/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/240627.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, June 27, 2024, Vol. 28, No. 178 Headlines 321 NW LLC: Seeks to Hire Myles A. Hoover as Bankruptcy Counsel 5 EAST 51ST: Lender Sets July 10 Auction of NY Property 80 COTTONTAIL: Auction for Interests of Building Owner on July 2 9 ANGELINO HEIGHTS: Seeks to Tap Arbor Realty as Real Estate Broker ALLIED EROSION: Case Summary & 11 Unsecured Creditors AMBRI INC: Committee Taps Pachulski Stang Zichl & Jones as Counsel AMC ENGINEERING: Hires Jorge Rafael Collazo Sanchez as Counsel AMELIOM VENTURES: Case Summary & Three Unsecured Creditors ANNE FONTAINE: Seeks to Hire ORCOM US New York as Accountant ARIEL SHOPPING: Commences Chapter 11 Bankruptcy Protection ARTIFICIAL INTELLIGENCE: Expands Distribution Channels by 20% ATARA BIOTHERAPEUTICS: Will Effect 1-for-25 Reverse Stock Split AVINGER INC: Intracoastal Capital, 2 Others Hold 9.99% Stake AZM RETAIL: Unsecureds to Split $28K via Quarterly Payments B&D DEVELOPMENT: Seeks to Hire Slocum Law as Counsel BAN RE GROUP: Gets OK to Hire CBRE Capital as Real Estate Broker BEAR HAVEN: Unsecureds to be Paid in Full with Interest in Plan BED BATH & BEYOND: U.S. Trustee Opposes Appointment of Equity Panel BENT AVENUE: Seeks to Hire Scura Wigfield Heyer as Legal Counsel BETTER CHOICE: Set to Retire up to $10.4M of Debt Obligations BLUM HOLDINGS: Completes Sale of Blum Santa Ana BMC SOFTWARE: S&P Ups ICR to 'B' on Strong Operating Performance BRITEWASH AUTO: Jolene Wee Named Subchapter V Trustee BRONCO TRUCKING: Gets OK to Hire Smeberg Law Firm as Legal Counsel BRONCO TRUCKING: Hires Angelo DeCaro Jr. as Financial Advisor BURGESS BUNGALOW: Trustee Seeks to Tap McAfee & Taft as Counsel CALAMP CORP: Seeks Approval to Hire Ordinary Course Professionals CAMP RIM: Seeks to Hire Foresight Business Solutions as Accountant CAN B CORP: Discontinues Hemp Operating Division CANDLE DELIRIUM: Hits Chapter 11 Bankruptcy in California CANO HEALTH: Files First Plan Supplement CARNIVAL CORP: S&P Upgrades ICR to 'BB' on Favorable Bookings CBC SUBCO: Unsecured Creditors to Recover Less Than 1% in Plan CELEBRATION COTTAGE: Joseph Frost Named Subchapter V Trustee CJM TRANSPORTATION: Brenda Brooks Named Subchapter V Trustee COLONIAL GARDENS: Case Summary & 17 Unsecured Creditors COMMONWEALTH CLASSICS: Unsecureds to Get 100 Cents on Dollar CONCENTRA GROUP: S&P Rates New $750MM Senior Unsecured Notes 'B' CRYSTAL PACKAGING: Seeks Chapter 11 Bankruptcy Protection CURVES AND COMBAT: Hits Chapter 11 Bankruptcy Protection D&H BROADCASTING: Seeks Court Nod to Sell Two Radio Stations DANT A. SANDRAS: Hires Mitchell C. Compeaux CPA as Accountant DAWKINS DEVELOPMENT: Samuel Dawidowicz Named Subchapter V Trustee DCS JANITORIAL: Leona Mogavero Named Subchapter V Trustee DURHAM HOMES: Case Summary & Three Unsecured Creditors EARTH IPCO: Second Avenue Puts Intellectual Property Up for Sale ECI PHARMACEUTICALS: Hires Bradley Arant Boult as Special Counsel EDGEWOOD GARDENS: Case Summary & 12 Unsecured Creditors EMX ROYALTY: Secures $35M Loan Commitment From Franco-Nevada Unit EVERYTHING BLOCKCHAIN: Appoints Richard Schaeffer as Board Chairman EXPRESS INC: Phoenix Retail Sale Completed, Exits Chapter 11 FARADAY FUTURE: Unveils Plans for Regaining Nasdaq Compliance FLEXACAR LLC: Gets OK to Hire Vivona Pandurangi as Legal