/raid1/www/Hosts/bankrupt/TCR_Public/240110.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, January 10, 2024, Vol. 28, No. 9
Headlines
155 CHAMBERSFOOD: Seeks to Extend Plan Exclusivity to June 11
3531 TRUCKING: Voluntary Chapter 11 Case Summary
421 MAGGIE AVE: Hires Levitt & Slafkes as Bankruptcy Counsel
AAA TREE SERVICE: Gets OK to Sell Vehicles to Imperial Trade Links
ACCLIVITY WEST: Taps Schwartz Associates as Financial Advisor
ACCURIDE CORP: $321.2MM Bank Debt Trades at 17% Discount
ADAPTIV RESEARCH: Hires Thomas A. Menchinger CPA as Accountant
ADMV MANAGEMENT: Seeks to Tap Murphy & King as Bankruptcy Counsel
AIR INDUSTRIES: Subsidiary Awarded $3.2 Million in New Contracts
AKUMIN INC: CFO Resigns; Ronald Bienias Appointed as Interim CFO
ALPINE 4 HOLDINGS: Falls Short of Nasdaq Bid Price Requirement
ALYNEVYCH INC: Case Summary & 18 Unsecured Creditors
AMBASSADOR CONTROLS: Unsecureds to Get $1K per Month for 36 Months
AMG EXPRESS: Seeks to Hire Eric A. Liepins P.C. as Legal Counsel
ANASTASIA PARENT: $650MM Bank Debt Trades at 39% Discount
AQUAGRILLE LLC: Hires Kelley Kaplan & Eller as Counsel
ART & DENTISTRY: Business Sale Proceeds to Fund Plan
AT HOME GROUP: $600MM Bank Debt Trades at 56% Discount
ATLAS LITHIUM: Marc Fogassa Reports 41.42% Equity Stake
ATLAS PURCHASER: $610MM Bank Debt Trades at 40% Discount
ATRIX TRUCKING: Seeks to Hire Buddy D. Ford as Legal Counsel
AUDACY CAPITAL: $770MM Bank Debt Trades at 51% Discount
AUDACY INC: Unsecureds Will Get 100% of Claims in Prepackaged Plan
AVENTIV TECHNOLOGIES: $1.02BB Bank Debt Trades at 23% Discount
BAKERS RESIDENTIAL: Hires Campbell Law Firm as Bankruptcy Counsel
BIRD GLOBAL: Hires Teneo Capital LLC as Financial Advisor
BLU PRINT: Voluntary Chapter 11 Case Summary
BOLTA US: Liquidating Trustee Taps Maples Law Firm as Counsel
BRENDAN GOWING: Seeks to Hire Margaret M. McClure as Legal Counsel
BRIGHTSTAR PROPERTY: Maria Yip Named Subchapter V Trustee
BURDOCK AND ASSOCIATES: Unsecureds to be Paid in Full over 3 Years
CANO HEALTH: $644.4MM Bank Debt Trades at 56% Discount
CARESTREAM DENTAL: $160MM Bank Debt Trades at 55% Discount
CARESTREAM DENTAL: $335MM Bank Debt Trades at 21% Discount
CARNIVAL PLC: EUR751.5MM Bank Debt Trades at 35% Discount
CASTLE US HOLDING: EUR500MM Bank Debt Trades at 29% Discount
CLEAN ENERGY: Gets OK to Sell Property to City of Colorado Springs
CNA EQUITY: Unsecured Creditors to Split $40K over 3 Years
COMMSCOPE HOLDING: Carlyle, 9 Others Report 16.6% Equity Stake
COREPOWER YOGA: $175MM Bank Debt Trades at 29% Discount
COUNTY INVESTMENT: Completes Sale of Huffmeister Property
CRAWFISH WORLD: Seeks to Hire Ki-Hyun Chun as Accountant
CRYSTAL BLUE: Hires Great American Brokerage as Broker
CUMULUS MEDIA: $525MM Bank Debt Trades at 23% Discount
CUSMA SOBER: Hires Anthony DeGirolamo as Legal Counsel
DA LUGO INVESTMENT: Taps Liquor Loan Management as Broker
DIGITAL MEDIA: $225MM Bank Debt Trades at 45% Discount
DIRECTV FINANCING: S&P Rates New Extended Credit Facilities 'BB'
DIVERSIFIED HEALTHCARE: CEO Reports Beneficial Ownership of Shares
EBIX INC: Shareholder Seeks Appointment of Equity Committee
ELITE ROOF: Seeks to Hire Simen Figura & Parker as Counsel
EMERALD ISLES: Case Summary & Six Unsecured Creditors
EMPLOYBRIDGE: $925MM Bank Debt Trades at 18% Discount
EXPERTUS HEALTH: Hires Teel & Gay PLC as Legal Counsel
EYECARE PARTNERS: $110MM Bank Debt Trades at 50% Discount
EYECARE PARTNERS: $300MM Bank Debt Trades at 71% Discount
EYECARE PARTNERS: $440MM Bank Debt Trades at 50% Discount
FLANNERY LLC: Beverly Brister Named Subchapter V Trustee
FLYING FISH: Seeks to Hire Capital Recovery Group as Auctioneer
FRG ENTERPRISES: Hires Bailey Cavalieri as Bankruptcy Counsel
FWAK LLC: Hires Wenokur Riordan PLLC as Legal Counsel
GALAXY US OPCO: $969MM Bank Debt Trades at 17% Discount
GENERAL PEST: Unsecureds Will Get 20% of Claims over 48 Months
GENESIS CARE: No Patient Care Concern, 3rd PCO Report Says
GET GREEN: Seeks to Hire RVG Commercial as Real Estate Broker
GLOBAL MEDICAL: $1.94BB Bank Debt Trades at 21% Discount
GRAY MATTER: Hires Coffey Law LLC as Legal Counsel
GREEN HYGIENICS: Amends Plan to Include Tate Trust Secured Claims
GTT COMMUNICATIONS: $350MM Bank Debt Trades at 34% Discount
GUANELLA PASS: Mark Dennis of SL Biggs Named Subchapter V Trustee
HERSHEY CHAN: Hires Hires Michael L. Previto as Legal Counsel
HOLDINGS OF SOUTH FLORIDA: J. McConnell Named Subchapter V Trustee
HOMEZONE IMPROVEMENTS: Hires Osipov Bigelman P.C. as Counsel
HONEY RUN VILLAS: Seeks to Hire Accel as Real Estate Broker
HORNBLOWER SUB: $349.4MM Bank Debt Trades at 71% Discount
HOUSE OF DEAR HAIR: Taps Eric A. Liepins P.C. as Counsel
HOUSE OF DEAR: Seeks to Hire Eric A. Liepins P.C. as Legal Counsel
HS PURCHASER: $670MM Bank Debt Trades at 18% Discount
HUBBARD RADIO: $372MM Bank Debt Trades at 17% Discount
HUDSON 888 HOLDCO: Voluntary Chapter 11 Case Summary
IBIO INC: Sabby Volatility, 2 Others Report 9.99% Equity Stake
INNOVATIVE NURSING: Seeks to Hire Cardinal Point as Accountant
IQOR US INC: $300MM Bank Debt Trades at 23% Discount
IRIDIUM SATELLITE: Moody's Affirms Ba3 CFR, Outlook Remains Stable
JANE STREET: Moody's Affirms 'Ba1' CFR, Outlook Remains Positive
JP INTERMEDIATE B: $288.2MM Bank Debt Trades at 79% Discount
JUDSON COLLEGE: Case Summary & Eight Unsecured Creditors
KERF INC: Bankruptcy Administrator Unable to Appoint Committee
LA TOOL: Hires Dickie McCamey & Chilcote as Bankruptcy Counsel
LANCASTER TRENCHING: Hires Johnson May PLLC as Legal Counsel
LEAP ACADEMY: S&P Affirms 'BB-' Rating on 2014A/B Revenue Debt
LEXFIT LLC: Unsecureds to Get Share of Income for 5 Years
LIFE CONDUIT: Case Summary & Three Unsecured Creditors
LIFOD HOME: No Patient Care Complaints, 2nd PCO Report Says
MAYA J ATX: Claims Will be Paid from Property Sale/Refinance
MEDCOMP SCIENCES: Hires Proxio Group USA as Auctioneer
METROPOLITAN BREWING: Seeks to Hire Wipfli LLP as Tax Accountant
METROPOLITAN TRANSPORT: Taps Frost & Associates as Legal Counsel
MINIM INC: The Hitchcocks Report 55.2% Equity Stake
MLN US HOLDCO: $576MM Bank Debt Trades at 80% Discount
MOBIQUITY TECHNOLOGIES: Sabby, 2 Others Report 5.29% Stake
NATIONAL MENTOR: $180MM Bank Debt Trades at 23% Discount
NB LOFT VUE: Vue Mac Unsecureds Will Get 0.086% to 0.71% of Claims
NEBRASKA HUMIC: Gets OK to Hire Stagemeyer CPA Group as Accountant
NEW TROJAN PARENT: $605MM Bank Debt Trades at 74% Discount
NEW WAVE PROPERTY: Hires Hester Baker Krebs as Legal Counsel
NOGIN INC: Hires Donlin Recano as Administrative Advisor
NOGIN INC: Hires Livingstone Partners LLC as Investment Banker
NOGIN INC: Hires Triple P RTS to Provide CRO and Deputy CRO
NOGIN INC: Seeks to Hire Richards Layton as Bankruptcy Counsel
NXT ENERGY: Provides Update on Turkish SFD Survey
ORCHID MERGER: $400MM Bank Debt Trades at 40% Discount
ORIGINAL MONTANA: Seeks to Hire Trimac Group LLC as Realtor
PARTS ID: Class A Common Stock Delisted From NYSE
PEGASUS HOME: Unsecureds Will Get 1% of Claims in Plan
PERFORMANCE RESULTS: Hires Strip Hoppers Leithart as Counsel
PETERSON REAL: Seeks to Hire Wadsworth Garber as Legal Counsel
PHUNWARE INC: Served Nasdaq Notice After Director Resigns
PLUTO ACQUISITION: $873.4MM Bank Debt Trades at 22% Discount
POLYMER EXTRUSION: Seeks to Tap Yip Associates as Financial Advisor
POTRERO MEDICAL: Taps Wilson Sonsini as Special Corporate Counsel
RADIOLOGY PARTNERS: $1.64BB Bank Debt Trades at 18% Discount
RAYONIER ADVANCED: Amends Term Loan Credit Agreement
RED APPLE: Seeks Approval to Hire eXp Realty as Real Estate Broker
RGP INC: Seeks to Hire Strobl Sharp PLLC as Counsel
RISKON INTERNATIONAL: Appoints Milton Ault III as Director
SCHMOLDT CONSTRUCTION: Hires Eric A. Liepins P.C. as Legal Counsel
SDS COLCON: Seeks to Hire Goldberg Weprin as Bankruptcy Counsel
SHAGTASTIC ENTERPRISES: Hires AR Law Partners as Counsel
SHO HOLDING: $233MM Bank Debt Trades at 36% Discount
SIANA OIL: Trustee Hires KenWood & Associates as Accountant
SIANA OIL: Trustee Seeks to Hire Consolidated as Asset Manager
SINCLAIR TELEVISION: $740MM Bank Debt Trades at 17% Discount
SINCLAIR TELEVISION: $750MM Bank Debt Trades at 18% Discount
SIS TRUCKING: Gets OK to Hire Stagemeyer CPA Group as Accountant
SPIRIT AIRLINES: Repays $465M Debt in Aircraft Sale-Leaseback Deals
SRPC PROPERTIES: Gets OK to Sell Pueblo Property for $365,000
STARKCORP INC: Seeks to Hire JKW & Associates as Accountant
STERLING CONSULTING: Hires Kelley Kaplan as Legal Counsel
STG LOGISTICS INC: $750MM Bank Debt Trades at 29% Discount
STONEYBROOK FAMILY: Case Summary & 10 Unsecured Creditors
STRATEGIES 360: Ongoing Operations to Fund Plan Payments
TEAM HEALTH: $1.59BB Bank Debt Trades at 21% Discount
TEHUM CARE: Tort Committee Hires Berry Riddell as Co-Counsel
TMC MANAGEMENT: Hires Homel Antonio Mercado Justiniano as Counsel
TRINITY PLACE: Lenders Extend Forbearance Periods to Jan. 31
TROIKA MEDIA: Court OKs Bid Rules for Sale of Assets
TRUGREEN LP: $275MM Bank Debt Trades at 21% Discount
TWILIGHT HAVEN: No Resident Complaints, 2nd PCO Report Says
UNITED BRANDS: Hires Poblador Bautista as Special Counsel
URBAN EMPIRE: Linda Leali Named Subchapter V Trustee
US RENAL CARE: $1.25BB Bank Debt Trades at 24% Discount
VERITAS US: EUR748.6MM Bank Debt Trades at 21% Discount
VIEMED INC: $30MM Bank Debt Trades at 19% Discount
WAND NEWCO 3: Moody's Cuts CFR to B3, Outlook Remains Stable
WAND NEWCO 3: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
WESTERN DENTAL: $490MM Bank Debt Trades at 36% Discount
WHAIRHOUSE REAL ESTATE: BIJI to Acquire Properties for $900,000
WHITESTONE UPTOWN: Hires O'Dowd Law Firm as Special Counsel
WHOLISTIC DENTAL: Case Summary & Three Unsecured Creditors
WP NEWCO: $1.01BB Bank Debt Trades at 25% Discount
ZHANG MEDICAL: No Decline in Patient Care, 3rd PCO Report Says
ZIGI USA: Seeks to Hire FIA as Restructuring Advisor, Appoint CRO
ZIGI USA: Seeks to Hire Jacobs P.C. as Legal Counsel
*********
155 CHAMBERSFOOD: Seeks to Extend Plan Exclusivity to June 11
-------------------------------------------------------------
155 Chambersfood, Inc. asked the U.S. Bankruptcy Court for the
Eastern District of New York to extend its exclusivity period to
file a chapter 11 small business plan of reorganization and
disclosure statement to June 11, 2024.
The Debtor's periods to file a plan of reorganization and
disclosure statement are currently set to expire on February 12,
2024.
The Debtor claims that it has responded to the exigent demands of
its chapter 11 case and has worked diligently to advance the
reorganization process. The Debtor asserted that it should be
afforded a full, fair, and reasonable opportunity to negotiate,
propose, file, and solicit acceptances of its chapter 11 plan.
The Debtor explained that the requested extension of its
exclusivity period to file a plan and disclosure statement is
warranted and necessary to afford it a meaningful opportunity to
pursue the chapter 11 reorganization process and build a
concensus among economic stakeholders, all as contemplated by
chapter 11 of the Bankruptcy Code.
155 Chambersfood, Inc. is represented by:
Alla Kachan, Esq.
LAW OFFICE OF ALLA KACHAN, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Tel: (718) 513-3145
About 155 Chambersfood, Inc.
155 Chambersfood, Inc. sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42937) on
August 16, 2023, listing up to $50,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Nancy Hershey Lord oversees the case.
Alla Kachan, Esq. at the Law Offices Of Alla Kachan P.C.
represents
the Debtor as counsel.
3531 TRUCKING: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: 3531 Trucking
11807 Weistheimer Road
Suite 550
Houston TX 77077
Chapter 11 Petition Date: January 8, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 24-30084
Debtor's Counsel: Alex O. Acosta, Esq.
ACOSTA LAW P.C.
One Northwest Centre
13831 Northwest Freeway Suite 400
Houston TX 77040
Tel: (713) 980-9014
Email: alex@theacostalawfirm.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Miguel Miranda 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/4PMKL2I/3531_Trucking__txsbke-24-30084__0001.0.pdf?mcid=tGE4TAMA
421 MAGGIE AVE: Hires Levitt & Slafkes as Bankruptcy Counsel
------------------------------------------------------------
421 Maggie Ave LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to hire Levitt & Slafkes, PC to
handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Partners $500
Associates $300 - $400
Paralegals $100
The firm received a retainer fee of $13,000 from the Debtor plus
filing fee.
Bruce Levitt, Esq., an attorney at Levitt & Slafkes, disclosed in a
court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Bruce H. Levitt, Esq.
LEVITT & SLAFKES, PC
515 Valley Street, Suite 140
Maplewood, NJ 07040
Telephone: (973) 313-1200
Email: blevitt@lsbankruptcylaw.com
About 421 Maggie Ave LLC
421 Maggie Ave LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-10097)
on Jan. 4, 2024, listing up to $50,000 in assets and $500,001 to $1
million in liabilities.
Bruce H Levitt, Esq. at Levitt & Slafkes, P.C. represents the
Debtor as counsel.
AAA TREE SERVICE: Gets OK to Sell Vehicles to Imperial Trade Links
------------------------------------------------------------------
AAA Tree Service, LLC received approval from the U.S. Bankruptcy
Court for the Central District of California to sell two Ford
trucks to Imperial Trade Links Inc.
Imperial offered to pay $130,000 in cash for the vehicles, which
will satisfy in full Ford Motor Credit's secured claim against AAA
Tree Service and will net approximately $32,400 for the estate.
The trucks are subject to liens of Ford Motor Credit in the amount
of $47,781.29 per truck as of Nov. 28, 2023, with an increase of
$5.15 per day from thereon.
"The sale is an arms-length transaction at fair market value of
unneeded equipment, which allows [AAA Tree Service] to generate
funds for its reorganization," Robert Goe, Esq., the company's
attorney, said in court papers.
About AAA Tree Service
AAA Tree Service, LLC provides tree removals and trimming services
in Winchester, Calif.
AAA Tree Service sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-12229) on May 25,
2023. In the petition signed by CEO Stacy Manqueros, the Debtor
disclosed up to $50 million in assets and up to $10 million in
liabilities.
Judge Magdalena Reyes Bordeaux oversees the case.
Robert P. Goe, Esq., at Goe Forsythe and Hodges, LLP, represents
the Debtor as legal counsel.
ACCLIVITY WEST: Taps Schwartz Associates as Financial Advisor
-------------------------------------------------------------
Acclivity West, LLC and Acclivity Ancillary Services LLC seek
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to hire Schwartz Associates, LLC as its financial advisor
and designate W. Marc Schwartz as its chief restructuring officer.
The firm will render these services:
a. provide business and debt restructuring advice, including
as it relates to business strategy and other key elements of the
businesses;
b. assist with managing due diligence requests and other items
that may be requested by its various constituents as part of the
restructuring;
c. prepare cash flow forecasts and related financial and
business models;
d. identify and implement short and long-term liquidity
initiatives;
e. prepare Statements of Financial Affairs and Schedules,
Monthly Operating Reports, and other similar regular Chapter 11
administrative, financial, and accounting reports required by the
Bankruptcy Court as well as providing necessary testimony before
the Bankruptcy Court on matters within CRO's areas of
responsibility and expertise;
f. make operational decisions, with advice of current
ownership, directed to maximizing the value of the Debtor's
assets;
g. implement cost containment measures;
h. negotiate with creditors, prospective purchasers, equity
holders, equity committees, official committee of unsecured
creditors, and all other parties-in-interest in respect of the
restructuring;
i. be in charge of all business decisions on behalf of the
Debtors as necessary or required, utilizing CRO's business judgment
in furtherance of the restructuring;
j. execute agreements and documents and take all other actions
necessary to effectuate the restructuring including as part of any
Chapter 11 case filed by the Debtors in the Bankruptcy Court,
subject to review and oversight by current management prior to the
filing of bankruptcy and by the Bankruptcy Court after filing
bankruptcy.
The firm has agreed to undertake this engagement on a fixed fee of
$125,000.
W. Marc Schwartz, chairman of Schwartz Associates, disclosed in a
court filing that his firm does not hold any interest adverse to
the Debtor or its estate.
The firm can be reached through:
W. Marc Schwartz, CPA
Schwartz Associates, LLC
712 Main St., Suite 1830
Houston, TX 77002
Phone: (832) 583-7021
Email: admin@schwartzassociates.us
About Acclivity West, LLC
Acclivity West, LLC and Acclivity Ancillary Services LLC filed
their voluntary petition for relied under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90001) on Jan.
5, 2024. At the time of filing, Acclivity West, LLC estimated
$50,000 in assets and $1,000,001-$10 million in liabilities.
Lenard M. Parkins, Esq., at Parkins & Rubio LLP represents the
Debtor as counsel.
ACCURIDE CORP: $321.2MM Bank Debt Trades at 17% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Accuride Corp is a
borrower were trading in the secondary market around 83.5
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $321.2 million facility is a Term loan that is scheduled to
mature on July 7, 2026. About $319.6 million of the loan is
withdrawn and outstanding.
Accuride Corporation is a diversified manufacturer and supplier of
commercial vehicle components in North America. Based in Livonia,
Michigan, the company designs, manufactures and markets commercial
vehicle components. Accuride's brands are Accuride Wheels, Gunite
Wheel End Components, and KIC Wheel End Components.
ADAPTIV RESEARCH: Hires Thomas A. Menchinger CPA as Accountant
--------------------------------------------------------------
Adaptiv Research & Development Group, LLC seeks approval from the
U.S. Bankruptcy Court for the Middle District of Florida to employ
Thomas A. Menchinger CPA, LLC as accountant.
The firm will assist the Debtor in preparing tax filings, general
accounting, provide oversight for bookkeeping functions and
generally assist the Debtor in maintaining books and records
necessary for completion of the Chapter 11 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.
Thomas A. Menchinger, a partner at Thomas A. Menchinger CPA, 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 at:
Thomas A. Menchinger
Thomas A. Menchinger CPA, LLC
2831 Ringling Blvd Suite 203-D
Sarasota, FL 34237
Tel: (941) 706-2880
About Adaptiv Research & Development Group, LLC
Adaptiv Research & Development Group, LLC, has been in the business
of the purchase, resale and distribution of COVID testing kits at
the wholesale level.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04227) on Sept. 25,
2023, with up to $50,000 in both assets and liabilities.
Timothy W. Gensmer, Esq., at Timothy W Gensmer, PA, is the Debtor's
legal counsel.
ADMV MANAGEMENT: Seeks to Tap Murphy & King as Bankruptcy Counsel
-----------------------------------------------------------------
ADMV Management, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Massachusetts to hire Murphy & King,
Professional Corporation as its bankruptcy counsel.
The firm's services include:
i. advising the Debtor with respect to its rights, powers and
duties as debtor in possession;
ii. 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;
iii. representing the Debtor at all hearings and matters
pertaining to its affairs, assets and operations;
iv. 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;
v. advising the Debtor with respect to, and assisting in the
negotiation and documentation of, financing agreements, debt and
related transactions;
vi. 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;
vii. advising the Debtor regarding their ability to initiate
actions to collect and recover property for the benefit of its
estate;
viii. advising and assisting the Debtor in connection with the
potential sale of assets;
ix. advising the Debtor concerning executory contract and
unexpired lease assumptions, lease assignments, rejections,
restructurings and recharacterization of contracts and leases;
x. 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;
xi. 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
xii. 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.
The firm holds a retainer in the amount of $15,000.
Leah Anne O'Farrell, 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:
Leah Anne O'Farrell, 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 ADMV Management, LLC
ADMV Management, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Mass. Case No. 23-41078) on Dec.
22, 2023, listing $500,001 to $1 million in both assets and
liabilities. Leah Anne O'Farrell, Esq. at Murphy & King, P.C.
represents the Debtor as counsel.
AIR INDUSTRIES: Subsidiary Awarded $3.2 Million in New Contracts
----------------------------------------------------------------
Air Industries Group announced that its Sterling Engineering
Corporation subsidiary has received two contracts totaling
approximately $3.2 million.
Sterling Engineering has been awarded two contracts for engine
components used in the F-135 jet engine that powers the Lockheed
Martin F-35 Lightning II. Significantly, delivery against these
contracts will begin in early 2024 boosting near term revenues.
Mr. Lou Melluzzo, CEO of Air Industries, commented: "These awards
continue what has been a very strong increase in business at
Sterling Engineering. During the two months ended November 30th,
Sterling's firm 18-Month Backlog increased by nearly $5.1 million
or 43% from its backlog at September 30th. Sterling recently
completed its first quarter in many years with revenue above $2.0
million. The increase in backlog, together with these new
contracts confirm Sterling's ability to increase its revenue and
return to profitability."
About Air Industries
Air Industries Group (NYSE American: AIRI) is an integrated
manufacturer of precision assemblies and components for leading
aerospace and defense prime contractors and original equipment
manufacturers. The Company is a Tier 1 supplier to aircraft
Original Equipment Manufacturers, a Tier 2 subcontractor to major
Tier 1 manufacturers, and a Prime Contractor to the U.S. Department
of Defense, and is highly regarded for its expertise in designing
and manufacturing parts and assemblies that are vital for flight
safety and performance.
In its Quarterly Report for the period ended Sept. 30, 2023, Air
Industries Group said that while it is presently in full compliance
with its Webster Facility, it has failed to meet its covenants, as
amended, during two out of three of the last fiscal quarters.
Additionally, it is possible, that the Company may not meet its
financial covenants in one of the upcoming fiscal quarters over the
next twelve months due to either future losses and/or raising
interest rates. Therefore, due to the aforementioned issues, the
Company has classified the term loan that expires on December 30,
2025 as current as of September 30, 2023, in accordance with the
guidance in ASC 470-10-45 related to the classification of callable
debt. Failure to meet the revised covenants in future periods and
secure any necessary waivers raises substantial doubt about the
Company's ability to continue as a going concern within one year
after the issuance date of the report. The Company is required to
maintain a collection account with Webster Bank into which
substantially all of the Company's cash receipts are remitted. If
Webster were to cease lending and keep the funds remitted to the
collection account, the Company would lack the funds to continue
its operations.
AKUMIN INC: CFO Resigns; Ronald Bienias Appointed as Interim CFO
----------------------------------------------------------------
Akumin Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that David Kretschmer, Chief
Financial Officer of Akumin, entered into a Confidential Separation
Agreement and General Release with the Company.
Under the terms of the Separation Agreement, Kretschmer submitted
to the Company a Notice of Resignation dated December 29, 2023,
announcing his intention to resign from his position as CFO of the
Company effective immediately. Pursuant to the terms of the
Separation Agreement, and subject to Kretschmer's compliance with
his continuing obligations under the Separation Agreement, the
Company agreed that (i) it would retain Kretschmer as an employee
from the CFO Position Resignation Date until the Separation Date
(as defined in the Separation Agreement) and that (ii) during the
Transition Period, (A) Kretschmer would no longer receive any
compensation including compensation for his services as CFO of the
Company as provided in the Amended Offer Letter between him and the
Company, dated February 16, 2023 (the "Amended Offer Letter"),
which is filed as Exhibit 10.2 to the Company's Current Report on
Form 8-K filed with the SEC on February 23, 2023, (B) Kretschmer
will be available to provide reasonable consultation services and
transition-related services, and (C) Kretschmer would continue to
participate in any available employee health and benefit plans and
policies that he participated in prior to the CFO Position
Resignation Date but not in any employee bonus or severance plans
and policies of the Company except as otherwise provided in the
Separation Agreement), (D) Kretschmer would not earn or accrue any
vacation time or other paid leave during the Transition Period, and
(E) the Company would reimburse reasonable business expenses
properly incurred by Kretschmer prior to the Separation Date in
furtherance of his employment with the Company, subject to the
Company's applicable business expense reimbursement policy.
All Restricted Share Units (as defined in the Company's Amended and
Restated Restricted Share Unit Plan, which RSU Plan was filed as
Exhibit 10.3 of the Company's Form 10-Q filed with the SEC on
August 9, 2023, held by Kretschmer that were unvested as of the CFO
Position Resignation Date will vest on the CFO Position Resignation
Date and will be settled in accordance with the RSU Plan and the
Separation Agreement.
Accordingly, on December 29, 2023, the Company appointed Ronald J.
Bienias to serve as the Company's Interim Chief Financial Officer.
Bienias, age 53, currently serves as the Company's Chief
Restructuring Officer and has served as a Partner & Managing
Director at AlixPartners, LLP ("AlixPartners") since January 2021.
Bienias previously served as Director at AlixPartners from April
2017 through January 2021. He is a Certified Insolvency and
Restructuring Advisor, and a Certified Turnaround Professional.
Bienias holds an MBA from the University of Michigan's Ross School
of Business.
Ronald has more than 20 years of experience serving in interim
leadership roles or as an advisor at both large and middle-market
companies. Leveraging his financial and operational expertise,
Ronald guides companies in making data-driven decisions that
support restructuring strategies, financial forecasts, and cost
reduction programs. Ronald has an MBA from the University of
Michigan's Ross School of Business and is a former Certified
Treasury Professional.
The appointment of Bienias as Interim CFO is made pursuant to the
Agreement for Interim Management Services between AlixPartners, LLP
and Akumin, Inc. and certain of its affiliates and subsidiaries,
dated October 17, 2023 (the "Interim Management Services
Agreement") filed as Exhibit 10.2 to the Company's Current Report
filed with the SEC on October 20, 2023 and the Addendum 1 thereto,
dated December 12, 2023.
In connection with his service as the Company's CRO and Interim
CFO, Bienias will not receive any compensation directly from the
Company. Instead, the Company agreed to pay AlixPartners the
following fees for its consulting services in connection with a
restructuring of the Company: (i) the Company will pay AlixPartners
specified hourly rates for the services of Bienias and of other
AlixPartners personnel, as well as provide reimbursement for all
reasonable out-of-pocket expenses incurred by AlixPartners in
connection with the Restructuring and (ii) the Company paid
AlixPartners a retainer in the amount of $250,000 pursuant that
certain engagement letter between the Company and AlixPartners
dated September 12, 2023, which shall be applied against the fees
due to AlixPartners under the Interim Management Services
Agreement. AlixPartners will refund any unused amounts remaining on
account.
About Akumin
Akumin Inc. -- https://www.akumin.com/ -- provides fixed-site
outpatient diagnostic imaging services through a network of owned
and/or operated imaging locations; and outpatient radiology and
oncology services and solutions to approximately 1,000 hospitals
and health systems across 48 states. Its imaging procedures include
magnetic resonance imaging, computerized tomography, positron
emission tomography, ultrasound, diagnostic radiology, mammography,
and other related procedures. Akumin's cancer care services include
a full suite of radiation therapy and related offerings.
Akumin and 58 affiliated entities sought Chapter 11 bankruptcy
protection (Bankr. S.D. Texas Lead Case No. 23-90827) on Oct. 22,
2023. The petitions were signed by Riadh Zine, the Debtors' chief
executive officer. As of June 30, 2023, Akumin listed total assets
of $1.7 million and total debts of $1.635 million.
The Hon. Christopher M. Lopez presides over the cases.
The Debtors tapped the law firms of Dorsey & Whitney, LLP and
Jackson Walker, LLP as bankruptcy counsels; AlixPartners, LLP as
financial advisor; Stikeman Elliott, LLP as special Canadian
counsel; Leerink Partners as investment banker; and Epiq Corporate
Restructuring LLC, as noticing and claims agent. Ronald J. Bienias,
a partner and managing director at AlixPartners, serves as the
Debtors' chief restructuring officer.
Akin Gump Strauss Hauer & Feld, LLP's Michael S. Stamer and Jason
Rubin, serve as attorneys for the ad hoc group comprised of
beneficial holders of Prepetition 2025 Notes and Prepetition 2028
Notes.
King & Spalding, LLP's Thad Wilson and Britney Baker serve as
attorneys for the Prepetition RCF Agent while Sidley Austin, LLP's
Anthony Grossi represent the DIP lender, Stonepeak.
ALPINE 4 HOLDINGS: Falls Short of Nasdaq Bid Price Requirement
--------------------------------------------------------------
Alpine 4 Holdings, Inc. announced that it received a staff
determination notice from the Listing Qualifications Department of
The Nasdaq Stock Market LLC advising that for the 30 consecutive
business days prior to Dec. 27, 2023, the closing bid price for the
Company's Class A Common Stock was below the minimum $1.00 per
share requirement for continued inclusion on The Nasdaq Capital
Market, and that as such, Alpine 4 was not in compliance with
Nasdaq Listing Rule 5550(a)(2).
In accordance with Nasdaq rules, the Company has been provided an
initial period of 180 calendar days, or until June 24, 2024, to
regain compliance with the Bid Price Requirement. If, at any time
before the Compliance Date, the closing bid price for the Company's
Common Stock is at least $1.00 for a minimum of 10 consecutive
business days, the Staff will provide the Company written
confirmation of compliance with the Bid Price Requirement and will
then consider the matter closed.
If the Company does not regain compliance with the Bid Price
Requirement by the Compliance Date, the Company may be eligible for
an additional 180 calendar day compliance period, provided that, on
such date, the Company meets the continued listing requirement for
market value of publicly held shares and all other applicable
initial listing requirements for the Nasdaq Capital Market (other
than the minimum closing bid price requirement) and the Company
provides written notice to Nasdaq of its intention to and plans for
curing the deficiency during the second compliance period.
About Alpine 4
Alpine 4 Holdings, Inc (formerly Alpine 4 Technologies, Ltd) is a
publicly traded conglomerate that is acquiring businesses that fit
into its disruptive DSF business model of drivers, stabilizers, and
facilitators.
Alpine 4 Holdings reported a net loss of $12.87 million for the
year ended Dec. 31, 2022, compared to a net loss of $19.48 million
for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company
had $145.63 million in total assets, $75.64 million in total
liabilities, and $69.99 million in total stockholders' equity.
Phoenix, Arizona-based RSM US LLP, the Company's auditor since
2022, issued a "going concern" qualification in its report dated
May 5, 2023, citing that the Company has suffered recurring losses
from operations and recurring negative cash flows from operations.
This raises substantial doubt about the Company's ability to
continue as a going concern.
In its Quarterly Report for the three months ended June 30, 2023,
Alpine 4 Holdings said that while the working capital deficiency of
prior years has improved, and working capital of the Company is
currently positive, continued operating losses cause doubt as to
the ability of the Company to continue. The Company's ability to
raise additional capital through the future issuances of common
stock is unknown. The obtainment of additional financing, the
successful development of the Company's plan of operations, and its
ultimate transition to profitable operations are necessary for the
Company to continue. The Company said the uncertainty that exists
with these factors raises substantial doubt about the Company's
ability to continue as a going concern.
ALYNEVYCH INC: Case Summary & 18 Unsecured Creditors
----------------------------------------------------
Debtor: Alynevych, Inc.
840 Dillon Drive
Wood Dale, IL 60191
Business Description: Alynevych is trucking company providing
transportation services to all 48 states.
The Company's modern fleet offers
temperature controlled solutions, hazardous
freight transportation, and time-sensitive
transfers.
Chapter 11 Petition Date: January 8, 2024
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 24-00218
Judge: Hon. Deborah L. Thorne
Debtor's Counsel: David Freydin, Esq.
