective Date. The Debtor estimates a 10% distribution to Class 3 Claims, with the first pro rata distribution being made on the Effective Date. Class 3 Claims are Impaired. The allowed unsecured claims total $330,118.50. Class 4 consists of the Holders of Equity Interests in the Debtor. Class 4 consists of Matthew Stock, the sole holder of Interests in the Debtor. Class 4 Equity Interests shall retain interests in the Debtor and is not expected to receive any monetary distributions under the Plan. Class 4 Interests are unimpaired and deemed to accept the Plan. The Plan will be financed from the Debtor's projected net income. On or before the Effective Date of the Plan, the Debtor shall deposit into an escrow account maintained by its counsel the amount of $18,330.91, to fund the initial distribution under the Plan. A full-text copy of the Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=Fcahr4 from PacerMonitor.com at no charge. About GAC Environmental GAC Environmental Inc. -- https://www.gacenvironmental.net/ -- is an environmental services company based in New York, specializing in asbestos, lead paint, oil spills, underground storage tanks, soil remediation, mold, and environmental site assessments. GAC Environmental Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11592) on Oct. 4, 2023. In the petition filed by Matthew Stock, as president, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $500,000 and $1 million. The Honorable Bankruptcy Judge John P Mastando III oversees the case. The Debtor is represented by: Dawn Kirby, Esq. Kirby Aisner & Curley, LLP 155 West 72nd Street New York, NY 10023 GAMBOA INC: Seeks to Tap McLaughlinQuinn LLC as Bankruptcy Counsel ------------------------------------------------------------------ Gamboa, Inc seeks approval from the U.S. Bankruptcy Court for the District of Rhode Island to hire McLaughlinQuinn LLC as its counsel. The firm will provide these services: a. give the Debtor advice with respect to its powers and duties in the continued operation of its business, management of its property and reorganization; b. advise the Debtor with respect to any plan Chapter 11 proposed by the Debtor and any other matters relevant to the formulation and negotiation of a plan in its Chapter 11 case; c. represent the Debtor at hearings; d. prepare legal papers; e. review and analyze the nature and validity of any liens asserted against the Debtor's property and advise the Debtor concerning the enforceability of such liens; f. advise the Debtor regarding its ability to initiate actions to collect and recover property; g. advise and assist the Debtor in connection with any potential property dispositions: h. advise the Debtor concerning executory contract and unexpired lease assumptions, assignments and rejections and lease restructurings and characterizations; i. review and analyze various claims of the Debtor's creditors and the treatment of such claims and prepare, file or prosecute any objections thereto; j. commence and conduct litigation to assert rights held by the Debtor, protect assets of its Chapter 11 estates or otherwise further the goal of completing its successful reorganization other than with respect to matters to which it retains special counsel; and k. generally perform all other legal services required of the Debtor, which may be necessary in the furtherance of its Chapter 11 proceedings. The firm will be paid at these rates: Thomas P. Quinn, Esq, Partner $450 per hour Paralegal $150 per hour The Debtor paid the firm $40,000 as a retainer for post-petition legal services. Thomas P. Quinn, Esq., a partner at McLaughlinQuinn LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas P. Quinn, Esq. MCLAUGHLINQUINN LLC 148 West River Street, Suite 1E Providence, RI 02904 Tel: (401) 421-5115 Fax: (401) 421-5141 Email: tquinn@mclaughlinquinn.com About Gamboa Inc. Gamboa, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. R.I. Case No. 23-10783) on December 19, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Diane Finkle oversees the case. Thomas P. Quinn, Esq., at Mclaughlinquinn, LLC represents the Debtor as legal counsel. GENESIS SPECIALIST: EUR400MM Bank Debt Trades at 85% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Genesis Specialist Care Finance UK Ltd is a borrower were trading in the secondary market around 15.1 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR400 million acility is a Term loan that is scheduled to mature on October 31, 2025. The amount is fully drawn and outstanding. GLOBAL MEDICAL: $1.98BB Bank Debt Trades at 21% Discount -------------------------------------------------------- Participations in a syndicated loan under which Global Medical Response Inc is a borrower were trading in the secondary market around 78.6 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.98 billion facility is a Term loan that is scheduled to mature on October 2, 2025. About $1.93 billion of the loan is withdrawn and outstanding. Global Medical Response Inc and GMR Buyer Corp provide emergency air medical services. H2O COMMERCIAL: Unsecureds Will Get 18% of Claims over 5 Years -------------------------------------------------------------- H2O Commercial Cleaning, LLC, filed with the U.S. Bankruptcy Court for the District of Kansas a Small Business Plan of Reorganization dated Jan. 2, 2024. The Debtor operates a commercial cleaning business. The Debtor opened on or about April 1, 2010. The business was acquired by the current owner, Nick Verdi, on August 1, 2021. The business began suffering cash flow problems because it was in unprofitable business lines including construction and general janitorial cleaning. The business transitioned to window cleaning and power washing and has become more profitable. The Debtor had trouble receiving timely payment from commercial contractors. To cover cash flow problems, the Debtor borrowed money from merchant cash advance companies that created ever worse cash flow problems. With the filing of the bankruptcy, the Debtor has gained control of its bank accounts and cash flow. The transition into more profitable work also improved cash flow. Class 3 consists of General Unsecured Claims. This Class shall receive a monthly payment of $500.00 with increase to $1,500 on January 1, 2028. Payments begin on April 1, 2024 and will end on March 1, 2029. This Class will receive a distribution of $45,000 (18%) of their allowed claims. Unsecured Non-Priority Claims total $8,912. Class 4 consists of Equity Interest holders. Nicolas Verdi will retain his existing interest. The Plan will be implemented with the ongoing cash flow of the business. Owner Nicolas Verdi also will contribute available funds, if needed, to help alleviate any short-term temporary shortfalls. A full-text copy of the Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=sK4Qfh from PacerMonitor.com at no charge. Attorneys for the Debtor: Colin N. Gotham, Esq. EVANS & MULLINIX, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 E-mail: cgotham@emlawkc.com About H2O Commercial Cleaning H2O Commercial Cleaning, LLC is a locally-owned, Kansas City-based commercial construction, and commercial window cleaning company. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case No. 23-21182) on Oct. 4, 2023. In the petition signed by Nicholas A. Verdi, president, the Debtor disclosed $58,675 in assets and $1,055,619 in liabilities. Judge Dale L. Somers oversees the case. Colin Gotham, Esq., at Evans & Mullinx, PA, is the Debtor's legal counsel. HAWK LOGISTICS: Unsecureds Will Get 8% of Claims over 3 Years ------------------------------------------------------------- Hawk Logistics, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization dated January 2, 2024. The Debtor is a freight logistics company specializing in providing comprehensive transportation and supply chain solutions to businesses across various industries. The Debtor's business was able to thrive throughout the COVID-19 pandemic due to increased demand for shipping and delivery services. However, the pandemic also created a swell in competition that the Debtor was unable to fend off once demand waned and interest rates rose. Making matters worse, the war in Ukraine put pressure on key expenses; namely oil and gas. Creditors have through December 11, 2023 to file claims; however, the Debtor scheduled claims that the Debtor believes are non objectionable, and after reclassifying certain claims to priority and/or secured status, the Debtor estimates that the total amount of allowed general unsecured claims is $3,167,379.14. By this Plan, the Debtor will be restructuring these obligations, such that the Debtor can remain viable as a going concern. This Plan provides for one class of priority claims, eight classes of secured claims, one class of general unsecured claims, and one subordinated unsecured claim. General unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately 8 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. The Debtor's financial projections show that the Debtor will have projected disposable income of $253,390. The final Plan payment is expected to be paid in the first quarter of 2027. Class 10 consists of all allowed general unsecured claims. The Class 10 General Unsecured Creditors shall share pro rata in total distribution in the amount of $253,390. Any allowed general unsecured claimant scheduled to receive a total distribution of $1,000 or less shall be paid in lump sum on the First Payment Date. The Debtor estimates that the lump sum payment(s) will total approximately $10,000. Any allowed general unsecured claimants scheduled to receive a pro rata share of a total distribution of more than $1,000 shall receive payment over 3 years (36 months), in 12 fixed quarterly payments totaling $20,278 per payment, with the first payment due on the First Payment Date and continuing on the first day of every quarter (i.e. every three months from the First Payment Date) thereafter. Unsecured creditors will be receiving a distribution of approximately 8% of their allowed claim(s), which is an amount in excess of what claimants would receive in a hypothetical Chapter 7 proceeding, in which case such claimants would receive 0.00%. The allowed unsecured claims total $3,167,379. Class 11, the unsecured claim of the Federal Motor Carrier Administration, is subordinated to allowed unsecured claims as a fine which is not compensation for actual pecuniary loss. On the Effective Date, the Class 11 Claim shall be discharged and released and the holder of the Class 11 Claim shall not receive or retain any distribution, property, or other value on account of its Class 11 Claim. The amount of claim in this Class total $19,844. Class 12 consists of all allowed equity interests in the Debtor. All Equity Security Holders of the Debtor will retain their interest(s) in the Debtor as such interest(s) existed prior to the Petition Date, with Osmel Guzman retaining a 50% stock interestand Ismael Corzo retaining a 50% stock interest. The means necessary for the implementation of this Plan include the Debtor's cash flow from operations for a period of 3 years. The Debtor's financial projections show that the Debtor will have sufficient cash over the life of the Plan to make the required Plan payments and operate its business. The estimated cash on hand as of the First Payment Date of this Plan is $530,000. A full-text copy of the Plan of Reorganization dated Jan. 2, 2024 is available at https://urlcurt.com/u?l=zCdkTB from PacerMonitor.com at no charge. Counsel for the Debtor: Eric J. Silver, Esq. STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A. Museum Tower Building, Suite 2200 150 West Flagler Street Miami, FL 33130 Tel: (305) 789-3200 Fax: (305) 789-3395 Email: esilver@stearnsweaver.com About Hawk Logistics Hawk Logistics, LLC, operates in the general freight trucking industry. The company is based in North Bay Village, Fla. Hawk Logistics filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-18059) on Oct. 2, 2023, with $1 million to $10 million in both assets and liabilities. Osmel Guzman, chief financial officer, signed the petition. Judge Laurel M. Isicoff oversees the case. The Debtor tapped Eric J. Silver, Esq., at Stearns Weaver Miller Weissler Alhadeff & Sitterson, PA, as legal counsel and Soneet R. Kapila, CPA, at KapilaMukamal as accountant. HELIX ENERGY: Completes Repurchase, Exchange of 6.75% 2026 Notes ---------------------------------------------------------------- Helix Energy Solutions Group, Inc. disclosed in a Form 8-K Report with the U.S. Securities and Exchange Commission that on December 27, 2023, the Company completed the previously announced repurchases and exchanges of its 6.75% Convertible Senior Notes due 2026. This was pursuant to certain privately negotiated purchase and exchange agreements entered into between the Company and certain holders of its 2026 Notes. In total, the Company repurchased and exchanged approximately $160 million aggregate principal amount of 2026 Notes for an aggregate of 1.5 million shares of the Company's common stock and $218 million cash consideration, including accrued interest and net of approximately $16 million cash received by the Company in connection with the capped call unwind transactions. As previously disclosed in the Current Report on Form 8-K filed on December 6, 2023, the Company terminated a portion of the capped call transactions entered into in connection with the issuance of the 2026 Notes in a notional amount corresponding to the number of shares of the Company's common stock underlying the 2026 Notes repurchased. The Company issued the Exchange Shares in reliance on the exemption from the registration requirements provided by Section 4(a)(2) of the Securities Act of 1933, as amended. Following the Repurchases, approximately $40 million in aggregate principal amount of the 2026 Notes remain outstanding. The Exchange Shares have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and such securities may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. About Helix Energy Headquartered in Houston, Texas, Helix Energy Solutions Group, Inc. is an American oil and gas services company. As of June 30, 2023, Helix Energy reported $2,423,845,000 in total assets and $891,917,000 in total liabilities. * * * Egan-Jones Ratings Company on June 23, 2023, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Helix Energy Solutions Group, Inc. HILTON GRAND: S&P Affirms 'BB' ICR Despite Acquisition Debt ----------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on Hilton Grand Vacations Inc. (HGV) and removed the rating from CreditWatch, where S&P had placed it with negative implications on Nov. 6, 2023. S&P assigned its 'BB+' issue-level rating and '2' recovery rating to HGV's proposed $900 million incremental term loan. The '2' recovery rating indicates its expectation for substantial (70%-90%; rounded estimate: 70%) recovery for senior secured lenders in a hypothetical default. The affirmation and stable outlook reflect S&P's forecast for S&P Global Ratings captive-adjusted debt to EBITDA to recover within its 4.5x threshold at the 'BB' issuer credit rating in early 2025. HGV intends to issue $1.8 billion of new secured debt (a $900 million term loan B and $900 million of other secured debt) to complete its acquisition of Bluegreen Vacations Holding Corp. (BVH) While S&P Global Ratings believes that pro forma captive-adjusted debt to EBITDA will be above 5x upon the close of the debt financing, S&P expects that adjusted leverage will improve within its 4.5x threshold at the 'BB' issuer credit rating in early fiscal 2025, incorporating an expectation of discretionary share repurchases. S&P said, "We expect that the incremental debt to acquire Bluegreen will increase S&P Global Ratings-adjusted leverage by approximately 2x to approximately 5x-5.5x pro forma for the close of the debt financing in the first half of 2024, from the low-3x area we had forecast for HGV on a stand-alone basis. Nonetheless, we believe that HGV will achieve sufficient growth in vacation ownership interest (VOI) sales, revenue, and EBITDA, as well as achieve a modest amount of synergies over the next couple of years, which will result in leverage that is approximately 4.5x-5x in 2024 and below our 4.5x downgrade threshold by early 2025. Under our forecast, we have incorporated a majority of identified cost synergies and excluded most revenue synergies. HGV expects it will be able to capitalize on Bluegreen's newer and younger consumer base in order to upgrade existing members into higher volume per guest (VPG) products upon integration of the two portfolios. We have not included revenue synergies given these upgrades are less certain, especially given our forecast for a weaker consumer spending environment in 2024. In addition, our forecast for leverage includes acquisition-related expenses and costs to achieve synergies throughout our forecast. "In addition, we believe integration risk is partially mitigated by an expanded product offering following the inclusion of Diamond Resorts into the portfolio. Following its acquisition of Diamond Resorts the company expanded its product offering to include the Hilton Vacation Club and began selling a new product--HGV Max--which offers prospective customers access to the entire combined portfolio. We believe that given HGV has already expanded its product offering and made significant progress in building out its HGV Max product, this may partly mitigate integration risks of the Bluegreen portfolio." Bluegreen will add scale and diversity while further shifting its owner base toward lower-income households. Bluegreen will add over 200,000 members to HGV's portfolio and will give HGV access to brand partnerships that diversify its lead generation outside of the Hilton Honors program. Bluegreen's portfolio of resorts will increase the company's scale and diversity because it will bring 14 new geographic areas, primarily the northeast and southern U.S., to HGV. Bluegreen's resorts also skew heavily toward drive-to locations, whereas HGV has historically focused on destination resorts. Approximately 88% of Bluegreen owners live within a four-hour drive to a Bluegreen resort, which we believe could mitigate some operating variability in an economic downturn given vacationers could forego a longer and more expensive destination resort and opt for a closer locale. Bluegreen also holds partnerships with Bass Pro Shops and Choice Hotels that will diversify HGV's tour flow, which is concentrated at its resorts. The majority of HGV's tour flow is generated via the Hilton Honors program, whereas Bluegreen generates most of its tours through Bass Pro Shops and Cabela's and to a lesser extent through its partnership with Choice Hotels, wherein the company has access to Choice Privilege members for marketings efforts in exchange for fees upon sales of VOIs and upgrades over the first five years. Bluegreen's ownership base is also younger and newer to timeshare than HGV's, and the company believes it can take advantage of it by upgrading Bluegreen's owners into higher-priced vacation ownership interests. S&P said, "Nonetheless, we believe the shift in HGV's ownership base toward consumers with lower household incomes, due to the Diamond and Bluegreen acquisitions, comes with added risk in a weaking macroeconomic environment. On its third-quarter earnings call, HGV lowered guidance for adjusted EBITDA partly due to inflation's impact and a softer consumer macroeconomic environment. Although we do not believe a recession will occur in 2024, S&P Global's economist's forecasts that U.S. GDP growth will slow to about 1.5% in 2024 and about 1.4% in 2025, down from about 2.4% expected in 2023. Notably, we expect the pressure will be caused by weaker real consumer spending growth and a modest increase in unemployment over the next two years. Consumer spending is expected to align with real wage growth in 2024 (which has been muted for the past year) because consumers have used up a significant portion of excess savings that had built up during the pandemic; meanwhile, higher costs of capital and slower growth resulted in slower hiring and an uptick in unemployment. The resulting macroeconomic backdrop poses downside risks to our base case forecast for HGV because timeshares are a highly discretionary purchase that are typically financed over 10 years." If consumers are uncomfortable with the state of the U.S. economy or if they cannot abide high interest rate loans, then buyers could continue to stay on the sidelines through 2024. HGV's financial policy to maintain its measure of leverage of 2x-3x over the long term and its demonstrated risk appetite to increase leverage above its stated range could constrain rating upside. S&P said, "HGV's long-term financial policy to target leverage, based on its own measures of adjusted debt to EBITDA, between 2x and 3x might not allow for sufficient cushion against our 3.5x upgrade threshold given our adjustments typically increase leverage by approximately 0.5x. In addition, we would likely require a significant amount of cushion against our upgrade threshold given the company's willingness to deviate from its financial policy. With the acquisition of Bluegreen, HGV will have made two large-scale acquisitions within three years that have significantly increased leverage above that of its stated financial policy range. While we expect the company will continue to target net debt to EBITDA below 3x over the long term, large debt-funded acquisitions or debt-financed shareholder returns will be weighed alongside macroeconomic operating variability when considering an upgrade. "Despite significant incremental debt to acquire Bluegreen, the stable outlook reflects our expectation for the company to reduce S&P Global Ratings-adjusted leverage below our 4.5x downgrade threshold over the next 12-18 months. While we expect leverage will remain modestly above 4.5x in 2024 as acquisition-related expenses and costs to achieve synergies burden EBITDA, we expect the company to reduce leverage under our downgrade threshold at the current 'BB' issuer credit rating in the first half of 2025. "We could lower the ratings if we expected S&P Global Ratings-adjusted leverage would be sustained above 4.5x through 2025, which could occur if HGV were unable to successfully integrate Bluegreen into its portfolio, either leading to lower-than-expected contract sales, reduced margin, or an increase in default rates and larger provisions for loan losses. In addition, weaker macroeconomic trends cause deterioration in operating metrics such as VPG, tour flow, and resort occupancy, as the company works on integrating multiple large acquisitions made over the past few years. We could also lower ratings if risk in captive finance operations rises enough to impair the parent's financial risk, which could occur if the captive's adjusted debt to equity remains above 5x and loan losses in the captive's portfolio increase materially. "Rating upside is unlikely at this time given HGV's current leverage and financial policy to maintain its measure of leverage between 2x and 3x over the long term (S&P Global Ratings' adjustments typically add 0.5x). Nonetheless, we could raise ratings on the company if adjusted debt to EBITDA were sustained below 3.5x with sufficient cushion to weather a combination of significant debt-financed mergers and acquisitions, substantial shareholder returns, and operating variability over an economic cycle." HUGOTON OPERATING: Seeks to Hire Sheehan & Ramsey as Counsel ------------------------------------------------------------ Hugoton Operating Company, Inc., filed an amended application seeking approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ Sheehan & Ramsey, PLLC as their legal counsel. The Debtors require legal counsel to: (a) consult with any appointed committee concerning the administration of the Debtors' Chapter 11 cases; (b) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtors and other matters relevant to the cases; (c) formulate a Chapter 11 plan; and (d) prepare legal papers and reports necessary in the bankruptcy cases. The Debtor has been informed that Sheehan & Ramsey will adjust its rates effective Jan. 1, 2024. Sheehan & Ramsey will be paid at these rates: Patrick A. Sheehan $450 per hour Partners $375 per hour Associate Attorneys $275 per hour Paralegals $150 per hour Patrick Sheehan, Esq., an attorney at Sheehan & Ramsey, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick A. Sheehan, Esq. Sheehan & Ramsey, PLLC 492 Porter Avenue Ocean Springs, MS 39564 Telephone: (228) 875-0572 Facsimile: (228) 875-0895 Email: Pat@sheehanramsey.com About Hugoton Operating Company Hugoton Operating Company, Inc., filed a Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023, with as much as $50,000 in assets and $1 million to $10 million in liabilities. Judge Jamie A. Wilson oversees the case. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is the Debtor's legal counsel. HUMANIGEN INC: Jan. 12 Deadline Set for Panel Questionnaires ------------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Humanigen, Inc. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at http://tinyurl.com/5n7dd56hand return by email it to Hannah McCollum - Hannah.McCollum@usdoj.gov - at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Jan. 12, 2024. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Humanigen Inc. Based in Brisbane, Calif., Humanigen, Inc. (OTCQB: HGEN), formerly known as KaloBios Pharmaceuticals, Inc. -- @ www.humanigen.com -- is a clinical stage biopharmaceutical company, developing its portfolio of proprietary Humaneered anti-inflammatory immunology and immuno-oncology monoclonal antibodies. The Company's proprietary, patented Humaneered technology platform is a method for converting existing antibodies (typically murine) into engineered, high-affinity human antibodies designed for therapeutic use, particularly with acute and chronic conditions. The Company has developed or in-licensed targets or research antibodies, typically from academic institutions, and then applied its Humaneered technology to optimize them. The Company's lead product candidate, lenzilumab, and its other product candidate, ifabotuzumab ("iFab"), are Humaneered monoclonal antibodies. Humanigen, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10003) on January 3, 2024. In the petition filed by Ronald Barliant as independent director, the Debtor reports assets of $521,000 and liabilities of $44,131,000. Potter Anderson & Corroon LLP is the Debtor's counsel. SC&H Group, Inc. is the Debtor's investment banker. INDIEV INC: Seeks Approval to Hire R.L. Spear Co as Auctioneer -------------------------------------------------------------- Indiev, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ R.L. Spear Co., Inc. as its auctioneer. The Debtor intends to liquidate its assets that it store at leased premises at 1690 Scenic Avenue, Costa Mesa, CA. The firm will render these services: a. post on its website and several other websites announcing the upcoming sale of the inventory; b. organize the inventory and catalogue and photograph all items; c. use a three-pronged approach by contacting the auctioneer's buyer base by advertising in local and national media; and d. use its online platform to allow easy access and bidding opportunities and targeting companies interested in the specific inventory. The auctioneer shall received a commission 10 percent of gross proceeds. David Spear, head auctioneer of R.L. Spear Co., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Spear R.L. Spear Co., Inc. 5776D Lindero Canyon Rd #409 Agoura Hills, CA 91301 Phone: (800) 350-5568 About Indiev, Inc. Indiev Inc. filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 23-12036) on Oct. 2, 2023, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Scott C. Clarkson oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger is the Debtor's bankruptcy counsel. INTERGALACTIC THERAPEUTICS: Taps Murphy & King as Legal Counsel --------------------------------------------------------------- Intergalactic Therapeutics Inc., f/k/a IGTX, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Murphy & King, Professional Corporation as its bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to its rights, powers and duties as debtor in possession; b. advising the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan of reorganization in this case; c. representing the Debtor at all hearings and matters pertaining to its affairs, assets and operations; d. preparing, on the Debtor's behalf, all necessary and appropriate applications, motion, answers, order, reports, and other pleadings and other documents, and reviewing all financial and other reports filed in this chapter 11 case; e. advising the Debtor with respect to, and assisting in the negotiation and documentation of, financing agreements, debt and related transactions; f. reviewing and analyzing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; g. advising the Debtor regarding their ability to initiate actions to collect and recover property for the benefit of its estate; h. advising and assisting the Debtor in connection with the potential sale of assets; i. advising the Debtor concerning executory contract and unexpired lease assumptions, lease assignments, rejections, restructurings and recharacterization of contracts and leases; j. reviewing and analyzing the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing, or prosecution of any objections to claims; k. commencing and conducting any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of the Debtor's chapter 11 estate or otherwise further the goal of effectuating the successful completion of these chapter 11 cases; and l. performing all other legal services and providing all other necessary legal advice to the Debtor as debtor-in-possession that may be necessary in this bankruptcy case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Harold Murphy, Esq., founder and director at Murphy & King, Professional Corporation, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Harold B. Murphy, Esq. Murphy & King, Professional Corporation One Beacon Street 21st Floor Boston, MA 02108 Tel: (617) 226-3414 Fax: (617) 305-0614 Email: hmurphy@murphyking.com 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. INTERGALACTIC THERAPEUTICS: Taps Verdolino & Lowey as Fin. Advisor ------------------------------------------------------------------ Intergalactic Therapeutics Inc., f/k/a IGTX, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Verdolino & Lowey, P.C. as its financial advisors. The firm's services include: a. budgeting and related reporting requirements, including assisting the Debtor in preparing 13-week cash flow analyses; b. monitoring and helping manage short term liquidity, with the use of the 13-week cash flow; c. analyzing accounts payable, accounts receivable, inventory and other areas for cash flow optimization; d. making recommendations and carrying out negotiations, if agreed by the Debtor, in accounts payable, accounts receivable, and inventory and other areas, including lease negotiations if applicable; e. helping the Debtor in negotiations with various parties-in-interest, including lenders, equity holders and others to extend/negotiate terms and/or provide funding sources; f. supporting the Debtor in such matters as the Board of Directors and company management shall request or require from time to time; g. assisting with payroll processing and reporting; and h. providing other Chapter 11 services customarily provided by a financial advisor, including preparation of required monthly operating reports. The firm will seek compensation based upon its normal and usual billing rates, and will seek reimbursement of expenses. The firm received a retainer in the amount of $35,000. Craig Jalbert, principal of Verdolino & Lowey, assured the court that his firm is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code, and holds no interest materially adverse to the Debtors or their estates. The firm can be reached through: Craig R. Jalbert, CIRA Verdolino & Lowey, P.C. 124 Washington Street Foxboro, MA 02035 Phone: (508) 543-1720 Email: cjalbert@vlpc.com 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. JER INVESTORS: Jan. 12 Deadline Set for Panel Questionnaires ------------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of JER Investors Trust Inc. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at http://tinyurl.com/2kcr4ahwand return by email it to Timothy Fox - Timothy.Fox@usdoj.gov - at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Jan. 12, 2024. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About JER Investors JER Investors Trust Inc., a mortgage real estate investment trust (REIT). JER Investors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-12109) on December 29, 2023. In the petition filed by Matthew J. Dundon, chief restructuring officer, the Debtor reports assets of $10 million to $50 million and liabilities of $100 million to $500 million. Troutman Pepper Hamilton Sanders LLP is the Debtor's counsel. Dundon Advisers is the Debtor's financial advisor. JER INVESTORS: Seek Interim Approval of Plan Disclosures -------------------------------------------------------- JER Investors Trust Inc. et al. submitted a motion for entry of an order approving the combined disclosure statement and plan on an interim basis for solicitation purposes only and granting related relief. A hearing on the Motion is scheduled for Jan. 19, 2024, at 10:00 a.m. at US Bankruptcy Court, 824 Market St., 5th Fl., Courtroom #6, Wilmington, Delaware. Objections are due by Jan. 12, 2024. The Debtors propose these deadlines related to the solicitation and confirmation of the Combined Disclosure Statement and Plan: * Voting Record Date will be on Jan. 19, 2024. * Deadline to Serve Combined Hearing Notice and Notice of NonVoting Status will be 5 Business Days after entry of Interim Approval and Procedures Order (or as soon as reasonably practical thereafter). * Solicitation Deadline will be 5 Business Days after entry of Interim Approval and Procedures Order (or as soon as reasonably practical thereafter). * Publication Deadline will be 5 Business Days after entry of Interim Approval and Procedures Order (or as soon as reasonably practical thereafter). * Deadline to File Rule 3018 Motions will be on Feb. 9, 2024, at 11:59 p.m. (ET). * Plan Supplement Deadline will be on Feb. 16, 2024, at 11:59 p.m. (ET). * Deadline to Object to Rule 3018 Motions will be on Feb. 23, 2024, at 4:00 p.m. (ET). * Voting Deadline Feb. 23, 2024, at 4:00 p.m. (ET) * Deadline to Object to the Combined Disclosure Statement and Plan will be on Feb. 23, 2024, at 4:00 p.m. (ET). * Deadline to File Reply in Support of Rule 3018 Motions will be on Feb. 28, 2024, at 4:00 p.m. (ET). * Deadline to File Voting Declaration will be on Feb. 28, 2024, at 11:59 p.m. (ET). * Deadline to File Reply in Support of Combined Disclosure Statement and Hearing will be on Feb. 28, 2024, at 4:00 p.m. (ET). * Combined Hearing will be on Mar. 4, 2024, at 10:00 a.m. (ET) subject to the Court's availability. Here, the Combined Disclosure Statement and Plan provides "adequate information." It allows holders of claims in the voting classes to make informed decisions regarding their vote on the Combined Disclosure Statement and Plan. Through this Motion, the Debtors seek only interim approval of the Combined Disclosure Statement and Plan for solicitation purposes. At the Combined Hearing, the Debtors will demonstrate on a final basis that the information set forth in the Combined Disclosure Statement and Plan contains "adequate information" within the meaning of section 1125 of the Bankruptcy Code. About JER Investors Trust JER Investors Trust Inc. is a specialty finance company quoted on the Pink Sheets that manages a portfolio of commercial real estate structured finance products. Its investments include commercial mortgage backed securities, mezzanine loans and participations in mortgage loans, and an interest in the US Debt Fund. JER Investors Trust Inc. is organized and conducts its operations so as to qualify as a real estate investment trust ("REIT") for federal income tax purposes. On the Web: http://www.jerinvestorstrust.com/. JERIT Non-CDO CMBS 1 LLC and affiliate JER Investors Trust Inc. sought Chapter 11 protection (Bankr. D. Del. Case No. (23-12108 and 23-12109) on Dec. 29, 2023. The Hon. Thomas M. Horan is the case judge. The Debtors tapped TROUTMAN PEPPER HAMILTON SANDERS LLP as counsel; and DUNDON ADVISERS as financial advisor. JER Investors estimated assets of $10 million to $50 million and debt of $100 million to $500 million. JERIT Non-CDO estimated assets of $10 million to $50 million and debt of just under $50,000. JER INVESTORS: Unsecured Creditors Will Recover 20% in Plan ----------------------------------------------------------- JER Investors Trust Inc., et al., submitted a Combined Disclosure Statement and Chapter 11 Plan. JER Investors Trust Inc. ("JERIT") was organized on or about April 19, 2004 by J.E. Robert Company ("JER"), primarily to originate and acquire real estate debt securities and loans. JERIT is a Maryland corporation that qualifies as a real estate investment trust (a "REIT"). JERIT became a public company in July 2005. JERIT has 100,000,000 shares of common stock authorized and 5,831,029 shares of common stock issued and outstanding at December 31, 2022. JERIT has not issued any preferred shares. Between inception and 2007, JERIT made significant investments in commercial real estate related assets. These investments performed poorly during and after the general decline in real estate related assets which preceded and coincided with the 2008-2009 global financial crisis. By mid-2009, JERIT's common stock traded to approximately 35 cents per share, down from high of $107 per share at the end of 2006. JERIT defaulted upon interest rate swap obligations to the National Australia Bank Limited, and incurred payment defaults both on the Junior Subordinated Notes and debt obligations of the CDO issuers and co-issuers. Historically, JERIT's assets primarily consist or consisted of equity interests in a number of subsidiaries, as follows: 1. 100% of the membership interests of JER CRE CDO 2005-1, LLC, a Delaware limited liability company. This entity was the co-issuer of notes with 2005 CDO Issuer. It was wound up and dissolved in 2023. 2. 100% of the outstanding and issued shares of JER CRE CDO 2005-1, Limited, a Cayman Islands exempted company (the "2005 CDO Issuer"). The 2005 CDO Issuer owned assets contributed to the 2005 CDO and issued notes and preferred shares. It was wound up and dissolved in 2023. 3. 100% of the membership interests of JER CRE CDO 2005-1 Depositor, LLC, a Delaware limited liability company, which in turn owns 100% of the issued and outstanding preferred shares of the 2005 CDO Issuer. This entity was wound up and dissolved in 2023. 4. 100% of the membership interests of non-debtor JER CRE CDO 2006-2, LLC ("2006 CDO Co-Issuer"), a Delaware limited liability company. This entity is the co-issuer of notes with 2006 CDO Issuer. 5. 100% of the outstanding and issued shares of non-debtor JER CRE CDO 2006-2, Limited, a Cayman Islands exempted company ("2006 CDO Issuer"). The 2006 CDO Issuer owns assets contributed to the 2006 CDO and the 2006 CDO issued notes and preferred shares. 6. 100% of the membership interests of non-debtor JER CRE CDO 2006-2 Depositor, LLC, a Delaware limited liability company (the "2006-2 Depositor") which in turns owns 100% of the issued and outstanding preferred shares of the 2006 CDO Issuer. The 2006-2 Depositor also holds 100% of the Class J-FX Deferrable Interest Fixed Rate Notes, Class K Deferrable Interest Fixed Rate Notes, and Class L Deferrable Interest Fixed Rate Notes issued by the 2006 CDO Issuer. 7. 100% of the issued and outstanding shares of non-debtor JER TRS Holding Company Inc., a Delaware corporation. This entity was a taxable REIT subsidiary of JERIT within the meaning of IRC § 856(1). 8. 100% of the issued and outstanding shares of non-debtor JERIT TS Administration LLC, a Delaware limited liability company. 9. 100% of the membership interests of non-debtor JERIT Non-CDO Assets Holding LLC, a Delaware limited liability company. 10. 100% of the membership interests of Debtor JERIT Non-CDO CMBS 1 LLC ("JNCDO"), a Delaware limited liability company. JNCDO held 61% interests in certain appraisal subordination entitlement reduction ("ASER") CMBS bonds. Under the Plan, Class 3 General Unsecured Claims will recover 19.46%-20.05% of their claims. Each holder of an Allowed General Unsecured Claim will receive such holder's Pro Rata Share of the Plan Distributable Cash. Class 3 is impaired. "Plan Distributable Cash" means Available Cash, less (i) the amount of the Professional Fee Escrow, and (ii) the amount necessary to pay in full all Allowed Administrative Claims, Allowed Priority Claims, and Allowed Convenience Claims. The Combined Plan and Disclosure Statement provides for substantive consolidation of the Debtors' Estates for all purposes under the Plan, including making distributions to holders of Allowed Claims. The Debtors propose substantive consolidation because the Debtors: (i) operated as an integrated business organization; (ii) filed consolidated tax returns; (iii) had the same management; and (iv) shared a unified cash management system under which the Debtors effectively functioned as a single entity. For the foregoing reasons, the Debtors believe that substantive consolidation is in the best interest of all creditors. On the Effective Date, the Chapter 11 Case of JERIT Non-CDO CMBS 1 LLC, Case No. 23-12108 (TMH), shall close. Any matters which are subsequently come before the Court concerning the erstwhile Debtor of such closed Chapter 11 Case shall be considered under the remaining open Chapter 11 Case of JERIT (Case No. 23-12109 (TMH)). Promptly following completion of all distributions to made in accordance with this Plan, including with respect to Professional Fee Claims and U.S. Trustee fees, and the completion of all wind down activities contemplated herein, JERIT shall seek authority from the Bankruptcy Court to close its Chapter 11 Case. As soon as practicable on or after the Effective Date, the Plan Administrator shall: (1) establish and fund with Cash and/or Eligible Investments the Disputed Claims Reserve and establish and fund with Cash accounts earmarked for (x) any initial distribution under this Plan and (y) Estimated Liquidation Expenses, (2) in his reasonable discretion, complete and file all final or otherwise required federal, state, and local tax returns, and pursuant to section 505(b) of the Bankruptcy Code, may request an expedited determination of any unpaid tax liability of each Debtor or its Estate for any tax incurred during the administration of such Debtor's Chapter 11 Case, as determined under applicable tax laws; (3) seek to liquidate Non-Cash assets as more specifically set forth below, (4) compensate himself at his standard hourly rates, compensate Professionals, pay expenses, and pay U.S. Trustee fees each incurred after the Effective Date (including to the extent the costs of the same exceed the Estimated Liquidation Expenses), and (4) effect the dissolution or termination of existence under applicable state law of each Debtor when all of its duties under this Plan have been fulfilled, any disputes relating to Claims against it or otherwise have been resolved or abandoned, and (4) take such other actions he may determine to be necessary or desirable to carry out the purposes of the Plan. Except where the Bankruptcy Code and Bankruptcy Rules prohibit, any of the foregoing may be performed by or for each Debtor after the closure of JERIT's Chapter 11 Case. The Plan Administrator shall after the Effective Date seek to liquidate Non-Cash Assets. He may retain and compensate Professionals, including but not limited to on a contingent basis, to do so. He may make demands and bring lawsuits in his own name, but solely in his official capacity, or in the name of any Debtor, and settle and compromise each such demand or lawsuit for terms he reasonably determines to be adequate, and withdraw or dismiss any demand or lawsuit he reasonably determines should no longer be pursued. He may, at any time, liquidate a Non-Cash Asset by selling it in its contingent or disputed form, including, at a discount to its face value. He may, at any time, liquidate all or a portion of the Non-Cash Assets in gross by way of a "remnant sale" or otherwise. He shall, prior to or upon the dissolution or termination of existence of each Debtor, abandon or sell in gross all remaining Non-Cash Assets of such Debtor. From and after the Effective Date, Debtor JNCDO (a) for all purposes shall be deemed to have withdrawn such Debtor's business operations from any state in which such Debtor was previously conducting, or is registered or licensed to conduct, its business operations, and shall not be required to file any document, pay any sum, or take any other action in order to effectuate such withdrawal, and (b) shall not be liable in any manner to any taxing authority for franchise, business, license, or similar taxes accruing on or after the Effective Date. As soon as practicable on or after the Effective Date, the Plan Administrator shall cause each of the Debtors' non-debtor subsidiaries to be dissolved under applicable state law. As soon as practicable after the Plan Administrator has taken all actions as the Plan Administrator deems necessary or desirable to carry out the purposes of the Plan, including filing final tax returns, the Plan Administrator shall cause JERIT to be dissolved under applicable state law. In addition, each Interest in each of the Debtors shall be cancelled pursuant to this Plan without need of any further action of the Plan Administrator, any Debtor or the Court or any other court. For the avoidance of