/raid1/www/Hosts/bankrupt/TCR_Public/240307.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, March 7, 2024, Vol. 28, No. 66
Headlines
5220 TROOST: Case Summary & Seven Unsecured Creditors
ABRITE ELECTRIC: Seeks to Tap Sagre Law Firm as Bankruptcy Counsel
ALIMJON INC: Robert Handler Named Subchapter V Trustee
APPLOVIN CORP: S&P Rates Senior Secured $1.5BB Term Loan B 'BB+'
ARENA GROUP: Manoj Bhargava, Simplify Inventions Hold 54.5% Stake
ART & DENTISTRY: Hires MidAtlantic Dental as Business Broker
ASHFORD HOSPITALITY: Sells Salt Lake City Residence Inn for $19.2MM
AZEK GROUP: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable
B.I.C. DESIGN: Seeks to Hire Jewell CPA Inc as Accountant
B.I.C. DESIGN: Seeks to Tap Evans & Mullinix as Bankruptcy Counsel
BAUDAX BIO: Seeks to Hire Smith Kane Holman as Bankruptcy Counsel
BEASLEY BROADCAST: Reports $75.1 Million Net Loss in FY 2023
BENGAL FIVE: Brenda Brooks Named Subchapter V Trustee
BLUESTONE NATURAL: Seeks to Hire Sheehan and Ramsey as Counsel
CAN B CORP: Loses Bid to Halt Proposed Auction by Arena Special
CANO HEALTH: Holds 33.5% of MSP's Class A Shares as of Feb. 14
CARTER BURKS: L. Todd Budgen Named Subchapter V Trustee
CBDMD INC: Registers Up to 5.14 Million Common Shares
CD&R HYDRA: S&P Places 'B-' ICR on CreditWatch Positive
CENTER FOR SPECIAL NEEDS: U.S. Trustee Appoints Creditors' Panel
COMMUNITY LEADERSHIP: S&P Affirms 'BB+' LT Rating on Revenue Bonds
CONFECTION CONNECTION: Charity Bird Named Subchapter V Trustee
CONNECT FINCO: S&P Affirms 'B+' Rating on Sec. Credit Facilities
CONTOUR PROPCO: No Resident Complaints, 3rd PCO Report Says
CRYPTO CO: Borrows $53K From AJB Capital
CSI COMPRESSCO: Incurs $9.5 Million Net Loss in 2023
CURO GROUP: Enters Forbearance Agreements With Lenders
CURO GROUP: S&P Downgrades ICR to 'SD' on Missed Interest Payments
D & R JONES: Case Summary & 20 Largest Unsecured Creditors
DIAMOND SPORTS: Unsecureds to Get Share of GUC Allocation
DIGIPATH INC: Todd Denkin Quits as President
DUSOBOX CORP: Committee Taps Burr & Forman as Legal Counsel
EAGLE BEAR: Seeks to Hire Crowley Fleck as Special Legal Counsel
ELITE ENDEAVORS: Case Summary & 20 Largest Unsecured Creditors
ENVIVA INC: Fitch Lowers IDR to 'RD' on Missed Interest Payment
ESTATES OF COLUMBIA: Voluntary Chapter 11 Case Summary
ESTATES OF DUBUQUE: Voluntary Chapter 11 Case Summary
ESTATES OF LIBERTY: Voluntary Chapter 11 Case Summary
ESTATES OF WAUKEE: Voluntary Chapter 11 Case Summary
EWING LAND: Voluntary Chapter 11 Case Summary
FINANCE OF AMERICA: Receives NYSE Non-Compliance Notice
FIRST DEFENSE: Trustee Seeks to Hire Stichter as Special Counsel
FIRST PHILADELPHIA: S&P Rates 2024 School Revenue Bonds 'BB+'
FIRST QUALITY: Unsecureds to Recover 25% in Subchapter V Plan
FLOREZ GROUP: Seeks to Hire Frank B. Lyon as Bankruptcy Counsel
FUTURE PRESENT: Seeks to Hire Lakelet Advisory Group as Appraiser
GLOBETROTTER INTERMEDIATE: S&P Affirms 'B-' ICR, Outlook Stable
GOL LINHAS: Court OKs $1-Bil. DIP Loan from TMF Group
GOTO GROUP: Fitch Lowers Long IDR to 'C' on DDE Agreement
H&H ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
HARVEST INVESTMENTS: Voluntary Chapter 11 Case Summary
HERITAGE SENIOR: Voluntary Chapter 11 Case Summary
HEYWOOD HEALTHCARE: PCO Reports No Staffing Changes
HUGOTON OPERATING: Trustee Taps CR3 Partners as Financial Advisor
HUGOTON OPERATING: Trustee Taps Hood & Bolen as Local Counsel
HUGOTON OPERATING: Trustee Taps Kelly Hart & Hallman as Attorney
IAMGOLD CORP: Welcomes Murray Suey to Board of Directors
INFINERA CORP: Delays Filing of 2023 Annual Report
INFINERA CORP: Incurs $9.4 Million Net Loss in Third Quarter
JAZI KAT 4659: Voluntary Chapter 11 Case Summary
JAZI KAT: Voluntary Chapter 11 Case Summary
JCB TRUCKING: Continued Operations to Fund Plan
KAMC HOLDINGS: S&P Upgrades ICR to 'B-' on Better Liquidity
KING ALPHA: Seeks to Hire Sagre Law Firm as Bankruptcy Counsel
L&E OUTFITTERS: Voluntary Chapter 11 Case Summary
LIGCEDB LLC: Property Sale Proceeds to Fund Plan Payments
LION STAR: PCO Susan Goodman Submits First Report
MAD PRODUCT: Jerrett McConnell Named Subchapter V Trustee
MCMULLEN CONSTRUCTION: Case Summary & Nine Unsecured Creditors
MINIM INC: Shareholders OK Filing of Certificate of Designation
MOLINA HEALTHCARE: S&P Raises LT ICR to 'BB' on Improved Leverage
MUZIK INC: Files Amendment to Disclosure Statement
MYOMO INC: CMS Posts Final DMEPOS Fee Schedule Rate for MyoPro
NASHVILLE SENIOR: No Resident Complaints, PCO Report Says
NATURALSHRIMP INC: Inks Consulting Deal With Redhawk Investment
NCL CORP: S&P Upgrades ICR to 'B+' on Expected Deleveraging
NEKTAR THERAPEUTICS: Inks $30M Stock Purchase Deal With TCG
NEW CENTURY: Voluntary Chapter 11 Case Summary
NOBLE HOUSE: Plan Exclusivity Period Extended to April 8
NORTH CAROLINA THEATRE: Hires Hendren Redwine & Malone as Counsel
OMNI EXCAVATORS: Seeks to Hire McNamee Hosea as Bankruptcy Counsel
ONTARIO GAMING: Fitch Alters Outlook on 'B+' LongTerm IDR to Neg.
OVERLAND GARAGE: Seeks to Tap Roger A. Kraft as Bankruptcy Counsel
PAP OIL GROUP: Aleida Martinez Molina Named Subchapter V Trustee
PARTNERSHIP 3: Taps Fox Law Corporation as Legal Counsel
PHILMAR STUDIOS: Case Summary & 20 Largest Unsecured Creditors
PIONEER HEALTH: David Klauder Named Subchapter V Trustee
PREMIER GLASS: Natasha Songonuga Named Subchapter V Trustee
PRESTO AUTOMATION: All Four Proposals Approved at Special Meeting
PRESTO AUTOMATION: Receives New Noncompliance Notice From Nasdaq
QURATE RETAIL: Regains Compliance With Nasdaq's Bid Price Rule
RAYONIER ADVANCED: Widens Net Loss to $101.8 Million in 2023
RENO CITY CENTER: Taps Fletcher & Lee as Bankruptcy Counsel
RIGHT ON BRANDS: Creates Subsidiary Named California Best Product
RYDERS PUBLIC: Joli Lofstedt Named Subchapter V Trustee
SANUWAVE HEALTH: Inks First Amendment to SEPA Merger Agreement
SENIOR CHOICE: Hires Nye Stirling Hale as Conflicts Counsel
SENIOR CHOICE: Seek to Hire FTI Consulting as Financial Advisor
SENIOR CHOICE: Seeks to Hire Duane Morris as Bankruptcy Counsel
SENIOR CHOICE: Seeks to Hire Senior Choice as Real Estate Broker
SENIOR CHOICE: Taps Evans Senior Investments as Real Estate Broker
SHAMROCK INDUSTRIES: Craig Geno Named Subchapter V Trustee
SHIELDS NURSING: No Patient Care Concern, 2nd PCO Report Says
SONNY ROOSEVELT: Seeks to Hire Bravo Law APC as Bankruptcy Counsel
TECHPRECISION CORP: Raises Going Concern Doubt
TELESCOPE PROPERTIES: Voluntary Chapter 11 Case Summary
TROIKA MEDIA: Unsecureds Will Get 6.7% to 10% in Liquidating Plan
TTW TRANSPORT: Case Summary & 16 Unsecured Creditors
UBER TECHNOLOGIES: S&P Upgrades ICR to 'BB+', Outlook Positive
VENUS CONCEPT: Mitchell P. Kopin, 2 Others Report 4.99% Stake
VISTA COLLEGE: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
WORLD AIRCRAFT: Seeks to Hire Sheehan & Ramsey as Counsel
WYNN RESORTS: T. Rowe Price Associates Reports 0.9% Equity Stake
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
5220 TROOST: Case Summary & Seven Unsecured Creditors
-----------------------------------------------------
Debtor: 5220 Troost LLC
7505 NW Tiffany Springs Parkway
Suite 100
Kansas City, MO 64153
Business Description: The Debtor owns a residential rental
building (111 beds) for college students
or VA individuals having an appraised value
of $9.96 million.
Chapter 11 Petition Date: March 6, 2024
Court: United States Bankruptcy Court
Western District of Missouri
Case No.: 24-50075
Judge: Hon. Cynthia A. Norton
Debtor's Counsel: Erlene W. Krigel, Esq.
KRIGEL & KRIGEL, PC
4520 Main Street, Suite 700
Kansas City, MO 64111
Tel: 816-756-5800
Fax: 816-756-1999
Total Assets: $12,189,906
Total Liabilities: $8,456,350
The petition was signed by Steven Foutch as Managing Member of 5220
Troost Manager LLC, Member of Debtor.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/2BLM6GA/5220_Troost_LLC__mowbke-24-50075__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's Seven Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Abernathy 2, LLC Loans $15,402
7505 NW Tiffany
Springs Parkway
Suite 100
Kansas City, MO
64153
2. CBIZ MHM LLC Accounting $2,245
700 West 47 Street Services
Suite 1100
Kansas City, MO
64112
3. Energize Services $270
Electronics, Inc.
5100 US 40 Highway
Blue Springs, MO
64015
4. Extreme Restoration Real Estate $721,505
& Remediation, LLC Renovation
217 N. Troost Street
Olathe, KS 66061
5. Foutch Brothers LLC Loans $23,702
7505 NW Tiffany
Springs Parkway
Suite 100
Kansas City, MO
64153
6. Keller Fire & Safety Inc. Services $360
1138 Kansas Avenue
Kansas City, KS
66105
7. Spectrum Business Cable Service $1,878
PO Box 790086
Saint Louis, MO
63179
ABRITE ELECTRIC: Seeks to Tap Sagre Law Firm as Bankruptcy Counsel
------------------------------------------------------------------
Abrite Electric Corp. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Florida to hire Sagre Law Firm, P.A.
as its legal counsel.
The firm will provide these services:
a. give advice to the Debtor with respect to its powers and
duties 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 legal documents;
d. protect the interest of the Debtor in negotiation with its
creditors in the preparation of a Chapter 11 plan; and
e. assist the Debtor in the preparation of a plan.
The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for out-of-pocket expenses
incurred.
Ariel Sagre, Esq., a partner at Sagre Law Firm, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
Sagre Law Firm can be reached through:
Ariel Sagre, Esq.
SAGRE LAW FIRM, P.A.
5201 Blue Lagoon Drive, Suite 892
Miami, FL 33126
Tel: (305) 266-5999
Fax: (305) 265-6223
Email: law@sagrelawfirm.com
About Abrite Electric Corp.
Abrite Electric Corp. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
24-11723) on February 23, 2024, listing $100,001 to $500,000 in
assets and $500,001 to $1 million in liabilities.
Ariel Sagre, Esq. at Sagre Law Firm, P.A. represents the Debtor as
counsel.
ALIMJON INC: Robert Handler Named Subchapter V Trustee
------------------------------------------------------
The U.S. Trustee for Region 11 appointed Robert Handler of
Commercial Recovery Associates, LLC as Subchapter V trustee for
Alimjon, Inc.
Mr. Handler will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Handler declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Robert P. Handler
Commercial Recovery Associates, LLC
205 West Wacker Drive, Suite 918
Chicago, IL 60606
Tel: (312) 845-5001 x221
Email: rhandler@com-rec.com
About Alimjon Inc.
Alimjon, Inc. operates in the general freight trucking industry.
The company is based in Libertyville, Ill.
Alimjon filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-02200) on February
16, 2024, with $1,023,000 in assets and $2,031,763 in liabilities.
Yarkulov Shukhrat, president, signed the petition.
Judge Deborah L. Thorne oversees the case.
Steven A. Leahy, Esq., at the Law Office of Steven A. Leahy, PC
represents the Debtor as bankruptcy counsel.
APPLOVIN CORP: S&P Rates Senior Secured $1.5BB Term Loan B 'BB+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level and '3' recovery
ratings on AppLovin Corp.'s repriced senior secured $1.5 billion
term loan B due in 2028 and $2.1 billion term loan B due 2030
(including a $600 million add-on to the facility). This follows the
company's announcement of a $600 million add-on to its term loan B
due 2030. The '3' recovery rating indicates its expectation of
meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in
the event of a payment default. AppLovin plans to use the proceeds
to repay the outstanding balance on its revolving credit facility.
The company used the remaining $419 million capacity on its
revolver along with $151 million of cash on hand to fund the
repurchase of $570 million of shares from global investment firm
KKR, as the company announced at the end of February.
S&P said, "Our 'BB+' issuer credit rating and stable outlook on
AppLovin are unchanged. The company ended 2023 with S&P Global
Ratings-adjusted leverage of 1.9x; pro forma for the share
repurchase and add-on transaction, we estimate leverage will be
2.2x, comfortably below our 3x threshold for the rating. In
addition, we believe the company could use expected free operating
cash flow generation in 2024 to repay debt."
ISSUE RATINGS – RECOVERY ANALYSIS
Key analytical factors
AppLovin's capital structure comprises a $610 million senior
secured revolver maturing in 2028, a $1.5 billion senior secured
term loan maturing in 2028, and a $2.1 billion senior secured term
loan maturing in 2030. The revolver and term loans rank pari
passu.
The company's senior secured debt is secured by substantially all
of its assets and those of its domestic subsidiary guarantors.
Simulated default assumptions
-- S&P's simulated default assumes increased competition from
larger players and decreased profitability from the content
development business, leading to a default in 2029
-- Other default assumptions include an 85% draw on the revolving
credit facility, and all debt includes six months of prepetition
interest.
Simplified waterfall
-- EBITDA at emergence: $395 million
-- EBITDA multiple: 6.5x
-- Gross recovery value: $2.55 billion
-- Net enterprise value (after 5% administrative costs): $2.45
billion
-- Estimated senior secured debt claims: $4.0 billion
--Recovery expectations: 50%-70% (rounded estimate: 60%)
ARENA GROUP: Manoj Bhargava, Simplify Inventions Hold 54.5% Stake
-----------------------------------------------------------------
Manoj Bhargava and Simplify Inventions, LLC disclosed in a Schedule
13D/A Report filed with the U.S. Securities and Exchange Commission
that as of February 14, 2024, they beneficially owned 16,067,791
shares of The Arena Group Holdings, Inc.'s common stock,
representing 54.5% of the 29,478,304 shares of common stock
outstanding.
A full-text copy of the Report is available at
https://tinyurl.com/cchfshxj
About The Arena Group Holdings
The Arena Group Holdings, Inc. (NYSE American: AREN) together with
its subsidiaries, operates digital media platform the United States
and internationally. The company offers the Platform, a
proprietary online publishing platform comprising publishing tools,
video platforms, social distribution channels, newsletter
technology, machine learning content recommendations,
notifications, and other technology. The company was formerly
known as TheMaven, Inc. and changed its name to The Arena Group
Holdings in February 2022. The Arena Group was incorporated in
1990 and is based in New York.
ART & DENTISTRY: Hires MidAtlantic Dental as Business Broker
------------------------------------------------------------
Art & Dentistry, LLC, seeks approval from the U.S. Bankruptcy Court
for the District of Maryland to hire MidAtlantic Dental
Transitions, Inc. as its business broker.
The firm will assist the Debtor in the sale of its dental practice.
The agent proposes to represent the Debtor in exchange for a
commission of 5 percent of any sales price, or $20,000, whichever
is less.
MidAtlantic is a "disinterested person" as that term is defined in
Section 101(14), according to court filings.
The firm can be reached through:
Curt Cooney
MidAtlantic Dental Transitions, Inc.
6 Singletree Court
Parkton, MD 21220
Tel: (443) 326-4907
About Art & Dentistry
Art & Dentistry, LLC, is a local dental practice in Bethesda, Md.
The Debtor filed a Chapter 11 petition (Bankr. D. Md. Case No.
23-16790) on Sept. 22, 2023, with $100,000 to $500,000 in assets
and $1 million to $10 million in liabilities.
Judge Lori S. Simpson oversees the case.
David E. Lynn, Esq., at David E. Lynn, P.C., is the Debtor's legal
counsel.
ASHFORD HOSPITALITY: Sells Salt Lake City Residence Inn for $19.2MM
-------------------------------------------------------------------
Ashford Hospitality Trust, Inc. announced that it has signed a
definitive agreement to sell the 144-room Residence Inn located in
Salt Lake City, Utah (the "Hotel") for $19.2 million.
The sale is expected to be completed in early March and is subject
to normal closing conditions.
The Company provides no assurances that the sale will be completed
on these terms or at all. When adjusted for the Company's
anticipated capital expenditures, the sale price represents a 4.6%
capitalization rate on 2023 net operating income, or 18.2x 2023
Hotel EBITDA. Excluding the anticipated capital spend, the sale
price represents a 6.0% capitalization rate on 2023 net operating
income, or 14.0x 2023 Hotel EBITDA. All of the proceeds from the
sale are expected to be used to pay down debt.
"We are pleased to announce the signed agreement to sell the
Residence Inn Salt Lake City at a very attractive cap rate,"
commented Rob Hays, Ashford Trust's President and Chief Executive
Officer. "We continue to have several assets in the market at
various stages of the sales process and look forward to providing
more updates in the coming weeks."
A full-text copy of the Company's report filed on Form 8-K with the
Securities and Exchange Commission is available at
https://tinyurl.com/4tv4jenw
About Ashford Hospitality
Headquartered in Dallas, Texas, Ashford Hospitality Trust, Inc.
operates as a self-advised real estate investment trust focusing on
the lodging industry. As of September 30, 2023, the Trust had $3.7
billion in total assets against $3.9 billion in total liabilities.
Egan-Jones Ratings Company, on May 5, 2023, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ashford Hospitality Trust, Inc.
AZEK GROUP: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on The Azek Group LLC,
including its 'BB-' issuer credit rating.
S&P's stable outlook reflects our view that the company will
sustain current credit measures in a potentially softer market in
2024 based on its increased capacity, input cost savings, and
supportive financial policies.
The Azek Group LLC is a U.S. manufacturer of outdoor living and
building products with nearly $1.4 billion of annual revenue and
strong profitability.
S&P said, "We expect the company to maintain leverage at the low
end of 2x-3x EBITDA even if Azek's pricing power diminishes in a
softer macroeconomic environment.
"We expect Azek to sustain its above-average EBITDA margins despite
the potential for modest softening in residential demand.Our
economists forecast some softening in both GDP growth and housing
starts over the next year or two. They also expect inflation to
cool but remain above 2% in this timeframe. In this environment, we
expect Azek's sales growth and margin expansion to slow as
consumers grow more cautious. However, Azek demonstrated the
ability to pass through cost increases in the past and we expect
initiatives including an increased use of recycled materials to
reduce input cost volatility going forward. As such, we forecast
S&P Global Ratings-adjusted EBITDA margins to be in the 20%-23%
range over the next two years. This is above average relative to
rated peers in the building materials industry.
"Our view of Azek's business risk profile balances its strong
profitability against its relative smaller scale and its exposure
to cyclical residential construction and remodeling end markets.
Azek manufactures low maintenance decking, trim and other outdoor
products. We view these offerings to be high-quality alternatives
to traditional building materials such as lumber. Demand for the
products has been good over the past four fiscal years. This period
was generally favorable for residential construction and remodeling
spending with some softening in 2023. We expect the company could
experience volatility in the future given its somewhat smaller
scale (roughly $1.4 billion of revenue in fiscal 2023) relative to
similarly rated peers and its narrower scope (following the
divestiture of its Vycom commercial products business). That said,
we are not forecasting volatility for fiscal years 2024 or 2025.
"We expect Azek will sustain S&P Global Ratings-adjusted leverage
of between 2x and 3x EBITDA with strong free cash generation. We
estimate the company's S&P Global Ratings-adjusted leverage will be
in the lower end of the 2x-3x range in the forecast period (fiscal
years 2024 and 2025), This assumes demand holds relatively steady
amid potentially softer but still supportive macroeconomic
conditions. Our view is supported by the company's more efficient
working capital utilization and its shift away from commodity
inputs towards more recycled content. Further, while Azek may
pursue bolt-on acquisitions, we expect these investments to be
funded prudently such that leverage stays below 3x EBITDA.
"The stable outlook on Azek indicates our expectation for S&P
Global Ratings-adjusted leverage in the 2x-3x range and operating
cash flow (OCF) to debt in the 25%-35% range over the next 12
months. We expect the company will sustain these credit measures
despite the softening macroeconomic conditions."
S&P could lower its ratings on Azek over the next 12 months if S&P
adjusted debt leverage approaches 4x or its OCF to debt falls below
15% with limited prosect for a quick recovery. This could occur
if:
-- Its S&P Global Ratings-adjusted EBITDA declines by more than
30% due to a severe recession that drastically reduces the demand
for the company's products or if higher-than-expected inflation
weakens its margins below 18% on a sustained basis; or
-- The company employs an aggressive financial policy, including
large debt-financed acquisitions or shareholder-friendly actions
such as dividends or share repurchases.
S&P could raise its ratings on Azek if it materially expands its
business diversity while maintaining S&P Global Ratings-adjusted
leverage below 2x and S&P believes this level of leverage is
sustainable under most business conditions.
B.I.C. DESIGN: Seeks to Hire Jewell CPA Inc as Accountant
---------------------------------------------------------
B.I.C. Design Company seeks approval from the U.S. Bankruptcy Court
for the District of Missouri to hire Jewell CPA, Inc. as its
accountant.
The firm will prepare the Debtor's federal and state corporate
income tax returns, for preparation and compilation of financial
statements for use in the filing of bankruptcy and for the filing
of the Monthly Operating Report, and for accounting, bookkeeping,
and consulting services as requested.
The firm will be paid at these rates:
Jennifer A. Jewell $195 per hour
Members $120 per hour
Jewell CPA and its members are disinterested parties as defined in
11 U.S.C. Sec. 101(14), representing no interest adverse to the
Debtor or its estate on the matters upon which they are to be
engaged.
The firm can be reached through:
Jennifer A. Jewell
Jewell CPA, Inc.
9300 W. 110th Street, Suite 225
Overland Park, KS 66210
Tel: (913) 339-6410
About B.I.C. Design Company
B.I.C. Design Company sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-40229-can11 ) on
February 23, 2024. In the petition signed by John Hansen,
president, the Debtor disclosed up to $500,000 in assets and up to
$10 million in liabilities.
Colin Gotham, Esq., at Evans & Mullinix, P.A., represents the
Debtor as legal counsel.
B.I.C. DESIGN: Seeks to Tap Evans & Mullinix as Bankruptcy Counsel
------------------------------------------------------------------
B.I.C. Design Company seeks approval from the U.S. Bankruptcy Court
for the District of Missouri to hire Evans & Mullinix, P.A. to
handle its Chapter 11 case.
The hourly rates of the firm's counsel and staff are as follows:
Colin N. Gotham $350
Paralegals $125
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer totaling $23,262 from the Debtor.
Colin Gotham, Esq., an attorney at Evans & Mullinix, 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:
Colin N. Gotham, Esq.
EVANS & MULLINIX, PA
7225 Renner Road, Suite 200
Shawnee, KS 66217
Telephone: (913) 962-8700
Facsimile: (913) 962-8701
Email: cgotham@emlawkc.com
About B.I.C. Design Company
B.I.C. Design Company sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-40229-can11 ) on
February 23, 2024. In the petition signed by John Hansen,
president, the Debtor disclosed up to $500,000 in assets and up to
$10 million in liabilities.
Colin Gotham, Esq., at Evans & Mullinix, P.A., represents the
Debtor as legal counsel.
BAUDAX BIO: Seeks to Hire Smith Kane Holman as Bankruptcy Counsel
-----------------------------------------------------------------
Baudax Bio, Inc. seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Pennsylvania to employ Smith Kane Holman,
LLC as its counsel.
The firm will render these services:
(a) advise the Debtor with respect to its rights and
obligations pursuant to the code;
(b) assist the Debtor in the preparation of the schedules and
statement of financial affairs and any amendments thereto;
(c) represent the Debtor at its first meeting of creditors and
any and all Rule 2004 examinations;
(d) prepare any and all necessary legal documents;
(e) assist the Debtor in the formulation and seek confirmation
of a Chapter 11 plan and disclosure materials; and
(f) perform all other legal services for the Debtor that may
be necessary or desirable in connection with this case.
The hourly rates of the firm's counsel and staff are as follows:
Partners $475 to $500
Associates $300 to $375
Paralegals $75 to $100
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $100,000.
David Smith, Esq., an attorney at Smith Kane Holman, disclosed in a
court filing that the firm is a "disinterested person" as that term
is defined in section 101(14) of the Bankruptcy Code.
The firm can be reached through:
David B. Smith, Esq.
SMITH KANE HOLMAN, LLC
112 Moores Road, Suite 300
Malvern, PA 19355
Telephone: (610) 407-7215
Facsimile: (610) 407-7218
Email: dsmith@skhlaw.com
About Baudax Bio, Inc.
Baudax Bio, Inc. is a biotechnology company focused on developing T
cell receptor therapies utilizing human regulatory T cells, as well
as a portfolio of clinical stage neuromuscular blocking agents and
an associated reversal agent.
Baudax Bio, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No.
24-10583) on February 22, 2024, listing up to $50,000 in assets and
$10 million to $50 million in liabilities. The petition was signed
by Gerri Henwood as chief executive
officer.
Judge Magdeline D Coleman presides over the case.
David B. Smith, Esq. at SMITH KANE HOLMAN, LLC represents the
Debtor as counsel.
BEASLEY BROADCAST: Reports $75.1 Million Net Loss in FY 2023
------------------------------------------------------------
Beasley Broadcast Group, Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $75.1 million on $247.11 million of net revenue for the
year ended December 31, 2023, compared to a net loss of $42.1
million on $256.38 million of net revenue for the year ended
December 31, 2022
As of December 31, 2023, the Company had $574.27 million in total
assets, $425.29 million in total liabilities, and $148.98 million
in total stockholders' equity.
A full-text copy of the Company's Form 10-K is available at
https://tinyurl.com/eh7fw4rm
About Beasley
Naples, Florida-based Beasley Broadcast Group, Inc. was founded in
1961 and owns 61 AM and FM stations in 14 large- and mid-size
markets in the United States. Beasley reaches approximately 29
million unique consumers weekly over the air, online, and on
smartphones and tablets, and millions regularly engage with the
Company's brands and personalities through digital platforms such
as Facebook, Twitter, text, apps, and email.
As of September 30, 2023, the Company had $594,381,000 in total
assets and $451,932,000 in total liabilities, including
$283,612,000 in long-term debt.
In November 2022, S&P Global Ratings lowered its issuer credit
rating on Beasley Broadcast Group Inc. and Beasley Mezzanine
Holdings LLC to 'CCC+' from 'B-'. At the same time, S&P lowered
its rating on Beasley Mezzanine Holdings LLC's $290 million
(outstanding) senior secured notes to 'CCC+' from 'B-'.
S&P said, "The negative outlook reflects our expectations for a
shallow recession in the first half of 2023 that leads to a 15%
decline in Beasley's 2023 broadcast advertising revenue, resulting
in negative free operating cash flow and leverage of about 11.5x in
2023; the outlook also reflects the potential for a more severe
recession than in our current base case.
"We expect a shallow recession in the first half of 2023, leading
to a 15% decline in broadcast industry revenue. Broadcast radio
advertising revenue is highly correlated to GDP growth because
expectations for consumer spending drive advertising budgets. Radio
advertising also has very short lead times and is one of the first
advertising mediums to decline when the economy slows. Multiple
radio broadcasters have publicly indicated that national
advertising is advertisers are likely concerned about the economic
outlook, which could be the beginning of a broader pullback in
radio advertising.
The firm also noted that Beasley's senior secured notes are trading
at distressed levels, increasing the likelihood of a subpar debt
exchange.
BENGAL FIVE: Brenda Brooks Named Subchapter V Trustee
-----------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Brenda Brooks at
Moore & Brooks as Subchapter V trustee for Bengal Five, LLC.
Ms. Brooks will be paid an hourly fee of $300 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Brooks declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Brenda Brooks
Moore & Brooks
6223 Highland Place Way, Suite 102
Knoxville, TN 37919
Phone: (865) 450-5455 | Fax: (865) 622-8865
Email: bbrooks@moore-brooks.com
About Bengal Five
Bengal Five LLC, doing business as Super 8 Hotel, filed Chapter 11
petition (Bankr. E.D. Tenn. Case No. 23-12861) on December 6, 2023,
with as much as $50,000 in both assets and liabilities. AKM Shamsul
Munir, managing member, signed the petition.
Judge Nicholas W. Whittenburg oversees the case.
David J. Fulton, Esq., at Scarborough & Fulton, represents the
Debtor as legal counsel.
BLUESTONE NATURAL: Seeks to Hire Sheehan and Ramsey as Counsel
--------------------------------------------------------------
Bluestone Natural Resources II - South Texas, LLC seeks approval
from the U.S. Bankruptcy Court for the Southern District of
Mississippi to employ Sheehan and Ramsey, PLLC, as its counsel.
The firm will render these services:
a. consult with the Subchapter V Trustee and any appointed
committee concerning the administration of the case;
b. investigate the acts, conduct, assets, liabilities, and
financial condition of the Debtor, the operation of the Debtor's
business and the desirability of the continuance of such business,
and any other matter relevant to the case or to the formulation of
the plan;
c. formulate a plan;
d. prepare any pleadings, motions, answers, notices, orders
and reports that are required for the proper function of the Debtor
and the bankruptcy estate;
e. attend all hearings and trials concerning the Debtor and
the bankruptcy estate; and
f. initiate adversary proceedings as deemed necessary for
successful -reorganization and to protect and recover assets of the
estate.
Sheehan will be paid at these rates:
Patrick A. Sheehan $500
Partners $375
Associate Attorneys $300
Paralegals $150
The firm has no connection of any kind or nature with the Debtor,
creditors or any other "party in interest," according to court
filings.
Sheehan can be reached through:
Patrick A. Sheehan, Esq.
SHEEHAN AND RAMSEY, PLLC
429 Porter Avenue
Ocean Springs, MS 39564-3715
Tel: (228) 875-0572
Fax: (228) 875-0895
Email: pat@sheehanlawfirm.com
About Bluestone Natural Resources II -
South Texas, LLC
Bluestone Natural Resources II - South Texas, LLC filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Miss. Case No. 24-50223) on February 22, 2024,
listing $10 million to $50 million in assets and $1 million to $10
million in liabilities. The petition was signed by Thomas Swarek as
president.
Judge Katharine M. Samson oversees the case.
Patrick Sheehan, Esq. at SHEEHAN AND RAMSEY, PLLC represents the
Debtor as counsel.
CAN B CORP: Loses Bid to Halt Proposed Auction by Arena Special
---------------------------------------------------------------
Can B Corp. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on Feb. 27, 2024 the Supreme Court, County
of New York, denied the motion made by the Company seeking a
temporary restraining order and preliminary injunction to halt the
proposed sale by Arena Special Opportunities Partners I, LP, Arena
Special Opportunities Fund, LP and Arena Investors, LP under
Article 9 of the Uniform Commercial Code of certain assets of the
Company and its subsidiaries.
As a result of the decision, Arena is proceeding with its proposed
auction of the Company's hemp division assets, which was scheduled
for Feb. 29, 2024 but which has been postponed until March 14,
2024.
The Company is continuing its efforts with Arena to reach a
potential settlement of its obligations.
About Can B Corp
Headquartered in Hicksville New York, Can B Corp (f/k/a Canbiola,
Inc.) -- http://www.canbiola.com-- is in the business of promoting
health and wellness through its development, manufacture and sale
of products containing cannabinoids derived from hemp biomass and
the licensing of durable medical devices. Can B's products include
oils, creams, moisturizers, isolate, gel caps, spa products, and
concentrates and lifestyle products. The Company develops its own
line of proprietary products as well seeks synergistic value
through acquisitions in the hemp industry. It aims to be the
premier provider of the highest quality hemp derived products on
the market through sourcing the best raw material and offering a
variety of products it believes will improve people's lives in a
variety of areas.
Can B reported a net loss of $14.92 million for the year ended Dec.
31, 2022, compared to a net loss of $12.17 million for the year
ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had $13.07
million in total assets, $12.86 million in total liabilities, and
$219,602 in total stockholders' equity.
Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
April 17, 2023, citing that the Company's significant operating
losses raise substantial doubt about its ability to continue as a
going concern.
As of September 30, 2023, Can B had cash and cash equivalents of
$31,318 and negative working capital of $5,195,758. For the nine
months ended September 30, 2023 and 2022, the Company had incurred
losses of $7,931,427 and $12,024,759, respectively. These factors
raise substantial doubt as to the Company's ability to continue as
a going concern, according to the Company's Quarterly Report for
the three months ended Sept. 30, 2023.
CANO HEALTH: Holds 33.5% of MSP's Class A Shares as of Feb. 14
--------------------------------------------------------------
Cano Health, Inc. disclosed in a Schedule 13D/A Report filed with
the U.S. Securities and Exchange Commission that as of February 14,
2024, it beneficially owned 4,963,828 shares of MSP Recovery's
Class A Common Stock, representing 33.5% of the shares
outstanding.
The percentage of beneficial ownership of the Class A Shares
reported assumes 14,803,125 Class A Shares outstanding as of
February 2, 2024, based on information set forth in the Form S-1/A
filed by MSP Recovery on February 9, 2024.
As of February 16, 2024, the aggregate number and percentage of
Class A Shares beneficially owned by Cano Health, Inc. and, for
Cano Health, Inc., the number of shares as to which there is sole
power to vote or to direct the vote, shared power to vote or to
direct the vote, sole power to dispose or to direct the
disposition, or shared power to dispose or to direct the
disposition are set forth on rows 7 through 11 and row 13 of the
cover page of this Schedule 13D and are incorporated herein by
reference.
As of February 16, 2024, Cano Health, LLC, an indirect subsidiary
of the Reporting Person, directly owns the 4,963,828 Class A Shares
reported herein representing approximately 33.5% of the Class A
Shares outstanding.
The 4,963,828 Class A Shares beneficially owned by the Reporting
Person represent approximately 3.6% of MSP Recovery's total
outstanding voting shares. Cano Health, Inc.'s voting power
percentage assumes an aggregate of 138,870,623 shares of MSP's
voting stock outstanding, consisting of (x) 14,803,125 Class A
Shares outstanding as of February 2, 2024, based on information set
forth in the Form S-1/A, and (y) 124,067,498 shares of MSP
Recovery's Class V common stock, par value $0.0001 per share (the
"Class V Shares") outstanding as of February 2, 2024, based on
information set forth in the Form S-1/A. The Class A Shares and
Class V Shares each are entitled to one vote per share on matters
submitted to a vote of MSP Recovery's stockholders.
A full-text copy of the Report is available at
https://tinyurl.com/2hpw5xyw
About Cano Health
Miami-based Cano Health, Inc. and its affiliates are an independent
primary care physician group.
The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case
No. 24-10164) on Feb. 4, 2024. As of Sept. 30, 2023, the Debtors
had total assets of $1,211,931,000 and total debts of
$1,471,032,000.
Judge Karen B. Owens oversees the cases.