LAW OFFICES OF DAVID FREYDIN
8707 Skokie Blvd
Suite 305
Skokie, IL 60077
Tel: 888-536-6607
Fax: 866-575-3765
Email: david.freydin@freydinlaw.com
Total Assets: $1,933,262
Total Liabilities: $5,337,598
The petition was signed by Ulyana Lynevych as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 18 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/SB7TW3I/Alynevych_Inc__ilnbke-24-00218__0001.0.pdf?mcid=tGE4TAMA
AMBASSADOR CONTROLS: Unsecureds to Get $1K per Month for 36 Months
------------------------------------------------------------------
Ambassador Controls and Engineering, LLC, filed with the U.S.
Bankruptcy Court for the Northern District of Texas a Plan of
Reorganization dated January 4, 2024.
The Debtor was formed in 2016. The Debtor currently operates an
engineering firm specializing in automation for the manufacturing
industry. Laura Thomas was the founder and driving force behind the
company.
Unfortunately, Ms. Thomas passed away in early 2023. The ownership
and operation of the company fell to her daughter Talise Beveridge.
As Ms. Beveridge sought to better under the financial structure and
burdens of the company, it became clear that the company has too
much debt with its current operations to remain viable. In order to
preserve the company for the customers and employees, the decision
was made to restructure the company through a Chapter 11
proceeding.
The Debtor filed this case on October 6, 2023 and has been able to
continue operations. The Debtor intends to continue operations. 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.
The Debtor will continue in business. The Debtor's Plan will break
the existing claims into 6 categories of Claimants. These claimants
will receive cash payments over a period of time beginning on the
effective date.
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 $1,000 into the unsecured creditors' pool. The
Debtor shall make distributions to the Class 5 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 5 creditors are impaired.
The allowed unsecured claims total $530,000.
The current owner will receive no payments under the Plan, however,
it will be allowed to retain its 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 4,
2024 is available at https://urlcurt.com/u?l=3jGbDw 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
Telephone: (972) 991-5591
Facsimile: (972) 991-5788
Email: eric@ealpc.com
About Ambassador Controls and Engineering
Ambassador Controls and Engineering, LLC, operates an engineering
firm specializing in automation for the manufacturing industry.
The Debtor filed Chapter 11 petition (Bankr. N.D. Tex. Case No.
23-43059) on Oct. 6, 2023, with $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities.
Eric A. Liepins, Esq., at Eric A. Liepins, P.C., is the Debtor's
legal counsel.
AMG EXPRESS: Seeks to Hire Eric A. Liepins P.C. as Legal Counsel
----------------------------------------------------------------
AMG Express Trucking, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Texas to hire to employ Eric A.
Liepins, P.C. as counsel.
The Debtor requires legal assistance for the purpose of orderly
liquidating the assets, reorganizing the claims of the estate, and
determining the validity of claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $5,000 plus filing fee.
Mr. Liepins, the sole shareholder of the firm, 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:
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 AMG Express Trucking, LLC
AMG Express Trucking, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
24-30070) on Jan. 5, 2024. In the petition signed by Gebre Berhane,
managing member, the Debtor estimated up to $50,000 in assets and
$500,001 - $1 million in liabilities.
Eric A Liepins, Esq. at Eric A. Liepins, P.C. represents the Debtor
as counsel.
ANASTASIA PARENT: $650MM Bank Debt Trades at 39% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Anastasia Parent
LLC is a borrower were trading in the secondary market around 61.1
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $650 million facility is a Term loan that is scheduled to
mature on August 11, 2025. The amount is fully drawn and
outstanding.
Anastasia Parent, LLC is the parent company of Anastasia Beverly
Hills, Inc., a prestige cosmetics brand that focuses on eyebrow
shaping products.
AQUAGRILLE LLC: Hires Kelley Kaplan & Eller as Counsel
------------------------------------------------------
AquaGrille, LLC seeks approval from the U.S. Bankruptcy Court for
the Southern District of Florida to employ Kelley Kaplan & Eller,
PLLC as legal counsel.
The firm's services include:
a. giving advice to the Debtor with respect to its powers and
duties and the continued management of its business operations;
b. advising the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
c. preparing legal documents;
d. protecting the interest of the Debtor in all matters
pending before the court; and
e. representing the Debtor in negotiation with its creditors
in the preparation of a Chapter 11 plan.
The firm will be paid $495 per hour for attorney fees, $155 per
hour for paralegal fees, and a retainer of $27,500. In addition,
the firm will receive reimbursement for out-of-pocket expenses
incurred.
Craig Kelley, Esq., a partner at Kelley Kaplan & Eller, PLLC,
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 at:
Craig I. Kelley, Esq.
Dana Kaplan, Esq.
Kelley Kaplan & Eller, PLLC
1665 Palm Beach Lakes Blvd. Suite 1000
West Palm Beach, FL 33401
Tel: (561) 491-1200
Fax: (561) 684-3773
Email: craig@kelleylawoffice.com
About AquaGrille, LLC
AquaGrille, LLC owns and operates a restaurant in Juno Beach, FL,
offering contemporary, coastal American dining set in a warm,
modern beach house-inspired decor.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-20253) on December
12, 2023. In the petition signed by Stephen Asprinio as Mgr, SA
Hospitality Ventures, LLC, manager of the Debtor, the Debtor
disclosed $84,305 in total assets and $2,820,727 in total
liabilities.
Judge Mindy A. Mora oversees the case.
Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC, represents
the Debtor as legal counsel.
ART & DENTISTRY: Business Sale Proceeds to Fund Plan
----------------------------------------------------
Art & Dentistry, LLC, filed with the U.S. Bankruptcy Court for the
District of Maryland a Subchapter V Plan dated January 4, 2024.
Art & Dentistry, LLC, formerly known as Beam Bright Dental, was
formed in 2000 to provide dental services under the ownership of
Ellen Brodsky, D.D.S., who purchased the practice from another
dentist.
On October 29, 2012, a ceiling-mounted examination light installed
by Schein fell on Dr. Brodsky's head as she was examining a
patient, causing Dr. Brodsky to suffer closed-head brain injury.
Dr. Brodsky now practices part-time, as her health permits. The
Debtor also contracts with additional dentists in order to treat
the Debtor's patients, the number of which has steadily climbed
throughout the Debtor's existence.
Until early 2023, the Debtor was able to timely pay its monthly
expenses, including rent and a portion of rent arrears. In early
2023, one of the Debtor's contract dentists left with little
notice. It took many months before the Debtor could find
replacement professionals to treat the patients previously treated
by the former dentist. During that time, the Debtor fell
increasingly behind in paying rent.
This bankruptcy was filed to provide the Debtor an opportunity to
pay rent arrears and other creditors.
Given the extent to which Dr. Brodsky's injury has impinged on her
ability to practice full-time dentistry, she cannot realistically
continue to indefinitely own and operate the Debtor's business.
Accordingly, the Debtor's Plan contemplates a sale of the business
as a going concern in order to pay creditor claims.
General unsecured claims consist of the following:
* Class 4 is the pre-petition arrears claim of Elizabethean
Court Associates IV Limited Partnership, the Debtor's office
landlord. By Order entered December 19, 2023, the Debtor assumed
that lease and agreed to cure the lease arrears.
* Class 5 is the general unsecured portion of the claim of
IRS, in the amount of $4,481.46.
* Class 6 is the general unsecured claim of the United States
Trustee for fees unpaid in prior Chapter 11 cases. This claim is
for $12,725.09.
* Class 7 represents the claim of eAssist that appears in the
Debtor's Schedules in the amount of $2,444.09.
The Class 4, 5, 6 and 7 claims shall be paid upon Consummation of
the Debtor's Plan.
Class 8, consisting of the equity interest of the Debtor's
principal, Dr. Ellen Brodsky, shall be determined as the result of
sale of the Debtor and payment of the claims shown above. The
equity interest represented by Class 8 shall vest in Dr. Brodsky
after Consummation and payment of the claims.
The Debtor shall sell its business as a going concern and use the
proceeds to pay creditor claims. The Debtor has selected
MidAtlantic Dental Transitions, Inc. of Parkton, Maryland as its
agent for marketing and sale of its business. A separate
application to employ the Agent will be submitted to the Court.
"Consummation," when the claims of creditors shall be paid, shall
be a date no more than 15 days after the date of closing on a sale
of the Debtor's business. The Debtor anticipates that the sales and
closing process will take between six months and one year,
inclusive of the time that prospective purchasers require for due
diligence.
The Debtor presently anticipates asking $1,200,000.00 for the sale
of its business as a going concern. However, that amount is subject
to change as the Debtor acquires additional information and
negotiates with potential purchasers.
A full-text copy of the Subchapter V Plan dated January 4, 2024 is
available at https://urlcurt.com/u?l=FBrkVw from PacerMonitor.com
at no charge.
Attorney for the Debtor:
David E. Lynn, Esq.
David E. Lynn, P.C.
15245 Shady Grove Road, Suite 465 North
Rockville, MD 20850
Phone: (301) 255-0100
Email: davidlynn@verizon.net
About Art & Dentistry
Art & Dentistry is a local dental practice offering general and
cosmetic dentistry, teeth whitening, implants, veneers and other
services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 23-16790) on Sept. 22,
2023. In the petition signed by Ellen Brodsky, managing member,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.
Judge Lori S. Simpson oversees the case.
David E. Lynn, Esq., at David E. Lynn, P.C., is the Debtor's legal
counsel.
AT HOME GROUP: $600MM Bank Debt Trades at 56% Discount
------------------------------------------------------
Participations in a syndicated loan under which At Home Group Inc
is a borrower were trading in the secondary market around 44.3
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 July 24, 2028. The amount is fully drawn and
outstanding.
At Home Group Inc. owns and operates home decor stores. The Company
offers furniture, home furnishings, wall decor and decorative
accents, rugs, and housewares.
ATLAS LITHIUM: Marc Fogassa Reports 41.42% Equity Stake
-------------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, Marc Fogassa disclosed that as of December 21, 2023, he
beneficially owned 4,444,294 shares of common stock of Atlas
Lithium Corporation, representing 41.42% of the shares
outstanding.
A full-text copy of the filing is available at:
https://www.sec.gov/Archives/edgar/data/1540684/000149315223046638/formsc13da.htm
About Atlas Lithium
Atlas Lithium Corporations formerly Brazil Minerals, Inc. is a
mineral exploration and development company with lithium projects
and exploration properties in other critical and battery minerals,
including nickel, rare earths, graphite, and titanium, to power the
increased demand for electrification. The Company's current focus
is on developing its hard-rock lithium project located in Minas
Gerais State in Brazil at a well-known, premier pegmatitic district
in Brazil. The Company intends to produce and sell lithium
concentrate, a key ingredient for the global battery supply chain.
Atlas Lithium reported a net loss of $5.66 million in 2022, a net
loss of $4.03 million in 2021, a net loss of $1.55 million in
2020,a net loss of $2.08 million in 2019, a net loss of $1.85
million in 2018, a net loss of $1.89 million in 2017, a net loss of
$1.74 million in 2016, and a net loss of $1.88 million in 2015. For
the nine months ended Sept. 30, 2023, the Company reported a net
loss of $25.60 million.
In its Quarterly Report for the three months ended Sept. 30, 2023,
Atlas Lithium said that it may need to seek additional equity or
debt financing to the extent that its current resources are
insufficient to satisfy its cash requirements. If the needed
financing is not available, or if the terms of financing are less
desirable than it expects, the Company may be forced to scale back
its existing operations and growth plans, which could have an
adverse impact on its business and financial prospects and could
raise substantial doubt about its ability to continue as a going
concern.
ATLAS PURCHASER: $610MM Bank Debt Trades at 40% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Atlas Purchaser Inc
is a borrower were trading in the secondary market around 59.6
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $610 million facility is a Term loan that is scheduled to
mature on May 18, 2028. The amount is fully drawn and
outstanding.
Atlas Purchaser, Inc., which does business as Alvaria, Inc.,
acquired the assets of Aspect Software in a leveraged buyout in
2021. Aspect is a provider of call center software and solutions.
ATRIX TRUCKING: Seeks to Hire Buddy D. Ford as Legal Counsel
------------------------------------------------------------
Atrix Trucking Corp. filed a corrective application seeking
approval from the U.S. Bankruptcy Court for the Middle District of
Florida to employ Buddy D. Ford, P.A. as counsel.
The Debtor requires legal counsel to:
a. analyze the financial situation, and rendering advice and
assistance to the Debtor in determining whether to file a petition
under Title 11, United States Code;
b. advise the Debtor with regard to the powers and duties of
the debtor and as Debtor-in-Possession in the continued operation
of the business and management of the property of the estate;
c. prepare and file of the petition, schedules of assets and
liabilities, statement of affairs, and other documents required by
the Court;
d. represent the Debtor at the Section 341 Creditors'
meeting;
e. advise the Debtor with respect to its responsibilities in
complying with the United States Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
f. prepare necessary motions, pleadings, applications,
answers, orders, complaints, and other legal papers and appear at
hearings thereon;
g. protect the interest of the Debtor in all matters pending
before the court;
h. represent the Debtor in negotiation with its creditors in
the preparation of the Chapter 11 Plan; and
i. perform all other legal services for Debtor as
Debtor-in-Possession which may be necessary herein, and it is
necessary for Debtor as Debtor-in-Possession to employ this
attorney for such professional services.
The firm will be paid at these rates:
Buddy D. Ford, Esq. $450 per hour
Attorneys $450 per hour
Senior Associate Attorneys $400 per hour
Junior Associate Attorneys $350 per hour
Senior paralegal $150 per hour
Junior paralegal $100 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The Debtor paid the firm a retainer of $26,738.
As disclosed in court filings, Buddy D. Ford is a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Buddy D. Ford, Esq.
Jonathan A. Semach, Esq.
Heather M. Reel, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Telephone: (813) 877-4669
Email: Buddy@tampaesq.com
Jonathan@tampaesq.com
Heather@tampaesq.com
About Atrix Trucking Corp.
Atrix Trucking Corp., a company in Maitland, Fla., filed its
voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case
No. 23-01540) on April 25, 2023, with $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. Charles E.
Joseph, president of Atrix Trucking, signed the petition.
Judge Grace E. Robson oversees the case.
Buddy D. Ford, P.A. serves as the Debtor's legal counsel.
AUDACY CAPITAL: $770MM Bank Debt Trades at 51% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Audacy Capital Corp
is a borrower were trading in the secondary market around 48.9
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $770 million facility is a Term loan that is scheduled to
mature on November 18, 2024. About $630.5 million of the loan is
withdrawn and outstanding.
Audacy Capital Corp. owns and operates radio stations. The Company
focuses on sports, news, and music and entertainment. Audacy
Capital produces, co-produces, and co-promotes events across
markets, including concerts, multi-day musical festivals, speaker
series, trade shows, and sports-related events.
AUDACY INC: Unsecureds Will Get 100% of Claims in Prepackaged Plan
------------------------------------------------------------------
Audacy, Inc. and its Affiliated Debtors filed with the U.S.
Bankruptcy Court for the Southern District of Texas a Disclosure
Statement for Joint Prepackaged Plan of Reorganization dated
January 7, 2024.
Audacy, formerly known as Entercom Communications Corp., was
founded in 1968 at the dawn of the FM radio industry. At its core,
Audacy's business is creating premium audio content, including news
programming, sports radio, music stations, and podcasts, and then
distributing that content to listeners by radio broadcast,
podcasts, and other digital means.
As a result of negotiations with key stakeholders, the Debtors have
entered into the Restructuring Support Agreement with (i) certain
term and revolving loan lenders (the "Consenting First Lien
Lenders") under that certain Credit Agreement, dated as of October
17, 2016, as amended, restated, modified, or supplemented from time
to time, among Audacy Capital Corp., as the Borrower, the
guarantors party thereto, Wilmington Savings Fund Society, FSB, as
administrative agent and collateral agent, and each lender from
time to time party thereto (the "First Lien Credit Agreement") and
(ii) certain noteholders (the "Consenting Second Lien Noteholders"
and, together with the Consenting First Lien Lenders, the
"Consenting Lenders") under (x) that certain indenture governing
the 2027 Notes, dated as of April 30, 2019 and (y) that certain
indenture governing the 2029 Notes, dated as of March 25, 2021, in
each case, among Audacy Capital Corp., as issuer, the guarantors
party thereto, and Deutsche Bank Trust Company Americas, as trustee
and notes collateral agent (collectively, the "Second Lien Notes
Indentures").
The Consenting Lenders include a significant majority of the
Holders of the Debtors' funded debt (lenders beneficially holding
approximately 82.2% of the aggregate outstanding principal amount
under the First Lien Credit Agreement and approximately 73.6% of
the aggregate outstanding principal amount under the Second Lien
Notes Indentures, in each case, as of the signing of the
Restructuring Support Agreement). Such parties represent the
requisite voting majorities under the Bankruptcy Code for both
Class 4 (First Lien Claims) and Class 5 (Second Lien Notes
Claims).
It is contemplated that the Restructuring will result in a
reduction of the Debtors' total long-term principal debt from
approximately $1.9 billion to approximately $350 million and will
include the following transactions:
Under the Plan, the Debtors' non-Affiliate stakeholders will
receive treatment as follows:
* Each Holder of Claims under the First Lien Credit Agreement
(the "First Lien Claims") will receive, except to the extent that
such Holder agrees in writing to less favorable treatment, on the
Effective Date, its Pro Rata share of (a) the Second-Out Exit Term
Loans and (b) the First Lien Claims Equity Distribution, which
consists of, in the aggregate, of 75% of the New Common Stock
issued and outstanding on the Effective Date (inclusive of the
shares that may be issued in connection with the exercise of the
Special Warrants, but excluding shares that may be issued in
connection with the exercise of the New Second Lien Warrants),
subject to dilution on account of the MIP Equity and the New Second
Lien Warrants.
* Each Holder of Claims under the Second Lien Notes Indentures
(the "Second Lien Notes Claims") will receive, except to the extent
that such Holder agrees in writing to less favorable treatment, on
the Effective Date, its Pro Rata share of the Second Lien Notes
Claims Equity Distribution, which consists of (a) in the aggregate,
15% of the New Common Stock issued and outstanding on the Effective
Date (inclusive of the shares that may be issued in connection with
the exercise of the Special Warrants, but excluding shares that may
be issued in connection with the exercise of the New Second Lien
Warrants), subject to dilution on account of the MIP Equity and the
New Second Lien Warrants, and (b) the distribution of 100% of the
New Second Lien Warrants.
* Holders of Other Priority Claims, Other Secured Claims,
Secured Tax Claims, and General Unsecured Claims will be Unimpaired
and are presumed to accept the Plan.
* Holders of 510(b) Claims and Existing Parent Equity
Interests will be Impaired and are deemed to reject the Plan.
The Debtors will enter into a superpriority senior secured
postpetition debtor-in-possession financing facility (the "DIP
Facility" and, the lenders thereunder, the "DIP Lenders"),
participation in which shall be offered to all Holders of First
Lien Claims Pro Rata and backstopped by certain members of the
Consenting First Lien Lenders, in an aggregate principal amount of
$32 million, the proceeds of which will be used to provide
liquidity to the Debtors' balance sheet, on the terms and
conditions set forth in the DIP Loan Documents.
The Restructuring proposed by the Debtors will provide substantial
benefits to the Debtors and all of their stakeholders. The
Restructuring will leave the Debtors' businesses intact and
substantially de-levered, providing for the reduction of
approximately $1.65 billion of debt upon emergence. This de
leveraging will enhance the Debtors' long-term growth prospects and
competitive position and allow the Debtors to emerge from the
Chapter 11 Cases as reorganized entities better positioned to
withstand the competitive broadcast radio and audio content
industry.
Class 6 consists of General Unsecured Claims. Except to the extent
that a Holder of an Allowed General Unsecured Claim and the Debtors
agree to less favorable treatment on account of such Claim, each
Holder of an Allowed General Unsecured Claim shall receive, in full
and final satisfaction, settlement, release and discharge of, and
in exchange for, such Allowed General Unsecured Claim, on or as
soon as practicable after the Effective Date or when such
obligation becomes due in the ordinary course of business in
accordance with applicable law or the terms of any agreement that
governs such Allowed General Unsecured Claim, whichever is later,
either, in the discretion of the Debtors and, to the extent
practicable, in consultation with the Required Consenting First
Lien Lenders, (a) payment in full in Cash, or (b) such other
treatment as to render such Holder Unimpaired in accordance with
section 1124 of the Bankruptcy Code. This Class will receive a
distribution of 100% of their allowed claims. This Class is
unimpaired.
All Cash necessary for the Debtors or the Reorganized Debtors, as
applicable, to make payments required pursuant to the Plan will be
obtained from their respective Cash balances, including Cash from
operations, the DIP Facility, the Exit Term Loan Facility, and the
Exit Securitization Program. Cash payments to be made pursuant to
the Plan will be made by the Reorganized Debtors. The Reorganized
Debtors will be entitled to transfer funds between and among
themselves as they determine to be necessary or appropriate to
enable the Reorganized Debtors to make the payments and
distributions required by the Plan, subject, to the extent
applicable, to the terms of the Exit Term Loan Facility and the
Exit Securitization Program.
A full-text copy of the Disclosure Statement dated January 7, 2024
is available at https://urlcurt.com/u?l=rAswBK from
PacerMonitor.com at no charge.
Proposed Counsel for the Debtors:
PORTER HEDGES LLP
John F. Higgins, Esq.
M. Shane Johnson, Esq.
Megan Young-John, Esq.
1000 Main St., 36th Floor
Houston, Texas 77002
Telephone: (713) 226-6000
LATHAM & WATKINS LLP
George A. Davis, Esq.
Caroline Reckler, Esq.
Jeffrey T. Mispagel, Esq.
Joseph C. Celentino, Esq.
1271 Avenue of the Americas
New York, New York 10020
Telephone: (212) 906-1200
About Audacy Inc.
Audacy is a multi-platform audio content and entertainment company
with the country's best collection of local music, news and sports
brands, a premium podcast creator, major event producer and digital
innovator.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90004) on
January 7, 2024, with $2,788,943,000 in assets and $2,662,320,000
in liabilities. Richard J. Schmaeling, executive vice president &
chief financial officer, signed the petitions.
Judge Christopher M. Lopez oversees the case.
LATHAM & WATKINS LLP and PORTER HEDGES LLP represent the Debtors as
legal counsel.
AVENTIV TECHNOLOGIES: $1.02BB Bank Debt Trades at 23% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Aventiv
Technologies LLC is a borrower were trading in the secondary market
around 77.5 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.
The $1.02 billion facility is a Term loan that is scheduled to
mature on November 1, 2024. About $965.3 million of the loan is
withdrawn and outstanding.
Carrollton, Texas-based Aventiv Technologies LLC is a diversified
technology company that provides innovative solutions to customers
in the corrections and government services sectors. Aventiv is the
parent company to Securus Technologies and AllPaid.
BAKERS RESIDENTIAL: Hires Campbell Law Firm as Bankruptcy Counsel
-----------------------------------------------------------------
Bakers Residential Experts Heating, Cooling, Plumbing, and
Electrical, LLC seeks approval from the U.S. Bankruptcy Court for
the District of South Carolina to employ Campbell Law Firm, P.A.,
as its legal counsel.
The firm will advise the Debtor regarding its duties under the
Bankruptcy Code and will provide other legal services related to
its Chapter 11 case.
Campbell Law Firm charges these hourly fees:
Kevin Campbell $450
Michael Conrady $400
Suzanne Campbell Chisholm $300
Support Staff $100
The firm received $26,717, which includes a retainer fee of
$10,000.
Kevin Campbell, president of the Campbell Law Firm, disclosed in a
court filing that he and his firm are "disinterested" as defined in
section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Kevin Campbell, Esq.
Campbell Law Firm, P.A.
P.O. Box 684
890 Johnnie Dodds Blvd.
Mt. Pleasant, SC 29465
Tel: (843) 884-6874
Fax: (843) 884-0997
Email: kcampbell@campbell-law-firm.com
About Bakers Residential Experts
Bakers Residential Experts is an HVAC contractor in South
Carolina.
Bakers Residential Experts Heating, Cooling, Plumbing, and
Electrical, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 24-00052)
on Jan. 5, 2024. The petition was signed by Franklin Felton, Sr. as
owner. At the time of filing, the Debtor estimated $141,700 in
assets and $1,085,718 in liabilities.
Judge Elisabetta Gm Gasparini presides over the case.
Kevin Campbell, Esq. at CAMPBELL LAW FIRM, PA represents the Debtor
as counsel.
BIRD GLOBAL: Hires Teneo Capital LLC as Financial Advisor
---------------------------------------------------------
Bird Global, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Southern District of Florida to employ
Teneo Capital LLC as financial advisor.
The Debtors require a financial advisor to:
(a) review and analyze the Debtors' business, operations,
assets, financial condition, business plan, strategy, and operating
forecasts;
(b) assist the Debtors in matters related to the administration
of their Chapter 11 cases, including attendance and appearance on
behalf of the Debtors at bankruptcy hearings, 341 meetings of
creditors, and related ancillary bankruptcy matters;
(c) attend meetings with the Debtors and other stakeholders as
required and participate in court hearings;
(d) assess the liquidity and near-term cash needs of the Debtors
by creating a 13- week cash flow model to act as a forecasting tool
designed to provide on-time information related to the Debtors'
liquidity;
(e) assist the Debtors and other professionals to develop
financing scenarios and address cash collateral matters;
(f) assist the Debtors and their legal advisors in structuring
internal communications regarding the proposed restructuring plan
and negotiate with lenders, customers and vendors regarding credit
terms and conditions;
(g) meet with the unsecured creditors committee and other
statutory or unofficial committees, if any, in connection with the
Chapter 11 cases, as necessary to provide general process updates
and to provide such information as may be requested by the
Debtors;
(h) coordinate activities and assist in communication with
outside constituents and advisors, including lenders and their
advisors;
(i) assist in the development of a disclosure statement and plan
of reorganization or asset sale process;
(j) analyze any merger, divestiture, joint venture, or
investment transaction, including the proposed structure and form
thereof;
(k) provide expert testimony and litigation support as mutually
agreed between Teneo and the Debtors; and
(l) assist the Debtors with such other matters as may be
requested that fall within Teneo's expertise.
The firm will be paid at these rates:
Managing Directors/Senior Advisors $800 to $1,300 per hour
Directors/Vice Presidents/Consultants $500 to $800 per hour
Associates/Analysts $350 to $500 per hour
Administrative Staff $200 to $300 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The retainer fee is $261,145.
Prior to the commencement of the Chapter 11 Cases, the firm
received on December 1, 2023, a retainer in the amount of $75,000,
which was deposited into a trust account of the firm. On December
8, 2023, the firm received a second retainer in the amount of
$75,000. On December 19, 2023, the firm received a third retainer
in the amount of $375,000, which was deposited into a trust account
of the firm.
James Feltman, a senior managing director at Teneo Capital, LLC,
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 S. Feltman
Teneo Capital LLC
280 Park Avenue, 4th Floor
New York, NY 10017
Tel: (212) 886-1600
Email: james.feltman@teneo.com
About Bird Global, Inc.
Bird Global, Inc., a micro-mobility operator, is an electric
vehicle company dedicated to bringing affordable, environmentally
friendly transportation solutions such as e-scooters and e-bikes to
communities across the world.
Bird Global, Inc. and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case
No. 23-20514) on December 20, 2023. In the petition signed by
Christopher Rankin, chief restructuring officer, Bird Global
disclosed up to $500 million in both assets and liabilities.
Judge Laurel M. Isicoff oversees the case.
Paul Steven Singerman, Esq., Jordi Guso, Esq., and Clay B. Roberts,
Esq., at Berger Singerman LLP, represent the Debtor as legal
counsel.
Teneo Capital LLC is the Debtor's restructuring advisor. Epiq
Corporate Restructuring, LLC serves as notice and claims agent.
The Senior DIP Parties and Prepetition First Lien Parties, led by
MidCap Financial Trust, are represented by Latham & Watkins LLP
(James Ktsanes; John Lister; Hugh Murtagh).
Covington & Burling LLP (Ronald A. Hewitt) represents the Junior
DIP Agent, U.S. Bank. Venable LLP (Paul J. Battista) advises the
Junior DIP Lenders and Participating Second Lien Parties.
BLU PRINT: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: Blu Print Properties, LLC
2023 1st Avenue North
Birmingham, AL 35203
Business Description: The Debtor owns 13 properties in Birmingham,
and Pleasant Grove, Alabama having a total
current value of $2 million.
Chapter 11 Petition Date: January 8, 2024
Court: United States Bankruptcy Court
Northern District of Alabama
Case No.: 24-00062
Debtor's Counsel: Robert C. Keller, Esq.
RUSSO, WHITE & KELLER, P.C.
315 Gadsden Highway
Suite D
Birmingham, AL 35235
Tel: (205) 833-2589
Email: rjlawoff@bellsouth.net
Total Assets: $2,037,278
Total Liabilities: $747,691
The petition was signed by Joseph L. Webb, III 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/ZP2T7CA/Blu_Print_Properties_LLC__alnbke-24-00062__0001.0.pdf?mcid=tGE4TAMA
BOLTA US: Liquidating Trustee Taps Maples Law Firm as Counsel
-------------------------------------------------------------
Gene Kohut, who served as the Liquidating Trustee of Bolta US Ltd.,
seeks approval from the U.S. Bankruptcy Court for the Northern
District of Alabama to retain Thompson Burton PLLC, as
successor-in-interest to Maples Law Firm, PC, as successor
counsel.
The firm's services include:
a. assisting, advising and representing the Liquidating
Trustee in his consultations with the Debtor regarding the
administration of the Case;
b. assisting, advising and representing the Liquidating
Trustee with respect to the Debtor's retention of professionals and
advisors in connection with the Debtor's business and the Case;
c. assisting, advising and representing the Liquidating
Trustee in analyzing the Debtor's assets and liabilities,
investigating the extent and validity of asset dispositions,
financing arrangements and cash collateral stipulations or
proceedings;
d. assisting, advising and representing the Liquidating
Trustee in any manner relevant to reviewing and determining the
Debtor's rights and obligations under leases and other executory
contracts;
e. assisting, advising and representing the Liquidating
Trustee in investigating the acts, conduct, assets, liabilities and
financial condition of the Debtor, the Debtor's operations and the
desirability of the continuance of any portion of those operations,
and any other matters relevant to the Case;
f. assisting, advising and representing the Liquidating
Trustee in connection with any sale of the Debtor's assets;
g. assisting, advising and representing the Liquidating
Trustee in his participation in the negotiation, formulation, or
objection to any claims asserted against the Trustee or the Estate;
h. assisting, advising and representing the Liquidating
Trustee in understanding his powers and his duties under the
Bankruptcy Code and the Bankruptcy Rules and in performing other
services as are in the interests of those represented by the
Liquidating Trustee;
I. assisting, advising and representing the Liquidating
Trustee in the evaluation of claims and on any litigation matters,
including avoidance actions and directors and officers liability
claims; and
j. providing such other services to the Liquidating Trustee as
may be necessary in this Case.
The firm will be paid at these hourly rates:
Partners $495 to $525
Associates and Law Clerks $240 to $345
Paralegals $200 to $250
Thompson Burton holds no interest adverse to the estate with
respect to the subject matter of its engagement and is a
disinterested person as that term is defined in 11 U.S.C. Sec.
101(14), according to court filings.
The firm can be reached through:
Sarah K. Baker
Hilco Valuation Services, LLC
5 Revere Dr., Suite 206
Northbrook, IL 60062
Phone: (847) 849-2994
Email: sbaker@hilcoglobal.com
About Bolta US Ltd.
Bolta US Ltd., an auto parts manufacturer in Tuscaloosa, Ala.,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Ala. Case No. 23-70042) on Jan. 13, 2023. In the
petition signed by its chief restructuring officer, Jeffrey Truitt,
the Debtor disclosed up to $50 million in assets and up to $100
million in liabilities.
Judge Jennifer H. Henderson oversees the case.
The Debtor tapped Stephen Gross, Esq., at McDonald Hopkins, LLC as
bankruptcy counsel; Rosen Harwood, P.C. as local bankruptcy
counsel; Winter McFarland, LLC as special counsel; and Donnelly
Penman & Partners as investment banker.
The U.S. Bankruptcy Administrator for the Northern District of
Alabama appointed an official committee to represent unsecured
creditors in the Debtor's case. The committee is represented by
Maples Law Firm, PC.
BRENDAN GOWING: Seeks to Hire Margaret M. McClure as Legal Counsel
------------------------------------------------------------------
Brendan Gowing, Inc. and its affiliate seek approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ
Margaret McClure, Esq., an attorney practicing in Houston, Texas,
to handle its Chapter 11 case.
The attorney will be paid at her hourly rate of $400 while
paralegals will be paid at hourly rate of $150, plus reimbursement
of expenses incurred.
Ms. McClure received a retainer of $25,000 from the Debtor.
Ms. McClure disclosed in a court filing that she is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The attorney can be reached at:
Margaret McClure, Esq.
909 Fannin, Suite 3810
Houston, TX 77010
Telephone: (713) 659-1333
Facsimile: (713) 658-0334
Email: margaret@mmmcclurelaw.com
About Brendan Gowing, Inc.
Brendan Gowing, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
24-30002) on Jan 1, 2024. At the time of filing, the Debtor
estimated $1,000,001 to $10 million in both assets and
liabilities.
Margaret Maxwell McClure, Esq. represents the Debtor as counsel.
BRIGHTSTAR PROPERTY: Maria Yip Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 21 appointed Maria Yip, a certified
public accountant and managing partner at Yip Associates, as
Subchapter V trustee for Brightstar Property Maintenance Services,
Inc.
Ms. Yip will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Yip declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Maria M. Yip
2 S. Biscayne Blvd., Suite 2690
Miami, FL 33131
Tel: (305) 569-0550
Email: myip@yipcpa.com
About Brightstar Property Maintenance Services
Brightstar Property Maintenance Services, Inc. offers property
maintenance services. It is based in Fort Lauderdale, Fla.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-20835) on December
29, 2023, with $1,100,683 in assets and $1,074,719 in liabilities.
Leon Nelson, president, signed the petition.
Judge Scott M. Grossman oversees the case.
Thomas L. Abrams, Esq., at Thomas L. Abrams PA, represents the
Debtor as legal counsel.
BURDOCK AND ASSOCIATES: Unsecureds to be Paid in Full over 3 Years
------------------------------------------------------------------
Burdock and Associates, Inc. filed with the U.S. Bankruptcy Court
for the Middle District of Florida a Plan of Reorganization for
Small Business dated January 4, 2024.
The Debtor is an international safety and regulatory compliance
consulting firm offering customized solutions for its customers’
compliance needs. The Debtor currently operates out of a commercial
office space located at 859 Outer Road, Orlando, Florida 32814.