Counsel FRINJ COFFEE: Unsecured Creditors to Split $740K in Plan FRONTLINE INTERNAL: Case Summary & 12 Unsecured Creditors FRUIT JOY: July 10 Auction for Interests of Property Owner Set FULTON MERCER: Hires Johnson Consulting Group as Consultant GB SCIENCES: Signs LOI With EndoPure to Negotiate License Deal GLUCKO TRACK: Appoints Andy Balo to Board of Directors GLUCO TRACK: Lowers Shareholder Meeting Quorum Requirement GRAND FUSION: Hires Bonds Ellis Eppich Schafer Jones as Counsel GREAT EASTERN GROUP: Seeks Chapter 11 Bankruptcy Protection GREAT EASTERN: Hires Edelboim Lieberman as Bankruptcy Counsel GREAT EASTERN: Taps Akerman LLP as Government Contracts Counsel GROW GREEN: Case Summary & 20 Largest Unsecured Creditors GULTON INC: Seeks to Tap A. Atkins Appraisal as Appraiser GUY B. HENDRIX: Seeks to Sell Marshall Property for $2.5-Mil. HENDRIX FARMING: Seeks Court Nod to Sell Property for $2.5-Mil. HIGH SOCIETY: Case Summary & 17 Unsecured Creditors HIS MAJESTY'S: Richardo Kilpatrick Named Subchapter V Trustee HONEY DO FRANCHISING: M. Aaron Spencer Named Subchapter V Trustee HORIZON INTERIORS: Hires Lipton Law Group as Bankruptcy Counsel HURRICANE CREEK: Aaron Cohen Named Subchapter V Trustee I-ON DIGITAL: Hires MAC to Replace Kreit & Chiu as Auditor INKCYCLE INC: Seeks to Hire Evans & Mullinix as Bankruptcy Counsel INNOVATE CORP: Avram Glazer, 2 Others Disclose Stakes INNOVATIVE MAINTENANCE: Hires Michael Harrison as Accountant INNOVEREN SCIENTIFIC: Frazier & Deeter Resigns as Auditor IRON EAGLE: Unsecureds to Get $1K per Month for 60 Months JERUSALEM FOOD: Seeks to Tap Herbert K. Ryder as Bankruptcy Counsel JOHNSON & JOHNSON: July 26 Voting Deadline for $8-Bil. Payout Plan KIENER MASCHINENBAU: Chapter 15 Case Summary LACOM GMBH: Chapter 15 Case Summary LALA'S SANGRIA: Michael Markham Named Subchapter V Trustee LOUISIANA FIRE: Gets Interim OK to Tap Steffes Firm as Counsel MADISON 33 PARTNERS: Hires Davidoff Hutcher & Citron as Counsel MAGNOLIA ROSE VETERINARY: Seeks Chapter 11 Bankruptcy Protection MARYLAND ECONOMIC: S&P Affirms 'BB' Rating on Rev. Refunding Bonds MASTINO MANAGEMENT: Hires Baker Law Group as Counsel MCCARTEY TIMBER: Unsecureds Will Get 2% of Claims over 3 Years MCKENZIE CONTRACTING: Available Cash and Income to Fund Plan META MATERIALS: Agrees to Pay $1 Million to Settle SEC Charges META MATERIALS: Unit Gets Another $2M Deposit From Proposed Buyer MICHIGAN PAIN: Hires Kheder Davis as Financial Advisor MICHIGAN PAIN: Hires Stevenson & Bullock P.L.C. as Counsel MINIM INC: Terminates 'No-Shop' Provisions in Merger Agreement MMRC HOLD: Taps Force Ten Partners to Provide CRO & Other Personnel MOTUS GI: Faces Loan Default Over Distribution Plan MP PPH: Seeks Approval to Hire McNamee Hosea as Special Counsel MP SOUTHPARK: Voluntary Chapter 11 Case Summary MRRC HOLD: Hires Whiteford, Taylor & Preston as Legal Counsel NATIONWIDE MEDICAL: Hires Steven P. Bens CPA as Accountant NEW ORLEANS I: Secured Party Sets July 15 Auction NIRVANA INVESTMENT: Seeks Chapter 11 Bankruptcy in California NO BULL ROOFING: Seeks to Hire Delcotto Law Group PLLC NOVABAY PHARMACEUTICALS: Adds 12,219 Shares Under 2017 Plan NOVO INTEGRATED: Extends CEO & COO's Employments by One Year OFFICE PROPERTIES: Issues $567MM in New Sr. Secured Notes Due 2029 OPTIO RX: Unsecureds Owed $2M to Get 100% of Claims in Plan ORCHARD ENTERPRISES: Creditors