The Debtors tapped Richards, Layton & Finger, P.A. and Weil,
Gotshal & Manges, LLP as bankruptcy counsels; Quinn Emanuel
Urquhart & Sullivan, LLP as special counsel; Houlihan Lokey, Inc.
as investment banker; and AlixPartners, LLP as financial advisor.
Kurtzman Carson Consultants, LLC is the claims, notice and
solicitation agent.
CARTER BURKS: L. Todd Budgen Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a
practicing attorney in Longwood, Fla., as Subchapter V trustee for
Carter Burks, Inc.
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 Carter Burks
Carter Burks, Inc., doing business as Carter Water, offers water
solutions for Central Florida homes and businesses. It also offers
home energy savings solutions and clean air solutions.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00823) on February
21, 2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Virgil Burks, president, signed the
petition.
Judge Lori V. Vaughan oversees the case.
Frank M. Wolff, Esq., at Nardella & Nardella, PLLC represents the
Debtor as legal counsel.
CBDMD INC: Registers Up to 5.14 Million Common Shares
-----------------------------------------------------
cbdMD, Inc. has filed a Form S-1 registration statement with the
U.S. Securities and Exchange Commission relating to the sale of up
to 5,138,890 shares of its common stock, which may be offered and
sold from time to time by the selling shareholders.
Name of Selling Shareholders:
Cavalry Fund I LP
WVP Emerging Manager Onshore Fund, LLC
Bigger Capital Fund, LP
District 2 Capital Fund LP
CRC Investment Fund LP
The shares of common stock being offered by the Selling
Shareholders are outstanding or issuable pursuant to the
Convertible Notes issued to the Selling Shareholders by the Company
on January 30, 2024 (the "Purchase Agreement"). Such registration
does not mean that the Selling Shareholders will actually offer or
sell any of these shares. The Company will not receive any proceeds
from the sales of the shares of its common stock by the Selling
Shareholders being registered hereby.
The Company's common stock is listed on the NYSE American, under
the symbol "YCBD." On February 14, 2024, the last reported sale
price of the common stock on the NYSE American was $0.64 per
share.
The Selling Shareholders and any broker-dealers or agents that are
involved in selling the Securities 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 Securities purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. Each Selling
Shareholder has informed the Company that it does not have any
written or oral agreement or understanding, directly or indirectly,
with any person to distribute the Securities.
A full-text copy of the prospectus is available
https://tinyurl.com/yc5z5adh
About cbdMD, Inc.
Headquartered in Charlotte, NC, cbdMD, Inc. -- www.cbdmd.com --
owns and operates the nationally recognized CBD (cannabidiol)
brands cbdMD, Paw CBD and cbdMD Botanicals. Its mission is to
enhance its customer's overall quality of life while bringing CBD
education, awareness and accessibility of high quality and
effective products to all. The Company sources cannabinoids,
including CBD, which are extracted from non-GMO hemp grown on farms
in the United States.
Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated Dec. 22, 2023, citing that the Company has
historically incurred losses, including a net loss of approximately
[$23 million] in the current year, resulting in an accumulated
deficit of approximately $174 million as of Sept. 30, 2023. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.
CD&R HYDRA: S&P Places 'B-' ICR on CreditWatch Positive
-------------------------------------------------------
S&P Global Ratings revised the CreditWatch implications on all its
existing ratings on fluid-power and motion-control distributor CD&R
Hydra Buyer, Inc. (doing business as SunSource) to positive from
developing, including its 'B-' issuer credit rating.
S&P said, "At the same time, we assigned a preliminary 'B'
issue-level and '3' recovery rating to the company's proposed
$1,685 million first-lien term loan, indicating our expectation for
meaningful recovery (50%-70%; rounded estimate: 50%) in the event
of a default. We plan to discontinue our ratings on the company's
existing first- and second-lien term loans once they have been
fully repaid. We note that the proposed new capital structure
provides limited capacity for increased debt issuance under our
current recovery rating.
"The positive CreditWatch placement reflects our expectation that
we would raise our issuer credit rating on SunSource to 'B' once
the company has completed the refinancing of its existing capital
structure and as long as it continues to meet our expectations for
operating performance, including maintaining leverage below 7x."
The CreditWatch placement follows SunSource's announcement that it
will refinance its capital structure. The company has announced a
comprehensive refinancing of its capital structure, consisting of a
new $500 million ABL due 2029 and a new $1,685 million first-lien
term loan B due in 2031. S&P said, "Despite the increased debt
load, the proposed transaction alleviates refinancing risk and
preserves our expectation of steady cash flow and good credit
ratios against the backdrop of solid operating performance.
However, in our view, until the company has completed the
refinancing of its existing capital structure, we assess liquidity
as weak given the existing term loan remains current."
S&P said, "We anticipate SunSource's operating performance will
remain resilient amid a slowing demand environment. For the third
quarter ended Sept. 30, 2023, the company experienced a slight
revenue decline compared to its prior-year period primarily due to
weaker demand in micro-electronics and oil and gas (O&G) related
end markets. Despite strong last-12-month (LTM) revenue growth of
about 15%, we anticipate this emerging softness could carry over
into the first half of 2024, with a rebound in the second half of
the year as capital spending in industrial construction and O&G end
markets normalize. We also expect SunSource to benefit from
positive secular trends of structural investments in automation,
reshoring, and infrastructure." In addition, the company plans to
invest in strategic initiatives aimed at building out its existing
salesforce and to support greenfield facility expansion over the
coming years. While an increase in operating expenses will
temporarily pressure margins over the next 12-24 months, the
company is well-positioned to drive future profitability and remain
competitive in the markets it serves.
Despite the expected growth, the refinancing transaction will
double the company's debt and increase its leverage profile. The
proposed transaction will add approximately $830 million of debt to
SunSource's balance sheet, the vast majority of which will be used
to fund a dividend to its equity holders. S&P said, "While the
company has demonstrated significant traction over the past two
years in lowering its S&P Global Ratings-adjusted leverage to 2.9x
as of September 2023, we anticipate 2024 leverage will rise to mid-
to high-5x. Given our expectations for stable operating performance
and good cash generation, we anticipate the company can support a
sustainable capital structure." However, in the event of a
prolonged economic downturn or sharp decline in any of its major
end markets, cushion under its credit metrics could erode more
quickly given the added debt load.
S&P said, "We anticipate SunSource will generate positive free
operating cash flow (FOCF) over the next 12 months and remain
acquisitive. Strong earnings from operations led to S&P Global
Ratings-adjusted FOCF of about $184 million for the 12 months ended
Sept. 30, 2023. As OEM channel inventories normalize in 2024, we
expect the company's working capital needs to be more in line with
pre-pandemic levels, which, in addition to continued cash
generation from earnings, we expect will lead to FOCF in excess of
$100 million. We also anticipate the company will remain
acquisitive, using its excess cash and ABL availability to fund
strategic tuck-ins that complement its existing product offering
and drive greater top-line growth.
"We will resolve the CreditWatch placement following a review of
SunSource's post-close capital structure. We would raise the rating
on SunSource to 'B' once it has funded the refinancing of its
existing capital structure and continues to meet our expectations
for operating performance, including maintaining leverage below 7x.
Although we believe the company can facilitate a successful
refinancing, in the event it is not able to complete the
refinancing as proposed, we could reassess all ratings.
"Environmental factors are a negative consideration in our credit
rating analysis of SunSource, an industrial distributor of fluid
power and motion control products to end users in diversified
industrial markets, which include upstream and downstream oil and
gas, as well as mining. Although the past downturn in energy
markets reduced the company's overall exposure, we anticipate these
end markets will continue to represent a meaningful portion of
revenue. We believe a shift to cleaner energy could result in
demand lowering over the long term.
"Governance factors are a negative consideration, as is the case
for most rated entities owned by private-equity sponsors. We
believe the company's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns."
CENTER FOR SPECIAL NEEDS: U.S. Trustee Appoints Creditors' Panel
----------------------------------------------------------------
The U.S. Trustee for Region 21 appointed an official committee to
represent unsecured creditors in the Chapter 11 case of The Center
for Special Needs Trust Administration, Inc.
The committee members are:
1. Creditor 18-10862
c/o Mark D. Munson, Esq.
500 N. First Street, Suite 800
P.O. Box 8050
Wausau, WI 54402
mmunson@ruderware.com
2. Creditor 06-0652
c/o Carol Mulholland
2457 Guiana Plum Dr.
Orlando, FL 32828
cmulholland@compwise.services
3. Creditor 08-2105
c/o Amparo Perales
8085 SW 24th Street
Ocala, FL 34481
familiaperales8@gmail.com
4. Creditor 11-3295
c/o Todd and Kelli Chamberlin
7234 Stella Lane
Lake Worth, FL 33463
toddjchamberlin@gmail.co
5. Creditor 08-2098
c/o Rebekah Bowman
610 SE 20th St.
Cape Coral FL 33990
marbekahbowman@yahoo.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About The Center for Special Needs Trust Administration Inc.
The Center for Special Needs Trust Administration, Inc. filed
Chapter 11 petition (Bankr. M.D. Fla. Case No. 24-00676) on Feb. 9,
2024, with $100 million to $500 million in both assets and
liabilities.
Judge Roberta A. Colton oversees the case.
Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A.
is the Debtor's legal counsel.
COMMUNITY LEADERSHIP: S&P Affirms 'BB+' LT Rating on Revenue Bonds
------------------------------------------------------------------
S&P Global Ratings revised the outlook to negative from stable and
affirmed its 'BB+' long-term rating on the Colorado Educational &
Cultural Facilities Authority's series 2008 and series 2013 charter
school revenue bonds, issued for Community Leadership Academy
Building Corp. and Community Leadership Building Corp. II,
respectively, on behalf of Community Leadership Academy (CLA).
The negative outlook reflects S&P's opinion that the school's
lease-adjusted maximum annual debt service (MADS) coverage will
likely remain below 1x, based on the negative operating margins for
fiscal years 2023 and 2024.
"While we recognize that management intentionally reduced its
excess reserves, we note that the school's cash position has
materially declined from its historical level," said S&P Global
Ratings credit analyst Joyce Jung.
S&P could lower the rating if negative financial operations in
fiscal 2024 lead to another year of below 1x lease-adjusted MADS
coverage, or if cash is depleted materially to levels that we no
longer consider commensurate with the rating.
S&P could revise the outlook to stable if the school sustains
balanced operating margin, maintains its current cash position, and
improves its lease-adjusted MADS coverage.
CONFECTION CONNECTION: Charity Bird Named Subchapter V Trustee
--------------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Charity Bird of
Kaplan, Johnson, Abate, & Bird as Subchapter V trustee for
Confection Connection, LLC.
Ms. Bird will be paid an hourly fee of $300 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Bird declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Charity Bird
Kaplan, Johnson, Abate, & Bird
710 W. Main Street, 4th Floor
Louisville, KY 40202
Phone: (502) 540-8285
Email: cbird@kaplanjohnsonlaw.com
About Confection Connection
Confection Connection, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-30367) on
February 16, 2024, with up to $50,000 in assets and up to $500,000
in liabilities.
Michael W. McClain, Esq., at Goldberg Simpson, LLC represents the
Debtor as legal counsel.
CONNECT FINCO: S&P Affirms 'B+' Rating on Sec. Credit Facilities
----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue-level rating and '3'
recovery rating to proposed amended and extended secured credit
facilities to be issued by Connect Finco S.a.r.l. and Connect U.S.
Finco LLC. This includes a $1.4 billion term loan due 2029 and a
new downsized $550 million revolving credit facility due 2027. The
'3' recovery rating indicates S&P's expectation for meaningful
(50%-70%; rounded estimate: 65%) recovery in a simulated default
scenario.
S&P said, "Our recovery analysis is based on our estimate of
Inmarsat's enterprise value in a simulated default. This debt is
structurally and contractually senior to debt issued at Viasat Inc.
with respect to value from Inmarsat's assets. Conversely, there is
no downstream guarantee from Viasat Inc. that would benefit lenders
at the Inmarsat level with respect to asset value from Viasat.
Therefore, we perform separate recovery analysis for debt issued at
Viasat Inc and debt issued at Connect Finco S.a.r.l.
"Our 'B+' issuer credit rating on ultimate parent Viasat Inc. is
unaffected by this leverage-neutral transaction. We do not forecast
a material change to interest expense from this transaction because
we expect the spread to be similar to existing levels. Management
recently reiterated guidance for positive free operating cash flow
(FOCF) in the first half of calendar 2025. However, the negative
rating outlook reflects uncertainty in achieving sustainably
positive FOCF given execution risk associated with successfully
launching and placing into service Viasat-3 F2 and F3 satellites
and the increasingly competitive landscape.
"We view the proactive capital structure management favorably, as
this extends the maturity profile of the company's debt and reduces
the maturity wall in 2026 down to a manageable $2.4 billion. We
believe the company will have access to capital to refinance this
maturity given current yields of about 8%. The company's liquidity
position is supported by cash of about $1.6 billion (at Dec. 31,
2023); pro-forma revolver availability of about $1.1 billion; and
expected insurance proceeds of about $770 million in calendar 2024.
This is sufficient to cover our forecasted FOCF burn of about $400
million over the next year as well as the $700 million unsecured
note maturity at Viasat Inc in September 2025."
Recovery Analysis
S&P performs recovery analysis for each credit silo. There is no
residual value available to flow in either direction under ts
default scenarios.
Key analytical factors
-- S&P's simulated default scenario contemplates heightened
competitive pressures from terrestrial network providers, satellite
operators, and satellite service providers, which leads to
increased churn and pricing pressure. This, in conjunction with the
high operating costs associated with its near-term satellite
launches, erodes profitability. This would cause the company's cash
flow to decline to the point that it cannot cover its fixed charges
(i.e., interest expense, required amortization, and minimum
maintenance capital expenditures), eventually leading to a default
in 2027.
-- Other default assumptions include an 85% draw on the revolving
credit facility, the spread on the revolving credit facility rises
to 5% as covenant amendments are obtained, 5% administrative
expenses in bankruptcy, and all debt includes six months of
prepetition interest.
-- S&P has valued the company on a going-concern basis using a 6x
multiple of our projected emergence EBITDA to reflect the company's
satellite assets and customer relationships.
Simulated default assumptions
Inmarsat:
-- Default year: 2027
-- EBITDA at emergence: $500 million
-- EBITDA multiple: 6x
Simplified waterfall
Inmarsat:
-- Net enterprise value at default: $2.8 billion
-- Senior secured debt claims: about $4.25 billion
--Recovery expectation: 50%-70% (rounded estimate: 65%)
CONTOUR PROPCO: No Resident Complaints, 3rd PCO Report Says
-----------------------------------------------------------
Blanca Castro, the patient care ombudsman for Contour Propco 1735 S
Mission, LLC and Contour Opco 1735 S Mission, LLC, filed a third
report regarding the quality of patient care provided at Cogir of
Fallbrook.
The PCO observed that the residents at Cogir of Fallbrook have been
well cared for during the bankruptcy proceedings and the Long Term
Care Ombudsman has not received any complaints from the 22
residents who reside at this facility.
The PCO learned that all the residents who are currently at Cogir
of Fallbrook will be transferred to one of their sister facilities
in San Diego.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=nCSZQF from PacerMonitor.com.
About Contour Propco and Contour Opco
Contour Propco 1735 S Mission, LLC and Contour Opco 1735 S Mission,
LLC filed Chapter 11 petitions (Bankr. D. Nev. Lead Case No.
23-12081) on May 23, 2023, with $10 million to $50 million in both
assets and liabilities. Judge Mike K. Nakagawa oversees the cases.
Schwartz Law, PLLC represents the Debtors as bankruptcy counsel.
Blanca E. Castro is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.
CRYPTO CO: Borrows $53K From AJB Capital
----------------------------------------
The Crypto Company disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it borrowed funds pursuant
to the terms of a Securities Purchase Agreement entered into with
AJB Capital Investments, LLC, and issued a Promissory Note in the
principal amount of $53,000 to AJB in a private transaction for a
purchase price of $45,050, each entered into on Feb. 23, 2024.
In connection with the sale of the AJB Note, the Company also paid
certain fees and expenses of AJB. After payment of the fees and
expenses, the net proceeds to the Company were $40,050, which will
be used for working capital, to fund potential acquisitions or
other forms of strategic relationships, and other general corporate
purposes.
The maturity date of the AJB Note is Aug. 20, 2024. The AJB Note
bears no interest on the principal except for default interest, if
any. The Company may prepay the AJB Note at any time without
penalty. Under the terms of the AJB Note, the Company may not
issue additional debt that is not subordinate to AJB, must comply
with the Company's reporting requirements under the Securities
Exchange Act of 1934, and must maintain the listing of the
Company's common stock on the OTC Market or other exchange, among
other restrictions and requirements. The Company's failure to make
required payments under the AJB Note or to comply with any of these
covenants, among other matters, would constitute an event of
default. Upon an event of default under the AJB SPA or AJB Note,
the AJB Note will bear interest at the lesser of (i) 18% per annum
or (ii) the maximum amount permitted under the law, AJB may
immediately accelerate the AJB Note due date, AJB may convert the
amount outstanding under the AJB Note into shares of Company common
stock at a discount to the market price of the stock, and AJB will
be entitled to its costs of collection, among other penalties and
remedies.
The Company provided various representations, warranties, and
covenants to AJB in the AJB SPA. The Company's breach of any
representation or warranty, or failure to comply with the covenants
would constitute an event of default.
The Company also entered into a Security Agreement with AJB
pursuant to which the Company granted to AJB a security interest in
substantially all of the Company's assets to secure the Company's
obligations under the AJB SPA and AJB Note.
About Crypto Company
Malibu, Calif.-based The Crypto Company --
https://www.thecryptocompany.com -- is engaged in the business of
providing consulting services and education for distributed ledger
technologies, for the building of technological infrastructure, and
enterprise blockchain technology solutions.
Crypto Company reported a net loss of $5.66 million in 2022, a net
loss of $785,630 in 2021, and a net loss of $2.82 million in 2020.
As of March 31, 2023, the Company had $1.38 million in total
assets, $5.02 million in total liabilities, and a total
stockholders' deficit of $3.64 million.
Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since
2019, issued a "going concern" qualification in its report dated
April 14, 2023, citing that the Company has suffered recurring
losses from operations that raises substantial doubt about its
ability to continue as a going concern.
The Company has incurred significant losses and experienced
negative cash flows since inception. As of Sept. 30, 2023, the
Company had cash of $20,435. In addition, the Company's net loss
was $3,922,996 for the nine months ended Sept. 30, 2023, and the
Company's had a working capital deficit of $5,048,726. As of Sept.
30, 2023, the accumulated deficit amounted to $43,454,431. The
Company said that as a result of the Company's history of losses
and financial condition, there is substantial doubt about the
ability of the Company to continue as a going concern.
CSI COMPRESSCO: Incurs $9.5 Million Net Loss in 2023
----------------------------------------------------
CSI Compressco LP filed with the Securities and Exchange Commission
its Annual Report on Form 10-K reporting a net loss of $9.48
million on $386.13 million of total revenues for the year ended
Dec. 31, 2023, compared to a net loss of $22.10 million on $353.40
million of total revenues for the year ended Dec. 31, 2022.
As of Dec. 31, 2023, the Company had $687.04 million in total
assets, $70.37 million in total current liabilities, $655.52
million in total other liabilities, and a total partners' deficit
of $38.86 million.
Fourth Quarter 2023 Summary
* Total revenues for fourth quarter 2023 were $98.3 million
compared to $94.0 million for fourth quarter 2022.
* Net loss for fourth quarter 2023 was $3.3 million compared to
$4.2 million for fourth quarter 2022.
* Adjusted EBITDA for fourth quarter 2023 was $34.7 million
compared to $31.4 million for fourth quarter 2022.
* Distributable cash flow for fourth quarter was $13.7 million
compared to $13.0 million for fourth quarter 2022
* Net leverage ratio was 4.8x at the end of the fourth quarter of
2023 compared to 5.5x for fourth quarter 2022.
* Utilization at the end of the fourth quarter 2023 was 87.1%
compared to 86.8% in the fourth quarter 2022.
* Distribution coverage ratio for fourth quarter 2023 was 9.7x
compared to 9.2x in the fourth quarter 2022.
* Fourth quarter distribution of $0.01 per common unit was paid
on Feb. 14, 2024.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0001449488/000144948824000013/cclp-20231231.htm
About CSI Compressco
CSI Compressco is a provider of contract services including natural
gas compression services and treating services. Natural gas
compression is used for natural gas and oil production, gathering,
artificial lift, transmission, processing, and storage. Treating
services include removal of contaminants from a natural gas stream
and cooling to reduce the temperature of produced gas and liquids.
CSI Compressco's compression and related services business includes
a fleet of approximately 4,300 compressor packages providing
approximately 1.2 million in aggregate horsepower, utilizing a full
spectrum of low-, medium- and high-horsepower engines. The
Company's treating fleet includes amine units, gas coolers, and
related equipment. CSI Compressco's aftermarket business provides
compressor package overhaul, repair, reconfiguration, and
maintenance services as well as the sale of compressor package
parts and components manufactured by third-party suppliers. Our
customers comprise a broad base of natural gas and oil exploration
and production, midstream, transmission, and storage companies
operating throughout many of the onshore producing regions of the
United States, as well as in a number of international locations.
including the countries of Mexico, Canada, Argentina and Chile.
CSI Compressco's General Partner is owned by Spartan Energy
Partners LP.
* * *
As reported by the TCR on Dec. 26, 2023, Moody's Investors Service
placed CSI Compressco LP's ratings under review for upgrade,
including its Caa1 Corporate Family Rating. These actions follow
the announcement that CSI Compressco will be acquired by Kodiak Gas
Services, Inc. (Kodiak Gas Services, unrated) in a 100%
equity-funded transaction.
CURO GROUP: Enters Forbearance Agreements With Lenders
------------------------------------------------------
CURO Group Holdings Corp. announced that it entered into
forbearance agreements with the holders of approximately 84% of the
outstanding aggregate principal amount of the Company's 7.500%
Senior 1.5 Lien Secured Notes due 2028 and the holders of
approximately 74% of the outstanding aggregate principal amount of
the Company's 7.500% Senior Secured Notes due 2028 and that it
obtained a waiver of certain events of default from lenders holding
more than 80% in amount of term loans the Company's 1.0 Lien Credit
Agreement.
Under the terms of the Forbearance Agreements and the Waiver, the
Lenders have agreed not to exercise any remedies against the
Company and its affiliates until March 18, 2024, subject to certain
terms and conditions.
"[The] agreements will allow us to continue constructive
discussions with our lenders and other stakeholders as we work to
strengthen our balance sheet and better position CURO for the long
term," said Doug Clark, CURO's chief executive officer. "We look
forward to achieving the financial flexibility we need to invest in
our growth as we continue to execute with excellence and build on
our foundation. We appreciate the support of our team and our
business partners as we move forward."
About Curo Group
Headquartered in Chicago, IL, Curo Group Holdings COrp. is a
tech-enabled, omni-channel consumer finance company serving a full
spectrum of non-prime, near-prime and prime consumers in portions
of the U.S. and Canada. CURO was founded over 25 years ago to meet
the growing needs of consumers looking for alternative access to
credit. The Company continuously updates its products and
technology platform to offer a variety of convenient, accessible
financial and loan services.
Curo Group reported a net loss of $185.48 million for the year
ended Dec. 31, 2022. As of Dec. 31, 2022, the Company had $2.79
billion in total assets, $2.84 billion in total liabilities, and a
total stockholders' deficit of $54.13 million.
* * *
As reported by the TCR on Feb. 8, 2024, S&P Global Ratings lowered
its long-term issuer credit rating on Curo Group Holdings Corp. to
'CCC-' from 'CCC+'. The outlook is negative. S&P said the
negative outlook reflects its expectation that, over the next six
months, Curo could default on its interest payments, execute
exchange offers or debt restructurings that S&P would view as
distressed, or its liquidity could deteriorate further.
As reported by the TCR on Feb. 15, 2024, Moody's Investors Service
downgraded Curo Group Holdings Corp.'s corporate family rating to
Ca from Caa2. The rating downgrades reflect the very high
likelihood of default with respect to Curo's outstanding corporate
debt given the firm's constrained liquidity, high leverage and weak
earnings.
CURO GROUP: S&P Downgrades ICR to 'SD' on Missed Interest Payments
------------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Curo Group
Holdings Corp. to 'SD' from 'CCC-'. S&P also lowered its issue
ratings on the company's 1.5-lien and junior notes to 'D' from 'CC'
and 'C', respectively.
The downgrade reflects that Curo has not made interest payments for
its 1.5-lien notes and junior notes within 30 days of their due
date of Feb. 1, 2024, which we view as an event of default. The
company is in discussions with its lenders and key stakeholders
regarding a potential comprehensive financial restructuring. It
also entered in forbearance agreements on March 1, 2024, with its
noteholders, which will end on the earlier of March 18, 2024, or
the occurrence of specified events. Curo also received waivers from
the lenders of its senior 1.0-lien term loan and funding debt for
the cross-defaults and potential breach of the $75 million minimum
liquidity covenant requirement.
S&P expects to review our issuer credit rating on Curo in the
coming weeks when it receives additional information about the
potential comprehensive financial restructuring or when it expects
Curo to be current on its interest payments.
D & R JONES: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: D & R Jones Construction Corp.
714 Castle Creek Road
Binghamton, NY 13901
Business Description: The Debtor is a building finishing
contractor.
Chapter 11 Petition Date: March 6, 2024
Court: United States Bankruptcy Court
Northern District of New York
Case No.: 24-60165
Judge: Hon. Patrick G Radel
Debtor's Counsel: Zachary D. McDonald, Esq.
ORVILLE & MCDONALD LAW, P.C.
30 Riverside Drive
Binghamton, NY 13905
Tel: 607-770-1007
Fax: 607-770-1110
Total Assets: $1,077,620
Total Liabilities: $1,034,445
The petition was signed by Douglas Jones as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 20 largest unsecured creditors is available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/AXPD5EA/D__R_Jones_Construction_Corp__nynbke-24-60165__0001.0.pdf?mcid=tGE4TAMA
DIAMOND SPORTS: Unsecureds to Get Share of GUC Allocation
---------------------------------------------------------
Diamond Sports Group, LLC and affiliates filed with the U.S.
Bankruptcy Court for the Southern District of Texas a Disclosure
Statement for Joint Plan of Reorganization dated February 29,
2024.
Diamond is the leading provider of local sports programming in the
United States. Diamond operates regional sports networks (the
"RSNs") under the Bally Sports trade name (the "Bally RSNs") across
the United States and maintains investments in Marquee Sports
Network, the local broadcast network for the Chicago Cubs, and the
YES Network, the local broadcast network for the New York Yankees
and Brooklyn Nets.
The Plan is the result of months of negotiations among Diamond, an
ad hoc group of first lien lenders represented by Kramer Levin
Naftalis & Frankel LLP and Centerview Partners LLC (the "First Lien
Group"), an ad hoc group of secured lenders represented by Gibson
Dunn & Crutcher LLP and Evercore Inc. (the "Second Lien Group"), an
ad hoc group of crossholders of secured and unsecured debt
represented by Paul Hastings LLP and PJT Partners, Inc. (the
"Crossholder Group," and, together with the First Lien Group and
the Second Lien Group, the "Ad Hoc Groups"), Amazon.com Services
LLC ("Amazon" or the "Strategic Investor"), the official committee
of unsecured creditors (the "UCC"), Diamond's commercial
counterparties, and other parties in interest.
The Plan contemplates the elimination of more than $8.5 billion of
Diamond's funded debt, the separation of Diamond from its parent
company, Sinclair Broadcast Group, Inc. ("SBG"), the distribution
of reorganized equity to certain of Diamond's existing funded debt
creditors in exchange for their debt, and a minority investment by
Amazon in reorganized Diamond. Diamond also will enter into a go
forward commercial arrangement with Amazon pursuant to which Amazon
Prime Video will become the Debtors' primary partner through which
customers will be able to purchase direct-to consumer access to
stream the Debtors' local sports programming (the "Amazon
Commercial Agreement").
The Plan also contemplates the distribution of $495 million of cash
proceeds from the settlement of Diamond's substantial litigation
claims against certain parties, including SBG, certain of SBG's
affiliates and related individuals, Bally's Corporation, JPMorgan
Chase Funding Inc. ("JPMCFI"), and JP Morgan Chase & Co. ("JPMC,"
and together with JPMCFI, "JPM") (such settlement, the "Sinclair
Settlement"). To the extent the proceeds of the Sinclair Settlement
are not received, the Plan contemplates the creation of a
litigation trust to pursue the Sinclair-Related Litigations.
Finally, in accordance with the UCC Settlement, the Plan provides
for payment in full of all Allowed Go-Forward Trade Claims and,
subject to Payment in Full of all First Lien Claims and the
satisfaction of all DIP Obligations, cash payments to Holders of
Allowed General Unsecured Claims in an amount equal to the lesser
of (i) $13 million and (ii) a dollar amount equal to a 6% recovery
on an aggregate basis (the "Unsecured Claim Cash Distribution").
The Plan is currently supported by the RSA Parties, which includes
the UCC, Amazon, and Holders of over 94% of the First Lien Claims,
over 95% of the Second Lien Claims, and 96% of the Unsecured Notes
Claims.
Class 6 consists of any General Unsecured Claims. Except to the
extent that a Holder of an Allowed General Unsecured Claim agrees
to a less favorable treatment of its Allowed General Unsecured
Claim, in full and final satisfaction, settlement, release, and
discharge of and in exchange for each Allowed General Unsecured
Claim, each Holder of an Allowed General Unsecured Claim shall
receive, in full and final satisfaction of such Allowed General
Unsecured Claim its share of the Unsecured Claim Cash Distribution
in accordance with the GUC Allocation. Class 6 is Impaired under
the Plan.
On the Effective Date, the SPV Cash and Cash on hand at the Debtors
will be used to fund certain distributions to certain Holders of
Claims or otherwise be retained on or contributed to, as
applicable, the balance sheet(s) of New OpCo and/or its wholly
owned subsidiaries (other than the New A/R Facility Borrower).
If the Litigation Proceeds Condition is met, the Debtors shall use
the $495 million in Cash (plus any Sinclair Settlement Extension
Payments (if any)) received pursuant to the Sinclair Settlement
Order to fund certain distributions to certain Holders of Claims on
the Effective Date. If the Litigation Proceeds Condition is not
met, and to the extent the Sinclair Settlement Deposit and the
Sinclair Settlement Extension Payments (if any) are received by the
Debtors prior to the Effective Date, the Debtors shall first
distribute Cash on account of the Sinclair Settlement Deposit and
the Sinclair Settlement Extension Payments (if any) to Holders of
certain Claims, and shall thereafter distribute the Litigation
Trust Interests to the Litigation Trust Beneficiaries, in each
case, on the Effective Date.
A full-text copy of the Disclosure Statement dated February 29,
2024 is available at https://urlcurt.com/u?l=AydDaF from Kroll
Restructuring Administration, LLC,
claims agent.
Counsel to the Debtors:
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
Brian S. Hermann, Esq.
Andrew M. Parlen, Esq.
Joseph M. Graham, Esq.
Alice Nofzinger, Esq.
1285 Avenue of the Americas
New York, New York 10019
Telephone: (212) 373-3000
Facsimile: (212) 757-3990
WILMER CUTLER PICKERING HALE AND DORR LLP
Andrew N. Goldman, Esq.
Benjamin W. Loveland, Esq.
Lauren R. Lifland, Esq.
250 Greenwich Street
New York, New York 10007
Telephone: (212) 230-8800
Facsimile: (212) 230-8888
PORTER HEDGES LLP
John F. Higgins, Esq.
M. Shane Johnson, Esq.
Megan Young-John, Esq.
Bryan L. Rochelle, Esq.
1000 Main St., 36th Floor
Houston, Texas 77002
Telephone: (713) 226-6000
Facsimile: (713) 226-6248
About Diamond Sports Group
Diamond Sports Group, LLC, and its affiliates own and/or operate
the Bally Sports Regional Sports Networks, making them the nation's
leading provider of local sports programming. DSG's 19 Bally
Sports RSNs serve as the home for 42 MLB, NHL, and NBA teams. DSG
also holds joint venture interests in Marquee, the home of the
Chicago Cubs, and the YES Network, the local destination for the
New York Yankees and Brooklyn Nets. The RSNs produce about 4,500
live local professional telecasts each year in addition to a wide
variety of locally produced sports events and programs. DSG is an
unconsolidated and independently run subsidiary of Sinclair
Broadcast Group.
Diamond Sports Group and 29 of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case
No. 23-90116) on March 14, 2023. In the petition signed by David
F. DeVoe, Jr., as chief financial officer and chief operating
officer, Diamond Sports Group listed $1 billion to $10 billion in
both assets and liabilities.
Judge Christopher M. Lopez oversees the cases.
The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP
and Porter Hedges, LLP as bankruptcy counsel; Wilmer Cutler
Pickering Hale, Dorr, LLP and Quinn Emanuel Urquhart & Sullivan,
LLP as special counsel; AlixPartners, LLP as financial advisor;
Moelis & Company, LLC and LionTree Advisors, LLC as investment
bankers; Deloitte Tax, LLP, as tax advisor; Deloitte Financial
Advisory Services, LLP, as accountant; and Deloitte Consulting, LLP
as consultant. Kroll Restructuring Administration, LLC is the
claims agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Akin Gump Strauss Hauer& Feld LLP as counsel; FTI
Consulting, Inc., as financial advisor; and Houlihan Lokey Capital,
Inc., as investment banker.
DIGIPATH INC: Todd Denkin Quits as President
--------------------------------------------
Digipath, Inc. disclosed in a Form 8-K filed with the Securities
and Exchange Commission that on Feb. 28, 2024, Todd Denkin resigned
his positions as president of the Company and its wholly-owned
subsidiary, Digipath Labs, Inc., effective the close of business on
the same date to pursue other professional opportunities.
The Company appointed A. Stone Douglass, the current Chairman,
chief financial officer and secretary as well as a director of the
Company, to the additional roles of president and chief executive
officer of the Company effective Feb. 29, 2024. Mr. Douglass, 76,
was appointed a director of the Company on July 1, 2021, as the
Company's chief financial officer on Aug. 16, 2021, and as Chairman
of the Board of Directors on Oct. 21, 2021. Mr. Douglass has been:
the chief executive officer of GeoSolar Technologies, Inc., a
company planning to install natural energy systems, since December
2020; the chief financial officer of David Kind, Inc., a Venice,
California based online eyewear brand, since June 2013; the
Chairman and chief executive officer of Sealand Natural Resources,
Inc., a manufacturer and purveyor of Sealand Birk birch water and
other alternative beverages, since March 2016; the chief financial
officer of P5 Systems, Inc., a San Diego based technology platform
known as the Craig's List of cannabis, servicing the legal cannabis
value chain, from March 2018 through January 2024; and the
principal owner of Ducks Nest Investments Inc, a private investment
company, since September 1990. The Company has a consulting
agreement in place with Mr. Douglass in which it has agreed to pay
Mr. Douglass $5,000 per month.
About DigiPath
Headquartered in Las Vegas, Nevada, Digipath, Inc. --
www.digipath.com -- offers full-service testing lab for cannabis,
hemp and ancillary cannabis and hemp infused products serving
growers, dispensaries, caregivers, producers, patients and
eventually all end users of cannabis and botanical products.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2023, issued a "going concern"
qualification in its report dated Jan. 16, 2024, citing that the
Company has an accumulated deficit, recurring losses from
operations and has cash on hand that may not be sufficient to
sustain its operations. These factors, among others, raise
substantial doubt about the Company's ability to continue as a
going concern.
DUSOBOX CORP: Committee Taps Burr & Forman as Legal Counsel
-----------------------------------------------------------
The official committee of unsecured creditors of Dusobox
Corporation seeks approval from the U.S. Bankruptcy Court for the
Middle District of Florida to hire Burr & Forman LLP as its
counsel.
The firm will render these services:
(a) give legal advice with respect to the Committee's duties
and powers in this Case;
(b) assist the Committee in its investigation of the acts,
conduct, assets, liabilities, financial conditions of the Debtor,
the operation of the Debtor's business, and any other matter
relevant to this Case;
(c) participate in the formulation of a Chapter 11 plan; and
(d) perform such other legal services as may be required and
in the interest of the unsecured creditors and as directed by the
Committee.
The firm will be paid at these rates:
Partners $500 per hour
Associates $375 per hour
Paralegals $200 per hour
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
The firm received a retainer in the amount of $200,000.