The primary event leading to this filing is a lawsuit Paydirt Gold
Company, LLC commenced against Debtor for alleged negligence (and
other related causes of action) based on advice Debtor provided to
Paydirt involving labeling requirements for "handwipes". That suit
was filed, three years ago, and remains pending in the United
States District Court for the Central District of California,
styled as Paydirt Gold Company, LLC v. Burdock and Associates,
Inc., Case No. 2:21-cv-09782-AB-PLA (the "California Lawsuit").
The Debtor has faced acute economic challenges predominantly
stemming from the burdens associated with the California and IOA
Lawsuits. In addition to the legal fees and costs it has expended,
the Debtor's founder and President, Dr. George A. Burdock, DABT,
FACN, has been forced to spend the bulk of his time and labor on
the company's litigation matters. Dr. Burdock is the driving force
of the business.
This Plan of Reorganization proposes to pay creditors of the Debtor
from: (i) existing cash on hand on the Effective Date (defined
below); (ii) operational cash flow; and (iii) the net proceeds of
the IOA Lawsuit. Specifically, the distributions to Allowed Class 5
General Unsecured Creditors will be paid in full over 3 years from
the Debtor's available and operational cash set forth in the
Financial Projections.
Class 3 consists of the Allowed Guaranty Claim of First Horizon
Bank set forth in its proof of claim, Claim No. 5, with an
unsecured claim amount of $383,458.12. Upon the Effective Date, the
Debtor shall reaffirm its guaranty to First Horizon Bank for the
loans set forth in Claim No. 5. Class 3 is unimpaired.
Class 4 consists of the unsecured proof of claims relating to the
California Lawsuit which claims filed by: (1) Duane Morris, LLP, in
the unsecured amount of $278,547.42 (Claim No. 2); (2) Paydirt Gold
Company, LLP, in the unsecured amount of $14,010,742.00; and (3)
the scheduled claim of George Burdock in the amount of $331,800.00.
The Debtor scheduled the claim of Duane Morris as disputed, and the
claim of Paydirt as disputed and contingent and intends to object
to both claims prior to confirmation. The Class 4 claims shall be
allowed in the amount filed or, if there is an objection to claim,
in the amount ultimately allowed. Holders of Allowed Class 4 claims
will receive, pro rata, the net proceeds of the IOA Lawsuit, after
the payment of the contingency fees due to Debtor's special counsel
(the "IOA Award").
The Debtor believes it will prevail in the IOA Lawsuit and that the
IOA Award will be in excess of $750,000. Class 4 claims shall be
disallowed to the extent they seek recovery beyond the IOA Award.
For clarity, Class 4 claims will be disallowed to the extent they
seek recovery from the Debtor, its bankruptcy estate, or any
insiders of the Debtor. Debtor asserts the plan treatment to Class
4 easily satisfies the cram down standard in Bankruptcy Code
Section 1191 as the amount distributed is far in excess of
projected disposable income over 3 years: If, however, Class 4
votes against the Plan, the Plan treatment will automatically be
altered and Class 4 will be entitled to, pro rata, the projected
net disposable income over 3 years and the proceeds of the IOA
lawsuit will be used for operations.
Class 5 consists of all other allowed non-priority, non-insider
unsecured claim against the Debtor. The Class 5 Claims shall be
allowed in their respective filed or scheduled amounts. In full
satisfaction of its claim, each holder of an allowed non-priority,
noninsider unsecured claim against the Debtor shall be paid in
full, without interest, and paid through the Plan over 3 years in
equal quarterly installments (i.e., 12 total installment payments).
The first quarterly installment shall be on the 1st day of the
calendar quarter 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 5 General Unsecured
Claim is determined by Final Order of the Bankruptcy Court. Class 5
is impaired. As of the filing of this Plan, the Debtor estimates
Allowed General Unsecured Claims to be approximately $75,000.00.
Class 6 consists of the unsecured claims held by Salvitas LLC in
the amount of $15,091.67 related to unpaid rent. The Class 6 Claim
shall be allowed in full. In full satisfaction of its claim,
Salvitas shall have its lease assumed and cured over 1 year with
monthly payments. Class 6 is impaired.
Class 7 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 5 have
been made. Class 7 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.
A full-text copy of the Plan of Reorganization dated January 4,
2024 is available at https://urlcurt.com/u?l=v7EOTU from
PacerMonitor.com at no charge.
Debtor's Counsel:
R. Scott Shuker, Esq.
SHUKER & DORRIS, P.A.
121 S. Orange Avenue
Suite 1120
Orlando, FL 32801
Tel: (407) 337-2060
E-mail: rshuker@shukerdorris.com
About Burdock and Associates
Burdock and Associates, Inc. in Orlando, FL, is an international
safety and regulatory compliance consulting firm offering
customized solutions for its customers’ compliance needs.
The Debtor filed its voluntary petition for Chapter 11 protection
(Bankr. M.D. Fla. Case No. 23-04165) on October 6, 2023, listing
$500,000 to $1 million in assets and $1 million to $10 million in
liabilities. George A. Burdock as president, signed the petition.
SHUKER & DORRIS, P.A. serve as the Debtor's legal counsel.
CANO HEALTH: $644.4MM Bank Debt Trades at 56% Discount
------------------------------------------------------
Participations in a syndicated loan under which Cano Health LLC is
a borrower were trading in the secondary market around 43.7
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $644.4 million facility is a Term loan that is scheduled to
mature on November 23, 2027. About $625.1 million of the loan is
withdrawn and outstanding.
Cano Health, LLC operates primary care centers and supports
affiliated medical practices. The Company specializes in primary
care for seniors, as well as promotes activities and care to
improve both physical health and well-being and offers population
health management programs. Cano Health serves patients in the
United States.
CARESTREAM DENTAL: $160MM Bank Debt Trades at 55% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Carestream Dental
Inc is a borrower were trading in the secondary market around 45.0
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $160 million facility is a Term loan that is scheduled to
mature on September 1, 2025. The amount is fully drawn and
outstanding.
Carestream Health, Inc., headquartered in Rochester, New York, is a
supp
CARESTREAM DENTAL: $335MM Bank Debt Trades at 21% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Carestream Dental
Inc is a borrower were trading in the secondary market around 78.7
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $335 million facility is a Term loan that is scheduled to
mature on September 1, 2024. The amount is fully drawn and
outstanding.
Carestream Health, Inc., headquartered in Rochester, New York, is a
supplier of imaging and IT systems to the medical and dental
communities and to other markets.
CARNIVAL PLC: EUR751.5MM Bank Debt Trades at 35% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Carnival PLC is a
borrower were trading in the secondary market around 65.0
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The EUR751.5 million facility is a Term loan that is scheduled to
mature on October 9, 2032. About EUR597.2 million of the loan is
withdrawn and outstanding.
Carnival PLC owns and operates cruise ships. The Company offers
cruise vacations in North America, Continental Europe, the United
Kingdom, South America, and Australia.
CASTLE US HOLDING: EUR500MM Bank Debt Trades at 29% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Castle US Holding
Corp is a borrower were trading in the secondary market around 70.9
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The EUR500 million facility is a Term loan that is scheduled to
mature on January 29, 2027. The amount is fully drawn and
outstanding.
Castle US Holding Corporation provides database tools and software
to public relations and communications professionals.
CLEAN ENERGY: Gets OK to Sell Property to City of Colorado Springs
------------------------------------------------------------------
Clean Energy Collective, LLC received approval from the U.S.
Bankruptcy Court for the District of Colorado to sell its real
property to the City of Colorado Springs.
The city offered $200,000 for the property located in Kilowatt
Point, Colorado Springs. The property is being sold "free and
clear" of liens, claims and interests, according to the sale
agreement.
The deal requires the sale of the property to close on or before
June 30. The closing is contingent upon the city obtaining an
environmental review or audit for the property.
The City of Colorado Springs agreed to pay the closing costs.
Clean Energy acquired the property from the city in October 2013
for $147,000 and executed a quitclaim deed, which provides the city
a right of first refusal.
In November last year, the company was notified of the city's
exercise of its right of first refusal and the city's offer to
acquire the property.
About Clean Energy Collective
Clean Energy Collective, LLC -- https://www.cleanenergyco.com/ --
is a clean energy company that is based in Louisville, Colo.,
serving residential, commercial and non-profit customers. It
developed a model of delivering clean power-generation through
medium-scale facilities that are collectively owned by
participating utility customers.
Clean Energy Collective filed a voluntary Chapter 11 petition
(Bankr. D. Colo. Case No. 20-17543) on Nov. 20, 2020, with
$1,870,355 in total assets and $39,998,916 in total liabilities.
Thomas M. Jannsen, chief executive officer and chief financial
officer, signed the petition.
Judge Michael E. Romero oversees the case.
Wadsworth Garber Warner Conrardy, P.C. and Plante & Moran, PLLC
serve as the Debtor's legal counsel and accountant, respectively.
CNA EQUITY: Unsecured Creditors to Split $40K over 3 Years
----------------------------------------------------------
CNA Equity Group, Inc., filed with the U.S. Bankruptcy Court for
the Northern District of California a Plan of Reorganization under
Subchapter V dated January 4, 2024.
Since 2008, the Debtor has operated as a privately held California
corporation which acts as a licensed mortgage broker for
individuals and entities in obtaining real estate financing.
Even with the Debtor's track record of success and integrity, in
the past few years, 2 borrowers alleged to be the victims of a
fraud scheme perpetrated by a now deceased individual named Derek
Wheat and/or his associates have sued the Debtor. From the Debtor's
understanding, Wheat would convince the borrowers to apply for
loans through private lenders as if their personal residence was a
rental unit.
In addition to the cost of litigation and the possibility of a
judge or jury finding the Debtor liable not based on the Debtor's
act but in order to redress the bad acts of Wheat and his cohorts,
the real estate financing market is currently facing obstacles due
to the slow down in the economy and, more importantly, the increase
in interest rates. Although the Debtor believes it could have
weathered either one of these obstacles alone, both occurring at
the same time is the perfect storm forcing the Debtor to file this
chapter 11 to address these claims in a fair and equitable fashion.
The total filed non indemnity/litigation, non disputed unsecured
creditors in this case total $34,409. The total
indemnity/litigation, disputed unsecured creditors in this case
total $9,289,000. The Debtor believes these claims are highly
inflated and subject to objection.
Presently, the Debtor's sole income comes from business operation.
Based on the projected income and expenses, the Debtor will
generate total net monthly disposable income over 3 years of
$40,036.
This Plan of Reorganization proposes to pay creditors of the Debtor
from funds that are currently on hand and from Debtors' future net
disposable income.
Class 3.1 consists of Non-Priority Unsecured Creditors. Class 3.1
will receive a payment of $40,036 within three years from the
Effective Date. The payment will be paid pro rata to the class
claimants. This Class is impaired.
Debtor will implement the plan through the Debtor's future revenues
and/or refinancing post confirmation.
A full-text copy of the Plan of Reorganization dated January 4,
2024 is available at https://urlcurt.com/u?l=bYOvTw from
PacerMonitor.com at no charge.
Attorney for the Plan Proponent:
Chris D. Kuhner, Esq.
Kornfield Nyberg Bendes Kuhner & Little, P.C.
1970 Broadway, Suite 600
Oakland, California 94612
Tel: (510) 763-1000
Fax: (510) 273-8669
Email: c.kuhner@kornfieldlaw.com
About CNA Equity Group
CNA Equity Group, Inc., doing business as Platinum One Realty and
Mortgage, is a full-service mortgage company servicing Northern and
Southern California.
The Debtor filed a Chapter 11 petition (Bankr. N.D. Cal. Case No.
23-41294) on Oct. 6, 2023, with $1,661,089 in assets and $2,102,967
in liabilities. Michael Mulry, president, signed the petition.
Chris Kuhner, Esq., at Kornfield, Nyberg, Bendes, Kuhner & Little,
P.C., is the Debtor's legal counsel.
COMMSCOPE HOLDING: Carlyle, 9 Others Report 16.6% Equity Stake
--------------------------------------------------------------
In a Schedule 13D/A filed with the U.S. Securities and Exchange
Commission, The Carlyle Group Inc. and its affiliated entities have
disclosed beneficial ownership of 42,257,593 shares of CommScope
Holding Company, Inc.'s common stock, representing 16.6% of the
shares outstanding.
The Reporting Persons are:
* The Carlyle Group Inc.
* Carlyle Holdings I GP Inc.
* Carlyle Holdings I GP Sub L.L.C.
* Carlyle Holdings I L.P.
* CG Subsidiary Holdings L.L.C.
* TC Group, L.L.C.
* TC Group Sub L.P.
* TC Group VII S1, L.L.C.
* TC Group VII S1, L.P.
* Carlyle Partners VII S1 Holdings, L.P.
A full-text copy of the filing is available at:
https://www.sec.gov/Archives/edgar/data/1517228/000119312524001503/d626606dsc13da.htm
About CommScope
CommScope (NASDAQ: COMM) -- www.commscope.com -- is a global
provider of infrastructure solutions for communication, data
center
and entertainment networks. The Company's solutions for wired and
wireless networks enable service providers, including cable,
telephone and digital broadcast satellite operators and media
programmers to deliver media, voice, Internet Protocol (IP) data
services and Wi-Fi to their subscribers and allow enterprises to
experience constant wireless and wired connectivity across complex
and varied networking environments.
CommScope reported a net loss of $1.28 billion in 2022, a net loss
of $462.6 million in 2021, and a net loss of $573.4 million in
2020.
For the nine months ended Sept. 30, 2023, the Company incurred a
net loss of $925.7 million. As of Sept. 30, 2023, the Company had
$10.06 billion in total assets, $11.41 billion in total
liabilities, $1.15 billion in series A convertible preferred
stock,
and a total stockholders' deficit of $2.49 billion.
* * *
As reported by the TCR on November 22, 2023, S&P Global Ratings
lowered its issuer credit rating on CommScope to 'CCC' from 'B-'
and removed the ratings from CreditWatch with negative
implications, where they were placed on Oct. 31, 2023. S&P revised
the outlook to negative.
COREPOWER YOGA: $175MM Bank Debt Trades at 29% Discount
-------------------------------------------------------
Participations in a syndicated loan under which CorePower Yoga LLC
is a borrower were trading in the secondary market around 71.0
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 May 14, 2025. The amount is fully drawn and
outstanding.
Based in Denver, Colorado, CorePower Yoga is a yoga studio chain
with over 200 studios.
COUNTY INVESTMENT: Completes Sale of Huffmeister Property
---------------------------------------------------------
County Investment, LLC announced in a filing with the U.S.
Bankruptcy Court for the Southern District of Texas that it closed
the sale of its real property in Texas on Dec. 29 last year.
The buyer, Alym Lakhani, offered $3.75 million for the property
located at 10807 Huffmeister, Cypress, Texas.
The bankruptcy court approved the sale on Dec. 13 last year, and
ordered the payment of Texas Capital Loans, LLC's secured claim.
The claim, which is secured by the Huffmeister Shopping Plaza and
two other properties, has already been paid in full, according to
County Investment's attorney, Leonard Simon, Esq., at Pendergraft &
Simon, LLP.
Mr. Simon also disclosed that $319,157.85 in net sales proceeds was
wire transferred to Brendon Singh, the company's chief
restructuring officer.
About County Investment L.P.
Houston-based County Investment L.P. is primarily engaged in
renting and leasing real estate properties.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 23-34374) on Nov. 6,
2023, with $1 million to $10 million in both assets and
liabilities. Tom Howley, Esq., at Howley Law, PLLC serves as
Subchapter V trustee.
Judge Eduardo V. Rodriguez oversees the case.
Leonard Simon, Esq., at Pendergraft & Simon, LLP represents the
Debtor as legal counsel.
CRAWFISH WORLD: Seeks to Hire Ki-Hyun Chun as Accountant
--------------------------------------------------------
Crawfish World LLC seeks approval from the U.S. Bankruptcy Court
for the District of Nevada to hire Ki-Hyun Chun, PH.D, CPA as its
accountant.
The firm will render these services:
a. provide ordinary course bookkeeping services to the Debtor
at the expense of the estate pursuant to section 328 of the
Bankruptcy Code; and
b. provide regular tax return preparation services.
The current standard hourly rates for CPA Ki-Hyun Chun is
approximately $225 per hour. However the Debtor pays Ki-Hyun Chun a
flat rate of $500 per month.
As disclosed in the court filings, Ki-Hyun Chun, CPA and its
principals and its associates are disinterested person within the
meaning of Sec. 101 (14) and 327 of the Bankruptcy Code.
The firm can be reached through:
CPA Ki-Hyun Chun
KI-HYUN CHUN, PH.D, CPA
King's Tower
1339 Baxter Street, Suite 200
Charlotte, NC 28204
Telephone: (704) 332-5656
Facsimile: (704) 332-9373
Email: info@kihyunchuncpa
About Crawfish World LLC
Crawfish World LLC owns and operates a seafood restaurant in Las
Vegas.
Crawfish World LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No.
23-15181) on November 23, 2023. The petition was signed by Minh Ngo
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.
Seth D. Ballstaedt, Esq. at Fair Fee Legal Services represents the
Debtor as counsel.
CRYSTAL BLUE: Hires Great American Brokerage as Broker
------------------------------------------------------
Crystal Blue Party Hall and Theater, Inc. d/b/a Majestic Hall LLC
seeks approval from the U.S. Bankruptcy Court for the Eastern
District of New York to employ Great American Brokerage Inc. as
broker.
The firm will market and sell the Debtors theater, catering and
social hall business located at 56-70 58th Street, Maspeth, New
York 11378.
The firm will be paid a commission of 10 percent of the gross sales
price.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Paul G. W. Fetscher
Great American Brokerage Inc.
100 W Park Ave #309
Long Beach, NY 11561
Tel: (516) 889-7200
About Crystal Blue Party Hall and Theater, Inc.
d/b/a Majestic Hall LLC
Crystal Blue Party Hall and Theater, Inc. sought protection for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No.23-42236) on June 26, 2023, with $500,001 to $1 million in
both assets and liabilities. Faysal Qurashi, president, signed the
petition.
Judge Elizabeth S. Stong presides over the case.
Davidoff Hutcher & Citron, LLP represents the Debtor as legal
counsel.
CUMULUS MEDIA: $525MM Bank Debt Trades at 23% Discount
------------------------------------------------------
Participations in a syndicated loan under which Cumulus Media New
Holdings Inc is a borrower were trading in the secondary market
around 76.9 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.
The $525 million facility is a Term loan that is scheduled to
mature on March 31, 2026. About $328.2 million of the loan is
withdrawn and outstanding.
Headquartered in Atlanta, Ga., Cumulus Media New Holdings Inc. is
the third largest radio broadcaster in the U.S. with 405 stations
in 86 markets, a nationwide network serving more than 9,500
broadcast affiliates, and numerous digital channels. In addition,
Cumulus has several digital businesses (including podcasting,
streaming, and marketing services), and live events. Cumulus
emerged from Chapter 11 bankruptcy protection in June 2018.
CUSMA SOBER: Hires Anthony DeGirolamo as Legal Counsel
------------------------------------------------------
Cusma Sober Housing seeks approval from the U.S. Bankruptcy Court
for the Northern District of Ohio to employ Anthony DeGirolamo,
Esq., a practicing attorney in Canton, Ohio, to handle its Chapter
11 case.
Mr. DeGirolamo will charge $325 per hour for his services and $165
per hour for paralegal services. In addition, the attorney will
seek reimbursement for expenses incurred.
The attorney received from the Debtor a retainer of $3,738.
Mr. DeGirolamo disclosed in a court filing that he is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The attorney can be reached at:
Anthony J. DeGirolamo, Esq.
3930 Fulton Dr., Ste. 100B
Canton, OH 44718
Tel: (330) 305-9700
Fax: (330) 305-9713
Email: tony@ajdlaw7-11.com
About Cusma Sober Housing
Cusma Sober Housing filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 23-61502) on
December 21, 2023, with $100,001 to $500,000 in both assets and
liabilities.
Judge Tiiara N. A. Patton oversees the case.
Anthony J. DeGirolamo represents the Debtor as legal counsel.
DA LUGO INVESTMENT: Taps Liquor Loan Management as Broker
---------------------------------------------------------
DA Lugo Investment LLC, doing business as Oasis Sports Lounge,
seeks approval from the U.S. Bankruptcy Court for the Middle
District of Florida to employ Scott C. Tepper P.A. and Liquor Loan
Management, Inc. as its brokers.
The broker will represent and assist the Debtor in a sale of its
liquor license. The broker will list and market the liquor license
for sale, solicit offers, negotiate with potential buyers, and
ultimately assist the estate in consummating the sale of the liquor
license.
The broker has agreed to charge his customary fee of 7 percent of
the gross sale price (for a dual brokerage transaction) or 5
percent of the gross sale price (for a transaction where the broker
serves as the sole broker), payment of which will be made at
closing.
Scott Tepper, Esq., president of Scott C. Tepper, P.A., 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 broker can be reached through:
Scott Tepper, Esq.
Scott C. Tepper, P.A.
Liquor Loan Management, Inc.
120 E Granada Blvd
Ormond Beach, FL 32176
Phone: (386) 677-6475
About Da Lugo Investment
Da Lugo Investment LLC, doing business as Oasis Sports Lounge,
filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No.
22-03542), listing as much as $500,000 in both assets and
liabilities. Judge Roberta A. Colton oversees the case.
Erik Johanson PLLC serves as the Debtor's legal counsel.
DIGITAL MEDIA: $225MM Bank Debt Trades at 45% Discount
------------------------------------------------------
Participations in a syndicated loan under which Digital Media
Solutions LLC is a borrower were trading in the secondary market
around 55.0 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.
The $225 million facility is a Payment in kind Term loan that is
scheduled to mature on May 25, 2026. About $219.4 million of the
loan is withdrawn and outstanding.
Headquartered in Clearwater, Florida, Digital Media Solutions,
Inc.is a provider of data-driven, technology-enabled digital
performance advertising solutions connecting consumers and
advertisers within the auto, home, health, and life insurance, plus
a long list of top consumer verticals.
DIRECTV FINANCING: S&P Rates New Extended Credit Facilities 'BB'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating and '2'
recovery rating to DirecTV Financing LLC's proposed extended credit
facilities, including the $500 million revolving credit facility
due 2028 and $1.25 billion first-lien term loan due 2029. The '2'
recovery rating indicates our expectation of substantial (70%-90%;
rounded estimate: 70%) recovery in the event of payment default.
The company plans to use the proceeds to refinance a portion of the
existing $3.1 billion term loan B due 2027.
S&P said, "Our 'BB-' issuer credit rating on parent DirecTV
Entertainment Holdings LLC is unaffected by this leverage-neutral
transaction. We view it favorably from a liquidity standpoint
because it will smooth the company's maturity profile, extend the
revolver to 2028 and result in slightly lower interest expense. We
expect the company will continue to operate with debt to EBITDA of
1.0x-1.5x over the next year, which is strong for the rating. We
recognize that management has been able to reduce costs
effectively, resulting in healthy cash flow and
better-than-expected EBITDA margins (about 26%) despite satellite
TV subscriber losses of about 16% year over year.
"However, rating upside is currently constrained by challenging
industry conditions as the addressable market for linear TV
continues to shrink significantly. Key sports programming is
becoming more widely available on streaming platforms, which does
not bode well for DirecTV. We believe the company could struggle to
expand its streaming platform considering other competitors such as
YouTubeTV (which is owned by Google) may be willing to subsidize
operating losses or operate at lower margins to gain scale and
create value for other business segments. Separately, we also
consider the potential for leverage to increase due to a strategic
acquisition or shareholder returns longer term, considering that
private-equity firm TPG owns a 30% stake in the company."
DIVERSIFIED HEALTHCARE: CEO Reports Beneficial Ownership of Shares
------------------------------------------------------------------
Christopher J. Bilotto, President and CEO of Diversified Healthcare
Trust, filed a Form 3 Report with the U.S. Securities and Exchange
Commission, disclosing direct beneficial ownership of 48,504.064 of
the Company's common shares of beneficial interest as of January 1,
2024.
A full-text copy of the filing is available at:
https://www.sec.gov/Archives/edgar/data/1075415/000110465924000330/xslF345X02/tm241440-1_3seq1.xml
About Diversified Healthcare Trust
Diversified Healthcare Trust (Nasdaq: DHC) -- www.dhcreit.com -- is
a real estate investment trust, which owns senior living
communities, medical office and life science buildings and wellness
centers throughout the United States. As of Sept. 30, 2023, DHC's
approximately $7.2 billion portfolio included 376 properties in 36
states and Washington, D.C., occupied by approximately 500 tenants,
and totaling approximately 9 million square feet of life science
and medical office properties and more than 27,000 senior living
units. DHC is managed by The RMR Group (Nasdaq: RMR), an
alternative asset management company with approximately $36 billion
in assets under management as of Sept. 30, 2023 and more than 35
years of institutional experience in buying, selling, financing and
operating commercial real estate.
The Company stated in its Quarterly Report for the period ended
Sept. 30, 2023, that "As discussed in Note 1 to our condensed
consolidated financial statements included in Part I, Item 1 of
this Quarterly Report on Form 10-Q, based on these challenges and
upcoming debt maturities, we have concluded that there is
substantial doubt about our ability to continue as a going concern
for at least one year from the date of issuance of the financial
statements included in Part I, Item 1 of this Quarterly Report on
Form 10-Q. Our continuation as a going concern is dependent upon
many factors, including our ability to meet our debt covenants and
repay our debts and other obligations when due. While we believe
raising permissible new capital, including proceeds from our
planned asset sales, and the possible extension of our credit
facility, will alleviate the substantial doubt about our ability to
continue as a going concern, we cannot provide assurance that any
new capital raised, including proceeds from our planned asset
sales, will be available to us or sufficient to repay our upcoming
maturing debt, or that our lenders will agree to an extension of
the maturity date of our credit facility. We cannot be sure that we
will be able to obtain any future debt financing, and any such debt
financing we may obtain may not be sufficient to repay our upcoming
maturing debt. If we are unable to obtain sufficient funds, we may
be unable to continue as a going concern."
* * *
As reported by the TCR on Jan. 5, 2024, S&P Global Ratings raised
its issuer credit rating on Diversified Healthcare Trust (DHC) to
'CCC+' from 'CCC-', its issue-level rating on its non-guaranteed
senior unsecured notes to 'CCC+' from 'CCC-', and its issue-level
rating on its guaranteed senior unsecured notes to 'B' from 'CCC+'
and removed the ratings from CreditWatch, where S&P placed them
with positive implications on Dec. 19, 2023. S&P also revised its
recovery rating on the non-guaranteed notes to '4' from '3'.
EBIX INC: Shareholder Seeks Appointment of Equity Committee
-----------------------------------------------------------
A shareholder of Ebix, Inc. is seeking the appointment of an
official committee that will represent shareholders in the
company's Chapter 11 case.
In a letter to Kevin Epstein, the U.S. Trustee for Region 6, Sara
Konstantine said the appointment of an equity committee is
necessary to ensure that shareholders are "adequately represented"
in the company's bankruptcy.
"Shareholders deserve a seat at the table as this case heads
towards confirmation given the fact that [Ebix] is not hopelessly
insolvent per its own admission, and is not canceling equity," Ms.
Konstantine said.
Ms. Konstantine argued that certain subsidiaries of the company
like EbixCash are not in bankruptcy and have tangible value. She
pointed out that the value range of this subsidiary is in the
hundreds of millions of dollars.
"Without an independent investigation of value, it is unclear what
this subsidiary could return as value to the estate," Ms.
Konstantine said.
Ms. Konstantine also argued that an equity committee is warranted
in light of allegations of "widespread fraud and malfeasance"
surrounding the company.
"[Ebix] has no interest in pursuing itself and its directors for
claims against D&O policies and other possible causes of action
that may exist against [Ebix's] management," Ms. Konstantine said,
adding that only an equity committee can "adequately investigate
these causes of action."
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.
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
ELITE ROOF: Seeks to Hire Simen Figura & Parker as Counsel
----------------------------------------------------------
Elite Roof Group LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Michigan to employ Simen, Figura &
Parker P.L.C. as counsel to handle its Chapter 11 case.
The firm was paid by the Debtor in the amount of $15,000 as advance
payment.
Peter T. Mooney, the attorney handling the case, will be paid at
the rate of $265 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Peter T. Mooney, Esq., a partner at Figura & Parker P.L.C.,
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:
Peter T. Mooney, Esq.
Figura & Parker P.L.C.
5206 Gateway Centre Ste. 200
Flint, MI 48507
Tel: (810) 235-9000
Email: pmooney@sfplaw.com
About Elite Roof Group LLC
Elite Roof Group, LLC is a roofing contractor in Grand Blanc,
Mich., serving residential, commercial, and industrial clients.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-31987) on December
14, 2023, with $50,000 to $100,000 in assets and $1 million to $10
million in liabilities. Matthew Camargo, sole member, signed the
petition.
Judge Joel D. Applebaum oversees the case.
Peter T. Mooney, Esq., at Simen, Figura & Parker, PLC represents
the Debtor as legal counsel.
EMERALD ISLES: Case Summary & Six Unsecured Creditors
-----------------------------------------------------
Debtor: Emerald Isles Holdings, LLC
d/b/a McK's Tavern & Brewery
218 S. Beach Street
Daytona Beach, FL 32114
Business Description: Emerald Isles dba McK's Tavern & Brewery
serves pub food, genuine Irish dishes, a
variety of beer, and its very own craft
brews.
Chapter 11 Petition Date: January 8, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-00073
Judge: Hon. Lori V. Vaughan
Debtor's Counsel: Walter J. Snell, Esq.
SNELL AND SNELL, P.A.
436 N Peninsula Drive
Daytona Beach, FL 32118
Tel: 386-255-5334
Fax: 386-255-5335
E-mail: snellandsnell@mindspring.com
Total Assets: $1,127,700
Total Liabilities: $914,883
The petition was signed by Scot A. Lawson as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/7HUDKGI/Emerald_Isles_Holdings_LLC__flmbke-24-00073__0001.0.pdf?mcid=tGE4TAMA
EMPLOYBRIDGE: $925MM Bank Debt Trades at 18% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Employbridge LLC is
a borrower were trading in the secondary market around 82.5
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $925 million facility is a Term loan that is scheduled to
mature on July 19, 2028. The amount is fully drawn and
outstanding.
Employbridge, LLC operates as an industrial staffing company. The
Company offers temporary associates in manufacturing, logistics,
warehousing, and contact centers.
EXPERTUS HEALTH: Hires Teel & Gay PLC as Legal Counsel
------------------------------------------------------
Expertus Health, LLC seeks approval from the U.S. Bankruptcy Court
for the Western District of Tennessee to employ Teel & Gay, P.L.C.
as counsel.
The firm will render these services:
(a) consult with the Debtor relative to its duties and prepare
and file the statement of affairs, schedules, and executory
contracts;
(b) assist in the formulation of the Debtor's plan; and
(c) perform all other legal services for the Debtor which may
be necessary or appropriate in the case.
The firm will be paid at these rates:
Attorneys $350 per hour
Associate Attorneys $200 per hour
Administrative Assistant $55 per hour
C. Jerome Teel, Jr., Esq., an attorney at Teel & Gay, 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:
C. Jerome Teel, Jr., Esq.
Teel & Gay, PLC
425 E. Baltimore
Jackson, TN 38301
Telephone: (731) 424-3315
Facsimile: (731) 424-3501
About Expertus Health, LLC
Expertus Health owns a commercial building & 6.8 acres located at
2718 Squirrel Hollow Dr., Linden, TN, valued at $1.74 million. The
Debtor also owns three other properties in Linden, TN valued at
$80,100.
Expertus Health, LLC in Linden, TN, filed its voluntary petition
for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 23-11673) on
December 20, 2023, listing $1,959,712 in assets and $678,813 in
liabilities. Jason Weil as single member/CEO, signed the petition.
Judge Jimmy L. Croom oversees the case.
TEEL & GAY, PLC serve as the Debtor's legal counsel.
EYECARE PARTNERS: $110MM Bank Debt Trades at 50% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Eyecare Partners
LLC is a borrower were trading in the secondary market around 50.3
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $110 million facility is a Delay-Draw Term loan that is
scheduled to mature on November 15, 2028.
EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a
medically focused eye care services provider. EyeCare Partners is
vertically integrated, providing optometry, ophthalmology and
retail products
EYECARE PARTNERS: $300MM Bank Debt Trades at 71% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Eyecare Partners
LLC is a borrower were trading in the secondary market around 28.8
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 November 15, 2029. The amount is fully drawn and
outstanding.
EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a
medically focused eye care services provider. EyeCare Partners is
vertically integrated, providing optometry, ophthalmology and
retail products.
EYECARE PARTNERS: $440MM Bank Debt Trades at 50% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Eyecare Partners
LLC is a borrower were trading in the secondary market around 49.9
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $440 million facility is a Term loan that is scheduled to
mature on November 15, 2028. The amount is fully drawn and
outstanding.
EyeCare Partners, LLC, headquartered in St. Louis, Missouri, is a
medically focused eye care services provider. EyeCare Partners is
vertically integrated, providing optometry, ophthalmology and
retail products.
FLANNERY LLC: Beverly Brister Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 13 appointed Beverly Brister,
Esq., a practicing attorney in Benton, Ark., as Subchapter V
trustee for Flannery, LLC.
Ms. Brister will be paid an hourly fee of $300 for her services as
Subchapter V trustee. Should travel be required outside of Saline
or Pulaski Counties, the Subchapter V trustee will seek a
compensation rate of $100 per hour for actual travel time
incurred.
Ms. Brister declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Beverly I. Brister, Esq.
Attorney at Law
212 W. Sevier
Benton, AR 72015
Phone: 501-778-2100
Email: bibristerlaw@gmail.com
About Flannery LLC
Flannery, LLC filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D. Ark. Case No. 24-10014) on January
3, 2024, with up to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Richard D. Taylor oversees the case.
Carl W. Hopkins, Esq., represents the Debtor as legal counsel.
FLYING FISH: Seeks to Hire Capital Recovery Group as Auctioneer
---------------------------------------------------------------
Flying Fish Brewing Company, LLC seeks approval from the U.S.
Bankruptcy Court for the District of New Jersey to employ Capital
Recovery Group to auction all of its assets.
Capital Recovery will be paid a commission of 16 percent buyer's
premium and reimbursement of expenses including $25,000 for labor
and marketing expenses.
William Firestone, CEO of Capital Recovery Group, LLC, 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 Debtors and their estates.
Capital Recovery can be reached at:
William Firestone
CAPITAL RECOVERY GROUP, LLC
1654 King Street
Enfield, CT 06082
Tel: (860) 623-9060
Email: wfirestone@crgllc.com
About Flying Fish Brewing Company
Flying Fish Brewing Company, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case
No. 23-21917) on Dec. 28, 2023. The petition was signed by James
Lewandowski as chief executive officer. At the time of filing, the
Debtor estimated $1,277,747 in assets and $9,279,265 in
liabilities.
