/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/240206.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, February 6, 2024, Vol. 28, No. 36 Headlines 177 ST. CROIX: Hires Thomas H. Olive Law PA as Counsel 225 BOWERY: Unsecureds Get Either GUC Payments or GUC Pool in Plan 303 INVESTMENTS: Revises MMD Stipulation; Files Amended Plan 717 ARMORY: Seeks Confirmation of Plan ABEOME CORPORATION: Case Summary & Four Unsecured Creditors ACADEMIA SANTA: Hires Wilber Davila Appraisal as Appraiser ACADEMY SPORTS: S&P Raises Secured Debt Rating to 'BB+' ACTION FACE: Case Summary & 20 Largest Unsecured Creditors AIM LLC: Case Summary & 17 Unsecured Creditors AINOS INC: Ainos KY Reports 62.05% Equity Stake AJM MANAGEMENT: Court Approves Disclosure Statement ALLIED HEALTHCARE: Court Approves Disclosures and Confirms Plan AMICAS PIZZA: Gets OK to Hire Troiano & Hanselmann as Accountant ARTIFICIAL INTELLIGENCE: Registers 1B Shares for Potential Resale ASTRA ACQUISITION: Eaton Vance EFT Marks $1.45MM Loan at 48% Off ATTASHIAN ENTERPRISES: Unsecureds to Get 8 Cents on Dollar in Plan AUDACY INC: Seeks to Tap KPMG to Provide Tax and Valuation Services AVENTIS SYSTEMS: Unsecureds to Get Monthly Payments in Plan B, C & D LAND: Seeks to Hire Bradley S. Bourgeois as Accountant BEND ARCH: Voluntary Chapter 11 Case Summary BENDED PAGE: Hires Plante & Moran as Tax Service Provider BIRD GLOBAL: Committee Seeks to Tap Fox Rothschild as Legal Counsel BIRD GLOBAL: Committee Taps Berkeley Research as Financial Advisor BLACKBERRY LTD: Completes Private Offering of $200M Senior Notes CAESARS ENTERTAINMENT: S&P Raises Secured Rating to 'BB-' CANO HEALTH: Case Summary & 30 Largest Unsecured Creditors CANO HEALTH: Eaton Vance EFT Marks $24.9MM Loan at 57% Off CANO HEALTH: Files Chapter 11 to Facilitate Restructuring CAREISMATIC BRANDS: U.S. Trustee Appoints Creditors' Committee CARESTREAM HEALTH: $540.8MM Bank Debt Trades at 18% Discount CBC SUBCO: Seeks to Hire Osborn Maledon as Bankruptcy Counsel CELSIUS NETWORK: Exits Chapter 11, Begins Crypto Distribution CF SAFETY: Hires Fred Collins as Director of Field Operations CF SAFETY: Seeks to Hire Amore Law as Bankruptcy Counsel CF SAFETY: Seeks to Hire Catherine Collins as Office Manager CF SAFETY: Taps Christina Kite as Safety Supervisor and Instructor CHICKEN SOUP: Royce & Associates Holds 1.94% of Class A Shares CITIUS PHARMACEUTICALS: BlackRock Has 5.3% Stake as of Dec. 31 CITY BREWING: Eaton Vance EFT Marks $1.26MM Loan at 19% Off CLARK RENOVATIONS: Seeks to Hire Calaiaro Valencik as Counsel COMPLIANCE TESTING: Unsecureds Owed $3.2M to Get $84K in Plan CONSORT HEALTHCARE: S&P Cuts Senior Secured Debt Rating to 'CCC-' CPC ACQUISITION: Eaton Vance EFT Marks $717,000 Loan at 24% Off CRAFT BEVERAGE: Seeks to Hire Osborn Maledon as Bankruptcy Counsel CRATE HOLDINGS: Seeks to Hire Barton Brimm as Bankruptcy Counsel CURIA GLOBAL: Eaton Vance EFT Marks $1.95MM Loan at 16% Off DIOCESE OF ROCKVILLE: Fine-Tunes Plan Documents DISH NETWORK: Scraps Debt Swap Proposals DMK PHARMA: Files Voluntary Chapter 11 Bankruptcy Petition DYNACAST INTERNATIONAL: Eaton Vance EFT Marks $362,000 Loan at 24% E. W. GRADING: Hires RDD Auction LLC as Auctioneer ENERFLEX LTD: Moody's Affirms 'B1' CFR, Outlook Remains Positive FINTHRIVE SOFTWARE: $1.44BB Bank Debt Trades at 17% Discount FLINT GROUP: Eaton Vance EFT Marks $188,000 Loan at 27% Off FLINT GROUP: Eaton Vance EFT Marks $251,000 Loan at 84% Off FREEDOM WIND: Seeks to Hire TCF Law Group as Corporate Counsel FREEDOM WIND: Seeks to Hire Verdolino & Lowey as Accountant FREEDOM WIND: Taps Ascendant Law Group as Bankruptcy Counsel FTX GROUP: Judge Says New Probe Should be Fast and Limited FTX TRADING: Eversheds & Morris Update Ad Hoc Committee Members GARAGE BUILDERS: Seeks Extension to File Plan Until Feb. 20 GEE HOLDINGS: Eaton Vance EFT Marks $920,000 Loan at 40% Off GLOBAL CONSULTING: L. Todd Budgen Named Subchapter V Trustee GUITAR CENTER: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg. GUZZINO COMMERCIAL: Available Cash and Income to Fund Plan HANLEY INTERNATIONAL: S&P Raises 2021 LT Bond Rating to 'BB+' HAQUE MEDICAL: Hires Ivey McClellan Siegmund as Counsel HAWAIIAN HOLDINGS: Reports 2023 Q4 and Full Year Financial Results IAP WORLDWIDE: Eaton Vance EFT Marks $408,000 Loan at 22% Off INDIEV INC: Unsecureds Will Get 1% of Claims over 12 Months INTERNATIONAL FOODS: Neema Varghese Named Subchapter V Trustee J&N REAL ASSETS: Case Summary & Seven Unsecured Creditors JBM SPECIALTIES: Unsecureds Are Unimpaired in Plan JOANN INC: Royce & Associates Reports 0.75% Equity Stake JSMITH CIVIL: Plan Filing Deadline Extended to Feb. 9 KIDDE-FENWAL: Future Claims Representative Appointment Okayed KIDDE-FENWAL: Saccullo & Kelley Update List of Government Claimants LEON INDUSTRIES: Hires Baumeister Denz as Legal Counsel LIQUIGUARD TECHNOLOGIES: Amends Plan to Include Gardner Sec. Claim LITTLELOGISTICS LLC: Hires Keith Y. Boyd P.C.as Counsel LOGANSPORT MACHINE: Daniel Freeland Named Subchapter V Trustee LUMEN TECHNOLOGIES: Reaches Deal Larger Group of Creditors MADERA COMMUNITY: Unsecureds Will Get 100% of Claims in Plan MEDASSETS SOFTWARE: Eaton Vance EFT Marks $625,000 Loan at 41% Off MEDASSETS SOFTWARE: Eaton Vance EFT Marks $960,000 Loan at 20% Off MEGA SUNSET: Files Plan; In Talks With Ben Moshe MILE HI TRANSPORTATION: Amends Unsecureds & Amur Secured Claims MILK ROAD LLC: Hires Richard P. Cook PLLC as Counsel MINIM INC: David Lazar Acquires 2M Series A Preferred Shares NANOSTRING TECHNOLOGIES: Files Chapter 11 Bankruptcy Petition NEW HOPE: Moody's Affirms 'Caa2' Rating on 2015A/B Revenue Bonds NOVAN INC: UST Says Plan Cannot Eliminate Parties' Rights to Notice NOVVI LLC: US Trustee Opposes Plan's Exculpation Coverage ONE PAY CLOUD: Hires Mendez Law Offices PLLC as Counsel PALATIN TECHNOLOGIES: Closes $10 Million Registered Direct Offering PENNSYLVANIA REAL ESTATE: Expects to Exit Bankruptcy by Feb. 15 PG&E CORP: Cal. Judge Frustrated at Lead Counsel Appointment Bid PHILLIPS FEED: Eaton Vance EFT Marks $111,000 Loan at 20% Off PLUTO ACQUISITION I: $873.4MM Bank Debt Trades at 19% Discount PR BROOKLYN: Hires Goldberg Weprin as Bankruptcy Counsel PRETIUM HOLDINGS: Eaton Vance EFT Marks $483,000 Loan at 22% Off PRIME MARKETING: Edward Burr Named Subchapter V Trustee PROPERTY MASTERSHIP: Unsecureds Owed $23K to Get 100% of Claims PURDUE PHARMA: Judge Questions UST's Sackler Deal Opposition RACKSPACE TECHNOLOGY: Eaton Vance EFT Marks $3MM Loan at 59% Off RAZOR ENERGY: Files Notice of Intention to Make BIA Proposal RECESS HOLDINGS: Moody's Rates New 1st Lien Loan Due 2030 'B2' RED APPLE: Hires McCain Cigelske as Escrow Agent RITE AID: A&G Accepting Offers Below-Market Industrial Lease RLI SOLUTIONS: Deere Says Plan Disclosures Inadequate ROBERTSHAW US: Eaton Vance EFT Marks $1.02MM Loan at 17% Off RUDOLPH GIULIANI: Creditors' Committee Files Rule 2019 Statement SAKTHI LLC: Hires O. Allan Fridman as Legal Counsel SEARS AUTHORIZED: Lampert Owes $18-Mil. After Novel Ruling SINCLAIR TELEVISION: $442,000 Eaton Vance EFT Loan at 22% Discount SONAVATION INC: Unsecureds to Get Share of Equity, Assets Sales SORRENTO THERAPEUTICS: Latham & Watkins Ducks Sanctions in Ch. 11 SOUND INPATIENT: Eaton Vance EFT Marks $474,000 Loan at 66% Off SOUTH BROADWAY: Hires Avrum J. Rosen PLLC as Counsel SOUTHERN LAND: Continued Operations to Fund Plan STEM HOLDINGS: 1-for-100 Reverse Stock Split Takes Effect STEWARD HEALTH CARE: Hires AlixPartners for Operational Assistance STITCH ACQUISITION: S&P Downgrades ICR to 'CCC-', Outlook Negative STREAM TV: Trustee Hires Obermayer Rebmann as Counsel SUTTON TRANSPORT: Hires Steidl and Steinberg P.C. as Counsel SVB FINANCIAL: Files Chapter 11 Reorganization Plan TBD RESTAURANTS: Jeanette McPherson Named Subchapter V Trustee TMK HAWK: S&P Ups ICR to 'B-' on Comprehensive Debt Restructuring VIKING CRUISES: S&P Upgrades ICR to 'B+', Outlook Positive WINTERS RUN: Unsecureds to Get 25.2 Cents on Dollar in Plan WIPE-OUT LOGISTICS: Unsecureds Get 4 Cents on Dollar in 5 Years [*] Commercial Bankruptcy Filings Up 21% in January 2024 [*] Sunni Beville Joins Otterbourg's Bankruptcy Department [*] Two Frandzel Partners Named to 2024 Super Lawyers List [] Greenberg Traurig's Alan Brody Elected TMA NJ Chapter Pres. [^] Large Companies with Insolvent Balance Sheet ********* 177 ST. CROIX: Hires Thomas H. Olive Law PA as Counsel ------------------------------------------------------ 177 St. Croix, LLC seeks approval from the U.S. Bankruptcy Court for the District of Minnesota to employ Thomas H. Olive Law, PA as counsel. The firm's services include: -- representing the debtor in these bankruptcy proceedings by advising the debtor with respect to its obligations as debtor-in-possession; -- preparing all schedules and pleadings necessary to meet the Debtor's obligations; -- representing the debtor in connection with negotiations of agreements; -- treatmenting under a plan of reorganization; -- preparing of the plan and disclosure statement and revisions thereto; and -- reviewing and analyzing of all claims and to prosecute any claim objections, if appropriate, and otherwise to assist the Debtors generally in the administration of the estate herein. The firm will be paid at these rates: Thomas H. Olive Law $400 per hour Support Staff $95 per hour The firm received a retainer in the amount of $15,000. 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: Thomas H. Olive, Esq. THOMAS H. OLIVE LAW, PA 5270 W. 84th Street, Suite 255 Bloomington, MN 55437 Tel: (952) 831-0733 About 177 St. Croix, LLC 177 St. Croix LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Minn. Case No. 24-30035) on January 5, 2024, disclosing under $1 million in both assets and liabilities. The Debtor is represented by THOMAS H. OLIVE LAW, PA. 225 BOWERY: Unsecureds Get Either GUC Payments or GUC Pool in Plan ------------------------------------------------------------------ 225 Bowery LLC submitted a First Amended Chapter 11 Plan pursuant to Chapter 11 of the Bankruptcy Code. Under the Plan, Class 8 consists of all General Unsecured Claims. The Holders thereof will receive either: (i) If the Debtor consummates the Reorganization: Each Holder of an Allowed General Unsecured Claim will receive its Pro Rata share of the GUC Reorganization Payments, which will be paid in 4 equal installments on each of (i) a date chosen by the Plan Administrator that is not later than 6 months following the Effective Date, (ii) a Business Day in January 2025 chosen by the Plan Administrator, (iii) a Business Day in July 2025 chosen by the Plan Administrator, and (iv) a Business Day in December 2025 chosen by the Plan Administrator; provided however that if a General Unsecured Claim is not Allowed as of the date of any such payment, the Holder will receive such payment within 30 days following the Allowance of such General Unsecured Claim. -or- (ii) If the Debtor consummates an Asset Sale Wind-Down: The GUC Wind-Down Pool will be distributed Pro Rata to Class 5, Class 6, Class 7 and Class 8 such that each Holder of (A) an Allowed Mechanic's Lien Bond Claim, (B) an Allowed Mechanic's Lien Claim, (C) an Allowed Union Claim and (D) an Allowed General Unsecured Claim will receive its Pro Rata share of the GUC Wind-Down Pool. Class 8 is impaired. "GUC Reorganization Payments" means, if the Debtor consummates the Reorganization, Cash payments equal to the lesser of (a) $825,000, or (b) an amount sufficient to provide a 20% recovery on account of each Allowed General Unsecured Claim, as described in Article III.C.8. of the Plan. "GUC Wind-Down Pool" means, if the Debtor consummates an Asset Sale and implements the Plan through the Asset Sale Wind-Down, the Asset Sale Proceeds after satisfaction of all Claims against the Debtor that are either (i) Secured, (ii) entitled to priority under the Bankruptcy Code, or (iii) otherwise entitled, pursuant to the Bankruptcy Code, to payment before satisfaction of, or distribution on account of, any Unsecured Claim, provided that, in the context of an Asset Sale to the Secured Lender via a Credit Bid, such amount shall be $0.00. In the event of a Reorganization, the Debtor or the Reorganized Debtor, as applicable, shall fund distributions under the Plan with Cash on hand and income or other proceeds generated by the operation of the Reorganized Debtor. Cash payments to be made pursuant to the Plan will be made by the Disbursing Agent. Each distribution and issuance referred to in Article VI of the Plan shall be governed by the terms and conditions set forth herein applicable to such distribution or issuance and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution or issuance, which terms and conditions shall bind each Entity receiving such distribution or issuance; provided, that to the extent that a term of the Plan conflicts with the term of any such instruments or other documents, the terms of the Plan shall govern. In the event of an Asset Sale Wind-Down, on the Effective Date, the Debtor shall consummate the Asset Sale, and, among other things, the acquired assets, as set forth in the Asset Purchase Agreement and Asset Sale Notice, shall be transferred to and vest in the Purchaser or Secured Lender, as the case may be, free and clear of all Liens, Claims, charges, or other encumbrances pursuant to the terms of the Asset Purchase Agreement, Plan, and Confirmation Order, provided, however, that the Debtor shall issue the Subordinated Note and shall assign the Subordinated Note to the Purchaser or the Secured Lender, as the case may be. Neither the Purchaser nor the Secured Lender, as the case may be, shall be deemed to be a successor of the Debtor (except as the assignee of the Subordinated Note). On the Effective Date, the Purchaser or Secured Lender, as applicable, shall pay to the Debtor the Asset Sale Proceeds from the Asset Sale. The Confirmation Order shall: (i) approve the Asset Purchase Agreement and Asset Sale as contemplated hereby; and (ii) authorize the Debtor to undertake the transactions contemplated thereby and in connection with such Asset Sale, including pursuant to sections 363, 365, 1123 and 1141 of the Bankruptcy Code. If the Debtor consummates the Asset Sale Wind-Down, and in accordance with the Amended Debtor Organizational Documents, then on or before the Effective Date, the Debtor shall (a) wind down the Debtor's business and affairs as expeditiously as possible, (b) resolve Disputed Claims, (c) make distributions on account of Allowed Claims as provided hereunder (d) enforce and prosecute claims, interests, rights, privileges and the Retained Causes of Action in an efficient manner, (e) file appropriate tax returns, (f) comply with the Debtor's continuing obligations under the Asset Purchase Agreement, if any, (g) liquidate the Wind-Down Assets and distribute the proceeds thereof as set forth herein, (h) administer the Plan in an efficient manner; and (i) carry out any and all other purposes as set forth in the Amended Debtor Organizational Documents. On the Effective Date, the Wind-Down Budget will be transferred to the Debtor, and the Wind-Down Assets shall vest in Debtor. The Plan Administrator shall distribute the proceeds of the Wind-Down Assets in the manner set forth in the Plan and the Amended Debtor Organizational Documents. Counsel to the Debtor: Gerard S. Catalanello, Esq. ALSTON & BIRD LLP James J. Vincequerra, Esq. Stephen M. Blank, Esq. Dylan S. Cassidy, Esq. Kimberly J. Schiffman, Esq. 90 Park Avenue New York, NY 10016 Telephone: (212) 210-9400 Facsimile: (212) 210-9444 E-mails: Gerard.Catalanello@alston.com James.Vincequerra@alston.com Stephen.Blank@alston.com Dylan.Cassidy@alston.com Kimberly.Schiffman@alston.com - and - Michael R. Nestor, Esq. Matthew B. Lunn, Esq. Ryan M. Bartley, Esq. Andrew A. Mark, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP 1000 North King Street Rodney Square Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 E-mails: mnestor@ycst.com mlunn@ycst.com rbartley@ycst.com amark@ycst.com A copy of the First Amended Chapter 11 Plan dated Jan. 19, 2024, is available at https://tinyurl.ph/mFNJq from PacerMonitor.com. About 225 Bowery 225 Bowery, LLC, is a New York-based company operating in the traveler accommodation industry. 225 Bowery sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10094) on Jan. 24, 2023. In the petition signed by its chief restructuring officer, Nat Wasserstein, the Debtor reported $50 million to $100 million in both assets and liabilities. Judge Brendan L. Shannon oversees the case. Alston & Bird LLP and Young Conaway Stargatt and Taylor, LLP represent the Debtor as legal counsel while Nat Wasserstein of Lindenwood Associates, LLC serves as the Debtor's chief restructuring officer. Bank Hapoalim B.M., as lender, is represented by Scott S. Balber, Esq., at Herbert Smith Freehills New York, LLP. 303 INVESTMENTS: Revises MMD Stipulation; Files Amended Plan ------------------------------------------------------------ 303 Investments, Inc., submitted a Second Amended Subchapter V Plan of Reorganization dated January 29, 2024. The Debtor has been in business for approximately fifteen years. The Debtor purchases raw land and has homes built on it for sale. The Debtor's bankruptcy case was filed because creditor MS Man Debt ("MMD"), LLC filed a lis pendens on all of its real property holdings, bringing property development and sales and the Debtor's cash flow to a halt. On July 10, 2023, the Debtor filed its Motion to Approve Stipulation with MMD. One creditor, Collegiate Peaks Bank ("CPB"), has objected to the proposed settlement. The Debtor and MMD have revised the settlement as a part of an effort to reach a consensual plan of reorganization. The settlement, as revised, with MMD has an impact upon the bankruptcy estate, its creditors and the assets of the estate. The pertinent terms of the settlement are as follows: * The Debtor shall transfer seven Debtor properties, Lots 1, 10, 11, 22, 23, 24, and 25 (the "303 Transferred Lots"), to MMD. The 303 Transferred Lots shall be transferred subject to all liens, claims, and encumbrances. * The Debtor shall, subject to the terms of this Plan, retain ownership of the other Debtor properties, Lots 6, 8, 9, 26, and 30, and upon the sale of Lots 8, 9, and 10, pay $10,000.00 to MMD for a total amount of $30,000.00. The $30,000.00 will be deemed a judgment lien against Lots 8, 9, 10. The $10,000 payment for each of the sold lots shall be paid to MMD immediately after payment of all secured interests on that specific lot and prior to any disbursement to the Debtor or Mr. Myers. If the proceeds from any one of the lots are insufficient to cover the $10,000 payment, the deficiency shall be added to the subsequent sale of the next lot. * The Debtor has already, pursuant to Bankruptcy Court order sold lot 2 (5208 Freddy's Trail), and MMD, though its counsel, is holding in trust $45,000, which $45,000 MMD shall retain and shall not be credited against the $30,000. * Of the seven building permits remaining with respect to the 303 Transferred Lots and the 303 Sold Lots, MMD shall be entitled to all seven. The Debtor shall not be liable if the County issues any of the seven Building Permits to a party other than MMD or if the county refuses to issue a Building Permit. * The Hilltop Metropolitan District assessed impact fees to be upon the sale of the 303 Properties and the WilliamMRK Properties (the "Impact Fees"). The Impact Fees will not be assessed upon each transfer of the WilliamMRK Properties and the 303 Transferred Lots unless otherwise adjudicated by the Bankruptcy Court. * The Debtor and MMD are granting each other general mutual releases. Class 8(a) consists of the general unsecured creditors of the Debtor who hold Allowed Claims arising from personal guaranties made by the Debtor which obligations are secured by property of the Debtor. Class 8(a) claimants shall receive a distribution from the Sale Proceeds from the property or properties in which the Class 8(a) claimant has a lien. To the extent there is insufficient Sale Proceeds to satisfy the Class 8(a) claimant in full, the balance shall be treated as a Class 8(b) Claim. Each Class 8(a) claimant is enjoined and barred from taking any action to collect upon its Claim and shall not take action against any property securing its Claim for a period of eighteen months from the Effective Date of the Plan. If a Class 8(a) claimant does not receive its Sale Proceeds from the sale of its subject property within the eighteen-month period then it can take action only against the property to satisfy its Claim. Class 8(b) consists of the general unsecured creditors of the Debtor who hold Allowed Claims not arising from personal guaranties of the Debtor that is secured by property of the Debtor. Class 8(b) Allowed Claims shall share on a Pro Rata basis in the Net Sale Proceeds after the satisfaction of Allowed Administrative Claims. On the Effective Date of the Plan, Derrick Myers shall serve as the agent pursuant to Section 1142(b) of the Bankruptcy Code for the purpose of carrying out the terms of the Plan, and taking all actions deemed necessary or convenient to consummating the terms of the Plans, including, but not limited to, executing documents. Upon the Effective Date of the Plan, the Debtor shall take all steps necessary to generate Sale Proceeds/Net Sale Proceeds and commence completion of construction and sale of the Debtors' real property assets. The Debtor may retain such professionals, contractors, subcontractors and employees as it deems necessary to generate the Sale Proceeds/Net Sale Proceeds, including real estate professionals and attorneys. The Debtor, as a part of generating the Sale Proceeds/Net Sale Proceeds, can borrow monies and encumber such assets as the Debtor determines is necessary to develop and/or improve the properties for sale. The Debtor may not encumber the assets of the Debtor for any other purpose except the development and improvement of the properties. A full-text copy of the Second Amended Plan dated January 29, 2024 is available at https://urlcurt.com/u?l=HSJkE0 from PacerMonitor.com at no charge. Attorneys for Debtor: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 Email: agarber@wgwc-law.com About 303 Investments 303 Investments, Inc., a company in Parker, Colo., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 22-14267) on Nov. 1, 2022, with $10 million to $50 million in assets and $500,000 to $1 million in liabilities. Alison Goldenberg has been appointed as Subchapter V trustee. Judge Joseph G. Rosania, Jr., oversees the case. The Debtor is represented by Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C. 717 ARMORY: Seeks Confirmation of Plan -------------------------------------- 717 Armory, LLC, is asking the Bankruptcy Court to confirm its Plan of Reorganization. Under the Plan, Class 4 is delineated as the class of Claims which is eligible to vote under the Plan. The Class 4 secured creditor, MMG Investments IV, LLC, has not voted on the Plan. Class 5, the General Unsecured Creditors, have voted to accept the Plan. The Plan sets forth that no other classes of Claims are permitted to vote on the Plan. No Objections have been filed to the Plan. The Class 5, unsecured creditors, have voted to confirm the Plan. The Debtor believes that the requirements of Section 1191(b) of the Bankruptcy Code as to confirmation have been met. Specifically, all of the provisions of Section 1129(a), except for Sections 1129(a)(8) and (15), have been met. Because the Class of Unsecured Creditors have accepted the Plan, and notwithstanding the fact that MMG Investments IV, LLC has not voted on the Plan, because of the treatment of MMG Investments IV, LLC in the Plan, the Plan can be confirmed. With respect to MMG Investments IV, LLC, which is the Class 4 Claim holder, MMG Investments IV, LLC is being paid the amount of its secured Claim in an amount equal to the value of its collateral. In addition, until such time as payment in full occurs to MMG Investments IV, LLC, such Class 4 Claim holder is retaining its lien on the Real Property upon which MMG Investments IV, LLC has its mortgage. The Plan is fair and equitable as it provides for payment to creditors in an amount equal to or greater than creditors would receive in a liquidation and the Plan is fair and equitable as it is providing, as of the Effective Date of the Plan that all of the projected disposable income of the Debtor received in the three (3) year period following the Effective Date is being paid to creditors. Further, there is a reasonable likelihood that the Debtor will be able to make all payments under the Plan as required by Section 1191(c)(3)(B). The Plan is non-consensual. Attorney for the Debtor: Robert E. Chernicoff, Esq. CUNNINGHAM, CHERNICOFF & WARSHAWSKY, P.C. 2320 North Second Street, P. O. Box 60457 Harrisburg, PA 17106-0457 Tel: (717) 238-6570 About 717 Armory 717 Armory LLC is a limited liability company engaged in the sale and use training of firearms and operations of a gun and archery range. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 23-02284) on Oct. 4, 2023. In the petition signed by Patrick R. Connaghan, member, the Debtor disclosed up to $10 million. The Honorable Bankruptcy Judge Henry W Van Eck oversees the case. The Debtor is represented by Robert E Chernicoff, Esq. of Cunningham and Chernicoff PC. ABEOME CORPORATION: Case Summary & Four Unsecured Creditors ----------------------------------------------------------- Debtor: Abeome Corporation 608 Isaiah Drive Jefferson GA 30549 Business Description: Abeome specializes in biotechnology research and development. Chapter 11 Petition Date: February 2, 2024 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 24-20137 Debtor's Counsel: Michael Pugh, Esq. THOMPSON, O'BRIEN, KAPPLER & NASUTI, PC 2 Sun Court Suite 400 Peachtree Corners GA 30092 Tel: 770-925-0111 E-mail: mpugh@tokn.com Total Assets: $1,262,966 Total Liabilities: $2,784,700 The petition was signed by N. Kirby Alton as chairman. A full-text copy of the petition containing, among other items, a list of the Debtor's four unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/N7MN4NY/Abeome_Corporation__ganbke-24-20137__0001.0.pdf?mcid=tGE4TAMA ACADEMIA SANTA: Hires Wilber Davila Appraisal as Appraiser ---------------------------------------------------------- Academia Santa Teresita De Naranjito, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Wilber Davila Appraisal & Consultant PSC as appraiser. The firm will provide appraisal services to the Debtor’s real property located at Cedro Arriba Ward, Road 152 KM 7.6 INT 809, Naranjito, PR. The firm will be paid a fee of $3,500, split into a $1,750 upfront payment, and the rest upon report completion. 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: Wilber Davila Rodriguez Wilber Davila Appraisal & Consultant PSC Q-10 Condominio Villa de Playa 2 Dorado, PR 00646 Tel: (787) 638-6536 Email: wdavila@lcdappraisal.com About Academia Santa Teresita De Naranjito, Inc. Academia Santa Teresita De Naranjito, Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 23-03352) on October 17, 2023, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Licenciado Carlos Alberto Ruiz, LLC. ACADEMY SPORTS: S&P Raises Secured Debt Rating to 'BB+' ------------------------------------------------------- S&P Global Ratings said that it views Academy Sports and Outdoor Inc.'s (BB/positive/--) announced $100 million term loan repayment as in line with management's financial policy. This follows significant reduction of funded debt since Academy's 2020 initial public offering (IPO) and its $100 million term loan repayment last year. The repayment does not affect its adjusted credit metrics, including estimated S&P Global Ratings-adjusted leverage in the low- to mid-1x range, because S&P net excess cash in its calculations. S&P's issuer credit rating on Academy remains 'BB'. S&P said, "At the same time, we raised the issue-level rating on the company's senior secured debt, including the $400 million secured notes and the remaining $92 million in term loan debt, to 'BB+' from 'BB'. We also revised upward our recovery rating on the secured facilities to '2' from '3' because of the reduction in secured debt in the capital structure post transaction. The '2' recovery rating reflects our expectation of substantial (70%-90%; rounded estimate: 75%) recovery in a simulated bankruptcy or payment default." Academy operates as a full-line sporting goods and outdoor recreation products retailers in the U.S. with more than $6 billion of net sales and S&P Global Ratings-adjusted EBITDA greater than $1 billion. The company recently operated around 282 Academy Sports And Outdoors retail locations in 18 states, the majority of which are regionally concentrated in Texas and adjacent southern U.S. states. At the same time, the company continues to expand its store base, a trend S&P expects to continue. The 'BB' issuer credit rating and positive outlook on the company reflects Academy's market position as a value-oriented sports and outdoor retailer, leading to elevated customer traffic and demand for sporting goods and outdoor equipment, along with capturing trade-down consumers. S&P said, "We also believe that consumer habits have aligned with more healthy lifestyles supported by hybrid workforce trend including work from home. While performance has modestly declined in the recent year, including a 5.4% decline in sales for the trailing months ended October 2023, operating levels have remained well ahead of pre-pandemic levels. This includes S&P global Ratings-adjusted EBITDA margins of 16.7% for annual period ended in October 2023, which compares to margins of 10.3% in 2019. Our positive ratings outlook reflects the potential for an upgrade if Academy demonstrates consistent performance amid an uncertain economy while sustaining low S&P Global Ratings-adjusted leverage of about 1x." ISSUE RATINGS – RECOVERY ANALYSIS Key analytical factors -- S&P raised its issue-level rating on Academy's secured debt to 'BB+' from 'BB', one notch higher than our issuer credit rating. -- The '2' recovery rating reflects S&P's expectation of substantial (70%-90%; rounded estimate: 75%) recovery in a simulated bankruptcy or payment default. -- S&P simulates a bankruptcy occurring in 2029 because of lower consumer discretionary spending in a volatile economy, along with a significant step up in competition. This leads to declining consumer spending on sporting goods and, consequently, lower sales and operating margins for Academy, all leading to constrained liquidity. -- S&P believes the company's senior secured debtholders would maximize recoveries if the company emerges from bankruptcy given its competitive position and the lack of significant owned assets. -- S&P accordingly estimate Academy's post-emergence value by applying a 5x multiple to its forecasted emergence EBITDA. This multiple is in line with the multiples S&P uses for its similar sporting good and other retail peers. -- After adjusting for the value S&P attributes to estimated administrative expenses and asset-backed revolver-related claims, S&P forecasts approximately $380 million in collateral value available to the secured debtholders. Simulated default assumptions -- Year of default: 2029 -- Emergence EBITDA: about $207 million -- Implied enterprise value (EV) multiple: 5x -- Estimated gross EV at emergence: About $1.03 billion -- A 60% draw on the asset-based lending (ABL) facility on the path to default Simplified waterfall -- Net EV after 5% administrative costs: $982 million -- Secured priority revolver claims: $601 million -- Remaining value after priority claims: $381 million -- Senior secured debt claims: $507 million --Recovery expectations: 70%-90%; rounded estimate: 75% Note: All debts amounts include six months of prepetition interest. Ratings List ISSUE-LEVEL RAISED; RECOVERY RATINGS REVISED TO FROM ACADEMY LTD. Senior Secured BB+ BB Recovery Rating 2(75%) 3(65%) ACTION FACE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Action Face, Inc. 21255 Burbank Blvd., Suite 120 Woodlands Hills, CA 91367 Business Description: Action Face is a developer of customized selfie action figures and avatar videos starring the user, intended to capture memorable events in life. Chapter 11 Petition Date: February 5, 2024 Court: United States Bankruptcy Court Central District of California Case No.: 24-10180 Judge: Hon. Martin R. Barash Debtor's Counsel: Ron Bender, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Avenue Los Angeles, CA 90034 Tel: (310) 229-1234 Fax: (310) 229-1244 Email: rb@lnbyg.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Kenneth Davis as chief executive officer. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/RJVHNYI/Action_Face_Inc__cacbke-24-10180__0001.0.pdf?mcid=tGE4TAMA AIM LLC: Case Summary & 17 Unsecured Creditors ---------------------------------------------- Debtor: AIM, LLC 6950 112th Circle Largo, FL 33773-5209 Chapter 11 Petition Date: February 5, 2024 Court: United States Bankruptcy Court Middle District of Florida Case No.: 24-00584 Judge: Hon. Catherine Peek Mcewen Debtor's Counsel: Jake C. Blanchard, Esq. BLANCHARD LAW, P.A. 8221 49th Street N. Pinellas Park, FL 33781 Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com Total Assets: $1,471,550 Total Liabilities: $1,427,109 The petition was signed by William G. Buckles, Jr., as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 17 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/ID4TSQY/AIM_LLC__flmbke-24-00584__0001.0.pdf?mcid=tGE4TAMA AINOS INC: Ainos KY Reports 62.05% Equity Stake ----------------------------------------------- In a Schedule 13D report filed with the U.S. Securities and Exchange Commission, Ainos, Inc., a Cayman Islands corporation, disclosed that as of January 26, 2024, it beneficially owned 2,938,487 shares of Common Stock of Ainos, Inc., a Texas corporation, representing 62.05% of the shares outstanding. The aggregate amount of shares represents beneficial ownership of 2,938,487 Common Shares, $0.01 par value, of Ainos, Inc., a Texas corporation, consisting of the following: (i) 2,456,319 shares owned directly by Ainos Inc., a Cayman Islands corporation ("Ainos KY"); and (ii) 482,168 shares pursuant to a Voting Agreement dated January 26, 2024 (the "2024 Voting Agreement"), by and among the Issuer, Ainos Inc., and Chun-Hsien Tsai, Ting Chuan Lee, Chun-Jung Tsai, and Chung-Yi Tsai (the "Tsai Group"), including 1,466 restrictive stock units ("RSUs") to be vested on January 31, 2024, and 56,700 RSUs to be vested on February 15, 2024 to certain of these individuals. The percentage is calculated based on (i) 4,677,806 Common Shares outstanding, as set forth in the Issuer's Form S-1/A filed with the Securities and Exchange Commission on December 15, 2023. In addition, 1,466 restrictive stock units are to be vested on January 31, 2024, and 56,700 RSUs are to be vested on February 15, 2024, to the Tsai Group. The percentage calculation is thus based on a total of 4,735,972 shares following the vesting of such RSUs. A full-text copy of the Report is available at http://tinyurl.com/2urdtb3t About Ainos Ainos, Inc. (www.ainos.com), formerly known as Amarillo Biosciences, Inc., is a diversified healthcare company engaged in the research and development and sales and marketing of pharmaceutical and biotech products. The Company is engaged in developing medical technologies for point-of-care testing and safe and novel medical treatment for a broad range of disease indications. The Company is a Texas corporation incorporated in 1984. The Company has historically been involved in extensive research and development of low-dose oral interferon as a therapeutic. The Company continues to develop its VELDONA platform and other pharmaceutical platforms and recently have acquired intellectual properties to expand our POCT business. In 2021 and 2022, the Company acquired significant intellectual property from its majority shareholder, Ainos KY, to expand its potential product portfolio into Volatile Organic Compounds and COVID-19 POCTs. Ainos reported a net loss of $14.01 million for the year ended Dec. 31, 2022, compared to a net loss of $3.89 million for the year ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had $33.86 million in total assets, $6.18 million in total liabilities, and $27.68 million in total stockholders' equity. Houston, Texas-based PWR CPA, LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has incurred recurring losses and recurring negative cash flow from operating activities, and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. In its Quarterly Report for the three months ended Sept. 30, 2023, Ainos reported substantial doubt about the Company's ability to continue as a going concern for at least one year from the issuance of the financial statements. The Company said it has incurred net operating losses in every year since inception and has an accumulated deficit as of September 30, 2023 of $31,961,654 and expects to incur additional losses and negative operating cash flows for at least the next 12 months. AJM MANAGEMENT: Court Approves Disclosure Statement --------------------------------------------------- Judge Nancy Hershey Lord has entered an order approving the Disclosure Statement of AJM Management, LLC. The Court will hold a hearing to consider confirmation of the Plan on Feb. 27, 2024, at 11:30 a.m. (Eastern Standard Time). Objections to the confirmation of the Plan, if any, must be filed with the Court by no later than 5:00 p.m. (Eastern) on Feb. 20, 2024, and served on the Debtor’s counsel and the Office of the United States Trustee. Replies to objections to the confirmation of the Plan, if any, must be filed with the Court on or before Feb. 23, 2024 by 5:00 p.m. (Eastern). About AJM Management AJM Management, LLC, is the fee simple owner of real property located at 405 Rockaway Parkway, Brooklyn, N.Y., valued at $3.9 million. AJM Management filed it voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41664) on May 12, 2023, with $4,117,194 in assets and $2,262,346 in liabilities. Ray Jones, managing director, signed the petition. Judge Nancy Hershey Lord oversees the case. The Debtor tapped Avrum J. Rosen, Esq., at The Law Offices of Avrum J. Rosen, PLLC as legal counsel and Hirsch & Hirsch Certified Public Accountants, PLLC, as accountant. ALLIED HEALTHCARE: Court Approves Disclosures and Confirms Plan --------------------------------------------------------------- Judge Brian C. Walsh has entered an order approving Allied Healthcare Products, Inc.'s First Amended Disclosure Statement on a final basis and confirming and approving the First Amended Plan of Liquidation. Any modifications to the Plan are approved. Parties in interest seeking to assert a claim against the Debtor's estate based upon rejection of an executory contract or unexpired lease shall file such claims on or before Feb. 20, 2024 at 5:00 p.m. As evidenced by the Voting Report, which certified both the method and results of the voting by impaired classes of claims with respect to the Plan, at least one impaired class of claims has voted to accept the Plan. Specifically, Classes 1, 2, and 3 are impaired under the Plan and Classes 1 and 2 have voted to accept the Plan. Class 4 – Equity Interests shall not retain or receive any interest in the Debtor or payment on account of such interest. Class 4 – Equity Interests was deemed to reject the Plan by operation of law. Article IV of the Plan designates Classes 1, 2, 3, and 4 as impaired and specifies the treatment of Claims and Equity Interests in those classes, thereby satisfying 11 U.S.C. Sec. 1123(a)(3). The Plan satisfies 11 U.S.C. Sec. 1129(a)(7). Classes 1 and 2 voted to accept the Plan. Additionally, the liquidation analysis included in the Disclosure Statement as supplemented by the Amin Declaration is persuasive and credible and established that each holder of an impaired claim or equity interest will receive or retain under the Plan, on account of such claim or interest, property of a value, as of the Effective Date, that is not less than the amount that such holder would receive or retain if Debtor were liquidated under Chapter 7 of the Bankruptcy Code on such date. Classes 1 and 2 have affirmatively voted to accept the Plan in accordance with 11 U.S.C. Sec. 1126(c) and (d). Class 3, which is composed of a single claimant, did not submit a ballot and cannot be determined to have accepted the Plan under 11 U.S.C. Sec. 1126(c) or (d), nor can it be deemed to have rejected the Plan. Class 4 is impaired and deemed to reject the Plan pursuant to 11 U.S.C. Sec. 1126(g), but has not been unfairly discriminated against, and the Plan is fair and equitable to Class 4 in that no junior interest holder shall retain or receive any property on account of such junior Interest. Classes 1 and 2 are impaired classes of claims that voted to accept the Plan, and, to Debtor's knowledge, do not contain insiders whose votes have been counted. Therefore, the requirement of 11 U.S.C. Sec. 1129(a)(10) that at least one class of claims against or equity interests in Debtor that is impaired under the Plan has accepted the Plan has been satisfied. Class 4 is an impaired class that is deemed to have rejected the Plan pursuant to 11 U.S.C. Sec. 1126(g) because the holders of such interests will not receive or retain any property under the Plan on account of such claims and interests. Notwithstanding the foregoing, Class 4 is the most junior Class of interests. The Plan therefore does not discriminate unfairly and is fair and equitable with respect to Class 4 as required by 11 U.S.C. Sec. 1129(b)(1). Classes 1 and 2 affirmatively voted in favor of the Plan by the voting deadline. Class 3, which is composed of a single claimant, did not submit a ballot. Upon confirmation and the occurrence of the Effective Date, the Plan shall be binding upon the members of Classes 1, 2, 3, and 4. About Allied Healthcare Products Allied Healthcare Products Inc. is a manufacturer of AHP300 transport ventilator, carbon dioxide absorbent, suction regulators and aspirators, ventilators, emergency products, and medical gas systems. The company is based in Saint Louis, Mo. Allied Healthcare Products filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 23-41607) on May 8, 2023, with $10 million to $50 million in both assets and liabilities. Akash Amin, president and chief restructuring officer, signed the petition. Judge Brian C. Walsh oversees the case. The Debtor tapped Spencer Fane LLP as bankruptcy counsel; McMahon Berger, P.C. as labor counsel; MorrisAnderson & Associates, Ltd., as restructuring management and financial advisor; and Ravinia Capital, LLC as broker and investment banker. AMICAS PIZZA: Gets OK to Hire Troiano & Hanselmann as Accountant ---------------------------------------------------------------- Amicas Pizza, Microbrews & More, Inc. received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Troiano & Hanselmann, Inc. The Debtor requires an accountant to: (a) prepare income tax returns as well as any required state income tax filings; and (b) consult with the Debtor regarding bookkeeping assistance, tax planning services, government inquiries, tax advice and arguable positions. The hourly rates of the firm's professionals are as follows: Ayn Hanselmann $320 Tracy Troiano $175 Patty-linn Cogswell $125 Support staff $75 Ayn Hanselmann, CPA, an accountant at Troiano & Hanselmann, 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: Ayn Hanselmann, CPA Troiano & Hanselmann, Inc. 1068 Main Street Suite B Sanford, ME 04073 Telephone: (207) 324-0226 Facsimile: (207) 636-8061 Email: info@troiano.net About Amicas Pizza Microbrews & More Amicas Pizza Microbrews & More, Inc. owns and operates a pizza restaurant offering wood-fired pies and craft beer in bright, laid-back digs. The company is based in Salida, Colo. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 23-16046) on December 29, 2023, with up to $10 million in both assets and liabilities. Christopher Bowers, president of the Debtor's Board of Directors, signed the petition. Judge Thomas B Mcnamara oversees the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor, PC as legal counsel and Ayn Hanselmann, CPA, at Troiano & Hanselmann, Inc. as accountant. ARTIFICIAL INTELLIGENCE: Registers 1B Shares for Potential Resale ----------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. filed with the U.S. Securities and Exchange Commission its Form S-1 relating to the sale by the selling stockholder, GHS Investments, LLC, of the Company of up to one billion shares of common stock, par value $0.00001 per share. The Company will not receive proceeds from the sale of the shares by the Selling Stockholder. However, it may receive aggregate gross proceeds of up to $8 million from the sale of its common stock registered herein to the Selling Stockholder, pursuant to the March 22, 2023 Equity Financing Agreement entered into with GHS (the "Purchase Agreement"). On January 29, 2024, the last reported sales price of the Company's common stock on the OTC Pink was $0.0030 per share. The Purchase Agreement provides that the Company may discretionarily sell to GHS up to $12,500,000 of shares of the Company's common stock upon our issuance of Purchase Notices to GHS. The Selling Stockholder will sell its Purchase Shares at prevailing market prices or in privately negotiated transactions. GHS is an underwriter within the meaning of the Securities Act of 1933, as amended, and any broker-dealers or agents that are involved in selling the shares may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. The Company will bear all costs, expenses and fees in connection with the registration of the common stock. The Selling Stockholder will bear all commissions and discounts, if any, attributable to its sales of our common stock. A full-text copy of the Prospectus is available at http://tinyurl.com/56xetusb About Artificial Intelligence Technology Headquartered in Ferndale, MI, Artificial Intelligence Technology Solutions Inc. is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 14, 2023, citing that the Company had a net loss of approximately $18 million, an accumulated deficit of approximately $112 million and stockholders' deficit of approximately $32 million as of and for the year ended February 28, 2023, and therefore there is substantial doubt about the ability of the Company to continue as a going concern. For the nine months ended Nov. 30, 2023, the Company had negative cash flow from operating activities of $9,378,427. As of Nov. 30, 2023, the Company had an accumulated deficit of $125,535,116, and negative working capital of $12,944,810. Management does not anticipate having positive cash flow from operations in the near future. The Company said these factors raise substantial doubt about its ability to continue as a going concern for the twelve months following the issuance of the financial statements. ASTRA ACQUISITION: Eaton Vance EFT Marks $1.45MM Loan at 48% Off ---------------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT) has marked its $1,450,000 loan extended to Astra Acquisition Corp., to market at $752,007 or 52% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Second Lien Term Loan (SOFR + 8.87%) to Astra Acquisition. The loan accrues interest at a rate of 14.527%, per annum. The loan matures on October 25, 2029. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. ATTASHIAN ENTERPRISES: Unsecureds to Get 8 Cents on Dollar in Plan ------------------------------------------------------------------ Attashian Enterprises, LLC, filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated January 29, 2024. The Debtor is a Nevada limited liability company, operates a transmission and auto repair business in Reno, Nevada. Before this case was filed, Debtor incurred substantial debts, including debts related to the COVID-19 pandemic, that became unmanageable. Debtor filed this case to restructure its debt obligations and to remain in business. Debtor will fund the Plan by contributing his "Disposable Income" for a period of 60-months. The Plan Proponent’s financial projections show Debtor will have projected disposable income of $1,200 per month for the first 43 months of the Plan Term and $2,400 per month commencing in month 44 and continuing through month 60 of the Plan term. The final Plan payment is expected to be paid on March 31, 2029. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations of Debtor's businesses. Non-priority unsecured creditors holding allowed claims in Debtor's case will receive distributions, which the proponent of this Plan has valued at 8 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 4 consists of Non-priority General Unsecured Creditors. Each holder of a Class 4 non-priority unsecured Allowed Claim shall receive their pro rata share of Debtor's Disposable Income, after the payment in full of Administrative Claims, through the end of the Plan Term (the "Class 4 Plan Dividend"). Any portion of a Class 4 nonpriority general unsecured claim in excess of the Class 4 Plan Dividend shall be discharged. This Class is impaired. The allowed non-priority unsecured claims total $857,283. Class 5 Equity security holders of Debtor shall retain their interests in the Debtor, but shall receive no disbursement on account of such equity interest during the Plan Term. Debtor will use its Disposable Income during the Plan Term, cash on hand, and profits from the operation of its business to fund the Plan. Commencing on the Effective Date of this Plan, Debtor's Disposable Income will be disbursed on a monthly basis and first used to fund Debtor's required Plan payments to allowed administrative expense claims and then Class 4 non-priority general unsecured creditors. A full-text copy of the Plan of Reorganization dated January 29, 2024 is available at https://urlcurt.com/u?l=1Ryqv1 from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Tel: (775) 322-1237 Email: kevin@darbylawpractice.com About Attashian Enterprises Attashian Enterprises, LLC, operates a transmission and auto repair business in Reno, Nevada. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 23-50818) on November 1, 2023. In the petition signed by Pezant Peter Attashian, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice, represents, the Debtor as legal counsel. AUDACY INC: Seeks to Tap KPMG to Provide Tax and Valuation Services ------------------------------------------------------------------- Audacy, Inc. and its affiliates seek approval from U.S. Bankruptcy Court for the Southern District of Texas to employ KPMG, LLP. The firm will render these services: A. Tax Compliance Services (a) prepare and transmit Form 945/1099 (series), and Form 1042/1042-S in compliance with current U.S. tax information reporting obligations; (b) prepare Tax Forms for any additional legal entities, the firm will also provide the following assistance with state information returns in compliance with the local jurisdiction's Form 1099 information reporting obligations; (c) determine and/or confirm the amounts the Debtors are required to withhold in accordance with Internal Revenue Service (IRS) or other tax jurisdiction regulations and submit for review and sign off by Debtors in advance; and (d) provide additional tax services as needed to assist the Debtors in determining the proper tax treatment of certain matters to be reported on the tax returns that KPMG has been engaged to prepare. B. Tax Consulting Service (a) provide tax consulting services with respect to the California Employment Development Department's audit; (b) provide analysis as to the U.S. federal, state, and local tax implications of the potential restructuring; and (c) provide general tax consulting on matters that may arise for which the Debtors seek our advice and that are not the subject of a separate engagement contract. C. Accounting Advisory Services (a) common accounting and reporting areas of focus; and (b) accounting and reporting areas of focus for emergence and fresh-start reporting. D. Valuation Services (a) valuation services related to fresh-start; and (b) valuation services related to tax reporting purposes. The hourly rates of the firm's services are as follows: A. Tax Compliance Services Partners $763 – $900 Managing Directors $748 – $872 Directors/Senior Managers $693 – $735 Managers $542 – $638 Senior Associates $391 – $528 Associates $292 – $319 B. Tax Consulting Services Partners $1,110 - $1,390 Managing Directors $1,090 - $1,290 Directors/Senior Managers $1,010 - $1,110 Managers $790 - $1,010 Senior Associates $570 - $770 Associates $425 - $465 C. Accounting Advisory & Valuation Services Partner $1055 Managing Director $970 Senior Manager/ Director $910 Manager $795 Senior Associate $640 Associate $465 Prior to the petition date, the firm received a retainer in the amount of $298,025.05 from the Debtors. In addition, the firm will seek reimbursement for expenses incurred. Ryan Kelly, a principal of KPMG, disclosed in a court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan J. Kelly KPMG LLP 1601 Market Street, Suite 29 Philadelphia, PA 19103 Telephone: (267) 256-1602 Email: rjkelly@kpmg.com About Audacy Inc. Philadelphia, Pa.-based Audacy Inc., formerly Entercom Communications Corp., is a multi-platform audio content and entertainment company with a collection of local music, news and sports brands, a premium podcast creator, major event producer, and digital innovator. 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 of Sept. 30, 2023, Audacy had $2.79 billion in total assets and $2.66 billion in total liabilities. Audacy and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90004) on Jan. 7, 2024 with a Prepackaged Plan that will reduce debt from $1.9 billion to approximately $350 million. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Latham & Watkins, LLP and Porter Hedges, LLP as legal counsel; PJT Partners, LP as investment banker; FTI Consulting, Inc. as financial advisor; and Epiq Corporate Restructuring as claims agent. The Debtors also hired KPMG, LLP to provide tax compliance, tax consulting, accounting advisory and valuation services. AVENTIS SYSTEMS: Unsecureds to Get Monthly Payments in Plan ----------------------------------------------------------- Aventis Systems, Inc. and Cortavo, Inc. submitted a Third Amended Joint Plan of Reorganization dated January 19, 2024. Under the Plan, Class 1 General Unsecured Claims of Debtors are impaired. The holders of unsecured claims in Class 1 will receive payment in full and complete satisfaction of each holder's claim as follows: * Payment of Unused Funds in the Creditor Payment Account. All funds, if any, in the Creditor Payment Account left after payment of Administrative Claims, payment of those Priority Claims which are paid in cash and payments to Creditors in Class 2A and 2B will be deposited by the Reorganized Debtors into the Unsecured Creditor Payment Fund for payment to Class 1 Creditors. * Installment Payments to Class 1 Creditors. Class 1 creditors will receive (a) a pro-rata share of the funds in the Unsecured Creditor Payment Fund, payable by the Reorganized Debtors quarterly, beginning 30 days after the UCB Pay-off Date and continuing each quarter thereafter for a total of twenty-eight quarters; and (b) a pro rata share of distributions from the Litigation Trust paid by the Plan Trustee in accordance and at the times specified in this Plan. * Payment of Allowed or Disallowed Claims. Any pro rata payment to any Class 1 Claimant whose Class 1 Claim has not been allowed will be held by the Reorganized Debtors until such time as such Claim is allowed. To the extent that any such Claim is allowed in an amount less than originally claimed by any such Class 1 claimant, the excess sums held will be redistributed pro rata to all Allowed Class 1 claimants within 10 days after all Class 1 Claims are allowed or disallowed. * Payment in Full Satisfaction of Class 1 Claims. The Distribution will be in full satisfaction of the Class 1 Claims. Class 1 is impaired by the Plan. Unsecured Creditor Payment Fund shall mean a fund established by Reorganized Debtors which shall consist of eighty-four monthly payments of $6,000 per month from Debtors beginning 30 days after the UCB Pay-off Date and which shall be used solely for making quarterly distributions to Class 1 unsecured creditors, as contemplated by Section 4.5.3 of this Plan. The distributions contemplated by this Plan to secured creditors shall be made through the use of earnings and revenues of the Debtors and the Reorganized Debtors during the pendency of the Cases and following the Effective Date, including without limitation the cash collateral. The distributions contemplated by this Plan to administrative, priority creditors and Class 1 general unsecured creditors and the Class 2 convenience classes will be funded by (a) the Lamei Group Payment; (b) payments from the Unsecured Creditors Payment Fund; and (c) distributions made by the Plan Trustee from the Litigation Trust. Counsel for the Debtors: Gus H. Small, Esquire Benjamin S. Klehr, Esquire Anna M. Humnicky, Esquire SMALL HERRIN, LLP Suite 350, 100 Galleria Parkway Atlanta, GA 30339 A copy of the Third Amended Joint Plan of Reorganization dated Jan. 19, 2024, is available at https://tinyurl.ph/PlgSt from PacerMonitor.com. About Aventis Systems Aventis Systems, Inc., a company in Atlanta, offers custom IT solutions to build and operate complete physical and virtual infrastructures. The comprehensive solutions include refurbished and new hardware, system and application software, and an array of in-depth managed services including infrastructure consultation, cloud hosting and migration, virtualization deployment, data and disaster recovery, security consultation, hardware relocation, and equipment buyback. Aventis Systems and affiliate, Cortavo, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 23-51162) on Feb. 6, 2023. In the petition signed by its chief executive officer, Hessam Lamei, Aventis Systems disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Lisa Ritchey Craig oversees the cases. The Debtors tapped Anna Humnicky, Esq., at Small Herrin, LLP as bankruptcy counsel; AI Law as special counsel; and Nichols, Cauley & Associates, LLC as accountant B, C & D LAND: Seeks to Hire Bradley S. Bourgeois as Accountant --------------------------------------------------------------- B, C & D Land & Timber LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Bradley S. Bourgeois, JD, CPA, LLC as accountant. The firm's services include: (a) auditing services; (b) preparation of accounting statements and monthly accounting; (c) assistance with cash flow forecasts, reorganization plans, tax returns, bankruptcy schedules, financial statements, and other required filings; and (d) other necessary accounting services. The hourly rates of the firm's professionals are as follows: Partner $180 Staff $90 Bradley Bourgeois, CPA, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Bradley Bourgeois, CPA Bradley S. Bourgeois, JD, CPA LLC 300 Washington Street, Suite 100K Monroe, LO 71201 Telephone: (318) 816-5113 About B, C & D Land & Timber B, C & D Land & Timber, LLC owns and operates The Dawg House Sports Grill. Based in Arcadia, La., B, C & D Land & Timber filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. La. Case No. 24-10048) on Jan. 12, 2024, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Thomas Willson serves as Subchapter V trustee. Judge John S. Hodge oversees the case. The Debtor tapped Robert W. Raley, Esq., as legal counsel and Bradley S. Bourgeois, JD, CPA LLC as accountant. BEND ARCH: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: Bend Arch Petroleum Inc. 101 W. Lee Avenue Graford TX 76449 Chapter 11 Petition Date: February 5, 2024 Court: United States Bankruptcy Court Northern District of Texas Case No.: 24-40417 Judge: Hon. Mark X. Mullin Debtor's Counsel: Joyce W. Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas TX 75202 Tel: (972) 503-4033 Email: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Johnnie Lee Bitters 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/PQOBNZY/Bend_Arch_Petroleum_Inc__txnbke-24-40417__0001.0.pdf?mcid=tGE4TAMA BENDED PAGE: Hires Plante & Moran as Tax Service Provider --------------------------------------------------------- Bended Page, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Plante & Moran, PLLC as tax service provider. The firm will prepare and file 1099s to be issued to Debtor’s contractors for the 2023 tax year for a flat rate of $2,500. Jeffrey McPherson, a partner at Plante & Moran, 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: Jeffrey McPherson Plante & Moran, PLLC 8181 East Tufts Avenue #600 Denver, CO 80237-2521 Tel: (303) 796-4309 Email: Jeff.McPherson@plantemoran.com About Bended Page, LLC Bended Page, LLC is a book store owner in Denver, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 23-14679) on October 16, 2023. In the petition signed by Bradford Dempsey, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michael E. Romero oversees the case. Andrew D. Johnson, Esq., at Onsager Fletcher Johnson Palmer LLC, represents the Debtor as legal counsel. BIRD GLOBAL: Committee Seeks to Tap Fox Rothschild as Legal Counsel ------------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Bird Global, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Fox Rothschild, LLP. The committee requires legal counsel to: (a) provide legal advice with respect to the committee's powers and duties as appointed under Bankruptcy Code Section 1102; (b) assist in the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors, the operation of the formulation of reorganization or liquidation; (c) prepare legal papers; (d) review, analyze, and respond to pleadings filed in these cases and appear before the court to present necessary motions; (e) advise the committee with regard to all substantive issues and procedures involving otherwise applicable non bankruptcy law arising in the case; (f) represent the committee in hearings and other judicial proceedings; (g) advise the committee of its fiduciary duties and responsibilities; (h) advise the committee and its other professionals on practice and procedure in the bankruptcy court; and (i) perform any and all other legal services in connection with these Chapter 11 cases as may reasonably be required. The hourly rates of the firm's counsel and staff are as follows: Michael Sweet, Partner $980 Robert Elgidely, Partner $735 Gordon Gouveia, Partner $760 Stephanie Ward, Associate $550 Matthew Higgins, Associate $455 Mary Gilmore, Associate $480 Matthew Skolnick, Associate $435 Robin Solomon, Paralegal $495 Other Attorneys $435 - $1,160 Other Associates $435 - $725 Other Paraprofessionals $155 - $495 In addition, the firm will seek reimbursement for expenses incurred. Mr. Elgidely disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert F. Elgidely, Esq. Fox Rothschild, LLP 2 S. Biscayne Boulevard, Suite 2750 Miami, FL 33131 Telephone: (305) 442-6543 Facsimile: (305) 442-6541 Email: relgidely@foxrothschild.com About Bird Global 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. The company is based in Miami, Fla. Bird Global 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 its chief restructuring officer, Christopher Rankin, Bird Global disclosed up to $500 million in both assets and liabilities. Judge Laurel M. Isicoff oversees the cases. Paul Steven Singerman, Esq., Jordi Guso, Esq., and Clay B. Roberts, Esq., at Berger Singerman LLP, represent the Debtors as legal counsel. Teneo Capital LLC is the Debtors' 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. On January 5, 2024, the U.S. Trustee for Region 21 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Fox Rothschild, LLP as legal counsel and Berkeley Research Group, LLC as financial advisor. BIRD GLOBAL: Committee Taps Berkeley Research as Financial Advisor ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 cases of Bird Global, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Berkeley Research Group, LLC. The committee requires a financial advisor to: (a) advise and assist the committee in its analysis and monitoring of the historical, current and projected financial affairs of the Debtors; (b) develop and issue periodic monitoring reports to enable the committee to evaluate effectively the Debtors' performance relative to projections and any relevant operational issues; (c) advise and assist the committee with respect to any debtor-in-possession financing arrangements and/or the use of cash collateral; (d) monitor liquidity and cash flows throughout these cases and scrutinize cash disbursements and capital requirements on an on-going basis; (e) evaluate relief requested in cash management motion; (f) analyze the Debtors' assets (tangible and intangible) and possible recoveries to creditor constituencies under various scenarios and develop strategies to maximize recoveries; (g) evaluate and participate in any 363 sales process to ensure the adequacy of such process and that it proceeds in the most efficient manner to maximize recoveries to unsecured creditors; (h) review and provide analysis of any filed plan of reorganization and disclosure statement; (i) analyze both historical and ongoing related party transactions and/or material unusual transactions of the Debtors; (j) advise the committee and counsel in evaluating any court motions, applications, or other forms of relief, filed or to be filed by the Debtors, or any other parties in interest; (k) assist the committee and counsel in discussions and negotiations with various creditor constituencies regarding restructuring and case resolution; (l) advise and assist the committee in its assessment of the Debtors' employee needs and related costs; (m) analyze the Debtors' business plan and monitor the implementation of any strategic initiatives and prepare reports related thereto; (n) assist counsel in evaluating all purported lien claims by creditors; (o) evaluate and advise on the Debtors' assumption and or rejection of executory contracts and or leases; (p) provide support for counsel as necessary to address restructuring issues; (q) provide support to the committee and counsel regarding potential litigation strategies; (r) work with the Debtors' tax advisors to ensure that any restructuring or sale transaction is structured in a tax efficient manner; (s) monitor Debtors' claims management process; (t) advise the committee in connection with any potential claims and causes of action; (u) participate in meetings and discussions with the committee, the Debtors, and the other parties in interest and with their respective professionals and attending court hearings as may be required; (v) provide any expert reports and/or testimony as requested by the committee and counsel; and (w) perform other matters as may be requested by the committee or counsel from time to time. The hourly rates of the firm's professionals are as follows: David Galfus $1,325 Ron Zaidman $1,095 Robert Cohen $850 Rahul Muruganandam $650 Managing Directors $1,095 - $1,325 Associate Directors & Directors $865 – $1,050 Professional Staff $420 - $850 Support Staff $175 - $375 In addition, the firm will seek reimbursement for expenses incurred. David Galfus, a managing director at Berkeley Research Group, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Galfus Berkeley Research Group, LLC 250 Pehle Avenue, Suite 301 Saddle Brook, NJ 07663 Telephone: (201) 587-7117 Email: dgalfus@thinkbrg.com About Bird Global 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. The company is based in Miami, Fla. Bird Global 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 its chief restructuring officer, Christopher Rankin, Bird Global disclosed up to $500 million in both assets and liabilities. Judge Laurel M. Isicoff oversees the cases. Paul Steven Singerman, Esq., Jordi Guso, Esq., and Clay B. Roberts, Esq., at Berger Singerman LLP, represent the Debtors as legal counsel. Teneo Capital LLC is the Debtors' 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. On January 5, 2024, the U.S. Trustee for Region 21 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Fox Rothschild, LLP as legal counsel and Berkeley Research Group, LLC as financial advisor. BLACKBERRY LTD: Completes Private Offering of $200M Senior Notes ---------------------------------------------------------------- BlackBerry Limited disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on January 29, 2024, the Company completed its previously announced private unregistered offering of $200.0 million aggregate principal amount of its 3.00% Convertible Senior Notes due 2029, which amount includes the full exercise of the initial purchasers' option to purchase up to $25 million aggregate principal amount of additional Notes. The Notes were issued under an Indenture, dated as of January 29, 2024, by and between the Company and Computershare Trust Company, National Association, as trustee. The Indenture provides, among other things, that the Notes will bear interest at a rate of 3.00% per year, payable semi-annually on February 15 and August 15 of each year, beginning on August 15, 2024. The Notes will mature on February 15, 2029, unless earlier repurchased or redeemed by the Company or converted pursuant to their terms. The Company received net proceeds from the offering of the Notes of approximately $194.0 million, after deducting the initial purchasers' discounts and after deducting offering expenses payable by the Company. The Company intends to use the net proceeds from the offering of the Notes to repay or repurchase the Company's outstanding $150.0 million aggregate principal amount of 1.75% Extendible Convertible Unsecured Debentures due February 15, 2024 and the remainder for general corporate purposes. The Company may not redeem the Notes prior to February 22, 2027, except in the event of certain tax law changes. On or after February 22, 2027, the Company may redeem for cash all or any portion of the Notes (subject to a partial redemption limitation), at any time and from time to time, if the last reported sale price of the Company's common shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides the related notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Notes. Prior to the close of business on the business day immediately preceding November 15, 2028, holders of the Notes may convert their Notes at their option only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on March 31, 2024 (and only during such calendar quarter), if the last reported sale price of the Common Shares for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five consecutive business-day period after any five consecutive trading-day period in which the trading price per $1,000 principal amount of the Notes for each trading day of such five consecutive trading-day period was less than 98% of the product of the last reported sale price of Common Shares and the conversion rate on each such trading day; (iii) if the Company calls (or is deemed to have called) any or all of the Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date or the tax redemption date, as the case may be, but only with respect to the Notes called (or deemed called for redemption); or (iv) upon the occurrence of specified corporate events described in the Indenture. On or after November 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Notes may convert all or a portion of their Notes at any time. Upon conversion, the Company will pay or deliver, as the case may be, cash, Common Shares or a combination of cash and Common Shares at the Company's election (or, in the case of any Notes called for redemption (or deemed called for redemption) for which the relevant conversion date occurs during the related redemption period (as defined in the Indenture) the Company will deliver solely Common Shares). The initial conversion rate is 257.5826 Common Shares per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $3.88 per share). The conversion rate is subject to adjustment upon the occurrence of certain specified events as set forth in the Indenture. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption, the Company will increase, in certain circumstances, the conversion rate for a holder who elects to convert its Notes in connection with such corporate event or notice of redemption. The maximum number of Common Shares issuable in connection with the conversion of the Notes is 68,259,386. Upon the occurrence of a fundamental change (as defined in the Indenture), subject to certain conditions, the Company will be required to make an offer to repurchase all or a portion of the Notes for cash at a price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The Indenture contains customary events of default. In the event of certain events of bankruptcy, insolvency or reorganization involving the Company or any of its significant subsidiaries, 100% of the principal of the Notes plus accrued and unpaid interest, if any, will be declared immediately due and payable, subject to certain conditions in the Indenture. In the case of any other event of default (subject, in certain cases, to a cure period), the Trustee or the holders of at least 25% in principal amount of the then-outstanding Notes may declare the Notes to be due and payable immediately. Certain of the initial purchasers of the Notes and their respective affiliates have, from time to time, performed, and may in the future perform, certain commercial banking, financial advisory, investment banking and other services for the Company and its affiliates in the ordinary course of their business, for which they received or will receive customary fees and commissions. The offer and sale of the Notes to the initial purchasers were made in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and for resale by the initial purchasers to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act. The Company relied on these exemptions from registration based in part on representations made by the initial purchasers in the purchase agreement pursuant to which the Company sold the Notes to the initial purchasers. Any Common Shares issuable upon conversion of the Notes will be issued in transactions anticipated to be exempt from registration under the Securities Act pursuant to Section 3(a)(9) thereof. The Company does not intend to file a registration statement covering the resale of the Notes or the Common Shares issuable upon conversion of the Notes, if any. Full-copies of the Indenture and the Form of Global 3.00% Convertible Senior Note due 2029 are available at http://tinyurl.com/57rk6kpmand http://tinyurl.com/57rk6kpm, respectively. About BlackBerry Headquartered in Waterloo, Ontario, BlackBerry Limited (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. As of Aug. 31, 2023, the Company had $1.613 billion in total assets against $784 million in total liabilities. In September 2023, Egan-Jones Ratings Company maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by BlackBerry Limited. CAESARS ENTERTAINMENT: S&P Raises Secured Rating to 'BB-' --------------------------------------------------------- S&P Global Ratings raised its issue-level rating on Caesars Entertainment Inc.'s secured debt to 'BB-' from 'B+' and revised its recovery rating to '2' from '3'. S&P also removed the ratings from CreditWatch with positive implications, where it placed them on March 9, 2023. The '2' recovery rating indicates its expectation of substantial (70%-90%; rounded estimate: 75%) recovery for the secured lenders in the event of a payment default. The company plans to use proceeds from its new upsized $2.9 billion term loan B and $1.5 billion senior secured notes to repay $3.4 billion of parent secured notes due 2025, repay the remaining $1 billion of secured debt at subsidiary Caesars Resort Collection LLC (CRC), and pay fees and expenses. The assets at CRC will become available to satisfy parent secured debt claims following the repayment of CRC debt as the assets at the subsidiary would be unencumbered. S&P said, "We also lowered our issue-level rating on Caesars' unsecured debt to 'B-' from 'B' and revised the recovery rating on this debt to '6' from '4'. We also removed the ratings from CreditWatch with negative implications, where we placed them on March 9, 2023. The '6' recovery rating indicates our expectation of negligible (0%-10%; rounded estimate: 0%) recovery for the unsecured lenders in the event of a payment default. The repayment of the remaining outstanding CRC debt impairs recovery prospects for unsecured lenders, who will no longer share CRC's residual value pro rata with secured lenders." S&P's issuer credit rating on Caesars remains 'B+'. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P said, "We raised our issue-level rating on Caesars' secured debt, including its new $2.9 billion term loan B, its new $1.5 billion senior secured notes due 2032, its existing secured credit facility and senior secured notes to 'BB-' from 'B+' and revised the recovery rating to '2' from '3'. We also removed the ratings from CreditWatch. The '2' recovery rating indicates our expectation of substantial (70%-90%; rounded estimate: 75%) recovery for secured lenders in the event of a payment default." -- Following the repayment of its debt, CRC will no longer be an excluded subsidiary under Caesars' debt agreements and will guarantee Caesars' debt and secure Caesars' secured debt. As a result, Caesars' secured lenders will have a priority claim to CRC's enterprise value. This improves recovery prospects for secured lenders but impairs recovery prospects for unsecured lenders. -- S&P said, "As a result, we lowered our issue-level rating on Caesars' unsecured notes to 'B-' from 'B' and revised our recovery rating to '6' from '4'. We also removed the issue-level rating from CreditWatch negative. Caesars' unsecured notes are composed of $1.6 billion senior notes due 2027 and $1.2 billion senior notes due 2029." -- S&P plans to discontinue our ratings on CRC's secured notes once they are redeemed. Simulated default assumptions -- S&P's simulated default scenario assumes a default by 2028, in line with its typical time to default for issuers rated 'B+', due to prolonged economic weakness or significantly greater competitive pressures in the company's various markets and in the online gaming segment, or both. -- In S&P's simulated default scenario, it does not expect Caesars to reject its leases and anticipate it will continue to pay rent to its lessors because of the importance of the leased assets to its operations. -- S&P said, "We assume a gross enterprise value at emergence of $9.5 billion, calculated by applying a 7x multiple to our estimated EBITDA at emergence. (Our emergence EBITDA is calculated after rent payments.) We use a multiple that is at the high end of our range for leisure companies to reflect the combined company's good scale and geographic diversity in the U.S. and its favorable competitive position given it has the largest player loyalty program in the country." -- CRC will guarantee Caesars' debt and therefore Caesars' debt at default will be satisfied by value at both CRC and Caesars. -- S&P assumes Caesars' $2.3 billion revolver is 85% drawn at default. Simplified waterfall -- Emergence EBITDA: About $1.4 billion -- EBITDA multiple: 7x -- Gross enterprise value: $9.5 billion -- Net enterprise value after administrative expenses (5%): $9.0 billion -- Value attributable to Caesars' secured debt claims: $9.0 billion -- Estimated Caesars' secured debt claims at default: $11.5 billion --Recovery range: 70%-90% (rounded estimate: 75%) -- Value attributable to Caesars' unsecured debt claims: $0 -- Estimated Caesars unsecured debt and pari passu secured deficiency claims: $5.4 billion --Recovery range: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. CANO HEALTH: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: Cano Health, Inc. 9725 NW 117th Avenue Miami Florida 33178 Business Description: The Debtors, together with their non-debtor affiliates, are independent primary care physician group. Chapter 11 Petition Date: February 4, 2024 Forty-eight affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Cano Health, Inc. (Lead Case) 24-10164 Primary Care (ITC) Intermediate Holdings, LLC 24-10165 Complete Medical Billing and Coding Services, LLC 24-10166 Cano Health, LLC 24-10167 Cano Health of Puerto Rico LLC 24-10168 CHPR MSO LLC 24-10169 Cano Health of Florida, LLC 24-10170 Cano Health CA1 MSO LLC 24-10171 Physicians Partners Group Merger, LLC 24-10172 Cano Health Nevada Network, LLC 24-10173 Comfort Pharmacy 2, LLC 24-10174 Cano Medical Center of West Florida, LLC 24-10175 Cano Occupational Health, LLC 24-10176 CH Dental Administrative Services LLC 24-10177 American Choice Healthcare, LLC 24-10178 Physicians Partners Group Puerto Rico, LLC 24-10179 DGM MSO, LLC 24-10180 Cano PCP Wound Care, LLC 24-10181 Cano Research LLC 24-10182 Cano Personal Behavior LLC 24-10183 Cano PCP MSO, LLC 24-10184 Physicians Partners Group Puerto Rico, LLC 24-10185 Cano HP MSO, LLC 24-10186 Cano PCP, LLC 24-10187 Orange Healthcare Administration, LLC 24-10188 ACH Management Services, LLC 24-10189 Physicians Partners Group of FL, LLC 24-10190 Cano Behavior Health LLC 24-10191 PPG Puerto Rico Blocker, Inc. 24-10192 Orange Care Group South Florida Management Services Organization, LLC 24-10193 Cano Belen, LLC 24-10194 Cano Health Illinois Network, LLC 24-10195 Orange Accountable Care Organization of South Florida 24-10196 Cano Health New Mexico LLC 24-10197 Cano Pharmacy, LLC 24-10198 Orange Accountable Care Organization, LLC 24-10199 IFB Pharmacy, LLC 24-10200 American Choice Commercial ACO, LLC 24-10201 Belen Pharmacy Group, LLC 24-10202 Orange Care IPA of New York, LLC 24-10203 University Health Care Pharmacy, LLC 24-10204 Orange Care IPA of New Jersey, LLC 24-10205 Cano Health New York, IPA, LLC 24-10206 Total Care ACO, LLC 24-10207 Clinical Research of Hollywood, P.A. 24-10208 Cano Health CA1, LLC 24-10209 Cano Health Illinois 1 MSO, LLC 24-10210 Solis Network Solutions, LLC 24-10211 Court: United States Bankruptcy Court District of Delaware Debtors' Counsel: Michael J. Merchant, Esq. Mark D. Collins, Esq. Amanda R. Steele, Esq. RICHARDS, LAYTON & FINGER, P.A. One Rodney Square, 920 North King Street Wilmington, Delaware 19801 Tel: (302) 651-7700 Email: collins@rlf.com merchant@rlf.com steele@rlf.com - and - Garty T. Holtzer, Esq. Jessica Liou, Esq. Matthew P. Goren, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Email: gary.holtzer@weil.com jessica.liou@weil.com matthew.goren@weil.com Debtors' Investment Banker: HOULIHAN LOKEY, INC. 245 Park Ave, 20th Floor New York, NY 10167 Debtors' Financial Advisor: ALIXPARTNERS, LLP 909 Third Ave New York, NY 10022 Debtors' Special Counsel: QUINN EMANUEL URQUHART & SULLIVAN, LLP 51 Madison Ave 22nd floor New York, NY 10010 Debtors' Notice, Claims & Solicitation Agent: KURTZMAN CARSON CONSULTANTS LLC 222 N. Pacific Coast Highway 3rd Floor, El Segundo, CA 90245 Total Assets as of Sept. 30, 2023: $1,211,931,000 Total Debts as of Sept. 30, 2023: $1,471,032,000 The petitions were signed by Mark Kent as authorized signatory. A full-text copy of the Lead Debtor's petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/KFRSHAY/Cano_Health_Inc__debke-24-10164__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. U.S. Bank National Association, Unsecured $306,406,250 as Trustee Bonds Attn.: Christine Robinette, Global Corporate Trust Services West Side Flats 60 Livingston Avenue, EP-MN-WS3C Saint Paul, Minnesota 55107 Phone: (651) 466-6307 Email: christine.robinette@usbank.com 2. CD Support LLC Trade Payable $5,572,277 Attn.: David Joe 85 Argonaut, Suite 220 Aliso Viejo, California 92656 Phone: (888) 411-2290 Email: djoe@onsitedental.com 3. Northeast Series of Trade Payable $3,357,287 Lockton LLC Attn.: Legal Department 1185 Avenue of the Americas, Suite 2010 New York, New York 10036-2601 Phone: (646) 572-7300 Email: northeast-tsa@lockton.com 4. Second Wave Delivery Trade Payable $2,294,687 Systems, LLC Attn.: Frederick Leathers 9060 W. Cheyenne Avenue Las Vegas, Nevada 89129 Phone: (954) 368-9175 Email: fred.leathers@secondwaveds.com 5. Preferred Care Partners Inc. Trade Payable $1,134,541 Attn.: Legal Department 9100 S Dadeland Boulevard, Suite 1250 Miami, Florida 33156-7838 Tel: (305) 670-8440 Fax: (888) 950-1169 6. MedCloud Depot LLC Trade Payable $819,568 Attn.: Legal Department 13155 SW 134th Street, Suite 211 Miami, Florida 33186 Phone: (786) 601-4656 Email: invoice@medclouddept.com 7. The Siegfried Group, LLP Professional $565,057 Attn.: Roxanne Meyer Services 1201 North Market Street, Suite 700 Wilmington, Delaware 19801 Phone: (302) 984-1800 Email: ar@siegfreidgroup.com 8. Cushman & Wakefield, Inc. Trade Payable $538,108 Attn.: Tiffany Hunt 575 Maryville Center Drive Town and Country, Missouri 63141 Phone: (314) 356-2469 Email: tiffany.hunt@cushwake.com 9. Trueshore BPO, LLC Trade Payable $519,069 Attn.: Maria Rufin 1700 79th Street Causeway, Suite 120 North Bay Village, Florida 33141 Phone: (305) 902-2338 Email: mfrufin@elitehealth.com 10. Navina Technologies Ltd. Trade Payable $480,000 Attn.: Hila Dalal Menachem Begin 156 Tel Aviv, Israel 6492108 Phone: +524833902 Email: hila.ds@navina.ai 11. Enterprise FM Trust Trade Payable $364,844 Attn.: Legal Department 600 Corporate Park Drive St. Louis, Missouri 63105 Phone: (877) 233-5338 Email: asia.m.loveless@afleets.com 12. Eclinical Works, LLC Trade Payable $357,425 Attn.: Legal Department 2 Technology Drive Westborough, Massachusetts 01581 Phone: (508) 836-2700 Email: ecwar@eclinicalworks.com 13. RAPID7 LLC Trade Payable $335,484 Attn.: Nick Sestito 120 Causeway Street, Suite 400 Boston, Massachusetts 02114 Phone: (617) 247-1717 Email: mocl_sesyoyp@rapid7.com 14. BOF FL Flagler Station LLC Landlord $315,066 Attn.: Legal Department 1277 Lenox Park Boulevard, Suite 200 Atlanta, Georgia 30319 Phone: (404) 907-3100 15. Labaton Sucharow LLP Professional $305,124 Attn.: Legal Department Services 140 Broadway New York, New York 10005 Phone: (212) 907-0652 Email: info@labaton.com 16. Fifth Third Bank Trade Payable $285,359 Attn.: Julio Ramirez 38 Fountain Square Plaza Cincinnati, Ohio 45202 Phone: (513) 579-5203 Email: julio.ramirez@53.com 17. Freshfields Bruckhaus Agent Fees $282,290 Deringer US LLP Attn.: Mark Liscio & Scott Talmadge 601 Lexington Avenue, 31st Floor New York, New York 10022 Phone: (212) 277-4000 Email: mark.liscio@freshfields.com scott.talmadge@freshfields.com 18. Salesforce.Com, Inc. Trade Payable $265,219 Attn.: Legal Department 415 Mission Street, 3rd Floor San Francisco, California 94105 Phone: (415) 901-7000 Email: payment@salesforce.com 19. Angeles Food Corp. Trade Payable $263,689 Attn.: Heidi Perez 4245 East 4th Avenue Hialeah, Florida 33013 Email: elindiobakery@gmail.com 20. Lyft, Inc. Trade Payable $258,864 Attn.: Legal Department 185 Berry Street, Suite 5000 San Francisco, California 94107 Phone: (844) 493-9881 Email: accountsreceivable@lyft.com 21. 2380-90 NW 7 Street LLC Landlord $246,202 Attn.: Ric Arcadi 6924 NW 113th Place Doral, Florida 33178 Phone: (440) 725-3762 Email: ric@image1group.com 22. 107 Commercial Property LLC Landlord $244,923 Attn.: Myriam Goldsmith 2260 NW 114 Avenue Miami, Florida 33172 Phone: (305) 903-8936 Email: myriam@dgs.group 23. The Wellness Circle Settlement $240,000 Attn.: Jozef Opdeweegh 3785 NW 82nd Avenue, Suite 400-408 Miami, Florida 33166 Email: jos@opdeweegh.com 24. Coral Reef Medical Group, LLC Trade Payable $233,772 Attn.: Robert Blanco 30334 Old Dixie Highway Homestead, Florida 33033 Phone: (786) 243-0149 Email: rblanco@coralreefmedical.com 25. Milliman Inc. Trade Payable $205,715 Attn.: Legal Department 3424 Peach Tree Road NE Atlanta, Georgia 30326 Email: web_team@milliman.com 26. VPRE Real Holdings LLC Landlord $196,637 Attn.: Victor Diaz 2719 N. Spaulding Avenue Chicago, Illinois 60647 Phone: (773) 342-1771 Email: nail@dadecook.com 27. Andreas Eliopoulos Landlord $185,332 2940 W. Catalpa Avenue Chicago, Illinois 60625 Phone: (773) 852-0929 Email: andyelio@yahoo.com 28. AT&T Utility $178,148 Attn.: Legal Department 208 S. Akard Street Dallas, Texas 75202 Phone: (210) 821-4105 Email: mast@att.com 29. BDO USA, LLP Accounting $167,819 Attn.: Alexander Binelo 1450 Brickell Avenue Miami, Florida 33131 Phone: (305) 373-5500 Email: abinelo@bdo.com 30. Regency Centers, L.P. Landlord $156,038 Attn.: Isabel Rua 6840 SW 40th Street, Suite 208 Miami, Florida 33155 hone: (305) 493-5226 Email: isabelrua@regencycenters.com CANO HEALTH: Eaton Vance EFT Marks $24.9MM Loan at 57% Off ---------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT) has marked its $24,870,000 loan extended to Cano Health, LLC, to market at $1,071,720 or 43% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Term Loan (SOFR + 4.00%) to Cano Health. The loan accrues interest at a rate of 9.533% per annum. The loan matures on November 23, 2027. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 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. CANO HEALTH: Files Chapter 11 to Facilitate Restructuring --------------------------------------------------------- Cano Health, Inc. (NYSE: CANO), a leading value-based primary care provider and population health company, on Feb. 4 disclosed that it has entered into a Restructuring Support Agreement (the "RSA") with lenders (the "Ad Hoc Lender Group") holding approximately 86% of its secured revolving and term loan debt and 92% of its senior unsecured notes. This agreement enables Cano Health to substantially reduce its debt and position the Company to achieve long-term success. To facilitate this restructuring, Cano Health has initiated prearranged voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the "Court"). It has also received a commitment for $150 million in new debtor-in-possession financing from certain of its existing secured lenders, which is subject to Court approval. This new capital is expected to provide sufficient liquidity to support the Company's ongoing operations throughout the restructuring process. Mark Kent, CEO of Cano Health, said, "We have taken decisive actions over the past few months to advance our previously disclosed Transformation Plan and strengthen our financial position. By entering this court-supervised restructuring process, we are positioning the Company to achieve those goals on an accelerated basis and focus on what we do best -- improving health outcomes for patients at a lower cost. I am confident we will emerge from this process a stronger organization with the necessary resources in place to continue delivering the quality of care our patients expect and deserve. We appreciate the support of the majority of our creditors as we pursue this goal." Since Mark Kent assumed the permanent CEO role in August 2023, Cano Health has significantly advanced and accelerated its strategy to focus on its core Florida Medicare Advantage and ACO REACH lines of business, including successfully divesting operations in Texas and Nevada and exiting the California and Puerto Rico markets. As a result of its ongoing operational Transformation Plan, the Company expects to achieve approximately $290 million of annualized cost reductions by the end of 2024. Cano Health is filing with the Court a series of customary "first day" motions to maintain business-as-usual operations on all fronts: -- Paying associate wages, including for its doctors and nurses, without interruption; -- Continuing operations and honoring obligations to its affiliate physician groups; -- Ensuring patients at its clinics continue to receive quality value-based healthcare; and -- Seeking authority to pay the existing pre-petition claims of certain vendors that are critical to the health and safety of Cano Health's patients and critical to the operation of the Company's medical centers. The Company has authority to continue making ordinary course payments for all authorized goods and services provided on or after the filing date. Court approval of these routine motions, which the Company expects to receive in short order, will help facilitate a smooth transition into the process and ensure the Company's medical centers and its physician affiliates can continue providing uninterrupted service to all patients. Given the broad extent of creditor support, Cano Health expects to file and receive Court approval of a Plan of Reorganization and Disclosure Statement expeditiously, while also exploring paths to maximize value, and it expects to emerge from the restructuring process in the second quarter of 2024. The RSA provides for the conversion of nearly $1 billion in secured debt to a combination of new debt and full equity ownership in the reorganized company. It also allows for solicitation of strategic partnerships and potential offers SHY-- including the sale of the company or substantially all its assets -- that may result in a value-maximizing outcome to the Company's stakeholders. Additional information about Cano Health's restructuring proceedings is available at https://www.kccllc.net/CanoHealth. Creditors with questions may contact the Company's Claims Agent, Kurtzman Carson Consultants LLC ("KCC"), at CanoHealthinfo@kccllc.com and (888) 251-2679 (U.S./Canada) or (310) 751-2609 (International). Weil, Gotshal & Manges LLP is serving as legal counsel; Houlihan Lokey Capital Inc. is serving as investment banker; and AlixPartners LLP is serving as financial advisor to Cano Health. The Ad Hoc Lender Group is represented by Gibson, Dunn & Crutcher as legal counsel, Evercore as investment banker, and Berkeley Research Group as financial advisor. About Cano Health Cano Health, Inc. (NYSE: CANO) -- canohealth.com -- is a primary care-centric, technology-powered healthcare delivery and population health management platform. Founded in 2009, with its headquarters in Miami, Florida, Cano Health is transforming healthcare by delivering primary care that measurably improves the health, wellness, and quality of life of its patients and the communities it serves through its primary care medical centers and supporting affiliated providers. Cano Health reported a net loss of $428.39 million in 2022, a net loss of $116.74 million in 2021, a net loss of $71.06 million in 2020, and a net loss of $19.78 million in 2019. In its Quarterly Report for the period ended Sept. 30, 2023, Cano Health said its management has evaluated the significance of certain conditions in relation to the Company's ability to meet its obligations and has concluded that there is substantial doubt about the Company's ability to continue as going concern within one year after the date that the financial statements were issued. Cano Health also said its ability to continue as a going concern is contingent upon, among other things, successful execution of management's intended plan over the next 12 months to improve its liquidity and profitability. * * * As reported by the TCR on Aug. 17, 2023, S&P Global Ratings lowered its issuer credit rating on Cano Health Inc. to 'CCC-' from 'B-'. S&P said, "We based our negative outlook on our expectation for continued weak operating performance and cash flow deficits. Given the company's current liquidity position, we believe there is heightened risk of a near-term default such as a bankruptcy filing, debt restructuring, or missed interest payment." CAREISMATIC BRANDS: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Careismatic Brands, LLC. The committee members are: 1. Ball Up, LLC Attn: Robert Keetch P.O. Box 100746 Fort Worth, TX 76185 Phone: 682-229-3466 2. Koi Design, LLC Attn: Jeremy Husk 20600 Gramercy Pl. #101 Torrance, CA 90501 Phone: 310-828-0055 x213 3. Cordial Experience, Inc. Attn: Katie Chandler 402 W. Broadway, Suite 700 San Diego, CA 92101 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Careismatic Brands The Santa Monica, Calif.-based Careismatic Brands, LLC is a designer, marketer, and distributor of medical apparel, footwear, and accessories. Founded in 1995 in Chatsworth, Calif., Careismatic has grown from operating a single flagship brand, Cherokee Medical Uniforms, to a portfolio of seventeen brands. The company offers value to its stakeholders through its spectrum of medical apparel and workwear and omnichannel distribution capabilities across the globe. It has an extensive portfolio of iconic and emerging brands across the health and wellness platform, including Cherokee Uniforms, Dickies Medical, Heartsoul Scrubs, Infinity, Scrubstar, Healing Hands, Med Couture, Medelita, Classroom Uniforms, AllHeart, Silverts Adaptive Apparel, and BALA Footwear. Careismatic Brands filed Chapter 11 petition (Bankr. D. N.J. Lead Case No. 24-10561) on Jan. 22, 2024, with $1 billion to $10 billion in both assets and liabilities. Kent Percy, chief restructuring officer, signed the petition. Judge Vincent F. Papalia oversees the case. Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP represent the Debtor as general bankruptcy counsel; Cole Schotz, P.C. as local bankruptcy counsel; AP Services, LLC as financial advisor; PJT Partners, LP as investment banker; and C Street Advisory Group as strategic communications advisor. Donlin, Recano & Company, Inc. is the claims, noticing and solicitation agent and administrative advisor. CARESTREAM HEALTH: $540.8MM Bank Debt Trades at 18% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Carestream Health Inc is a borrower were trading in the secondary market around 82.0 cents-on-the-dollar during the week ended Friday, February 2, 2024, according to Bloomberg's Evaluated Pricing service data. The $540.8 million facility is a Term loan that is scheduled to mature on September 30, 2027. About $534.1 million of the loan is withdrawn 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. CBC SUBCO: Seeks to Hire Osborn Maledon as Bankruptcy Counsel ------------------------------------------------------------- CBC SubCo, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Osborn Maledon, PA. The Debtor requires legal counsel to: (a) give advice regarding the rights, powers and duties of the Debtor in this Chapter 11 case; (b) assist the Debtor in the preparation of statements and schedules and any amendments; (c) assist the Debtor in the formulation, preparation, and prosecution of a plan of reorganization; (d) assist the Debtor with regard to litigation and other matters related to the administration and conduct of its Chapter 11 case; (e) assist and advise the Debtor in discussions with creditors relating to the administration of this case; (f) assist the Debtor in reviewing claims asserted against it and in negotiating with creditors asserting such claims; (g) assist the Debtor in examining and investigating potential preferences, fraudulent conveyances, and other causes of action; (h) represent the Debtor at all hearings and other proceedings; (i) review and analyze all legal papers; (j) advise the Debtor concerning, and prepare on its behalf, all legal documents filed in the case; and (k) perform such other legal services as may be required or appropriate. The hourly rates of the firm's counsel and staff are as follows: Christopher C. Simpson $655 Warren Stapleton $575 Andrew Haynes $295 Lawyers $310 - $910 Law Clerks, Paralegals $155 - $275 Other Assistants $155 - $275 In addition, the firm will seek reimbursement for expenses incurred. Christopher Simpson, Esq., an attorney at Osborn Maledon, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. Osborn Maledon, PA 2929 North Central Avenue, 20th floor Phoenix, AZ 85012 Telephone: (602) 640-9000 Email: csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com About CBC SubCo CBC SubCo, Inc. filed its voluntary petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-00632) on Jan. 26, 2024. In the petition signed by George Cole Jackson, authorized signatory, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Christopher C. Simpson, Esq., at Osborn Maledon, PA serves as the Debtor's bankruptcy counsel. CELSIUS NETWORK: Exits Chapter 11, Begins Crypto Distribution ------------------------------------------------------------- Celsius Network LLC on Jan. 31, 2024 disclosed that it has successfully emerged from bankruptcy by completing the transactions under its confirmed plan of reorganization (the "Plan"). The Plan was overwhelmingly approved by approximately 98% of the Company's account holders and confirmed by the Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") on November 9, 2023. This milestone marks the conclusion of an eighteen-month process during which the Company built consensus among a wide range of stakeholders, resolved complex novel legal issues, fully cooperated with all regulatory investigations, and developed and consummated the transactions under the Plan. The Plan includes the distribution of over $3 billion of cryptocurrency and fiat to Celsius' creditors, and the creation of a new Bitcoin mining company -- Ionic Digital, Inc. -- which will be owned by Celsius' creditors and will have its mining operations managed by Hut 8 Corp. (Nasdaq | TSX: HUT) ("Hut 8"). Following confirmation of the Plan and feedback from the Securities and Exchange Commission (the "SEC") on certain aspects of the Plan, Celsius, in close coordination with the Official Committee of Unsecured Creditors (the "UCC"), announced that it would transition to the "MiningCo Transaction," consistent with the Plan. In addition, the Company increased the amount of cryptocurrency that would be available for distribution to creditors by nearly $250 million dollars by converting altcoins to BTC or ETH and through previous settlements. The Bankruptcy Court approved the MiningCo Transaction on December 27, 2023. On January 31, pursuant to the MiningCo Transaction, the Company has commenced distributions of over $3 billion of liquid cryptocurrency and fiat to creditors and Ionic Digital was created as a new Bitcoin mining company that will continue to deliver recoveries to creditors. The Ionic Digital stock is expected to be publicly traded once the requisite approvals are received. Ionic Digital will be owned by Celsius' creditors, who will own equity in the form of common stock. "Creating the best outcome for creditors by maximizing value and speed have been front of mind for Celsius throughout this process," said Chris Ferraro, Plan Administrator and former Chief Restructuring Officer, Interim Chief Executive Officer, and Chief Financial Officer. "On Jan. 31, over 18 months after Celsius paused withdrawals, we began distributing over $3 billion of cryptocurrency, fiat, and stock in Ionic Digital to Celsius creditors." "Our exit from bankruptcy is the culmination of an extraordinary team effort and extensive collaboration between Celsius, Hut 8, strategic partners, and our creditors," added David Barse and Alan Carr, members of the Special Committee of the Board of Celsius, who have been steering Celsius though its Chapter 11 process. Barse and Carr continued: "When we were appointed in June 2022, everyone assumed Celsius would disappear completely like the other crypto lenders that were filing bankruptcy around the same time. We, however, believed that Celsius could navigate complicated legal, regulatory, and business issues. Among other achievements, Celsius secured the cryptocurrency on our platform, achieved a settlement with the preferred shareholders, ran a successful auction of the one reorganizable operating business to begin as a new Bitcoin mining company, established a litigation trust to pursue the innumerable counterparties that exploited Celsius and, possibly most importantly, settled with the DOJ, SEC, and CFTC. But most of all, we are proud of the preservation and distribution of cryptocurrency assets and enhanced recovery for customers and claim holders." To facilitate secure, timely, and fully compliant distributions, Celsius and its advisors have coordinated with the UCC and certain federal and state regulatory agencies throughout its restructuring. Matt Prusak, Chief Commercial Officer, Hut 8, has been named CEO of Ionic Digital and will work with the previously announced Board of Directors, a majority of which were appointed by the UCC. Hut 8 will oversee Ionic Digital's Bitcoin mining business under a four-year management agreement. Additional details on Ionic Digital will be forthcoming. Celsius will now pursue an orderly wind down of its operations, including discontinuing the Celsius mobile and web applications. Additional Information about the Restructuring Process The full terms of the Plan and Disclosure Statement, as well as additional information about the chapter 11 filing, including court documents, can be found online free of charge at https://cases.stretto.com/celsius. Stakeholders with questions may call Stretto at +1 (855) 423-1530 (U.S.) or +1 (949) 669-5873 (international) or email celsiusinquiries@stretto.com. Advisors Kirkland & Ellis LLP is serving as legal counsel, Centerview Partners is serving as financial advisor, Alvarez & Marsal is serving as restructuring advisor, and C Street Advisory Group is serving as strategy and communications advisor to the Debtors. White & Case LLP is serving as legal counsel, Perella Weinberg Partners is serving as investment banker, and M3 Partners is serving as financial advisor to the Committee. Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel to Ionic Digital. Brown Rudnick LLP is serving as legal counsel to Hut 8. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC, as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP, as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP, and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. CF SAFETY: Hires Fred Collins as Director of Field Operations ------------------------------------------------------------- CF Safety Training, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Fred Collins, a professional practicing in West Virginia, as director of field operations. The Debtor needs a director of field operations to allow the opportunity for the business to continue operating smoothly and generating revenue. Mr. Collins will be paid in the amount of $1,600 per week. About CF Safety Training and Consulting CF Safety Training and Consulting, Inc. is a safety company that provides a wide range of services to companies in construction, general industry, maritime and agriculture. The company is based in Shenandoah Junction, W.Va. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.Va. Case No. 23-00598) on December 26, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Russell Frederick Collins, member and manager, signed the petition. Judge David L. Bissett oversees the case. Aaron C. Amore, Esq., at Amore Law, PLLC represents the Debtor as bankruptcy counsel. CF SAFETY: Seeks to Hire Amore Law as Bankruptcy Counsel -------------------------------------------------------- CF Safety Training and Consulting, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Amore Law, PLLC. The Debtor requires legal counsel to: (a) assist with the preparation of schedules, Chapter 11 plan, statement of financial affairs and other required filings; (b) give the Debtor legal advice regarding its interests in the management of the property of the estate; (c) prepare motions and responses to motions which affect the interests of the Debtor; (d) defend against motions and objections which affect the interests of the Debtor; (e) attend hearings; and (f) provide such general and other duties as may be necessary through the Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Attorney $500 Paralegal $125 Aaron Amore, Esq., an attorney at Amore Law, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Aaron C. Amore, Esq. Amore Law PLLC 206 West Liberty St. Charles Town, WV 25414 Telephone: (304) 885-4117 Email: aaron@amorelaw.com About CF Safety Training and Consulting CF Safety Training and Consulting, Inc. is a safety company that provides a wide range of services to companies in construction, general industry, maritime and agriculture. The company is based in Shenandoah Junction, W.Va. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.Va. Case No. 23-00598) on December 26, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Russell Frederick Collins, member and manager, signed the petition. Judge David L. Bissett oversees the case. Aaron C. Amore, Esq., at Amore Law, PLLC represents the Debtor as bankruptcy counsel. CF SAFETY: Seeks to Hire Catherine Collins as Office Manager ------------------------------------------------------------ CF Safety Training, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Catherine Collins, a professional practicing in West Virginia, as office manager. The Debtor needs an office manager to allow the opportunity for the business to continue operating smoothly and generating revenue. Ms. Collins will be paid in the amount of $1,600 per week. About CF Safety Training and Consulting CF Safety Training and Consulting, Inc. is a safety company that provides a wide range of services to companies in construction, general industry, maritime and agriculture. The company is based in Shenandoah Junction, W.Va. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.Va. Case No. 23-00598) on December 26, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Russell Frederick Collins, member and manager, signed the petition. Judge David L. Bissett oversees the case. Aaron C. Amore, Esq., at Amore Law, PLLC represents the Debtor as bankruptcy counsel. CF SAFETY: Taps Christina Kite as Safety Supervisor and Instructor ------------------------------------------------------------------ CF Safety Training, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Christina Kite, a professional practicing in West Virginia, as safety supervisor and instructor. The Debtor needs a safety supervisor and instructor to allow the opportunity for the business to continue operating smoothly and generating revenue. Ms. Kite will be paid in the amount of $1,600 per week. About CF Safety Training and Consulting CF Safety Training and Consulting, Inc. is a safety company that provides a wide range of services to companies in construction, general industry, maritime and agriculture. The company is based in Shenandoah Junction, W.Va. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.Va. Case No. 23-00598) on December 26, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Russell Frederick Collins, member and manager, signed the petition. Judge David L. Bissett oversees the case. Aaron C. Amore, Esq., at Amore Law, PLLC represents the Debtor as bankruptcy counsel. CHICKEN SOUP: Royce & Associates Holds 1.94% of Class A Shares -------------------------------------------------------------- In a Schedule 13G/A Report filed with the U.S. Securities and Exchange Commission, Royce & Associates, LP disclosed that as of December 31, 2023, it beneficially owned 477,611 shares, representing 1.94% of Chicken Soup for the Soul Entertainment, Inc.'s Class A Common Stock. A full-text copy of the Report is available at http://tinyurl.com/4ytewyx5 About Chicken Soup Chicken Soup for the Soul Entertainment, Inc. provides premium content to value-conscious consumers. The company is one of the largest advertising-supported video-on-demand (AVOD) companies in the US, with three flagship AVOD streaming services: Redbox, Crackle, and Chicken Soup for the Soul. In addition, the company operates Redbox Free Live TV, a free ad-supported streaming television service (FAST), with over 160 channels as well as a transaction video on demand (TVOD) service, and a network of approximately 32,000 kiosks across the US for DVD rentals. To provide original and exclusive content to its viewers, the company creates, acquires, and distributes films and TV series through its Screen Media and Chicken Soup for the Soul TV Group subsidiaries. Chicken Soup for the Soul Entertainment is a subsidiary of Chicken Soup for the Soul, LLC, which publishes the famous book series and produces super-premium pet food under the Chicken Soup for the Soul brand name. In its Quarterly Report for the period ended Sept. 30, 2023, the Company said there is substantial doubt about its ability to continue as a going concern and this could materially impact its ability to obtain capital financing and the value of its common and preferred stock. "In order to partially replace the working capital shortfall resulting from the lack of the aforementioned working capital loan, the Company factored its short-dated receivables but was unable to factor its long-term receivables (which we expected to create additional liquidity generally sufficient to cover the shortfall). Also, the Company launched initiatives to improve its efficiency and reduce its cost structure, including, but not limited to, (i) optimizing its kiosk network, (ii) evaluating and implementing workforce reductions across its supply chain and corporate teams and (iii) maximizing cost synergies across the combined businesses. The combination of these factors has resulted in asserted defaults and/or contractual terminations with critical content and service providers, impacting our ability to procure and monetize content efficiently across our distribution platforms. Due to the on-going impact of the above factors on our current and future results of operations, cash flows and financial condition, there is substantial doubt as to the ability of the Company to continue as a going concern," the Company stated in its Quarterly Report for the period ended Nov. 30, 2023. Chicken Soup reported a net loss attributable to the Company of $101.54 million in 2022 and a net loss attributable to the Company of $50.41 million in 2021. As of Sept. 30, 2023, the Company had $481.33 million in total assets, $890.06 million in total liabilities, and a total deficit of $408.72 million. CITIUS PHARMACEUTICALS: BlackRock Has 5.3% Stake as of Dec. 31 -------------------------------------------------------------- BlackRock, Inc. reported in a Schedule 13G filed with the Securities and Exchange Commission that as of Dec. 31, 2023, it beneficially owned 8,457,814 shares of common stock of Citius Pharmaceuticals, Inc., representing 5.3 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/1364742/000108636424006038/us17322u2078_013124.txt About Citius Pharmaceuticals Inc Headquartered in Cranford, NJ, Citius Pharmaceuticals, Inc. -- http://www.citiuspharma.com-- is a late-stage pharmaceutical company dedicated to the development and commercialization of first-in-class critical care products with a focus on oncology, anti-infectives in adjunct cancer care, unique prescription products and stem cell therapy. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 29, 2023, citing that the Company has suffered recurring losses and negative cash flows from operations and has a significant accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. CITY BREWING: Eaton Vance EFT Marks $1.26MM Loan at 19% Off ----------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT) has marked its $1,259,000 loan extended to City Brewing Company, LLC., to market at $1,023,792 or 81% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Term Loan (SOFR + 3.50%) to City Brewing Company. The loan accrues interest at a rate of 9.164% per annum. The loan matures on April 5, 2028. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 City Brewing Company is a premier, state-of-the-art beverage production and packaging company. CLARK RENOVATIONS: Seeks to Hire Calaiaro Valencik as Counsel ------------------------------------------------------------- Clark Renovations, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Calaiaro Valencik. The Debtor requires legal counsel to: (a) represent the Debtor at the meeting of creditors; (b) represent the Debtor in relation to negotiating an agreement on cash collateral; (c) represent the Debtor in relation to acceptance or rejection of executory contracts; (d) advise the Debtor with regard to its rights and obligations during the Chapter 11 case; (e) represent the Debtor in relation to any motions to convert or dismiss this Chapter 11; (f) represent the Debtor in relation to any motions for relief from stay filed by any creditors; (g) prepare the Subchapter V plan; (h) prepare any objection to claims in the Chapter 11; and (i) otherwise, represent the Debtor in general. The hourly rates of the firm's counsel and staff are as follows: Donald R. Calaiaro, Partner $425 David Z. Valencik, Partner $375 Andrew K. Pratt, Partner $325 Monica L. Locke, Attorney $250 Emily M. Balla, Attorney $250 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. Calaiaro Valencik received a retainer of $6,000 from the Debtor. Mr. Calaiaro 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: Donald R. Calaiaro, Esq. Calaiaro Valencik 938 Penn Avenue, Suite 501 Pittsburgh, PA 15222 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 Email: dcalaiaro@c-vlaw.com About Clark Renovations Clark Renovations, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 24-20062) on Jan. 9, 2024, with as much as $1 million in both assets and liabilities. Donald R. Calaiaro, Esq., at Calaiaro Valencik serves as the Debtor's legal counsel. COMPLIANCE TESTING: Unsecureds Owed $3.2M to Get $84K in Plan ------------------------------------------------------------- Compliance Testing, LLC, submitted an Amended Chapter 11 (Subchapter V) Plan of Reorganization dated Jan. 20, 2024. This Amended Plan of Reorganization proposes to pay the creditors of the Debtor from its net disposable earnings. The Plan provides for 11 classes of claims, 8 of which are secured claims. Classes 1, 2, 3, and 4 are not impaired under the Plan. Classes 6, 7, 8, 9, and 10 are impaired under the Plan. Class 5 is scheduled as secured creditors whose claim will be treated as fully unsecured as there is no value in collateral to support its lien. Class 11 is a non-voting equity Class. Non-priority, non-insider unsecured creditors holding allowed claims will receive distributions based upon Debtor's projected net disposable income over a period not to exceed a 60-month term. All creditors and equity security holders should refer to Articles III through XIV of this Plan for information regarding the precise treatment of their claim(s). Under the Plan, Class 10 General Unsecured Claims total $3,199,890 with a projected dividend of $84,201. All non-insider allowed and approved claims under this Class will be paid their allowed claims from all funds available for distribution. The projected dividend is to be paid over a period of 60 months, commencing in Month 1 of the Plan. The Debtor may pre-pay any amounts due any creditor in this Class prior to the due dates in the Plan of Reorganization without penalty and without prior notice or Court approval unless otherwise provided for in the Plan of Reorganization. Class 10 is impaired. This is a 60-month Plan with a total projected Plan yield of approximately $426,000. The total projected yield includes payment of Administrative Claimants. Attorney for the Debtor: Allan D. NewDelman, Esq. ALLAN D. NEWDELMAN, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: (602) 264-4550 E-mail: anewdelman@adnlaw.net A copy of the Amended Chapter 11 (Subchapter V) Plan of Reorganization dated Jan. 19, 2024, is available at https://tinyurl.ph/UljkQ from PacerMonitor.com. About Compliance Testing Compliance Testing offers clients with the full testing services they need to achieve certification success. The Company provides worldwide compliance testing for FCC, IC and CE marks. The Company is able to offer services for the U.S., Canada, European Union, Australia/New Zealand, Korea, Japan and many other markets. Compliance Testing, LLC in Mesa, AZ, filed its voluntary petition for Chapter 11 protection (Bankr. D. Ariz. Case No. 23-06163) on Sept. 6, 2023, listing $628,890 in assets and $5,560,180 in liabilities. Michael C. Schafer as manager, signed the petition. Judge Scott H. Gan oversees the case. ALLAN D. NEWDELMAN, P.C., serves as the Debtor's legal counsel. CONSORT HEALTHCARE: S&P Cuts Senior Secured Debt Rating to 'CCC-' ----------------------------------------------------------------- S&P Global Ratings lowered its issue rating on Consort Healthcare (Tameside) PLC's (ProjectCo) senior secured debt to 'CCC-' from 'CCC'. S&P said, "At the same time, we placed our ratings on ProjectCo's debt on CreditWatch with negative implications, indicating that we could lower the ratings over the next three months to 'CC' upon visibility of the terms and conditions of the adjudication deductions payment or clarity on other alleged deductions from the Trust. "In addition, we revised the recovery rating on the senior secured debt to '5' reflecting our expectation of modest recovery (10%-30%; rounded estimate: 20%) in the event of payment default, from '4', reflecting average recovery expectations." On Jan. 19, 2024, ProjectCo received the final adjudication outcome in relation to long-standing fire defects at the hospital between September 2020 and December 2021. Based on the outcome, ProjectCo is liable to pay GBP8.84 million (adjudication deductions) to Tameside & Glossop Integrated Care NHS Foundation Trust (the Trust). The Trust could start withholding the adjudication deductions from ProjectCo's unitary charges from March 1, 2024, when the existing standstill agreement is set to expire. The ProjectCo is a limited-purpose vehicle that used the bond proceeds to finance the design, construction, and operation of the project for the Trust under a 34-year project agreement, as part of the U.K. government's private finance initiative (PFI) program. The project comprises an 86-bed acute diagnostic and treatment center, a mental health facility, and a surface car park. The adjudication outcome resulting in GBP8.835 million payable to the Trust exposes ProjectCo to default risk. S&P said, "In our view, ProjectCo is exposed to the risk of non-payment on the debt service instalment in September 2024 due to insufficiency of reserves. This is because ProjectCo is likely to partially use the six-month forward looking, GBP3.23 million debt service reserve account (DSRA) for the upcoming GBP3.21 million debt service in March 2024. The partial utilization of DSRA for March 2024 would result in a shortfall for the GBP3.08 million debt service instalment in September 2024, exposing ProjectCo to increased risk of default. Dependency on reserves follows the heightened risk of ProjectCo not receiving the unitary charge receivable from March 1, 2024, due to GBP8.853 million adjudication deductions payable to the Trust. Until then, the revenues are protected from the currently ongoing standstill agreement, which is set to expire six weeks following the adjudication outcome. At this stage, the terms and conditions under which ProjectCo will have to pay for this liability to the trust are uncertain. That said, based on our previous experience, similar adverse outcomes from adjudication processes on peers have resulted in an immediate withholding of the alleged deductions from peer projects' revenues." ProjectCo's liabilities could increase further, aggravating the risk of default, if it is unable to resolve the Trust's accrued and currently deferred defect deductions since January 2022. Since the defects remain unremedied, the Trust continues to levy deductions (deferred deductions), which are currently deferred due to the standstill agreement. These deductions refer to the contract period from January 2022 to the present date, as opposed to the adjudication deductions, which relate to the period September 2020 to December 2021. While the amount of deferred deductions is currently not clear, they could be sizable, given the adjudication deductions amount. If ProjectCo and the Trust are not able to come to a resolution on the deferred deductions, they could further add to ProjectCo's cash flow shortfall, heightening its debt default risk. ProjectCo continues to be exposed to the risk of the Trust terminating the project agreement or controlling creditors accelerating the debt. In addition to the sizable, deferred deductions in relation to the defects, the Trust has deferred service failure points (SFPs), which breach the contract termination threshold under the project agreement. Following the adjudication outcome, the Trust could exercise its contractual right to terminate ProjectCo. The deductions and SFPs levied by the Trust in the past continue to breach the thresholds under the collateral deed. S&P understands neither the Trust nor the controlling creditors have provided any intention to exercise their rights. S&P said, "The CreditWatch negative placement indicates that we could lower our rating on ProjectCo's debt over the next three months if it is unable to reach a resolution with the Trust in relation to the terms and conditions of adjudication deductions payment, leading to the Trust withholding significant payments. We may also take this action if ProjectCo is unable to reach a resolution with the Trust in relation to the deferred deductions on the outstanding defects, or if the Trust decides to exercise its rights of project termination, or the controlling creditors decide to accelerate the debt on account of the event of default under the collateral deed." CPC ACQUISITION: Eaton Vance EFT Marks $717,000 Loan at 24% Off --------------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT) has marked its $717,000 loan extended to CPC Acquisition Corp., to market at $541,501 or 76% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Term Loan (SOFR + 3.75%) to CPC Acquisition Corp. The loan accrues interest at a rate of 9.402%, per annum. The loan matures on December 29, 2027. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 CPC Acquisition Corp is in the chemicals industry. CRAFT BEVERAGE: Seeks to Hire Osborn Maledon as Bankruptcy Counsel ------------------------------------------------------------------ Craft Beverage Cooperative, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Osborn Maledon, PA as bankruptcy counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in this case; (b) assist the Debtor in preparation of its voluntary Chapter 11 petition and statements and schedules and any amendments; (c) assist the Debtor in the formulation, preparation, and prosecution of a plan of reorganization, as well as such agreement(s); (d) assist the Debtor with regard to litigation and other matters related to the administration and conduct of its Chapter 11 case; (e) assist and advise the Debtor in discussions with creditors relating to the administration of this case; (f) assist the Debtor in reviewing claims asserted against it and in negotiating with claimants asserting such claims; (g) assist the Debtor in examining and investigating potential preferences, fraudulent conveyances, and other causes of action; (h) represent the Debtor at all hearings and other proceedings; (i) review and analyze all legal papers; (j) advise the Debtor concerning, and prepare on its behalf, all legal documents filed in the main case; and (k) perform such other legal services as may be required or appropriate. The hourly rates of the firm's counsel and staff are as follows: Christopher C. Simpson $655 Warren Stapleton $575 Andrew Haynes $295 Lawyers $310 - $910 Law Clerks, Paralegals $155 - $275 Other Assistants $155 - $275 In addition, the firm will seek reimbursement for expenses incurred. Christopher Simpson, Esq., an attorney at Osborn Maledon, 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: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. Osborn Maledon, PA 2929 North Central Avenue, 20th floor Phoenix, AZ 85012 Telephone: (602) 640-9000 Email: csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com About Craft Beverage Cooperative Craft Beverage Cooperative, LLC was created to provide craft breweries and distilleries across the Western U.S. with the resources needed to support increased production capacity, infrastructure, and world-class sales and marketing, while preserving each producer's autonomy, authenticity and dedication to their local community. Craft Beverage Cooperative filed its voluntary petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 24-00633) on Jan. 26, 2024. In the petition signed by George Cole Jackson, authorized signatory, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Christopher C. Simpson, Esq., at Osborn Maledon, PA serves as the Debtor's bankruptcy counsel. CRATE HOLDINGS: Seeks to Hire Barton Brimm as Bankruptcy Counsel ---------------------------------------------------------------- Crate Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to employ Barton Brimm, PA to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Christine Brimm, Esq. $400 Connie Fraser, Paralegal $150 Christine Brimm, Esq., an attorney at Barton Brimm, disclosed in a court filing that her firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christine E. Brimm, Esq. Barton Brimm, PA P.O. Box 14805 Myrtle Beach, SC 29587 Telephone: (803) 256-6582 Facsimile: (803) 779-0267 Email: cbrimm@bartonbrimm.com About Crate Holdings Crate Holdings LLC is an ammunition retailer that provides its products to customers via online sales and via storefront. Crate Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 24-00312) on Jan. 29, 2024, with up to $500,000 in assets and up to $1 million in liabilities. Joseph Kershaw Spong serves as Subchapter V trustee. Judge Elisabetta Gm Gasparini oversees the case. Christine E. Brimm, Esq., at Barton Brimm, PA, represents the Debtor as legal counsel. CURIA GLOBAL: Eaton Vance EFT Marks $1.95MM Loan at 16% Off ----------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT)has marked its $1,947,000 loan extended to Curia Global, Inc., to market at $1,632,992 or 84% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Term Loan (SOFR + 3.75%) to Curia Global. The loan accrues interest at a rate of 9.233% per annum. The loan matures on August 8, 2026. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Curia Global, Inc., operates as an integrated chemistry outsourcing company. The Company offers discovery biology, synthetic and medicinal chemistry, DMPK and bioanalytical, and small-scale manufacturing services. Curia Global serves pharmaceutical and biotech companies worldwide. DIOCESE OF ROCKVILLE: Fine-Tunes Plan Documents ----------------------------------------------- The Roman Catholic Diocese of Rockville Centre, New York submitted a Third Modified Disclosure Statement for the First Amended Plan of Reorganization dated January 29, 2024. Under the Plan, the Diocese and certain affiliates described below are providing $200,000,000 to pay creditors, including all Abuse Claims, in exchange for releases. Abuse Claims that allege injury in whole or in part before October 1, 1976 are in Class 4. Abuse Claims that allege injury after October 1, 1976 are in Class 5. If there are not enough creditor votes with respect to both Class 4 and Class 5 to accept the Plan under section 1126 of the Bankruptcy Code, the Diocese will ask the Bankruptcy Court to dismiss this chapter 11 case. Through their vote holders of Abuse Claims have the power to choose to either accept this Plan or to know that the Diocese will move to dismiss this bankruptcy case. Term of Proposed Chapter 11 Plan The Plan is funded as follows: $150 million paid on the Effective Date; $25 million on the first anniversary of the Effective Date; $12.5 million on the second anniversary of the Effective Date; and $12.5 million on the third anniversary of the Effective Date. Non-debtor parties receiving releases are referred to as Covered Parties and are the following entities: * Parishes within the Diocese of Rockville Centre, including Parish schools and regional schools; * Diocese of Rockville Centre Department of Education (including the two Diocesan high schools); * Catholic Charities of Long Island; * Catholic Youth Organization; * Catholic Cemeteries (and the related permanent maintenance trust); * The Seminary of the Immaculate Conception; and * Ecclesia Assurance Company, the Diocese's wholly-owned captive insurance company. Under the Plan, consistent with the Covered Parties' obligation to maintain insurance coverage, litigation of disputed claims will continue, including disputing CVA actions associated with a disputed or disallowed claim or CVA actions against Covered Parties that do not have an associated proof of claim. These disputed claims are Litigating Abuse Claims that will have to be resolved through a court of competent jurisdiction. All other Abuse Claims are Settling Abuse Claims by default unless they elect to be a Litigating Abuse Claim. The Offer in the Plan has several major elements for every holder of an allowed Abuse Claim (other than a Future Abuse Claim): * $50,000 Minimum Consideration for a proof of claim, and an additional $50,000 Minimum Consideration for a CVA action against a Covered Party, which is payable on the Effective Date for Settling Abuse Claims and upon allowance for Litigating Abuse Claims. * For Class 4 Abuse Claims, there is a right to pursue additional recoveries, exclusive of punitive damages, from the Arrowood Trust. Likewise, for Class 5 Claims, there is a right to pursue additional recoveries, exclusive of punitive damages, from the General Settlement Trust. Within each of the Trusts, the right to additional recoveries for Settling Abuse Claims is subject to the Trust Distributions Procedures with distributions made over time. * Settling Abuse Claims. Holders of Settling Abuse Claims that seek additional recoveries from the relevant Trust must provide a detailed submission for review by the relevant Trustee, as further described herein and in the Trust Distribution Procedures. In summary, the applicable Trustee will review the submission in light of two sets of criteria: one regarding liability and severity of the abuse factors and the other addressing impact on the claimant. This review will result in a point award, which will determine an eligible claimant’s share of the Trust, subject to adjustments. * Litigating Abuse Claims. The right to additional recoveries for Litigating Abuse Claims is subject to allowance or resolution through a court of competent jurisdiction, with distributions to be made only when all Litigating Abuse Claims in the relevant Trust are disallowed or resolved. These claims will be contested by the Diocese as the initial Litigation Administrator, with expenses funded by the Litigating Claim Subfund of the relevant trust. The Litigation Administrator has discretion to settle Litigating Abuse Claims. The Diocese is also setting aside approximately $9.9 million for the payment of Future Abuse Claims, which by their nature are unknowable and are limited to an individual that may hold an Abuse Claim based on sexual abuse that occurred prior to the Petition Date, but who, as of the Bar Date for Abuse Claims, had not filed a proof of claim against the Debtor and who has a valid legal excuse for not doing so. To the extent that those funds are not used for Future Abuse Claims within 5 years, they will revert to the Diocese and not holders of Abuse Claims. Like in the prior iteration of the Plan, each Allowed General Unsecured Claim, each holder thereof shall, subject to the holder's ability to elect Convenience Claim treatment on account of the Allowed General Unsecured Claim, receive such holder's Pro Rata share of the GUC Plan Distribution. On the Effective Date, the Reorganized Debtor and the Exit Facility Lender shall be authorized to make all filings and recordings, obtain all governmental approvals and consents, and take any other actions necessary to establish and perfect such liens and security interest under the provisions of the applicable state, federal, or other law (whether domestic or foreign) that would be applicable in the absence of the Plan and the Confirmation Order (it being understood that perfections shall occur automatically by virtue of the entry of the Confirmation Order and any such filings, recordings, approvals, and consents shall not be required), and the Reorganized Debtor shall thereafter cooperate to make all other findings and recordings that otherwise would be necessary under applicable law to give notice of such liens and security interests to third parties. It is expected that the closing of the Seminary sale will provide $16 million of the $25 million due on the first anniversary of the Effective Date. The terms of the proposed settlement are as follows: (1) the Seminary would sell approximately 200.3 acres of the Seminary property, while retaining the main Seminary building and approximately 16 acres of the Seminary property associated with the Seminary’s operations, (2) New York State would purchase approximately 180.3 acres of undeveloped Seminary acreage for use as a nature preserve for $18.03 million, while the Village of Lloyd Harbor would purchase the remaining approximately 20 acres for $2 million, (3) upon closing of the Seminary property sale, the Seminary shall pay 80% of the sale proceeds to the abuse claims trust created in connection with a confirmed plan of reorganization for the Diocese in the Bankruptcy Case, or if the Bankruptcy Case is dismissed, to the Diocese, and (4) upon payment of the settlement amount, the Diocese and the Committee shall release the Seminary from the adversary claims arising out of the Seminary transfer. If the Seminary sale does not close, the Seminary and the Diocese are jointly liable for the $16 million due on the first anniversary of the Effective Date. Remaining Post Effective Date Funding. The remaining $34 million of post-Effective Date funding represents the joint and several obligation of the Parishes. Each Parish is jointly liable for the entire amount when due. The deadline to vote in the Plan is March 15, 2024, at 5:00 P.M. A copy of the Third Modified Disclosure Statement dated Jan. 29, 2024, is available at https://urlcurt.com/u?l=U6GbMZ from Stretto, the claims agent. Counsel for the Debtor: Corinne Ball, Esq. Todd Geremia, Esq. Benjamin Rosenblum, Esq. Andrew Butler, Esq. JONES DAY 250 Vesey Street New York, NY 10281-1047 Tel: (212) 326-3939 Fax: (212) 755-7306 E-mail: cball@jonesday.com brosenblum@jonesday.com tgeremia@jonesday.com abutler@jonesday.com About The Roman Catholic Diocese of Rockville Centre, New York The Roman Catholic Diocese of Rockville Centre, New York, is the seat of the Roman Catholic Church on Long Island. The Diocese has been under the leadership of Bishop John O. Barres since February 2017. The State of New York established the Diocese as a religious corporation in 1958. The Diocese is one of eight Catholic dioceses in New York, including the Archdiocese of New York. The Diocese's total Catholic population is approximately 1.4 million, roughly half of Long Island's total population of 3.0 million. The Diocese is the eighth largest diocese in the United States when measured by the number of baptized Catholics. To deal with sexual abuse claims, the Roman Catholic Diocese of Rockville Centre, New York, filed a Chapter 11 petition (Bankr. S.D.N.Y. Case No. 20-12345) on Sept. 30, 2020, listing as much as $500 million in both assets and liabilities. Judge Martin Glenn oversees the case. The Diocese tapped Jones Day as legal counsel, Alvarez & Marsal North America, LLC, as restructuring advisor, and Sitrick and Company, Inc., as communications consultant. Epiq Corporate Restructuring, LLC is the claims agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Diocese's Chapter 11 case. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Ruskin Moscou Faltischek, PC as its bankruptcy counsel and special real estate counsel, respectively. Robert E. Gerber, the legal representative for future claimants of the Diocese, is represented by the law firm of Joseph Hage Aaronson, LLC. DISH NETWORK: Scraps Debt Swap Proposals ---------------------------------------- Advanced Television reports that EchoStar, which now includes most of the former Dish Network assets, has scrapped one of its controversial debt swap proposals. Dish, says EchoStar, "in its sole discretion" had decided to abandon the plan. EchoStar has confirmed that its Dish subsidiary has ended an offer announced two weeks ago to swap more than $6 billion (EUR5.5bn) of its unsecured notes maturing between this year and 2029. The initial proposal had offered new secured debt of up to $4 billion maturing in 2030 and beyond, with the new securities backed by assets including Dish's more than three million subscribers. The scheme was highly controversial and prompted a slew of legal complaints and threats of action amid complaints that the move was not legal. However, a separate Dish debt exchange announced on January 12th is still active. That deal offered to swap nearly $5 billion of its convertible notes to new debt that will mature in 2029 and 2030. These new notes would be issued under an unrestricted subsidiary (EchoStar Wireless Holdings) and secured by certain spectrum licences moved to that entity. About Dish Network Corp. DISH Network Corporation is a holding company that operate two primary business segments namely Pay-TV and wireless the latter of which consists of retail wireless and 5G network deployment. DMK PHARMA: Files Voluntary Chapter 11 Bankruptcy Petition ---------------------------------------------------------- DMK Pharmaceuticals Corporation (NASDAQ: DMK), a commercial stage neuro-biotech company primarily focused on developing and commercializing products for the treatment of opioid overdose and substance use disorders, and certain of its direct and indirect subsidiaries on Feb. 2, 2024 (the "Petition Date") commenced bankruptcy cases (the "Chapter 11 Cases") by filing voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). On the Petition Date, the Company Parties filed a motion with the Bankruptcy Court seeking to jointly administer the Chapter 11 Cases under the caption "In re: DMK Pharmaceuticals Corporation, et al." The Company will continue to manage its business and properties as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. On the Petition Date, the Company Parties filed certain motions with the Court generally designed to facilitate the Company Parties' transition into Chapter 11. These motions seek authority from the Court for the Company Parties to make payments upon, or otherwise honor, certain obligations that arose prior to the Petition Date, including obligations related to employee wages, salaries and benefits, as well as to take actions in furtherance of the Company Parties' restructuring. The Company Parties expect that the Court will approve the relief sought in these motions on an interim basis. About DMK Pharmaceuticals DMK Pharmaceuticals (formerly known as Adamis Pharmaceuticals Corporation) is a commercial stage neuro-biotech company primarily focused on developing and commercializing products for the treatment of opioid overdose and substance use disorders. DMK's commercial products approved by the FDA include ZIMHI (naloxone) Injection for the treatment of opioid overdose, and SYMJEPI (epinephrine) Injection for use in the emergency treatment of acute allergic reactions, including anaphylaxis. The Company has incurred substantial recurring losses from continuing operations, negative cash flows from operations, and is dependent on additional financing to fund operations. The Company incurred a net loss of approximately $1.4 million and $18.9 million for the three months and nine months ended September 30, 2023, respectively. As of September 30, 2023, the Company had an accumulated deficit of approximately $323.5 million. These conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued, according to the Company's Quarterly Report for the period ended Sept. 30, 2023. DYNACAST INTERNATIONAL: Eaton Vance EFT Marks $362,000 Loan at 24% ------------------------------------------------------------------ Eaton Vance Floating-Rate Income Trust (EFT) has marked its $362,000 loan extended to Dynacast International, LLC, to market at $273,458 or 76% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Term Loan (SOFR + 9.00%) to Dynacast International. The loan accrues interest at a rate of 14.488%, per annum. The loan matures on October 22, 2025. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Dynacast International, LLC is a leading global manufacturer of small engineered precision components utilizing proprietary multi-slide die-casting technology and tooling techniques. E. W. GRADING: Hires RDD Auction LLC as Auctioneer -------------------------------------------------- E. W. Grading Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ RDD Auction, LLC as auctioneer. The firm market and auction the Debtor’s real property known as 2015 John Deere 9520 4 WD Tractor, Serial Number 52164. The firm will be paid as follows: a. 20 percent on the first $20,000; c. 10 percent on the next $50,000; d. 8 percent of balance. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Dale Dunn, a partner at RDD Auction, 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: Dale Dunn RDD Auction, LLC 1260 Raynor Mill Road Mount Olive, NC 28365 Tel: (919) 689-9400 About E. W. Grading Inc. E. W. Grading, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-03027) on Oct. 20, 2023, with $500,001 to $1 million in both assets and liabilities. Judge Pamela W. Mcafee oversees the case. David J. Haidt, Esq., at Ayers & Haidt, P.A. represents the Debtor as legal counsel. ENERFLEX LTD: Moody's Affirms 'B1' CFR, Outlook Remains Positive ---------------------------------------------------------------- Moody's Investors Service affirmed Enerflex Ltd.'s B1 corporate family rating, B1-PD probability of default rating and B2 senior secured notes rating. The speculative grade liquidity (SGL) rating remains unchanged at SGL-3. The positive outlook was maintained. "The ratings affirmation and positive outlook reflect Moody's expectation for improving free cash flow and strengthening metrics in 2024 as the company focuses on integration and debt reduction," said Whitney Leavens, Moody's analyst. RATINGS RATIONALE Enerflex's rating benefits from: (1) the maintenance of a conservative financial policy, including Moody's forecast for debt to EBITDA remaining comfortably below 3x; (2) recurring revenue streams, including the high-margin rental business with a significant contribution from multiyear, fee-based contracts; and (3) international geographic presence and vertical integration providing good revenue diversification and competitive capabilities. The rating is constrained by: (1) inherent industry cyclicality exposing the company to pricing pressures on shorter-term contract renewals and periods of lower capital investment by industry players; (2) high capital intensity tied to large infrastructure projects weighing on free cash flow; (3) exposure to geo-political and emerging market risks; and (4) execution risks as the company continues integrating Exterran. Enerflex's US$625 million first lien last out senior secured notes (due 2027) are rated B2, one notch below the corporate family rating, reflecting their junior position relative to the sizeable US$700 million first lien first out secured revolver and US$130 million Term Loan A (both due October 2025) ranking ahead of them. Enerflex's liquidity is adequate (SGL-3). As of Q3-23, sources total over C$650 million, consisting of cash of C$163 million, around C$330 million available under the C$925 million (US$700 million) revolver expiring October 2025 (comprised of drawings of about C$474 million and letters of credit totaling C$144 million) and Moody's forecast for free cash flow of over C$150 million through mid-2025. The Term Loan A amortizes by US$10 million per quarter (US$130M outstanding at Q4-23). The company's secured revolver is subject to interest and leverage maintenance covenants, including net debt to EBITDA below 4.5x, stepping down to 4x as of Q4-23. Moody's expect the company to remain in compliance with all financial covenants. Enerflex has some flexibility to raise alternate source of liquidity through asset sales. The positive outlook reflects Moody's expectation that Enerflex will sustain adequate liquidity, generate positive free cash flow and prioritize debt reduction with Moody's adjusted debt/EBITDA declining toward 2.5x in 2024. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Enerflex establishes a strong execution and financial policy track record and keeps Moody's adjusted debt to EBITDA under 3x, maintains positive free cash flow and good liquidity. The ratings could be downgraded if debt to EBITDA is sustained above 4.5x, there is sustained negative free cash flow or financial policies become more aggressive. Headquartered in Calgary, Alberta, Enerflex primarily provides infrastructure and energy transition solutions to the natural gas production industry. The principal methodology used in these ratings was Oilfield Services published in January 2023. FINTHRIVE SOFTWARE: $1.44BB Bank Debt Trades at 17% Discount ------------------------------------------------------------ Participations in a syndicated loan under which FinThrive Software Intermediate Holdings Inc is a borrower were trading in the secondary market around 83.4 cents-on-the-dollar during the week ended Friday, February 2, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.44 billion facility is a Term loan that is scheduled to mature on December 18, 2028. About $1.41 billion of the loan is withdrawn and outstanding. FinThrive is a provider of revenue cycle management software solutions to the healthcare sector. FLINT GROUP: Eaton Vance EFT Marks $188,000 Loan at 27% Off ----------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT) has marked its $188,000 loan extended to Flint Group Midco Limited to market at $137,150 or 73% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Term Loan (SOFR + 7.00%, 5.774% cash, 6.90% PIK) to Flint Group. The loan accrues interest at a rate of 12.674% per annum. The loan matures on December 31, 2027. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Flint Group offers an unmatched product portfolio spanning printing inks, digital printing presses, blankets, pressroom chemistry, consumables, and colorants. FLINT GROUP: Eaton Vance EFT Marks $251,000 Loan at 84% Off ----------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT) has marked its $251,000 loan extended to Flint Group Midco Limited to market at $41,375 or 16% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Second Lien Term Loan (SOFR + 7.26%, 5.774% cash, 6.90% PIK) to Flint Group. The loan accrues interest at a rate of 12.674% per annum. The loan matures on December 31, 2027. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Flint Group offers an unmatched product portfolio spanning printing inks, digital printing presses, blankets, pressroom chemistry, consumables, and colorants. FREEDOM WIND: Seeks to Hire TCF Law Group as Corporate Counsel -------------------------------------------------------------- Freedom Wind Tunnel, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ TCF Law Group, PLLC as corporate counsel. Neil McLaughlin, Esq., TCF's principal and the primary attorney in this representation, will be paid at his hourly rate of $675 plus expenses. TCF received a post-petition retainer in the amount of $10,000 from the Debtor. Mr. McLaughlin disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Neil McLaughlin, Esq. TCF Law Group, PLLC 101 Federal Street, Suite 1900 Boston, MA 02110 Telephone: (617) 275-8080 Email: nmclaughlin@tcflaw.com About Freedom Wind Tunnel Freedom Wind Tunnel, LLC, a company in North Attleboro, Mass., filed Chapter 11 petition (Bankr. D. Mass. Case No. 24-10082) on Jan. 16, 2024. In the petition signed by Neal Gouck, authorized representative, the Debtor disclosed $10 million to $50 million in both assets and liabilities. The Debtor tapped Jesse I. Redlener, Esq., at Ascendant Law Group, LLC as legal counsel; Verdolino & Lowey, PC as accountant; and TCF Law Group, PLLC as corporate counsel. FREEDOM WIND: Seeks to Hire Verdolino & Lowey as Accountant ----------------------------------------------------------- Freedom Wind Tunnel, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Verdolino & Lowey PC as accountant. The firm's services include: (a) assistance with the preparation of statements of financial affairs and schedules, and all support thereto, if necessary; (b) assistance with the review and analysis of the Debtor's business and its operations; (c) assistance with the preparation or review of cash flow and related budget projections; (d) assistance with negotiating with creditors; (e) assistance with reviewing and analyzing prospective investment or sale proposals and related services; (f) assistance with records and record retention; (g) assistance with the preparation, review and analysis of monthly operating reports; (h) assistance with the preparation or review of federal and state income tax, payroll tax and sales and use tax returns; (i) assistance with reviewing, reconciling, analyzing and, if necessary, objecting to proofs of claim; (j) assistance with reviewing the Debtor's books and records for possible avoidable transactions such as preference and fraudulent transfer claims; (k) assistance with the valuation and insolvency analyses and other litigation issues and, if necessary, expert report preparation and testimony; (l) assistance with plan development and preparation; (m) assistance with employee benefit plan issues; and (n) other matters as directed by the Debtor or the court. The firm will bill the Debtor at its customary rates of $540 per hour. Craig Jalbert, CPA, a member of Verdolino & Lowey, disclosed in a court filing that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Craig R. Jalbert, CPA Verdolino & Lowey, PC 124 Washington Street, Suite 101 Foxboro, MA 02035 Telephone: (508) 543-1720 Facsimile: (508) 543-4114 Email: cjalbert@vlpc.com About Freedom Wind Tunnel Freedom Wind Tunnel, LLC, a company in North Attleboro, Mass., filed Chapter 11 petition (Bankr. D. Mass. Case No. 24-10082) on Jan. 16, 2024. In the petition signed by Neal Gouck, authorized representative, the Debtor disclosed $10 million to $50 million in both assets and liabilities. The Debtor tapped Jesse I. Redlener, Esq., at Ascendant Law Group, LLC as legal counsel; Verdolino & Lowey, PC as accountant; and TCF Law Group, PLLC as corporate counsel. FREEDOM WIND: Taps Ascendant Law Group as Bankruptcy Counsel ------------------------------------------------------------ Freedom Wind Tunnel, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Ascendant Law Group, LLC. The Debtor requires legal counsel to: (a) give advice with respect to the powers and duties of the Debtor in the continued management and operation of its businesses and properties; (b) represent the Debtor at all hearings and matters pertaining to its affairs; (c) attend meetings and negotiate with representatives of the Debtor's creditors and other parties-in-interest; (d) take all necessary action to protect and preserve the Debtor's estate; (e) prepare legal papers; (f) review applications and motions filed in connection with the Debtor's bankruptcy case; (g) negotiate and prepare on the Debtor's behalf any plan of reorganization, disclosure statement, and all related agreements and/or documents, and take any necessary action to obtain confirmation of such plan; (h) advise the Debtor in connection with any potential sale or sales of assets or refinance its indebtedness; (i) review and evaluate the Debtor's executory contracts and unexpired leases, and represent it in connection with the rejection, assumption or assignment of such leases and contracts; (j) represent the Debtor in connection with any adversary proceedings or automatic stay litigation which may be commenced by or against it; (k) review and analyze various claims of the Debtor's creditors and treatment of such claims, and prepare, file or prosecute any objections thereto; and (l) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with its bankruptcy case. The hourly rates of the firm's counsel and staff are as follows: Jesse Redlener, Member $420 Lee Harrington, Member $420 Matthew Ginsburg, Member $420 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer in the amount of $40,000 from the Debtor. Mr. Redlener disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jesse I. Redlener, Esq. Ascendant Law Group, LLC 2 Dundee Park Drive, Suite 102 Andover, MA 01810 Telephone: (978) 393-0850 Email: jr@ascendantlawgroup.com About Freedom Wind Tunnel Freedom Wind Tunnel, LLC, a company in North Attleboro, Mass., filed Chapter 11 petition (Bankr. D. Mass. Case No. 24-10082) on Jan. 16, 2024. In the petition signed by Neal Gouck, authorized representative, the Debtor disclosed $10 million to $50 million in both assets and liabilities. The Debtor tapped Jesse I. Redlener, Esq., at Ascendant Law Group, LLC as legal counsel; Verdolino & Lowey, PC as accountant; and TCF Law Group, PLLC as corporate counsel. FTX GROUP: Judge Says New Probe Should be Fast and Limited ---------------------------------------------------------- Steven Church of Bloomberg News reports that a federal judge moved to limit the cost and length of a new outside investigation of FTX Trading, the fraud-tainted crypto firm, saying its insolvency case should not be disrupted by another multimillion-dollar probe. US Bankruptcy Judge John Dorsey sided with lawyers for FTX and its creditors, who argued that the new investigation ordered by an appellate court should be short and limited in scope. Earlier this month, January 2024, a federal appeals court in Philadelphia ordered the appointment of an examiner for the Chapter 11 case, but left the details of any investigation up to Dorsey. About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FTX TRADING: Eversheds & Morris Update Ad Hoc Committee Members --------------------------------------------------------------- Eversheds Sutherland (US) LLP and Morris, Nichols, Arsht & Tunnell LLP, counsel to the Ad Hoc Committee of Non-US Customers of FTX.com (the "Ad Hoc Committee") comprising international customers, filed a verified fifth supplemental statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure in the Chapter 11 cases of FTX Trading Ltd. and affiliates. Pursuant to Bankruptcy Rule 2019(d), this Fifth Supplemental Statement supplements the information provided in the Fourth Supplemental Statement. Since the date of the Third Supplemental Statement, certain changes have been made with respect to the composition of the Ad Hoc Committee and the disclosable economic interests that the Members represent. The revised names, addresses, and disclosable economic interests of the Members are: 1. 168 Trading Limited 5-9 Main Street Gibraltar GX11 1AA * $2,500,000.00 2. Adam Rabie * $150,950.00 3. Altana Digital Assets Fund 190 Elgin Avenue George Town, Grand Cayman, KY1-9008 Cayman Islands * $1,039,066.36 4. Azamat Akylov * $11,373,198.56 5. B2C Alternative Equity Ltd C/O Corporation Service Company 251 Little Falls Drive, Wilmington, DE 19808 * $85,000,000.00 6. Blooming Triumph International Limited 13F 162 Queens Road Central, Hong Kong * $35,860,157.00 7. Blue Basin Ventures LLC 3172 N Rainbow Blvd #26642, Las Vegas, NV 89108 * $1,243,523.00 8. Boway Holdings, LLC; Oaktree Opportunities Fund XI Holdings (Cayman) LP; Opps CY Holdings, LLC; Oaktree Value Opportunities Fund Holdings, L.P.; Oaktree Phoenix Investment Fund, L.P. 1301 6th Ave, 34th Floor, NY, NY 10019 * $142,966,379.87 9. Brian Townsend * $950,000.00 10. Canyon Capital Advisors LLC, on behalf of its managed funds and accounts 2728 N. Harwood Street, 2nd Floor, Dallas, TX 75201 * 91,431,120.00 11. Ceratosaurus Investors, LLC One Maritime Plaza, Suite 2100, San Francisco, CA 94111 *$ 258,920,573.00 12. Chien-Chih Chen * $200,000.00 13. Coinhouse SAS 14 Avenue De L Opera 75001 Paris France * $5,699,360.56 14. Crimson International Investment c/o Al-Hamad Legal Group 4812 Addax Tower, Al Reem Island, Abu Dhabi UAE * $6,091,963.14 15. Cyant Arb Ltd. 21 Akademias Ave, 5 floor, PC2107, Nicosia, Cyprus * $21,834,136.37 16. Daniel Gupta * $420,000.00 17. Decent Investments Malta Limited Quad Central, Q3, Level 9, Triq LEsportaturi, Zone 1, Central Business District, Birkirkara CBD 1040, Malta * $4,231,241.93 18. Diameter Capital Partners LP 55 Hudson Yards, Suite 29B, New York, NY 10001 * 128,002,761.69 19. Dietmar Poppe * $281,807.90 20. Dmitry Kozlov * $252,185.00 21. dParadigm Fund SPC DE Cayman Ltd, Landmark Sqaure, Westbay Road, PO Box 775, Grand Cayman KY1-9 * $575,599.93 22. Falcon Hybrid SPC - RE7 Liquidity Fund SP 3-212 Governors Square 23 Lime Tree Bay Ave PO Box 30746 SMB Grand Cayman KY1-1203 Cayman Islands * $1,269,016.63 23. Fasanara Investments 3.0 Harbour Place, 2nd Floor 103 South Church Street P.O. Box 472 George Town Grand Cayman KY1-1106 Cayman Islands * $1,617,814.20 24. Fasanara Investments Master Fund Harbour Place, 2nd Floor 103 South Church Street P.O. Box 472 George Town Grand Cayman KY1-1106 Cayman Islands * $20,456,948.72 25. FC Cayman A, L.L.C. c/o Maples Corporate Services Limited PO Box 309 Ugland House Grand Cayman, KY1-1104 Cayman Islands * $239,463,454.31 26. Fire Bouvardia, L.L.C. 190 Elgin Avenue, George Town Cayman DY1-9008 * $123,944,352.67 27. Fingolfin GmbH c/o 3T.LAW FAO Dr. Henning Frase Oberlaender Ufer 154a Koeln, Germany 50968 * $5,700,000.00 28. Flow Ventures Fund L.P. 5-9 Main Street, GX11 1AA * $3,917,877.00 29. Grzegorz Swiatek * $540,260.00 30. GSR Markets Limited/GSR International Trading Limited/GSR Markets Pre Ltd. GSR Markets Limited - Suite 5508, 55th Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong GSR International Trading Limited - Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands * $29,017,866.00 31. Hudson Bay Master Fund Ltd. 28 Havemeyer Place, 2nd Floor, Greenwich, CT 06830 * $64,762,534.00 32. Iris Partners Iris Partners Corp. Suites 5 & 6 Horsfords Business Centre Long Point Road Charlestown St Kitts & Nevis * $804,000.00 33. Ismael Lemhadri * $150,000.00 34. Jamie Farquhar * $1,987,327.00 35. James Goodenough * $5,670.00 36. Jian Chen * $1,200,000.00 37. John Ruskin * $350,000.00 38. Jonathon Hughes * $22,063.00 39. Kbit Global Limited Craigmuir Chambers #71 Road Town Tortola VG1110 British Virgin Islands * $25,021,826.00 40. Kirk Steele * $2,500,000.00 41. Koalalgo Research CO SERVICES CAYMAN LIMITED P. O. Box 10008 Willow House Cricket Square Grand Cayman KY1-1001 Cayman Islands * $3,700,000.00 42. Lemma Technologies Inc. Via Espana, Delta Bank Building, 6th Floor, Suite 604D, Panama City PA-8 Panama * $165,000,000.00 43. Marc-Antoine Julliard * $140,000.00 44. Marc St. John Wolff Amey * $637,000.00 45. Michael Anderson * $1,600,000.00 46. Michael Currie * $40,000.00 47. Mohammad Alsabah * $275,000.00 48. MVPQ Capital Limited Kensington Pavilion, 96 Kensington High St., London * $902,266.00 49. Nestcoin Holding Limited Trinity Chambers, PO Box 4301, Road Town, Tortola, British Virgin Island * $3,900,000.00 50. Nexxus Holdings Operations LLC 800 Miramonte Drive, Suite 380 Santa Barbara CA 93109 * $77,605,555.00 51. NKB Finance Ltd. Griva Digeni 13, 6030 Larnaca, Cyprus * $216.52 52. Olympus Peak Trade Claims Opportunities Fund I Non- ECI MasterLP 177 West Putnam Ave Suite 2622- S1 Greenwich, CT 06831 * $20,028,055.00 53. Orange Phoenix LLC c/o The Corporation Trust Center 1209 Orange Street, Wilmington DE 19801 * $4,573,288.21 54. Owen Ellis * $957,000.00 55. Patrick Martin * $500,000.00 56. Patrick Wohlschlegel * $57,973.85 57. Phoenix Digital c/o The Corporation Trust Center 1209 Orange Street, Wilmington DE 19801 * $12,169,928.00 58. Podtree Ltd. 26, Kanachrine Place,Ullapool, Highland, Scotland * $19,581.26 59. PRIMO Holding GmbH Urbanstrasse 4, D-70839 Gerlingen, Germany * $853,674.48 60. Raul Jain * $42,000.00 61. Robert Himmelbauer * $107,013.57 62. Rodney Clough * $504,000.00 63. Safe Eagle Holding Limited Mandar House, 3rd Floor P.O. Box 2196, Johnson's Ghut Tortola, British Virgin Islands * $3,200,000.00 64. Samuel Mandel * $59,600.00 65. Sheval Alijevski * $146,000.00 66. Sidar Sahin * $50,974,281.00 67. Silver Point Capital, LP 2 Greenwich Plaza, Greenwich, CT 06830 * $101,823,416.39 68. Svalbard Holdings Limited c/o Attestor Limited, 7 Seymour Street, W1H 7JW London * $394,164,766.00 69. Tellurian Exoalpha Digital Assets Systematic Fund 89 Nexus Way, Camana Bay Grand Cayman, Cayman Islands KY1- * $1,062,047.90 70. Vicomte Holding LLC as manager of Arceau 507 II LLC, Arceau 507 LLC, Arceau X LLC, Oroboros FTX I LLC 4 Lakeside Drive, Chobham Lakes, GU24 8BD, Surrey, UK * $31,292,848.39 71. Yu Ting * $64,434.00 About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GARAGE BUILDERS: Seeks Extension to File Plan Until Feb. 20 ----------------------------------------------------------- Garage Builders of Raleigh, Inc., seeks a second extension of time in which to file its Plan of Reorganization and Disclosure Statement. The Debtor needs additional time to formulate and draft the Plan of Reorganization and Disclosure Statement. This is the Debtor's second Motion to Extend Time to file its Plan of Reorganization and Disclosure Statement. An order granting the Debtor's first Motion to Extend Time was entered on Nov. 27, 2023. The Debtor desires to extend the time in which to file the Plan of Reorganization and Disclosure Statement for a period of 30 days, up to and including Tuesday, Feb. 20, 2024. Attorney for the Debtor: Kathleen O'Malley, Esq. STEVENS MARTIN VAUGHN & TADYCH, PLLC 2225 W. Millbrook Rd. Raleigh, NC 27612 Tel: (919) 582-2300 E-mail: komalley@smvt.com About Garage Builders of Raleigh Garage Builders of Raleigh, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.C. Case No. 23-02416) on August 22, 2023, disclosing under $1 million in both assets and liabilities. The Debtor is represented by Stevens Martin Vaughn & Tadych, PLLC. GEE HOLDINGS: Eaton Vance EFT Marks $920,000 Loan at 40% Off ------------------------------------------------------------ Eaton Vance Floating-Rate Income Trust (EFT) has marked its $920,000 loan extended to GEE Holdings 2, LLC, to market at $551,792 or 60% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Second Lien Term Loan (SOFR + 8.25%, 7.00% cash, 6.75% PIK) to GEE Holdings 2. The loan accrues interest at a rate of 13.75% per annum. The loan matures on March 23, 2026. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 GEE Holdings 2, LLC, doing business as Anuvu, specializes in providing connectivity and content to the worldwide travel industry. GLOBAL CONSULTING: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., as Subchapter V trustee for Global Consulting, LLC. Mr. Budgen 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. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Global Consulting Global Consulting, LLC is an independent advisory firm in Windermere, Fla. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00353) on January 25, 2024, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Pedro Alfonsi, manager, signed the petition. Judge Grace E. Robson oversees the case. Kenneth D. Herron, Jr., Esq., at Herron Hill Law Group, PLLC represents the Debtor as bankruptcy counsel. GUITAR CENTER: Moody's Cuts CFR to Caa1 & Alters Outlook to Neg. ---------------------------------------------------------------- Moody's Investors Service downgrades Guitar Center Inc. (NEW)'s corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD and its senior secured notes ratings to Caa2 from Caa1. The outlook has been changed to negative from stable. The downgrade reflects Guitar Center's weak operating performance which has resulted in EBITA/interest of less than 1x, funded debt/EBITDA in excess of 7x and negative free cash flow. The downgrade also reflects Moody's expectation for free cash flow to remain modestly negative over the next 12-18 months as it will take time for the new management team's strategic plan to drive revenue and earnings improvement. Further, Guitar Center's $375 million asset-based revolving credit facility (ABL; not rated) goes current in December 2024 and its entire debt capital structure, inclusive of its $550 million of senior secured notes, comes due in January 2026 which leaves limited runway for the company to demonstrate improvement in earnings and credit metrics before the need to address its debt maturities. RATINGS RATIONALE Guitar Center's Caa1 CFR reflects Moody's expectation that execution will remain challenging over the next 12-18 months as the company focuses on expanding its Guitar Center store inventory assortments for enthusiast musicians and professionals while paring back on beginner musician inventory. Moody's expects gross margin pressure to continue as this process unfolds and free cash flow to remain negative. However, the evergreen nature of musical instrument products, which typically have long product cycles, ample warehousing capacity, and manufacturers' minimum advertised pricing which limits price competition amongst retailers should support the company's ability to adjust inventories. Guitar Center's Caa1 CFR reflects its high funded debt/EBITDA in excess of 7x, as of October 28, 2023. Given the impact of Guitar Center's leases, lease-adjusted debt-to-EBITDA is more moderate at about 5.6x. EBITA-to-interest coverage is also weak at just under 1x. As an omnichannel retailer with a well-recognized brand name, Guitar Center differentiates itself with a broad product assortment, including a selection of private label brands, and high margin in-store services. The company's leading market position and importance to its key vendors also provide credit support. While smaller in scale than merchandise sales, revenue growth from services such as rentals, lessons, and repairs as well as audio-visual professional services will help offset some of the pressure on the merchandise side of the business. Lessons and concert band categories continue to grow, driven by growth in K-12 music education following the pandemic when music education was essentially shut down. Guitar Center's Caa1 CFR is also constrained by governance considerations, including its ownership by private equity sponsors and former creditors. In addition, the credit profile incorporates the discretionary nature of demand for musical instruments sales and rentals and the intense competition in the category, including from online and used instrument marketplaces. The negative outlook reflects Moody's expectation for negative free cash flow over the next 12-18 months as well as the limited runway for the company to demonstrate improvement in earnings and credit metrics before its capital structure maturity. Guitar Center has adequate liquidity over the next 12 months, primarily supported by expected ABL availability which will be more than sufficient to cover its forecasted free cash flow deficits. Moody's also expects Guitar Center to remain compliant with its financial maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity further deteriorates, operating performance does not improve or if the likelihood of default, including a distressed exchange, increases for any reason. The ratings could be upgraded if Guitar Center successfully refinances and extends maturities and operating performance improves leading to modestly positive free cash flow and EBITA-to-interest coverage of at least 1.25x. An upgrade would also require a sustainable leverage profile, including on a funded basis, and at least adequate liquidity. Guitar Center Inc. (NEW) is the largest retailer of musical instruments and related products and services in the US. The company operates 562 stores under the Guitar Center and Music & Arts brands, has a growing audio visual professional services business and is the only large-scale retailer in the category with omnichannel capability. Guitar Center is controlled by funds affiliated with Ares Capital Management, Brigade Capital Management and The Carlyle Group following its bankruptcy emergence in December 2020. Revenue for the LTM period ended October 28, 2023 was approximately $2.4 billion. The principal methodology used in these ratings was Retail and Apparel published in November 2023. GUZZINO COMMERCIAL: Available Cash and Income to Fund Plan ---------------------------------------------------------- Guzzino Commercial, LLC, filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Subchapter V Plan of Reorganization dated January 29, 2024. The Debtor owns and operates a commercial real estate business, located in the Lake Charles metropolitan area, Louisiana. The Debtor is a Louisiana limited liability company. It was first organized in 2006. The Debtor has 2 members Phillip A. Guzzino and his wife, Karla Guzzino. The Debtor is managed by Mr. Guzzino. The Debtor has formulated a plan of reorganization. Under this Plan, the Debtor intends to distribute the cash generated from its operations together with the funds derived from loans provided to it by related company, Guzzino Leasing and Rental, Inc. d/b/a Utility Truck and Equipment Company ("UTEC"), and the Debtor's members, Phillip A. Guzzino and Karla Guzzino (the "Guzzinos") to holders of Allowed Claims. This Plan provides for the treatment of Claims and Interests as follows: * Allowed Priority Claims will be paid in full; * Allowed General Unsecured Claims will be paid in full; * Allowed Secured Claims will be paid in full; and * Equity Interests will retain their Interests in the Debtor. Class 3 consists of Convenience Claims. All claimants with Allowed Claims of $3,000.00 or less, or who voluntarily elect in writing with their respective ballot to reduce their claim to $3,000.00, shall be paid within 10 days of the Final Order on their claim. Class 4 consists of General Unsecured Claims. Estimated amount of General Unsecured Claims total $0.00. Equity Interests shall retain their membership interests in the Debtor on and after the Effective Date. Equity Interests are Unimpaired, and thus, they are presumed to accept the Plan. Phillip A. Guzzino and his wife, Karla Guzzino, are the only members of the Debtor. On Confirmation of this Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Debtor. Funds needed to make cash payments on or before the Effective Date under this Plan shall come from cash on hand and/or the operations of the Debtor's real estate business, income from the Debtor's rental property and funds from UTEC or the Guzzinos. All payments on and/or after the Effective Date shall be made by Reorganized Debtor from cash on hand, the operations of the Debtor's real estate business, income from the Debtor's rental property and funds from UTEC or the Guzzinos. A full-text copy of the Plan of Reorganization dated January 29, 2024 is available at https://urlcurt.com/u?l=Spdnbf from PacerMonitor.com at no charge. Attorneys for Debtor: Arthur A. Vingiello, Esq. THE STEFFES FIRM, LLC 13702 Coursey Blvd., Building 3 Baton Rouge, LA 70817 Tel: (225) 751-1751 Email: avingiello@steffeslaw.com About Guzzino Commercial Guzzino Commercial, LLC, owns and operates a commercial real estate business, located in the Lake Charles metropolitan area, Louisiana. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. La. Case No. 23-20489) on Oct. 31, 2023, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Phillip Anthony Guzzino, managing member, signed the petition. Judge John W. Kolwe oversees the case. Arthur A. Vingiello, Esq., at The Steffes Firm, LLC, is the Debtor's legal counsel. HANLEY INTERNATIONAL: S&P Raises 2021 LT Bond Rating to 'BB+' ------------------------------------------------------------- S&P Global Ratings raised its long-term rating to 'BB+' from 'BB' on the Michigan Finance Authority's series 2021 public school academy limited obligation refunding bonds, issued for Hanley International Academy (HIA). The outlook is stable. "The rating action reflects our view of the academy's trend of improving financial operations, which have resulted in healthy margins and materially improved debt service coverage metrics, which were aided by the lowered debt burden resulting from the series 2021 refinancing," said S&P Global Ratings credit analyst Sue Ryu. S&P said, "The stable outlook reflects our expectation that HIA will maintain its demand profile metrics, as well as its financial performance, such that the lease-adjusted maximum annual debt service (MADS) coverage trend remains satisfactory for the rating level, despite expectations that coverage will moderate in the near term. Furthermore, the outlook is based on expectations for stabilization in liquidity, such that metrics remain commensurate with current rating category medians. "We could consider a negative rating action if enrollment declines materially, operations fall short of management's projections such that HIA experiences consistent operating deficits, or if lease-adjusted MADS coverage weakens from recent levels such that metrics no longer remain commensurate with rating category medians. Downward pressure could also result from any material deterioration in the school's reserve position. "Though unlikely in the outlook period, we could consider a positive rating action if HIA maintains its operating margins and, subsequently, its lease-adjusted MADS coverage, while significantly increasing liquidity to levels comparable with peers at a higher rating category." HAQUE MEDICAL: Hires Ivey McClellan Siegmund as Counsel ------------------------------------------------------- Haque Medical Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Ivey, McClellan, Siegmund, Brumbaugh & Mc Donough, LLP as counsel. The firm's services include: a. representing the Debtor in a Chapter 11 bankruptcy to include assisting in investigating and examining contracts, leases, financing statements and other related documents to determine the validity of such, to determine the rights and priorities of lienholders, if any; and b. providing advice in preserving the Debtor's properties and assets, and generally assisting the Debtor in administering the estate. The firm will be paid at these rates: Samantha K. Brumbaugh $425 per hour Dirk W. Siegmund $425 per hour Charles M. Ivey, III $550 per hour Darren McDonough $425 per hour John M. Blast $300 per hour Melissa Murrell $125 per hour Tabitha Coltrane $125 per hour Janice Childers $100 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The retainer is $5,000. Dirk W. Siegmund, Esq., a partner at Ivey, McClellan, Gatton & Siegmund, LLP, disclosed in court filings that her firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Dirk W. Siegmund, Esq. IVEY, MCCLELLAN, GATTON & SIEGMUND, LLP 100 South Elm Street, Suite 500 Greensboro, NC 27401 Tel: (336) 274-4658 Fax: (336) 274-4540 Email: dws@iveymcclellan.com About Haque Medical Properties, LLC Haque Medical Properties, LLC was created on February 17, 2021 in order to purchase a medical building located at 1380 Eastchester Dr., High Point, NC. Haque Medical is solely owned by Dr. Imran Haque. On February 2, 2021 the building was purchased and leases office space to Horizon Interna Medicine and Koher Medical. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 24-10022) on January 17, 2024. In the petition signed by Imran Haque, member/manager, the Debtor disclosed up to $10 million in both assets and liabilities. Dirk W. Siegmund, Esq., at Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP, represents the Debtor as legal counsel. HAWAIIAN HOLDINGS: Reports 2023 Q4 and Full Year Financial Results ------------------------------------------------------------------ Hawaiian Holdings, Inc., parent company of Hawaiian Airlines, Inc., reported its financial results for the fourth quarter and full year 2023. Commenting on the results, Hawaiian Airlines President and CEO Peter Ingram, said, "I am grateful to our team who accomplished an extraordinary amount, including realizing foundational investments during a challenging year. Demand is solid across our networks, our brand remains strong in Japan as the market recovers, and we have seen steady improvement in travel to Maui. We expect the combination with Alaska will create an even more competitive combined airline, positioning the Hawaiian Airlines brand to flourish in the years ahead." As of December 31, 2023 the Company had: * Unrestricted cash, cash equivalents and short-term investments of $908.5 million * Outstanding debt and finance lease obligations of $1.7 billion * Liquidity of $1.1 billion, including an undrawn revolving credit facility of $235 million Following the Maui wildfires, Hawaiian saw a steady recovery of travel from North America to Maui. Non-Maui routes and international markets ex-Japan continued to perform and demand remained solid. In international markets, strong U.S. and other point-of sale demand, coupled with an increase in Japan-originating traffic, contributed to a 20.7% point increase in International passenger load factor year-over-year. Premium products continued to demonstrate strong performance for the fourth quarter and full year 2023. The Company's overall operating revenue for the fourth quarter 2023 was down 8.5% compared to the fourth quarter of 2022 on 3.3% higher capacity. In addition to the impact from the Maui wildfires, pandemic-related spoilage and revenue from pent-up travel demand in 2022 drove the year-over-year decline. The Company's overall operating revenue for 2023 was up 2.8% from 2022 on 8.1% higher capacity. Other Revenue for fourth quarter 2023 was down 15.9% compared to the same period in 2022, primarily driven by a decrease in cargo revenue. Cargo activity in 2022 was higher than normal due to lingering pandemic-related effects. Full year 2023 Other Revenue was down 16.2% compared to 2022, driven by decreases in cargo revenue and contract services. Fourth Quarter and Full Year 2023 Highlights include: Routes and scheduled services * Operated 108% of its 2022 capacity: 96%, 112%, and 172% capacity on its North America, Neighbor Island, and International routes, respectively * Launched ticket sales for new daily nonstop service between Salt Lake City and Honolulu, which will commence on May 15, 2024 * Announced expansion of service in Sacramento with four weekly flights to Lihuʻe, Kauaʻi starting May 24, 2024 and three weekly flights to Kona on the Island of Hawaiʻi starting May 25, 2024 Awards and Recognition * Ranked highest for economy travel customer satisfaction in Consumer Reports' 2023 Airline Travel Buying Guide * Named the best domestic airline in Travel + Leisure's 2023 "World's Best Awards" annual reader survey * Rated as one of the top airlines in the U.S. by Conde Nast Traveler readers for the 2023 Readers' Choice Awards * Awarded best new business class in 2023 by TheDesignAir for its new business class product, the Leihōkū Suites Guest experience * Received FAA approval of the Starlink system on the Airbus A321neo, which is currently being installed on that fleet. Hawaiian will be the first major airline to put this technology on-board, and it is expected to be the fastest, most capable inflight connectivity available worldwide, offered free to every guest * Collaborated with Hawaiʻi lifestyle brand Noho Home to design Hawaiian's new in-flight amenity kits and soft goods with a focus on sustainability and rooted in aloha. Amenities are made with responsibly sourced materials and offered to Business Class guests on long-haul flights a la carte to minimize waste Environmental, Social and Corporate Governance In May 2023, the Company published its 2023 Corporate Kuleana (Responsibility) Report, providing progress on Environmental, Social and Governance (ESG) priorities, which included a decarbonization roadmap with interim targets to lower greenhouse gas emissions focused on replacing petroleum jet fuel with sustainable aviation fuel (SAF); plans to decrease life-cycle jet fuel emissions per revenue ton mile by 45% by 2035; and efforts to replace 10% of conventional jet fuel with SAF by 2030. The report also highlights Hawaiian's employee diversity, including the highest percentage of women pilots of any major U.S. airline. Other activities in 2023 include the following: * Engaged over 1,500 volunteers who donated over 8,500 hours of community service work for more than 200 organizations throughout Hawaiʻi and other markets the Company serves * Donated $109,500 through the Hawaiian Airlines Foundation as a grant to Kako'o 'Oiwi, a nonprofit organization dedicated to advancing the cultural, spiritual and traditional practices of the Native Hawaiian community. The grant funded the construction of a produce washing and packing facility to serve small, family farms in the area * Brought the Holoholo Challenge virtual race series to Kauaʻi which raised almost $25,000 in proceeds benefiting the National Tropical Botanical Garden's McBryde Garden, a 259-acre conservation and research area that is home to the world's largest collection of native Hawaiian flora * Provided wide-ranging support for the Maui Community, including direct gifts of $50,000 each to the Hawaiʻi Foodbank, Maui Food Bank, and Hawaiʻi Community Foundation's Maui Strong Fund, and a donor-matching HawaiianMiles campaign for the American Red Cross Hawaiʻi totaling approximately 140 million HawaiianMiles. Additionally, Hawaiian assisted with the evacuation of displaced residents and visitors and the transportation of first responders to Maui, and also supported relief efforts by carrying over 193,000 lbs. of essential cargo The Company continues to focus on creating long-term value and positively impacting the people, environment and communities it serves. The Company will publish its fifth annual Corporate Kuleana Report in the spring of 2024. On December 3, 2023, Alaska Air Group, Inc. and the Company announced that they have entered into a definitive agreement under which Alaska Airlines will acquire Hawaiian for $18.00 per share in cash, for a transaction value of approximately $1.9 billion, inclusive of $0.9 billion of Hawaiian's net debt. The combined company will unlock more destinations for consumers and expand choice of critical air service options and access throughout the Pacific region, Continental United States and globally. The acquisition is conditioned on required regulatory approvals, approval by the Company's shareholders, and other customary closing conditions. It is expected to close in 12-18 months from the announcement date. The Company also revealed its First Quarter 2024 and Full Year 2024 Outlook in the report. A full-text copy of the Company's report filed on Form 8-K with the Securities and Exchange Commission is available at http://tinyurl.com/5d98bbk7 About Hawaiian Holdings Headquartered in Honolulu, Hawaii, Hawaiian Holdings, Inc. provides transportation services. As of September 30, 2023, Hawaiian Holdings has $3,923,260 in total assets and $3,744,502 in total liabilities. * * * On November 15, 2023, Egan-Jones Ratings Company retained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Hawaiian Holdings. IAP WORLDWIDE: Eaton Vance EFT Marks $408,000 Loan at 22% Off ------------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT) has marked its $408,000 loan extended to IAP Worldwide Services, Inc., to market at $316,279 or 78% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Second Lien Term Loan (3 mo. USD LIBOR + 6.50%) to IAP Worldwide Services. The loan accrues interest at a rate of 12.152% per annum. The loan was scheduled to mature July 18, 2023. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 IAP is a provider of global-scale logistics, facilities management, and advanced professional and technical services. INDIEV INC: Unsecureds Will Get 1% of Claims over 12 Months ----------------------------------------------------------- Indiev, Inc., filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Chapter 11 Liquidating Plan dated January 30, 2024. The Debtor was formed in August 2017 and has been in the business of manufacturing electric vehicles. The Debtor does not hold an interest in any real estate. Debtor's personal property assets have a total estimated value of $298,562.00. The Debtor currently does not generate any income and is relying on the sale of its assets to generate the income needed to support its liquidating plan. The events that led to the filing of the Chapter 11 case by the Debtor were the pending eviction and breach of promissory note and guaranty lawsuits and Debtor's inability to continue to pay its creditors. In summary, this is a liquidating plan that provides for payment to holders of allowed claims over 12-month period. The timing of Plan payments to particular creditor groups will depend upon their classification under the Plan. The Effective Date of the Plan shall be the first 16 business day that is 14 calendar days after the entry of the order confirming the Plan, with payment beginning by the first day of the following month. Class 2 consists of General Unsecured Claims. In the present case, the Debtor estimates that there are approximately $17,016,757.82 in general unsecured debts. Holders of General Unsecured Claims will receive their pro-rata share of $14,180.63 per month for a total of $170,167.56 over 12 months of the Plan. The payments will start on the first day of the first month following the month within which the Effective Date occurs. Based on the proposed payments, the unsecured class will receive approximately 1% of their claims. This Class is impaired. Class 3 consists of Interest Holders. Debtor's interest holders are: (1) Zhou Ying, who is the Chief Financial Officer and a 13.83% equity interest holder; (2) Hai Shi, who is the Chief Executive Officer and 72.69% equity interest holder; (3) Qianrong Capital Limited which holds a 5.26% equity interest; (4) Yan Chen with 4% equity interest; (5) Wei Han with 3% equity interest; (6) Sheng Wang with 1% equity interest; (7) Peter Yung Kang with 0.06% equity interest; (8) Heidy Kingwan Chow with 0.06% equity interest; (9) and Jim Shun Tsai with 0.1% equity interest (collectively, the "Interest Holders"). Zhou Ying holds a pre-petition claim against the Debtor for $15,136,500.00. The plan does not provide for any distribution to Zhou Ying as an insider of the Debtor. The Debtor will fund the Plan from the liquidation of its assets. The Debtor's Plan is a liquidating plan. Debtor has a pending Sale Motion on the docket for January 31, 2024, which will dispose some of the Debtor's assets. Debtor has retained an auctioneer and anticipates selling the remaining assets by the end of February 2024. The proceeds Debtor collects from the sale will satisfy the liquidation analysis and support the distribution to be paid to Debtor's creditors, based on the priority. A full-text copy of the Disclosure Statement dated January 30, 2024 is available at https://urlcurt.com/u?l=0sXctY from PacerMonitor.com at no charge. Attorney for Debtor: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor, Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: michael.berger@bankruptcypower.com About Indiev Inc. Indiev Inc. was formed in August 2017 and has been in the business of manufacturing electric vehicles. The Debtor filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 23-12036) on Oct. 2, 2023, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Scott C. Clarkson oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, and Jennifer Liu, owner of JMLIU CPA Accountancy Corp., serve as the Debtor's bankruptcy counsel and accountant, respectively. INTERNATIONAL FOODS: Neema Varghese Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for International Foods NW Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About International Foods NW International Foods NW Inc., a company in Chicago, Ill., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-01165) on January 29, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Carlos Mella-Picel, owner, signed the petition. Judge Deborah L. Thorne oversees the case. John F. Hiltz, Esq., at Hiltz Zanzig & Heiligman, LLC represents the Debtor as legal counsel. J&N REAL ASSETS: Case Summary & Seven Unsecured Creditors --------------------------------------------------------- Debtor: J&N Real Assets Holdings, LLC 890 Liberty Lane Roanoke, TX 76262 Chapter 11 Petition Date: February 5, 2024 Court: United States Bankruptcy Court Northern District of Texas Case No.: 24-40413 Debtor's Counsel: Eric Liepins, Esq. ERIC A. LIEPINS 12770 Coit Road, Ste. 850 Suite 1100 Dallas, TX 75251 Tel: (972) 991-5591 Email: agenda@ealpc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Chirag Patel as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's seven unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/QWFV6YY/JN_Real_Assets_Holdings_LLC__txnbke-24-40413__0001.0.pdf?mcid=tGE4TAMA JBM SPECIALTIES: Unsecureds Are Unimpaired in Plan -------------------------------------------------- JBM Specialties, LLC, submitted a Third Amended Plan dated January 19, 2024. The purpose of this Plan is to provide the details of the Debtor's proposed liquidation and proposed distributions of money and/or property to its Creditors. After the Plan has been confirmed, the Bankruptcy Court will retain jurisdiction to determine the allowance of all Claims and to effectuate and enforce the terms of this Plan. Below are the unsecured claims and will be treated as follows: Class 3A Non-priority Unsecured Claims of trade vendors are unimpaired. Class 3A consists of Allowed Claims against Debtor, (including Claims arising from the rejection of executory contracts and/or unexpired leases) other than: (i) Administrative Claims; (ii) Priority Tax Claims; or (iii) Claims included within any other Class designated in this Plan including Class 3B. Class 3A shall be deemed to include those Creditor(s) holding an alleged Secured Claim against Debtor, for which: (y) no collateral exists to secure the alleged Secured Claim; and/or (z) liens, security interests, or other encumbrances that are senior in priority to the alleged Secured Claim exceed the fair market value of the collateral securing such alleged Secured Claims as of the Petition Date. Each holder of an Allowed Unsecured Claim in Class 3A shall be paid the amount of the Allowed Class 3A Claim plus interest at the federal judgment rate of 5.38% by the Disbursing Agent unless otherwise ordered by the Court. If there is insufficient funds to pay Class 3A and Class 3B Claims the holders of such claims shall share pari passu in the distribution of the available funds. Class 3B – Non-priority unsecured Claims are unimpaired. Class 3B consists of Allowed Claims against Debtor filed by the Investor Claimants to the extent Allowed and except to the extent such Allowed Claims constitute Class 4B Equity Interests and are subordinated pursuant to § 510(b) of the Bankruptcy Code. No monies shall be distributed to the members of Class 3B until (i) the holders of Allowed Class 1, 2 and 3A Claims, if any, are paid in full or sufficient reserves for their payment are established as provided for in Article 8 of the Plan, and (ii) until the Court determines that any part of Class 3B Claims are not subordinated pursuant to § 510(b) of the Bankruptcy Code. To the extent not subordinated, each holder of an Allowed Unsecured Claim in Class 3B shall be paid the amount of any such portion of the Allowed Class 3B Claim plus interest at the federal judgment rate of 5.38% by the Disbursing Agent, unless otherwise ordered by the Court. If there is insufficient funds to pay Class 3A and Class 3B Claims the holders of such claims shall share pari passu in the distribution of the available funds. The Debtor's remaining assets consists of Cash, the Excluded Assets and Litigation Claims. The Litigation Claims shall be prosecuted by either the Trustee or the Debtor as set forth in the Plan. Cash shall remain property of the Debtor but shall be held by the Trustee. The Beasley Assets shall be administered by the Debtor if it is determined that such assets constitute property of the Debtor and shall be sold at auction by the Debtor. The Auction Process shall also be subject to Trustee's approval. The Beasley Property shall be deemed to constitute property of Beasley unless the Plan Trustee or a party in interest files an adversary proceeding no later than the 21st day after entry of the Confirmation Order seeking a determination that the Beasley Property constitutes property of the estate. If the Court determines that the Beasley Property is property of the estate the Plan Trustee shall, in her reasonable business judgment, either liquidate such property, to the extent permissible under applicable law, or abandon such property to Beasley. Attorneys for the Debtor Mark A. Weisbart, Esq. HAYWARD PLLC 10501 N. Central Expressway, Suite 106 Dallas, TX 75231 Tel: (972) 755-7103 Fax: (972) 755-7103 E-mail MWeisbart@HaywardFirm.com A copy of the Third Amended Plan dated Jan. 19, 2024, is available at https://tinyurl.ph/SNgBH from PacerMonitor.com. About JBM Specialties JBM Specialties, LLC -- http://www.WhiskeyHollowDistillery.com/-- operates a beverage manufacturing business. The company is based in Valley View, Texas. JBM Specialties filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 23-40497) on March 23, 2023, with $1 million to $10 million in both assets and liabilities. Areya Holder Aurzada has been appointed as Subchapter V trustee. Judge Brenda T. Rhoades oversees the case. The Debtor is represented by Robert DeMarco, III, Esq., at DeMarco-Mitchell, PLLC. JOANN INC: Royce & Associates Reports 0.75% Equity Stake -------------------------------------------------------- In a Schedule 13G/A Report filed with the U.S. Securities and Exchange Commission, Royce & Associates, LP disclosed that as of December 31, 2023, it beneficially owned 312,714 shares, representing 0.75% of JOANN, Inc.'s Common Stock. A full-text copy of the Report is available at http://tinyurl.com/2p8fpt23 About JOANN JOANN operates in the fabric and sewing industry with one of the largest assortments of arts and crafts products. JOANN has transformed itself into a fully-integrated, digitally-connected omni-channel retailer. JOANN reported a net loss of $200.6 million for the year ended Jan. 28, 2023. As of July 29, 2023, the Company had $2.26 billion in total assets, $563.3 million in total current liabilities, $1.09 billion in long-term debt, $714.8 million in long-term operating lease liabilities, $20.4 million in long-term deferred income taxes, $29.2 million in other long-term liabilities, and a total shareholders' deficit of $162.2 million. * * * As reported by the TCR on July 14, 2023, S&P Global Ratings lowered its ratings on U.S.