J. Ellsworth Summers, Jr., Esq., a partner at Burr & Forman,
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:
J. Ellsworth Summers, Jr., Esq.
BURR & FORMAN, LLP
200 South Orange Avenue, Suite 800
Orlando, FL 32801
Telephone: (407) 540-6600
Facsimile: (407) 540-6601
Email: esummers@burr.com
About Dusobox Corporation
Dusobox Corporation is a designer, engineer and manufacturer of
custom corrugated display solutions and product packaging. It is
based in Orlando, Fla.
Dusobox filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
24-00391) on Jan. 29, 2024, with $1 million to $10 million in
assets and $10 million to $50 million in liabilities.
Judge Tiffany P. Geyer oversees the case.
Michael A. Nardella, Esq., at Nardella & Nardella, PLLC is the
Debtor's legal counsel.
EAGLE BEAR: Seeks to Hire Crowley Fleck as Special Legal Counsel
----------------------------------------------------------------
Eagle Bear, Inc. seeks approval from the U.S. Bankruptcy Court for
the District of Montana to employ Crowley Fleck PLLP as its special
legal counsel.
The firm will represent the Debtor relative litigation:
a) in the U.S. District Court, Eagle Bear Inc. et al. v. The
Blackfeet Indian Nation et al., Cause No. 4:21-cv-00088;
b) in the U.S. District Court, Eagle Bear Inc. v. Blackfeet
Indian Nation, Cause No. 4:22-cv-00093;
c) in the Ninth Circuit Court of Appeals Eagle Bear Inc., et
al., v. The Blackfeet Indian Nation, et al., Docket Number 23-4370;
and
d) in the U.S. Bankruptcy Court for the District of Montana,
Blackfeet Nation v. Eagle Bear Inc., 4:22-ap-04002.
The firm will bill $310 per hour for its services.
Crowley Fleck represents no interest adverse to Debtor or the
estate in the matters upon which it is to be engaged, and is a
"disinterested person" as defined in 11 U.S.C. 101(14), according
to court filings.
The firm can be reached through:
Uriah J. Price, Esq.
CROWLEY FLECK PLLP
490 N 31st St #500
Billings, MT 59101
Telephone: (406) 252-3441
Facsimile: (406) 256-8526
About Eagle Bear
Eagle Bear, Inc. operates RV (Recreational Vehicle) Parks and
recreational camping ground resort.
Eagle Bear filed a voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. D. Mont. Case No. 22-40035) on May
23, 2022, with up to $10 million in both assets and liabilities.
Susan Brooke, president of Eagle Bear, signed the petition.
Judge Benjamin P. Hursh oversees the case.
The Debtor tapped Patten, Peterman, Bekkedahl and Green, PLLC as
legal counsel and Holmes & Turner as accountant.
ELITE ENDEAVORS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Elite Endeavors, LLC
DBA Masterhand Milling
417 West 18th Street
Suite 101
Edmond, OK 73013
Chapter 11 Petition Date: March 6, 2024
Court: United States Bankruptcy Court
District of Kansas
Case No.: 24-20222
Debtor's Counsel: Erlene W. Krigel, Esq.
KRIGEL & KRIGEL, PC
4520 Main Street, Suite 700
Kansas City, MO 64111
Tel: 816-756-5800
Fax: 816-756-1999
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Don Dustin Turner, Managing Member of
Flying 4T Enterprises, LLC, its Member.
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/XXCDDEA/Elite_Endeavors_LLC__ksbke-24-20222__0001.0.pdf?mcid=tGE4TAMA
ENVIVA INC: Fitch Lowers IDR to 'RD' on Missed Interest Payment
---------------------------------------------------------------
Fitch Ratings has downgraded Enviva Inc.'s (EVA) Long-Term Issuer
Default Rating (IDR) to 'RD' from 'C' and has affirmed its senior
unsecured debt at 'C'/'RR5'.
The rating action follows the announcement that Enviva has failed
to cure the missed interest payment on $750 million of 6.5% senior
notes due 2026 upon expiration of its original 30-day grace period
and has entered into forbearance agreement with company's lenders,
bondholders, and noteholders holding the requisite amount of the
aggregate principal amount outstanding or committed under the
applicable facilities. The forbearance agreement will terminate on
March 4, 2024 unless extended.
The 'C'/'RR5' senior unsecured debt rating reflects Fitch's
expected recovery. This development follows worsening operating
losses and Enviva's announcement last fall of substantial doubt
regarding its ability to continue as a going concern. Considerable
uncertainty exists regarding Enviva's ability to renegotiate
uneconomic customer contracts entered into in 4Q22 and the
company's related $300 million liability.
KEY RATING DRIVERS
Uncured Missed Interest Payment: Enviva has failed to pay its $24.4
million interest payment on its $750 million of 6.5% senior notes
upon expiration of its original 30-day grace period to cure the
covenant breach. Enviva initially skipped an interest payment on
Jan. 16. Fitch views the failure to cure the missed interest
payment within the original grace period as a restricted default as
per its ratings definitions. At this time the company has entered
into a forbearance agreement with debt holders that expires on
March 4 unless extended.
Fitch expects the company to run out of liquidity by 2025 given
current earnings and cash flows and believes debt restructuring is
likely, absent success in renegotiating existing contracts with
customers, as it seeks a new strategic plan ahead of its $750
million bond maturity in 2026.
Bankruptcy Looming; Recent Initiatives: Enviva disclosed there is
substantial doubt about its ability to continue as a going concern
and retained advisory firms, including Lazard, Alvarez & Marsal and
Vinson & Elkins, to perform a comprehensive review of its capital
structure. In addition, the company made two key leadership
changes, appointing recently hired CFO Glenn Nunziata as interim
CEO and appointing Mark Coscio as COO, and started contract
renegotiations with existing customers. In addition, the company
recorded a material noncash pretax impairment charge related to
goodwill of $103.9 million in 4Q23. These actions underscore a real
risk of default.
Significant Earnings and Cash Flows Pressure in 2023: Enviva's cash
flows have been under significant pressure over the last 12 months,
with Fitch projecting approximately $100 million of EBITDA for
2023, a significant decline from prior expectations of $225 million
at the midpoint. Management has missed earnings targets announced
earlier this year and anticipates 4Q23 results could potentially be
weaker than results for 3Q23. Operating margins contracted
significantly over the past year under existing contracts due to
challenging price dynamics, including the 4Q22 transaction, which
has resulted in a significant EBITDA decline and significant
liquidity pressure.
Negative and Significant Impact from 4Q 2022 Transactions: Fitch
remains concerned about the continued and significant negative
impact of the 4Q 2022 transaction on earnings and cash flows. In
4Q22, Enviva entered into agreements with a customer to purchase
approximately 1.8 MTPY of wood pellets between 2023 and 2025.
Additionally, Enviva entered into additional wood pellet sales
contracts that, together with the existing sales contracts, totaled
approximately 2.8 million MT with deliveries between 2022 and
2026.
Average purchase price under the purchase contracts are
significantly higher than average sale price under the sales
contracts. The transaction is uneconomic at current spot prices and
Enviva is trying to renegotiate the terms of the contract with the
customer. Failure to renegotiate the contract under favorable terms
will likely strain liquidity and lead to a default.
Under GAAP accounting, the gross margin generated from the sale of
wood pellets during 4Q22 to a major customer will not be recognized
until 2024-2025, when the customers purchase of wood pellet volumes
under its long-term contracts with Enviva exceeds 1.8MTPY -- the
amount of wood pellet purchases by Enviva from the same customer as
a result of a purchase agreement signed in 4Q22. Enviva has $89
million of gross margin deferrals in 4Q22 associated with this
transaction and the financial liability totaled $212 million as of
Sept. 30. The negative impacts of the 4Q 2022 transactions will
likely place further pressure on ratings.
Construction Updates: The company is moving forward with the
construction of its wood pellet production facility in Epes, AL
while delaying construction on its new 1.1 million MTPY pellet
production plant in Bond, MS by 6-12 months to conserve resources.
Given Enviva's stressed liquidity, the company has identified
completion of its Epes plant as a top priority. The plant was
approximately 40% complete as of Sept. 30, 2023, and each plant was
expected to cost $375 million on average, which is up from $250
million estimated in early 2022.
The Bond plant is the anticipated third of four planned pellet
production facilities at the company's growing Pascagoula cluster
of assets, which includes a deepwater shipping terminal. The Epes
plant has an expected in-service date in 2024 and the Bond plant in
2025. Recent costs overruns highlight continued execution risks.
ESG - Governance and Management Strategy: Fitch has maintained
Enviva's ESG relevance scores following ongoing management changes
following a significant reduction in FY23 earnings relative to
prior expectations. This change also reflects Fitch's concern over
the operational issues at the plants and the company's inability to
meet production levels and earnings targets as expected. This
material adjustment highlights greater than expected operating and
execution risks.
DERIVATION SUMMARY
Enviva is the world's leading supplier of utility-grade wood
pellets to major power generators across the globe. There are
limited publicly traded comparable companies for Enviva given the
size of the biomass sector as well as the competitive landscape.
Enviva is growing rapidly but has a much smaller scale of
operations than peers, with expected annual EBITDA of approximately
$100 million in the near term. This is a significant decline from
prior expectations of $225 million of EBITDA at the midpoint, which
itself was a decrease from the approximately $300 million in EBITDA
Fitch had projected in late 2022. The significant contraction of
operating margins over the last year accelerated the erosion of the
company's competitive profile and stressed liquidity.
Freeport LNG Investments, LLLP (B-/Negative) is a comparable for
Enviva in the energy space. Like Enviva, Freeport ships energy —
in its case, liquified natural gas — to overseas customers. Both
companies' cash flows are structured under long-term take-or-pay
contracts with creditworthy parties. Like Enviva, Freeport
experienced significant contraction in earnings and cash flows over
the last year, although this was due to an explosion at one of its
natural gas liquefaction plants. While Fitch projects Freeport's
leverage to decline, approaching its positive sensitivity of 7.0x
by 2024, Fitch expects Enviva's leverage to increase. Absent any
improvement in wood pellet prices or contract negotiations with
existing customers, and absent an equity cure, Fitch expects Enviva
could file for bankruptcy to amend its untenable capital
structure.
KEY ASSUMPTIONS
- Approximately $100 million of EBITDA in 2023;
- Completion of the Epes plant and delay in the construction of the
Bond wood pellet production plant;
- No dividends;
- Base interest rate forecast in line with Fitch's Global Economic
Outlook.
RECOVERY ANALYSIS
Recovery Rating (RR) Assumptions: The recovery analysis assumes the
enterprise value of Enviva is maximized in a going-concern (GC)
scenario versus a liquidation scenario. Fitch contemplates a
scenario in which default may be caused by a breach of its
covenants under its secured credit facility as soon as Dec. 31,
2023. Continued softness in spot wood pellet prices that are
approximately 50% lower than prices in 2022 has significantly
eroded Enviva's earnings and cash flows while heightening
competitive pressures.
The GC analysis assumes new customer contracts with improved
margins, as wood pellet prices are anticipated to normalize to
recent midcycle levels. Under this scenario, Fitch estimates GC
EBITDA of approximately $220 million. Fitch assumes Enviva will
receive a GC recovery multiple of 5x EBITDA under this scenario, in
line with historical transaction multiples of 5x-6x for the energy
and utilities sector.
At this time, Enviva has fully drawn on its $570 million secured
credit revolver and has a $105 million term loan due under its
secured credit facility. Enviva also has $1.1 billion of unsecured
debt. Fitch assumes a 10% administrative claim through a
restructuring, resulting in a 29% recovery for the unsecured debt
and a rating of the unsecured debt at 'C'/'RR5'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Fitch will reassess the company's credit profile if there is a
successful resolution to the current restricted default.
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- The IDR will be downgraded to 'D' if a bankruptcy or
restructuring occurs.
LIQUIDITY AND DEBT STRUCTURE
Stressed Liquidity: Enviva's liquidity is increasingly stressed as
the company seeks to renegotiate contractual liabilities, amend its
capital structure and increase long-term profitability. This is
evidenced by the failure to pay its $24.4 million interest payment
on its $750 million senior notes due 2026. Enviva has faced
significant pressure on its liquidity given a material decline in
wood pellet spot prices since late 2022 and has fully drawn down
its $570 million revolving credit facility as of Sept. 30, 2023.
Enviva's liquidity is provided by a $570 million revolving credit
facility and a $105 million secured term loan due June 2027 under
its secured credit agreement.
Enviva had approximately $440 million of liquidity available as of
Sept. 30, 2023, including $315 million of unrestricted cash on
hand. Additionally, Enviva has $125 million of restricted cash to
fund the construction of new wood pellet plants. However, Fitch
expects Enviva could breach its maximum leverage covenant of 5.75x
under its revolving credit facility as soon as Dec. 31, 2023. The
company's leverage ratio, as calculated under the revolving credit
facility agreement, was 5.11x as of Sept. 30, 2023.
Even if Enviva is successful in amending its financial covenants
under its revolving credit facility, Fitch expects the company will
have adequate liquidity to finance construction on its Epes plant
in 2024 but will run out of liquidity by 2025 given current
earnings and cash flows. At that time, Fitch expects Enviva will
need to access the capital markets to move forward with
construction of its Bond plant in Mississippi. No long-term debt is
expected to mature until 2026, when $750 million of senior notes
are scheduled to mature, and Fitch views the company's ability to
meet its debt obligations as an ongoing credit risk with the
potential for bankruptcy increasingly likely.
ISSUER PROFILE
Enviva Inc. is the world's largest supplier of utility-grade wood
pellets to major power generators by production capacity. The
company procures wood fiber and processes it into utility-grade
wood pellets, which are then transported to their customers
overseas through vessels.
ESG CONSIDERATIONS
Enviva Inc. has an ESG Relevance Score of '5' for both Governance
and Management Strategy due to poor execution of corporate strategy
which has led to a change in management and resulted in a
significant and material decline in earnings and cash flows
relative to prior expectations, which has a negative impact on the
credit profile, and is highly relevant to the rating, resulting in
a series of ongoing rating downgrades.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Enviva Inc LT IDR RD Downgrade C
senior
unsecured LT C Affirmed RR5 C
ESTATES OF COLUMBIA: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: The Estates of Columbia, a Vintage Cooperative Community
2521 Washington St
Pella IA 50219
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
Southern District of Iowa
Case No.: 24-00269
Debtor's Counsel: Melvin Shaw, Esq.
THE LAW OFFICE OF MELVIN O. SHAW, P.L.C.
1305 5th Street, Suite 104
Coralville IA 52241
Tel: (319) 337-7429
Email: law@melvinshaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jeff Ewing 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/LSUA4LA/The_Estates_of_Columbia_a_Vintage__iasbke-24-00269__0001.0.pdf?mcid=tGE4TAMA
ESTATES OF DUBUQUE: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: The Estates of Dubuque, a Vintage Cooperative Community
2521 Washington St
Pella IA 50219
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
Southern District of Iowa
Case No.: 24-00265
Debtor's Counsel: Melvin Shaw, Esq.
THE LAW OFFICE OF MELVIN O. SHAW, P.L.C.
1305 5th Street, Suite 104
Coralville IA 52241
Tel: (319) 337-7429
Email: law@melvinshaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jeff Ewing 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/JZCEOEY/The_Estates_of_Dubuque_a_Vintage__iasbke-24-00265__0001.0.pdf?mcid=tGE4TAMA
ESTATES OF LIBERTY: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: The Estates of Liberty, a Vintage Cooperative Community
2521 Washington St
Pella IA 50219
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
Southern District of Iowa
Case No.: 24-00270
Debtor's Counsel: Melvin Shaw, Esq.
THE LAW OFFICE OF MELVIN O. SHAW, P.L.C.
1305 5th Street, Suite 104
Coralville IA 52241
Tel: (319) 337-7429
Email: law@melvinshaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jeff Ewing 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/VHFXGUQ/The_Estates_of_Liberty_a_Vintage__iasbke-24-00270__0001.0.pdf?mcid=tGE4TAMA
ESTATES OF WAUKEE: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: The Estates of Waukee, a Vintage Cooperative Community
2521 Washington St
Pella IA 50219
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
Southern District of Iowa
Case No.: 24-00266
Debtor's Counsel: Melvin Shaw, Esq.
THE LAW OFFICE OF MELVIN O. SHAW, P.L.C.
1305 5th Street, Suite 104
Coralville, IA 52241
Tel: (319) 337-7429
Email: law@melvinshaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jeff Ewing 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/OCWXF3A/The_Estates_of_Waukee_a_Vintage__iasbke-24-00266__0001.0.pdf?mcid=tGE4TAMA
EWING LAND: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: Ewing Land Development & Services, L.L.C.
2521 Washington St
Pella IA 50219
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
Southern District of Iowa
Case No.: 24-00264
Debtor's Counsel: Melvin Shaw, Esq.
THE LAW OFFICE OF MELVIN O. SHAW, P.L.C.
1305 5th Street, Suite 104
Coralville, IA 52241
Tel: (319) 337-7429
Email: law@melvinshaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Jeff Ewing 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/UCKWWCI/Ewing_Land_Development__Services__iasbke-24-00264__0001.0.pdf?mcid=tGE4TAMA
FINANCE OF AMERICA: Receives NYSE Non-Compliance Notice
-------------------------------------------------------
Finance of America Companies Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that the
Company received a notice from the New York Stock Exchange,
indicating the Company is not in compliance with Section 802.01C of
the NYSE Listed Company Manual because as of February 9, 2024, the
average closing price of the Company's Class A Common Stock was
less than $1.00 over a consecutive 30 trading-day period.
The NYSE requires that companies with shares listed on the NYSE
comply with the NYSE's continued listed standards. The NYSE's
continued listing standards include the requirement set forth in
Section 802.01C of the NYSE Listed Company Manual that the average
closing price of a security is not less than $1.00 over a
consecutive 30 trading-day period. If the average closing price of
a security is less than $1.00 over a consecutive 30 trading-day
period, then Section 802.01C of the NYSE Listed Company Manual
provides for a six-month cure period to regain compliance.
Compliance can be achieved if on the last trading day of any
calendar month during the cure period (or the last trading day of
the cure period), the security has a closing share price of at
least $1.00 and an average closing share price of at least $1.00
over the prior 30 trading-day period. Further, if a company
determines that, if necessary, it will cure the price condition by
taking an action that will require approval of its shareholders, it
must so inform the NYSE, obtain the shareholder approval by no
later than its next annual meeting and implement the action
promptly thereafter. In such circumstances, the price condition
will be deemed cured if the price of the security promptly exceeds
$1.00 per share and the price remains above the level for at least
the following 30 trading days.
The Notice has no immediate effect on the listing of the Class A
Common Stock on the NYSE, subject to the Company's compliance with
the NYSE's other continued listing requirements. Furthermore, the
Notice is not anticipated to impact the ongoing business operations
of the Company or its reporting requirements with the Securities
and Exchange Commission.
Finance of America intends to bring the Company into compliance
with this listing standard within the six-month cure period and
intends to remain listed on the NYSE and is considering all
available options to regain compliance with the NYSE's continued
listing standards.
About Finance of America
Plano, Texas-based, Finance of America Companies Inc. is a
financial services holding company which, through its operating
subsidiaries, is a modern retirement solutions platform that
provides customers with access to an innovative range of retirement
offerings centered on the home. In addition, FoA offers capital
markets and portfolio management capabilities to optimize
distribution to investors.
As of September 30, 2023, Finance of America has $26.4 billion in
total assets and $26.3 billion in total liabilities.
As reported by the Troubled Company Reporter on Oct. 20, 2023,
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDRs) of Finance of America Companies Inc. and its subsidiaries,
Finance of America Equity Capital LLC and Finance of America
Funding LLC, to 'CCC+' from 'B-'. Fitch has also downgraded Finance
of America Funding LLC's senior unsecured debt rating to
'CCC-'/'RR6' from 'CCC+'/'RR5'. The Rating Outlook remains
Negative. The rating actions have been taken as part of a periodic
peer review of non-bank mortgage companies, which is comprised of
six publicly rated firms.
The rating downgrade reflects the operating losses and resulting
erosion of tangible equity FOA has experienced over the last year,
which has resulted in continuing covenant breaches, which may limit
the company's ability to extend debt maturities and secure future
funding. High interest rates and borrower affordability challenges
have reduced origination volumes, which, along with widening credit
spreads, have resulted in significant negative fair value
adjustments to FOA's assets. Tangible equity has decreased to
negative $5 million at 2Q23, down from $288 million in 2Q22 and
$480 million at YE21.
The Negative Outlook reflects Fitch's expectation that FOA's
profitability will remain weak, challenging its ability to rebuild
tangible capital levels over the Outlook horizon. Additionally,
Fitch's believes execution risk remains with regard to the
integration of American Advisors Group (AAG) and the restructuring
of FOA's continuing business segments, which could impact its
long-term franchise and market position.
FIRST DEFENSE: Trustee Seeks to Hire Stichter as Special Counsel
----------------------------------------------------------------
Amy Denton Mayer, the Postconfirmation Trustee of First Defense
Nasal Screen, Corp., seeks approval from the U.S. Bankruptcy Court
for the Middle District of Florida to employ Stichter, Riedel,
Blain & Postler, PA as her special litigation counsel.
The firm will render these services:
(a) investigate and pursue causes of action;
(b) subject to Bankruptcy Court approval, after notice and
hearing pursuant to Section 9019 of the Bankruptcy Code, settle the
causes of action;
(c) if the Postconfirmation Trustee decides, in her business
judgment not to pursue or, once commenced, continue to pursue, any
causes of action, the Postconfirmation Trustee, may subject to
Bankruptcy Court approval, assign such claims to another party
after notice and hearing pursuant to Section 363 of the Bankruptcy
Code;
(d) subject to Bankruptcy Court approval, after notice and
hearing pursuant to Sections 327, 330, and 331 of the Bankruptcy
Code and Federal Rules of Bankruptcy Procedure 2014 and 2016,
retain professionals to assist with prosecution of the causes of
action, and compensate such professionals; and
(e) make distributions of the proceeds from causes of action
to creditors in accordance with paragraph 4(c) of the Confirmation
Order and the Bankruptcy Code.
The hourly rates of the firm's counsel and staff are as follows:
Attorneys $300 - $550
Paralegals $125 - $200
In addition, the firm will seek reimbursement for expenses
incurred.
Mark Robens, Esq., an attorney at Stichter Riedel, 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:
Mark F. Robens, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, PA
110 East Madison Street, Suite 200
Tampa, FL 33602
Telephone: (813) 229-0144
Email: mrobens@srbp.com
About First Defense Nasal Screen
First Defense Nasal Screen Corp. is the developer of the first ever
non-inserted, hypo-allergenic, self-adhering nasal filter. The
company is based in New Port Richey, Fla.
First Defense Nasal Screen Corp filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
22-01196) on March 25, 2022, disclosing $6,905,214 in total assets
and $6,449,937 in total liabilities.
Judge Caryl E. Delano oversees the case.
Chad Van Horn, Esq., at Van Horn Law Group, PA serves as the
Debtor's counsel.
Amy Denton Harris is appointed as Subchapter V trustee. Stichter,
Riedel, Blain & Postler, PA serves as her counsel.
FIRST PHILADELPHIA: S&P Rates 2024 School Revenue Bonds 'BB+'
-------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term rating to the
Philadelphia Authority for Industrial Development, Pa.'s series
2024 charter school revenue bonds, issued for First Philadelphia
Preparatory Charter School (FPPCS) on behalf of the Frankford
Valley Foundation for Literacy.
At the same time, S&P affirmed its 'BB+' long-term rating on FPPCS'
existing debt.
The outlook is stable.
"The rating reflects our view of FPPCS' steady demand profile with
annual enrollment near facility capacity, a very healthy waitlist,
long operating history, good academics, skilled leadership,
moderating debt burden, and solid financial performance, cash, and
coverage growth over the past couple of years," said S&P Global
Ratings credit analyst Mel Brown. "These factors are somewhat
offset by the school's elevated debt per student and the
historically volatile district funding environment largely
affecting all Philadelphia charter schools." S&P assessed the
enterprise profile as adequate and the financial profile as
adequate.
The stable outlook reflects S&P Global Ratings' opinion that FPPCS
will maintain positive operations with good maximum annual debt
service coverage and days' cash on hand in line with the rating
medians. S&P also expects FPPCS' charter agreement will be fully
executed and the school will maintain steady enrollment, a robust
waitlist, and stable management.
FIRST QUALITY: Unsecureds to Recover 25% in Subchapter V Plan
-------------------------------------------------------------
First Quality Laboratory, Inc., filed with the U.S. Bankruptcy
Court for the Southern District of Florida a Small Business Plan of
Reorganization under Subchapter V dated February 27, 2024.
The Debtor has been running a phlebotomy clinic since 2006. The
Debtor is located at 20861 Johnson St, #117 and #118 in Pembroke
Pines, FL 33029. The Debtor offers in-home testing upon request.
The Debtor's revenue suffered a significant decline due to the
COVID-19 pandemic and the forced relocation to another facility
after the Debtor lost an eviction action by its former landlord
that resulted from a ridiculous dispute of inconsequential repairs
the landlord had demanded the Debtor pay for. The forced relocation
disrupted revenues, and outfitting the new space costs
significantly more than expected. As a result, the Debtor fell
behind in the payment to creditors. To address this, the Debtor
sought a forgivable loan from the SBA, but the SBA later determined
that the Debtor did not qualify because too many of its staff were
independent contractors.
Several creditors, including the SBA, were directly dipping into
the Debtor's bank accounts, leaving it without sufficient cash flow
to operate its business. The Debtor was then litigating three
separate collection actions in state court. The cash flow/working
capital situation became untenable and forced the Debtor to file
for bankruptcy protection without any opportunity to negotiate a
smooth transition with its creditors and vendors.
The Debtor has prepared its plan projections based on its
historical operating revenues and expenses. These projections
consider that Doctor Hugo Romeu and RCE Group USA LLC will be
contributing $200,000 in working capital and bringing new accounts
to the Debtor. The amount of $209,700 represents the projected
disposable income of the Debtor over the three-year Plan term.
This Plan of Reorganization proposes to pay creditors of the Debtor
from the Debtor's Projected Disposable Income over the 42 months
following the Effective Date of the Plan a total sum equal to
$116,450.
Class 3 consists of Unsecured creditors. The Debtor estimates
approximately $848,682.87 unsecured claims. The estimated
distribution of $209,700 equals 25% distribution to unsecured
creditors under class 3. This Class is impaired.
Class 4 consists of Equity security holders of the Debtor. Equity
interest of the Debtor now held 50% by Luz Fernanda Garcia Londono
and Maria Mercedes Garcia Londono will be divided between 37.5%
each with RCE Group obtaining 25% interest and they will
collectively operate the reorganized debtor going forward.
A full-text copy of the Plan of Reorganization dated February 27,
2024 is available at https://urlcurt.com/u?l=JvSCks from
PacerMonitor.com at no charge.
Attorney for the Plan Proponent:
Gary M Murphree, Esq.
AM LAW, LLC
7385 SW 87th Avenue, Ste. 100
Miami, FL 33173
Phone: (305) 441-9530
Email: gmm@amlaw-miami.com
About First Quality Laboratory
First Quality Laboratory, Inc., owns and operates a medical
laboratory in Hollywood, Fla.
First Quality Laboratory filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No.
23-19831) on Nov. 29, 2023, with $1 million to $10 million in both
assets and liabilities. Luz F. Garcia, vice president, signed the
petition.
Judge Peter D. Russin oversees the case.
The Debtor is represented by Gary M. Murphree, Esq., at Am Law,
LLC.
FLOREZ GROUP: Seeks to Hire Frank B. Lyon as Bankruptcy Counsel
---------------------------------------------------------------
The Florez Group, Inc. seeks approval from the U.S. Bankruptcy
Court for the Western District of Texas to hire The Law Offices of
Frank B. Lyon as its legal counsel.
The firm will render these services:
a. give the Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession in the continued operation of its
business and management of its property;
b. advise the Debtor of its responsibilities under the
Bankruptcy Code and assist with such;
c. amend the voluntary petition and other paperwork necessary
to complete this proceeding;
d. assist the Debtor in preparing and filing the required
Schedules, Statement of Affairs, Monthly Financial Reports, the
Initial Debtor Report and other documents required by the
Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, the
Local Rules of this Court and the administrative procedures of the
Office of the United States Trustee;
e. represent the Debtor in connection with adversary
proceedings and other contested and uncontested matters, both in
this Court and in other courts of competent jurisdiction,
concerning any and all matters related to these bankruptcy
proceedings and the financial affairs of the Debtor, including, but
not limited to, litigation affecting property of the Estate, suits
to avoid or determine lien rights or other property interests of
creditors and other parties in interest, objections to disputed
claims, motions to assume or reject leases and other executory
contracts, motions for relief from the automatic stay and motions
concerning the discovery of documents and other information
relating to any of the foregoing;
f. represent the Debtor in the negotiation and documentation
of any sales or refinancing of property of the estate, and in
obtaining the necessary approvals of such sales or refinancing by
this Court; and
g. assist the Debtor in the formulation of a plan of
reorganization and disclosure statement, and in taking the
necessary steps in this Court to obtain approval of such disclosure
statement and confirmation of such plan of reorganization.
The firm's hourly rates are:
Frank B. Lyon $545
Legal Assistants $125 to $205
The firm received the sum of $17,704.88 of which $13,638.25 went to
pre-petition fees and expenses and $1,738 to the Chapter 11 filing
fee resulting in a retainer of $2,328.63.
Frank Lyon, Esq., disclosed in court filings that his firm does not
represent any interest adverse to the Debtor or its estate.
The firm can be reached through:
Frank B. Lyon, Esq.
THE LAW OFFICES OF FRANK B. LYON
Two Far West Plaza, Suite 170
3508 Far West Boulevard
Austin, TX 78731
Telephone: (512) 345-8964
Facsimile: (512) 697-0047
Email: frank@franklyon.com
About The Florez Group, Inc.
The Florez Group, Inc. provides employee staffing services in the
Austin metropolitan area and throughout the country containers.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10182-smr) on
February 23, 2024. In the petition signed by John. F. Florez,
president, the Debtor disclosed up to $500,000 in assets and up to
$10 million in liabilities.
Frank B Lyon, Esq. represents the Debtor as legal counsel.
FUTURE PRESENT: Seeks to Hire Lakelet Advisory Group as Appraiser
-----------------------------------------------------------------
Future Present Productions, LLC seeks approval from the U.S.
Bankruptcy Court for the Eastern District of New York to employ
Lakelet Advisory Group LLC as its appraiser.
Lakelet will appraise the machinery and equipment at Debtor's
locations.
The firm will charge a flat fee of $19,200 for its services. If
there are changes in the scope of the services, the changes would
be billed at the hourly rates which range from $85 per hour to $325
per hour.
The Debtor will also be responsible to reimburse reasonable and
necessary out-of-pocket expenses at rates consistent with charges
generally made to its other clients.
As disclosed in the court filings, Lakelet Advisory Group
represents no interest actually adverse to the estate in the
matters upon which it is to be engaged.
The firm can be reached through:
Michael R. Koeppel
LAKELET ADVISORY GROUP LLC
1902 Ridge Road, Suite 146
West Seneca, NY 14224
Phone: (585) 752-2823
Email: mkoeppel@lakeletag.com
About Future Present Productions
Future Present Productions, LLC, doing business as GUM Studios, is
a multi-location film stage and equipment rental facility with
production capabilities in the New York Metropolitan - Tri State
area. It caters to production companies, advertising agencies,
video-photographers, designers, and large tv and film productions.
The Debtor filed Chapter 11 petition (Bankr. E.D. N.Y. Case No.
23-42510 on July 18, 2023, with $6,065,879 in assets and $5,760,994
in liabilities. Carrie White, chief executive officer, signed the
petition.
Judge Elizabeth S. Stong oversees the case.
The Debtor tapped Lewis W. Siegel, Esq., as bankruptcy counsel and
Keren Mashiah, Esq., at Mashiah & Sheffer, LLP as transactional
counsel.
GLOBETROTTER INTERMEDIATE: S&P Affirms 'B-' ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Globetrotter Intermediate LLC(Quickbase) because it expects the
company's liquidity and leverage will improve in fiscal 2024 as S&P
expects the company will generate positive free operating cash flow
(FOCF) in the range of $12 million-$18 million driven by improved
EBITDA margin as a result of company's expense management efforts
and good revenue growth due to secular demand.
S&P lowered the rating on the company's first-lien debt to 'B-'
from 'B' with a recovery prospect of '3' (50% recovery) because the
absence of cushion from second-lien term loan would diminish
recovery prospects of first-lien debt in the event of default.
The stable outlook reflects S&P's view that Quickbase's EBITDA will
improve in 2024 as a result of company's expense management efforts
and low-double-digit revenue growth, which will lead to reduction
in leverage to the mid-7x area, generation of positive FOCF in the
$12 million-$18 million range and maintenance of adequate
liquidity.
S&P said, "We expect secular demand tailwinds for low-code and
no-code markets will support revenue growth in 2024. We expect
Quickbase will continue to benefit from demand for low-code and
no-code application platforms, driven by the business need for
digital transformation and more agile software development amid a
constrained developer talent environment. IDC estimates the
low-code and no-code market to grow by about 13% annually in 2024
and 2025. The company will further benefit from its sizable
investments in the past few years to expand its sales capacity
while focusing on specific relevant end-markets and use cases, such
as complex real estate and industrial manufacturing projects. These
investments will support the company to improve upselling activity
and new logo win rates especially in the enterprise customer
segment. Therefore, we expect the company will generate
low-double-digit revenue growth in fiscal 2024. Quickbase's fully
subscription-based revenue model and net retention typically
significantly above 100% provides good revenue visibility.
"The stable outlook reflects our view that Quickbase's EBITDA will
improve in 2024 as a result of company's expense-management efforts
and low-double-digit revenue growth, which will lead to reduction
in leverage to the mid-7x area, generation of positive FOCF in the
$12 million-$18 million range, and maintenance of adequate
liquidity."
S&P could lower the rating if it views Quickbase's capital
structure as unsustainable, which could happen if:
-- Competitive or macroeconomic pressures slow bookings momentum
or increase revenue churn such that Quickbase cannot maintain its
significant revenue growth;
-- Elevated spending on organic or inorganic growth investments
drains liquidity or results in less contributions to revenue and
EBITDA than we expect; or
-- S&P expects sustained negative FOCF, EBITDA interest coverage
not exceeding 1x, or total cash and revolver availability below $30
million.
While S&P views it as unlikely within the next 12 months given its
current high leverage, it could raise the rating if Quickbase:
-- Benefits from strong market growth for model-driven application
development tools, new customer wins, and upselling opportunities
within its customer base such that it maintains organic revenue
growth of more than 20% and improves S&P Global Ratings-adjusted
EBITDA margins toward the mid-30% area; or
-- Reduces leverage to the 7x area and improves FOCF to debt
toward 5% on a sustained basis by maintaining FOCF above $20
million.
S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of the company, as is
the case for most rated entities owned by private-equity sponsors.
We believe Quickbase's highly leveraged financial risk profile
points to corporate decision-making that prioritizes the interests
of the controlling owners. This also reflects the generally finite
holding periods and a focus on maximizing shareholder returns."
GOL LINHAS: Court OKs $1-Bil. DIP Loan from TMF Group
-----------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
authorized GOL Linhas Aereas Inteligentes S.A. and its
debtor-affiliates to use cash collateral and obtain postpetition
financing, on a final basis.
GOL Finance obtained postpetition, superpriority, senior secured,
priming debtor-in-possession financing, subject to the terms and
conditions set forth in that certain Superpriority Senior Secured
Priming Debtor-in-Possession Term Sheet, which provides for:
(a) upon entry of the Interim Order, term loans in an
aggregate principal amount of $350 million, which will subsequently
be exchanged for or refinanced by, on a cashless basis, the
issuance of $350 million of notes under and subject to the terms
and conditions of the Superpriority Senior Secured Priming
Debtor-in-Possession Note Purchase Agreement;
(b) additional notes in an aggregate principal amount of $200
million under and subject to the satisfaction of the terms and
conditions of the DIP Note Purchase Agreement; and
(c) additional notes in an aggregate principal amount that
will not, when combined with all Initial DIP Notes and Final DIP
Notes, exceed $650 million in aggregate principal amount in one
additional issuance under and subject to the satisfaction of the
terms and conditions of the DIP Note Purchase Agreement.
TMF Group New York, LLC is the collateral agent and GLAS Trust
Company LLC is the trustee, paying agent, transfer agent, and
registrar for the DIP Notes under the DIP facility.