Ellen M. McDowell, Esq. at MCDOWELL LAW, PC represents the Debtor
as counsel.
FRG ENTERPRISES: Hires Bailey Cavalieri as Bankruptcy Counsel
-------------------------------------------------------------
FRG Enterprises, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of Ohio to employ Bailey Cavalieri LLC as
its general bankruptcy counsel.
The firm will provide these services:
a. advise the Debtor of its rights, powers, and duties as a
debtor and debtor-in-possession continuing to manage its business
and property;
b. prepare on behalf of the Debtor all necessary and appropriate
applications, motions, draft orders, other pleadings, notices,
schedules, and other documents, and review all financial and other
reports to be filed in this Chapter 11 Case;
c. advise the Debtor concerning, and prepare responses to,
applications, motions, other pleadings, notices, and other papers
that may be filed and served in this Chapter 11 Case;
d. advise the Debtor concerning, and assist in the negotiation
and documentation of, financing agreements, cash collateral orders,
and related transactions;
e. review the nature and validity of any claims asserted against
the Debtor's property;
f. advise the Debtor concerning actions that it might take to
collect and recover property for the benefit of the estate;
g. counsel the Debtor in connection with the formulation,
negotiation, and promulgation of a plan and related documents;
h. advise and assist the Debtor in connection with any potential
property dispositions;
i. advise the Debtor concerning executory contracts and
unexpired lease assumptions, assignments, rejections, and
restructurings;
j. assist the Debtor in reviewing, estimating, and resolving
claims asserted against the Debtor's estate;
k. commence and conduct litigation necessary or appropriate to
assert rights held by the Debtor, and protect assets of the
Debtor's Chapter 11 estate and assist the Debtor in retaining
special litigation counsel to assist in such matters if necessary;
l. provide general corporate, litigation, and other
non-bankruptcy services for the Debtor as requested by the Debtor;
m. attend meetings and negotiate with representatives of
creditors and other parties in interest; and
n. perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with this
Chapter 11 Case.
The firm will be paid at these rates:
Members $350 to $700 per hour
Associates $240 to $400 per hour
Paralegals $210 to $225 per hour
On September 27, 2023, the Debtor paid the firm the amount of
$25,000 as retainer.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Matthew T. Schaeffer, Esq., a partner at Bailey Cavalieri 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 at:
Matthew T. Schaeffer, Esq.
Bailey Cavalieri LLC
10 West Broad Street, Suite 2100
Columbus, OH 43215
Tel: (614) 229-3289
Fax: (614) 221-0479
Email: mschaeffer@baileycav.com
About FRG Enterprises, LLC
FRG Enterprises, LLC, filed a Chapter 11 bankruptcy petition
(Bankr. S.D. Ohio Case No. 23-54240) on December 6, 2023,
disclosing under $1 million in both assets and liabilities. The
Debtor is represented by BAILEY CAVALIERI LLC.
FWAK LLC: Hires Wenokur Riordan PLLC as Legal Counsel
-----------------------------------------------------
FWAK, LLC seeks approval from the U.S. Bankruptcy Court for the
Western District of Washington to employ Wenokur Riordan PLLC to
serve as its Chapter 11 counsel.
The firm will render these legal services:
(a) take all actions necessary to protect and preserve the
Debtor's bankruptcy estate;
(b) prepare legal papers;
(c) negotiate with creditors concerning a Chapter 11 plan,
prepare a Chapter 11 plan and related documents, and take the steps
necessary to confirm and implement the proposed plan of
liquidation; and
(d) provide such other legal advice or services as may be
required in connection with the Chapter 11 case.
The firm received an advance fee deposit of $32,000 from the
Debtor.
Alan Wenokur, Esq., an attorney at Wenokur Riordan, 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:
Alan J. Wenokur, Esq.
Wenokur Riordan PLLC
600 Stewart Street, Suite 1300
Seattle, WA 98101
Telephone: (206) 682-6224
Email: alan@wrlawgroup.com
About FWAK, LLC
FWAK, LLC in Seattle, WA, filed its voluntary petition for Chapter
11 protection (Bankr. W.D. Wash. Case No. 23-12376) on December 7,
2023, listing as much as $1 million to $10 million in both assets
and liabilities. Anne Marie Kreidler as managing member, signed the
petition.
Judge Marc L. Barreca oversees the case.
WENOKUR RIORDAN PLLC serve as the Debtor's legal counsel.
GALAXY US OPCO: $969MM Bank Debt Trades at 17% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Galaxy US Opco Inc
is a borrower were trading in the secondary market around 83.5
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $969 million facility is a Term loan that is scheduled to
mature on April 30, 2029. About $954.5 million of the loan is
withdrawn and outstanding.
The Company's country of domicile is the United States.
GENERAL PEST: Unsecureds Will Get 20% of Claims over 48 Months
--------------------------------------------------------------
General Pest Solutions, LLC, filed with the U.S. Bankruptcy Court
for the District of South Carolina a Plan of Reorganization for
Small Business dated January 4, 2024.
Debtor was organized on May 2015 as a South Carolina limited
liability company. Prior to formation of the limited liability
company, the managing member, Manuel Cora, had been working in the
pest control industry for over fifteen years.
The Debtor operates its business from the personal residence
jointly owned by the members of the entity, Manuel Cora and Sundae
Cora. The Debtor has not paid rent to the Cora's for the use of
their residence and it is not anticipated that the Cora's will
require the Debtor to pay rent in the future.
With the onset of COVID, the Debtor's income began to decline. The
Debtor was able to trim its overhead by terminating employees.
Unfortunately, between January 2020 and September 2023, the Debtor
borrowed monies from several entities via 'Merchant Cash
Agreements'. The result was a further tightening of cash flow
issues that ended with the Debtor seeking relief under the
Bankruptcy Code to reorganize its business.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $37,524 during the first
12 months of the 60-month Plan. All of the projected disposable
income is committed to Plan payments during that term. Debtor
anticipates the same amount of excess disposable income after
administrative expenses are paid. The final Plan payment is
expected to be paid in April 2029.
This Plan of Reorganization proposes to pay creditors of the
Debtor, from future earnings. Debtor does not anticipate that sales
of assets or loan proceeds will be necessary for continued
operation.
Non-priority unsecured creditors holding allowed claims will
receive distributions representing no less than the liquidation
yield which Debtor believes to be 20%. The Plan provides for the
payment of administrative, priority, secured, and unsecured
claims.
Class 3 consists of all non-priority unsecured claims, including
any unsecured portion of secured claims. Debtor shall pay a yield
of 20% to the Class 3 Creditors, without interest on a pro rata
basis, in monthly installments of $800, commencing after the
administrative claims have been paid, and continuing for a period
of 48 months. The allowed unsecured claims total $172,333. This
class is impaired.
Class 5 consists of equity security holders of the Debtor. The sole
members of the Debtor are Manuel and Sundae Cora. Debtor proposes
that each equity interest retain their interest in the Debtor.
Debtor shall fund the plan from earnings.
A full-text copy of the Plan of Reorganization dated January 4,
2024 is available at https://urlcurt.com/u?l=9Nipuq from
PacerMonitor.com at no charge.
Attorney for Debtor:
Richard A. Steadman, Jr., Esq.
STEADMAN LAW FIRM, P.A.
6296 Rivers Avenue, Suite 102
Charleston, SC 29406
Tel: (843) 529-1100
Email: rsteadman@steadmanlawfirm.com
About General Pest Solutions
General Pest Solutions, LLC, was organized on May 2015 as a South
Carolina limited liability company.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. S.C. Case No. 23-02944) on September 28,
2023. In the petition signed by Manuel Alberto Cora, president, the
Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Elisabetta G. M. Gasparini oversees the case.
Richard A Steadman, Jr., Esq., at Steadman Law Firm, P.A.,
represents the Debtor as legal counsel.
GENESIS CARE: No Patient Care Concern, 3rd PCO Report Says
----------------------------------------------------------
Susan Goodman, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Southern District of Texas
her third interim report regarding the quality of patient care
provided at Genesis Care Pty Limited and its affiliates' three
locations.
The PCO's monitoring for the East Florida Market, West
Florida/Central Market, and East/West U.S. Market has not resulted
in concerns as contemplated under Section 333(b) of the Bankruptcy
Code consistent with the previous reports filed in these cases.
The PCO noted that while she did not make any additional site
visits to the East Florida Market in the interim reporting period,
she periodically checked in with the leadership team for this
market segment. While operationally the market segment could be
described as relatively status quo, on an individual level,
employees reported some anxiety relative to future employment
specifics as a non-sale reorganization plan seemed to emerge.
In this reporting period for the West Florida/Central Market, the
Senior Market Director reported forward progress relative to part
availability to repair one HVAC unit with limited approval to fix
the section of flooring most directly impacted by the HVAC unit
leak. Again, aside from employee anxiety regarding specific job
opportunities available in the anticipated resultant reorganized
Debtor, this market segment reported remaining status quo
operationally.
The PCO observed that the East/West U.S. Market segment experienced
the most transitions in this reporting cycle. Essentially, all
operations outside of North Carolina that were not previously
reported as undergoing a sale/divestiture, did so in this reporting
cycle or are in the process of finalizing documents to complete
such transactions. Given the number of locations experiencing
transitions, PCO has checked in more regularly with the Market
Executive for this area over the course of the reporting period.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=ATboeP from Kroll Restructuring
Administration, LLC, claims agent.
The ombudsman may be reached at:
Susan N. Goodman
Pivot Health Law, LLC
P.O. Box 69734
Oro Valley, AZ 85737
Ph: 520.744.7061
Fax: 520.575.4075
Email: sgoodman@pivothealthaz.com
About GenesisCare
One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.
Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.
Judge David R. Jones oversees the case.
The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; Teneo as communications
advisor; and Clayton Utz as special investigation counsel. Kroll
Restructuring Administration, LLC is the notice and claims agent.
On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.
Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.
GET GREEN: Seeks to Hire RVG Commercial as Real Estate Broker
-------------------------------------------------------------
Get Green Recycling Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to hire RVG Commercial
Real Estate Services Inc. as its real estate broker.
The broker will market and sell the real property located at 827
Oak Street, DeKalb, Illinois 60115 and 231 N. 10th Street, DeKalb,
Illinois 60115.
The real estate commission for buildings and improved real estate
is 5 percent of the selling price if sold by RVG, otherwise the
commission is 6 percent of the selling price.
Michael Carpenter, managing broker for RVG Commercial Realty,
assured the court that RVG is a "disinterested person," as that
phrase is defined in section 101(14) of the Bankruptcy Code.
The broker can be reached through:
Michael Carpenter
RVG Commercial Real Estate Services Inc.
1731 DeKalb Avenue
Sycamore, IL 60178
Cell Phone: (815) 540-5101
About Get Green Recycling Inc.
Get Green Recycling Inc. is a recycling center in Aurora,
Illinois.
Get Green Recycling Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
23-13092) on Sept. 30, 2023. The petition was signed by James
Meyers as president. At the time of filing, the Debtor estimated $1
million to $10 million in both assets and liabilities.
Judge Donald R. Cassling presides over the case.
Gregory J Jordan, Esq. at Jordan & Zito LLC represents the Debtor
as counsel.
GLOBAL MEDICAL: $1.94BB 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 $1.94 billion facility is a Term loan that is scheduled to
mature on March 14, 2025. About $1.84 billion of the loan is
withdrawn and outstanding.
Global Medical Response Inc and GMR Buyer Corp provide emergency
air medical services.
GRAY MATTER: Hires Coffey Law LLC as Legal Counsel
--------------------------------------------------
Gray Matter Holdings Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Ohio to employ Coffey Law LLC as
legal counsel.
The firm's services include:
a. advising the Debtor of its rights and duties as
Debtor-in-Possession;
b. preparing and filing all necessary and appropriate
petitions, schedules, statements of financial affairs,
applications, motions, pleadings, orders, notices and related
documents;
c. reviewing the nature, extent and validity of liens asserted
against the property of the Debtor, and advising the Debtor with
respect to the enforceability of such liens;
d. advising the Debtor with respect to the contemplated
formation, solicitation of approval, and confirmation of a Chapter
11 plan; and
e. performing other legal services for the Debtor.
The firm will be paid at the rate of $400 per hour, a retainer of
27,000, and reimbursement of out of pocket expenses.
Thomas Coffey, Esq., at Coffey Law, disclosed in a court filing
that he and his firm neither hold nor represent any interest
adverse to the Debtors and their estates.
The firm can be reached through:
Thomas W. Coffey, Esq.
Coffey Law LLC
2430 Tremont Avenue Front
Cleveland, OH 44113
Tel: (216) 870-8866
Email: tcoffey@tcoffeylaw.com
About Gray Matter Holdings Inc.
Gray Matter Holdings, Inc., a company in Youngstown, Ohio, filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. N.D. Ohio Case No. 23-41366) on December 21, 2023, with up
to $50,000 in assets and $10 million to $50 million in liabilities.
Anthony James Davian Sr., president and chief executive officer,
signed the petition.
Judge Tiiara Patton oversees the case.
Thomas W. Coffey, Esq., at Coffey Law, LLC represents the Debtor as
bankruptcy counsel.
GREEN HYGIENICS: Amends Plan to Include Tate Trust Secured Claims
-----------------------------------------------------------------
Green Hygienics Holdings, Inc., submitted an Amended Disclosure
Statement in support of Amended Chapter 11 Plan dated January 4,
2024.
Debtor has decided to sell the Potrero Property and will be filing
an application to employ Watt Weaver of Lee & Associates Commercial
Real Estate Services to market it with a listing price of
$17,900,000.
Under the terms of the Listing Agreement, Lee & Associates will be
paid a commission of 4% of the gross sales price. Debtor's
principal believes that the listing price is a fair price for the
Potrero Property based upon his knowledge of the property and the
market. While the price is lower than the $19,000,000 value
provided in the bankruptcy schedules, it is more than sufficient to
pay all creditors in full. The discounted listing price should
allow the Potrero Property to be sold within a reasonable time.
Debtor will also sell its personal property, including automobiles
and equipment which has an estimated value of approximately
$309,780.
This is a pot plan. In other words, the proponent seeks to
accomplish payments under the Plan from the proceeds from the sale
of the Potrero Property and personal property, including
automobiles and equipment. The effective date of the Plan is 30
days following the date of entry of the order approving the sale or
other disposition of the Potrero Property, unless a stay of the
order is in effect, in which case the effective date will be the
first business day after the date on which the stay of the order
approving the sale or disposition has been lifted, provided that
the order has not been vacated.
Class 2(g) consists of the Ronald M. Tate Secured Claim in the
amount of $1,627,000. Ronald M. Tate, Trustee of the Ronald M. Tate
1988 Separate Property Trust dated April 13, 1988 ("Tate Trust")
holds this claim against the Potrero Property. The claim was
assigned by Eagle Home Loan, Inc. to the Tate Trust on or about
January 17, 2023. The allowed amount of the claim will be paid from
the sale of the Potrero Property. The claim is impaired under the
Plan, Debtor estimates that the net proceeds from the sale will be
sufficient to pay the Class 2(g) in full. Claimant shall retain its
lien on the property until the claim is paid in full.
Class 4(a) consists of general unsecured claims, other than claims
of insiders. Class 4(a) claims total $2,422,136. The claims are
impaired. The allowed amount of each claim will be paid from the
sale of the Potrero Property and personal property, including
vehicles and equipment. Debtor estimates that the net proceeds from
the sale will be sufficient to pay all Class 4(a) in full, however
this is a pot plan. In other words, the payments under the Plan
will come exclusively from the proceeds from the sale of the
Potrero Property and personal property, including automobiles and
equipment and there is a possibility that the net proceeds fall
short of paying all claims in full.
The Plan will be funded from the sale of the Potrero Property.
Green Hygienics believes that the sale will provided sufficient net
proceeds to pay all unsecured creditors in full after liens against
the property have been satisfied.
A full-text copy of the Amended Disclosure Statement dated January
4, 2024 is available at https://urlcurt.com/u?l=Q8meHo from
PacerMonitor.com at no charge.
Attorneys for Debtor:
Andrew S. Bisom, Esq.
The Bisom Law Group
300 Spectrum Center Drive, Ste. 1575
Irvine, CA 92618
Tel: (714) 643-8900
Fax: (714) 643-8901
Email: abisom@bisomlaw.com
About Green Hygienics Holdings
Green Hygienics Holdings, Inc., formerly known as Takedown
Entertainment Inc., focuses on the cultivation and processing of
industrial hemp for extracting cannabidiol. It was founded in 2008
and is based in Poway, Calif.
Green Hygienics Holdings filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Calif. Case
No. 23-01998) on July 11, 2023, with $20,250,600 in assets and
$10,291,084 in liabilities. Todd Mueller, chief executive officer,
signed the petition.
Judge Margaret M. Mann oversees the case.
Andrew S. Bisom, Esq., at The Bisom Law Group, is the Debtor's
counsel.
GTT COMMUNICATIONS: $350MM Bank Debt Trades at 34% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which GTT Communications
Inc is a borrower were trading in the secondary market around 66.2
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $350 million facility is a payment-in-kind Term loan that is
scheduled to mature on June 30, 2028. The amount is fully drawn
and outstanding.
GTT Communications, Inc., formerly Global Telecom and Technology,
is a multinational telecommunications and internet service provider
company with headquarters in McLean, Virginia, and incorporated in
Delaware.
GUANELLA PASS: Mark Dennis of SL Biggs Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Region 11 appointed Mark Dennis, a certified
public accountant at SL Biggs, as Subchapter V trustee for Guanella
Pass Brewing Company, LLC.
Mr. Dennis will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Dennis declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark D. Dennis, CPA
SL Biggs, A Division of SingerLewak, LLP
2000 S. Colorado Blvd., Tower 2, Ste. 200
Denver, CO 80222
Phone: 303-226-5471
Email: mdennis@slbiggs.com
About Guanella Pass Brewing Company
Guanella Pass Brewing Company, LLC owns and operates a brewery in
Georgetown, Colo.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. Colo. Case No. 23-16068) on December 30,
2023, with $72,340 in assets and $2,282,564 in liabilities. Steven
Skalski, managing member, signed the petition.
Judge Thomas B. Mcnamara oversees the case.
Katharine Sender, Esq., at Cohen & Cohen, P.C. represents the
Debtor as legal counsel.
HERSHEY CHAN: Hires Hires Michael L. Previto as Legal Counsel
-------------------------------------------------------------
Hershey Chan Realty, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Michael
Previto, Esq., a practicing attorney in Hauppauge, N.Y., to handle
its Chapter 11 case.
The firm will provide these services:
a. advise the Debtor with respect to his power and duties as a
Debtor in Possession in the operation and management of the
financial reorganization of the estate;
b. attend meetings and negotiate with creditors and their
representatives, the Trustee and others;
c. take all actions to protect the Debtor's estate, including
litigating on the Debtor's behalf and negotiating where
applicable;
d. prepare all motions, applications, answers, orders,
reports, and papers necessary for the administration of the
estate;
e. assist and represent the Debtor in obtaining Debtor's
financing, if applicable;
f. prepare a Chapter 11 plan or plans and disclosure statement
and take any action to obtain confirmation of that plan;
g. represent the Debtor's interest in any sale of property or
assets;
h. appear in Court to protect his interest; and
i. perform all other legal services and provide such advise as
is necessary to assist the Debtor in this endeavor.
The firm will be paid at the rate of $250 per hour. The firm
received an advanced retainer in the amount of $5,100.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael L. Previto, 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:
Michael L. Previto
150 Motor Parkway, Suite 401
Hauppauge, NY 11788
Tel: (631) 379-0837
About Hershey Chan Realty, Inc.
Hershey Chan owns real estate and Chinese restaurant.
Hershey Chan Realty Inc. in Whitestone NY, filed its voluntary
petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No.
23-44458) on December 4, 2023, listing $8,000,000 in assets and
$4,900,000 in liabilities. Grace Chan as owner/president, signed
the petition.
Judge Elizabeth S. Stong oversees the case.
Michael L. Previto, Esq. serve as the Debtor's legal counsel.
HOLDINGS OF SOUTH FLORIDA: J. McConnell Named Subchapter V Trustee
------------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq.,
at McConnell Law Group, P.A. as Subchapter V trustee for Holdings
of South Florida Inc.
Mr. McConnell will be paid an hourly fee of $350 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. McConnell declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jerrett M. McConnell, Esq.
McConnell Law Group, P.A.
6100 Greenland Rd., Unit 603
Jacksonville, FL 32258
Phone: (904) 570-9180
Email: info@mcconnelllawgroup.com
About Holdings of South Florida
Holdings of South Florida Inc., a company in Jacksonville, Fla.,
filed a petition under Chapter 11, Subchapter V of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 24-00003) on January 2, 2024, with
up to $50,000 in assets and $1 million to $10 million in
liabilities. John Romberg, owner, signed the petition.
Judge Jacob A. Brown oversees the case.
Thomas Adam, Esq., represents the Debtor as legal counsel.
HOMEZONE IMPROVEMENTS: Hires Osipov Bigelman P.C. as Counsel
------------------------------------------------------------
Homezone Improvements, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Michigan to employ Osipov
Bigelman, P.C. as counsel.
The firm will represent and assist the Debtor in all facets of the
bankruptcy case.
The firm will be paid at these rates:
Jeffrey H. Bigelman, Esq. $400 per hour
Yuliy Osipov, Esq. $400 per hour
Anthony Miller, Esq. $375 per hour
David P. Miller, Esq. $325 per hour
Thomas DeCarlo, Esq. $375 per hour
Paralegal $150 per hour
The firm will be paid a retainer in the amount of $18,262.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Yuliy Osipov, Esq., a partner at Osipov Bigelman, P.C., 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:
Anthony J. Miller, Esq.
Yuliy Osipov, Esq.
Osipov Bigelman, P.C.
20700 Civic Center Dr., Ste. 420
Southfield, MI 48076
Tel: (248) 663-1800
Fax: (248) 663-1801
Email: yo@osbig.com
am@osbig.com
About Homezone Improvements, LLC
Homezone Improvements, LLC is an exterior remodeler based in Grand
Blanc and serving homeowners across Michigan. The Company
specializes in vinyl replacement windows, notably the Sunrise
Vanguard triple-pane windows, as well as sliding patio doors and
residential roofing tailored for Michigan's diverse weather.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-31825) on November
15, 2023. In the petition signed by Donald Wyper, managing member,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.
Judge Joel D. Applebaum oversees the case.
Yuliy Osipov, Esq., at Osipov Bigelman, PC., represents the Debtor
as legal counsel.
HONEY RUN VILLAS: Seeks to Hire Accel as Real Estate Broker
-----------------------------------------------------------
Honey Run Villas, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Tennessee to employ Accel Commercial
Real Estate, LLC as real estate broker.
The firm will market and sell the Debtor's real property located at
0 Highway 31 West, White House, Tennessee 37188.
The firm will be paid a commission of 3 percent of the price of the
real property.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Brandon Koechlin
Accel CRE, LLC
7000 Executive Center Drive Suite 2-110
Brentwood, TN 37027
Tel: (615) 671-4544
Email: Brandonkoechlin@gmail.com
About Honey Run Villas, LLC
Honey Run Villas, LLC filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-03320) on
Sept. 13, 2023, with $137,113 in total assets and $2,574,987 in
total liabilities. Jeremy Leggo, member, signed the petition.
Judge Charles M. Walker oversees the case.
Gray Waldron, Esq., at Dunham Hildebrand, PLLC is the Debtor's
legal counsel.
HORNBLOWER SUB: $349.4MM Bank Debt Trades at 71% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Hornblower Sub LLC
is a borrower were trading in the secondary market around 29.3
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $349.4 million facility is a payment-in-kind Term loan that is
scheduled to mature on April 27, 2025. The amount is fully drawn
and outstanding.
Hornblower Sub, LLC is a charter yacht and public dining cruise
operator.
HOUSE OF DEAR HAIR: Taps Eric A. Liepins P.C. as Counsel
--------------------------------------------------------
House of Dear Hair Salon, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to hire to
employ Eric A. Liepins, P.C. as counsel.
The Debtor requires legal assistance for the purpose of orderly
liquidating the assets, reorganizing the claims of the estate, and
determining the validity of claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $2,500 plus filing fee.
Mr. Liepins, the sole shareholder of the firm, 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:
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
House of Dear Hair Salon, LLC
House of Dear Hair Salon, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex.
Case No. 24-30068) on Jan 5, 2024. The petition was signed by Holly
Dear, managing member. At the time of filing, the Debtor estimated
$50,001 - $100,000 in assets and $500,001 - $1 million in
liabilities.
Eric A Liepins, Esq. at Eric A. Liepins, P.C. represents the Debtor
as counsel.
HOUSE OF DEAR: Seeks to Hire Eric A. Liepins P.C. as Legal Counsel
------------------------------------------------------------------
House of Dear, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of Texas to hire to employ Eric A.
Liepins, P.C. as counsel.
The Debtor requires legal assistance for the purpose of orderly
liquidating the assets, reorganizing the claims of the estate, and
determining the validity of claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $2,500 plus filing fee.
Mr. Liepins, the sole shareholder of the firm, 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:
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
House of Dear, LLC
House of Dear, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No.
24-30069) on Jan 5, 2024. The petition was signed by Holly Dear,
managing member. At the time of filing, the Debtor estimated
$50,001 - $100,000 in assets and $500,001 - $1 million in
liabilities.
Eric A Liepins, Esq. at Eric A. Liepins, P.C. represents the Debtor
as counsel.
HS PURCHASER: $670MM Bank Debt Trades at 18% Discount
-----------------------------------------------------
Participations in a syndicated loan under which HS Purchaser LLC is
a borrower were trading in the secondary market around 82.0
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $670 million facility is a Term loan that is scheduled to
mature on November 19, 2027. The amount is fully drawn and
outstanding.
HS Purchaser, LLC develops infrastructure software.
HUBBARD RADIO: $372MM Bank Debt Trades at 17% Discount
------------------------------------------------------
Participations in a syndicated loan under which Hubbard Radio LLC
is a borrower were trading in the secondary market around 83.4
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $372 million facility is a Term loan that is scheduled to
mature on April 30, 2025. The amount is fully drawn and
outstanding.
Formed in 2011, Hubbard Radio, LLC is a family controlled and
privately held media company that owns and operates radio stations
in seven of top 30 markets, including Chicago, Washington, D.C.,
Minneapolis/St. Paul, St. Louis, Cincinnati, Seattle, and Phoenix.
Hubbard also operates 2060 Digital, LLC, a national digital
marketing agency based in Cincinnati, OH. Headquartered in St.
Paul, MN, the company is affiliated with Hubbard Broadcasting Inc.,
a television and radio broadcasting company that was started in
1923.
HUDSON 888 HOLDCO: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: Hudson 888 Holdco LLC
150 East 52nd Street
Suite 8002
New York, NY 10022
Chapter 11 Petition Date: January 7, 2024
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 24-10022
Debtor's Counsel: Stephen B. Selbst, Esq.
HERRICK FEINSTEIN LLP
Two Park Avenue
New York, NY 10016
Tel: 212-592-1400
Email: sselbst@herrick.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Sheng Zhang as chairman and CEO.
The Debtor indicated it has no unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/Y4J3KBQ/Hudson_888_Holdco_LLC_and_Hudson__nysbke-24-10022__0001.0.pdf?mcid=tGE4TAMA
IBIO INC: Sabby Volatility, 2 Others Report 9.99% Equity Stake
--------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Sabby Volatility Warrant Master Fund, Ltd., Sabby
Management, LLC, and Hal Mintz disclosed that they beneficially
owned 200,303 shares of common stock of Ibio, Inc., representing
9.99 percent of the Shares outstanding. A full-text copy of the
regulatory filing is available for free at:
https://www.sec.gov/Archives/edgar/data/1420720/000153561024000029/ibio0124.txt
About iBio Inc.
iBio, Inc. -- http://www.ibioinc.com-- is a preclinical stage
biotechnology company that leverages the power of Artificial
Intelligence (AI) for the development of precision antibodies. Its
proprietary technology stack is designed to minimize downstream
development risks by employing AI-guided epitope-steering and
monoclonal antibody (mAb) optimization.
iBio reported a net loss available to the Company's stockholders of
$65.01 million for the year ended June 30, 2023, compared to a net
loss available to stockholders of $50.39 million for the year ended
June 30, 2022. As of June 30, 2023, the Company had $41.21 million
in total assets, $25.83 million in total liabilities, and $15.38
million in total stockholders' equity.
Holmdel, New Jersey-based CohnReznick LLP, the Company's auditor
since 2010, issued a "going concern" qualification in its report
dated Sept. 27, 2023, citing that the Company has suffered
recurring losses from operations and negative cash flows from
operating activities for the years ended June 30, 2023 and 2022 and
has an accumulated deficit as of June 30, 2023. These matters,
among others, raise substantial doubt about its ability to continue
as a going concern.
INNOVATIVE NURSING: Seeks to Hire Cardinal Point as Accountant
--------------------------------------------------------------
Innovative Nursing Solutions and Hospice Care LLC seeks approval
from the U.S. Bankruptcy Court for the Northern District of Georgia
to employ Cardinal Point Consulting, LLC as accountant.
The firm will assist Debtor and counsel for Debtor in evaluating
tax issues, preparing monthly operating reports, preparing tax
returns and related documentation, and in counseling the Debtor on
financial matters.
Glenn Beville, an accountant of the firm will be paid $700 per
month for bookkeeping and routine accounting services, plus $140
per month.
The firm's hourly rates for other consulting services, such as
payroll issue resolution, Medicare CAP and Medicare Extended
Repayment Schedule is $150 per hour.
As of the Petition Date, the Debtor owed an outstanding balance to
the firm in the amount of $9,627.50.
Glenn Beville, a partner at Cardinal Point Consulting, 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 at:
Glenn Beville
Cardinal Point Consulting, LLC
233 12th Street, Suite 745-G
Columbus, GA 31901
About Innovative Nursing Solutions
and Hospice Care LLC
Innovative Nursing Solutions and Hospice Care LLC in Conyers, GA,
filed its voluntary petition for Chapter 11 protection (Bankr. N.D.
Ga. Case No. 23-62548) on December 19, 2023, listing $100,000 to
$500,000 in assets and $1 million to $10 million in liabilities.
Phyllis Dove-Edwin, president/member-manager, signed the petition.
THE WRIGHT LAW ALLIANCE, P.C. serve as the Debtor's legal counsel.
IQOR US INC: $300MM Bank Debt Trades at 23% Discount
----------------------------------------------------
Participations in a syndicated loan under which iQor US 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 $300 million facility is a Pik Term loan that is scheduled to
mature on November 19, 2025. The amount is fully drawn and
outstanding.
iQor is a global provider of customer engagement and technology
enable business process outsourcing solutions. Solutions include
customer service, third-party collections and accounts receivable
management to world’s largest brands. The company uses integrated
digital capabilities and proprietary technology and analytics to
enhance the customer experience lifecycle.
IRIDIUM SATELLITE: Moody's Affirms Ba3 CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service affirmed Iridium Satellite LLC's Ba3
corporate family rating, Ba3-PD probability of default rating, and
Ba3 senior secured 1st lien bank credit facility rating. The
company's speculative grade liquidity rating (SGL) is unchanged at
SGL-1. The outlook is maintained at stable.
"The ratings were affirmed because Moody's expect good operating
performance in 2024 despite global macroeconomic headwinds and
increasing competition in the satellite communications sector,"
said Peter Adu, Moody's Vice President and Senior Credit Officer.
RATINGS RATIONALE
Iridium's Ba3 CFR benefits from: (1) good market position,
supported by its ownership of L-band spectrum and a low earth orbit
(LEO) satellite constellation; (2) good growth prospects, supported
by rising demand for mobile voice and data satellite services,
especially in the growing Internet of Things (IoT) market; (3) high
recurring revenue (over 75%) that is generated from an installed
base of about 2.3 million subscribers globally and a fixed-price
contract with US government agencies; (4) Debt/EBITDA that should
decline to 3.5x by the end of 2024, supported by EBITDA growth (was
3.8x at LTM Q3/2023); and (5) very good liquidity due to strong
free cash flow. The rating is constrained by: (1) its small scale
relative to rated peers (revenue of $790 million at LTM Q3/2023);
(2) increasing competition from new entrants and existing satellite
operators; (3) uncertain global macroeconomic conditions that could
limit demand for its services; and (4) increased shareholder focus
by way of share repurchases and dividend payments, which will
consume capacity to fund growth initiatives.
Iridium has one class of secured debt - $100 million revolving
credit facility expiring in 2028 and $1.5 billion term loan due
2030 - both facilities are rated Ba3. The facilities are secured by
substantially all material owned tangible and intangible assets of
the company and its subsidiaries. Moody's rates both facilities
Ba3, which is the same as the CFR, because they represent a single
class of debt and comprise the bulk of the debt capital.
Iridium has very good liquidity (SGL-1) through the next twelve
months to December 31, 2024, with sources approximating $400
million while it has $15 million of term loan amortization in this
time frame. The company's liquidity is supported by cash of $68
million at September 30, 2023, full availability under its $100
million revolving credit facility that expires in 2028 and Moody's
free cash flow estimate of $230 million in the next twelve months.
The credit facility is subject to a springing financial maintenance
covenant of 6.25x net leverage when it is more than 35% drawn and
Moody's does not expect the covenant to be applicable in the next
twelve months. Iridium has limited flexibility to generate
liquidity from asset sales, with a fully secured capital structure
and asset mix that is not easy to carve-out for sale given the
nature of its business.
The outlook is stable because Moody's expects the company to
maintain at least good liquidity, continue to increase its revenue
and EBITDA despite uncertain global macroeconomic conditions and
competitive challenges in the satellite industry, and bring down
Debt/EBITDA to 3.5x by the end of 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company continues to increase
its scale and market position while sustaining Debt/EBITDA below 3x
(3.8x for LTM Q3/2023) and free cash flow to debt above 15% (12%
for LTM Q3/2023).
The ratings could be downgraded if there is deterioration in the
company's scale or market position or if it sustains Debt/EBITDA
above 4.5x (3.8x for LTM Q3/2023) and free cash flow to debt below
7.5% (12% for LTM Q3/2023).
The principal methodology used in these ratings was Communications
Infrastructure published in February 2022.
Iridium, headquartered in McLean, Virginia, is a provider of
mission critical and highly reliable voice and data communication
services anywhere on earth to commercial and government customers
using its 66 cross-linked L-band LEO satellite constellation, with
14 in-orbit spares for redundancy.