-based creative products retailer Joann Inc. to 'CCC' from 'CCC+'. The outlook is negative, reflecting the risk S&P could lower its rating on Joann if liquidity deteriorates or the company pursues a debt transaction that S&P views as tantamount to default. S&P said weak operating performance and higher borrowing costs are straining cash flow and liquidity. JSMITH CIVIL: Plan Filing Deadline Extended to Feb. 9 ----------------------------------------------------- Judge Joseph N. Callaway has entered an order that the Extension Motion is allowed and the deadline within which JSmith Civil, LLC is required to file its plan of reorganization and disclosure statement in the bankruptcy proceeding is extended to Feb. 9, 2024. The U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, authorized JSmith Civil, LLC to usecash collateral on an interim basis in accordance with the budget, with a 10% variance, through January 3, 2024. Due to unforeseen circumstances, including payment disputes preventing collection of outstanding accounts receivable for bonded and non-bonded projects in excess of $3 million in 2022, and delays in projects attributable to prime contractors and owners, the Debtor began to experience significant financial problems as a result of its inability to pay certain ongoing expenses associated with the performance of all its ongoing commercial construction projects throughout the State of North Carolina. The Debtor's sole sources of revenue and income consist of the following: (a) Funds currently on hand and on deposit in its bank accounts; (b) Income and revenue generated from the collection of outstanding accounts receivable; (c) Monthly income totaling not less than $85,042 generated from the lease of the Debtor's equipment and vehicles to third parties pursuant to Master Lease Agreements and Options to Purchase; (d) Income and revenue earned/generated from the continued performance of commercial construction and site preparation services to existing projects; and (e) Funds recovered from third parties for construction services and work performed for which payment to the Debtor was withheld and not remitted. The Debtor incurred multiple obligations to the following creditors who have security interests in certain collateral owned by the Debtor, as well as proceeds and products thereof, that may constitute cash collateral as defined by Section 3 63of the Bankruptcy Code: (a) Ally Financial, Inc.; (b) Bank of the West; (c) Caterpillar Financial Services Corporation (d) CIT Bank, N.A.; (e) First-Citizens Bank & Trust Company; (f) Citizens One Auto Finance; (g) Engs Commercial Finance Co.; (h) De Lage Landen Financial Services, Inc.; (i) Ferguson Enterprises, Inc. (j) Gregory Poole Equipment Company; (k) PNC Equipment Financ, LLC; (l) Truist Equipment Finance Corp.; (m) Wells Fargo Bank, N.A.; (n) Westfield Insurance Company a/k/a Westfield National Insurance Company and/or Ohio Farmers Insurance Company; and (o) Second Wind Consultants, Inc. In the interim, and to continue and maintain its existing operations, the Debtor will be required to incur certain operating expenses, including payroll, payroll taxes, utilities, rent, insurance premiums, materials, costs, and supplies, and other costs and expenses associated with the performance of electrical services and operation of its business. As adequate protection, the Cash Collateral Creditors are granted continuing post-petition liens and security interests in all property and categories of property of the Debtor in which and of the same priority as each held as of the Petition Date, and the proceeds thereof, whether acquired prepetition or post-petition, but only to the extent of that cash collateral used. The post-petition replacement liens are deemed automatically perfected without the necessity of financing statement or other further actions by the Cash Collateral Creditors. As a condition of the use of cash collateral, the Debtor will: A. Remit an adequate protection payment in the amount of $100,000 to First-Citizens on or before December 29, 2023; B. Segregate all proceeds received from the Equipment Leases into a separate account, which will not be utilized until further Order of the Court; C. Maintain continuous insurance coverage on the personal property, equipment, and collateral; D. Provide a report, no less frequently than every 30 days, all revenue, income, and expenditures through a comparative analysis of actual revenue, income, and expenditures with budgeted/projected revenue, income, and expenditures; and E. Provide reasonable access to the Debtor's premises, books and records, and other financial information necessary to inspect any collateral and evaluate the Debtor's financial condition and affairs, and such additional information as may be reasonably requested by First Citizens, any other Cash Collateral Creditor, orthe Bankruptcy Administrator for the purpose of evaluating the collateral or the Debtor's financial condition. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=Uwpbc0 from PacerMonitor.com. The Debtor projects $489,440 in total income and $370,818 in total operating expenses for one month. About JSmith Civil JSmith Civil LLC, a Goldsboro contractor, sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 23-02734) on Sept. 19, 2023. In the petition filed by Jeremy Smith, president, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Judge Joseph N. Callaway oversees the case. The Debtor tapped Joseph Zachary Frost, Esq. at Buckmiller, Boyette & Frost, PLLC as bankruptcy counsel and Don Terry, Esq., at Windle | Terry | Bimbo Construction Law as special counsel. KIDDE-FENWAL: Future Claims Representative Appointment Okayed ------------------------------------------------------------- Vince Sullivan of Law360 reports that a Delaware bankruptcy judge approved the appointment of a future claims representative in the Chapter 11 case of fire protection manufacturer Kidde-Fenwal Wednesday, January 24, 2024, saying the process used by the debtor to seek her appointment complied with case law and that the selection is qualified for the post. The Bankruptcy Court granted the motion of Kidde-Fenwal for entry of an order appointing Randi S. Ellis, as a legal representative for Future PFAS Personal Injury Claimants, nunc pro tunc to December 27, 2023. The Future Claimants' Representative shall be appointed to represent and protect the rights of any claimant (collectively, such claimants, "Future PFAS Personal Injury Claimants" and their claims, the "Future PFAS Personal Injury Claims"): (a) who, after the deadline to be established by this Court to file proofs of claim on account of PFAS Claims or, if no such date is established by the Court, following the occurrence of the effective date of a plan in this Chapter 11 Case (the "Effective Date"), asserts one or more personal injury claims against the Debtor or successor of the Debtor's business based on the Debtor's conduct before the Petition Date, (b) whose personal injury claims arise from the design, manufacture, storage, marketing, use, distribution, discharge or sale of per- and polyfluroalkyl substances ("PFAS") and PFAS-containing products (including but not limited to aqueous film-forming foam ("AFFF")) and claims that relate directly or indirectly to precursor, derivative or resultant chemicals from PFAS or AFFF (collectively, "PFAS Claims") and (c) who could not assert such personal injury claims in the Chapter 11 Case because, among other reasons, the claimant was (i) unaware of the personal injury as of the Effective Date, (ii) not diagnosed with the personal injury until after the Effective Date or (iii) as of the Effective Date, was otherwise unable or incapable of asserting the personal injury claim(s) based on the personal injury. About Kidde-Fenwal Inc. Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures fire protection systems. It offers products such as fire control systems, explosion aircraft protection, laser-based smoke detection devices, electronic gas ignitions, and fire suppressions. Kidde-Fenwal markets its products to mining, manufacturing, education, and commercial sectors. Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the petition filed by its chief transformation officer, James Mesterharm, the Debtor reported assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht & Tunnell, LLP as legal counsels; and Guggenheim Securities, LLC, as investment banker. Stretto, Inc., is the claims and noticing agent and administrative advisor. KIDDE-FENWAL: Saccullo & Kelley Update List of Government Claimants ------------------------------------------------------------------- The Ad Hoc Group of Governmental Claimants in the chapter 11 case of Kidde-Fenwal, Inc., filed a ninth amended verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. The Committee members hold unsecured claims against the Debtor's estate related to the Debtor's design, manufacture, distribution, and sale of aqueous film forming foam. The members of the Ad Hoc Group of Governmental Claimants are: 1. The State of Maryland 2. The Commonwealth of Massachusetts 3. The State of New Mexico 4. The State of New Hampshire 5. The State of New Jersey 6. The State of North Carolina 7. Commonwealth of the Northern Mariana Islands 8. The State of Oregon 9. The State of Rhode Island 10. The State of Tennessee 11. The State of Texas 12. State of Washington 13. State of Wisconsin 14. Commonwealth of Virginia 15. Commonwealth of Pennsylvania 16. State of Delaware 17. The State of New York 18. The State of Maine 19. State of Vermont 20. State of Hawaii 21. Commonwealth Utilities Corporation 22. Guam Waterworks Authority 23. The State of Connecticut 24. District of Columbia 25. Government of Guam 26. The Commonwealth of Puerto Rico The Puerto Rico Aqueducts and Sewer Authority The Puerto Rico Ports Authority The Puerto Rico Electric and Power Authority 27. State of South Carolina 28. State of Indiana Counsel to the Ad Hoc Committee of Governmental Claimants Anthony M. Saccullo, Esq. Mark T. Hurford, Esq. Mary E. Augustine, Esq. A. M. SACCULLO LEGAL, LLC 27 Crimson King Drive Bear, DE 19701 Tel: (302) 836-8877 Fax: (302) 836-8787 E-mail: ams@saccullolegal.com mark@saccullolegal.com meg@saccullolegal.com - and - James S. Carr, Esq. KELLEY DRYE & WARREN LLP 3 World Trade Center 175 Greenwich Street New York, NY 10007 Tel: 212-808-7800 Fax: 212-808-7897 E-mail: Jcarr@kelleydrye.com - and - Sean T. Wilson, Esq. KELLEY DRYE & WARREN LLP 515 Post Oak Blvd, Suite 900 Houston, TX 77027 Telephone: (212) 808-7612 Facsimile: (713) 355-5001 E-mail: Swilson@kelleydrye.com About Kidde-Fenwal Kidde-Fenwal Inc. -- https://www.kidde-fenwal.com/ -- manufactures fire protection systems. It offers products such as fire control systems, explosion aircraft protection, laser-based smoke detection devices, electronic gas ignitions, and fire suppressions. Kidde-Fenwal markets its products to mining, manufacturing, education, and commercial sectors. Kidde-Fenwal sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-10638) on May 14, 2023. In the petition filed by its chief transformation officer, James Mesterharm, the Debtor reported assets between $100 million and $500 million and estimated liabilities between$1 billion and $10 billion. The Debtor tapped Sullivan & Cromwell, LLP and Morris Nichols Arsht & Tunnell, LLP as legal counsels; andGuggenheim Securities, LLC as investment banker. Stretto, Inc. is the claims and noticing agent and administrative advisor. LEON INDUSTRIES: Hires Baumeister Denz as Legal Counsel ------------------------------------------------------- Leon Industries LLC d/b/a US Glove Supply seeks approval from the U.S. Bankruptcy Court for the Western District of New York to employ Baumeister Denz, LLP as its legal counsel. The firm will provide general legal services in bankruptcy, corporate, litigation, tax and other areas of law throughout the course of the Debtor's Chapter 11 case. Arthur Baumeister, Jr., Esq., the firm's attorney who will be handling the case, will be paid at his hourly rate of $350 and will be reimbursed for out-of-pocket expenses incurred. The firm received from the Debtor the sum of $15,000. 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: Arthur G. Baumeister, Jr., Esq. BAUMEISTER DENZ, LLP 172 Franklin Street, Suite 2 Buffalo, NY 14202 Tel: (716) 852-1300 Email: abaumeister@bdlegal.net About Leon Industries LLC d/b/a US Glove Supply Leon Industries LLC owns and operates a nitrile glove manufacturing facility in New York. The Debtor sought protection under Chpater 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 23-11203) on December 13, 2023. In the petition signed by Jacomo Hakim, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Carl L. Bucki oversees the case. Arthur G. Baumeister, Jr., Esq., at BAUMEISTER DENZ LLP, represents the Debtor as legal counsel. LIQUIGUARD TECHNOLOGIES: Amends Plan to Include Gardner Sec. Claim ------------------------------------------------------------------ Liquiguard Technologies, Inc., submitted a Fourth Amended Plan of Reorganization under Subchapter V dated January 29, 2024. Since its beginnings, the Debtor has continued to develop new coatings that delivered results on the eco-friendly mission with excellent competitive function, durability and price point. On August 1, 2022, the Debtor signed an exclusive manufacturing agreement with Engineered Protective Coatings ("EPC") to develop and manufacture a line of consumer do-it-yourself antislip products ("EZ No Slip") for large volume sales through mass marketing, including television. In February 2023, EPC presented the EZ No Slip product line at the National Hardware Show in Las Vegas and received an award for Most Outstanding and Innovative Product. There was much interest by national retailers in the product; the retailers have not submitted purchase orders yet citing the confirmation of Debtor's Plan as a condition precedent to submitting purchase orders. More recently, Debtor received inquiries from four entities seeking to use Debtor's coatings for various applications. The potential customers each requested samples for their specific needs and have begun initial testing of the samples on their equipment/products; these tests were conducted on a small scale before exposing large portions/quantities of the equipment/products to the coating. The results of the initial small-scale tests were all positive and each entity is in the final stages of their final tests, which involve testing a larger sample size. Until immediately before the filing of this Plan, the means for the funding of Debtor's Plan of Reorganization was a third-party investor who was going to invest initially upwards of $850,000.00 in the Debtor with additional financing to follow. As of late January 2024, this investor has declined to fulfill its promise to invest in Debtor to fund the Plan. Debtor is actively seeking a new investor to fill this role before confirmation. Debtor believes that the current proposed Plan, or a facsimile, is still possible if appropriate financing is obtained. To that end, the recent inquires need to become actual purchase orders before Debtor can include the details in its financial projections. For the purpose of filing a Plan at this time, Debtor is now proposing a Plan with an unknown investor, fulfilling the role and obligations of the prior investor. A central issue between Debtor and the Gardner Estate is the valuation of the stock held by the Estate. The parties assert vastly different valuations concerning the buyout of Gardner's interest in the Debtor as required by a Shareholder Agreement. The process required the Debtor to pay the value of Gardner's equity interest 40% determined by an elaborate appraisal process set forth in the Shareholder Agreement. The Plan provides for 2 class of secured claims, 1 class of non-priority unsecured claims, and (2) a priority tax claim owed to the Internal Revenue Service. Non-priority unsecured creditors holding allowed claims will receive distributions, which the Plan Proponent values at 23.82 cents on the dollar (23.82%) (Class 3). The Plan also provides for the payment of administrative and priority claims. Class 2 consists of the Secured claim of Gardner Estate. In 3AP, the Estate unsecured claim of $2,886,157.02 was removed from the unsecured Class (which was Class 2 in3AP). The Estate's claim, originally filed as an unsecured claim, was modified by agreement of the parties in the 9019 Motion, to be a secured claim (with a patent as collateral). As part of the settlement, the Debtor, under the Plan, will pay the Estate a total of $750,000.00 or 25.99% over five years, in monthly payments, pursuant to the payment schedule. As collateral for the secured claim, the Debtor's principal will grant a security interest in that certain Patent No. 9,505,199, "Method of Applying Graphic Images Onto a Target Substrate" (the "Collateral"). The Collateral will be released for a payment of $100,000.00, or the balance of the $750,000.00 claim, whichever is less at the time of payment. If the balance is greater than the payment for the release of the Collateral, the payment will be credited to the outstanding balance of the claim. This class is impaired. Class 3 consists of General Unsecured Claims. The class contains 22 claims totaling $266,377.00. This Class will receive 20 quarterly payments of $3172.05. This Class will receive a distribution of 23.82% of their allowed claims. On January 25, 2024, the original investor informed Debtor that it will not be funding Debtor's Plan nor the purchase of the Gardner Estate's 40% stock ownership interest. Debtor is actively seeking a new investor to enable Debtor's Plan to be confirmed and support Debtor's reorganization. In recent weeks, Debtor has engaged with four entities to generate purchase orders for the patented formula. The first is with a governmental agency for use in protecting certain vessels from erosion. The product has been tested by the agency, has been successful, and the Debtor anticipates securing an annual contract and corresponding purchase order from the agency within the next several months. The anticipated contract would provide gross revenues of approximately $4.8 million per year to the Debtor. The second is a nationwide company that has been testing its products on its restaurant tables which have deteriorated as a result of continuous cleaning from COVID-19. The coating would basically restore and save the tables from having to be discarded which would save the company an enormous amount of money by not having to replace tables that are specifically built for their use. The initial testing has been successful and Debtor is working toward securing an annual contract purchase order with this company as well, and hopes to finalize the deal within the next several months. The third is a major corporation that is testing a coating on its outdoor decks at its training facilities across the United States, and again, all initial tests have been successful. Debtor is working toward securing an annual contract purchase order with this company as well, and hopes to finalize the deal within the next several months. Finally, the fourth is a major nationwide retail company that is testing Debtor's new thermal technology product in its clothing line. These initial tests are in the early stages, but the current testing so far has been promising, as per updates provided by officers of the company. Debtor expects to secure an annual contract and purchase order with this company within the next several months. A full-text copy of the Fourth Amended Plan dated January 29, 2024 is available at https://urlcurt.com/u?l=YpPBcD from PacerMonitor.com at no charge. Attorney for Debtor: Chad Van Horn, Esq. Van Horn Law Group, PA 330 North Andrews Avenue, Suite 450 Fort Lauderdale, FL 33301-1012 Telephone: (954) 637-0000 Email: chad@cvhlawgroup.com About Liquiguard Technologies Liquiguard Technologies Inc. -- https://www.liquiguard.com/ -- provides specialty protective coatings to help protect, preserve and enhance the appearance and useful life of all types of everyday materials. Liquiguard Technologies previously sought Chapter 11 protection (Bankr. S.D. Fla. Case No. 18-19449) on Aug. 2, 2018. Liquiguard Technologies again filed a petition for relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 22-15388) on July 14, 2022. In the petition filed by Abbas A. Sadriwalla, as president, the Debtor estimated assets up to $50,000 and liabilities between $100,000 and $500,000. Judge Peter D. Russin oversees the case. Aleida Martinez-Molina has been appointed as Subchapter V trustee. Chad T. Van Horn, Esq., at Van Horn Law Group, P.A., is the Debtor's counsel. LITTLELOGISTICS LLC: Hires Keith Y. Boyd P.C.as Counsel ------------------------------------------------------- Littlelogistics, LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Keith Y. Boyd, P.C. to handle its Chapter 11 case. The firm will be paid at these rates: Keith Y. Boyd $400 per hour Melissa A. Arnold, ACP $150 per hour Law Clerk $200 per hour Legal Assistants $50 to 100 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The firm will be paid a retainer in the amount of $20,000. Keith Y. Boyd, Esq., a partner at Keith Y. Boyd, 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: Keith Y. Boyd, Esq. KEITH Y. BOYD, P.C. 724 S. Central Ave., Suite 106 Medford, OR 97501 Tel: (541) 973-2422 Fax: (541) 973-2436 Email: keith@boydlegal.net About Littlelogistics, LLC Littlelogistics LLC is global supply chain management company specializing in nearshore production, distribution and fulfilment model; start-up operational implementation; negotiations for all modes of transportation; and site selection and vetting business partners. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 24-60093) on January 17, 2024. In the petition signed by Philip Littleton, member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Thomas M. Renn oversees the case. Keith Y Boyd, Esq., at KEITH Y. BOYD, PC, represents the Debtor as legal counsel. LOGANSPORT MACHINE: Daniel Freeland Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 10 appointed Daniel Freeland as Subchapter V trustee for Logansport Machine Company, Inc. Mr. Freeland will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Freeland declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Daniel L. Freeland 9105 Indianapolis Boulevard Highland, IN 46322 Tel: (219) 922-0800 Email: dlf9601@aol.com About Logansport Machine Company Logansport Machine provides products, services and solutions to the workholding industry. The company is based in Logansport, Ind. Logansport Machine Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ind. Case No. 24-30079) on Jan. 26, 2024, with $6,281,311 in assets and $7,919,388 in liabilities. Gordon J. Duerr, III, president, signed the petition. Judge Paul E. Singleton presides over the case. Scot T. Skekloff, Esq., at Haller & Colvin, PC represents the Debtor as legal counsel. LUMEN TECHNOLOGIES: Reaches Deal Larger Group of Creditors ---------------------------------------------------------- Lumen Technologies, Inc. (NYSE: LUMN) on Jan. 25, 2024, announced that it has entered into an amended and restated transaction support agreement (the "TSA") with a broadened group of creditors who now represent, in the aggregate, over $12.5 billion of the outstanding indebtedness and commitments of the Company and its subsidiaries and represent over 70% in the aggregate of Lumen and Level 3 debt maturing through 2027. The amended TSA announced Jan. 25, 2024, is supported by a significantly larger group of creditors across more of Lumen's capital structure than the agreement previously announced on October 31, 2023. The TSA will, among other things, extend debt maturities to primarily 2029 and beyond, provide $1.325 billion of financing to the Company through new long-term debt and provide access to a new revolving credit facility in an amount expected to be approximately $1 billion. Lumen expects to complete the transactions contemplated by the TSA in the first quarter of 2024, subject to the satisfaction of limited remaining closing conditions. The broad support across the Company's capital structure demonstrates creditors' and stakeholders' conviction in Lumen's turnaround plan and growth strategy. "This agreement represents another positive step forward in the Lumen turnaround story and creates substantial runway for the Company to achieve its financial and capital structure goals. The TSA transactions, when completed, will provide Lumen significant flexibility as we continue to execute on our transformation journey of disrupting telecom," commented Kate Johnson, President and Chief Executive Officer of Lumen. Lumen plans to make certain term loan transactions available to all holders in connection with the consummation of such transactions. The transactions related to certain notes of the Company and Level 3 will be executed on a privately negotiated basis under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). The Company does not plan to make such transactions available to all holders in connection with the consummation of such transactions. Following consummation of the TSA transactions, Lumen may assess potential follow-on transactions with respect to non-participating debt. Additional information can be found in the Company's Current Report on Form 8-K filed with the SEC today and available on Lumen's investor relations website at https://ir.lumen.com. Guggenheim Securities, LLC served as financial advisor and Wachtell, Lipton, Rosen & Katz served as legal advisor to the Company. About Lumen Technologies Headquartered in Monroe, Louisiana, Lumen Technologies, Inc., is an international facilities-based technology and communications company focused on providing its business and mass markets customers with a broad array of integrated products and services necessary to fully participate in its ever-evolving digital world. The Company's platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access and reduce costs -- allowing customers to rapidly evolve their IT programs to address dynamic changes. Lumen reported a net loss of $1.55 billion in 2022. Lumen incurred a net loss of $8.3 billion for the nine months ended Sept. 30, 2023. * * * As reported by the TCR on Aug. 24, 2023, Moody's Investors Service downgraded Lumen Technologies, Inc.'s corporate family rating to Caa1 from B2. Moody's said the downgrade reflects the Company's increasing financial risks and continued weak operating performance. Also in August 2023, S&P Global Ratings lowered its issuer credit rating on U.S.-based telecommunications service provider Lumen Technologies Inc. to two notches to 'CCC+' from 'B'. The two-notch downgrade reflects S&P's view that Lumen's capital structure is unsustainable longer term. S&P expects the Company's operating and financial performance will remain challenged for the next couple of years as its turnaround plan faces significant challenges. MADERA COMMUNITY: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------ The Official Committee of Unsecured Creditors submitted a Second Amended Disclosure Statement for the First Amended Chapter 11 Plan of Liquidation for Madera Community Hospital dated January 30, 2024. The Plan provides for recovery to creditors either through a Hospital-reopening transaction or through the proceeds of the liquidation of assets. It is expected that creditor recoveries will be greater through a Hospital-reopening transaction rather than a liquidation of assets. The potential Hospital-reopening transaction will be with American Advanced Management, Inc. ("AAM") and the proceeds of that transaction will help fund creditor distributions. In particular, the Plan generally provides that, unless AAM terminates the MSA on or before April 15, 2024, and subject to the Plan being confirmed on or before the Plan Confirmation Deadline, AAM shall contribute up to $30 million in Cash to fund the Liquidation Trust for the benefit of Holders of Allowed General Unsecured Claims in exchange for the sale of: (i) the real property on which the Hospital is located, and (ii) at the election of AAM, the transition of the Hospital’s operational assets and other personal property assets. It is expected that a Hospital-reopening transaction will pay the Claims of General Unsecured Creditors in full. In the event that the proposed Hospital-reopening transaction is terminated, the Plan enables the Committee to pursue and consummate a Liquidation Transaction if, at any time before the Effective Date, it determines in its sole discretion that such course of action is in the best interests of Creditors. It is expected that a Liquidation Transaction will provide payments to General Unsecured Creditors, but there is no assurance that those Claims will be paid in full. Class 3 consists of SAMC Secured Obligations. On the Effective Date, and in exchange for a waiver and release of any and all claims or Causes of Action asserted or assertable against SAMC by the Debtor, the Estate, the Committee, the Liquidation Trust or the Liquidation Trustee, the SAMC Secured Obligations shall receive a distribution in the amount (the "SAMC Distribution Amount") equal to the sum of: (a) $2,230,546, plus (b) any interest, fees and expenses, accrued between January 2, 2024 and the Effective Date, that remain due and owing as of the Effective Date. On or before the Expense Payment Deadline of each calendar month, a portion of the One Million Deposit shall be released to the Debtor in an amount sufficient to pay certain interest and expenses associated with the Allowed SAMC Secured Obligations that accrued during the prior calendar month and shall be immediately applied by the Debtor solely to pay such interest and expenses (and thereby reducing the SAMC Distribution Amount to the extent paid from the One Million Deposit). The balance of the Allowed SAMC Secured Obligations shall be paid on the Effective Date from Cash on Hand, unless otherwise agreed to by the Holder of such Allowed SAMC Secured Obligation. Class 4 consists of General Unsecured Claims. The allowed unsecured claims total $14,382,418 to $29,392,055. This Class will receive a distribution of 100% of their allowed claims. As soon as practicable after the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive, in full satisfaction, settlement, discharge, and release of, and in exchange for, such Allowed General Unsecured Claim (unless the applicable Holder agrees to a less favorable treatment), its Pro Rata share of the Liquidation Trust Interests, which shall entitle such Holder to its Pro Rata Share of the Liquidation Trust Assets. The Liquidation Trust Assets shall initially consist of, inter alia: (i) any Cash on Hand (including the $15 million Initial Contribution); (ii) the Estate Personal Assets; (iii) any Excess Professional Fee Trust Amount; (iv) the D&O Liability Insurance Policies; (v) the Retained Causes of Action (including, but not limited to, Tort Claims and D&O Claims); and (vi) the proceeds of the foregoing. Plan Distributions on account of such Liquidation Trust Assets shall be made on or as soon as reasonably practicable after the later of: (i) the Initial Distribution Date if such General Unsecured Claim is Allowed on the Effective Date, or (ii) the date on which such General Unsecured Claim becomes an Allowed General Unsecured Claim. The Plan provides for: (a) the formation of the Liquidation Trust; (b) the disposition of substantially all the Assets of the Debtor and its Estate and the distribution of the net proceeds thereof to Holders of Allowed Claims, consistent with the priority provisions of the Bankruptcy Code; (c) the winding down of the Debtor and its affairs by the Liquidation Trustee; and (d) the creation of a mechanism for the Liquidation Trustee to pursue, litigate, waive, settle, and compromise Causes of Action (including, but not limited to, D&O Claims and Tort Claims) to maximize Creditor recoveries. The Plan also provides that, unless AAM elects to terminate the MSA on or before the Commitment Deadline, and subject to the Plan being confirmed on or before the Plan Confirmation Deadline, AAM shall contribute up to $30 million in Cash to fund the Liquidation Trust for the benefit of Holders of Allowed General Unsecured Claims in exchange for the sale to Buyer of: (i) the Real Property Asset (memorialized in an asset purchase agreement that is substantially similar to the form attached as Exhibit B to the MTA), and (ii) at the election of AAM, the transition of the Hospital Assets to Buyer. Under the Plan, the SAMC Secured Obligation shall be allowed in an aggregate principal amount (plus accrued and unpaid interest through January 1, 2024) of $2,323,485 plus unpaid fees and interest that accrue from January 2, 2024 through the Effective Date, which represents the outstanding portion of the SAMC Secured Obligations. On the Effective Date, and in exchange for a waiver and release of any and all claims or Causes of Action asserted or assertable against SAMC by the Debtor, the Estate, the Committee, the Liquidation Trust or the Liquidation Trustee, the SAMC Secured Obligations shall receive a distribution in the amount (the "SAMC Distribution Amount") equal to the sum of: (a) $2,230,546, plus (b) any interest, fees and expenses, accrued between January 2, 2024 and the Effective Date, that remain due and owing as of the Effective Date. A full-text copy of the Second Amended Disclosure Statement dated January 30, 2024 is available at https://urlcurt.com/u?l=s064Mt from PacerMonitor.com at no charge. Co-Counsel to the Official Committee of Unsecured Creditors: Paul S. Jasper, Esq. PERKINS COIE LLP 505 Howard Street, Suite 1000 San Francisco, CA 94105 Tel: (415) 344-7000 Fax: (415) 344-7050 E-mail: PJasper@perkinscoie.com - and - Andrew H. Sherman, Esq. Boris I. Mankovetskiy, Esq. SILLS CUMMIS & GROSS P.C. One Riverfront Plaza Newark, N J 07102 Tel: (973) 643-7000 Fax: (973) 643-6500 Email: ASherman@sillscummis.com BMankovetskiy@sillscummis.com About Madera Community Hospital Madera Community Hospital operates a general medical and surgical hospital in Madera, Calif. Madera Community Hospital sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 23-10457) on March 10, 2023. In the petition signed by its chief executive officer, Karen Paolinelli, the Debtor disclosed $50 million to $100 million in assets and $10 million to $50 million in liabilities. Judge Rene Lastreto II oversees the case. The Debtor tapped Riley C. Walter, Esq., at Wanger Jones Helsley, as bankruptcy counsel; McCormick Barstow LLP and Ward Legal, Inc. as special counsels; and JWT & Associates, LLP as accountant. The U.S. Trustee for Region 17 appointed an official committee of unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Perkins Coie, LLP and Sills Cummis & Gross PC as legal counsels and FTI Consulting, Inc., as financial advisor. MEDASSETS SOFTWARE: Eaton Vance EFT Marks $625,000 Loan at 41% Off ------------------------------------------------------------------ Eaton Vance Floating-Rate Income Trust (EFT) has marked its $625,000 loan extended to MedAssets Software Intermediate Holdings, Inc., to market at $367,708 or 59% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Second Lien Term Loan (SOFR + 6.75%) to MedAssets. The loan accrues interest at a rate of 12.213% per annum. The loan matures on December 17, 2029. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Headquartered in Alpharetta, Ga., MedAssets Software Intermediate Holdings, Inc. (dba nThrive) provides healthcare revenue cycle management software-as-a-service (SaaS) solutions, including patient access, charge integrity, claims management, contract management, analytics and education. MEDASSETS SOFTWARE: Eaton Vance EFT Marks $960,000 Loan at 20% Off ------------------------------------------------------------------ Eaton Vance Floating-Rate Income Trust (EFT) has marked its $960,000 loan extended to MedAssets Software Intermediate Holdings, Inc., to market at $765,899 or 80% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Term Loan (SOFR + 4.00%) to MedAssets. The loan accrues interest at a rate of 9.463% per annum. The loan matures on December 18, 2028. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Headquartered in Alpharetta, Ga., MedAssets Software Intermediate Holdings, Inc. (dba nThrive) provides healthcare revenue cycle management software-as-a-service (SaaS) solutions, including patient access, charge integrity, claims management, contract management, analytics and education. MEGA SUNSET: Files Plan; In Talks With Ben Moshe ------------------------------------------------ Mega Sunset, LLC, filed a status conference report ahead of the status conference scheduled for Feb. 6, 2024. Mega Sunset filed the "Original Disclosure Statement Describing the Debtor's Chapter 11 Plan" and the "Debtor's Chapter 11 Plan" on Jan. 25, 2024. Yair Ben Moshe has recently begun to personally take an active role in the Mega Sunset case, having filed the "Declaration of Yair Ben Moshe re Continued Use of Cash Collateral." Mega Sunset has continued to attempt to work with Ben Moshe and his company MBM Acquisitions, Inc., through a third party intermediary. Most recently, discussions with the third party intermediary have focused on Mega Sunset's reorganization plan. Mega Sunset has recently begun exploring the willingness of Ben Moshe/MBM Acquisitions to accept a payoff of MBM Acquisitions' first priority deed of trust loan. The Debtor and its principal, Ted Hsu, deny that any knowing misrepresentations have been made in connection with Mega Sunset's bankruptcy case, that Mega Sunset breached any agreement with Ben Moshe's other company 1539 Sunset, LLC, or that any misappropriation of funds loaned by Ben Moshe occurred. General Insolvency Counsel for Mega Sunset, LLC: Raymond H. Aver, Esq. LAW OFFICES OF RAYMOND H. AVER A Professional Corporation 10801 National Boulevard, Suite 100 Los Angeles, CA 90064 Telephone: (310) 571-3511 E-mail: ray@averlaw.com About Mega Sunset Mega Sunset, LLC, is the owner of the commercial real property located at 1539 West Sunset Boulevard, Los Angeles, California 90069. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-15583) on Aug. 29, 2023. In the petition signed by Ted Hsu, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Neil W. Bason oversees the case. Raymond H. Aver, Esq., at Law Offices of Raymond H. Aver, A Professional Corporation, represents the Debtor as legal counsel. MILE HI TRANSPORTATION: Amends Unsecureds & Amur Secured Claims --------------------------------------------------------------- Mile High Transportation, LLC submitted an Amended Plan of Reorganization for Small Business dated January 29, 2024. The Plan provides creditors with a distribution on their Claims in an amount greater than any other potential known option available to the Debtor. Debtor is working on expanding its revenue post-petition in smart ways. It is working on obtaining more loads directly through shippers, which allows the Debtor to increase the percentage it keeps from its operations. It is also working on adding more owner-operators to its fleet – drivers who provide their own tractors and have a fairly consistent profit margin built in for the Debtor. Class 8 consists of the Allowed Secured Claim of Amur Equipment Finance, Inc., secured by 2022 GDAN Reefer, VIN 10154. Debtor will amortize and pay the sum of $70, 000.00, paid over 5 years at 8.5% interest with monthly payments of $1, 436.16 to be made to Amur. The deficiency shall be classified as a general unsecured claim in Class 19. Class 9 consists of the Allowed Secured claim of Amur Equipment Finance, Inc., secured by 2022 GDAN Reefer, VIN 10153. Debtor will amortize and pay the sum of $70, 000.00, paid over 5 years at 8.5% interest, with monthly payments of $1,436.16 to be made to Amur. The deficiency shall be classified as a general unsecured claim in Class 19. Class 19 consists of General Unsecured Creditors. Pro rata distributions of 100% of the Debtor's Available Cash calculated on a quarterly, basis after subtracting the amount in the Expense Reserve. Based on Debtor's projections, unsecured creditors are expected to receive 100% on account of their claims. Payments to general unsecured creditors shall be made until the later of: allowed claims being paid in full, or the end of 5 years. Debtor anticipates cash on the Effective Date will be sufficient to pay all Administrative Claims in full. If it is insufficient, Debtor will make monthly payments to Class 1 until Class 1 is paid in full. In the event Debtor is unable to pay Administrative Claims in full on the Effective Date, Debtor will make monthly payments from Available Cash beginning on the first day of the first month after entry of a final order approving the amount of the Class 1 claim and continuing until Class 1 is paid in full. For the absence of doubt, said monthly payments will be made prior to any contributions to the Expense Reserve, and prior to any payments on account of allowed claims in Class 19. The Debtor projects to pay unsecured creditors in full over the course of 5-years. As evidenced by the projections, Debtor anticipates that its income will be positive each year of the Plan, and will generate sufficient revenue to meet its obligations under the Plan. The Debtor's actual income will fluctuate based on actual revenue and changes in the market. On the Effective Date of the Plan, Mr. Jesse Trujillo, the sole member and manager of Debtor, shall be appointed pursuant to Section 1142(b) of the Bankruptcy Code for the purpose of carrying out the terms of the Plan, and taking all actions deemed necessary or convenient to consummating the terms of the Plan. A full-text copy of the Amended Plan dated January 29, 2024 is available at https://urlcurt.com/u?l=lLln8l from PacerMonitor.com at no charge. Attorneys for Debtor: Jonathan M. Dickey, Esq. KUTNER BRINEN DICKEY RILEY, PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 Email: jmd@kutnerlaw.com About Mile Hi Transportation Mile Hi Transportation, LLC, is a Colorado limited liability company which owns and operates a trucking company. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 23-14054) on Sept. 8, 2023. In the petition signed by Jesse Trujillo, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Thomas B. Mcnamara oversees the case. Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley PC, is the Debtor's legal counsel. MILK ROAD LLC: Hires Richard P. Cook PLLC as Counsel ---------------------------------------------------- The Milk Road LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Richard P. Cook, PLLC as counsel. The firm will represent and assist Debtor in carrying out its duties under the provisions of Chapter 11 of the Bankruptcy Code. The firm will be paid at these rates: Richard P. Cook $375 per hour Paralegals $100 per hour The firm received a retainer in the amount of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard P. Cook, Esq., a partner at Richard P. Cook, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard P. Cook, Esq. Richard P. Cook, PLLC 7036 Wrightsville Ave, Suite 101 Wilmington, NC 28403 Telephone: (910) 399-3458 Email: Richard@CapeFearDebtRelief.com About The Milk Road LLC The Milk Road, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-00152) on Jan. 17, 2024, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Joseph N. Callaway oversees the case. Richard Preston Cook of Richard P. Cook, PLLC represents the Debtor as legal counsel. MINIM INC: David Lazar Acquires 2M Series A Preferred Shares ------------------------------------------------------------ In a Schedule 13G Report filed with the U.S. Securities and Exchange Commission, David E. Lazar, a private investor, disclosed his acquisition of 2,000,000 shares of Series A Convertible Preferred Stock of Minim, Inc. Each share of Series A Preferred Stock is convertible into 1,472,867 Shares of the Company's common stock, representing approximately 51.0% of the class. In addition, as part of the acquisition, the Company issued Lazar warrants to purchase up to an additional 2,800,000 shares of Common Stock, with an exercise price equal to $1.00 per share, subject to adjustment therein. The conversion and exercise of the Series A Preferred Stock and the warrants, as applicable, into shares of Common Stock are subject to stockholder approval. Lazar issued the following statement: "I am pleased to announce my significant investment in Minim given the meaningful opportunity I believe the Company represents and am eager to begin working with the Board of Directors and management to actively explore potential strategic options to drive shareholder value." A full-text copy of the Report is available at http://tinyurl.com/3k8t5yzb About Minim Inc. Minim 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 compared to a net loss of $2.20 million in 2021. As of Sept. 30, 2023, the Company had $15.28 million in total assets, $15.14 million in total liabilities, and $135,637 in total stockholders' equity. Boston, Massachusetts-based RSM US LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has suffered recurring losses and negative cash flows from operations and will need additional funding within the next twelve months. This raises substantial doubt about the Company's ability to continue as a going concern. The Company's operations have historically been financed through the issuance of common stock and borrowings. Since inception, the Company has incurred significant losses and negative cash flows from operations. During the nine months ended September 30, 2023, the Company incurred a net loss of $16.5 million and had positive cash flows from operating activities of $3.7 million. As of September 30, 2023, the Company had an accumulated deficit of $91.3 million and cash and cash equivalents of $0.5 million. The Company implemented cost reduction plans to align its cost structure to its sales and increase its liquidity. It will continue to monitor its cost in relation to its sales and adjust its cost structure accordingly. The Company's financial position and operating results raise substantial doubt about its ability to continue as a going concern. The Company believes it does not have sufficient resources through its cash and cash equivalents, other working capital and borrowings under its SVB line-of-credit to continue as a going concern through at least one year from the issuance of the financial statements, according to the Company's Quarterly Report for the period ended Sept. 30, 2023. NANOSTRING TECHNOLOGIES: Files Chapter 11 Bankruptcy Petition ------------------------------------------------------------- NanoString Technologies, Inc. (NASDAQ: NSTG), a leading provider of life science tools for discovery and translational research, on Feb. 4, 2024, disclosed that steps are being taken to protect its business, customers, employees and its mission to "Map the Universe of Biology." With support from key creditors, NanoString and certain of its subsidiaries have voluntarily initiated a chapter 11 restructuring proceeding in the United States Bankruptcy Court for the District of Delaware. Coincident with this proceeding, NanoString is exploring strategic alternatives in support of the Company's mission and for the benefit of its stakeholders, including the potential sale of the company or product lines. "The unexpected outcome of the November GeoMx patent litigation trial in Delaware and the unusually large magnitude of the damages awarded by the jury have forced us to take proactive steps to protect our stakeholders, customers and employees," said Brad Gray, President and CEO of NanoString. "NanoString has powerful product platforms, strong relationships with our customers throughout the scientific community, an enviable workforce, and conviction in the integrity of our innovation process. We believe chapter 11 protection will provide us with the necessary breathing room to continue to serve our customers while we address our litigation and the related financial challenges." Patent Litigation with Competitor Seeking to Control Life Science Research Patent litigation is common among companies operating in life sciences and is sometimes initiated for the purpose of minimizing or eliminating competition unfairly. NanoString is currently the primary target of an extensive litigation campaign being conducted by 10x Genomics, Inc. (10x). Since May 2021, 10x has brought multiple infringement lawsuits against NanoString in the United States and the European Union, with respect to NanoString's GeoMx(R) Digital Spatial Profiler (DSP) and CosMx(TM) Spatial Molecular Imager (SMI) product lines. 10x is engaging in its litigation campaign with the apparent goal of shrinking the competitive landscape for different spatial biology platforms to the detriment of the public good. In one case, 10x acquired patents from a defunct company for the apparent purpose of generating litigation with NanoString. In another case, the court granted NanoString's motion to add counterclaims for antitrust and unfair competition violations, as well as the affirmative defense of "unclean hands" by the plaintiffs. NanoString is confident in the fidelity of its innovation and product development process, and believes it has strong legal defenses and counterclaims and that the GeoMx DSP and CosMx SMI offer unique propositions to the scientific community. Nonetheless, the Company has faced unfavorable initial rulings that have impacted its business trajectory and financial position. While the Company believes that it has strong grounds for appeals, these initial litigation outcomes, including the cost burdens associated with continued engagement in extensive litigation with a large well-funded competitor, have siphoned resources from innovation and customer support activities and placed a significant strain on the Company's business and financial resources. Restructuring Process Provides Safe Haven and Cash Infusion As a result of the combined near-term impact of these litigation proceedings, on Feb. 4, NanoString elected to commence a court-supervised restructuring process. This process importantly allows the Company to: -- Continue to operate its business, support its workforce, and serve its customers, including customers that either own or are considering the purchase of an nCounter(R), GeoMx DSP or CosMx SMI system. -- Stay all ongoing patent litigation against the Company worldwide. -- Explore strategic alternatives including a potential sale of all or part of the Company's business to new owners who will continue the Company's mission. The Company has received and is currently evaluating multiple preliminary indications of interest as part of this process. In connection with this process, NanoString has reached an agreement in principle with certain of our incumbent lenders to provide us with at least $40 million in new capital in the form of Debtor in Possession (DIP) financing. Upon approval of the Bankruptcy Court, this financing facility is expected to provide sufficient liquidity to operate the Company's business during the pendency of the cases. NanoString to Continue to Serve Researchers Worldwide NanoString will continue to serve researchers across its installed base of over 1,500 nCounter, GeoMx DSP, and CosMx SMI platforms. NanoString's current management team, Board of Directors and employees will continue to operate the business and serve customers following the filing. As part of the restructuring process, the Company will file customary "First Day" motions to allow it to maintain normal operations. NanoString expects and intends to pay vendors under customary terms for goods and services received on or after the filing date, and to pay its employees in the usual manner and to continue their primary benefits without disruption. Additional Information About the Court-Supervised Restructuring Process Additional information regarding the Company's court-supervised process, including court filings and other information, is available on a separate website administrated by the Company's claims agent, Kroll, at https://cases.ra.kroll.com/NanoString. The Company is represented by Willkie Farr & Gallagher LLP as counsel, AlixPartners LLP as restructuring advisor and Perella Weinberg Partners L.P. as restructuring investment banker. About NanoString Seattle, WA-based NanoString Technologies, Inc. offers an ecosystem of innovative discovery and translational research solutions and empowers its customers to map the universe of biology. As of September 30, 2023, the Company had $274,713,000 in total assets and $325,279,000 in total liabilities. NEW HOPE: Moody's Affirms 'Caa2' Rating on 2015A/B Revenue Bonds ---------------------------------------------------------------- Moody's Investors Service revised the outlook of New Hope Cultural Education Facilities Finance Corporation, TX's Student Housing Revenue Bonds (NCCD - College Station Properties LLC - Texas A&M University Project) Series 2015A and Series 2015B to stable from negative and affirmed the Caa2 bond ratings. The rating affirmation affects approximately $339.1 million of rated debt as of January 1, 2024. The outlook revision to stable reflects prospects for strong leasing levels above 94% combined with moderate annual rental growth rates. These trends will continue given the robust enrollment trajectory at the adjoining College Station campus of Texas A&M University System (Aaa/Stable) ("Texas A&M University-College Station"). The affirmation of the Caa2 rating reflects continued inability to fully recover debt service and Moody's projections that ultimate recovery could fall below 90% of the outstanding bond principal. Moody's has corrected the rating on New Hope Cultural Education Facilities Finance Corporation, TX Student Housing Revenue Bonds (NCCD - College Station Properties, LLC-Texas A&M University Project) Series 2015A CUSIPs 64542RDC2 and 64542RDD0 to Caa2 from WR. Moody's has also corrected the rating on the New Hope Cultural Education Facilities Finance Corporation, TX's Taxable Student Housing Revenue Bonds (NCCD - College Station Properties LLC-Texas A&M University Project) Series 2015B sale and CUSIP 64542RDP3 to Caa2 from WR. Due to an internal administrative error the ratings on these bonds were incorrectly withdrawn. RATINGS RATIONALE NCCD - College Station Properties LLC's ("Park West's" or "the project's") rating of Caa2 reflects an ongoing inability to pay full and timely debt service and the full depletion of the debt service reserve with limited prospects to replenish. While the bond trustee maintains the right to accelerate the debt, such an action at this time appears unlikely. The bonds issued for the project have been in default since July 1, 2022. The subordination of expenses allows the project to generate higher cash flow available for debt service. However, the project would require aggressive rent growth in order to break even at a 95% occupancy rate. Based on Moody's conservative assumptions this is unlikely to occur prior to fiscal year end 2028. The project's ongoing default highlights material governance risks (G-5), particularly in the area of financial strategy and risk management. Park West's market position benefits from ongoing enrollment growth at Texas A&M University-College Station, with strong pre-leasing activity for the fall 2024 term and rate increases likely to drive higher revenue growth. The current property manager with experience in student housing will contribute to prospects for improved performance. Moody's does not expect material support from Texas A&M-College Station, although the university provides subordination of certain expenses. The project faces significant existing competition in the market and by additional housing coming online. RATING OUTLOOK The stable outlook is based on Moody's forecast of continued favorable occupancy and increased rental rates. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS An upgrade is unlikely at this time given the risk of acceleration or bankruptcy, the severity of operational losses and depletion of liquidity -- A material and sustained increase in debt service coverage above 1.0x. -- A substantial replenishment of project liquidity -- Additional University support FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Bankruptcy filing -- Deterioration in asset value -- Incurrence of additional liabilities LEGAL SECURITY The bonds are limited obligations of the issuer, payable only from revenues of the project and secured by a leasehold mortgage, an assignment of rents and leases and a security agreement. PROFILE NCCD - College Station Properties LLC is a single member limited liability company duly organized and existing under the laws of the State of Texas. National Campus and Community Development Corporation is the sole member of the Borrower. The Corporation is a non-profit corporation duly organized and existing under the laws of the State of Texas and is an exempt organization under 501 C (3) of the Internal Revenue Code of 1986, as amended. The Borrower was formed exclusively to own the project. The Project largely serves as an off-campus housing alternative for students attending TAMU's College Station campus; however, TAMU is neither legally nor financially obligated to Park West, aside from the provision of a ground lease on its property, the subordination of specific expenses and the provision of certain student services. The management and daily operation of the project has been handled by The Michaels Organization (TMO) since 2021. TMO has over 50 years of industry experience with over $11 billion in assets under management, including student housing. The current management agreement with TMO provides for a portion of its fees to be subordinate to debt service and is set to expire in February 2026. METHODOLOGY The principal methodology used in these ratings was Global Housing Projects published in June 2017. NOVAN INC: UST Says Plan Cannot Eliminate Parties' Rights to Notice ------------------------------------------------------------------- Andrew R. Vara, the United States Trustee for Regions 3 and 9, filed an objection to confirmation of the Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation Proposed by NVN Liquidation, Inc., et al., f/k/a Novan, Inc. The U.S. Trustee points out that the Plan Cannot Eliminate Parties' Rights to Notice of a Motion that Affects Their Rights: * The Plan provides for a "Claims Objection Deadline" defined as "180 days after the Effective Date, or such later date as may be ordered by the Bankruptcy Court; provided, however, that the Liquidating Trustee may seek extensions of this date from the Bankruptcy Court." * Creditors whose claims have not been the subject of an objection but who have not received any distribution on their claims because they may be subject to an objection are the parties who are directly affected by a motion to extend the claims objection bar date. Both the Federal Rules of Bankruptcy Procedure and the Local Rules require that these parties be served with such a motion. The Plan should not eliminate this important procedural protection. Rather, the Plan should either (a) be silent as to how to serve such a motion, such that the applicable rules will apply; or (b) expressly require the same notice as is required by the applicable rules. The U.S. Trustee further points out that the Liquidating Trustee Should Not Have Sole and Exclusive Right to Object to Claims: * The Plan provides that the Liquidating Trustee will have the "sole and exclusive" right to object to claims.("Unless otherwise provided in this Plan, after the Effective Date through the Claims Objection Deadline, the Liquidating Trustee shall have sole and exclusive standing to object to Claims in order to have the Bankruptcy Court determine the amount and treatment of any Claim."). * The Plan cannot re-write the Code. In rejecting a plan which sought to re-write various provisions of the Bankruptcy Code, the court stated in the case of In re Beyond.com, 289 B.R., 144 (Bankr. N.D. Cal. 2003): "In effect, the plan affords the reorganized debtor the prerogative to comply selectively with the provisions of the Bankruptcy Code and Rules without judicial supervision." About Novan, Inc. Based in Durham, N.C., Novan, Inc., (Nasdaq: NOVN), now known as NVN Liquidation, Inc., is a clinical development-stage biotechnology company focused on leveraging nitric oxide's naturally occurring anti-viral, anti-bacterial, anti-fungal and immunomodulatory mechanisms of action to treat a range of diseases with significant unmet needs. Nitric oxide plays a vital role in the natural immune system response against microbial pathogens and is a critical regulator of inflammation. Novan Inc. and affiliate, EPI Health, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 23-10937) on July 17, 2023. As of March 31, 2023, Novan disclosed $79,793,000 in assets against $7,922,000 in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as bankruptcy counsel; Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP as special counsel; Sierra Constellation Partners, LLC as financial advisor; and Raymond James and Associates as investment banker. Kurtzman Carson Consultants, LLC is the claims agent. On July 28, 2023, the U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Goodwin Procter, LLP as bankruptcy counsel; Womble Bond Dickinson (US) LLP as co-counsel; and Dundon Advisers, LLC as financial advisor. On October 16, 2023, the Bankruptcy Court approved the change of Novan Inc.'s corporate name to NVN Liquidation Inc. NOVVI LLC: US Trustee Opposes Plan's Exculpation Coverage --------------------------------------------------------- Kevin M. Epstein, the United States Trustee for Region 7, filed a limited objection to Novvi, LLC's First Amended Combined Plan of Reorganization and Disclosure Statement. The Amended Plan improperly provides overly broad exculpation coverage to each Consenting Lender, current and former Affiliates of each Entity, and Related Parties to each Entity in violation of Fifth Circuit precedent. This controlling decision is unequivocal: only a debtor, an official committee and its members, and in rare instances, independent directors appointed post-petition to act as a bankruptcy trustee pursuant to a court order may receive exculpation coverage. While a debtor may choose to release its claims against third parties consistent with its business judgment, the Code and controlling precedent prohibit non-consensual third-party limitations of liability against non-debtors. Unless the Debtor conforms the Amended Plan's exculpation provision to comply with Fifth Circuit law, the Plan violates Section 1129(a)(1) and the Court should deny confirmation. About Novvi LLC Novvi, LLC, a Delaware limited liability company, was formed in 2011 as a joint venture between Amyris, Inc. and Cosan US, Inc. to develop, produce, market and sell lubricant base oils from renewable feedstocks. Novvi filed Chapter 11 petition (Bankr. S.D. Texas Case No. 23-90906) on Dec. 3, 2023, with $10 million to $50 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Okin Adams Bartlett Curry, LLP, is the Debtor's legal counsel. ONE PAY CLOUD: Hires Mendez Law Offices PLLC as Counsel ------------------------------------------------------- One Pay Cloud, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Mendez Law Offices, PLLC as counsel. The firm will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; (e) represent the debtor in negotiation with its creditors in the preparation of a plan. 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. Diego German Mendez, Esq., a partner at Mendez Law Offices, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Diego German Mendez, Esq. MENDEZ LAW OFFICES, PLLC P.O. BOX 228630 Miami, FL 33172 Tel: (305) 264-9090 Fax: (305) 809-8474 Email: info@mendezlawoffices.com About One Pay Cloud, LLC One Pay Cloud, LLC, a Miami-based company, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-10349) on Jan. 15, 2024, listing zero asset and $1,800,545 in liabilities. Oksana Moore, director of operations, signed the petition. Judge Laurel M. Isicoff oversees the case. Diego G. Mendez, Esq., at Mendez Law Offices represents the Debtor as bankruptcy counsel. PALATIN TECHNOLOGIES: Closes $10 Million Registered Direct Offering ------------------------------------------------------------------- Palatin Technologies, Inc. announced the closing of its registered direct offering of 1,831,503 shares of its common stock, at a purchase price of $5.46 per share of common stock. Palatin has also issued in a private placement warrants to purchase up to an aggregate of 1,831,503 shares of common stock at an exercise price of $5.46 per share. The warrants are exercisable on the six-month anniversary of the closing date and will expire on the date that is four years after the closing date. H.C. Wainwright & Co. acted as exclusive placement agent for the offering. The gross proceeds from the offering were approximately $10 million before deducting placement agent fees and estimated offering expenses. Palatin intends to use the net proceeds of this offering for general corporate purposes. The shares of common stock described above (excluding the warrants and the shares of common stock underlying the warrants) were offered by Palatin pursuant to a shelf registration statement on Form S-3 (File No. 333-262555) that was previously filed with the Securities and Exchange Commission on Feb. 7, 2022, and subsequently declared effective on Sept. 26, 2022. The shares of common stock issued in the registered direct offering were offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying base prospectus relating to, and describing the terms of, the registered direct offering was filed with the SEC and is available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus relating to the registered direct offering may also be obtained by contacting H.C. Wainwright & Co., LLC, at 430 Park Ave., New York, New York 10022, by telephone at (212) 856-5711, or by email at placements@hcwco.com. The warrants described above were issued in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D promulgated thereunder and, along with the shares of common stock underlying such warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock, upon issuance, may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. About Palatin Headquartered in New Jersey, Palatin -- www.Palatin.com -- is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. Palatin reported a net loss of $27.54 million for the year ended June 30, 2023, compared to a net loss of $36.20 million on $1.47 million of total revenues for the year ended June 30, 2022. Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Sept. 28, 2023, citing that the Company has incurred operating losses and negative cash flows from operations since inception and will need additional funding to complete planned product development efforts that raise substantial doubt about its ability to continue as a going concern. PENNSYLVANIA REAL ESTATE: Expects to Exit Bankruptcy by Feb. 15 --------------------------------------------------------------- Pennsylvania Real Estate Investment Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on January 23, 2024, the Bankruptcy Court entered an order [Docket No. 193] (the "Confirmation Order"), confirming Modified Joint Prepackaged Chapter 11 Plan of Reorganization of Pennsylvania Real Estate Investment Trust and Its Debtor-Affiliates [Docket No. 168] (as amended, modified or supplemented from time to time, the "Plan") filed by the Company and certain of its direct and indirect affiliates (collectively, the "Company Parties" and together with PREIT, the "Debtors") on January 16, 2024. Notwithstanding the entry of the Confirmation Order, consummation of the Plan (referred in the Plan as the "Effective Date") remains subject to the satisfaction, or waiver with the consent of the Requisite Consenting Lenders, of various conditions precedent set forth in the Plan. The Debtors anticipate that the Effective Date will occur on or before February 15, 2024; however, the Debtors can make no assurances as to when, or ultimately if, the Plan will become effective. The Plan contemplates that the Debtors will continue their day-to-day operations substantially as currently conducted and that all of their commercial and operational contracts will remain in effect in accordance with their terms preserving the rights of all parties. On the Effective Date, all amounts due under the Prepetition Second Lien Credit Agreement (totaling approximately $727 million) will be equitized in exchange for 65% of the newly issued common stock in reorganized PREIT (referred in the Plan as the "New Common Stock"), subject to dilution by the Management Incentive Plan ("MIP") to be developed by the board of directors of reorganized PREIT following the Effective Date (the "Reorganized Debtors"). Also on the Effective Date, all amounts due under the Prepetition First Lien Credit Agreement (totalling about $420.1 million) and under the DIP Facility (totalling $60 million) will be rolled into the Exit Facility (as defined below). As a result, upon the Effective Date, the capital structure of the Reorganized Debtors will consist of (i) up to $75 million in availability under the first lien senior secured revolving credit facility (the "Revolving Exit Facility"); (ii) an approximately $480 million first lien secured term loan credit facility (the "TL Exit Facility" and together with the Revolving Exit Facility, the "Exit Facility"); and (iii) reinstated secured property-level debt guaranties (unless otherwise released in connection with amendments to such secured property-level debt facilities). The Debtors' general unsecured claims will either be satisfied in full or reinstated and payable in the ordinary course of business of the Reorganized Debtors. On or around the Effective Date, given the satisfaction of the Equity Distribution Conditions, holders of the Existing Equity Interests (including the OP Units as defined below) will receive their pro rata share of a gift carved out of and provided by the holders of Prepetition Second Lien Claims from their recoveries under the Plan. The aggregate amount of the gift to be distributed to holders of the Existing Equity Interests pursuant to Equity Distribution Allocation set forth in the Plan is $10 million (less the Equity Costs defined in Article I.45 of the Plan). On the Effective Date, all classes of preferred and common securities issued by the Company (referred to in the Plan as the "Existing Equity Interests") will be cancelled and thereafter deregistered, at which time PREIT will cease to be a publicly traded company. On the Effective Date, the limited partnership units in the operating partnership of PREIT Associates, L.P. issued to third parties (the "OP Units") will also be cancelled. On the Effective Date, all amounts due under the Prepetition Second Lien Credit Agreement will be equitized in exchange for 65% of the New Common Stock (subject to dilution by the MIP). As set forth in that certain Backstop Commitment Agreement, executed by and among the Exit Facility Backstop Parties (which ended up being 100% of the holders of the Prepetition Second Lien Claims) and the Debtors on December 20, 2023, the Exit Facility Backstop Parties (or their designees) will receive 35% of the New Common Stock issued on account of the Exit Facility Backstop Commitment Premium (referred to in the Plan as the "Put Option Securities"). The New Common Stock to be issued pursuant to the Plan will be issued pursuant to one of the following exemptions from the registration requirements of the Securities Act of 1933, as amended: the New Common Stock (other than the MIP New Common Stock and Put Option Securities) under section 1145 of the Bankruptcy Code, which generally exempts from such registration requirements the issuance of certain securities under a plan of reorganization, and the MIP New Common Stock and Put Option Securities, under section 4(a)of the Securities Act of 1933, as amended. There was no specific number of the New Common Stock reserved for future issuance in respect of claims and interests filed and allowed under the Plan. The New Common Equity is not expected to be listed on any national securities exchange or registered with the Securities and Exchange Commission. Unless otherwise specified, the treatment set forth in the Plan and Confirmation Order will be in full satisfaction of all claims against and interests in the Debtors, which will be discharged on the Effective Date. Exit Facility On the Effective Date, the Reorganized Debtors will enter into the Exit Facility. The Exit Facility will consist of two separate facilities: (i) the Revolving Exit Facility and (ii) the TL Exit Facility, as described in more detail below. Upon the Effective Date, the TL Exit Facility will refinance the Debtors' DIP Facility and the Prepetition First Lien Loan. The TL Exit Facility will have a five-year maturity. The Revolving Exit Facility shall mature 91 days prior to the maturity date of the TL Exit Facility. The Exit Facility will be repayable in full at maturity, subject to optional and mandatory prepayment provisions. The interest rate spread under the Exit Facility will be (i) in the case of the Revolving Exit Facility, Term SOFR (subject to a 0.00% per annum floor) plus 5.50% per annum or alternate base rate loans (subject to a 1.00% per annum floor) plus 4.50% per annum and (ii) in the case of the TL Exit Facility, Term SOFR (subject to a 0.00% per annum floor) plus 7.00% per annum or alternate base rate loans (subject to a 1.00% per annum floor) plus 6.00% per annum. Default interest for the Exit Facility will be at a nondefault alternate base rate interest rate spread plus 2.00%. The Exit Facility will be secured by, in each case subject to certain limitations and exceptions set forth in the documents governing the Exit Facility, substantially the same collateral package as currently secures the Prepetition First Lien Facility (which includes liens on all personal property of the borrowers and the guarantors thereunder, including deposit account control agreements, direct and indirect equity interests in entities owning certain real property (collectively, the "Borrowing Base Properties"), and first-lien mortgages on the Borrowing Base Properties), which includes pledges of direct and indirect ownership interests in each borrower and all subsidiaries and joint ventures of the borrowers (collectively, the "Collateral"). The Exit Facility will be secured by a first lien on the Collateral. The Exit Facility will contain standard and customary conditions precedent, covenants and events of default for real estate secured transactions. In addition, the Exit Facility will include a financial covenant related to minimum liquidity. The Plan incorporates an integrated compromise and settlement of claims with the parties to the RSA to achieve a beneficial and efficient resolution of the Chapter 11 Cases. Unless otherwise specified, the settlement, distributions, and other benefits provided under the Plan, including the releases and exculpation provisions included therein, are in full satisfaction of all claims and causes of action that could be asserted as set forth in Article VIII of the Plan. The Plan provides releases and exculpations for the benefit of the Debtors, certain of the Debtors' claimholders, other parties in interest and various parties related thereto, each in their capacity as such, from various claims and causes of action, as further set forth in Article VIII of the Plan (Settlement, Release, Injunction and Related Provisions). Post-Emergence Governance and Management On the Effective Date, except as contemplated by the Plan or the documents to be executed in connection with the Plan, each of the Reorganized Debtors will continue to exist after the Effective Date as a separate corporate entity, limited liability company, partnership or other form, as the case may be, pursuant to the applicable law in the jurisdiction in which each applicable Debtor is incorporated or formed and pursuant to the Governance Documents in effect prior to the Effective Date, except to the extent such Governance Documents are amended under the Plan or otherwise. As of the Effective Date, the term of the current members of the Existing Board will be deemed expired and the existing members of the Board of Trustees of PREIT will have resigned. The New Board will initially consist of Vishal Chanani, Joe F. Coradino and Eric Hsiao. As of the Effective Date, the current officers of the Debtors will continue to serve as officers of Reorganized PREIT, namely: Joe F. Coradino as Chairman and Chief Executive Officer; Joseph J. Aristone as Executive Vice President, Head of Leasing; Andrew M. Ioannou as Executive Vice President, Finance and Acquisitions; Lisa M. Most as Executive Vice President, General Counsel, Chief Compliance Officer, and Secretary; Sathana Semonsky as Senior Vice President and Chief Accounting Officer; and Mario C. Ventresca, Jr. as Executive Vice President and Chief Financial Officer. Share Information As of December 31, 2023, PREIT had 3,450,000 Series B Preferred Shares, par value $0.01 per share, 6,900,000 Series C Preferred Shares, par value $0.01 per share, 5,000,000 Series D Preferred Shares, par value $0.01 per share, 5,341,000 common shares, par value $1.00 per share, and approximately 68,000 OP Units (on an as-converted to common shares basis) issued and outstanding. As disclosed above, on or around the Effective Date, each such Existing Equity Interest will be cancelled and deregistered as applicable. A full-text copy of the Confirmation Order is available at http://tinyurl.com/2d53z5zp About PREIT PREIT (OTCQB:PRET) -- http://www.preit.com/-- is a real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multifamily & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. PREIT and its debtor-affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 23-11974) on December 10, 2023. As of Sept. 30, 2023, PREIT has $1.72 billion in total assets and $1.99 billion in total debts. The Hon. Karen B. Owens oversees the cases. The Debtors tapped DLA Piper LLP (US) as general bankruptcy counsel; Wachtell, Lipton, Rosen & Katz and Dilworth Paxson, LLP as special counsels; and PJT Partners, LP as financial advisor. Kroll Restructuring Administration, LLC is the notice, claims, balloting and subscription agent. Paul Hastings, LLP and Young Conaway Stargatt & Taylor, LLP serve as legal counsels while Houlihan Lokey serve as financial advisor to the ad hoc group of PREIT's first lien and second lien secured lenders. Paul Hastings also advises the debtor-in-possession (DIP) lenders. PG&E CORP: Cal. Judge Frustrated at Lead Counsel Appointment Bid ---------------------------------------------------------------- Bonnie Eslinger of Law360 reports that a California judge overseeing PG&E's bankruptcy voiced "frustration" at a hearing Wednesday, January 24, 2024, over investors' arguments on a motion to appoint interim lead counsel in a parallel securities suit, telling the plaintiffs' attorney he was "going around in circles" answering questions on how the class action procedures interact with the bankruptcy process. About PG&E Corporation PG&E Corporation (NYSE: PCG) -- http://www.pgecorp.com/-- is a Fortune 200 energy-based holding company, headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, faced extraordinary challenges relating to a series of catastrophic wildfires that occurred in Northern California in 2017 and 2018. The utility faced an estimated $30 billion in potential liability damages from California's deadliest wildfires of 2017 and 2018. On Jan. 29, 2019, PG&E Corp. and its primary operating subsidiary, Pacific Gas and Electric Company, filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 19-30088). As of Sept. 30, 2018, the Debtors, on a consolidated basis, had reported $71.4 billion in assets on a book value basis and $51.7 billion in liabilities on a book value basis. Weil, Gotshal & Manges LLP and Cravath, Swaine & Moore LLP served as PG&E's legal counsel, Lazard as its investment banker and AlixPartners, LLP as the restructuring advisor to PG&E. Prime Clerk LLC is the claims and noticing agent. PG&E has appointed James A. Mesterharm, a managing director at AlixPartners, LLP, and an authorized representative of AP Services, LLC, to serve as Chief Restructuring Officer. In addition, PG&E appointed John Boken also a Managing Director at AlixPartners and an authorized representative of APS, to serve as Deputy Chief Restructuring Officer. Morrison & Foerster LLP served as the Debtors' special regulatory counsel. Munger Tolles & Olson LLP also served as special counsel. The Office of the U.S. Trustee appointed an official committee of creditors on Feb. 12, 2019. The Committee retained Milbank LLP as counsel; FTI Consulting, Inc., as financial advisor; Centerview Partners LLC as investment banker; and Epiq Corporate Restructuring, LLC as claims and noticing agent. On Feb. 15, 2019, the U.S. trustee appointed an official committee of tort claimants. The tort claimants' committee is represented by Baker & Hostetler LLP. * * * PG&E Corporation and Pacific Gas and Electric Co. announced July 1, 2020, that PG&E has emerged from Chapter 11, successfully completing its restructuring process and implementing PG&E's Plan of Reorganization that was confirmed by the United States Bankruptcy Court on June 20, 2020. For the benefit of fire victims, the Plan provided for a Fire Victim Trust, which was funded with an oft-stated value of $13.5 billion, to be half in cash and half in new company PG&E common stock. The $6.75 billion in cash was paid. With respect to the stock consideration, 478 million shares of PG&E stock were delivered to the Fire Victim Trust in accordance with an agreed-to formula under the Plan. PHILLIPS FEED: Eaton Vance EFT Marks $111,000 Loan at 20% Off ------------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT) has marked its $111,000 loan extended to Phillips Feed Service, Inc., to market at $89,145 or 80% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Lien Term Loan, (SOFR + 7.00%) to Phillips Feed Service. The loan accrues interest at a rate of 12.448% per annum. The loan matures on November 13, 2024. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Phillips Feed Service, Inc., doing business as Phillips Pet Food & Supplies, distributes pet food and supplies. The Company provides frozen-dried dog food, pet crates and toys, flea and tick repellents, feed and farm stores, veterinarians, and organizations. Phillips Pet Food & Supplies operates in the United States. PLUTO ACQUISITION I: $873.4MM Bank Debt Trades at 19% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Pluto Acquisition I Inc is a borrower were trading in the secondary market around 81.5 cents-on-the-dollar during the week ended Friday, February 2, 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. PR BROOKLYN: Hires Goldberg Weprin as Bankruptcy Counsel -------------------------------------------------------- PR Brooklyn 34 LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Goldberg Weprin Finkel Goldstein LLP as its bankruptcy counsel. The firm will provide these services: a. provide the Debtor with all necessary representation in connection with this Chapter 11 case, as well as the Debtor’s responsibilities as debtor-in-possession; b. represent the Debtor 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 Debtor’s behalf; and d. render all other legal services required by the Debtor in negotiating a mortgage restructuring the secured debt and achieving confirmation of a plan of reorganization. The firm will be paid at these rates: Attorneys $685 per hour Associates $275 to $500 per hour The firm received from the Debtor a retainer of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. J. Ted Donovan, an associate at Goldberg Weprin Finkel Goldstein, 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: J. Ted Donovan, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave. New York, NY 10017 Telephone: (212) 221-5700 Facsimile: (212) 730-4518 Email: tdonovan@gwfglaw.com About PR Brooklyn 34 LLC The Debtor is the owner of certain residential development property acquired in 2018 located at 1055 East 34th Street, Brooklyn, NY. PR Brooklyn 34 LLC in Brooklyn, NY, filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 23-44187) on November 15, 2023, listing as much as $1 million to $10 million in both assets and liabilities. Yoel Perl as managing member, signed the petition. Judge Jil Mazer-Marino oversees the case. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP serve as the Debtor's legal counsel. PRETIUM HOLDINGS: Eaton Vance EFT Marks $483,000 Loan at 22% Off ---------------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT) has marked its $483,000 loan extended to Pretium Packaging, LLC, to market at $377,389 or 78% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Second Lien Term Loan, (SOFR + 4.60%) to Pretium Packaging. The loan accrues interest at a rate of 9.995% per annum. The loan matures on October 2, 2028. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Pretium Packaging is a full-service designer and manufacturer of rigid packaging solutions for specialized applications with small to mid-sized production volumes. PRIME MARKETING: Edward Burr Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 17 appointed Edward Burr of Mac Restructuring Advisors, LLC as Subchapter V trustee for Prime Marketing LLC. Mr. Burr will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Burr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Edward Burr Mac Restructuring Advisors, LLC 10191 E. Shangri La Road Scottsdale, AZ 85260 Phone: (602) 418-2906 Email: Ted@macrestructuring.com About Prime Marketing Prime Marketing, LLC is a provider of smart IT tools for a business of global organizations of any sizes. From developing exclusive strategies to delivering the products, services and expertise, the company helps its clients' business run more competently and revise through technology Solutions. Prime Marketing filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 24-50091) on January 29, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. L. Edward Humphrey, Esq., at Humphrey O'Rourke, PLLC represents the Debtor as legal counsel. PROPERTY MASTERSHIP: Unsecureds Owed $23K to Get 100% of Claims --------------------------------------------------------------- Property Mastership Excel, LLC, submitted a Disclosure Statement to Plan of Reorganization dated January 15, 2024. General unsecured creditors are identified in Class 2 and will receive a distribution of 100 percent of their allowed claims in 1 payment made at the close of either a refinance or upon the sale of the Property. The identity and fair market value of the estate's assets are as follows: The subject property / properties (two vacant lots) are described as: Vacant Lot # 1: 0 Bradbury Drive, Lafayette, CA 94549 APN: APN: 237-420-003 Zoning R-10 / 54,395 sq. ft Entitlements to build 8K sq. ft. estate / home; and Vacant Lot # 2: 00 Bradbury Drive, Lafayette, CA 94549 APN: 237-420-002 / Zoning LR 5 / 93,293 sq. ft. Entitlements to build 7K sq. ft. estate / home. Current value "as-is" of Lot # 1 = $600,000 Current value "as-is" of Lot # 2 = $550,000 The Debtor's monthly operating reports are being filed but there is NO INCOME. The case has been funded (for minimal expenses, such as hazard insurance and OUST fees) by owner / member Michael Luu (personally) thus far. Under the Plan, Class 2 General Unsecured Claims total $23,327.81. Allowed claims of general unsecured creditors (including allowed claims of creditors whose executory contracts or unexpired leases are being rejected under this Plan) shall be paid as follows: Creditors will receive 100 percent of their allowed claims in 1 payment made at the close of escrow of either a refinance or sale of the Property. Creditors in this class may not take any collection action against Debtor so long as Debtor is not in material default under the Plan. This class is impaired and is entitled to vote on confirmation of the Plan. Debtor has indicated above whether a particular claim is disputed. Payments and distributions under the Plan will be funded by the following: The refinance or sale of the Property on or before June 1, 2024. The hearing at which the Court will determine whether to approve this Disclosure Statement will take place on April 18, 2024, at 1:30 p.m., in Courtroom 9 at the United States Bankruptcy Court, 280 South First Street, San Jose, CA 95113. (You can appear in person or via Zoom/Tele Conference. Attorneys for the Debtor: Arasto Farsad, Esq. Nancy Weng, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 Fax: 408-866-7334 E-mails: farsadlaw1@gmail.com nancy@farsadlaw.com A copy of the Disclosure Statement dated Jan. 19, 2024, is available at https://tinyurl.ph/rTFxt from PacerMonitor.com. About Property Mastership Excel Property Mastership Excel, LLC, filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 23-51330) on Nov. 15, 2023, with $1 million to $10 million in both assets and liabilities. Michael Luu, managing member, signed the petition. The Debtor is represented by Farsad Law Office, P.C. PURDUE PHARMA: Judge Questions UST's Sackler Deal Opposition ------------------------------------------------------------ Evan Ochsner of Bloomberg Law reports that the Department of Justice's bankruptcy watchdog may have exceeded its authority by challenging Purdue Pharma LP's bankruptcy plan, the retired judge, Robert Drain, who approved the agreement said. The US Trustee objected to Purdue's bankruptcy plan during the company's Chapter 11 case, and has since continued with an appeal to the US Supreme Court. The plan improperly provides liability releases for members of the wealthy Sackler family who own Purdue, the US Trustee has argued. Robert Drain, the bankruptcy judge who signed off on the deal in 2021, said Wednesday, January 24, 2024, that he has "lot of respect for the US Trustee." About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. RACKSPACE TECHNOLOGY: Eaton Vance EFT Marks $3MM Loan at 59% Off ---------------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT) has marked its $3,040,000 loan extended to Rackspace Technology Global, Inc., to market at $1,258,943 or 41% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Term Loan (SOFR + 2.75%) to Rackspace Technology. The loan accrues interest at a rate of 8.187% per annum. The loan matures on February 15, 2028. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Rackspace Technology Global, Inc., supports and manages cloud platforms, as well as offers managed hosting, colocation, security, data processing, and enterprise application development. * * * S&P Global Ratings in August 2023 raised its issuer credit rating on Rackspace Technology Global Inc. to 'CCC+' from 'SD' (selective default). S&P said, "We also raised our ratings on the unsecured notes to 'CCC-' from 'D' and affirmed our 'CCC+' ratings on the company's senior secured debt. Our recovery ratings on this debt are unchanged. "The negative outlook reflects the risk of lower ratings if declining revenue and profitability trends persist with only limited free operating cash flow (FOCF) improvements such that liquidity appears insufficient to repay debt or if we believe the company could pursue more below par debt repurchases." Rackspace's capital structure remains unsustainable and until performance improves, there will continue to be potential for additional below-par debt repurchases. Rackspace is estimated to have roughly $3.1 billion of outstanding debt principal, including $2.25 billion on its term loan facility, $550 million on its 3.50% senior secured notes, and $328 million on its 5.375% senior notes, with an additional $50 million borrowed under its $375 million revolving credit facility. S&P said, "Despite lower principal after the open market repurchases, we still estimate Rackspace's leverage to be above 10x, which we consider unsustainable. Even with reduced interest requirements, ample liquidity, and no near-term maturities, all of the debt continues to trade at deep discounts. At these secondary trading levels and with management's appetite to pursue additional opportunistic below-par repurchases, we see an ongoing risk over the next 12 months, particularly if performance stalls or continues to deteriorate." S&P said, "Our forecast does not envision a liquidity shortfall or involuntary default occurring within the next 18 months. We have updated our forecast to incorporate the company's performance in the second quarter of fiscal 2023 (which was above the high end of its guidance), the impact of debt buybacks, Q3 guidance from the company which underscores expectations for positive FOCF and sequential improvement over the second quarter, as well as our own projections. We are modeling revenue declines of about 7% in 2023 and 2.5% in 2024, S&P Global Ratings'-adjusted EBITDA margins of around 10.4% and 13.6% respectively, and reported free cash flow around break even in 2023 and $140 million in 2024. Even though these metrics are weaker than what we previously contemplated in May, at this trajectory, we don't envision a liquidity shortfall or payment default in the near term." Rackspace's recent restructuring strategy remains subject to high execution risk. Rackspace revealed its plans to split its business into two primary units, public cloud and private cloud, at the beginning of 2023. S&P said, "While the move was aimed at capitalizing on the unique competitive advantages of each division and enhancing long-term growth prospects and profitability, we believe this may have at least initially caused disruptions and uncertainties for customers. Margins have come under pressure due to the transition from resale to higher-margin services(public cloud) and a decline in managed hosting and OpenStack businesses, which are highly profitable. Still, the company intends for this to be a longer term strategy, and we understand Rackspace is already seeing growth in its sales pipeline and an uptick in private cloud bookings. Considering it is early stages and that it will take time for these booking to convert revenue, we anticipate operating performance will remain constrained for at least the next few quarters." Furthermore, the economic environment will likely limit demand and elongate sales cycles, adding to the execution risk. Despite these challenges, second-quarter performance was largely consistent with management's previous guidance. RAZOR ENERGY: Files Notice of Intention to Make BIA Proposal ------------------------------------------------------------ Razor Energy Corp. (together with its wholly-owned subsidiaries, Blade Energy Services Corp., Razor Royalties Limited Partnership, and Razor Holdings GP Corp., collectively, the "Corporation") have each filed a Notice of Intention to Make a Proposal (the "Notice of Intention") under the provisions of the Bankruptcy and Insolvency Act (Canada) (the "BIA"). Pursuant to the Notice of Intention, FTI Consulting Canada Inc. has been appointed as the proposal trustee in the Corporation's proposal proceedings and will assist the Corporation in its restructuring efforts. McCarthy Tétrault LLP is providing legal counsel to the Corporation. The decision to file the Notice of Intention was made by the board in view of the effects of the ongoing dispute with the operator of the Judy Creek Gas Plant and the accompanying significant negative impact on the Corporation due to the Corporation having to shut in approximately 1,100 boepd production, together with other ongoing challenges within its business. While subject to the Notice of Intention proceedings, the Corporation will continue with its efforts to pursue strategic alternatives. To this end, the Corporation has engaged Peters & Co. Limited to undertake a process to solicit bids in connection with a transaction or series of transactions that may include a sale or sales of the Corporation's property, assets and undertaking, a financing or refinancing which may include an accompanying restructuring of the Corporation's financial and contractual obligations, or a combination of any of the foregoing. Further details of the strategic alternatives process will be communicated in the near future. A Notice of Intention is the first stage of a restructuring process under the BIA, which permits the Corporation to pursue a restructuring of its affairs. The filing of the Notice of Intention has the effect of imposing an automatic stay of proceedings ("Stay") that will protect the Corporation and its assets from claims and enforcement proceedings of creditors and contractual counterparties. During the Stay, subject to certain exceptions as set out in the BIA, no creditor has any remedy against the Corporation or its property and no person may terminate or amend any agreement, including a security agreement, or claim an accelerated payment, or a forfeiture of the term, under any agreement, including a security agreement, by reason only that the Corporation is insolvent or that the Notice of Intention has been filed. The initial Stay period is 30 days and may be extended by court order. There can be no assurance that the current process will result in a transaction or, if a transaction is undertaken, that it will be successfully concluded in a timely manner, or at all. Due to the above-mentioned filing of the Notice of Intention, the Corporation expects the TSX Venture Exchange (the "TSX-V") will suspend the trading of Razor's common shares (the "Razor Shares") until such a time as the Corporation is in compliance with the TSX-V continued listing requirements (the "Continued Listing Requirements"). There is no certainty as to timing or likelihood that the Razor Shares will recommence trading on the TSX-V, and the Razor Shares could be transferred to the NEX Board, a subsidiary board of the TSX-V, if the Continued Listing Requirements are not met. For additional information please contact: Doug Bailey President and Chief Executive Officer Razor Energy Corp Kevin Braun Chief Financial Officer Razor Energy Corp Razor Energy Corp 800, 500-5(th) Ave SW Calgary, Alberta T2P 3L5 Telephone: (403) 262-0242 RECESS HOLDINGS: Moody's Rates New 1st Lien Loan Due 2030 'B2' -------------------------------------------------------------- Moody's Investors Service affirmed Recess Holdings, Inc. B2 Corporate Family Rating and B2-PD Probability of Default Rating. Moody's also affirmed the B2 rating on the existing first lien senior secured term loan due 2027. Moody's assigned a B2 rating to the company's proposed first lien senior secured term loan due 2030. The outlook is stable. Recess is proposing to issue a new $1.05 billion first lien senior secured term loan and utilize proceeds and $58 million of cash to repay the existing $640 million first lien term loan and distribute $450 million to Court Square and other shareholders. The remaining proceeds will go towards paying transaction related fees. The maturity on the first lien term loan will be January 2030, which is an extension from the March 2027 maturity of the existing first lien term loan. Recess is also extending the expiration on the $125 million asset based lending revolving credit facility by three years to September 2029. The transaction is credit negative because it increases the company's debt burden to fund a shareholder distribution and the step-up in interest expense of around $35-$40 million (Moody's estimates) will reduce free cash flow. Moody's expects debt-to-EBITDA will increase to around 4.5x pro forma for the transaction from 2.7x (Moody's adjusted for the last 12 months ended September 2023). Moody's nevertheless affirmed the company's existing ratings because Moody's believes the company's strong operating performance is sufficient to cover the step-up in interest and increased debt burden while maintaining good free cash flow. Recess continues to see strong consumer demand across its commercial play and outdoor amenity end-markets. Moody's expects that investment in the outdoor recreation and amenities will remain strong over the next two to three years because state, local, and school spending remains stable and continues to be bolstered by federal stimulus relating to the pandemic, land preservation and open spaces. Moody's forecasts debt-to-EBITDA improving to around 3.8x over the next 12-18 months from 4.5x pro forma for the January refinancing transaction. The B2 rating on the proposed first lien term loan is the same as the rating on the existing first lien term loan. The first lien term loan represents the preponderance of the obligations in the capital structure. Moody's expects to withdraw the ratings on the existing first lien term loans if the instruments are retired as expected as part of the proposed refinancing. RATINGS RATIONALE Recess' B2 CFR reflects the company's end market concentration in schools and local municipalities, narrow geographic footprint and sensitivity of its discretionary products to changes in the economic cycle. The company's suite of outdoor and indoor commercial recreational equipment and amenities are generally high-cost with long life cycles that are deferrable during periods when customers economize spending. Governance factors include the company's aggressive financial policies under private equity ownership including operating with high financial leverage, the willingness to fund shareholder distributions with debt, and a growth through acquisition strategy that is only partially mitigated at times by utilizing excess cash flow to help fund acquisitions. Recess is the leading manufacturer of commercial recreational and outdoor amenities with meaningful scale compared to competitors in this niche market although small relative to the broader consumer durables universe. Demand for the company's products remains healthy and is supported by solid school and municipal budgets, which continue to benefit from good tax revenue and federal stimulus. An EBITDA margin in the mid-to-high teens, positive free cash flow, and good liquidity offers cushion to absorb temporary periods of weak demand. The company's 2024 debt financed shareholder return increased debt and the interest burden. But good demand for outdoor recreational equipment and favorable reinvestment of free cash flow through acquisitions that build scale and product diversity is expected to support improvement in debt-to-EBITDA to around 3.8x over the next 12-18 months from 4.5x pro forma for the January 2023 refinancing. Still, the current leverage level weakens Recess' position within the B2 category as its limits the company's flexibility within the rating to absorb an eventual end market downturn. Moody's also sees greater risk stemming from Recess' acquisitive growth strategy. The increased debt leaves significantly less cushion under the company's credit metrics to pursue larger debt funded acquisitions. Recess' good liquidity reflects Moody's expectations for continued positive free cash flow of around $90 – $95 million over the next 12 months, and its access to an undrawn $125 million asset based lending revolving facility (ABL) expiring 2029. The cash sources provide financial flexibility to fund working capital needs and acquisitions over the next 12 months. Cash is expected to materially decline to roughly $9 million pro forma for the transaction but Moody's expects steady improvement over the course of the year. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectation that the company's profitability will remain solid over the next 12 – 18 months and that debt-to-EBITDA leverage will steadily improve to around 3.8x over the next 12-18 months. The outlook also reflects Moody's expectation for free cash flow generation of $90-95 million and at least good liquidity. The rating may be upgraded if the company continues to generate consistent organic revenue growth and a stable EBITDA margin and sustains debt-to-EBITDA comfortably below 4.0x across economic cycles that is backed by a financial policy that is commensurate with these objectives. Moody's would also need greater comfort that recent demand can be sustained as municipal and school budgets see funding levels moderate and as pandemic related stimulus abates. The rating could be downgraded if the company's revenue and earnings deteriorate such that debt/EBITDA is sustained above 5.5x or if liquidity weakens, including if free cash flow is modest to negative. A large debt financed acquisition or shareholder distribution that meaningfully increases leverage could also put downward pressure on the rating. ENVIRONMENTAL SOCIAL AND GOVERNANCE CONSIDERATIONS Recess' CIS-4 indicates the rating is lower than it would have been if ESG risk exposures did not exist. The CIS mainly reflects governance risks stemming from concentrated decision making and aggressive financial strategy under private equity ownership including debt-funded acquisitions and shareholder distributions. As with most consumer durables companies, Recess faces environmental concerns largely reflecting the company's use of natural capital for raw materials, primarily steel, as well as carbon transition risks and waste and pollution. Recess also faces social risks related to exposure to health and safety and responsible production risks inherent in a manufacturing environment. The principal methodology used in these ratings was Consumer Durables published in September 2021. Headquartered in Chattanooga, TN, Recess Holdings manufactures commercial playground equipment, adult outdoor fitness equipment, bleachers, playground surfacing, shade products, and outdoor site amenities such as benches, tables, and waste receptacles. It also sells a variety of products including swimming pool hand rails, life guard chairs, bike racks, and exercise equipment. The company generated revenue of $1.0 billion for the twelve months ending September, 2023. Recess was acquired by private equity firm Court Square Capital Partners in 2017. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $269m and 100% of EBITDA, plus unlimited amounts subject to the first lien net leverage at the close of the transaction. There is no inside maturity sublimit. There are no "blocker" provisions which prohibit the transfer of specified assets to unrestricted subsidiaries. There are no express protective provisions prohibiting an up-tiering transaction. RED APPLE: Hires McCain Cigelske as Escrow Agent ------------------------------------------------ Red Apple Investments LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ McCain Cigelske Law Firm as escrow and disbursement agent. On January 5, 2024, the Debtor filed its Motion for Entry of Order Approving Sale of Property to Phillip Brooks Outside of the Ordinary Course of Business. Pursuant to the Sale Motion, the Debtor requests entry of a Court Order authorizing it to sell the Property to Phillip Brooks and assigns for the gross sale price of $9,900,000, free and clear of liens, will all valid liens to attach to the sales proceeds to the same extent and validity that they attached as of the Petition Date. The firm will assist the Debtor in disbursement at Closing with the remaining sales proceeds to be escrowed with the firm. The firm will be paid at these rates: Tyler McCain, Esq. $475 per hour Paralegals $175 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: Tyler C. McCain, Esq. MCCAIN CIGELSKE LAW FIRM 6190 Powers Ferry Road, Suite 190 Atlanta, GA 30339 Tel: (404) 237-4440 Email: tyler@mccainlaw.com About Red Apple Investments LLC Red Apple Investments, LLC, a company in Jonesboro, Ga., filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 23-59726) on Oct. 3, 2023, with $1 million to $10 million in both assets and liabilities. Jouval Zive, manager, signed the petition. Judge Paul W. Bonapfel oversees the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC is the Debtor's legal counsel. RITE AID: A&G Accepting Offers Below-Market Industrial Lease ------------------------------------------------------------ A&G Real Estate Partners, in its capacity as real estate advisor to Rite Aid Corporation ("Rite Aid" or the "Company"), on Jan. 31, 2024, disclosed that it is now accepting offers for the sale and assignment of a flexible, below-market lease for a large warehouse and distribution center in Sacramento, pending approval by the U.S. Bankruptcy Court for the District of New Jersey. The 513,067-square-foot facility is located at 1755 East Beamer Street in Woodland, California. This property is situated approximately 20 miles northwest of downtown Sacramento and 10 miles west of Sacramento International Airport (SMF), providing easy access to all points of the compass. "With its favorable terms and below-market rent structure, this net lease represents a tremendous opportunity for a wide array of industrial real estate users and third party logistics companies to acquire long term control over a flexible and cost effective distribution facility servicing the West Coast," said Emilio Amendola, Co-President of A&G Real Estate Partners and leader of A&G's Real Estate Sales division. The industrial facility boasts ceiling heights of 35 to 55 feet, 110 dock doors with loading on two sides, abundant car and trailer parking, and convenient access to major highways. The lease offers: -- A total of 57 years of remaining control, including option terms; -- Below-market rent and fixed annual increases through both the remaining fixed term and option terms; -- Tenant right to assign or sublease the space without landlord's consent; and -- Tenant right of first offer and first refusal for purchase. The lease commenced on Jan. 12, 2021, and continues until Jan. 11, 2041, with annual 2.15% rent increases. "These are incredibly favorable lease terms given the hockey stick-shaped demand that we have seen for industrial real estate in recent years, especially in major West Coast distribution hubs such as Sacramento," Amendola noted. "This facility is located directly off of I-5, which runs through Woodland and provides great North-South access," said Joe McKeska, a Principal with A&G. "Additionally, the site is very close to State Route 113, which connects Woodland with I-80, providing strong East-West access. It's a very strong location for a warehouse and distribution facility." In connection with its financial restructuring, Rite Aid is working collaboratively with its financial stakeholders to optimize its real estate footprint, reduce its debt and better position its business for long-term success. For additional details, please visit https://www.agrep.com/rite-aid and/or contact Emilio Amendola, (631) 465-9507, emilio@agrep.com; Joe McKeska (708) 769-5039, jmckeska@agrep.com; Mike Matlat, (631) 465-9508, mike@agrep.com. About Rite Aid Corp. Rite Aid -- http://www.riteaid.com/-- is a full-service pharmacy that improves health outcomes. Rite Aid is defining the modern pharmacy by meeting customer needs with a wide range of vehicles that offer convenience, including retail and delivery pharmacy, as well as services offered through our wholly owned subsidiaries, Elixir, Bartell Drugs and Health Dialog. Elixir, Rite Aid's pharmacy benefits and services company, consists of accredited mail and specialty pharmacies, prescription discount programs and an industry leading adjudication platform to offer superior member experience and cost savings. Health Dialog provides healthcare coaching and disease management services via live online and phone health services. Regional chain Bartell Drugs has supported the health and wellness needs in the Seattle area for more than 130 years. Rite Aid employs more than 6,100 pharmacists and operates more than 2,100 retail pharmacy locations across 17 states. The Debtors sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 23-18993) on Oct. 15, 2023. In the petition signed by Jeffrey S. Stein, chief executive officer and chief restructuring officer, Rite Aid disclosed $7,650,418,000 in total assets and $8,597,866,000 in total liabilities. Judge Michael B. Kaplan oversees the cases. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as general bankruptcy counsel, Cole Schotz, P.C., as local bankruptcy counsel, Guggenheim Partners as investment banker, and Alvarez & Marsal North America, LLC, as financial, tax and restructuring advisor. Kroll Restructuring Administration is the claims and noticing agent. RLI SOLUTIONS: Deere Says Plan Disclosures Inadequate ----------------------------------------------------- Deere & Company and Deere Credit, Inc. d/b/a John Deere Financial ("Deere"), a secured creditor and party in interest in the above Chapter 11 proceeding, submits this limited objection to the Debtor, RLI Solution Company's ("RLI's"), Disclosure Statement to Accompany Proposed Chapter 11 Plan, and in support thereof states the following: Deere points out that the Disclosure Statement does not contain adequate information. * The Debtor's Disclosure Statement is confusing and/or does not provide adequate information for the following reasons: - The Disclosure Statement fails to provide adequate information and the method or backing information for valuation of the Equipment. Debtor's valuation of the Equipment in the Disclosure Statement for Equipment 1 of $62,500.00 is apparently based off "2019 FMV" but is significantly lower than Deere's estimated resale value of the Equipment of $81,900.00. Without additional information Deere is unable to determine how Debtor arrived at its valuation. - The Disclosure Statement does not provide any information concerning Deere's entitlement to attorneys' fees and costs under 11 U.S.C. § 506[b] as it is over-secured under the Contract. As of this Objection, the total amount due under the Contract and Equipment 1, not including any attorney's fees and other allowable fees and costs, is $2,167.19. The Debtor values Equipment 1 at $15,000.00. Deere's estimated resale value of the Equipment, sight unseen, is $12,800.00. - The Disclosure Statement is confusing as it acknowledges the Lease and Contract but fails to account for Deere's ownership interest / lien in the Equipment Counsel for Deere & Company and Deere Credit Services, Inc. d/b/a John Deere Financial: Jason A. Little, Esq. FARRELL FRITZ, P.C. 19 Dove Street, Suite 202 Albany, NY 12210 Tel: (518) 313-1450 Fax: (518) 313-1488 E-mail: jlittle@farrellfritz.com About RLI Solutions Company RLI Solutions Company, doing business as Ronald Lane Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 22-21375) on July 17, 2022, listing as much as $10 million in both assets and liabilities. Christopher Lane, president of RLI Solutions Company, signed the petition. Judge Thomas P. Agresti oversees the case. Donald R. Calaiaro, Esq., at Calaiaro Valencik, is the Debtor's legal counsel. ROBERTSHAW US: Eaton Vance EFT Marks $1.02MM Loan at 17% Off ------------------------------------------------------------ Eaton Vance Floating-Rate Income Trust (EFT) has marked its $1,016,000 loan extended to Robertshaw US Holding Corp., to market at $551,792 or 83% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Second Lien Term Loan (SOFR + 7.00%) to Robertshaw US Holding. The loan accrues interest at a rate of 12.49% per annum. The loan matures on February 28, 2027. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Robertshaw US Holding Corp. designs and manufactures electro-mechanical solutions, mechanical combustion systems, and electrical controls primarily for use in residential and commercial appliances, HVAC, and transportation applications. RUDOLPH GIULIANI: Creditors' Committee Files Rule 2019 Statement ---------------------------------------------------------------- In the Chapter 11 case of Rudolph W. Giuliani, the Official Committee of Unsecured Creditors filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure. On January 12, 2024, pursuant to Bankruptcy Code section 1102, the United States Trustee for the Southern District of New York appointed three of the Debtor's unsecured creditors to serve as members of the Committee. The Committee currently comprises the following members: (i) US Dominion, Inc., (ii) Ms. Noelle Dunphy and (iii) Ms. Wandrea' ArShaye "Shaye" Moss. On January 16, 2024, the Committee selected Akin Gump Strauss Hauer & Feld LLP as its proposed counsel. The names and addresses of each of the members of the Committee, together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtor, are as follows: 1. US Dominion, Inc. 410 17th St. Suite 850 Denver, CO 80202 Attn.: Lindsey Kurtz General Counsel * Plaintiff in US Dominion, Inc., et al. v. Giuliani, No. 1:21-cv-00213-CJN, in the United States District Court for the District of Columbia, alleging defamation per se and compensatory damages in the amount of not less than $651,735,000 and punitive damages in the amount of not less than $651,735,000. 2. Ms. Noelle Dunphy c/o Justin Kelton, Esq. Abrams Fensterman LLP 1 Metrotech Center Suite 1701 Brooklyn, NY 11201 * Plaintiff in Dunphy vs. Giuliani, et al., Index No. 650033 / 2023, in the New York Supreme Court, alleging claims in an amount of not less than $10,000,000 for crime of violence motivated by gender under the New York City Victims of GenderMotivated Violence Protection Act; battery; assault; gender discrimination and sexual harassment under the New York State Human Rights Law; hostile work environment animated by discrimination under the New York State Human Rights Law; retaliatory discharge under the New York State Human Rights Law; aiding and abetting sexual harassment and gender discrimination under the New York State Human Rights Law; sexual harassment and gender discrimination against a contractor or consultant under the New York State Human Rights Law; gender discrimination and sexual harassment under the New York City Human Rights Law; hostile work environment animated by discrimination under the New York City Human Rights Law; retaliatory discharge under the New York City Human Rights Law; aiding and abetting gender discrimination and sexual harassment under the New York City Human Rights Law; sexual harassment and gender discrimination relating to freelancers and contractors under the New York City Human Rights Law; breach of contract; violation of New York Labor Law – Minimum Wage; violation of New York Labor Law – Overtime; violation of New York Labor Law for Failure to Provide Notice and Acknowledgment of Wage Rate; violation of New York Labor Law for Failure to Provide Wage Statements; unjust enrichment; quantum meruit; violation of the Freelance Isn't Free Act; and breach of fiduciary duty. 3. Ms. Wandrea' ArShaye "Shaye" Moss c/o Von A. Dubose, Esq. Dubose & Miller 75 14th Street NE Atlanta, GA 30309 * One of two plaintiffs in Freeman et al. v. Giuliani, No. 1:21-cv-03354-BAH, in the United States District Court for the District of Columbia, alleging defamation per se, intentional infliction of emotional distress and civil conspiracy. * On December 18, 2023, the United States District Court for the District of Columbia entered a judgment against the Debtor in the amount of $145,969,000.00, plus post-judgment interest. In addition, Ms. Moss and Ms. Freeman (the other plaintiff) were awarded $237,113.00 in attorneys' fees, plus post-judgment interest. Proposed Counsel to the Official Committee of Unsecured Creditors: AKIN GUMP STRAUSS HAUER & FELD LLP Ira S. Dizengoff, Esq. Philip C. Dublin, Esq. Abid Qureshi, Esq. One Bryant Park New York, New York 10036 Tel: (212) 872-1000 Fax: (212) 872-1002 Email: idizengoff@akingump.com pdublin@akingump.com aqureshi@akingump.com - and – Rachel Biblo Block, Esq. 2300 N. Field St., Suite 1800 Dallas, Texas 75201 Tel: (214) 969-2800 Fax: (214) 969-4343 Email: rbibloblock@akingump.com About Rudolph W. Giuliani About Rudy Giuliani Former New York City mayor and Donald Trump attorney Rudolph "Rudy" Giuliani filed for Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 23-12055) in New York on Dec. 31, 2023. Mr. Giuliani filed for Chapter 11 bankruptcy less than a week after a jury ordered him to pay $146 million in damages to Fulton County election workers Ruby Freeman and Shaye Moss, who sued him for defamation. Willkie Farr & Gallagher LLP represented the election workers. In the Chapter 11 petition, Giuliani estimated less than $10 million in assets against liabilities in excess of $100 million as of the bankruptcy filing. Berger, Fischoff, Shumer, Wexler & Goodman, LLP, led by Heath S. Berger and Gary C. Fischoff, is representing Giuliani in the Chapter 11 case. SAKTHI LLC: Hires O. Allan Fridman as Legal Counsel --------------------------------------------------- Sakthi, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ O. Allan Fridman, Esq., an attorney practicing in Northbrook, Ill. The firm's services include: (a) generally administer the estate on behalf of the Debtor; (b) initiate settlement negotiations with various creditors; (c) prepare monthly operating reports; (d) draft and receive approval on its Chapter 11 plan; and (e) assist the Debtor in various other matters that may arise during the course of this Chapter 11 case. Mr. Fridman will be paid at his usual rate of $480 per hour, plus reimbursement for expenses incurred. Mr. Fridman disclosed in a court filing that he is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The attorney can be reached at: O. Allan Fridman, Esq. 555 Skokie Blvd., Suite 500 Northbrook, IL 60062 Telephone: (847) 412-0788 Email: allan@fridlg.com About Sakthi, LLC Sakthi offers assisted living, memory care, transitional care, and independent living services. Sakthi, LLC in Burr Ridge, IL, filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Ill. Case No. 23-16756) on December 14, 2023, listing $3,100,219 in assets and $6,540,473 in liabilities. Yolanda Contreras as manager, signed the petition. Judge A. Benjamin Goldgar oversees the case. LAW OFFICE OF ALLAN FRIDMAN serve as the Debtor's legal counsel. SEARS AUTHORIZED: Lampert Owes $18-Mil. After Novel Ruling ---------------------------------------------------------- Mike Leonard of Bloomberg Law reports that Eddie Lampert must pay $18.3 million to former shareholders in Sears Hometown and Outlet Stores Inc., a bankrupt onetime affiliate of the iconic department store chain that the billionaire took private in 2019, a Delaware judge said in a novel decision Wednesday, January 24, 2024. The case stemmed from the decline of Sears Hometown, which spun off from Sears Holding Corp. -- Sears, Roebuck & Co.'s former parent -- in 2012. The lawsuit challenged Lampert's buyout for $2.25 a share in a transaction that also handed minority investors $0.96 a share from the separate sale of the company's most profitable segment. About Sears Authorized Hometown Stores Sears Authorized Hometown Stores, LLC distributes products through approximately 121 "Sears Hometown Stores," which are locally owned and operated businesses that offer a selection of the trusted names in home appliances, lawn and garden equipment, and tools. Sears Authorized Hometown Stores, LLC, and Sears Hometown Stores, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 22-11303) on Dec. 12, 2022. In the petition signed by Elissa Robertson, CEO, Sears Authorized Hometown disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Laurie Selber Silverstein oversees the cases. Saul Ewing LLP is the Debtors' legal counsel. The Debtors tapped Gray & Company, LLC, as financial advisor and Stretto as claims and noticing agent. SINCLAIR TELEVISION: $442,000 Eaton Vance EFT Loan at 22% Discount ------------------------------------------------------------------ Eaton Vance Floating-Rate Income Trust has marked its $442,000 loan extended to Sinclair Television Group, Inc., to market at $343,553 or 78% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Term Loan (SOFR + 3.00%) to Sinclair Television Group. The loan accrues interest at a rate of 8.463% per annum. The loan matures on April 1, 2028. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Sinclair Television Group, Inc. provides media broadcasting services. The Company offers television broadcasting and programming services. SONAVATION INC: Unsecureds to Get Share of Equity, Assets Sales --------------------------------------------------------------- Sonavation, Inc., submitted a Second Amended Plan dated Jan. 19, 2024. Under the Plan, Class VI Allowed Unsecured Claims are impaired. The holders of such Claims will receive on account of such Claims a Pro Rata Share of the proceeds of the Equity Sale and those of the Asset Sale after payment to Classes IV and V. Recoveries for creditors in this case will come from the Sale of the Debtor's Assets by the Liquidating Trust and the potential sale of the Equity Interests of the Debtor. The Bankruptcy Estate and the Exculpated Parties shall not have or incur any liability to any person or entity, including any Holder of a Claim or Equity Interest, for any act or omission taken or not taken in connection with, relating to, or arising out of the Chapter 11 Case, including but not limited to: the negotiation and filing of the Plan, the Filing of the Chapter 11 Case, the prosecution and/or settlement of Claims, the performance, termination or rejection of Executory Contracts, the pursuit of confirmation of the Plan, the consummation of the Plan, the administration of the Plan, the property to be Distributed under the Plan, the manner of and any amount realized from any disposition or attempted disposition of the Debtor's assets, any IRC 382 Restructuring (defined below) or any matter relating to the preservation of an opportunity for the Debtor to realize potential value presented by its historical net operating losses (collectively, the "Post-Petition Activities"), except for their fraud, willful misconduct, or gross negligence or any obligations that they have under or in connection with the Plan or the transactions contemplated in the Plan. If there is no accepted Restructuring Partner by the Confirmation Date, the Debtor will proceed with a sale of the Debtor's Intangible Assets, as follows: During the case, the Debtor has solicited offers for the sale of the Intangible Assets. Toler Law Group, PC, (the "Asset Stalking Horse") has made a bid (attached hereto as Exhibit "B") consisting of a cash component of $20,000 and a participation component of sixty percent (60%) of the net proceeds from any litigation of the Causes of Action pertaining to the Intangible Assets. Upon the Effective Date, the Debtor's Intangible Assets will vest in the Liquidating Trust. To be qualified, each bid must consist of a cash component and a participation component. The Debtor has arranged for Peak Value Advisors, LLC (the "Asset Broker") to act as Asset Broker to assist the Debtor in marketing the Intangible Assets and conducting the related Asset Sale. The Asset Broker has agreed to conduct the Asset Sale for a success fee in accordance with the terms more particularly set forth in the terms of the Asset Broker's engagement letter. Attorneys for the Debtor: Paul N. Mascia, Esq. Michael A. Nardella, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd., Suite 300 Orlando, FL 32801 Tel: (407) 966-2680 E-mail: pmascia@nardellalaw.com mnardella@nardellalaw.com klynch@nardellalaw.com A copy of the Second Amended Plan dated Jan. 19, 2024, is available at https://tinyurl.ph/OVSKv from PacerMonitor.com. About Sonavation Inc. Sonavation Inc. manufactures computer and peripheral equipment in North Palm Beach, Fla. Sonavation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-13960) on May 22, 2023. In the petition signed by its chief executive officer, Lisa Rhoads, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped Paul N. Mascia, Esq., at Nardella & Nardella, PLLC as legal counsel and Ashcraft Business Advisors as accountant. SORRENTO THERAPEUTICS: Latham & Watkins Ducks Sanctions in Ch. 11 ----------------------------------------------------------------- Emily Lever of Law360 reports that a Texas bankruptcy judge Wednesday, January 24, 2024, declined to level sanctions against Latham & Watkins LLP over their disclosures about their work with a lawyer who was dating the judge overseeing Sorrento Therapeutics Inc.'s Chapter 11, but did not yet rule on sanctioning Jackson Walker LLP in the same case, saying further inquiry was needed. About Sorrento Therapeutics Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/ -- is a clinical and commercial stage biopharmaceutical company developing new therapies to treat cancer, pain (non-opioid treatments), autoimmune disease and COVID-19. Sorrento's multimodal, multipronged approach to fighting cancer is made possible by its extensive immuno-oncology platforms, including key assets such as next-generation tyrosine kinase inhibitors ("TKIs"), fully human antibodies ("G-MAB(TM) library"), immuno-cellular therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing potential antiviral therapies and vaccines against coronaviruses, including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM; and diagnostic test solutions, including COVIMARK(TM). Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc., sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of $1 billion and liabilities of about $235 million as of Feb. 10, 2023. Judge David R. Jones originally oversaw the cases. The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel; Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin Y. Meghji, managing partner at M3, serves as the Debtors' chief restructuring officer. Stretto Inc. is the claims, noticing and solicitation agent. Norton Rose Fulbright US, LLP and Milbank, LLP represent the official committee of unsecured creditors appointed in the Debtors' Chapter 11 cases. On April 10, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent the Debtors' equity security holders. On April 10, 2023, the U.S. Trustee for Region 7 appointed an official committee to represent the Debtors' equity security holders. Glenn Agre Bergman & Fuentes, LLP and Greenberg Traurig, LLP serve as the equity committee's bankruptcy counsel. SOUND INPATIENT: Eaton Vance EFT Marks $474,000 Loan at 66% Off --------------------------------------------------------------- Eaton Vance Floating-Rate Income Trust (EFT)has marked its $474,000 loan extended to Sound Inpatient Physicians, to market at $162,852 or 34% of the outstanding amount, as of Nov. 30, 2023, according to a disclosure contained in EFT's Semi-Annual Report on Form N-CSR for the period ended Nov. 30, 2023, filed with the U.S. Securities and Exchange Commission. EFT is a participant in a Term Loan (SOFR + 3.00%) to Sound Inpatient Physicians. The loan accrues interest at a rate of 8.645% per annum. The loan matures on June 27, 2025. EFT is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment company. The Trust's investment objective is to provide a high level of current income. The Trust will, as a secondary objective, also seek preservation of capital to the extent consistent with its primary goal of high current income. EFT's fiscal year ends May 31. EFT can be reached at: Deidre E. Walsh Eaton Vance Senior Floating-Rate Income Trust Two International Place Boston, MA 02110 Tel: (617) 482-8260 Sound Inpatient Physicians, Inc. is a provider of physician services in acute, post-acute, emergency medicine, and intensivist facilities through its wholly owned subsidiaries and affiliated companies. Sound's principal business is to provide hospitalist services to hospitals and health plans designed to improve the well-being of patients while reducing their associated costs through the management of medical care. The company is primarily owned by private equity sponsor Summit Partners and Optum Health. SOUTH BROADWAY: Hires Avrum J. Rosen PLLC as Counsel ---------------------------------------------------- South Broadway Realty Enterprise Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Law Offices of Avrum J. Rosen, PLLC as counsel. The firm will provide these services: (a) give advice regarding the rights and duties of the Debtor; (b) oversee the preparation of necessary reports to the court or creditors; (c) conduct all appropriate investigation or litigation; and (d) perform any other necessary duty in aid of the administration of the Debtor's estate. The firm will be paid at these rates: Partners $620 per hour Associates $325 to $525 per hour Paraprofessional $100 to $150 per hour The firm received a retainer of $21,738. Avrum Rosen, Esq., a member of the Law Offices of Avrum J. Rosen, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Avrum J. Rosen, Esq. LAW OFFICES OF AVRUM J. ROSEN PLLC 38 New Street Huntington, NY 11743 Tel: (631) 423-8527 Fax: (631) 423-4356 Email: arosen@ajrlawny.com About South Broadway Realty Enterprise Inc. South Broadway owns a commercial building located at 640 South Broadway Hicksville, New York 11801 valued at $2.5 million. South Broadway Realty Enterprise, Inc. in Hicksville, NY, filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 23-74237) on November 13, 2023, listing $2,500,013 in assets and $2,080,067 in liabilities. Francesco Guerrieri as president, signed the petition. Judge Alan S. Trust oversees the case. LAW OFFICES OF AVRUM J. ROSEN, PLLC serve as the Debtor's legal counsel. SOUTHERN LAND: Continued Operations to Fund Plan ------------------------------------------------ Southern Land Acquisitions, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Tennessee a Plan of Reorganization under Subchapter V dated January 29, 2024. The Debtor was formed in 2022 and is a real estate development company. The Debtor's ability to reorganize, based on the liability alleged to be owed to the Defendant, Ginger Jackson, is all dependent on the allowed amount of Ms. Jackson's claim. Ms. Jackson's claim is listed as contingent, unliquidated and disputed; yet to date, the Defendant has filed an objection to the removal of this case, and as well as an objection to the claim of Ginger Jackson. This Plan of Reorganization proposes to pay the creditors of the Debtor from cash flow from business operations and future income of the Debtor. Non-priority unsecured creditors holding allowed claims will receive pro rata distributions from the ongoing cash flow of the debtor. Class 1 consists of the Claim of Ginger Jackson. The Claim of Ginger Jackson in the amount of $741,624.30 is disputed since the original amount of the loan was $350,000.00 plus interest at the contractual rate. The Debtor shall deposit the sum of $350,000.00 on or before the confirmation hearing in a special Debtor in possession checking account. The Debtor on January 29, 2024 filed a motion for estimation of this claim, and should the Court require additional funds for deposit for the purpose of confirmation, then that amount shall be also tendered. The Debtor will obtain the funds from a capital infusion from the principals of the Debtor. The allowed amount of this claim shall be paid on the effective date of the plan. There are no claimants in Class 2 Unsecured Claims, but should be determined, they will be paid on the effective date of the plan. A full-text copy of the Plan of Reorganization dated January 29, 2024 is available at https://urlcurt.com/u?l=JpmQSh from PacerMonitor.com at no charge. Attorney for Debtor: Steven L. Lefkovitz, Esq. Lefkovitz & Lefkovitz, PLLC 908 Harpeth Valley Place Nashville, TN 37221 Tel: (615) 256-8300 Fax: (615) 255-4516 Email: slefkovitz@lefkovitz.com About Southern Land Acquisitions Southern Land Acquisitions, LLC, is a real estate development company company in Franklin, Tenn. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-04017) on Nov. 1, 2023, with $4,650,425 in assets and $440,119 in liabilities. Chris Cruzen, chief manager, signed the petition. Judge Charles M. Walker oversees the case. Lefkovitz & Lefkovitz serves as the Debtor's legal counsel. STEM HOLDINGS: 1-for-100 Reverse Stock Split Takes Effect --------------------------------------------------------- Stem Holdings, Inc. announced the Feb. 1, 2024 effectiveness of a one for 100 reverse stock split. The shares of Stem will continue to trade under the symbol, STMH on the OTC Pink Sheets and, STEM on the CSE. The reverse split was approved by the Company's shareholders on Dec. 28, 2022 and approved by the Company's Board of Directors on Nov. 27, 2023, with a filing with the Nevada Secretary of State on Dec. 18, 2023. Effective Feb. 1, 2024, the Company's Common Stock will trade under CUSIP 85858U305 and the Company's former CUSIP (85858U107) will be suspended effective Feb. 1, 2024. As a result of the reverse split, the Company's 557,999,222 shared will be converted into 5,579,992 post-split shares. All fractional interests resulting from the reverse split will be rounded up to the nearest whole share. Company shares in brokerage accounts will automatically be converted to shares of Stem (CUSIP NO: 85858U305) by Depository Trust Company ("DTC") and the brokerage firms. There is no additional action required from investors with deposited Company common shares. Company shareholders needing to contact the transfer agent should submit and online ticket at https://odysseycontact.com/ for service. About Stem Holdings Headquartered in Boca Raton, Florida, Stem Holdings, Inc. -- http://www.stemholdings.com-- is a Nevada corporation incorporated on June 7, 2016, and is an omnichannel, vertically-integrated cannabis branded products and technology company with state-of-the-art cultivation, processing, extraction, retail, distribution, and delivery-as-a-service (DaaS) operations throughout the United States. Stem's family of brands includes TJ's Gardens, TravisxJames, and Yerba Buena flower and extracts; Cannavore edible confections; and e-commerce delivery platforms provide direct-to consumer proprietary logistics and an omnichannel UX (user experience)/CX (customer experience). Stem Holdings reported a net loss of $17.53 million for the year ended Sept. 30, 2022, a net loss of $64.6 million for the year ended Sept. 30, 2021, and a net loss of $11.5 million for the year ended Sept. 30, 2020. Deer Park, IL-based LJ Soldinger Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Jan. 13, 2023, citing that the Company had a net loss of approximately $17.5 million, negative working capital of $0.8 million and an accumulated deficit of $133.1 million as of and for the year ended Sept. 30, 2022. In addition, the Company has commenced operations in the production and sale of cannabis and related products, an activity that is illegal under United States Federal law for any purpose, by way of Title II of the Comprehensive Drug Abuse Prevention and Control Act of 1970, otherwise known as the Controlled Substances Act of 1970. These facts raise substantial doubt as to the Company's ability to continue as a going concern. "Management believes that the Company has access to capital resources through potential public or private issuances of debt or equity securities. However, if the Company is unable to raise additional capital, it may be required to curtail operations and take additional measures to reduce costs, including reducing its workforce, eliminating outside consultants, and reducing legal fees to conserve its cash in amounts sufficient to sustain operations and meet its obligations. The Company is also in the process of seeking business combinations by entities directly in the production and sale of cannabis. These matters raise substantial doubt about the Company's ability to continue as a going concern," said Stem Holdings in its Quarterly Report for the period ended Sept. 30, 2023. STEWARD HEALTH CARE: Hires AlixPartners for Operational Assistance ------------------------------------------------------------------ Reshmi Basu of Bloomberg News reports that Steward Health Care, a for-profit hospital operator facing a liquidity shortfall, has turned to AlixPartners for help turning around its operations, according to people familiar with the situation. Real estate investment trust Medical Properties Trust, a landlord to Steward Health Care, said in a statement in January 2024 that it provided a $60 million bridge loan to the company as it looks to recover uncollected rent and outstanding loan obligations from the tenant. MPT also said it was recording non-cash charges in the fourth quarter to write off some future rent obligations of Steward Health, and that other impairments. About Steward Health Care Steward is a provider of health care services that operates nationwide, including without limitation in Massachusetts. STITCH ACQUISITION: S&P Downgrades ICR to 'CCC-', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Stitch Acquisition Corp. (doing business as SVP Worldwide) to 'CCC-' from 'CCC'. At the same time, S&P lowered its issue-level rating on SVP's senior secured term loan to 'CCC-' from 'CCC'. The '4' recovery rating is unchanged, indicating its expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. The negative outlook reflects the possibility of a lower rating given the high likelihood of a default or debt restructuring within the next six months. The 'CCC-' rating reflects S&P's belief the company will default over the next six months, either by missing principal/interest payments or restructuring its debt due to a liquidity shortfall. SVP's capital structure remains unsustainable given its high debt and interest costs relative to EBITDA and cash flow. We continue to assess the company's liquidity as weak because its liquidity sources are insufficient to cover its cash needs over the next 12 months. SVP had $20.5 million cash and negligible availability under its asset-based lending (ABL) facility (restricted by the fixed-charge coverage covenant) as of Sept. 30, 2023. SVP's operating conditions will remain pressured over the next few months as persistently weak macroeconomic conditions hurt discretionary consumer spending and retailer reordering patterns. S&P said, "We believe SVP's overall operating cost inflation has peaked. Alongside recent cost-savings initiatives and a favorable product mix, this helped improve margins, with S&P Global Ratings-adjusted EBITDA margin improving about 270 basis points (bps) in the third quarter of fiscal 2023 (ending Dec. 31, 2023) compared to the previous year. However, a 16% revenue decline in the third quarter of fiscal 2023 (after declines of 30% and 27% in the first and second quarters, respectively) and higher interest expense on its floating-rate debt will likely lead to free operating cash flow (FOCF) deficits that result in a near-term liquidity shortfall. "The negative outlook reflects the possibility of a lower rating given our expectation that the tough operating conditions will persist over the near term, causing the company to face a liquidity shortfall over the next six months, absent a liquidity-enhancing transaction. "We will lower our ratings on SVP if it announces that it will miss an interest or principal payment or undertake an exchange offer or similar restructuring that we classify as distressed. "We could raise our ratings on SVP if we no longer believe it is at risk of a default in the next six months." STREAM TV: Trustee Hires Obermayer Rebmann as Counsel ----------------------------------------------------- William A. Homony, the Trustee for Stream TV Networks, Inc. and its affiliate seek approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Obermayer Rebmann Maxwell & Hippel LLP, as general counsel. The firm's services include: a) providing the Chapter 11 Trustee with legal advice regarding its powers and duties; b) advising the Chapter 11 Trustee with respect to his responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; c) assisting in the preparation of any legal papers for the Chapter 11 Trustee; d) assisting the Chapter 11 Trustee in evaluating the Debtors' business operations, business opportunities, assets and pending and potential litigation; and e) performing all other legal services for the Chapter 11 Trustee which may be necessary. The firm will be paid at these rates: Attorneys $410 to $755 per hour Paralegals $235 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael D. Vagnoni, Esq., a partner at Obermayer Rebmann Maxwell & Hippel LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: The firm can be reached through: Michael D. Vagnoni, Esq. OBERMAYER REBMANN MAXWELL & HIPPEL LLP Centre Square West 1500 Market Street, Suite 3400 Philadelphia, PA 19102 Tel: (215) 665-3140 About Stream TV Networks, Inc. Stream TV Networks, Inc. develops technology intended to display three-dimensional content without the use of 3D glasses. The company is based in Philadelphia, Pa. Stream TV Networks and its affiliate, Technovative Media, Inc., filed Chapter 11 petitions (Bankr. E.D. Penn. Lead Case No. 23-10763) on March 15, 2023. In the petition filed by Mathu Rajan, as director, Stream TV Networks reported assets between $500 million and $1 billion and estimated liabilities between $10 million and $50 million. Judge Magdeline D. Coleman oversees the cases. The Debtors are represented by Rafael X. Zahralddin-Aravena, Esq., at Lewis Brisbois Bisgaard & Smith. SUTTON TRANSPORT: Hires Steidl and Steinberg P.C. as Counsel ------------------------------------------------------------ Sutton Transport LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Steidl and Steinberg, P.C. as counsel to handle its Chapter 11 case. The firm will be paid at the rate of $350 per hour, and will be reimbursed for work-related expenses incurred. The Debtor paid the firm a retainer of $5,000, plus the filing fee of $1,738. As disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher M. Frye, Esq. STEIDL AND STEINBERG, P.C. 2830 Gulf Tower 707 Grant Street Pittsburgh, PA 15219 Tel: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Sutton Transport LLC Sutton Transport LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 24-20118) on January 16, 2024. The Debtor hires Steidl and Steinberg, P.C. as counsel. SVB FINANCIAL: Files Chapter 11 Reorganization Plan --------------------------------------------------- SVB Financial Group disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on January 26, 2024, the Company filed its initial Plan of Reorganization under Chapter 11 of the Bankruptcy Code (the "Proposed Plan") with the U.S. Bankruptcy Court for the Southern District of New York. As previously reported, on March 17, 2023, the Company filed a voluntary petition in the Bankruptcy Court for relief under the provisions of Chapter 11 of Title 11 of the United States Code. The Company's case is administered under the caption In re SVB Financial Group, Case No: 23-10367. The Company is continuing to operate its remaining businesses, including SVB Capital, its investment advisory business which sponsors and advises private venture capital and credit funds, as a debtor in possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Proposed Plan describes, among other things, the treatment of classes of claims and interests, the creation of a liquidating trust and the formation of a reorganized holding company, the mechanics of distributions under the Proposed Plan, the effect of confirmation of the Proposed Plan and conditions to effectiveness thereto, and certain other aspects of the proposed restructuring. The filing of the Proposed Plan as of January 26, 2024 preserves the period of time during which only the Company may solicit acceptances of a plan of reorganization such that no other party may file and solicit a competing plan until after the Company's exclusive solicitation period ends on March 26, 2024, unless further extended. The Bankruptcy Court has agreed to schedule a hearing on approval of a disclosure statement for March 13, 2024. The Company has requested the other necessary parties to the restructuring support agreement, filed with the Bankruptcy Court on January 9, 2024 and previously reported on the Company's Current Report on Form 8-K dated January 10, 2024, to agree to extend certain milestones in the Restructuring Support Agreement such that the Company shall file a disclosure statement relating to the Proposed Plan by no later than February 7, 2024. Although the Company intends to pursue the Restructuring in accordance with the terms set forth in the Proposed Plan, there can be no assurance that the Proposed Plan will be approved by the Bankruptcy Court or that the Company will be successful in consummating the Restructuring or any other similar transaction on the terms set forth in the Proposed Plan, on different terms or at all. Bankruptcy law does not permit solicitation of acceptances of a proposed Chapter 11 plan of reorganization until the Bankruptcy Court approves a disclosure statement relating to the Proposed Plan. A full-text copy of the Proposed Plan is available at http://tinyurl.com/9yhs3ydf About SVB Financial Group SVB Financial Group is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state-chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co., LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. TBD RESTAURANTS: Jeanette McPherson Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 17 appointed Jeanette McPherson, Esq., at Fox Rothschild, LLP, as Subchapter V trustee for TBD Restaurants, LLC. Ms. McPherson will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McPherson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanette McPherson, Esq. Fox Rothschild, LLP 1980 Festival Plaza Drive, Suite 700 Las Vegas, NV 89135 Phone: (702) 699-5923 Email: TrusteeJMcPherson@FoxRothschild.com About TBD Restaurants TBD Restaurants, LLC owns and operates a pizza restaurant in Henderson, Nev. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 24-10386) on January 29, 2024, with $4,079,600 in assets and $431,000 in liabilities. Hagop (Jacob) Tchamanian, managing member, signed the petition. Judge August B. Landis oversees the case. James T. Leavitt, Esq., at Leavitt Legal Services, P.C. represents the Debtor as bankruptcy counsel. TMK HAWK: S&P Ups ICR to 'B-' on Comprehensive Debt Restructuring ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Massachusetts-based food service equipment distributor TMK Hawk Parent Corp. (Trimark) to 'B-' from 'SD'. S&P said, "We also assigned our 'B-' issue-level rating and '4' recovery rating to both the new tranche A and tranche B first-lien term loans. The '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default. "The stable outlook reflects our expectation for TMK Hawk's S&P Global Ratings-adjusted debt to EBITDA to remain in the high-5x area as EBITDA margins approach 4% and for it to maintain liquidity as it invests in operational improvements." Trimark executed a comprehensive restructuring of its capital structure that substantially reduced its financial obligations. The transaction added financial flexibility and resulted in S&P Global Ratings-adjusted leverage being cut by over half to under 6x from the mid-14x area. S&P said, "The upgrade reflects TMK Hawk's meaningfully reduced debt and cash interest burden. However, we expect the company's S&P Global Ratings-adjusted debt to EBITDA will remain elevated in the high-5x area over the next 12-24 months. The restructuring transaction resulted in a reduction of S&P Global Ratings-adjusted debt to about $570 million from $1.3 billion. The capital structure now consists of a $270 million asset-based lending (ABL) facility due July 2025 with $166 million outstanding, a $65 million first-lien term loan tranche A due June 2029, a $150 million first-lien term loan tranche B due June 2029, and a $92 million Holdco pay-in-kind (PIK)-only loan due 2031 that does not bear cash interest. Although the PIK feature supports cash flow through a lower cash interest burden, incremental debt will accumulate. While the EBITDA base is forecast to increase at a high-single-digit percentage rate annually due to top-line growth, PIK interest is expected to grow debt by a similar rate. Therefore, we expect S&P Global Ratings-adjusted leverage to stay in the high-5x area for fiscal 2024 and in future years. Furthermore, the company's liquidity position consists of $3 million of pro forma cash and about $125 million of ABL availability. The more than half-drawn ABL facility is set to mature in June 2025, which creates some liquidity risk next year. "We expect top-line growth normalizing toward pre-pandemic levels and for the unfavorable shift toward lower-margin non-restaurant business to persist. Thus, we project reported free cash flow of $30 million-$40 million over the next 12 months. While increased food equipment demand across various business channels, opportune project timing, and greater chain sales are anticipated to drive revenue growth of about 12% to $2.4 billion in fiscal 2023, we expect that growth to decelerate to the mid-to-high single-digit area in fiscal 2024. The slowdown reflects our expectation of growth normalizing toward pre-pandemic levels; an increasingly uncertain macroeconomic environment, including less customer store base expansion; and smaller-ticket purchases given a larger share of non-restaurant business. Since we believe the unfavorable shift toward lower-margin non-restaurants and non-rebatable business will persist, we expect S&P Global Ratings-adjusted EBITDA margins to remain in the mid-3% area over the next 12-24 months. Although there may be a fair degree of operating leverage stemming from the company's new enterprise resource planning (ERP) processing system and synergies from other cost-saving initiatives may materialize, we have not included meaningful margin expansion from those in our forecast. "We believe the company's operations in the niche and volatile food service equipment distribution industry carries additional risks. Despite Trimark being the second-largest distributor of food service equipment in North America, the food service equipment distribution industry remains intensely competitive and is exposed to volatility in the restaurant sector. Trimark continues to depend on equipment sales for roughly two-thirds of its revenue. The business is susceptible to highly volatile consumer spending patterns and new restaurant openings, which depend favorable economic conditions. It is also exposed to fluctuations in commodity and labor costs, which may lead to large swings in profitability. This poses substantial risk, considering the company's highly leveraged capital structure that limits the cushion for deteriorating performance. "The stable outlook reflects our expectation for TMK Hawk's S&P Global Ratings-adjusted debt to EBITDA to remain in the high-5x area as EBITDA margins approach 4% and for it to maintain liquidity as it invests in operational improvements. "We could lower our rating on TMK if its operating results weakened such that the company were unable to sustainably generate positive free cash flow or if we believed the capital structure were unsustainable. "We could raise our rating on TMK if the company successfully executed its operational initiatives, further improved its competitive standing in the industry, and increased its scale while concurrently improving its liquidity and generating significantly higher free cash flow on a sustained basis. "Governance factors are a moderately negative consideration in our credit rating analysis in line with our view of most rated entities owned by private-equity sponsors. Our assessment also reflects the generally finite holding periods and a focus on maximizing shareholder returns." VIKING CRUISES: S&P Upgrades ICR to 'B+', Outlook Positive ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on river and ocean cruise operator Viking Cruises Ltd. to 'B+' from 'B'. The outlook is positive. At the same time, S&P raised its issue-level ratings on Viking's existing secured and unsecured debt by one notch to reflect its upgrade of the company. The positive outlook reflects the possibility of an upgrade over the next 12 months if Viking's forward-booked position will support EBITDA and cash flow growth and continued deleveraging to below 4.5x, incorporating new ship deliveries and potential shareholder returns. The upgrade to 'B+' with positive outlook reflects S&P's expectation that Viking's booked position for 2024 will support significant credit measure improvement, with leverage declining to mid-4x. Viking's 2024 advanced bookings for both its river and ocean cruise segments are elevated above 2023 levels. As of Nov. 12, 2023, Viking's 2024 advanced bookings are 16% above 2023 levels due to higher capacity, mid- to high-single-digit percent increases in pricing, and the amount of inventory sold. It will also benefit from new ship deliveries, including two new river ships and one new ocean ship set to join the fleet before the end of 2024. Viking had sold 63% of its 2024 river operating capacity and 75% of its ocean capacity as of Nov. 12, 2023, with occupancy levels and close-in cancellation rates nearly fully recovered to pre-pandemic levels. S&P believes this level of revenue visibility and growth could support 2024 EBITDA margin that exceeds that of 2019 despite higher fuel costs. S&P said, "With a full year of operations across Viking's operating fleet, increased capacity in its fleet, and our expectation that occupancy will remain at historical levels, we forecast Viking's revenue and EBITDA recovery will reduce leverage to mid-4x in 2024 from about 5x in 2023, which supports the upgrade and outlook revision. Our measure of leverage includes the preferred shares issued at parent Viking Holdings Ltd. (VHL) as debt because it has debt-like provisions that allow the company to redeem the shares in time, potentially using debt. Although we include the parent's preferred stock as debt, we believe the instrument includes provisions that offer a significant amount of financial flexibility and are favorable to its creditors. "Viking's typically long booking window supports our view of the trajectory of its revenue and EBITDA recovery this year despite the risk of a slowing economy. Additionally, it provides some visibility into revenue and cash flow for 2025 because Viking has already sold nearly 20% of its total capacity for 2025. However, demand for future cruise bookings could decline due to stock market volatility that hurts the wealth of its target customer demographic (North Americans 55 years and older), thereby reducing their discretionary spending on travel. An escalation in geopolitical conflicts could also affect consumer willingness to travel to eastern Europe and the Middle East, especially on river cruises that rely on customers flying to overseas destinations, which could cause customers to cancel current 2024 and 2025 bookings." Credit measure volatility remains a risk because the industry is capital-intensive and operators must accept ordered ships regardless of the operating environment. Operators generally must commit to deliveries several years in advance, particularly for ocean ships, and generally obtain financing commitments for ships before delivery and while contracting the ship delivery. This provides liquidity support if cash flow declines. However, incremental debt to finance ship deliveries can significantly deteriorate credit measures when operations are weak because debt balances increase while EBITDA declines. Furthermore, when demand softens, incremental capacity from new ships can exacerbate pricing pressure as operators try to match supply and demand. In 2024, Viking will take delivery of one ocean ship (Viking Vela), and two river ships. Beyond 2024, Viking currently has five ocean ships on order, with annual deliveries scheduled for 2024-2027 and two scheduled for delivery in 2028, with options for four additional ocean ships beyond 2028. The company also has 17 river ships on order through 2027. The positive outlook reflects the possibility of an upgrade over the next 12 months if Viking's forward-booked position supports EBITDA and cash flow growth and continued deleveraging to below 4.5x. S&P said, "We could raise the rating if we believe Viking will sustain S&P Global Ratings-adjusted leverage below 4.5x and funds from operations (FFO) to debt above 15%, incorporating ship deliveries and potential shareholder returns. Based on the company's current ship order schedule and our forecast assumptions, we believe Viking would need to build cushion relative to our upgrade threshold so that the company could absorb both ocean and river ship deliveries and modest operating underperformance and remain below 4.5x. We would also want to ensure that maintaining S&P Global Ratings-adjusted leverage below 4.5x was aligned with the company's financial policy. "We could revise our outlook to stable if we believe Viking's leverage will remain above 4.5x. This could occur if Viking underperforms our base case, due to escalating geopolitical conflicts or increased competitive pressures that cause a significant reduction in demand for cruising, or increased shareholder returns. We could lower the rating if we believe S&P Global Ratings-adjusted leverage will be sustained above 5.5x." WINTERS RUN: Unsecureds to Get 25.2 Cents on Dollar in Plan ----------------------------------------------------------- Winters Run Condominium Association, Inc., filed with the U.S. Bankruptcy Court for the District of Connecticut a Plan of Reorganization for Small Business dated January 29, 2024. The Debtor is organized under Chapter 825 of the Connecticut General Statutes, the purpose of which is manage the common elements of Winters Run Condominiums consisting of 30 units located at 121 Lexington Avenue, New Haven, Connecticut ("Winters Run Condominiums"). The Association membership consists of the owners of the condominium units, each holding 1 membership unit for each condominium unit owned. The activities and management of the Debtor are governed by the Declaration of Condominium of Winters Run Condominium dated recorded on January 25, 1983 in Volume 3034 at Page 158 et seq. of the New Haven Land Records (the "Declarations"). The Plan Proponent's financial projections show that the Debtor will have projected disposable income after payment administrative claims, of $35,000.00. The final Plan payment is expected to be paid on February 1, 2027. This Plan of Reorganization proposes to pay creditors of the Debtor from future income, including special assessments. In this case there is one creditor, the general unsecured claim of the South Central Connecticut Regional Water Authority (the "RWA") in the amount of $138,776.40. There are no priority claims. This Plan provides for payment of the RWA claim and allowed administrative priority claims of Counsel for the Debtor and the SubChapter V Trustee, George M. Purtill. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 25.2 cents on the dollar, plus an additional dividend equal to the net proceeds of any recovery from the claim against the prior management company, Alan Barberino Real Estate, LLC. Class 1 consists of the allowed claim of the RWA in the amount of $138,776.40. Class 1 will receive a dividend of $35,000.00 payable in monthly installments beginning in April 2024. Installments will be in varying amounts based on the Debtor's cashflow in a particular month. Class 1 will receive an additional contingent dividend of the net proceeds net of any recovery from the claim against the prior management company, Alan Barberino Real Estate, LLC. The Debtor makes no representations regarding the value of the potential claim of the claim against Alan Barberino Real Estate, LLC. This Class is impaired. Prior to the filing of the Debtor's case, the Debtor assessed each unit the $2,500.00 ($75,000.00 total) in order to fund the repair of the water leak, which was estimated to be in the approximate amount of $50,000.00, and legal fees and costs of the Chapter 11 case. As of the date of this Plan, approximately $42,000.00 remains to be collected of that assessment. As noted in the financial projections, the Debtor intends to utilize the remaining portion of that assessment to fund the Plan. In order to produce a dividend to Class 1 claims, the Debtor anticipates a further assessment in the amount of approximately $2,100.00 per unit ($58,500.00 total) (the "Additional Assessment"). The Additional Assessment will be collected from each unit owner on a monthly basis a rate of $70.00 per unit, commencing in October 2024. As demonstrated by the financial projections, the Additional Assessment will fund the dividend to Class 1 claims. In the judgment of the Debtor's board, the Additional Assessment amount is maximum amount that can be assessed to each unit without imposing undue financial hardship on the unit owners. A full-text copy of the Plan of Reorganization dated January 29, 2024 is available at https://urlcurt.com/u?l=hdOe1B from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Gregory F. Arcaro, Esq. GRAFSTEIN & ARCARO, LLC 1 Regency Drive, Suite 200B Bloomfield, CT 06002 Telephone: (860) 242-0574 Facsimile: (860) 676-9168 Email: garcaro@grafsteinlaw.com About Winters Run Condominium Association Winters Run Condominium Association, Inc., filed its petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 23-30836) on Oct. 31, 2023, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Ann M Nevins presides over the case. Gregory F. Arcaro, Esq. at Grafstein & Arcaro LLC, is the Debtor's counsel. WIPE-OUT LOGISTICS: Unsecureds Get 4 Cents on Dollar in 5 Years --------------------------------------------------------------- Wipe-Out Logistics, LLC, filed with the U.S. Bankruptcy Court for the Western District of Kentucky a Plan of Reorganization for Small Business dated January 29, 2024. The Debtor is a Kentucky Limited Liability Company that owns and operates a trucking and transportation business, with the primary place of business in Warren County, Kentucky. The business is wholly owned by Mirnes Muminovic and Mirsada Muminovic, and currently has approximately 1 W2 employee and 12 1099 employees. The Debtor was formed on April 11, 2016 and has operated continually since that time. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $194,396.31 The final Plan payment is expected to be paid on the first day of the 60th month from the Effective Date. This Plan of Reorganization proposes to pay creditors of the Debtor from future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 4 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 10 consists of General Unsecured Claims. Holders of allowed Class 10 Claims will share pro rata in quarterly distributions of $10,500.00, to begin 90 days after Effective Date and concluding five years after the Effective Date. The Debtor projects that there will be 19 such quarterly distributions, for a total dividend to holders of Class 10 Claims of $199,500.00, or approximately 4 cents on the dollar. This Class is impaired. The Debtor will continue to be operated as a trucking company under the management of its current owners Mirnes and Mirsada Muminovic. The Plan will be funded by the monthly cash flow of the Debtor's operation and all disbursements under the Plan will be made by the Debtor. A full-text copy of the Plan of Reorganization dated January 29, 2024 is available at https://urlcurt.com/u?l=rNNXIo from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Robert C. Chaudoin, Esq. Harlin Parker Attorneys at Law 519 East Tenth Avenue Bowling Green, KY 42102 Telephone: (270) 842-5611 Facsimile: (270) 842-2607 Email: chaudoin@harlinparker.com About Wipe-Out Logistics Wipe-Out Logistics, LLC, is a Kentucky Limited Liability Company that owns and operates a trucking and transportation business, with the primary place of business in Warren County, Kentucky. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Kent. Case No. 23-10736) on Sept. 29, 2023. In the petition signed by Mirnes Matt Muminovic, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Joan A. Lloyd oversees the case. Robert C. Chaudoin, Esq., at Harlin Parker, is the Debtor's legal counsel. [*] Commercial Bankruptcy Filings Up 21% in January 2024 -------------------------------------------------------- Total bankruptcy filings were 36,607 in January 2024, a 17 percent increase from the January 2023 total of 31,176, according to data provided by Epiq Bankruptcy, the leading provider of U.S. bankruptcy filing data. January marks 18 consecutive months that total, individual, and commercial bankruptcy filings have registered monthly year-over-year increases. Individual bankruptcy filings also increased 17 percent in January to 34,515, up from the January 2023 individual filing total of 29,448. There were 19,590 individual chapter 7 filings in January 2024, a 25 percent increase over the 15,717 filings recorded in January 2023, and there were 14,871 individual chapter 13 filings in January 2024, a 9 percent increase over the 13,678 filings last January. Overall commercial bankruptcy filings rose 21 percent in January 2024, with the 2,092 filings ticking up from the 1,728 filings in January 2023. There were 460 commercial chapter 11 filings recorded in January 2024, a 22 percent increase from the 378 commercial chapter 11s in January 2023. Small business filings, captured as subchapter V elections within chapter 11, increased 43 percent to 176 in January 2024, up from 123 in January 2023. "As expected, the upward trend of bankruptcy filing volumes persist into the new year and we expect that trend to continue, particularly as the spring tax season concludes," said Michael Hunter, Vice President of Epiq AACER. "High interest rates, price fatigue and the pandemic-era excess consumer savings depletion are all contributing factors to the increases now and into 2024." "Households and businesses continue to adjust to sustained high interest rates, persistent inflation and more stringent lending terms," said ABI Executive Director Amy Quackenboss. "While not at the levels recorded prior to the pandemic, we anticipate that the steady increase in bankruptcies will continue this year." Adding to challenges faced by small businesses, the debt eligibility limit of $7.5 million for businesses looking to elect subchapter V reorganization under chapter 11 is due to sunset back to $2,725,625 in late June. ABI's Subchapter V Task Force on Dec. 15 transmitted its "Preliminary Report of ABI's Subchapter V Task Force on Maintaining the $7,500,000 Debt Cap for Subchapter V Eligibility" to Congress, and its findings support permanently maintaining the eligibility limit of $7.5 million in aggregate noncontingent, liquidated debt for small businesses looking to reorganize under subchapter V. The Task Force's Preliminary Report is the result of nine months of public hearings, roundtable discussions and an industry survey inviting comment on subchapter V. Total and individual bankruptcy filings increased slightly over December's filing totals, while commercial filings decreased slightly. Total bankruptcies increased 6 percent over December's 34,481 filings, and consumer bankruptcies edged up 7 percent over December's total of 32,403. Individual chapter 7s increased 5 percent, and chapter 13s increased 9 percent, from December's filings. Conversely, commercial chapter 11s decreased 10 percent from December's 508 filings. Overall commercial filings increased 1 percent from the 2,078 filings registered in December. Subchapter V elections within chapter 11 decreased 12 percent from the 200 filed in December 2023. ABI has partnered with Epiq Bankruptcy to provide the most current bankruptcy filing data for analysts, researchers, and members of the news media. Epiq Bankruptcy is the leading provider of data, technology, and services for companies operating in the business of bankruptcy. Its Bankruptcy Analytics subscription service provides on-demand access to the industry's most dynamic bankruptcy data, updated daily. Learn more at https://bankruptcy.epiqglobal.com/analytics. About Epiq Epiq, a global technology-enabled services leader to the legal industry and corporations, takes on large-scale, increasingly complex tasks for corporate counsel, law firms, and business professionals with efficiency, clarity, and confidence. Clients rely on Epiq to streamline the administration of business operations, class action, and mass tort, court reporting, eDiscovery, regulatory, compliance, restructuring, and bankruptcy matters. Epiq subject-matter experts and technologies create efficiency through expertise and deliver confidence to high-performing clients around the world. Learn more at http://www.epiqglobal.com/ About ABI ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events. [*] Sunni Beville Joins Otterbourg's Bankruptcy Department ---------------------------------------------------------- Otterbourg P.C. on Feb. 5, 2024, disclosed that Sunni P. Beville has joined the firm as a partner in its Restructuring and Bankruptcy Department and as a Co-Leader of its Mass Torts Bankruptcy Practice Group. Ms. Beville comes to Otterbourg from Brown Rudnick, where she was a partner in the Bankruptcy & Corporate Restructuring Practice Group. "Sunni's background and breadth of experience will be extremely valuable to our clients who turn to us for advice and counsel with their most sophisticated restructuring and bankruptcy needs," said Otterbourg chairman Richard L. Stehl. "She brings a vast wealth of knowledge and experience in bankruptcy and restructuring work, and I am very excited to welcome her to Otterbourg." Melanie L. Cyganowski, Chair of Otterbourg's Restructuring and Bankruptcy Department and former Chief Judge of the Bankruptcy Court for the Eastern District of New York, added, "Sunni is well known to us here at Otterbourg, since we have worked together on many matters over the years. Her insights and past work with mass tort bankruptcies, in particular, will be extremely valuable to us. Sunni is a natural born leader, and we are delighted that she has agreed to co-head our mass tort bankruptcy practice." Ms. Beville represents middle market public and private companies, tort victims, creditors, official and ad hoc committees of creditors, and equity holders in complex Chapter 11 and Chapter 15 bankruptcy cases, and out-of-court restructuring matters. Her practice includes all aspects of the insolvency and bankruptcy process, including debtor-side bankruptcy work, mass tort bankruptcies, and other matters involving insolvent companies, such as contested plan confirmation hearings, the Section 363 sale process, contested relief from stay and cash collateral hearings, and fraudulent conveyance and preference litigation. "Otterbourg is one of the premier insolvency firms and offers the ideal platform for me to continue to grow my practice," said Ms. Beville. "I have worked alongside and have admired Melanie and her team for many years. I am thrilled to be here now and look forward to collaborating with my old friends and new colleagues every day to meet the needs of our clients." Otterbourg has served as co-lead counsel to official and ad hoc committees in several of the largest mass tort bankruptcies in history. It also co-led the successful efforts to dismiss as bad faith filings the bankruptcies of LTL (Johnson & Johnson) twice and by Aearo Technologies, LLC (3M Company). Ms. Beville was part of the team at her former firm that worked alongside Judge Cyganowski and others at Otterbourg as co-lead counsel representing the Official Committee of Talc Claimants in the Chapter 11 cases of LTL Management, resulting in the successful dismissal of two separate attempts at bankruptcy by the Johnson & Johnson talc unit. (To learn more, click here.) Ms. Beville received her J.D., magna cum laude, from Boston College Law School and her B.A. from Yale University, where she captained the Women's Basketball team in her senior year. About Otterbourg P.C. Otterbourg P.C. offers clients a unique combination of legal insight and practical solutions and is known for its integrity, legal expertise, stability and business knowledge. The firm, established in 1909, regularly represents clients in matters of national and international scope, including banks, finance companies, hedge funds, private equity firms, real estate investment firms, corporate clients and high net-worth individuals. The firm's practice areas include domestic and cross-border financings, litigation and alternative dispute resolutions, real estate, restructuring and bankruptcy proceedings, mergers and acquisitions and other corporate transactions, and trusts and estates. [*] Two Frandzel Partners Named to 2024 Super Lawyers List ---------------------------------------------------------- Frandzel Robins Bloom & Csato, L.C. on Feb. 1 disclosed that Shareholders Steven N. Bloom and Michael Gomez have been distinguished by their peers and named to the 2024 Southern California Super Lawyers list. Annually, Super Lawyers, a lawyer rating service, recognizes no more than five percent of attorneys in each state. This honor highlights lawyers from over 70 practice areas who have demonstrated exceptional professional achievements and garnered substantial peer recognition. The selection process is rigorous and patented, involving a comprehensive statewide lawyer survey, an independent candidate evaluation, and specialized peer reviews within various practice areas. Steven N. Bloom has been selected as a top-rated attorney in Real Estate for the 12th time. His expertise encompasses real property, warehouse and commercial financings, debt restructurings, and risk management. His transactional work includes asset sales, business arrangement documentation, and credit facilities for banks and financial service providers. He is a past chair of the Financial Institutions Committee of the Business Law Section of the State Bar of California, and a past member of the Legal Affairs Committee of the California Bankers Association. Michael Gomez has been recognized as a top-rated attorney in Creditor Debtor Rights. His practice focuses on bankruptcy, debtor and creditor rights, commercial and business litigation, debt workout negotiations, and restructuring. He specializes in commercial lending transaction documentation, covering both personal property and real estate-secured credits. Mr. Gomez's diverse client portfolio includes debtors, creditors' committees, hedge funds, indenture trustees, equipment lessors, receivers, landlords, bankruptcy trustees, judgment creditors, private and institutional lenders. His experience spans out-of-court workouts, federal and state court litigation, and chapters 7, 11, 12, and 13 bankruptcy cases. Frandzel offers legal counsel and litigation services to financial institutions and businesses. [] Greenberg Traurig's Alan Brody Elected TMA NJ Chapter Pres. -------------------------------------------------------------- Alan J. Brody, shareholder in Greenberg Traurig, LLP's New Jersey Restructuring & Bankruptcy Practice, has been elected as the Turnaround Management Association (TMA)'s New Jersey chapter president for January 2024-December 2025. Members of the executive committee, including Mr. Brody, were installed at the annual meeting of the New Jersey chapter Feb. 1 at the Baltusrol Golf Club in Springfield, New Jersey. TMA is an organization in the corporate restructuring, renewal, and corporate health space. With almost 10,000 members in 54 chapters worldwide, including 34 North American chapters, members include turnaround attorneys, practitioners, accountants, liquidators, consultants, advisors, as well as government employees, academic, and members of the judiciary, according to its website. Mr. Brody has been a member of TMA for over 20 years. "As president, I look forward to continuing to work with our incredible board, committees, and members to create opportunities that further stimulate conversations and foster relationships amongst our members and help mentor the NextGen group members. Together, we will continue to grow and strengthen TMA," Brody noted. Mr. Brody focuses his practice on bankruptcy, corporate restructuring, commercial insolvency, and financing. He has a wide range of experience representing clients in a variety of bankruptcy proceedings, as well as insolvency issues in business transactions, out-of-court restructurings, asset-based loans, and debtor-in-possession financing. Brody has broad experience in complex bankruptcy and creditors' rights litigation and has represented entities in the restructuring, financing, and acquisition of assets in bankruptcy courts throughout the United States. Among his clients are lenders, private equity funds, receivers, secured and trade creditors, and creditors' committees. About Greenberg Traurig's Restructuring & Bankruptcy Practice: Greenberg Traurig's internationally recognized Restructuring & Bankruptcy Practice provides clients with deep insight and knowledge acquired over decades of advisory transaction and litigation experience. The team has a broad and diverse range of experience developing creative strategies to the highly complex issues that arise in connection with in- and out-of-court reorganizations, restructurings, workouts, liquidations, and distressed acquisitions and sales. Using a multidisciplinary approach, the firm's vast resources and invaluable business network, the team helps companies navigate challenging times and address the full range of issues that can arise in the course of their own restructurings or dealings with other companies in distress. About Greenberg Traurig: Greenberg Traurig, LLP has more than 2650 attorneys in 47 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI "Highly Recommended Law Firm" for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e(R) Energy program and is a member of the U.S. EPA's Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: http://www.gtlaw.com/ [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- AEMETIS INC AMTX US 277.4 (200.0) (35.9) AEON BIOPHARMA I AEON US 17.6 (121.7) 2.7 ALNYLAM PHARMACE ALNY US 3,839.1 (165.9) 2,035.7 ALPHATEC HOLDING ATEC US 670.2 (20.6) 185.5 ALTICE USA INC-A ATUS US 32,208.5 (321.3) (2,327.3) ALTRIA GROUP INC MO US 36,469.0 (3,357.0) (6,991.0) AMC ENTERTAINMEN AMC US 8,793.1 (2,138.0) (548.7) AMC ENTERTAINMEN AMCE AV 8,793.1 (2,138.0) (548.7) AMERICAN AIRLINE AAL US 65,711.0 (5,136.0) (7,672.0) AON PLC-CLASS A AON US 33,112.0 (486.0) 403.0 AULT DISRUPTIVE ADRT/U US 2.5 (3.0) (1.8) AUTOZONE INC AZO US 16,292.6 (5,213.7) (1,828.8) AVIS BUDGET GROU CAR US 32,304.0 (28.0) (537.0) BATH & BODY WORK BBWI US 5,243.0 (2,124.0) 550.0 BAUSCH HEALTH CO BHC US 27,064.0 (235.0) 824.0 BAUSCH HEALTH CO BHC CN 27,064.0 (235.0) 824.0 BELLRING BRANDS BRBR US 691.6 (323.5) 274.0 BEYOND MEAT INC BYND US 929.2 (362.9) 392.8 BIOCRYST PHARM BCRX US 522.9 (411.0) 411.7 BIOTE CORP-A BTMD US 149.7 (51.3) 92.7 BOEING CO/THE BA US 134,281.0 (16,717.0) 13,873.0 BOMBARDIER INC-A BBD/A CN 12,524.0 (2,470.0) (1.0) BOMBARDIER INC-A BDRAF US 12,524.0 (2,470.0) (1.0) BOMBARDIER INC-B BBD/B CN 12,524.0 (2,470.0) (1.0) BOMBARDIER INC-B BDRBF US 12,524.0 (2,470.0) (1.0) BOOKING HOLDINGS BKNG US 25,635.0 (625.0) 5,647.0 BOSTON PIZZA R-U BPZZF US 146.6 (241.3) 2.7 BOSTON PIZZA R-U BPF-U CN 146.6 (241.3) 2.7 BOX INC- CLASS A BOX US 1,033.8 (48.9) 113.7 BRIDGEBIO PHARMA BBIO US 655.0 (1,193.7) 481.6 BRINKER INTL EAT US 2,474.8 (156.3) (364.5) BROOKFIELD INF-A BIPC CN 10,973.0 (764.0) (3,410.0) BROOKFIELD INF-A BIPC US 10,973.0 (764.0) (3,410.0) CALUMET SPECIALT CLMT US 2,804.8 (197.6) (456.8) CAPRICOR THERAPE CAPR US 37.2 (1.8) (3.4) CARDINAL HEALTH CAH US 43,710.0 (3,490.0) (377.0) CARGO THERAPEUTI CRGX US - - - CARVANA CO CVNA US 7,025.0 (202.0) 1,791.0 CEDAR FAIR LP FUN US 2,318.6 (565.8) (141.1) CENTRUS ENERGY-A LEU US 644.7 (24.0) 194.6 CHENIERE ENERGY CQP US 18,072.0 (973.0) (195.0) CINEPLEX INC CGX CN 2,225.6 (30.2) (252.1) CINEPLEX INC CPXGF US 2,225.6 (30.2) (252.1) COMMUNITY HEALTH CYH US 14,674.0 (893.0) 1,099.0 COMPOSECURE INC CMPO US 195.0 (238.8) 75.4 CONDUIT PHARMACE CDT US 12.0 (1.1) 5.8 CONSENSUS CLOUD CCSI US 706.5 (199.3) 107.5 COOPER-STANDARD CPS US 2,029.0 (57.4) 258.8 CPI CARD GROUP I PMTS US 292.1 (56.7) 115.2 CYTOKINETICS INC CYTK US 740.6 (438.8) 483.7 DELEK LOGISTICS DKL US 1,709.5 (139.2) 32.3 DELL TECHN-C DELL US 83,264.0 (2,570.0) (11,890.0) DENNY'S CORP DENN US 479.8 (35.8) (56.0) DIGITALOCEAN HOL DOCN US 1,425.1 (358.8) 287.2 DINE BRANDS GLOB DIN US 1,659.6 (273.7) (120.5) DOMINO'S PIZZA DPZ US 1,619.5 (4,141.5) 232.7 DOMO INC- CL B DOMO US 208.2 (150.8) (80.6) DROPBOX INC-A DBX US 3,010.6 (350.3) 270.3 EMBECTA CORP EMBC US 1,214.4 (821.7) 395.6 ENGENE HOLDINGS ENGN US 0.0 (0.1) (0.1) ETSY INC ETSY US 2,449.2 (622.5) 795.0 EVOLUS INC EOLS US 168.0 (19.4) 43.5 FAIR ISAAC CORP FICO US 1,575.3 (688.0) 188.8 FENNEC PHARMACEU FRX CN 19.0 (10.5) 15.0 FENNEC PHARMACEU FENC US 19.0 (10.5) 15.0 FERRELLGAS PAR-B FGPRB US 1,472.1 (291.2) 133.9 FERRELLGAS-LP FGPR US 1,472.1 (291.2) 133.9 FOGHORN THERAPEU FHTX US 313.4 (57.4) 213.4 FUSE GROUP HOLDI FUST US 0.1 (0.2) (0.1) GCM GROSVENOR-A GCMG US 504.7 (93.7) 108.9 GEN RESTAURANT G GENK US 175.6 36.5 10.9 GODADDY INC-A GDDY US 6,499.2 (973.4) (1,448.3) GREEN PLAINS PAR GPP US 120.3 (1.1) 4.9 GROUPON INC GRPN US 523.9 (49.3) (158.1) H&R BLOCK INC HRB US 2,511.1 (344.9) (160.9) HCM ACQUISITI-A HCMA US 295.2 276.9 1.0 HCM ACQUISITION HCMAU US 295.2 276.9 1.0 HERBALIFE LTD HLF US 2,724.7 (1,103.5) 180.7 HILTON WORLDWIDE HLT US 15,200.0 (1,753.0) (1,077.0) HP INC HPQ US 37,004.0 (1,069.0) (6,511.0) IMMUNITYBIO INC IBRX US 432.4 (410.6) 124.8 INSMED INC INSM US 1,324.9 (289.4) 729.8 INSPIRED ENTERTA INSE US 353.5 (50.3) 64.4 IRONWOOD PHARMAC IRWD US 524.1 (325.7) (27.0) JACK IN THE BOX JACK US 3,001.1 (718.3) (233.6) LESLIE'S INC LESL US 1,034.4 (161.4) 194.5 LIFEMD INC LFMD US 40.7 (11.1) (7.6) LINDBLAD EXPEDIT LIND US 851.6 (91.7) (59.9) LOWE'S COS INC LOW US 42,519.0 (15,147.0) 3,472.0 LUMINAR TECHNOLO LAZR US 552.9 (165.7) 303.7 MADISON SQUARE G MSGS US 1,366.1 (358.5) (352.9) MADISON SQUARE G MSGE US 1,348.5 (235.2) (321.1) MANNKIND CORP MNKD US 320.3 (251.8) 129.2 MARRIOTT INTERNA MAQD EB 25,267.0 (661.0) (3,995.0) MARRIOTT INTERNA MAQD IX 25,267.0 (661.0) (3,995.0) MARRIOTT INTERNA MAQD I2 25,267.0 (661.0) (3,995.0) MARRIOTT INTL-A MAR US 25,267.0 (661.0) (3,995.0) MATCH GROUP INC MTCH US 4,248.9 (299.0) 548.1 MBIA INC MBI US 2,990.0 (1,228.0) - MCDONALDS CORP MCD US 52,089.3 (4,854.8) 2,847.3 MCKESSON CORP MCK US 66,091.0 (1,464.0) (3,616.0) MEDIAALPHA INC-A MAX US 133.0 (99.7) (9.2) METTLER-TOLEDO MTD US 3,288.7 (105.9) 126.5 MSCI INC MSCI US 4,865.5 (1,049.1) 434.7 NATHANS FAMOUS NATH US 65.6 (35.4) 40.0 NEW ENG RLTY-LP NEN US 386.2 (64.7) - NOVAVAX INC NVAX US 1,657.2 (678.4) (461.8) NUTANIX INC - A NTNX US 2,570.6 (642.2) 818.4 O'REILLY AUTOMOT ORLY US 13,551.8 (1,760.5) (2,453.4) OMEROS CORP OMER US 493.1 (14.0) 204.2 ORGANON & CO OGN US 11,012.0 (589.0) 1,559.0 OTIS WORLDWI OTIS US 10,390.0 (4,610.0) - PAPA JOHN'S INTL PZZA US 877.6 (459.0) (54.8) PELOTON INTERA-A PTON US 2,672.8 (371.0) 837.5 PETRO USA INC PBAJ US 0.0 (0.1) (0.1) PHATHOM PHARMACE PHAT US 237.0 (17.8) 202.7 PHILIP MORRIS IN PM US 62,927.0 (7,706.0) (2,354.0) PITNEY BOWES INC PBI US 4,422.7 (125.1) (23.0) PLANET FITNESS-A PLNT US 2,944.8 (164.9) 267.3 PROS HOLDINGS IN PRO US 431.9 (54.9) 42.5 PTC THERAPEUTICS PTCT US 1,259.9 (670.8) 48.2 RAPID7 INC RPD US 1,399.3 (161.6) 28.3 RE/MAX HOLDINGS RMAX US 597.9 (63.3) 21.3 RED ROBIN GOURME RRGB US 777.3 (8.7) (91.4) REVANCE THERAPEU RVNC US 532.5 (106.2) 306.4 RH RH US 4,240.6 (333.2) 351.9 RIMINI STREET IN RMNI US 335.0 (53.1) (56.7) RINGCENTRAL IN-A RNG US 2,182.5 (285.0) 447.0 SABRE CORP SABR US 4,741.7 (1,267.9) 288.1 SBA COMM CORP SBAC US 10,334.2 (5,131.4) (203.2) SCOTTS MIRACLE SMG US 3,413.7 (267.3) 624.1 SEAGATE TECHNOLO STX US 7,196.0 (1,702.0) 163.0 SEAWORLD ENTERTA SEAS US 2,575.5 (252.4) (30.6) SIRIUS XM HOLDIN SIRI US 10,129.0 (2,893.0) (2,117.0) SIX FLAGS ENTERT SIX US 2,717.1 (335.3) (280.1) SLEEP NUMBER COR SNBR US 961.0 (420.7) (721.3) SPARK I ACQUISIT SPKLU US 1.2 (3.0) (4.0) SPARK I ACQUISIT SPKL US 1.2 (3.0) (4.0) SPIRIT AEROSYS-A SPR US 6,538.1 (855.7) 971.2 SQUARESPACE IN-A SQSP US 904.9 (288.0) (204.6) STARBUCKS CORP SBUX US 29,445.5 (7,987.8) (2,041.9) SYMBOTIC INC SYM US 1,050.7 (2.7) (33.7) TORRID HOLDINGS CURV US 509.5 (209.2) (36.1) TRANSAT A.T. TRZ CN 2,569.4 (779.0) (57.7) TRANSDIGM GROUP TDG US 19,970.0 (1,978.0) 5,159.0 TRAVEL + LEISURE TNL US 6,655.0 (997.0) 648.0 TRINSEO PLC TSE US 3,271.2 (21.4) 614.8 TRIUMPH GROUP TGI US 1,673.1 (668.2) 582.6 UBIQUITI INC UI US 1,388.1 (63.1) 815.6 UNITI GROUP INC UNIT US 4,981.3 (2,444.4) - UROGEN PHARMA LT URGN US 193.6 (42.0) 156.3 VECTOR GROUP LTD VGR US 1,101.0 (773.4) 356.4 VERISIGN INC VRSN US 1,695.9 (1,633.4) (166.6) WAVE LIFE SCIENC WVE US 199.9 (32.6) 58.6 WAYFAIR INC- A W US 3,360.0 (2,708.0) (212.0) WINGSTOP INC WING US 351.7 (475.4) 65.5 WINMARK CORP WINA US 55.5 (34.6) 32.2 WORKIVA INC WK US 1,149.1 (113.7) 509.1 WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3) WW INTERNATIONAL WW US 1,032.3 (675.2) 24.8 WYNN RESORTS LTD WYNN US 13,336.3 (1,709.0) 2,517.1 XBP EUROPE HOLDI XBP US 7.9 (25.4) (11.6) YELLOW CORP YELLQ US 2,147.6 (447.8) (1,098.0) YUM! BRANDS INC YUM US 6,071.0 (8,190.0) 201.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2024. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***