The DIP facility is due and payable on the earliest to occur of:
(a) 12 months from the Closing Date, provided that the Issuer
will be permitted to extend the Termination Date, on not more than
two occasions, by up to an additional three months for each
extension upon payment of an extension fee (payable in kind) in an
amount equal to (x) 2.00% of the Total DIP Amount for the first
extension and (y) 2.50% of the Total DIP Amount for the second
extension;
(b) conversion of any of the Chapter 11 Cases to a case under
chapter 7 without the prior written consent of the Required DIP
Noteholders;
(c) dismissal of any of the Chapter 11 Cases without the prior
written consent of the Required DIP Noteholders;
(d) the appointment of a chapter 11 trustee or an examiner
with expanded powers;
(e) the date of consummation of a sale of all or substantially
all assets of the Debtors;
(f) the effective date of a chapter 11 plan; and
(g) the date the DIP Obligations become due and payable in
full under the DIP Documents, whether by acceleration or
otherwise.
The Debtors are required to comply with these milestones:
1. The Debtors must have commenced their Chapter 11 Cases in
the U.S. Bankruptcy Court for the Southern District of New York on
or before January 31, 2024;
2. The Debtors must have entered into definitive
documentation governing the DIP in the form of a note purchase
agreement or an indenture on or before the earlier of (x) February
16, 2024 and (y) the date of the hearing for the Final DIP Order;
3. The Debtors must have proposed a business plan for the
reorganization and restructuring of the Debtors' business that is
reasonably acceptable to the Required DIP Noteholders by no later
than 120 days after the Petition Date;
4. No later than 90 days after the Petition Date, the Debtors
must have entered into stipulation agreements for no less than 90
aircraft;
5. The Debtors must file a motion seeking approval of the DIP
on the Petition Date;
6. An interim order of the Bankruptcy Court, in form and
substance reasonably acceptable to the Required DIP Noteholders,
approving the DIP on an interim basis must be entered in the
Chapter 11 Cases by no later than three business days after the
Petition Date;
7. A final order of the Bankruptcy Court, in form and
substance reasonably acceptable to the Requited DIP Noteholders,
approving the DIP on a final basis must be entered in the Chapter
11 Cases by no later than 45 days after the Petition Date;
8. The Debtors must file an Acceptable Plan by no later than
260 days after the Petition Date;
9. An order approving a disclosure statement for an
Acceptable Plan, which disclosure statement must be reasonably
acceptable to the Required DIP Noteholders, must be entered in the
Chapter 11 Cases by no later than 305 days after the Petition
Date;
10. An order confirming an Acceptable Plan must be entered in
the Chapter 11 Cases by no later than 14 days before the Scheduled
Termination Date; and
11. The confirmed Acceptable Plan must become effective by no
later than the Scheduled Termination Date.
On March 2, 2023, the Debtors entered into a Senior Secured Note
Purchase Agreement with TMF Brasil Administracao e Gestao De Ativos
Ltda., as collateral agent, which provided an aggregate principal
amount of $896.664 million.
On September 29, 2023, the Debtors entered into a Senior Secured
Exchangeable Note Purchase Agreement with TMF as collateral agent,
which provided an aggregate principal amount of $1.180 million, a
portion of which were issued in exchange for the redemption and
retirement of $1.180 million aggregate principal amount of GOL
SSNs.
On December 23, 2020, the Debtors entered into an Indenture with
the Bank of New York Mellon, as trustee, transfer agent and paying
agent and (d) TMF Brasil Administracao e Gestao De Ativos Ltda., as
collateral agent, in an aggregate principal amount of $650 million.
The Debtors require the use of cash collateral and postpetition
financing to make payroll, to satisfy other working capital and
operational needs and to fund expenses of these Chapter 11 Cases.
Each Prepetition Secured Party is entitled to adequate protection
of its respective interests in all Prepetition Secured Notes
Collateral pledged by the applicable Debtors in an amount equal to
the aggregate diminution in the value of its respective interests
in such Prepetition Secured Notes Collateral from and after the
Petition Date, for any reason provided for under the Bankruptcy
Code.
A copy of the order is available at https://urlcurt.com/u?l=r4qIX4
from PacerMonitor.com.
About GOL Linhas Aereas
GOL Linhas Aereas Inteligentes S.A. provides scheduled and
non-scheduled air transportation services for passengers and cargo;
and maintenance services for aircrafts and components in Brazil and
internationally. The company offers Smiles, a frequent-flyer
programs to approximately 20.5 million members, allowing clients to
accumulate and redeem miles. It operates a fleet of 146 Boeing 737
aircraft with 674 daily flights. The company was founded in 2000
and is headquartered in Sao Paulo, Brazil.
GOL Linhas Aereas Inteligentes S.A. and its affiliates and its
subsidiaries voluntarily filed for Chapter 11 protection (Bankr.
S.D.N.Y. Lead Case No. 24-10118) on Jan. 25, 2024.
GOL Linhas estimated $1 billion to $10 billion in assets as of the
bankruptcy filing.
Judge Martin Glenn oversees the case.
The Debtors tapped MILBANK LLP as counsel; SEABURY SECURITIES LLC
as restructuring advisor, financial advisor and investment banker;
ALIXPARTNERS, LLP, as financial advisor; and HUGHES HUBBARD & REED
LLP as aviation related counsel. KROLL RESTRUCTURING
ADMINISTRATION LLC is the claims agent.
Dechert LLP serves as primary counsel for certain DIP Noteholders.
Padis Mattar Advogados acts as Brazilian local counsel for certain
DIP Noteholders.
Akin Gump Strauss Hauer & Feld LLP serves as counsel to Elliott
Investment Management, L.P. and its affiliates.
GOTO GROUP: Fitch Lowers Long IDR to 'C' on DDE Agreement
---------------------------------------------------------
Fitch Ratings has downgraded LMI Parent, L.P.'s and its subsidiary,
GoTo Group, Inc.'s (GoTo Group, fka LogMeIn, Inc.) Long-Term Issuer
Default Ratings (IDRs) to 'C' from 'CCC-'. The ratings have been
removed from Rating Watch Negative (RWN). Per Fitch's criteria, the
IDR is moved to the 'C' rating following the company's agreement
with lenders to exchange nearly all of the outstanding $882 million
of previously existing first lien term loans and first lien notes.
The exchange is expected to close on March 4, 2024. Once the
distressed debt exchange (DDE) is executed, Fitch expects to
downgrade the IDRs to 'RD' (Restricted Default) and reassess the
rating based on the final capital structure.
Previously, GoTo Group executed a DDE where it exchanged nearly
$2.3 billion of its previously existing $3.4 billion of debt
(including the undrawn $250 million revolver) prior to the
transaction. Fitch views the executed tender offer and the agreed
upon tender offer as a DDE because the exchanges are well below par
and maturities are extended. Fitch believes GoTo Group has taken
these actions to avoid an eventual probable default.
Fitch has affirmed the new first-lien first out revolver, term
loans and notes ratings at 'B-'/'RR1'. The new first-lien second
out term loan and notes are rated 'CCC'/'RR3' remain on RWN given
the likelihood of the recovery rating being lowered to 'RR5' when
the second DDE closes. Fitch has affirmed the previously existing
first-lien term loan and notes at 'C'/'RR6' and removed the RWN now
that the exchange has been agreed upon.
KEY RATING DRIVERS
Second DDE Agreed Upon: Lenders of the previously existing debt
have agreed to GoTo Group's DDE for the remaining $882 million of
first lien term loan and notes. This is the company's second step
to reduce its financial liabilities. The new debt will be
incremental first-lien first out and first-lien second out debt.
Once the transaction closes, Fitch expects that the rating recovery
prospects for the first-lien second out debt will fall to 'RR5'
from 'RR3'.
Prior DDE: Fitch regards GoTo Group's previously executed debt
exchange for a large portion of the first-lien term loan and notes
as a DDE. The tender offer was executed well below par, and it
extends the maturities of its term loans and notes by eight months
and the revolver by 2.5 years. This was the first step the company
made to resize its financial liabilities.
Overall Transaction Benefits: The combination of the two DDE's
would reduce the company's debt by a total of $392 million after
accounting for $100 million of the issuance of a first-lien first
out "new money" term loan. In addition, the interest rates on the
new debt are unchanged from the previously issued debt. Therefore,
the interest expense burden will continue to erode FCF, although
not to the same extent.
The GoTo Group's new debt is structured in two secured tranches:
first-lien first out debt (comprised of term loans and notes) and
first-lien second out debt (comprised of a term loan and notes).
The new first-lien first out revolver benefits GoTo Group's
liquidity position; the prior revolver was due August 2025 and
contained a financial covenant that restricted the company's
availability to draw upon it. The new revolver's financial covenant
provides headroom, and the maturity date extends until April 2028.
Improved Liquidity and Negative FCF: The new $250 million revolver
will benefit the company's liquidity position in the near term
along with the $133 million of cash on the balance sheet as of the
end of 2023, down from $170 million at the end of 2022 and $316
million at the end of 2021 (which benefited from a $198 million
divestiture). The company's negative FCF has been a key driver of
lower liquidity.
GoTo Group's FCF in 2022 was negative $55 million and for the first
nine months of 2023 was negative $17 million. Fitch forecasts
negative FCF for 2023 and continuing into 2024. Fitch believes that
the company's ability to reverse the trend in 2025 is dependent on
its ability to have stable or growing revenues and EBITDA, which
may prove challenging. Fitch could take additional negative rating
action if negative FCF persists or accelerates.
Continued Revenue Declines: The company's product offerings include
innovative offerings and some legacy offerings that have
experienced declining revenues. The company's Core Collaboration
segment offers GoToMeetings (web conferencing) and other GoTo
Group's solutions that have lost SMB customers and revenues to
competitors. Fitch expects revenues for this segment to be down
significantly in 2023. This segment did well in the early days of
the pandemic, but that favorable impact began modestly winding down
in late 2021, and the pace of the decline has since accelerated.
Revenues for the company's Remote Support Group has also declined
but not to the extent of Core Collaboration. Both UCaaS and
LastPass have grown as has, to a lesser extent, Remote Support, but
those revenue improvements have not been enough to offset declines
in Core Collaboration.
Highly Competitive Market: GoTo Group operates in a crowded
competitive environment with large and small players that all
compete for the same small and medium business (SMB) customers. As
competition has increased, GoTo Group's overall revenues have
declined modestly, largely due to lower results in its
Collaboration for web conferencing. Fitch expects GoTo Group to
continue facing intense competition across each of its core end
markets, including from market leaders who are larger and have
greater financial flexibility.
While GoTo Group's strategy is focused on providing a comprehensive
product platform to the SMB segment, it competes with other SMB
focused competitors like 8x8; enterprise focused competitors like
RingCentral and Vonage; enterprise solution companies with sizeable
installed bases like Microsoft, which offers Teams; and Cisco,
which offers Webex. Zoom is another significant competitor that
serves all end markets from SMBs to large enterprise customers.
Highly Recurring and Diversified Revenues: The majority of GoTo
Group's revenues are subscription based. Additionally, it has a
number of contracts that are annual or multi-year contracts, and
many of those contracts are paid for upfront. Consistent with the
fragmented nature of the SMB segment it serves, the company has
over 2.5 million paying customers with no customer accounting for
more than 0.5% of revenues.
Diversified Product Mix: GoTo Group has a variety of product
offerings. For the first nine months of 2023, UCaaS (which is
largely GoTo Connect) accounted for 34% of revenues and Core
Collaboration for 15%. These two segments make up GoTo Group's
Unified Core Collaboration (UCC) offerings. In addition, Remote
Support accounted for 32% for the quarter's revenues and LastPass
for 19%. The LastPass segment has been moved into its own silo, and
GoTo Group has been working to create this as a standalone entity
since December 2021.
DERIVATION SUMMARY
GoTo Group's rating of 'C' reflects the agreed upon DDE. Once the
DDE closes, the company would still have limited liquidity, high
leverage and negative FCF. The company benefits from strong
recurring revenues and EBITDA margins in the low 30's. Fitch also
believes that despite strong secular demand for UCaaS and network
security, GoTo Group's revenues are expected to be negatively
affected by the highly competitive landscape that the Core
Collaboration segment faces.
The company's leverage was 7.7x at the end of 2023, and Fitch
expects it to remain in the range of 7.0x to 8.0x over the rating
horizon. GoTo Group has less financial flexibility than other peers
in the software sector. Like other private equity owned issuers,
Fitch believes that the company's focus is ultimately on ROE rather
than debt reduction.
Fitch rates the IDRs of the LMI Parent, L.P, and its wholly owned
subsidiary, GoTo Group, Inc. on a consolidated basis, using the
weak parent/strong subsidiary approach and open access and control
factors, based on the entities operating as a single enterprise
with strong legal and operational ties.
KEY ASSUMPTIONS
- Fitch assumes revenues decline in the low to mid-single digits in
2023 through 2025 before stabilizing. It is assumed that the
decline from Core Collaboration cannot offset the modest growth in
GoTo Group's other segments;
- EBITDA margins remain in the low to mid 30's over the rating
horizon;
- Capex remains low and in the range of 3.5% to 4.0% over the
rating horizon;
- Fitch assumes FCF is negative in 2023 and in 2024, FCF is
modestly positive due to lower floating interest rates;
- Debt repayments are limited to mandatory amortization payments;
- No assumptions are made for dividends or acquisitions.
RECOVERY ANALYSIS
RECOVERY ANALYSIS ASSUMPTIONS
The recovery analysis assumes that GoTo Group would be reorganized
as a going-concern (GC) entity in bankruptcy rather than
liquidated. A 10% administrative claim is assumed. The recovery
analysis also assumes pressure in the form of sustained customer
churn at the Core Collaboration segment, which is assumed to
continue to lose SMB customers to the competition such as Zoom,
Microsoft Teams, Webex, 8x8, and RingCentral. As a result, Fitch
assumes this causes adjusted EBITDA to decline to $340 million,
lower than its prior assumption of $380 million reflecting
expectations of lower revenues and EBITDA. Fitch applies a 6.0x
multiple, to arrive at a GC enterprise value (EV) just over $2.0
billion.
TEV/EBITDA Multiple Rationale: An EV Multiple of 6.0x EBITDA is
applied to the GC EBITDA to calculate a post-reorganization EV. The
choice of this multiple considered the following factors:
- Fitch's Bankruptcy Enterprise Values and Creditor Recoveries
showed that bankruptcy case study exit multiples for technology
peer companies ranged from 2.6x-10.8x.
- Of these companies, only five were in the Software sector: Allen
Systems Group, Inc. (8.4x), Avaya Inc. (2017: 8.1x and 2023: 7.5x);
Aspect Software Parent, Inc. (5.5x), Sungard Availability Services
Capital, Inc. (4.6x) and Riverbed Technology Software (8.3x).
As a result, Fitch rates the first lien first out debt at
'B-'/'RR1', the first-lien second out debt at 'CCC'/'RR3' and the
previously existing first-lien debt at 'C'/'RR6'.
RATING SENSITIVITIES
Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Positive rating action is not expected to occur until after the
IDR is downgraded to 'RD' when the second DDE is executed.
Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Fitch expects to lower the IDR to 'RD' once the DDE is executed.
Subsequently, the IDR will be reassessed based on the final capital
structure.
LIQUIDITY AND DEBT STRUCTURE
Improved Liquidity: As of Dec. 31, 2023, GoTo Group had cash on the
balance sheet of $133 million. The company's near-term liquidity
has improved with a new $250 million revolver due 2028. Fitch
expects the company to generate negative FCF in the near term,
which would reduce GoTo Group's liquidity position.
Once the second DDE is executed, the debt structure will include
first-lien first out term loans and notes as well as first-lien
second out term loan and notes. The previously existing first lien
term loan and notes are subordinated to those instruments.
ISSUER PROFILE
LMI Parent, L.P. is the parent of its wholly owned subsidiary, GoTo
Group, Inc. (GoTo Group, fka LogMeIn Inc.). GoTo Group focuses on
unified communication and collaboration (through Unified
Communication as a Service [UCaaS] and its collaboration
solutions), identity access management, and remote support for the
SMB market.
ESG CONSIDERATIONS
LMI Parent, L.P. has an ESG Relevance Score of '4' for Management
Strategy due to the company's revenue decline, limited liquidity
and negative FCF, which has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
GoTo Group, Inc. LT IDR C Downgrade CCC-
senior secured LT B- Affirmed RR1 B-
senior secured LT CCC Rating Watch Maintained RR3 CCC
senior secured LT C Affirmed RR6 C
LMI Parent, L.P. LT IDR C Downgrade CCC-
H&H ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: H&H Enterprises of PC BCH LLC DBA Sandbar
140 Bonaire Drive
Panama City Beach, FL 32413
Chapter 11 Petition Date: March 6, 2024
Court: United States Bankruptcy Court
Northern District of Florida
Case No.: 24-50032
Debtor's Counsel: Michael A. Wynn, Esq.
WYNN & ASSOCIATES PLLC
430 W. 5th Street
Suite 400
Panama City, FL 32401
Tel: (850) 526-3520
Fax: (850) 526-5210
Email: michael@wynnlaw-fl.com
Total Assets: $165,486
Total Liabilities: $1,086,708
The petition was signed by Craig K Harris as MGRM.
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/EESJT5Q/HH_ENTERPRISES_OF_PC_BCH_LLC__flnbke-24-50032__0001.0.pdf?mcid=tGE4TAMA
HARVEST INVESTMENTS: Voluntary Chapter 11 Case Summary
------------------------------------------------------
Debtor: Harvest Investments, LLC
2521 Washington St
Pella IA 50219
Business Description: Harvest Investments is engaged in activities
related to real estate.
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
Southern District of Iowa
Case No.: 24-00268
Debtor's Counsel: Melvin Shaw, Esq.
THE LAW OFFICE OF MELVIN O. SHAW, P.L.C.
1305 5th Street, Suite 104
Coralville, IA 52241
Tel: (319) 337-7429
Email: law@melvinshaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jeff Ewing 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/VHFIQSI/Harvest_Investments_LLC__iasbke-24-00268__0001.0.pdf?mcid=tGE4TAMA
HERITAGE SENIOR: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Heritage Senior Holdings LLC
4220 Clairton Boulevard
Pittsburgh, PA 15227
Business Description: Heritage Senior is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
Western District of Pennsylvania
Case No.: 24-20544
Debtor's Counsel: Christopher M. Frye, Esq.
STEIDL & STEINBERG, P.C.
707 Grant Street
Suite 2830- Gulf Tower
Pittsburgh, PA 15219-1908
Tel: 412-391-8000
Fax: 412-391-0221
Email: chris.frye@steidl-steinberg.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kimberly SanGregorio as president.
The Debtor indicated it has no unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/SUMRAXA/Heritage_Senior_Holdings_LLC__pawbke-24-20544__0001.0.pdf?mcid=tGE4TAMA
HEYWOOD HEALTHCARE: PCO Reports No Staffing Changes
---------------------------------------------------
Joseph Tomaino, the duly appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the District of Massachusetts
his second report regarding the quality of patient care provided by
Heywood Healthcare, Inc.
The PCO and his assistant interviewed select staff from a variety
of disciplines at Heywood Hospital, the Athol Hospital, and one of
the Heywood Medical Group sites, where staff at both hospitals did
not uncover any changes in staffing patterns since the bankruptcy
filing, and staff who were interviewed reported staffing is
adequate.
The PCO stated that the laboratory manager at Athol Hospital
reported having challenges with staffing, but not due to
bankruptcy, rather the usual difficulty in recruiting staff. Staff
reported no increase in mandated overtime.
Mr. Tomaino received a call from a patient family member whose
mother passed away prior to bankruptcy filing. He stated that his
mother was being treated by a psychiatrist at Heywood and that a
medication with a "black box" warning for use with the elderly was
prescribed. While the incident was not during the bankruptcy, the
PCO did review the organization's policy and procedure on use of
"black box" warning drugs and found it to be appropriate.
The PCO also received a phone complaint from a nurse who said that
the emergency department at Athol Hospital is now going to be
staffed with mid-level medical providers, a nurse practitioner and
a physician's assistant. The PCO suggested that additional staff
meetings be held to explain the skills and experience of these
providers and address any staff questions and concerns, which
management agreed to.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=tmMkcd from PacerMonitor.com.
The ombudsman may be reached at:
Joseph J. Tomaino
Chief Executive Officer
Grassi Healthcare Advisors, LLC
750 Third Avenue
New York, NY 10017
Phone: 212-223-5020
Email: jtomaino@grassihealthcareadvisors.com
About Heywood Healthcare
Heywood Healthcare, Inc. is a non-profit community-owned hospital
in Gardner, Mass.
Heywood Healthcare and its affiliates filed Chapter 11 petitions
(Bankr. D. Mass. Lead Case No. 23-40817) on Oct. 1, 2023. In the
petition signed by its chief executive officer, Thomas Sullivan,
Heywood Healthcare disclosed up to $500,000 in assets and up to
$50,000 in liabilities.
Judge Elizabeth D. Katz oversees the cases.
John M. Flick, Esq., at Flick Law Group, PC represents the Debtors
as legal counsel.
The U.S. Trustee for Region 1 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Dentons Bingham Greenebaum, LLP and Dentons US,
LLP as its legal counsel.
Joseph J. Tomaino is the patient care ombudsman appointed in the
Debtors' cases.
HUGOTON OPERATING: Trustee Taps CR3 Partners as Financial Advisor
-----------------------------------------------------------------
Dawn Ragan, the Chapter 11 trustee for Hugoton Operating Company,
Inc. and its affiliates, seeks approval from the U.S. Bankruptcy
Court for the Southern District of Mississippi to employ CR3
Partners LLC as her financial advisor.
The firm will render these services:
a. provide financial advisory services, and guidance related
to operation of an oil and gas business;
b. assist in the review and amendment of reports or filings,
including schedules of assets and liabilities, the statement of
financial affairs and monthly operating reports;
c. assist in the review of regulatory reporting required in
the oil and gas industry, and evaluation of report findings as
appropriate;
d. review of each Debtor's financial information;
e. review and analyze the reporting regarding cash collateral
and other potential financing arrangements and budgets;
f. assist with identifying, analyzing and evaluation potential
cost containment and liquidity enhancement opportunities;
g. assist with any sale process;
h. assist the trustee with evaluation and retention of any
industry professionals;
i. provide testimony and financial exhibits during the
Debtors' chapter 11 case; and
j. perform other advisor services.
The hourly rates of the firm's professionals are as follows:
Partner $895 - $1,295 per hour
Director $625 - $795 per hour
Manager $495 - $550 per hour
Associate $450 - $495 per hour
Greg Baracato, a partner at CR3 Partners, disclosed in a court
filing that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Greg Baracato
CR3 Partners
13355 Noel Road, Suite 2005
Dallas, TX 75240
Telephone: (800) 728-7176
Facsimile: (972) 430-7500
Email: greg.baracato@cr3partners.com
About Hugoton Operating Company
Hugoton Operating Company, Inc., filed a Chapter 11 petition
(Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023, with as
much as $50,000 in assets and $1 million to $10 million in
liabilities. Judge Jamie A. Wilson oversees the case.
Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is the Debtor's
legal counsel.
HUGOTON OPERATING: Trustee Taps Hood & Bolen as Local Counsel
-------------------------------------------------------------
Dawn Ragan, the Chapter 11 trustee for Hugoton Operating Company,
Inc. and its affiliates, seeks approval from the U.S. Bankruptcy
Court for the Southern District of Mississippi to employ Hood &
Bolen, PLLC as her local counsel.
The firm will advise the trustee in consultation with her other
attorneys on all matters anticipated to arise in this case and all
related matters, actions, suits, disputes, negotiations,
consultations, hearings, trials, meetings, conferences, etc.,
involved in this case including performing all legal services
necessary.
The firm will charge $600 per hour for its services.
R. Michael Bolen, Esq., a partner at Hood & Bolen, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
R. Michael Bolen, Esq.
HOOD & BOLEN, PLLC
3770 Hwy. 80 West
Jackson, MS 39209
Tel: (601) 923-0788
Email: rmb@hoodbolen.com
About Hugoton Operating Company
Hugoton Operating Company, Inc., filed a Chapter 11 petition
(Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023, with as
much as $50,000 in assets and $1 million to $10 million in
liabilities. Judge Jamie A. Wilson oversees the case.
Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is the Debtor's
legal counsel.
HUGOTON OPERATING: Trustee Taps Kelly Hart & Hallman as Attorney
----------------------------------------------------------------
Dawn Ragan, the Chapter 11 trustee for Hugoton Operating Company,
Inc. and its affiliates, seeks approval from the U.S. Bankruptcy
Court for the Southern District of Mississippi to employ Kelly Hart
& Hallman, LLP as her attorneys.
The firm's services include:
a. advising the trustee with respect to the continued
operation and management of the Debtor's business and property;
b. investigating the nature and validity of claims and liens
asserted against the property of the Debtor, and representing the
trustee in pending litigation concerning claims and liens against
the estate and property of the estate;
c. assisting the trustee in reporting to this court, creditors
and the U.S. trustee regarding the business and operations of the
Debtor's estate;
d. preparing legal documents and reviewing all financial
reports to be filed;
e. advising the trustee concerning, and preparing responses to
legal documents which may be filed by other parties;
f. taking all necessary actions to protect and preserve the
estate, including the prosecution of actions, the defense of any
actions, the negotiation of disputes to which the trustee is
involved, and the preparation of objections to claims filed against
the estate;
g. performing all other legal services that may be necessary
or appropriate in the administration of the Debtors' Chapter 11
cases; and
h. providing any other matter that may arise in connection
with the Debtors' business operations but not tax or securities
matters unless specifically requested and agreed to in writing.
The firm will be paid at these rates:
Nancy Ribaudo $600 per hour
Katherine Hopkins $585 per hour
Amelia Hurt $500 per hour
Joseph Austin $375 per hour
As disclosed in court filings, Kelly is neither an equity security
holder nor insider of the Debtors.
The firm can be reached through:
Nancy Ribaudo, Esq.
Katherine Hopkins, Esq.
KELLY HART & HALLMAN, LLP
201 Main Street, Suite 2500
Fort Worth, TX 76102
Telephone (817) 878-9377
Facsimile (817) 878-9280
Email: Nancy.Ribaudo@kellyhart.com
Email: Katherine.Hopkins@kellyhart.com
About Hugoton Operating Company
Hugoton Operating Company, Inc., filed a Chapter 11 petition
(Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023, with as
much as $50,000 in assets and $1 million to $10 million in
liabilities. Judge Jamie A. Wilson oversees the case.
Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is the Debtor's
legal counsel.
IAMGOLD CORP: Welcomes Murray Suey to Board of Directors
--------------------------------------------------------
IAMGOLD Corporation announced that the Company appointed Murray P.
Suey, FCPA, FCA to its board of directors effective immediately.
Suey has also been appointed as the Chair of the Audit and Finance
Committee.
"We are delighted to welcome Murray Suey to the board of directors
of IAMGOLD," commented David Smith, Chair of the Board of IAMGOLD.
"Throughout his distinguished career, Murray has demonstrated
exceptional leadership, stewardship and strategic acumen, with
extensive experience advising and working with international
resource companies. His deep understanding of complex business
environments and commitment to excellence make him an ideal
candidate to contribute to the strategic direction and governance
of IAMGOLD."
Suey has over 40 years of experience in financial advisory,
operations and auditing with KPMG Canada, a global leading
accounting and professional services firm. Suey most recently
served as a Regional Managing Partner in KPMG Canada. Prior to
this, he was a Partner-in-Charge of the Calgary audit practice with
decades of experience advising global natural resource companies
and SEC registrants. Suey was proudly a founding member of KPMG
Canada's Inclusion and Diversity Council which guided KPMG Canada
to actively manage diversity and representation of women in senior
management positions. Suey is currently the Director, Treasurer and
Member of the Executive Committee of the Board for the Juvenile
Diabetes Research Foundation (JDRF) Canada.
Suey was awarded the Fellow designation of the Institute of
Chartered Accountants (FCPA, FCA) in 2019, and holds a Bachelor of
Commerce (with Distinction) from the University of Calgary. In
2023, Suey received the Executive Certificate in Advancing
Sustainability from the NYU Stern Center for Sustainable Business
and completed the Directors' Consortium from Stanford University
Graduate School of Business.
About IAMGOLD Corporation
Headquartered in Toronto, Canada, IAMGOLD Corporation is an
intermediate gold producer and developer based in Canada with
operating mines in North America and West Africa.
In June 2023, S&P Global Ratings revised its outlook on IAMGOLD
Corp. to positive from negative and affirmed its 'CCC+' issuer
credit rating. At the same time, S&P lowered its issue-level
rating on the company's unsecured notes to 'CCC' from 'CCC+' and
revised its recovery rating to '5' from '4'.
In September 2023, Egan-Jones Ratings Company maintained its 'B+'
foreign currency and local currency senior unsecured ratings on
debt issued by IAMGOLD.
INFINERA CORP: Delays Filing of 2023 Annual Report
--------------------------------------------------
Infinera Corporation filed a Form 12b-25 with the U.S. Securities
and Exchange Commission notifying the delay in filing its Annual
Report on Form 10-K for the fiscal year ended Dec. 30, 2023.
Subsequent to the filing of the Company's Form 10-K and Quarterly
Reports on Form 10-Q for the periods ended Dec. 31, 2022, April 1,
2023 and July 1, 2023, respectively, Ernst & Young LLP, the
Company's independent registered public accounting firm, informed
the Company that the Public Company Accounting Oversight Board had
commenced an inspection of EY's audit of the Company's consolidated
financial statements for the fiscal year ended Dec. 31, 2022.
Subsequently, EY raised questions regarding the Company's
stand-alone sales price ("SSP") methodology as it relates to
revenue allocation between product revenue, which is recognized
upon delivery, and certain components of services revenue, which is
amortized over a period of time. In addition, EY raised questions
regarding the sufficiency of documentation retained by the Company
related to the revenue portion of its quote to cash cycle (revenue
cycle) and its inventory cycle. As a result of these queries, the
Company reexamined its SSP methodology and engaged in an evaluation
of its review procedures related to its revenue cycle and its
inventory cycle.
Subsequently, the Company's management concluded that, as of Dec.
31, 2022, there were material weaknesses in its internal control
over financial reporting related to its revenue cycle, inventory
cycle, and with respect to these, its internal resources, expertise
and policies required to maintain an effective control environment.
As a result, the Company's internal control over financial
reporting was not effective, as of Dec. 31, 2022, and continues to
be ineffective, and these material weaknesses are unremediated to
date. Furthermore, the Company's Chief Executive Officer and Chief
Financial Officer have determined that because of these material
weaknesses, the Company's disclosure controls and procedures were
not effective at a reasonable assurance level as of Dec. 31, 2022,
April 1, 2023, July 1, 2023 and Sept. 30, 2023.
On Feb. 29, 2024, the Company filed a Form 10-K/A for the period
ended Dec. 31, 2022, a Form 10-Q/A for the period ended April 1,
2023, a Form 10-Q/A for the period ended July 1, 2023 and a Form
10-Q for the period ended Sept. 30, 2023.
The Company intends to delay the filing of its Form 10-K until the
Company completes its year-end closing procedures in light of the
delays caused by the circumstances described above.
About Infinera Corp.
Headquartered in Sunnyvale, Calif., Infinera Corp. --
www.infinera.com -- is a semiconductor manufacturer and global
supplier of networking solutions comprised of networking equipment,
optical semiconductors, software and services. The Company's
portfolio of solutions includes optical transport platforms,
converged packet-optical transport platforms, compact modular
platforms, optical line systems, coherent optical engines and
subsystems, a suite of networking and automation software
offerings, and support and professional services.
Infinera reported a net loss of $76.04 million in 2022, a net loss
of $170.78 million in 2021, a net loss of $206.72 million in 2020,
and a net loss of $386.62 million in 2019.
INFINERA CORP: Incurs $9.4 Million Net Loss in Third Quarter
------------------------------------------------------------
Infinera Corporation filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $9.41 million on $392.37 million of total revenue for the three
months ended Sept. 30, 2023, compared to a net loss of $11.93
million on $390.45 million of total revenue for the three months
ended Sept. 24, 2022.
For the nine months ended Sept. 30, 2023, the Company reported a
net loss of $38.10 million on $1.16 billion of total revenue,
compared to a net loss of $109.50 million on $1.1 billion of total
revenue for the nine months ended Sept. 24, 2022.
As of Sept. 30, 2023, the Company had $1.57 billion in total
assets, $614.83 million in total current liabilities, $657.94
million in long-term debt, $17.01 million in long-term accrued
warranty, $21.17 million in long-term deferred revenue, $2.23
million in long-term deferred tax liability, $39.16 million in
long-term operating lease liabilities, $34.75 million in other
long-term liabilities, and $181.23 million in total stockholders'
equity.
"We believe that our current cash, along with the Credit
Facility...will be sufficient to meet our anticipated cash needs
for working capital and capital expenditures, mortgage payments,
interest payments on our convertible senior notes...and the
repayment of our 2024 Notes for at least 12 months. If the impact
to our business and financial position from weakness in the global
economy, banking sector and financial markets is more extensive or
prolonged than expected and our existing sources of cash are
insufficient to satisfy our liquidity requirements, we may require
additional capital from equity or debt financings to fund our
operations, to respond to competitive pressures or strategic
opportunities, or otherwise. In addition, we are continuously
evaluating alternatives and potential transactions for efficiently
funding our capital expenditures, ongoing operations and servicing
our existing debt. We may, subject to market conditions and other
considerations, from time to time engage in a variety of financing
transactions for such purposes, including the issuance of
securities or the incurrence of additional debt and the refinancing
of existing debt. We may not be able to secure timely additional
financing, or refinance existing debt, on favorable terms or at
all. The terms of any additional financings or refinancing may
place limits on our financial and operating flexibility and we may
not be able to obtain terms as favorable as the terms of any debt
being refinanced. If we raise additional funds through further
issuances of equity or equity-linked securities, our existing
stockholders could suffer dilution in their percentage ownership of
us, and any new securities we issue could have rights, preferences
and privileges senior to those of holders of our common stock,"
Infinera said.
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0001138639/000113863924000040/infn-20230930.htm
About Infinera Corp.
Headquartered in Sunnyvale, Calif., Infinera Corp. --
www.infinera.com -- is a semiconductor manufacturer and global
supplier of networking solutions comprised of networking equipment,
optical semiconductors, software and services. The Company's
portfolio of solutions includes optical transport platforms,
converged packet-optical transport platforms, compact modular
platforms, optical line systems, coherent optical engines and
subsystems, a suite of networking and automation software
offerings, and support and professional services.
Infinera reported a net loss of $76.04 million in 2022, a net loss
of $170.78 million in 2021, a net loss of $206.72 million in 2020,
and a net loss of $386.62 million in 2019.
JAZI KAT 4659: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: Jazi Kat 4659 Rockridge, LLC
5314 N 7th Street
Phoenix, AZ 85014
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
District of Arizona
Case No.: 24-01627
Judge: Hon. Eddward P Ballinger Jr.
Debtor's Counsel: Krystal M. Ahart, Esq.
KAHN & AHART, PLLC
Bankruptcy Legal Center
301 E. Bethany Home Road, Suite C-195
Phoenix, AZ 85012-1266
Tel: 602-266-1717
Email: Krystal.Ahart@azbk.biz
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Bridget O'Brien as managing member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/22AP4CY/JAZI_KAT_4659_ROCKRIDGE_LLC__azbke-24-01627__0001.0.pdf?mcid=tGE4TAMA
JAZI KAT: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: Jazi Kat, LLC
5306 N 7th Street
Phoenix, AZ 85014
Case No.: 24-01626
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
District of Arizona
Judge: Hon. Madeleine C. Wanslee
Debtor's Counsel: Krystal M. Ahart, Esq.
KAHN & AHART, PLLC
Bankruptcy Legal Center
301 E. Bethany Home Road, Suite C-195
Phoenix, AZ 85012-1266
Tel: 602-266-1717
Email: Krystal.Ahart@azbk.biz
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Bridget O'Brien as managing member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/2N2YMTA/JAZI_KAT_LLC__azbke-24-01626__0001.0.pdf?mcid=tGE4TAMA
JCB TRUCKING: Continued Operations to Fund Plan
-----------------------------------------------
JCB Trucking Enterprises LLC and JKM Storage and Rentals LLC
submitted an Amended Small Business Chapter 11 Plan and Disclosure
Statement Under Subchapter V dated February 27, 2024.
JCB owns and operates a trucking operation in multiple counties
within the State of Indiana.
Michael Bloom and Jacob Bloom are the sole owners/members of JCB.
JCB was organized on July 22, 2014, as an Indiana limited liability
company and has operated and continues to operate.
