/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/240312.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, March 12, 2024, Vol. 28, No. 71 Headlines 1001 WL LLC: Seeks Cash Collateral Access 1001 WL LLC: Seeks to Tap Barron & Newburger as Bankruptcy Counsel 1719 CORCORAN: Seeks to Hire McNamee Hosea P.A. as Counsel 9370-3817 QUEBEC: $151.7MM Bank Debt Trades at 18% Discount AAC HOLDINGS: $272MM Bank Debt Trades at 55% Discount ACCELERATED HEALTH: $875MM Bank Debt Trades at 25% Discount ACCURIDE CORP: $321.2MM Bank Debt Trades at 21% Discount AEMETIS INC: Posts $25.4 Million Net Loss in Fourth Quarter AFTERSHOCK COMICS: Files Emergency Bid to Use Cash Collateral AGSPRING LLC: Plan Exclusivity Period Extended to April 25 ALL DAY: $200MM Bank Debt Trades at 50% Discount AMTECH SYSTEMS: Amends Employment Agreement With Robert Daigle ANCHOR GLASS: $63.8MM Bank Debt Trades at 57% Discount ANUVU HOLDINGS: $170MM Bank Debt Trades at 40% Discount APEX TOOL: $855MM Bank Debt Trades at 33% Discount ARTIFICIAL INTELLIGENCE: RAD Expands Sales, Industry Visibility ASHFORD HOSPITALITY: Advances Financing Payoff Strategy ASHFORD HOSPITALITY: Reports Q4, Full Year 2023 Results ASHFORD HOSPITALITY: Sells Hilton Boston Back Bay Hotel for $171M ASP MCS: $445MM Bank Debt Trades at 22% Discount ASTRA ACQUISITION: $1.30BB Bank Debt Trades at 58% Discount AVENTIV TECHNOLOGIES: $1.03BB Bank Debt Trades at 28% Discount AVINGER INC: Has $15M Equity Funding Agreement With Zylox-Tonbridge B.I.C. DESIGN: Court OKs Interim Cash Collateral Access BALLY'S CORP: S&P Downgrades ICR to 'B-', Outlook Stable BARNES & NOBLE: Receives Noncompliance Notice From NYSE BIFANO CONSOLIDATED: Gets CCAA Initial Stay Order; A&M as Monitor BOY SCOUTS: SC Justice Alito Pauses Chapter 11 Abuse Deal CANO HEALTH: Hires AlixPartners LLP as Financial Advisor CANO HEALTH: Hires Ernst & Young as Audit Services Provider CANO HEALTH: Hires Houlihan Lokey Capital as Investment Banker CANO HEALTH: Hires KPMG LLP as Tax Service Provider CANO HEALTH: Hires Kurtzman Carson as Administrative Advisor CANO HEALTH: Hires Quinn Emanuel as Special Counsel CANO HEALTH: Hires Richards Layton & Finger as Co-Counsel CANO HEALTH: Holds 32% of MSP's Class A Shares as of Feb. 22 CANO HEALTH: Seeks to Hire Weil Gotshal & Manges as Counsel CARESTREAM DENTAL: $160MM Bank Debt Trades at 73% Discount CARESTREAM HEALTH: $540MM Bank Debt Trades at 20% Discount CARNIVAL PLC: EUR848.4MM Bank Debt Trades at 32% Discount CLASS 1 LOGISTICS: Case Summary & Three Unsecured Creditors CLEAN ENERGY: Widens Net Loss to $100.1 Million in 2023 CMG MEDIA: $2.15BB Bank Debt Trades at 19% Discount CUETO CONSULTING: Hires Grant Gryssels as Real Estate Appraiser CULINARY INNOVATIONS: Gets OK to Hire McHale as Financial Advisor D & R JONES: Files Emergency Bid to Use Cash Collateral DEADWORDS BREWING: Court OKs Cash Collateral Access Thru April 11 DELEK LOGISTICS: Fitch Assigns 'BB-' Rating on Sr. Unsecured Notes DIRECTBUY HOME: Seeks to Extend Plan Exclusivity to June 12 DONELSON CORPORATE: Hires Bass, Berry & Sims PLC as Counsel DONELSON CORPORATE: Hires Gary Murphey of Resurgence as CRO EBIX INC: Seeks to Hire O'Melveny and Myers as Special Counsel EDGEMONT FARMS: Seeks Cash Collateral Access EGAE LLC: Hires Integra Realty Resources as Real Estate Appraiser ELITE KIDS: Hires Dmitriy Shakhnevich PLLC as Special Counsel ENC PARENT: $190MM Bank Debt Trades at 21% Discount ENC PARENT: $450MM Bank Debt Trades at 21% Discount ENVISION HEALTHCARE: Wants to Settle Securities Fraud Claims EYE CARE: Seeks to Hire GlassRatner as Financial Advisor EYE CARE: Seeks to Hire Gray Reed as Legal Counsel EYE CARE: Seeks to Hire Ordinary Course Professionals FAB WEST SALOON: Seeks to Hire Haberbush LLP as Bankruptcy Counsel FAITH CHRISTIAN: Seeks to Hire Herrin Law as Bankruptcy Counsel FIRST QUANTUM: S&P Affirms 'B' ICR, Outlook Negative FTX GROUP: Investors Sued Law Firm Sullivan & Cromwell for GENESISCARE USA: EUR534.2MM Bank Debt Trades at 83% Discount GLOBALSTAR INC: Reports $24.7 Million Net Loss in FY 2023 GROM SOCIAL: Inks LOI to Acquire Gaming Company Arctic7 H-FOOD HOLDINGS: $1.15BB Bank Debt Trades at 29% Discount H-FOOD HOLDINGS: $415MM Bank Debt Trades at 29% Discount H-FOOD HOLDINGS: $515MM Bank Debt Trades at 29% Discount HELIX ENERGY: Reports $10.8 Million Net Loss in Full-Year 2023 HOLDINGS OF SOUTH FLORIDA: Gets OK to Tap Adam Law Group as Counsel HUBBARD RADIO: $372MM Bank Debt Trades at 33% Discount IAMGOLD CORP: Completes Acquisition of Euro Resources INFINITY PHARMACEUTICALS: Exclusivity Period Extended to April 29 JVK OPERATIONS: Files Emergency Bid to Use Cash Collateral KING WINDSHIELDS: Seeks to Hire Angelo Bellone as Accountant LABRUZZO COMMERCIAL: Plan Exclusivity Period Extended to April 12 LABRUZZO WOODLANDS: Plan Exclusivity Period Extended to April 9 LANDMARK COMMERCIAL: Seeks to Extend Plan Exclusivity to March 29 LATROBE ASSOCIATES: Court OKs Continued Cash Collateral Access LYFT INC: Faces Class Action Suit Over Securities Law Violations MBIA INC: Report $487 Million Net Loss in FY 2023 MEDIAMATH HOLDINGS: Wins Cash Collateral Access on Final Basis MEDTRULY INC: Seeks to Hire Golden Goodrich LLP as Counsel MINIM INC: David Lazar Reports 82.5% Equity Stake MOBILE ADDICTION: Hires Nicki A. Mezger CPA as Accountant MOUNT HERMON: Seeks to Hire Cuenant & Pennington as Legal Counsel MYOMO INC: Incurs $8.15 Million Net Loss in 2023 MYRIE'S PETS: Court OKs Cash Collateral Access on Final Basis NANOSTRING TECHNOLOGIES: Seeks to Tap Ordinary Course Professionals NATURAL DISASTER: Rental Income to Fund Plan NATURE COAST: Hires Siegel Hughes Ross as Special Counsel NEWSOME TRUCKING: Court OKs Cash Collateral Access on Final Basis OH SO JAZZY: Seeks to Hire Allen A. Kolber as Bankruptcy Counsel ONORATI CONSTRUCTION: Unsecureds Owed $2M to Get $48K in 60 Months PANOS FITNESS: Court OKs Interim Cash Collateral Access PARTS ID: Exits Chapter 11 Protection PEAR THERAPEUTICS: Plan Exclusivity Period Extended to May 6 PRETIUM PKG HOLDINGS: $350MM Bank Debt Trades at 39% Discount PROFUNDITY LLC: Seeks to Extend Plan Exclusivity to April 19 PROPERTY MASTERSHIP: Unsecureds Will Get 100% of Claims in Plan PRUDENT AMERICAN: Seeks to Extend Plan Exclusivity to May 14 R&M CAPITAL GROUP: Plan Exclusivity Period Extended to June 20 RALEIGH TBC: Hires Bradford Law Offices as Counsel RAPID7 INC: Registers Additional Shares Under 2015 EIP and ESPP RAPID7 INC: Reports $149.26 Million Net Loss in FY 2023 RAZOR ENERGY: To Restructure Under CCAA Proceedings RELIABLE FORECLOSURE: Unsecureds Will Get 10% of Claims in Plan RESEARCH NOW: $250MM Bank Debt Trades at 73% Discount RPM RESOURCES: Hires Caldwell & Riffee PLLC as Counsel RRG INC: Court OKs Interim Cash Collateral Access SABRE GLBL INC: $404MM Bank Debt Trades at 16% Discount SABRE GLBL INC: $644MM Bank Debt Trades at 16% Discount SAND LANE: Taps Menicucci as Environmental/Landlord Tenant Counsel SANUWAVE HEALTH: Inks Consent, Waiver, 5th Amendment to Note SAS GROUP: Seeks to Tap Kirby Aisner & Curley as Bankruptcy Counsel SELINA HOSPITALITY: Shareholder Meeting Set for March 26 SENIOR CHOICE: Hearing on Sale of Pa. Facilities Set for March 15 SIMPLIFIED SOFTWARE: Seeks to Tap Richard Heiden as Special Counsel SINCLAIR BROADCAST: Reports $291 Million Net Loss in FY 2023 SOUND INPATIENT: $610MM Bank Debt Trades at 49% Discount SPECTRUM GROUP: $507MM Bank Debt Trades at 20% Discount STILL HOPES: Fitch Affirms 'BB' Rating on 2017 & 2018A Bonds STILLPOINT INC: Seeks to Hire Riedel-Hogan CPA as Accountant STRATEGIES 360: Gets OK to Tap Holzman Horner PLLC as ESOP Counsel SUNLAND MEDICAL: Seeks to Extend Plan Exclusivity to April 26 SUNPOWER CORP: Delays Annual Report for Year Ended Dec. 31 SUNPOWER CORP: Undergoes CEO Transition TELEPHONE USA: Seeks to Hire Foley & Lardner as Bankruptcy Counsel TEXAS REIT: Seeks Cash Collateral Access TEXAS REIT: Seeks to Hire Barron & Newburger as Bankruptcy Counsel THOUGHTWORKS INC:S&P Alters Outlook to Negative, Affirms 'BB-' ICR TIMOTHY HILL: Wins Cash Collateral Access on Final Basis TOOLOTS INC: Hires Shioda Langley & Chang LLP as Counsel TRINSEO PLC: Grants Special Retention Awards to Key Execs TRUEVISION COMPLETE: Court OKs Cash Collateral Access TRUIST INSURANCE: S&P Assigns 'B' ICR, Outlook Stable UNITED TRANS: Seeks to Hire The Brannen Firm as Bankruptcy Counsel UNIVERSAL-1 IMPORTS: Court OKs Interim Cash Collateral Access VALCOUR PACKAGING: $420MM Bank Debt Trades at 23% Discount VAN'S AIRCRAFT: Hires Hawkins Parnell & Young as Special Counsel VANSHI LLC: Seeks to Tap Cushman & Wakefield as Real Estate Broker VENUS CONCEPT: EW Healthcare, 8 Others Report Equity Stakes VENUS CONCEPT: Masters Capital, 5 Others Report Equity Stakes VERTEX ENERGY: Reports Q4, Full Year 2023 Financial Results VOLUME INDUSTRIES: Seeks to Hire Kirby Aisner & Curley as Counsel VYAIRE MEDICAL: $360MM Bank Debt Trades at 35% Discount WC 6TH AND RIO: Hires Mr. Brickley of Stout Risius as CRO WELLS SOLAR: Seeks to Hire Barron & Newburger as Legal Counsel WESTERN CONCRETE: Hires Carrington Coleman as Legal Counsel WESTERN DENTAL: $50MM Bank Debt Trades at 47% Discount WEWORK INC: IWG CEO Dixon Bids $667 Million Bank Loan Stake WHITTAKER CLARK: Plan Exclusivity Period Extended to May 20 WINTERS RUN: Hires Neil P. Connors as Special Counsel WOODLAND PLACE: Hires Johnson Pope Bokor as Counsel WW INTERNATIONAL: $945MM Bank Debt Trades at 48% Discount YELLOW CORP: Seeks to Extend Plan Exclusivity to June 3 YIELD10 BIOSCIENCE: Taps Berkowitz as New Auditor [^] Large Companies with Insolvent Balance Sheet ********* 1001 WL LLC: Seeks Cash Collateral Access ----------------------------------------- 1001 WL, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to pay normal operating expenses related to operating its business. The parties who might have an interest in cash collateral subject to further determination by the Court include: a. Galleria Loop Note Holder, LLC; b. TIG Romspen US Master Mortgage, LP c. BDFI, LLC d. CC2 TX, LLC e. Caz Creek Holdings, LLC f. Capital One, National Association g. Harris County taxing authorities; and h. Ali Choudhri. The Debtor believes that various parties who have filed mechanic's liens against the real property do not have an interest in cash collateral. The Debtor also believes that it will require an adversary proceeding to determine extent, priority and validity of liens to determine the lien priority in the case. The Debtor proposes to provide adequate protection to the parties with an interest in cash collateral in the following manner. a. The Debtor will provide all creditors with an interest in cash collateral with a replacement lien upon assets obtained post-petition to the same extent, priority and validity as their pre-petition liens. b. The Debtor will maintain insurance upon its assets. c. The Debtor will provide adequate protection payments as negotiated. The Debtor requests permission to pay its usual and customary operating expenses as set forth on its budget. A copy of the Debtor's motion and budget is available at https://urlcurt.com/u?l=Q11q3G from PacerMonitor.com. The Debtor projects total operating expenses, on a monthly basis, as follows: $156,126 for March 2024; $156,126 for April 2024; and $156,126 for May 2024. About 1001 WL, LLC 1001 WL, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10119) on February 6, 2024. In the petition signed by Drew Dennett, as Authorized Signatory, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Shad Robinson oversees the case. Stephen W Sather, Esq., at Barron & Newberger, PC, represents the Debtor as legal counsel. 1001 WL LLC: Seeks to Tap Barron & Newburger as Bankruptcy Counsel ------------------------------------------------------------------ 1001 WL, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Barron & Newburger, PC as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in the continued management of their assets; (b) review the nature and validity of claims asserted against the property of the Debtor and advise concerning the enforceability of such claims; (c) prepare on behalf of the Debtor all necessary legal documents and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, legal papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Stephen Sather, Esq. $550 Charles Murnane, Esq. $375 Other Attorneys $175 - $475 Legal Assistants $40 - $100 The firm will also seek reimbursement for expenses incurred. The firm received a retainer in the amount of $10,000 from Jetall Companies on October 20, 2023. Jetall has agreed to pay additional retainers of $5,000 within 45 days and $5,000 within 60 days. Stephen Sather, Esq., an attorney at Barron & Newburger, 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: Stephen W. Sather, Esq. Barron & Newburger PC 7320 N. MoPac Expy., Ste. 400 Austin, TX 78731 Telephone: (512) 476-9103 Facsimile: (512) 279-0310 Email: ssather@bn-lawyers.com About 1001 WL LLC 1001 WL, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10119) on Feb. 6, 2024. In the petition signed by Drew Dennett, authorized signatory, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger PC represents the Debtor as counsel. 1719 CORCORAN: Seeks to Hire McNamee Hosea P.A. as Counsel ---------------------------------------------------------- 1719 Corcoran Limited Liability Company seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ McNamee Hosea, P.A. as counsel. The firm's services include: (i) providing the Debtor legal advice with respect to its powers and duties as a debtor in possession and in the operation of its business and management of its property; (ii) preparing any necessary applications, answers, orders, reports and other legal papers, and appearing on the Debtor's behalf in proceedings instituted by or against the Debtor; (iii) assisting the Debtor in the process of selling its property and the confirmation of a plan and approval of a disclosure statement; (iv) assisting the Debtor with other legal matters; and (v) performing all of the legal services for the Debtor that may be necessary or desirable herein. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. On June 20, 2023, the firm was provided a $5,000 retainer. On February 6, 2024, the Debtor's parent company, Bansir Capital, LLC wired $11,500 to the firm, prior to filing. Additionally, on February 5, 2024, the mother of the principal of the Debtor made $6,450 in credit card payments to the firm. After deducting fees and expenses, the balance of the Retainer, $19,520.00, will be held in escrow to pay fees and expenses upon Bankruptcy Court approval. 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: Janet M. Nesse, Esq. Justin P. Fasano, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 Email: jnesse@mhlawyers.com jfasano@mhlawyers.com About 1719 Corcoran Limited Liability Company 1719 Corcoran Limited Liability Company is a Washington, DC-based company engaged in activities related to real estate. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.D.C. Case No. 24-00034) on Feb. 6, 2024, with $1 million to $10 million in both assets and liabilities. Justin P. Fasano, Esq., at McNamee Hosea, P.A. represents the Debtor as legal counsel. 9370-3817 QUEBEC: $151.7MM Bank Debt Trades at 18% Discount ----------------------------------------------------------- Participations in a syndicated loan under which 9370-3817 Quebec Inc is a borrower were trading in the secondary market around 81.9 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $151.7 million facility is a Term loan that is scheduled to mature on January 15, 2026. The amount is fully drawn and outstanding. 9370-3817 Quebec Inc manufactures home and office furnishing products. AAC HOLDINGS: $272MM Bank Debt Trades at 55% Discount ----------------------------------------------------- Participations in a syndicated loan under which AAC Holdings Inc is a borrower were trading in the secondary market around 44.7 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $272.4 million facility is a Term loan that is scheduled to mature on June 30, 2023. About $258.6 million of the loan is withdrawn and outstanding. AAC Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides inpatient substance abuse treatment services. The Company treats drug and alcohol addiction, co-occurring mental, behavioral health issues. ACCELERATED HEALTH: $875MM Bank Debt Trades at 25% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Accelerated Health Systems LLC is a borrower were trading in the secondary market around 74.6 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $875 million facility is a Term loan that is scheduled to mature on February 15, 2029. The amount is fully drawn and outstanding. Accelerated Health Systems, LLC provides healthcare services. The Company offers athletic training, physical therapy, occupational therapy, and fitness services to affiliations including high schools, colleges, and many professional sports teams. ACCURIDE CORP: $321.2MM Bank Debt Trades at 21% Discount -------------------------------------------------------- Participations in a syndicated loan under which Accuride Corp is a borrower were trading in the secondary market around 79.1 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $321.2 million facility is a Term loan that is scheduled to mature on July 7, 2026. About $319.6 million of the loan is withdrawn and outstanding. Accuride Corporation is a diversified manufacturer and supplier of commercial vehicle components in North America. Based in Livonia, Michigan, the company designs, manufactures and markets commercial vehicle components. Accuride's brands are Accuride Wheels, Gunite Wheel End Components, and KIC Wheel End Components. AEMETIS INC: Posts $25.4 Million Net Loss in Fourth Quarter ----------------------------------------------------------- Aemetis, Inc. announced its financial results for the fourth quarter and 12 months ended Dec. 31, 2023. "Revenues were $70.8 million for the fourth quarter of 2023, an increase from $66.7 million for the fourth quarter of 2022. Revenues for the full year of 2023 were $186.7 million which includes growth in revenue to $77.2 million from the India Biodiesel segment and $5.5 million from the California Renewable Natural Gas segment, along with the decrease in revenue from the extended maintenance and upgrade cycle at the Keyes plant which allowed for the acceleration of the implementation of several important ethanol plant efficiency upgrades during the historically high natural gas price period in early 2023," said Todd Waltz, chief financial officer of Aemetis. "Capital expenditures for carbon intensity reduction and production expansion projects were $33 million for 2023 as our engineering and construction teams moved forward with the initiatives outlined in our Five Year Plan," added Waltz. During 2023, Aemetis achieved key milestones, including: * Repaid $50.2 million of Third Eye Capital debt in Q3 2023, reducing loan balances for the Aemetis Biogas, Aemetis Keyes ethanol plant, Aemetis Riverbank SAF/RD, and Aemetis CCS projects; * Adjusted EBITDA plus IRA investment tax credit sales generated $32.7 million of positive cash flow during 2023; * Received the key Use Permit and CEQA last year and recently received the Authority to Construct air permits to build a 90 million gallon per year sustainable aviation fuel and renewable diesel plant at Riverbank Industrial Complex; * Extended repayment on $108 million of Third Eye Capital debt related to Aemetis Biogas at an effective interest rate of 8.5% for the first four months of 2024; * Received $55 million from the sale of $63 million of IRA investment tax credits related to qualified biogas project capital expenditures by Aemetis Biogas; * Closed $50 million of new credit facilities related to USDA guaranteed loans, including $25 million of existing credit facilities and $25 million of additional 20-year financing to fund capital expenditures at Aemetis Biogas; * Increased Aemetis Biogas commissioned production capacity by 300% during 2023; * Commissioned 36 miles of biogas pipeline, the biogas-to-RNG production facility, and the utility gas interconnection unit; * Received approval of the CEQA environmental review to extend the biogas pipeline to a total of 60 miles allowing for collection of biogas from an aggregate of about 40 dairies; * Received approval for the generation of D3 RINs by the Company's Renewable Natural Gas business and completed the first sales of these D3 RINs; * Received the first CO2 sequestration characterization well permit issued by the State of California to a private company; * Expanded its India biodiesel production capacity to 60 million gallons per year ahead of schedule; and * Received allocations for a combined $184 million of biodiesel sales in India for 2023 and the first three quarters of 2024, which the Company expects to continue as an ongoing fuel supply relationship with the three government-owned oil marketing companies in India. "In addition to achieving important operational milestones during 2023 in all of our business segments, we closed one new credit facility and refinanced another construction debt facility for an aggregate of $50 million of USDA-guaranteed, 20-year funding to construct dairy digesters," said Eric McAfee, Chairman and CEO of Aemetis. "We invite investors to review the updated Aemetis Five Year Plan on the Aemetis home page prior to the earnings call." Financial Results for the Three Months Ended December 31, 2023 Revenues were $70.8 million for the fourth quarter of 2023, an increase from $66.7 million for the fourth quarter of 2022. The ethanol gallons sold increased from 13.4 million gallons during the fourth quarter of 2022 to 15 million gallons during the fourth quarter of 2023. Biodiesel sales of 18.3 thousand metric tons were recorded during the fourth quarter of 2023 at $1,157 per metric ton. The Company's California Ethanol segment accounted for $45 million of revenues and our India Biodiesel segment accounted for $22 million of revenues during the period. Cost of Goods Sold increased from $67.9 million during the fourth quarter of 2022 to $69.9 million during the fourth quarter of 2023, due to 18% increase in feedstock costs from the incremental sales in the Company's India Biodiesel segment coupled with an increase in corn ground from 4.3 million bushels during the fourth quarter of 2022 to 5.2 million bushels during the fourth quarter of 2023 offset by a 33% decrease in the average delivered cost of corn. Gross profit for the fourth quarter of 2023 was $864,000, compared to a gross loss of $1.1 million during the same period in 2022. Selling, general and administrative expenses rose from $7.5 million during the fourth quarter of 2022 to $9.8 million during the fourth quarter of 2023. Operating loss was $9.0 million for the fourth quarter of 2023, compared to an operating loss of $8.7 million during the fourth quarter of 2022. Net loss was $25.4 million for the fourth quarter of 2023, compared to a net loss of $22.4 million for the fourth quarter of 2022. Cash at the end of the fourth quarter of 2023 was $2.7 million, compared to $4.3 million at the end of the fourth quarter of 2022. Financial Results for the 12 Months Ended December 31, 2023 Revenues were $187 million for the 12 months ended December 31, 2023, compared to $257 million for 2022. During 2023, $77.2 million revenues were generated by the India Biodiesel segment and $5.5 million revenues were generated by the California Renewable Natural Gas segment, and $104.3 million revenues were generated by the California ethanol segment due to the extended maintenance cycle at the Keyes ethanol plant which allowed for the acceleration of the implementation of several important ethanol plant efficiency upgrades during the historically high natural gas prices. Cost of Goods Sold decreased from $262 million during the 12 months ended Dec. 31, 2022 to $185 million during the same period in 2023 following the revenue changes during 2023. In addition, delivered corn cost decreased from an average of $9.65 per bushel during the 12 months of 2022 to $7.11 per bushel during the 12 months of 2023. Gross profit for the 12 months ended Dec. 31, 2023 was $2.0 million, compared to a gross loss of $5.5 million during the same period in 2022. The Company's India Biodiesel segment accounted for $9.0 million of gross profit from sales of biodiesel for the year ended Dec. 31, 2023. Selling, general and administrative expenses increased to $39.3 million during the 12 months ended December 31, 2023, compared to $28.7 million during the same period in 2022 primarily attributable to the stock compensation of $5.0 million and the reclassification of expenses from cost of goods sold during the extended maintenance cycle of the Keyes plant. Operating loss was $37.4 million for the 12 months ended Dec. 31, 2023, compared to an operating loss of $34.4 million for the same period in 2022, with the Keyes Plant only operating for 7 months in 2023 Interest expense was $39.5 million during the year ended Dec. 31, 2023, excluding accretion and other expense of Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $28.8 million during the year ended Dec. 31, 2022. Additionally, the Company's Aemetis Biogas LLC subsidiary recognized $25.3 million of accretion and debt extinguishment costs in connection with redemption liabilities on its preferred stock during the year ended Dec. 31, 2023, compared to $59.3 million during the same period in 2022. Net loss was $46.4 million for the 12 months ended Dec. 031, 2023, compared to a net loss of $107.8 million during the same period in 2022. Cash at the end of the fourth quarter of 2023 was $2.7 million compared to $4.3 million at the end of the 12 months ended Dec. 31, 2022. Investments in the Company's low carbon initiatives increased property, plant and equipment by $33 million while debt repayments of $51.3 million were made to the Company's senior lender during the 12 months ended Dec. 31, 2023. A full-text copy of the press release is available for free at: https://www.sec.gov/Archives/edgar/data/738214/000143774924006893/ex_635466.htm Headquartered in Cupertino, California, Aemetis, Inc. -- http://www.aemetis.com-- is an international renewable natural gas, renewable fuels and byproducts company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products. The Company operates in two reportable geographic segments: "North America" and "India." Aemetis reported a net loss of $107.76 million for the year ended Dec. 31, 2022, compared to a net loss of $47.15 million for the year ended Dec. 31, 2021. As of Sept. 30, 2023, the Company had $277.44 million in total assets, $114.37 million in total current liabilities, $363.06 million in total long-term liabilities, and a total stockholders' deficit of $199.99 million. "As a result of negative capital, negative market conditions resulting in prolonged idling of the Keyes Plant, negative operating results, and collateralization of substantially all of the company assets, the Company has been reliant on its senior secured lender to provide additional funding and has been required to remit substantially all excess cash from operations to the senior secured lender. In order to meet its obligations during the next twelve months, the Company will need to either refinance the Company's debt or receive the continued cooperation of its senior lender. This dependence on the senior lender raises substantial doubt about the Company's ability to continue as a going concern," said Aemetis in its Quarterly Report for the period ended Sept. 30, 2023. AFTERSHOCK COMICS: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------------- AfterShock Comics, LLC and Rive Gauche Television ask the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, for authority to use cash collateral from the week ending March 1, 2024 to the week ending April 30, 2024. The Debtors spent considerable time and effort negotiating and obtaining a commitment for post-petition financing. Unfortunately, as time has passed, it has become clear that the third parties who were to have provided a credit enhancement in connection with the proposed financing were ultimately not able to proceed. While there is still a possibility that the Debtors will be able to avail themselves of the financing previously approved by the Court with an alternative credit enhancement and/or guarantor, the Debtors have, in the exercise of their sound business judgment, determined that it is necessary to explore other exit strategies. As a result, the Debtors have solicited proposals from third parties concerning one or more transactions designed to facilitate the Debtors' efforts to propose and confirm a Plan. Access Road Capital LLC is the Debtors' senior secured lender. The Debtors originally borrowed $11.090 million from ARC in March 2020. The Debtors are jointly and severally liable to repay the Loan. ARC and the Debtors entered into a subsequent agreement that provided the Debtors with a $2.392 million line of credit. The Debtors are jointly and severally liable to repay the Loan, and the Lender asserts the Loan is secured by all, or substantially all, of the Debtors' assets. ARC filed duplicate proofs of claims in each of the Debtors' bankruptcy cases in the amount of $15.651 million as secured claims. Since November 30, 2023, the Debtors have reached out to the Lender several times to try to work out a consensual resolution to the Debtors' cash collateral issues, but have obtained consent to use cash collateral to pay for only those minimal expenses to "keep the lights on" during the period for the week ending January 12 and 19, 2024 through the week ending March 1, 2024. The Debtors are concerned that any potential investor will not be willing to proceed with a transaction unless the Debtors remain going concerns. The Debtors have pared down their operating expenses to the minimum necessary to sustain operations, negotiate and consummate new sales, and retain critical employees. Despite the Debtors' efforts to economize and reduce their operating expenses to what is the bare minimum, the Lender has advised the Debtors that it would not consent to the further use of cash collateral to pay any material operating costs. The Debtors do not understand the Lender's position, given that the continued operation of the businesses generates additional revenue for the Debtors, and thereby increases the value of the Lender's collateral. In fact, since the Petition Date, the Debtors have generated more than $2.3 million in "new sales" in the form of New Linear Agreements. As a result, despite the fact that the Debtors have been consistently paid by their customers post-petition pursuant to linear agreements, the Debtors' current receivables have nonetheless still increased since the Petition Date. The Debtors require the use of cash collateral to pay the Payroll Expenses. Because of the Debtors' inability to pay their Unpaid Employees since November 2023, many of their employees have either left, or explored the option of leaving, the Debtors. The Remaining Employees have gone above and beyond the "call of duty" by continuing to provide essential services to Debtors -- despite not being paid since November 2023 -- but several of them have expressed to the Debtors that: (1) they need to be paid for their services for their own and their families' financial survival; and (2) they have considered resigning, and/or will resign, from the Debtors if they are not compensated for their services. The Debtors believe that their businesses are finally back on track since October 2023, and expect significantly improved results in the next 12 months now that the COVID-19 pandemic and Hollywood writers' strike have ended. Despite the Debtors' cash collateral constraints, the Debtors are only starting to achieve "ordinary" pre-pandemic levels of business activity and more interest from potential funders and investors about entering into a transaction with the Debtor, which is a positive indicator for their asset value and growth. The Lender will be adequately protected in three ways, which provides a basis for the immediate and ongoing authorization for the Debtors to use cash collateral. First, the Debtors will be adequately protected by a large equity cushion well over 20%. Second, as additional adequate protection, the Debtors propose that the Court authorize the Debtors to grant and provide the Lender with replacement Adequate Protection Liens on, and security interests in, the assets of the Debtors' estate. Third, in addition to the foregoing two forms of adequate protection, the Lender will also be further adequately protected by the Debtors' use of cash collateral pursuant to the Budget to maintain operations and preserve the value of the Lenders' collateral. A copy of the motion is available at https://urlcurt.com/u?l=fJ563t from PacerMonitor.com. About AfterShock Comics AfterShock Comics, LLC -- https://Aftershockcomics.com -- is an American comic book publisher launched in 2015. The company is based in Sherman Oaks, Calif. AfterShock Comics and affiliate Rive Gauche Television filed petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Calif. Lead Case No. 22-11456) on Dec. 19, 2022. Judge Martin R. Barash oversees the cases. At the time of filing, AfterShock Comics reported $10 million to $50 million in both assets and liabilities while Rive Gauche reported $50 million to $100 million in assets and $10 million to $50 million in liabilities. The Debtors are represented by David L. Neale, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P. The U.S. Trustee for Region 16 appointed two separate committees to represent unsecured creditors in the Chapter 11 cases of AfterShock Comics, LLC and Rive Gauche Television. AGSPRING LLC: Plan Exclusivity Period Extended to April 25 ---------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware extended Agspring, LLC and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 25 and June 25, 2024, respectively. As shared by Troubled Company Reporter, the Debtors explained that they have limited personnel providing services to them as part time contractors and therefor need additional time to address plan issues and to resolve claims while these chapter 11 cases are not overly large. Since the Petition Date, the Debtors have already satisfied key milestones necessary for the successful resolution of these chapter 11 cases, including completion and filing of their schedules and statements and obtaining the consensual use of cash collateral. The Debtors are now focused on a potential resolution of these cases, including formulating and confirming a plan of liquidation. The Debtors cited that they are requesting an extension of the Exclusivity Periods to focus their time and energy on ultimately confirming a plan in these cases. Continued exclusivity will permit the Debtors the ability to maintain flexibility in crafting an appropriate plan. All of the Debtors' stakeholders will benefit from the Debtors' focused efforts to maximize the value of the Debtors' estates at this time. The Debtors' secured lenders have no objection to the extension requested in this Motion. Proposed Counsel to the Debtors: Laura Davis Jones, Esq. Pachulski Stang Ziehl & Jones LLP 919 North Market Street, 17th Floor Wilmington, DE 19801 Telephone: 302-778-6401 Mobile: 302-547-3132 Email: ljones@pszjlaw.com - and - Samuel R. Maizel, Esq. John A. Moe, II, Esq. Tania M. Moyron, Esq. Dentons US, LLP 601 South Figueroa Street, Suite 2500 Los Angeles, California 90017-5704 Tel: (213) 623-9300 Fax: (213) 623-9924 Email: samuel.maizel@dentons.com john.moe@dentons.com tania.moyron@dentons.com About Agspring LLC Agspring, LLC, is a provider of warehousing and storage services in Leawood, Kansas. Agspring and five of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10699) on May 31, 2023. At the time of the filing, Agspring reported $1 million to $10 million in assets and $50 million to $100 million in liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtor tapped Pachulski Stang Ziehl & Jones, LLP and Dentons US, LLP as legal counsels, and Kyle Sturgeon of MERU, LLC as chief restructuring officer. ALL DAY: $200MM Bank Debt Trades at 50% Discount ------------------------------------------------ Participations in a syndicated loan under which All Day AcquisitionCo LLC is a borrower were trading in the secondary market around 49.7 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $200 million facility is a Term loan that is scheduled to mature on December 29, 2025. The amount is fully drawn and outstanding. All Day AcquisitionCo LLC does business as Reorganized 24 Hour Fitness Worldwide Inc., an operator of fitness centers in the US. AMTECH SYSTEMS: Amends Employment Agreement With Robert Daigle -------------------------------------------------------------- Amtech Systems, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective on February 29, 2024, the Board of Directors of the Company approved an amendment to the Employment Agreement for Robert C. Daigle. Under the terms of the Amendment, Daigle's right to receive restricted stock unit grants with an aggregate fair market value equal to $500,000 as of August 14, 2024, and August 14, 2025 has been canceled and replaced with the grant of an option to purchase 400,000 shares of common stock of the Company at an exercise price of $6.00 per share, which represents a premium of approximately 25% to the closing price of the Company's common stock on February 29, 2024, the date of grant. The option has a term of five years, in lieu of the typical 10-year term, and vests in one-third increments commencing on August 8, 2024, February 8, 2025, and August 8, 2025. In consideration of the foregoing, Daigle has agreed to forego his right to participate in the Company's Executive Bonus Plan. About Amtech Systems Inc. Arizona-based Amtech Systems, Inc. is a global manufacturer of capital equipment, including thermal processing, wafer polishing and cleaning, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power devices, analog and discrete devices, electronic assemblies, and light-emitting diodes (LEDs). It sell these products to semiconductor device and module manufacturers worldwide, particularly in Asia, North America and Europe. The Company's strategic focus is on semiconductor growth opportunities in power electronics, sensors and analog devices leveraging our strength in our core competencies in thermal and substrate processing. It is a market leader in the high-end power chip market (SiC substrates, 300mm horizontal thermal reactors, and electronic assemblies used in power, RF, and other advanced applications), developing, and supplying essential equipment and consumables used in the semiconductor industry. As of September 30, 2023, the Company had $137.02 million in total assets and $48.66 million in total liabilities. ANCHOR GLASS: $63.8MM Bank Debt Trades at 57% Discount ------------------------------------------------------ Participations in a syndicated loan under which Anchor Glass Container Corp is a borrower were trading in the secondary market around 43.1 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $63.8 million facility is a Term loan that is scheduled to mature on June 7, 2026. The amount is fully drawn and outstanding. Anchor Glass Container Corporation manufactures containers. The Company produces glass containers for the food, beverage, beer, liquor, and consumer product industries. ANUVU HOLDINGS: $170MM Bank Debt Trades at 40% Discount ------------------------------------------------------- Participations in a syndicated loan under which Anuvu Holdings 2 Llc is a borrower were trading in the secondary market around 59.8 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $170 million facility is a Term loan that is scheduled to mature on March 25, 2026. The amount is fully drawn and outstanding. Headquartered in Santa Ana, California, Anuvu is a provider of connectivity and content to the worldwide travel industry. APEX TOOL: $855MM Bank Debt Trades at 33% Discount -------------------------------------------------- Participations in a syndicated loan under which Apex Tool Group LLC is a borrower were trading in the secondary market around 66.8 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $855 million facility is a Term loan that is scheduled to mature on February 8, 2029. About $786.6 million of the loan is withdrawn and outstanding. Apex Tool Group, LLC offers mechanics, trade, specialty tools, chains, truck boxes, jobsite storage products, and drill chucks, as well as soldering, cutting, motion control and air ventilation bits, torque measurement, metal cutting, and drilling solutions. ATG serves industrial, automobiles, aerospace, construction, and electronic markets. ARTIFICIAL INTELLIGENCE: RAD Expands Sales, Industry Visibility --------------------------------------------------------------- Robotic Assistance Devices (RAD), a wholly owned subsidiary of Artificial Intelligence Technology Solutions, Inc., is eagerly anticipating the opportunity to showcase its groundbreaking AI-powered security and safety solutions to diverse audiences at 2 upcoming regional conferences and one online webinar. From an exclusive IAHSS Great Lakes Chapter Meeting to the 2024 Healthcare Safety & Security Symposium, RAD is poised to present the transformative potential of its technology in shaping the future of security services. With a focus on Autonomous Remote Services and advanced Firearm Detection technology, RAD remains committed to delivering innovative solutions that address the evolving challenges faced by organizations across various sectors. Steve Reinharz, CEO/CTO of AITX and RAD commented, "As RAD engages with esteemed members of the security industry and healthcare professionals, we are continuing to foster meaningful discussions and sharing insights that contribute to a safer, more secure future. We look forward to demonstrating how our solutions empower businesses and institutions to enhance their security posture efficiently and cost-effectively." With the momentum gained from these events, RAD will be poised to make a significant impression at ISC West, where it will have the opportunity to amplify its reach, strengthen relationships, and unveil its latest advancements to a broader audience. ISC West's reputation as the premier security trade event in the U.S. aligns perfectly with RAD's mission to drive innovation and shape the future of security technology. At ISC West, taking place April 9-12 in Las Vegas, RAD will be participating in 3 discussion panels, 1 educational presentation and exhibiting in booth #20131. Mark Folmer, CPP, PSP, FSyI, president of RAD, added, "As an industry disruptor in the security services space, it's important for us to get in front of our peers and show them that the future of security is right now with RAD. I am very excited about the events we have on the calendar for the next few months." Reinharz added, "We appreciate the support and invitation from industry leaders like Allied Universal, IAHSS, SIA and Security Today magazine to help spread the word and share RAD's success stories with the public." RAD's upcoming conferences and webinars are: IAHSS Great Lakes Chapter Meeting at the REX (RAD Excellence Center) * Date: March 15, 10:00 am - 12:30 pm ET * Location: The REX (RAD Excellence Center) in Ferndale, Michigan * Hosted By: The Great Lakes Chapter of IAHSS and RAD * Description: This hands-on event is by invitation only and closed to the public. The event, hosted by the Great Lakes Chapter of IAHSS in collaboration with RAD, will focus on "Security in 2024: The Impact of Automation and Robotics." Experts from RAD and IAHSS will discuss the transformative power of security automation and robotics, including trends, innovative solutions, and future directions in security services. 2024 Healthcare Safety & Security Symposium * Date: March 22, 8:00 am - 2:00 pm ET * Location: 1 Hotel Nashville in Nashville, Tennessee * Hosted By: Allied Universal and RAD * Description: This symposium is by invitation only and closed to the public. It will address workplace safety and security in 2024, with a focus on recognizing and responding to workplace violence. Healthcare executives, facilities and risk management professionals, healthcare public safety and police departments, security-related departments, and security leaders are invited to attend. Webinar: Enhancing Campus Safety: Practical Approaches to Advanced Firearm Detection Technology * Date: March 26, 2:00 pm - 3:00 pm ET * Hosted By: Security Today Magazine and RAD * Location: Online, register at tinyurl.com/rad-firearm-detection/ * Description: This webinar is open to the public. It will introduce cutting-edge advancements in firearm detection technology tailored for campus environments. Steve Reinharz, CEO of RAD, will discuss practical and affordable strategies for implementing and optimizing these solutions. Troy McCanna, RAD's Chief Security Officer and former law enforcement officer with 23 years in the FBI, will provide insights into integrating advanced firearm detection within campus security protocols. Moderated by Ralph Jensen, publisher of Security Today and Campus Security & Life Safety magazines, the webinar aims to equip attendees with actionable strategies and best practices for strengthening campus security measures. The Company proudly distinguishes itself by openly sharing its upcoming event schedule with the community and extending invitations to investors to follow the Company's activities. With a commitment to transparency and engagement, AITX recognizes the importance of keeping stakeholders informed about its strategic initiatives, industry engagements, and developmental milestones. By providing visibility into its event calendar, the Company aims to foster trust and transparency with investors while demonstrating its proactive approach to communication and investor relations. As a testament to its dedication to shareholder engagement, AITX invites investors to stay connected and informed about the Company's progress as it continues to drive innovation and growth in the security technology sector. About Artificial Intelligence Technology Headquartered in Ferndale, MI, Artificial Intelligence Technology Solutions Inc. is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Illinois-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 14, 2023, citing that the Company had a net loss of approximately $18 million, an accumulated deficit of approximately $112 million and stockholders' deficit of approximately $32 million as of and for the year ended February 28, 2023, and therefore there is substantial doubt about the ability of the Company to continue as a going concern. For the nine months ended Nov. 30, 2023, the Company had negative cash flow from operating activities of $9,378,427. As of Nov. 30, 2023, the Company has an accumulated deficit of $125,535,116, and negative working capital of $12,944,810. Management does not anticipate having positive cash flow from operations in the near future. The Company said these factors raise a substantial doubt about the Company's ability to continue as a going concern for the twelve months following the issuance of these financial statements. ASHFORD HOSPITALITY: Advances Financing Payoff Strategy ------------------------------------------------------- Ashford Hospitality Trust, Inc. provided an update on its previously announced plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising capital through a combination of asset sales, mortgage debt refinancings, and its non-traded preferred capital offering. The Company currently has three assets under Purchase and Sale Agreements (including the recently announced agreement to sell the Residence Inn Salt Lake City) and three additional assets under Letters of Intent. The combined sales prices of these six assets total more than $220 million. Additional assets are at various stages of the marketing process, and the Company plans to provide further updates in its earnings. The Company provides no assurances that these sales will be completed. The Company announced in January that it has several assets at various stages of being available for sale. These assets include: * 390-room Hilton Boston Back Bay - Boston, MA * 444-room Ritz-Carlton Atlanta - Atlanta, GA * 296-room Westin Princeton - Princeton, NJ * 351-room Hyatt Savannah - Savannah, GA * 193-room One Ocean - Atlantic Beach, FL * 350-room Residence Inn Sea World Orlando - Orlando, FL * 144-room Residence Inn Salt Lake City - Salt Lake City, UT * 168-room Courtyard Overland Park - Overland Park, KS * 90-room Courtyard Manchester - Manchester, CT * 86-room Hampton Inn Lawrenceville - Lawrenceville, GA * 90-room SpringHill Suites Kennesaw - Kennesaw, GA * 87-room Fairfield Inn Kennesaw - Kennesaw, GA "We are focused on paying off our strategic corporate financing in 2024," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "We are making tangible progress with the plan and will continue to provide updates to our shareholders along the way. Between the excess proceeds from planned asset sales, excess proceeds from planned property refinancings, and proceeds from our non-traded preferred capital raise, we believe we have a viable path to pay off our strategic financing this year." 