doubt, notwithstanding the Debtors' dissolution, the Debtors shall be deemed to remain intact solely with respect to the preparation, filing, review, and resolution of applications for Professional Fee Claims. Counsel to the Debtors: David M. Fournier, Esq. Kenneth A. Listwak, Esq. Tori L. Remington, Esq. TROUTMAN PEPPER HAMILTON SANDERS LLP Hercules Plaza, Suite 5100 1313 N. Market St. Wilmington, DE 19801 Tel: (302) 777-6500 E-mail: david.fournier@troutman.com kenneth.listwak@troutman.com tori.remington@troutman.com -and- Deborah Kovsky-Apap, Esq. TROUTMAN PEPPER HAMILTON SANDERS LLP 875 Third Ave. New York, NY 10022 Tel: (212) 704-6000 E-mail: deborah.kovsky@troutman.com A copy of the Combined Disclosure Statement and Chapter 11 Plan dated Dec. 29, 2023, is available at https://tinyurl.ph/jQoOc from PacerMonitor.com. About JER Investors Trust JER Investors Trust Inc. is a specialty finance company quoted on the Pink Sheets that manages a portfolio of commercial real estate structured finance products. Its investments include commercial mortgage backed securities, mezzanine loans and participations in mortgage loans, and an interest in the US Debt Fund. JER Investors Trust Inc. is organized and conducts its operations so as to qualify as a real estate investment trust ("REIT") for federal income tax purposes. On the Web: http://www.jerinvestorstrust.com/. JERIT Non-CDO CMBS 1 LLC and affiliate JER Investors Trust Inc. sought Chapter 11 protection (Bankr. D. Del. Case No. (23-12108 and 23-12109) on Dec. 29, 2023. The Hon. Thomas M. Horan is the case judge. The Debtors tapped TROUTMAN PEPPER HAMILTON SANDERS LLP as counsel; and DUNDON ADVISERS as financial advisor. JER Investors estimated assets of $10 million to $50 million and debt of $100 million to $500 million. JERIT Non-CDO estimated assets of $10 million to $50 million and debt of just under $50,000. JSMITH CIVIL: Hires Markham, Mitchell & Stroud as Accountant ------------------------------------------------------------ JSmith Civil, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Ralph D. Stroud, Jr., CPA and Markham, Mitchell & Stroud, PLLC as its accountant. Markham, Mitchell & Stroud will maintain the Debtor's financial records and prepare its annual tax returns. The firm will charge $250 per hour for its services. As disclosed in the court filings, Markham, Mitchell & Stroud is disinterested within the meaning of Sec. 327(a) of the Bankruptcy Code. The firm can be reached through: Ralph D. Stroud, Jr., CPA Markham, Mitchell & Stroud, PLLC 206 Malloy St Goldsboro, NC 27534 Phone: (919) 778-6974 Email: rstroud@mbmcpas.com About JSmith Civil JSmith Civil LLC, a Goldsboro contractor, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-02734) on Sept. 19, 2023. In the petition filed by Jeremy Smith, president, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Judge Joseph N. Callaway oversees the case. The Debtor tapped Joseph Zachary Frost, Esq. at Buckmiller, Boyette & Frost, PLLC as bankruptcy counsel and Don Terry, Esq., at Windle | Terry | Bimbo Construction Law as special counsel. KAFHAYAAYNSAD ENTERPRISE: Cash Contribution & Income to Fund Plan ----------------------------------------------------------------- Kafhayaaynsad Enterprise, LLC, filed with the U.S. Bankruptcy Court for the Western District of New York a Small Business Plan of Reorganization dated January 2, 2024. Kafhayaaynsad was duly organized under the laws of the State of New York on or about September 11, 2019, by Dr. Fatima and her three children. Its principal place of business is located in Clarence, New York, where the majority of its assets are located. The Debtor is a limited liability company, duly organized under the state laws of the State of New York on or about September 11, 2019. The following individuals hold membership interests in the Debtor: (i) Dr. Fatima, who holds a 55% percent membership interest in, and is the managing member of the Debtor; and (ii) Saleha Bakht, Amna Bakht, and Zahid Bahkt, each of whom holds a 15% percent minority membership interest (collectively, the "Members"). Prior to the Petition Date, Kafhayaaynsad experienced a seasonal downturn in its operations, which led to difficulties in making timely payments on its debt service with respect to the MEF Lenders. Due to the temporary downturn in Kafhayaaynsad's revenue, together with the aggressive collection tactics of its secured creditors, Kafhayaaynsad resolved to file for bankruptcy in order to negotiate new terms with its secured creditors and preserve its value as a going concern. Under Bankruptcy Code sections 1191(c) and (d), the Debtor will fund the Plan payments to creditors utilizing its Disposable Income for a period of 5 years. In addition, payments to Creditors will be made from the Fatima Cash Contribution(s), which shall be made by Dr. Umbrine Fatima, or her designee. Dr. Fatima will make a total contribution that will consist of cash and other consideration, including but not limited to, the following: (i) monthly cash contributions to be made for a period of 5 years; (ii) the waiver of any and all right to distributions on account of Allowed Claims held by, or Administrative Expenses due to Dr. Fatima, whether arising prepetition or post-petition by operation of the Bankruptcy Code; (iii) an Employment Agreement by and between Dr. Fatima and the Debtor which provides for Dr. Fatima's non-exclusive employment with the Debtor for a period of 5 years; (iv) to the extent required by the Bankruptcy Court, Dr. Fatima's agreement to make the New-Value Commitment; and (v) Dr. Fatima or her designee will pay the Debtor's rent for the space utilized at 9650 Main Street, Clarence, New York, or any other location as Dr. Fatima deems appropriate, for a period of 5 years. The Fatima Cash Contribution(s) will be utilized first to pay Allowed Administrative Expenses, and second to pay the Allowed MEF Claim(s). The Plan provides for payment of Allowed Administrative Expenses, Allowed Priority Claims, including Priority Tax Claims, Allowed Secured Claims, and Allowed Other Priority Claims in accordance with the Bankruptcy Code, and provides for the payment of certain amounts to Allowed Unsecured Claims. Class 3 consists of the Allowed Claims of non-priority unsecured creditors, other than the secured component of the MEF Claim(s). The unpaid portion of the Allowed MEF Claim(s) shall be treated as an allowed Class 3 Claim for distribution purposes and shall receive its Pro Rata Share of 1.00% of the total amount of their claims from the Fatima Cash Contribution(s), together with the Debtor's Disposable Income. The Class 3 Claims are estimated to total $23,674.27 and the unpaid portion of the Allowed MEF Claim(s) $875,561.41. The holders of Allowed Class 3 Claims are impaired. Class 4 consists of the Insider Claims and as part of the Fatima Contribution(s) each of the Class 4 Claims shall be waived in order to facilitate making payments and distributions under the Plan to holders of higher priority claims. Class 5 consists of the holders of the membership interests in the Debtor, including Dr. Fatima and the other Members. The holders of Class 5 Interests will receive no distributions under the Plan on account of their membership interests in the Debtor. However, Dr. Fatima and the other Members will retain their membership interests in the Debtor after the confirmation of the Plan. The holders of the Class 5 Interests are unimpaired under the Plan and are deemed to accept the Plan. The Plan will be funded with the Debtor's Disposable Income, the Fatima Cash Contribution(s), and to the extent necessary, the New Value Commitment. The Fatima Contribution(s) is conditioned upon confirmation of the Plan, which must include the Fatima Release. The Fatima Contribution(s) also includes execution of the Employment Agreement within 10 days after entry of the Final Confirmation Order. A full-text copy of the Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=OIDNjA from PacerMonitor.com at no charge. Counsel to the Plan Proponent: Scott J. Bogucki, Esq. GLEICHENHAUS, MARCHESE & WEISHAAR, PC 930 Convention Tower 43 Court Street Buffalo, NY 14202 Telephone: (716) 845-6446 Email: sbogucki@gmwlawyers.com About Kafhayaaynsad Enterprise Kafhayaaynsad Enterprise LLC -- https://myhealth360wellness.com -- doing business as My Health 360 Wellness is a company that provides personalized, attentive and empathetic health and wellness care in a safe environment with an integrative and holistic approach to promote a state of complete physical, mental and social well being. Kafhayaaynsad Enterprise LLC sought relief under Subchapter v of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. (Case No. 23-10989) on October 4, 2023. In the petition filed by Umbrine Fatima, 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 Scott Bogucki, Esq., at Gleichenhaus, Marchese & Weishaar, PC. KBR INC: S&P Lowers U.S. Secured Debt Rating to 'BB' on Add-On -------------------------------------------------------------- S&P Global Ratings lowered its issue-level rating on KBR Inc.'s U.S. secured debt to 'BB' (the same level as its issuer credit rating) from 'BB+' and revised the recovery rating to '3' from '2'. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. At the same time, S&P affirmed its 'BBB-' issue-level rating on the company's U.K. secured debt and its 'BB-' issue-level rating on its unsecured notes. This rating action reflects KBR's proposed $300 million add-on to its existing term loan B. S&P expects the company will use the proceeds from the additional debt to pay down its existing revolver balance, which leads S&P to view the transaction as leverage neutral. In addition, as part of the transaction, management is extending the maturities of its revolver and term loan A to 2029 and 2031 from 2026 and 2027, respectively. S&P's 'BB' issuer credit rating on KBR Inc. is unchanged. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Pro forma for the proposed transaction, the company's capital structure comprises a $1 billion revolving credit facility, a $446 million term loan A (broken into the tranches: A-1, A-2, and A-4) held at KBR Inc., a $147 million (USD equivalent) term loan A-3 at KBR U.K., an $800 million term loan B, and $250 million of senior unsecured notes. -- Estimated $126 million of receivables sales under a separate uncommitted facility. -- S&P excludes the company's unfunded pension liabilities because it expects these amounts will be immaterial at default on a consolidated basis ( MALLINCKRODT INTERNATIONAL: Calamos CHI Marks $1M Loan at 24% Off ----------------------------------------------------------------- Calamos Convertible Opportunities and Income Fund (Ticker: CHI) has marked its $1,001,248 loan extended to Mallinckrodt International Finance, SA to market at $762,896 or 76% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHI is a participant in a bank loan to Mallinckrodt International Finance, SA The loan accrues interest at a rate of 12.703% (1 mo. SOFR + 7.25%) per annum. The loan matures on September 30, 2027. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHI is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rate moves. Like all Calamos closed-end funds, the Fund invests in multiple asset classes and aims to provide a steady stream of distributions paid out monthly. About Mallinckrodt plc Mallinckrodt plc -- http://www.mallinckrodt.com/-- is global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. Areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. Mallinckrodt plc and certain of its affiliates again sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28, 2023. Mallinckrodt disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Judge John T. Dorsey oversees the new cases. In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. In the new Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A., as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC, as investment banker; and AlixPartners, LLP, as restructuring advisor. Kroll is the claims agent. Davis Polk advised an ad hoc group of holders of first-lien notes due 2025. Certain members of the ad hoc group are also lenders under a DIP term loan facility. * * * On Oct. 10, 2023, the bankruptcy court confirmed Mallinckrodt's plan of reorganization. On Nov. 14, 2023, Mallinckrodt disclosed it has completed its financial restructuring, emerged from Chapter 11 following an expedited court-supervised process, and completed the Irish Examinership Proceedings. Mallinckrodt reduced its total funded debt by approximately $1.9 billion. The Company also satisfied its obligations to the Opioid Master Disbursement Trust II on terms agreed with the Trust, including through a $250 million payment made to the Trust prior to the Chapter 11 filing, among other consideration. As contemplated by Mallinckrodt's plan of reorganization, ownership of the business transitioned to the Company's creditors and all of the Company's outstanding ordinary shares were extinguished at emergence. MALLINCKRODT INTERNATIONAL: Calamos CHY Marks $1M Loan at 24% Off ----------------------------------------------------------------- Calamos Convertible and High Income Fund (Ticker: CHY) has marked its $1,009,592 loan extended to Mallinckrodt International Finance, SA to market at $769,254 or 76% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHY is a participant in a bank loan to Mallinckrodt International Finance, SA. The loan accrues interest at a rate of 12.703% (1 mo. SOFR + 7.25%) per annum. The loan matures on September 30, 2027. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHY is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rates. Like all Calamos closed-end funds, CHY seeks to provide a steady stream of distributions paid out monthly and invests in multiple asset classes that may be reweighted in an effort to optimize returns. About Mallinckrodt plc Mallinckrodt plc -- http://www.mallinckrodt.com/-- is global business consisting of multiple wholly owned subsidiaries that develop, manufacture, market and distribute specialty pharmaceutical products and therapies. Areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. On Oct. 12, 2020, Mallinckrodt plc and certain of its affiliates sought Chapter 11 protection in Delaware (Bankr. D. Del. Lead Case No. 20-12522) to seek approval of a restructuring that would reduce total debt by $1.3 billion and resolve opioid-related claims against them. Mallinckrodt in mid-June 2022 successfully completed its reorganization process, emerged from Chapter 11 and completed the Irish Examinership proceedings. Mallinckrodt Plc said in a regulatory filing in early June 2023 that it was considering a second bankruptcy filing and other options after its lenders raised concerns over an upcoming $200 million payment related to opioid-related litigation. Mallinckrodt plc and certain of its affiliates again sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 23-11258) on Aug. 28, 2023. Mallinckrodt disclosed $5,106,900,000 in assets and $3,512,000,000 in liabilities as of June 30, 2023. Judge John T. Dorsey oversees the new cases. In the prior Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A. as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Ropes & Gray, LLP as litigation counsel; Torys, LLP as CCAA counsel; Guggenheim Securities, LLC as investment banker; and AlixPartners, LLP, as restructuring advisor. In the new Chapter 11 cases, the Debtors tapped Latham & Watkins, LLP and Richards, Layton & Finger, P.A., as their bankruptcy counsel; Arthur Cox and Wachtell, Lipton, Rosen & Katz as corporate and finance counsel; Guggenheim Securities, LLC, as investment banker; and AlixPartners, LLP, as restructuring advisor. Kroll is the claims agent. Davis Polk advised an ad hoc group of holders of first-lien notes due 2025. Certain members of the ad hoc group are also lenders under a DIP term loan facility. * * * On Oct. 10, 2023, the bankruptcy court confirmed Mallinckrodt's plan of reorganization. On Nov. 14, 2023, Mallinckrodt disclosed it has completed its financial restructuring, emerged from Chapter 11 following an expedited court-supervised process, and completed the Irish Examinership Proceedings. Mallinckrodt reduced its total funded debt by approximately $1.9 billion. The Company also satisfied its obligations to the Opioid Master Disbursement Trust II on terms agreed with the Trust, including through a $250 million payment made to the Trust prior to the Chapter 11 filing, among other consideration. As contemplated by Mallinckrodt's plan of reorganization, ownership of the business transitioned to the Company's creditors and all of the Company's outstanding ordinary shares were extinguished at emergence. MERCY HOSPITAL: Hires H2C Securities Inc. as Investment Banker -------------------------------------------------------------- Mercy Hospital, Iowa City, Iowa, and its affiliates filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of Iowa to expand the scope of employment of H2C Securities, Inc. as their investment banker. The firm will render these services: a) assist the Debtors in the review of the business and operations of the Debtors and their historical and projected financial condition; b) assist the Debtors in preparing an informational disclosure package, as may be necessary and appropriate, describing the Debtors, their operations, their historical performance, and their future prospects for distribution to prospective parties; c) assist the Debtors in formulating a marketing strategy for the Joint Venture interests, and in developing procedures and a timetable to execute the strategy, if applicable; d) identify and manage communications with prospective parties; e) assist the Debtors, as may be necessary and appropriate, in the preparation of a management presentation for prospective parties; f) coordinate due diligence investigations of prospective parties; g) assist in the evaluation of Joint Venture proposals received from prospective parties; h) assist the Debtors in negotiating financial aspects of the disposition of Joint Venture interests, including advise as to the strategy and tactics of negotiations with prospective partners; i) meet with the Board of Directors, if requested, to discuss the Joint Ventures and financial implications related thereto; j) provide other customary and appropriate financial advisory services as are mutually agreed in writing by H2C and the Debtors from time to time; k) review the Debtors' capital structure to obtain an understanding of constituent stakeholders, unencumbered assets, and liabilities of the Debtors; l) interact and negotiate with all key stakeholders; m) assist the Debtors with bankruptcy reporting requirements in coordination with the Debtors' financial advisor and other advisors; n) participate in hearings before the Court with respect to the matters upon which H2C has been engaged pursuant to the Amended Engagement Letter, including testifying at any hearing or deposition in the Chapter 11 Cases relating to the Joint Ventures; o) cooperate with any third-party consultants retained by the Debtors and/or outside bankruptcy counsel in connection with the bankruptcy, regarding matters related to the services provided by H2C pursuant to the Amended Engagement Letter; p) advise and assist the Debtors and counsel in developing a timeline and milestones related to a sale of the Debtors' interests in the Joint Ventures; q) assist in the coordination of all activities related to closing any sale of the Joint Venture interests; and r) provide additional advisory services mutually agreed upon between the Debtors and H2C that is usual and customary in a bankruptcy. The Debtors shall pay H2C the following fees: a) Initial Fee. As compensation for certain of the JV Services, an initial fee of $50,000 payable upon execution and approval of the Amended Engagement Letter. b) Success Fees. If a disposition of any Joint Venture interest is consummated, the Debtors will pay the following: (1) A success fee equal to 2.0 percent of the proceeds of any Joint Venture disposition, plus a. An incentive fee equal to 1.75 percent of proceeds received in January 2024, plus b. An incentive fee equal to 1.25 percent of proceeds received in February 2024, plus c. An incentive fee equal to 0.75 percent of proceeds in March 2024. c) Monthly Fee. The $25,000 Monthly Fee payable monthly on the 1st day of each month shall be extended until the earlier of i) all Joint Venture transactions are closed, or ii) the engagement with H2C is otherwise terminated. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. C. Richard Bayman, a partner at H2C Securities Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: C. Richard Bayman H2C Securities Inc. 623 Fifth Avenue, 29th Floor New York, NY 10022 Tel: (212) 257-4500 About Mercy Hospital, Iowa City, Iowa Mercy Hospital, Iowa City, Iowa is a Catholic-based Iowa nonprofit corporation and a tax-exempt organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (as amended) that operates an acute care community hospital and clinics located in Iowa City, Iowa and surrounding communities. Mercy Hospital and affiliates, Mercy Iowa City ACO, LLC and Mercy Services Iowa City, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Lead Case No. 23-00623) on Aug. 7, 2023. In its petition signed by Mark E. Toney, chief restructuring officer, Mercy Hospital disclosed up to $500 million in both assets and liabilities. Judge Thad J. Collins oversees the cases. The Debtors tapped Nyemaster Goode, P.C and McDermott Will & Emery LLP as bankruptcy co-counsel; Toneykorf Partners, LLC to provide interim management services; H2C Securities Inc. as investment banker; and Epiq Corporate Restructuring, LLC as notice and claims agent. Mary Jensen, Acting U.S. Trustee for Region 12, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. MICROTEK: Seeks to Hire Craig Dwyer as Bankruptcy Attorney ---------------------------------------------------------- Microtek seeks approval from the U.S. Bankruptcy Court for the Southern District of California to employ a legal counsel in connection with its Chapter 11 case. The Debtor proposes to hire Craig Dwyer, Esq., an attorney based in San Diego, California, to give legal advice regarding its duties under the Bankruptcy Code and provide other legal services related to the case. The Debtor will pay the attorney an hourly fee of $400 for his services. The firm received a retainer in the amount of $20,000. Mr. Dwyer does not represent any interest adverse to the Debtor and its bankruptcy estate, according to court filings. Mr. Dwyer maintains an office at: Craig E. Dwyer, Esq. CRAIG E. DWYER, ATTORNEY AT LAW 8745 Aero Drive, Suite 301 San Diego, CA 92123 Tel: (858) 268-9909 Fax: (858) 268-4230 Email: craigedwyer@aol.com About Microtek Microtek, a company in San Diego, Calif., provides a full range of design, engineering, and manufacturing solutions. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 23-03868) on Dec. 8, 2023, with $661,315 in assets and $6,245,168 in liabilities. Tri Le, president, signed the petition. Judge Christopher B. Latham oversees the case. Craig E. Dwyer, Esq., represents the Debtor as legal counsel. MLN US HOLDCO: $155.8MM Bank Debt Trades at 37% Discount -------------------------------------------------------- Participations in a syndicated loan under which MLN US Holdco LLC is a borrower were trading in the secondary market around 62.8 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $155.8 million facility is a Term loan that is scheduled to mature on October 18, 2027. The amount is fully drawn and outstanding. MLN US Holdco LLC, dba Mitel, headquartered in Ottawa, Canada, provides phone systems, collaboration applications (voice, video calling, audio and web conferencing, instant messaging etc.) and contact center solutions through on-site and cloud offerings. The Company's customer focus is on small and medium sized businesses. Mitel is majority-owned by private equity firm Searchlight Capital Partners. NEAR INTELLIGENCE: Hires Ernst & Young LLP as Financial Advisor --------------------------------------------------------------- Near Intelligence Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Ernst & Young LLP as its financial advisor. The firm will render these services: 1. designate Jordan Fisher as the Debtors' chief transformation advisor; 2. work with the Debtors' Board of Directors to advise the Debtors in their restructuring and transformation efforts on a daily basis; 3. advise the Debtors in negotiations or communications with key constituents; 4. assist the Debtors in operating as a debtor in possession in a case under chapter 11 of the Bankruptcy Code as follows and as requested: a. assist with bankruptcy planning, including but not limited to, advising on the preparation of motions, communication plans and cash management procedures; b. assist with the development and revision of a cash flow forecasting tool that incorporates detailed sources and uses of cash (13-week cash flow) and related budget to actual variance analysis; c. assist with identifying risks associated with options and strategies developed by management to deal with critical vendors; d. assist with analysis of potential 503(b)(9) administrative claims (goods supplied in the 20-day period prior to the bankruptcy filing) and reclamation claims; e. assist with analysis of executory contracts and associated impact of rejection (cure claim analysis and classification); f. assist with the development and preparation of the plan of reorganization or liquidation and disclosure statement (hypothetical liquidation analysis, recovery ranges, and other financial information and disclosures as required); g. assist management in the preparation of financial-related disclosures required by the court; h. assist in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which court approval is sought; i. attend meetings and support discussions with third-party stakeholders, including creditors, vendors, employee benefit providers, potential investors, banks, and other secured lenders, any official committee(s) appointed in these chapter 11 cases, the United States Trustee, regulators, other government officials, and other parties in interest and professionals hired by same, as requested; j. assist with claims analysis and resolution process; k. assist with facilitating document production for diligence requests, as needed; l. report to management and/or Board of Directors on the status of the above activities; and m. additional assistance and advice on the bankruptcy process, as needed; 5. review and assess assumptions related to management's cash forecast and liquidity outlook; 6. review and assess management's existing expense reduction efforts and plans; 7. advise on strategic alternatives and opportunities, including (a) growth considerations, (b) cost reductions, (c) capital and transactions, and (d) turnaround and restructuring alternatives; 8. assess and advise on the feasibility and prioritization of alternatives and opportunities; 9. review and assess management's plan and the associated financial impacts; 10. investigate accounting transactions identified by Debtor; 11. provide such other services as may be requested by the Debtors' Board of Directors and agreed upon by the Debtors and EY. As disclosed in court filing, Ernst & Young is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Philip J. Innes Ernst & Young, LLP One Manhattan West, 395 9th Ave New York 10001 Telephone: (212) 773-3000 About Near Intelligence Near Intelligence Inc. -- https://www.near.com -- is a publicly traded software firm that provides data insights to major companies including Wendy's Co. and Ford Motor Co. Near is a global, privacy-led data intelligence platform curates one of the world's largest sources of intelligence on people and places. Near's patented technology analyzes data to deliver insights on approximately 1.6 billion unique user IDs across 70 million points of interest in more than 44 countries. With a presence in Pasadena, San Francisco, Paris, Bangalore, Singapore, Sydney, and Tokyo, Near serves enterprises in a diverse spectrum of industries including retail, real estate, restaurant, travel/tourism, telecom, media, and more. Near Intelligence Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11962) on Dec. 8, 2023. In the petition filed by CFO John Faieta, the Debtor estimated assets between $50 million and $100 million and liabilities between $100 million and $500 million. Near is represented by Willkie Farr & Gallagher LLP and Young Conway Stargatt & Taylor, LLP, as counsel, Ernst & Young LLP as restructuring advisor and GLC Advisors & Co., LLC as restructuring investment banker. Kroll is the claims agent. NEO IMAGE: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Neo Image Enterprises, LLC 250 Lafayette Street #5 New York, NY 10012 Business Description: Neo Image is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: January 5, 2024 Court: United States Bankruptcy Court Southern District of New York Case No.: 24-10016 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: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Ted Chen as managing director. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LWUMOAQ/Neo_Image_Enterprises_LLC__nysbke-24-10016__0001.0.pdf?mcid=tGE4TAMA NEW TENT: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: New Tent, LLC 250 Lafayette Street #5 New York, NY 10013 Business Description: New Tent is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: January 5, 2024 Court: United States Bankruptcy Court Southern District of New York Case No.: 24-10015 Debtor's Counsel: Leo Jacobs, Esq. JACOBS PC 595 Madison Avenue FL 39 New York, NY 10022 Tel: (718) 772-8704 E-mail: leo@jacobspc.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $50 million to $100 million The petition was signed by Ted Chen as managing member. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/Y4P2TEY/New_Tent_LLC__nysbke-24-10015__0001.0.pdf?mcid=tGE4TAMA NWR CONSTRUCTION: Unsecureds Will Get 6.52% of Claims over 5 Years ------------------------------------------------------------------ NWR Construction & Exteriors, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Plan of Reorganization dated January 2, 2024. The Debtor is a construction company operating out of West Chicago, Illinois. The company was started in 2009 as a one-man construction crew by its owner, Andrzej Kurza. The Debtor operated profitably until COVID-19 pandemic started in 2020. The Debtor's business declined during that time due to imposed restrictions and consumer's and business's hesitancy to engage in new construction projects. In addition, due to financial difficulties of Debtor's customers, Debtor did not receive full payments or no payments at all on a number of projects. The Debtor intends to continue to operate by cutting additional expenses and being more exclusive with upcoming projects based on their profitability and customer's ability to pay. The Debtor has an excellent reputation within construction industry and with upcoming increase in construction projects, Debtor expects to return to profitability whereas the principal's recovery and ability to manage past debts through a Plan of Reorganization, the Debtor feels confident that the business will operate profitably going forward. Generally, the Plan provides that all administrative creditors will be paid in full on the Effective Date of the Plan (which is 30 days after the Order confirming the Plan is a final Order) unless otherwise agreed. Priority creditors will receive 100% of their allowed claims over the period of the Plan term (5 years) ("Plan Term"). Unsecured Creditors will receive a pro rata share of the Unsecured Creditor Payment over a period of 5 years, which shall equal approximately 6.52% distribution on their claims. Claims of insiders, if any, will be subordinated and will not receive a distribution unless all other classes of creditors receive payment in full. Equity security holders will not receive a distribution. The Plan is a 5-year plan. The final Plan payment will be in approximately 2027. Class 2 consists of Allowed Unsecured Claims. Holders of allowed unsecured claims shall receive a pro rata share of the Unsecured Creditor Payments on an annual basis for a period of 5 years beginning on the 1st anniversary of the Effective Date of the Plan, and continuing yearly for another 4 years. The Unsecured Creditor Payments shall equal $25,000 in the aggregate, and each yearly payment shall be $5,000 for 5 payments. Based upon the unsecured claims, the estimated distribution to unsecured creditors is 6.52% No distribution will be made for unsecured claims which were either (i) scheduled as disputed; or (ii) no timely proof of claim was filed. Equity security holders shall retain their interests in the Debtor. In addition, the principal of the Debtor will be entitled to a salary for his work on behalf of the Debtor. The Debtor's financial projections show that the Debtor will have cumulative projected disposable income sufficient to pay the required payments under the Plan. A full-text copy of the Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=v8C5Ti from PacerMonitor.com at no charge. Counsel for the Debtor: David Freydin, Esq. Law Offices of David Freydin, Ltd. 8707 Skokie Blvd., Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About NWR Construction NWR Construction & Exteriors, Inc. is a construction company operating out of West Chicago, Illinois. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-13173) on Oct. 2, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Timothy A. Barnes oversees the case. David Freydin, Esq., at the Law Offices of David Freydin Ltd. represents the Debtor as bankruptcy counsel. ORGANIC NAILS: Unsecureds to Get $500 per Month for 18 Months ------------------------------------------------------------- Organic Nails KS LLC filed with the U.S. Bankruptcy Court for the District of Kansas a Plan of Reorganization under Subchapter V dated January 2, 2024. Organic Nails has 32 technician employees, including the owner Allen Hiranhphom. Mr. Hiranhphom. is the debtor's principal and representative for this bankruptcy. Unfortunately, COVID-19 hit the business hard, like many service industries. Organic Nails has worked through those difficult times and looks to increase business, expanding in the future to add an additional location or expanding the size of the current location. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $265,292. The final Plan payment is expected to be paid on March 2029. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from future operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately $1.00 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 2 consists of the secured claim of Rapid Financing LLC. Class 2 is impaired by this Plan. The Debtor shall pay the allowed secured claim of Rapid Finance LLC of $35,000 at 6% interest with a monthly payment of $680.00 beginning April 1, 2024 for 60 months. Class 3 consists of the secured claim of Mulligan Funding LLC. Class 3 is impaired by this Plan. The Debtor shall pay the allowed secured claim of Mulligan Funding LLC of $77,045 at 6% interest with a monthly payment of $1,490.00 beginning April 1, 2024 for 60 months. Class 4 consists of non-priority unsecured creditors. Class 4 is impaired by this Plan. Debtor shall pay the allowed non-priority unsecured claims of American Express a monthly payment of $500 beginning April 1, 2025 for 18 months. The Chapter 11 Plan will be implemented from Debtor's ongoing operations. A full-text copy of the Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=FHBQHi from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Nancy L. Skinner, Esq. Skinner Law, LLC 100 East Park Street, Suite 205 Olathe, KS 66061 Telephone: (913) 839-3073 Facsimile: (913) 347-5647 Email: Nancy@skinnerlawkc.com About Organic Nails KS LLC Organic Nails KS LLC is a nail salon providing nail services in a spa like environment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 23-21172) on Oct. 2, 2023. In the petition filed by Allen Hiranhphom, owner, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Robert D. Berger oversees the case. Nancy Leah Skinner, Esq., at Skinner Law, LLC, represents the Debtor as legal counsel. PANDA ACQUISITION: Cliffwater ECF Marks $3.9MM Loan at 18% Off -------------------------------------------------------------- The Cliffwater Enhanced Lending Fund has marked its $3,950,000 loan extended to Panda Acquisition LLC to market at $3,250,463 or 82% of the outstanding amount, as of September 30, 2023, according to a disclosure contained in Cliffwater ECF's Form N-CSR report for the fiscal year ended September 30, 2023, filed with the Securities and Exchange Commission. Cliffwater ECF is a participant in a First Lien Term Loan to Panda Acquisition LLC. The loan accrues interest at a rate of 11.74% (SOFR + 625). The loan matures on October 18, 2028. The Cliffwater Enhanced Lending Fund is a closed-end non-diversified management investment company registered under the Investment Company Act of 1940, as amended and was organized as a Delaware statutory trust on January 22, 2021. The Fund is a fund of funds that operates as an interval fund. Cliffwater LLC serves as the investment adviser of the Fund. The Investment Manager is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. The Fund commenced operations on July 1, 2021. PAR PACIFIC: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has assigned a Long-Term Issuer Default Rating of 'B+' to Par Pacific Holdings, Inc. and Par Petroleum LLC (Par). Fitch has also assigned issue-level debt ratings of 'BB+'/'RR1' to the Senior Secured ABL facility and 'BB-'/'RR3' to the Senior Secured Term Loan. The Rating Outlook is Stable. The rating reflects the company's exposure to niche, lower competition markets and diversification through less cyclical retail and logistics segments and energy transition friendly capital projects. Other contributing factors include Par's limited size and geographic diversification, uncertainty of cash flows inherent to refiners and an unfavorable long-term regulatory environment. The Stable Outlook reflects expectations of moderating refining performance through the cycle offset by countercyclical retail and logistics results. KEY RATING DRIVERS Positive Billings Acquisition: Fitch believes Par Pacific's acquisition of the Billings, Montana refinery decreases cash flow risk via increased scale and diversification. The transaction increasingly diversifies the company with over 50% of refining capacity located in the in the continental United States and material growth of the logistics segments via related assets. The acquisition is immediately credit-accretive given the cash-weighted funding mix and strong refining market conditions in 2Q23 and 3Q23. The Billings refinery Nelson Complexity score of 10.8 improves the overall asset quality of the company's refining segment. Limited Scale, Niche Market Exposure: Niche markets in the Western U.S. with unique market drivers and favorable supply-demand dynamics act as counterweights to the company's relative lack of geographic diversification, limited size and below average system-wide refinery complexity (NCI Composite Estimate 7.5). Par's refineries are located in PADDs IV and V with no exposure to the Southern, Midwestern or Eastern United States. Additionally, with 218 mbpd of throughput capacity, Fitch views Par as small-to-medium sized refiner relative to U.S. peers. While size generally restrains the credit profile, niche market access allows Par to differentiate itself relative to peers while supporting underlying cash flows. In Hawaii, Par operates the only active refinery in a state with total capacity below daily average demand on the islands. Market dynamics in Hawaii are closer to APAC than North America providing additional diversification. Non-Refining Diversification: Par operates material Logistics and Retail segments which comprise approximately 35% of EBITDA in a midcycle environment. Retail and logistics' countercyclical performance is key to cash flow generation during refining downturns. The Billings acquisition included notable related logistics assets in addition to a long-term agreement to supply regional Exxon branded retail sites. The retail segment operates 123 locations under various brand names spread across Hawaii and the Pacific Northwest. Par also holds a 46%, non-recourse position in Laramie Energy which may provide the company dividends as market conditions allow. Simplified Capital Structure: Par's simplification of its capital structure via the issuance of the $550 million term loan B and $900 million ABL facility benefits the company's credit profile through extended maturity and reduced financing costs. Furthermore, industry tailwinds driving significant FCF and the new $900 million ABL facility will allow Par to operate with ample liquidity in the short-to-medium term. The company increased ABL capacity replacing an inventory management agreement related to its Washington refinery operations. Fitch treats both the ABL and S&O agreement as debt but Fitch expects the ABL to have a lower cost of capital. Par has a separate inventory management agreement at the Hawaii refinery which reduces the company's exposure to working capital swings. Fitch forecasts Par to operate with EBITDA leverage of 2.9x at midcycle price levels ($60/bbl Brent, $57/bbl WTI) Regulatory Pressure: Refiners face several unfavorable regulatory headwinds that will cap long-term demand for refined products domestically. These include Renewable Identification Numbers (RINs) cost under the Renewable Fuel Standard program, higher corporate average fuel economy (CAFE) standards, and regulation of greenhouse gas emissions. Par is investing in energy transition assets to offset potential regulatory exposure including projects in Washington and Hawaii. An added benefit of these projects is that management expects Par to become a net RINs producer upon their completion. Growth-Oriented Capital Allocation: Fitch expects Par will prioritize capital expenditures to improve efficiency at existing assets as well as energy transition related opportunities. Fitch believes capex will be relatively high in 2024 and 2025 given turnaround schedules and the Hawaii SAF renewable jet fuel project while trending lower in the outer years of the forecast period. Management has indicated an openness to opportunistic M&A with a preference for funding to be drawn from cash on hand and the ABL. Material debt reduction is unlikely given that the company has met management's stated gross debt target. Par has a share repurchase program that it has deployed opportunistically (~$32 million YTD as of 3Q23). Historically Volatile Sector: Refining remains one of the most cyclical corporate sectors, and is subject to periods of boom and bust, with sharp swings in crack spreads over the cycle. A substantial and prolonged increase in crude oil prices without a corresponding increase in refined product prices would negatively affect cash flows, which is especially true for non-transportation refined products like asphalt. Fitch notes that Par's niche markets have witnessed strong performance through 3Q23 which Fitch expects to moderate in the short-to-medium term following crack spread tightening in the continental U.S. during 4Q23. Other medium-term concerns include increased Chinese fuel exports, refinery capacity growth in the Middle East and Asia and the slowing GDP growth driven by restrictive central bank policies. Par Pacific offsets some volatility through hedging at their Hawaii refinery. DERIVATION SUMMARY Par Pacific's refining footprint (218 mbpd) is on the lower end of its peer group including Delek US Holdings (BB-/Stable, 302 mbpd), PBF Holding Company, LLC (BB/Stable, 1,023 mbpd), HF Sinclair Corporation (BBB-/Stable, 678 mbpd), Vertex Energy (B-/Stable, 75 mbpd) and CVR Energy, Inc. (BB-/Stable, 206.5 mbpd). Par's assets are located in PADDs IV & V which is unique amongst the peer group. PBF (PADD V) and HF Sinclair (PADD IV) have refineries in similar regions but the majority of their assets are located in PADDs I-III. Par's refineries are unique in the niche markets they serve which typically take advantage of local market conditions and unique supply-demand dynamics. Par is diversified through its logistics and retail assets which differentiates the company from pure play refiners such as PBF and Vertex. Delek also has logistics and retail assets while HF Sinclair and CVR are diversified into other non-refining segments. CVR's advantaged asset quality and relative diversity increase credit quality relative to Par. Fitch expects CVR to operate with a lower leverage level through the forecast period (2.1x midcycle EBITDA leverage) compared to Par (2.9x midcycle EBITDA leverage) while liquidity is comparable. While notably smaller than Delek in terms of both refining and non-refining segments, Fitch expects Par to operate with lower leverage through the cycle given improved EBITDA margins and a lower gross debt burden. Delek's PADD III positioning is positive relative to the PADD IV & V Par positions, but niche markets and supply-demand imbalance offset this. KEY ASSUMPTIONS - Brent Assumptions of $82 in 2023, $80 in 2024, $70 in 2025, $65 in 2026, $60 in 2027; - WTI Assumptions of $78 in 2023, $75 in 2024, $65 in 2025, $60 in 2026, $57 in 2027; - Working Capital and S&O agreements align with price deck and utilization; - Capex in line with management guidance and turnaround schedules; - Crack spread assumptions decline through forecast; - Share repurchases from 2023-2026; - Interest rate/SOFR assumptions in line with Chatham Financial Fed Median. RECOVERY ANALYSIS Fitch examined Par on both a going-concern (GC) and liquidation value (LV) basis, and expects they would be reorganized as a going-concern in the event of bankruptcy. Fitch assumed an 80% draw on the $900 million ABL facility. In conjunction with the upsizing of the ABL, the company closed its inventory intermediation agreement related to its Washington Refinery. As such, the debt associated with that facility is excluded from the waterfall. Fitch also deducts outstanding 'Intermediation Property' in equivalent amounts from both the inventory figure in the LV and the corresponding obligation under the S&O agreement. Par does not hold title to this inventory and it is not considered collateral. The company records the J. Aron titled inventory amount as inventory on the balance sheet with a corresponding liability until final sale to a third party. The remaining inventories' titles are held by Par (~$1.2 billion). Fitch has assumed this portion of the inventory recovers at an advance rate of 80%. Fitch applied a 10% administrative claim to the GC enterprise value (EV). Fitch's GC EBITDA reflects Par's recovery from a scenario in which near-term liquidity constraints result in default and bankruptcy. Fitch uses a 5.5x EBITDA multiple to arrive at its GC EV, reflecting diversification through retail and logistics segments. Other contributing factors include niche market position and favorable supply-demand dynamics in Hawaii. Fitch's GC EBITDA of $285 million includes assumptions for the likely need of a super senior working capital facility in a bankruptcy scenario, excludes the value of J. Aron titled inventory, and reflects financing expenses related to current intermediation agreements. The figure is based on a recovery year after the nadir year in its stress case scenario. The GC EBITDA also reflects increased long-term midcycle price expectations and material investment into energy transition projects. Par's distribution of value results in the ABL facility recovering at RR1, ahead of the first lien term loan which recovers at RR3. The unsecured and subordinated Exxon facility would recover at RR6. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade - Significant increase in size, scale and diversification, particularly in non-refining segments; - Midcycle EBITDA leverage maintained at or below 3.0x. Factors that could, individually or collectively, lead to negative rating action/downgrade - Decline in refining sector fundamentals or deterioration of Par's market position; - Sustained ABL utilization over 50% of availability signifying a diminished liquidity profile; - Midcycle EBITDA leverage maintained at or above 4.0x. LIQUIDITY AND DEBT STRUCTURE Improving Liquidity Profile, Manageable Refinancing Risk: Fitch does not see material near-term liquidity needs and believes the company's refinance risk is manageable following the refinancing completed earlier this year. Pro forma, Par's liquidity consisted of approximately $347 million of cash on its balance sheet (3Q23) and the $900 million ABL facility. Additionally, Par employs inventory financing for crude and refined products associated with their refining operations. Par finances their Hawaii hydrocarbon inventory through a Supply and Offtake agreement in which J. Aron holds title to crude and refined products in tankage, Par purchases crude on a daily basis at market prices and sells refined products to J. Aron as they are produced, repurchasing and selling some volumes to third parties. Fitch treats outstanding liabilities under the supply and offtake agreement as debt. ISSUER PROFILE Par Pacific Holdings, Inc and its subsidiaries are owners and operators of essential energy infrastructure in PADD IV and V markets with 218 mboepd in refining capacity, 122 retail fuel locations in Hawaii and the Pacific Northwest and related logistics assets. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Par Pacific Holdings Inc. LT IDR B+ New Rating Par Petroleum, LLC LT IDR B+ New Rating senior secured LT BB+ New Rating RR1 senior secured LT BB- New Rating RR3 PARTS ID: Hires Kroll Restructuring as Claims and Noticing Agent ---------------------------------------------------------------- Parts ID Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Kroll Restructuring Administration LLC as its claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtors' Chapter 11 cases. The firm's hourly rates are: Claim and Noticing Analyst $30 - $60 per hour Technology Consultant $35 - $110 per hour Consultant/Senior Consultant $65 - $195 per hour Director $175 - $245 per hour Solicitation, Balloting and Tabulation Solicitation Consultant $220 per hour Director of Solicitation $245 per hour Prior to the petition date, the Debtors provided Kroll an advance in the amount of $50,000. Benjamin Steele, managing director at Kroll, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Benjamin J. Steele Kroll Restructuring Administration LLC 55 East 52nd Street, 17th Floor New York, NY 10055 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. PARTS ID: Jan. 8 Deadline Set for Panel Questionnaires ------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of PARTS iD Inc. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at http://tinyurl.com/2ch8f4uvand return by email it to Linda Casey - Linda.Casey@usoj.gov - at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Jan. 8, 2024. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. 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. PARTS ID: Taps Arkady Goldinstein of SRV Partners as Interim CFO ---------------------------------------------------------------- Parts ID Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ SRV Partners, LLC to provide provide additional staff and designate Arkady A. Goldinstein as interim chief financial officer. The Interim CFO and additional personnel's duties include: (a) undertaking an evaluation of the Debtors' current financial condition; (b) overseeing and assisting in developing and managing a cash flow forecast; (c) participating in defining the Debtors' strategic alternatives with respect to a restructuring and operational turnaround; (d) participating in defining cost reductions and operations improvement opportunities; (e) negotiating with creditors of the Debtors; and (f) performing such other activities as the Debtors determine are necessary and consistent with the fiduciary duties of officers of the Debtors. The current standard full-time equivalent monthly rates for the SRVP Engagement Personnel anticipated to be assigned to this case are as follows: Managing Directors $60,000 - $80,000 Directors $45,000 - $60,000 Associates $30,000 - $45,000 The agreed upon monthly rate for the service of the Interim CFO on this engagement is $50,000 per month. In addition to the monthly fees, the Engagement Agreement provides for a success fee of $200,000 upon a successful consummation of a chapter 11 plan of reorganization. As of the Petition Date, SRVP holds an evergreen retainer of $122,500. Arkady Goldinstein, managing director at SRV Partners, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Arkady A. Goldinstein SRV Partners, LLC 50 Tice Blvd, Suite 340 Woodcliff Lake, NJ 07677 Telephone: (201) 490-1107 Email: agoldinstein@srv-partners.com 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. PETERSON REAL ESTATE: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Peterson Real Estate LLC 2980 S. Galapago St. Englewood, CO 80110 Business Description: The Debtor is Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: January 5, 2024 Court: United States Bankruptcy Court District of Colorado Case No.: 24-10045 Debtor's Counsel: Aaron J. Conrardy, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Email: aconrardy@wgwc-law.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by James Peterson 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/MF2IZ4Y/Peterson_Real_Estate_LLC__cobke-24-10045__0001.0.pdf?mcid=tGE4TAMA PH BEAUTY: $70MM Bank Debt Trades at 18% Discount ------------------------------------------------- Participations in a syndicated loan under which PH Beauty Holdings III Inc is a borrower were trading in the secondary market around 82.2 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $70 million facility is a Term loan that is scheduled to mature on September 28, 2026. The amount is fully drawn and outstanding. PH Beauty is a designer of cosmetic accessories, bath accessories, sunless tanning and facial skin care products. Key brands include Real Techniques, EcoTools, Freeman, Tan-luxe, Isle of Paradise,anologist, and BYOMA. Yellow Wood Partners acquired the company in 2017 and the company acquired Paris Presents in 2018. POLAR US: $1.48BB Bank Debt Trades at 33% Discount -------------------------------------------------- Participations in a syndicated loan under which Polar US Borrower LLC is a borrower were trading in the secondary market around 67.2 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.48 billion facility is a Term loan that is scheduled to mature on October 15, 2025. About $1.36 billion of the loan is withdrawn and outstanding. Polar US Borrower, LLC is the pass-through entity of ultimate parent, SK Blue Holdings, LP, an affiliate of private investment firm, SK Capital Partners. SI Group manufactures performance additives for use in polymer, rubber, lubricants, fuels, adhesives applications, surfactants in addition to some specialty chemicals. PRECIPIO INC: Christina Valauri Joins Board of Directors -------------------------------------------------------- Precipio, Inc. welcomed Christina Valauri to its board of directors effective Jan 1st, 2024. Ms. Valauri is joining Precipio's Board to support management's understanding of and interaction with the capital markets, as the Company looks towards 2024 to be an important period for its company from both a business growth, and financial perspective. Ms. Valauri brings a 30-year proven track record as a senior healthcare analyst and has held leadership roles that include US and Global Head of Equity Research and managing director at Cantor Fitzgerald, and senior equity research management roles at firms including ING, Credit Lyonnais (acquired by Credit Agricole), and Natixis. She has been recognized by The Wall Street Journal's "Best on The Street" All-Star Analyst Survey and has received the Award for Excellence in Medical Education Public Affairs - Association of American Medical Colleges. Ms. Valauri is the founding partner and CEO of Sagestone Advisory, LLC. Her background in equity securities research has provided a deep base of experience in pharmaceutical, biotech, and med-tech companies. She has extensive experience identifying and analyzing the commercial potential of breakthrough innovations, as well as mentoring and advising C-suite teams of private and public early-stage healthcare companies through product development, regulatory, go-to-market strategies, potential mergers and acquisitions, and IPOs. Ms. Valauri currently serves as an Entrepreneur In Residence at Weill Cornell Medicine BioVenture eLab where she applies her skills and experience in life sciences and business to support the organization's mission to foster an entrepreneurial ecosystem related to the innovations of researchers, and clinicians. Ms. Valauri earned her BA in Biology from Reed College and an MBA from Cornell University. "As we continue to execute on our goals, and increase our interaction with the public markets, it's incredibly helpful to have someone like Christina who knows what the investor audiences are looking to see in an early stage growth company," said Ilan Danieli, Precipio's CEO. "In the few months that I have had the pleasure of getting to know Christina, she has already dramatically contributed to our knowledge and understanding of what drives the conversion of a company's business success to an increase in shareholder value. We are fortunate to have her join our board." After serving on Precipio's board of directors for 6 years, Douglas Fisher M.D. is stepping off the board to maintain a board of 7 directors and will remain as an observer moving forward. "Although Doug is formally stepping down as a director, I am delighted that our relationship with him is not ending," said Ilan Danieli, CEO. "Doug has played an integral role in the company's leadership; his combination of medicine and business education, and his experience in early stage and public companies has and will continue to be invaluable to the company." "I'm excited about Precipio's prospects moving forward, and Ms. Valauri brings excellent experience to help accelerate our interactions with public market investors. I'm looking forward to continuing to support the company moving forward," said Doug Fisher, MD. As a non-employee director, Ms. Valauri will be compensated for service under the Company's policy for non-employee director compensation. In connection with her election and pursuant to the Company's 2017 Stock Option and Incentive Plan, as amended, the Company granted Ms. Valauri stock options to purchase an aggregate of 103 and 259 shares, respectively, of the Company's common stock, par value $0.01 per share, each at an exercise price per share equal to the closing price of the Company's Common Stock on Jan. 2, 2024. The Option to purchase 103 shares shall vest equally on a monthly basis over a twelve-month period commencing on the Grant Date, and the Option to purchase 259 shares shall vest equally on a monthly basis over a thirty-six-month period commencing on the Grant Date. About Precipio Omaha, Nebraska-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com-- is a healthcare solutions company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. Precipio reported a net loss of $12.18 million in 2022, and a net loss of $8.52 million in 2021. As of Dec. 31, 2022, the Company had $21.50 million in total assets, $5.14 million in total liabilities, and $16.37 million in total stockholders' equity. In its Quarterly Report for the three months ended Sept. 30, 2023, Precipio disclosed substantial doubt about the Company's ability to continue as a going concern for the next twelve months from the date the condensed consolidated financial statements were issued. The Company said there can be no assurance that it will be able to successfully achieve its initiatives in order to continue as a going concern over the next twelve months from the date of issuance of the Quarterly Report. PROTERRA INC: Julian Soell Steps Down as COO -------------------------------------------- Proterra, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Julian Soell, the Company's Chief Operating Officer, resigned from his position effective as of March 15, 2024. In connection with his resignation, Mr. Soell did not express any disagreement on any matter relating to the Company's operations, policies or practices. About Proterra Inc. Proterra Inc.'s business involves designing, manufacturing, and selling electric transit buses and components, batteries, and electric drive trains, and providing and selling related products and services. Proterra Inc. and Proterra Operating Company, Inc., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11120) on August 7, 2023. In the petition filed by Gareth T. Joyce, chief executive officer, the Debtor reported total assets as of June 30, 2023 amounting to $818,773,679 and total debt as of June 30, 2023 of $609,498,207. The Honorable Bankruptcy Judge Brendan Linehan Shannon handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP, as counsel; FTI Consulting, Inc., as financial advisor; Moelis & Company, LLC, as investment banker; and Slaughter and May as special corporate counsel. Kurtzman Carson Consultants LLC is the claims agent. READYMAX INC: Seeks to Tap Darby Law Practice as Bankruptcy Counsel ------------------------------------------------------------------- ReadyMax, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Darby Law Practice, Ltd. as its bankruptcy counsel. The Debtor requires legal counsel to: (a) give advice regarding the rights, powers and duties of the Debtor in the continued operation of its business and management of its properties; (b) take all necessary action to protect and preserve the Debtor's estate; (c) prepare legal papers; (d) attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; (e) appear before the court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; (f) pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and (g) perform all other necessary legal services. The Debtor paid Darby Law Practice a retainer fee in the amount of $15,000. The hourly rate for the firm's professionals is $500. Kevin Darby, Esq., an attorney at Darby Law Practice, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 Email: kevin@darbylawpractice.com About ReadyMax Inc. ReadyMax, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 23-50969) on Dec. 22, 2023, with $498,913 in assets and $3,462,957 in liabilities. James E. Duffy, president, signed the petition. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd., represents the Debtor as bankruptcy counsel. RESOLUTE INVESTMENT: S&P Upgrades ICR to 'B', Outlook Stable ------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on Resolute Investment Managers Inc. (Resolute) to 'B' from 'D' (default). S&P also assigned a 'B' issue-level rating and '3' recovery rating (50%-70%; rounded estimate 60%) to its new $350 million first-lien term loan due in April 2027. The stable outlook reflects S&P's expectation that the company will maintain stable operating performance and work towards reducing leverage under its new capital and ownership structures. Rating Action Rationale The 'B' rating reflects Resolute's small assets under management (AUM) base and mixed investment performance, balanced by strong margins which support above-average profitability. We expect Resolute to maintain leverage of less than 5.0x going forward, and liquidity to remain adequate. The company announced that it completed the exchange of its $535 million first-lien term loan due April 2024 for a new first-lien term loan of $350 million due in April 2027, and 86.5% common equity interest in Resolute. At the same time, the company announced that it completed its 100% exchange of its $89 million second-lien term loan into the remaining common equity interest (13.5%) in Resolute. S&P said, "We now view Resolute's capital structure as more sustainable following the completion of its debt restructuring. Through restructuring, Resolute reduced its total debt by $274 million or 44%, and extended the maturity on its remaining debt by about three years. In doing so, the company substantially increased its financial flexibility and mitigated near-term default risk. We expect Resolute to maintain stable operating performance, and through the transaction we expect pro-forma leverage as measured by adjusted-debt-to-EBITDA to be around 4.5x, down from 7.7x as of Dec. 31, 2022." RITE AID: Committee Taps Freres & Co. LLC as Investment Banker -------------------------------------------------------------- The official committee of unsecured creditors of Rite Aid Corporation and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Freres & Co. LLC as its investment banker. The firm will render these services: a. review and analyze the business, operations, liquidity, assets and liabilities, financial condition and prospects of the Debtors; b. review, analyze, monitor and advise the Committee with respect to a sale process of all or a portion of the Debtors' assets or securities; c. review and analyze the Debtors' business plan, financial projections, and forecasts; d. evaluate the Debtors' debt capacity in light of its projected cash flows; e. review and provide an analysis of any proposed capital structure for the Debtors; f. provide a valuation analysis of the Debtors or their businesses, or review an analysis of any valuation of the Debtors or their assets prepared by a third party, including, without limitation, the Debtors and their advisors; g. advise and attend meetings of the Committee as well as meetings with the Debtors or other third parties as appropriate in connection with the matters set forth therein the Engagement Letter; h. advise and assist the Committee in evaluating the financial aspects of any potential financing by the Debtors; i. review, analyze, and advise the Committee with respect to the existing debt structures of the Debtors, and potential refinancing alternatives for existing debt; j. advise and assist the Committee in evaluating the financial aspects of any potential DIP loans or other financing by the Debtors; k. advise and assist the Committee in raising and evaluating alternative DIP financings; l. advise and assist the Committee in analyzing strategic alternatives potentially available to the Debtors; m. review and provide an analysis of any restructuring plan proposed by any party; n. review and provide an analysis of any new securities, other consideration or other inducements to be offered and/or issued under a Plan or otherwise; o. advise the Committee on tactics and strategies and/or participate in negotiations with the Debtors and other stakeholders; p. provide testimony and expert reports, as necessary, with respect to matters on which Lazard has been engaged to advise the Committee in any proceeding before the Court; q. review and evaluate any bids or offers for the purchase of all or a portion of the Debtors' assets or securities; and r. provide the Committee with other financial restructuring services related to the Debtors as the Committee may from time to time reasonably request. The firm will be compensated as follows: a. Monthly Fee: The Debtors shall pay Lazard a monthly fee of $175,000 for each month of Lazard's engagement, payable in accordance with any applicable orders of the Court. Fifty percent (50) of all Monthly Fees paid to Lazard in excess of $700,000 shall be credited (without duplication) against any Restructuring Fee subsequently payable. b. Restructuring Fee: The Debtors shall pay Lazard a $6,000,000 fee, payable upon consummation of any Restructuring. c. Expense Reimbursement: In addition to the Monthly Fee and the Restructuring Fee, and any other fees that may be payable to Lazard, and regardless of whether any Restructuring occurs, the Debtors shall promptly reimburse Lazard for all reasonable and documented expenses (including reasonable and documented fees and expenses of counsel, if any), travel and lodging, data processing and communications charges, courier services and other expenditures incurred in connection with, or arising out of Lazard's activities under or contemplated by the engagement set forth in the Engagement Letter. Tyler Cowan, a managing director at Lazard Freres & Co., disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tyler W. Cowan Lazard Freres & Co. LLC 30 Rockefeller Plaza New York, NY 10112 Telephone: (212) 632-6000 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 Restructuring 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. RITE AID: Committee Taps Kelley Drye & Warren as Co-Counsel ----------------------------------------------------------- The official committee of unsecured creditors of Rite Aid Corporation and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Kelley Drye & Warren LLP as its co-counsel. The firm will render these services: (a) advise the Committee with respect to New Jersey local rules and procedures, including with respect to preparation, filing, and service of pleadings and Court appearances; (b) appear before this Court, and any other federal, state or appellate court on behalf of the Committee; (c) prepare, on behalf of the Committee, any pleadings, including motions, memoranda, complaints, objections, and responses to any of the foregoing; (d) advise the Committee with respect to its rights, duties and powers in these chapter 11 cases; (e) assist and advise the Committee in its consultations with other parties in connection with the administration of these chapter 11 cases; (f) assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors; (g) assist the Committee in connection with the proposed sale process and plan; (h) assist the Committee in analyzing the claims of the Debtors' creditors; (i) assist and advise the Committee with respect to real estate and retail issues, including landlord rights related to the proposed sale and plan processes, rejection and assumption of leases, store closing sales, subtenancy and surrender of premises, and lease negotiations; (j) advise and represent the Committee in connection with matters generally arising in these chapter 11 cases; and (k) perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these hourly rates: 2023 Rates 2024 Rates Partners $705 to $1,245 $800 to $1,375 Special Counsel $585 to $840 $665 to $975 Associates $435 to $805 $530 to $870 Paraprofessionals $200 to $365 $290 to $375 In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the Appendix B Guidelines. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Kelley Drye did not represent the Committee in the 12 months prepetition. Kelley Drye has represented other committees in the 12 months prepetition in other bankruptcy cases. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period. Answer: Yes, for the period of Nov. 6, 2023 through Jan. 31, 2024. Robert LeHane, Esq., a partner at Kelley Drye & Warren, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: James S. Carr, Esq. Robert L. LeHane, Esq. Kristin S. Elliott, Esq. KELLEY DRYE & WARREN LLP One Jefferson Road, 2nd Floor Parsippany, NJ 07054 Tel: (973) 503-5900 Fax: (973) 503-5950 Email: jcarr@kelleydrye.com rlehane@kelleydrye.com kelliott@kelleydrye.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 Restructuring 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. ROOFING DESIGNS: Continued Operations to Fund Plan -------------------------------------------------- Roofing Designs by JR, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated January 2, 2024. The Debtor was formed in 2016. The Debtor had been concentrating larger commercial projects mainly in Houston, Texas. The Debtor began embroiled in a dispute over a large job and was not paid several hundred thousand dollars. As a result, the Debtor was forced into costly litigation which destroyed the Debtor business. The Debtor relocated its operations to North Texas and began to re-start its business. The Debtor has been forced into residential roofing and assisting appraisals into order to keep the doors open. The bankruptcy was filed to deal with all Debtor's old debts while moving forward in its new operations. The Debtor is currently owned 100% by Chynethia Gragg. After confirmation the ownership will remain the same. The Debtor filed this case on October 4, 2023 and has been able to continue operations. The Debtor believes that the business is starting to gain traction in its new location. Based upon the projections, the Debtor believes it can service the debt to the creditors. Class 5 consists of Allowed Unsecured Creditors. All unsecured creditors shall share pro rata in the unsecured creditors pool. The Debtor shall make monthly payments commencing 30 days after the effective date of $500 into the unsecured creditors' pool. The Debtor shall make distributions to the Class 11 creditors every 90 days commencing 90 days after the first payment into the unsecured creditors pool. The Debtor shall make 36 payments into the unsecured creditors pool. The Class 11 creditors are impaired under this Plan. The allowed unsecured claims total $500,000 and will receive a distribution of 8%. The current owner will receive no payments under the Plan, however, she will be allowed to retain her ownership in the Debtor. Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated Jan. 2, 2024 is available at https://urlcurt.com/u?l=u74vcY from PacerMonitor.com at no charge. Proposed Attorneys for Debtor: Eric A. Liepins, Esq. ERIC A. LIEPINS, PC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 Fax: (972) 991-5788 Email: eric@ealpc.com About Roofing Designs Roofing Designs by JR, LLC, had been concentrating larger commercial projects mainly in Houston, Texas. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-32275) on Oct. 4, 2023, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Eric A. Liepins, Esq., at Eric A. Liepins, P.C., is the Debtor's legal counsel. ROOFING DESIGNS: Seeks to Hire Martin Averill as Special Counsel ---------------------------------------------------------------- Roofing Designs by JR, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Martin Averill, a Dallas contract and property law lawyer, as its special counsel. Mr. Averill will provide legal assistance, specifically to pursue claims the Debtor has against third parties for monies owed the estate. Mr. Averill will charge $500 per hour his services. Mr. Averill requires a retainer of $15,000, and $5,000 of that retainer was already paid by the Debtor prior to this proceeding being filed. The additional $10,000 will be paid upon approval of the application. Mr. Averill disclosed in the court filings that he is a "disinterested person" within the meaning of 11 U.S.C. 101(14). Mr. Averill can be reached at: Martin Averill, Esq. 12610 Jupiter Rd Apt 1410 Dallas, TX 75238-3960 Phone: (214) 991-6367 About Roofing Designs by JR, LLC Roofing Designs by JR, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 23-32275) on October 4, 2023, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Eric A. Liepins, Esq. SAMIA TAXI: Business Income to Fund Plan Payments ------------------------------------------------- Samia Taxi, LLC, filed with the U.S. Bankruptcy Court for the Southern District of New York an Amended Subchapter V Plan dated January 2, 2024. The Debtor is a corporation that operates a taxicab with the referenced taxi medallion, #4W27. The Debtor is located at 1565 Odell Street, Bronx, New York 10462. The Action stems from a dramatic decline in the value of the taxi medallions, which constituted the collateral of the New York Community Bank loan. Furthermore, the COVID-19 Pandemic exacerbated an already declining market and decimated the Yellow Taxi-Cab industry. The Debtor filed this Sub Chapter V Chapter 11 Bankruptcy case on October 2, 2023, in order to reach fair and equitable, feasible terms of settlement within the context of a Sub Chapter V Chapter 11 Plan of Reorganization. The Debtor is utilizing the income generated from the business and the adequate protection payment to fund the Plan. The Plan Proponent's financial projections show that the Debtor will have projected disposable income in the amount of $100,000.00 to fully perform the terms of this plan. The Debtor intends to implement the Plan with funding from cash on hand and/or future operations. This Plan of Reorganization proposes to pay creditors of the Debtor the value of the medallion, using the income generated from the business in accordance with the terms of the plan. Non-priority unsecured creditors holding allowed claims will not receive distributions, which the proponent of this Plan has valued at approximately zero cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 1 shall consist of secured claim of the creditor, of New York Community Bank, in the amount of $100,000.00. The Debtor is retaining the medallion #4W27 paying the Class I claimant in full satisfaction of Debtor's secured obligations under the claim. Class 2 shall consist of all priority unsecured claims allowed under Section 502 of the Code which consists of one proof of claim filed by New York City Department of Finance in the amount of $3846.94. This claim shall receive 100% treatment over the term of 60 months, in equal monthly payments of $250.00, commencing on the effective date of the plan. Class 3 shall consist of all unsecured claims under Section 502 of the Code, which consists of two claims: 1) filed by Mega Funding Corp. in the amount of $72312.86 that will be reclassified in accordance with the motion the Debtor will file. Mega Funding Corp. is impaired by the Plan and is entitled to vote to accept or reject the plan. This claim shall receive .003% treatment over the term of 36 months, in equal monthly payments of $10.00, commencing on the plan's effective date; 2) Small Business Administration ("SBA") in the amount of $116372.30 which will be repaid in accordance with the original terms. The SBA is unimpaired by the Plan; therefore, the SBA is not entitled to vote to accept or reject the plan. Class 4 shall consist of the Interest Holder which will retain their interests in the Debtor. Class 4 is impaired by the Plan and is entitled to vote to accept or reject the plan. The funds required for confirmation and the payment of claims required to be paid on the Effective Date, shall be provided by the Debtor and the Reorganized Debtor from the Debtor's employment as a taxicab driver, commencing on the effective date of the plan. A full-text copy of the Amended Subchapter V Plan dated January 2, 2024 is available at https://urlcurt.com/u?l=3fQ5MN from PacerMonitor.com at no charge. Attorney for the Debtor: Thomas A. Farinella, Esq. Law Office of Thomas A. Farinella, PC 260 Madison Avenue, 8th Floor New York, NY 10016 Telephone: (917) 319-8579 Email: tf@lawtaf.com About Samia Taxi LLC Samia Taxi, LLC, is a corporation that operates a taxicab with the referenced taxi medallion, #4W27. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-11581) on Oct. 2, 2023. In the petition signed by Mohammad S. Hossain, principal, the Debtor disclosed under $1 million in both assets and liabilities. The Law Office of Thomas A. Farinella, PC, serves as the Debtor's counsel. SHUTTERFLY FINANCE: $968.9MM Bank Debt Trades at 28% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Shutterfly Finance LLC is a borrower were trading in the secondary market around 72.2 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $968.9 million facility is a Pik Term loan that is scheduled to mature on October 1, 2027. About $959.2 million of the loan is withdrawn and outstanding. Shutterfly, LLC is an American photography, photography products, and image sharing company, headquartered in Redwood City, California. SOUTHERN DRILL: Fine-Tunes Plan Documents ----------------------------------------- Southern Drill Supply-Acquisition, LLC, submitted a First Amended Subchapter V Plan of Reorganization dated January 2, 2024. Debtor is an outdoor power equipment and Horizontal Directional Drilling ("HDD") supplier in the north Gulfport, MS and surrounding areas. Leading up to the bankruptcy, Wells Fargo Bank, National Association filed a Complaint in Replevin and for Other Relief against Debtor seeking issuance of a Writ of Replevin to seize and take possession of Debtors Assets (Case Number D2401-23-447, Harrison County, Mississippi). This matter is stayed. Debtor filed its Chapter 1l Petition to maintain its operations and implement a reorganization plan to allow for continued operations, payment of creditors, and prosecution of the litigation to garner the collection of monetary damages to pay the remaining debt to Wells Fargo/Small Business Administration. Class 5 consists of Claims of General Unsecured Creditors. The Class 5 Unsecured Creditors Class shall receive payments unless otherwise provided in this Plan via funds paid into the Creditors Fund by the Debtor. Sums not specifically disbursed to a secured creditor under this Plan, shall be used to pay the following claims on a pro rata basis to allow general unsecured claims. No class 5 Unsecured Claim shall be allowed to the extent that it is for interest or other similar charges other than as otherwise specifically and expressly provided herein. Class 5 General Unsecured Creditors include Wells Fargo (POC 5) ($5,986.97); LaRent Equipment, Inc. and LaRent of MS, LLC (POC 6) ($112,636.58); Bill Gibson ($37,500.00); Lisa Lyons ($37,500.00); and PNC Bank ($6,207.35). Class 6 consists of the Secured Claim of the Department of Treasury - Internal Revenue Service in the amount of $11.78. This Class will be paid in full upon the confirmation of this Plan. Payments to creditors shall be made from disposable income received by the Debtor in the operation of its ongoing business operations, from cash on hand, from liquidation of existing assets and/or recovery of claims, avoidance actions or rights of action, and the SDS Lawsuit Payment. The Debtor Plan Payment is comprised of all of the projected disposable income of the Debtor to be disbursed as (a) payments made to the Holders of Allowed Administrative Expense Claims, Professional Fee Claims, Priority Tax Claims, and Administrative Convenience Claims or any other payments that may be due on the Effective Date on or as soon as practicable after the Effective Date, (b) payments made to the holders of allowed Secured Claims, and (c) payments made to fund the Unsecured Creditor Fund. The source of payments to fund the Unsecured Creditor Fund will be held and disbursed in accordance with the terms of Class 5 of this Plan. A full-text copy of the First Amended Plan dated January 2, 2024 is available at https://urlcurt.com/u?l=eElRwl from PacerMonitor.com at no charge. Attorney for Debtor: Todd M. LaDouceur, Esq. GALLOWAY, JOHNSON, TOMPKINS, BURR & SMITH 21 East Garden Street 1st Floor Pensacola, FL 32502 Tel: (850) 436-7000 Fax: (850) 436-7099 Email: tladouceur@gallowaylawfirm.com About Southern Drill Supply-Acquisition Southern Drill Supply-Acquisition LLC is a professional and commercial equipment and supplies merchant wholesaler. Southern Drill Supply-Acquisition sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-30452) on July 3, 2023. In the petition filed by William Shearer, as managing member, the Debtor reported assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Todd M. LaDouceur, Esq., and Todd M. LaDouceur, P.A., at Galloway Law Firm, is the Debtor's counsel. SPRINT BIDCO: EUR700MM Bank Debt Trades at 24% Discount ------------------------------------------------------- Participations in a syndicated loan under which Sprint Bidco BV is a borrower were trading in the secondary market around 76.3 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR700 million facility is a Term loan that is scheduled to mature on September 16, 2029. The amount is fully drawn and outstanding. Sprint Bidco B.V. is a special purpose vehicle that owns the Dutch-based bicycle company Accell. STERETT COMPANIES: Committee Taps Dentons Bingham as Counsel ------------------------------------------------------------ The official committee of unsecured creditors of Sterett Companies, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Dentons Bingham Greenebaum LLP as its counsel. The firm will render these services: a. advise the Committee with respect to its rights, duties and powers in this case; b. assist and advise the Committee in its consultations with the Debtors relating to the administration of these chapter 11 cases; c. assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with the holders of claims and, if appropriate, equity interests; d. assist the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and other parties involved with the Debtors, and of the operation of the Debtors' business; e. assist the Committee in its analysis of, and negotiations with the Debtors or any other third party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and executory contracts, asset dispositions, financing transactions and the terms of a plan of reorganization or liquidation for the Debtors; f. assist and advise the Committee as to its communications, if any, to the general creditor body regarding significant matters in this case; g. represent the Committee at all hearings and other proceedings; h. review, analyze, and advise the Committee with respect to applications, orders, statements of operations and schedules filed with the Court; i. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; and j. perform such other services as may be required and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these rates: James R. Irving, Esq. $550 April A. Wimberg, Esq. $415 Associates $200 - $300 The firm aims for a blended hourly rate across the attorneys working on this matter of approximately $365 per hour. James Irving, Esq., a partner at Dentons, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James R. Irving, Esq. April A. Wimberg, Esq. Gina M. Young, Esq. Ashley A. Brown, Esq. DENTONS BINGHAM GREENEBAUM LLP 3500 PNC Tower 101 South Fifth Street Louisville, KY 40202 Telephone: (502) 587-3606 Email: james.irving@dentons.com april.wimberg@dentons.com gina.young@dentons.com ashley.brown@dentons.com About Sterett Companies, LLC Sterett Companies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 23-40625) on October 27, 2023. In the petition signed by William L. Sterett, III, CEO, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. Judge Charles R. Merrill oversees the case. Neil C. Bordy, Esq., at Seiller Waterman LLC, represents the Debtor as legal counsel. STERETT COMPANIES: Taps Comprehensive Business Solution as Advisor ------------------------------------------------------------------ Sterett Companies, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Comprehensive Business Solutions as its financial advisor. The firm will render these services: (a) review and summarize historical financials; (b) prepare 2024 profit and loss statements and cash flow forecasts; (c) compile a liquidation analysis; (d) oversee and comply with the United States Trustee's reporting requirements; (e) assist with developing a plan of reorganization; (f) perform other financial analysis as needed to comply with the Engagement Letter; and (g) any additional services as requested from time to time by the Debtors and agreed to by CBS. The Debtors will pay CBS a retainer of $18,000. The fee structure is as follows: (a) Consulting Fee: $15,500 paid monthly (b) Travel Expenses: In-person travel to Owensboro billed at $350 per trip. Mike Hublar, owner of CBS, disclosed in a court filing that he is "disinterested" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mike Hublar Comprehensive Business Solutions 3003 Wolf Lair Court New Albany, IN 47150 About Sterett Companies, LLC Sterett Companies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 23-40625) on October 27, 2023. In the petition signed by William L. Sterett, III, CEO, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. Judge Charles R. Merrill oversees the case. Neil C. Bordy, Esq., at Seiller Waterman LLC, represents the Debtor as legal counsel. STRATEGIC MATERIALS: Hires Wachtell Lipton Rosen as Co-Counsel -------------------------------------------------------------- Strategic Materials, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Wachtell, Lipton, Rosen & Katz as co-counsel. The firm's services include: a. advising the Debtors with respect to their powers and duties as debtors in possession, including corporate governance and board matters; and b. advising the Debtors with respect to all financing matters, including debtor-in-possession financing and any exit financing required to emerge from chapter 11. The firm will be paid at these rates: Partners/Of Counsels $1,450 to $1,800 per hour Associates $700 to $975 per hour Paralegals $350 to $475 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joshua Feltman,, Esq., of counsel at Wachtell, Lipton, Rosen & Katz, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joshua A. Feltman,, Esq. WACHTELL, LIPTON, ROSEN & KATZ 51 West 52nd Street New York, NY 10019 Telephone: (212) 403-1109 Facsimile: (212) 403-2109 Email: JAFeltman@wlrk.com About Strategic Materials With over a 125-year history, Strategic Materials, Inc. -- http://www.smi.com/-- is North America's most comprehensive glass recycler, with nearly 50 locations in the United States, Canada, and Mexico. The company continues to be focused on passionate advocacy, operational excellence, and collaborative partnership. SMI is a trusted partner to cleaner, more efficient glass production, providing customers and suppliers with economical and environmentally viable products and solutions for reuse of waste streams. Strategic Materials and 15 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90907) on Dec. 4, 2023 . SMI estimated assets of $100 million to $500 million and debt of $500 million to $1 billion as of the bankruptcy filing. The Hon. Christopher M. Lopez is the case judge. Strategic Materials is being advised by Moelis & Company, LLC as investment banker, Alvarez & Marsal, as restructuring advisor, and Vinson & Elkins LLP and Wachtell, Lipton, Rosen & Katz as legal counsel. Kroll is the claims agent. STRATEGIC MATERIALS: Seeks to Hire Vinson & Elkins as Co-Counsel ---------------------------------------------------------------- Strategic Materials, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Vinson & Elkins LLP as its co-counsel. The firm will render these services: a. provide legal advice with respect to the Debtors' powers and duties as debtors in possession in the operation of their businesses and the management of bankruptcy estate property; b. prepare all necessary motions, answers, orders, reports, and other legal papers on the Debtors' behalf in connection with the administration of their bankruptcy estates; c. advise the Debtors regarding tax matters; d. analyze proofs of claim that may be filed against the Debtors and potential objections to such claims; e. analyze certain executory contracts and unexpired leases and potential assumptions, assignments, or rejections of such contracts and leases; f. advise the Debtors with respect to corporate and certain litigation matters, including discovery requests, and matters related to the Bankruptcy Code's automatic stay as well as compliance with non-bankruptcy law; g. consult with the United States Trustee for the Southern District of Texas, any official committee of unsecured creditors appointed in the chapter 11 cases, any other committees that may be appointed in these chapter 11 cases, and all other creditors and parties in interest concerning the administration of these chapter 11 cases; h. take action on the Debtors' behalf to obtain approval of a disclosure statement and