During the course of this proceeding, JCB in conjunction with JKM
Storage and Rentals LLC, the proceeding being jointly administrated
herewith, have attempted to sell the real estate ("Real Estate")
owned by JKM at 2341 South 30th Street, Lafayette, IN 47909. JKM
initially conducted an unsuccessful auction for the Real Estate.
JKM then secured a buyer for the Real Estate for an amount that
would have been sufficient to pay all creditors of JKM and allow
the principals of JKM to make capital contributions to JCB in a
sufficient amount to pay JCB creditors in full. t/he buyer
terminated the purchase agreement during the due diligence period.
JKM has continued to solicit offers for the Real Estate. A
prospective buyer submitted a letter of intent.
JKM countered the letter of intent terms and the parties have
reached an agreement February 6, 2024. JKM and the prospective
buyer are drafting a purchase agreement and shall be filing a
motion for authority to sell the Real Estate free and clear of
liens with liens to attach to the proceeds. The proceeds of the
sale of the Real Estate will not be sufficient to pay creditors of
both estates in full. Accordingly, JCB is tendering this Amended
Plan.
The length of the Amended Plan is 3 years.
Class 4 consists of General Unsecured Claims. General Unsecured
Claims shall include the deficiency of FMB. General Unsecured
Creditors shall receive a pro rata distribution from net disposable
income of JCB.
Class 5 consists of Equity Interest Holders. Michael Bloom and
Jacob Bloom shall continue as the sole owners/members of JCB.
The source of funds used in this Amended Plan for payments to
creditors shall be the operations of JCB.
The Debtor believes that the Debtor will have enough cash on hand
on the Effective Date of the Amended Plan to pay all the Claims and
expenses that are entitled to be paid on that date.
A full-text copy of the Amended Plan dated February 27, 2024 is
available at https://urlcurt.com/u?l=6oD3qc from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
David R. Krebs, Esq.
Hester Baker Krebs, LLC
1 Indiana Square, Suite 1600
Indianapolis, IN 46204
Tel: (317) 833-3030
Email: dkrebs@hbkfirm.com
About JCB Trucking Enterprises
JCB Trucking Enterprises, LLC is a privately held company operating
in the general freight trucking industry. The company is based in
Lafayette, Ind.
JCB Trucking Enterprises and its affiliate, JKM Storage & Rentals,
LLC, filed petitions under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ind. Lead Case No. 22-40047) on March
18, 2022, listing up to $50,000 in assets and up to $10 million in
liabilities. Douglas R. Adelsperger serves as Subchapter V
trustee.
Judge Robert E. Grant oversees the cases.
David R. Krebs, Esq., at Hester Baker Krebs, LLC and Heath CPA &
Associates serve as the Debtors' legal counsel and accountant,
respectively.
KAMC HOLDINGS: S&P Upgrades ICR to 'B-' on Better Liquidity
-----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Port
Washington, Wis.-based provider of energy efficiency and
demand-side management (DSM) solutions and products KAMC Holdings
Inc. (doing business as Franklin Energy) to 'B-' from 'CCC+'. At
the same time, S&P raised its rating on the company's first-lien
debt to 'B-' from 'CCC+'. The recovery rating on the senior secured
debt remains '3'.
The stable outlook reflects S&P's expectation that Franklin will
consistently generate positive FOCF and that the 2026 term loan
maturity is extended on a timely basis.
Port Washington, Wis.-based provider of energy efficiency and
demand-side management (DSM) solutions and products Franklin Energy
issued $135 million of preferred equity to replace its second-lien
term loan.
Franklin Energy's issuance of $135 million of preferred stock
meaningfully improves FOCF generation and liquidity. Replacing the
high-interest, second-lien debt with pay-in-kind (PIK) preferred
equity provides a cash interest benefit that allows Franklin to
realize positive cash flow in 2024. S&P said, "We now expect
improved debt coverage to about 4% FOCF to debt in 2024 from a thin
1% in our previous forecasts. We estimate about $25 million
liquidity availability including cash and the revolving credit
facility after the transaction plus about $15 million-$20 million
of annual FOCF generation."
S&P said, "We expect the company to increase EBITDA with steady
margins because of industry tailwinds and operational performance
improvement. We believe Franklin is well positioned to capture
revenue growth from federal investments in sustainability programs
and from widespread uptake of corporate sustainability goals.
Franklin has relevant technical and programmatic expertise many
companies lack in-house that we think it will leverage to capture
new revenue. We expect the company's recent cost structure
initiatives will support margin uplift beginning in late 2024 as
incremental investments in salespeople translate to higher revenue
flow-through to margins. We forecast revenue growth in the
mid-to-high single-digit percent area and S&P Global
Ratings-adjusted EBITDA margins in the mid-teen percent area for
several years.
"We see a longer-term credit risk because we think the preferred
equity terms create uncertainty over governance and financial
policies. In our base case, we assume the first-lien term loan's
maturity will be extended to 2028 but a subsequent maturity
extension could prove challenging. Effectively, the preferred's
sale demand feature gives Invesco the right to demand sale by the
third quarter of 2029. We estimate the cash requirement at that
time to be over $300 million after PIK accrual. If full redemption
does not occur, Invesco has the right to step-up the PIK rate and
take control with majority board seats. We think this creates
incentive for the current sponsors to refinance the preferred in
order to avoid facing possible change of control. Business
underperformance from our base case could increase refinancing risk
and reduce the chance the company can convert the preferred equity
to debt.
"The stable outlook reflects our expectation that Franklin will
experience revenue growth and improved margins, leading to
consistent positive FOCF, and that the 2026 term loan maturities
are extended on a timely basis."
KING ALPHA: Seeks to Hire Sagre Law Firm as Bankruptcy Counsel
--------------------------------------------------------------
King Alpha Properties and Investments, LLC seeks approval from the
U.S. Bankruptcy Court for the Southern District of Florida to hire
Sagre Law Firm, P.A. as its legal counsel.
The firm will provide these services:
a. give advice to the Debtor with respect to its powers and
duties 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 legal documents;
d. protect the interest of the Debtor in negotiation with its
creditors in the preparation of a Chapter 11 plan; and
e. assist the Debtor in the preparation of a plan.
The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for out-of-pocket expenses
incurred.
Ariel Sagre, Esq., a partner at Sagre Law Firm, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
Sagre Law Firm can be reached through:
Ariel Sagre, Esq.
SAGRE LAW FIRM, P.A.
5201 Blue Lagoon Drive, Suite 892
Miami, FL 33126
Tel: (305) 266-5999
Fax: (305) 265-6223
Email: law@sagrelawfirm.com
About King Alpha Properties and
Investments, LLC
King Alpha Properties and Investments, LLC filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
S.D. Fla. Case No. 24-11704) on February 23, 2024, listing $1
million to $10 million in both assets and liabilities. The petition
was signed by Robinson Julien of 281 NE 78th ST, LLC, the Debtor's
sole member.
Judge Corali Lopez-Castro presides over the case.
Ariel Sagre, Esq. at SAGRE LAW FIRM, P.A. represents the Debtor as
counsel.
L&E OUTFITTERS: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: L&E Outfitters, LLC
2521 Washington St
Pella IA 50219
Business Description: L&E Outfitters is engaged in activities
related to real estate.
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
Southern District of Iowa
Case No.: 24-00267
Debtor's Counsel: Melvin Shaw, Esq.
THE LAW OFFICE OF MELVIN O. SHAW, P.L.C.
1305 5th Street, Suite 104
Coralville, IA 52241
Tel: (319) 337-7429
Email: law@melvinshaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jeff Ewing 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/GVYCXVY/LE_Outfitters_LLC__iasbke-24-00267__0001.0.pdf?mcid=tGE4TAMA
LIGCEDB LLC: Property Sale Proceeds to Fund Plan Payments
---------------------------------------------------------
LIGCEDB LLC filed with the U.S. Bankruptcy Court for the Central
District of California a Disclosure Statement describing Chapter 11
Plan dated February 29, 2024.
The Debtor is a single member LLC. The member is Rosalinda Barba.
The Debtor's only asset was a single family residence located at
4351 Victoria Park Place ("Property").
Delays in the remodel of the Property were caused by the filing of
a state court lawsuit by Cameron Orozco and a related recording of
a lis pendens which prevented Debtor from obtaining construction
financing. Payments to the holder of the 1st Trust Deed became
delinquent and it initiated foreclosure proceedings which were
pending prior to the filing of the case.
The only asset of the Debtor was sold on January 30, 2023 for
$1,060,000.00. The secured lender was paid in full through the
proceeds as was the Los Angeles County Treasurer and Tax
Collector.
The Debtor's only remaining asset is its pending cross claim
against Cameron Orozco and Juan Orozco (Cameron's father) for
fraud, conspiracy to commit fraud and intentional deceit, slander
of title and declaratory relief. Debtor is seeking compensatory
damages, punitive damages and attorney's fees and costs.
The Property has been liquidated and the secured lenders have been
paid through escrow. Once the litigation is resolved, Debtor does
not contemplate continued operation.
Class 3 consists of General Unsecured Claims. The general unsecured
claims consist of the scheduled claims of Ballard Chiropractic Corp
($22,000.00) and David J. Ballard ($14,000.00) and a disputed claim
filed by Cameron Orozco which is the subject of a pending adversary
proceeding. The treatment of Class 3 claims will be to pay allowed
general unsecured claims in full on the effective date of the plan.
The amount, if any, paid to the disputed claim of Cameron Orozco
will be determined at the conclusion of the pending adversary.
If the claim is allowed in any amount, it will be paid from the
proceeds of the sale currently held in Debtor's segregated and
restricted Debtor in Possession account. Although Cameron Orozco
has asserted various and contradictory allegation to support his
claim, the claim on file asserts he is entitled to 50% of the
proceeds from the sale. Therefore, if Cameron Orozco succeeds in
his position that he is entitled to 50% of the net proceeds, said
distribution will be paid in full on the effective date of the
plan. This Class is unimpaired.
The allowed unsecured claims total $449,564.15.
The only interest holder in Debtor is Rosalinda Barba, the sole
managing member of Debtor.
The Plan will be funded with the proceeds from the sale of the
Property currently held in Debtor's segregated and restricted
Debtor in Possession account.
A full-text copy of the Disclosure Statement dated February 29,
2024 is available at https://urlcurt.com/u?l=YzAryj from
PacerMonitor.com at no charge.
Debtor's Counsel:
Thomas B. Ure, Esq.
URE LAW FIRM
800 West 6th Street, Suite 940
Los Angeles, CA 90017
Tel: 213-202-6070
Fax: 213-202-6075
Email: tom@urelawfirm.com
About LIGCEDB LLC
LIGCEDB LLC, doing business as Loveleeds, is the fee simple owner
of a real property located at 4351 Victoria Park Place, Los
Angeles, CA valued at $1.2 million.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 22-10567) on May 9,
2022. The Debtor estimated total assets at $1.2 million and
$408,871 in debt.
The Debtor tapped Thomas B. Ure, Esq., at Ure Law Firm as counsel.
The petition was signed by Rosalinda Barba, managing member.
LION STAR: PCO Susan Goodman Submits First Report
-------------------------------------------------
Susan Goodman, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Northern District of Texas her first
interim report regarding the quality of patient care provided by
Lion Star Nacogdoches Hospital, LLC.
The PCO spoke to seven physicians and three advanced practitioners
prior to report preparation. Universally, the clinicians expressed
concern surrounding the post-petition flow of supplies and services
along with skepticism regarding the trustworthiness of the
messaging from executive leadership.
Further, post-petition clinician resignations were reported along
with some reported reductions in the provision of on-call emergency
department specialty clinician coverage. At the time of PCO's site
visit, the contracted nurse anesthetists were reported as having
provided notice of their intent to cease providing services. At the
time of report filing, clinical leadership reported that
negotiations and options were ongoing.
The PCO stated that Lion Star received disposable supply shipments
from its major supply distributor two times per week prior to
bankruptcy. Post-petition, however, Lion Star reported ad hoc
supply shipments with, at times, 2+-week variances between supply
order placement and receipt. Further, the company was removed from
the distributor's delivery route and reported utilizing a
third-party delivery company for its large distributor shipments.
The PCO observed that post-petition staff resignations are another
concern. This concern was heightened by anonymous staff reports
that something recently changed with their personal health, dental,
and prescription medication insurance coverage experiences. Staff
reported attempting to go to the doctor, dentist, or pharmacy
believing insurance would cover their visit or medication yet were
treated as "self-pay" reportedly due to an accumulation of unpaid
insurance claims.
Ms. Goodman reviewed two post-petition patient concerns that were
forwarded to her through the hospital district. One concern
reported insufficient bed linens, specifically blankets. The second
concern was grounded in a near supply outage associated with a
supply order payment or shipment delay consistent with the
challenges already discussed.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=e2wjnr from PacerMonitor.com.
The PCO may be reached at:
Susan N. Goodman, RN JD
Pivot Health Law, LLC
P.O. Box 69734
Oro Valley, AZ 85737
Phone: (520) 744-7061
Email: sgoodman@pivothealthaz.com
About Lion Star Nacogdoches Hospital
Lion Star Nacogdoches Hospital, LLC is a provider of healthcare
services based in Nacogdoches, Texas.
The Debtor filed Chapter 11 petition (Bankr. N.D. Texas Case No.
23-43535) on Nov. 17, 2023, with $10 million to $50 million in both
assets and liabilities. Sean Fowler, chief executive officer,
signed the petition.
Judge Mark X. Mullin oversees the case.
The Debtor tapped Jeff P. Prostok, Esq., at Forshey & Prostok, LLP
as bankruptcy counsel and Curtis W. Fenley, III, Esq., at Fenley &
Bate, LLP as special counsel.
Susan N. Goodman is the patient care ombudsman appointed in the
Debtor's Chapter 11 case.
MAD PRODUCT: Jerrett McConnell Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq.,
at McConnell Law Group, P.A. as Subchapter V trustee for MAD
Product Innovations, LLC.
Mr. McConnell will be paid an hourly fee of $350 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. McConnell declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jerrett M. McConnell, Esq.
McConnell Law Group, P.A.
6100 Greenland Rd., Unit 603
Jacksonville, FL 32258
Phone: (904) 570-9180
Email: info@mcconnelllawgroup.com
About MAD Product Innovations
MAD Product Innovations, LLC, a company in Jacksonville Beach,
Fla., filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00472) on February
16, 2024, with $611,903 in assets and $2,575,774 in liabilities.
Michaelene Cadiz, chief executive officer and president, signed the
petition.
Judge Jason A. Burgess oversees the case.
Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler,
LLP represents the Debtor as bankruptcy counsel.
MCMULLEN CONSTRUCTION: Case Summary & Nine Unsecured Creditors
--------------------------------------------------------------
Debtor: McMullen Construction, LLC
f/d/b/a McMullen Development, LLC
4730 Liberty Rd. S
Salem, OR 97302
Business Description: The Debtor is part of the residential
building construction industry.
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
District of Oregon
Case No.: 24-60523
Judge: Hon. Teresa H. Pearson
Debtor's Counsel: Keith D. Karnes, Esq.
RANK & KARNES LAW PC
2701 12th St. SE
Salem, OR 97302
Tel: 503-385-8888
Fax: 503-385-8899
Email: kevin@rankkarneslaw.com
Total Assets: $5,503,674
Total Liabilities: $5,273,957
The petition was signed by Brendan McMullen as member.
A full-text copy of the petition containing, among other items, a
list of the Debtor's nine unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/DKRWLZA/McMullen_Construction_LLC__orbke-24-60523__0001.0.pdf?mcid=tGE4TAMA
MINIM INC: Shareholders OK Filing of Certificate of Designation
---------------------------------------------------------------
Minim, Inc. disclosed in a Form 8-K filed with the Securities and
Exchange Commission that on Feb. 26, 2024, the shareholders of the
Company ratified the filing of the Certificate of Designation with
the Secretary of State of the State of Delaware, filed on Jan. 26,
2024, designating 2,000,000 shares of preferred stock, $.01 par
value per share, as "Series A Preferred Stock".
Each share of Series A shall be convertible, at the option of the
holder, into 1.4 shares of common stock of the Company, $.01 par
value per share, and vote on an "as-if-converted" basis and shall
have full ratchet protection in any subsequent offerings.
On Feb. 26, 2024, the Company held a special meeting of
stockholders. At this meeting, the following actions were voted on
and approved:
(1) (i) the issuance of shares of the Company's common stock,
par value $0.01 per share upon conversion of Series A Preferred
Stock or exercise of the Warrants to be issued at Closing of the
Purchase Agreement, which conversions or exercise would result in a
"change of control" of the Company under the applicable rules of
Nasdaq; (ii) an amendment to the Company's Amended and Restated
Certificate of Incorporation to effect the increase in authorized
shares of Preferred Stock to 10,000,000; (iii) the Certificate of
Designation of the rights and privileges of the Series A Preferred
Stock of 2,000,000 shares; and (iv) an amendment to the Company's
Amended and Restated Certificate of Incorporation to effect a
reverse stock split of the outstanding shares of Common Stock, at a
ratio of 1-for-3, with the effective time of the reverse stock
split to be determined by our Board of Directors.
(2) an amendment to the Company's Amended and Restated
Certificate of Incorporation to remove from the Company's
Certificate of Incorporation and By-Laws any limitations on
adopting shareholder resolutions via majority without holding a
shareholders meeting.
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. The Company 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 the Company's
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 these financial statements, according to
the Company's Quarterly Report for the period ended Sept. 30, 2023.
MOLINA HEALTHCARE: S&P Raises LT ICR to 'BB' on Improved Leverage
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Molina Healthcare Inc. to 'BB' from 'BB-'. The outlook is stable.
Impact Of Revised Capital Model Criteria
-- The revised capital adequacy criteria did not have a material
impact on S&P's assessment of Molina's capital and earnings as
satisfactory.
-- Molina's goodwill/intangibles represent only a moderate portion
of shareholders' equity, so the impact of debt-funded capital is
manageable relative to capital adequacy.
-- S&P expects Molina will be able to maintain capital redundancy
at the 99.5% confidence level (moderate stress) in 2024-2025.
S&P said, "The stable outlook reflects our expectation for Molina
to generate solid revenue growth of 15%-16% in 2024, reflecting
total membership growth of about 15% (with growth in all segments),
and adjusted EBIT growth at 15%-16%. The medical loss ratio (MLR)
will increase slightly to 88.1%-88.3% (from 88.1% in 2023) from new
Medicaid contracts, which have a higher initial MLR, and from a
normalized, higher MLR in the ACA business, which outperformed in
2023.
"We expect adjusted EBIT ROR will remain healthy in the mid-4%-5%
range (compared with 4.6% in 2023) based on the relatively stable
MLR. ROR will also benefit from a slightly lower operating expense
ratio due partly to less contract implementation costs than in
2023.
"We expect financial leverage will be at the upper-end of 35%-40%
and supportive of the rating. Debt repayment and coverage metrics
will remain strong. We expect adjusted financial
obligations-to-adjusted EBITDA of 1.2x-1.4x and EBITDA fixed charge
coverage of at least 15x. We expect Molina's capital adequacy will
be redundant at the 99.5% confidence level (moderate stress) at
year-end 2024.
"We could lower the rating in the next 12-24 months based on a
significant deterioration in Molina's competitive position,
reflected in a series of contract losses or operating performance
challenges.
"We could also lower the rating if Molina's financial leverage
increases above 40% for a sustained period, or if its capital
adequacy becomes deficient at the 99.5% confidence level (also for
a sustained period). A combination of weaker-than-expected retained
earnings and a high level of goodwill/intangibles relative to
equity could lead to weaker capital adequacy.
"We could raise the rating in the next 12-24 months if Molina
continues to strengthen its competitive position, reflected by
strong revenue growth and a stable to higher ROR, and it maintains
stable financial risk factors, including financial leverage at or
below 40% and capital adequacy at the 99.5% level."
The rating upgrade reflects Molina's stronger competitive position
based on reported revenue growth (compound annual growth rate of
12.5% from 2018 to 2023) and healthy operating margins (average
adjusted EBIT of 4.9% from 2019 to 2023). Molina has been adept at
retaining and winning state contracts in its flagship Medicaid
business (81% of 2023 revenue), while diversifying in Medicare and
the ACA marketplace, which represent higher margin businesses
(relative to Medicaid).
S&P expects Molina's favorable operating trends will continue in
2024-2025. Premium revenue, excluding investment/other income, will
increase by 16%-17% in 2024, above its long-term target of 13%-15%.
Recent Medicaid renewals and awards, as well as acquisitions such
as Bright Health and My Choice Wisconsin, will add roughly $7
billion of annual premium (mostly realized in 2024). Beyond 2024,
Molina has a long-term premium growth target of 13%-15%, with
organic growth of 8%-10% supplemented by acquisition-based growth
of 5%.
S&P expects Molina's favorable earnings trend will be sustainable
in 2024-2025. Despite being concentrated in a relatively low margin
business (Medicaid), Molina has been able to generate healthy RORs
of 4%-5% in recent years. Molina's ROR will be in the mid-4% range
in 2024-2025 (compared with 4.6% in 2023). The stable ROR will be
driven by a slightly higher consolidated MLR (88.1%-88.3% in 2024
compared with 88.1% in 2023) partly offset by improving operating
leverage.
The Medicaid MLR will be about 89% in 2024, at the high-end of the
company's long-term target of 88%-89% because of new Medicaid
contracts--which typically have a higher initial MLR--and a modest
unfavorable MLR impact from redeterminations. In Medicare, Molina's
MLR will decrease to about 88% in 2024 (from 90.7% in 2023) based
on pricing and benefit design changes and operational improvements.
In the ACA business, Molina's MLR will increase to about 78%, in
line with the company's long-term expectation of 78%-80%.
Molina's Medicaid concentration remains both a credit strength and
weakness. The company's contract diversity has improved; it will
have Medicaid contracts in 21 states in 2024. It has identified
request for proposals (RFP) retention and growth opportunities in
2024, including Florida, Georgia, and Michigan. In February 2024,
Molina received news that it was unsuccessful in its RFP bid to
renew its contract in Virginia, which ends in June 2024. The
contract represents roughly $1 billion in premium revenue (2.6% of
total premium revenue in 2024) and 140,000 members.
Medicaid redeterminations have been a manageable business risk.
Molina is on track to lose about 60% of the 1 million Medicaid
members it gained (from the pause on redeterminations) during the
pandemic. However, these losses have been more than offset by
Medicaid contract wins and expansions (such as in California).
Moreover, part of these membership losses may transition to ACA
coverage.
Medicaid rate adequacy appears to be sound. Molina estimates that
its blended Medicaid rate increase in 2024 will be 3.5%, which we
view favorably. All but one of the states where Molina operates
have included an acuity adjustment for redetermination-related
risks in 2024.
Medicare Advantage (MA), rapid ACA membership growth, and
acquisitions are other business risks. Molina faces potentially
weak MA rates for 2025, which may dampen growth prospects and
profitability. Similar to peers, Molina also observed utilization
pressures in 2023. It cited slightly different areas of pressure
than peers: in-home care, supplemental benefits, and high-cost
drugs. S&P attributes this difference to Molina's higher portion of
low-income, high acuity membership compared with some peers. Molina
believes the new risk model in MA is less unfavorable to its
revenue than some peers because of the polychronic health
conditions of some of its members.
Rapid ACA growth could represent some earnings risk. However, the
company has stated earnings will benefit from its pricing strategy
and overall risk pool stabilization. On acquisitions, Molina
typically targets turnaround situations (such as Bright Health),
which represents execution risk. However, Molina's operating
performance has not been affected by material underperformance from
acquisitions thus far.
The rating upgrade also reflects Molina's improved financial risk
profile, which primarily includes our expectation that it will
maintain lower financial leverage (40% and below) compared with
recent years (45%-53% in 2018-2022). Leverage improvement has been
driven by net earnings growth, a modest amount of share
repurchases, and a stable debt balance (in 2020-2023). Molina
typically finances its acquisitions through internally generated
cash rather than debt. The company's regulated subsidiaries paid
$705 million in dividends to the holding company in 2023. That
said, the company has not ruled out debt financing for future
acquisitions.
Molina's financial leverage of 37% at year-end 2023 reflects some
additional leverage capacity within S&P's rating expectations. The
company has a $1 billion revolving credit facility, maturing June
2025, which had no balance at year-end 2023. Molina's next debt
maturity is its $800 million 4.375% senior notes due 2028.
S&P said, "We assess Molina's capital and earnings as satisfactory.
The company maintains sufficient capital at its regulated
subsidiaries to meet regulatory requirements. It has a target
regulatory risk-based capital (RBC) ratio of at least 300%, which
is lower than its for-profit peers, but consistent with its
dividend strategy, which funds organic growth and acquisitions.
Based on our capital assessment, Molina had a moderate capital
deficiency at our 99.5% confidence level (moderate stress) at
year-end 2022.
"We expect capital adequacy to improve to a moderate capital
redundancy at the 99.5% confidence level during 2023-2025 based on
shareholders' equity growth and stable debt leverage.
Goodwill/intangibles typically weaken our capital assessment in our
calculation of total adjusted capital. However, Molina's
goodwill/intangibles-to-equity ratio is moderate, at 34% as of
year-end 2023. Outside of our base-case, large and debt-funded
acquisitions represent a risk to capitalization in 2024-2025."
Molina has adequate liquidity, which benefits from a high-quality
investment portfolio focused on fixed-income. The portfolio has an
average rating of 'A+' and a duration of close to two years.
Run-rate parent cash of about $500 million and the $1 billion
revolving credit facility also support liquidity.
MUZIK INC: Files Amendment to Disclosure Statement
--------------------------------------------------
Muzik, Inc., submitted a First Amended Disclosure Statement and
Plan of Reorganization dated February 29, 2024.
The Debtor is resetting its business strategy from manufacturing
smart audio/visual headphones to a licensing model based on its
proprietary and issued patent portfolio.
The Debtor has engaged several intellectual property professionals
to assist with this process. The Plan will convert most creditor
debt to equity with any payments made to secured creditors to be
paid upon the occurrence of certain events in connection with the
release of the licensing model.
Total value of the Debtor's assets includes $910,000 value of
patents.
Class #2 consists of Other Unsecured Claims. Each Class 2 Claim
will receive common equity securities in the Reorganized Debtor in
exchange for their allowed general unsecured claims. Claimants are
entitled to vote to accept or reject the Plan.
The Plan provides that all unsecured claims are converted to common
stock in Reorganized Debtor and recoveries will be in the form of
distributions on common equity. Preferred stock will receive 83.8%
of available dollars and common stock will receive 16.2%.
Under the Plan, Shareholders interests are cancelled and they
receive no recovery under the Plan.
A full-text copy of the First Amended Disclosure Statement dated
February 29, 2024 is available at https://urlcurt.com/u?l=c4Pajh
from PacerMonitor.com at no charge.
Attorney for the Debtor:
Eve H. Karasik, Esq.
Levene, Neale, Bender, Yoo & Golubchik LLP
2818 La Cienega Avenue
Los Angeles, CA 90034
Telephone: (310) 229-1234
Facsimile: (310) 229-1244
Email: ehk@lnbyg.com
About Muzik Inc.
Muzik Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-16304) on Sept. 27,
2023. In the petition signed by its chief executive officer, Jason
Hardi, the Debtor disclosed up to $10 million in estimated assets
and liabilities.
Judge Vincent P. Zurzolo oversees the case.
The Debtor tapped Eve H. Karasik, Esq., at Levene, Neale, Bender,
Yoo & Golubchik LLP as counsel and Erceg Partners, LLC as financial
advisor.
MYOMO INC: CMS Posts Final DMEPOS Fee Schedule Rate for MyoPro
--------------------------------------------------------------
Myomo, Inc. announced that the Centers for Medicare & Medicaid
Services (CMS) posted the final Medicare Durable Medical Equipment,
Prosthetics, Orthotics, and Supplies (DMEPOS) fee schedule payment
rates for the MyoPro.
The final average fee schedule rates for the two Healthcare Common
Procedures System (HCPCS) codes describing the MyoPro, L8701, the
Company's Motion W device, and L8702, Myomo's Motion G device, are
$33,480.90 and $65,871.74, respectively. On Jan. 1, 2024, the
MyoPro was officially classified in the brace benefit category,
which enables reimbursement on a lump sum basis. These final fees
become effective on April 1, 2024.
"We're extremely gratified to have reached a successful conclusion
with CMS, a process that started in 2018 with the granting of the
two HCPCS billing codes," stated Paul R. Gudonis, Myomo's Chairman
and CEO. "This is an important milestone for qualified Medicare
Part B beneficiaries with long-term muscular weakness or partial
paralysis, and for Myomo as a company. We extend thanks to the
personnel at CMS for their efforts and for appreciating the
benefits that powered braces such as the MyoPro can provide to
Medicare Part B beneficiaries. "
About Myomo
Headquartered in Cambridge, Massachusetts, Myomo, Inc. --
http://www.myomo.com-- is a wearable medical robotics company that
offers expanded mobility for those suffering from
neurologicaldisorders and upper limb paralysis. Myomo develops and
markets the MyoPro product line. MyoPro is a powered upper limb
orthosis designed to support the arm and restore function to the
weakened or paralyzed arms of patients suffering from CVA stroke,
brachial plexus injury, traumatic brain or spinal cord injury, ALS
or other neuromuscular disease or injury.
Myomo reported a net loss of $10.72 million for the year ended Dec.
31, 2022, compared to a net loss of $10.37 million for the year
ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had $17.05
million in total assets, $6.03 million in total liabilities, and
$11.02 million in total stockholders' equity.
New York, NY-based Marcum LLP, the Company's auditor since 2016,
issued a "going concern" qualification in its report dated March
13, 2023, citing that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.
The Company believes that there is substantial doubt that its cash,
cash equivalents and short-term investments at Sept. 30, 2023 will
be sufficient to fund its operations and cash requirements for the
twelve months from the date of this report, particularly a result
of continued uncertainty regarding coverage and reimbursement by
CMS.
The Company has historically funded its operations through
financing activities, including raising equity and debt capital.
In August 2023, the Company completed a public equity offering
pursuant to which it sold 5,413,334 shares of common stock and
1,920,000 pre-funded warrants at $0.60 per share or at $0.5999 per
warrant, generating proceeds after fees and expenses of
approximately $3.9 million. In January 2023, the Company completed
a public equity offering pursuant to which it sold 13,169,074
shares of common stock and 6,830,926 pre-funded warrants at $0.325
per share or at $0.3249 per warrant, generating proceeds after fees
and expenses of approximately $5.7 million. During the fourth
quarter of 2022, the Company sold 692,914 shares of common stock
under the Purchase Agreement with Keystone at a weighted average
sales price of $0.683 per share, generating proceeds after fees and
expenses of approximately $0.4 million. Proceeds from these
financing activities are helping the Company to sustain its
operations. Considering the Company's balance of cash, cash
equivalents and short-term investments as of September 30, 2023,
the Company's cash used from operations over the last 12 months,
expected cash requirements over the next 12 months and uncertainty
of reimbursement, particularly CMS for Medicare Part B
beneficiaries, management believes there is substantial doubt
regarding the Company's ability to continue as a going concern, the
Company in its Quarterly Report for the period ended Sept. 30,
2023.
NASHVILLE SENIOR: No Resident Complaints, PCO Report Says
---------------------------------------------------------
Teresa Teeple, the patient care ombudsman, filed a report regarding
the quality of patient care provided at the nursing home operated
by Nashville Senior Care, LLC and its affiliates.
The PCO directed a representative, District Ombudsman Melinda
Lunday, to make frequent visits to McKendree Village. Ms. Lunday
has visited McKendree Village three times from Jan. 25 to Feb. 8.
Norma Bell, District Ombudsman, made a visit to Waynesboro Health
and Rehabilitation on Feb. 12.
Ms. Lunday noticed residents in the common area either doing
independent activities or gathering around the television.
According to some residents, late medication distribution was still
a concern during this visit. Ms. Lunday noted that some residents
are now beginning to trust staff to try to resolve their
complaints.
At the time of visit, the short-term skilled rehabilitation area
had seven residents. The census for the long-term care nursing home
area was 136. Ms. Lunday spoke with two residents who had no
complaints with their quality of care.
Ms. Lunday observed that most residents were happy, and it appeared
that the social work staff were working with the residents to
resolve their complaints. The menu was posted in addition to
activities calendar. Overall, McKendree Villages has made
significant improvement in the care and quality of life for
residents.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=DTihng from Stretto, Inc., claims agent.
About Nashville Senior Care
Nashville Senior Care, LLC and affiliates are comprised of five
senior living communities and one Medicare-certified home health
agency affiliated with the Trousdale Foundation. All of the real
estate associated with the senior living communities is owned by
the Debtors.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Lead Case No. 23-02924) on Aug.
14, 2023. In the petitions signed by Thomas Johnson, executive
director, Nashville Senior Care disclosed $50 million to $100
million in assets and $100 million to $500 million in liabilities.
Judge Marian F. Harrison oversees the cases.
The Debtors tapped McDonald Hopkins LLC as general bankruptcy
counsel; EmergeLaw, PLC as co-counsel; and Houlihan Lokey Capital,
Inc. as investment banker. Stretto, Inc. is the notice, claims and
balloting agent.
On Aug. 31, 2023, the U.S. Trustee for Region 8 appointed an
official committee of unsecured creditors in these Chapter 11
cases. The committee tapped Womble Bond Dickinson (US), LLP and
Dunham Hildebrand, PLLC as legal counsel, and Rock Creek Advisors,
LLC as financial advisor.
Teresa Teeple is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.
NATURALSHRIMP INC: Inks Consulting Deal With Redhawk Investment
---------------------------------------------------------------
NaturalShrimp Incorporated filed with the Securities and Exchange
Commission a Form 8-K disclosing that it entered into a consulting
agreement with Redhawk Investment Group, LLC, a business consulting
company that provides business advice, including advice on
obtaining a listing on a national exchange such as the New York
Exchange, NASDAQ or the CBOE.
The Consulting Agreement contemplates a working relationship with
the Company to (i) make introductions to relevant service providers
to facilitate a listing on a National Exchange and (ii) work with
the Company, generally, and make itself available in assisting the
Company in preparing reports, summaries, corporate profiles,
suggested terms for recapitalization or restructuring of financial
instruments, due diligence packages, corporate presentations and
other materials to properly present the Company to individuals and
entities that could be beneficial to the Company.
The Consulting Agreement commenced on Feb. 23, 2024 and will extend
for a period of eight months unless sooner terminated as set forth
in the Consulting Agreement. The Company has agreed to pay to
Consultant a retainer fee of $180,000 or $200,000 of the Company's
preferred shares, subject to certain limitations. A success fee is
further payable calculated as the greater of (i) $720,000 or
restricted shares of the Company's common stock priced at 80% of
the closing price on the trading date immediately preceding the
initial listing date on the National Exchange or (ii) a number of
shares equal to five percent of the fully diluted common stock of
the Company as of the listing date on a National Exchange.
About NaturalShrimp
NaturalShrimp, Inc. is a publicly traded aqua-tech Company,
headquartered in Dallas, with production facilities located near
San Antonio, Texas. The Company has developed a commercially
viable system for growing shrimp in enclosed, salt-water systems,
using patented technology to produce fresh, never frozen, naturally
grown shrimp, without the use of antibiotics or toxic chemicals.
NaturalShrimp reported a net loss of $16 million for the year ended
March 31, 2023, compared to a net loss of $86.30 million for the
year ended March 31, 2022.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2015, issued a "going concern" qualification in its
report dated June 26, 2023, citing that the Company has suffered
recurring losses from inception and has a net capital deficiency
that raise substantial doubt about its ability to continue as a
going concern.
NCL CORP: S&P Upgrades ICR to 'B+' on Expected Deleveraging
-----------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Global cruise
operator NCL Corp. Ltd. to 'B+' from 'B'. At the same time, S&P
raised its issue-level ratings on NCL's existing secured and
unsecured debt reflecting our upgrade of the company as well as
some moderately improved recovery expectations for the unsecured
debt.
The stable outlook reflects S&P's expectation that the company will
significantly improve its credit metrics through 2024 on an
anticipated increase in its revenue and EBITDA as it operates under
more normal operating conditions and its occupancy levels remain at
historical levels.
S&P said, "The upgrade to 'B+' reflects our expectation that NCL's
booked position for 2024 will support significant credit measure
improvement, with leverage declining to the low-6x area this year.
NCL's 2024 advanced bookings for its sailings reached record levels
due to higher capacity, higher pricing, and the amount of inventory
sold. As of Dec. 31, 2023, NCL's advanced ticket sales were $3.2
billion, a 56% increase compared with 2019. This is driven by an
18% increase in capacity since 2019 and record pricing.