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. ASHFORD HOSPITALITY: Reports Q4, Full Year 2023 Results ------------------------------------------------------- Ashford Hospitality Trust, Inc. reported financial results and performance measures for the fourth quarter and full year ended December 31, 2023. The comparable performance measurements for Occupancy, Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), and Hotel EBITDA assume each of the hotel properties in the Company's hotel portfolio as of December 31, 2023 was owned as of the beginning of each of the periods presented. Unless otherwise stated, all reported results compare the fourth quarter and year ended December 31, 2023 with the fourth quarter and year ended December 31, 2022 (see discussion below). The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release. FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS: * Comparable RevPAR for all hotels increased 1.6% to $120.25 during the quarter on a 3.4% increase in Comparable ADR and a 1.8% decrease in Comparable Occupancy. * Net loss attributable to common stockholders was $(31.3) million or $(0.90) per diluted share for the quarter. * Adjusted EBITDAre was $62.5 million for the quarter. * Adjusted funds from operations (AFFO) was $(0.36) per diluted share for the quarter. * Comparable Hotel EBITDA was $74.5 million for the quarter. * The Company ended the quarter with cash and cash equivalents of $165.2 million and restricted cash of $146.1 million. The vast majority of the restricted cash is comprised of lender and manager held reserves. At the end of the quarter, there was also $21.7 million in due from third-party hotel managers, which is primarily the Company's cash held by one of its property managers and is also available to fund hotel operating costs. * Net working capital at the end of the quarter was $209 million. * Capex invested during the quarter was $37.9 million. FULL YEAR 2023 FINANCIAL HIGHLIGHTS: * Comparable RevPAR for all hotels increased 9.5% over the prior year to $130.85 on a 4.5% increase in Comparable ADR and a 4.8% increase in Comparable Occupancy. * For the year, net loss attributable to common stockholders was $(193.7) million or $(5.61) per diluted share. * Adjusted EBITDAre was $324.5 million for the year, which reflected a growth rate of 13% over the prior year. * For the year, AFFO was $0.72 per diluted share. * Capex invested during the year was $137.4 million. RECENT OPERATING HIGHLIGHTS: * During the quarter, the Company completed the transfer of ownership of the hotels that secured the KEYS F loan pool to the lender. The Company continues to work with the lender of the KEYS A and KEYS B loan pools on a consensual transfer of ownership of those hotels to the lender. * To date, the Company has issued approximately $105 million of its non-traded preferred stock. * Subsequent to quarter end, the Company provided an update on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising. * Subsequent to quarter end, the Company announced that it has signed a definitive agreement to sell the 144-room Residence Inn located in Salt Lake City, Utah for $19.2 million. As of December 31, 2023, the Company had total loans of $3.3 billion with a blended average interest rate of 8.0%, taking into account in-the-money interest rate caps. Excluding the non-extended KEYS loans, based on the current level of SOFR and the corresponding interest rate caps, approximately 92% of the Company's debt is effectively fixed and approximately 8% is effectively floating. Excluding the non-extended KEYS loans, currently twelve of the Company's hotels are in cash traps. Subsequent to quarter end, the Company provided an update on its plan to pay off its strategic financing which has a final maturity date in January 2026. This plan includes raising sufficient capital through a combination of asset sales, mortgage debt refinancings, and non-traded preferred capital raising. As detailed in a January 31, 2024, announcement the Company currently has several assets at various stages of the sales process. The Company is unlikely to sell all of these assets, but plans to determine which assets are capturing the most attractive valuations and resulting in the largest impact to its deleveraging effort. Subsequent to quarter end, the Company announced it is working with lenders to refinance its loan secured by the Renaissance Nashville in Nashville, Tennessee, its Morgan Stanley Pool Loan with 17 hotels located in several states, its loan secured by the Marriott Gateway in Arlington, Virginia, and its loan secured by the Indigo Atlanta in Atlanta, Georgia. The Company believes there could be substantial excess proceeds from the refinancing of the Renaissance Nashville loan which can be used to pay down the Company's strategic financing. Subsequent to quarter end, the Company announced that it has signed a definitive agreement to sell the 144-room Residence Inn located in Salt Lake City, Utah 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. The Company did not pay a dividend on its common stock and common units for the fourth quarter ended December 31, 2023. The Board of Directors will continue to monitor the situation and assess future quarterly common dividend declarations. The Company is current on the dividends on its outstanding preferred stock and plans to pay dividends on its outstanding preferred stock on a current basis going forward. The Company commenced the offering of its Non-Traded Preferred Equity during the third quarter of 2022. To date, the Company has issued 3,952,573 shares of its Series J and 234,329 shares of its Series K non-traded preferred stock raising approximately $105 million of gross proceeds. The expected use of proceeds for the Non-Traded Preferred Equity is acquisitions, paying down debt, and other general corporate purposes. "Our portfolio delivered strong operating performance during the fourth quarter," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "Reflecting continued growth in RevPAR, we believe that this solid performance reflects our high-quality, geographically diverse portfolio. As we enter 2024, we are focused on paying off our strategic corporate financing. Between the excess proceeds from planned asset sales, excess proceeds from planned property refinancings, and proceeds from our non-traded preferred capital raise, we believe we have a viable path to pay off our strategic financing this year." 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/4yb4jrcc 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. ASHFORD HOSPITALITY: Sells Hilton Boston Back Bay Hotel for $171M ----------------------------------------------------------------- Ashford Hospitality Trust, Inc. announced that it has signed a definitive agreement to sell the 390-room Hilton Boston Back Bay in Boston, Massachusetts for $171 million ($438,000 per key). The sale is expected to be completed this month and is subject to normal closing conditions. The Company provides no assurances that the sale will be completed on these terms or at all. For the trailing 12 months ended December 31, 2023, the Hotel's net income was $2.3 million, its net operating income was $14.9 million, and its Hotel EBITDA was $16.7 million. When adjusted for the Company's anticipated capital expenditures, the sale price represents a 7.3% capitalization rate on 2023 net operating income, or 12.3x 2023 Hotel EBITDA. Excluding the anticipated capital spend, the sale price represents an 8.7% capitalization rate on 2023 net operating income, or 10.2x 2023 Hotel EBITDA. The Company expects the net proceeds to be approximately $70 million after repayment of the underlying mortgage debt and closing costs. The Company expects to use the net proceeds for general corporate purposes including the paydown of its strategic financing. "We are pleased to announce the planned sale of the Hilton Boston Back Bay for a very attractive value," commented Rob Hays, Ashford Trust's President and Chief Executive Officer. "This sale is an early step toward the recently announced plan to pay off our strategic financing. 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." 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. ASP MCS: $445MM Bank Debt Trades at 22% Discount ------------------------------------------------ Participations in a syndicated loan under which ASP MCS Acquisition Corp is a borrower were trading in the secondary market around 77.9 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $445 million facility is a Term loan that is scheduled to mature on May 18, 2024. About $417.2 million of the loan is withdrawn and outstanding. Headquartered in Lewisville, Texas, ASP MCS Acquisition Corp., primarily provides property inspection and preservation services on behalf of lenders and loan servers for homes with defaulted mortgage loans. The company is owned by affiliates of American Securities LLC, a private equity group. ASTRA ACQUISITION: $1.30BB Bank Debt Trades at 58% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Astra Acquisition Corp is a borrower were trading in the secondary market around 42.5 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.30 billion facility is a Term loan that is scheduled to mature on October 25, 2028. About $772 million of the loan is withdrawn and outstanding. Astra Acquisition Corp. is a provider of cloud-based software solutions for higher educational institutions. AVENTIV TECHNOLOGIES: $1.03BB Bank Debt Trades at 28% Discount -------------------------------------------------------------- Participations in a syndicated loan under which Aventiv Technologies LLC is a borrower were trading in the secondary market around 72.5 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.03 billion facility is a Term loan that is scheduled to mature on November 1, 2024. The amount is fully drawn and outstanding. Carrollton, Texas-based Aventiv Technologies LLC is a diversified technology company that provides innovative solutions to customers in the corrections and government services sectors. Aventiv is the parent company to Securus Technologies and AllPaid. AVINGER INC: Has $15M Equity Funding Agreement With Zylox-Tonbridge ------------------------------------------------------------------- Avinger, Inc. announced a new strategic partnership with Zylox-Tonbridge Medical Technology Co., Ltd., a leading medical device company in the neuro- and peripheral-vascular interventional market in China. Based in Hangzhou, China and listed on the Hong Kong Stock Exchange, Zylox-Tonbridge has developed and launched 36 products into the Greater China interventional markets since its founding in 2012. With a sales and marketing organization of more than 130 people and a vast distribution network, Zylox-Tonbridge achieved the equivalent of approximately $58 million in sales in the most recently reported 12-month period (ended June 30, 2023), representing a growth rate of greater than 50% compared to the prior year period. The strategic partnership provides up to $15 million of equity funding from Zylox-Tonbridge in two tranches, a licensing agreement providing access for Avinger's products in the Greater China region, and a technology transfer agreement to build cost-efficient manufacturing capacity to support global sales. In addition, the parties have signed a strategic collaboration agreement which provides the opportunity for Avinger to access certain Zylox-Tonbridge peripheral vascular products for distribution in the U.S. and Germany. Key Terms of Financing Agreement Under the terms of the financing agreement, Zylox-Tonbridge will invest up to $15 million into Avinger through the purchase of preferred and common stock in two tranches. The initial $7.5 million investment was priced at-the-market under Nasdaq rules at a purchase price of $3.66 per share on an as converted to common stock basis. A second tranche of $7.5 million will be funded upon achieving key milestones, including successfully registering Zylox-Tonbridge as a manufacturer of Avinger's products with the U.S. Food & Drug Administration ("FDA") and Avinger achieving $10 million in aggregate revenue over four consecutive quarters. Avinger's obligation to accept conversion of the initial shares of preferred stock and issue and sell shares of preferred stock upon completion of the milestones are each subject to receipt of the approval of Avinger's stockholders. Concurrent with the Zylox-Tonbridge first tranche investment, CRG Partners, the primary holder of Avinger debt and preferred equity exchanged its Series A preferred stock with an aggregate liquidation preference of approximately $60 million for new Series A-1 preferred stock with a value of $10 million. The new Series A-1 preferred stock is convertible at the same price as the Zylox-Tonbridge transaction and carries no liquidation preference or dividends. Additionally, CRG extended principal payments on Avinger's debt from the first quarter of 2024 to the first quarter of 2027, with interest payments accruing during this time. Key Terms of License, Technology Transfer and Strategic Collaboration Agreement Under the terms of the license and technology transfer agreement, Zylox-Tonbridge has exclusive rights to distribute and manufacture Avinger's proprietary image-guided devices in the Greater China region, including mainland China, Hong Kong, Macao, and Taiwan (the "Territory"). Zylox-Tonbridge will lead all regulatory activities for the registration of the Avinger products in the Territory. Avinger will supply product to Zylox-Tonbridge until such time Zylox-Tonbridge's manufacturing capability has been established. All sales of Avinger products in the Territory will be royalty bearing to Avinger. In addition, the parties have signed a strategic cooperation framework agreement, which provides the opportunity for Avinger to access certain Zylox-Tonbridge peripheral vascular products for distribution in the U.S. and Germany. The agreement also provides the option for Avinger to source finished goods from Zylox-Tonbridge following registration of their manufacturing facility with the FDA. "We are excited to announce this strategic transaction with Zylox-Tonbridge, a dynamic leader in the peripheral interventional market in China," said Jeff Soinski, Avinger's president and CEO. "Our broad-reaching partnership creates an exciting new pathway for Avinger products to enter the large and growing Greater China market through an established commercial channel. It also provides the opportunity for a more cost-efficient manufacturing structure to support the growth of global sales, as well as the potential for Avinger to access Zylox-Tonbridge's high-quality peripheral products for distribution in the U.S. and Germany." Dr. Jonathon Zhao, Chairman and CEO of Zylox-Tonbridge, said, "We are pleased to partner with Avinger to provide Chinese healthcare professionals and patients with cutting-edge medical technologies and disruptive innovative products. We believe this collaboration will expand the company's Peripheral Vascular Intervention product portfolio, reinforce our market leadership, and accelerate the growth of the vessel preparation business in China's peripheral vascular intervention market. By leveraging our leading manufacturing capabilities and working with Avinger, we are confident in bringing patients more cost-efficient and high-quality products. We are looking forward to cooperating with global partners to share growing market opportunities by offering high-quality and affordable innovative medical products and services." Mr. Soinski continued, "Concurrent with this transaction, we have significantly improved our balance sheet with a cash infusion, the exchange of our Series A preferred stock for new Series A-1 preferred stock, and the deferral of principal payments on our existing debt for three years. Combined, these transactions represent a strong show of confidence in our product portfolio. "With this transaction, we have positioned Avinger to access exciting new growth opportunities in China and improve its operating cost structure as global manufacturing comes online. We have also provided the opportunity for new revenue growth and increased sales productivity in our current markets through the potential distribution of Zylox-Tonbridge products in the U.S. and Germany. We are excited to move forward in 2024 as we continue to drive sales of our best-in-class commercial peripheral products and ready our groundbreaking image-guided coronary CTO-crossing device for IDE submission later this year." About Avinger Headquartered in Redwood City, California, Avinger, Inc. -- http://www.avinger.com-- is a commercial-stage medical device company that designs and develops image-guided, catheter-based system for the diagnosis and treatment of patients with Peripheral Artery Disease (PAD). The Company designs, manufactures, and sells a suite of products in the United States and select international markets. Avinger reported a net loss applicable to common stockholders of $27.24 million for the year ended Dec. 31, 2022, a net loss applicable to common stockholders of $21.59 million for the year ended Dec. 31, 2021, a net loss applicable to common stockholders of $22.87 million for the year ended Dec. 31, 2020, a net loss applicable to common stockholders of $23.03 million for the year ended Dec. 31, 2019, and a net loss applicable to common stockholders of $35.69 million for the year ended Dec. 31, 2018. San Francisco, California-based Moss Adams LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 15, 2023, citing that the Company's recurring losses from operations and its need for additional capital raise substantial doubt about its ability to continue as a going concern. There is substantial doubt about the Company's ability to continue as a going concern, and it will need additional financing to execute its business plan, to fund its operations and to continue as a going concern, and, if it is unable to obtain additional financing, may be required to pursue a reorganization proceeding under applicable bankruptcy or insolvency laws, including under Chapter 11 of the U.S. Bankruptcy Code, according to the Company's Quarterly Report for the period ended Sept. 30, 2023. B.I.C. DESIGN: Court OKs Interim Cash Collateral Access ------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Missouri authorized B.I.C. Design Company to use cash collateral, on an interim basis, in accordance with the budget. Sunflower Bank claims a secured interest in cash collateral of the Debtor by virtue of a UCC1 filing. The Debtor is directed to pay all expenses in the Budget when due, including insurance, and taxes, and the Sunflower Bank will be notified of any failure or inability to do so; provided, however, that the Debtor will only pay such expenses necessary to prevent irreparable injury to the Debtor's business and bankruptcy estate and will not pay insiders as that term is defined under Code Section 101(31) unless it is for reasonable and customary compensation for services performed. The Debtor is directed to pay Sunflower Bank, $1,000 a month beginning March 15, 2024 and the 15th of each month until further Order of the Court. Sunflower Bank is granted replacement security interests in, and liens on, all post-Petition Date acquired property of the Debtor and the Debtor's bankruptcy estate that is the same type of property that the Sunflower Bank holds a pre-petition interest, lien or security interest to the extent of the validity and priority of such interests, liens, or security interests, if any. The amount of each of the Replacement Lien will be up to the amount of any diminution of Sunflower Bank's collateral position from the Petition Date. Any Replacement Lien granted will be effective and perfected upon the date of entry of the Interim Order without the necessity for the execution or recordation of filings of deeds of trust, mortgages, security agreements, control agreements, pledge agreements, financing statements or similar documents, or the possession or control by the Creditor of, or over, any property subject to the Replacement Lien. To the extent that the Replacement Lien prove inadequate to protect the Creditor from a demonstrated diminution in the value of collateral positions from the Petition Date, the Creditor is granted an administrative expense claim under 11 U.S.C. Section 503(b) with priority in payment under Code section 507(b). The Debtor will continue to maintain adequate and sufficient insurance on all its property and assets. A hearing on the matter is set for April 9, 2024 at 10:30 a.m. A copy of the order is available at https://urlcurt.com/u?l=BBMdih from PacerMonitor.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. Judge Cynthia A. Norton oversees the case. Colin Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. BALLY'S CORP: S&P Downgrades ICR to 'B-', Outlook Stable -------------------------------------------------------- S&P Global Ratings lowered its issuer rating on U.S. gaming operator Bally's Corp. to 'B-' from 'B'. S&P also lowered its issue-level ratings on Bally's secured and unsecured debt by one notch to reflect the issuer credit rating downgrade. The stable outlook reflects S&P's view that while Bally's will generate modest EBITDA growth and maintain sufficient liquidity for operating needs, its credit measures will remain weak through at least the next 24 months because of heightened development activity and shareholder returns. The downgrade to 'B-' reflects S&P's view that heightened development spending and Bally's use of revolver borrowings to fund recent acquisitions and share repurchases will increase debt levels in a manner that will sustain our measure of forecast leverage above our 7x downgrade threshold. On Sept. 12, 2023, Bally's completed the acquisition of Trump Golf Links at Ferry Point in the Bronx, New York, subsequently renamed to Bally's Golf Links at Ferry Point, which it funded with revolver borrowings. The company stated on its recent earnings call that it is preparing a formal bid for a casino license for the property under the ongoing New York request for applications process. In the fourth quarter of 2023, Bally's subsequently repurchased about $69 million of shares, which it funded with additional revolver borrowings. S&P said, "As a result, Bally's S&P Global Ratings-adjusted leverage as of the end of 2023 was in the high-7x area, materially above our 7x downgrade threshold. We believe these actions, along with management's recent public comments regarding its elevated leverage levels, demonstrate a financial policy that prioritizes debt-financed acquisitions, development spend, and opportunistic shareholder returns." Bally's is also entering the early stages of the development of its permanent casino in downtown Chicago, which it expects to open in late 2026, somewhat later than it anticipated when it initially acquired the site in 2022. Management has not yet secured financing for the development, but we assume it will spend its remaining requirement of $1.1 billion, funded with project financing and cash flow from the currently open temporary casino. Although Bally's Chicago will be an unrestricted subsidiary, we consolidate the capital spending, associated debt, and cash flow from the temporary casino in our credit measures for the company. As a result, S&P expects its lease-adjusted leverage, including expected future project debt, will be in the high-7x area in 2024 and 2025. Bally's financial policy decisions, including additional development spending, potential leveraging acquisitions, and shareholder returns, pose downside risk. S&P expects Bally's will primarily focus on sizable development spending on its permanent Chicago casino resort. However, it believes the company may remain opportunistic in expanding its gaming asset portfolio through additional acquisitions or development opportunities if they arise, particularly in new markets (both digital and physical locations) and in its iGaming business. S&P said, "Additional acquisitions or developments could add leverage relative to our current base case forecast--such as a potential development of a casino resort at its recently acquired Bally's Golf Links in New York or a redevelopment of Tropicana Las Vegas in conjunction with the Oakland Athletics' plan to relocate the team to Las Vegas and build a stadium on nine acres of its Tropicana Las Vegas site." It could also expose the company to execution risks, given its need to manage a sizable urban development project when its leverage is elevated. The company is currently evaluating options for development projects outside of Chicago, and there is significant uncertainty around the potential scale and timing of any investment. Bally's has about $95.5 million available for use under its current capital return program. S&P believes it will be opportunistic in its usage of the share repurchase program, subject to limitations in its credit agreement. There is no fixed time period to complete share repurchases under its authorized program. Despite Bally's elevated leverage levels, its operating performance at its Casinos & Resorts and International Interactive segments continue to perform well, with high single-digit percent EBITDAR growth in fiscal 2023. The company's Casinos & Resorts segment growth was driven by strength in Rhode Island, Kansas City, Mo., Blackhawk, Colo., and Quad Cities, Ill. Bally's also opened its Chicago temporary casino in the fourth quarter and commenced 24/7 operations on Dec. 27, 2023. The property reached $10 million gross gaming revenue in its first month of full operations in January. S&P said, "In our 2024 forecast, we assume the recently opened temporary facility generates modest EBITDA and cash flow as it continues to ramp up. We preliminarily assume the temporary facility could generate about $50 million in incremental EBITDA after it fully ramps up, which management expects will occur in the second half of 2024." The International Interactive segment's performance remains stable despite an overhaul of gaming regulations in the U.K. Lastly, Bally's North America Interactive segment recently launched iGaming operations in Rhode Island and is the sole iGaming operator in the state. S&P expects modest revenue and EBITDA growth in 2024, driven by a full year of incremental EBITDA from the Chicago temporary facility and its Kansas City redevelopment and lower losses at its North America interactive business. This is partially offset by the planned closure of Tropicana Las Vegas to prepare the site for the construction of the Las Vegas A's baseball stadium and potential future development. While demand dynamics in the downtown Chicago market appear attractive, Bally's faces development and execution risks during the construction period. The Chicagoland market has high gaming supply, with 10 existing casinos and projects under construction within a 50-mile radius. Bally's Chicago's closest competitor will be Rivers Casino Des Plaines (within 20 miles; operated by Midwest Gaming), which primarily draws its customers from Chicago's north side and northern suburbs. Rivers has consistently maintained strong market share and a high win per unit per day (WPUPD) despite significant competition in the market. S&P believes this high WPUPD demonstrates that Rivers does not have enough gaming positions to meet demand and the greater Chicago market has room to increase gaming capacity and increase revenue. Bally's will need to leverage its location advantage with access to the downtown Chicago market and, by extension, tourist visitation, to significantly increase the market's gaming revenue for it to meet its target of generating $250 million of EBITDAR annually at the permanent facility. Bally's faces risks that include the complexities of securing the necessary permits and building a large project in an urban area, as well as inflationary pressures that could increase the costs for labor or materials relative to the current budget. In addition, the risks related to successfully ramping up the operations and cash flow generation of a greenfield project are high. Bally will need to attract customers to a new property in a highly competitive market with established operators, notwithstanding the good recognition of the Bally's brand. Competitors within the marketplace already have large databases of customers to market and can allocate significant resources toward marketing and promotions to protect their customer bases. Moreover, the economy may weaken during construction, which could cause visitation, revenue, and cash flow at the company's facility to be lower than S&P currently expects because demand for gaming relies on consumer discretionary spending and is highly sensitive to economic conditions. The stable outlook reflects S&P's view that while Bally's will generate modest EBITDA growth and maintain sufficient liquidity for operating needs, its credit measures will remain weak through at least the next 24 months because of higher debt levels from spending on development activity and shareholder returns. S&P could lower its rating on Bally's if: -- The company finances its permanent Chicago facility with debt that strains its liquidity or causes us to question the sustainability of its capital structure; -- Its Chicago development project faces construction delays or cost overruns that strain its liquidity or require it to seek additional funding. Specifically, if leverage increases materially compared with S&P's base-case forecast or the temporary casino expands slower than it expects, S&P could lower ratings. S&P said, "We believe an upgrade is unlikely over the next 12 months given Bally's elevated leverage and negative discretionary cash flow from the development spending associated with the Chicago development. That said, we could raise the rating if we believe that its total S&P Global Ratings-adjusted debt to EBITDA will stay under 7x, incorporating development spending, operating volatility, and any further leveraging acquisitions or shareholder returns." BARNES & NOBLE: Receives Noncompliance Notice From NYSE ------------------------------------------------------- Barnes & Noble Education, Inc. disclosed that on February 27, 2024 it received a notice from the New York Stock Exchange indicating that the Company is no longer in compliance with NYSE's continued listing criteria under Section 802.01C of the NYSE Listed Company Manual ("Section 802.01C") that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30-trading-day period. The Notice has no immediate impact on the listing of the Company's common stock on the NYSE. The Notice is not anticipated to impact the ongoing business operations of the Company or its reporting requirements with the U.S. Securities and Exchange Commission. On March 1, 2024, BNED notified the NYSE of its intention to cure the stock price deficiency and return to compliance with the NYSE's minimum share price standard within the required six-month period following receipt of the Notice. The Company can regain compliance at any time within the six-month cure period (the "Cure Period") following receipt of the Notice if, on the last trading day of any calendar month during such the Cure Period, the Company has both: (i) a closing share price of at least $1.00 and (ii) an average closing share price of at least $1.00 over the 30-trading-day period ending on the last trading day of the applicable calendar month. The Company intends to remain listed on the NYSE and is considering all available options to regain compliance with the NYSE's continued listing standards. The Company will continue to be listed and traded on the NYSE during the Cure Period. About Barnes & Noble Education Basking Ridge, New Jersey-based Barnes & Noble Education, Inc. ("BNED") is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. It is one of the largest textbook wholesalers, inventory management hardware and software providers that operates 1,289 physical, virtual, and custom bookstores and serve more than 5.8 million students, delivering essential educational content, tools and general merchandise within a dynamic omnichannel retail environment. As of July 29, 2023, BNED has $1,070,817,000 in total assets and $989,758,000 in total liabilities. BNED was previously warned that its liquidity level raised substantial doubt about its ability to continue as a going concern as of the year ended April 29, 2023, according to a TCR report dated Sept. 12, 2023. BNED's management believes that the expected impact on its liquidity and cash flows resulting from the debt amendments and the operational initiatives as outlined are sufficient to enable the Company to meet its obligations for at least the next 12 months and to continue to alleviate the conditions that initially raised substantial doubt. BIFANO CONSOLIDATED: Gets CCAA Initial Stay Order; A&M as Monitor ----------------------------------------------------------------- Bifano Consolidated Inc., Bifano Farms Inc., Nata Farms Inc., SSC Ventures (NO. 105) Ltd., and Spallumcheen Farm Ltd. commenced proceedings in the Supreme Court of British Columbia under the Companies' Creditors Arrangement Act, as amended ("CCAA"). On Feb. 28, 2024, the Court granted an order ("Initial Order"), which provides for, among other things, a stay of proceedings against the Company until March 11, 2024 ("Stay Period"). The Stay Period may be extended by the Court on subsequent applications by the Company. Also pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor of the business and financial affairs of the Company. Copies of the Initial Order, all materials filed in the Proceedings and a list of known creditors as of Feb. 28, 2024, may be obtained at https://www.alvarezandmarsal.com/BifanoNata In accordance with the terms of the Initial Order, the Company is continuing to operate in the ordinary course of business while under protection from its creditors. The Initial Order prohibits the Company from making payment of amounts owing up to and including Feb. 28, 2024 ("Order Date"), other than under certain conditions as set-out in the Initial Order. Pursuant to the Initial Order, all persons having oral or written agreements with the Company or mandates under an enactment for the supply of goods and/or services are hereby restrained until further Order of the Court from discontinuing, altering, interfering with, or terminating the supply of such goods or services as may be required by the Company provided in each case that the normal prices or charges for all such goods or services received after the Order Date are paid by the Company in accordance with normal payment practices of the Company or such other practices as may be agreed upon by the supplier or service provider and the Company and the Monitor, or as may be ordered by the Court. To date, no claims procedure has been approved by the Court and creditors are therefore not required to file a proof of claim at this time. If you have any questions regarding the foregoing or require further information, please consult the Monitor's website at https://www.alvarezandmarsal.com/BifanoNata. Should you wish to speak to a representative of the Monitor, please contact Ryan Wu at ryan.wu@alvarezandmarsal.com or by phone at (604) 639-0853. Monitor can be reached at: Alvarez & Marsal Canada Inc. 925 West Georgia Street, Suite 902 Vancouver, BC V6C 3L2 Todd Martin Tel: 604-638-7445 Email: tmartin@alvarezandmarsal.com Taylor Poirier Tel: 604-639-0852 Email: tpoirier@alvarezandmarsal.com Counsel for Companies: Fasken Martineau Dumoulin LLP 2900 - 550 Burrard Street Vancouver, BC V6C 0A3 Kibben Jackson Tel: 604-631-4786 Email: kjackson@fasken.com Lisa Hiebert Tel: 604-631-4977 Email: lhiebert@fasken.com Mishaal Gill Tel: 604-631-4881 Email: mgill@fasken.com Alvarez & Marsal Canada retained as counsel: Lawson Lundell LLP 925 West Georgia Street, Suite 1600 Vancouver, BC V6C 3L2 Bryan Gibbons Tel: 604.631.9152 Email: bgibbons@lawsonlundell.com Noor Mann Tel: 604-631-9161 Email: nmann@lawsonlundell.com Bifano Consolidated Inc. operates commercial farming operations. BOY SCOUTS: SC Justice Alito Pauses Chapter 11 Abuse Deal --------------------------------------------------------- Kimberly Strawbridge Robinson of Bloomberg Law reports that US Supreme Court Justice Samuel Alito put a temporary pause on the Boy Scouts' bankruptcy plan at the request of ex-scouts challenging a settlement trust aiming to compensate sex abuse victims. The administrative stay on Friday, February 16, 2024, halts the Chapter 11 case until the full Supreme Court has had an opportunity to weigh in. Alleged abuse victims attempting to unwind the bankruptcy say it should wait until after the justices decide another case involving a $6 billion bankruptcy settlement to compensate opioid abuse claims. The Boy Scout settlement dispute centers on provisions that remove liability for affiliates not formally part of the proposed bankruptcy restructuring. Those favoring the $2.46 billion settlement say the releases are essential to making the plans work. The justices are considering whether bankruptcy courts can approve such releases in Harrington v. Purdue Pharma, a case involving a settlement against the maker of OxyContin. The case includes releases against the Sackler family, which owns the pharmaceutical giant. The case is Lujan Claimants v. Boy Scouts of America, U.S., No. 23A741. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. CANO HEALTH: Hires AlixPartners LLP as Financial Advisor -------------------------------------------------------- Cano Health, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ AlixPartners, LLP as financial advisor. The firm will provide these services: -- assist the Debtors with development of their 13-week cash receipts and disbursements forecasting tool designed to provide on-time information related to the Debtors' liquidity; -- assist the Debtors with development and implementation of cash management strategies, tactics, and processes; -- assist the Debtors to identify and implement both short-term and long-term liquidity generating initiatives; -- assist the Debtors with the review and/or development of their business plan, and such other related forecasts as may be required in connection with creditor negotiations or by the Debtors for other corporate purposes; -- assist the Debtors in the design and implementation of a restructuring strategy designed to maximize enterprise value, taking into account the unique interests of all constituencies; -- assist the Debtors with negotiating and implementing restructuring initiatives and evaluating strategic alternatives; -- assist the Debtors with communications and/or negotiations with outside parties including the Debtors' stakeholders, lenders, creditors, and potential acquirers of the Debtors' assets; -- provide testimony in connection with any of the aforementioned services as necessary; -- assist the Debtors in identification and implementation of various cost saving initiatives; and -- assist the Debtors with such other matters as may be requested by the Debtors that fall within AlixPartners' expertise and that are mutually agreeable. The firm will be paid at these rates: Partner & Managing Director $1,225 to $1,495 per hour Partner $1,200 per hour per hour Director $960 to $1,125 per hour Senior Vice President $800 to $910 per hour Vice President $640 to $790 per hour Consultant $230 to $625 per hour Prior to the Petition Date, the firm received a retainer in the amount of $500,000 from the Debtors. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Clayton Gring, a partner and managing director at AlixPartners, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Clayton Gring Partner and Managing Director AlixPartners, LLP 909 Third Avenue, Floor 30 New York, NY 10022 Tel: (212) 490-2500 Fax: (212) 490-1344 About Cano Health, Inc. 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. CANO HEALTH: Hires Ernst & Young as Audit Services Provider ----------------------------------------------------------- Cano Health, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Ernst & Young LLP as audit services provider. The firm will provide these services: -- audit the Debtors' financial statements and its internal control over financial reporting (the "integrated audit"); -- perform a separate audit of the financial statements of Physicians Partners Group Puerto Rico, LLC for the year ended December 31, 2023 as required by statute or government regulation; and -- audit and report on the financial statements, related notes and supplemental schedules of Cano Health, Inc. 2021 Employee Stock Purchase Plan ("ESPP"), as amended, for which the Company acts as sponsor for the year ended December 31, 2023 which are to be included in the ESPP's Plan's Form 5500 filing with the Employee Benefits Security Administration of the Department of Labor and the ESPP's Form 11-K filing with the SEC. The firm will be paid as follows: -- Integrated audit of the consolidated financial statements in the amount of $2,435,000; -- A statutory audit of Physicians Partners Group Puerto Rico in the amount of $100,000; -- Audit of Cano Health, Inc. 2021 Employee Stock Purchase Plan in the amount of $40,000; -- Other specifically known and identified technical transactions in the amount of $297,500. The firm will be paid at these rates: Partner/Principal $950 per hour Executive Director $650 per hour Senior Manager $600 per hour Manager $450 per hour Senior $350 per hour Staff $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ernst & Young LLP 2 Miami Central Suite 1500 700 NW 1st Avenue Miami, FL 33136 Tel: (305) 358-4111 Fax: (305) 415-1411- About Cano Health, Inc. 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. CANO HEALTH: Hires Houlihan Lokey Capital as Investment Banker -------------------------------------------------------------- Cano Health, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Houlihan Lokey Capital, Inc. as financial advisor and investment banker. The firm's services include: (a) assisting the Debtors in the development and distribution of selected information, documents and other materials, including, if appropriate, advising the Debtors in the preparation of an offering memorandum; (b) assisting the Debtors in evaluating indications of interest and proposals regarding any Transaction(s) from current and/or potential lenders, equity investors, acquirers and/or strategic partners; (c) assisting the Debtors with the negotiation of any Transaction(s), including participating in negotiations with creditors and other parties involved in any Transaction(s); (d) providing expert advice and testimony regarding financial matters related to any Transaction(s), if necessary, including in connection with any proceedings under chapter 11 of title 11 of the Bankruptcy Code; (e) attending meetings of the Debtors’ Board of Directors, creditor groups, official constituencies and other interested parties, as the Debtors and Houlihan Lokey mutually agree; and (f) providing such other financial advisory and investment banking services as may be agreed upon by Houlihan Lokey and the Debtors. The firm will be paid at: (a) Monthly Fees: In the event the Company commences proceedings under chapter 11 of the Bankruptcy Code, the Company shall pay Houlihan Lokey in advance, without notice or invoice, a nonrefundable monthly cash fee of $175,000 for the post-filing period ("Monthly Fee"). (b) Transaction Fee(s): In addition to the other fees provided for herein, the Company shall pay Houlihan Lokey the following transaction fee(s): i. Restructuring Transaction Fee. Upon the earlier of: (I) in the case of an out-of-court Restructuring Transaction (as defined below), the closing of such Restructuring Transaction, and (II) in the case of an in-court Restructuring Transaction, the date of confirmation of a plan of reorganization or liquidation under Chapter 11 or Chapter 7 of the Bankruptcy Code pursuant to an order of the applicable bankruptcy court, Houlihan Lokey shall earn, and the Company shall promptly pay to Houlihan Lokey, a cash fee ("Restructuring Transaction Fee") calculated as 90 basis points (0.9%) of the face value of obligations recapitalized, repaid or restructured in such Restructuring Transaction, including, without limitation, the obligations in Sections 5(i)(x), 5(i)(y) and 5(i)(z) of the Engagement Agreement. ii. Amendment Fee. In addition to the other fees provided for herein, the Company shall pay Houlihan Lokey a cash fee (the "Amendment Fee") of $250,000 payable upon the closing of any Amendment of any agreement governing the Revolver/Term Facility, the Diameter Facility or the Senior Notes; provided, however, only one Amendment Fee shall be payable where corresponding amendments to more than one of the foregoing are executed as part of, or required to implement or give effect to, the same underlying transaction (e.g., an amendment to the Revolver/Term Facility is conditioned on or necessary to give effect to an amendment to the Diameter Facility or vice versa). iii. Financing Transaction Fee. Upon the closing of each Financing Transaction (as defined below), Houlihan Lokey shall earn, and the Company shall thereupon pay to Houlihan Lokey promptly and directly from the gross proceeds of such Financing Transaction, as a cost of such Financing Transaction, a cash fee ("Financing Transaction Fee") equal to the sum of: (I) 1.5% of the gross proceeds of any indebtedness raised or committed that is senior to other indebtedness of the Company, secured by a first priority lien and unsubordinated, with respect to both lien priority and payment, to any other obligations of the Company (other than with respect to debtor-in-possession financing), (II) 2.5% of the gross proceeds of any indebtedness raised or committed that is secured by a lien (other than a first lien), is unsecured and/or is subordinated, and (III) 4 % of the gross proceeds of all equity or equity-linked securities (including, without limitation, convertible securities and preferred stock) placed or committed. iv. Asset Sale Transaction Fee. Upon the closing of an Asset Sale Transaction (as defined below), Houlihan Lokey shall earn, and the Company shall thereupon pay to Houlihan Lokey promptly and directly from the gross proceeds of such Asset Sale Transaction, as a cost of such Asset Sale Transaction, a cash fee ("Asset Sale Transaction Fee") based upon Aggregate Gross Consideration ("AGC"), calculated as follows: -- For AGC up to $125 million: $3,000,000, plus -- For AGC above $125 million: 4% of such incremental AGC. Thirty-three percent (33%) of all Asset Sale Transaction Fees paid to Houlihan Lokey shall be credited against the Restructuring Transaction Fee to which Houlihan Lokey becomes entitled hereunder. v. Expenses. In addition to all of the other fees and expenses described in this Agreement, and regardless of whether any Transaction is consummated, the Company shall, upon Houlihan Lokey's request, reimburse Houlihan Lokey for its reasonable and (other than the expenses described in clause (ii) below) reasonably documented out of- pocket expenses incurred from time to time in connection with its services hereunder, but (with respect to the expenses described in clause (i) below) in no event greater than $50,000 in the aggregate without the Company's prior approval, which approval shall not be unreasonably withheld (provided that such limitation shall not affect the Company's obligations to otherwise pay expenses set forth in Sections 18 (Additional Services), 19 (Required Services) or 22 (Indemnification) of the Engagement Agreement). Houlihan Lokey bills its clients for its reasonable out-of-pocket expenses including, but not limited to (i) travel-related and certain other expenses actually incurred, without regard to volume-based or similar credits or rebates Houlihan Lokey may receive from, or fixed-fee arrangements made with, travel agents, airlines or other vendors, and (ii) research, database and similar information charges paid to third party vendors, and reprographics expenses, to perform client-related services that are not capable of being identified with, or charged to, a particular client or engagement in a reasonably practicable manner, based upon a uniformly applied monthly assessment or percentage of the fees due to Houlihan Lokey. David R. Hilty, a partner at managing director at Houlihan Lokey Capital, Inc, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David R. Hilty Houlihan Lokey Capital, Inc. 245 Park Avenue, 20th Floor New York, NY 10167 Tel: (212) 497-4100 About Cano Health, Inc. 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. CANO HEALTH: Hires KPMG LLP as Tax Service Provider --------------------------------------------------- Cano Health, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ KPMG LLP as tax service provider. The firm will provide these services: A. Tax Compliance Services: -- prepare federal and state and local income tax returns and supporting schedules for tax years 2022, 2023 and 2024; -- calculate the annual taxable income allocation for each of the Primary Care Intermediate Holdings, LLC ("PCIH") partners for the year 2023-2025; -- calculate the IRC Section 743(b) basis adjustments and project recovery generated as a result of the purchase of PCIH partnership interests in tax year 2023-2025 and prepare the related IRC Section 743(b)statements; B. Tax Consulting Services: -- provide tax consulting services with respect to such matters as may arise for which the Debtors seek our advice and consultation in connection with the potential restructuring of debt and/or capital structure (a "Potential Restructuring") and/or the potential sale of all or components of the Debtors (a "Potential Sale"). KPMG will provide analysis as to the U.S. federal, state, and local tax implications of a Potential Restructuring and/or Potential Sale. C. Valuation Services: -- With regards to valuation of certain Interest-bearing debt, specifically outstanding notes with creditors (the "Notes") for each fiscal quarter end during calendar year 2024 (the "Valuation Dates"), KPMG will estimate the fair value (FV) of the Notes as of the Valuation Dates. D. Accounting Advisory Services: -- KPMG will address certain accounting inquiries made by the Debtors related to various transactions and other topics. As mutually agreed upon, KPMG's services will include meeting with the Debtors' management on a regular basis to share relevant KPMG thought leadership, information, insights, and potentially provide training. The firm will be paid at these rates: Partners $693 per hour Managing Directors $680 per hour Directors/Senior Managers $630 per hour Managers $493 per hour Senior Associates $355 per hour Associates $265 per hour Prior to the petition date, the Debtors paid the firm a retainer of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Olayinka Kukoyi, a partner at KPMG, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Olayinka Kukoyi, CPA KPMG LLP 811 Main Street, Suite 4500 Houston, TX 77002 Tel: (713) 319-2000 About Cano Health, Inc. 