JANE STREET: Moody's Affirms 'Ba1' CFR, Outlook Remains Positive
----------------------------------------------------------------
Moody's Investors Service affirmed Jane Street Group, LLC's Ba1
corporate family rating and its Ba2 senior secured and senior
secured bank credit facility ratings. Jane Street's outlook was
maintained positive. The rating action follows Jane Street's
intention to issue around $300 million add-on to its existing term
loan B due January 2028 and extend the maturity of its $250 million
committed revolving credit facility to January 2027 from November
2024.
RATINGS RATIONALE
Moody's said that Jane Street plans to use the net proceeds from
the proposed debt issuance for general corporate purposes; and that
it expects that the company will eventually deploy most of the
funds as active trading capital within its trading strategies
across a broad group of asset classes. Moody's said it does not
expect the planned debt raise to affect Jane Street's financial
profile, and that the planned maturity extension of its committed
revolving credit facility is credit positive.
The ratings affirmation reflects Jane Street's strong financial
profile which has been continuously supported by its large scale
and market share, producing consistently high profitability and
substantial retained equity. However, Moody's said that Jane
Street's ratings also incorporate the inherently high level of
operational and market risks in the firm's market-making
activities, particularly with respect to trading in less liquid
markets, that could result in severe losses and a deterioration in
liquidity and funding in the event of a significant risk management
failure. These risks are mitigated by Jane Street's strong
partnership culture, operational risk management framework,
liquidity buffers and key executives' high level of involvement in
risk management and controls. Jane Street's rating level also
incorporates Moody's consideration that it partially relies on
prime brokers to finance its activities.
The positive outlook reflects the ongoing improvements in the
firm's financial profile, including its increased equity capital
relative to its long-term debt. The positive outlook also reflects
Jane Street's strong partnership culture, operational risk
management framework and key executives' high level of involvement
in control and management oversight through a period of significant
growth.
Jane Street's Ba2 senior secured notes rating and Ba2 senior
secured first lien bank credit facility rating are one-notch below
its Ba1 CFR because of the structural subordination of Jane
Street's rated-debt-issuing group holding company and its operating
companies, where the preponderance of the group's debt and
debt-like obligations reside.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Jane Street's ratings could be upgraded should it maintain its
strengthened financial profile while preserving risk management and
controls frameworks that reflect the incremental risks associated
with its growth. The ratings could also be upgraded should Jane
Street demonstrate a reduced reliance or change to more favorable
terms in key prime brokerage relationships resulting in a more
durable funding profile.
Jane Street's ratings could be downgraded should it increase its
risk appetite or suffer from a risk management or operational
failure; experience adverse changes in corporate culture or
management quality; experience a substantial and sustained decline
in profitability caused by changes in the market or regulatory
environment; increase its capital distributions in a manner that is
not commensurate with its historic trends; or change its funding
mix to a significantly heavier weighting towards long-term debt and
away from equity resulting in an increase in its balance sheet
leverage.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Securities
Industry Market Makers Methodology published in November 2019.
JP INTERMEDIATE B: $288.2MM Bank Debt Trades at 79% Discount
------------------------------------------------------------
Participations in a syndicated loan under which JP Intermediate B
LLC is a borrower were trading in the secondary market around 21.0
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $288.2 million facility is a Term loan that is scheduled to
mature on November 20, 2027. The amount is fully drawn and
outstanding.
JP Intermediate B, LLC retails vitamins and nutritional
supplements.
JUDSON COLLEGE: Case Summary & Eight Unsecured Creditors
--------------------------------------------------------
Debtor: Judson College
302 Bibb St.
Marion, AL 36756
Business Description: The Debtor was founded as a liberal arts
college for women in 1838 by members of
the Siloam Baptist Church in Marion,
Alabama. The Debtor historically operated
its college operations on an 80-acre campus
located in the town of Marion in southwest
Alabama. Since 1843, the Debtor has been
one of those entities whose ministries are
fostered by the Alabama Baptist State
Convention, whose work is financially
supported by the Convention, and whose
ministries received the Convention's
encouragement and nurture.
Chapter 11 Petition Date: January 8, 2024
Court: United States Bankruptcy Court
Southern District of Alabama
Case No.: 24-20004
Judge: Hon. Henry A. Callaway
Debtor's Counsel: Alexandra K Garrett, Esq.
SILVER VOIT GARRETT & WATKINS
4317-A Midmost Drive
Mobile, AL 36609
Tel: (251) 343-0800
Email: agarrett@silvervoit.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Daphne R. Robinson as president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/6IDJVEI/Judson_College__alsbke-24-20004__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Eight Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. C.I.O.S. Foundation Money Loaned $150,000
Attn: President
P.O. Box 20815
Waco, TX 76702
2. First Cahawba Bank Money Loaned $921,790
Attn: President
2610 Citizens Parkway
Selma, AL 36701
3. Great America Equipment Lease $49,956
Financials Services Corp. Finance
Attn: President
625 First St.
Cedar Rapids, IA
52401-2030
4. Marion Bank & Trust Money Loaned $2,698,928
Attn: President
601 Washington St.
Marion, AL 36756
5. Regions Bank Accounts $8,977,549
Attn: Corporate Receivable
Trust Dept.
1901 Sixth Ave. N.
28th Floor
Birmingham, AL 35203
6. Sage Dining Equipment Loan $37,500
Services, Inc.
Attn: President
1402 York Rd., Suite 100
Lutherville
Timonium, MD 21093
7. U.S. Department of Scholarships $277,752
Education
Office of Federal
Student Aid
Bankruptcy Section
50 Nations Plaza
Mailbox 1200
San Francisco, CA
94103
8. West Alabama Bank & Trust Money Loaned $1,610,207
Attn: Tab Swann,
Regional Exec.
31 McFarland Blvd.
Suite 100
Northport, AL 35476
KERF INC: Bankruptcy Administrator Unable to Appoint Committee
--------------------------------------------------------------
The U.S. Bankruptcy Administrator for the Eastern District of North
Carolina disclosed in a filing that no official committee of
unsecured creditors has been appointed in the Chapter 11 case of
Kerf, Inc.
About Kerf Inc.
Kerf, Inc. filed Chapter 11 petition (Bankr. E.D.N.C. Case No.
23-03508) on Dec. 1, 2023, with as much as $1 million in both
assets and liabilities. Judge David M. Warren oversees the case.
Danny Bradford, Esq., at Bradford Law Offices represents the Debtor
as bankruptcy counsel.
LA TOOL: Hires Dickie McCamey & Chilcote as Bankruptcy Counsel
--------------------------------------------------------------
LA Tool, Inc. seeks approval from the U.S. Bankruptcy Court for the
Western District of Pennsylvania to hire Dickie McCamey & Chilcote,
P.C. as its counsel.
The firm's services include:
a. providing legal advice with respect to Debtor's duties in
this matter and in the maintenance and management of assets;
b. taking all necessary actions to protect and to preserve
Debtor's bankruptcy estate through prosecuting actions on behalf of
the Debtor and defending against any actions commenced against the
Debtor;
c. preparing all necessary motions, answers, orders, reports
and other legal papers and documentation that might be necessary in
the administration of Debtor's bankruptcy case; and
d. performing any and all other representation and services
that might be necessary with regard to the case and with regard to
the formulation, preparation, confirmation and implementation of a
plan of reorganization.
The current hourly rate for counsel is $350 per hour for partners
and $225 for associates, and $150 for paralegals.
Gregory Michaels, Esq., a shareholder of Dickie McCamey, assured
the court that his firm is a "disinterested person" as defined in
Section 101(14) of the U.S. Bankruptcy Code.
The firm can be reached through:
Gregory C. Michaels, Esq.
DICKIE MCCAMEY & CHILCOTE, P.C.
TWO PPG PLACE, SUITE 400
PITTSBURGH, PA 15222-5402
Phone: (412) 392-5355
Email: gmichaels@dmclaw.com
About LA Tool, Inc.
LA Tool is engaged in the business of plastic product
manufacturing.
LA Tool, Inc. filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-22653) on
Dec. 10, 2023. The petition was signed by Matthew Redmond as chief
financial officer. At the time of filing, the firm estimated
$500,000 to $1 million in assets and $1 million to $10 million in
liabilities.
Judge Jeffery A. Deller oversees the case.
Gregory C. Michaels, Esq. at DICKIE MCCAMEY & CHILCOTE, P.C.
represents the Debtor as counsel.
LANCASTER TRENCHING: Hires Johnson May PLLC as Legal Counsel
------------------------------------------------------------
Lancaster Trenching, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Idaho to employ Johnson May, PLLC as its
legal counsel.
The firm's services include:
a. preparation and filing of schedules, statement of financial
affairs and other related pleadings;
b. attendance at all meetings of creditors, hearings, pretrial
conferences, and trials related to the Debtor's Chapter 11 case or
any litigation arising in connection with the case whether in state
or federal court;
c. preparation, filing and presentation to the bankruptcy
court of any pleadings requesting relief;
d. preparation, filing and presentation to the court of a
disclosure statement and plan or arrangement under Chapter 11 of
the Bankruptcy Code;
e. review of claims made by creditors or interested parties,
and the preparation and prosecution of any objections to claims as
appropriate;
f. preparation, filing and presentation to the court of all
applications to employ and compensate bankruptcy professionals;
and
g. preparation and presentation of a final accounting and
motion for final decree closing the bankruptcy case.
The firm received from the Debtor the amount of $25,000 as
retainer.
As disclosed in court filings, Johnson May does not represent
interests adverse to the Debtor and its estate.
The firm can be reached through:
Matthew T. Christensen, Esq.
Johnson May, PLLC
199 N. Capitol Blvd., Suite 200
Boise, ID 83702
Telephone: (208) 384-8588
Facsimile: (208) 629-2157
Email: mtc@johnsonmaylaw.com
About Lancaster Trenching, Inc.
Lancaster Trenching, Inc. operates a land grading business in
Filer, Idaho.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Idaho Case No. 23-40600) on December 21,
2023, with $4,959,722 in assets and $4,561,680 in liabilities.
Frances Lancaster, secretary, signed the petition.
Judge Noah G. Hillen oversees the case.
Matthew Christensen, Esq., at Johnson May, represents the Debtor as
legal counsel.
LEAP ACADEMY: S&P Affirms 'BB-' Rating on 2014A/B Revenue Debt
--------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'BB-' rating on the New Jersey Economic Development
Authority's series 2014A and 2014B revenue debt issued for LEAP
Cramer Hill LLC on behalf of LEAP Academy University Charter
School.
"The positive outlook reflects the recent improvements in LEAP's
financial profile that, if sustained, could result in a higher
rating," said S&P Global Ratings credit analyst Joyce Jung.
While much of the improvement has been driven by temporary
pandemic-related support, S&P believes recent state funding
increases, which became effective in fiscal 2022, could sustain the
improved financial profile.
"Additionally, the positive outlook reflects the academy's
consistent enterprise profile and its ability to sustain healthy
demand despite challenging demographics, with declining school-age
populations in the service area," Ms. Jung added.
S&P could return the outlook to stable or consider a negative
rating action should the academy see a trend of weakened operating
results, a notable softening in lease-adjusted maximum annual debt
service coverage, sustained enrollment declines, or a material
drawdown on reserves beyond that associated with the academy's
capital plans. While not expected, if plans lead to additional debt
or significant leases, pressuring current financial metrics, we
could also lower the rating.
S&P could consider a positive rating action over the outlook period
should the school maintain its solid enterprise profile
characteristics with sustained growth in liquidity, or healthy
lease-adjusted maximum annual debt service coverage, and continue
to manage its contingent liquidity risk.
As of June 30, 2022, the school had $24.1 million in total debt
outstanding, consisting of the school's series 2014A and 2014B
bonds, in addition to other school obligations including a 2018
bank loan, an unrated refunding bond, and a 2020 bank loan.
LEXFIT LLC: Unsecureds to Get Share of Income for 5 Years
---------------------------------------------------------
LexFit, LLC, filed with the U.S. Bankruptcy Court for the Eastern
District of Kentucky a Small Business Plan of Reorganization under
Subchapter V dated January 4, 2024.
Prior to COVID closures, Debtor owned and operated a class-based
boxing gym studio on Malibu Drive in Lexington. Kentucky. The
business was closed in March 2020 due to COVID mandated government
directives.
The Plan provides that the Debtor will restart operations in
January 2024 by consulting about and coordinating personal training
services at five diverse locations in 2024 and then adding two
additional locations in 2025. The Debtor's business model does not
require it to own or rent facilities, or to employ trainers, but it
assists in establishing and managing such services at high-end
hotel or spa locations.
The plan provides for separate classification of secured debts,
guaranteed unsecured debts, unsecured debts and insider debts in
order to preserve the rights of secured creditors and devote the
Debtors' disposable income for a five-year period to payment of
unsecured debts to the greatest extent possible.
The Class 4 Claim shall consist of the unsecured claim of Bond
Street in the disputed amount of $1,426,163.73 [Claim No. 6]. The
claim of Bond Street is classified separately from other unsecured
claims in the case as it is partially guaranteed by two of the
members of the Debtor who have filed claims asserting indemnity
against the Debtor. In order to minimize the potential indemnity
claims of its members and permit them to focus on operating the
Reorganized Debtor, in full satisfaction of Bond Street Claim, it
shall be paid monthly payments of ($4,583.33) per month for the
initial 12 months of the Plan ($55,000), ($6,416.67) per month for
months 13-24, of the Plan ($77,000), $7,000.00 per month for months
25-36 of the Plan ($84,000), $7500 per month for the months 37-48
of the Plan ($90,000), and $8,000.00 per month for the months 49-60
($96,000).
Payments under the Plan shall first be applied to any unpaid Base
Rent owed by Debtor to Bond Street for the period from January,
2020 to July 11, 2022, then thereafter applied to any other sums of
interest and attorney fees which are or may be due under the
Guaranty of Bond Street's Leases with Debtor dated July 1, 2019. In
the event the Debtor has not paid Bond Street the sum of
$400,000.00 as of the last payment in the 60th month of the Plan,
the members of the Debtor which have partially guaranteed the Bond
Street Claim shall pay Bond Street the full amount of any
difference between the amounts actually paid by the Debtor and the
$400,000 due under the Plan on or before the end of the 60th month
after Confirmation.
Class 5 consists of Allowed Unsecured Claims. After making the
payments for Creditors in Classes 1 and 4, each holder of an
Allowed Claim in Class 5 shall receive a distribution equal to its
pro rata share of 100% of the Reorganized Debtor's Disposable
Income for a period of 5 years post-Confirmation after satisfaction
of any Allowed Administrative, Secured and Priority Tax Claims. As
a result of the treatment of the Class 4 Claim, the Debtor does not
anticipate any Disposable Income will be available to Class 5
creditors until the last year of the Plan. However, Disposable
Income for each year shall be determined and reported to Class 5
creditors. Any distributions made to the Class 5 Claims shall be
made on or before March 31, 2029.
Class 6 consists of Allowed Unsecured Indemnity Claims. The Class 6
Claims shall consist of the unsecured claims of the Debtors'
members [Claim Nos. 7, 8, 21, 22 and 23] with respect to
obligations guaranteed or otherwise payable by such members. To the
extent any member expends funds during the life of the Plan in
order to satisfy a claim against the Debtor, such member shall have
a Class 5 claim for such amount, to be paid pro rata with other
Class 5 claimants. The Class 6 Claims are Impaired.
Class 7 consists of the membership interests in the Debtor, which
are held by Royce Pulliam, Tomi Anne Pulliam and Len C. DeVary.
Each member will retain all rights and privileges associated with
their membership interests after confirmation of the Plan;
provided, however, that the Debtor shall not make any distributions
to members, nor issue any additional interests to the members,
while the Plan is in effect. The Class 7 Interests are Impaired.
The Plan will be funded by revenues from the Debtor's operations.
The Debtor provides a service to existing spa locations by enabling
them to provide individual personal training to their members. The
Debtor will arrange for staffing, marketing plans and management of
the personal training services using independent contractors. The
Debtor's business model provides for initial deposits from clients
along with a multi-year agreement to provide the personal training
services using the customer's facilities, equipment and equipment
available to the Debtor.
A full-text copy of the Plan of Reorganization dated January 4,
2024 is available at https://urlcurt.com/u?l=aLWJGr from
PacerMonitor.com at no charge.
Debtor's Counsel:
Dean A. Langdon, Esq.
DELCOTTO LAW GROUP PLLC
200 North Upper St.
Lexington, KY 40507
Tel: (859) 231-5800
Fax: (859) 281-1179
About LexFit LLC
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Ky. 23-51167) on October 5, 2023, with
$0 to $50,000 in assets and $1 million to $10 million in
liabilities. Royce G. Pulliam, member, signed the petition.
Judge Gregory R. Schaaf oversees the case.
Dean A. Langdon, Esq. of DELCOTTO LAW GROUP PLLC, is the Debtor's
legal counsel.
LIFE CONDUIT: Case Summary & Three Unsecured Creditors
------------------------------------------------------
Debtor: Life Conduit, LLC
14835 West Colonial Dr.
Winter Garden, FL 34787
Chapter 11 Petition Date: January 8, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-00078
Judge: Hon. Tiffany P. Geyer
Debtor's Counsel: Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: dvelasquez@lathamluna.com
Estimated Assets: $500,000 to $1 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dr. Wendi K. Wardlaw as managing
member.
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/U6DLB3I/Life_Conduit_LLC__flmbke-24-00078__0001.0.pdf?mcid=tGE4TAMA
LIFOD HOME: No Patient Care Complaints, 2nd PCO Report Says
-----------------------------------------------------------
Joseph Tomaino, the duly appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the District of Massachusetts
his second report regarding the quality of patient care provided by
Lifod Home Health Care LLC's home health care facility.
In his report which covers the period Oct. 26 to Dec. 19, 2023, the
PCO cited that the company was interviewed several times and as
recently as the date of this filing, and reported that it is still
in negotiations with the Attorney General and is not yet prepared
to resume clinical operations. Lifod reported that it continues to
maintain office space and that the clinical records for the
business are safely maintained under lock and key.
The PCO received no complaints regarding the company during this
period.
Based on the low-level risk determination, the PCO will implement
the following monitoring plan for the next 60-day period:
* PCO will periodically contact the company to establish if
clinical operations have resumed.
A copy of the PCO report is available for free at
https://urlcurt.com/u?l=zbOrb0 from PacerMonitor.com.
The ombudsman may be reached at:
Joseph J. Tomaino
Grassi Healthcare Advisors LLC
750 Third Ave
New York, NY 10017
(212) 223-5020
Email: jtomaino@grassihealthcareadvisors.com
About Lifod Home
Lifod Home Health Care, LLC, a provider of home health care
services, filed Chapter 11 petition (Bankr. D. Mass. Case No.
23-40476) on June 13, 2023, with $100,001 to $500,000 in assets.
Judge Elizabeth D. Katz oversees the case.
S. James Boumil, Esq., at Boumil Law Offices represents the Debtor
as bankruptcy counsel.
Joseph J. Tomaino is the patient care ombudsman appointed in the
Debtor's case. The ombudsman is represented by the law firm of
Rimon P.C.
MAYA J ATX: Claims Will be Paid from Property Sale/Refinance
------------------------------------------------------------
Maya J ATX, LLC, filed with the U.S. Bankruptcy Court for the
Western District of Texas a Disclosure Statement for Plan of
Reorganization dated January 4, 2024.
The Debtor is a Texas limited liability company which owns real
property in Austin, Texas.
The Debtor purchased real property located at 2103 Nueces Street,
Austin, TX 78705 from Jesse R. Mamuhewa on November 10, 2022. The
Debtor also purchased real property located at 2515 San Gabriel
St., Austin, TX 78705 from Austin San Gabriel Corner, LLC on May 5,
2022. The purchases were financed by Magnolia BridgeCo, LLC which
loaned $6,500,000 on May 5, 2022 and Cypress BridgeCo, LLC which
loaned $4,900,000.00 on November 10, 2022.
On August 14, 2023, Magnolia and Cypress posted Debtor's property
for a foreclosure to take place on September 5, 2023. Debtor filed
suit to obtain a temporary restraining order. An order granting the
TRO was signed by the Court. This case was filed on September 5,
2023.
The two properties owned by the Debtor are uniquely situated for
the reason that they are one of four properties in the West Campus
area of the University of Texas which are zoned for a thirty story
structure. Debtor intends to continue to rent 2103 Nueces to
Wranglers Nueces, LLC and rent out its property for food trucks.
Debtor will spend at least $250,000 on development soft costs and
will begin marketing the property for sale within six months of the
Effective Date of the Plan.
The Plan proposes to increase the value of the properties by
obtaining entitlements to construct a 30-story building and then to
sell or refinance the property once its value has been enhanced
through the entitlement process. 50 BH Acquisitions, LLC, a related
party, will loan funds of up to $1.0 million to pay the ad valorem
taxes and make payments to Magnolia and Cypress during the
construction and entitlement and sales process and to fund
development costs.
Class 7 shall consist of Allowed Claims of Unsecured Creditors.
Debtor is aware of the following unsecured claims: Comptroller
($250.00); and Civil and Engineering Cons. ($309.00). The Class 7
creditors shall receive payment of their Allowed Claims 90 days
after the Effective Date or on the date on which the claim becomes
an Allowed Claim whichever is later. Class 7 is impaired.
Class 8 shall consist of the Equity Interests of the Debtor. Ali
Choudhry is the equity owner of the debtor. The Class 8 Equity
Interests shall be canceled on the Effective Date. Class 8 is
impaired.
The Plan has attempted to provide the maximum recovery to each
Class of Claims in light of the assets and anticipated funds
available for distribution to Creditors. The Debtor believe that
the Plan permits the maximum possible recovery for all Classes of
Claims while facilitating the reorganization of the Debtor.
A full-text copy of the Disclosure Statement dated January 4, 2024
is available at https://urlcurt.com/u?l=dMWsck from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Stephen Sather, Esq.
BARRON & NEWBURGER, PC
7320 N. MoPac Expy, Suite 400
Austin, TX 78731
Tel: (512) 476-9103
Fax: (512) 279-0310
Email: gsiemankowski@bn-lawyers.com
About Maya J ATX LLC
Maya J ATX LLC was formed as a Texas limited liability company on
March 31, 2022. It owns real estate located at 2513 and 2515 San
Gabriel Street and 2103 Nueces Street.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10737) on September
5, 2023. In the petition signed by Drew Dennett, manager, the
Debtor disclosed up to $50 million in both assets and liabilities.
Judge Shad Robinson oversees the case.
James Q. Pope, Esq., at The Pope Law Firm, represents the Debtor as
legal counsel.
MEDCOMP SCIENCES: Hires Proxio Group USA as Auctioneer
------------------------------------------------------
MedComp Sciences, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Louisiana to employ Proxio Group USA,
LLC as auctioneer.
The firm's services include:
a. relocating the Equipment from the Debtor's facility in
Zachary, LA to Proxio's facility in Cleveland, OH warehouse;
b. preparing and offering the Equipment for public auction (such
one or more auctions, the "Auction") as soon as reasonably
practicable;
c. supervising the preparation and organization of the Auction;
d. providing auctioneers and accountants required for the
Auction; and
e. providing the Debtor's estate with access to records
regarding the Auction results.
The firm guarantee a minimum net return of $100,000 to the Estate.
The firm will handle the removal of all assets from the Estate
location and transfer them to the Auction Center in Cleveland, OH,
covering all associated expenses. Beyond the initial $100,000, the
firm will retain the subsequent $35,000 from proceeds to cover
removal, transfer, and auction management costs, ensuring the
Estate incurs no further expenses.
Mike Coyne, a director at Proxio Group USA, 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 at:
Mike Coyne
Proxio Group USA, LLC
8200 Bessemer Ave
Cleveland, OH 44127
Tel: (514) 262-7724
About MedComp Sciences, LLC
MedComp Sciences, LLC owns and operates a medical and diagnostic
laboratory.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. La. Case No. 23-10554) on August 22,
2023. In the petition signed by Brad Schaeffer, authorized
representative, the Debtor disclosed up to $10 million in assets
and $10 million in liabilities.
Ryan J. Richmond, Esq., at STERNBERG, NACCARI & WHITE, LLC,
represents the Debtor as legal counsel.
METROPOLITAN BREWING: Seeks to Hire Wipfli LLP as Tax Accountant
----------------------------------------------------------------
Metropolitan Brewing, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to employ Wipfli LLP as
its tax accountant.
The firm will prepare and file the Debtor's federal, state, and
local income tax returns for 2023.
Wipfli will be compensated with a flat flee in the amount of $7,000
for its services, inclusive of out-of-pocket costs.
Jeffrey Butler, a partner at Wipfli, 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.
Jeffrey D. Butler, CPA MST
Wipfli LLP
100 Tri-State International, Suite 300
Lincolnshire, IL 60069
Tel: (847) 941-0210
Email: jeff.butler@wipfli.com
About Metropolitan Brewing, LLC
Metropolitan Brewing, LLC is a manufacturer of German-style beers
in Chicago, Illinois.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 23-13209) on October 3,
2023. In the petition signed by Tracy Hurst, authorized
representative, the Debtor disclosed up to $1 million in assets and
up to $10 million in liabilities.
Judge Deborah L. Thorne oversees the case.
Matthew E. McClintock, Esq., at Goldstein & McClintock LLP,
represents the Debtor as legal counsel.
METROPOLITAN TRANSPORT: Taps Frost & Associates as Legal Counsel
----------------------------------------------------------------
Metropolitan Transport LLC seeks approval from the U.S. Bankruptcy
Court for the District of Maryland to employ Frost & Associates,
LLC as its counsel.
The firm will render these services:
a. prepare bankruptcy petitions, schedules, and financial
statements for filing;
b. provide the Debtor with legal advice with respect to their
powers and duties pursuant to the Bankruptcy Code;
c. prepare on behalf of the Debtor all necessary applications,
answers, orders, reports, and other legal papers;
d. assist in analyses and representation with respect to
lawsuits to which the Debtor are or may be a party;
e. negotiate, prepare, file and seek approval of a plan of
reorganization;
f. represent the Debtor at all hearings, meetings of creditors
and other proceedings; and
g. perform all other legal services for the Debtor.
The firm will be paid at these rates:
Daniel A. Staeven $545 per hour
Rebecca Sheppard $525 per hour
Glen Frost $645 per hour
Attorneys $525 to $645 per hour
Paralegals $100 to $265 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The Debtor paid Frost an advance retainer of $25,000.
As disclosed in court filings, Frost & Associates is a
"disinterested person" pursuant to Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Daniel Alan Staeven, Esq.
Frost & Associates, LLC
839 Bestgate Rd. Ste. 400
Annapolis, MD 21401
Phone: (410) 497-5947
Email: daniel.staeven@frosttaxlaw.com
About Metropolitan Transport LLC
Metropolitan Transport LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No.
24-10123) on Jan. 5, 2024. In the petition signed by Telley Fisher,
owner, the Debtor estimated $100,001-$500,000 in assets and
$500,001-$1 million in liabilities.
Daniel Staeven, Esq. at Frost & Associates, LLC represents the
Debtor as counsel.
MINIM INC: The Hitchcocks Report 55.2% Equity Stake
---------------------------------------------------
In a Schedule 13D/A filed with the Securities and Exchange
Commission, these entities reported beneficial ownership of shares
of Minim, Inc.'s common stock, par value $0.001 per share, as of
December 28, 2023:
Shares Percent
Beneficially of
Reporting Person Owned Class
---------------- ------------ ---------
Jeremy P. Hitchcock 1,447,867 55.2%
Elizabeth Cash Hitchcock 1,447,867 55.2%
Orbit Group LLC 1,362,190 51.9%
Hitchcock Capital Partners, LLC 627,847 23.9%
Zulu Holdings LLC 627,847 23.9%
Slingshot Capital, LLC 734,343 28%
The shares reported have been split adjusted to reflect the reverse
stock split of Minim, Inc.'s common stock at a ratio of 1-for-25,
effective on April 17, 2023. The percentages are based on the
issuer's shares outstanding as of March 29, 2023, and include
shares acquired by Slingshot Capitol, LLC. Slingshot Capitol, LLC
disclaims any beneficial interest in capital stock of the Issuer
and in any other shares or securities of the Issuer and/or any of
its subsidiaries issued or issuable in respect thereof on and after
the Signature Date. Additionally, each reporting person disclaims
the formation of a group with David Elliot Lazar and any shared
beneficial ownership with him.
A full-text copy of the report is available at:
https://www.sec.gov/Archives/edgar/data/1467761/000121390023100205/ea190461-13da23hitchco_minim.htm
About Minim Inc.
Minim Inc. was founded in 1977 as a networking company and now
delivers intelligent software to protect and improve the WiFi
connections. Headquartered in Manchester, New Hampshire, Minim
holds the exclusive global license to design, manufacture, and sell
consumer networking products under the Motorola brand. The Company
designs and manufactures products including cable modems, cable
modem/routers, mobile broadband modems, wireless routers,
Multimedia over Coax adapters and mesh home networking devices.
Minim reported a net loss of $15.55 million in 2022 following a net
loss of $2.20 million in 2021.
In its Quarterly Report for the three months ended June 30, 2023,
Minim said that it has incurred significant losses and negative
cash flows from operations since inception. During the nine months
ended June 30, 2023, the Company incurred a net loss of $9.7
million and had positive cash flows from operating activities of
$2.5 million. As of June 30, 2023, the Company had an accumulated
deficit of $84.5 million and cash and cash equivalents of $0.3
million. The Company implemented cost reduction plans to align its
cost structure to its sales and increase its liquidity. The
Company will continue to monitor its cost in relation to its sales
and adjust its cost structure accordingly. The Company said its
financial position and operating results raise substantial doubt
about its ability to continue as a going concern.
MLN US HOLDCO: $576MM Bank Debt Trades at 80% Discount
------------------------------------------------------
Participations in a syndicated loan under which MLN US Holdco LLC
is a borrower were trading in the secondary market around 20.0
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $576 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.
MOBIQUITY TECHNOLOGIES: Sabby, 2 Others Report 5.29% Stake
----------------------------------------------------------
In a Schedule 13G filed with the U.S. Securities and Exchange
Commission, Sabby Management, LLC and affiliated entities, Sabby
Volatility Warrant Master Fund, Ltd. and Hal Mintz, disclosed that
they beneficially own 144,867 shares of Mobiquity Technologies,
Inc.'s common stock, representing 5.29% of the shares outstanding.
A full-text copy of the filing is available at:
https://www.sec.gov/Archives/edgar/data/1084267/000153561024000019/mobq0124.txt
About Mobiquity Technologies Inc.
Headquartered in Shoreham, NY, Mobiquity Technologies, Inc., is a
next-generation advertising technology, data compliance and
intelligence company which operates through its various proprietary
software platforms. The Company's product solutions are comprised
of three proprietary software platforms: Advertising Technology
Operating System (ATOS Platform); Data Intelligence Platform; and
Publisher Platform for Monetization and Compliance.
The Company reported a net loss of $8.06 million in 2022, compared
to a net loss of $18.33 million in 2021. As of Sept. 30, 2023, the
Company had $3.28 million in total assets, $1.73 million in total
liabilities, and $1.55 million in total stockholders' equity.
Mobiquity's management concluded that there is substantial doubt
about the Company's ability to continue as a going concern within
the next 12 months, the Company disclosed in a Form 10-Q Report
filed with the U.S. Securities and Exchange Commission for the
quarterly period ended September 30, 2023. At September 30, 2023,
the Company reported accumulated deficit of $215,727,236, and
working capital deficit of $1,448,281.
NATIONAL MENTOR: $180MM Bank Debt Trades at 23% Discount
--------------------------------------------------------
Participations in a syndicated loan under which National Mentor
Holdings Inc is a borrower were trading in the secondary market
around 76.7 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.
The $180 million facility is a Term loan that is scheduled to
mature on March 2, 2029. The amount is fully drawn and
outstanding.
Team Health Holdings, Inc. provides physician staffing and
administrative services to hospitals and other healthcare providers
in the U.S.
NB LOFT VUE: Vue Mac Unsecureds Will Get 0.086% to 0.71% of Claims
------------------------------------------------------------------
Randy W. Williams, not individually but as Chapter 11 trustee of NB
Loft Vue, DST and NB Vue Mac, DST, submitted a Combined Second
Amended Disclosure Statement and Joint Plan of Liquidation for the
Debtor dated January 4, 2024.
The Plan is a liquidating plan. The Plan provides that the Trustee
will administer and liquidate all remaining property of the
Debtors, and will distribute the proceeds in accordance with the
Plan and the priority scheme set forth in the Bankruptcy Code,
subject to certain agreements by creditors to accept lesser
treatment than set forth in the Bankruptcy Code.
During the pendency of the Chapter 11 Cases, substantially all
assets of the Debtors were liquidated. On the Effective Date, the
Trustee will administer the Plan and wind down the Debtors'
estates. As of the Effective Date of the Plan, the Trustee will be
responsible for all payments and distributions to be made under the
Plan to the Holders of Allowed Claims. Each Executory Contract and
Unexpired Lease to which a Debtor is a party shall be deemed
rejected.
Class VM4 consists of General Unsecured Claims against Vue Mac. On
the applicable Distribution Date, each Holder of an Allowed General
Unsecured Claim will receive its Pro Rata share of 50% of any net
recovery from the Tax Value Claims payable to the Trustee, net of
the Trustee's fees. The allowed unsecured claims total $11,584,231.
This Class will receive a distribution of 0.086% to 0.71% of their
allowed claims.
Class LV4 consists of General Unsecured Claims against Loft Vue. On
the applicable Distribution Date, each Holder of an Allowed General
Unsecured Claim will receive its Pro Rata share of $35,000.00 in
cash that would otherwise be available for payment of
Administrative Expense Claims. The allowed unsecured claims total
$378,948.11. This Class will receive a distribution of 9.2% of
their allowed claims.
Claims in Classes VM4 and LV4 are Impaired. Holders of Claims in
Classes VM4 and LV4 are entitled to vote on this Plan.
Except as otherwise provided in the Plan, or any agreement,
instrument, or other document incorporated herein or therein, on
the Effective Date, the Assets shall revest in the Estates for the
purpose of liquidating the Estates, free and clear of all Liens,
Claims, charges, or other encumbrances. On and after the Effective
Date, the Trustee may, and subject to the Confirmation Order, use,
acquire, or dispose of property, and compromise or settle any
Claims, Interests, or Causes of Action without supervision or
approval by the Bankruptcy Court and free of any restrictions of
the Bankruptcy Code or Bankruptcy Rules.
On and after the Effective Date, the Debtors shall continue in
existence for purposes of the following actions to be taken by the
Trustee: (a) resolving Disputed Claims, (b) making distributions on
account of Allowed Claims as provided hereunder, (c) establishing
and funding the Disputed Claims Reserves, (d) filing appropriate
tax returns, (e) liquidating all assets of the Debtors and winding
down the Estates, and (f) otherwise administering the Plan.
A full-text copy of the Second Amended Disclosure Statement dated
January 4, 2024 is available at https://urlcurt.com/u?l=VSkoL3 from
PacerMonitor.com at no charge.