Additionally, the company's onboard revenue was about 27% above
2019. NCL will also benefit from a full year of operations from
recent newbuilds delivered in 2023 and a lack of ship deliveries in
2024 (and thus no incremental ship-level debt). We believe this
level of revenue visibility, increased capacity in its fleet, and
our expectation that occupancy will remain at historical levels
will drive significant EBITDA and cash flow generation such that
NCL will reduce leverage to the low-6x area in 2024 from about 7.5x
in 2023."
NCL negotiated a refinancing of its $650 million backstop
commitment from a secured to an unsecured basis, and expects to
repay its $250 million 9.75% secured notes due 2028, its highest
interest rate debt, in connection with the refinancing. The
transaction, which is expected to close in early March, will reduce
NCL's interest expense, and S&P expects continued deleveraging
throughout 2024 through increased EBITDA and cash flow generation
and scheduled amortization payments.
Although not in S&P's base case, demand for future cruise bookings
could decline due to a slowing macroeconomic environment or an
escalation in geopolitical conflicts, thereby reducing
discretionary spending on travel. Escalating geopolitical conflicts
could affect consumer willingness to travel to eastern Europe and
the Middle East, especially on itineraries that rely on customers
flying to overseas destinations, which could cause customers to
cancel current 2024 bookings. NCL stated on its recent earnings
call that it expects redeployed voyages following cancellations
from ongoing conflicts in the Middle East and Red Sea to negatively
affect performance at its Oceania and Regent brands in 2024 (the
Middle East represents 12% Oceania and 8% of Regent capacity).
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, and generally obtain
financing commitments for ships before delivery and while
contracting the ship delivery. This alleviates future financing
concerns for ship deliveries if cash flow were to decline. 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. Although NCL will take no ship deliveries (or
incremental ship debt) in 2024, it currently has five ships on
order, with two deliveries scheduled in 2025 and annual deliveries
scheduled through 2028.
S&P said, "The stable outlook reflects our expectation that the
company will significantly improve its credit metrics through 2024
on an anticipated increase in its revenue and EBITDA as it operates
under normal operating conditions and its occupancy levels remain
at historical levels. We expect leverage will improve to about 6x
in 2024 from 7.5x in 2023.
"We could lower our rating on NCL if its operating performance in
2024 is weaker than we expect, such that we no longer believe its
leverage will improve below 6.5x. This could occur if NCL
underperforms our base case due to intensifying geopolitical
conflicts or competitive pressures that significantly reduce cruise
demand.
"We could raise the rating if we believe NCL will sustain S&P
Global Ratings'-adjusted leverage below 5.5x and funds from
operations (FFO) to debt above 15%, incorporating ship deliveries.
Based on the company's current ship order schedule and our forecast
assumptions, we believe NCL would need to build moderate EBITDA
cushion relative to our upgrade threshold so that the company could
absorb upcoming ship deliveries and modest operating
underperformance and remain below 5.5x."
Environmental factors are also a negative consideration. This is
because of NCL's heavy use of fuels (which create greenhouse gas
emissions), increasing environmental regulations, and potential
environmental damage that could result from a ship accident. These
risks could lead to an increase in its required investment spending
or fines if not properly managed.
NEKTAR THERAPEUTICS: Inks $30M Stock Purchase Deal With TCG
-----------------------------------------------------------
Nektar Therapeutics disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on March 4, 2024, it
entered into a securities purchase agreement with TCG Crossover
Fund II, L.P., for the private placement of a pre-funded warrant to
purchase 25,000,000 shares of the Company's common stock, par value
$0.0001 per share, at a total purchase price of $30.0 million (or a
purchase price of $1.20 per Warrant Share that can be issued upon
exercise of the Pre-Funded Warrant).
The Pre-Funded Warrant will have an exercise price of $0.0001 per
share of Common Stock. The holder of the Pre-Funded Warrant may
not exercise the Pre-Funded Warrant if the holder, together with
its affiliates, would beneficially own more than 9.99% of the
number of shares of Common Stock outstanding immediately after
giving effect to such exercise. The holder of the Pre-Funded
Warrant may increase or decrease such percentages not in excess of
19.99% by providing at least 61 days' prior notice to the Company.
The aggregate gross proceeds for the Private Placement will be $30
million, before deducting expenses payable by the Company.
Pursuant to the Purchase Agreement, the Company also agreed to file
a registration statement with the Securities and Exchange
Commission on or before the date that is 90 days after the Closing
Date for purposes of registering the resale of the Warrant Shares
and to use its reasonable best efforts to have such registration
statement to be declared effective within the time period set forth
in the Purchase Agreement. The Company also agreed, among other
things, to indemnify the Purchaser and the Purchaser's affiliates
against certain liabilities in connection with such registration
statement and pay all fees and expenses (excluding any fees and
expenses of counsel or other advisers to the Purchaser, and any
underwriting discounts, brokerage fees and selling commissions
incurred by the Purchaser) in connection with the filing of such
registration statement and the registration of the Warrant Shares
pursuant to such registration statement.
The Private Placement is exempt from registration pursuant to
Section 4(a)(2) of the Securities Act of 1933, as amended and Rule
506(b) of Regulation D promulgated by the SEC thereunder, as a
transaction by an issuer not involving a public offering. The
Purchaser has acquired the Securities for investment only and not
with a view to or for sale in connection with any distribution
thereof, and appropriate legends have been affixed to the
Securities issued in this transaction.
About Nektar Therapeutics
Nektar Therapeutics -- http://www.nektar.com-- is a clinical
stage, research-based drug discovery biopharmaceutical company
focused on discovering and developing innovative medicines in the
field of immunotherapy.
Nektar Therapeutics reported a net loss of $368.20 million in 2022,
a net loss of $523.84 million in 2021, a net loss of $444.44
million in 2020, and a net loss of $440.67 million in 2019.
NEW CENTURY: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: New Century Development, LLC
773 Cumberland Hills Drive
Hendersonville, TN 37075-4304
Chapter 11 Petition Date: March 5, 2024
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 24-00738
Judge: Hon. Randal S. Mashburn
Debtor's Counsel: Robert J. Gonzales, Esq.
EMERGELAW, PLC
4235 Hillsboro Pike, Suite 300
Nashville, TN 37215
Tel: (615) 815-1535
Email: ecf@emerge.law
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by John Gill as member.
The Debtor stated it has no unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/OGPKK6I/New_Century_Development_LLC__tnmbke-24-00738__0001.0.pdf?mcid=tGE4TAMA
NOBLE HOUSE: Plan Exclusivity Period Extended to April 8
--------------------------------------------------------
Judge Christopher Lopez of the U.S. Bankruptcy Court for the
Southern District of Texas extended Noble House Home Furnishings
LLC and its affiliates' exclusive periods to file their plan of
reorganization, and solicit acceptances thereof to April 8 and June
7, 2024, respectively.
As shared by Troubled Company Reporter, the Debtors have sold
substantially all of their operating assets and are currently
working with their constituents to formulate a plan of liquidation
or to otherwise resolve the Chapter 11 Cases.
The Debtors claim that the cases were filed as a complex case. The
Debtors are an international retailer, distributor, and
manufacturer with several operating divisions at the time of the
filing of these Chapter 11 Cases. Administering these Chapter 11
Cases requires significant input from the Debtors' management team
and advisors on a wide range of complicated matters necessary to
bring structure and consensus to a large and complex process.
Moreover, the Debtors' restructuring process is intended to confirm
a plan that maximizes the value of their estates for all of the
Debtors' key economic stakeholders.
Counsel to the Debtors:
Michael D. Warner, Esq.
Maxim B. Litvak, Esq.
Benjamin L. Wallen, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
440 Louisiana Street, Suite 900
Houston, TX 77002
Tel: (713) 691-9385
Fax: (713) 691-9407
Email: mwarner@pszjlaw.com
mlitvak@pszjlaw.com
bwallen@pszjlaw.com
- and -
Richard M. Pachulski, Esq.
Teddy M. Kapur, Esq.
Gregory V. Demo, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
10100 Santa Monica Blvd., 13th Floor
Los Angeles, CA 90067
Tel: (310) 277-6910
Fax: (310) 201-0760
Email: rpachulski@pszjlaw.com
tkapur@pszjlaw.com
gdemo@pszjlaw.com
About Noble House Home Furnishings LLC
Noble House Home Furnishing LLC and affiliates are distributors,
manufacturers and retailers of indoor and outdoor home furnishings
with distribution throughout e-commerce channels including partners
such as Amazon, WalMart, Costco, Wayfair, Overstock, Target and
Home Depot, fulfilling direct to consumer orders from its
distribution centers. Family-owned since its founding in 1992,
Noble House and its affiliated entities design, market and sell
products under several brands including Christopher Knight Home,
NobleHouse, LePouf, OkiOki, Best Selling, and GDFStudio. They also
sell through wholesale channels, primarily to the Big Box retailers
like TJMaxx, Home Goods, Marshalls, Ross Stores and others.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90773) on
September 11, 2023. In the petition signed by Gayla Bella, chief
financial officer, the Debtor disclosed up to $500 million in both
assets and liabilities.
Judge Christopher M. Lopez oversees the case.
The Debtors tapped Pachulsk Stang Ziehl & Jones LLP as legal
counsel and Epiq Corporate Restructuring, LLC, as claims and
noticing agent.
Wells Fargo Bank, as DIP Lender, is represented by Marshall
Stoddard, Jr., Esq., at Morgan, Lewis & Bockius LLP.
NORTH CAROLINA THEATRE: Hires Hendren Redwine & Malone as Counsel
-----------------------------------------------------------------
The North Carolina Theatre seeks approval from the U.S. Bankruptcy
Court for the Eastern District of North Carolina to hire Hendren
Redwine & Malone, PLLC to serve as legal counsel in its Chapter 11
case.
The firm will be paid based upon its normal and usual hourly
billing rates and will be reimbursed for its out-of-pocket
expenses.
The firm holds the sum of $4,235.50 as retainer.
Jason Hendren, Esq., a partner at Hendren Redwine & Malone,
disclosed in a court filing that her firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Jason L. Hendren, Esq.
Rebecca F. Redwine, Esq.
Benjamin E.F.B. Waller, Esq.
HENDREN REDWINE & MALONE, PLLC
4600 Marriott Drive, Suite 150
Raleigh, NC 27612
Tel: (919) 420-7867
Email: jhendren@hendrenmalone.com
rredwine@hendrenmalone.com
bwaller@hendrenmalone.com
About The North Carolina Theatre
The North Carolina Theatre is a professional theatre company
producing live musical theatre.
The North Carolina Theatre filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No.
24-00596) on February 23, 2024, listing $204,912 in assets and
$2,123,225 in liabilities. The petition was signed by John A.
Zaloom, chairman of the Board of Directors.
Rebecca F. Redwine, Esq. at HENDREN, REDWINE & MALONE, PLLC
represents the Debtor as counsel.
OMNI EXCAVATORS: Seeks to Hire McNamee Hosea as Bankruptcy Counsel
------------------------------------------------------------------
Omni Excavators, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Columbia to hire McNamee Hosea, P.A. as its
general bankruptcy counsel.
The firm's services include:
a. prepare and file all necessary bankruptcy pleadings on
behalf of the Debtor;
b. negotiate with creditors;
c. represent Debtor to Adversary and other proceedings in
connection with the Bankruptcy;
d. prepare the Debtor's disclosure statement and plan of
reorganization; and
e. provide any other services related to the Bankruptcy and
the Debtor's reorganization.
The firm will be paid at these rates:
Janet M. Nesse $525 per hour
Craig M. Palik $400 per hour
Justin P. Fasano $400 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
On Nov. 28, 2023, McNamee Hosea was provided a $10,000 retainer, as
security for its fees and expenses in this case. On Jan. 3, 2024,
the firm was provided a $15,000 retainer, as additional security
for its fees and expenses in this case.
Justin Philip Fasano, Esq., a partner at McNamee, Hosea, P.A.,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Justin Philip Fasano, Esq.
MCNAMEE, HOSEA, P.A.
6404 Ivy Lane, Suite 820
Greenbelt, MD 20770
Telephone: (301) 441-2420
Facsimile: (301) 982-9450
Email: jfasano@mhlawyers.com
About Omni Excavators, Inc.
Omni Excavators is part of the nonresidential building construction
industry.
Omni Excavators, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.C. Case No. 24-00050)
on February 23, 2024, listing up to $50,000 in assets and $1
million to $10 million in liabilities. The petition was signed by
Abotorob Rafi as president.
Justin Philip Fasano, Esq. at Mcnamee Hosea, P.A. represents the
Debtor as counsel.
ONTARIO GAMING: Fitch Alters Outlook on 'B+' LongTerm IDR to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on Ontario Gaming GTA
Limited Partnership's (OTG) Long- Term Issuer Default Rating (IDR)
to Negative from Positive. Fitch has also affirmed the company's
Long-Term IDR at 'B+' and downgraded the senior secured debt one
notch to 'BB'/'RR2' from 'BB+'/'RR1'.
The Negative Outlook reflects Fitch's expectation that leverage
will be elevated over the near to medium term, in large part due to
the add-on debt to fund a distribution to shareholders. The Outlook
also reflects slower than anticipated opening of developments,
which has pushed out the ramp up of the Toronto and Pickering
casinos slightly, affecting margins, and negative FCF.
The long-term leverage profile remains uncertain given the
expectation of improved results following redevelopment, offset by
the potential for aggressive dividend repatriation to sponsors.
The IDR affirmation reflects OTG's favorable regulatory environment
in Canada's largest market, the Greater Toronto Area (GTA), via a
long-term agreement with the provincial regulator. The affirmation
also reflects the potential for strong EBITDA growth over the
medium term from OTG's CAD1.4 billion investment in property
improvements, and satisfactory liquidity.
KEY RATING DRIVERS
Elevated Leverage: Fitch projects the CAD600 million dividend
recapitalization, funded via an increase to the existing Term Loan
B, to add about a turn and a half to OTG's leverage. Fitch
estimates EBITDAR leverage of 6.2x at FYE24 (March 31), temporarily
outside its negative sensitivity. Fitch focusses on gross metrics,
adjusted for OTG's lease payments. Fitch expects leverage to
decline to 5.2x by FYE25 and for it to trend lower to around 4.0x
over the rating horizon, as a few additional amenities are added at
the Toronto casino over the coming months, and both Toronto and
Pickering locations ramp up, resulting in healthy EBITDA growth.
Fitch assumes recurring distributions to the sponsors is a
possibility, should OTG outperform its budget, and certain modest
voluntary debt repayments, considering the associated interest
rates. OTG's major growth capital spend is near its end, which will
be followed by a moderate maintenance capex cycle, and can be
sufficiently funded by cash flows from operations, further
moderating leverage.
Capex Moderating as Developments Ramp: OTG's CAD1.4 billion
multi-year development plan across its casinos, ranging from
renovation to expansion and new build, is nearing completion and is
on budget. There is only about CAD60 million, which accounts for
less than 5% of the total commitment and has limited execution
risk, remaining.
EBITDA flow-through has grown steadily as various amenities across
locations have opened, and is forecast to improve as the remaining
projects come online in 2024, gross gaming revenue (GGR) climbs,
and costs are optimized. Fitch estimates maintenance capex of less
than CAD20 million from FY26.
Favourable Regulatory Environment: OTG is party to a multi-decade
Casino Operating and Services Agreement (COSA), started in 2018,
with Ontario Lottery and Gaming Corporation (OLG) as the sole
casino operator in the GTA. The COSA restricts OLG from making, for
a prescribed period of time, certain changes that may impact OTG's
gaming operations. These changes include modifying gaming zone
boundaries.
The OLG retains a substantial portion of GGR; however, this is
partially countered by governmental support for certain gaming
operational costs. Fitch views these high barriers to entry and
minimal new competitive supply positively, as they set OTG's
operating environment apart from its U.S. regional peers.
Improving FCF Generation: Fitch forecasts substantially negative
FCF in FY24 and FY25, largely due to the CAD600 million
distribution to equity holders, and should any additional dividends
follow. Thereafter, Fitch anticipates the FCF margin to climb
steadily towards low-mid single digits over the rating horizon.
Over 95% of the capex allocated towards the renovation and
expansion of the various casinos has been spent to date and only a
relatively minimal amount is required for the pending projects.
Most of the remaining projects are expected to open by the end of
2024. Subsequently, maintenance capex is expected to be modest.
Fitch assumes that as the casinos scale up, FCF will be allocated
to a mix of small voluntary debt paydowns and dividend payments.
Lack of Geographic Diversification: OTG operates four properties in
the GTA - the Toronto Casino Resort and Pickering Casino Resort,
along with the two smaller locations, Casino Ajax and Great Blue
Heron Casino & Hotel. The Toronto Casino and the Pickering Casino
are the only casino resorts in the GTA with the nearest direct
competitors about one to two hours away in Niagara Falls (Fallsview
Casino and Casino Niagara).
OTG is well positioned in its market, considering the GTA is among
the top 10 largest and fastest growing metropolises in North
America, and is relatively underpenetrated compared to other large
gaming markets, with attractive demographic and gaming revenue
metrics.
Fitch believes the lack of geographic diversification is mitigated
by the large market size, capacity to materially grow gaming
revenues through development/expansions and operating improvement,
and OTG's long-term agreement with OLG. OTG also benefits from its
reliance on local, drive-in customers and international tourism
exposure.
Canadian Regional Gaming Recovery: Canada's casino industry
recovered at a slower pace than the U.S. because of more
conservative Covid-19 pandemic-related public health policies and
operating restrictions. However, gaming demand has returned to more
normalized levels, which should benefit OTG. The opening of some
amenities, such as a concert facility and a VIP space for table
games at the Toronto Casino Resort, over the summer should also
drive additional foot traffic.
Governance: OTG is a joint venture between Great Canadian
Entertainment (owned by affiliates of Apollo) and Brookfield. The
board is composed of six members split equally between Great
Canadian and Brookfield. The JV management has indicated it intends
to take a measured approach to shareholder returns and prioritize
maintaining a lower leverage profile for the OTG JV. Great Canadian
has entered into management and development service agreements with
the JV.
DERIVATION SUMMARY
OTG's 'B+' IDR reflects its modest leverage, improving FCF
generation, and favorable regulatory environments, in which it has
a long-term agreement to operate in the Toronto region. Management
plans to deleverage the entity, although there is still some
uncertainty surrounding its long-term financial policy. OTG's
position in the greater Toronto area compares similarly to Seminole
Tribe of Florida (BBB/Stable; exclusivity in deep Florida market).
Similarly, Las Vegas Sands Corp. (BBB-/Stable) has exposure to
Singapore and Macao, two deep international jurisdictions with only
two and six operators, respectively. It is also rated lower than
Wynn (BB-/Stable), which owns and operates assets in the U.S. and
Macao. Fitch has less tolerance for leverage at OTG relative to Las
Vegas Sands and Wynn, as the latter have international
diversification and a conservative view on leverage. OTG's
operating environment is more favorable than most of its U.S.
regional gaming peers, due to the size of the Toronto population
and the regulatory environment, which reduces competition.
KEY ASSUMPTIONS
- Net revenues increase around 15% in FY24, FY25 and FY26, followed
by high single digits thereafter;
- EBITDA margin compresses marginally in FY24, largely due to fixed
costs associated with the Toronto construction, but is expected to
grow steadily thereafter to over 55% over Fitch's forecast horizon
as the business ramps up and sees good flow-through of gaming
revenue. Labor, wages and corporate costs and other operating
expenses are assumed to grow in low single digits to help support
revenue growth;
- Capex for FY24 is expected to be around CAD190 million, followed
by CAD68 million in FY25, at which point all projects are estimated
to be completed. Thereafter, only modest maintenance capex in the
low teens would be needed through the projection period;
- Following the CAD600 million dividend payment to the equity
holders in FY24, Fitch assumes annual dividend payments of CAD150
million-200 million each year thereafter;
- Debt remains tied to the revolver, term loan, and notes, although
there are some modest voluntary debt repayments.
RECOVERY ANALYSIS
The 'BB'/'RR2' rating for OTG's senior secured debt is notched from
its 'B+' IDR based on a bespoke analysis. The recovery analysis
assumes OTG would be reorganized as a going-concern in bankruptcy
rather than liquidated. Fitch estimates an enterprise value (EV) on
a going-concern basis of CAD2.3 billion for OTG. The EV assumption
is based on a post-reorganization EBITDA of about CAD330 million, a
7.0x multiple, and a deduction of 10% for administrative claims.
Fitch projects a post-restructuring sustainable cash flow, which
assumes both depletion of the current position to reflect the
distress that provoked a default, and a level of corrective action
Fitch assumes either would have occurred during restructuring, or
would be priced into a purchase price by potential bidders. The
going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganization EBITDA level upon which it bases
the EV.
OTG's going-concern EBITDA of about CAD330 million takes into
consideration recessionary/inflationary pressures coupled with the
potential for the company to take on unsustainable leverage to fund
shareholder dividends. This is around 13% below normalized EBITDA,
but reflects a forward view that a restructuring would alleviate
operating and leverage pressures, and that the business would
recover strongly post reorganization.
The 7.0x EV multiple assumption is aligned with most U.S. regional
peers and Great Canadian (7.0x), given OTG's strong competitive
position with operations in the economically strong GTA and the
high barriers to entry due to the long-term agreement with the OLG.
OTG also has low rent expense, which increases its financial
flexibility relative to some U.S. regional peers. Fitch uses a
range of 5.0x-7.0x recovery multiples for most U.S. regional peers,
dependent on market position, diversification and materiality of
rent expense.
In applying the distributable proceeds, Fitch assumes about CAD2.5
billion of senior secured debt, including a fully drawn USD200
million revolving credit facility, a USD800 million Term Loan B
along with an add-on CAD600 million equivalent worth of US dollars
to fund the dividend recapitalization, and USD400 million of notes.
Considering the add-on, the secured debt has been downgraded one
notch to 'BB'/'RR2'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
- Improvement and stabilization of results, resulting in leverage
trending below negative sensitivity;
- EBITDAR leverage sustaining below 4.5x;
- Greater transparency around the financial policy consistent with
maintaining a 'BB' category financial structure;
- Proven ability to generate material FCF through returns on recent
capital projects and managing future capex;
- Assuming high growth projects without materially increasing
leverage.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
- EBITDAR leverage increasing above 5.5x;
- FCF primarily funding shareholder returns, as opposed to gaming
and non-gaming reinvestment;
- Prolonged operating weakness in OTG's primary markets, including
pandemic-related trends (i.e. property closures, operating
restrictions).
LIQUIDITY AND DEBT STRUCTURE
Adequate Liquidity: At Sept. 30, 2023, OTG's liquidity was
satisfactory and consisted of CAD358.8 million in cash and
availability of about CAD-equivalent 180 million under the
revolver, which matures in August, 2030, compared with a modest 1%
annual amortization required for the term loan. FCF will be sizably
negative in FY24, largely due to the dividend payout, but is
expected to slowly reverse and reach low-mid single digits as a
percentage of revenue over the rating horizon, should dividend
payments be managed appropriately.
ISSUER PROFILE
OTG is an equal interest partnership between Great Canadian
(affiliates of Apollo) and Brookfield that operates gaming
facilities in the GTA. OTG owns and operates four properties all
located within the GTA.
ESG CONSIDERATIONS
OTG has an ESG Relevance Score of '4' for Governance Structure due
to the board composition being primarily composed of
non-independent directors and lack of financial policy surrounding
leverage, which are not atypical in sponsor-owned companies. When
coupled with the sponsor's history in the gaming sector, this could
have a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in the section. A score of '3' means ESG issues
are credit-neutral or have only a minimal credit impact on the
entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
Ontario Gaming GTA
Limited Partnership LT IDR B+ Affirmed B+
senior secured LT BB Downgrade RR2 BB+
OVERLAND GARAGE: Seeks to Tap Roger A. Kraft as Bankruptcy Counsel
------------------------------------------------------------------
The Overland Garage, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Utah to employ Roger A. Kraft, Attorney
at Law, P.C. as its attorneys.
The firm will render these services:
a. provide legal advice;
b. represent the Debtor in hearings, meetings, depositions and
other required meetings;
c. prepare schedules, statements and other appropriate legal
documents; and
d. perform other such legal services as are required pursuant
to prosecution of the Chapter 11 proceeding.
The firm will be paid at these hourly rates:
Attorney $400
Paralegals $150
Outside Counsel $200 consultation fee
The firm received a retainer in the amount of $12,000.
Roger A. Kraft, Attorney at Law, P.C. is a "disinterested person"
within the meaning of 11 U.S.C. 101(14), according to court
filings.
The firm can be reached through:
Roger A. Kraft, Esq.
ROGER A. KRAFT, ATTORNEY AT LAW, P.C.
7660 Holden St
Midvale, UT 84047
Telephone: (801) 871-8353
Email: courtmail@rogerkraftlaw.com
About The Overland Garage, LLC
The Overland Garage, LLC sought protection for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Utah Case No. 24-20571) on
Feb. 13, 2024, listing $50,001 to $100,000 in assets and $500,001
to $1 million in liabilities.
Judge Joel T Marker presides over the case.
Roger A. Kraft, Esq. at Roger A. Kraft, Attorney at Law, P.C.
represents the Debtor as counsel.
PAP OIL GROUP: Aleida Martinez Molina Named Subchapter V Trustee
----------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Aleida Martinez Molina,
Esq., as Subchapter V trustee for Pap Oil Group, Inc.
Ms. Molina will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Molina declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Aleida Martinez Molina, Esq.
2121 NW 2nd Avenue, Suite 201
Miami, FL 33127
Telephone: (305) 297-1878
Email: Martinez@subv-trustee.com
About Pap Oil Group
Pap Oil Group, Inc. filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-11581) on
February 20, 2024, with up to $50,000 in assets and up to $500,000
in liabilities.
Judge Peter D. Russin oversees the case.
Nicholas G. Rossoletti, Esq., represents the Debtor as legal
counsel.
PARTNERSHIP 3: Taps Fox Law Corporation as Legal Counsel
--------------------------------------------------------
Partnership 3, Inc. seeks approval from the U.S. Bankruptcy Court
for the Central District of California to employ The Fox Law
Corporation, Inc. as its general bankruptcy counsel.
The firm will render these services:
(a) advise the Debtor of its powers and duties;
(b) negotiate, formulate, draft, and confirm a plan of
reorganization and to attend hearings before this court in
connection with any proposed disclosure statements and plans of
reorganization;
(c) examine all claims filed in these proceedings to determine
their nature, extent, validity, and priority;
(d) advise and assist the Debtor in connection with the
collection of assets, the sale of assets, or the refinancing of
same to implement any plan of reorganization which might be
confirmed in these proceedings;
(e) take such actions as may be necessary to protect the
properties of this estate from seizure or other proceedings,
pending confirmation and consummation of the plan of reorganization
in this case;
(f) advise the Debtor with respect to the rejection or
assumption of executory contracts and/or leases;
(g) advise and assist the Debtor in fulfilling its obligations
as fiduciaries of the Chapter 11 estate;
(h) prepare all necessary pleadings pertaining to matters of
bankruptcy law before the court;
(i) advise the Debtor on a limited basis with respect to tax
obligations and their payment;
(j) prepare such applications and reports as are necessary and
for which the services of an attorney are required; and
(k) render other necessary legal services for the Debtor.
Prior to the petition date, the firm received a retainer of $45,000
from the Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Steven R. Fox $550
Associates $250 to $450
Law Clerk/Paralegal $125
Steven Fox, Esq., an attorney at The Fox Law Corporation, 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:
Steven R. Fox, Exq.
THE FOX LAW CORPORATION, INC.
17835 Ventura Blvd., Suite 306
Encino, CA 91316
Telephone: (818) 774-3545
Facsimile: (818) 774-3707
Email: srfox@foxlaw.com
About Partnership 3, Inc.
Partnership 3, Inc. is a staffing solutions company based in Canyon
Country, CA.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11204) on February
19, 2024. In the petition signed by Judith Robledo, president, the
Debtor disclosed $944,669 in assets and $4,659,667 in liabilities.
Judge Deborah J. Saltzman oversees the case.
Steven R. Fox, Esq., at the Fox Law Corporation, Inc., represents
the Debtor as legal counsel.
PHILMAR STUDIOS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Philmar Studios Inc.
1032 No. Sycamore
Los Angeles, CA 90038
Chapter 11 Petition Date: March 6, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-11695
Judge: Hon. Deborah J Saltzman
Debtor's Counsel: Robert M. Yaspan, Esq.
LAW OFFICES OF ROBERT M. YASPAN
21700 Oxnard Street, Sutie 1750
Woodland Hills, CA 91367
Tel: 818-905-7711
Fax: 818-501-7711
Email: ryaspan@yaspanlaw.com
Total Assets: $412,500
Total Liabilities: $1,377,664
The petition was signed by Philip M. Lawrence, II, as CEO.
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/W45747Y/Philmar_Studios_Inc__cacbke-24-11695__0001.0.pdf?mcid=tGE4TAMA
PIONEER HEALTH: David Klauder Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed David Klauder, Esq.,
at Bielli & Klauder, LLC as Subchapter V trustee for Pioneer Health
Systems, LLC and affiliates.
Mr. Klauder will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Klauder declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
David M. Klauder, Esq.
Bielli & Klauder, LLC
1204 N. King Street
Wilmington, DE 19801
Phone: (302) 803-4600
Fax: (302) 397-2557
Email: dklauder@bk-legal.com
About Pioneer Health Systems
Pioneer Health Systems, LLC is the parent company for the following
brands: Surgical Hospital of Oklahoma, L.L.C. (SHO), Direct
Orthopedic Care (DOC), and Integrated Care Technologies (ICT).
Combined, this model allows Pioneer to offer a complete vertical
orthopedic healthcare system.
The Debtor filed Chapter 11 petition (Bankr. D. Del. Case No.
24-10279) on February 21, 2024, with $1 million to $10 million in
both assets and liabilities. Colin Chenault, chief financial
officer, signed the petition.
Judge J. Kate Stickles oversees the case.
Alessandra Glorioso, Esq., at Dorsey & Whitney (Delaware), LLP
represents the Debtor as legal counsel.
PREMIER GLASS: Natasha Songonuga Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Natasha Songonuga,
Esq., at VTrustee, LLC as Subchapter V trustee for Premier Glass
Services, LLC.
Ms. Songonuga will be paid an hourly fee of $450 for her services
as Subchapter V trustee and an hourly fee of $185 for paralegal
services. In addition, the Subchapter V trustee will receive
reimbursement for work-related expenses incurred.
Ms. Songonuga declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Natasha Songonuga, Esq.
VTrustee LLC
PO Box 841
Wilmington, DE 19899
Email: Nsongonuga@VTrusteellc.com
About Premier Glass Services
Premier Glass Services, LLC is a glass repair service in
Bensenville, Ill.
The Debtor filed Chapter 11 petition (Bankr. D. Del. Case No.
24-10264) on February 16, 2024, with $500,000 to $1 million in
assets and $1 million to $10 million in liabilities. Romeo De La
Cruz, manager, signed the petition.
Judge J. Kate Stickles oversees the case.
Karen M. Grivner, Esq., at Clark Hill, PLC represents the Debtor as
legal counsel.
PRESTO AUTOMATION: All Four Proposals Approved at Special Meeting
-----------------------------------------------------------------
Presto Automation Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the Company held its
Special Meeting of Stockholders during which the stockholders:
(1) approved an amendment to the Second Amended and Restated
Certificate of Incorporation of the Company to increase the total
number of authorized shares of Common Stock of the Company from
180,000,000 to 100,000,000,000 shares;
(2) approved the issuance of shares of Common Stock in an amount
in excess of 19.99% of the Company's outstanding Common Stock,
pursuant to the terms of certain Securities Purchase Agreement,
dated Oct. 10, 2023, and warrants to purchase Common Stock, dated
Oct. 16, 2023, issued to certain Metropolitan funds;
(3) approved the issuance of shares of Common Stock in an amount
in excess of 19.99% of the Company's outstanding Common Stock,
pursuant to the terms of certain Common Stock Purchase Agreements,
dated Nov. 17, 2023; and
(4) approved the proposed issuance of shares of Common Stock
underlying subordinated convertible notes and warrants in an amount
in excess of 19.99% of the Company's outstanding Common Stock,
pursuant to the terms of certain Securities Purchase Agreements,
dated Jan. 29, 2024, and warrants to purchase Common Stock.
About Presto Automation
Presto (Nasdaq: PRST) provides enterprise-grade AI and automation
solutions to the restaurant industry. Presto's solutions are
designed to decrease labor costs, improve staff productivity,
increase revenue, and enhance the guest experience. Presto offers
its AI solution, Presto Voice, to quick service restaurants (QSR)
and its pay-at-table tablet solution, Presto Touch, to casual
dining chains. Some of the most recognized restaurant names in the
United States are among Presto's customers, including Carl's Jr.,
Hardee's, and Checkers for Presto Voice.
Presto Automation said in its Quarterly Report for the period ended
Dec. 31, 2023, that it currently faces severe liquidity challenges.
While the Company raised net cash proceeds of $2.9 million from the
issuance of new debt in the closing of the Third Amendment to the
Credit Agreement, and received $10.0 million from the sale of
common stock in private placements and registered direct offerings
during the six months ended December 31, 2023, the Company used
cash from operating activities of $21.9 million and incurred a net
loss of $12.7 million. As a result, additional capital infusions
will be necessary in order to fund currently anticipated
expenditures and to meet the Company's obligations as they come
due. In addition, the Company entered into a forbearance agreement
with the Agent, the Lenders and other parties, which was cancelled
on February 17, 2024, and the Lenders are not required to forbear
from exercising remedies under the Credit Agreement related to
prior and current events of default. In addition, the Company's
future capital requirements will depend on many other factors,
including the revenue growth rate, the success of future product
development, and the timing and extent of spending to support
further sales and marketing and research and development efforts.
Substantial doubt exists about the Company's ability to continue as
a going concern within one year after the date that the financial
statements are available to be issued. The Company continues
efforts to mitigate the conditions or events that raise this
substantial doubt, however, as some components of these plans are
outside of management's control, the Company cannot offer any
assurances they will be effectively implemented. The Company
cannot offer any assurance that any additional financing will be
available on acceptable terms or at all. If the Company is unable
to raise additional capital it would likely lead to an event of
default under the Credit Agreement and the potential exercise of
remedies by the Agent and Lender, which would materially and
adversely impact its business, results of operations and financial
condition. The Company's condensed consolidated financial
statements have been prepared on a going concern basis, which
contemplates the realization of assets and satisfaction of
liabilities in the normal course of business.
PRESTO AUTOMATION: Receives New Noncompliance Notice From Nasdaq
----------------------------------------------------------------
Presto Automation Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that it received a notice from
The Nasdaq Stock Market LLC stating that the Company is not in
compliance with the requirement to maintain a minimum Market Value
of Publicly Held Securities ("MVPHS") of $15 million, as set forth
in Nasdaq Listing Rule 5450(b)(2)(C), because the MVPHS of the
Company was below $15 million for the 35 consecutive business days
prior to Feb. 23, 2024. The Notice is in addition to the
previously disclosed letters received on Feb. 6, 2024, notifying
the Company that it was not in compliance with the requirement to
maintain a minimum Market Value of Listed Securities of $50
million, as set forth in Nasdaq Listing Rule 5450(b)(2)(A), and on
Dec. 28, 2023, notifying the Company that it was not in compliance
with the requirement to maintain a minimum bid price of $1.00 per
share, as set forth in Nasdaq Listing Rule 5450(a)(1).
The Notice does not impact the listing of the Company's common
stock, par value $0.0001 per share, or warrants on The Nasdaq
Global Market at this time. The Notice provided that, in
accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has
a period of 180 calendar days from the date of the Notice, or until
Aug. 21, 2024, to regain compliance with the MVPHS Requirement.
During this period, the Common Stock will continue to trade on The
Nasdaq Global Market. If at any time before Aug. 21, 2024 the
MVPHS closes at $15 million or more for a minimum of ten
consecutive business days, Nasdaq will provide written notification
that the Company has achieved compliance with the MVPHS Requirement
and the matter will be closed.
In the event the Company does not regain compliance by Aug. 21,
2024, the Company will receive written notification that its
securities are subject to delisting. At that time, the Company may
appeal the delisting determination to a Hearings Panel. The Notice
provides that the Company may be eligible to transfer the listing
of its securities to The Nasdaq Capital Market (provided that it
then satisfies the requirements for continued listing on that
market).
The Company intends to actively monitor its MVPHS and will evaluate
available options to regain compliance with the MVPHS Requirement.
However, there can be no assurance that the Company will be able to
regain compliance with the MVPHS Requirement or maintain compliance
with any of the other Nasdaq continued listing requirements.