to Get Proceeds From Liquidation PALATIN TECHNOLOGIES: Expects to Raise $6.1M From Warrants Exercise PARADISE ADVENTURES: Taps McIntyre Thanasides Bringgold as Counsel PAYNE'S ENVIRONMENTAL: Hires Panther Capital Group LLC as Broker PDT INC: Jeanne Goddard of NGS Named Subchapter V Trustee PEGASUS RESTAURANT: Hires Richard G. Hall as Attorney PEGASUS RESTAURANT: Lawrence Katz Named Subchapter V Trustee PHOTO HOLDINGS: S&P Alters Outlook to Dev., Affirms 'CCC+' ICR PLA FOUR 235: Case Summary & 20 Largest Unsecured Creditors POWER BLOCK: Voluntary Chapter 11 Case Summary PRIDDIS MUSIC: Case Summary & Seven Unsecured Creditors PROJECT BOOST: S&P Affirms 'B-' ICR, Outlook Stable PROSOMNUS INC: Court Approves Preferred Stock Procedures PUMP SYSTEMS: Frances Smith Named Subchapter V Trustee QUANTUM MATERIALS: Case Summary & 20 Largest Unsecured Creditors RAPSYS INC: Seeks to Hire Focus Capital Advisors as Accountant RB GLOBAL: S&P Alters Outlook to Stable, Affirms 'BB+' ICR RED LOBSTER: Proposes July 23 Auction for All Assets REDLINE INC: Commences Chapter 11 Bankruptcy Protection RIVER SUB: Case Summary & 19 Unsecured Creditors SAN TAN: Case Summary & Nine Unsecured Creditors SC HEALTHCARE: Taps RubinBrown as Accounting Services Provider SCHAFER FISHERIES: Case Summary & 20 Largest Unsecured Creditors SELECTIS HEALTH: Unit Closes Sale of Archway Property for $6.75M SENESTECH INC: Signs $1.6M Sales Agreement with H.C. Wainwright SEVEN SEAS ROASTING: Jeanne Goddard Named Subchapter V Trustee SEVEN SEAS: Jeanne Goddard of NGS Named Subchapter V Trustee SHINECO INC: Expects to Raise $7M Proceeds From Stock Offering SNEAD AND SONS: Hires Kane & Papa P.C. as Counsel STAR ALLIANCE: Incurs $869K Net Loss in Third Quarter STERLING CREDIT: Starts Chapter 11 Bankruptcy in Florida SUNSET LAKES: Case Summary & Two Unsecured Creditors SURFER'S PARADISE: Taps Idaho Accounting Services as Accountant TBZ 1 LLC: Seeks Court Nod to Sell Toms River Property for $555,000 TDA ENTERPRISES: Voluntary Chapter 11 Case Summary TEGNA INC: Names M. Steib to Succeed as President, CEO and Director TINA MARSHALL D.D.S.: Charles Mouranie Named Subchapter V Trustee TOOLOTS INC: Amends Plan to Include Custom Companies Secured Claim TRANSOCEAN LTD: Amends Articles to Reflect Changes in Share Capital TRIPLE 7: Committee Hires Dentons Bingham Greenebaum as Counsel VANTAGE SPECIALTY: S&P Alters Outlook to Negative, Affirms 'B-' ICR VERDE RESOURCES: Balakrishnan B S Muthu Appointed as New Chairman VERTEX ENERGY: Secures Lender Consent to Get Unrestricted Cash VESTTOO LTD: July 22 Constructive Trust Claims Deadline Set VOIP-PAL.COM INC: Director Austin McDonald Discloses Ownership WEALTH MANIFESTED: Amends Plan to Include Fora & Jermore Claims WJH ELM: Hires Law Office of Barry R. Levine as Counsel XTI AEROSPACE: Nadir Ali Holds 9.99% Equity Stake ZARA LLC: Case Summary & Two Unsecured Creditors [] 74 Canadian Restaurants Declare Bankruptcy in April 2024 [] Isaiah A. Fishman Joins MPS Law as Restructuring Partner [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 321 NW LLC: Seeks to Hire Myles A. Hoover as Bankruptcy Counsel --------------------------------------------------------------- 321 NW LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Myles A. Hoover, PA as legal counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's operating guidelines and