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. CANO HEALTH: Hires Kurtzman Carson as Administrative Advisor ------------------------------------------------------------ Cano Health, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants LLC as administrative advisor. The firm's services include: (a) assisting with, among other things, the preparation of the Debtors' schedules of assets and liabilities, schedules of executory contracts and unexpired leases and statements of financial affairs; (b) assisting with, among other things, solicitation, balloting, tabulation and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any chapter 11 plan; (c) generating an official ballot certification and testifying, if necessary, in support of the ballot tabulation results for any chapter 11 plan(s) in the Chapter 11 Cases; (d) generating, providing and assisting with claims objections, exhibits, claims reconciliation and related matters; and (e) providing such other claims processing, noticing, solicitation, balloting and administrative services, but not included in the Section 156(c) Application, as may be requested by the Debtors from time to time. The Debtors provided the firm a retainer in the amount of $50,000. Evan Gershbein, executive vice president of Kurtzman, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Evan Gershbein Kurtzman Carson Consultants LLC 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Tel: (310) 823-9000 Email: egershbein@kccllc.com About Cano Health, Inc. 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. CANO HEALTH: Hires Quinn Emanuel as Special Counsel --------------------------------------------------- Cano Health, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Quinn Emanuel Urquhart & Sullivan, LLP as special counsel. The firm will assist the Debtors in investigation, assessment, analysis, release, compromise, and prosecution of any claims against its current or former directors, as instructed by the two independent directors, Patricia Ferrari and Carol Flaton, appointed on or around December 18, 2023, including in connection with any restructuring, work-out, or insolvency or chapter 11 bankruptcy proceedings. The firm will be paid at these rates: Attorneys $940 to $2,410 Paraprofessionals $175 to $550 per hour On January 23, 2024, the Debtors paid the firm a retainer of $500,000, and an additional $250,000 retainer on February 2, 2024. As of the Petition Date, the firm holds a total of $357,127.38 in a trust account on behalf of the Debtors. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did the firm agree to any variations from, or alternatives to, the Firm's standard billing arrangements for this engagement? Answer: No. Question: Do any of the firm's professionals in this engagement vary their rate based on the geographical location of the Debtor's Chapter 11 Case? Answer: No. Question: If the firm has represented the Debtor in the 12 months pre-petition, disclose the Firm's billing rates and material financial terms for the pre-petition engagement, including any adjustments during the 12 months pre-petition. If the Firm's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Quinn Emanuel was first retained by Cano Health on January 17, 2024. Quinn Emanuel's fees are determined on the basis of time billed at hourly rates, as set forth in the Engagement Letter. Except as provided above, the hourly rates billed by Quinn Emanuel pre-petition are the same hourly rates requested post-petition. Question: Has the Debtor approved Quinn Emanuel's budget and staffing plan, and if so, for what budget period? Answer: Cano Health has not requested a budget from Quinn Emanuel. Benjamin Finestone, Esq., a partner at Quinn Emanuel Urquhart & Sullivan, disclosed in a court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin I. Finestone, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 711 Louisiana, Suite 500 Houston, TX 77002 Telephone: (713) 221-7000 Facsimile: (713) 221-7100 Email: benjaminfinestone@quinnemanuel.com About Cano Health, Inc. 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. CANO HEALTH: Hires Richards Layton & Finger as Co-Counsel --------------------------------------------------------- Cano Health, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Richards, Layton & Finger, P.A. as co-counsel. The firm's services include: a. assisting in preparing all petitions, motions, applications, orders, reports, and papers necessary or desirable to commence the Debtors' chapter 11 cases; b. advising the Debtors of their rights, powers, and duties as debtors and debtors in possession under chapter 11 of the Bankruptcy Code; c. taking action to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of actions commenced against the Debtors in their chapter 11 cases, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors; d. assisting in preparing on behalf of the Debtors all motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtors' estates; e. assisting in preparing the Debtors' plan of reorganization; f. assisting in preparing the Debtors' disclosure statement and any related documents and pleadings necessary to solicit votes on the Debtors' plan of reorganization; g. prosecuting on behalf of the Debtors the proposed plan and seeking approval of all transactions contemplated therein and in any amendments thereto; and h. performing other necessary or desirable legal services in connection with any such cases under the Bankruptcy Code. The firm will be paid at these rates: Directors $1,095 to $1,450 per hour Counsel $925 to $950 per hour Associates $525 to $825 per hour Paraprofessionals $395 per hour The firm received from the Debtors a retainer in the amount of $290,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: a. The firm did not agree to any variations from, or alternatives to, its standard or customary billing arrangements for this engagement; b. None of the firm's professionals included in this engagement have varied their rate based on the geographic location for these chapter 11 cases; c. The firm has advised the Debtors in connection with (i) the Corporate Advice since April 2023, (ii) the Chancery Action from April 2023 through on or about August 3, 2023, and (iii) their restructuring efforts in contemplation of these chapter 11 cases since on or about January 9, 2024. The billing rates, except for RL&F's standard and customary periodic rate adjustments as set forth above, and material financial terms have not changed postpetition from the prepetition arrangement; d. The firm, in conjunction with the Debtors and Weil, Gotshal & Manges LLP, is developing a prospective budget and staffing plan for these chapter 11 cases. Michael J. Merchant, Esq., a partner at Richard, Layton & Finger, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael J. Merchant, Esq. Mark D. Collins, Esq. Amanda R. Steele, Esq. James F. McCauley, Esq. RICHARD, LAYTON & FINGER, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Email: merchant@rlf.com collins@rlf.com steele@rlf.com mccauley@rlf.com About Cano Health, Inc. 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. CANO HEALTH: Holds 32% of MSP's Class A Shares as of Feb. 22 ------------------------------------------------------------ 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 4,740,206 shares of MSP Recovery's Class A Common Stock, representing 32% of the shares outstanding. The percentage of beneficial ownership of the Class A Shares reported in this Schedule 13D 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 on February 9, 2024 (the "Form S-1/A"). As of February 26, 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 26, 2024, Cano Health, LLC, an indirect subsidiary of Cano Health, Inc. , directly owns the 4,740,206 Class A Shares reported herein representing approximately 32.0% of the Class A Shares outstanding. The 4,740,206 Class A Shares beneficially owned by Cano Health, Inc. represent approximately 3.4% of MSP's total outstanding voting shares. Cano Health, Inc.'s voting power percentage assumes an aggregate of 138,870,623 shares of Issuer 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'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's stockholders. A full-text copy of the Report is available at https://tinyurl.com/8u2kcmk5 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. CANO HEALTH: Seeks to Hire Weil Gotshal & Manges as Counsel ----------------------------------------------------------- Cano Health, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Weil, Gotshal & Manges LLP as counsel. The firm will provide these services: a. take all necessary actions to protect and preserve the Debtors' estate, including the prosecution of actions on the Debtors's behalf, the defense of actions commenced against the Debtors, the negotiation of disputes in which the Debtors is involved, and the preparation of objections to claims filed against the Debtors' estate; b. prepare on behalf of the Debtors, as Debtors in possession, all necessary motions, applications, answers, orders, reports, and other papers in connection with the administration of the Debtors' estate; c. take all necessary actions in connection with the Debtors' postpetition restructuring process, any chapter 11 plan and related disclosure statement, and all related documents, and such further actions as may be required in connection with the administration of the Debtors' estate; d. take all necessary actions to protect and preserve the value of the Debtors' estate; and e. perform all other necessary legal services in connection with the prosecution of this Chapter 11 Case; provided, however, that to the extent Weil determines that such services fall outside the scope of services historically or generally performed by Weil as lead Debtors's counsel in a bankruptcy case or as set forth in the next bullet, Weil will file a supplemental declaration. The firm will be paid at these rates: Partners $1,375 to $2,095 per hour Associates $750 to $1,345 per hour Paraprofessionals $295 to $530 per hour Weil received payments and advances in the aggregate amount of $9,046,366.27 for professional services performed and to be performed, including in preparation for the commencement and prosecution of this Chapter 11 Case. As of the Petition Date, Weil held an advance payment retainer of $4,291.89. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Weil was formally engaged by the Debtorss in April 2022. Weil's customary hourly rates in 2022, subject to change from time to time, were $1,250.00 to $1,950.00 for partners and counsel, $690 to $1,200 for associates, and $275 to $495 for paraprofessionals. On January 1, 2023, Weil adjusted its billing rates to $1,375 to $2,095 for partners and counsel, $750 to $1,345 for associates, and $295 to $530 for paraprofessionals. On January 1, 2024, Weil adjusted its billing rates, as set forth in paragraph 20 above. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Weil is developing a prospective budget and staffing plan for these chapter 11 cases. Weil and the Debtorss will review such budget following the close of the budget period to determine a budget for the following period. Matthew P. Goren, Esq., a partner at Weil, Gotshal & Manges LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew P. Goren, Esq. Gary Holtzer, Esq. Jacqueline Marcus, Esq. WEIL GOTSHAL & MANGES, LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matthew.goren@weil.com gary.holtzer@weil.com jacqueline.marcus@weil.com About Cano Health, Inc. 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. CARESTREAM DENTAL: $160MM Bank Debt Trades at 73% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Carestream Dental Inc is a borrower were trading in the secondary market around 26.8 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $160 million facility is a Term loan that is scheduled to mature on September 1, 2025. The amount is fully drawn and outstanding. Carestream Health, Inc., headquartered in Rochester, New York, is a supplier of imaging and IT systems to the medical and dental communities and to other markets. CARESTREAM HEALTH: $540MM Bank Debt Trades at 20% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Carestream Health Inc is a borrower were trading in the secondary market around 80.2 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $540.8 million facility is a Term loan that is scheduled to mature on September 30, 2027. About $534.1 million of the loan is withdrawn and outstanding. Carestream Health, Inc., headquartered in Rochester, New York, is a supplier of imaging and IT systems to the medical and dental communities and to other markets. CARNIVAL PLC: EUR848.4MM Bank Debt Trades at 32% Discount --------------------------------------------------------- Participations in a syndicated loan under which Carnival PLC is a borrower were trading in the secondary market around 67.9 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR848.4 million facility is a Term loan that is scheduled to mature on October 9, 2032. About EUR674.3 million of the loan is withdrawn and outstanding. Carnival PLC owns and operates cruise ships. The Company offers cruise vacations in North America, Continental Europe, the United Kingdom, South America, and Australia. CLASS 1 LOGISTICS: Case Summary & Three Unsecured Creditors ----------------------------------------------------------- Debtor: Class 1 Logistics, LLC 13212 Round Dance Rd El Paso, TX 79938 Business Description: The Debtor is part of the general freight trucking industry. Chapter 11 Petition Date: March 9, 2024 Court: United States Bankruptcy Court Western District of Texas Case No.: 24-30275 Judge: Hon. Christopher G Bradley Debtor's Counsel: James Jopling, Esq. JIM JOPLING, ATTORNEY AT LAW 521 Texas Ave El Paso, TX 79901 Tel: (915) 541-6099 E-mail: jim@joplinglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Omar Navarro as managing member/president. A full-text copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/STXF6QY/Class_1_Logistics_LLC__txwbke-24-30275__0001.0.pdf?mcid=tGE4TAMA CLEAN ENERGY: Widens Net Loss to $100.1 Million in 2023 ------------------------------------------------------- Clean Energy Fuels Corp. filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $100.10 million on $425.16 million of total revenue for the year ended Dec. 31, 2023, compared to a net loss of $59.59 million on $420.16 million of total revenue for the year ended Dec. 31, 2022. For the three months ended Dec. 31, 2023, the Company reported a net loss of $18.83 million on $106.86 million of total revenue, compared to a net loss of $12.56 million on $113.76 million of total revenue for the three months ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $1.26 billion in total assets, $525.81 million in total liabilities, and $733.65 million in total stockholders' equity. Commentary by Andrew J. Littlefair, President and Chief Executive Officer "We have fully moved into the operational stage at multiple RNG production projects around the country with one already generating state and federal environmental credits. The important process of capturing what would have been harmful methane from dairy cow manure and turning it into a transportation fuel, is being recognized as an important component in the overall transition to a clean energy world. Our engineering and construction, RNG digester, and sustainability teams have already become best-in-class and will be a valuable competitive advantage as we expand our production footprint and provide our growing fueling infrastructure with the lowest carbon-intensity RNG. We also ended the year with a balance sheet that has never been stronger by upsizing our credit availability, which allows us to expand our RNG production portfolio and add to our fueling station network as 2024 becomes a critical year with the commercial introduction of the Cummins X15N engine. We couldn't have a better financial partner in Stonepeak, which issued the credit facility as we continue to follow our plan of maintaining our leadership position in the clean fuel space." 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/0001368265/000155837024002174/clne-20231231x10k.htm About Clean Energy Headquartered in Newport Beach, California, Clean Energy Technologies, Inc. -- www.cleanenergyfuels.com -- is a provider of clean fuel for the transportation market. Its mission is to decarbonize transportation through the development and delivery of renewable natural gas ("RNG"), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. Clean Energy reported a net loss of $94.16 million for the year ended Dec. 31, 2021, compared to a net loss of $11.53 million for the year ended Dec. 31, 2020. CMG MEDIA: $2.15BB Bank Debt Trades at 19% Discount --------------------------------------------------- Participations in a syndicated loan under which CMG Media Corp is a borrower were trading in the secondary market around 81.5 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $2.15 billion facility is a Term loan that is scheduled to mature on December 17, 2026. About $2.09 billion of the loan is withdrawn and outstanding. CMG Media Corp, also known as Cox Media Group, provides direct marketing services. Cox Media serves customers in the United States. CUETO CONSULTING: Hires Grant Gryssels as Real Estate Appraiser --------------------------------------------------------------- Cueto Consulting & Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Grant Gryseels, a real estate appraiser in Belton, Texas. The Debtor requires a real estate appraiser to properly establish the value of its property located in Temple, Texas. Ms. Gryseels will receive a flat fee of $2,750 for its services. Ms. Gryseels disclosed in a court filing that she is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The professional can be reached at: Grant Gryseels 3333 Dunns Canyon Rd. Belton, TX, 76513 About Cueto Consulting & Construction Cueto Consulting & Construction, LLC in Fort Worth, TX, filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 23-43707) on December 4, 2023, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Andrew Cueto, president, signed the petition. Judge Edward L. Morris oversees the case. Eric A. Liepins, PC serves as the Debtor's legal counsel. CULINARY INNOVATIONS: Gets OK to Hire McHale as Financial Advisor ----------------------------------------------------------------- Culinary Innovations Group, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ McHale PA as its financial advisor. The firm will render these services: (a) review, evaluate and update operations, financial statements, business plans, financial projections, and other data; (b) advise and assist the Debtor with bankruptcy reporting, as requested by the Debtor; (c) advise and assist the Debtor in proposing and negotiating a consensual plan, as requested by the Debtor; and (d) perform other services as requested by the Debtor. The hourly rates of the firm’s professionals are as follows: G. McHale, CPA $550 V. Larriva, CPA $330 K. Klinger, CFE $280 R. Moloney, CPA $235 Other Professionals $145 - $550 Other Staff $80 - $190 In addition, the firm will seek reimbursement for expenses incurred. Gerard McHale, Jr., a certified public accountant at McHale, 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: Gerard A. McHale, Jr. McHale, PA 1601 Jackson Street, Suite 200 Fort Myers, FL 33901 Telephone: (239) 337-0808 Facsimile: (239) 337-1178 Email: jerrym@thereceiver.net About Culinary Innovations Group Culinary Innovations Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-05918) on December 29, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. The Debtor tapped Jennifer M. Duffy, Esq., and Michael R. Dal Lago, Esq., at Dal Lago Law as bankruptcy counsel and Gerard A. McHale, Jr., at McHale, PA as financial advisor. D & R JONES: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- D & R Jones Construction Corp. asks the U.S. Bankruptcy Court for the Northern District of New York for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to fund operational and administrative expenses. There are only two active Uniform Commercial Code Financing Statements on file with the State of New York is as follows: (i) Binghamton Savings Bank originally filed a UCC on August 8, 1989, and subsequent continuations on May 12, 1994, April 19, 1999, April 2, 1999, and April 2, 2004. As Binghamton Savings Bank merged with M & T Bank, M & T Bank filed continuation of the instant UCC statements on February 19, 2009, March 25, 2014, February 11, 2019, and February 12, 2024. The UCC is secured by all of the Debtor's assets. (ii) Kubota Credit Corporation, U.S.A. filed a UCC on March 19, 2022, and is secured by a tractor. The Debtor intends to reorganize and make a distribution to pay secured creditors the full amount of the value of their collateral and to pay a portion of the claims of general unsecured creditors. In order to successfully restructure its affairs, Debtor must maximize the value of its assets and retain the going concern value of its business. In order to provide the Creditors with adequate protection on account of the use and disposition of the cash collateral, the Debtor proposes to provide the Creditors with a replacement lien upon the same assets in which the Creditors maintained a security interest prior to the filing, including accounts receivable, and the proceeds thereof, with the same validity, priority, and extent as existed prior to the petition date to secure any diminution in the value of its collateral from continued operations. While Debtor proposes to use cash collateral, the funds will be used to generate an increased cash balance, thereby, providing adequate protection to the Creditors. The Budget demonstrates that the ongoing operations of D & R Jones Construction Corp. will adequately preserve the Debtor's business and the collateral of its Creditors. A copy of the order is available at https://urlcurt.com/u?l=KODjYG from PacerMonitor.com. About D & R Jones Construction Corp. D & R Jones Construction Corp. is a building finishing contractor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 24-60165) on March 6, 2024. In the petition signed by Douglas Jones, president, the Debtor disclosed $1,077,620 in assets and $1,034,445 in liabilities. Judge Patrick G Radel oversees the case. Zachary D. McDonald, Esq., at ORVILLE & MCDONALD LAW, P.C., represents the Debtor as legal counsel. DEADWORDS BREWING: Court OKs Cash Collateral Access Thru April 11 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, authorized Deadwords Brewing Company, LLC to use cash collateral on an interim basis in accordance with the budget, through April 11, 2024. Specifically, the Debtor is authorized to use cash collateral to pay: (a) amounts expressly authorized by the Court, including payments to the Subchapter V Trustee and payroll obligations incurred post-petition in the ordinary course of business; (b) the current and necessary expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and (c) additional amounts as may be expressly approved in writing by Celtic Bank Corporation and Toast Capital, LLC. As adequate protection, the Secured Creditors will have a perfected post-petition lien against cash collateral to the same extent and with the same validity and priority as the prepetition lien, without the need to file or execute any documents as may otherwise be required under applicable non-bankruptcy law. The Debtor will maintain insurance coverage for its property in accordance with the obligations under all applicable loan and security documents. A continued preliminary hearing on the matter is set for April 11 at 10:30 a.m. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=eXwOpM from PacerMonitor.com. The Debtor projects total expenses, on a weekly basis, as follows: $13,263 for the week of March 18, 2024; and $16,363 for the week of March 25, 2024. About Deadwords Brewing Company LLC Deadwords Brewing Company LLC is a craft brewpub operating in the Parramore District of Downtown Orlando. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-04117) on October 2, 2023. In the petition signed by James D. Satterfield, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Grace E. Robson oversees the case. Daniel A. Velasquez, Esq., at Latham Luna Eden & Beaudine LLP, represents the Debtor as legal counsel. DELEK LOGISTICS: Fitch Assigns 'BB-' Rating on Sr. Unsecured Notes ------------------------------------------------------------------ Fitch Ratings has assigned a 'BB-'/'RR4' rating to Delek Logistics Partners LP's (DKL) proposed offering of senior unsecured notes due in 2029. The notes are co-issued by Delek Logistics Finance Corp. and are guaranteed by DKL's operating subsidiaries. The company will use the net proceeds from the proposed notes to refinance the existing 2025 senior unsecured notes and to repay a portion of its outstanding term loan A due in 2025. Total debt balance and EBITDA leverage are not affected by this refinancing transaction. Fitch believes that the proposed notes issuance will de-risk the upcoming maturity and improve DKL's financial flexibility. KEY RATING DRIVERS Leverage Trending Lower after Acquisition: Fitch believes leverage is critical to DKL's credit profile due to the partnership's limited counterparty and geographic diversity. DKL has historically maintained modest leverage and good interest coverage relative to midstream peers. YE 2022 leverage was at 5.5x after the Delaware Gathering System acquisition and is trending lower due to higher EBITDA. Fitch expects leverage to be approximately 4.0x by YE 2024. Barring any further debt financed acquisitions or increased capital spending, sustained expected post dividend FCF should position DKL to balance steady increase in shareholder distributions while maintaining its financial position during Fitch's forecast. Growth Supported by Location-advantaged Assets: DKL benefits from its location in the Permian Basin, where oil production has remained resilient in different commodity price cycles. The acquired Delaware Gathering System has expanded DKL's asset base in Permian, provided the company with greater scale and diversified customer base, positioning DKL for continued growth in a softening oil price environment. Fitch anticipates the Midland Gathering system and Delaware Gathering system will gain increasing weight in DKL's business portfolio and remain the drive engine for the company's growth. Counterparty Exposure/Concentration Risk: In 2022, DKL derived approximately 46% of its revenues from its parent, Delek Holdings, down from approximately 60% in 2021, due to the Delaware Gathering System acquisition. Fitch expects Delek Holdings to remain the partnership's largest customer as DKL provides Delek Holdings with critical logistics assets that are integrated with the parent's refining operations. Fitch typically views midstream service providers like DKL with significant single-counterparty concentration as having exposure to outsized event risk. Any business, operational or financial issues at Delek Holdings that significantly reduces throughput volumes at DKL facilities could adversely impact cash flows and distributions. While the Delaware Gathering System transaction helps service more third-party customers and provides diverse customer base of both investment grade (IG), non-IG and private operators, the partnership remains exposed to counterparty risk, as it has significant exposure to non-IG and/or unrated counterparties. Cash Flow Assurances: The partnership's current operations are underpinned by long-term contracts with minimum volume commitments from Delek Holdings, currently representing approximately 79% of DKL's gross margins. The services are provided at fixed fee (subject to changes in inflation-based indices). These contracts limit DKL's commodity price sensitivity and provide some volumetric downside protection. Volumetric Risk and Direct Commodity Price Exposure: Revenues from Delaware gathering assets are based on fixed fee but subject to volume risk. Should customer activities fall in response to oil price volatilities and in turn pressure volumes, DKL's throughput on Delaware dedicated acreage may be impacted. DKL is also exposed to volatility in commodity and refined products prices where it takes ownership of the products. The direct commodity price exposure represents nearly 5% of 2022 EBITDA, but is limited primarily to the West Texas wholesale marketing segment and is largely hedged at all times. Limited Geographic Diversity: The partnership's assets and operations are entirely focused in the Petroleum Administration for Defense Districts 3 (PADD 3). Fitch typically views midstream service providers with single-basin (albeit high economic basin) as having exposure to risks should there be any material event or slowdown in the region's refining markets or oil and gas productions. Parent Support: Delek Holdings holds 100% of the general partner's and 78.7% of the limited partnership's interest in DKL. As part of Delek Holdings strategy to grow the midstream business, DKL's growth has been supported with drop down transactions since inception. Given that Delek Holdings directly benefits from the sustainable growth of DKL through its ownership, Fitch believes Delek Holdings will continue to support DKL. However, Fitch also expects the parent to partially sell down a portion of its stake in DKL in line with its stated intention to evaluate monetization of the ownership. Fitch analyzed the parent-subsidiary relationship between DKL and Delek Holdings, and determined that their respective IDRs are the same based on the companies' standalone credit profiles. DERIVATION SUMMARY DKL is rated the same as NuStar Energy, L.P. (BB-/Rating Watch Positive [RWP]). NuStar is much larger in size with an annual EBITDA of over $700 million in 2022. Roughly one third of its EBITDA are expected to come from contracts where the company will receive payment regardless of whether a product is moved or not. Sixty-three percent of 2022 revenues are from investment grade customers. NuStar has slightly higher volumetric risk and identical direct commodity price exposure and is more diversified in product mix, customer base and location. NuStar's lower business risk is offset by its higher leverage, which is expected to sustain at 5.5x over the forecast period. Both companies are rated 'BB-', NuStar was placed on RWP following the announced acquisition by Sunoco LP. KEY ASSUMPTIONS Fitch's Key Assumptions in the Rating Case: - Fitch price deck for West Texas intermediate oil price of $75/bbl in 2024, $65/bbl in 2025, $60/bbl in 2026, and $57/bbl thereafter; - Fitch price deck for Henry Hub prices of $3.25/mcf in 2024, $3.0/mcf in 2025, and $2.75/mcf thereafter; - Fitch Global Economic Outlook interest rate assumptions; - No refinery turnaround in 2023; - Capex and distributions for 2023 largely in line with management guidance; - Successful completion of refinancing of Term Loan A maturing in October 2024 and 2025 Notes due in May 2025; - No significant acquisition assumed; however, if DKL were to pursue a meaningful acquisition, Fitch would expect that transaction to be financed in a balanced manner; - No asset sales, drop downs from Delek Holdings assumed. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: - Expected EBITDA leverage at DKL is at or below 3.0x and Distribution Coverage above 1.0x on a sustained basis; provided Delek Holdings' rating is no longer a constraint on DKL's rating. - Favorable rating action at major counterparty, Delek Holdings, may lead to positive rating action for DKL, provided the factors driving the rating change at Delek Holdings have benefits that accrue to DKL's credit profile. Factors that could, individually or collectively, lead to negative rating action/downgrade: - Lack of proactive efforts in refinancing or repayment before debt becomes current; - Expected leverage above 4.0x and/or distribution coverage below 1.0x on a sustained basis; - Increase in capital spending beyond Fitch's expectation and /or debt financed acquisition that have negative consequences on credit profile; - Meaningful deterioration in customer quality or unfavorable rating action at Delek Holdings, so long as Delek Holdings remains its significant counterparty; - Material change to contractual arrangement or operating practices with Delek Holdings that negatively affects DKL's cash flow or earnings profile; - Impairments to liquidity. LIQUIDITY AND DEBT STRUCTURE Liquidity Satisfactory: As of Sep 30, 2023, DKL had approximately $243 million in available liquidity. Cash on balance sheet was $4.2 million. The partnership had approximately $239 million available under its $1.05 billion senior secured revolver, maturing in Oct 2027. It is secured by first priority liens on substantially all of the partnership's and its subsidiaries assets. The credit facility includes restrictions on total leverage, senior leverage, and interest coverage, which must remain below 5.25x (5.50x for certain acquisitions), 3.75x (4.0x for certain acquisitions), and above 2.0x, respectively. As of Sept. 30, 2023, DKL was in compliance with its covenants and Fitch expects them to remain in compliance with their covenants through the forecast period. DKL also has $650 million in outstanding senior unsecured notes, which are co-issued by Delek Logistics Finance Corp. The notes are guaranteed on a senior unsecured basis by all subsidiaries of DKL. Growth projects are the primary driver of external funding needs. On Nov. 6, 2023, DKL entered into a Related Party Revolving Credit Facility with Delek Holdings. The revolving facility matures on June 30, 2028 and provides DKL for additional liquidity of $70 million, including $55 million senior tranche and $15 million subordinated tranche. Debt Maturity Profile: DKL has a well spread maturity profile. The revolver (approximately $811 million as of Sept. 30, 2023) matures on Oct. 13, 2027 with a springing maturity of Nov. 16, 2024 if the 2025 notes are not refinanced or repaid by then. The bridge loan, Term Loan A ($300 million), matures on Oct. 13, 2024. The unsecured notes are due in May 2025 ($250 million) and June 2028 ($400 million), respectively. ISSUER PROFILE DKL is an MLP formed by Delek Holdings that owns and operates logistics and marketing assets for crude oil, intermediate and refined products primarily in support of the Delek Holdings refineries in Texas, Tennessee and Arkansas. DATE OF RELEVANT COMMITTEE 18 August 2023 ESG CONSIDERATIONS Delek Logistics Partners, LP has an ESG Relevance Score of '4' for Group Structure due to material related party transactions with its sponsor Delek Holdings, 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 ----------- ------ -------- Delek Logistics Finance Corp. senior unsecured LT BB- New Rating RR4 Delek Logistics Partners, LP senior unsecured LT BB- New Rating RR4 DIRECTBUY HOME: Seeks to Extend Plan Exclusivity to June 12 ----------------------------------------------------------- DirectBuy Home Improvement, Inc., asked the U.S. Bankruptcy Court for the District of New Jersey to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 12 and August 9, 2024, respectively. The Debtor explains that the Chapter 11 Case is merely four months old. The Debtor has spent the past three months actively engaged in efforts to sell substantially all its assets and, the closing of the sale of its eCommerce business, which closing only occurred in late January 2024. The Debtor has since been assisting with the transition of that business to Karat, as well as reconciling amounts to be paid to it under the Purchase Agreement and Addendum. In addition, the consideration received from the sale, will be critical components of the Debtor's Chapter 11 plan. The Debtor has also been focused on preparing its Schedules and Statements, testifying at its 341 meeting of creditors, complying with various discovery demands, reconciling claims, and fulfilling its various other obligations as a chapter 11 debtor in possession. The Debtor asserts that it is optimistic that the sale of its assets and the consideration provided will allow it to negotiate with its lender and the Committee as to whether a plan of liquidation in the near future is viable. Therefore, the Debtor submits that its prospects for filing a confirmable plan are reasonable. The Debtor further asserts that the Sale Order demonstrates that the Debtor has made tremendous progress in negotiating with its creditors and constituencies to-date. Finally, the Debtor notes that creditors will not be prejudiced by an extension of the Exclusive Periods. In fact, an extension of the Exclusive Periods will benefit creditors as the Debtor is seeking such extension in order to afford sufficient time to negotiate a confirmable chapter 11 plan. Thus, the proposed extensions of the Exclusive Periods will afford the Debtor a meaningful opportunity to proceed with the plan process for the benefit of all stakeholders and creditors. DirectBuy Home Improvement, Inc. is represented by: Michael D. Sirota, Esq. COLE SCHOTZ P.C. Court Plaza North 25 Main Street P.O. Box 800 Hackensack, NJ 07602-0800 Phone: (201) 489-3000 Fax: (201) 489-1536 Email: msirota@coleschotz.com About DirectBuy Home Improvement DirectBuy Home Improvement, Inc., doing business as Z Gallerie, is a specialty retailer focused on fashion and art-inspired home décor and home furnishings. The company is based in Gardena, Calif. DirectBuy Home Improvement sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 23-19159) on October 16, 2023. In the petition signed by Robert Fetterman, chief financial officer and interim chief executive officer, the Debtor disclosed up to $100 million in both assets and liabilities. The Debtor tapped Michael D. Sirota, Esq., at Cole Schotz PC as legal counsel and Stretto, Inc. as administrative advisor. ZG Lending SPV, LLC, as DIP agent and prepetition agent, is represented by Lowenstein Sandler LLP's Robert M. Hirsh, Esq., and Phillip Khezri, Esq. DONELSON CORPORATE: Hires Bass, Berry & Sims PLC as Counsel ----------------------------------------------------------- Donelson Corporate Centre, Limited Partnership, seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Bass, Berry & Sims PLC as counsel. The firm's services include: a. advising and representing the Debtor during the pendency of this Chapter 11 Case; b. preparing and filing with the Bankruptcy Court all necessary and appropriate documents in connection with the operation of the Debtor's Chapter 11 Cases; c. advising the Debtor with respect to their powers and duties as debtor and debtor-in-possession in the continued management and operation of its business and properties; d. attending meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the case including all of the legal and administrative requirements of operating in chapter 11; e. taking all necessary action to protect and preserve the Debtor's estate including the prosecution of actions on their behalf the defense of any actions commenced against the estate, negotiations concerning all litigation in which the Debtor may be involved, and objections to claims filed against the estate; f. preparing on behalf of the Debtor all motions, applications, answers, orders, reports and papers necessary to the administration of the estates; g. negotiating and preparing on the Debtor's behalf plans of reorganization, disclosure statements and all related agreements and/or documents and take any necessary action on behalf of the Debtor to obtain confirmation of such plans; h. advising the Debtor in connection with any sale of assets; i. appearing before this Court, any appellate courts and the U.S Trustee and protect the interests of the Debtor's estates before such courts and the U.S. Trustee; j. performing all other necessary legal services and provide all other necessary legal advice to the Debtors in connection with these chapter 11 cases; and k. assisting in all other matters on which Debtor requests assistance from Bass, Berry, including general non-bankruptcy matters that may arise during the course of this Chapter 11 Case, including, but not limited to, contract reviews, intellectual property matters, real estate matters and other commercial business matters. The firm will be paid at these rates: Paul G. Jennings, Attorney $790 per hour Gene L. Humphreys, Attorney $715 per hour Michelle Harding, Paralegal $300 per hour LeAnn Lewis, Paralegal $300 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Paul G. Jennings, Esq., a partner at Bass, Berry & Sims PLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Paul G. Jennings, Esq. Gene L. Humphreys, Esq. BASS, BERRY & SIMS PLC 150 Third Avenue South, Suite 2800 Nashville, TN 37201 Tel: (615) 742-6200 Fax: (615) 742-6293 Email: pjennings@bassberry.com ghumphreys@bassberry.com About Donelson Corporate Centre, Limited Partnership Donelson Corporate Centre, Limited Partnership, owns real property located at 3055 Lebanon Pike, Nashville, TN 37214 having an appraised value of $36 million. Donelson Corporate Centre, Limited Partnership, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-04512) on Dec. 8, 2023. The petition was signed by Floyd Shechter as chief manager of JS Development, LLC (General Partner). At the time of filing, the Debtor estimated $42,311,296 in assets and $16,472,593 in liabilities. Judge Marian F. Harrison presides over the case. Robert J. Gonzales, Esq. at EMERGELAW, PLC represents the Debtor as counsel. DONELSON CORPORATE: Hires Gary Murphey of Resurgence as CRO ----------------------------------------------------------- Donelson Corporate Centre, Limited Partnership, seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Resurgence Financial Services, LLC, and designate Gary Murphey as chief restructuring officer. The firm will provide these services: a. control of all bank accounts; b. approve of all disbursements as required for timely payment of all administrative claims; c. oversee accounting and reporting as required by the bankruptcy court and timely communications with the stakeholders including the limited partners; d. immediate control over all company books and records including those possessed by the management company and/or the general partner; e. hire and manage new and independent property managers and leasing agents as necessary; f. communicate with tenants and potential tenants regarding the bankruptcy process; g. hire independent bankruptcy counsel if needed; and h. pursue all causes of actions available to the Debtor. The firm will be paid at these rates: Gary Murphey $425 per hour Senior Managers $350 to $400 per hour Managers and Associates $125 to $300 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gary Murphey, a partner at Resurgence Financial Services, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Gary Murphey Resurgence Financial Services, LLC 3330 Cumberland Boulevard, Suite 500 Atlanta, GA 30339 Tel: (404) 886-9104 About Donelson Corporate Centre, Limited Partnership Donelson Corporate Centre, Limited Partnership, owns real property located at 3055 Lebanon Pike, Nashville, TN 37214 having an appraised value of $36 million. Donelson Corporate Centre, Limited Partnership, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 23-04512) on Dec. 8, 2023. The petition was signed by Floyd Shechter as chief manager of JS Development, LLC (General Partner). At the time of filing, the Debtor estimated $42,311,296 in assets and $16,472,593 in liabilities. Judge Marian F. Harrison presides over the case. Robert J. Gonzales, Esq. at EMERGELAW, PLC represents the Debtor as counsel. EBIX INC: Seeks to Hire O'Melveny and Myers as Special Counsel -------------------------------------------------------------- Ebix, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ O'Melveny and Myers, LLP as special counsel. The Debtors need a special counsel to represent them in connection with the investigation into and drafting a report on (i) the compensation of their chief executive officer (CEO), (ii) issues relating to disclosure of compensation in public filings, and (iii) actions taken by the CEO post-maturity of the Prepetition Credit Facility. The hourly rates of the firm's counsel and staff are as follows: Partners $1,385 - $2,160 Counsel $1,120 - $1,385 Associates $760 - $1,115 Paraprofessionals $230 - $510 In addition, the firm will seek reimbursement for expenses incurred. Louis Strubeck, Jr., Esq., a partner at O'Melveny & Myers, also provided the following in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customer billing arrangements for this engagement? Response: Yes. Per the Engagement Letter, the firm is offering a 10 percent discount on its current hourly rates. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition period. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Response: The firm did not represent the Debtors during the 12 months immediately preceding the Petition Date. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period? Response: The firm provided the Debtors with an estimated budget for its services through March 6, 2024. As these Chapter 11 cases continue to develop, the firm will continue to work with the Debtors to formulate a budget and staffing plan for this proposed engagement, which it will review with the Debtors as contemplated by Part E of the Appendix B Guidelines (which budget and staffing plan may be amended as necessary to reflect changed circumstances or unanticipated developments). Any disclosure of such budget and staffing plan will be retrospective only in conjunction with the filing of fee applications by the firm. Mr. Strubeck 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: Louis R. Strubeck Jr., Esq. O'Melveny and Myers, LLP 700 Louisiana Street, Suite 2900 Houston, TX 77002 Telephone: (972) 360-1900 Facsimile: (972) 360-1901 Email: lstrubeckjr@omm.com About Ebix, Inc. Ebix Inc. -- https://www.ebix.com/ -- is headquartered in Atlanta, Ga., and it supplies software and electronic commerce solutions to the insurance industry. With approximately 200 offices across six continents, Ebix, (NASDAQ: EBIX) endeavors to provide on-demand infrastructure exchanges to the insurance, financial services, travel and healthcare industries. Ebix and its affiliates filed Chapter 11 petitions (Bankr. N.D. Tex. Lead Case No. 23-80004) on Dec. 17, 2023. At the time of the filing, Ebix reported between $500 million and $1 billion in both assets and liabilities. Judge Scott W. Everett oversees the cases. The Debtors tapped Sidley Austin, LLP as bankruptcy counsel; O'Melveny and Myers, LLP as special counsel; AlixPartners, LLP as financial advisor; and Jefferies, LLC as investment banker. Omni Agent Solutions, Inc. is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by McDermott Will & Emery, LLP. EDGEMONT FARMS: Seeks Cash Collateral Access -------------------------------------------- Edgemont Farms LLC asks the U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division, for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to pay the ordinary expenses of owning and operating its business. Redwood Credit Union, the US Small Business Administration, and SK Photinia Management LLC assert an interest in the Debtor's cash collateral. The Debtor offers as adequate protection of the interests of Redwood Credit Union, the SBA, and SK Photinia pending further order: a. To the extent of the present value of their interest in cash collateral, a continuing first-in-priority lien on receivables from the operation of the business of the Debtor; b. The Debtor will make monthly adequate protection payments to Redwood Credit Union in the amount of $9,633 by the 20th day of each month; c. The Debtor will make monthly adequate protection payments to the U.S. Small Business Administration in the amount of $2,863 per month; d. The Debtor will make monthly adequate protection payments to SK Photinia in the amount of $3,033 per month; e. The Debtor also offers replacement liens in favor of Redwood Credit Union, the SBA, and SK Photinia. The replacement liens will secure any post-petition diminution in the value of the secured creditor's interest in the collateral, provided such liens will be subordinated to the compensation and administrative expense reimbursements allowed. The replacement liens will encumber only post-petition property of the same type as such creditor's prepetition collateral, the cash proceeds of which the debtor is authorized to use. To the extent multiple creditors assert an interest in the same collateral, the Debtor requests that such replacement liens be granted to each creditor in the same priority as such creditor's liens attach to the cash collateral used. A hearing on the matter is set for March 29, 2024 at 10 a.m. A copy of the Debtor's motion and budget is available at https://urlcurt.com/u?l=vAmq50 from PacerMonitor.com. The Debtor projects $66,300 in income and $16,810 in expenses for one month. About Edgemont Farms LLC Edgemont Farms LLC is the owner of the real property located at 49 Jewett Road Petaluma, CA 94952 having an appraised value of $4.6 million. In the petition signed by JoAnn Claeyssens, member, the Debtor disclosed $4,656,722 in assets and $2,679,083 in liabilities. Judge Charles Novack oversees the case. Gina R. Klump, Esq., at LAW OFFICE OF GINA R. KLUMP, represents the Debtor as legal counsel. EGAE LLC: Hires Integra Realty Resources as Real Estate Appraiser ----------------------------------------------------------------- EGAE, LLC seeks approval from the U.S. Bankruptcy Court for the District of Alaska to employ Integra Realty Resources as its real estate appraiser. The firm will render these services: (a) prepare an appraisal report for the Debtor's property; (b) prepare deposition(s), Fed. R. Bankr. P. 2004 examination(s) and/or evidentiary hearing testimony, if necessary; and (c) attend deposition(s), Rule 2004 examination(s), or an evidentiary hearing, if necessary. Allen Safer, a member at Integra Realty Resources, will be paid at his hourly rate of $375. The firm also received a retainer in the amount of $7,500 from Marc Marlow, the Debtor's managing agent. Mr. Safer 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: Allen Safer, MAI Integra Realty Resources 600 University Street, Suite 310 Seattle, WA 98101 Telephone: (206) 903-6700 Facsimile: (206) 623-5731 Email: asafer@irr.com About EGAE LLC EGAE, LLC, a company that owns and operates an apartment building in Anchorage, Alaska, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ala. Case No. 23-00169) on October 5, 2023. In the petition signed by Marc Marlow, manager, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Gary Spraker oversees the case. John C. Smith, Esq., at Gerald K. Smith and John C. Smith Law Offices, PLLC, serves as the Debtor's legal counsel. ELITE KIDS: Hires Dmitriy Shakhnevich PLLC as Special Counsel ------------------------------------------------------------- Elite Kids Services, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Law Firm of Dmitriy Shakhnevich PLLC as special counsel. The Debtor needs the firm's legal assistance in connection with a case styled M.M., Olia Royzman v Elite Kids Inc. and 1111 Avenue S Realty LLC, Case No. 517435/2021, filed in the Supreme Court of the State of New York, County of Kings. The firm will be paid based upon its normal and usual hourly billing rates. It will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received from the Debtor retainer in the amount of $3,000. Dmitriy Shakhnevich, Esq., a partner at Law Firm of Dmitriy Shakhnevich PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Dmitriy Shakhnevich, Esq. LAW FIRM OF DMITRIY SHAKHNEVICH PLLC 233 Broadway Suite 900 New York, NY 10279 Tel: (212) 913-9703 About Elite Kids Services, Inc., Elite Kids Services, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 22-42915) on Nov. 22, 2022, with as much as $1 million in both assets and liabilities. Judge Elizabeth S. Stong oversees the case. Alla Kachan, Esq., at the Law Offices of Alla Kachan, PC and Wisdom Professional Services, Inc., serve as the Debtor's legal counsel and accountant, respectively. ENC PARENT: $190MM Bank Debt Trades at 21% Discount --------------------------------------------------- Participations in a syndicated loan under which ENC Parent Corp is a borrower were trading in the secondary market around 78.8 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $190 million facility is a Term loan that is scheduled to mature on August 19, 2029. ENC Parent Corporation, dba Evans Network of Companies or Evans Delivery, is an asset-light agent-based provider of services to operators in the intermodal drayage, truckload, and freight brokerage markets of the logistics industry. Services provided include national and regional sales support to agents via a number of back-office support functions including but not limited to accounts receivable management, payment processing, insurance, and compliance. ENC will be owned by PE firm Court Square Capital Partners. ENC PARENT: $450MM Bank Debt Trades at 21% Discount --------------------------------------------------- Participations in a syndicated loan under which ENC Parent Corp is a borrower were trading in the secondary market around 79.4 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $450 million facility is a Term loan that is scheduled to mature on August 19, 2028. The amount is fully drawn and outstanding. ENC Parent Corporation, dba Evans Network of Companies or Evans Delivery, is an asset-light agent-based provider of services to operators in the intermodal drayage, truckload, and freight brokerage markets of the logistics industry. Services provided include national and regional sales support to agents via a number of back-office support functions including but not limited to accounts receivable management, payment processing, insurance, and compliance. ENC will be owned by PE firm Court Square Capital Partners. ENVISION HEALTHCARE: Wants to Settle Securities Fraud Claims ------------------------------------------------------------ Martina Barash of Bloomberg Law reports that Envision Healthcare Corp.'s plan to settle class securities fraud claims for $177.5 million through insurance payments should be given final approval, investors told a federal court. The healthcare staffing company's May 2023 bankruptcy filing increased the risks that shareholders wouldn't obtain a substantial judgment in the suit over a stock drop tied to billing practices, several pension funds said Thursday, February 15, 2024, in a brief to the US District Court for the Middle District of Tennessee. About Envision Healthcare Corporation Envision Healthcare Corporation -- http://www.EnvisionHealth.com/ -- is a national medical group that delivers physician and advanced practice provider services, primarily in the areas of emergency and hospitalist medicine, anesthesiology, radiology, teleradiology and neonatology. As a leader in ambulatory surgical care, AMSURG holds ownership in more than 250 surgery centers in 41 states and the District of Columbia, with medical specialties ranging from gastroenterology to ophthalmology and orthopedics. In total, the medical group offers a differentiated suite of clinical solutions on a national scale with a local understanding of communities, creating value for health systems, payers, providers and patients. On May 15, 2023, Envision and affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 23-90342). Envision reported $1 billion to $10 billion in both assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Jackson Walker, LLP as conflict counsel and co-counsel with Kirkland & Ellis; Alvarez & Marsal North America, LLC as restructuring advisor; PJT Partners, LP as investment banker; and KPMG, LLP as tax consultant. Kroll Restructuring Administration, LLC is the claims, noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as legal counsel and Force Ten Partners, LLC as financial advisor. Daniel T. McMurray is the patient care ombudsman appointed in the Debtors' cases. EYE CARE: Seeks to Hire GlassRatner as Financial Advisor -------------------------------------------------------- Eye Care Leaders Portfolio Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ GlassRatner Capital & Advisory Group LLC d/b/a B. Riley Advisory Services as financial advisor. The firm will provide these services: a. assist the Debtors in developing financial projections and a liquidity projection model to help assess capital needs; b. evaluate the viability of the Debtors' short-term and long-term cash flow forecast; c. review historical and projected financial information, including operating results, capital structure and funding mechanics; d. identify and assess potential refinancing and restructuring alternatives; e. interact with Debtors' counsel, lenders and other capital sources; f. assist in the Debtors' business activities, including budgeting, cash management and financial management; g. assist the Debtors in communications and negotiations with lenders, vendors and other stakeholders; h. work with the Debtors' other professionals as needed including auditors and attorneys; i. assist the Debtors with "First Day" order data collection and ongoing financial reporting; j. assist the Debtors in preparation of the information required pursuant to statutory reporting requirements related to the Chapter 11 proceeding, including the statements of financial affairs, schedules and, during the pendency of the case, the Monthly Operating Reports (MORs); k. assist with the preparation of reports for, and communications with, the Bankruptcy Court, creditors, and any other constituents; l. review, evaluate and analyze the financial ramifications of proposed transactions for which the Debtors may seek Bankruptcy Court approval; m. coordinate all activities on behalf of the Debtors in connection with any refinancing, capital raising and sale process for the Debtors; n. lead the effort to secure debtor-in-possession financing and negotiate terms, if necessary; o. assist the Debtors in developing marketing materials for a Sale transaction; p. provide financial advice and assistance to the Debtors in connection with a Sale transaction and conduct a §363 auction to sell the assets of the Debtors; q. assist the Debtor(s) in developing and supporting a proposed Plan of Reorganization; r. render Bankruptcy Court testimony in connection with the foregoing, as required, on behalf of the Debtors; and s. perform other financial advisory tasks as requested by the Debtors. The firm will be paid as follows: a. A non-contingent fee based on the number of hours worked at B. Riley Advisory's standard hourly billing rate. Standard hourly rates for the individuals who may work on this engagement range from $275 to $795. b. A success fee calculated as the greater of i) $250,000, or ii) 2 percent of the cumulative Transaction Price from $12,500,000 to $30,000,000, plus 3 percent of the cumulative Transaction Price in excess of $30,000,000 (a "Success Fee"). c. Expense reimbursement for all of B. Riley Advisory's reasonable out-of-pocket and direct expenses incurred in connection with the Services. As of the Petition Date, $43,104 remains as a retainer for future services provided to the Debtors. Mr. Shapiro 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: Mark Shapiro GlassRatner Advisory & Capital Group, LLC dba B. Riley Advisory Services 3445 Peachtree Road Suite 1225 Atlanta, GA 30326 Tel: (470) 346-6833 Fax: (404) 483-8422 Email: mshapiro@brileyfin.com About Eye Care Leaders Portfolio Holdings, LLC Eye Care Leaders Portfolio Holdings, LLC provides a suite of software specifically geared towards ophthalmology and optometry practices, practice management, surgical, revenue cycle management (RCM), MIPS reporting and more. Based in Durham, N.C., Eye Care Leaders is a one-stop shop for eye care specialists and their patients. Eye Care Leaders and more than 30 of its affiliates filed Chapter 11 petitions (Bankr. D. Texas Lead Case No. 24-80001) on Jan. 16, 2024. At the time of the filing, Eye Care Leaders disclosed $100 million to $500 million in assets against $500 million to $1 billion in debt. Judge Michelle V. Larson presides over the cases. Gray Reed and B. Riley Financial Inc. are the Debtors' bankruptcy counsel and financial advisor, respectively. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Kilpatrick Townsend & Stockton, LLP. EYE CARE: Seeks to Hire Gray Reed as Legal Counsel -------------------------------------------------- Eye Care Leaders Portfolio Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Gray Reed as counsel. The firm's services include: a) advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses; b) advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; c) attending meetings and negotiating with representatives of creditors and other parties in interest; d) taking all necessary actions to protect, preserve, and maximize the value of the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; e) preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; f) representing the Debtors in connection with obtaining authority to continue using cash collateral and securing postpetition financing; g) appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; h) taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and i) performing all other necessary legal services for the Debtors in connection with their chapter 11 cases that the Debtors determine necessary and appropriate. The firm will be paid at these rates: Jason S. Brookner, Partner $985 per hour Amber M. Carson, Partner $710 per hour London England, Associate $595 per hour Emily F. Shanks, Associate $550 per hour Veronica Salazar, Paralegal $370 per hour Prior to the Petition Date, Gray Reed received a retainer in the aggregate amount of $300,000. Gray Reed drew against the retainer for fees and expenses incurred prior to the Petition Date in the amount of $227,333.97. As of the Petition Date, Gray Reed held, and continues to hold today, $72,666.03 as a retainer for postpetition services. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jason S. Brookner, Esq., a partner at Gray Reed, 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: Jason S. Brookner, Esq. Amber M. Carson, Esq. Emily F. Shanks, Esq. GRAY REED 1601 Elm Street, Suite 4600 Dallas, TX 75201 Tel: (214) 954-4135 Fax: (214) 953-1332 Email: jbrookner@grayreed.com acarson@grayreed.com eshanks@grayreed.com About Eye Care Leaders Portfolio Holdings, LLC Eye Care Leaders Portfolio Holdings, LLC provides a suite of software specifically geared towards ophthalmology and optometry practices, practice management, surgical, revenue cycle management (RCM), MIPS reporting and more. Based in Durham, N.C., Eye Care Leaders is a one-stop shop for eye care specialists and their patients. Eye Care Leaders and more than 30 of its affiliates filed Chapter 11 petitions (Bankr. D. Texas Lead Case No. 24-80001) on Jan. 16, 2024. At the time of the filing, Eye Care Leaders disclosed $100 million to $500 million in assets against $500 million to $1 billion in debt. Judge Michelle V. Larson presides over the cases. Gray Reed and B. Riley Financial Inc. are the Debtors' bankruptcy counsel and financial advisor, respectively. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Kilpatrick Townsend & Stockton, LLP. EYE CARE: Seeks to Hire Ordinary Course Professionals ----------------------------------------------------- Eye Care Leaders Portfolio Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ to employ ordinary course professionals. The Debtors hire the following ordinary course professional: Professional Services Barnes & Thornburg Employment counsel 445 Park Avenue, Suite 700 New York, NY 10022-8634 Blank Rome Insurance counsel 444 West Lake Street, Suite 1650 Chicago, IL 60606 Estrich Goldin Outside General Counsel and 1000 Wilshire Blvd., Suite 1650 Special Advisor Los Angeles, CA 90017 Condon Tobin Litigation counsel 8080 Park Lane, Suite 700 Dallas, Texas 75231 Williams Overman Pierce, LLP Accounting services and sales 2501 Atrium Dr., Suite 500 tax consulting Raleigh, NC 27607 Suresh, Surana, & Associates Taxes and fees consulting and 2nd & 3rd Floor, Tower-B preparation related to India B-37, Sector-1, employees Noida - 201 301. India Hutchinson PLLC Intellectual property counsel 701 Corporate Center Dr. Ste 250 Raleigh, NC 27607 About Eye Care Leaders Portfolio Holdings, LLC Eye Care Leaders Portfolio Holdings, LLC provides a suite of software specifically geared towards ophthalmology and optometry practices, practice management, surgical, revenue cycle management (RCM), MIPS reporting and more. Based in Durham, N.C., Eye Care Leaders is a one-stop shop for eye care specialists and their patients. Eye Care Leaders and more than 30 of its affiliates filed Chapter 11 petitions (Bankr. D. Texas Lead Case No. 24-80001) on Jan. 16, 2024. At the time of the filing, Eye Care Leaders disclosed $100 million to $500 million in assets against $500 million to $1 billion in debt. Judge Michelle V. Larson presides over the cases. Gray Reed and B. Riley Financial Inc. are the Debtors' bankruptcy counsel and financial advisor, respectively. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Kilpatrick Townsend & Stockton, LLP. FAB WEST SALOON: Seeks to Hire Haberbush LLP as Bankruptcy Counsel ------------------------------------------------------------------ Fab West Saloon, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Haberbush, LLP as bankruptcy counsel. The firm will render these services: (a) advise, consult, prosecute for, and defend the Debtor concerning issues arising in regard to the conduct of the estate, its right, and remedies with regard to the estates assets and the claims of secured, priority and unsecured creditors; (b) appear for and represent the Debtor's interest in obtaining court approvals for the hiring of professionals, and to assist and advise the applicant regarding the liquidation of the property of the estate; (c) investigate and prosecute, if appropriate, preference, fraudulent transfer, and other actions arising under the Debtor's avoiding powers, should such cause of action exist; (d) assist in the preparation of such pleadings, applications, and orders as are required for the orderly administration of this estate; (e) advise, consult, and represent the Debtor in such legal actions as are necessary concerning the use and disposition of property of the estate; (f) advise and consult, prosecute for, and defend the Debtor concerning claims made against the estate or claims made by the estate; (g) advise, consult, and prosecute the approval of a plan of reorganization; and (h) advise, consult, and assist the Debtor with the guidelines of the United States Trustee, the Local Bankruptcy Rules of this court, Title 11 of the United States Code, and the Federal Rules of Bankruptcy Procedure. The hourly rates of the firm's counsel and staff are as follows; David R. Haberbush, Esq. $550 Richard A. Brownstein, Esq. $550 Louis H. Altman, Esq. $485 Vanessa M. Habebush, Esq. $350 Lane K. Bogard, Esq. $325 Alexander H. Haberbush, Esq. $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer from the Debtor in the amount of $17,571.50. . David Haberbush, Esq., a partner at Haberbush, 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 R. Haberbush, Esq. Haberbush, LLP 444 W. Ocean Blvd Street 1400 Long Beach, CA 90802 Telephone: (562) 435-3456 Facsimile: (562) 435-6335 Email: dhaberbush@lbinsolvency.com About Fab West Saloon Fab West Saloon, LLC is a bar/saloon in Long Beach, Calif., engaged in selling food and alcohol. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10820) on January 2, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Joseph N. Mirkovich, managing member, signed the petition. Judge Barry Russell oversees the case. David R. Haberbush, Esq., at Haberbush, LLP represents the Debtor as legal counsel. FAITH CHRISTIAN: Seeks to Hire Herrin Law as Bankruptcy Counsel --------------------------------------------------------------- Faith Christian Center Church of Beaumont seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Herrin Law, PLLC as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) prepare and pursue the confirmation of the plan and approval of a disclosure statement; (c) prepare legal papers; (d) appear in the court and protect the interests of the Debtor before the court; and (e) perform all other legal services for the Debtor which may be necessary and proper in these proceedings. The hourly rates of the firm's counsel and staff are: C. Daniel Herrin $400 Manolo Santiago $400 Paralegals $125 - $175 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $7,738 from the Debtor. C. Daniel Herrin, Esq., owner of Herrin Law, 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: C. Daniel Herrin, Esq. Herrin Law, PLLC 12001 N. Central Expy., Suite 920 Dallas, TX 75243 Telephone: (469) 607-8551 Facsimile: (214) 722-0271 Email: ecf@herrinlaw.com About Faith Christian Center Church of Beaumont Faith Christian Center Church of Beaumont filed its voluntary petition for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-10057) on Feb. 5, 2024. In the petition signed by Carlton Sharp, director, the Debtor disclosed under $1 million in both assets and liabilities. Judge Joshua P. Searcy oversees the case. C. Daniel Herrin, Esq., at Herrin Law, PLLC represents the Debtor as legal counsel. FIRST QUANTUM: S&P Affirms 'B' ICR, Outlook Negative ---------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit and issue ratings on Canada-headquartered copper miner First Quantum Minerals Ltd. (FQM). All ratings were removed from CreditWatch negative where we placed them on Dec. 7, 2023. The negative outlook reflects that S&P could lower the ratings if the restart of operations at Cobre Panama mine is unlikely or is delayed beyond early 2025. The material uncertainty at Cobre Panama is now the key rating pressure factor. Contributing more than 50% of EBITDA under normal circumstances, FQM's Cobre Panama mine is the group's most important asset. However, the mine was suspended in November 2023 in the wake of disputes over the constitutionality of the concession agreement between FQM and the Panamanian government as well as protests against the country's mining industry. Currently, the mine is not producing and is in a phase of preservation and safe management, with more than 1,000 workers engaged in maintenance on site. S&P said, "We think the situation might be resolved later in 2024, after the general elections in May and the formation of a new government over the subsequent months. We are unaware of any specific parties that oppose FQM's operations in the country. Indeed, all seem in favor of finding a solution given Cobre Panama's importance to the country's economy, since the mine supports 41,000 jobs and represents about 5% of Panama's GDP. "We assume that FQM will not be able to restart production at Cobre Panama until 2025. This would lead us to forecast EBITDA of $1.2 billion-$1.4 billion in 2024, compared with our estimate of $2.6 billion for 2023. Weighing in FQM's decisions to halt dividends and reduce capital expenditure (capex), among other measures to counter EBITDA loss during the mine's closure, we assume the group's free cash flow in 2024 would reach negative $400 million-$600 million (which includes the S3 expansion capex at Kansanshi). To cover this, FQM has agreed to the $500 million unsecured copper prepayment from Jiangxi Copper and is also working on the realization of the $250 million-worth sale of previously produced copper concentrate at Cobre Panama." FQM's completed financial enhancement package has resulted in a materially improved liquidity position. The package includes: -- Amending and extending its senior secured term loan and revolving credit facility (RCF), moving the maturity forward to April 2027 from Oct 2025 (with amortization spread over June 2025 to April 2027); -- Equity issue of $1.15 billion; and -- Issuing new second-lien senior secured notes of $1.6 billion with maturity in February 2029. The completed transaction results in FQM having no maturities in 2024 and $802 million in 2025. The improved maturity profile, together with an estimated cash balance of $2.2 billion after the transaction, should give FQM sufficient liquidity to comfortably mitigate prolonged operating disruptions at Cobre Panama and to cover the anticipated negative free operating cash flow for at least the coming 12-18 months. The negative outlook reflects the uncertainties surrounding Cobre Panama mine which translates into pressured earnings and cash flows while the mine is not operating. S&P said, "We do not expect the Cobre Panama situation to be resolved quickly, thus we think the ratings pressure will likely continue to exist in the coming quarters of 2024. At the same time, we highlight the company's improved liquidity and maturity profiles after the recent completion of the refinancing transaction. This mitigates the short-term downside, making it more dependent on the restart of production at Cobre Panama." S&P said, "We may downgrade FQM in the next 12 months if we consider that the restart of production at Cobre Panama is unlikely or is significantly delayed beyond early 2025, leading to longer periods of EBITDA and cash flow pressure, along with increased leverage. "We might revert the outlook to stable if there is more certainty regarding the Cobre Panama restart in 2024." FTX GROUP: Investors Sued Law Firm Sullivan & Cromwell for ---------------------------------------------------------- Justin Wise of Bloomberg Law reports that the investors of FTX Group sue Sullivan & Cromwell, say law firm aided fraud. Fenwick & West, a Silicon Valley law firm which worked as the crypto exchange's main corporate counsel, is facing a separate action along with venture and private equity firms such as Sequoia Capital, Thoma Bravo and Paradigm. Bankman-Fried in November was convicted of fraud and conspiracy for siphoning customer money into an affiliated hedge fund for risky investments, political donations, and expensive real estate. Embracing Crypto Sullivan & Cromwell, founded in 1879, is among the biggest law firms in the US. It has embraced work with entities in the digital assets arena, advising Coinbase, the largest exchange in the US, in its fight with Securities and Exchange Commission. The firm is poised to be appointed Binance Holdings Ltd.'s independent monitor following the exchange’s multibillion-dollar settlement with the US. The firm became an outside counsel to FTX in 2021 after FTX.US hired Ryne Miller as its general counsel. According to the investor complaint, Miller, who came to FTX from Sullivan & Cromwell, immediately made it his priority to send business to his former firm. The matters Sullivan & Cromwell worked on included FTX's proposed acquisition of crypto exchange Voyager's assets in bankruptcy and regulatory representations before the Commodity Futures Trading Commission. The firm also represented Bankman-Fried in his personal capacity in relation to his position in the stock trading app company Robinhood Markets Inc. The firm's restructuring group, led by Andy Dietderich, has since served as FTX’s main bankruptcy counsel, a job for which it has already billed at least $150 million. Dietderich told a judge overseeing the insolvency case on Jan. 31 that FTX plans to repay customers in full. A federal appeals court, however, has also ordered an independent examiner to investigate the FTX case, citing in its decision the potential conflicts issues raised over Sullivan & Cromwell’s work for the exchange prior the bankruptcy. The case is Edwin Garrison et. al. v. Sullivan & Cromwell, S.D.Fla., No. 1:24-cv-20630, 2/16/2024 About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GENESISCARE USA: EUR534.2MM Bank Debt Trades at 83% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Genesiscare USA Holdings Inc is a borrower were trading in the secondary market around 17 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The EUR534.2 million facility is a Term loan that is scheduled to mature on May 17, 2027. The amount is fully drawn and outstanding. One of the world's largest integrated oncology networks, GenesisCare -- http://www.genesiscare.com-- includes 300+ locations in the U.S., the UK, Australia, and Spain. With investments in advanced technology and expanded access to clinical trials, more than 5,500 highly trained GenesisCare physicians and support staff offer comprehensive, coordinated care in radiation oncology, medical oncology, hematology, urology, diagnostics, and surgical oncology. GLOBALSTAR INC: Reports $24.7 Million Net Loss in FY 2023 --------------------------------------------------------- Globalstar, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $24.7 million on $223.8 million of total revenues for the year ended December 31, 2023, compared to a net loss of $256.9 million on $148.5 million of total revenues for the year ended December 31, 2022. As of December 31, 2023, the Company had $924.3 million in total assets, $545.3 million in total liabilities, and $379 million in total stockholders' equity. "Globalstar had a record year measured by several key performance indicators, led by total revenue of $224 million, an increase of over 50% from 2022. Revenue growth was driven primarily by increases in wholesale capacity services and Commercial IoT. Given the high margin nature of our revenue sources, operating income and Adjusted EBITDA also improved significantly during 2023," Rebecca Clary, Chief Financial Officer, said. Dr. Paul E. Jacobs, Chief Executive Officer, said, "2023 was a record year for Globalstar because we successfully executed our business plan. Our execution and improved financial performance have enabled us to fund our growth initiatives. We are working on new products, services and solutions with significant revenue opportunities across our four pillars of value: wholesale capacity, legacy, IoT and terrestrial wireless solutions. With our recent operational achievements, we are gaining traction on a number of these initiatives from contracting with a government services company to executing a new terrestrial spectrum agreement and receiving the first commercial order from a major US retailer for multiple XCOM RAN wireless systems. We have momentum and are excited about the year ahead." A full-text copy of the Company's Form 10-K is available at https://tinyurl.com/md9cc6mz About Globalstar, Inc. Headquartered in Covington, Louisiana, Globalstar Inc. provides Mobile Satellite Services ("MSS") including voice and data communications services globally via satellite. The Company offers these services over its network of in-orbit satellites and its active ground stations), which the Company refers to collectively as the Globalstar System. In addition to supporting Internet of Things ("IoT") data transmissions in a variety of applications, the Company provides reliable connectivity in areas not served or underserved by terrestrial wireless and wireline networks and in circumstances where terrestrial networks are not operational due to natural or man-made disasters. Globalstar reported a net loss of $256.92 million in 2022, a net loss of $112.62 million in 2022 following a net loss of $109.64 million in 2021. * * * Egan-Jones Ratings Company, on November 29, 2023, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Globalstar, Inc. GROM SOCIAL: Inks LOI to Acquire Gaming Company Arctic7 ------------------------------------------------------- Grom Social Enterprises, Inc. announced that it has entered into a non-binding letter of intent to acquire Arctic7, Inc. (www.Arctic7.com), an emerging gaming industry service provider, in a 100% equity transaction. Grom's addition of Arctic7 could serve as an entry point for the company to secure a foothold in the growing and lucrative gaming industry and also explore opportunities to leverage gaming technology to serve the entertainment needs of today's kids and families in new, innovative ways. The acquisition of Arctic7 would complement Grom's existing entertainment offerings of safe, social media for kids and its growing catalog of original intellectual property from Curiosity Ink Media, which Grom acquired in 2021. "The global gaming market represents a $185 billion market opportunity that continues to grow and innovate as represented by Disney's recent $1.5 billion investment in Epic Games which underscores the opportunity for content-gaming partnerships to deepen the overall consumer connection in their entertainment experiences," points out Grom's CEO, Darren Marks. "Grom welcomes the opportunity to bring Arctic7 into the Grom portfolio not only to further fuel Arctic7's growth in offering both gaming and virtual production capabilities but also so we can explore integrating Arctic7's expertise into our expanding entertainment ecosystem through content collaboration, cross-promotional opportunities, product licensing, brand partnerships, merchandising, interactive experiences, educational gaming initiatives, and much more." Under the leadership of its CEO, Igor Efremov, Arctic7 has quickly established itself in the gaming industry and demonstrated impressive growth, achieving $7.9 million (unaudited) in its first fiscal year (FY23) and anticipates reaching approximately $14 million (unaudited) in FY24. Launched in 2022, Arctic7 has focused on becoming an industry leader and innovator by delivering exceptional experiences in full game development, co-development, and virtual production for its partners and players and serve as a nexus for creative collaboration within the entertainment industry. "Our vision for Arctic7 is to become a leader in the gaming space offering full game development, co-development, transmedia and virtual production capabilities and ensuring we continue to develop a world class team together with strong relationships across the industry," explains Arctic7's CEO, Igor Efremov. "We continue to successfully execute against this vision and are excited that this has been recognized by Grom Social Enterprises while also being enthused at how the partnership can further fuel our growth as we continue to develop engaging content, grow our amazing team, and accelerate our M&A efforts working with Grom Social Enterprises on their journey to become a leading entertainment company." Prior to co-founding Arctic7, Igor Efremov held positions at Electronic Arts and co-founded Sperasoft, which was successfully exited to Keywords Studios which he subsequently joined as an Executive driving significant growth including via ambitious M&A activity. Alan Van Slyke, co-founder of Arctic7, brings a wealth of experience from Executive Producer on Gears of War with Epic Games, Executive at Sperasoft and COO at Microsoft Studios' Undead Labs. Mark Rizzo, co-founder of Arctic7, with 25 years of experience from EA Games, Sony, Sperasoft, and Keywords Studios, specializes in tech, operations, and M&A, playing a pivotal role in building the PlayStation network. Arctic7's executive and management team boasts over 100 years of combined leadership experience across games, film and TV including instrumental roles on renowned franchises such as Assassin's Creed, FIFA, Antman, Halo, Battlefield, The Mandalorian, TMNT, Saints Row, Ahsoka and more. About Grom Social Enterprises Inc. Boca Raton, Florida-based Grom Social Enterprises, Inc. -- www.gromsocial.com -- is a media, technology and entertainment company that focuses on (i) delivering content to children under the age of 13 years in a safe secure platform that is compliant with the Children's Online Privacy Protection Act ("COPPA") and can be monitored by parents or guardians, (ii) creating, acquiring, and developing the commercial potential of Kids & Family entertainment properties and associated business opportunities, (iii) providing world class animation services, and (iv) offering protective web filtering solutions to block unwanted or inappropriate content. Grom Social reported a net loss of $16.77 million for the year ended Dec. 31, 2022, compared to a net loss of $10.22 million forthe year ended Dec. 31, 2021. Somerset, New Jersey-based Rosenberg Rich Baker Berman, P.A., the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 17, 2023, citing that the Company's significant operating losses and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. H-FOOD HOLDINGS: $1.15BB Bank Debt Trades at 29% Discount --------------------------------------------------------- Participations in a syndicated loan under which H-Food Holdings LLC is a borrower were trading in the secondary market around 70.9 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.15 billion facility is a Term loan that is scheduled to mature on May 30, 2025. About $1.08 billion of the loan is withdrawn and outstanding. H-Food Holdings, LLC manufactures and distributes packaged food products. The Company serves customers in the State of Illinois. H-FOOD HOLDINGS: $415MM Bank Debt Trades at 29% Discount -------------------------------------------------------- Participations in a syndicated loan under which H-Food Holdings LLC is a borrower were trading in the secondary market around 70.8 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $415 million facility is a Term loan that is scheduled to mature on May 30, 2025. About $406.7 million of the loan is withdrawn and outstanding. H-Food Holdings, LLC manufactures and distributes packaged food products. The Company serves customers in the State of Illinois. H-FOOD HOLDINGS: $515MM Bank Debt Trades at 29% Discount -------------------------------------------------------- Participations in a syndicated loan under which H-Food Holdings LLC is a borrower were trading in the secondary market around 71.2 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $515 million facility is a Term loan that is scheduled to mature on May 30, 2025. About $489.3 million of the loan is withdrawn and outstanding. H-Food Holdings, LLC manufactures and distributes packaged food products. The Company serves customers in the State of Illinois. HELIX ENERGY: Reports $10.8 Million Net Loss in Full-Year 2023 -------------------------------------------------------------- Helix Energy Solutions Group, Inc. has announced its financial results for the fourth quarter and full year 2023. Helix reported a net loss of $28.3 million, or $(0.19) per diluted share, for the fourth quarter 2023 compared to net income of $15.6 million, or $0.10 per diluted share, for the third quarter 2023 and net income of $2.7 million, or $0.02 per diluted share, for the fourth quarter 2022. Net loss in the fourth quarter 2023 includes a net pre-tax loss of approximately $37.3 million, or $(0.25) per diluted share, related to the repurchase of $159.8 million principal amount of our Convertible Senior Notes due 2026. The Company reported adjusted EBITDA1 of $70.6 million for the fourth quarter 2023 compared to $96.4 million for the third quarter 2023 and $49.2 million for the fourth quarter 2022. For the full year 2023, Helix reported a net loss of $10.8 million, or $(0.07) per diluted share, compared to a net loss of $87.8 million, or $(0.58) per diluted share, for the full year 2022. Net loss in 2023 includes pre-tax losses of approximately $37.3 million, or $(0.25) per diluted share, related to the repurchase of $159.8 million principal amount of our 2026 Notes and $42.2 million, or $(0.28) per diluted share, related to the change in the value of the Alliance earnout during the year. Adjusted EBITDA for the full year 2023 was $273.4 million compared to $121.0 million for the full year 2022. As of December 31, 2023, the Company had $2.56 billion in total assets, $448.6 million in total current liabilities, $448.6 million in total current liabilities, $313.4 million in Long-term debt, $116.2 million in operating lease liabilities, $110.6 million in deferred tax liabilities, $66.2 million in other non-current liabilities, and $1.5 billion in shareholders' equity. Commenting on the result, Owen Kratz, President and Chief Executive Officer of Helix, stated, "We finished the year strong, and our fourth quarter 2023 reflects our highest fourth quarter EBITDA since 2013 as our Well Intervention business operated with high utilization, offsetting much of the seasonal slowdown in our Robotics and Shallow Water Abandonment segments. Our 2023 full-year results mark our second consecutive year of meaningful revenue and EBITDA growth, and we achieved our highest annual EBITDA since 2014, with significant improvements in Well Intervention and ongoing strong contributions from Robotics and Shallow Water Abandonment. During 2023, we initiated important transformations to our capital structure, issuing $300 million in senior notes and taking out most of our 2026 convertible notes with the remainder expected to be redeemed during the first quarter 2024. This transformation, when complete, returns us to a simpler capital structure, eliminates the potential dilution overhang of over 28 million shares, and pushes our major long-term debt maturities out to 2029. 2024 will not be without its challenges, but we believe we are well-positioned to capitalize on this strong market and to continue executing our strategy into the future." 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/52djyku3 About Helix Energy Helix Energy Solutions Group, Inc. is an American oil and gas services company headquartered in Houston, Texas. As of June 30, 2023, Helix Energy reported $2,423,845,000 in total assets and $891,917,000 in total liabilities. * * * Egan-Jones Ratings Company on June 23, 2023, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Helix Energy Solutions Group, Inc. HOLDINGS OF SOUTH FLORIDA: Gets OK to Tap Adam Law Group as Counsel ------------------------------------------------------------------- Holdings of South Florida, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Adam Law Group, PA as bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties; (b) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and reporting requirements and with the local rules of this court; (c) prepare all legal documents necessary in the administration of this case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiations with its creditors and in preparation of the disclosure statement and plan of reorganization. Thomas Adam, Esq., an attorney and the sole shareholder of Adam Law Group, will be paid at his hourly rate of $350. The firm received a retainer in the amount of $10,000 and a filing fee in the amount of $1,738 from the Debtor. Mr. Adam 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: Thomas C. Adam, Esq. ADAM LAW GROUP, PA 2258 Riverside Avenue Jacksonville FL 32204 Telephone: (904) 329-7249 Facsimile: (904) 615-6561 Email: tadam@adamlawgroup.com About Holdings of South Florida Holdings of South Florida Inc., a company in Jacksonville, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00003) on January 2, 2024, with up to $50,000 in assets and $1 million to $10 million in liabilities. John Romberg, owner, signed the petition. Judge Jacob A. Brown oversees the case. Thomas C. Adam, Esq., at Adam Law Group, PA represents the Debtor as legal counsel. HUBBARD RADIO: $372MM Bank Debt Trades at 33% Discount ------------------------------------------------------ Participations in a syndicated loan under which Hubbard Radio LLC is a borrower were trading in the secondary market around 67.2 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $372 million facility is a Term loan that is scheduled to mature on April 30, 2025. The amount is fully drawn and outstanding. Formed in 2011, Hubbard Radio, LLC is a family controlled and privately held media company that owns and operates radio stations in seven of top 30 markets, including Chicago, Washington, D.C., Minneapolis/St. Paul, St. Louis, Cincinnati, Seattle, and Phoenix. Hubbard also operates 2060 Digital, LLC, a national digital marketing agency based in Cincinnati, OH. Headquartered in St. Paul, MN, the company is affiliated with Hubbard Broadcasting Inc., a television and radio broadcasting company that was started in 1923. Net revenues for the 12 months ending September 2017 for Hubbard on a standalone basis were approximately $216 million. IAMGOLD CORP: Completes Acquisition of Euro Resources ----------------------------------------------------- IAMGOLD Corporation has completed, through its wholly-owned subsidiary IAMGOLD France S.A.S., the acquisition of all of the outstanding common shares ("EURO Shares") of EURO Resources S.A. (other than the EURO Shares already owned by IAMGOLD France.) The Acquisition was effected by way of IAMGOLD France's buy-out offer followed by a squeeze-out in accordance with French law, which was approved by the Autorite des marches financierson January 23, 2024. Pursuant to the Offer, IAMGOLD, through IAMGOLD France, acquired 6,249,128 EURO Shares, representing approximately 10% of the outstanding EURO Shares, at a price of €3.50 ($C5.13) in cash per EURO Share, for aggregate consideration of €21,871,948 ($C32,066,462).1 The purpose of the Offer was to enable IAMGOLD to acquire, through IAMGOLD France, all of the outstanding EURO Shares. Prior to the Acquisition, IAMGOLD, through IAMGOLD France, beneficially owned and controlled 56,242,153 EURO Shares, representing approximately 90% of the outstanding EURO Shares. Following the Acquisition, IAMGOLD, through IAMGOLD France, beneficially owns and controls 62,491,281 EURO Shares, representing 100% of the outstanding EURO Shares. An early warning report will be filed by IAMGOLD in accordance with applicable Canadian securities laws and will be available on SEDAR+ at www.sedarplus.ca, or may be obtained directly from IAMGOLD upon request by contacting IAMGOLD at the contact information provided below. The EURO Shares have been delisted from the Euronext Paris stock exchange today. Following the delisting, EURO will submit an application to the applicable securities regulators in Canada to cease to be a reporting issuer. IAMGOLD appointed Natixis as its Financial Advisor, Presenting and Guaranteeing Bank for the Offer. In connection with the Offer, Norton Rose Fulbright LLP is acting as French counsel to IAMGOLD and Fasken Martineau DuMoulin LLP is acting as Canadian legal counsel to IAMGOLD. 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. INFINITY PHARMACEUTICALS: Exclusivity Period Extended to April 29 ----------------------------------------------------------------- Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware extended Infinity Pharmaceuticals, Inc. and Infinity Discovery, Inc.'s exclusive periods to file their plan of reorganization and obtain acceptance thereof to April 29 and June 25, 2024, respectively. As shared by Troubled Company Reporter, the Debtors claim that they have devoted substantial time and effort pursuing a marketing process to maximize value for the Debtors' estates. The complexity of marketing and negotiating the Sale required a significant amount of time and energy from the Debtors and their advisors. Further, the Debtors have formulated a plan of liquidation that maximizes recoveries for the Debtors' estates and their creditors. Upon approval of the motion to set procedures to solicit votes to approve or reject the proposed plan and interim approval of the Disclosure Statement, the Debtors will undertake the solicitation process. As a result, the Debtors require additional time for the Exclusive Periods to continue toward confirmation of the proposed plan and winddown of the Debtors' estates. The Debtors assert that they have worked closely with their creditors and other interested parties and have complied with the obligations placed on the Debtors under the Bankruptcy Code. In meeting their fiduciary duties to their creditors, the Debtors have recognized the need to deal with all parties-in-interest in these Chapter 11 Cases and have consistently conferred with these constituencies on every major substantive and administrative matter, attempting to reach agreement or a compromise to avoid lengthy and expensive disputes. Counsel to the Debtors: Matthew B. McGuire, Esq. Matthew R. Pierce, Esq. Joshua B. Brooks, Esq. LANDIS RATH & COBB LLP 919 Market Street, Suite 1800 Wilmington, DE 19801 Telephone: (302) 467-4416 Email: mcguire@lrclaw.com About Infinity Pharmaceuticals Infinity Pharmaceuticals, Inc., is a research and clinical-development stage biopharmaceutical company with a focus on developing novel drugs for the treatment of cancer. On Sept. 29, 2023, Infinity Pharmaceuticals Inc. and Infinity Discovery Inc. filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11640). The Debtors listed $21,232,000 in assets and $58,638,000 in liabilities. The petitions were signed by Seth A. Tasker as chief executive officer. The Debtors tapped Landis Rath & Cobb LLP as bankruptcy counsels. Sonoran Capital Advisors LLC is the Debtors' financial advisor. Wilmer Cutler Pickering Hale and Dorr LLP is the Debtors' special corporate counsel. SSG Advisors LLC is the Debtors' investment banker. Stretto Inc. is the Debtors' notice and claims agent. JVK OPERATIONS: Files Emergency Bid to Use Cash Collateral ---------------------------------------------------------- JVK Operations Limited and JVK Operations Ltd. of NJ ask the U.S. Bankruptcy Court for the Eastern District of New York for authority to use cash collateral and provide adequate protection. Both Debtors have secured creditors who are secured by virtue of security agreements and UCC filings with the Secretary of State in New York and the New Jersey Department Of The Treasury Division Of Revenue. The secured creditors of JVK Operations are BNB Bank/Dime Comm, Santander Bank, Small Business Administration, Corporation Service Co. (As Representative), CIT Leasing, Pawnee Leasing, Navitas, Ascentium Bank, and American Capital. The secured creditors of JVK Operations of NJ are Santander Bank NA, TD Bank NA, and BNB Bank. The Debtors need access to cash collateral to, inter alia, pay ordinary and critical expenses to continue to operate its business in the ordinary course of business during the Chapter 11 Cases and to prosecute the Chapter 11 Case. As adequate protection for their proposed use of cash collateral, the Debtors proposes to provide replacement liens in the same order of priority and to the extent the secured parties enjoyed pre-petition. The Debtors' right to use cash collateral will terminate on the earlier to occur of any of these events, subject in certain instances, to notice requirements: 1. the use of cash collateral that is found by the Court to be material and that was used for any purpose not authorized by the Interim Order; 2. the dismissal of the Chapter 11 Case, the conversion of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code; or 3. an order of the Court is entered (other than the Final Order) reversing, 4. staying, vacating, or otherwise modifying in any material respect the terms of this Interim Order. A copy of the motion is available at https://urlcurt.com/u?l=TEnWPD from PacerMonitor.com. About JVK Operations Ltd. JVK Operations Ltd. is a provider of linen and garments laundry services for healthcare facilities on the East Coast. JVK was founded in 2004 and has been servicing hospitals, nursing homes and healthcare institutions. The Company's processing services include sorting of the soiled linen, washing, drying, ironing packing and delivery according to customer specifications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 24-70800) on March 1, 2024. In the petition signed by Vinod Samuel, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Robert E. Grossman oversees the case. Robert J. Spence, Esq., at SPENCE LAW OFFICE, P.C., represents the Debtor as legal counsel. KING WINDSHIELDS: Seeks to Hire Angelo Bellone as Accountant ------------------------------------------------------------ King Windshields, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Angelo Bellone, CPA, an accountant practicing in Phoenix, Ariz. The Debtor needs an accountant to prepare necessary its tax returns, financial statements, monthly operating reports, and any other accounting matters that may require assistance during the course of the Chapter 11 proceeding. The hourly rates of the accounting services are as follows: Bookkeeping $75 Adjustments & Depreciation $325 Tax Preparation & Court Reports $325 Mr. Bellone, disclosed in a court filing that he is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Angelo Bellone, CPA 12601 North Cave Creek Road, Suite 109 Phoenix, AZ 85022 Telephone: (602) 293-3902 Facsimile: (602) 296-5032 Email: info@angelocpa.com About King Windshields King Windshields, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-00998) on Feb. 12, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Daniel Frederick, president, signed the petition. Judge Brenda Moody Whinery oversees the case. The Debtor tapped Allan D. NewDelman, Esq., at Allan D. NewDelman, PC as legal counsel and Angelo Bellone, CPA as accountant. LABRUZZO COMMERCIAL: Plan Exclusivity Period Extended to April 12 ----------------------------------------------------------------- Judge John C. Melaragno of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended LaBruzzo Commercial Properties, LLC's exclusive period to file a plan of reorganization to April 12, 2024. As shared by Troubled Company Reporter, the Bankruptcy Court has approved the sale of its real properties located at 984-986 and 996 S. Main St., in Meadville, Pa. to Center for Family Services, Inc. LaBruzzo Commercial claims that the sale of Debtor's real will significantly impact what assets and liabilities are remaining to be included in a plan of reorganization. Therefore, Debtor is requesting additional time to file a proposed Chapter 11 Plan, Chapter 11 Plan Summary and Chapter 11 Disclosure Statement related thereto. LaBruzzo Commercial Properties, LLC, is represented by: THOMPSON LAW GROUP, P.C. Brian C. Thompson, Esq. 