Special Counsel for Randy W. Williams:
Bruce J. Ruzinsky, Esq.
Matthew D. Cavenaugh, Esq.
Jackson Walker LLP
1401 McKinney, Suite 1900
Houston, TX 77010
Phone: (713) 752-4204
E-mail: bruzinsky@jw.com
mcavenaugh@jw.com
About NP Loft Vue and NB Vue Mac
NP Loft Vue DST and NB Vue Mac DST sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
21-32292) on July 6, 2021, with as much as $50 million in both
assets and liabilities. Patrick Nelson, the Debtors' authorized
representative, signed the petition.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Tucker Ellis, LLP and Munsch Hardt Kopf & Harr,
P.C. as legal counsels, and O'Boyle Properties, Inc. as investment
banker.
Randy W. Williams is the Chapter 11 trustee appointed in the
Debtors' cases. Jackson Walker, LLP, TPS-West, LLC and Ryan, LLC
serve as the trustee's legal counsel, accountant and property tax
consultant, respectively.
NEBRASKA HUMIC: Gets OK to Hire Stagemeyer CPA Group as Accountant
------------------------------------------------------------------
Nebraska Humic Company, LLC received approval from the U.S.
Bankruptcy Court for the District of Nebraska to employ Kristin A.
Stagemeyer, CPA of Stagemeyer CPA Group, PC as its accountant.
The Debtor needs ongoing accounting services to properly operate
and to have an accountant assist with its plan, disclosure
statement and reorganization efforts.
Ms. Stagemeyer's hourly rate is $195 for accountant services and
$95 hourly rate for bookkeeping services.
As disclosed in the court filings, Ms. Stagemeyer is a completely
disinterested party who has no potential or actual conflicts of
interest in this case.
The accountant can be reached through:
Kristin A. Stagemeyer, CPA
Stagemeyer CPA Group, PC
801 West C St., Ste 2
PO Box 7
McCook, NE 69001
Phone: (308) 345-2740
About Nebraska Humic
Nebraska Humic Company, LLC, a company in McCook, Neb., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. D. Neb. Case No. 23-41122) on Nov. 28, 2023, with
$1,293,603 in assets and $883,927 in liabilities. Tracey J. Sis,
authorized representative, signed the petition.
John A. Lentz, Esq., at Lentz Law, PC, LLO represents the Debtor as
bankruptcy counsel.
NEW TROJAN PARENT: $605MM Bank Debt Trades at 74% Discount
----------------------------------------------------------
Participations in a syndicated loan under which New Trojan Parent
Inc is a borrower were trading in the secondary market around 26.1
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $605 million facility is a Term loan that is scheduled to
mature on January 6, 2028. The amount is fully drawn and
outstanding.
New Trojan Parent, Inc. is the acquirer of Strategic Partners
Acquisition Corp., an indirect parent company of branded medical
apparel company Careismatic, Inc.
NEW WAVE PROPERTY: Hires Hester Baker Krebs as Legal Counsel
------------------------------------------------------------
New Wave Property Service, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Indiana to employ
Hester Baker Krebs, LLC as its counsel.
The Debtor requires legal counsel to:
(a) take necessary or appropriate actions to protect and
preserve the Debtor's estate;
(b) prepare legal papers;
(c) advise, represent, and prepare necessary documentation and
pleadings regarding debt restructuring, statutory bankruptcy
issues, post-petition financing, real estate, business and
commercial litigation, tax, and, as applicable, asset
dispositions;
(d) counsel the Debtor with regard to its rights and
obligations and its powers and duties in the continued management
and operations of its business and properties;
(e) take necessary or appropriate actions in connection with a
plan or plans of reorganization and related disclosure statement
and all related documents; and
(f) act as general bankruptcy counsel for the Debtor and
perform all other necessary or appropriate legal services in
connection with the Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Jeffrey H. Hester, Member $425
David R. Krebs, Member $425
John A. Allman, Member $395
Marsha Hetser, Paralegal $190
Donna Adams, Paralegal $190
Tricia Hignight, Paralegal $190
Prior to the filing date, the Debtor paid the firm an initial
retainer in the amount of $20,000. On the petition date, the firm
had a remaining balance of $4,752.50.
Jeffrey Hester, Esq., an attorney at Hester Baker Krebs, 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:
Jeffrey M. Hester, Esq.
Hester Baker Krebs LLC
One Indiana Sq. Suite 1330
Indianapolis IN 46204
Telephone: (317) 833-3030
Email: jhester@hnkfirm.com
About New Wave Property Service, LLC
New Wave Property Service, LLC is a family-owned-and-operated lawn
care company offering lawn care, tree, and irrigation services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ind. Case No. 23-05800) on December
29, 2023. In the petition signed by Jeremy Ryan, authorized
representative, the Debtor disclosed $1,277,607 in assets and
$3,781,668 in liabilities.
Judge James M. Carr oversees the case.
Jeffrey Hester, Esq., at HESTER BAKER KREBS LLC, represents the
Debtor as legal counsel.
NOGIN INC: Hires Donlin Recano as Administrative Advisor
--------------------------------------------------------
Nogin, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Donlin,
Recano & Company, Inc. as administrative advisor.
The firm's services include:
a. assisting with, among other things, the solicitation,
balloting, tabulation, and calculation of votes, as well as
preparing any appropriate reports, as required in furtherance of
confirmation of any Chapter 11 plan (the "Balloting Services");
b. generating an official ballot certification and testifying,
if necessary, in support of the ballot tabulation results;
c. in connection with the Balloting Services, handling requests
for documents from parties in interest, including, if applicable,
brokerage firms and bank back-offices and institutional lenders;
d. providing a confidential data room, if requested;
e. assisting with data gathering and preparation of the Debtors'
schedules of assets and liabilities and statements of financial
affairs;
f. managing and coordinating any distributions pursuant to a
chapter 11 plan; and
g. providing such other claims processing, noticing,
solicitation, balloting, and other administrative services
described in the Services Agreement, but not included in the
Section 156(c) Application, as may be requested from time to time
by the Debtors.
The firm will be paid at these rates:
Senior Bankruptcy Consultant $167 to $192 per hour
Case Manager $145 to $167 per hour
Consultant/Analyst $119 to $141 per hour
Technology/Programming Consultant $81 to $115 per hour
Clerical $40 to $50 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
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:
Lisa C. Terry
Donlin, Recano & Company, Inc.
48 Wall Street
New York, NY 10016
Telephone: (619) 346-1628
About Nogin, Inc.
Nogin, Inc., provides enterprise-class ecommerce technology and
services for consumer products through its Intelligent Commerce
technology, a cloud-based ecommerce environment purpose-built for
brands selling direct-to-consumer (D2C) and business-to-business
(B2B).
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-11945) on December 5,
2023, with $47,263,000 in assets and $142,815,000 in liabilities.
Vladimir Kasparov, chief restructuring officer, signed the
petitions.
The Debtor tapped Daniel J. DeFransceschi, Esq. of RICHARDS, LAYTON
& FINGER, P.A. as legal counsel; and Donlin, Recano & Company, Inc.
as claims & noticing agent.
NOGIN INC: Hires Livingstone Partners LLC as Investment Banker
--------------------------------------------------------------
Nogin, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Livingstone
Partners LLC as investment banker.
The firm will provide these services:
a. review and familiarize itself with the business, operations,
physical assets and financial condition of the Debtors, as well as
other matters and analyses it deems relevant;
b. assist in the preparation of a comprehensive confidential
information package describing the Debtors and in the preparation
and negotiation of any confidentiality agreements to be entered
into by third parties potentially interested in participating in a
transaction, all of which shall be subject to the approval of the
Debtors;
c. develop a list of potential buyers for the Debtors that
Livingstone believes in good faith to be financially qualified and
potentially interested in participating in a transaction;
d. contact potential buyers on the Debtors' behalf and, as
appropriate, arrange for and orchestrate meetings between potential
buyers and investors and the Debtors;
e. present to the Debtors all proposals from potential buyers
and make recommendations as to the Debtors' appropriate negotiating
strategy and course of conduct;
f. assist in all negotiations and in all document review as
reasonably requested and directed by the Debtors; and
g. provide such other financial advisory and investment banking
services as are customary for similar transactions and as may be
mutually agreed upon in advance in writing by Debtors and
Livingstone.
The firm will be paid as follows:
a. The Debtors agree to pay to Livingstone a monthly fee (the
"Monthly Fee") of $75,000. The first such Monthly Fee was due,
earned and payable on the date of execution of the Engagement
Letter by the Debtors, and subsequent Monthly Fees shall be due,
earned and payable on the same day of each successive month until
the earlier of the consummation of a Transaction or the termination
of the Engagement Letter. In the event a Transaction is not
consummated, Livingstone shall in no event be obligated to return
the Monthly Fees to the Debtors.
b. The amount payable by the Debtors to Livingstone at the
closing of a Transaction (the "Accomplishment Fee") shall be
calculated as follows:
(i) in the event the only Qualified Bid is a bid from the
contemplated stalking horse buyer, then the Accomplishment Fee
shall be $500,000; and
(ii) in all other circumstances, the Accomplishment Fee shall
be an amount equal to the greater of 3.0% of Total Consideration or
$1,000,000.
c. The Accomplishment Fee shall be calculated based on the Total
Consideration ("Total Consideration") paid or payable to the
Debtors or their security holders in connection with, or in
anticipation of, the Transaction, including amounts held back by
the Buyer or placed in escrow.
d. Whether or not there is a closing of a Transaction, the
Debtors agree to reimburse Livingstone for all reasonable
out-of-pocket expenses and the reasonable fees and expenses of
Livingstone's counsel in accordance with the terms of any order(s)
in these cases governing professional compensation. Out-of-pocket
expenses shall include all travel-related expenses plus a fixed
monthly charge of $300 to cover telephone, facsimile, memoranda
production costs, duplication, courier, database research, and
other similar expenses.
Joseph Greenwood, a partner at Livingstone Partners 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 at:
Joseph Greenwood
Livingstone Partners LLC
443 North Clark, Suite 200
Chicago, IL 60654
Tel: (312) 670-5900
About Nogin, Inc.
Nogin, Inc., provides enterprise-class ecommerce technology and
services for consumer products through its Intelligent Commerce
technology, a cloud-based ecommerce environment purpose-built for
brands selling direct-to-consumer (D2C) and business-to-business
(B2B).
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-11945) on December 5,
2023, with $47,263,000 in assets and $142,815,000 in liabilities.
Vladimir Kasparov, chief restructuring officer, signed the
petitions.
The Debtor tapped Daniel J. DeFransceschi, Esq. of RICHARDS, LAYTON
& FINGER, P.A. as legal counsel; and Donlin, Recano & Company, Inc.
as claims & noticing agent.
NOGIN INC: Hires Triple P RTS to Provide CRO and Deputy CRO
-----------------------------------------------------------
Nogin, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Triple P
RTS, LLC to provide Vladimir A. Kasparov as chief restructuring
officer and Robin Chiu as deputy chief restructuring officer.
The firm's services include:
a. providing Vladimir A. Kasparov to serve as the CRO;
b. providing Robin Chiu to serve as the Debtors' Deputy CRO;
c. providing additional assistance from the Portage Point
Personnel;
d. evaluating and developing a short-term cash flow model and/or
related liquidity management tools for the Debtors for such
purpose(s) as the Debtors may require;
e. evaluating and developing a business plan and/or such other
related forecasts and analyses for the Debtors for such purpose(s)
as the Debtors may require;
f. evaluating and developing various strategic and/or financial
alternatives and financial analyses for such purpose(s) as the
Debtors may require;
g. engaging and negotiating with the Debtors' various
constituents, including, without limitation, holders of the
Debtors' debt or equity, the Debtors' employees, and the Debtors'
customers, vendors, and other commercial counterparties
(collectively, "Constituents"), which assistance may include,
without limitation, meeting with Constituents, developing
presentations and providing management with financial analytical
assistance necessary to facilitate such negotiations;
h. developing and distributing other information that may be
required by the Debtors or the Constituents;
i. evaluating and implementing contingency planning related to
the Debtors commencing or otherwise becoming the subject of these
Chapter 11 Cases;
j. obtaining and presenting information required by parties in
interest in these Chapter 11 Cases, including any statutory
committees appointed in these Chapter 11 Cases, or by the Court
presiding over these Chapter 11 Cases;
k. preparing other business, financial and/or other reporting
related to these Chapter 11 Cases, including, but not limited to,
development and execution of asset sales, a chapter 11 plan of
reorganization for the Debtors, and a disclosure statement for a
plan; and
l. providing the Debtors with assistance on such other matters
as may be requested by the Debtors that are within Portage Point's
expertise and otherwise mutually agreeable to Portage Point and the
Debtors.
The firm will be paid at these rates:
Managing Partner $1,095 per hour
Service Line Leader $950 to $995 per hour
Managing Director $850 to $925 per hour
Director $695 to $795 per hour
Vice President $550 to $675 per hour
Associate $395 to $450 per hour
Prior to the petition date, the firm received from the Debtors a
retainer of $600,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Vladimir A. Kasparov, a partner at managing director and co-head of
Turnaround & Restructuring at Triple P RTS, 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 at:
Vladimir A. Kasparov
Restructuring at Triple P RTS, LLC
300 North LaSalle, Suite 1420
Chicago, IL 60654
Tel: (312) 781-7520
About Nogin, Inc.
Nogin, Inc., provides enterprise-class ecommerce technology and
services for consumer products through its Intelligent Commerce
technology, a cloud-based ecommerce environment purpose-built for
brands selling direct-to-consumer (D2C) and business-to-business
(B2B).
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-11945) on December 5,
2023, with $47,263,000 in assets and $142,815,000 in liabilities.
Vladimir Kasparov, chief restructuring officer, signed the
petitions.
The Debtor tapped Daniel J. DeFransceschi, Esq. of RICHARDS, LAYTON
& FINGER, P.A. as legal counsel; and Donlin, Recano & Company, Inc.
as claims & noticing agent.
NOGIN INC: Seeks to Hire Richards Layton as Bankruptcy Counsel
--------------------------------------------------------------
Nogin, Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Richards,
Layton & Finger, P.A. as their bankruptcy counsel.
The firm's services include:
a) assisting in pre-bankruptcy preparation and planning;
b) assisting in preparing all petitions, motions, applications,
orders, reports, and papers necessary to commence the Chapter 11
Cases;
c) advising the Debtors of their rights, powers, and duties as
debtors and debtors in possession under chapter 11 of the
Bankruptcy Code;
d) assisting in preparing on behalf of the Debtors all motions,
applications, answers, orders, reports, and papers in connection
with the administration of the Debtors' estates;
e) taking all necessary actions to protect and preserve the
Debtors' estates, including the prosecution of actions on the
Debtors' behalf, the defense of any actions commenced against the
Debtors in the Chapter 11 Cases, the negotiation of disputes in
which the Debtors are involved, and the preparation of objections
to claims filed against the Debtors' estates;
f) assisting the Debtors with any sale of any of their assets
pursuant to section 363 of the Bankruptcy Code;
g) assisting in preparing a disclosure statement and chapter 11
plan (the "Plan") and any related documents and pleadings necessary
to solicit votes on the Plan;
h) prosecuting on behalf of the Debtors the Plan and seeking
approval of all transactions contemplated therein and in any
amendments thereto; and
i) performing all other necessary legal services in connection
with the prosecution of these Chapter 11 Cases.
The firm will be paid at these rates:
Directors $995 to $1,325 per hour
Counsel $850 to $875 per hour
Associates $495 to $775 per hour
Paraprofessionals $375 per hour
Prior to the Petition Date, the Debtors paid the firm a total
retainer of $850,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
John H. Knight, Esq., a partner at Richards, Layton & Finger, P.A.,
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:
Daniel J. DeFranceschi, Esq.
John H. Knight, Esq.
Michael J. Merchant, Esq.
David T. Queroli, Esq.
Matthew P. Milana, Esq.
RICHARDS, LAYTON & FINGER, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Tel: (302) 651-7700
Fax: (302) 651-7701
Email: defranceschi@rlf.com
knight@rlf.com
merchant@rlf.com
queroli@rlf.com
milana@rlf.com
About Nogin, Inc.
Nogin, Inc., provides enterprise-class ecommerce technology and
services for consumer products through its Intelligent Commerce
technology, a cloud-based ecommerce environment purpose-built for
brands selling direct-to-consumer (D2C) and business-to-business
(B2B).
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 23-11945) on December 5,
2023, with $47,263,000 in assets and $142,815,000 in liabilities.
Vladimir Kasparov, chief restructuring officer, signed the
petitions.
The Debtor tapped Daniel J. DeFransceschi, Esq. of RICHARDS, LAYTON
& FINGER, P.A. as legal counsel; and Donlin, Recano & Company, Inc.
as claims & noticing agent.
NXT ENERGY: Provides Update on Turkish SFD Survey
-------------------------------------------------
NXT Energy Solutions Inc. announced that its Turkish customer has
requested NXT to add additional line kilometers to the original SFD
survey. NXT's aircraft and equipment remain in Turkiye, to
complete the data acquisition phase. Data interpretation and
recommendations will be delivered during the first quarter of
2024.
Bruce G. Wilcox, Interim CEO of NXT, stated, "We are extremely
gratified to have been awarded additional line kilometers by our
customer. NXT is now poised to continue its pursuit of new and
additional revenue opportunities to enhance shareholder value. I
would like to thank the entire NXT team for their efforts so far in
Turkiye, and would also like to thank NXT's shareholders for their
continued support of the Company."
About NXT Energy
NXT Energy Solutions Inc. is a Calgary-based technology company
whose proprietary SFD survey system utilizes quantum-scale sensors
to detect gravity field perturbations in an airborne survey method
which can be used both onshore and offshore to remotely identify
areas with exploration potential for traps and reservoirs. The SFD
survey system enables the Company's clients to focus their
hydrocarbon exploration decisions concerning land commitments, data
acquisition expenditures and prospect prioritization on areas with
the greatest potential. SFD is environmentally friendly and
unaffected by ground security issues or difficult terrain and is
the registered trademark of NXT Energy Solutions Inc. NXT Energy
Solutions provides its clients with an effective and reliable
method to reduce time, costs, and risks related to exploration.
NXT Energy a net loss and comprehensive loss of C$6.73 million in
2022, a net loss and comprehensive loss of C$3.12 million in 2021,
a net loss and comprehensive loss of C$6.03 million in 2020.
Calgary, Canada-based KPMG LLP, the Company's auditor since 2006,
issued a "going concern" qualification in its report dated March
31, 2023, citing that the Company's current and forecasted cash and
cash equivalents and short-term investments position are not
expected to be sufficient to meet its obligations which raises
substantial doubt about its ability to continue as a going concern.
ORCHID MERGER: $400MM Bank Debt Trades at 40% Discount
------------------------------------------------------
Participations in a syndicated loan under which Orchid Merger Sub
II LLC is a borrower were trading in the secondary market around 60
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $400 million facility is a Term loan that is scheduled to
mature on July 27, 2027. About $347.8 million of the loan is
withdrawn and outstanding.
Orchid Merger Sub II LLC provides Technology services (IT
services).
ORIGINAL MONTANA: Seeks to Hire Trimac Group LLC as Realtor
-----------------------------------------------------------
The Original Montana Club Cooperative Association seeks approval
from the U.S. Bankruptcy Court for the District of Montana to
employ Trimac Group LLC as realtor.
The firm will market and sell the Debtor's real property located at
24 West Sixth Avenue, Helena, Montana.
The firm will be paid a commission of 6 percent of the gross
purchase price.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Michael A. Casey
Trimac Group LLC
107 W Lawrence St.
Helena, MT 59624-1067
Tel: (406) 443-0333
About The Original Montana Club
Cooperative Association
The Original Montana Club Cooperative Association is a co-operative
association opened to the public in June 2018 for a la carte
dining, private dining, weddings, celebrations and business
meetings.
Original Montana Club Cooperative Association sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mon. Case No.
23-20145) on November 1, 2023. In the petition filed by Charles
Robison, as president, the Debtor reports estimated assets between
$1 million and $10 million and estimated liabilities between
$500,000 and $1 million.
Honorable Bankruptcy Judge Benjamin P. Hursh handles the case.
The Debtor is represented by PATTEN PETERMAN BEKKEDAHL & GREEN.
PARTS ID: Class A Common Stock Delisted From NYSE
-------------------------------------------------
The New York Stock Exchange filed Form 25 on January 3, 2024, to
notify the effective removal of PARTS iD, Inc. Class A Common Stock
from listing and/or registration under Section 12(b) of the
Securities and Exchange Act of 1934.
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 engagings
hopping 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.
The Debtors tapped DLA Piper, LLP (US) as bankruptcy counsel and
Kroll Restructuring Administration, LLC as claims agent.
PEGASUS HOME: Unsecureds Will Get 1% of Claims in Plan
------------------------------------------------------
PHF, Inc. f/k/a Pegasus Home Fashions, Inc. and Its Affiliated
Debtors submitted a Revised Combined Disclosure Statement and Joint
Chapter 11 Plan dated January 4, 2024.
The Plan estimates that each holder of an Impaired Claim will
receive value on the Effective Date that is not less than the value
such Holder would receive if the Debtors were to be liquidated
under Chapter 7 on the Effective Date.
Carmine Spinella had served as chief executive officer of the
Company until April 2023, when he resigned. In addition, around the
same time Webster informed the Company that it would not renew a $6
million unsecured line of credit that Pegasus had relied on to
finance some of its trade debt and Webster demanded a full payoff
of that line of credit by the end of April, 2023.
Following thorough arms-length discussions between the parties, the
Debtors, the Committee, Blue Torch, and the Stalking Horse
Purchaser (the "Settlement Parties") reached a global settlement as
set forth in that certain Settlement Term Sheet, substantially in
the form attached to the Global Settlement Order, regarding (i) the
provision of additional funding for administrative expenses through
confirmation of a plan of liquidation, (ii) the allowance of Blue
Torch's prepetition secured claims, (iii) the provision of
post-confirmation funding for a Liquidation trust, (iv) the
allowance and treatment of the Prepetition Prepayment Premium Claim
and agreed allocation of proceeds of estate claims and causes of
action amongst general unsecured creditors and Blue Torch, and (e)
the Committee's support of the sale of the Debtors' assets to Blue
Torch.
Prior to the Sale, Pegasus Home Fashions and Weatherford were each
operating entities that ran the Debtors' manufacturing and sales
operations. Pegasus Home Fashions (n/k/a PHF, Inc.) and Weatherford
(n/k/a WCC TX Inc.) are wholly-owned subsidiaries of PHFP (n/k/a
PHF Purchaser Inc.), and PHFP is a wholly-owned subsidiary of
Intermediate (n/k/a PHF Intermediate Inc.). In turn, Intermediate
is a wholly owned subsidiary of HoldCo. HoldCo is owned by BT
Pegasus Aggregator LLC (an affiliate of Blue Torch), H.I.G. Pegasus
Home Fashions, L.P. (an affiliate of HIG), and Mr. Spinella (in his
individual capacity and through the Carmine Spinella 2021 GRAT).
Class 3 consists of Prepetition Prepayment Premium Claim. Blue
Torch shall receive in full and final satisfaction, settlement and
release of and in exchange for such Allowed Class 3 Claim after
payment of any Liquidation Trust Expenses (i) the Investigation
Fund Repayment; (ii) 60% of the liquidated value of any
Distributable Liquidation Trust Assets (which shall be paid
concurrently with any distributions to Holders of Allowed Class 4
General Unsecured Claims) (the "60% Distribution"); and (iii) upon
payment in full of all Allowed Class 4 General Unsecured Claims,
payment in full of any remaining portion of the Prepetition
Prepayment Premium Claim from the Liquidation Trust Assets. The
amount of claim in this Class total $7,600,560.49. This Class will
receive a distribution of 3.95% to 5.53% of their allowed claims.
Class 4 consists of General Unsecured Claims. Unless the Holder
agrees to a different treatment, each Holder of a General Unsecured
Claim shall receive, upon payment in full of the Investigation Fund
Repayment and after payment of any Liquidation Trust Expenses, and,
such Holder's pro rata share of 40% of the liquidated value of the
Distributable Liquidation Trust Assets until all Class 4 Unsecured
Claims are paid in full. For the avoidance of doubt, Distributions
to Holders of Allowed Class 4 General Unsecured Claims shall occur
concurrently with the 60% Distribution described in this combined
Disclosure Statement and Plan. The allowed unsecured claims total
$14,248,679.59. This Class will receive a distribution of 1.00% of
their allowed claims.
The Plan will be implemented by, among other things, the
establishment of the Liquidation Trust, the vesting in and transfer
to the Liquidation Trust of the Liquidation Trust Assets, and the
making of Distributions by the Liquidation Trust in accordance with
the Plan and Liquidation Trust Agreement.
On the Effective Date or as soon thereafter as is reasonably
practicable, the Liquidation Trustee, under the oversight of the
Oversight Committee, shall wind-up the affairs of the Debtors. Upon
completion of the winding-up of the Debtors' affairs and without
the need for any corporate action or approval and without the need
for any corporate filings, the Liquidation Trustee shall dissolve
the Debtors and neither the Debtors nor the Liquidation Trustee
shall be required to pay any taxes or fees to cause such
dissolution. The Liquidation Trust shall bear the cost and expense
of the wind-up of the affairs of the Debtors, if any, and the cost
and expense of the preparation and filing of the final tax returns
for the Debtors.
A full-text copy of the Revised Combined Disclosure Statement dated
January 4, 2024 is available at https://urlcurt.com/u?l=rZGpnZ from
Epiq Corporate Restructuring, LLC, claims agent.
Counsel for Debtors:
Michael R. Nestor, Esq.
Kenneth J. Enos, Esq.
S. Alexander Faris, Esq.
Kristin L. McElroy, Esq.
Rodney Square
1000 North King Street
Wilmington, Delaware 19801
Telephone: (302) 571-6000
Facsimile: (302) 571-1253
Email: mnestor@ycst.com
kenos@ycst.com
afaris@ycst.com
kmcelroy@ycst.com
About Pegasus Home Fashions
Pegasus Home Fashions Inc., is a manufacturer of house furnishing
products based in Elizabeth, N.J.
Pegasus and its affiliates filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 23-11236) on Aug. 24, 2023. In the petition
filed by its chief executive officer, Timothy Boates, Pegasus
reported $100 million to $500 million in both assets and
liabilities.
The Debtors tapped Michael R. Nestor, Esq., at Young Conaway
Stargatt & Taylor, LLP as bankruptcy counsel; SSG Advisors, LLC as
investment banker; Reindeer Consulting Group, LLC as tax
consultant; Prager Metis CPAs, LLC as tax preparer and tax services
provider; and Timothy Boates of RAS Management Advisors, LLC as
interim chief executive officer. Epiq Corporate Restructuring, LLC
serves as the Debtors' administrative advisor and notice, claims,
solicitation and balloting agent.
The U.S. Trustee for Regions 3 and 9 appointed an official
committee to represent unsecured creditors in the Debtors' Chapter
11 cases. Lowenstein Sandler, LLP and Morris James, LLP serve as
the committee's bankruptcy counsel and Delaware counsel,
respectively.
PERFORMANCE RESULTS: Hires Strip Hoppers Leithart as Counsel
------------------------------------------------------------
Performance Results Plus, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Ohio to employ Strip,
Hoppers, Leithart, McGrath & Terlecky Co. LPA as special counsel.
The Debtor needs the firm's legal assistance in connection with the
Professional Negligence Claim, filed in the Franklin County Court
of Common Pleas, Ohio, Case No. 22 CV 006623.
The firm will be paid at the rate of $350 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Nelson E. Genshaft, Esq., a partner at Strip, Hoppers, Leithart,
McGrath & Terlecky Co. LPA, 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:
Nelson E. Genshaft, Esq.
Strip, Hoppers, Leithart,
McGrath & Terlecky Co. LPA
575 S. Third Street
Columbus, OH 43215
Tel: (614) 228-6345
Fax: (614) 228-6369
About Performance Results Plus, Inc.
Performance Results Plus, Inc., owns and operates a hydraulic
machine shop. Performance Results sought protection under Chapter
11 of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-52960) on
Aug. 28, 2023. In the petition signed by Michael L. Adkins,
president, the Debtor disclosed $3,219,882 in assets and $3,128,718
in liabilities.
Judge Kathryn Preston oversees the case.
John W. Kennedy, Esq., at Strip Hoppers Leithart McGrath & Terlecky
Co., LPA, is the Debtor's legal counsel.
PETERSON REAL: Seeks to Hire Wadsworth Garber as Legal Counsel
--------------------------------------------------------------
Peterson Real Estate LLC seeks approval from the U.S. Bankruptcy
Court for the District of Colorado to employ Wadsworth Garber
Warner Conrardy, P.C. as its counsel.
The firm's services include:
a. preparation on behalf of the Debtor of all necessary
reports, orders and other legal papers required in this Chapter 11
proceeding;
b. performance of all legal services for Debtor as
debtor-in-possession which may become necessary; and
c. representation of the Debtor in any litigation which the
Debtor determines is in the best interest of the estate whether in
state or federal court(s).
The firm will be paid as follows:
David V. Wadsworth $475 per hour
Aaron A. Garber $475 per hour
David J. Warner $400 per hour
Aaron J. Conrardy $400 per hour
Lindsay S. Riley $325 per hour
Paralegals $125 per hour
The firm received from the Debtor a retainer of $10,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Aaron A. Garber, Esq., a partner at Wadsworth Garber Warner
Conrardy, P.C., 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:
Aaron A. Garber, Esq.
Wadsworth Garber Warner Conrardy, P.C.
2580 West Main Street, Suite 200
Littleton, CO 80120
Telephone: (303) 296-1999
Facsimile: (303) 296-7600
Email: agarber@wgwc-law.com
About Peterson Real Estate LLC
Peterson Real Estate LLC is Single Asset Real Estate (as defined in
11 U.S.C. Section 101(51B)).
Peterson Real Estate LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
24-10045) on Jan. 5, 2024. The petition was signed by James
Peterson as managing member. At the time of filing, the Debtor
estimated $500,000 to $1 million in assets and $1 million to $10
million in liabilities.
Aaron J. Conrardy, Esq. at WADSWORTH GARBER WARNER CONRARDY, P.C
represents the Debtor as counsel.
PHUNWARE INC: Served Nasdaq Notice After Director Resigns
---------------------------------------------------------
Phunware, Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that on Jan. 3, 2024, it received a letter
from The Nasdaq Stock Market LLC notifying the Company that, as a
result of the resignation of Ryan Costello, as previously
disclosed, from the Company's board of directors and its audit
committee, the Company is not in compliance with Nasdaq's audit
committee composition requirements as set forth in Nasdaq Listing
Rule 5605.
Pursuant to Nasdaq Listing Rule 5605(c)(2)(A), a listed company
must have an audit committee of at least three members, each of
whom must be an Independent Director as defined under Nasdaq
Listing Rule 5605(a)(2) and meet the criteria for independence set
forth in Rule 10A-3(b)(1) under the Securities Exchange Act of
1934, as amended (subject to the exemptions provided in Rule
10A-3(c) under the Exchange Act). With Mr. Costello's resignation
from the Company's board of directors and committees, the Company's
Audit Committee is currently comprised of only two members, Stephen
Chen and Rahul Mewawalla, each of whom meets the independent
requirements set forth in Nasdaq Rule 5605 (a)(2) and Rule
10-A3(b)(1) of the Exchange Act.
The Letter further provides that, pursuant to Nasdaq Listing Rule
5605(c)(4), the Company is entitled to a cure period to regain
compliance with Nasdaq Listing Rule 5605, which cure period will
expire the earlier of the Company's next annual stockholders'
meeting or Dec. 31, 2024; or if the next annual stockholders'
meeting is held before June 28, 2024, then the cure period will
expire on June 28, 2024.
If the Company does not regain compliance within the cure period,
Nasdaq will provide written notification to the Company that its
securities will be delisted. At that time, the Company may appeal
the delisting determination to a hearings panel. The Company is in
the process of reviewing and evaluating potential options to regain
compliance with Nasdaq audit committee requirements as set forth in
Nasdaq Listing Rule 5605 within the cure period provided by Nasdaq.
However, there can be no assurance the Company will regain
compliance with Nasdaq Listing Rule 5605 or maintain compliance
with other Nasdaq Listing Rules.
About Phunware
Headquartered in Austin, Texas, Phunware, Inc. --
http://www.phunware.com-- offers a fully integrated software
platform that equips companies with the products, solutions and
services necessary to engage, manage and monetize their mobile
application portfolios globally at scale.
Phunware reported a net loss of $50.89 million for the year ended
Dec. 31, 2022, compared to a net loss of $53.52 million for the
year ended Dec. 31, 2021. As of March 31, 2023, the Company had
$45.46 million in total assets, $23.55 million in total
liabilities, and $21.90 million in total stockholders' equity.
In its Quarterly Report for the three months ended Sept. 30, 2023,
Phunware reported that for the nine months ended September 30,
2023, the Company incurred a net loss of [$29,772,000] used
[$15,869,000] in cash for operations and have a working capital
deficiency of [$12,721,000]. These conditions raise substantial
doubt about the Company's ability to meet its financial obligations
as they become due.
PLUTO ACQUISITION: $873.4MM Bank Debt Trades at 22% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Pluto Acquisition I
Inc is a borrower were trading in the secondary market around 78.3
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $873.4 million facility is a Term loan that is scheduled to
mature on June 20, 2026. About $849.2 million of the loan is
withdrawn and outstanding.
Pluto Acquisition I, Inc. provides health care services. The
Company operates in the United States.
POLYMER EXTRUSION: Seeks to Tap Yip Associates as Financial Advisor
-------------------------------------------------------------------
Polymer Extrusion Technology Incorporated filed an amended
application seeking approval from the U.S. Bankruptcy Court for the
Southern District of Florida to employ Yip Associates as financial
advisor and accountant.
The firm will render these services:
(a) advise the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Guidelines and Reporting
Requirements;
(b) prepare required monthly operating reports and other
financial documents necessary in the administration of this case;
and
(c) assist in the preparation and presentation of a proposed
plan of reorganization.
The hourly rates of the firm's professionals are as follows:
Partners $450 - $600
Directors $400
Managers $350
Senior Associates $295
Associates $220
Paraprofessionals $195
In addition, the firm will seek reimbursement for expenses
incurred.
The firm shall receive a post-petition retainer in the amount
$7,500.
Hylton Wynick, CIRA, CRFAC, a member at YIP Associates, 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:
Hylton Wynick
YIP Associates
One Biscayne Tower
2 S. Biscayne Blvd., Suite 2690
Miami, FL 33131
Telephone: (561) 325-6951
Facsimile: 1(888) 632-2672
Email: HWynick@yipcpa.com
About Polymer Extrusion Technology
Polymer Extrusion Technology Incorporated, doing business as
Glasslam, is engaged in plastic products manufacturing. The company
is based in Pompano Beach, Fla.