About Presto Automation
Presto (Nasdaq: PRST) provides enterprise-grade AI and automation
solutions to the restaurant industry. Presto's solutions are
designed to decrease labor costs, improve staff productivity,
increase revenue, and enhance the guest experience. Presto offers
its AI solution, Presto Voice, to quick service restaurants (QSR)
and its pay-at-table tablet solution, Presto Touch, to casual
dining chains. Some of the most recognized restaurant names in the
United States are among Presto's customers, including Carl's Jr.,
Hardee's, and Checkers for Presto Voice.
Presto Automation said in its Quarterly Report for the period ended
Dec. 31, 2023, that it currently faces severe liquidity challenges.
While the Company raised net cash proceeds of $2.9 million from the
issuance of new debt in the closing of the Third Amendment to the
Credit Agreement, and received $10.0 million from the sale of
common stock in private placements and registered direct offerings
during the six months ended December 31, 2023, the Company used
cash from operating activities of $21.9 million and incurred a net
loss of $12.7 million. As a result, additional capital infusions
will be necessary in order to fund currently anticipated
expenditures and to meet the Company's obligations as they come
due. In addition, the Company entered into a forbearance agreement
with the Agent, the Lenders and other parties, which was cancelled
on February 17, 2024, and the Lenders are not required to forbear
from exercising remedies under the Credit Agreement related to
prior and current events of default. In addition, the Company's
future capital requirements will depend on many other factors,
including the revenue growth rate, the success of future product
development, and the timing and extent of spending to support
further sales and marketing and research and development efforts.
Substantial doubt exists about the Company's ability to continue as
a going concern within one year after the date that the financial
statements are available to be issued. The Company continues
efforts to mitigate the conditions or events that raise this
substantial doubt, however, as some components of these plans are
outside of management's control, the Company cannot offer any
assurances they will be effectively implemented. The Company
cannot offer any assurance that any additional financing will be
available on acceptable terms or at all. If the Company is unable
to raise additional capital it would likely lead to an event of
default under the Credit Agreement and the potential exercise of
remedies by the Agent and Lender, which would materially and
adversely impact its business, results of operations and financial
condition. The Company's condensed consolidated financial
statements have been prepared on a going concern basis, which
contemplates the realization of assets and satisfaction of
liabilities in the normal course of business.
QURATE RETAIL: Regains Compliance With Nasdaq's Bid Price Rule
--------------------------------------------------------------
Qurate Retail, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on March 1, 2024, the
Company received written notice from Nasdaq that it had regained
compliance with the Minimum Bid Price Requirement during the
allotted compliance period, as the closing bid price for QRTEA had
been $1.00 or greater for the prior 10 consecutive business days
(from Feb. 15, 2024 to Feb. 29, 2024).
On Sept. 14, 2023, Qurate Retail received written notice from
Nasdaq notifying the Company that, because the closing bid price
for the Company's Series A common stock, par value $0.01 per share,
had fallen below $1.00 per share for 30 consecutive business days,
the Company no longer complied with the minimum bid price
requirement pursuant to Nasdaq Listing Rule 5450(a)(1) for
continued listing of QRTEA on the Nasdaq Global Select Market.
About Qurate Retail
Headquartered in Englewood, Colorado, Qurate Retail, Inc. owns
controlling and non-controlling interests in a broad range of video
and online commerce companies. The Company's largest businesses
and reportable segments are QxH (QVC U.S. and HSN) and QVC
International. QVC, Inc., which includes QxH and QVC International,
markets and sells a wide variety of consumer products in the United
States and several foreign countries via highly engaging
video-rich, interactive shopping experiences. Cornerstone Brands,
Inc. consists of a portfolio of aspirational home and apparel
brands, and is a reportable segment. The Company's "Corporate and
other" category includes its consolidated subsidiary Zulily, LLC,
along with various cost and equity method investments.
Qurate Retail reported a net loss of $94 million for the year ended
Dec. 31, 2023, compared to a net loss of $2.53 billion for the year
ended Dec. 31, 2022.
Qurate Retail received on Sept. 14, 2023, written notice from The
Nasdaq Stock Market notifying the Company that, because the closing
bid price for the Company's Series A common stock, par value $0.01
per share ("QRTEA"), has fallen below $1.00 per share for 30
consecutive business days, the Company no longer complies with the
minimum bid price requirement for continued listing of QRTEA on the
Nasdaq Global Select Market.
* * *
As reported by the TCR on March 21, 2023, S&P Global Ratings
lowered its issuer credit rating on U.S.-based video commerce and
online retailer Qurate Retail Inc. to 'CCC+' from 'B-'. S&P said,
"We view the company's capital structure as potentially
unsustainable in a rising interest rate environment. We expect
Qurate's adjusted leverage to remain high, above the 6x area in
2023."
RAYONIER ADVANCED: Widens Net Loss to $101.8 Million in 2023
------------------------------------------------------------
Rayonier Advanced Materials Inc. filed with the Securities and
Exchange Commission its Annual Report on Form 10-K disclosing a net
loss of $101.84 million on $1.64 billion of net sales for the year
ended Dec. 31, 2023, compared to a net loss of $14.92 million on
$1.72 billion of net sales for the year ended Dec. 31, 2022.
As of Dec. 31, 2023, the Company had $2.18 billion in total assets,
$375.83 million in total current liabilities, $752.17 million in
long-term debt, $160.46 million in non-current environmental
liabilities, $101.49 million in pension and other postretirement
benefits, $15.19 million in deferred tax liabilities, $31.11
million in other liabilities, and $746.45 million in total
stockholders' equity.
Cash Flows and Liquidity
For the year ended Dec. 31, 2023, the Company generated operating
cash flows of $136 million, which were driven by increased cash
inflows from working capital, partially offset by payments on
income taxes and deferred energy liabilities associated with Tartas
plant operations.
For the year ended Dec. 31, 2023, the Company used $128 million in
its investing activities related to net capital expenditures, which
included $45 million of strategic capital spending focused on the
investment in the 2G bioethanol plant in Tartas, advancement of the
Company's ERP transformation project, which will enhance its
operating and reporting systems, and improved cost efficiency
throughout the Company.
For the year ended Dec. 31, 2023, the Company used $87 million in
its financing activities primarily for the redemption of its 2024
senior notes and repayment of borrowings under its credit facility
and other long-term debt, the payment of issuance costs related to
new term loan financing and the repurchase of common stock to
satisfy tax withholding requirements related to the issuance of
stock under Company incentive stock plans. These outflows were
partially offset by the net proceeds received from the new term
loan financing and borrowings under the credit facility.
The Company ended the year with $199 million of global liquidity,
including $76 million of cash, borrowing capacity under the ABL
Credit Facility of $118 million and $5 million of availability
under the France factoring facility.
In January 2024, the Company amended the 2027 Term Loan to increase
the maximum consolidated secured net leverage ratio that it must
maintain in the fourth quarter of 2023 and through its 2024 fiscal
year. The amendment provides the Company with the operational
flexibility to execute its strategic initiatives in 2024. In
addition, should the Company exceed the 4.50 to 1.00 maximum ratio
established by the original agreement in any of these quarters, it
will incur a fee of 0.25% of the principal balance outstanding at
the end of the applicable quarter. The Company incurred total fees
of $3 million related to this amendment, including $1 million in
legal and advisory fees recorded to selling, general and
administrative expense in the fourth quarter of 2023, and $2
million in lender fees that will be recorded as deferred financing
costs in the first quarter of 2024 and amortized to interest
expense over the remaining term of the loan.
As of the fourth quarter, the Company's consolidated secured net
leverage ratio was 4.2 times.
Management Comments
"Our EBITDA results for 2023 fell short of expectations reflecting
soft demand for cellulose ethers products driven by weak
construction activity, lower than expected demand in Paperboard and
weak pricing in High-Yield Pulp and commodity pulp products. In
response to weaker markets, we implemented cost-cutting measures
and strategically scheduled market-driven downtime across all
segments. Our primary focus shifted to generating free cash flow,
driven predominantly by improvements in working capital and
adhering to our lending commitments," said De Lyle Bloomquist,
RYAM's president and chief executive officer. "As a result, we
concluded the year with $139 million in Adjusted EBITDA and $53
million of free cash flow and remained in compliance with our
original debt covenants with a net secured debt ratio of 4.2 times
Adjusted EBITDA."
"With an improving outlook aided by a competitor's closure, coupled
with our sales priority of value over volume, we anticipate better
results for 2024. Higher pricing for our key cellulose specialties
products, along with lower unit production costs for our High
Purity Cellulose business, driven by improved productivity and
lower key input and logistics costs, are expected to generate
higher earnings for this segment. Furthermore, our new bioethanol
facility is expected to commence operations in the first quarter of
2024. Paperboard and High-Yield Pulp are also expected to deliver
improved results due to lower costs and higher production due to
normalized demand. In total, we project an Adjusted EBITDA of $180
to $200 million and free cash flow of $20 to $40 million in 2024,"
concluded Mr. Bloomquist."
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0001597672/000159767224000006/ryam-20231231.htm
About RYAM
RYAM -- www.RYAM.com -- is a global leader of cellulose-based
technologies, including high purity cellulose specialties, a
natural polymer commonly used in the production of filters, food,
pharmaceuticals, and other industrial applications. The Company
also manufactures products for paper and packaging markets. The
Company has manufacturing operations in the U.S., Canada, and
France.
* * *
As reported by the TCR on Nov. 24, 2023, Moody's Investors Service
downgraded Rayonier Advanced Materials Inc.'s (RYAM) corporate
family rating to Caa1 from B2 and changed the outlook to negative
from stable. The downgrade of the CFR reflects Moody's view that
RYAM's liquidity will be weak over the next 12 months and that
there is a potential for a financial covenant breach.
RENO CITY CENTER: Taps Fletcher & Lee as Bankruptcy Counsel
-----------------------------------------------------------
Reno City Center Owner LLC seeks approval from the U.S. Bankruptcy
Court for the District of Nevada to employ Fletcher & Lee, Ltd. as
its general bankruptcy counsel.
The firm will render these services:
a. assist the Debtor with its rights, powers, and duties as
debtor and debtor in possession in the continued management of its
business;
b. assist the Debtor with reviewing and consummating any
transactions contemplated during the Case;
c. assist the Debtor with resolving and, where necessary,
estimating claims and evaluating liens;
d. investigate, commence and prosecute litigation as necessary
or appropriate to protect assets of the estate or further the goal
of completing a successful chapter 11 reorganization;
e. examine and prepare records and reports as required by the
Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and Local
Bankruptcy Rules;
f. prepare all necessary motions, papers, orders, schedules,
notices, report, and other documents and advise the Debtor on these
matters;
g. advise the Debtor regarding collecting assets for the
benefit of creditors;
h. advise the Debtor regarding executory contracts and
unexpired leases;
i. advise and assist the Debtor in connection with the
formulation and confirmation of a chapter 11 plan and related
documents;
j. employ all methods of alternative dispute resolutions as
applicable, to include negotiations with creditors and interested
parties, to further the goal of completing a successful chapter 11
reorganization; and
k. perform all other necessary legal services in connection
with the chapter 11 case and related matters.
The hourly rates charged by the firm's attorneys and paralegals are
as follows:
Cecilia Lee, Esq. $500 per hour
Elizabeth Fletcher, Esq. $400 per hour
Christi T. Dupont, Esq. $350 per hour
Liz Dendary, ACP $205 per hour
Fletcher & Lee received a retainer of $50,000.
As disclosed in court filings, Fletcher & Lee is a "disinterested"
person within the meaning of Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Elizabeth Fletcher, Esq.
FLETCHER & LEE, LTD.
448 Ridge Street
Reno, NV 89501
Tel: (775) 324-1011
Email: efletcher@fletcherlawgroup.com
About Reno City Center Owner LLC
Reno City Center is a Single Asset Real Estate debtor (as defined
in 11 U.S.C. Section 101(51B)).
Reno City Center Owner LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case no.
24-50152) on February 16, 2024, listing $100 million to $500
million in both assets and liabilities. The petition was signed by
Kirk Walton, Managing Member of GPWM QOF Manager LLC, its Manager.
Judge Hilary L Barnes presides over the case.
Elizabeth Fletcher, Esq. at Fletcher & Lee represents the Debtor as
counsel.
RIGHT ON BRANDS: Creates Subsidiary Named California Best Product
-----------------------------------------------------------------
Right On Brands, Inc. makes the following disclosures pursuant to
Section 13 or 15(d) of The Securities Exchange Act of 1934,
generally referred to as Regulation FD Disclosure.
On Feb. 29, 2024, the Company created a new subsidiary named
California Best Product, Inc., organized to facilitate partnerships
with California-based hemp brands. The Company contemplates
maintaining majority control of the new entity with minority stakes
being granted to future partners. Right On Brands, Inc. has
entered into negotiations with various major California hemp brands
with the aim of creating partnership's whereby such brands will be
offered to consumers via the Companys growing distribution network.
While the Company has entered these negotiations and it believes
such partnerships are likely, no such partnerships have been signed
as of yet. There can be no assurance that such relationships will
be formed, or that any other agreement or transaction will occur.
About Right on Brands
Right on Brands, Inc.'s business is conducted through its
wholly-owned subsidiaries, Humbly Hemp, Endo Brands, and Humble
Water Company. Humbly Hemp sells and markets a line of hemp
enhanced snack foods. Humble Water Company is in a partnership
with Springhill Water Co. to develop a line of High Alkaline,
Natural Mineral Water, and a bottling and packaging facility. Endo
Brands creates and markets a line of CBD consumer products and
through ENDO Labs, a joint venture with Centre Manufacturing,
creates white label products and formulations for CBD brands.
Dallas, Texas-based Turner, Stone & Company, L.L.P., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated Aug. 16, 2023, citing that the Company has suffered
recurring losses from operations since inception and has a net
capital deficiency that raise substantial doubt about its ability
to continue as a going concern.
RYDERS PUBLIC: Joli Lofstedt Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 11 appointed Joli Lofstedt, Esq., as
Subchapter V trustee for Ryders Public Safety, LLC.
Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be
paid an hourly fee of $375 for her services as Subchapter V trustee
and will be reimbursed for work-related expenses incurred.
Ms. Lofstedt declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Joli A. Lofstedt, Esq.
P.O. Box 270561
Louisville, CO 80027
Phone: (303) 476-6915
Fax: (303) 604-2964
Email: joli@jaltrustee.com
About Ryders Public Safety
Ryders Public Safety, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No,
24-10666) on Feb. 16, 2024, with $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities.
Judge Thomas B Mcnamara presides over the case.
Jeffrey Weinman, Esq., at Allen Vellone Wolf Helfrich & Factor,
P.C. represents the Debtor as legal counsel.
SANUWAVE HEALTH: Inks First Amendment to SEPA Merger Agreement
--------------------------------------------------------------
Sanuwave Health, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Feb. 27, 2024, the
Company and SEP Acquisition Corp. ("SEPA") entered into that
certain Amendment Number One to the Merger Agreement.
Pursuant to the Amendment, the "Outside Date" under the Merger
Agreement, which is the date after which the Company or SEPA, in
its discretion, can elect to terminate the Merger Agreement if any
of the conditions to the closing of the other party have not been
satisfied or waived, has been extended from Feb. 28, 2024 to April
30, 2024. No other changes were made to the Merger Agreement.
On Aug. 23, 2023, Sanuwave, SEPA, and SEP Acquisition Holdings
Inc., a Delaware corporation and a wholly-owned subsidiary of SEPA
("Merger Sub"), entered into that certain Agreement and Plan of
Merger, pursuant to which Merger Sub will merge with and into the
Company with the Company continuing as the surviving entity and
wholly-owned subsidiary of SEPA.
About SANUWAVE Health
Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc.
(OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and
shock wave technology company using patented systems of
noninvasive, high-energy, acoustic shock waves or low intensity and
non-contact ultrasound for regenerative medicine and other
applications. The Company's focus is regenerative medicine
utilizing noninvasive, acoustic shock waves or ultrasound to
produce a biological response resulting in the body healing itself
through the repair and regeneration of tissue, musculoskeletal, and
vascular structures. The Company's two primary systems are
UltraMIST and PACE. UltraMIST and PACE are the only two Food and
Drug Administration (FDA) approved directed energy systems for
wound healing.
SANUWAVE reported a net loss of $10.29 million for the year ended
Dec. 31, 2022, compared to a net loss of $27.26 million for the
year ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had
$20.34 million in total assets, $86.30 million in total
liabilities, and a total stockholders' deficit of $65.95 million.
The recurring losses from operations, the events of default on the
Company's notes payable, and dependency upon future issuances of
equity or other financing to fund ongoing operations have raised
substantial doubt as to the Company's ability to continue as a
going concern for a period of at least 12 months from the filing of
the Company's Quarterly Report for the three months ended Sept. 30,
2023. The Company expects to devote substantial resources for the
commercialization of UltraMIST and PACE systems which will require
additional capital resources to remain a going concern.
SENIOR CHOICE: Hires Nye Stirling Hale as Conflicts Counsel
-----------------------------------------------------------
Senior Choice, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ Nye, Stirling,
Hale, Miller & Sweet, LLP as conflicts counsel and bankruptcy
co-counsel.
The firm's services include:
a. advising the Debtor with respect to insurance matters as
they pertain to the Chapter 11 Case;
b. consulting Duane Morris LLP, the Debtor's bankruptcy
counsel, in connection with general bankruptcy matters all
necessary motions, applications, answers, orders, reports, and
papers in connection with the administration of its estate;
c. providing guidance on local practices and procedures
associated with practicing before the Court; and
d. performing certain other legal services that are necessary
for the efficient and economic administration of these cases.
Nye Stirling's current hourly rates are:
Partners $690
Associates $300 to $425
Paralegals $175 to $285
The Debtor paid an advance payment retainer in the amount of
$50,000.
Nye, Stirling, Hale, Miller & Sweet is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code,
according to court filings.
The firm can be reached through:
Joel M. Walker, Esq.
NYE, STIRLING, HALE, MILLER &
SWEET LLP
1145 Bower Hill Road, Suite 104
Pittsburgh, PA 15243
Telephone: (412) 443-4145
E-mail:jmwalker@nshmlaw.com
About Senior Choice, Inc.
Senior Choice, Inc. operates as a non-profit organization. The
Organization provides inpatient nursing and rehabilitative services
to patients who requires continuous health care.
Senior Choice, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
24-70040) on February 8, 2024, listing $1,000,001 to $10 million in
assets and $10,000,001 to $50 million in liabilities.
Judge Jeffery A Deller presides over the case.
Jeffrey W. Spear, Esq. at Duane Morris LLP represents the Debtor as
counsel.
SENIOR CHOICE: Seek to Hire FTI Consulting as Financial Advisor
---------------------------------------------------------------
Senior Choice, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ FTI Consulting,
Inc. as its financial advisor.
The firm's services include:
a. assisting with developing accounting and operating
procedures to segregate prepetition and postpetition business
transactions;
b. supporting the preparation of certain first day motions and
developing procedures and processes necessary to implement such
motions;
c. assisting with the development and maintenance of a
creditor matrix;
d. assisting in analyzing and developing strategies to address
the Debtor's existing obligations;
e. assisting the Debtor in preparing financial related
disclosures required by the Court, including schedules of assets
and liabilities, the statement of financial affairs and monthly
operating reports;
f. assisting the Debtor in developing and preparing a plan of
reorganization or liquidation and associated disclosure statement;
g. assisting with the identification and implementation of
short-term cash management procedures;
h. assisting with the preparation of financial information for
distribution to creditors and others;
i. analyzing creditor claims by type, entity and individual
claim, including assisting with the development of databases, as
necessary, to track such claims; and
j. rendering such other general business consulting.
FTI will be paid at these rates:
Senior Managing Directors $1,095 to $1,495
Directors/Senior Directors/
Managing Directors $825 to $1,110
Consultants/Senior Consultants $450 to $790
Administrative/Paraprofessionals $185 to $370
The firm received an advance payment retainer in the amount of
$50,000.
Chad Shandler, a senior managing director at FTI Consulting,
disclosed in a court filing that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Chad Shandler
FTI Consulting, Inc
15th Floor
1166 Avenue of the Americas
New York, NY 10036
Telephone: (212) 841-9349
Email: chad.shandler@fticonsulting.com
About Senior Choice, Inc.
Senior Choice, Inc. operates as a non-profit organization. The
Organization provides inpatient nursing and rehabilitative services
to patients who requires continuous health care.
Senior Choice, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
24-70040) on February 8, 2024, listing $1,000,001 to $10 million in
assets and $10,000,001 to $50 million in liabilities.
Judge Jeffery A Deller presides over the case.
Jeffrey W. Spear, Esq. at Duane Morris LLP represents the Debtor as
counsel.
SENIOR CHOICE: Seeks to Hire Duane Morris as Bankruptcy Counsel
---------------------------------------------------------------
Senior Choice, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ Duane Morris LLP
as its bankruptcy counsel.
The firm's services include:
a. advising the Debtors with respect to their powers and
duties in the continued operation of their business;
b. advising the Debtors on general bankruptcy matters;
c. preparing legal papers;
d. representing the Debtors at all critical hearings;
e. prosecuting and defending litigated matters that may arise
during the pendency of the Debtors' Chapter 11 cases;
f. negotiating transactions and preparing any necessary
documentation related thereto;
g. representing the Debtors in matters relating to the
assumption or rejection of executory contracts and unexpired
leases;
h. advising the Debtors on general corporate securities, real
estate, litigation, environmental, labor, regulatory, tax,
healthcare, and other legal matters which may arise during the
pendency of the cases; and
i. performing all other necessary legal services for the
Debtors.
The hourly rates charged by the firm for its services are as
follows:
Partners $560 to $1,955 per hour
Special Counsel $555 to $1,515 per hour
Associates $530 to $1,120 per hour
Paralegals and Assistants $260 to $660 per hour
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Morris Bauer, Esq., a partner at Duane Morris, 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:
Morris S. Bauer, Esq.
DUANE MORRIS, LLP
One Riverfront Plaza
1037 Raymond Boulevard, Suite 1800
Newark, NJ 07102-5429
Tel: (973) 424-2037
Email: msbauer@duanemorris.com
About Senior Choice, Inc.
Senior Choice, Inc. operates as a non-profit organization. The
Organization provides inpatient nursing and rehabilitative services
to patients who requires continuous health care.
Senior Choice, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
24-70040) on February 8, 2024, listing $1,000,001 to $10 million in
assets and $10,000,001 to $50 million in liabilities.
Judge Jeffery A Deller presides over the case.
Jeffrey W. Spear, Esq. at Duane Morris LLP represents the Debtor as
counsel.
SENIOR CHOICE: Seeks to Hire Senior Choice as Real Estate Broker
----------------------------------------------------------------
Senior Choice, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ Mishler Auction
Service as real estate broker for The Atrium.
The firm's services include:
a. assisting interested persons with conducting due diligence
on The Atrium;
b. continuing pre-Petition Date efforts, which included
marketing and soliciting offers for the Debtor for the purpose of
entering into a sale transaction for The Atrium; and
c. assisting the Debtor with developing, communicating,
negotiating and presenting offers, counteroffers and notices that
relate to such offers and counteroffers until a sale transaction
for The Atrium has been approved by the Court and closes.
Mishler will be compensated with a 3 percent commission of the
gross sales price.
Mishler is a "disinterested person" as the term is defined in
Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached through:
Dale Mishler
Mishler Auction Service
150 Old Ridge Rd
Hollsopple, PA 15935
Phone: (814) 539-7777
About Senior Choice, Inc.
Senior Choice, Inc. operates as a non-profit organization. The
Organization provides inpatient nursing and rehabilitative services
to patients who requires continuous health care.
Senior Choice, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
24-70040) on February 8, 2024, listing $1,000,001 to $10 million in
assets and $10,000,001 to $50 million in liabilities.
Judge Jeffery A Deller presides over the case.
Jeffrey W. Spear, Esq. at Duane Morris LLP represents the Debtor as
counsel.
SENIOR CHOICE: Taps Evans Senior Investments as Real Estate Broker
------------------------------------------------------------------
Senior Choice, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Pennsylvania to employ JS Evans LLC
d/b/a Evans Senior Investments as its real estate broker.
The firm will render these services:
a. subject to the execution of appropriate confidentiality
agreements, assisting interested persons with conducting due
diligence on certain of the facilities in accordance with the
proposed bidding procedures, which contemplate that all executing
parties will continue to have access to the data room throughout
the sale process;
b. continuing its pre-Petition Date efforts, which included
the preparation of an offering memorandum and related solicitation
materials and soliciting offers for the Debtor for the purpose of
entering into a transaction;
c. accepting delivery of and presenting to the Debtor offers
and counter-offers to enter into a transaction with respect to
certain of the facilities;
d. assisting the Debtor with developing, communicating,
negotiating and presenting offers, counteroffers and notices that
relate to such offers and counteroffers until a Transaction has
been approved by the Court and closes; and
e. answering the Debtor's questions relating to the offers,
counter-offers, notices and contingencies.
The firm will be compensated with a 3 percent commission per
transaction of the gross sales price earned at closing or transfer
of title.
Evans Senior Investments is a "disinterested person" as that term
is defined in section 101(14), according to court filings.
The firm can be reached through:
Jason Stroiman
JS Evans LLC
d/b/a Evans Senior Investments
1017 W Washington Blvd, Unit 4F, 60607
Chicago, IL
Tel: (312) 896-0123
Email: jstroiman@evanssenior.com
About Senior Choice, Inc.
Senior Choice, Inc. operates as a non-profit organization. The
Organization provides inpatient nursing and rehabilitative services
to patients who requires continuous health care.
Senior Choice, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No.
24-70040) on February 8, 2024, listing $1,000,001 to $10 million in
assets and $10,000,001 to $50 million in liabilities.
Judge Jeffery A Deller presides over the case.
Jeffrey W. Spear, Esq. at Duane Morris LLP represents the Debtor as
counsel.
SHAMROCK INDUSTRIES: Craig Geno Named Subchapter V Trustee
----------------------------------------------------------
The Acting U.S. Trustee for Region 8 appointed Craig Geno, Esq., at
the Law Offices of Craig M. Geno, PLLC as Subchapter V trustee for
Shamrock Industries, LLC.
Mr. Geno will be paid an hourly fee of $250 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Geno declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Craig M. Geno, Esq.
Law Offices of Craig M. Geno, PLLC
587 Highland Colony Parkway
Ridgeland, MS 39157
Phone: (601) 427-0048
Fax: (601) 427-0050
Email: cmgeno@cmgenolaw.com
About Shamrock Industries
Shamrock Industries, LLC, a company in Memphis, Tenn., partners
with its clients to refurbish, repackage, remarket, and resell
their returned, distressed and excess inventory. It is uniquely
positioned to deliver expert solutions by leveraging access to its
proprietary NobodyLower.com website and more than 20 years of
experience in sales and marketing, forward and reverse logistics,
returns processing, multiple e-commerce channels, refurbishment and
warranty support. The company conducts business under the name
Synergy ReCommerce.
Shamrock Industries filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 24-20699) on
February 16, 2024, with $500,001 to $1 million in assets and $1
million to $10 million in liabilities. Brian J. Bray, chief
executive officer, signed the petition.
Judge Denise E. Barnett oversees the case.
Michael P. Coury, Esq., at Glankler Brown, PLLC, represents the
Debtor as legal counsel.
SHIELDS NURSING: No Patient Care Concern, 2nd PCO Report Says
-------------------------------------------------------------
Blanca Castro, the patient care ombudsman, filed with the U.S.
Bankruptcy Court for the Northern District of California her second
report regarding the quality of patient care provided at Shields
Nursing Centers, Inc.'s skilled nursing facilities.
In her report, which covers the period from Dec. 13, 2023 to Feb.
13, 2024, the PCO visited two facilities with long-term care
ombudsman, Jenny Wilcox, and the state volunteer coordinator,
Donelle Swain. During these visits, the PCO met with residents,
employees and toured the facilities.
During the check-ins with residents, more than five residents
shared that they wait hours before a staff member comes to their
room to find out what they want. Residents shared that the shift
after 2:00 p.m. is the worst time, which they indicated is when
they notice there are not enough staff to respond to the residents'
requests for assistance using their call buttons.
The PCO approached a resident who was in a wheelchair and was left
alone by a wall. While the resident seemed unhappy to be at the
facility, she did not have any complaints or concerns about her
care. She had been recently admitted by her family from a board and
care facility.
The PCO observed physical therapists working with their patients in
their rooms and hallways at the Shields Nursing facility. The
residents did not share any concerns, with the exception that there
are not enough staff during the afternoon hours to assist all the
residents, especially residents who require assistance going to the
restroom.
A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=eSRB5w from PacerMonitor.com.
The ombudsman may be reached at:
Blanca E. Castro
2880 Gateway Oaks Drive, Suite 200,
Sacramento, CA 95833
Phone: (916) 928-2500
Email: Blanca.Castro@aging.ca.gov
About Shields Nursing Centers
Shields Nursing Centers, Inc. owns and operates a skilled nursing
facility in Hercules, Calif., which offers rehabilitation programs
including physical, occupational and speech therapy.
Shields Nursing Centers filed its voluntary Chapter 11 petition
(Bankr. N.D. Calif. Case No. 23-41201) on Sept. 20, 2023, with
$1,726,970 in assets and $13,504,710 in liabilities. Judge Charles
Novack oversees the case.
The Law Offices of Michael Jay Berger serves as the Debtor's
bankruptcy counsel.
Blanca E. Castro is the patient care ombudsman appointed in the
Debtor's bankruptcy case.
SONNY ROOSEVELT: Seeks to Hire Bravo Law APC as Bankruptcy Counsel
------------------------------------------------------------------
Sonny Roosevelt, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of California to hire Bravo Law APC to
handle its Chapter 11 case.
The firm will be paid at these rates:
John L. Smaha $550 per hour
Gustavo E. Bravo $400 per hour
The firm had received $7,000 of the $10,000 retainer.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Gustavo Bravo, Esq., a partner at Bravo Law APC, 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:
Gustavo E. Bravo, Esq.
BRAVO LAW APC
2398 San Diego Avenue
San Diego, CA 92110
Tel: (619) 600-1394
Fax: (619) 688-1558
Email: gbravo@bravolawapc.com
About Sonny Roosevelt, LLC
Sonny Roosevelt, LLC sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Cal. Case No. 24-00236) on
January 26, 2024, listing up to $50,000 in both assets and
liabilities.
Judge Christopher B Latham presides over the case.
Gustavo E. Bravo, Esq. at Bravo Law Apc represents the Debtor as
counsel.
TECHPRECISION CORP: Raises Going Concern Doubt
----------------------------------------------
TechPrecision Corporation disclosed in a Form 10-Q Report filed
with the U.S. Securities and Exchange Commission for the quarterly
period ended December 31, 2023, that substantial doubt exists about
its ability to continue as a going concern.
The Company's liquidity is highly dependent on the availability of
financing facilities and its ability to maintain a gross profit and
operating income. For the nine months ended December 31, 2023, the
Company reported a net loss of $1.9 million.
As of December 31, 2023, the Company had $2.8 million in total
available liquidity, consisting of $0.4 million in cash and cash
equivalents, and approximately $2.4 million in undrawn capacity
under its Revolver Loan. At March 31, 2023, the Company had $4.7
million in total available liquidity, consisting of $0.5 million in
cash and cash equivalents, and $4.2 million in undrawn capacity
under its Revolver Loan.
The Company is the borrower under the amended and restated loan
agreement with Berkshire Bank, or the "Loan Agreement". which was
amended on December 20, 2023. On that date, Ranor and certain
affiliates of the Company entered into a Sixth Amendment to the
Amended and Restated Loan Agreement and Second Amendment to Second
Amended and Restated Promissory Note, or the "Sixth Amendment".
There was $7.6 million outstanding under the agreement on December
31, 2023. The original maturity date of the revolver loan under the
Loan Agreement is December 20, 2023. Berkshire Bank, the lender,
agreed to extend the maturity date to March 20, 2024.
In addition to extending the maturity date of the revolver loan,
the sixth amendment limits the amount of proceeds borrowed to $1.0
million in the aggregate for due diligence and professional costs
incurred prior to March 20, 2024 in connection with any potential
acquisitions. The Company acknowledges that a certain event of
default has occurred and is continuing under the Loan Agreement as
a result of the Company's failure to satisfy the Debt Service
Coverage Ratio, or DSCR, for the 12-month period ending December
31, 2023.
Without a waiver, the lender has the right, but not the obligation,
to demand repayment from the Company for noncompliance with the
debt covenants. In addition, the bank retains the right to act on
covenant violations that occur after the date of delivery of any
waiver. The lender has not granted the Company a waiver. As such,
the Company needs to seek alternative financing to pay these
obligations as the Company does not have existing facilities or
sufficient cash on hand to satisfy these obligations. It is also
probable that the Company will not be in compliance with the same
debt covenants at subsequent measurement dates within the next 12
months. As a result of the above, all of the Company's long-term
debt has been classified as current in its condensed consolidated
balance sheet as of December 31, 2023.
The uncertainty associated with the recurring operating losses at
Stadco, the revolver loan renewal, the need for alternative
financing, compliance with debt covenants, and the expected debt
covenant violation at subsequent compliance dates raise substantial
doubt about the Company's ability to continue as a going concern
within one-year after the date the condensed consolidated financial
statements included in this Quarterly Report on Form 10-Q were
issued.
At December 31, 2023, the Company's working capital was negative
because of the reclassification of its long-term debt from
noncurrent to current in the condensed consolidated balance sheet.
Working capital was $5.6 million at March 31, 2023."
As of December 31, 2023, the Company had $38.44 million in total
assets, $25.61 million in total liabilities, and $12.84 million in
total stockholders' equity.
About TechPrecision Corporation
TechPrecision Corporation, through its wholly-owned subsidiaries,
Ranor, Inc., and Stadco, manufactures large-scale, metal fabricated
and machined precision components and equipment. These products are
used in a variety of markets including: defense, aerospace,
nuclear, medical, and precision industrial.
TELESCOPE PROPERTIES: Voluntary Chapter 11 Case Summary
-------------------------------------------------------
Debtor: Telescope Properties, LLC
336 W First Street Suite 113
Flint, MI 48502
Business Description: The Debtor is a Single Asset Real Estate (as
defined in 11 U.S.C. Section 101(51B)).
Chapter 11 Petition Date: March 6, 2024
Court: United States Bankruptcy Court
Eastern District of Michigan
Case No.: 24-30425
Judge: Hon. Joel D. Applebaum
Debtor's Counsel: Robert N. Bassel, Esq.
ROBERT BASSEL
PO Box T
Clinton, MI 49236
Tel: 248-677-1234
Email: bbassel@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Shabi Jafri as principal.
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/ZIHFVSQ/TELESCOPE_PROPERTIES_LLC__miebke-24-30425__0001.0.pdf?mcid=tGE4TAMA
TROIKA MEDIA: Unsecureds Will Get 6.7% to 10% in Liquidating Plan
-----------------------------------------------------------------
Troika Media Group, Inc., and affiliates filed with the U.S.
Bankruptcy Court for the Southern District of New York a Disclosure
Statement for Joint Chapter 11 Plan of Liquidation dated February
29, 2024.
TMG and its subsidiaries and affiliates (collectively, the
"Company") runs a lead generation media marketing business that
provides value to customers' brands by running thousands of
marketing campaigns daily to generate scalable, performance-driven
revenue growth for its clients.
Prior to the Petition Date, the Company negotiated a form of
Stalking Horse APA with an affiliate of BTC Converge Buyer LLC, a
Blue Torch affiliate (the "Purchaser"), pursuant to which the
Company agreed to sell all or substantially all of their assets
pursuant to section 363 of the Bankruptcy Code in exchange for a
credit bid by a Blue Torch affiliate (the "Stalking Horse Bidder")
of up to $51 million (the "Stalking Horse Bid").
On January 25, 2024, the Committee filed an objection to the
proposed sale (the "Sale"). In connection with the Mediation, the
Debtors entered into the Participating Converge Sellers Settlement,
which, among other things, resulted in the Committee's Sale
objection being resolved. On February 6, 2024, the Bankruptcy Court
held a hearing to consider the Sale and, on February 8, 2024,
entered an order approving the Sale to the Purchaser.
The Plan provides for and implements the Plan Settlement by and
between (i) the Debtors, (ii) the Committee, and (iii) Blue Torch
Finance LLC, solely in its capacity as Prepetition Agent and DIP
Agent, the Prepetition Secured Lenders, and the DIP Lenders,
(collectively, the "Blue Torch Parties," and, collectively with the
Debtors and the Committee, the "Plan Settlement Parties"). Pursuant
to the Plan Settlement, the Plan Settlement Parties have agreed to,
among other things, resolve any and all disputes between and among
the Debtors, the Committee, and the Prepetition Secured Lenders in
accordance with the terms of the Plan.