confirmation of a chapter 11 plan; and i. provide representation and all other legal services required by the Debtors in discharging their duties as debtors in possession or otherwise in connection with these chapter 11 cases. The firm will be paid at these rates: Attorneys $730 to $1,920 per hour Paraprofessionals $420 per hour The Debtors paid Vinson & Elkins $350,000 as an "advance payment retainer". In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: Vinson & Elkin will use the same hourly rates for services rendered on behalf of the Debtors during the pendency of these chapter 11 cases as it used during the 12 months prior to the Petition Date, subject to an upward hourly rate adjustment effective as of Jan. 1, 2024, Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Yes, the Debtors have approved Vinson & Elkin's prospective budget and staffing plan for the period from Dec. 4, 2023 through the projected end of the Chapter 11 Cases. Paul Heath, a partner at Vinson & Elkins LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul E. Heath, Esq. VINSON & ELKINS 845 Texas Avenue, Suite 4700 Houston, TX 77002 Telephone: (713) 758-3313 Facsimile: (713) 615-5056 Email: pheath@velaw.com About Strategic Materials With over a 125-year history, Strategic Materials, Inc. -- http://www.smi.com/-- is North America's most comprehensive glass recycler, with nearly 50 locations in the United States, Canada, and Mexico. The company continues to be focused on passionate advocacy, operational excellence, and collaborative partnership. SMI is a trusted partner to cleaner, more efficient glass production, providing customers and suppliers with economical and environmentally viable products and solutions for reuse of waste streams. Strategic Materials and 15 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90907) on Dec. 4, 2023, . SMI estimated assets of $100 million to $500 million and debt of $500 million to $1 billion as of the bankruptcy filing. The Hon. Christopher M. Lopez is the case judge. Strategic Materials is being advised by Moelis & Company, LLC as investment banker, Alvarez & Marsal, as restructuring advisor, and Vinson & Elkins LLP and Wachtell, Lipton, Rosen & Katz as legal counsel. Kroll is the claims agent. STRATEGIC MATERIALS: Taps Alvarez & Marsal as Restructuring Advisor ------------------------------------------------------------------- Strategic Materials, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Alvarez & Marsal North America, LLC as its restructuring advisor. The firm's services include: a. assistance with financial and liquidity forecasting, including but not limited to the development of a 13-week cash flow and liquidity forecast; b. assistance with the identification of executory contracts and leases and performance of cost/benefit evaluations with respect to the affirmation or rejection of each; c. assistance to Debtors' management team and counsel focused on the coordination of resources related to the ongoing chapter 11 cases; d. assistance in the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursement analysis, analysis of various asset and liability accounts, and analysis of proposed transactions for which Court approval is sought; e. assistance in liquidity planning and vendor management as necessary to minimize cash burn and support vendor payments and negotiations; f. assistance in evaluating executive and board compensation arrangements and developing alternative compensation structures; g. provision of testimony before the Court or any other court, as applicable, with respect to financial and restructuring matters within the purview of A&M; h. assistance in the review and/or preparation of information and analysis necessary for the confirmation of a chapter 11 plan in these chapter 11 cases, including an assessment of liquidation analyses included therein; i. assistance in the preparation of financial-related disclosures required by the Court and performing such other services as required or directed by the Debtors, and agreed to by A&M, that is not duplicative of work others are performing for the Debtors; and j. provision of such other services as required or directed by the Debtors, and agreed to by A&M, that is not duplicative of work others are performing for the Debtors. The current hourly billing rates for the A&M Professionals are: Managing Directors $1,025 to $1,375 Directors $775 to $975 Analysts/Associates $425 to $775 A&M received $250,000 as a retainer. Ryan Leland Omohundro, managing director at Alvarez & Marsal, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan Leland Omohundro, CFA, CPA Alvarez & Marsal Holdings, LLC 2100 Ross Avenue,21st Floor Dallas, TX 75201 Phone: (214) 438-8446 Email: romohundro@alvarezandmarsal.com About Strategic Materials With over a 125-year history, Strategic Materials, Inc. -- http://www.smi.com/-- is North America's most comprehensive glass recycler, with nearly 50 locations in the United States, Canada, and Mexico. The company continues to be focused on passionate advocacy, operational excellence, and collaborative partnership. SMI is a trusted partner to cleaner, more efficient glass production, providing customers and suppliers with economical and environmentally viable products and solutions for reuse of waste streams. Strategic Materials and 15 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90907) on Dec. 4, 2023, . SMI estimated assets of $100 million to $500 million and debt of $500 million to $1 billion as of the bankruptcy filing. The Hon. Christopher M. Lopez is the case judge. Strategic Materials is being advised by Moelis & Company, LLC as investment banker, Alvarez & Marsal, as restructuring advisor, and Vinson & Elkins LLP and Wachtell, Lipton, Rosen & Katz as legal counsel. Kroll is the claims agent. TEAM HEALTH: Calamos CHI Marks $2.4MM Loan at 28% Discount ---------------------------------------------------------- Calamos Convertible Opportunities and Income Fund (Ticker: CHI) has marked its $2,374,245 loan extended to Team Health Holdings, Inc. to market at $1,716,045 or 72% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHI is a participant in a bank loan to Team Health Holdings, Inc. The loan accrues interest at a rate of 10.633% (3 mo. SOFR + 5.25%) per annum. The loan matures on March 2, 2027. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHI is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rate moves. Like all Calamos closed-end funds, the Fund invests in multiple asset classes and aims to provide a steady stream of distributions paid out monthly. Team Health Holdings, Inc. provides physician staffing and administrative services to hospitals and other healthcare providers in the U.S. TEAM HEALTH: Calamos CHY Marks $2.6MM Loan at 28% Off ----------------------------------------------------- Calamos Convertible and High Income Fund (Ticker: CHY) has marked its $2,585,863 loan extended to Team Health Holdings, Inc. to market at $1,868,998 or 72% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHY is a participant in a bank loan to Team Health Holdings, Inc. The loan accrues interest at a rate of 10.633% (3 mo. SOFR + 5.25%) per annum. The loan matures on March 2, 2027. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHY is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rates. Like all Calamos closed-end funds, CHY seeks to provide a steady stream of distributions paid out monthly and invests in multiple asset classes that may be reweighted in an effort to optimize returns. Team Health Holdings, Inc. provides physician staffing and administrative services to hospitals and other healthcare providers in the U.S. TEAM HEALTH: Calamos CSQ Marks $2.8MM Loan at 28% Discount ---------------------------------------------------------- Calamos Strategic Total Return Fund (Ticker: CSQ) has marked its $2,878,766 loan extended to Team Health Holdings, Inc. to market at $2,080,700 or 72% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CSQ is a participant in a bank loan to Team Health Holdings, Inc. The loan accrues interest at a rate of 10.633% (3 mo. SOFR + 5.25%) per annum. The loan matures on March 2, 2027. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CSQ is a total-return-oriented offering that seeks to provide a steady stream of income paid out monthly. It invests in a diversified portfolio of equities, convertible securities and high-yield bonds. The allocation to each asset class is dynamic and reflects its view of the economic landscape and the potential of individual securities to contribute to the portfolio. By using the asset classes in combination, it believes the Fund can be optimally positioned to generate capital gains and income over the long term. This broader range of security types also provides CSQ with increased opportunities to manage the risk and reward characteristics of the portfolio over full market cycles. Through this approach, it seeks to offer investors an attractive monthly distribution and equity participation. Team Health Holdings, Inc. provides physician staffing and administrative services to hospitals and other healthcare providers in the U.S. TELESAT CANADA: Calamos CCD Marks $140,000 Loan at 31% Off ---------------------------------------------------------- Calamos Dynamic Convertible and Income Fund (Ticker: CCD) has marked its $140,000 loan extended to Telesat Canada to market at $96,495 or 69% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CCD is a participant in a bank loan to Telesat Canada. The loan accrues interest at a rate of 8.434% (3 mon. SOFR+2.75%) per annum. The loan matures on December 7, 2026. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CCD is a total-return-oriented fund that seeks to provide steady income paid out monthly. It invests in a diversified portfolio of convertible and high-yield securities. The allocation to each asset class is dynamic and reflects its view of the economic landscape as well as the potential of individual securities. By combining asset classes, it believes the Fund is well positioned to generate capital gains and income over the long term. The dynamic allocation of security types also provides us with opportunities to manage the risk/reward characteristics of the portfolio over full market cycles. Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa. * * * As reported by the Troubled Company Reporter on Nov. 21, 2023, S&P Global Ratings raised its issuer credit rating on Telesat Canada to 'CCC+' from 'SD' (selective default). S&P Global Ratings also affirmed its 'D' (default) issue-level ratings on the company's senior secured notes, unsecured notes, and senior secured term loan. S&P believes additional near-term, below-par repurchases of these obligations are possible per the company's disclosure. The negative outlook reflects S&P's view that the company's capital structure is unsustainable, given declining EBITDA, eroding liquidity from upfront LEO investments, and difficult market conditions. This could lead to a debt restructuring. Telesat Canada repurchased part of its senior secured term loan B at a below-par value, which S&P considers a distressed exchange. TELESAT CANADA: Calamos CHI Marks $485,000 Loan at 31% Off ---------------------------------------------------------- Calamos Convertible Opportunities and Income Fund (Ticker: CHI) has marked its $485,000 loan extended to Telesat Canada to market at $334,286 or 69% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHI is a participant in a bank loan to Telesat Canada. The loan accrues interest at a rate of 8.434% (3 mon. SOFR+2.75%) per annum. The loan matures on December 7, 2026. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHI is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rate moves. Like all Calamos closed-end funds, the Fund invests in multiple asset classes and aims to provide a steady stream of distributions paid out monthly. Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa. * * * As reported by the Troubled Company Reporter on Nov. 21, 2023, S&P Global Ratings raised its issuer credit rating on Telesat Canada to 'CCC+' from 'SD' (selective default). S&P Global Ratings also affirmed its 'D' (default) issue-level ratings on the company's senior secured notes, unsecured notes, and senior secured term loan. S&P believes additional near-term, below-par repurchases of these obligations are possible per the company's disclosure. The negative outlook reflects S&P's view that the company's capital structure is unsustainable, given declining EBITDA, eroding liquidity from upfront LEO investments, and difficult market conditions. This could lead to a debt restructuring. Telesat Canada repurchased part of its senior secured term loan B at a below-par value, which S&P considers a distressed exchange. TELESAT CANADA: Calamos CHY Marks $525,000 Loan at 31% Off ---------------------------------------------------------- Calamos Convertible and High Income Fund (Ticker: CHY) has marked its $525,000 loan extended to Telesat Canada to market at $361,856 or 69% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHY is a participant in a bank loan to Telesat Canada. The loan accrues interest at a rate of 8.434% (3 mon. SOFR+2.75%) per annum. The loan matures on December 7, 2026. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHY is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rates. Like all Calamos closed-end funds, CHY seeks to provide a steady stream of distributions paid out monthly and invests in multiple asset classes that may be reweighted in an effort to optimize returns. Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa. * * * As reported by the Troubled Company Reporter on Nov. 21, 2023, S&P Global Ratings raised its issuer credit rating on Telesat Canada to 'CCC+' from 'SD' (selective default). S&P Global Ratings also affirmed its 'D' (default) issue-level ratings on the company's senior secured notes, unsecured notes, and senior secured term loan. S&P believes additional near-term, below-par repurchases of these obligations are possible per the company's disclosure. The negative outlook reflects S&P's view that the company's capital structure is unsustainable, given declining EBITDA, eroding liquidity from upfront LEO investments, and difficult market conditions. This could lead to a debt restructuring. Telesat Canada repurchased part of its senior secured term loan B at a below-par value, which S&P considers a distressed exchange. TELESAT CANADA: Calamos CSQ Marks $600,000 Loan at 31% Off ---------------------------------------------------------- Calamos Strategic Total Return Fund (Ticker: CSQ) has marked its $600,000 loan extended to Telesat Canada to market at $413,550 or 69% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CSQ is a participant in a bank loan to Telesat Canada. The loan accrues interest at a rate of 8.434% (3 mon. SOFR+2.75%) per annum. The loan matures on December 7, 2026. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CSQ is a total-return-oriented offering that seeks to provide a steady stream of income paid out monthly. It invests in a diversified portfolio of equities, convertible securities and high-yield bonds. The allocation to each asset class is dynamic and reflects its view of the economic landscape and the potential of individual securities to contribute to the portfolio. By using the asset classes in combination, it believes the Fund can be optimally positioned to generate capital gains and income over the long term. This broader range of security types also provides CSQ with increased opportunities to manage the risk and reward characteristics of the portfolio over full market cycles. Through this approach, it seeks to offer investors an attractive monthly distribution and equity participation. Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa. * * * As reported by the Troubled Company Reporter on Nov. 21, 2023, S&P Global Ratings raised its issuer credit rating on Telesat Canada to 'CCC+' from 'SD' (selective default). S&P Global Ratings also affirmed its 'D' (default) issue-level ratings on the company's senior secured notes, unsecured notes, and senior secured term loan. S&P believes additional near-term, below-par repurchases of these obligations are possible per the company's disclosure. The negative outlook reflects S&P's view that the company's capital structure is unsustainable, given declining EBITDA, eroding liquidity from upfront LEO investments, and difficult market conditions. This could lead to a debt restructuring. Telesat Canada repurchased part of its senior secured term loan B at a below-par value, which S&P considers a distressed exchange. THREE DELUNA: Seeks to Hire Accounting Concepts & Tax Service ------------------------------------------------------------- Three Deluna, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Accounting Concepts & Tax Service to provide bookkeeping and tax preparation services. For the monthly services, the Debtor proposes to pay Accounting Concepts an hourly rate of $125 per hour for bookkeeping. For preparation of the 2023 Federal Income Tax Return, the Debtor proposes to pay the firm a flat fee of $600. Gina Hayes, an accountant at Accounting Concepts, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Accounting Concepts can be reached at: Gena Hayes Accounting Concepts & Tax Service Pensacola, FL 32501 Phone: (850) 346-1836 About Three Deluna, LLC Three Deluna, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-30793) on Nov. 10, 2023, with $500,001 to $1 million in both assets and liabilities. Jodi Daniel Dubose, Esq., at Stichter Riedel Blain & Postler, P.A. represents the Debtor as legal counsel. TRINSEO MATERIALS: Calamos CHY Marks $507,000 Loan at 20% Off ------------------------------------------------------------- Calamos Convertible and High Income Fund (Ticker: CHY) has marked its $507,405 loan extended to Trinseo Materials Operating SCA to market at $405,259 or 80% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CHY is a participant in a bank loan to Trinseo Materials Operating SCA. The loan accrues interest at a rate of 7.939% (1 mo. SOFR + 2.50%) per annum. The loan matures on May 3, 2028. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CHY is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rates. Like all Calamos closed-end funds, the Fund seeks to provide a steady stream of distributions paid out monthly and invests in multiple asset classes that may be reweighted in an effort to optimize returns. About Trinseo Headquartered in Wayne, Pennsylvania, Trinseo plc (NYSE: TSE) -- https://www.trinseo.com/ -- is a producer of engineered materials, latex, and styrene-based plastics serving a variety of industrial and consumer end-markets. * * * In May 2023, S&P Global Ratings lowered its issuer credit rating on Trinseo PLC to 'CCC+' from 'B-'. S&P said, "The downgrade reflects that Trinseo has not yet addressed the upcoming maturity of its $661.7 million TLB, which becomes current in September, and that we anticipate weak 2023 earnings." In October 2023, S&P assigned its 'B' issue-level rating and '1′ recovery rating to Trinseo NA Finance SPV LLC's $1.077 billion first-lien senior secured term loan, used to refinance the entirety of the Company's outstanding term loan due September 2024 and $385 million of its existing $500 million senior notes due September 2025. The term loan and the senior notes were co-issued by subsidiaries Trinseo Materials Operating S.C.A. and Trinseo Materials Finance Inc. Trinseo NA Finance SPV LLC is a debt-issuing subsidiary of Trinseo PLC. All ratings on Trinseo PLC, including the 'CCC+' issuer credit rating, were unchanged. TRINSEO MATERIALS: Calamos CSQ Marks $596,000 Loan at 20% Off ------------------------------------------------------------- Calamos Strategic Total Return Fund (Ticker: CSQ) has marked its $596,947 loan extended to Trinseo Materials Operating SCA to market at $476,775 or 80% of the outstanding amount, as of October 31, 2023, according to a disclosure contained in Calamos' Form N-CSR report for the fiscal year ended October 31, 2023, filed with the Securities and Exchange Commission. CSQ is a participant in a bank loan to Trinseo Materials Operating SCA. The loan accrues interest at a rate of 7.939% (1 mo. SOFR + 2.50%) per annum. The loan matures on May 3, 2028. Calamos provides closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle. CSQ is a total-return-oriented offering that seeks to provide a steady stream of income paid out monthly. It invests in a diversified portfolio of equities, convertible securities and high-yield bonds. The allocation to each asset class is dynamic and reflects its view of the economic landscape and the potential of individual securities to contribute to the portfolio. By using the asset classes in combination, it believes the Fund can be optimally positioned to generate capital gains and income over the long term. This broader range of security types also provides CSQ with increased opportunities to manage the risk and reward characteristics of the portfolio over full market cycles. Through this approach, it seeks to offer investors an attractive monthly distribution and equity participation. About Trinseo Headquartered in Wayne, Pennsylvania, Trinseo plc (NYSE: TSE) -- https://www.trinseo.com/ -- is a producer of engineered materials, latex, and styrene-based plastics serving a variety of industrial and consumer end-markets. * * * In May 2023, S&P Global Ratings lowered its issuer credit rating on Trinseo PLC to 'CCC+' from 'B-'. S&P said, "The downgrade reflects that Trinseo has not yet addressed the upcoming maturity of its $661.7 million TLB, which becomes current in September, and that we anticipate weak 2023 earnings." In October 2023, S&P assigned its 'B' issue-level rating and '1′ recovery rating to Trinseo NA Finance SPV LLC's $1.077 billion first-lien senior secured term loan, used to refinance the entirety of the Company's outstanding term loan due September 2024 and $385 million of its existing $500 million senior notes due September 2025. The term loan and the senior notes were co-issued by subsidiaries Trinseo Materials Operating S.C.A. and Trinseo Materials Finance Inc. Trinseo NA Finance SPV LLC is a debt-issuing subsidiary of Trinseo PLC. All ratings on Trinseo PLC, including the 'CCC+' issuer credit rating, were unchanged. TROIKA MEDIA: Common Stock, Warrants Delisted From Nasdaq --------------------------------------------------------- Nasdaq Stock Market LLC filed Form 25-NSE with the U.S. Securities and Exchange Commission on December 27, 2023, notifying the removal of Troika Media Group, Inc.'s Common stock, and warrants from Nasdaq's listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934. About Troika Media Group Troika Media Group, Inc., a New York-based company and its affiliates operate a media advertising professional services company. The Debtors' core asset is their business segment run by Converge Direct, LLC, which Troika Media Group acquired in March 2022 for $125 million. Converge is a data-and-audience-centric media buying agency. It differentiates itself from the typical agency model in favor of deeper engagement with its clients and investing in its own lead generating activities. Converge provides complementary services such as advertising strategy and customized advertising campaigns, utilizing its proprietary attribution analytics software tool, Helix. Troika Media Group and its affiliates filed Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 23-11969) on Dec. 7, 2023. As of Oct. 31, 2023, Troika Media Group had total assets of $86.5 million and total debts of $130.7 million. Judge David S. Jones oversees the cases. The Debtors tapped Willkie Farr & Gallagher, LLP as legal counsel; Jefferies, LLC as investment banker; and Arete Capital Partners, LLC as financial advisor. Kroll Restructuring Administration, LLC is the notice, claims, solicitation and balloting agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by McDermott Will & Emery, LLP. TURBO FINANCIAL: Hires Norgaard O'Boyle & Hannon as Attorney ------------------------------------------------------------ Turbo Financial Improvement, LLC seeks authority from the U.S. Bankruptcy Court for the District of New Jersey to employ Norgaard O'Boyle & Hannon as its attorney. 