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 (724) 799-8404 Telephone (724) 799-8409 Facsimile E-mail: bthompson@thompsonattorney.com About LaBruzzo Commerical Properties Labruzzo Commerical Properties, LLC filed Chapter 11 petition (Bankr. W.D. Pa. Case No. 23-10388) on July 27, 2023, with up to $50,000 in assets and up to $500,000 in liabilities. Joseph Labruzzo, president, signed the petition. Judge John C. Melaragno oversees the case. Brian C. Thompson, Esq., at Thompson Law Group, P.C., is the Debtor's bankruptcy counsel. LABRUZZO WOODLANDS: Plan Exclusivity Period Extended to April 9 --------------------------------------------------------------- Judge John C. Melaragno of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended LaBruzzo Woodlands, LLC's exclusive period to file a plan of reorganization to April 9, 2024. As shared by Troubled Company Reporter, the U.S. Small Business Administration has a lien on certain property of the Debtor by way of a security agreement. The lien was perfected by the filing of a UCC Financing Statement, Filing #2020052901477, with the Pennsylvania Secretary of State on April 2, 2019. The Debtor will provide the Lender such access to the Debtor's records and financial information as the Lender may request, in addition to the monthly financial reports required by the U.S. Trustee. The Debtor explained that it continues to be engaged in pre-petition litigation with the Pennsylvania Department of Environmental Protection. The Department of Environmental Protection accepted Debtor's revised Emergency Relief Plan in December 2023. However, Debtor that matter is still ongoing and not finalized as Debtor continues to engage and work with the Department of Environmental Protection to bring about a resolution. The final outcome of the Department of Environmental Protection matter will significantly impact the construction and feasibility of a Chapter 11 Plan. LaBruzzo Woodlands, LLC is represented by: THOMPSON LAW GROUP, P.C. Brian C. Thompson, Esq. 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 (724) 799-8404 Telephone (724) 799-8409 Facsimile Email: bthompson@thompsonattorney.com About LaBruzzo Woodlands LaBruzzo Woodlands, LLC, is engaged in activities related to real estate. The Debtor offers duplexes, tri-plexes apartments, and houses as well as commercial spaces. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-10389) on July 27, 2023. In the petition signed by Joseph LaBruzzo, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge John C. Melaragno oversees the case. Brian C. Thompson, Esq., at Thompson Law Group, P.C., is the Debtor's legal counsel. LANDMARK COMMERCIAL: Seeks to Extend Plan Exclusivity to March 29 ----------------------------------------------------------------- Landmark Commercial Centers Development Inc. asked the U.S. Bankruptcy Court for the District of Puerto Rico to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 29 and May 28, 2024, respectively. The Debtor asserts that it has acted in good faith and has been approaching creditors in order to reach agreements that are mutually beneficial. The present extension grants the Debtor a necessary timeframe not only to continue negotiations with creditors but also evaluate the claim presented just a few days ago and construct a disclosure statement and plan of reorganization that would allow creditors to determine whether to accept the same. The Debtor anticipates that the requested 45-day extension of the Exclusive Periods will allow the company sufficient time to complete verify the FirstBank claim, continue settle negotiations and proffers to creditors, and reconcile all efforts in the best interests of the estate and creditors, with their intent to build up a plan to be proposed. Additionally, Debtor has filed all required Monthly Operating Reports to date and has no recurring bills past due as reflected therein. The Debtor asserts that it is not seeking an extension of their Exclusive Periods to pressure creditors. To the contrary, the Debtor has cooperated and worked constructively and in good faith with all of its officers in the four months since the filing to comply with all requirements, filing and duties, and resolve claims through consent. To this date the Debtor's efforts have been aimed towards preserving Debtor's operations, reconciling them with this ongoing proceeding. Efforts with creditors are ongoing at this juncture. The Debtor further asserts that it will use these extended Exclusive Periods to continue to negotiate with interested parties to reach a reorganization or, at the very least, propose in good faith a plan that maximizes value for all. Debtor has acted and will continue in good faith, being forthcoming in diligence, analysis, and collaboration with all parties. The Debtor's substantial efforts in negotiating with its creditors and administering its case supports the extension of the Exclusive Periods. Landmark Commercial Centers Development Inc., is represented by: Wigberto Lugo Mender, Esq. LUGO MENDER GROUP, LLC 100 Carr. 165, Suite 501 Guaynabo, PR 00968-8052 Telephone: (787) 707-0404 Facsimile: (787) 707-0412 Email: a_betancourt@lugomender.com About Landmark Commercial Centers Development Landmark Commercial Centers Development Inc. is primarily engaged in renting and leasing real estate properties. Landmark Commercial Centers Development filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 23-03338) on Oct. 16, 2023. The petition was signed by Jose A. Feliciano-Ruiz as president. At the time of filing, the Debtor disclosed $6,555,072 in assets and $8,609,063 in liabilities. Judge Edward A Godoy presides over the case. Wigberto Lugo Mender, Esq. at Lugo Mender Group, LLC, is the Debtor as counsel. LATROBE ASSOCIATES: Court OKs Continued Cash Collateral Access -------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania authorized Latrobe Associates, Inc. to continue using cash collateral through April 30, 2024, in accordance with its agreement with First Commonwealth Bank. The extension of the Debtor's use of cash collateral is in exchange for adequate protection payments to First Commonwealth for the months of March and April in the amount of $19,000 for each month. The adequate protection payments are to be made on or before the 15th day of each month. The Parties will continue to adhere to all requirements set forth in the Amended Joint Stipulation for the use of cash collateral and Debtor will use cash collateral in accordance with the budget. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=5BHyg6 from PacerMonitor.com. The Debtor projects total cash out, on a monthly basis, as follows: $423,118 for March 2024; $434,115 for April 2024; and $433,118 for May 2024. About Latrobe Associates, Inc. Latrobe Associates is a custom manufacturer of thermoset and thermoplastic molded components. Latrobe Associates, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 23-22612) on Dec. 1, 2023. The petition was signed by Matthew Redmond as chief financial officer. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Jeffery A. Deller oversees the case. Gregory C. Michaels, Esq. at Dickie, Mccamey & Chilcote, PC represents the Debtor as counsel. LYFT INC: Faces Class Action Suit Over Securities Law Violations ---------------------------------------------------------------- WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Lyft, Inc. common stock (NASDAQ: LYFT) between February 13, 2024 at 4:05 p.m. and February 13, 2024 at 4:51 p.m. (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 6, 2024. SO WHAT: If you purchased Lyft common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Lyft class action, go to https://rosenlegal.com/submit-form/?case_id=23128 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 6, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, after the market closed on February 13, 2024, at 4:05 p.m., Lyft issued a press release reporting its fourth quarter 2023 operating results. The press release was also filed with the Securities and Exchange Commission as an exhibit to a Form 8-K. The press release misrepresented that Lyft anticipated an "[a]djusted EBITDA margin expansion … of approximately 500 basis points year-over-year." In fact, Lyft only anticipated a 50 basis point margin expansion. The misrepresentation with respect to margins caused Lyft’s common stock, which closed on February 13, 2024 at $12.13, to trade as high as $20.25 in the aftermarket. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Lyft class action, go to https://rosenlegal.com/submit-form/?case_id=23128 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Attorney Advertising. Prior results do not guarantee a similar outcome. View source version on businesswire.com:https://www.businesswire.com/news/home/20240306274380/en/ CONTACT: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 cae@rosenlegal.com www.rosenlegal.com [GN] MBIA INC: Report $487 Million Net Loss in FY 2023 ------------------------------------------------- MBIA Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K disclosing a net loss of $487 million on $7 million of total revenues for the year ended December 31, 2023, compared to a net loss of $203 million on $154 million of total revenues for the year ended December 31, 2022. As of December 31, 2023, the Company had $$2.61 billion in total assets, $4.25 billion in total liabilities, and $1.65 billion in total deficit. A full-text copy of the Company's Form 10-K is available at https://tinyurl.com/mr38bjvc About MBIA MBIA Inc., together with its consolidated subsidiaries, operates within the financial guarantee insurance industry. MBIA manages its business within three operating segments: 1) United States public finance insurance; 2) corporate; and 3) international and structured finance insurance. The Company's U.S. public finance insurance portfolio is managed through National Public Finance Guarantee Corporation, its corporate segment is managed through MBIA Inc. and several of its subsidiaries, including our service company, MBIA Services Corporation, and its international and structured finance insurance business is primarily managed through MBIA Insurance Corporation and its subsidiaries. MBIA reported a net loss attributable to the Company of $195 million in 2022, a net loss attributable to the Company of $445 million in 2021, and a net loss attributable to the Company of $578 million in 2020. * * * Egan-Jones Ratings Company on September 28, 2023, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by MBIA Inc. MEDIAMATH HOLDINGS: Wins Cash Collateral Access on Final Basis -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware authorized MediaMath Holdings, Inc. and affiliates to continue using cash collateral on a final basis in accordance with its agreement with Goldman Sachs Specialty Lending Group, L.P. Goldman Sachs is the administrative agent and collateral agent for the lenders party from time to time to the Credit Agreement and the other Prepetition Secured Parties. As of the Filing Date, Applicable Debtors are each liable for the payment and performance of the Prepetition Debt, and the Prepetition Debt is an allowed claim in an amount not less than $95 million, exclusive of accrued and accruing Allowable 506(b) Amounts, and is an allowed secured claim in an amount not less than $64.8 million. The parties agreed that the Final Cash Collateral Order will remain in ful force and effect except as set forth in the agreement. The Termination Date will be the earlier of one business day after written notice from the First Lien Agent or April 12, 2024 (or such later date agreed to in writing by the First Lien Agent). The Debtors will be permitted to compensate Latham & Watkins, LLP, subject to court approval and in accordance with the Budget, provided that any payment to L&W will be drawn from the retainer L&W currently holds and will not exceed the amount of such retainer, less $190,000 to be returned to the Debtors. The Debtors are authorized to use cash collateral in accordance with the Budget and subject to and in accordance with the terms and provisions of the Cash Collateral Orders; provided, that (i) within three business days of approval of the Order, the Applicable Debtors will remit $2 million in cash collateral to the First Lien Agent; and (ii) the Applicable Debtors will remit to First Lien Agent, on not less than a weekly basis, all cash collateral in excess of the amounts set forth in the Budget. A copy of the stipulation is available at https://urlcurt.com/u?l=LlSckg from PacerMonitor.com. A copy of the court's order and the Debtor's budget is available at https://urlcurt.com/u?l=7qFRLR from PacerMonitor.com. About MediaMath Holdings, Inc. MediaMath Holdings, Inc. develops and delivers digital advertising media and data management technology solutions to advertisers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10882) on June 30, 2023. In the petition signed by Neil Nguyen, chief executive officer, the Debtor disclosed up to $500 million in both assets and liabilities. As of the Petition Date, the Debtors had about $95 million of first lien funded debt. Judge Laurie Selber Silverstein oversees the case. The Debtors tapped YOUNG CONAWAY STARGATT & TAYLOR, LLP as legal counsel, FTI CONSULTING, INC. as financial advisor, and EPIQ CORPORATE RESTRUCTURING, LLC as claims and restructuring agent. MEDTRULY INC: Seeks to Hire Golden Goodrich LLP as Counsel ---------------------------------------------------------- Medtruly Inc., seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Golden Goodrich LLP as counsel. The firm will provide these services: a. advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Subchapter V, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements which may affect the Debtor; b. assist the Debtor in preparing and filing Schedules and Statement of Financial Affairs, complying with and fulfilling U.S. Trustee requirements, complying with and fulfilling Subchapter V requirements, and preparing other documents as may be required after the initiation of a Chapter 11 case; c. assist the Debtor in negotiations with creditors and other parties-in interest; d. assist the Debtor in the preparation and formulation of a Chapter 11 plan; e. advise the Debtor concerning the rights and remedies of the estate and of the Debtor in regard to adversary proceedings which may be removed to, or initiated in, the Bankruptcy Court, and assist the Debtor, if appropriate, in retaining special counsel to litigate such adversary proceedings; f. prepare all motions, applications, answers, orders, reports, and papers on behalf of the Debtor that are necessary to the administration of the Case; g. represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estate or the Debtor may be litigated, or affected; and h. provide those services to the Debtor as are generally provided by general insolvency counsel to a debtor and debtor-in-possession in a Chapter 11 case. The firm will be paid at these rates: Jeffrey I. Golden $850 per hour Beth E. Gaschen $700 per hour Ryan W. Beall $550 per hour The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Jeffrey I. Golden, Esq., a partner at Golden Goodrich LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jeffrey I. Golden, Esq. GOLDEN GOODRICH, LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 Email: jgolden@go2.law About MedTruly Inc. MedTruly, Inc. provides a blend of in-person and virtual care aiming to reduce hospital and urgent care visits. It is based in Sunnyvale, Calif. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 23-51507) on December 27, 2023, with $36,136 in assets and $6,823,740 in liabilities. Russell Anas, chief executive officer and president, signed the petition. Jeffrey I. Golden, Esq., at Golden Goodrich, LLP represents the Debtor as legal counsel. MINIM INC: David Lazar Reports 82.5% Equity Stake ------------------------------------------------- David E. Lazar disclosed in a Schedule 13D/A Report filed with the U.S. Securities and Exchange Commission that as of the close of business on February 29, 2024, he beneficially owned 7,072,867 shares of Minim, Inc.'s common stock, representing 82.5% of the shares outstanding The aggregate percentage of Shares reported is based upon 8,568,900 shares of Common Stock outstanding, which is the total of (a) 2,789,020 shares of Common Stock outstanding as of January 19, 2024, as reported in the Minim's Definitive Proxy Statement on Schedule 14A, which was filed with the Securities and Exchange Commission on February 9, 2024, (b) an aggregate of 5,625,000 shares of Common Stock issuable upon the conversion of Series A Preferred Stock or exercise of the Warrants, (c) 25,000 shares of Common Stock which were granted to the Lazar by Minim on January 22, 2024, as reported in the Lazar's Form 4, which was filed with the SEC on January 24, 2024, (d) 25,000 shares of Common Stock which were granted to Matthew C. McMurdo by Minim on January 22, 2024, as reported in Matthew C. McMurdo's Form 4, which was filed with the SEC on January 24, 2024, (e) 25,000 shares of Common Stock which were granted to Avraham Ben-Tzvi by Minim on January 22, 2024, as reported in Avraham Ben-Tzvi's Form 4, which was filed with the SEC on January 24, 2024, (f) 25,000 shares of Common Stock which were granted to David Natan by Minim on January 22, 2024, as reported in David Natan's Form 4, which was filed with the SEC on January 24, 2024, (g) 27,880 shares of Common Stock which were granted to Patrick Rivard by Minim on January 22, 2024 and January 29, 2024, as reported in Patrick Rivard's Form 4/A and Form 4, which were both filed with the SEC on February 2, 2024, and (h) 27,000 shares of Common Stock which were granted to Andrew F. Papanicolau by Minim on January 22, 2024 and January 29, 2024, as reported in Andrew F. Papanicolau's Form 4/A and Form 4, which were both filed with the SEC on February 2, 2024. A full-text copy of the Report is available at https://tinyurl.com/49ka6kv5 About Minim Inc. Minim was founded in 1977 as a networking company and now delivers intelligent software to protect and improve the WiFi connections. Headquartered in Manchester, New Hampshire, Minim holds the exclusive global license to design, manufacture, and sell consumer networking products under the Motorola brand. The Company designs and manufactures products including cable modems, cable modem/routers, mobile broadband modems, wireless routers, Multimedia over Coax adapters and mesh home networking devices. Minim reported a net loss of $15.55 million in 2022 compared to a net loss of $2.20 million in 2021. As of Sept. 30, 2023, the Company had $15.28 million in total assets, $15.14 million in total liabilities, and $135,637 in total stockholders' equity. Boston, Massachusetts-based RSM US LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 31, 2023, citing that the Company has suffered recurring losses and negative cash flows from operations and will need additional funding within the next twelve months. This raises substantial doubt about the Company's ability to continue as a going concern. The Company's operations have historically been financed through the issuance of common stock and borrowings. Since inception, the Company has incurred significant losses and negative cash flows from operations. During the nine months ended September 30, 2023, the Company incurred a net loss of $16.5 million and had positive cash flows from operating activities of $3.7 million. As of September 30, 2023, the Company had an accumulated deficit of $91.3 million and cash and cash equivalents of $0.5 million. The Company implemented cost reduction plans to align its cost structure to its sales and increase its liquidity. It will continue to monitor its cost in relation to its sales and adjust its cost structure accordingly. The Company's financial position and operating results raise substantial doubt about its ability to continue as a going concern. The Company believes it does not have sufficient resources through its cash and cash equivalents, other working capital and borrowings under its SVB line-of-credit to continue as a going concern through at least one year from the issuance of the financial statements, according to the Company's Quarterly Report for the period ended Sept. 30, 2023. MOBILE ADDICTION: Hires Nicki A. Mezger CPA as Accountant --------------------------------------------------------- Mobile Addiction, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Nicki A. Mezger CPA as accountant. The firm's services include: a. advising Debtor on accounting methods; and b. assisting in the preparation of Debtor's financial statements and tax returns, and other accounting services that may be required from time to time. The firm will be paid at the rate at $100 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Nicki A. Mezger, a partner at Nicki A. Mezger CPA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nicki A. Mezger Nicki A. Mezger CPA 1013 N. MainStreet, Wichita, Kansas 67203 Tel: (316) 264-9356 About Mobile Addiction, LLC Mobile Addiction, LLC is a wholesaler of gadgets such as i-pads, smartphones, tablets and computers. The company is based in Wichita, Kansas. Mobile Addiction filed Chapter 11 petition (Bankr. D. Kan. Case No. 24-10002) on January 2, 2024, with up to $500,000 in assets and up to $10 million in liabilities. William E. Long, chief executive officer, signed the petition. Judge Dale L. Somers oversees the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm LLC, represents the Debtor as legal counsel. MOUNT HERMON: Seeks to Hire Cuenant & Pennington as Legal Counsel ----------------------------------------------------------------- Mount Hermon A.M.E. Church of Miami Gardens, Florida Inc., formerly doing business as Mount Hermon A.M.E. Church of Opa Locka, Florida Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Cuenant & Pennington PA as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor concerning the operation of its business in compliance with Chapter 11 and orders of this court; (b) prosecute and defend any causes of action on behalf of the Debtor; (c) prepare legal papers; (d) assist in the formulation of a plan of reorganization and preparation of a disclosure statement; and (e) provide all services of a legal nature in the field of bankruptcy law. The hourly rates of the firm's counsel and staff are as follows: Attorney $450 Paralegal $175 The firm received a retainer in the amount of $25,000 from the Debtor. Winston Cuenant, Esq., an attorney at Cuenant & Pennington, 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: Winston I. Cuenant, Esq. CUENANT & PENNINGTON, PA 101 NE 3rd Avenue, Suite 1500 Fort Lauderdale, FL 33301 Telephone: (954) 766-4271 Facsimile: (954) 379-4454 Email: winston@cuenantlaw.com About Mount Hermon A.M.E. Church of Miami Gardens Mount Hermon A.M.E. Church of Miami Gardens, Florida Inc., formerly doing business as Mount Hermon A.M.E. Church of Opa Locka, Florida Inc., filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-11834) on Feb. 27, 2024. In the petition signed by Rev. Michael K. Bouie, operating officer, the Debtor disclosed under $1 million in both assets and liabilities. Judge Robert A. Mark oversees the case. Winston I. Cuenant, Esq., at Cuenant & Pennington, PA represents the Debtor as counsel. MYOMO INC: Incurs $8.15 Million Net Loss in 2023 ------------------------------------------------ Myomo, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $8.15 million on $19.24 million of revenue for the year ended Dec. 31, 2023, compared to a net loss of $10.72 million on $15.56 million of revenue for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the Company had $14.58 million in total assets, $5.59 million in total liabilities, and $8.99 million in total stockholders' equity. Management Commentary "Fourth quarter and full year 2023 revenues were in line with our expectations as we continued to post solid gains in all key performance metrics," said Paul R. Gudonis, Myomo's chairman and chief executive officer, in a press release. "Our pace in converting pipeline to backlog accelerated during the fourth quarter as 44 Medicare Part B patients were included in the year-end count, resulting in a record backlog of 230 patients as the first quarter began. We believe 2024 can be a transformational year for the Company and for Medicare Part B beneficiaries who now have access to the MyoPro." Financial Results Total and product revenue for the fourth quarter of 2023 was $4.8 million, up 18% compared with the fourth quarter of 2022. Growth in total and product revenue was driven by a higher number of revenue units and a higher average selling price ("ASP"). Myomo recognized revenue on 107 MyoPro units in the fourth quarter of 2023, up 6% compared with the same quarter a year ago. Full year product revenue was $17.5 million, up 20% over 2022. Including license revenue, total revenue for 2023 was $19.2 million, up 24% compared with 2022. Gross margin for the fourth quarter of 2023 was 65.3%, compared with 65.0% for the fourth quarter of 2022. The increase was driven primarily by a higher ASP, offset by some material and other cost increases. Full year 2023 gross margin was 68.5%, compared with 65.9% in 2022. The increase was due to higher license revenue from the Company's joint venture in China, which is recorded at 100% gross margin, and a slightly higher ASP. Operating expenses for the fourth quarter of 2023 were $5.5 million, an increase of 14% compared with the fourth quarter of 2022. The increase was driven primarily by higher outside development spending to accelerate completion of certain projects and higher incentive compensation accruals, offset by lower advertising expenses. Advertising costs of $0.9 million decreased 17% from the fourth quarter of 2022. Cost per pipeline add was $2,246, a decrease of 16% from the fourth quarter of 2022. Operating expenses for 2023 were $21.4 million, an increase of 2% from 2022. Operating loss for the fourth quarter of 2023 was $2.4 million, compared with an operating loss of $2.2 million for the fourth quarter of 2022. Net loss for the fourth quarter of 2023 was $2.5 million, or $0.07 per share, compared with a net loss of $2.2 million, or $0.29 per share, for the fourth quarter of 2022. Full year 2023 operating loss was $8.2 million, compared with an operating loss of $10.7 million for 2022. Adjusted EBITDA for the fourth quarter of 2023 was $(2.1) million, compared with $(1.9) million for the fourth quarter of 2022. Full year 2023 Adjusted EBITDA was $(7.0) million, compared with $(9.3) million for 2022. Cash Position Cash, cash equivalents and short-term investments as of Dec. 31, 2023 were $8.9 million, Cash used in operating activities was $2.4 million for the fourth quarter of 2023, unchanged from the fourth quarter of 2022. Full year 2023 cash used in operations was $(6.2) million, a decrease of 40% compared with 2022. In January 2024, the Company received net proceeds of approximately $5.4 million from a registered direct equity offering. Pro forma for this offering, the Company began 2024 with approximately $14.3 million in cash, cash equivalents and short-term investments. Business Outlook "Revenue for the first quarter 2024 is expected to be in the range of $4.1 million to $4.3 million, with growth expected to accelerate through the remainder of the year. Revenues from Medicare Part B patients are expected to be more significant beginning in the second quarter," added Mr. Gudonis. "With the proceeds from our recent equity offering, we are hiring staff to increase our clinical, reimbursement and manufacturing capacity in order to serve Medicare Part B patients. Our target is to bring 50 to 60 new employees on board by the end of the second quarter. Assuming we can increase capacity as planned, with no supply chain disruptions, we believe we have the opportunity to generate $28 million to $30 million in revenue in 2024, with second half revenues much higher than the first half. Assuming this rate of revenue growth, we believe reaching operating cash flow breakeven on a quarterly basis by the fourth quarter of 2024 is achievable." 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/0001369290/000095017024028326/myo-20231231.htm 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. MYRIE'S PETS: Court OKs Cash Collateral Access on Final Basis ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, authorized Myrie's Pets LLC to use cash collateral in accordance with the budget, with a 10% variance, on a final basis. The Debtor entered into agreements with multiple merchant cash advance lenders in 2023 but was unable to service the inflated payments to such lenders due to fluctuations in revenues and several commissioned employees' resignations. The almost daily withdrawals by the MCAs caused disruptions in the Debtor's cash flow, postponing payments on other obligations and interfering with the Debtor's ability to operate and generate revenue. Negotiations with the MCAs ultimately failed, and the MCAs initiated lawsuits against the Debtor. Renasant Bank asserts a first position lien on the Debtor's cash collateral by virtue of UCC-1 Financing Statement 067-2016-002711, as continued by UCC-1 Financing Statement 067-2021-000620. The balance of the debt outstanding to Renasant Bank is approximately $58,000. The United States Small Business Administration asserts a second position lien on the Debtor's cash collateral by virtue of UCC-1 Financing Statement 038-2020-029339, with an outstanding balance of $344,300. Multiple MCAs assert liens on the Debtor's cash collateral. Because some of the MCAs file UCC-1 financing statements through a servicer, such as CHTD Company and First Corporate Solutions, Inc., it is impossible at this stage to determine which MCA filed which UCC-1 in order to determine the priority of the alleged claims. The following lenders may assert an interest in the Debtor's cash collateral: Amsterdam Capital Solutions, LLC, App Funding Beta, LLC, Funding Metrics, LLC, and PayPal. To provide adequate protection for the Debtor's use of cash collateral, the Lenders, to the extent they hold a valid lien, security interest, or right of setoff as of the Petition Date under applicable law, are granted a valid and properly perfected replacement lien on all property acquired by the Debtor after the Petition Date, except that no such replacement lien will attach to the proceeds of any avoidance actions under Chapter 5 of the Bankruptcy Code. As additional adequate protection for Renasant Bank, the Debtor will make adequate protection payments of $1,364 per month to Renasant Bank on or before the 15th of each month during the Cash Collateral Period. The Debtor will be required to maintain adequate insurance on its property with Renasant Bank listed as loss payee and provide proof of such insurance to Renasant Bank as required. A copy of the court's order is available at https://urlcurt.com/u?l=xDo8hR from PacerMonitor.com. About Myrie's Pets LLC Myrie's Pets LLC operates a pet supply store and grooming salon in Buford, Georgia under the name Earthwise Pet. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-20025-jrs) on January 9, 2024. In the petition signed by Maria Myrie, sole member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge James R. Sacca oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. NANOSTRING TECHNOLOGIES: Seeks to Tap Ordinary Course Professionals ------------------------------------------------------------------- NanoString Technologies, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ professionals used in the ordinary course of business. The Debtors need ordinary course professionals (OCPs) to perform services related to their business during the pendency of these Chapter 11 cases. The OCPs include: Cooley LLP 101 California St., 5th Floor, San Francisco, CA 94111 Intellectual Property Counsel Wilson Sonsini Goodrich & Rosati P.C. P.O. Box 742866 Los Angeles, CA General Corporate Counsel Ankura Consulting Group LLC P.O. Box 74007043 Chicago, IL Marketing Services Epiq Discovery Solutions Inc. P.O. Box 120250 Dept. 0250 Dallas, TX Litigation Support Services Fox Rothschild LLP Market Street 20th Floor Philadelphia, PA 19103 Legal, HR & Employee Matters KPMG LLP Dept. 0922 P.O. Box 120922 Dallas, TX Tax Matters Connor Group Global Services, LLC Dept. 3748 P.O. Box 123748 Dallas, TX Technical/Accounting Services The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the ordinary course professionals have an interest materially adverse to them, their estates, their creditors, or other parties in interest in connection with the matter upon which they are to be engaged. About NanoString Technologies NanoString Technologies, Inc. offers an ecosystem of innovative discovery and translational research solutions and empowers its customers to map the universe of biology. NanoString and affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10160) on February 4, 2024. In the petition signed by R. Bradley Gray, president and chief executive officer, NanoString disclosed $100 million to $500 million in both assets and liabilities. The Debtors tapped Willkie Farr & Gallagher, LLP and Young Conaway Stargatt & Taylor, LLP as legal counsels; AlixPartners, LLP as financial advisor; Weil, Gotshal & Manges LLP as special patent counsel; and Perella Weinberg Partners LP as investment banker. Kroll Restructuring Administration LLC is the Debtors' administrative advisor. Gibson Dunn & Crutcher, LLP and Sullivan & Cromwell, LLP serve as counsels to certain DIP lenders. Richards, Layton & Finger and Houlihan Lokey Capital, Inc. act as Delaware bankruptcy counsel and financial advisor to the DIP lenders. Meanwhile, Alston & Bird and Potter Anderson serve as bankruptcy counsel and Delaware counsel, respectively, to the DIP agent. NATURAL DISASTER: Rental Income to Fund Plan -------------------------------------------- Natural Disaster Proof Homes, Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Plan of Reorganization dated March 4, 2024. This Plan of Reorganization proposes to pay all creditors of the Debtor from its monthly income 100% of all allowed claims. Unsecured creditors are not treated as the debtor has no unsecured creditors. This Plan also provides for the payment of administrative and priority claims. This Plan provides for the treatment of one class of secured creditors, Frederico Leone Togni; one Priority Creditor, PR Treasury (1 claim), no class of unsecured claims; and no class of equity security holders. The claim of Frederico Leone Togni in the amount of $140,000.00 will be paid 10 equal monthly installments of $14,000.00 commencing 6 months from effective date. This Class will receive a total payout of $140,000.00. The claim of PR Treasury Department in the amount of $708.56 will be paid 2 monthly payments of $355.00, from effective date, including 3% interest rate. The debtor will continue to administer all the assets of the estate, and to fund the plan, it will apply the rental income to fund the plan. A full-text copy of the Plan of Reorganization dated March 4, 2024 is available at https://urlcurt.com/u?l=IPeSmN from PacerMonitor.com at no charge. Counsel to the Debtor: Modesto Bigas Mendez, Esq. Modesto Bigas Law Office P.O. Box 7462 Ponce, PR 00732 Telephone: (787) 844-1444 Facsimile: (787) 842-4090 Email: mbiasmendez@gmail.com About Natural Disaster Proof Homes Natural Disaster Proof Homes, Inc., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 23-03863) on Nov. 27, 2023. In the petition signed by Hector M. Rodriguez Edwards, president, the Debtor disclosed under $1 million in both assets and liabilities. Modesto Bigas Mendez, Esq., serves as the Debtor's counsel. NATURE COAST: Hires Siegel Hughes Ross as Special Counsel --------------------------------------------------------- Nature Coast Development Group, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Siegel Hughes Ross & Collins as special counsel. The Debtor needs the firm's legal assistance in connection with a case styled Seacoast Bank vs. Nature Coast Development Group, LLC, et al., Case No. 2021-CA-000037, filed in the Circuit Court in and for Gilchrest County, Florida. The firm will be paid at these rates: Partners $425 to 495 per hour Associate Attorneys $250 per hour Paralegals $125 to 175 per hour The firm will be paid a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Krista L.B. Collins, Esq., a partner at Siegel Hughes Ross & Collins, 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: Krista L.B. Collins, Esq. SIEGEL HUGHES ROSS & COLLINS 4046 W. Newberry Road Gainesville, FL 32607 Tel: (352) 375-7700 About Nature Coast Development Group Nature Coast Development Group, LLC, a company in Fanning Springs, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 22-10200) on Dec. 14, 2022. Jodi D. Dubose has been appointed as Subchapter V trustee. In the petition filed by its managing member, Marites Padot, the Debtor reported assets between $10 million and $50 million and liabilities between $1 million and $10 million. Judge Karen K. Specie oversees the case. The Debtor is represented by Latham, Shuker, Eden, & Beaudine, LLP. NEWSOME TRUCKING: Court OKs Cash Collateral Access on Final Basis ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, authorized Newsome Trucking, Inc. to use cash collateral on a final basis, in accordance with the budget, with a 10% variance, through the earlier of: a. the appointment of a Chapter 11 Trustee; b. the conversion of the Bankruptcy Case to a case under Chapter 7 of the Bankruptcy Code; c. the date on which a Termination Event will occur; d. the entry of an order dismissing the Bankruptcy Case and such Order becoming effective pursuant to its terms; or e. further order of the Bankruptcy Court. The Debtor requires the use of cash collateral for payment for payment of operational and administrative expenses in accordance with the budget. As of the Petition Date, the Debtor entered into numerous Negotiable Promissory Note and Security Agreements evidencing various installment loans, each secured and cross-collateralized by virtually all of Newsome Trucking, Inc.'s collateral, pursuant to which Commercial Credit Group Inc. provided secured financing in the principal amount of $6 million, of which not less than $3.921 million remained outstanding on the Petition Date. The Debtor is indebted to CCG in the approximate non-contingent liquidated amount of no less than $3.921 million as of the Petition Date. The entities that may also assert an interest in the Debtor's cash collateral are Advance Financial Corporation; Ally Financial; Caterpillar Financial Services Corp.; Fountain Equipment Finance, LLC; Kubota Credit Corporation, U.S.A.; M&T Equipment Finance Corp.; MHC Financial Services, LLC; Toyota Commercial Finance; and United States Small Business. As adequate protection, the Debtor will make adequate protection payments to Respondents and grant Respondents a replacement lien, subordinate to any lien granted to Commercial Funding Inc. to secure the DIP financing provided or to be provided to the Debtor by Commercial Funding Inc. A copy of the court's order is available at https://urlcurt.com/u?l=4c6Um7 from PacerMonitor.com. About Newsome Trucking Newsome Trucking, Inc. is a privately held trucking company serving Cherokee County, Ga., and Cobb County, Ga., and the nearby areas. The company offers local and long-haul trucking services with a guarantee of on-time delivery. It offers a wide array of different trucking services including cargo services, hauling services, and grading services. Newsome Trucking sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-20109) on Jan. 29, 2024, with $1 million to $10 million in both assets and liabilities. Kevin R. Newsome, chief executive officer, signed the petition. Judge James R. Sacca oversees the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. OH SO JAZZY: Seeks to Hire Allen A. Kolber as Bankruptcy Counsel ---------------------------------------------------------------- Oh So Jazzy, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ the Law Offices of Allen A. Kolber, PC as its counsel. The firm will render these services: (a) protect and preserve the Debtor's estate; (b) prepare legal papers; (c) negotiate and prepare Chapter 11 plan, disclosure statement, and all related documents on behalf of the Debtor; (d) represent the Debtor in connection with any sales, leases, or other uses of property of the estate and all other legal issues in connection therewith; and (e) perform all other necessary legal services in connection with this Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Counsel $550 Paralegal $195 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer fee in the amount of $10,000 from Jarrhett Oates, president of Canaan Solutions Group, LLC. Allen Kolber, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Allen A. Kolber, Esq. LAW OFFICES OF ALLEN A. KOLBER, PC 134 Rt. 59, Suite A Suffern, NY 10901 Telephone: (845) 918-1277 About Oh So Jazzy Oh So Jazzy, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 23-22764) on Oct. 16, 2023, listing under $1 million in both assets and liabilities. Judge Sean H. Lane oversees the case. The Law Offices of Allen A. Kolber, PC serves as the Debtor's counsel. ONORATI CONSTRUCTION: Unsecureds Owed $2M to Get $48K in 60 Months ------------------------------------------------------------------ Onorati Construction Co., Inc., submitted a First Amended Small Business Combined Plan of Reorganization and Disclosure Statement dated March 4, 2024. Since filing for bankruptcy, the Debtor has taken steps to reorganize his finances and minimize expenses in order to emerge from bankruptcy. Such steps include but are not limited to reducing employees and obtaining new projects for work. On February 13, 2024, the Debtor filed a Motion to Expunge Cashfund a/k/a CFS Cap, LLC's claim. The Cashfund motion is returnable on March 19, 2024. Trustee of the International Union of Operating Engineers Local 825 Benefit Funds filed a priority unsecured claim in the amount of $515,691.45 for employee benefit fund contributions pursuant to Section 507(a)(5) of the Bankruptcy Code. Claim 18, filed on behalf of IUOE Local 825 Benefit Funds, indicates a priority claim under Section 507(a)(5) in the amount of $6,210. Such claim shall be paid over 5 years in equal monthly installments of $103.50. The balance of the IUOE's claims are classified as a general unsecured in the amount of $509,481.45 which shall be part of the unsecured creditor class. Class 10 consists of General Unsecured Claims. This Class shall receive $800 per month over 60 months for a total of $48,000. The allowed unsecured claims total $2,355,216.82. This Class is impaired. The Plan provides for all the Debtor's assets to revest in the Debtor and the shareholders shall remain the same. The Plan will be funded by the Debtor's continued monthly income. There shall be no prepayment penalty for any priority, administrative or Class of claims. A full-text copy of the First Amended Combined Plan and Disclosure Statement dated March 4, 2024 is available at https://urlcurt.com/u?l=kgCfTA from PacerMonitor.com at no charge. Debtor's Counsel: Anthony Sodono, III, Esq. McMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue Second Floor Roseland, NJ 07068 Tel: 973-622-1800 Fax: 973-622-7333 E-mail: asodono@msbnj.com About Onorati Construction Onorati Construction Co., Inc., specializes in paving construction of commercial and residential properties. It is based in Boonton, N.J. Onorati filed Chapter 11 petition (Bankr. D.N.J. Case No. 23-15349) on June 21, 2023, with $2,088,273 in assets and $4,542,351 in liabilities. Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin has been appointed as Subchapter V trustee. Judge Stacey L. Meisel oversees the case. The Debtor tapped Anthony Sodono, III, Esq., at McManimon, Scotland & Baumann, LLC as bankruptcy counsel and Trif & Modugno, LLC as special counsel. PANOS FITNESS: Court OKs Interim Cash Collateral Access ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of New York authorized Panos Fitness, LLC to use cash collateral on an interim basis in accordance with the budget. The Debtor is permitted to use cash collateral to pay only (i) reasonable and necessary expenses to be incurred in the ordinary course in connection with the operation of its business and in accordance with the 13-week cash flow projection, (ii) administrative expenses incurred in connection with the Subchapter V Case, and (iii) other payments as may be authorized by separate Court order. The Debtor's cumulative cash disbursements will not be more than 10% of the projected amount set forth in the Cash Flow Projection. As adequate protection for the use of the cash collateral: a) Firestone Financial, LLC will receive, pursuant to 11 U.S.C. Sections 361 and 363(c)(2), to the extent of any diminution in the value of its interest in the Prepetition Collateral, and effective as of the Petition Date, perfected replacement security interests in, and valid, binding, enforceable and perfected liens or mortgages, on all of the Debtor's Postpetition Collateral to the same extent of its prepetition liens; b) Firestone will also receive, pursuant to 11 U.S.C. Sections 361 and 363(e), monthly payments in the amount of $2,500 each commencing during the first week of May 2023; and c) The Debtor will deliver to Firestone: i. a 13-week cash flow projection, updated every month; ii. beginning on May 20, 2023, and then on or before the twentieth day of each month thereafter, a monthly cash Budget analysis showing actual performance versus Budget for the previous month; and iii. beginning on May 20, 2023, and then on or before the twentieth day of each month thereafter, profit and loss statements for the immediately preceding month. The Debtor will not sell or transfer any of its property, outside the ordinary course of business, having a value in excess of $5,000, during the pendency of the Order, without the prior consent of Firestone, or upon further order of the Court. These events constitute an "Event of Default": a) The abrogation or modification of the Order either by appeal or otherwise; b) The entry of an order appointing a Chapter 11 Trustee or examiner for Debtor and/or the property of the Debtor; c) The entry of an order converting the Debtor's Chapter 11 case to a case under Chapter 7 of the Bankruptcy Code; and d) The Debtor's breach of any of the terms and conditions of the Order, including by not limited to, any failure to make DCC Adequate Protection Payments when and as due. A copy of the Court's order is available at https://urlcurt.com/u?l=KsKjok from PacerMonitor.com. About Panos Fitness, LLC Panos Fitness, LLC operates physical fitness facilities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-30184) on March 29, 2023. In the petition signed by Dean S. Panos, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Wendy A. Kinsella oversees the case. Stephen A. Donato, Esq., at Bond, Schoeneck & King, PLLC, represents the Debtor as legal counsel. PARTS ID: Exits Chapter 11 Protection ------------------------------------- ID Auto Inc. (f/k/a PARTS iD, Inc.) announced that the Company's Joint Prepackaged Chapter 11 Plan of Reorganization has been approved by a Delaware court and become effective. The Plan has received overwhelming support from the Company's creditors and key constituents. Stakeholders representing over 99% of the voting classes' claims voted in favor of the Plan. The Company emerges from this process with a significantly strengthened balance sheet and new ownership. The Plan and its related transactions position the Company for growth and long-term success with significant support from its suppliers and investors. As part of the Plan, Fifth Star, Inc., an operator of consumer and consumer-adjacent technology businesses, has acquired the Company. Fifth Star supported the Company with debt financing as the plan sponsor and has made a meaningful cash infusion to satisfy the Company's obligations to its customers and partners and fuel growth. "With strong support from our stakeholders and the court's approval of the reorganization plan, we have made significant strides in positioning the Company for operational and financial success. With our new world-class management team, Fifth Star's investment and operational acumen, and our dedicated employees and partners around the world, we are well-equipped to be the premier destination for consumers seeking a wide range of automotive and other vehicle parts," noted Lev Peker, the Company's Chief Executive Officer. "I want to express my gratitude to our employees and extend thanks to our customers, vendors, suppliers, and stakeholders for their unwavering support as we navigate this transformative phase, working diligently to shape an ever-stronger organization for our valued customers and partners," added Peker. DLA Piper LLP (US) is acting as legal counsel, SRV Partners LLC as financial advisor, and ICR, Inc. as strategic communications advisor to the Company. Sidley Austin LLP is acting as legal counsel and CohnReznick LLP as financial advisor to Fifth Star. About PARTS iD Inc. PARTS iD Inc. -- https://www.partsidinc.com/ -- headquartered in Cranbury, New Jersey, the company is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. The Company was founded in 2008 with a vision of creating a one-stop digital commerce destination for the automotive parts and accessories market. The Company has since become a market leader and proven brand-builder, fueled by its commitment to delivering an engaging shopping experience; comprehensive, accurate and varied product offerings; and continued digital commerce innovation. Parts ID went public via a merger with a blank-check firm in 2020. The company operates websites including CARiD.com, TRUCKiD.com and CAMPERiD.com. Parts ID Inc. and subsidiary PARTS iD, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-12098) on Dec. 26, 2023. In the petition filed by CEO Lev Peker, Parts ID Inc. disclosed $18.7 million in assets against $55.02 million in debt as of Sept. 30, 2023. The Debtors tapped DLA Piper, LLP (US) as bankruptcy counsel and Kroll Restructuring Administration, LLC as claims agent. PEAR THERAPEUTICS: Plan Exclusivity Period Extended to May 6 ------------------------------------------------------------ Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Pear Therapeutics, Inc. and Pear Therapeutics (US), Inc.'s exclusive periods to file their plan of reorganization and obtain acceptance thereof to May 6 and July 1, 2024, respectively. As shared by Troubled Company Reporter, the Debtors commenced these Chapter 11 Cases to effectuate a sale of substantially all of the Debtors' assets and an orderly wind down of the Debtors' operations. The Debtors, the Committee, and Perceptive engaged in negotiations attempting to resolve the issues raised in the Committee Objection. On January 25, 2024, the Debtors submitted to the Court an agreed order seeking approval of the consensual resolution of the issues raised in the Committee Objection. Subject to Court-approval, the Committee Objection will be settled, however, the time necessary to resolve the issues has caused delay in the plan process as the resolution has an impact on the terms of, and confirmability of, a chapter 11 plan. The Debtors claim that now that they have completed the liquidation of the majority of their assets and the proposed resolution of the Adversary Proceeding is before the Court, the Debtors have turned their focus to finalizing and submitting a plan of liquidation, incorporating the terms of the settlement and bringing these Chapter 11 Cases to a close. However, resolution of the Committee Objection remains a necessary step to proposing a chapter 11 plan. Attorneys for the Debtors: Chantelle D. McClamb, Esq. GIBBONS P.C. 300 Delaware Avenue, Suite 1015 Wilmington, Delaware 19801 Telephone: (302) 518-6300 Email: cmcclamb@gibbonslaw.com - and - Robert K. Malone, Esq. Kyle P. McEvilly, Esq. GIBBONS P.C. One Gateway Center Newark, New Jersey 07102 Telephone: (973) 596-4500 Email: rmalone@gibbonslaw.com kmcevilly@gibbonslaw.com - and - Alison D. Bauer, Esq. Jiun-Wen Bob Teoh, Esq. FOLEY HOAG LLP 1301 Avenue of the Americas, 25th Floor New York, New York 10019 Telephone: (212) 812-0400 Email: abauer@foleyhoag.com jteoh@foleyhoag.com - and - Euripides Dalmanieras, Esq. Christian Garcia, Esq. Jasmine N. Brown, Esq. FOLEY HOAG LLP 155 Seaport Boulevard Boston, Massachusetts 02210 Telephone: (617) 832-1000 Email: edalmani@foleyhoag.com cgarcia@foleyhoag.com jnbrown@foleyhoag.com About Pear Therapeutics Pear Therapeutics, Inc., is a commercial-stage healthcare company pioneering a new class of software-based medicines, sometimes referred to as Prescription Digital Therapeutics, which uses software to treat diseases directly. Pear Therapeutics, Inc. and Pear Therapeutics (US), Inc., filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10429) on April 7, 2023. Christopher Guiffre, chief financial officer and chief operating officer, signed the petitions. In the petitions, the Debtors reported $10 million to $50 million in both assets and liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Foley Hoag, LLP as general bankruptcy counsel; Gibbons, P.C. as Delaware counsel; Wilmer Cutler Pickering Hale and Dorr, LLP as special counsel; and Sonoran Capital Advisors, LLC and MTS Health Partners, L.P. as financial advisors. Stretto, Inc., is the administrative advisor and claims and noticing agent. PRETIUM PKG HOLDINGS: $350MM Bank Debt Trades at 39% Discount ------------------------------------------------------------- Participations in a syndicated loan under which Pretium PKG Holdings Inc is a borrower were trading in the secondary market around 61.3 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $350 million facility is a Term loan that is scheduled to mature on October 1, 2029. The amount is fully drawn and outstanding. Pretium PKG Holdings, Inc. is a manufacturer of rigid plastic containers for variety of end markets, including food and beverage, chemicals, healthcare, wellness and personal care. Pretium PKG Holdings, Inc. is a portfolio company of Clearlake since January 2020. PROFUNDITY LLC: Seeks to Extend Plan Exclusivity to April 19 ------------------------------------------------------------ Profundity LLC, and affiliates asked the U.S. Bankruptcy Court for the Southern District of Florida to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 19 and June 18, 2024, respectively. The Debtors claim that they require additional time to negotiate with its secured creditors and unsecured creditors to explore whether a global settlement can be achieved. Certain of the Debtors have negotiated for a sale and marketing process of its assets subject to court approval while debtor Tantive anticipates resolving its debtor/creditor relations through a consensual restructuring. The Debtors explain that certain of the companies continue to progress towards a sale process in good faith while Tantive is negotiating a plan of reorganization or other potential exit from bankruptcy, and seek an extension to file plans and related disclosure statements. The Debtors have made arrangements to pay their debts as they come due and this Court recently approved certain debtor-in-possession financing to assist in same. The Debtors assert that they are not seeking this extension to pressure creditors and that this bankruptcy case involves several unresolved contingencies, including negotiations with potential claimants and effectuating a mechanism to maximize the value of Debtors' assets. Counsel to the Debtors: Brett D. Lieberman, Esq. Olivia A. Webb, Esq. Edelboim Lieberman Revah, PLLC 20200 W. Dixie Hwy, Suite 905 Miami, FL 33180 Tel: 305-768-9909 Email: brett@elrolaw.com Email: olivia@elrolaw.com About Profundity LLC Profundity, LLC, is engaged in the business of commercial and industrial machinery and equipment rental and leasing. The company is based in Miami, Fla. Profundity and its affiliate Naboo Royal Cruiser, LLC sought Chapter 11 bankruptcy protection (Bankr. S.D. Fla. Case Nos. 23-16720 and 23-16725) on Aug. 23, 2023. Tantive Giv, LLC, another affiliate, filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 23-16765) on Aug. 24, 2023. The cases are jointly administered under Case No. 23-16720 and overseen by Judge Corali Lopez-Castro. At the time of the filing, Profundity reported $3,813,041 in assets and $5,191,494 in liabilities. Brett D. Lieberman, Esq., at Edelboim Lieberman Revah, PLLC, is the Debtors' legal counsel. PROPERTY MASTERSHIP: Unsecureds Will Get 100% of Claims in Plan --------------------------------------------------------------- Property Mastership Excel, LLC, filed with the U.S. Bankruptcy Court for the Northern District of California a Disclosure Statement describing Chapter 11 Plan. On November 15, 2023, the Debtor filed the instant case to stop the attempted foreclosure two parcels of vacant land identified via APN Nos. APN: 237-420-002 and APN: 237-420-003 (the "Property") by a primary/senior mortgage holder (which is the sole secured lien on the Property or properties). The Debtor filed to stop the foreclosure but also to seek a consensual stipulation to provide a reasonable amount of time to further progress re: the entitlements/plans for two large estates on each parcel. (Approximately 7500-foot homes or estates on each parcel.) The identity and fair market value of the estate's assets are as follows: The subject property / properties (two vacant lots) are described as: Vacant Lot # 1: 0 Bradbury Drive, Lafayette, CA 94549 APN: APN: 237-420-003 Zoning R-10 / 54,395 sq. ft Entitlements to build 8K sq. ft. estate / home; and Vacant Lot # 2: 00 Bradbury Drive, Lafayette, CA 94549 APN: 237-420-002 / Zoning LR 5 / 93,293 sq. ft. Entitlements to build 7K sq. ft. estate / home. Current value "as-is" of Lot # 1 = $600,000 Current value "as-is" of Lot # 2 = $550,000 Michael Luu, is the current 100% Owner and Managing Member of the LLC, and was appointed as the responsible individual for Debtor. He has managed the Debtor's estate since the filing of the Chapter 11 Petition. Class 2 consists of General unsecured claims. Creditors will receive 100 percent of their allowed claims in 1 payment made at the close of escrow of either a refinance or sale of the Property. Creditors in this class may not take any collection action against Debtor so long as Debtor is not in material default under the Plan. This class is impaired. The allowed unsecured claims total $23,327.81. This Plan of Reorganization proposes to pay all bona fine creditors of the Debtor from the refinance or sale of Debtor's real property (the "Property") on or before July 1, 2024. A full-text copy of the Disclosure Statement dated March 4, 2024 is available at https://urlcurt.com/u?l=J7tZdQ from PacerMonitor.com at no charge. Attorneys for the Debtor: Arasto Farsad, Esq. Nancy Weng, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 Fax: 408-866-7334 E-mails: farsadlaw1@gmail.com nancy@farsadlaw.com About Property Mastership Excel Property Mastership Excel, LLC, owns two parcels of vacant land identified via APN Nos. APN: 237-420-002 and APN: 237-420-003 (the "Property"). The Debtor filed a Chapter 11 petition (Bankr. N.D. Cal. Case No. 23-51330) on Nov. 15, 2023, with $1 million to $10 million in both assets and liabilities. Michael Luu, managing member, signed the petition. The Debtor is represented by Farsad Law Office, P.C. PRUDENT AMERICAN: Seeks to Extend Plan Exclusivity to May 14 ------------------------------------------------------------ Prudent American Technologies, Inc., asked the U.S. Bankruptcy Court for the Eastern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 14 and July 15, 2024, respectively. The Debtor is engaged in the manufacturing and sale of key metal and plastic components in the assembly of military and commercial firearms and other products. The Debtor cites that it has proposed to sell substantially all of its assets pursuant to Section 363 of the Bankruptcy Code. A sale hearing is set for March 12, 2024. If the sale is approved, the Debtor intends to file a liquidating plan. The Debtor claims that because the nature of the Debtor's plan depends on the outcome of the sale process, the Debtor requests that the Court extend the exclusive period for filing a plan of reorganization until May 14, and soliciting acceptances until July 15, 2024. Prudent American Technologies, Inc. is represented by: Howard Marc Spector, Esq. Spector & Cox, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 Email: hspector@spectorcox.com About Prudent American Technologies Prudent American Technologies, Inc., filed voluntary Chapter 11 petition (Bankr. E.D. Texas Case No. 23-41959) on Oct. 17, 2023, with up to $50,000 in assets and $10 million to $50 million in liabilities. Jay Rigby, interim president and chief executive officer, signed the petition. Judge Brenda T. Rhoades oversees the case. Howard Marc Spector, Esq. at Spector & Cox, PLLC, is the Debtor's legal counsel. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. R&M CAPITAL GROUP: Plan Exclusivity Period Extended to June 20 -------------------------------------------------------------- Judge Jil Mazer-Marino of the U.S. Bankruptcy Court for the Eastern District of New York extended R&M Capital Group, Inc.'s exclusive period to file its plan and disclosure statement to June 20, 2024. As shared by Troubled Company Reporter, the Debtor explained that it needs additional time to negotiate settlement terms with the U.S. Small Business Administration, to obtain Court approval for the reached terms and thereafter to file a plan of reorganization and disclosure statement, offering treatment to the main and other remaining creditors of the estate. R&M Capital Group, Inc. is represented by: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 About R&M Capital Group R&M Capital Group, Inc., filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 23-43043) on August 25, 2023, disclosing under $1 million in both assets and liabilities. The Debtor is represented by LAW OFFICES OF ALLA KACHAN, P.C. RALEIGH TBC: Hires Bradford Law Offices as Counsel -------------------------------------------------- Raleigh TBC, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Bradford Law Offices to handle its Chapter 11 case. The firm will be paid at these rates: Attorney time outside court $575 per hour Attorney time in court $575 per hour Paralegal time $200 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Danny Bradford, Esq., an attorney at Bradford Law Offices, 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: Danny Bradford, Esq. BRADFORD LAW OFFICES 455 Swiftside Drive, Suite 106 Cary, NC 27518-7198 Tel: (919) 758-8879 Email: Dbradford@bradford-law.com About Raleigh TBC, LLC Raleigh TBC, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.C. Case No. 24-00489) on February 15, 2024, disclosing under $1 million in both assets and liabilities. The Debtor is represented by PAUL D. BRADFORD, PLLC. RAPID7 INC: Registers Additional Shares Under 2015 EIP and ESPP --------------------------------------------------------------- Rapid7, Inc. filed a Registration Statement with the U.S. Securities and Exchange Commission to register (i) an additional 2,468,562 shares of Common Stock issuable pursuant to the Rapid7, Inc. 2015 Equity Incentive Plan, and (ii) an additional 617,140 shares of Common Stock issuable pursuant to the Rapid7, Inc. 2015 Employee Stock Purchase Plan. The additional shares of Common Stock are securities of the same class as other securities for which Registration Statements on Form S-8 of the Registrant relating to the same employee benefit plans are effective. About Rapid7 Rapid7, Inc. (Nasdaq: RPD) is on a mission to create a safer digital world by making cybersecurity simpler and more accessible. The Company empowers security professionals to manage a modern attack surface through its best-in-class technology, leading-edge research, and broad, strategic expertise. Rapid7 reported a net loss of $124.72 million in 2022, a net loss of $146.33 million in 2021, a net loss of $98.85 million in 2020, a net loss of $53.84 million in 2019, and a net loss of $55.54 million in 2018. Rapid7 incurred a net loss of $169.31 million net loss in the nine months ended Sept. 30, 2023. As of Sept. 30, 2023, the Company had $1.40 billion in total assets, $1.56 billion in total liabilities, and a total stockholders' deficit of $161.64 million. Egan-Jones Ratings Company on October 10, 2023, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Rapid7, Inc. RAPID7 INC: Reports $149.26 Million Net Loss in FY 2023 ------------------------------------------------------- Rapid7, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $149.26 million on $777.7 million of total revenue for the year ended December 31, 2023, compared to a net loss of $124.7 million on $685.08 million of total revenue for the year ended December 31, 2022. As of December 31, 2023, the Company had $1.51 billion in total assets, $1.62 billion in total liabilities, and $118.18 million in total stockholders' deficit. A full-text copy of the Company's Form 10-K is available at https://tinyurl.com/mr2yn6dc About Rapid7 Rapid7, Inc. (Nasdaq: RPD) is on a mission to create a safer digital world by making cybersecurity simpler and more accessible. The Company empowers security professionals to manage a modern attack surface through its best-in-class technology, leading-edge research, and broad, strategic expertise. Rapid7 reported a net loss of $124.72 million in 2022, a net loss of $146.33 million in 2021, a net loss of $98.85 million in 2020, a net loss of $53.84 million in 2019, and a net loss of $55.54 million in 2018. Rapid7 incurred a net loss of $169.31 million net loss in the nine months ended Sept. 30, 2023. As of Sept. 30, 2023, the Company had $1.40 billion in total assets, $1.56 billion in total liabilities, and a total stockholders' deficit of $161.64 million. Egan-Jones Ratings Company on October 10, 2023, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Rapid7, Inc. RAZOR ENERGY: To Restructure Under CCAA Proceedings --------------------------------------------------- Razor Energy Corp., Razor Holdings GP Corp., Blade Energy Services Corp., and Razor Royalties Limited Partnership ("Razor Entities"), sought and obtained an initial order ("Initial Order") from the Court of King's Bench of Alberta ("Court") under the Companies' Creditors Arrangement Act, as amended ("CCAA"). The Initial Order provides, among other things, that the NOI Proceedings which were commenced on Jan. 30, 2024, are taken up and continued under the CCAA, and a stay of proceedings until March 8, 2024, which may be extended from time to time ("Stay Period"). FTI Consulting Canada Inc. was appointed as monitor ("Monitor") of the Razor Entities. A comeback hearing was scheduled to be heard on March 6, 2024, at 3:00 p.m. MST with respect to the relief granted in the Initial Order, an extension of the Stay Period, and any additional relief that may be sought by the Razor Entities at the Comeback Hearing. A copy of the Initial Order and other materials publicly filed in the CCAA proceedings may be obtained from the Monitor's Web site http://cfcanada.fticonsulting.com/razor‐blade. Pursuant to the Initial Order and during the Stay Period, all Persons having oral or written agreements with the Razor Entities or statutory or regulatory mandates for the supply of goods and/or services are restrained until further order of the Court from discontinuing, altering, interfering with or terminating the supply of goods or services as may be required by the Razor Entities, and the Razor Entities shall be entitled to the continued use of their current premises, telephone numbers, facsimile numbers, internet addresses and domain names, provided in each case that the normal prices or charges for all such goods or services received after the date of the Initial Order are paid in accordance with the normal payment practices of the Razor Entities, or such other practices as may be agreed upon by the supplier or service provider and the Razor Entities with the consent of the Monitor, or as may be ordered by the Court. During the Stay Period, no person shall be prohibited from requiring immediate payment for goods, services, use of lease or licensed property or other valuable consideration provided on or after the date of the Initial Order, nor shall any Person be under any obligation on or after the date of the Initial Order to advance any monies or otherwise extend any credit to the Razor Entities. Nothing in the Initial Order shall derogate from the rights conferred and obligations imposed by the CCAA. Monitor can be reached at: FTI Consulting Canada Inc. Attn: Deryck Helkaa Dustin Olver Brett Wilson Cameron Browning 1610, 520 - 5th Avenue SW Calgary, AB T2P 3R7 Email: deryck.helkaa@fticonsulting.com dustin.olver@fticonsulting.com brett.wilson@fticonsulting.com Cameron.Browning@fticonsulting.com Counsel to the Companies: McCarthy Tetrault LLP Attn: Sean Collins Pantelis Kyriakakis Nathan Stewart 4000, 421 - 7th Avenue SW Calgary, AB T2P 4K9 Email: scollins@mccarthy.ca pkyriakakis@mccarthy.ca nstewart@mccarthy.ca Counsel to Monitor: Blake, Cassels & Graydon LLP Attn: Kelly Bourassa 855 - 2nd Street SW, Suite 3500 Calgary, AB T2P 4J8 Email: kelly.bourassa@blakes.com Razor Energy Corp. -- https://www.razor-energy.com/ -- operates as an oil and gas company. The Company focuses on acquiring, producing, and exploration of oil and gas properties. Razor Energy offers its services in Canada. RELIABLE FORECLOSURE: Unsecureds Will Get 10% of Claims in Plan --------------------------------------------------------------- Reliable Foreclosure Corporation filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement for Chapter 11 Plan dated March 4, 2024. The Debtor is a New York corporation, incorporated on December 17, 2015, and the Debtor's business is to own and operate the Real Properties located at 353 Crescent Street, Brooklyn, New York 11208 (the "Brooklyn Property") and 97-52 75th Street Unit B42, Ozone Park, NY 11416 (the "Ozone Park Property"). Prior to the Filing Date, Victoria Trust was granted a Judgment of Foreclosure and Sale by the Supreme Court of the State of New York, County of Kings, and scheduled a foreclosure sale of the Real Property in Brooklyn, which was stayed by the Debtor's filing of its Chapter 11 Petition herein on the September 6, 2023 Filing Date. Class 4 consists of all Allowed General Unsecured Claims. The Plan provides that All holders of all Allowed General Unsecured Claims against the Debtor shall receive payment of Cash of 10% of all such holder's Allowed General Unsecured Claim on the Effective Date of the Plan. To date, only $247,716.78 of General Unsecured Claims have been filed. This Class is unimpaired. Claims in Class 4 that were Disputed Claims on the Effective Date of the Plan, which thereafter become Allowed General Unsecured Claims by Final Order(s), shall be paid within 15 Business Days following the date that each such Order allowing such Claim as an Allowed General Unsecured Claim becomes a Final Order. Class 6 consists of all Interests in the Debtor. The list of Equity Security Holders filed by the Debtor with its Petition lists that all of the Debtor's stock is owned by Nezam Zaman. The Debtor's Plan provides that the Debtor's Principal shall retain and continue to own his Stock Interest that he owns in the Debtor, in the Reorganized Debtor after Confirmation. There shall be no dividends declared or distributed pending the full and final payment of all sums required under this Plan to Claimants and Creditors. The Plan sets forth that the Reorganized Debtor will continue to be governed by the Debtor's board of directors, consisting of Nezam Zaman. Mr. Zeman shall not receive any compensation from the Debtor for his services until such time as all Allowed Claims are paid in full, and that the charter of the Reorganized Debtor shall be deemed to be amended to prohibit the issuance of nonvoting equity securities. The funding of the Distributions to be made under this Plan will be derived from the full net proceeds of the Sale of the Brooklyn Property and the Ozone Park Property, which will be contributed into the Debtor by the Debtor's sole stock Interest holder for purposes of paying Allowed Claims, and if and to the extent said net proceeds are insufficient to pay all Allowed Claims herein, the Debtor or the Reorganized Debtor shall pay any remaining Allowed Claims that must be paid under the Plan. The Brooklyn Property is a single-family house located at 353 Crescent Street, Brooklyn, NY 11208, and is owned by Reliable Foreclosure Corporation. The Brooklyn Property is under contract for a short sale approved by Victoria Trust. The contracted sale price is $505,000.00. A downpayment of $10,000.00 was supplied to the Law Office of Ronald D. Weiss, P.C. and deposited into their escrow account. The Ozone Park Property is a condo located at 97-52 75th Unit B52, Ozone Park, NY 11416. It has been listed with a Broker, but no offers have been received. If no offers are received within 90 days of the filing of the Plan, a public auction will be held at a date to be determined. The monies received by the Debtor from the Sale of the Brooklyn Property and from the Ozone Park Property are collectively defined in the Plan as "Funds." A full-text copy of the Disclosure Statement dated March 4, 2024 is available at https://urlcurt.com/u?l=964JvF from PacerMonitor.com at no charge. Attorneys for the Debtor: Ronald D Weiss, Esq. RONALD D. WEISS, P.C. 734 Walt Whitman Road, Melville NY 11747 Tel: (631) 271-3737 Fax: (631) 271-3784 Email: weiss@ny-bankruptcy.com About Reliable Foreclosure Reliable Foreclosure Corporation is engaged in activities related to real estate. The Debtor owns two real properties in New York valued at $1.39 million. Reliable Foreclosure Corporation filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-43185) on September 6, 2023. In the petition signed by Nazam Zaman as president, the Debtor disclosed $1,409,800 in assets and $812,816 in liabilities. Judge Elizabeth S. Stong presides over the case. Ronald D. Weiss, Esq. at RONALD D. WEISS, P.C., is the Debtor's counsel. RESEARCH NOW: $250MM Bank Debt Trades at 73% Discount ----------------------------------------------------- Participations in a syndicated loan under which Research Now Group LLC is a borrower were trading in the secondary market around 26.8 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $250 million facility is a Term loan that is scheduled to mature on December 22, 2025. The amount is fully drawn and outstanding. Headquartered in Plano, Texas, Research Now Group, LLC (formerly Research Now Group, Inc.) and its subsidiary Dynata, LLC (formerly Survey Sampling International, LLC), provide data collection services through online, mobile and offline surveys used by market research firms, consulting firms and corporate customers. RPM RESOURCES: Hires Caldwell & Riffee PLLC as Counsel ------------------------------------------------------ RPM Resources, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ Caldwell & Riffee, PLLC as counsel. The firm will provide these services: a. provide the Debtor with legal advice with respect to its powers and duties as the Debtor in Possession; b. assist the Debtor in obtaining Adequate Protection payments with secured creditors; c. assist the Debtor in rejecting Executory Contracts with Merchant Advance lenders; d. assist the Debtor in preparation of the petition and schedules; e. participate in the first meeting of creditors; f. prepare a Plan of Reorganization under the provisions of Sub-Chapter V of the Bankruptcy Code; g. assist the Debtor in all other legal functions necessary to administer the case. The firm will be paid at the rate of $375 per hour for attorneys, and $35 per hour for paralegals. The retainer is $6,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joseph W. Caldwell, Esq., a partner at Caldwell & Riffee, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph W. Caldwell, Esq. CALDWELL & RIFFEE, PLLC P.O. Box 4427 Charleston, WV 25364 Tel: (304) 925-2100 Email: jcaldwell@caldwellandriffee.com About RPM Resources, LLC RPM Resources, LLC in Looneyville, WV, filed its voluntary petition for Chapter 11 protection (Bankr. S.D.W.V. Case No. 24-20015) on February 2, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Melissa C. Nichols as member, signed the petition. Judge B. Mckay Mignault oversees the case. CALDWELL & RIFFEE serve as the Debtor's legal counsel. RRG INC: Court OKs Interim Cash Collateral Access ------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Georgia authorized RRG, Inc. to use cash collateral, on an interim basis, in accordance with the budget. The Debtor's cash needs are immediate in the Debtor needs the cash for the purpose of paying employees, utility bills, maintenance, and other necessary expenses. The Debtor's principal source of revenues presently consists of receipt of income from its operation Popeye's franchises. As of the Petition Date, the Debtor is aware of the following security interests in assets which might constitute cash collateral: a. UCC-1 Financing Statement dated October 13, 2020, filed by Pacific Premier Bank in the Superior Court of Coweta County, Georgia, File No. 038-2020-089926 asserting a lien on all assets of the Debtor. The value of the "cash collateral" as of the Petition Date is estimated at $400,000. The Debtor is granted authority retroactively, pursuant to 11 U.S.C. section 363, from the date of the Petition through February 15, 2024 to use the proceeds of the Franchisee business in the sum of $1.2 million for the purpose of operating the Franchisee business as a Debtor in Possession under Chapter 11 of the U.S. Bankruptcy Code. The Debtor is granted authority, pursuant to 11 U.S.C section 363, from February 16, 2024 through March 28, 2024 to use the proceeds of the Franchisee business in the sum of $1.2 million, plus a 15% deviation of the latter sum (deviation not to exceed $152,516), for the purpose of operating the Franchisee business as a Debtor in Possession under Chapter 11 of the U.S. Bankruptcy Code. Starting March 1, 2024, the Debtor will make a deposit in the amount of $2,500 as a retainer for Subchapter V Trustee's fees and expenses to Counsel for the Debtor's escrow account to be reserved as a retainer for the payment of the Subchapter V Trustee's fees and expenses to be paid out upon approval by the Court. Pacific Premier Bank is granted a lien in the Debtor's post-petition assets to the same extent, validity, and priority as the Lender's Prepetition Liens. The Replacement Lien will not attach to causes of action under Chapter 5 of the Bankruptcy Code. If Debtor rejects lease and shuts down a location, all proceeds of the sale equipment located within the closed restaurant will be marshaled pending further court order. The Debtor will make the debt service due for February 2024 within five days of the Order and remain current on post petition loan payments to Lender in the approximate amount of $66.558 per month. A final hearing on the matter is set for March 28 at 10 a.m. A copy of the order is available at https://urlcurt.com/u?l=JS6PP7 from PacerMonitor.com. About RRG Inc. RRG, Inc. is a company in Cumming, Ga., which is primarily engaged in providing food services. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ga. Case No. 24-10075) on January 31, 2024, with up to $50,000 in assets and $1 million to $10 million in liabilities. Mark Rinna, president, signed the petition. Judge Susan D. Barrett oversees the case. Bowen Klosinski, Esq., at Klosinski Overstreet, LLP represents the Debtor as legal counsel. SABRE GLBL INC: $404MM Bank Debt Trades at 16% Discount ------------------------------------------------------- Participations in a syndicated loan under which Sabre GLBL Inc is a borrower were trading in the secondary market around 84.1 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $404 million facility is a Term loan that is scheduled to mature on December 17, 2027. About $392.0 million of the loan is withdrawn and outstanding. Sabre GLBL Inc. provides information technology services. The Company offers technology solutions including data-driven business intelligence, mobile, distribution, and Software as a Service (SaaS) solutions. Sabre GLBL serves customers worldwide. SABRE GLBL INC: $644MM Bank Debt Trades at 16% Discount ------------------------------------------------------- Participations in a syndicated loan under which Sabre GLBL Inc is a borrower were trading in the secondary market around 83.9 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $644 million facility is a Term loan that is scheduled to mature on December 17, 2027. About $614.2 million of the loan is withdrawn and outstanding. Sabre GLBL Inc. provides information technology services. The Company offers technology solutions including data-driven business intelligence, mobile, distribution, and Software as a Service (SaaS) solutions. Sabre GLBL serves customers worldwide. SAND LANE: Taps Menicucci as Environmental/Landlord Tenant Counsel ------------------------------------------------------------------ Sand Lane Development Corp seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Menicucci Villa Panzella Climi PLLC as its environmental and landlord tenant attorneys. The firm will render these services: (a) advise the Debtor with respect to the New York State Department of Environmental Conservation (NYSDEC) action pending against it; (b) file any legal responses filed in the NYSDEC action; and (c) if landlord/tenant services are required to serve any statutory non-payment notices or holdover notices and if monies are not tendered or tenancies not vacated, to bring petitions before the New York City Landlord Tenant Court Commercial Division to recover monies and/or possession. The hourly rates of the firm's counsel are as follows: Michael M. Menicucci $500 Other Attorneys $400 Michael Menicucci, Esq., a managing partner at Menicucci Villa Panzella Climi, 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: Michael M. Menicucci, Esq. Menicucci Villa Panzella Climi, PLLC 2040 Victory Blvd. Staten Island, NY 10314 Telephone: (718) 667-9090 Email: mmenicucci@mvpclaw.com About Sand Lane Development Corp Sand Lane Development Corp is a Single Asset Real Estate (as defined in 11 U.S.C. Section 101(51B)). The Debtor is the owner of real property located at 900 Hylan Blvd, Staten Island, NY 10305, valued at $3.2 million. Sand Lane Development Corp sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-40092) on Jan. 9, 2024. In the petition filed by Domenic Tomasselo, secretary, the Debtor disclosed $3,204,520 in total assets and $2,690,452 in total liabilities. Judge Nancy Hershey Lord oversees the case. The Debtor tapped Gregory A. Flood, Esq., as bankruptcy counsel and Menicucci Villa Panzella Climi PLLC as its environmental and landlord tenant attorneys. SANUWAVE HEALTH: Inks Consent, Waiver, 5th Amendment to Note ------------------------------------------------------------ Sanuwave Health, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on March 6, 2024, it entered into a Consent, Limited Waiver and Fifth Amendment to Note and Warrant Purchase Agreement with NH Expansion Credit Fund Holdings LP and the noteholders party thereto. Pursuant to the Fifth Amendment, NH Expansion and the Holders (i) consented to entry by Sanuwave, Inc., a wholly owned subsidiary of the Company, into the License and Option Agreement and consummation of the License and Option Transaction, (ii) waived any event of default that may occur under the Note and Warrant Purchase Agreement, dated as of Aug. 6, 2020 by and among NH Expansion, the noteholders party thereto and the Company as a result of the License and Option Agreement or License and Option Transaction and (iii) amended the NPA to release the Patents (as defined below) from the collateral. NH Expansion and the Holders also agreed to continue to forbear upon exercising remedies in connection with certain existing events of default under the NPA until the earlier of (x) the occurrence of another event of default under the NPA and (y) April 30, 2024. During the forbearance period, the outstanding obligations under the NPA continue to accrue interest at the default rate. On March 6, 2024, Sanuwave entered into an exclusive license and option agreement with a third party licensee in connection with a portfolio of Sanuwave, Inc. patents related to the field of intravascular shockwave applications. In exchange for a one-time payment of $2.5 million, Sanuwave, Inc. granted the Licensee an exclusive license to the Patents and an option to acquire the Patents for an additional one-time payment in the single-digit millions of dollars. If the Licensee does not exercise its option to acquire the Patents during a specified option period, the license terminates and all rights revert back to Sanuwave, Inc. 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 Company said 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. SAS GROUP: Seeks to Tap Kirby Aisner & Curley as Bankruptcy Counsel ------------------------------------------------------------------- SAS Group Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Kirby Aisner & Curley LLP as its counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management of its property and affairs; (b) negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps to effectuate such a plan; (c) prepare legal papers; (d) appear before the Bankruptcy Court to protect the interest of the Debtor and to represent it in all matters pending before the court; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; (f) take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (g) perform all other legal services for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Partners $475 - $575 Associates $295 - $325 Paraprofessionals/Law Clerks $150 - $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a consultation retainer in the amount of $25,000 on June 12, 2023. Further, it received a pre-petition retainer in the amount of $35,000. Dawn Kirby, Esq., a partner at Kirby Aisner & Curley, 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: Dawn Kirby, Esq. Kirby Aisner & Curley LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: dkirby@kacllp.com About SAS Group Inc. SAS Group Inc. -- https://www.sasgroup.com/ -- is a merchant wholesaler of furniture and home furnishing. SAS Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22066) on January 26, 2024. In the petition signed by Scott Sobo, president, the Debtor disclosed between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Sean H. Lane oversees the case. Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP, represents the Debtor as legal counsel. SELINA HOSPITALITY: Shareholder Meeting Set for March 26 -------------------------------------------------------- Selina Hospitality PLC has issued a Circular and Notice of General Meeting in respect of a general meeting of the Company's shareholders to be held on March 26, 2024. A copy of the Circular is available at https://tinyurl.com/3jrv3x6d About Selina Hospitality PLC United Kingdom-based Selina (NASDAQ: SLNA) is one of the world's largest hospitality brands built to address the needs of millennial and Gen Z travelers, blending beautifully designed accommodation with coworking, recreation, wellness, and local experiences. Founded in 2014 and custom-built for today's nomadic traveler, Selina provides guests with a global infrastructure to seamlessly travel and work abroad. Each Selina property is designed in partnership with local artists, creators, and tastemakers, breathing new life into existing buildings in interesting locations in 24 countries on six continents -- from urban cities to remote beaches and jungles. SENIOR CHOICE: Hearing on Sale of Pa. Facilities Set for March 15 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania is set to hold a hearing on March 15 to consider the sale of Senior Choice, Inc.'s senior living facilities in Pennsylvania. At the March 15 hearing, the winning bids for the senior living facilities will be selected and will be considered for approval by the court. Senior Choice operated a 118-unit skilled nursing facility called the Beacon Ridge in Indiana; a 100-unit skilled nursing facility and 76-unit personal care and independent living facility called The Patriot in Somerset; and a 92-unit personal care facility called The Atrium in Johnstown. The Beacon Ridge and The Patriot facilities are still in operations while The Atrium was closed late last year. Senior Choice has marketed the facilities since February last year and has received six offers. These included a $4.2 million offer for The Beacon Ridge from Indiana Regional Medical Center, and a $750,000 offer for The Patriot from two entities formed and controlled by Bryan Hagerich. Both offers were selected as stalking horse bids. Meanwhile, Senior Choice selected as stalking horse bid the $50,000 offer it received from the Johnstown Redevelopment Authority and JPN Holdings, LLC for The Atrium facility. As stalking horse bidders, IRMC and the Hagerich entities will receive a 3% break-up fee in case they are not selected as winning bidders. Meanwhile, the sale agreement between Senior Choice and the proposed buyers for The Atrium facility does not include bid protections. Last month, Senior Choice received the green light from Judge Jeffery Deller to solicit competing bids for the facilities. The bid deadline is set to expire on March 13. About Senior Choice Inc. Senior Choice, Inc. operates as a non-profit organization. It provides inpatient nursing and rehabilitative services to patients who requires continuous health care. Senior Choice filed Chapter 11 petition (Bankr. W.D. Pa. Case No. 24-70040) on Feb. 8, 2024, with $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Jeffery A Deller presides over the case. The Debtor tapped Duane Morris, LLP as bankruptcy counsel; Nye, Stirling, Hale, Miller & Sweet, LLP as conflicts counsel and co-counsel with Duane Morris; and FTI Consulting, Inc. as financial advisor. SIMPLIFIED SOFTWARE: Seeks to Tap Richard Heiden as Special Counsel ------------------------------------------------------------------- Simplified Software Development, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Richard Heiden, Esq., an attorney practicing in Clearwater, Fla., as special counsel. Mr. Heiden will assist and represent the Debtor for the purpose of modifying its annual service contracts and ACH payments. The attorney will be paid at his hourly rate of $425, plus expenses. Mr. Heiden disclosed in a court filing that he is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard T. Heiden, Esq. 2723 State Road 580 Clearwater, FL 33761 Telephone: (727) 771-7888 Facsimile: (727) 771-7899 Email: richardheiden@rthlaw.com About Simplified Software Development Simplified Software Development, LLC, a company that offers online dietary management solution in Dunedin, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00560) on Feb. 1, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Stephen Bennett, managing member, signed the petition. Judge Catherine Peek McEwen oversees the case. The Debtor tapped David W. Steen, Esq., at David W. Steen, PA, as legal counsel and Richard T. Heiden, Esq., as special counsel. SINCLAIR BROADCAST: Reports $291 Million Net Loss in FY 2023 ------------------------------------------------------------ Sinclair, Inc. announced the Company's financial results for the fourth quarter ended December 31, 2023. The financial results of the Company's wholly-owned subsidiary, Sinclair Broadcast Group, LLC, are reflected within the Company's financial results. The results reflect the deconsolidation of the Local Sports segment comprised of the regional sports networks (RSNs), which are owned and operated by Diamond Sports Group ("DSG") and its direct and indirect subsidiaries, from the Company's financial statements and accounted for under equity method of accounting, effective March 1, 2022 (the "Deconsolidation"). As such, the quarter-to-date and year-to-date 2023 consolidated financial results do not include any results of operations of the Local Sports segment, while the consolidated financial results for the comparable year-to-date 2022 period include two months results of operations of the Local Sports segment. Three Months Ended December 31, 2023, Consolidated Financial Results: * Total revenues decreased 14% to $826 million versus $960 million in the prior year period. Media revenues decreased 14% to $821 million versus $952 million in the prior year period. * Total advertising revenues of $363 million decreased 28% versus $503 million in the prior year period. Core advertising revenues, which exclude political revenues, were up 2% in the fourth quarter to $339 million versus $331 million in the prior year period. * Distribution revenues of $422 million increased versus $415 million in the prior year period. * Operating loss of $386 million, including $499 million in non-recurring transaction, implementation, legal, regulatory and other costs ("Adjustments"), declined versus an operating income of $253 million in the prior year period, which included Adjustments of $10 million. Operating income, excluding Adjustments, was $113 million compared to an operating income, excluding Adjustments, of $263 million in the prior year period. The Adjustments during the 2023 period include a $495 million litigation settlement accrual related to the DSG litigation. * Net loss attributable to the Company was $341 million versus net income of $55 million in the prior year period. Excluding Adjustments, the Company had net income of $51 million. * Adjusted EBITDA decreased 41% to $181 million from $309 million in the prior year period, primarily due to lower political advertising revenues in an off-cycle election year. * Diluted loss per common share was $5.35 as compared to diluted earnings per common share of $0.79 in the prior year period. On a per-diluted-share basis, the impact of Adjustments was $(6.16), and the impact of Adjustments in the prior year period was $(0.11). Twelve Months Ended December 31, 2023, Consolidated Financial Results: * Total revenues decreased 20% to $3,134 million versus $3,928 million in the prior year period. Media revenues decreased 20% to $3,106 million versus $3,894 million in the prior year period. Excluding DSG, total revenues decreased 10% from $3,470 million in the prior year period and media revenues decreased 10% from $3,436 million in the prior year period. * Total advertising revenues of $1,285 million decreased 20% versus $1,614 million in the prior year period. Excluding DSG, total advertising revenues decreased 18% from $1,570 million in the prior year period. Core advertising revenues, which excludes political revenues, of $1,241 million, were down 3% versus $1,283 million in the prior year period. Excluding DSG, core advertising revenues increased less than 1% from $1,238 million in the prior year period. * Distribution revenues of $1,680 million decreased versus $2,143 million in the prior year period. Excluding DSG, distribution revenues decreased 2% from $1,711 million in the prior year period. * Operating loss of $331 million, including $554 million of Adjustments and a reduction to the previously recognized gain related to the Deconsolidation ("Deconsolidation Gain Adjustment") of $10 million, declined versus operating income of $3,980 million in the prior year period, which included Adjustments of $33 million and a $3,357 million gain related to the Deconsolidation. Operating income, when excluding the Adjustments and the Deconsolidation Gain Adjustment, was $233 million compared to operating income, excluding the Adjustments and gain related to the Deconsolidation, of $656 million in the prior year period. Excluding DSG, operating income excluding the Adjustments and the Deconsolidation Gain Adjustment decreased 65% from $663 million in the prior year period. The Adjustments during the 2023 period include a $495 million litigation settlement accrual related to the DSG litigation. * Net loss attributable to the Company was $291 million versus net income of $2,652 million in the prior year period. Excluding Adjustments and the Deconsolidation Gain Adjustment, the Company had net income of $152 million. Net loss from DSG in the first two months of 2022 was $94 million. * Adjusted EBITDA decreased 42% to $549 million from $944 million in the prior year period, primarily due to lower political advertising revenues in an off-cycle election year. Adjusted EBITDA from DSG in the first two months of 2022 was $54 million. * Diluted loss per common share was $4.46 as compared to diluted earnings per common share of $37.54 in the prior year period. On a per-diluted-share basis, the impact of Adjustments and the Deconsolidation Gain Adjustment was $(6.79) and the impact of Adjustments and the Deconsolidation in the prior year period was $36.49. 