Polymer filed its voluntary petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-12348) on March
27, 2023, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Violet Howes, director at Polymer, signed
the petition.
Judge Scott M. Grossman presides over the case.
The Debtor tapped David A. Ray, Esq., at David A. Ray, PA as
bankruptcy counsel; John D. Heffling, Esq., at Hall Booth Smith, PC
as special appellate counsel; and Hylton Wynick, CIRA, CRFAC, at
YIP Associates as financial advisor and accountant.
POTRERO MEDICAL: Taps Wilson Sonsini as Special Corporate Counsel
-----------------------------------------------------------------
Potrero Medical, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Delaware to employ Wilson Sonsini Goodrich &
Rosati, P.C. as its special corporate counsel.
Wilson Sonsini will provide general corporate advice and assisting
in consummating certain transactions that may arise out of the
bankruptcy, such as a reorganization or rights offering.
The firm will be paid at these hourly rates:
Partners $1,080 to $2,475
Associates $615 to $1,315
Counsel $690 to $1,895
Legal Staff $225 to $930
Erin Fay, a member of Wilson Sonsini, 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:
Erin R. Fay, Esq.
Wilson Sonsini Goodrich & Rosati, P.C.
222 Delaware Avenue, Suite 800
Wilmington, DE 19801-5225
Tel: (302) 502-8404
Email: efay@wsgr.com
About Potrero Medical, Inc.
Potrero Medical Inc. -- https://potreromed.com/ -- is a predictive
health company developing the Next Gen of smart sensors and AI. Its
mission is to protect the kidney.
Potrero Medical filed a Chapter 11 petition (Bankr. D. Del. Case
No. 23-11900) on Nov. 21, 2023, with $1 million to $10 million in
both assets and liabilities. Joseph A. Urban, chief executive
officer, signed the petition.
Judge Laurie Selber Silverstein oversees the case.
The Debtor is represented by David M. Klauder, Esq., at Bielli &
Klauder, LLC, as legal counsel. Bielli & Klauder, LLC as
co-counsel. Stretto, Inc. as administrative advisor. G2 Capital
Advisors, LLC as a financial advisor.
RADIOLOGY PARTNERS: $1.64BB Bank Debt Trades at 18% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Radiology Partners
Inc is a borrower were trading in the secondary market around 82.0
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $1.64 billion facility is a Term loan that is scheduled to
mature on July 9, 2025. The amount is fully drawn and
outstanding.
Radiology Partners, Inc. operates as a health care testing center.
The Company offers diagnostic and interventional radiology services
by local radiologists. Radiology Partners serves customers in the
United States.
RAYONIER ADVANCED: Amends Term Loan Credit Agreement
----------------------------------------------------
Rayonier Advanced Materials Inc. announced that it has reached an
agreement with lenders under its Term Loan Credit Agreement to
obtain financial covenant relief for the period beginning with the
fourth quarter of the Company's 2023 fiscal year through the end of
its 2024 fiscal year.
The amendment amends that certain Term Loan Credit Agreement, dated
as of July 20, 2023, to, among other things, increase the maximum
consolidated secured net leverage ratio, as defined in the Term
Loan Credit Agreement, that RYAM must maintain through its 2024
fiscal year. Pursuant to the amendment, RYAM is required to
maintain a consolidated secured net leverage ratio of 5.25 to 1.00
for the fourth fiscal quarter of 2023 through the second fiscal
quarter of 2024, 5.00 to 1.00 for the third fiscal quarter of 2024,
4.75 to 1.00 for the fourth fiscal quarter of 2024 and 4.50 to 1.00
for each fiscal quarter thereafter. RYAM agreed to pay the lenders
under the Term Loan Credit Agreement certain fees in connection
with the amendment.
"Working collaboratively with our lenders at Oaktree, we reached an
amendment that gives us access to liquidity and provides
operational flexibility to execute our strategy," said De Lyle
Bloomquist, president and chief executive officer. "While we
remain confident that we could have managed within the covenant,
the added flexibility should provide comfort to key stakeholders,
including debt and equity investors, as we execute on our strategy
to improve the balance sheet and grow our biomaterials business."
Wachtell, Lipton, Rosen & Katz served as legal counsel to RYAM and
Sullivan & Cromwell LLP served as legal counsel to Oaktree in this
transaction.
About RYAM
RYAM -- www.RYAM.com -- is a global leader of cellulose-based
technologies, including high purity cellulose specialties, a
natural polymer commonly used in the production of filters, food,
pharmaceuticals, and other industrial applications. The Company
also manufactures products for paper and packaging markets. The
Company has manufacturing operations in the U.S., Canada, and
France.
* * *
As reported by the TCR on Nov. 24, 2023, Moody's Investors Service
has downgraded Rayonier Advanced Materials Inc.'s (RYAM) corporate
family rating to Caa1 from B2 and changed the outlook to negative
from stable. The downgrade of the CFR reflects Moody's view that
RYAM's liquidity will be weak over the next 12 months and that
there is a potential for a financial covenant breach.
RED APPLE: Seeks Approval to Hire eXp Realty as Real Estate Broker
------------------------------------------------------------------
Red Apple Investments LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to employ eXp Realty,
LLC as real estate broker.
The firm will market and sell the Debtor's real property identified
as 661 Sherwood Drive, Jonesboro, Georgia 30236.
The firm will be paid a commission of 4.6 percent of the sales
price.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Prince Carter
eXp Realty, LLC
1230 Peachtree Street NE, Suite 1900
Atlanta, GA 30309
Tel: (888) 959-9461
Email: pcarter.us@gmail.com
About Red Apple Investments LLC
Red Apple is a Single Asset Real Estate debtor (as defined in 11
U.S.C. Section 101(51B)).
Red Apple Investments LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-59726) on Oct. 3, 2023. The petition was signed by Jouval Zive
as manager. At the time of filing, the Debtor estimated $1 million
to $10 million in both assets and liabilities.
Paul Reece Marr, Esq. at Paul Reece Marr, PC represents the Debtor
as counsel.
RGP INC: Seeks to Hire Strobl Sharp PLLC as Counsel
---------------------------------------------------
RGP, Inc. d/b/a Quality Team 1 seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Michigan to employ
Strobl Sharp PLLC as counsel.
The firm will provide these services:
a. represent the Debtor before the Bankruptcy Court;
b. advise the Debtor with respect to its powers and duties as
Debtor in bankruptcy in the continued management and operation of
its business;
c. attend meetings and negotiate with representatives of its
creditors and other parties-in-interest;
d. take all necessary action to protect and preserve the
Debtor's estate, including the prosecution of actions on the
Debtor's behalf, the defense of actions commenced against the
Debtor, and the filing of objections to claims filed against the
estate;
e. prepare on behalf of the Debtor all motions, application,
answers, orders, reports, and papers necessary to the
administration of the estate;
f. negotiate and prepare on the Debtor's behalf a plan of
reorganization, and all related agreements and documents, and take
any necessary action on behalf of the Debtor to obtain confirmation
of such plan;
g. represent the Debtor in connection with obtaining
post-petition financing, in the event financing becomes necessary
during the pendency of the proceeding;
h. advise the Debtor in connection with any potential sale of
assets, restructuring or recapitalization;
i. appear before the Court, appellate courts, taxing authorities
and the U.S. Trustee, regulatory agencies of the State of Michigan
and protect the interests of the Debtor's estates before such
Courts, Agencies and the U.S. Trustee; and
j. perform all other necessary legal services and all other
necessary legal advice to the Debtor in connection with the Chapter
11 case.
The firm will be paid at these rates:
Lynn Brimer, Esq. $500 per hour
Pamela Ritter, Esq. $400 per hour
Associates $185 - $295 per hour
The firm will receive reimbursement for out-of-pocket expenses
incurred.
Prior to the petition date, the firm received from the Debtor a
retainer of $50,000.
Lynn Brimer, Esq., a partner at Strobl Sharp, disclosed in a court
filing that her firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Lynn M. Brimer, Esq.
Pamela S. Ritter, Esq.
Strobl Sharp PLLC
300 East Long Lake Road, Suite 200
Bloomfield Hills, MI 48304-2376
Tel: (248) 540-2300
Fax: (248) 205-2786
Email: lbrimer@strobllaw.com
pritter@strobllaw.com
About RGP, Inc. d/b/a Quality Team 1
RGP, Inc., doing business as Quality Team 1, is an ISO
9001:2008-registered company specializing in contract inspection,
customer representation and launch support with a primary focus on
the automotive industry. The company is based in Detroit, Mich.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Mich. Case No. 23-50578) on Dec. 1,
2023, with $2,092,222 in assets and $5,116,368 in liabilities.
Bradley Williams, president, signed the petition.
Judge Maria L. Oxholm oversees the case.
Lynn M. Brimer, Esq., at Strobl, PLLC represents the Debtor as
legal counsel.
RISKON INTERNATIONAL: Appoints Milton Ault III as Director
----------------------------------------------------------
RiskOn International, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the Company appointed
Milton C. Ault, III to its board of directors effective Jan. 4,
2024.
Mr. Ault, 54, currently holds the position of executive chairman at
Ault Alliance, Inc., a diversified holding company listed on the
NYSE American and Chairman of the Board at Ault Disruptive
Technologies Corporation, a Special Purpose Acquisition Company
listed on NYSE. Since January 2011, Mr. Ault has been the vice
president of Business Development at MCKEA Holdings, LLC, a family
office. He has also been the Chairman of Avalanche International
Corp., a publicly traded Nevada company categorized as a "voluntary
filer" (not required to file periodic reports) since September
2014. Since December 2015, Mr. Ault has held the positions of
Chairman and Chief Executive Officer at Ault & Company, Inc., a
Delaware holding company. On Feb. 25, 2016, Mr. Ault founded
Alzamend Neuro, Inc., a biotechnology firm dedicated to researching
and finding treatments, prevention methods, and cures for
Alzheimer's Disease. He served as its Chairman until its initial
public offering, at which point he transitioned to the role of
Chairman Emeritus and consultant. In April 2023, Mr. Ault was
appointed as the executive chairman of the board of directors of
the Singing Machine Company, Inc., a company listed on the Nasdaq
Stock Market. Throughout his career, Mr. Ault has provided
consulting services to both publicly traded and privately held
companies, offering them the benefit of his diverse expertise,
spanning from development stage to well-established businesses.
With over twenty-seven years of experience, he is a seasoned
business professional and entrepreneur with a track record of
identifying value in various financial markets, including equities,
fixed income, commodities, and real estate.
There are no family relationships between Mr. Ault and any of the
Company's other officers and directors. There is no arrangement or
understanding between Mr. Ault and any other persons pursuant to
which Mr. Ault was appointed as a director.
Mr. Ault will be compensated in accordance with the Company's
standard compensation policies and practices for the Board, the
components of which were disclosed in the Company's annual report
on Form 10-K for the fiscal year ended March 31, 2023, filed with
the SEC on July 14, 2023, under Item 11.
About RiskOn International
Founded in 2011, RiskOn International, Inc. (formerly known as
BitNile Metaverse, Inc.) owns 100% of BNC, including the
BitNile.com metaverse platform. The Platform, which went live to
the public on March 1, 2023, allows users to engage with a new
social networking community and purchase both digital and physical
products while playing 3D immersive games. In addition, the
Company also owns approximately 66% of Wolf Energy Services Inc.
(OTCQB: WOEN) indirectly and approximately 70% of White River
Energy Corp (OTCQB: WTRV) directly.
RiskOn reported a net loss of $87.36 million on zero revenue for
the year ended March 31, 2023, compared to a net loss of $10.55
million on $27,182 of revenues for the year ended March 31, 2022.
As of June 30, 2023, the Company had $22.66 million in total
assets, $28.17 million in total liabilities, and a total
stockholders' deficit of $5.51 million.
In its Quarterly Report for the three months ended Sept. 30, 2023,
RiskOn said there is substantial doubt about its ability to
continue as a going concern. The Company believes that the current
cash on hand is not sufficient to conduct planned operations for
one year from the issuance of the condensed consolidated financial
statements, and it needs to raise capital to support its
operations.
SCHMOLDT CONSTRUCTION: Hires Eric A. Liepins P.C. as Legal Counsel
------------------------------------------------------------------
Schmoldt Construction, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ Eric A. Liepins,
P.C. as counsel.
The Debtor requires legal assistance for the purpose of orderly
liquidating the assets, reorganizing the claims of the estate, and
determining the validity of claims asserted in the estate.
The firm will be paid at these rates:
Eric A. Liepins $275 per hour
Paralegals and Legal Assistants $30 to $50 per hour
In addition, the firm will seek reimbursement for expenses
incurred.
The firm has been paid a retainer of $10,000 plus filing fee.
Mr. Liepins, the sole shareholder of the firm, 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:
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 Schmoldt Construction, Inc.
Schmoldt Construction, Inc. sought protection for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
24-40041) on Jan. 3, 2024, listing $100,001 to $500,000 in both
assets and liabilities. Eric A Liepins, Esq. at Eric A. Liepins,
P.C. represents the Debtor as counsel.
SDS COLCON: Seeks to Hire Goldberg Weprin as Bankruptcy Counsel
---------------------------------------------------------------
SDS Colcon LLC and SDS Colcon Owner LLC seek approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Goldberg Weprin Finkel Goldstein LLP as their bankruptcy counsel.
The firm will render these services:
a. provide the Debtors with all necessary representation in
connection with this Chapter 11 case, as well as the Debtors'
responsibilities as debtors-in-possession;
b. represent the Debtors in all proceedings before the U.S.
Bankruptcy Court and the Office of the U.S. Trustee;
c. review, prepare and file all necessary legal papers,
applications, motions, objections, adversary proceedings, and
reports on the Debtors' behalf;
d. negotiate potential DIP financing to complete construction
of the Project;
e. provide all legal services required by the Debtor in
connection with the refinance or sale of the Property subject to a
plan of reorganization;
The firm will be paid at these rates:
Partners $685 per hour
Associates $275 to $500 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer of $34,000.
Kevin Nash, Esq., a partner at Goldberg, 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:
Kevin J. Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
1501 Broadway, 22nd Floor
New York, NY 10036
Telephone: (212) 221-5700
Email: knash@gwfglaw.com
About SDS Colcon LLC
Alleged creditors filed an involuntary Chapter 11 petition for SDS
Colcon LLC on Sep. 27, 2023. The Debtors, SDS Colcon LLC and SDS
Colcon Owner LLC, in turn filed a voluntary petition under Chapter
11 of the Bankruptcy Code on Nov. 13, 2023 (Bankr. E.D.N.Y. Lead
Case No. 23-43469).
Goldberg Weprin Finkel Goldstein LLP represents the Debtors as
bankruptcy counsel.
SHAGTASTIC ENTERPRISES: Hires AR Law Partners as Counsel
--------------------------------------------------------
Shagtastic Enterprises, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Arkansas to employ AR
Law Partners, PLLC as bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor with respect to its powers and duties in
the organization and management of its property;
(b) prepare legal papers; and
(c) perform all other necessary legal services for the
Debtor.
The firm will be paid as follows:
Vanessa Cash Adams $310 per hour
Support Staff $85 per hour
The firm also requires a retainer of $5,500.
Vanessa Cash Adams, Esq., an attorney at AR Law Partners, 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:
Vanessa Cash Adams, Esq.
AR Law Partners, PLLC
Plaza West Building
415 N. McKinley Street, Suite 830
Little Rock, AR 72205
Tel: (501) 710.6500
Fax: (501) 710.6336
Email: vanessa@arlawpartners.com
About Shagtastic Enterprises, Inc.
Shagtastic Enterprises, Inc., a company in Russellville, Ark.,
offers automotive repair and maintenance services. The company
conducts business under the name Newton Tire & Auto.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Ark. Case No. 23-13922) on Dec. 13,
2023, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Michael Wilkins, president, signed the
petition.
Judge Phyllis M. Jones oversees the case.
Vanessa Cash Adams, Esq., at AR Law Partners, PLLC represents the
Debtor as bankruptcy counsel.
SHO HOLDING: $233MM Bank Debt Trades at 36% Discount
----------------------------------------------------
Participations in a syndicated loan under which SHO Holding I Corp
is a borrower were trading in the secondary market around 64.4
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $233 million facility is a Term loan that is scheduled to
mature on April 27, 2024. The amount is fully drawn and
outstanding.
SHO Holding I Corp operates as a holding company. The Company,
through its subsidiaries, designs and manufactures athletic and
non-athletic footwear products.
SIANA OIL: Trustee Hires KenWood & Associates as Accountant
-----------------------------------------------------------
Allison D. Byman, the Chapter 11 Trustee for Siana Oil and Gas Co.,
LLC seeks approval from the U.S. Bankruptcy Court for the Southern
District of Texas to employ KenWood & Associates, P.C. as
accountant.
The firm will provide various financial and other professional
services, including the preparation of monthly operating reports,
filing of tax returns on behalf of the estate, assisting in
analyzing estate causes of action and claims reconciliation
following completion of Debtor's books and records.
The firm will be paid at these rates:
David E. Bott $350 per hour
Deborah J. Abbott $240 per hour
Carolyn Crabtree $160 per hour
Christopher W. Hale $175 per hour
Sandra Y. Salamanca $140 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
David E. Bott
KenWood & Associates, PC
14090 Southwest Freeway, Suite 200
Sugar Land, TX 77478
Tel: (281) 243-2300
About Siana Oil and Gas Co., LLC
Siana Oil & Gas Co., LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No.
23-32279) on June 21, 2023, with $10 million to $50 million in
assets and $1 million to $10 million in liabilities. Tom Howley,
Esq., at Howley Law, PLLC, has been appointed as Subchapter V
trustee.
Judge Jeffrey P. Norman oversees the case.
Reese Baker, Esq., at Baker & Associates is the Debtor's legal
counsel.
Allison D. Byman was appointed to serve as the Chapter 11 trustee
in the case. The Trustee tapped Husch Blackwell LLP as her counsel.
SIANA OIL: Trustee Seeks to Hire Consolidated as Asset Manager
--------------------------------------------------------------
Allison D. Byman, the Chapter 11 Trustee for Siana Oil and Gas Co.,
LLC seeks approval from the U.S. Bankruptcy Court for the Southern
District of Texas to employ Consolidated Asset Management Services
(Texas), LLC as asset management professional.
The firm will provide these services:
(a) recreate the Debtor's books and records for the years 2020
through 2023; and
(b) assist the Trustee in her efforts to reconcile accounts with
various operators of oil and gas wells in which the Debtor holds
interests.
The firm will be paid at a flat monthly fee of $20,000.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Caran Crooker
Consolidated Asset Management
Services (Texas), LLC
910 Louisiana Street, Suite 2400
Houston, TX 77002
Tel: (713) 358-9700
About Siana Oil and Gas Co., LLC
Siana Oil & Gas Co., LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No.
23-32279) on June 21, 2023, with $10 million to $50 million in
assets and $1 million to $10 million in liabilities. Tom Howley,
Esq., at Howley Law, PLLC, has been appointed as Subchapter V
trustee.
Judge Jeffrey P. Norman oversees the case.
Reese Baker, Esq., at Baker & Associates is the Debtor's legal
counsel.
Allison D. Byman was appointed to serve as the Chapter 11 trustee
in the case. The Trustee tapped Husch Blackwell LLP as her counsel.
SINCLAIR TELEVISION: $740MM Bank Debt Trades at 17% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Sinclair Television
Group Inc is a borrower were trading in the secondary market around
83.2 cents-on-the-dollar during the week ended Friday, January 5,
2024, according to Bloomberg's Evaluated Pricing service data.
The $740 million facility is a Term loan that is scheduled to
mature on April 3, 2028. About $721.2 million of the loan is
withdrawn and outstanding.
Sinclair Television Group, Inc. provides media broadcasting
services. The Company offers television broadcasting and
programming services.
SINCLAIR TELEVISION: $750MM Bank Debt Trades at 18% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Sinclair Television
Group Inc is a borrower were trading in the secondary market around
82.1 cents-on-the-dollar during the week ended Friday, January 5,
2024, according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on April 23, 2029. About $739.1 million of the loan is
withdrawn and outstanding.
Sinclair Television Group, Inc. provides media broadcasting
services. The Company offers television broadcasting and
programming services.
SIS TRUCKING: Gets OK to Hire Stagemeyer CPA Group as Accountant
----------------------------------------------------------------
Sis Trucking, LLC received approval from the U.S. Bankruptcy Court
for the District of Nebraska to employ Kristin A. Stagemeyer, CPA
of Stagemeyer CPA Group, PC as its accountant.
The firm will provide ongoing accounting services to Defendant to
properly operate and assist with its plan, disclosure statement and
reorganization efforts.
Ms. Stagemeyer's hourly rate is $195 for accountant services and
$95 hourly rate for bookkeeping services.
As disclosed in the court filings, Ms. Stagemeyer is a completely
disinterested party who has no potential or actual conflicts of
interest in this case.
The accountant can be reached through:
Kristin A. Stagemeyer, CPA
Stagemeyer CPA Group, PC
801 West C St., Ste 2
PO Box 7
McCook, NE 69001
Phone: (308) 345-2740
About Sis Trucking
Sis Trucking, LLC filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Neb. Case No. 23-41123) on Nov.
28, 2023, with up to $500,000 in assets and up to $50,000 in
liabilities.
John A. Lentz, Esq., at Lentz Law, PC, LLO represents the Debtor as
bankruptcy counsel.
SPIRIT AIRLINES: Repays $465M Debt in Aircraft Sale-Leaseback Deals
-------------------------------------------------------------------
Spirit Airlines, Inc. disclosed in a Form 8-K Report filed with the
U.S Securities and Exchange Commission that on January 3, 2024, the
Company completed a series of sale-leaseback transactions with
respect to 25 aircraft, resulting in repayment of approximately
$465 million of indebtedness on those aircraft and net cash
proceeds to the Company of approximately $419 million.
About Spirit Airlines
Spirit Airlines Inc. is a major United States ultra-low cost
airline headquartered in Miramar, Florida, in the Miami
metropolitan area.
In September 2023, Fitch Ratings has revised the Rating Outlook for
Spirit Airlines to Negative from Stable and affirmed Spirit's
Long-term Issuer Default Rating at 'B+'. Fitch has also affirmed
Spirit IP Cayman Ltd.'s and Spirit Loyalty Cayman Ltd.'s senior
secured debt at 'BB+'/'RR1'.
Also in September 2023, Egan-Jones Ratings Company maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Spirit Airlines, Inc.
Meanwhile, Moody's Investors Service downgraded its corporate
family rating of Spirit Airlines to Caa1 from B2 and probability of
default rating to Caa1-PD from B2-PD, the TCR reported on November
22, 2023.
SRPC PROPERTIES: Gets OK to Sell Pueblo Property for $365,000
-------------------------------------------------------------
SRPC Properties, LLC received approval from the U.S. Bankruptcy
Court for the District of Wyoming to sell real property to Vertigo
Real Estate Ventures, LLC.
Vertigo made a cash offer of $365,000 for the property located at
1334 E. 4th St., Pueblo, Colo. The property consists of 10
residential housing units.
SRPC is selling the property "free and clear" of encumbrances.
The Pueblo property is not necessary for SRPC's reorganization,
according to the company's attorney, Bradley Hunsicker, Esq., at
Markus Williams Young and Hunsicker, LLC.
"The sale will relieve [SRPC] from the related secured debt of
Emerald Isle Lending Company of approximately $171,620 and generate
excess, unencumbered, cash," Mr. Hunsicker said in court papers.
About SRPC Properties
SRPC Properties, LLC is in the business of purchasing investment
properties. The company is based in Cheyenne, Wyo.
SRPC filed Chapter 11 petition (Bankr. D. Wyo. Case No. 23-20180)
on May 25, 2023, with $2,694,635 in assets and $1,725,437 in
liabilities. Shirley Carson, member, signed the petition.
Judge Cathleen D. Parker oversees the case.
Bradley T. Hunsicker, Esq., at Markus Williams Young and Hunsicker,
represents the Debtor as legal counsel.
STARKCORP INC: Seeks to Hire JKW & Associates as Accountant
-----------------------------------------------------------
Starkcorp, Inc. seeks approval from the U.S. Bankruptcy Court for
the Northern District of Georgia to employ JKW & Associates, PC
d/b/a The Colorado CPA as accountant.
The firm's services include:
a. preparation of financial statements, tax returns, and monthly
operating reports as required by the U.S. Trustee; and
b. provision of general accounting and tax advice and related
services.
The firm will be paid $500 to $750 for the preparation of Form 425
C, $1,500 for the 2023 preparation of Form 1120 and related state
tax returns.
The retainer is $1,500.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jennifer Kennedy Weyer, a partner at JKW & Associates, PC d/b/a The
Colorado CPA, 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:
Jennifer Kennedy Weyer
JKW & Associates, PC
d/b/a The Colorado CPA
7600 E. Arapahoe Rd., Ste 306
Centennial, CO 80112
Tel: (720) 519-0618
Email: tami@thecocpa.com
About Starkcorp, Inc.
Starkcorp, Inc. provides support activities for forestry. Starkcorp
is organized into three business groups: Fire Protection Services,
Private Security, and Emergency Medical Services.
Starkcorp sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ga. Case No. 23-52263) on March 7, 2023, with up
to $500,000 in assets and up to $10 million in liabilities. Kent
Stark, president of Starkcorp, signed the petition.
Paul Reece Marr, Esq., at Paul Reece Marr, PC, is the Debtor's
legal counsel.
STERLING CONSULTING: Hires Kelley Kaplan as Legal Counsel
---------------------------------------------------------
Sterling Consulting Corp. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Kelley Kaplan
& Eller, PLLC as legal counsel.
The firm's services include:
a. giving advice to the Debtor with respect to its powers and
duties and the continued management of its business operations;
b. advising the Debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
c. preparing legal documents;
d. protecting the interest of the Debtor in all matters
pending before the court; and
e. representing the Debtor in negotiation with its creditors
in the preparation of a Chapter 11 plan.
The firm will be paid $495 per hour for attorney fees, $155 per
hour for paralegal fees, and a retainer of $22,500. In addition,
the firm will receive reimbursement for out-of-pocket expenses
incurred.
Craig Kelley, Esq., a partner at Kelley Kaplan & Eller, PLLC,
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 at:
Craig I. Kelley, Esq.
Dana Kaplan, Esq.
Kelley Kaplan & Eller, PLLC
1665 Palm Beach Lakes Blvd. Suite 1000
West Palm Beach, FL 33401
Tel: (561) 491-1200
Fax: (561) 684-3773
Email: craig@kelleylawoffice.com
About Sterling Consulting Corp.
Sterling Consulting Corporation filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-20196) on Dec. 11, 2023, with $50,001 to $100,000 in assets and
$100,001 to $500,000 in liabilities.
Craig I. Kelley, Esq., at Kelley Kaplan & Eller, PLLC represents
the Debtor as legal counsel.
STG LOGISTICS INC: $750MM Bank Debt Trades at 29% Discount
----------------------------------------------------------
Participations in a syndicated loan under which STG Logistics Inc
is a borrower were trading in the secondary market around 71.2
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $750 million facility is a Term loan that is scheduled to
mature on March 24, 2028. About $736.9 million of the loan is
withdrawn and outstanding.
STG Logistics, Inc., also known as St. George Logistics, is a
logistics company with a corporate office in North Bergen, New
Jersey.
STONEYBROOK FAMILY: Case Summary & 10 Unsecured Creditors
---------------------------------------------------------
Debtor: Stoneybrook Family Dentistry, P.A.
14835 West Colonial Dr.
Winter Garden, FL 34787
Business Description: The Debtor specializes in cosmetic
dentistry, invisalign, dental implants,
pediatric dentistry, root canal therapy, and
smile makeovers.
Chapter 11 Petition Date: January 8, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-00076
Judge: Hon. Tiffany P Geyer
Debtor's Counsel: Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: dvelasquez@lathamluna.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dr. Wendi K. Wardlaw as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 10 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/EF722II/Stoneybrook_Family_Dentistry_PA__flmbke-24-00076__0001.0.pdf?mcid=tGE4TAMA
STRATEGIES 360: Ongoing Operations to Fund Plan Payments
--------------------------------------------------------
Strategies 360, Inc., filed with the U.S. Bankruptcy Court for the
Western District of Washington a Disclosure Statement for Plan of
Reorganization dated January 4, 2024.
The Debtor is a full-service communications firm with offices in
eleven states, the District of Columbia, and British Columbia.
On October 19, 2023, Eric Sorensen obtained a judgment in the
approximate amount of $6.1 million against the Debtor and Ronald D.
Dotzauer (the "Sorensen Judgment"). The Sorensen Judgment is the
result of years of litigation by Sorensen against the Debtor and
Dotzauer. Sorensen was previously an employee of and equity holder
in the Debtor, and was removed as president of the Debtor in 2018,
for cause.
As part of the Debtor's termination of its relationship with
Sorensen, the Debtor and Dotzauer agreed to pay Sorensen $6
million. After a series of payments, agreements, disputes, and
litigation, Sorensen filed the complaint that ultimately resulted
in the Sorensen Judgment in July, 2023. Thereafter, Sorensen filed
a motion to appoint a receiver over the assets of the Debtor,
scheduled for hearing on November 28, 2023.
To avoid the irreparable harm to the Debtor and its creditors that
would flow from the appointment of a Receiver, the Debtor filed
this case to allow it to restructure the Sorensen Judgment so that
it can move forward, implement the planned Employee Stock Ownership
Plan (an "ESOP") and pay all creditors in full.
The Non-Priority General Unsecured Claims total $1,122,706.00.
Class 5 consists of Allowed General Unsecured Claims that are not
Administrative Convenience Claims (each, a "Class 5 Claim").
Interest shall accrue on the Class 5 Claims at the federal judgment
rate. Within sixty days of the Effective Date, the Debtor shall
make a payment of $200,000 (the "Initial Class 5 Payment") to be
distributed to Holders of Class 5 Claims on a pro rata basis. The
Debtor will make a $200,000 payment on June 25, 2023 (the "Second
Class 5 Payment") to be distributed to Holders of Class 5 Claims on
a pro rata basis. Thereafter, beginning on September 25, 2023, the
Debtor will make 14 equal quarterly payments totaling the amount
necessary to satisfy the Class 5 Claims, with each such payment to
be distributed to Holders of Class 5 Claims on a pro rata basis.
Any Holder of Class 5 Claim may opt to reduce its Allowed General
Unsecured Claim to $10,000 and be treated as a Class 6 Claim,
rather than a Class 5 Claim (the "Class 6 Opt-In").
Class 6 consists of Allowed Administrative Convenience Claims
(each, a "Class 6 Claim"). The Debtor shall pay all Allowed
Administrative Convenience Claims within 30 days following the
Effective Date.
Class 7 consists of Allowed Interests in the Debtor. All Interests
in the Debtor shall be retained by the Holders of such Interests as
of the Petition Date. No distributions shall be made to Holders of
Interests on account of such Interests until Classes 1 through 6
have been paid in full, with the exception that distributions to
Holders of Interests relating to pass through income tax shall be
permitted.
The Debtor will fund the distributions under the Plan from its
ongoing operations.
A full-text copy of the Disclosure Statement dated January 4, 2024
is available at https://urlcurt.com/u?l=zKdPMm from
PacerMonitor.com at no charge.
Debtor's Counsel:
Thomas A. Buford, Esq.
BUSH KORNFELD LLP
601 Union St., Suite 5000
Seattle, WA 98101-2373
Tel: (206) 292-2110
Fax: (206) 292-2104
E-mail: tbuford@bskd.com
About Strategies 360
Strategies 360, Inc., is a full-service communications firm with
offices in eleven states, the District of Columbia, and British
Columbia.
Strategies 360 sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. D.C. Case No. 23-12303-TWD) on Nov. 27,
2023. In the petition signed by John Rosenberg, chief financial
officer, the Debtor disclosed up to $10 million in assets and up to
$50 million in liabilities.
Judge Timothy W. Dore oversees the case.
Thomas A. Buford, Esq., at Bush Kornfeld LLP, represents the Debtor
as legal counsel.
TEAM HEALTH: $1.59BB Bank Debt Trades at 21% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Team Health
Holdings Inc is a borrower were trading in the secondary market
around 79.3 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.
The $1.59 billion facility is a Term loan that is scheduled to
mature on March 2, 2027. The amount is fully drawn and
outstanding.
Team Health Holdings, Inc. provides physician staffing and
administrative services to hospitals and other healthcare providers
in the U.S.
TEHUM CARE: Tort Committee Hires Berry Riddell as Co-Counsel
------------------------------------------------------------
The official tort claimants' committee in the bankruptcy case of
Tehum Care Services, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Berry Riddell
LLC as co-counsel.
The firm's services include:
a. consulting with the Debtor, the official committee of
unsecured creditors, and the office of the U.S. Trustee regarding
administration of the bankruptcy case;
b. advising the tort committee with respect to its rights,
powers, and duties as they relate to the case;
c. investigating the acts, conduct, assets, liabilities, and
financial condition of the Debtor;
d. assisting the tort committee in analyzing the Debtor's
pre-petition and post-petition relationship with its creditors,
equity interest holders, employees, and other parties in interest;
e. assisting and negotiating on the tort committee's behalf in
matters relating to the claims of the Debtor's other creditors;
f. assisting the tort committee in preparing pleadings and
applications as may be necessary to further the tort committee's
interest and objectives;
g. researching, analyzing, investigating, filing and prosecuting
litigation on behalf of the tort committee in connection with
issues including avoidance of actions or fraudulent conveyances;
h. representing the tort committee at hearings and other
proceedings;
i. reviewing and analyzing applications, orders, statements of
operations, and schedules filed with the Court and advising the
tort committee regarding all such materials;
j. aiding and enhancing the tort committee's participation in
formulating a plan;
k. assisting the tort committee in advising its constituents of
the tort committee's decisions, including the collection and filing
of acceptances and rejections to any proposed plan; and
l. performing such other legal services as may be required and
are deemed to be in the interests of the tort committee.
The firm will be paid at these rates:
Partners $490 to $700 per hour
Paralegals $350 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael W. Zimmerman, Esq., a partner at Berry Riddell 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 at:
Michael W. Zimmerman, Esq.
BERRY RIDDELL LLC
6750 East Camelback Road, Suite 100
Scottsdale, AZ 85251
Tel: (480) 385-2727
About Tehum Care Services, Inc.
Tehum Care Services Inc., doing business as Corizon Health Services
Inc., is a privately held prison healthcare contractor in the
United States. It is based in Brentwood, Tenn.
Tehum Care Services filed a petition for relief under Chapter 11 of
the Bankruptcy Code (Bankr. S.D. Tex. Case No. 23-90086) on Feb.