323-327 Main St. requires Norgaard O'Boyle to: -- represent the Debtor in the Chapter 11 bankruptcy proceedings; and -- assist in the preparation of the petition, schedules, reports, motions, and the Plan of Confirmation. Norgaard O'Boyle will be paid at these hourly rates: Partner $400 to $425 Senior Associate $325 Associate $250 to $300 Paralegals $150 Norgaard O'Boyle will also be reimbursed for reasonable out-of-pocket expenses incurred. Brian Hannon, a partner of Norgaard O'Boyle & Hannon, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Norgaard O'Boyle can be reached at: Brian G. Hannon, Esq. NORGAARD O'BOYLE & HANNON 184 Grand Avenue Englewood, NJ 07631 Tel: (201) 871-1333 E-mail: bhannon@norgaardfirm.com About Turbo Financial Improvement, LLC Turbo Financial Improvement, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 23-21987) on Dec, 29, 2023. At the time of filing, the Debtor estimated $50,000 in assets and $500,001 to $1 million in liabilities. Brian Gregory Hannon, Esq. at the Law Office Of Norgaard O'Boyle represents the Debtor as counsel. UPHEALTH HOLDINGS: Hires DLA Piper LLP as Bankruptcy Counsel ------------------------------------------------------------ UpHealth Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ DLA Piper LLP (US) as its counsel. The Debtors require legal counsel to: a. give advice regarding the rights, powers and duties of the Debtors in the operation and management of their respective businesses and properties during the pendency of their Subchapter V cases; b. prepare legal documents and review all financial reports to be filed with the court; c. advise the Debtors concerning, and prepare responses to, legal papers that may be filed by other parties involved in their bankruptcy cases; d. advise the Debtors with respect to, and assist in the negotiation and documentation relating to, the negotiation and consummation of transactions contemplated under the proposed joint Subchapter V plan of reorganization or liquidation; e. advise the Debtors regarding actions to collect and recover property for the benefit of their estates; f. advise the Debtors concerning executory contract and unexpired lease assumptions, assignments and rejections; g. assist the Debtors in reviewing, estimating, and resolving claims asserted against their estates; h. assist the Debtors in complying with applicable laws and governmental regulations; and i. provide non-bankruptcy services for the Debtors to the extent requested. The firm will be paid at these hourly rates: 2023 2024 Richard A. Chesley (Partner) $1,615 $1,755 Stuart M. Brown (Partner) $1,560 $1,695 Jeffrey C. Selman (Partner) $1,460 $1,585 Jamila Justine Willis (Partner) $1,320 $1,435 Kate Brown de Vejar (Partner) $1,250 $1,250 Joshua Kane (Of Counsel) $1,215 $1,310 David Riley (Associate) $1,115 $1,215 Erik Stier (Associate) $1,015 $1,155 Nicole McLemore (Associate) $ 750 $ 910 Daniel Trager (Law Clerk) $ 730 $ 910 Desiree Moshayedi (Law Clerk) $ 660 $ 730 Carolyn Fox (Paralegal) $ 380 $ 410 In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. DLA Piper received $150,000 in retainer payments for its prepetition services and expenses Richard A. Chesley, Esq., a partner at DLA Piper, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard A. Chesley, Esq. DLA Piper LLP (US) 444 West Lake Street Suite 900 Chicago, IL 60606 Tel: (312) 368-2166 Fax: (312) 257-2166 Email: richard.chesley@dlapiper.com About UpHealth Holdings UpHealth Holdings Inc. is a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management. UpHealth Holdings and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11476) on Sept. 19, 2023. In the petitions filed by Samuel J. Meckey, chief executive officer, UpHealth Holdings disclosed up to $500 million in both assets and liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Stuart M. Brown, Esq., at DLA Piper LLP (US) as counsel; Morrison & Foerster LLP as litigation counsel; and FTI Consulting, Inc. as financial advisor. Omni Agent Solutions is the Debtors' administrative agent. VISTA CLINICAL: Unsecureds to Get Share of Income for 3 Years ------------------------------------------------------------- Vista Clinical Diagnostic, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization for Small Business dated January 2, 2024. The Debtor is a premier, CAP certified, independent laboratory specifically established to ensure excellent patient and client care. Currently, the Debtor is contracted to provide services to hundreds of skilled nursing homes. The Debtor's headquarters are in Clermont Florida located at 3705 South Highway 27. The headquarters facility is approximately 35,000 square feet and is leased through Essential Properties Realty Trust. The facility consists of administration offices and a full state of the art clinical reference lab. The Debtor has two additional lab facilities located in Lake City, Florida and Danville, Virginia. Additionally, Debtor operates various other patient service centers across Florida. This Plan of Reorganization proposes to pay creditors of the Debtor from: (i) existing cash on hand on the Effective Date; (ii) operational revenues; and (iii) projected disposable income remaining after the payment of operating expenses. Specifically, the distributions to Class 11 General Unsecured Creditors will be fixed payments based upon projected disposable income remaining after payment of operating expenses and senior claims. Class 11 consists of the Allowed General Unsecured Claims against the Debtor. In full satisfaction of the allowed Class 11 General Unsecured Claims, each holder of an Allowed Class 11 Claim (including any Allowed Deficiency Claims) shall receive a pro rata share of the Debtor's projected disposable income, remaining after payment of operating expenses and senior claims. Payments shall be made in monthly installments over a term of 3 years or 36 months. Payments will commence on the 1st day of the calendar month following the later of: (a) the Effective Date; or (b) if the claim does not become allowed prior to the Effective Date, the date the allowed amount of such Class 11 General Unsecured Claim is determined by Final Order of the Bankruptcy Court. As of the filing of this Plan, the Debtor estimates Allowed General Unsecured Claims to be approximately $5,480,282.55; however, the United States has asserted that it has a claim related to purported violations of the false claim act and that such claim could total in excess of $25,000,000. Debtor vigorously disputes the United States holds any claim and, as soon as a claim is filed, it will object to the claim. Confirmation of the Plan is not dependent on resolution of the alleged United States Claim because it will not alter what is being distributed to unsecured creditors; it will simply alter the pro rata amounts. Class 11 is impaired. Class 12 consists of all equity and ownership interests currently issued or authorized in the Debtor. On the Effective Date, all existing interests in the Debtor shall continue in the Reorganized Debtor in equal proportions of such equity interests as they were held as of the Petition Date. No distributions will be made to equity security holders until the distributions to Class 11 have been made. Class 12 is unimpaired. The Plan contemplates that the Reorganized Debtor will continue to operate by increasing its revenues, reducing its operating and legal expenses, and restructuring its debt obligations. The Reorganized Debtor anticipates its post-confirmation operations will generate sufficient revenues to make the plan payments as set forth in the financial projections. Payments required under the Plan will be funded by operational revenues and projected disposable income. Specifically, the distributions to Class 11 unsecured creditors will be fixed payments based upon projected disposable income remaining after payment of operating expenses and senior claims. Additionally, funds generated from the Debtor's operations through the Effective Date will be used for plan payments; however, the Debtor's cash on hand at the time of confirmation will be available for the payment of administrative expenses. A full-text copy of the Plan of Reorganization dated January 2, 2024 is available at https://urlcurt.com/u?l=yiDlbu from PacerMonitor.com at no charge. Attorneys for the Debtor: R. Scott Shuker, Esq. Lauren L. Stricker, Esq. Shuker & Dorris, P.A. 121 S. Orange Avenue, Suite 1120 Tel: (407) 337-2060 Fax: (407) 337-2050 Email: rshuker@shukerdorris.com About Vista Clinical Diagnostics Vista Clinical Diagnostics, LLC, is an independent laboratory offering a complete compendium of clinical laboratory testing capabilities, including microbiology, PCR molecular biology & surgical pathology. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04109) on Oct. 2, 2023. In the petition signed by Davian S. Santana, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Tiffany P. Geyer oversees the case. R.Scott Shuker, Esq., at Shuker & Dorris, PA, is the Debtor's legal counsel. XD INDUSTRIES: Seeks to Hire G&B Law LLP as Bankruptcy Counsel -------------------------------------------------------------- XD Industries, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ G&B Law, LLP as its bankruptcy counsel. The firm's services include: (a) advising the Debtor as to its duties, rights, and powers under the Bankruptcy Code; (b) representing the Debtor, with respect to bankruptcy issues, in the context of its pending Chapter 11 case and representing the Debtor in contested matters that would affect the administration of the bankruptcy case, except to the extent that any such proceeding requires expertise in areas of law outside of the firm's expertise; (c) assisting the Debtor in negotiating and seeking court approval of a Chapter 11 exit strategy, whether by plan or otherwise; (d) rendering services for the purpose of pursuing, litigating or settling litigation; and (e) performing other necessary legal services. The firm's hourly rates are as follows: James R. Felton, Esq. $695 per hour Arthur A. Greenberg, Esq. $695 per hour Michael J. Conway, Esq. $595 per hour Jeremy H. Rothstein, Esq. $500 per hour Douglas M. Neistat, Esq. $695 per hour Benjamin S. Seigel, Esq. $650 per hour Charles S. Tigerman, Esq. $500 per hour Law Clerk $195 per hour Paralegal/Legal Assistant $95 - $295 per hour The firm received a total of $30,000 as a pre-petition retainer. Jeremy Rothstein, Esq., managing partner at G&B Law, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeremy H. Rothstein, Esq. G&B Law, LLP 16000 Ventura Boulevard, Suite 1000 Encino, CA 91436 Tel.: (818) 382-6200 Fax: (818) 986-6534 Email: jrothstein@gblawllp.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. XPLORNET COMMS: $200MM Bank Debt Trades at 73% Discount ------------------------------------------------------- Participations in a syndicated loan under which Xplornet Communications Inc is a borrower were trading in the secondary market around 27.0 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $200 million facility is a Term loan that is scheduled to mature on October 1, 2029. The amount is fully drawn and outstanding. Xplornet Communications Inc operates as a broadband service provider. The Company offers voice and data communication services through wireless and satellite networks. Xplornet Communications serves customers in Canada. XPLORNET COMMS: $995MM Bank Debt Trades at 40% Discount ------------------------------------------------------- Participations in a syndicated loan under which Xplornet Communications Inc is a borrower were trading in the secondary market around 60.4 cents-on-the-dollar during the week ended Friday, January 5, 2024, according to Bloomberg's Evaluated Pricing service data. The $995 million facility is a Term loan that is scheduled to mature on October 1, 2028. The amount is fully drawn and outstanding. Xplornet Communications Inc operates as a broadband service provider. The Company offers voice and data communication services through wireless and satellite networks. Xplornet Communications serves customers in Canada. YELLOW CORP: Completes $870 Million Asset Sale to XPO ----------------------------------------------------- Yellow Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company consummated the sale of certain of the Company's real estate holdings to XPO, Inc. for an aggregate purchase price of approximately $870 million in cash. The Yellow Asset Sale was consummated pursuant to the Asset Purchase Agreement, dated as of December 4, 2023, by and among the Company Parties and XPO. The Sold Real Estate includes three leases (two of which related to leased service centers) and the right to designate, in consultation with the Company, additional contracts that are exclusively related to the Sold Real Estate for a period of 45 days following consummation of the Yellow Asset Sale. XPO assumed certain liabilities related to the Sold Real Estate, including liabilities under three leases, certain cure costs required to be paid pursuant to the Chapter 11 Cases in connection with the assumption of the three leases, liabilities for taxes (subject to certain exceptions), and liabilities relating to environmental, health or safety matters in connection with ownership, operation, use or maintenance of the Sold Real Estate, to the extent not extinguished by the Chapter 11 Cases. The Yellow Asset Sale was consummated pursuant to Section 363 of Bankruptcy Code and was confirmed by the previously reported order of the Bankruptcy Court, dated December 12, 2023. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. YELLOW CORP: Conversant, 3 Others Report 5% Equity Stake -------------------------------------------------------- In a Schedule 13G Report filed with the U.S. Securities and Exchange Commission, The Conversant Opportunity Master Fund LP, Conversant GP Holdings LLC, Conversant Capital LLC, and Michael Simanovsky reported beneficial ownership of 2,617,489 shares of Yellow Corp.'s common stock as of December 21, 2023, representing 5% of the shares outstanding. The percentages are calculated based upon 52,128,887 shares of Common Stock reported to be outstanding on July 28, 2023, in the Quarterly Report on Form 10-Q filed by the Company with the Securities and Exchange Commission on August 14, 2023. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. YOGOLD U.S.A.: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Yogold U.S.A. Corporation 1750 South Ave W Missoula, MT 59801-6512 Chapter 11 Petition Date: January 4, 2024 Court: United States Bankruptcy Court District of Montana Case No.: 24-90002 Debtor's Counsel: Gary S. Deschenes, Esq. DESCHENES & ASSOCIATES LAW OFFICES 309 1st Ave N Great Falls, MT 59401-2505 Tel: (406) 761-6112 Email: gsd@dalawmt.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jerod C. Edington as president. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/SJMOLSY/YOGOLD_USA_CORPORATION__mtbke-24-90002__0001.0.pdf?mcid=tGE4TAMA [^] BOND PRICING: For the Week from January 1 to 5, 2024 -------------------------------------------------------- Company Ticker Coupon Bid Price Maturity ------- ------ ------ --------- -------- 2U Inc TWOU 2.250 49.250 5/1/2025 99 Escrow Issuer Inc NDN 7.500 35.000 1/15/2026 99 Escrow Issuer Inc NDN 7.500 33.043 1/15/2026 99 Escrow Issuer Inc NDN 7.500 33.043 1/15/2026 Acorda Therapeutics Inc ACOR 6.000 55.194 12/1/2024 Amyris Inc AMRS 1.500 3.500 11/15/2026 Anagram Holdings LLC/Anagram International Inc AIIAHL 10.000 1.668 8/15/2026 Anagram Holdings LLC/Anagram International Inc AIIAHL 10.000 1.668 8/15/2026 Anagram Holdings LLC/Anagram International Inc AIIAHL 10.000 1.668 8/15/2026 At Home Group Inc HOME 7.125 13.621 7/15/2029 At Home Group Inc HOME 7.125 15.302 7/15/2029 Audacy Capital Corp CBSR 6.750 1.513 3/31/2029 Audacy Capital Corp CBSR 6.500 1.609 5/1/2027 Audacy Capital Corp CBSR 6.750 1.334 3/31/2029 BPZ Resources Inc BPZR 6.500 3.017 3/1/2049 Biora Therapeutics Inc BIOR 7.250 58.750 12/1/2025 Brixmor LLC BRX 6.900 9.875 2/15/2028 Cano Health LLC CANHEA 6.250 6.415 10/1/2028 Cano Health LLC CANHEA 6.250 6.456 10/1/2028 Citizens Financial Group Inc CFG 6.375 92.483 N/A CommScope Technologies COMM 5.000 41.896 3/15/2027 CorEnergy Infrastructure Trust Inc CORR 5.875 60.200 8/15/2025 Curo Group Holdings Corp CURO 7.500 18.750 8/1/2028 Curo Group Holdings Corp CURO 7.500 33.682 8/1/2028 Curo Group Holdings Corp CURO 7.500 20.000 8/1/2028 Cutera Inc CUTR 4.000 24.750 6/1/2029 Cutera Inc CUTR 2.250 40.875 3/15/2026 DIRECTV Holdings LLC / DIRECTV Financing Co Inc DTV 4.450 92.859 4/1/2024 DIRECTV Holdings LLC / DIRECTV Financing Co Inc DTV 5.150 9.812 3/15/2042 DIRECTV Holdings LLC / DIRECTV Financing Co Inc DTV 6.000 12.813 8/15/2040 DIRECTV Holdings LLC / DIRECTV Financing Co Inc DTV 6.350 12.013 3/15/2040 DIRECTV Holdings LLC / DIRECTV Financing Co Inc DTV 5.150 9.812 3/15/2042 DIRECTV Holdings LLC / DIRECTV Financing Co Inc DTV 5.150 9.812 3/15/2042 DTE Energy Center LLC DTEENE 7.458 86.790 4/30/2024 Danimer Scientific Inc DNMR 3.250 16.711 12/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 4.500 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 4.500 8/15/2027 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 4.500 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 4.000 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 1.500 8/15/2026 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 6.625 4.975 8/15/2027 Diamond Sports Group LLC / Diamond Sports Finance Co DSPORT 5.375 1.063 8/15/2026 Endo Finance LLC / Endo Finco Inc ENDP 5.375 5.132 1/15/2023 Endo Finance LLC / Endo Finco Inc ENDP 5.375 5.132 1/15/2023 Energy Conversion Devices Inc ENER 3.000 0.551 6/15/2013 Enviva Partners LP / Enviva Partners Finance Corp EVA 6.500 48.775 1/15/2026 Enviva Partners LP / Enviva Partners Finance Corp EVA 6.500 52.000 1/15/2026 Esperion Therapeutics ESPR 4.000 57.250 11/15/2025 Exela Intermediate LLC / Exela Finance Inc EXLINT 11.500 27.486 7/15/2026 Exela Intermediate LLC / Exela Finance Inc EXLINT 11.500 26.151 7/15/2026 FNB Corp/PA FNB 4.950 92.750 2/14/2029 Federal Home Loan Banks FHLB 4.860 99.833 1/9/2024 First Republic Bank/CA FRCB 4.375 4.602 8/1/2046 First Republic Bank/CA FRCB 4.625 5.615 2/13/2047 Fisker Inc FSR 2.500 20.250 9/15/2026 Ford Motor Credit Co LLC F 3.810 99.801 1/9/2024 GNC Holdings Inc GNC 1.500 0.409 8/15/2020 Goldman Sachs Group Inc/The GS 4.000 99.697 1/8/2024 Goodman Networks Inc GOODNT 8.000 5.000 5/11/2022 Goodman Networks Inc GOODNT 8.000 1.000 5/31/2022 Gossamer Bio Inc GOSS 5.000 37.456 6/1/2027 H-Food Holdings LLC / Hearthside Finance Co Inc HEFOSO 8.500 8.250 6/1/2026 H-Food Holdings LLC / Hearthside Finance Co Inc HEFOSO 8.500 8.250 6/1/2026 Hallmark Financial Services Inc HALL 6.250 19.769 8/15/2029 Hill-Rom Holdings Inc HRC 7.000 95.387 2/15/2024 HomeStreet Inc HMST 3.500 33.500 1/30/2032 Inseego Corp INSG 3.250 31.250 5/1/2025 Invacare Corp IVC 5.000 83.125 11/15/2024 Invacare Corp IVC 4.250 0.875 3/15/2026 JPMorgan Chase Bank NA JPM 2.000 84.924 9/10/2031 Karyopharm Therapeutics KPTI 3.000 50.750 10/15/2025 Ligado Networks LLC NEWLSQ 15.500 19.000 11/1/2023 Ligado Networks LLC NEWLSQ 15.500 21.478 11/1/2023 Lumen Technologies Inc LUMN 6.875 36.991 1/15/2028 Lumen Technologies Inc LUMN 4.500 26.087 1/15/2029 MBIA Insurance Corp MBI 16.915 4.250 1/15/2033 MBIA Insurance Corp MBI 16.851 3.000 1/15/2033 Macy's Retail Holdings M 6.900 87.603 1/15/2032 Mashantucket Western Pequot Tribe MASHTU 7.350 45.354 7/1/2026 Metropolitan Life Global Funding I MET 3.600 99.985 1/11/2024 Morgan Stanley MS 1.800 75.674 8/27/2036 OMX Timber Finance Investments II LLC OMX 5.540 0.850 1/29/2020 Pacific Premier Bancorp PPBI 4.875 86.632 5/15/2029 Polar US Borrower LLC / Schenectady International Group Inc SIGRP 6.750 31.276 5/15/2026 Polar US Borrower LLC / Schenectady International Group Inc SIGRP 6.750 32.382 5/15/2026 Porch Group Inc PRCH 0.750 31.000 9/15/2026 PureCycle Technologies PCT 7.250 37.375 8/15/2030 Renco Metals Inc RENCO 11.500 24.875 7/1/2003 Rite Aid Corp RAD 7.700 3.875 2/15/2027 Rite Aid Corp RAD 6.875 6.145 12/15/2028 Rite Aid Corp RAD 6.875 6.145 12/15/2028 RumbleON Inc RMBL 6.750 54.190 1/1/2025 SBL Holdings Inc SECBEN 7.000 67.499 N/A SBL Holdings Inc SECBEN 7.000 60.070 N/A SVB Financial Group SIVB 4.000 1.938 N/A SVB Financial Group SIVB 4.100 0.750 N/A SVB Financial Group SIVB 4.700 1.500 N/A SVB Financial Group SIVB 4.250 1.000 N/A SVB Financial Group SIVB 3.500 63.750 1/29/2025 Shift Technologies Inc SFT 4.750 1.200 5/15/2026 Spanish Broadcasting System Inc SBSAA 9.750 59.000 3/1/2026 Spanish Broadcasting System Inc SBSAA 9.750 57.538 3/1/2026 Synovus Financial Corp SNV 5.900 92.276 2/7/2029 Talen Energy Supply LLC TLN 10.500 16.500 1/15/2026 Talen Energy Supply LLC TLN 10.500 16.500 1/15/2026 TerraVia Holdings Inc TVIA 5.000 4.644 10/1/2019 Tricida Inc TCDA 3.500 9.362 5/15/2027 Truist Bank TFC 5.561 99.063 1/17/2024 Veritone Inc VERI 1.750 34.855 11/15/2026 WeWork Cos LLC / WW Co-Obligor Inc WEWORK 5.000 1.000 7/10/2025 WeWork Cos LLC / WW Co-Obligor Inc WEWORK 5.000 1.250 7/10/2025 WeWork Cos US LLC WEWORK 7.875 2.937 5/1/2025 WeWork Cos US LLC WEWORK 7.875 2.625 5/1/2025 WeWork Cos US LLC WEWORK 15.000 33.000 8/15/2027 WeWork Cos US LLC WEWORK 11.000 19.375 8/15/2027 WeWork Cos US LLC WEWORK 12.000 1.930 8/15/2027 WeWork Cos US LLC WEWORK 15.000 33.950 8/15/2027 WeWork Cos US LLC WEWORK 11.000 19.125 8/15/2027 Wesco Aircraft Holdings WAIR 9.000 9.750 11/15/2026 Wesco Aircraft Holdings WAIR 13.125 3.978 11/15/2027 Wesco Aircraft Holdings WAIR 13.125 3.978 11/15/2027 Wesco Aircraft Holdings WAIR 9.000 9.397 11/15/2026 ********* 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. 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