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/2ffrf5c3 About Sinclair Broadcast Group Headquartered in Hunt Valley, Cockeysville, Maryland, Sinclair Broadcast Group, Inc. operates as a television broadcasting company. As of September 30, 2023, the Company had $6.083 billion in total assets against $5.499 billion in total liabilities. Egan-Jones Ratings Company, on December 6, 2023, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Sinclair Broadcast Group, Inc. SOUND INPATIENT: $610MM Bank Debt Trades at 49% Discount -------------------------------------------------------- Participations in a syndicated loan under which Sound Inpatient Physicians Holdings LLC is a borrower were trading in the secondary market around 50.9 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $610 million facility is a Term loan that is scheduled to mature on June 28, 2025. About $587.7 million of the loan is withdrawn and outstanding. Sound Inpatient Physicians, Inc. is a provider of physician services in acute, post-acute, emergency medicine, and intensivist facilities through its wholly owned subsidiaries and affiliated companies. Sound’s principal business is to provide hospitalist services to hospitals and health plans designed to improve the well-being of patients while reducing their associated costs through the management of medical care. The company is primarily owned by private equity sponsor Summit Partners and Optum Health. SPECTRUM GROUP: $507MM Bank Debt Trades at 20% Discount ------------------------------------------------------- Participations in a syndicated loan under which Spectrum Group Buyer Inc is a borrower were trading in the secondary market around 79.8 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $507 million facility is a Term loan that is scheduled to mature on May 19, 2028. The amount is fully drawn and outstanding. Spectrum Group Buyer, Inc. is operating through Pixelle Specialty Solutions LLC, a manufacturer of specialty papers for diverse end markets. The company is owned by funds affiliated with H.I.G. Capital. STILL HOPES: Fitch Affirms 'BB' Rating on 2017 & 2018A Bonds ------------------------------------------------------------ Fitch Ratings has affirmed the 'BB' rating assigned to the following South Carolina Jobs-Economic Development Authority bonds issued on behalf of South Carolina Episcopal Home at Still Hopes (Still Hopes): - $39,130,000 residential care facilities revenue bonds (Still Hopes) series 2017; - $67,950,000 residential care facilities revenue and revenue refunding bonds (Still Hopes) series 2018A. Fitch has also affirmed Still Hopes' Issuer Default Rating (IDR) at 'BB'. The Rating Outlook is Stable. Entity/Debt Rating Prior ----------- ------ ----- South Carolina Episcopal Home at Still Hopes (SC) LT IDR BB Affirmed BB South Carolina Episcopal Home at Still Hopes (SC) /General Revenues/1 LT LT BB Affirmed BB The 'BB' rating reflects the expected stability of Still Hopes' financial profile through Fitch's forward-looking scenario analysis including a stated 14-unit cottage expansion project that is expected to begin construction in about one year and ready for occupancy in about two years. Still Hopes is characterized by weaker operating risk due to several years of increased capital spending from the WellPointe and HealthPointe projects and pandemic and macro labor and supply disruptions. Fitch expects operations to continue to stabilize as both projects mature given the sufficient demand as indicated by a history of sound occupancy and affordability relative to resident net worth. SECURITY The bonds are secured by a gross revenue pledge and a mortgage on the community and a debt service reserve fund (DSRF). KEY RATING DRIVERS Revenue Defensibility - 'bbb' Sound Demand Across Service Lines; IL Occupancy Improved in FY23 Fitch's midrange revenue defensibility assessment reflects Still Hopes' history of strong demand as a single-site community in West Columbia, SC. Over the last five years, independent living unit (ILU) occupancy has averaged 89%, assisted living unit (ALU) occupancy has averaged 96%, skilled nursing facility (SNF) occupancy has averaged 84%, and memory care unit (MCU) has averaged 87%. In recent years, the pandemic disrupted marketing and sales activity and as a result, ILU occupancy softened. ILU occupancy gradually improved, and in FY23 returned to pre-pandemic levels, ending the FY at 92%. Fitch expects occupancy to stabilize near pre-pandemic metrics. A majority of Still Hopes' residents come from its local primary market area of West Columbia. Still Hopes' entrance fees range from about $312,000 to $668,000 depending on unit type and refund contract selected. Management reports that average resident net worth is well above its entrance fees; as a result, entrance fees remain affordable. Still Hopes has regular entrance fee and monthly service fee increases and a waitlist, which further support the midrange revenue defensibility assessment. Operating Risk - 'bb' Modest but Generally Adequate Operations Still Hopes is a type-C community that owns and operates a single-site life plan community (LPC). From FY19 to FY23 the operating ratio, net operating margin (NOM) and NOM-adjusted averaged approximately 107%, 3.3% and 17%, respectively. These metrics are in line with the current assessment; Fitch believes as the recent capex projects mature and the organization moves beyond pandemic-related and macro labor challenges margins will likely improve. Due to the significant capex spend for the HealthPointe and WellPointe projects, which were financed with 2017 and 2018 bond proceeds, Still Hopes' capital spending has been very healthy, with capex to depreciation averaging an elevated 358% over the last five years. The HealthPointe project primarily focused on the community's health center, adding 22 private ALUs, increasing the SNF bed count to 48 from 40, as well as constructing a SNF dining venue. Residents moved into the new facility in March 2019. The WellPointe project added a new tower of 80 ILU units and was completed in February 2021. As a result of this significant capex, Still Hopes' average age of plant has decreased over time and was a healthy 9.2 years at FYE23. Near-term capex plans include a planned 14-unit cottage expansion project that is expected to be financed with bank debt. Total project costs are estimated at $12 million with approximately $9 million of the bank debt to be repaid with the initial entrance fee pool. Management expects to start the project in about a year. Additionally, Management reports Still Hopes is working on plans to build a new middle market LPC adjacent to the current property. The new project will be aimed at a different population of prospective residents, and as a result, Fitch does not expect cannibalization of the Still Hopes' current resident base. Fitch expects this start-up to be financed outside the obligated group. Still Hopes has already purchased the adjacent property and expects to have an estimate of project costs in the next few months. Still Hopes' capital-related metrics remain somewhat mixed and generally somewhat modest, with revenue-only maximum annual debt service (MADS) coverage of 0.4x in FY23 and debt-to-net available cash flow averaged 12.1x over the last five years. Additionally, Still Hopes' MADS to revenue was 15.5% in FY23. Fitch believes these capital-related metrics will continue to moderate as the projects mature and the related debt is repaid. Financial Profile - 'bb' Rating Stability Through the Cycle Still Hopes ended FY23 with cash-to-adjusted debt of approximately 46.2% and MADS coverage of 1.6x. Still Hopes had approximately 355 days cash on hand at FYE23 compared with 312 at FYE22, which is neutral to the financial profile assessment. The increase in cash is largely due to receipt of a $7.3 million employee retention credit (ERC) in FY23. Fitch's forward-looking scenario analysis shows Still Hopes maintaining key liquidity and leverage metrics that are consistent with a 'bb' financial profile assessment, assuming elevated capex over the next couple of years as Still Hopes completes its cottage expansion project. Asymmetric Additional Risk Considerations There are no asymmetric risk factors associated with the rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Decline in core operating metrics that deteriorate the balance sheet and cash-to-adjusted debt; - Any change to the planned adjacent campus that results in additional obligated group financing. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - ILU occupancy rises to approximately 93%-95% and stabilizes at the higher level; - Operating metrics show stronger cash flow generation and sustained increase in core profitability, resulting in an operating ratio consistently under 100%, NOM in the 5%-7% range, and NOMA approaching 20%. PROFILE Still Hopes is a South Carolina nonprofit LPC organized in 1975 located in West Columbia. The organization also provides home care services to residents on campus, as well as individuals and families in Lexington and Richland Counties. Still Hopes is the only member of the obligated group. At Sept. 30, 2023, Still Hopes had 276 ILUs, 24 dementia ALUs, 22 ALUs, and 70 SNF beds, and generated total operating revenue in excess of $40 million. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by information from Lumesis. ESG CONSIDERATIONS The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. STILLPOINT INC: Seeks to Hire Riedel-Hogan CPA as Accountant ------------------------------------------------------------ Stillpoint, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ Anne-Marie Hogan, CPA, PLLC, doing business as Riedel-Hogan CPA, as its accountant. The firm will render these services: (a) assist the Debtor in its financial planning; (b) advise the Debtor with respect to its financial reporting obligations; and (c) prepare required tax returns for filing with appropriate governmental authorities. Riedel-Hogan CPA will be paid at its hourly rates ranging from $75 to $350. In addition, the firm will seek reimbursement for expenses incurred. Anne-Marie Hogan, CPA, a member of Riedel-Hogan CPA, 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: Anne-Marie Hogan, CPA Riedel-Hogan CPA 111 W. Washington St., Suite 100 Louisville, KY 40202 Telephone: (502) 708-1118 Facsimile: (502) 324-7980 Email: ahogan@riedelhogancpa.com About Stillpoint Inc. Stillpoint, Inc. filed Chapter 11 petition (Bankr. W.D. Ky. Case No. 23-32419) on Oct. 16, 2023, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Donald A. Taylor, Jr., president, signed the petition. Judge Charles R. Merrill oversees the case. The Debtor tapped Tyler R. Yeager, Esq., at Kaplan Johnson Abate & Bird, LLP as legal counsel and Anne-Marie Hogan, CPA, at Riedel-Hogan CPA as accountant. STRATEGIES 360: Gets OK to Tap Holzman Horner PLLC as ESOP Counsel ------------------------------------------------------------------ Strategies 360, Inc. received approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Holzman Horner PLLC as its employee stock ownership program (ESOP) counsel. Holzman Horner will represent the Debtor in the ESOP transaction, including but not limited to a proposed transaction or series of transactions whereby a to-be-formed employee stock ownership plan would acquire a portion of the equity of the Debtor. The hourly rates of the firm's attorneys and staff are as follows: Michael R. Holzman $900 Christopher T. Horner II $950 Jay X. Xin $550 In addition, the firm will seek reimbursement for expenses incurred. Michael Holzman, Esq., an attorney at Holzman Horner, 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: Christopher T. Horner II, Esq. Michael R. Holzman, Esq. Holzman Horner PLLC 1300 I Street, N.W. Suite 400E Washington, DC 20005 Telephone: (202) 618-3402 Facsimile: (202) 905-2156 Email: chorner@holzmanhorner.com mholzman@holzmanhorner.com About Strategies 360 Strategies 360, Inc., is a full-service communications firm with offices in eleven states, the District of Columbia, and British Columbia. Strategies 360 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 23-12303) on Nov. 27, 2023. In the petition signed by John Rosenberg, chief financial officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Timothy W. Dore oversees the case. The Debtor tapped Thomas A. Buford, Esq., at Bush Kornfeld LLP as legal counsel and Michael R. Holzman, Esq., at Holzman Horner PLLC as employee stock ownership program (ESOP) counsel. SUNLAND MEDICAL: Seeks to Extend Plan Exclusivity to April 26 ------------------------------------------------------------- Sunland Medical Foundation and 4750 GHW Bush Land Holdings LLC asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 26 and June 24, 2024, respectively. Sunland and 4750 GHW claim that the Debtors and their advisors have been working diligently to finalize a viable chapter 11 plan and strategize regarding the exit strategy for these Chapter 11 Cases. These discussions necessarily have involved the issue of continuing the Exclusivity Periods. The Debtors assert that their purpose in seeking extension of the Exclusivity Periods is a good-faith effort to conclude the plan process. Prior to the closing of the Sale Process, the Debtors and their advisors were principally concerned with ensuring that the sale of the Debtors' assets went ahead without complication or delay. The Debtors further assert that now that the sale has closed, the Debtors and their advisors have been able to turn their attention to the plan process and have concluded that additional time is needed to ensure that the final plan adequately addresses the needs of the Debtors, their estates, and other parties in interest. The Debtors have every reason to believe that such a final plan will materialize with the Exclusivity Periods extended. Finally, because the Debtors are generally paying their debts as they come due post-petition and anticipate continuing to do so going forward, the relief requested does not result in prejudice to any creditor or party-in-interest. The Debtors will continue to work diligently with their stakeholders to avoid unnecessary plan disputes. Counsel to the Debtors: Marcus A. Helt, Esq. Jack G. Haake, Esq. Grayson Williams, Esq. MCDERMOTT WILL & EMERY LLP 2501 North Harwood Street, Suite 1900 Dallas, TX 75201-1664 Tel: (214) 295-8000 Fax: (972) 232-3098 Email: mhelt@mwe.com jhaake@mwe.com gwilliams@mwe.com Natalie Rowles, Esq. MCDERMOTT WILL & EMERY LLP One Vanderbilt Avenue New York, New York 10017-3852 Tel: (212) 547-5400 Fax: (212) 547-5444 Email: nrowles@mwe.com About Sunland Medical Foundation Sunland Medical Foundation and 4750 GHW Bush Land Holdings, LLC are owners of Trinity Regional Hospital Sachse, a full-service hospital and emergency room near Dallas, Texas. Trinity is a not-for profit, 32-bed, community-focused acute care hospital providing care to the residents of Sachse, Murphy, Wylie, Rowlett, Garland, Plano, Richardson, and surrounding communities. The Debtors sought Chapter 11 protection (Bankr. N.D. Texas Lead Case No. 23-80000) on Aug. 29, 2023. Both estimated $50 million to $100 million in assets and $100 million to $500 million in liabilities as of the bankruptcy filing. The Hon. Michelle V. Larson is the case judge. The Debtors tapped McDermott Will & Emery, LLP as legal counsel; Meadowlark Advisors, LLC as financial advisor; and Eide Bailly LLP as tax advisor. Stretto Inc. is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Dickinson Wright, PLLC as legal counsel and Caliber Advisors, LLC as financial advisor. Susan Goodman is the patient care ombudsman appointed in the Debtors' Chapter 11 cases. SUNPOWER CORP: Delays Annual Report for Year Ended Dec. 31 ---------------------------------------------------------- SunPower Corp. 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 December 31, 2023. As previously disclosed, the Company on December 18, 2023 filed its Annual Report on Form 10-K/A for the period ended January 1, 2023, a Quarterly Report on Form 10-Q/A for the quarterly period ended April 2, 2023, and a Quarterly Report on Form 10-Q/A for the quarterly period ended July 2, 2023 (collectively, the "Affected Periods") to restate the financial statements for the Affected Periods. As a result of the time and effort that was required to complete these restatements, the Company requires additional time to complete its financial statements preparation and review process for the fiscal year ended December 31, 2023. Accordingly, the Company is unable to file its Annual Report on Form 10-K for the period ended December 31, 2023 by the prescribed due date without unreasonable effort or expense. The Company is working diligently and plans to file the Form 10-K as soon as practicable. About SunPower Headquartered in Richmond, California, SunPower (NASDAQ: SPWR) -- https://www.sunpower.com/ -- is a residential solar, storage and energy services provider in North America. SunPower offers solar + storage solutions that give customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. SunPower Corporation said in its Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended October 1, 2023, that there is substantial doubt exists about its ability to continue as a going concern. According to the Company, for the three and nine months ended October 1, 2023, it had recurring operating losses and, as of October 1, it breached a financial covenant and a reporting covenant of its Credit Agreement, dated as of September 12, 2022. The breaches created events of default thereunder, which enables the requisite lenders under the Credit Agreement to demand immediate payment or exercise other remedies. Such events raise substantial doubt about the Company's ability to continue as a going concern. SUNPOWER CORP: Undergoes CEO Transition --------------------------------------- SunPower Corp. announced that Chief Executive Officer Peter Faricy has departed the Company, effective February 26, 2024.The Board is conducting a comprehensive search process to identify a permanent CEO. Until a successor is named, the Board has established an Office of the Chairman, led by Tom Werner, Executive Chairman of the Board and Principal Executive Officer; and includes Elizabeth Eby, Chief Financial Officer; Eileen Evans, Chief Legal Officer; and other key members of the Executive Leadership Team. "On behalf of the Board, I want to thank Peter for his contributions to SunPower and advancing our mission of changing the way our world is powered," said Werner. "Over the past three years, SunPower has made strides toward expanding the footprint of residential solar, capturing a market-leading position in the new homes business and expanding consumer financing for solar through SunPower Financial. I am confident in our Office of the Chairman and our Executive Leadership Team to lead us through this transitional period while we search for a new CEO." Werner continued, "We remain committed to putting safety and our employees first, so that we can continue delivering the highest levels of service to our customers and partners. Importantly, we will also continue to build an even stronger operating discipline as we focus on profitability and achieving positive free cash flow. Now, following the Company's recent capital raise, we look forward to getting back to doing what SunPower does best and building an even more sustainable, resilient, and agile business." Werner was recently named SunPower's Executive Chairman of the Board. He brings valuable institutional knowledge from his nearly 18 years of service as the Company's CEO and Chairman of the Board. About SunPower Headquartered in Richmond, California, SunPower (NASDAQ: SPWR) -- https://www.sunpower.com/ -- is a residential solar, storage and energy services provider in North America. SunPower offers solar + storage solutions that give customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. SunPower Corporation said in its Form 10-Q Report filed with the U.S. Securities and Exchange Commission for the quarterly period ended October 1, 2023, that there is substantial doubt exists about its ability to continue as a going concern. According to the Company, for the three and nine months ended October 1, 2023, it had recurring operating losses and, as of October 1, it breached a financial covenant and a reporting covenant of its Credit Agreement, dated as of September 12, 2022. The breaches created events of default thereunder, which enables the requisite lenders under the Credit Agreement to demand immediate payment or exercise other remedies. Such events raise substantial doubt about the Company's ability to continue as a going concern. TELEPHONE USA: Seeks to Hire Foley & Lardner as Bankruptcy Counsel ------------------------------------------------------------------ Telephone USA Investments, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Foley & Lardner LLP as its counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business; (b) assist in identification of assets and liabilities of the estate; (c) assist the Debtor in formulating a plan of reorganization or liquidation and to take necessary legal steps in order to confirm such plan; (d) prepare and file all necessary legal documents; (e) take such action as is necessary and appropriate to preserve and protect the Debtor's assets and interests therein; (f) appear in court and protect the interests of the Debtor before the court; (g) analyze claims and compete property interests, and negotiate with creditors and parties-in-interest on behalf of the Debtor; (h) advise the Debtor in connection with any potential sale of assets and prepare and file necessary motions and other documents to effectuate the same on behalf of the Debtor; and (i) perform all other legal services for the Debtor that may be necessary in these proceedings. The hourly rates of the firm's counsel and staff are as follows: Susan Poll Klaessy, Partner $1,050 Timothy C. Mohan, Senior Counsel $950 Nora J. McGuffey, Associate $650 Edna D. Thomas-Nichols, Paralegal $405 Partners $775 - $1,725 Of Counsel $575 - $1,200 Senior Counsel $725 - $990 Associates $480 - $875 Paraprofessionals $165 - $500 In addition, the firm will seek reimbursement for expenses incurred. The firm received retainer payments of $25,000 on January 1, 2024, $72,338.50 on January 31, 2024, and $150,000 on January 31, 2024. Ms. Poll Klaessy 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: Susan Poll Klaessy, Esq. Nora J. McGuffey, Esq. Foley & Lardner LLP 321 N. Clark Street, Suite 3000 Chicago, IL 60654 Telephone: (312) 832-4500 Facsimile: (312) 832-4700 Email: spollklaessy@foley.com nora.mcguffey@foley.com About Telephone USA Investments Telephone USA Investments, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-01686) on Feb. 7, 2024. In the petition signed by Joseph Stroud, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge A. Benjamin Goldgar oversees the case. The Debtor tapped Foley & Lardner LLP as bankruptcy counsel and TLP Law as special corporate counsel. TEXAS REIT: Seeks Cash Collateral Access ---------------------------------------- Texas REIT, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, for authority to use cash collateral and provide adequate protection. The Debtor requires the use of cash collateral to continue to operate in the ordinary course of business and to pay normal operating expenses related to operating its business. The Debtor's real property is subject to a judgment in favor of WCW Properties, LLC. The judgment is being appealed. The Debtor's property is also subject to deeds of trust in favor of WCW and Dalio Holdings I, LLC. FGMS Holdings, LLC, CC2 TX, LLC, CAZ Creek TX, LLC have all held assignments of tax liens. The Dalio lien was assigned to it by International Bank of Commerce. The IBC lien included an Assignment of Leases. The WCW lien was assigned to it by Architectural Services International, Inc. John Quinlan, Omar Khawaja and Osama Abdullatif have filed multiple Notices of Lis Pendens asserting that the property is subject to claims in an adversary proceeding in the Southern District of Texas. Dalio holds an interest in cash collateral. The Debtor disputes the lien priority and validity of WCW. However, that is a matter for the Court of Appeals to resolve. The Debtor proposes to provide adequate protection to the parties with an interest in cash collateral in the following manner. a. The Debtor will provide all creditors with an interest in cash collateral with a replacement lien upon assets obtained post-petition to the same extent, priority and validity as their pre-petition liens. b. The Debtor will maintain insurance upon its assets. c. The Debtor will provide adequate protection payments as negotiated. The Debtor requests permission to pay its usual and customary operating expenses as set forth on its budget. A copy of the Debtor's motion and budget is available at https://urlcurt.com/u?l=dX9srw from PacerMonitor.com. The Debtor projects total operating expenses, on a monthly basis, as follows: $40,039 for March 2024; $40,039 for April 2024; $40,039 for May 2024; and $40,039 for June 2024. About Texas REIT, LLC Texas REIT, LLC owns a strip center in Houston, Texas located at 8050-8098 Westheimer. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10120) on February 6, 2024. In the petition signed by Drew Dennett, authorized representative, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad Robinson oversees the case. Stephen W Sather, Esq., at Barron & Newburger, PC, represents the Debtor as legal counsel. TEXAS REIT: Seeks to Hire Barron & Newburger as Bankruptcy Counsel ------------------------------------------------------------------ Texas REIT, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Barron & Newburger, PC as its counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in the continued management of their assets; (b) review the nature and validity of claims asserted against the property of the Debtor and advise concerning the enforceability of such claims; (c) prepare on behalf of the Debtor all necessary legal documents and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, legal papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Stephen Sather, Esq. $550 Charles Murnane, Esq. $375 Other Attorneys $175 - $475 Legal Assistants $40 - $100 The firm will also seek reimbursement for expenses incurred. The firm received a retainer in the amount of $20,000 from the Debtor on January 2, 2024. Stephen Sather, Esq., an attorney at Barron & Newburger, 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: Stephen W. Sather, Esq. BARRON & NEWBURGER PC 7320 N. MoPac Expy., Ste. 400 Austin, TX 78731 Telephone: (512) 476-9103 Facsimile: (512) 279-0310 Email: ssather@bn-lawyers.com About Texas REIT Texas REIT, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10120) on Feb. 6, 2024. In the petition signed by Drew Dennett, an authorized representative, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Shad Robinson oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, PC represents the Debtor as legal counsel. THOUGHTWORKS INC:S&P Alters Outlook to Negative, Affirms 'BB-' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on ThoughtWorks Inc. to negative from stable and affirmed all of its ratings, including its 'BB-' issuer credit rating. The negative outlook reflects the heightened risk that S&P will downgrade the company in the next 12 months if its believe its leverage will exceed and be sustained above our 4x downside trigger. S&P expects IT spending related to growth initiatives to remain weak in 2024, pressuring ThoughtWorks' topline. While ThoughtWorks' revenue is diversified by geography and client industry verticals, all segments declined during 2023 (except for the auto, travel, and transportation vertical, which grew 11% to represent 16% of annual revenue in the year). S&P expects many of the growth pressures the company faced during 2023 to continue into 2024. Approximately 50% of ThoughtWorks' annual revenue is related to growth initiatives of its clients, such as new product development, market expansion, or new tech development. The other 50% of revenue is related to helping clients become more efficient with their existing technology assets. Historically, ThoughtWorks' focus on its client growth initiatives helped boost its revenues and profits (for example, revenue grew 21% during 2022 as clients accelerated their pace of tech investments). However, many clients are working through flat IT budgets due to the current tech spending and macroeconomic climate. As a result, ThoughtWorks' sales cycles have become elongated (what used to be larger and longer deals have been broken up into smaller deals in which clients can continuously measure their return on investment and make quick choices on whether projects should be delayed or canceled). Offshoring work under the current revenue environment is helping ThoughtWorks retain clients and remain competitive, though S&P notes its outsized onshore presence played into its strengths in the past when client tech spending was expanding. ThoughtWorks' competitive advantage was having a more onshore presence than other IT service/consulting peers, as this allowed for more client interaction and real-time discussions on various projects. Due to budgetary pressures, the company has seen more work shifting offshore to work within clients' budgetary constraints. The company has also conceded on pricing to retain clients during 2023 (high-single-digit year-on-year pricing declines excluding the shift mix to offshore work – the declines also include service mix shift reflecting reduced consulting work). S&P believes customers, if the current cautious IT spending environment persists or worsens, would look to push more work offshore or seek pricing concessions as contracts come up for negotiation (contracts usually mature in less than a year), presenting incremental operating headwinds and potential further contraction in average selling prices, and make it harder for ThoughtWorks to stabilize performance. S&P expects restructuring activities to help stem the decline in S&P Global Ratings-adjusted EBITDA margins. S&P notes that the restructuring was largely complete by the end of 2023. The company noted $81 million in annualized cost savings by the end of 2023, though it experienced some supply-side issues related to the restructuring hiccups, including the push out of approximately $10 million to $15 million in revenue in the fourth quarter of 2023. Management has indicated it has corrected these factors and does not expect further issues related to the restructuring in 2024. The new operating model should allow ThoughtWorks to increase its client focus as sales teams are now verticalized by industry, allowing for a faster go-to-market. S&P said, "We forecast S&P Global Ratings-adjusted EBITDA margins remaining in the 8%-9% range for 2024, a similar level to what the company achieved in 2023 (but notably below 2022's margin of 21% when the company was experiencing revenue tailwinds). We expect this margin stabilization in 2024 to stem primarily from the company's restructuring activities to right size of its operating costs." Cash flow generation and cash on hand offer opportunities for further voluntary debt prepayments and potential upside to S&P's base-case forecast. The company generated $45 million of free cash flow during 2023, ended the year with $100 million of cash on hand and had full access to its $300 million revolver. S&P said, "We expect the company to generate a similar level of free cash flow during 2024. Without a compelling case for using cash generation for acquisitions or share repurchases, we think management could use excess cash to pay down debt. We note that the company has been actively reducing its debt balance, having prepaid $107 million in debt in the last two years. Additional debt prepayments would represent upside to our base-case leverage calculation, as we do not net cash from debt." S&P said, "The negative outlook reflects our expectation for revenues to decline about 10% in 2024 as the IT spend continues to be constrained by client budgets. We also expect sales cycles to remain elongated and some additional pricing pressure to occur, especially as it relates to work the company shifts offshore. "We expect S&P Global Ratings-adjusted EBITDA margins to remain near 2023 levels of 8%-10% as the company benefits from its restructuring activities. We expect revenue declines and further margin pressures to alleviate into 2025 as IT budgets begin expanding. Therefore we forecast S&P Global Ratings-adjusted leverage to peak in the high-3x area by the end of 2024, before improving in 2025. "We could consider a lower rating with continued underperformance stemming either from macro pressures or company-specific weakness resulting in adjusted debt to EBITDA sustained above 4x. "We could revise the outlook to stable with revenue improvements, EBITDA margins rising, or debt levels falling such that we expect leverage not to exceed our 4x trigger." TIMOTHY HILL: Wins Cash Collateral Access on Final Basis -------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York authorized Timothy Hill Children's Ranch, Inc. to use cash collateral on a final basis, in accordance with the budget, with a 10% variance. As of the Petition Date, the Debtor owed Dime Bank an aggregate principal amount of not less than $2.3 million plus accrued and accruing interest, fees, costs, indemnification obligations, and other amounts owing under the Loan Documents. The Debtor is indebted to Dime Bank under a Mortgage Note dated June 15, 2016 in the principal amount of $2.850 million. The Mortgage Note is secured by mortgages on several real properties. As of the Petition Date, the Debtor owed Dime Bank an amount not less than $2.055 million. The Debtor is a Borrower under the Business Loan Agreement dated as of May 13, 2016 and Commercial Promissory Note dated as of May 13, 2018 in the principal amount of $790,000. As of the Petition Date, the Debtor owed Dime Bank an amount not less than $192,538. Pursuant to a Secured Business Advantage Line of Credit Agreement dated as of April 14, 2021, Dime Bank provided the Debtor with a line of credit up to a principal amount of $200,000. Unless extended further with the written consent of Dime Bank, the authorization granted to the Debtor to use cash collateral will terminate immediately upon the earliest to occur of the following: (i) the Debtor's failure to confirm a plan of reorganization acceptable to Dime Bank by August 31, 2024 (or such later date as may be agreed upon by Dime Bank); (ii) the entry of an order dismissing the Bankruptcy Case; (iii) the entry of an order converting the Bankruptcy Case to a case under Chapter 7; (iv) the entry of an order appointing a trustee or an examiner with expanded powers with respect to the Debtor's estate; (v) entry of an order reversing, vacating, or otherwise amending, supplementing, or modifying the Second Interim Order; (vi) entry of an order granting relief from the automatic stay to any creditor (other than Dime Bank) holding or asserting a lien in the Prepetition Collateral, or; (vii) the Debtor's breach or failure to comply with any term or provision of the Second Interim Order. As adequate protection, Dime Bank will be granted valid, binding, enforceable, and automatically perfected post-petition liens that are co-extensive with Dime Bank's prepetition liens and security interests. The Replacement Liens are junior only to: (A) Dime Bank's prepetition liens on and against the Prepetition Collateral, and (B) other unavoidable liens, if any, existing as of the Petition Date that are senior in priority to Dime Bank's prepetition liens on and against the Prepetition Collateral. To the extent the Replacement Liens granted to Dime Bank in the Final Order do not provide Dime Bank with adequate protection of its interests in the cash collateral, Dime Bank is granted pursuant to 11 U.S.C. Sections 503(b) and 507(b) an allowed administrative expense claim in the Bankruptcy Case ahead and senior to any and all other administrative expense claims in the Bankruptcy Case to the extent of any postpetition diminution in value of Dime Bank's interests in the Prepetition Collateral, including the cash collateral. The Adequate Protection Superpriority Claim will not be junior to or pari passu with any claims or administrative expenses. As partial adequate protection to Dime Bank under the Final Order, the Debtor will make the following monthly payments under the Loan Documents: a. On or before January 15, 2024 and by the 15th day of each month thereafter, the Debtor will pay Dime Bank the monthly payment of principal and interest due under the Mortgage Note. b. By no later than January 28, 2024, and by the 28th of each month thereafter, the Debtor will pay Dime Bank $8,154 in respect of the monthly payment of principal and interest under the Term Note, as extended. c. On or before January 28, 2024, and by the 28th of each month thereafter, the Debtor will pay Dime Bank $2,301 in respect of the monthly payment of principal and interest under the Line of Credit Agreement, as extended. A copy of the order is available at https://urlcurt.com/u?l=rQWYUP from PacerMonitor.com. About Timothy Hill Children's Ranch, Inc. Timothy Hill Children's Ranch, Inc. owns and operates transitional housing programs for troubled teens and young adults. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 23-73821) on October 16, 2023. In the petition signed by Thaddaeis Hill, executive director, the Debtor disclosed $13,637,708 in assets and $4,841,336 in liabilities. Judge Louis A. Scarcella oversees the case. Heath S. Berger, Esq., at Berger, Fischoff, Shumer, Wexler & Goodman, LLP, represents the Debtor as legal counsel. TOOLOTS INC: Hires Shioda Langley & Chang LLP as Counsel -------------------------------------------------------- Toolots, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Shioda, Langley & Chang LLP, as general insolvency counsel. The firm will provide legal advice and guidance with respect to the powers, duties, rights and obligations of the Debtor as Debtor-in Possession, the formulation and preparation of a Plan of Reorganization and Disclosure Statement, and to prepare on behalf of the Debtor all legal documents as may be necessary, and to perform such legal services as are required in these Chapter 11 proceedings. The firm will be paid at these rates: Partners $650 per hour Associates $360 per hour Paralegals $180 per hour The firm received from the Debtor a retainer in the amount of $67,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher J. Langley, Esq., a partner at Shioda Langley & Chang LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher J. Langley, Esq. SHIODA LANGLEY & CHANG LLP 1063 E. Las Tunas Ave. San Gabriel, CA 91776 Tel: (626) 281-1232 About Toolots, Inc. Toolots Inc. operates an online marketplace and distribution channel for factory-direct industrial tools, machinery and technology. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10893) on February 6, 2024. In the petition signed by Jason Fu, CEO, the Debtor disclosed $2,308,249 in assets and $7,026,470 in liabilities. Christopher J. Langley, Esq., at SHIODA LANGLEY & CHANG LLP, represents the Debtor as legal counsel. TRINSEO PLC: Grants Special Retention Awards to Key Execs --------------------------------------------------------- Trinseo PLC disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Compensation Committee of the Board of Directors of the Company approved the grant of special one-time cash retention awards to certain employees, including David Stasse, the Company's Chief Financial Officer, and Angelo Chaclas, the Company's Chief Legal Officer. The special one-time cash retention awards consist of a time-vested cash award of $2 million to Stasse and $1 million to Chaclas, which awards are payable in two equal annual installments subject to each Executive's continued employment. The retention awards are intended to serve as a strong incentive to retain certain key members of management during a period of extreme volatility in the chemicals industry. In the event the Executive is terminated without cause, due to death or disability, or following change in control, the retention awards will be paid in full or in part depending on the reason for termination. If the Executive's employment is terminated for any other reason, the Executive will forfeit the right to receive any unpaid portion of the retention award but will not be obligated to repay any portion of the award previously paid. About Trinseo Trinseo (NYSE: TSE) (www.trinseo.com), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility. Trinseo reported a net loss of $430.9 million in 2022. * * * As reported by the TCR on May 30, 2023, S&P Global Ratings lowered its issuer credit rating on Trinseo PLC to 'CCC+' from 'B-'. S&P said, "The downgrade reflects that Trinseo has not yet addressed the upcoming maturity of its $661.7 million TLB, which becomes current in September, and that we anticipate weak 2023 earnings." TRUEVISION COMPLETE: Court OKs Cash Collateral Access ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, authorized Truevision Complete Eye Care PA to use cash collateral, on an interim basis, in accordance with the budget, with a 15% variance. The Debtor requires the use of cash collateral to pay its direct operating expenses and obtain goods and services needed to carry on its business. Comerica Bank and Kapitus Servicing, Inc., as Servicing Agent for Kapitus, LLC assert an interest in the Debtor's cash collateral. As adequate protection for the use of the Debtor's Pre-Petition Collateral, the Secured Lenders are granted, nunc pro tunc to the Petition Date, valid, binding, enforceable, and perfected liens co-extensive with the Secured Lenders' pre-petition liens in all currently owned or hereafter acquired property and assets of the Debtor. Additionally, the Secured Lenders are entitled to an administrative expense claim pursuant to 11 U.S.C. Section 507(b) to the extent the above adequate protection proves insufficient and/or does not offset any diminution of value in the Pre-Petition Collateral in the chapter 11 case and any Successor Case. The Post-petition Liens/replacement liens granted to the Secured Lenders are automatically perfected without the need for filing of a UCC-1 financing statement with the Secretary of State's Office or any other such act of perfection. The Postpetition Liens will be deemed automatically valid and perfected with such priority as provided in the Order without any further notice or act by any party that may otherwise be required under any other law. In the event the Debtor does not have sufficient funds to maintain its postpetition obligations as outlined on Debtor's Budget, Dr. Iredia Ekukpe will reduce his payroll in order to maintain these expenses. The Debtor will immediately cease using cash collateral upon the occurrence of one of the following events: a. If the Debtor breaches any term or condition of the Order; b. If the case is converted to a case under Chapter 7 of the Bankruptcy Code; c. If the Debtor is removed from possession and a Chapter 11 or other Trustee, such as the Subchapter V Trustee is appointed to take over the Debtor's business/operations; and d. If the case is dismissed. A final hearing on the matter is set for March 28, 2024 at 1:30 p.m. A copy of the order is available at https://urlcurt.com/u?l=p5DA83 from PacerMonitor.com. About Truevision Complete Eye Care Truevision Complete Eye Care, PA filed Chapter 11 petition (Bankr. N.D. Texas Case No. 24-30108) on Jan. 12, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Michelle V. Larson oversees the case. Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC represents the Debtor as legal counsel. TRUIST INSURANCE: S&P Assigns 'B' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings assigned its 'B' issue rating and '3' recovery rating (50%-70%; rounded estimate: 55%) to the proposed first-lien $1.175 billion revolver (undrawn at close) and $4.0 billion term loan, and its 'CCC+' issue rating and '6' (0%) recovery rating to the proposed $1.9 billion second-lien term loan. The stable outlook reflects S&P's expectations for Truist Insurance Holdings LLC to generate steady revenue and EBITDA growth over the next year while maintaining credit metrics commensurate with the rating. S&P's rating reflects TIH's narrow focus on the highly fragmented and competitive U.S. insurance brokerage industry, in which it has a longstanding and established competitive position. As the fifth-largest U.S. insurance broker with about $3.5 billion of revenue in 2023, TIH has market-leading presence and scaled capabilities across the insurance distribution value chain. TIH operates through representative brands including CRC (third-largest property/casualty [P/C] wholesaler), McGriff (top 15 retail insurance broker), and AmRisc (largest property catastrophe managing general agent), enabling the company to best serve the needs of their respective clients throughout the entire value chain, which can result in capturing a greater share of aggregate commission dollars. TIH has a diversified revenue base with low producer, client, carrier, and industry vertical concentrations. Further, supported by a deep bench of production talent, the company has generated consistently strong organic growth (five-year average of over 7%) through various economic and P/C market cycles. TIH has also grown and enhanced its capabilities through a number of acquisitions while maintaining strong S&P Global Ratings-adjusted EBITDA margins in the high-20% area over the past three years. The company has executed a number of strategic initiatives, such as launching a proprietary data and analytics platform in 2019 and launching the McGriff Digital Marketplace in 2022, which have all helped further develop the company's competitive position. Given the company's track record, market-leading capabilities, and overall solid positioning in a fragmented space, S&P expects TIH to continue delivering steady top-line growth and consistent operating performance strength. S&P said, "A leveraged capital structure and financial-sponsor ownership constrain our view of financial policy. Based on pro forma S&P Global Ratings-adjusted EBITDA of about $951 million for fiscal year 2023, we estimate financial leverage of 8.5x and EBITDA interest coverage of 1.3x at close (including new senior secured financing to launch during the loan syndication period). We expect meaningful improvements to these metrics as the company continues delivering strong organic growth and profitability, with leverage of 6.25x–6.75x and coverage of around 2.0x by the end of 2025. Still, in our view, financial-sponsor ownership limits the likelihood for leverage to decline below 5.0x on a sustained basis, and we believe the company's credit metrics will remain in line with that of similar 'B' rated peers over the forecast period. We expect TIH and its financial sponsors to prioritize investments in the business and to use excess cash flow for possible shareholder distributions and acquisitions once the spinoff is complete. "Our base case forecasts organic revenue growth in the mid-to-high single-digits and S&P Global Ratings-adjusted EBITDA margin improving from about 28% in 2023 to 30% in 2025, driven by continued secular tailwinds, successful realization of ongoing cost saving initiatives, and overall improved scaling as a stand-alone entity. "Acquisitions are a key component of the company's growth strategy, but we believe TIH will primarily focus on completing separation efforts and that it is unlikely for TIH to pursue merger and acquisition (M&A) opportunities and raise additional related debt over the next 12 months. Although we expect EBITDA expansion and continued strong cash flow generation to drive improved credit metrics through 2025, we believe the company's financial-sponsor ownership limits the likelihood of further material deleveraging. "While there are risks for operational disruptions during the spinoff transition period, we believe TIH will be able to pursue and execute on initiatives and growth opportunities more nimbly as a stand-alone entity. Once separated from the limitations posed by bank-related regulations that govern Truist Financial Corp., TIH will have more agency and flexibility to pursue opportunities, such as M&A and investing back into the business. However, there are risks and near-term hurdles related to this separation process, such as unexpected cost overruns and having to build out standalone corporate functions. TIH has historically operated as an independent business within Truist Financial Corp., with its own dedicated management team, personnel, and core technology platforms. Given the company's strong track record, we consider it unlikely for this separation to meaningfully threaten its solid performance momentum and competitive positioning. We still expect to see strong organic growth and profitability through improved cross-sell, accelerated producer recruiting, and expense reduction initiatives. "The stable outlook reflects our expectation for TIH to maintain its solid competitive position and generate sustained top line growth (mostly organically derived) of 7%-10% through 2025 with an adjusted EBITDA margin of 28%-29% in 2024 and 29%-30% in 2025. If the company were to achieve our expectations, we would expect to see leverage of about 7.5x and coverage of 1.5x–1.8x in 2024. We expect a near-term trend of deleveraging through first-half 2025 by means of strong EBITDA growth along with increasing absolute cash flow generation. "We could lower our ratings in the next 12 months if the company's competitive position were to meaningfully erode or if its credit metrics were to weaken, resulting in debt to EBITDA above 8x or coverage materially below 2x on a sustained basis. This could occur if operating performance were to deteriorate in connection with revenue and margin contraction linked to strained growth and retention, diminished operational efficiency, or more aggressive financial policy. "While unlikely, we could raise our ratings in the next 12 months if TIH's financial policies become less aggressive, resulting in pro forma adjusted financial leverage falling to below 5x as the company continues to expand and diversify its business profile." UNITED TRANS: Seeks to Hire The Brannen Firm as Bankruptcy Counsel ------------------------------------------------------------------ United Trans Logistics Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ The Brannen Firm, LLC as its counsel. The firm will render these services: (a) advise the Debtor with respect to its rights, powers, duties, and obligations in the administration of its case, operation of its business and management of its property; (b) prepare pleadings, applications, and conduct examinations incidental to administration; (c) advise and represent the Debtor in connection with all applications, motions, or complaints for reclamation, adequate protection, sequestration, relief from stays, appointment of a trustee or examiner, and all other similar matters; (d) develop the relationship of the status of the Debtor to the claims of creditors in these proceedings; (e) advise and assist the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code and concerning any and all matters relating thereto; and (f) perform any and all other legal services for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Joseph Chad Brannon $350 Paralegal/Support Staff $150 Joseph Chad Brannon, Esq., an attorney at The Brannen Firm, 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: Joseph Chad Brannon, Esq. The Brannen Firm, LLC 7147 Jonesboro Road, Ste. G Morrow, GA 30260 Telephone: (770) 474-0847 Email: chad@brannenlawfirm.com About United Trans Logistics United Trans Logistics Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-51997) on Feb. 26, 2024, listing under $1 million in both assets and liabilities. Joseph Chad Brannen, Esq., at The Brannen Firm, LLC represents the Debtor as legal counsel. UNIVERSAL-1 IMPORTS: Court OKs Interim Cash Collateral Access ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, authorized Universal-1 Imports, Inc. to use cash collateral, on an interim basis, in accordance with the budget, effective to March 20, 2024, subject to a further hearing. The court said for the period covering February 28, 2024 through and including March 20, 2024, the Debtor is only authorized to pay those expenses set forth on the detailed budget filed with the court on February 26, 2024. The Debtor will deposit all funds received in the Debtor-In-Possession operating account and segregate via its accounting any funds not expended for the approved budgeted expense. All of the Debtor's revenues and expenditures will be accounted for in detailed monthly operating reports which the Debtor will timely file with the Bankruptcy Court in accordance with the US Trustee guidelines. The Debtor will promptly provide to Green Tree Capital, LLC bi-weekly accounting reports and bank statements reasonably requested. As adequate protection for the use of cash collateral, Green Tree is granted valid, enforceable, fully perfected, security interests, to the extent that said PrePetition Liens were valid, perfected and enforceable as of the Petition Date and in the continuing order of priority that existed as of the Petition Date, to the extent of, and as security for any decrease in the value of Green Tree's interest in the cash collateral since the Petition Date, all of the Debtor's present and future (a) accounts, chattel paper, documents, equipment, general intangibles, instruments and inventory as those terms are defined in Article 9 of the Uniform Commercial Code, now or hereinafter acquired by Debtor and\or Guarantor(s); (b) all proceeds as that term is defined in Article 9 of the UCC; (c) funds at any time in the Debtor's and\or Guarantor(s) account, regardless of the source of the funds; (d) present and future Electronic Check Transactions; and (e) any amount which may be due to Green Tree under its Agreement with Green Tree, including, but not limited to all rights to receive any payments or credits under the Agreement in the same validity, order and priority as the PrePetition Liens, subject, in accordance with the priority as set forth therein, and subordinate only to: United States Trustee fees pursuant to 28 U.S.C. Section 1930, together with interest, if any, pursuant to 31 U.S.C. Section 3717 and any Clerk's filing fees; and fees due the Subchapter V Trustee. In addition, the Replacement Liens granted will not attach to the proceeds of any recoveries of estate causes of action under 11 U.S.C. Sections 542-553 of the Bankruptcy Code. A further hearing on the matter is set for March 20 at 1:30 p.m. A copy of the order is available at https://urlcurt.com/u?l=sbG501 from PacerMonitor.com. About Universal-1 Imports, Inc. Universal-1 Imports, Inc. sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-11338) on Feb. 13, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge Scott M Grossman presides over the case. Susan D. Lasky, Esq. at Susan D. Lasky PA represents the Debtor as counsel. VALCOUR PACKAGING: $420MM Bank Debt Trades at 23% Discount ---------------------------------------------------------- Participations in a syndicated loan under which Valcour Packaging LLC is a borrower were trading in the secondary market around 77.3 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $420 million facility is a Term loan that is scheduled to mature on September 29, 2028. The amount is fully drawn and outstanding. Valcour Packaging LLC, doing business as Mold-Rite Plastics, provides high-quality plastic packaging components. VAN'S AIRCRAFT: Hires Hawkins Parnell & Young as Special Counsel ---------------------------------------------------------------- Van's Aircraft, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Oregon to employ Hawkins Parnell & Young, LLP as special counsel. The firm will provide advice and services relating to the Van's Aircraft, Inc. Employee Stock Ownership Plan and Trust ("ESOP"), including corporate, tax and fiduciary issues relating to ESOPs and employee benefit plans. The firm will be paid at these rates: Rachel J. Markun, Partner $575 per hour Teresa Y. Huang, Partner $425 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Rachel J. Markun, Esq., a partner at Hawkins Parnell & Young, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Rachel J. Markun, Esq. Teresa Y. Huang, Esq. HAWKINS PARNELL & YOUNG, LLP 1776 Second Street Napa, CA, 94559 Tel: (707) 299-2471 Email: rmarkun@hpylaw.com About Van's Aircraft Van's Aircraft, Inc. is a designer and manufacturer of kit aircraft, with more than 10,000 flying aircraft and a wide selection of available models. Van's Aircraft sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 23-62260) on Dec. 4, 2023. In the petition signed by Donald L. Eisele, interim CFO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge David W. Hercher presides over the case. The Debtor tapped Tonkon Torp LLP as legal counsel and Hamstreet & Associates, LLC as chief restructuring officer. BMC Group, Inc. is the noticing and claims agent. VANSHI LLC: Seeks to Tap Cushman & Wakefield as Real Estate Broker ------------------------------------------------------------------ Vanshi, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Cushman & Wakefield U.S., Inc. as real estate broker. The Debtor requires a broker to market and sell its commercial property located at 3 North New Warrington Road, Pensacola, Florida. Cushman & Wakefield will receive a 6.5 percent commission of the sales price if it agrees to share its commission. In the event that there is no outside broker or the firm does not elect to share its commission, then the commission shall be 6 percent. Scott Garlick, a managing principal at Cushman & Wakefield, 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: Scott Garlick Cushman & Wakefield U.S., Inc. One Tampa City Center, Suite 3300 Tampa, FL 33602 Telephone: (813) 204-5310 About Vanshi LLC Vanshi is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Vanshi, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 23-30803) on November 13, 2023. In the petition signed by Priteshkumar M. Patel, owner, the Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Jerry C. Oldshue Jr. oversees the case. Robert C. Bruner, Esq. at Bruner Wright, PA represents the Debtor as counsel. VENUS CONCEPT: EW Healthcare, 8 Others Report Equity Stakes ----------------------------------------------------------- The following entities disclosed in a Schedule 13D/A Report filed with the U.S. Securities and Exchange Commission that as of February 27, 2024, they beneficially owned shares of Venus Concept's common stock: Reporting Person Shares Owned Percent of Class EW Healthcare Partners, LP 4,431,947 45.5% EW Healthcare Partners-A, LP 178,310 2.7% Essex Woodlands Fund IX-GP, LP 4,610,257 46.7% Essex Woodlands IX, LLC 4,610,257 46.7% Martin P. Sutter 4,610,257 46.7% R. Scott Barry 4,610,257 46.7% Ronald Eastman 4,610,257 46.7% Petri Vainio 4,610,257 46.7% Steve Wiggins 4,610,257 46.7% A full-text copy of the Report is available at https://tinyurl.com/58jnfrdp 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. In its Quarterly Report for the three months ended Sept. 30, 2023, Venus Concept said the Company's 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 were 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. VENUS CONCEPT: Masters Capital, 5 Others Report Equity Stakes ------------------------------------------------------------- The following entities disclosed in a Schedule 13D/A Report filed with the U.S. Securities and Exchange Commission that as of February 27, 2024, they beneficially own Shares of Venus Concept's common stock: Reporting Person Shares Owned Percent of Class Masters Special 539,945 7.44% Situations Masters Capital 1,000,000 13.78% Management Michael Masters 1,539,945 21.23% Marlin Fund 502,980 6.93% Limited Partnership Marlin Fund II 390,920 5.39% Limited Partnership MSS VC SPV LP 539,945 7.44% A full-text copy of the Report is available at https://tinyurl.com/2s4c896r 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. In its Quarterly Report for the three months ended Sept. 30, 2023, Venus Concept said the Company's 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 were 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. VERTEX ENERGY: Reports Q4, Full Year 2023 Financial Results ----------------------------------------------------------- Vertex Energy, Inc. announced its financial results for the fourth quarter ended December 31, 2023. FOURTH QUARTER 2023 HIGHLIGHTS: * Reported net loss attributable to the Company of ($63.9) million, or ($0.68) per fully-diluted share * Reported Adjusted EBITDA of ($35.1) million. * Continued safe operation of the Company's Mobile, Alabama refinery (the "Mobile Refinery") with fourth quarter 2023 conventional throughput of 67,083 barrels per day (bpd), in line with prior guidance. * Renewable diesel ("RD") throughput of 3,926 bpd, reflecting Phase One capacity utilization of 49.1%. * Total cash and cash equivalents of $80.6 million, including restricted cash of $3.6 million and $50 million in additional term loan proceeds received during the quarter ended December 31, 2023. FULL-YEAR 2023 HIGHLIGHTS: * Reported net loss attributable to the Company of ($71.5) million for the full year 2023, versus net loss attributable to the Company of ($4.8) million in 2022. * Reported Adjusted EBITDA of $17.1 million for the full-year versus Adjusted EBITDA of $161.0 million for the full year 2022 * Conventional throughput volumes of 73,734 barrels per day (bpd) for 2023 (98.3% utilization). * Completion of Phase I of Renewable Diesel conversion project with the launch of Renewables business and Marine Fuels and Logistics business in Mobile, Alabama. Vertex reported fourth quarter 2023 net loss attributable to the Company of ($63.9) million, or ($0.68) per fully-diluted share, versus net income attributable to the Company of $44.4 million, or $0.56 per fully-diluted share for the fourth quarter of 2022. Adjusted EBITDA (see "Non-GAAP Financial Measures and Key Performance Indicators", below) was ($35.1) million for the fourth quarter 2023, compared to Adjusted EBITDA of $75.2 million in the prior-year period. For the full-year 2023, the Company reported a net loss attributable to the Company of ($71.5) million versus ($4.8) million for the full-year 2022, largely attributable to losses in the Renewables segment due to elevated costs for Refined, Bleached and Deodorized ("RBD") soybean oil feedstock, and increased corporate segment expenses for overhead to support business expansion. The Company also reported Adjusted EBITDA of $17.1 million, versus $161.0 million for the full years 2023 and 2022, respectively. Full-year financial results for 2023 include several non-cash items such as inventory valuation adjustments of $6 million, changes in the value of derivative liabilities which amounted to $8 million and a one-time pre-tax gain on the sale of assets of $70.9 million related to the sale of the Heartland facility. Benjamin P. Cowart, Vertex's Chief Executive Officer, stated, "In 2023, we focused on establishing new lines of business, expanding our capabilities, and positioning ourselves for growth into new markets. We believe the launch of Vertex Renewables and optimization of feedstocks have positioned the Company for margin opportunities under the new credit regime post-2024. Additionally, the inauguration of our Marine Fuels and Logistics business alongside our Supply and Trading division has enabled us to leverage strategic integration opportunities, enhancing netbacks and capturing additional value for our finished products." Mr. Cowart continued, "As we move into 2024, our priorities are to increase our cash position, reduce our operating costs, and improve margins." 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/4c8u6fju About Vertex Energy Vertex Energy is a leading energy transition company that specializes in producing both renewable and conventional fuels. The Company's innovative solutions are designed to enhance the performance of our customers and partners while also prioritizing sustainability, safety, and operational excellence. With a commitment to providing superior products and services, Vertex Energy is dedicated to shaping the future of the energy industry. * * * As reported by the Troubled Company Reporter on Feb. 8, 2024, Fitch Ratings has downgraded Vertex Energy Inc.'s (Vertex) and Vertex Refining Alabama LLC's Long-Term Issuer Default Ratings (IDR) to 'CCC+' from 'B-'. Fitch has also downgraded the rating of Vertex Refining Alabama's senior secured term loan to 'B-'/'RR3' from 'B'/'RR3'. The downgrade reflects Vertex's weaker liquidity buffer amid lower U.S. Gulf Coast refining crack spreads and weak Fitch-expected contribution from renewable diesel segment in 2024. The company's FCF generation is highly sensitive to refining crack spreads that declined in 4Q23 from abnormally high 2022-2023 levels. Its unrestricted cash balance fell from $141 million at YE 2022 to around $70-80 million at YE 2023. Fitch projects negative EBITDA and FCF for Vertex in 2024 based on the assumptions of continued crack spread normalization and weak renewable diesel profitability. VOLUME INDUSTRIES: Seeks to Hire Kirby Aisner & Curley as Counsel ----------------------------------------------------------------- Volume Industries, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Kirby Aisner & Curley LLP as its counsel. The firm will render these services: (a) advise the Debtor with respect to its powers, duties, and responsibilities in the continued management of its property and affairs; (b) negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps to effectuate such a plan; (c) prepare legal papers; (d) appear before the Bankruptcy Court to protect the interest of the Debtor and to represent it in all matters pending before the court; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; (f) advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of the business and its assets; (g) represent the Debtor in connection with obtaining post-petition financing; (h) take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (i) perform all other legal services for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Partners $475 - $575 Associates $295 - $325 Paraprofessionals/Law Clerks $150 - $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer payment in the amount of $26,738 on January 25, 2024. Dawn Kirby, Esq., a partner at Kirby Aisner & Curley, 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: Dawn Kirby, Esq. KIRBY AISNER & CURLEY LLP 700 Post Road, Suite 237 Scarsdale, NY 10583 Telephone: (914) 401-9500 Email: dkirby@kacllp.com About Volume Industries Volume Industries, LLC offers technical design, fabrication, millwork, project management, logistics and installation, and digital imaging services. The company is based in Armonk, N.Y. Volume Industries filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-22094) on February 1, 2024, with $4,408,377 in assets and $4,901,380 in liabilities. James Wegner, president, signed the petition. Judge Sean H. Lane oversees the case. Dawn Kirby, Esq., at Kirby Aisner & Curley, LLP, represents the Debtor as legal counsel. VYAIRE MEDICAL: $360MM Bank Debt Trades at 35% Discount ------------------------------------------------------- Participations in a syndicated loan under which Vyaire Medical Inc is a borrower were trading in the secondary market around 65.4 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $360 million facility is a Term loan that is scheduled to mature on April 16, 2025. The amount is fully drawn and outstanding. Vyaire is a manufacturer and distributor of respiratory products. The company’s products are focused on respiratory health, including respiratory diagnostics, ventilation, airway management and operative care consumables. Vyaire is privately owned by Apax Partners. WC 6TH AND RIO: Hires Mr. Brickley of Stout Risius as CRO --------------------------------------------------------- WC 6th and Rio Grande, L.P., seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Mr. Douglas J. Brickley of Stout Risius Ross, LLC as chief restructuring officer and financial advisor. The firm's services include: a. responsibility to work with Debtor's counsel on all aspects of the bankruptcy process; b. responsibility for preparing and filing the monthly operating reports ("MORs") with the Bankruptcy Court; c. responsibility for communications with equity partners and creditors of the Debtor and meetings with representatives of such constituents; d. responsibility for the receipt of monthly lease payments from the tenants into the DIP accounts; e. authority and control over the Debtor's bank accounts containing Debtor's funds and disbursements therefrom; f. responsibility for any supplements or amendments to Debtor's statement of financial affairs and schedules; g. responsibility for preparing any other regular reports required by the Court or which Debtor is otherwise obligated to prepare and provide; h. responsibility for identifying and hiring a broker for the sale of the property, in consultation with the equity partners; i. authority to prosecute a sale of the Debtor's property to be approved by the Bankruptcy Court; j. responsibility for the retention of additional estate professionals as the CRO deems advisable in furtherance of the foregoing, in consultation with the equity partners and subject to the requirements of the Bankruptcy Code and Bankruptcy Rules; k. assistance in the review of reports or filings as required by the Court or the U.S. Trustee, including, but not limited to, schedules of assets and liabilities, statements of financial affairs, and monthly operating reports; l. review the Debtor's financial information, including, but not limited to, analyses of cash receipts and disbursements, financial statement items and proposed transactions for which Court approval is sought; m. review and analyze the reporting regarding cash collateral and any debtor-in-possession financing arrangements and budgets; n. assistance with reviewing any potential cost containment opportunities proposed by the Debtor; o. assistance with reviewing any potential asset redeployment opportunities proposed by the Debtor; p. review and analyze assumption and rejection issues regarding executory contracts and leases; q. review and analyze the Debtor's proposed business plans and the business and financial condition of the Debtor generally; r. assistance in evaluating reorganization strategy and alternatives available, including any asset sale transactions; s. review and analyze the Debtor's financial projections and assumptions; t. review and analyze enterprise, asset, and liquidation valuations; u. assistance in preparing documents necessary for confirmation of any plan, proposed asset sales, and proposed use of cash and/or financing; v. provision of assistance to the Debtor in negotiations and meetings with creditors and other parties-in-interest; w. review and provision of analysis on potential tax consequences to the bankruptcy estates of any reorganization and/or proposed transactions; x. assistance with the claims resolution procedures including, but not limited to, analyses of creditors' claims by type and entity; y. provision of forensic accounting and litigation consulting services and expert witness testimony regarding confirmation and/or transactional issues, avoidance actions or other matters; and z. provision of other such functions as requested by the Debtor to assist in the Chapter 11 Case. The firm will be paid at these rates: Managing Director $675 to $800 per hour Director $525 to $650 per hour Manager/Senior Manager $400 to $500 per hour Analyst/Associates $300 to $375 per hour Administrative Personnel $125 to $275 per hour The firm will be paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Douglas J. Brickley, Esq., a partner at Stout Risius Ross, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Douglas J. Brickley, Esq. STOUT RISIUS ROSS, LLC 1000 Main Street, Suite 3200 Houston, TX 77002 Tel: (713) 225-9580 Fax: (713) 225-9588 Email: dbrickley@stout.com About WC 6th and Rio Grande, L.P. defined in 11 U.S.C. Section 101(51B)). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-11040) on December 4, 2023, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Natin Paul, authorized signatory, signed the petition. Judge Shad Robinson oversees the case. Ron Satija, Esq. of HAYWARD PLLC represents the Debtor as legal counsel. WELLS SOLAR: Seeks to Hire Barron & Newburger as Legal Counsel -------------------------------------------------------------- Wells Solar & Electrical, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Barron & Newburger, PC as its counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in the continued management of their assets; (b) review the nature and validity of claims asserted against the property of the Debtor and advise concerning the enforceability of such claims; (c) prepare on behalf of the Debtor all necessary legal documents and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, legal papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The hourly rates of the firm's counsel and staff are as follows: Stephen Sather, Esq. $600 Charles Murnane, Esq. $400 Other Attorneys $175 - $475 Legal Assistants $40 - $100 The firm will also seek reimbursement for expenses incurred. The firm received retainers of $2,500 on October 26, 2023 and $15,000 on January 17, 2024. Stephen Sather, Esq., an attorney at Barron & Newburger, 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: Stephen W. Sather, Esq. BARRON & NEWBURGER PC 7320 N. MoPac Expy., Ste. 400 Austin, TX 78731 Telephone: (512) 476-9103 Facsimile: (512) 279-0310 Email: ssather@bn-lawyers.com About Wells Solar & Electrical Wells Solar & Electrical, LLC, a residential solar installer in Texas, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10193) on Feb. 27, 2024. In the petition signed by Carl Robert Wells, chief executive officer (CEO), the Debtor disclosed $1,401,047 in total assets and $7,635,775 in total liabilities. Judge Christopher G. Bradley oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, PC represents the Debtor as legal counsel. WESTERN CONCRETE: Hires Carrington Coleman as Legal Counsel ----------------------------------------------------------- Western Concrete Pumping, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Carrington, Coleman, Sloman & Blumenthal, L.L.P. as counsel. The firm's services include: a) advising the Debtor concerning its powers and duties as debtor in possession in the continued operations of its business and management of its property; b) acting to help protect, preserve and maximize the value of the Debtor's estate, including the restructuring or sale and liquidation of assets outside the ordinary course of business, if prudent and advisable; c) preparing all necessary motions, applications, reports, and pleadings in connection with the Debtor's chapter 11 case, including preparation and solicitation of a chapter 11 plan and related documents; and d) performing such other legal services for the Debtor in connection with its chapter 11 case that the Debtor determines are necessary and appropriate. The firm will be paid at these rates: Attorneys $435 to $1,135 per hour Paraprofessionals $160 to $380 per hour The firm received from the Debtor a prepetition retainer of $250,000. As of the Petition Date, after deducting fees and expenses, the firm held the amount of $208,285.25 as retainer in trust. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark A. Castillo, Esq., a partner at Carrington, Coleman, Sloman & Blumenthal, L.L.P., 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: Mark A. Castillo, Esq. Robert C. Rowe, Esq. CARRINGTON, COLEMAN, SLOMAN & Blumenthal, L.L.P. 901 Main Street, Suite 5500 Dallas, TX 75202 Tel: (214) 855-3000 About Western Concrete Pumping, Inc. Western Concrete Pumping, Inc. is a concrete pumping company with a fleet of over 125 machines servicing Southern California, Arizona, Texas and Louisiana. WCP also offers other specialty equipment including mini-placers, Telebelts and line pulling products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-40234) on February 1, 2024. In the petition signed by Brett Reid, CFO, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Brenda T. Rhoades oversees the case. Mark A. Castillo, Esq., at CARRINGTON, COLEMAN, SLOMAN, & BLUMENTHAL, LLP, represents the Debtor as legal counsel. WESTERN DENTAL: $50MM Bank Debt Trades at 47% Discount ------------------------------------------------------ Participations in a syndicated loan under which Western Dental Services Inc is a borrower were trading in the secondary market around 53.3 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $50 million facility is a Delay-Draw Term loan that is scheduled to mature on August 18, 2028. About $0.0 million of the loan is withdrawn and outstanding. Western Dental Services, Inc., a dental and oral health maintenance organization, provides dental and oral health care services in California, Arizona, Nevada, and Texas. Western Dental Services, Inc. operates as a subsidiary of Premier Dental Services Inc. WEWORK INC: IWG CEO Dixon Bids $667 Million Bank Loan Stake ----------------------------------------------------------- Ben Stupples of Bloomberg News reports that IWG Plc Chief Executive Officer Mark Dixon pledged 270 million shares -- about 93% of his holding -- in the world's biggest operator of serviced offices as collateral for a loan of undisclosed size from Deutsche Bank AG, according to a regulatory filing. The pledged stake is valued at almost £530 million ($667 million), based on the company's closing share price on Thursday, with IWG's stock rising about 17% since the completion of the deal in December 2024. About WeWork Inc. New York, NY-based WeWork Inc. is a global flexible workspace provider, serving a membership base of businesses large and small through its network of 779 Systemwide Locations, including 622 Consolidated Locations as of December 2022. WeWork Inc. and its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 23-19865) on Nov. 6, 2023. In its petition, WeWork Inc. reported $19 billion of liabilities and $15 billion of assets. The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP, Cole Schotz PC, and Munger, Tolles & Olson LLP as counsel; Alvarez & Marsal North America LLC and Province, LLC as financial advisors; and PJT Partners LP as investment banker. Softbank is represented by Weil Gotshal & Manges LLP and Wollmuth Maher & Deutsch LLP as legal counsel and Houlihan Lokey Capital as financial advisor. The Ad Hoc Group of First Lien and Second Lien Lenders is represented by Davis Polk & Wardwell LLP (Eli Vonnegut, Elliot Moskowitz, Natasha Tsiouris, Jonah Peppiatt) and Greenberg Traurig LLP (Alan Brody) as legal counsel and Ducera Partners LLC as financial advisor. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. WHITTAKER CLARK: Plan Exclusivity Period Extended to May 20 ----------------------------------------------------------- Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey extended Whittaker, Clark & Daniels, Inc. and its affiliates' exclusive periods to file their plan of reorganization, and solicit acceptances thereof to May 20 and July 22, 2024, respectively. As shared by Troubled Company Reporter, the Debtors stated that as of the petition date, they were (a) engulfed in litigation related to allegations of exposure to asbestos-containing compounds and related liabilities dating back approximately 40 years and (b) subject to certain environmental remediation costs and obligations of the Debtors or their predecessors-in-interest. The Debtors explained that they must negotiate with their core creditor constituencies, including counsel for the majority of the asbestos claimants, the official committee of talc claimants, and the future claimant's representative. The Debtors asserted that given the complexity of the issues presented by their chapter 11 cases and the competing interests among the parties, consensus on the terms of a chapter 11 plan may take time. Whittaker, Clark & Daniels, Inc. and its affiliates are represented by: Joshua A. Sussberg, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, NY 10022 Tel: (212) 446-4800 Email: joshua.sussberg@kirkland.com - and - Chad J. Husnick, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Street Chicago, IL 60654 Tel: (312) 862-2000 Email: chad.husnick@kirkland.com - and - Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, NJ 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com About Whittaker, Clark & Daniels Whittaker, Clark & Daniels, Inc. and affiliates, Brilliant National Services Inc., Soco West Inc. and L.A. Terminals Inc., were engaged in nonmetallic mineral mining and quarrying. The Debtors sought Chapter 11 protection (Bankr. D.N.J. Lead Case No. 23-13575) on April 26, 2023. The Debtors estimated $100 million to $500 million in assets against $1 billion to $10 billion in liabilities as of the bankruptcy filing. The Hon. Michael B. Kaplan is the case judge. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Cole Schotz P.C. as co-bankruptcy counsel; and M3 Partners LLC as financial advisor. Stretto, Inc. is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent talc claimants in the Debtors' Chapter 11 cases. The talc committee is represented by Cooley, LLP. The Hon. Shelley Chapman was appointed as the future claimants' representative (FCR) in these Chapter 11 cases. Willkie Farr & Gallagher, LLP is the FCR's counsel. WINTERS RUN: Hires Neil P. Connors as Special Counsel ----------------------------------------------------- Winters Run Condominium Association, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Neil P. Connors, Esq., an attorney based in Connecticut, as special counsel. The Debtor needs the counsel's legal assistance in connection with a case (Case No. NNH-CV23-613611-S) filed in the Connecticut Superior Court. He will be paid on a contingency basis of 40% of the recovered amount, subject to the approval of the bankruptcy court. He will also be paid a retainer in the amount of $2,000. Neil P. Connors, Esq., 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: Neil P. Connors, Esq. 325 Main Street, Suite 2E, Farmington, CT 06032 Tel: (860) 338-3795 Fax: (860) 920-7369 Email: attorney@neilpconnors.com About Winters Run Condominium Association Winters Run Condominium Association, Inc., filed its petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 23-30836) on Oct. 31, 2023, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Ann M Nevins presides over the case. Gregory F. Arcaro, Esq. at Grafstein & Arcaro LLC, is the Debtor's counsel. WOODLAND PLACE: Hires Johnson Pope Bokor as Counsel --------------------------------------------------- Woodland Place Apartments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Johnson Pope Bokor Ruppel & Burns, LLP as counsel. The firm will provide these services: a. take necessary steps to analyze and pursue any causes of action, if in the best interest of the estate; b. prepare on behalf of the Debtor the necessary motions, notices, pleadings, petitions, answers, orders, reports and other legal papers required in this Chapter 11 case; c. assist the Debtor in taking all legally appropriate steps to effectuate compliance with the Bankruptcy Code; and d. assist with the closing of any sales. The firm will be paid at the rate of $500. The firm received from the Debtor a retainer of $49,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Edward J. Peterson, Esq., a partner at Johnson Pope Bokor Ruppel & Burns, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Edward J. Peterson, Esq. JOHNSON POPE BOKOR RUPPEL & BURNS, LLP 400 N Ashley Dr., Ste. 3100 Tampa, FL 33602 Tel: (813) 225-2500 Email: edwardp@jpfirm.com About Woodland Place Apartments, LLC Woodland Place is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Woodland Place Apartments LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-30073) on February 1, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Premnauth Rabindranauth, Manager of Prem & Mary Investments, LLC MRG. Edward J. Peterson, III, Esq. at Johnson Pope Bokor Ruppel & Burns, LLP represents the Debtor as counsel. WW INTERNATIONAL: $945MM Bank Debt Trades at 48% Discount --------------------------------------------------------- Participations in a syndicated loan under which WW International Inc is a borrower were trading in the secondary market around 51.7 cents-on-the-dollar during the week ended Friday, March 8, 2024, according to Bloomberg's Evaluated Pricing service data. The $945 million facility is a Term loan that is scheduled to mature on April 13, 2028. The amount is fully drawn and outstanding. WW International Inc., formerly weight watchers international Inc., is a global company headquartered in the US that offers weight loss. YELLOW CORP: Seeks to Extend Plan Exclusivity to June 3 ------------------------------------------------------- Yellow Corporation and affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 3 and July 31, 2024, respectively. The Debtors claim that their Chapter 11 cases are large and complex. Having once been the third largest LTL freight carrier and the fifth largest transportation company in North America, these chapter 11 cases involve 24 Debtor-affiliate entities, which had, at the outset of these cases, approximately 1,650 employees as compared to employing over 30,000 people prior to the Petition Date. The Debtors explain that they are currently are winding down operations of numerous service terminals spanning 300 communities across the United States and Canada. As of the Petition Date, the Debtors had approximately $1.2 billion in funded-debt obligations. Moreover, the Debtors have a wide variety of parties in interest, ranging from thousands of vendors to hundreds of contractual and litigation counterparties, tens of thousands of former employees, several unions, dozens of pension, health and welfare funds, and numerous local, state, and federal agencies, many of whom have been active in these chapter 11 cases. The Debtors assert that they commenced these chapter 11 cases with extremely limited liquidity and have moved as expeditiously as possible through these chapter 11 cases, engaging in a comprehensive marketing process to maximize the value of their estates for the benefit of all stakeholders. The Debtors further assert that they will continue to engage with their stakeholders to consummate the remaining sales and litigate certain claims while negotiating others in order to be in a position to develop and negotiate a chapter 11 plan. In the interim, however, the Debtors' substantial progress administering these chapter 11 cases weighs in favor of an extension of the Exclusivity Periods. Co-Counsel for the Debtors: Patrick J. Nash Jr., P.C. David Seligman, P.C. Whitney Fogelberg, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 300 North LaSalle Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 E-mail: patrick.nash@kirkland.com david.seligman@kirkland.com whitney.fogelberg@kirkland.com - and - Allyson B. Smith, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 E-mail: allyson.smith@kirkland.com Laura Davis Jones, Esq. Timothy P. Cairns, Esq. Peter J. Keane, Esq. Edward Corma, Esq. PACHULSLKI STANG ZIEHL JONES LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, Delaware 19801 Tel: (302) 652-4100 Fax: (302) 652-4400 E-mail: ljones@pszjlaw.com tcairns@pszjlaw.com pkeane@pszjlaw.com ecorma@pszjlaw.com About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. YIELD10 BIOSCIENCE: Taps Berkowitz as New Auditor ------------------------------------------------- Yield10 Bioscience, Inc. disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission that the Audit Committee of the Board of Directors of the Company approved the appointment of Berkowitz Pollack Brant Advisors +CPAs, LLP as the Company's new independent registered public accounting firm, effective immediately. During the fiscal years ended December 31, 2022 and 2021, the Company did not consult with BPB with regard to (a) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and no written report was provided to the Company or oral advice provided to the Company by BPB that BPB concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (b) any matter that was subject to any disagreement, as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions thereto, or a reportable event within the meaning set forth in Item 304(a)(1)(v) of Regulation S-K. About Yield10 Yield10 Bioscience, Inc. -- http://www.yield10bio.com-- is an agricultural bioscience company focused on the large-scale production of low carbon sustainable products from processing Camelina seed using the oilseed Camelina sativa ("Camelina") as a platform crop. Yield10 Bioscience reported a net loss of $13.57 million for the year ended Dec. 31, 2022, compared to a net loss of $11.03 million for the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had $8.08 million in total assets, $3.68 million in total liabilities, and $4.40 million in total stockholders' equity. Boston, Massachusetts-based RSM US LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 14, 2023, citing that the Company has suffered recurring losses from operations and does not have sufficient liquidity to meet forecasted costs. This raises substantial doubt about the Company's ability to continue as a going concern. Yield10 has identified conditions and events that raise substantial doubt about its ability to continue as a going concern. The Company had cash and cash equivalents of [$2,817,000] as of September 30, 2023, which it believes will only provide funding for its operations into early December 2023. The Company's management is urgently evaluating and pursuing different strategies to obtain the required funding for its operations in the near term. These strategies may include, but are not limited to: public and private placements of equity and/or debt, licensing and/or collaboration arrangements and strategic alternatives with third parties, or other funding from the government or third parties. There can be no assurance that these funding efforts will be successful. The sale of equity and convertible debt securities would result in dilution to the Company's stockholders and, in the case of preferred equity securities or convertible debt, those securities could provide for rights, preferences or privileges senior to those of the Company's common stock. The terms of debt securities issued or borrowings pursuant to a credit agreement could impose significant restrictions on the Company's operations. If it raises funds through collaborations and licensing arrangements, the Company might be required to relinquish significant rights to its technologies or products or grant licenses on terms that are not favorable to the Company. Additional capital may not be available on reasonable terms, or at all. If the Company is unable to obtain funds when needed or on acceptable terms, the Company may be required to curtail its current development programs, cut operating costs, forego future development and other opportunities or even terminate its operations, which may involve seeking bankruptcy protection, the Company said in its Quarterly Report for the period ended Sept. 30, 2023. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 99 ACQUISITION G NNAGU US 77.1 (2.2) 0.4 AEMETIS INC AMTX US 243.4 (217.0) (48.0) AEON BIOPHARMA I AEON US 17.6 (121.7) 2.7 ALNYLAM PHARMACE ALNY US 3,829.9 (220.6) 2,014.9 ALTRIA GROUP INC MO US 38,570.0 (3,490.0) (5,734.0) AMC ENTERTAINMEN AMC US 9,009.2 (1,847.9) (429.3) AMC ENTERTAINMEN AMCE AV 9,009.2 (1,847.9) (429.3) AMERICAN AIRLINE AAL US 63,058.0 (5,202.0) (8,490.0) AON PLC-CLASS A AON US 33,959.0 (742.0) 53.0 APPGATE INC APGT US 123.5 (38.1) 0.4 APPLIED THERAPEU APLT US 45.2 (11.0) (11.0) AQUESTIVE THERAP AQST US 59.4 (102.9) 18.4 ARMATA PHARMACEU ARMP US 112.8 (12.4) 14.7 AULT DISRUPTIVE ADRT/U U 2.5 (3.0) (1.8) AUTOZONE INC AZO US 16,717.7 (5,213.7) (1,615.6) AVIS BUDGET GROU CAR US 32,569.0 (343.0) (520.0) BATH & BODY WORK BBWI US 5,463.0 (1,626.0) 826.0 BAUSCH HEALTH CO BHC US 27,350.0 (82.0) 1,294.0 BAUSCH HEALTH CO BHC CN 27,350.0 (82.0) 1,294.0 BELLRING BRANDS BRBR US 715.5 (286.9) 302.3 BEYOND MEAT INC BYND US 774.4 (513.4) 298.5 BIOCRYST PHARM BCRX US 517.0 (455.5) 346.0 BIOTE CORP-A BTMD US 149.7 (51.3) 92.7 BOEING CO/THE BA US 137,012.0 (17,228.0) 13,448.0 BOMBARDIER INC-A BBD/A CN 12,458.0 (2,404.0) (4.0) BOMBARDIER INC-A BDRAF US 12,458.0 (2,404.0) (4.0) BOMBARDIER INC-B BBD/B CN 12,458.0 (2,404.0) (4.0) BOMBARDIER INC-B BDRBF US 12,458.0 (2,404.0) (4.0) BOOKING HOLDINGS BKNG US 24,342.0 (2,744.0) 3,704.0 BRIDGEBIO PHARMA BBIO US 546.4 (1,342.5) 333.7 BRIDGEMARQ REAL BRE CN 68.2 (52.9) 8.3 BRIDGEMARQ REAL BREUF US 68.2 (52.9) 8.3 BRINKER INTL EAT US 2,510.7 (109.5) (378.7) BROOKFIELD INF-A BIPC CN 23,614.0 3,970.0 (3,683.0) BROOKFIELD INF-A BIPC US 23,614.0 3,970.0 (3,683.0) CALUMET SPECIALT CLMT US 2,804.8 (197.6) (456.8) CAPRICOR THERAPE CAPR US 58.7 (1.8) (3.4) CARDINAL HEALTH CAH US 46,573.0 (3,447.0) (628.0) CARGO THERAPEUTI CRGX US - - - CARVANA CO CVNA US 7,071.0 (384.0) 1,785.0 CEDAR FAIR LP FUN US 2,240.5 (583.0) (193.9) CHENIERE ENERGY CQP US 18,102.0 (784.0) 15.0 CINEPLEX INC CGX CN 2,271.5 (39.4) (219.5) CINEPLEX INC CPXGF US 2,271.5 (39.4) (219.5) COMPOSECURE IN-A CMPO US 195.0 (238.8) 75.4 CONSENSUS CLOUD CCSI US 647.3 (176.1) 53.9 COOPER-STANDARD CPS US 1,872.3 (89.7) 247.3 CORE SCIENTIFIC CORZ US 705.5 (418.7) (177.9) CORNER GROWTH AC COOLU US 4.7 (4.6) (3.5) CORNER GROWTH AC COOL US 4.7 (4.6) (3.5) CPI CARD GROUP I PMTS US 292.1 (56.7) 115.2 CYTOKINETICS INC CYTK US 824.3 (386.3) 525.4 DELEK LOGISTICS DKL US 1,642.2 (161.9) (14.3) DELL TECHN-C DELL US 82,089.0 (2,309.0) (12,547.0) DENNY'S CORP DENN US 464.8 (62.7) (59.3) DIGITALOCEAN HOL DOCN US 1,461.0 (313.7) 310.3 DINE BRANDS GLOB DIN US 1,740.3 (251.0) (102.7) DOMINO'S PIZZA DPZ US 1,674.9 (4,070.4) 269.9 DOMO INC- CL B DOMO US 225.7 (153.5) (84.1) DROPBOX INC-A DBX US 2,983.5 (165.8) 315.1 EMBECTA CORP EMBC US 1,217.8 (793.5) 392.9 ENGENE HOLDINGS ENGN US 0.0 (0.1) (0.1) ETSY INC ETSY US 2,685.4 (543.7) 859.7 EVOLUS INC EOLS US 168.0 (19.4) 43.5 FAIR ISAAC CORP FICO US 1,593.5 (725.8) 132.2 FAT BRANDS I-CLB FATBB US 1,275.5 (228.7) (102.3) FAT BRANDS-CL A FAT US 1,275.5 (228.7) (102.3) FENNEC PHARMACEU FRX CN 19.0 (10.5) 15.0 FENNEC PHARMACEU FENC US 19.0 (10.5) 15.0 FERRELLGAS PAR-B FGPRB US 1,472.1 (291.2) 133.9 FERRELLGAS-LP FGPR US 1,472.1 (291.2) 133.9 FG ACQUISITION-A FGAA/U C 3.6 (17.0) (5.1) FIBROBIOLOGICS I FBLG US 4.8 (4.0) (4.4) FOGHORN THERAPEU FHTX US 313.4 (57.4) 213.4 FORTINET INC FTNT US 7,258.9 (463.4) 709.3 GCM GROSVENOR-A GCMG US 504.9 (111.2) 110.3 GROUPON INC GRPN US 523.9 (49.3) (158.1) H&R BLOCK INC HRB US 2,776.3 (772.7) 153.3 HERBALIFE LTD HLF US 2,809.4 (1,060.3) 121.7 HILTON WORLDWIDE HLT US 15,401.0 (2,347.0) (1,108.0) HP INC HPQ US 35,846.0 (1,640.0) (6,999.0) IMMUNITYBIO INC IBRX US 432.4 (410.6) 124.8 INSMED INC INSM US 1,329.8 (331.9) 703.4 INSPIRED ENTERTA INSE US 353.5 (50.3) 64.4 INTUITIVE MACHIN LUNR US 103.0 (60.0) (52.0) IRONWOOD PHARMAC IRWD US 471.1 (346.3) (42.8) JACK IN THE BOX JACK US 2,887.3 (708.2) (238.0) LESLIE'S INC LESL US 998.5 (198.6) 187.5 LIFEMD INC LFMD US 40.7 (11.1) (7.6) LINDBLAD EXPEDIT LIND US 851.6 (91.7) (59.9) LOWE'S COS INC LOW US 41,795.0 (15,050.0) 3,503.0 MADISON SQUARE G MSGS US 1,368.4 (339.2) (344.8) MADISON SQUARE G MSGE US 1,420.3 (102.0) (287.8) MANNKIND CORP MNKD US 475.2 (246.2) 269.3 MARBLEGATE ACQ-A GATE US 8.2 (12.3) (0.3) MARRIOTT INTL-A MAR US 25,674.0 (682.0) (4,451.0) MATCH GROUP INC MTCH US 4,507.9 (19.1) 739.5 MBIA INC MBI US 2,606.0 (1,647.0) - MCDONALDS CORP MCD US 56,146.8 (4,706.7) 1,127.4 MCKESSON CORP MCK US 66,512.0 (1,682.0) (4,021.0) MEDIAALPHA INC-A MAX US 153.9 (94.4) (5.1) METTLER-TOLEDO MTD US 3,355.6 (149.9) 49.1 MSCI INC MSCI US 5,518.2 (739.8) (98.9) NATHANS FAMOUS NATH US 42.9 (35.0) 21.1 NEW ENG RLTY-LP NEN US 386.2 (64.7) - NEXT-CHEMX CORP CHMX US 3.4 (0.0) (3.2) NIOCORP DEVELOPM NB CN 24.1 (5.6) (14.0) NORTHERN STAR -A NSTB US 16.9 (0.4) (2.6) NOVAGOLD RES NG CN 133.3 (8.2) 123.3 NOVAVAX INC NVAX US 1,797.5 (716.9) (491.2) NUTANIX INC - A NTNX US 2,729.5 (611.7) 917.6 O'REILLY AUTOMOT ORLY US 13,873.0 (1,739.3) (2,103.1) OCEAN BIOMEDICAL OCEA US 20.9 (8.4) (24.5) OMEROS CORP OMER US 493.1 (14.0) 204.2 ORGANON & CO OGN US 12,058.0 (70.0) 1,590.0 OTIS WORLDWI OTIS US 10,117.0 (4,720.0) (79.0) PAPA JOHN'S INTL PZZA US 875.0 (442.8) (73.6) PELOTON INTERA-A PTON US 2,569.4 (499.3) 733.1 PHATHOM PHARMACE PHAT US 413.8 (17.8) 202.7 PHILIP MORRIS IN PM US 65,304.0 (9,446.0) (6,628.0) PITNEY BOWES INC PBI US 4,272.2 (368.6) (38.5) PLANET FITNESS-A PLNT US 2,969.7 (119.0) 220.5 PORCH GROUP INC PRCH US 899.4 (35.7) 18.9 PROS HOLDINGS IN PRO US 421.8 (77.9) 37.3 PTC THERAPEUTICS PTCT US 1,259.9 (670.8) 48.2 RAPID7 INC RPD US 1,505.3 (118.2) 64.7 RE/MAX HOLDINGS RMAX US 577.2 (76.1) 27.2 REALREAL INC/THE REAL US 446.9 (303.3) 47.1 RED ROBIN GOURME RRGB US 777.3 (8.7) (91.4) REVANCE THERAPEU RVNC US 478.5 (151.6) 249.6 RH RH US 4,240.6 (333.2) 351.9 RIMINI STREET IN RMNI US 393.8 (39.5) (47.7) RINGCENTRAL IN-A RNG US 1,944.9 (303.1) 216.1 RMG ACQUISITION RMGCU US 7.0 (11.0) (7.5) RMG ACQUISITION RMGC US 7.0 (11.0) (7.5) SBA COMM CORP SBAC US 10,178.4 (5,135.8) (879.0) SCOTTS MIRACLE SMG US 3,716.1 (385.4) 917.3 SEAGATE TECHNOLO STX US 7,149.0 (1,814.0) 99.0 SIRIUS XM HOLDIN SIRI US 10,374.0 (2,565.0) (1,955.0) SIX FLAGS ENTERT SIX US 2,711.5 (377.0) (334.8) SLEEP NUMBER COR SNBR US 950.9 (441.9) (729.9) SOCIAL LEVERA-A SLAC US 16.5 8.3 (6.1) SOCIAL LEVERAGE SLACU US 16.5 8.3 (6.1) SOLARMAX TECHNOL SMXT US 97.1 (5.2) (25.2) SONIDA SENIOR LI SNDA US 629.1 (56.5) (86.8) SPARK I ACQUISIT SPKLU US 1.2 (3.0) (4.0) SPARK I ACQUISIT SPKL US 1.2 (3.0) (4.0) SPIRIT AEROSYS-A SPR US 6,950.1 (495.9) 1,553.5 SQUARESPACE IN-A SQSP US 921.8 (260.4) (175.6) STARBUCKS CORP SBUX US 29,179.7 (8,608.9) (2,826.1) SYMBOTIC INC SYM US 1,324.3 171.9 161.2 SYNDAX PHARMACEU SNDX US 612.9 (348.2) 522.8 TELOMIR PHARMACE TELO US 5.3 2.2 (2.9) TORRID HOLDINGS CURV US 509.5 (209.2) (36.1) TPI COMPOSITES I TPIC US 804.1 (122.3) 116.7 TRANSAT A.T. TRZ CN 2,569.4 (779.0) (57.7) TRANSAT A.T. TRZBF US 2,569.4 (779.0) (57.7) TRANSDIGM GROUP TDG US 20,685.0 (3,506.0) 5,578.0 TRAVEL + LEISURE TNL US 6,738.0 (917.0) 679.0 TRINSEO PLC TSE US 3,029.2 (268.0) 521.5 TRIUMPH GROUP TGI US 1,676.6 (670.3) 579.8 TRULEUM INC TRLM US 2.0 (2.3) (2.9) UBIQUITI INC UI US 1,334.9 (15.7) 817.9 UNISYS CORP UIS US 1,965.4 (138.4) 320.1 UNITED PARKS & R PRKS US 2,575.5 (252.4) (30.6) UNITI GROUP INC UNIT US 5,025.1 (2,484.1) - UROGEN PHARMA LT URGN US 193.6 (42.0) 156.3 VECTOR GROUP LTD VGR US 934.1 (741.8) 364.7 VERISIGN INC VRSN US 1,749.0 (1,581.0) (200.2) WAVE LIFE SCIENC WVE US 199.9 (32.6) 58.6 WAYFAIR INC- A W US 3,474.0 (2,707.0) (328.0) WINGSTOP INC WING US 377.8 (457.4) 73.3 WINMARK CORP WINA US 29.0 (59.2) 6.3 WORKIVA INC WK US 1,218.9 (89.4) 524.4 WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3) WW INTERNATIONAL WW US 982.0 (761.1) (26.0) WYNN RESORTS LTD WYNN US 13,996.2 (1,100.9) 2,041.2 XBP EUROPE HOLDI XBP US 7.9 (25.4) (11.6) XPONENTIAL FIT-A XPOF US 528.7 (88.1) 4.9 YELLOW CORP YELLQ US 2,147.6 (447.8) (1,098.0) YUM! BRANDS INC YUM US 6,231.0 (7,858.0) 332.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. 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