The Plan is a plan of liquidation. The Plan provides for the
appointment of a Plan Administrator. The Plan Administrator shall
be empowered to, among other things, administer and liquidate all
Excluded Assets, other than the Litigation Trust Assets, and object
to and settle Claims.
The Plan provides for a waterfall payment structure in compliance
with section 1129 of the Bankruptcy Code, whereby (i) Holders of
Administrative Claims, Priority Tax Claims, and Priority Non-Tax
Claims are entitled to distribution ahead of Holders of General
Unsecured Claims, and (ii) Holders of Secured Claims are entitled
to their collateral or the proceeds of their collateral ahead of
Holders of Blue Torch Deficiency Claims and Holders of General
Unsecured Claims. More specifically, pursuant to the terms of the
Plan:
* Holders of Allowed Administrative Claims shall be paid in
full in Cash.
* Holders of Allowed Priority Tax Claims shall be treated in
accordance with section 1129(a)(9) of the Bankruptcy Code.
* Holders of Allowed Secured Claims and Allowed Priority Non
Tax Claims shall be paid in full in cash or receive the collateral
of such Allowed Secured Claims or such other treatment that renders
such Claims Unimpaired.
* Holders of Allowed Class 3 Blue Torch Deficiency Claims
shall receive a pro rata share (calculated based on the proportion
that such Holder's Allowed Blue Torch Deficiency Claim bears to the
aggregate amount of Allowed Blue Torch Deficiency Claims) of
interests in the Litigation Trust, which shall constitute the full
and final satisfaction, settlement, release, and discharge upon the
Effective Date of the Holder's Blue Torch Deficiency Claim.
* Holders of Allowed Class 4 General Unsecured Claims (defined
so as to not include Blue Torch Deficiency Claims) shall receive,
subject to the terms of the Plan, a pro rata share (calculated
based on the proportion that such Holder's Allowed General
Unsecured Claim bears to the aggregate amount of Allowed General
Unsecured Claims) of the Net Available Cash available for
Distribution, which is estimated to total $500,000 as of the date
of filing of the Plan and is subject to change.
Class 4 consists of all General Unsecured Claims against the
Debtors other than Blue Torch Deficiency Claims. Except to the
extent that a Holder of an Allowed General Unsecured Claim agrees
to a less favorable treatment, in exchange for full and final
satisfaction, settlement, and release of each Allowed General
Unsecured Claim, each Holder of an Allowed General Unsecured Claim
shall receive its pro rata share of the Net Available Cash
available for Distribution, which is estimated to total $500,000 as
of the date of filing of the Plan and is subject to change. The
allowed unsecured claims total $5 million to $7.5 million. This
Class will receive a distribution of 6.7% to 10% of their allowed
claims. Class 4 is Impaired.
No Holder of an Interest shall be entitled to a distribution under
the Plan on account of such Interest. On the Effective Date, all
Interests shall be retired, cancelled, and/or extinguished.
This Plan will be implemented by, among other things, the
appointment of the Plan Administrator and the Litigation Trustee,
and the making of Distributions.
On the Effective Date, pursuant to sections 1141(b) and 1141(c) of
the Bankruptcy Code, (i) the Excluded Assets under the Purchase
Agreement, other than the Litigation Trust Assets, and any property
acquired by the Debtors under or in connection with this Plan,
shall vest in, and be held in the name of, the applicable
Post-Confirmation Debtor, free and clear of all Claims, Liens,
encumbrances, charges, and other interests except as otherwise
expressly provided in the Plan, and (ii) the Litigation Trust
Assets shall vest in the Litigation Trust pursuant to the
Confirmation Order, the Plan, and the Litigation Trust Agreement.
A full-text copy of the Disclosure Statement dated February 29,
2024 is available at https://urlcurt.com/u?l=OBa5C9 from Kroll
Restructuring Administration, LLC, claims agent.
Debtors' Counsel:
Brian S. Lennon, Esq.
Jamie M. Eisen, Esq.
Betsy L. Feldman, Esq.
WILLKIE FARR & GALLAGHER LLP
787 Seventh Avenue
New York, New York 10019
Tel: (212) 728-8000
Fax: (212) 728-8111
Email: blennon@willkie.com
jeisen@willkie.com
bfeldman@willkie.com
About Troika Media Group
Troika Media Group, Inc., a New York-based company and its
affiliates, operate a media advertising professional services
company. Troika Media Group's core asset is the business segment
run by Converge Direct, LLC, which Troika Media Group acquired in
March 2022 for $125 million. Converge is a
data-and-audience-centric media buying agency. It differentiates
itself from the typical agency model in favor of deeper engagement
with its clients and investing in its own lead generating
activities. Converge provides complementary services such as
advertising strategy and customized advertising campaigns,
utilizing its proprietary attribution analytics software tool,
Helix.
Troika Media Group and its affiliates filed Chapter 11 petitions
(Bankr. S.D.N.Y. Lead Case No. 23-11969) on Dec. 7, 2023. As of
Oct. 31, 2023, Troika Media Group had total assets of $86.5 million
and total debt of $130.7 million.
Judge David S. Jones oversees the cases.
The Debtors tapped Willkie Farr & Gallagher, LLP as legal counsel;
Jefferies, LLC as investment banker; and Arete Capital Partners,
LLC as financial advisor. Kroll Restructuring Administration, LLC
is the notice, claims, solicitation and balloting agent and
administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by McDermott Will & Emery, LLP.
King & Spalding represents the lenders and the agents under the
Debtors' prepetition secured credit facility and the lenders and
the agents under the Debtors' debtor-in-possession financing
facility.
TTW TRANSPORT: Case Summary & 16 Unsecured Creditors
----------------------------------------------------
Debtor: TTW Transport, Inc.
Attn: Jonathan Witkin
210 E. Lambert Road
Fullerton, CA 92835
Business Description: The Debtor is part of the general freight
trucking industry.
Chapter 11 Petition Date: March 6, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-10559
Judge: Hon. Scott C Clarkson
Debtor's Counsel: Thomas J. Polis, Esq.
POLIS & ASSOCIATES, APLC
19800 MacCarthur Boulevard, Suite 1000
Irvine, CA 92612-2433
Tel: (949) 862-0040
Fax: (949) 862-0041
Email: tom@polis-law.com
Total Assets: $4,368,589
Total Liabilities: $1,044,059
The petition was signed by Jonathan Witkin as direct of finance.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 16 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/FKPBN4A/TTW_Transport_Inc__cacbke-24-10559__0001.0.pdf?mcid=tGE4TAMA
UBER TECHNOLOGIES: S&P Upgrades ICR to 'BB+', Outlook Positive
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on U.S.-based
mobility and delivery technology platform provider Uber
Technologies Inc. to 'BB+' from 'BB-'.
At the same time, S&P raised its issue-level ratings on Uber's
senior secured debt to 'BBB-' from 'BB', and its senior unsecured
notes to 'BB' from 'B+'. The '2' and '5' secured and unsecured
recovery ratings, respectively, are unchanged.
The positive outlook indicates the potential for an upgrade over
the next 12-18 months if Uber's financial performance continues to
improve as expected.
Uber continues to execute according to plan and make progress on
its FOCF growth as it focuses on profitable expansion and cost
discipline. Uber's management-defined EBITDA improved significantly
to $4.0 billion in 2023, up from $1.7 billion in 2022, on a healthy
gross bookings increase of 20%, steady take rate, and lower
operating costs. This is equivalent to S&P Global Ratings-adjusted
EBITDA of $4.2 billion in 2023, up from $1.1 billion in 2022
(excluding certain management add-backs).
Given the company's technology platform advantages and network
effects, it has grown through the introduction of premium and
low-cost products and increased frequency of transactions (trips
and deliveries per monthly user) while lowering transaction and
operating costs. Its EBITDA margins have steadily improved in the
Mobility and Delivery segments from increasing network scale,
easing driver supply incentives, and lowering consumer promotions.
The company also has margin expansion potential from burgeoning
advertising opportunities on its platform. While Uber has a short
track record of generating positive S&P Global Ratings-adjusted
EBITDA and FOCF, we expect the factors above to support an
improving credit profile over the next couple of years.
At its recent investor update in February 2024, Uber presented its
three-year financial model, which includes management-defined
EBITDA compound annual growth in the high-30% to 40% area through
2026. Barring significant one-time expense items that we deduct
from EBITDA and FOCF, S&P Global Ratings' assumptions including
gross bookings growth of roughly 14%, steady take rates, and EBITDA
expansion are largely consistent with management's medium-term
plan.
These achievements will likely support a higher rating over the
next 12-18 months. S&P said, "We believe Uber will likely reach S&P
Global Ratings-adjusted EBITDA and FOCF of $5.5 billion and $2.7
billion, respectively, in 2024. We note its S&P Global
Ratings-adjusted FOCF was about $543 million in 2023, though we
expect meaningful improvement to $2.7 billion in 2024, or FOCF to
debt of 40%. We deduct the impact of restricted cash and
investments from reported operating cash flow."
S&P said, "The positive outlook reflects our expectation Uber's
rapid profit expansion and commensurate FOCF improvements to $2.7
billion to continue in 2024. At the same time, its initiation of
share repurchases will be fully covered by high FOCF conversion
such that its S&P Global Ratings-adjusted debt to EBITDA will be
about 1.2x. Uber's healthy profit and FOCF expansion on a
sustainable basis would support upward rating trajectory."
S&P could consider an upgrade if:
-- Uber's credit metrics and FOCF continue to improve such that it
maintains FOCF to debt above 25%, including the effect of change in
restricted cash and investments;
-- S&P is confident Uber's financial policies will not deviate
materially from its stated gross leverage target of 2x over a
sustained period even when accounting for M&A and shareholder
returns; and
-- S&P believes competitive, regulatory, and technology risks do
not materially curtail its financial targets.
S&P could revise the outlook to stable if:
-- Ubers profits don't improve such that its FOCF to debt fails to
increase above 25% as expected;
-- Unexpected aggressive financial policies emerge such that its
debt to EBITDA remains above 2x; or
-- S&P believes unforeseen adverse regulatory developments or
heightened competition will impede profit expansion.
S&P's assessment of management and governance practices are overall
neutral for Uber's credit risk.
S&P said, "Social factors are a neutral consideration in our credit
rating analysis. Despite its disruptive business model that has
provoked legal and regulatory challenges, we believe some
regulatory pressure is easing. Based on recent developments, Uber
will likely manage emerging regulatory risks given its proven model
and legal precedents.
"Uber maintains a reserve for legal, regulatory, and non-income
taxes of about $1 billion as of Dec. 31, 2023. Still, we don't
believe any potential legal settlements will be large enough to
affect our rating on the company at this time. We believe
regulatory actions are unlikely to represent an existential threat
to Uber; the company could adapt its business model given market
fragmentation."
VENUS CONCEPT: Mitchell P. Kopin, 2 Others Report 4.99% Stake
-------------------------------------------------------------
In a Schedule 13G filed with the Securities and Exchange
Commission, Mitchell P. Kopin, Daniel B. Asher, and Intracoastal
Capital LLC disclosed that as of Feb. 22, 2024, they beneficially
owned 320,765 shares of common stock of Venus Concept Inc.,
representing 4.99 percent of the Shares outstanding.
As of the close of business on March 1, 2024, each of the Reporting
Persons may have been deemed to have beneficial ownership of
320,765 shares of Common Stock, which consisted of (i) 247,836
shares of Common Stock held by Intracoastal and (ii) 72,929 shares
of Common Stock issuable upon exercise of the Intracoastal Warrant,
and all such shares of Common Stock represented beneficial
ownership of approximately 4.99% of the Common Stock, based on (1)
5,537,482 shares of Common Stock outstanding as of Nov. 16, 2023,
as reported by the Issuer, plus (2) 817,748 shares of Common Stock
in the aggregate issued at the closing of the transaction
contemplated by the SPA and (3) 72,929 shares of Common Stock
issuable upon exercise of Intracoastal Warrant 1. The foregoing
excludes (I) 335,945 shares of Common Stock issuable upon exercise
of Intracoastal Warrant 1 because Intracoastal Warrant 1 contains a
blocker provision under which the holder thereof does not have the
right to exercise Intracoastal Warrant 1 to the extent (but only to
the extent) that such exercise would result in beneficial ownership
by the holder thereof, together with the holder's affiliates, and
any other persons acting as a group together with the holder or any
of the holder's affiliates, of more than 4.99% of the Common Stock
and (II) 6,667 shares of Common Stock issuable upon exercise of
Intracoastal Warrant 2 because Intracoastal Warrant 2 contains a
blocker provision under which the holder thereof does not have the
right to exercise Intracoastal Warrant 2 to the extent (but only to
the extent) that such exercise would result in beneficial ownership
by the holder thereof, together with the holder's affiliates, and
any other persons acting as a group together with the holder or any
of the holder's affiliates, of more than 4.99% of the Common Stock.
Without such blocker provisions, each of the Reporting Persons may
have been deemed to have beneficial ownership of 663,377 shares of
Common Stock.
A full-text copy of the regulatory filing is available for free
at:
https://www.sec.gov/Archives/edgar/data/1409269/000121390024019031/ea0201023-13gintra_venus.htm
About Venus Concept
Toronto, Ontario-based Venus Concept Inc. is an innovative global
medical technology company that develops, commercializes, and
delivers minimally invasive and non-invasive medical aesthetic and
hair restoration technologies and related practice enhancement
services. The Company's aesthetic systems have been designed on a
cost-effective, proprietary and flexible platform that enables the
Company to expand beyond the aesthetic industry's traditional
markets of dermatology and plastic surgery, and into
non-traditional markets, including family and general practitioners
and aesthetic medical spas.
Venus Concept reported a net loss of $43.58 million in 2022
compared to a net loss of $22.14 million in 2021. As of Sept. 30,
2023, the Company had $98.92 million in total assets, $110.30
million in total liabilities, and a total stockholders' deficit of
$12.17 million.
Toronto, Canada-based MNP LLP, the Company's auditor since 2019,
issued a "going concern" qualification in its report dated March
27, 2023, citing that the Company has reported recurring net losses
and negative cash flows from operations that raise substantial
doubt about its ability to continue as a going concern.
The Company has had recurring net operating losses and negative
cash flows from operations. As of Sept. 30, 2023 and Dec. 31,
2022, the Company had an accumulated deficit of $250,787,000 and
$224,105,000 respectively, though, the Company was in compliance
with all required covenants as of September 30, 2023, and December
31, 2022. The Company said its recurring losses from operations and
negative cash flows raise substantial doubt about the Company's
ability to continue as a going concern within 12 months from the
date that the unaudited condensed consolidated financial statements
are issued.
The global economy, including the financial and credit markets, has
recently experienced extreme volatility and disruptions, including
increasing inflation rates, rising interest rates, foreign currency
impacts, declines in consumer confidence, and declines in economic
growth. All these factors point to uncertainty about economic
stability, and the severity and duration of these conditions on the
Company's business cannot be predicted, and the Company cannot
assure that it will remain in compliance with the financial
covenants contained within its credit facilities, according to the
Company's Quarterly Report for the period ended Sept. 30, 2023.
VISTA COLLEGE: S&P Alters Outlook to Positive, Affirms 'BB+' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'BB+' issuer credit rating (ICR) on Vista College
Preparatory (VCP), Ariz.
The positive outlook revision reflects VCP's growing enrollment
trends with the successful opening of two additional schools in
fall 2022 and continued expansion of grades since, along with a
rebound in operations and coverage, with performance expected to be
sustained at levels that could support a higher rating.
WORLD AIRCRAFT: Seeks to Hire Sheehan & Ramsey as Counsel
---------------------------------------------------------
World Aircraft, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Mississippi employ Sheehan & Ramsey,
PLLC as legal counsel.
The firm will provide these services:
(a) consult with any appointed committee concerning the
administration of the Debtors' Chapter 11 cases;
(b) investigate the acts, conduct, assets, liabilities, and
financial condition of the Debtors and other matters relevant to
the cases;
(c) formulate a Chapter 11 plan;
(d) prepare legal papers and reports necessary in the
bankruptcy cases;
(e) attend all hearings and trials concerning the Debtor or
the estate; and
(f) initiate adversary proceedings as deemed necessary for
successful reorganization.
The firm will be paid at these rates:
Patrick A. Sheehan $500 per hour
Partners $375 per hour
Associate Attorneys $300 per hour
Paralegals $150 per hour
In addition, the firm will also be reimbursed for reasonable
out-of-pocket expenses incurred.
Patrick Sheehan, Esq., a partner at Sheehan & Ramsey, disclosed in
a court filing that his firm is a "disinterested person" pursuant
to Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Patrick A. Sheehan, Esq.
SHEEHAN & RAMSEY, PLLC
492 Porter Avenue
Ocean Springs, MS 39564
Tel: (228) 875-0572
Fax: (228) 875-0895
Email: Pat@sheehanramsey.com
About World Aircraft, Inc.
World Aircraft, Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No.
24-50224) on February 22, 2024, listing $100 million to $500
million in assets and $50 million to $100 million in liabilities.
The petition was signed by Thomas Swarek as president.
Judge Katharine M Samson presides over the case.
Patrick Sheehan, Esq. at SHEEHAN AND RAMSEY, PLLC represents the
Debtor as counsel.
WYNN RESORTS: T. Rowe Price Associates Reports 0.9% Equity Stake
----------------------------------------------------------------
T. Rowe Price Associates, Inc. disclosed in a Schedule 13G/A Report
filed with the U.S. Securities and Exchange Commission that as of
December 31, 2023, it beneficially owned 993,174 shares of Wynn
Resorts' common stock, representing 0.9% of the shares outstanding.
A full-text copy of the Report is available at
https://tinyurl.com/5n74bz5u
About Wynn Resorts Ltd.
Headquartered in Las Vegas, Nevada, Wynn Resorts, Limited owns and
operates hotels and casino resorts. As of Sept. 30, 2023, Wynn
Resorts has $13.34 billion in total assets and $15.05 billion in
total liabilities.
Egan-Jones Ratings Company on September 19, 2023, maintained its
'CCC+' foreign currency and local currency senior unsecured ratings
on debt issued by Wynn Resorts, Limited.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re Return 2 Excellence LLC
Bankr. E.D. Ark. Case No. 24-10618
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/BZPUSJA/RETURN_2_EXCELLENCE_LLC__arebke-24-10618__0001.0.pdf?mcid=tGE4TAMA
represented by: Sheila F. Campbell, Esq.
SHEILA F. CAMPBELL P.A.
E-mail: campbl@sbcglobal.net
In re The Mustang Shop Of San Diego, Inc.
Bankr. S.D. Cal. Case No. 24-00637
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/ZREYEAQ/The_Mustang_Shop_Of_San_Diego__casbke-24-00637__0001.0.pdf?mcid=tGE4TAMA
represented by: Andrew Bisom, Esq.
LAW OFFICE OF ANDREW S. BISOM
E-mail: abisom@bisomlaw.com
In re Mount Hermon A.M.E. Church of Miami Gardens, Florida Inc.
Bankr. S.D. Fla. Case No. 24-11834
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/G35EK3Q/Mount_Hermon_AME_Church_of_Miami__flsbke-24-11834__0001.0.pdf?mcid=tGE4TAMA
represented by: Winston Cuenant, Esq.
CUENANT & PENNINGTON, PA
E-mail: winston@cuenantlaw.com
In re Suzanne Kelly Fischer and Michael Edward Fischer
Bankr. N.D. Ga. Case No. 24-52041
Chapter 11 Petition filed February 27, 2024
represented by: Leslie Pineyro, Esq.
In re Pearl Nails, LLC
Bankr. W.D. Ky. Case No. 24-30485
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/ZRRXPRI/Pearl_Nails_LLC__kywbke-24-30485__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael McClain, Esq.
MCCLAIN LAW GROUP, PLLC
E-mail: mmcclain@mcclainlawgroup.com
In re Lia's Transport, Inc.
Bankr. D.N.J. Case No. 24-11811
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/YUQVQ6A/Lias_Transport_Inc__njbke-24-11811__0001.0.pdf?mcid=tGE4TAMA
represented by: Bruce H. Levitt, Esq.
LEVITT & SLAFKES, P.C.
In re Quality Care Physical Therapy, P.C.
Bankr. E.D.N.Y. Case No. 24-40865
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/T4EACKA/Quality_Care_Physical_Therapy__nyebke-24-40865__0001.0.pdf?mcid=tGE4TAMA
represented by: Brian J. Hufnagel, Esq.
MORRISON TENENBAUM PLLC
E-mail: bjhufnagel@m-t-law.com
In re Orly Equities LLC
Bankr. E.D.N.Y. Case No. 24-70742
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/QVUQAGI/Orly_Equities_LLC__nyebke-24-70742__0001.0.pdf?mcid=tGE4TAMA
represented by: Vivian Sobers, Esq.
SOBERS LAW PLLC
E-mail: vsobers@soberslaw.com
In re Beach 21st Street Realty LLC
Bankr. S.D.N.Y. Case No. 24-22152
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/PAUFDQI/Beach_21st_Street_Realty_LLC__nysbke-24-22152__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re A Perfect Niche, LLC
Bankr. E.D. Tenn. Case No. 24-30311
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/6LDMF2Y/A_Perfect_Niche_LLC__tnebke-24-30311__0001.0.pdf?mcid=tGE4TAMA
represented by: Lynn Tarpy, Esq.
TARPY, COX, FLEISHMAN & LEVEILLE, PLLC
E-mail: ltarpy@tcflattorneys.com
In re D.G. Edwards, PLLC
Bankr. N.D. Tex. Case No. 24-30525
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/EWYCOLA/DG_Edwards_PLLC__txnbke-24-30525__0001.0.pdf?mcid=tGE4TAMA
represented by: Eric Liepins, Esq.
ERIC A. LIEPINS
E-mail: agenda@ealpc.com
In re Sai Sankoh
Bankr. N.D. Tex. Case No. 24-30538
Chapter 11 Petition filed February 27, 2024
represented by: Brandon Tittle, Esq.
TITTLE LAW GROUP, PLLC
In re Diversified Investors LLC
Bankr. E.D. Va. Case No. 24-70387
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/ZHWJEJI/Diversified_Investors_LLC__vaebke-24-70387__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re How to Get Flipping Rich, LLC
Bankr. N.D. Ohio Case No. 24-50262
Chapter 11 Petition filed February 27, 2024
See
https://www.pacermonitor.com/view/B22GKOQ/How_to_Get_Flipping_Rich_LLC__ohnbke-24-50262__0001.0.pdf?mcid=tGE4TAMA
represented by: Steven J. Heimberger, Esq.
RODERICK LINTON BELFANCE LLP
E-mail: sheimberger@rlbllp.com
In re David Herbert Walkowiak
Bankr. M.D. Fla. Case No. 24-00999
Chapter 11 Petition filed February 28, 2024
represented by: Buddy D. Ford, Esq.
In re 2319 Godby LLC
Bankr. N.D. Ga. Case No. 24-10272
Chapter 11 Petition filed February 28, 2024
See
https://www.pacermonitor.com/view/DBQCDZY/2319_Godby_LLC__ganbke-24-10272__0001.0.pdf?mcid=tGE4TAMA
represented by: Kenneth Mithell, Esq.
GIDDENS MITCHELL & ASSOCIATES P.C.
E-mail: gmapclaw@gmail.com
In re 360 Healthy Life Corp
Bankr. N.D. Ga. Case No. 24-52086
Chapter 11 Petition filed February 28, 2024
See
https://www.pacermonitor.com/view/TSR2DRY/360_Healthy_Life_Corp__ganbke-24-52086__0001.0.pdf?mcid=tGE4TAMA
represented by: Paul Reece Marr, Esq.
PAUL REECE MARR, P.C.
E-mail: paul.marr@marrlegal.com
In re Rodney D. Welch Insurance Agency, Inc.
Bankr. W.D. La. Case No. 24-30261
Chapter 11 Petition filed February 28, 2024
See
https://www.pacermonitor.com/view/ZABUYTA/Rodney_D_Welch_Insurance_Agency__lawbke-24-30261__0001.0.pdf?mcid=tGE4TAMA
represented by: James W Spivey II, Esq.
JAMES W SPIVEY II
In re Exquisite Quarters, LLC
Bankr. D. Md. Case No. 24-11633
Chapter 11 Petition filed February 28, 2024
See
https://www.pacermonitor.com/view/OOPIBWI/Exquisite_Quarters_LLC__mdbke-24-11633__0001.0.pdf?mcid=tGE4TAMA
represented by: Richard B. Rosenblatt, Esq.
LAW OFFICES OF RICHARD B. ROSENBLATT, PC
E-mail: rrosenblatt@rosenblattlaw.com
In re Hulkz Construction LLC
Bankr. E.D.N.Y. Case No. 24-70785
Chapter 11 Petition filed February 28, 2024
See
https://www.pacermonitor.com/view/SJE7ZPI/Hulkz_Construction_LLC__nyebke-24-70785__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re The Humboldt Company
Bankr. C.D. Cal. Case No. 24-10520
Chapter 11 Petition filed February 29, 2024
See
https://www.pacermonitor.com/view/FUQWNRA/The_Humboldt_Company__cacbke-24-10520__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Ocean 411 LLC
Bankr. N.D. Ga. Case No. 24-52115
Chapter 11 Petition filed February 29, 2024
See
https://www.pacermonitor.com/view/EI5SDLQ/Ocean_411_LLC__ganbke-24-52115__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re The Guru LLC
Bankr. N.D. Ga. Case No. 24-52147
Chapter 11 Petition filed February 29, 2024
Filed Pro Se
In re Ernest A Cozzi and Elle Marie Cozzi
Bankr. N.D. Ill. Case No. 24-02892
Chapter 11 Petition filed February 29, 2024
represented by: David Herzog, Esq.
In re Beauregard Harvey
Bankr. E.D. Mich. Case No. 24-41915
Chapter 11 Petition filed February 29, 2024
In re Mitchell Purchasing Group, LLC
Bankr. N.D. Miss. Case No. 24-10584
Chapter 11 Petition filed February 29, 2024
See
https://www.pacermonitor.com/view/J3SYJOA/Mitchell_Purchasing_Group_LLC__msnbke-24-10584__0001.0.pdf?mcid=tGE4TAMA
represented by: Jeffrey A. Levingston, Esq.
NORQUIST & LEVINGSTON PLLC
E-mail: jleving@bellsouth.net
In re Oscar Hernandez
Bankr. D.N.J. Case No. 24-12161
Chapter 11 Petition filed February 29, 2024
represented by: Christopher Browne, Esq.
In re Vision Moving & Storage Inc.
Bankr. E.D.N.Y. Case No. 24-40917
Chapter 11 Petition filed February 29, 2024
See
https://www.pacermonitor.com/view/LGZOTNY/Vision_Moving__Storage_Inc__nyebke-24-40917__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Maidulsafa LLC
Bankr. E.D.N.Y. Case No. 24-40920
Chapter 11 Petition filed February 29, 2024
See
https://www.pacermonitor.com/view/IWST3AA/Maidulsafa_LLC__nyebke-24-40920__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Mufasa Memphis Jewel LLC
Bankr. W.D. Tenn. Case No. 24-20921
Chapter 11 Petition filed February 29, 2024
See
https://www.pacermonitor.com/view/NHKUVJA/Mufasa_Memphis_Jewel_LLC__tnwbke-24-20921__0001.0.pdf?mcid=tGE4TAMA
represented by: Toni Campbell Parker, Esq.
LAW FIRM OF TONI CAMPBELL PARKER
E-mail: tparker002@att.net
In re Jason E Bagwell and Rosa Charlene Bagwell
Bankr. W.D. Ark. Case No. 24-70332
Chapter 11 Petition filed March 1, 2024
represented by: Stanley Bond, Esq.
In re Huacana Entertainment, Inc.
Bankr. E.D. Cal. Case No. 24-90120
Chapter 11 Petition filed March 1, 2024
See
https://www.pacermonitor.com/view/L7KFH5Y/Huacana_Entertainment_Inc__caebke-24-90120__0001.0.pdf?mcid=tGE4TAMA
represented by: David C. Johnston, Esq.
DAVID C. JOHNSTON
E-mail: david@johnstonbusinesslaw.com
In re Optimum Vigor Development LLC
Bankr. N.D. Cal. Case No. 24-40304
Chapter 11 Petition filed March 1, 2024
See
https://www.pacermonitor.com/view/FFCIRNI/Optimum_Vigor_Development_LLC__canbke-24-40304__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Pelegrine Corp
Bankr. M.D. Fla. Case No. 24-01048
Chapter 11 Petition filed March 1, 2024
See
https://www.pacermonitor.com/view/X3FASVA/Pelegrine_Corp__flmbke-24-01048__0001.0.pdf?mcid=tGE4TAMA
represented by: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
E-mail: jluna@lathamluna.com
In re Analia Home Health Care Services, LLC
Bankr. N.D. Ga. Case No. 24-52233
Chapter 11 Petition filed March 1, 2024
See
https://www.pacermonitor.com/view/4F3PCTI/Analia_Home_Health_Care_Services__ganbke-24-52233__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael D Robl, Esq.
ROBL LAW GROUP LLC
E-mail: michael@roblgroup.com
In re Kraftex Floor Corporation
Bankr. N.D. Ill. Case No. 24-03038
Chapter 11 Petition filed March 1, 2024
See
https://www.pacermonitor.com/view/LG2QWLA/Kraftex_Floor_Corporation__ilnbke-24-03038__0001.0.pdf?mcid=tGE4TAMA
represented by: Ben Schneider, Esq.
THE LAW OFFICES OF SCHNEIDER AND STONE
E-mail: ben@windycitylawgroup.com
In re Bobby Mitchell, Jr.
Bankr. N.D. Miss. Case No. 24-10604
Chapter 11 Petition filed March 1, 2024
represented by: Jeffrey Levingston, Esq.
In re Mountainside Coal Company, Inc.
Bankr. M.D.N.C. Case No. 24-50161
Chapter 11 Petition filed March 1, 2024
See
https://www.pacermonitor.com/view/Y7V6RRQ/Mountainside_Coal_Company_Inc__ncmbke-24-50161__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Triple 7 Commodities Inc.
Bankr. M.D.N.C. Case No. 24-50162
Chapter 11 Petition filed March 1, 2024
See
https://www.pacermonitor.com/view/ZH2XPMI/Triple_7_Commodities_Inc__ncmbke-24-50162__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re AlphaOne Exteriors LLC
Bankr. S.D. Ohio Case No. 24-30371
Chapter 11 Petition filed March 1, 2024
See
https://www.pacermonitor.com/view/4LNJVMA/AlphaOne_Exteriors_LLC__ohsbke-24-30371__0001.0.pdf?mcid=tGE4TAMA
represented by: Patricia J. Friesinger, Esq.
COOLIDGE WALL CO., L.P.A
E-mail: friesinger@coollaw.com
In re Highway Star Logistics, LLC
Bankr. E.D. Pa. Case No. 24-10709
Chapter 11 Petition filed March 1, 2024
See
https://www.pacermonitor.com/view/6655SBI/Highway_Star_Logistics_LLC__paebke-24-10709__0001.0.pdf?mcid=tGE4TAMA
represented by: Paul A. Roman, Jr., Esq.
DICKIE, MCCAMEY & CHILCOTE
E-mail: proman@dmclaw.com
In re Zachary Thomas Burch
Bankr. N.D. Tex. Case No. 24-40750
Chapter 11 Petition filed March 1, 2024
represented by: Behrooz Vida, Esq.
In re UGS Private Security, Inc.
Bankr. C.D. Cal. Case No. 24-11631
Chapter 11 Petition filed March 1, 2024
See
https://www.pacermonitor.com/view/A2PTXFA/UGS_Private_Security_Inc__cacbke-24-11631__0001.0.pdf?mcid=tGE4TAMA
represented by: Onyinye N Anyama, Esq.
ANYAMA LAW FIRM, APC
E-mail: info@anyamalaw.com
In re Thomas J. Gillespie and Linda Marie Gillespie
Bankr. D. Idaho Case No. 24-40097
Chapter 11 Petition filed March 1, 2024
represented by: Aaron Tolson, Esq.
In re Carlos Andre Jackson
Bankr. W.D.N.C. Case No. 24-30187
Chapter 11 Petition filed March 1, 2024
In re Alejandro Herrera Rodriguez
Bankr. D.P.R. Case No. 24-00836
Chapter 11 Petition filed March 1, 2024
represented by: Carmen Conde Torres, Esq.
In re Ofelia Roman Macias
Bankr. N.D. Cal. Case No. 24-10111
Chapter 11 Petition filed March 4, 2024
In re Warren B. Pettegrow
Bankr. S.D. Fla. Case No. 24-12140
Chapter 11 Petition filed March 4, 2024
represented by: Bradley Shraiberg, Esq.
In re Collaborate! LLC
Bankr. N.D. Ga. Case No. 24-52296
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/XXT37II/Collaborate_LLC__ganbke-24-52296__0001.0.pdf?mcid=tGE4TAMA
represented by: Kevin Cowart, Esq.
THE COWART LAW FIRM P.C.
E-mail: kevinjcowart@gmail.com
In re Deaf Star Studios, LLC
Bankr. N.D. Ga. Case No. 24-52337
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/GLBHTHQ/Deaf_Star_Studios_LLC__ganbke-24-52337__0001.0.pdf?mcid=tGE4TAMA
represented by: Natalyn Archibong, Esq.
LAW OFFICE OF NATALYN M. ARCHIBONG
E-mail: nmarchibong@gmail.com
In re Michael Donald Gray
Bankr. N.D. Ga. Case No. 24-52353
Chapter 11 Petition filed March 4, 2024
represented by: William Rountree, Esq.
In re Residential Adversities LLC
Bankr. N.D. Ga. Case No. 24-52272
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/OAUELSI/Residential_Adversities_LLC__ganbke-24-52272__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Recession Proof Partners LLC
Bankr. N.D. Ga. Case No. 24-52280
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/XSEXWHY/Recession_Proof_Partners_LLC__ganbke-24-52280__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 903 Lake Front Drive, LLC
Bankr. D. Md. Case No. 24-11815
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/XJGDIMY/903_Lake_Front_Drive_LLC__mdbke-24-11815__0001.0.pdf?mcid=tGE4TAMA
represented by: Charles E. Walton, Esq.
WALTON LAW GROUP, LLC
E-mail: cwalton@cwaltonlaw.com
In re One Eighteen 204 Holdings LLC
Bankr. E.D.N.Y. Case No. 24-41006
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/FUHJ36A/One_Eighteen_204_Holdings_LLC__nyebke-24-41006__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Smog Hacking Corp
Bankr. E.D.N.Y. Case No. 24-41001
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/EX76JHA/Smog_Hacking_Corp__nyebke-24-41001__0001.0.pdf?mcid=tGE4TAMA
represented by: Richard S Feinsilver, Esq.
RICHARD S FEINSILVER, ESQ.
E-mail: feinlawny@yahoo.com
In re Toe Service Corp
Bankr. E.D.N.Y. Case No. 24-41003
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/FO5SDZA/Toe_Service_Corp__nyebke-24-41003__0001.0.pdf?mcid=tGE4TAMA
represented by: Richard S Feinsilver, Esq.
RICHARD S FEINSILVER, ESQ.
E-mail: feinlawny@yahoo.com
In re Hero's Heating and Cooling (S Corporation)
Bankr. E.D.N.C. Case No. 24-00730
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/5TVFGQQ/Heros_Heating_and_Cooling_S_Corporation__ncebke-24-00730__0001.0.pdf?mcid=tGE4TAMA
represented by: William Kroll, Esq.
EVERETT GASKINS HANCOCK TUTTLE HASH LLP
E-mail: bill@eghlaw.com
In re Odessa's Foster Care Homes, Inc.
Bankr. W.D. Tenn. Case No. 24-20985
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/NRUCXYI/Odessas_Foster_Care_Homes_Inc__tnwbke-24-20985__0001.0.pdf?mcid=tGE4TAMA
represented by: Steven N. Douglass, Esq.
HARRIS SHELTON, PLLC
In re Superior One Transportation Inc.
Bankr. N.D. Tex. Case No. 24-30632
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/WJ44V6I/Superior_One_Transportation_Inc__txnbke-24-30632__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Laushaun Robinson d/b/a DT Builders LLC
Bankr. E.D. Va. Case No. 24-70440
Chapter 11 Petition filed March 4, 2024
See
https://www.pacermonitor.com/view/GROGV4A/Laushaun_Robinson_dba_DT_Builders__vaebke-24-70440__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
*********
Monday's edition of the TCR delivers a list of indicative prices
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obtained by TCR editors from a variety of outside sources during
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