13, 2023. In the petition filed by Russell A. Perry, as chief
restructuring officer, the Debtor reported assets between $1
million and $10 million and liabilities between $10 million and $50
million.
Judge Christopher M. Lopez oversees the case.
The Debtor tapped Gray Reed & McGraw, LLP as bankruptcy counsel;
Bradley Arant Boult Cummings, LLP, as special litigation counsel;
and Ankura Consulting Group, LLC, as financial advisor. Russell A.
Perry, senior managing director at Ankura, serves as the Debtor's
chief restructuring officer. Kurtzman Carson Consultants, LLC, is
the claims, noticing and solicitation agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtor's Chapter 11 case.
Stinson, LLP and Dundon Advisers, LLC, serve as the committee's
legal counsel and financial advisor, respectively.
TMC MANAGEMENT: Hires Homel Antonio Mercado Justiniano as Counsel
-----------------------------------------------------------------
TMC Management Group Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Puerto Rico to employ Homel Antonio
Mercado Justiniano, Esq. as counsel.
The firm's services include:
a) examining documents of the Debtor and other necessary
information to submit Schedules and Statement of Financial
Affairs;
b) preparing the Disclosure Statement, Plan of Reorganization,
records and reports as required by the Bankruptcy Code and the
Federal Rules of Bankruptcy Procedure;
c) preparing Applications and proposed orders to be submitted to
the Court;
d) identifying claims and causes of action assert able by the
Debtor-in-possession on behalf of the estate herein;
e) examining proof of claims filed and to be filed in the case
herein and the possible objections to certain of such claims;
f) advising the Debtor-in-possession and preparing documents in
connection with the ongoing operation of Debtor’s business;
g) advising the Debtor-in-possession and preparing documents in
connection with the liquidation of the assets of the estate, if
needed, including analysis and collection of outstanding
receivables and possible Motion for Sale or for Post Petition
Loans; and
h) assisting and advising the Debtor-in-possession in the
discharge of any and all the duties imposed by the applicable
dispositions of the Bankruptcy Code and the Federal Rules of
Bankruptcy Procedure.
The firm will be paid at these rates:
Attorneys $250 per hour
Associates $125 per hour
Paralegals $50 per hour
The firm will be paid a retainer in the amount of $7,000, plus
filing fee of $1,738.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Homel Antonio Mercado Justiniano, Esq.
Calle Ramirez Silva, Esq.
Ensanche Martinez, Esq.
Mayaguez, PR 00680-4714
Tel: (787) 831–2577
Fax: (787) 805-7350
Email: hmjlaw2@gmail.com
About TMC Management Group Inc.
The Debtor operates a franchise of The Taco Maker Inc which
operates a "Mexican style" food restaurant in Trujillo Alto, Puerto
Rico.
TMC Management Group Inc. in Trujillo Alto, PR, filed its voluntary
petition for Chapter 11 protection (Bankr. D.P.R. Case No.
23-04254) on December 21, 2023, listing $58,423 in assets and
$1,284,831 in liabilities. Luis Gonzalo Benabe Negron as president,
signed the petition.
Homel Mercado Justiniano, Esq. serve as the Debtor's legal counsel.
TRINITY PLACE: Lenders Extend Forbearance Periods to Jan. 31
------------------------------------------------------------
Trinity Place Holdings Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that Macquarie PF Inc., as
lender and administrative agent (the "Mortgage Lender") agreed to
extend the Mortgage Loan Forbearance Period to Jan. 31, 2024;
provided that the extended Mortgage Loan Forbearance Period will
only apply to the extent that the Company has filed the preliminary
consent solicitation materials with the SEC in connection with the
solicitation of the vote or consent of the Company's shareholders
in respect of certain proposed transactions with the CCF Lender
and/or its affiliates, on the terms set forth in a non-binding term
sheet, on or prior to Jan. 5, 2024. In addition, on Dec. 22, 2023,
TPHS Lender II LLC, as lender ("Mezz Lender") and TPHS Lender LLC,
as initial lender (the "CCF Lender") agreed to extend the Prior
TPHS Lender Forbearance Periods to Jan. 31, 2024; provided that the
extended forbearance periods will only apply to the extent and for
so long as the Mortgage Lender is also forbearing pursuant to the
terms of the Mortgage Loan Forbearance Agreement.
On Aug. 24, 2023, (i) the Company and its subsidiary borrower (the
"Mezz Borrower") under the Amended and Restated Mezzanine Loan
Agreement, dated as of Dec. 22, 2020, by and among the Mezz
Borrower and TPHS Lender II LLC, as lender ("Mezz Lender") and
administrative agent thereunder, and (ii) the Company, as borrower
under the Credit Agreement, dated as of Dec. 19, 2019, by and
between the Company, certain of its subsidiaries, as guarantors,
and TPHS Lender LLC, as initial lender (the "CCF Lender") and
administrative agent, each entered into a forbearance agreement,
pursuant to which each of the Mezz Lender and CCF Lender agreed to
forbear from exercising its rights and remedies with respect to
certain specified defaults until the earliest of Dec. 31, 2023 and
the occurrence of certain other specified events. In addition, as
previously disclosed in the Current Report on Form 8-K filed with
the SEC on Sept. 7, 2023, on Sept. 6, 2023, Trinity Place Holdings
Inc. and its subsidiary borrower (the "Mortgage Borrower") under
the Master Loan Agreement, dated as of Oct. 22, 2021 (the "Mortgage
Loan Agreement"), by and between the Mortgage Borrower and
Macquarie PF Inc., as lender and administrative agent (the
"Mortgage Lender"), entered into a forbearance agreement effective
as of Sept. 1, 2023, pursuant to which, among other things, the
Mortgage Lender agreed to forbear from exercising its rights and
remedies with respect to certain specified defaults until the
earliest of Dec. 20, 2023 and the occurrence of certain other
specified events.
About Trinity Place Holdings
Trinity Place Holdings Inc. is a real estate holding, investment,
development and asset management company. The Company's largest
asset is a property located at 77 Greenwich Street in Lower
Manhattan, which is substantially complete as a mixed-use project
consisting of a 90-unit residential condominium tower, retail space
and a New York City elementary school. The Company also owns a
105-unit, 12-story multi-family property located at 237 11th Street
in Brooklyn, New York, as well as a property occupied by a retail
tenant in Paramus, New Jersey. In addition to its real estate
portfolio, the Company also controls a variety of intellectual
property assets focused on the consumer sector, a legacy of its
predecessor, Syms Corp., including FilenesBasement.com, its rights
to the Stanley Blacker brand, as well as the intellectual property
associated with the Running of the Brides event and An Educated
Consumer is Our Best Customer slogan. In addition, the Company
also had approximately $305.4 million of federal net operating loss
carryforwards at Sept. 30, 2023, as well as various state and local
NOLs, which can be used to reduce its future taxable income and
capital gains.
New York, New York-based BDO USA, LLP, the Company's auditor since
2003, issued a "going concern" qualification in its report dated
March 31, 2023, citing that the Company has loans with varying debt
maturities during the next 12 months for which there can be no
guarantee that the Company will be able to refinance or extend the
maturity dates of the loans. This condition raises substantial
doubt about the Company's ability to continue as a going concern.
TROIKA MEDIA: Court OKs Bid Rules for Sale of Assets
----------------------------------------------------
Troika Media Group, Inc. and its affiliates received approval from
the U.S. Bankruptcy Court for the Southern District of New York to
solicit bids for substantially all of their assets.
Under the court-approved bid procedures, the deadline for potential
buyers to place their bids on the assets is on Jan. 18, at 4:00
p.m. (Eastern Time). Potential buyers are required to provide a
deposit equal to 10% of the purchase price to be paid.
An auction will be conducted on Jan. 22, at 9:00 a.m. (Eastern
Time) if the companies receive offers by the bid deadline.
Meanwhile, the hearing to consider the sale of assets to the
winning bidder is scheduled for Jan. 30, at 10 a.m. (Eastern
Time).
If no bidder comes forward with an offer enough to pay in full the
companies' debt under a pre-bankruptcy financing agreement, Blue
Torch Finance, LLC will acquire the assets through a credit bid.
Blue Torch, the administrative and collateral agent under the
pre-bankruptcy financing agreement, has formed a special
acquisition entity to serve as the stalking horse bidder.
A stalking horse bidder sets the price floor for bidding in an
auction.
Under its proposed sale agreement with the companies, the stalking
horse bidder offered to acquire the assets for a purchase price of
not less than $51 million. It also agreed to assume certain
contracts and other obligations of the companies' bankruptcy
estates.
In the event that the sale agreement is terminated, the stalking
horse bidder will receive expense reimbursement of up to $1
million.
Brian Lennon, Esq., at Willkie Farr & Gallagher, LLP, said the
proposed sale is a "proper exercise of the debtors' business
judgment."
"The sale will preserve the assets' going-concern value by allowing
a party to bid on business assets that would have substantially
lower value on a stand-alone basis," the attorney said.
"Because the stalking horse [asset purchase agreement] contemplates
the assumption of certain contracts and other obligations of the
debtors' estates, the sale will result in payment in full for a
number of the debtors' creditors," Mr. Lennon further said.
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.
TRUGREEN LP: $275MM Bank Debt Trades at 21% Discount
----------------------------------------------------
Participations in a syndicated loan under which TruGreen LP is a
borrower were trading in the secondary market around 79.4
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $275 million facility is a Term loan that is scheduled to
mature on November 2, 2028. The amount is fully drawn and
outstanding.
TruGreen provides lawn care services. The Company offers healthy
lawn analysis, fertilization, tree and shrub care, weed control,
insect control, and other related services.
TWILIGHT HAVEN: No Resident Complaints, 2nd PCO Report Says
-----------------------------------------------------------
Blanca Castro, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Eastern District of
California his second report regarding the quality of patient care
provided by Twilight Haven, a California non-profit corporation.
During a visit on Dec. 7, 2023 by Frank Korkmazian, an ombudsman
representative, Mr. Korkmazian reported that there currently are no
indications of care issues or other concerns.
The ombudsman representative cited no complaints from the 32
residents who are currently living in Twilight Haven.
During the same facility visit on Dec. 7, 2023, the facility
appeared to be clean, sanitary, and in good condition overall.
There were no unpleasant odors during the walk through. That has
not been a reduction in staffing and the quality of care of
residents remains good.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=h26aJS from PacerMonitor.com.
The ombudsman may be reached at:
Blanca E. Castro
2880 Gateway Oaks Drive, Suite 200
Sacramento, CA 95883
Telephone: (916) 928-2500
Email: blanca.castro@aging.ca.gov
About Twilight Haven
Twilight Haven, a California non-profit corporation, operates as a
non-profit corporation offering affordable independent senior
apartments, assisted living apartments as well as skilled nursing
services within its 10-acre campus.
Twilight Haven filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. E.D. Calif. Case No. 23-11332) on June
22, 2023, with $12,592,133 in assets and $3,005,377 in liabilities.
Kristine Williams, chief executive officer, signed the petition.
Judge Rene Lastreto II oversees the case.
The Debtor tapped Riley C. Walter, Esq., at Wanger Jones Helsley as
legal counsel.
Blanca Castro is the patient care ombudsman appointed in the
Debtor's Chapter 11 case.
UNITED BRANDS: Hires Poblador Bautista as Special Counsel
---------------------------------------------------------
United Brands Products Design Development & Marketing, Inc. seeks
approval from the U.S. Bankruptcy Court for the Northern District
of California to employ Poblador Bautista & Reyes as special
trademark counsel.
The firm will handle a pending dispute with Actron Industries Inc.,
a Philippines company that seeks to use the mark "Whippit" for an
instant non-dairy whipping cream.
The firm will be paid at these rates:
Founding Partner $269 per hour
Senior Partner $179 per hour
Junior Partner $143 per hour
Senior Associate $107 per hour
Junior Associate $80 per hour
Consultant $107 per hour
Paralegal $35 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Gilbert Raymund T. Reyes, Esq.
Poblador Bautista & Reyes
5th floor of SEDCCO I Building, 120 Rada
corner Legaspi Streets, Legaspi Village
Makati City, Philippines
About United Brands Products Design
Development & Marketing, Inc.
United Brands Products Design Development & Marketing, Inc., doing
business as Whip-It!, is a manufacturer of dispensers and chargers
in South San Francisco, Calif.
The Debtor filed Chapter 11 petition (Bankr. N.D. Calif. Case No.
23-30604) on Sept. 5, 2023, with $10 million to $50 million in
assets and $1 million to $10 million in liabilities. Nesser David
Zahriya, president, signed the petition.
Judge Hannah L. Blumenstiel oversees the case.
The Debtor tapped Michael W. Malter, Esq., at Binder & Malter, LLP
as legal counsel and James C. Morris, Esq., at Gordon Rees Scully
Mansukhani, LLP as special litigation counsel. Verso Law Group, AJ
Park Law Limited, and ILCT Ltd. serve as trademark counsels.
URBAN EMPIRE: Linda Leali Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 21 appointed Linda Leali, Esq., as
Subchapter V trustee for Urban Empire, LLC.
Ms. Leali will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Leali declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Linda M. Leali
Linda M. Leali, P.A.
2525 Ponce De Leon Blvd., Suite 300
Coral Gables, FL 33134
Phone: (305) 341-0671, ext. 1
Fax: (786) 294-6671
Email: leali@lealilaw.com
About Urban Empire
Urban Empire, LLC, a company in Fort Lauderdale, Fla., filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. S.D. Fla. Case No. 23-20876) on December 29, 2023, with $1
million to $10 million in both assets and liabilities. Jaykaran
Kambo, manager, signed the petition.
Judge Scott M. Grossman oversees the case.
Bart Houston, Esq., at Houston Roderman, PLLC represents the Debtor
as legal counsel.
US RENAL CARE: $1.25BB Bank Debt Trades at 24% Discount
-------------------------------------------------------
Participations in a syndicated loan under which US Renal Care Inc
is a borrower were trading in the secondary market around 76.1
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $1.25 billion facility is a Term loan that is scheduled to
mature on June 28, 2028. About $1.25 billion of the loan is
withdrawn and outstanding.
U.S. Renal Care is a dialysis provider available for people living
with chronic and acute renal disease.
VERITAS US: EUR748.6MM Bank Debt Trades at 21% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Veritas US Inc is a
borrower were trading in the secondary market around 78.9
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The EUR748.6 million facility is a Term loan that is scheduled to
mature on September 1, 2025. The amount is fully drawn and
outstanding.
Veritas US Inc. designs and develops enterprise software
solutions.
VIEMED INC: $30MM Bank Debt Trades at 19% Discount
--------------------------------------------------
Participations in a syndicated loan under which Viemed Inc is a
borrower were trading in the secondary market around 81.5
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $30 million facility is a Delay-Draw Term loan that is
scheduled to mature on November 29, 2027. About $4.5 million of
the loan is withdrawn and outstanding.
VieMed makes home healthcare simple, effective, and stress-free
with innovative treatment plans and dedicated specialists on call
24/7.
WAND NEWCO 3: Moody's Cuts CFR to B3, Outlook Remains Stable
------------------------------------------------------------
Moody's Investors Service downgraded Wand NewCo 3, Inc.'s (dba
"Caliber") corporate family rating to B3 from B2, its probability
of default rating to B3-PD from B2-PD, and its senior secured first
lien bank credit facilities ratings to B3 from B1. In addition,
Moody's assigned a B3 rating to the extended first lien term loan
due 2031 and a B3 rating to the extended senior secured first lien
revolving credit facility expiring 2029. The Caa1 senior secured
second lien bank credit facility rating remains unchanged and is
expected to be withdrawn upon close of the refinancing and
repayment of the second lien obligation. The outlook is maintained
at stable.
Proceeds from the transaction are expected to be used to fund a $1
billion dividend. The downgrade reflects governance considerations
particularly Caliber's increase in leverage to support shareholder
returns.
"Caliber is refinancing its existing capital structure and
increasing its debt levels to pay a $1 billion dividend to
shareholders, which will cause credit metrics to weaken with little
cushion to absorb any performance shortfalls or further increases
in debt," stated Stefan Kahandaliyanage, VP Senior Analyst with
Moody's. "While leverage is increasing meaningfully, Moody's expect
good liquidity because the refinancing extends maturities and
because of Moody's expectation for continued positive operating
performance and positive free cash flow," stated Kahandaliyanage.
RATINGS RATIONALE
Caliber's B3 CFR is supported by its growing and market-leading
position in the highly-fragmented collision repair industry.
Caliber has approximately twice the body shop locations of the
second largest industry competitor with nearly full national
coverage. The rating is also supported by Caliber's relationships
with nearly every major national insurance carrier, which represent
the vast majority of the company's revenues and earnings. In
addition, demand fundamentals are strong as vehicle miles traveled
grow and repair severity, driven by the complexity of vehicle
technology, continues to rise.
The B3 CFR also reflects Caliber's aggressive financial strategies
under private equity ownership. Following close of the leveraged
recapitalization, Moody's estimates that debt/EBITDA will rise to
about 6.8x in 2024 and EBITA/interest coverage will weaken to about
1.1x. In light of Moody's expectation for continued positive
operating performance driven by new center openings and same store
sales growth given increased technician staffing, the ramping up of
new centers as well as increasing repair complexity, Moody's
estimates that that debt/EBITDA will improve to about 6.2x in 2025
and EBITA/interest coverage will improve to about 1.3x from 2024
levels. Excluding the dividend payment, Moody's expects positive
free cash flow in 2024 and expects positive free cash flow in
2025.
While the B3 corporate family rating reflects progress being made
on the labor front, the rating continues to reflect the very tight
labor market for body techs. Geographic concentration in California
and Texas, which together account for about a third of locations,
is also reflected in the B3 corporate family rating.
The stable outlook reflects Moody's expectation for good liquidity,
including positive free cash flow, as well as the strong demand
environment for collision services.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Caliber demonstrates continued
solid operating performance and demonstrates that its financial
policies can support EBITA/interest coverage sustained above 1.5x
and debt/EBITDA sustained below 6.0x as well as robust free cash
flow generation and good liquidity.
Ratings could be downgraded should Caliber's liquidity weaken, if
EBITA/interest coverage is sustained below 1.0x and/or if Caliber
fails to maintain positive free cash flow to debt.
Wand NewCo 3, Inc. is a leading collision repair provider currently
operating over 1,700 locations in the United States under the
Caliber Collision banner, generating annual revenue of about $7
billion. The company is majority owned by Hellman & Freidman LLC.
The principal methodology used in these ratings was Retail and
Apparel published in November 2023.
WAND NEWCO 3: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'B' issuer credit rating on Wand
NewCo 3 Inc., doing business as Caliber Collision.
S&P said, "We also assigned our 'B' issue-level rating and '4'
recovery rating (40% rounded estimate recovery) to the company's
proposed senior secured term debt. It will use proceeds to pay
existing debt while also paying a $1 billion dividend to its equity
holders and repay existing debt.
"The stable outlook reflects our expectations that favorable market
conditions will materially expand its margin and grow its EBITDA.
We expect management's focus on greenfield and brownfield growth,
which requires less upfront cash investment, will improve cash
flows.
"We forecast Caliber's credit metrics will weaken in 2024 as a
result of the proposed debt-funded dividend. Caliber has proposed
issuing senior secured debt for the purpose of repaying existing
debt while also funding a special dividend for equity holders.
Though the proposed debt-funded dividend will impair leverage
following the transaction, we expect the improved EBITDA will
improve its credit measures to levels appropriate for the existing
rating in the short term."
Steady increases in the volumes of vehicle miles traveled and a
rise in accident severity have provided a tailwind for the vehicle
collision repair market. Vehicle miles traveled have normalized
following a meaningful decline during the COVID-19 pandemic. As a
result, Caliber, the U.S. market leader, has benefited from higher
volumes.
As newer vehicles become more complex, costs for repairs become
higher. Newer vehicles have highly technical exteriors that include
anticollision sensors, lane change recognition systems, and airbag
deployment systems. Such technology requires recalibration and
scanning following collision repair, a service not all collision
shops possess. Caliber leads the market in such capabilities,
allowing it to capitalize on the demand for the high-margin
business.
S&P said, "We expect its top line to improve as volumes and repair
complexity increase, while expanding calibration capabilities and
improved labor will expand its margin. We forecast Caliber's debt
to EBITDA to measure 6.50x-6.75x in 2024, improving to 5.00x-5.25x
in 2025. We also expect its free operating cash flow (FOCF) to debt
to measure 4%-9% in 2024, improving to 5%-10% in 2025.
"We expect Caliber to focus its growth strategy on greenfield and
brownfield expansion while being less aggressive toward
debt--funded acquisitions. Historically, the company and its
sponsors have executed a growth strategy focused on aggressive
mergers and acquisitions (M&A), requiring a high upfront cash
investment. After adding over 100 shops each year over the last
three years, the company will shift its growth strategy to less
capital-intensive greenfield and brownfield shop development.
"We expect to see shop developments primarily within regions where
there are higher volumes of newer vehicles with more advanced
technology, allowing Caliber to capture more of the calibration
demand. However, the company will likely remain active within the
M&A market, though in a less aggressive manner. Its ability to
generate meaningful positive FOCF allows it to execute on both
growth avenues without adding incremental debt.
"We expect Caliber's liquidity to remain adequate. We assess the
company's liquidity position as adequate owed to over $7 million of
balance sheet cash, a fully available revolving credit facility,
and its ability to generate positive FOCF. The company will apply
proceeds of the proposed debt financing to repay its existing debt,
pushing maturities out at least five years. With no meaningful
maturity in the near term, the company can allocate cash toward
greenfield and brownfield shop growth and expanding on its
calibration capabilities while also being selectively accretive
with acquisitions and avoiding additional debt undertaking.
"The stable outlook reflects our view that the demand environment
for collision and repairs will remain favorable over the next 12-24
months as domestic miles traveled has largely returned to
pre-pandemic levels. We expect Caliber's labor efficiency to
improve due to a strong pipeline of skilled labor through its
technician training program. As volumes and mix improve, we expect
its EBITDA margins to expand and its leverage to improve. We also
forecast fewer debt-funded acquisitions over the near term as the
company focuses on greenfield and brownfield expansion rather than
aggressive M&A.
"We could lower our rating on Caliber if it sustains leverage
higher than 6.5x or FOCF to debt under 3%. This could occur if its
EBITDA contracts due to integration issues, protracted technical
labor, and parts constraints and it cannot raise prices to offset
higher operating costs, or if the company remains aggressive with
respect to debt-funded acquisitions.
"We could raise the rating if Caliber's debt to EBITDA improves
below 5x on a sustained basis and FOCF to debt stays between 6%-10%
on a sustained basis. In addition, we would expect its financial
sponsors to commit to a financial policy that allows the company to
maintain lower leverage on a sustained basis.
"Environmental credit factors have an overall neutral influence on
our rating analysis of Caliber. The company is focused on collision
repair, the demand and cost for which will face no material impact
from the increased electrification of the powertrain. While it must
manage its use of paint and disposal of old parts, the cost of
oversight is quite reasonable.
"Governance is a moderately negative consideration. Our assessment
of the company's financial risk profile as highly leveraged
reflects its corporate decision-making that prioritizes the
interests of its controlling owners, in line with our view of the
majority of rated entities owned by private-equity sponsors. Our
assessment also reflects private-equity owners' generally finite
holding periods and focus on maximizing shareholder returns."
WESTERN DENTAL: $490MM Bank Debt Trades at 36% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Western Dental
Services Inc is a borrower were trading in the secondary market
around 63.6 cents-on-the-dollar during the week ended Friday,
January 5, 2024, according to Bloomberg's Evaluated Pricing service
data.
The $490 million facility is a Term loan that is scheduled to
mature on August 18, 2028. The amount is fully drawn and
outstanding.
Western Dental Services, Inc., a dental and oral health maintenance
organization, provides dental and oral health care services in
California, Arizona, Nevada, and Texas. Western Dental Services,
Inc. operates as a subsidiary of Premier Dental Services Inc.
WHAIRHOUSE REAL ESTATE: BIJI to Acquire Properties for $900,000
---------------------------------------------------------------
The Chapter 11 trustee for Whairhouse Real Estate Investments, LLC
received the green light from the U.S. Bankruptcy Court for the
District of New Jersey to sell the company's real properties to
B.I.J.I. Holdings, LLC.
B.I.J.I., the winning bidder, offered to buy the properties for
$900,000 "free and clear" of liens and claims.
The properties being sold are located at 6 and 8 Guenther Place,
Passaic, N.J.; and 84-86 Madison St., Paterson, N.J.
The properties were previously placed for bidding at a sheriff sale
held in June last year. The bidding began at $100 and resulted in a
sale price of $900,000, with the properties being sold to B.I.J.I.
Subsequent to the sheriff sale, the bankruptcy court extended
Whairhouse's redemption period for the properties until Aug. 5,
2023. The redemption period was extended until Oct. 4, 2023, and
the transfer of the properties was stayed after Whairhouse filed
for Chapter 11 protection.
On Dec. 7, 2023, Mark Politan, the Chapter 11 trustee, sought court
approval to sell the properties. After soliciting bids from other
interested buyers, the trustee selected B.I.J.I. as the winning
bidder, according to court filings.
About Whairhouse Real Estate Investments
Whairhouse Real Estate Investments, LLC filed Chapter 11 petition
(Bankr. D.N.J. Case No. 23-16723) on Aug. 4, 2023, with $1 million
to $10 million in both assets and liabilities. The petition was
filed pro se.
Judge Rosemary Gambardella oversees the case.
Mark Politan is the Chapter 11 trustee appointed in the Debtor's
case. The trustee is represented by McManimon, Scotland & Baumann,
LLC.
WHITESTONE UPTOWN: Hires O'Dowd Law Firm as Special Counsel
-----------------------------------------------------------
Whitestone Uptown Tower, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ The
O'Dowd Law Firm, P.C. as its special counsel.
The firm will provide legal advice relating to real estate and
general business matters incident to its bankruptcy case regarding
real property in Dallas County, Texas.
London S. O'Dowd is the principal attorney for this engagement, and
Mr. O'Dowd's hourly office rate for you in January 2024 is $495 per
hour.
Mr. O'Dowd assured the court that he and his firm are disinterested
parties as defined in 11 U.S.C. 101(14).
The firm can be reached through:
London S. O'Dowd, Esq.
THE O'DOWD LAW FIRM, P.C.
450 Century Parkway, Suite 250
Allen, TX 75013
Telephone: (214) 432-1006
Facsimile: (214) 295-5356
About Whitestone Uptown Tower
Whitestone Uptown Tower, LLC is a Single Asset Real Estate debtor
(as defined in 11 U.S.C. Section 101(51B)).
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 23-32832) on December 1,
2023. In the petition signed by Bradford Johnson, authorized
representative, the Debtor disclosed up to $50 million in both
assets and liabilities.
Judge Michelle V Larson oversees the case.
Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC
represents the Debtor as legal counsel.
WHOLISTIC DENTAL: Case Summary & Three Unsecured Creditors
----------------------------------------------------------
Debtor: Wholistic Dental Care of Winter Garden, LLC
14535 West Colonial Ave.
Winter Garden, FL 34787
Business Description: The Debtor owns and operates a dental clinic
in Winter Garden, Florida.
Chapter 11 Petition Date: January 8, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-00077
Judge: Hon. Tiffany P Geyer
Debtor's Counsel: Daniel A. Velasquez, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
Email: dvelasquez@lathamluna.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Dr. Wendi K. Wardlaw as managing
member.
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/EIC5GQY/Wholistic_Dental_Care_of_Winter__flmbke-24-00077__0001.0.pdf?mcid=tGE4TAMA
WP NEWCO: $1.01BB Bank Debt Trades at 25% Discount
--------------------------------------------------
Participations in a syndicated loan under which WP NewCo LLC is a
borrower were trading in the secondary market around 75.0
cents-on-the-dollar during the week ended Friday, January 5, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $1.01 billion facility is a Term loan that is scheduled to
mature on May 11, 2028. The amount is fully drawn and
outstanding.
WP Company LLC, doing business as The Washington Post, operates as
a publishing company. The Company publishes new articles in the
areas of politics, opinions, sports, current affairs,
entertainment, and lifestyle. The Washington Post serves customers
in the States of District of Columbia, Maryland, and Virginia.
ZHANG MEDICAL: No Decline in Patient Care, 3rd PCO Report Says
--------------------------------------------------------------
David Crapo, the court-appointed patient care ombudsman, filed with
the U.S. Bankruptcy Court for the Southern District of New York a
third report regarding the health care facility operated by Zhang
Medical P.C., doing business as New Hope Fertility Center.
The PCO reported that he has not uncovered any current deficiencies
in the actual performance of the fertility-related procedures Zhang
Medical provides. The information available to the PCO does not
indicate that Zhang Medical has had to dismiss employees for
deficiencies related to patient care or safety during 2023.
The PCO found no evidence of a failure in infection control at
Zhang Medical's facility. No evidence exists of falls or other
injuries at the facility. The staff is competent and, based on the
PCO's inspection of the facility, attentive to patients. Zhang
Medical has maintained CLIA accreditation and obtained CAP
accreditation. There is no indication of any problems with violence
at the facilities.
In that regard, it is noted that the FDA conducted onsite
investigations at Zhang Medical's facility in February and April of
this year. Under the circumstances, it appears that the
investigations of Zhang Medical by the FDA and the NYDOH, together
with the CLIA and CAP inspections, have had the desired effect of
inducing compliance with applicable regulations.
The PCO has not received any information indicating that quality of
care provided to patients (including patient safety) is not
acceptable and is currently declining or is otherwise being
materially compromised.
In light of the limited amount of any negative information about
Zhang Medical and its clinical staff, Zhang Medical's resolution of
investigations by the FDA and the NYDOH, the oversight and
supervision provided by the clinical staff appears to sufficient to
uncover quality of care deficits if they arose.
The PCO observed that the current performance of Zhang Medical and
its existing structures reveals a facility that apparently
continues to provide the same level of patient care and safety it
historically provided since before its bankruptcy filing.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=hJPVlX from PacerMonitor.com.
The ombudsman may be reached at:
David N. Crapo, Esq.,
Gibbons P.C.
One Gateway Center
Newark, NJ 07102-5310
Phone: (973) 596-4523
Fax: (973) 639-6244
Email: dcrapo@gibbonslaw.com
About Zhang Medical
New York-based Zhang Medical P.C. specializes in low and no-drug
infertility solutions that help women conceive with minimal
invasiveness. It conducts business under the name New Hope
Fertility Clinic.
Zhang Medical filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-10678) on April
30, 2023, with $1 million to $10 million in both assets and
liabilities. Eric Huebscher has been appointed as Subchapter V
trustee.
Judge Philip Bentley oversees the case.
The Debtor tapped Joseph D. Nohavicka, Esq., at Pardalis &
Nohavicka, LLP as legal counsel.
David Crapo is the patient care ombudsman appointed in the Debtor's
Chapter 11 case.
ZIGI USA: Seeks to Hire FIA as Restructuring Advisor, Appoint CRO
-----------------------------------------------------------------
Zigi USA, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to hire FIA Capital Partners, LLC as
restructuring advisor and designate David Goldwasser, a principal
at FIA, as chief restructuring officer.
The Debtor requires a restructuring advisor to:
a. Advise and guide the Debtor regarding on all aspects of
bankruptcy;
b. Review documentation;
c. Prepare bankruptcy schedules, open debtor-in-possession
bank accounts, and assemble documents demanded by the Office of the
U.S. Trustee at the outset of the Chapter 11 case;
d. Prepare bankruptcy operating reports throughout the case;
e. Prepare projections;
f. Attend the initial debtor interview with the U.S. Trustee,
represent the Debtor at the first meeting of creditors, and attend
bankruptcy court hearings,
g. Coordinate with the Debtor's management; and
h. Engage in negotiations to facilitate the settlement of
disputes.
The firm's hourly rates are as follows:
Managing Director $375 per hour
Certified Public Accountant $425 per hour
David Goldwasser $725 per hour
In addition, the Debtor agreed to pay $2,500 per diem fee, plus
travel expenses for court appearances and meetings.
FIA received a $10,000 pre-bankruptcy retainer.
As disclosed in court filings, FIA and Mr. Goldwasser are
"disinterested" pursuant to Section 101(14) of the Bankruptcy
Code.
FIA can be reached at:
David Goldwasser
FIA Capital Partners, LLC
115 Broadway, Suite 302
New York, NY 10006
Main: 561-417-3725
Fax: 866-353-6360
About Zigi USA
Zigi USA, LLC specializes in the wholesale sale of women's
footwear. The company is based in New York, N.Y.
Zigi USA filed Chapter 11 petition (Bankr. S.D. N.Y. Case No.
23-12102) on Dec. 31, 2023, with $10 million to $50 million in both
assets and liabilities.
Judge David S. Jones oversees the case.
Jacobs P.C. and FIA Capital Partners, LLC are the Debtor's legal
counsel and restructuring advisor, respectively. David Goldwasser
of FIA serves as the Debtor's chief restructuring officer.
ZIGI USA: Seeks to Hire Jacobs P.C. as Legal Counsel
----------------------------------------------------
Zigi USA, LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to hire Jacobs P.C. as its legal
counsel.
The Debtor requires legal counsel to:
a. Assist in administering the Debtor's Chapter 11 case;
b. Make such motions or take such action as may be appropriate
or necessary under the Bankruptcy Code;
c. Take such steps as may be necessary for the Debtor to
marshal and protect the estate's assets;
d. Negotiate with the Debtor's creditors in formulating a plan
of reorganization;
e. Draft and prosecute the confirmation of the Debtor's plan
of reorganization; and
f.) Render such additional services as the Debtor may require
in its bankruptcy case.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Attorneys $400 to $1,200 per hour
Paralegals $300 per hour
In addition, the firm will seek reimbursement for work-related
expenses incurred.
The initial retainer fee is $100,000.
As disclosed in court filings, Jacobs neither holds nor represents
an adverse interest to the estate.
The firm can be reached through:
Leo Jacobs, Esq.
Jacobs P.C.
595 Madison Avenue, Floor 39
New York, NY 10022
Tel: (718) 772-8704/(212) 229-0476
Email: leo@jacobspc.com
About Zigi USA
Zigi USA, LLC specializes in the wholesale sale of women's
footwear. The company is based in New York, N.Y.
Zigi USA filed Chapter 11 petition (Bankr. S.D. N.Y. Case No.
23-12102) on Dec. 31, 2023, with $10 million to $50 million in both
assets and liabilities.
Judge David S. Jones oversees the case.
Jacobs P.C. and FIA Capital Partners, LLC are the Debtor's legal
counsel and restructuring advisor, respectively. David Goldwasser
of FIA serves as the Debtor's chief restructuring officer.
*********
Monday's edition of the TCR delivers a list of indicative prices
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Troubled Company Reporter is a daily newsletter co-published
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Peter A. Chapman, Editors.
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