reporting requirements with the rules of the court; (c) prepare legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The Debtor seeks to retain the firm on a general retainer. The attorney 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: Myles A. Hoover, Esq. Myles A. Hoover PA 11 Island Ave., #406 Miami Beach, FL 33139 Telephone: (786) 312-0803 Email: myleshooveresq@gmail.com About 321 NW LLC 321 NW LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15164) on May 27, 2024, listing under $1 million in both assets and liabilities. The petition was signed by Flavia Salah, managing member. Judge Laurel M. Isicoff oversees the case. Myles A. Hoover, PA represents the Debtor as counsel. 5 EAST 51ST: Lender Sets July 10 Auction of NY Property ------------------------------------------------------- Fortress Credit CO LLC ("Secured Party"), the agent under certain loan agreement, will offer at public auction all member and other equity interests in and to 100% of the limited liability company interests in 5 East 51st ST Development Company LLC ("pledged securities"), which entity, directly or indirectly owns, leases and operates the real property located at 5 East 51st Street, New York, New York. The public auction will be held in person and virtually via zoom remote meeting on July 10, 2024, at 1:00 p.m. EST. All potential bidders will be required to comply with all federal and state securities laws in effect in respect of the submission of bids and actual purchases of the pledged securities. To review and execute the confidentiality agreement, visit https://rimarketplace.com/listing/63487/ucc-disposition-sale-pledge-of-equity-interest-indirect-interest-in-mixed-use-development-new-york-ny. For questions and inquiries, contact Brock Cannon of Newmark Group Inc. at brock.cannon@nmrk.com or Jasmine Khaneja of Milbank LLP at jkhaneja@milbank.com 80 COTTONTAIL: Auction for Interests of Building Owner on July 2 ---------------------------------------------------------------- Hilco Real Estate, on behalf of IOF III Trust 7B ("secured party") offers for sale at public auction to be held virtually on July 2, 2024, at 11:00 a.m. Eastern Time, 100% of the limited liability company interests in 80 Cottontail RE Holdings LLC ("borrower") pledged by Tzvi Rivkin ("member") to secured party. The borrower is the owner of a 4-story office located at 80 Cottontail Lane, Somerset, New Jersey, as well as related real and personal property assets interests ("property"). The secured party holds a loan to the borrower secured by, among other things, a first priority lien on the interests pledged by the member. The secured party is offering the interests for sale in connection with the foreclosure on the pledge of such interests. The amount of the secured obligations owed to the secured party is in excess of $5.08 million. All bids other than credit bids of the secured party must be for cash, and the successful bidder must be prepared to deliver immediately available good funds within 60 days after the sale and otherwise comply with the bidding requirements. Further information concerning the interests, the requirements for obtaining information and bidding on the interests and the terms of sale are available upon requests to: Jonathan Cuticelli Hilco Real Estate JCuticelli@hilcoglobal.com Tel: (203) 561-8737 9 ANGELINO HEIGHTS: Seeks to Tap Arbor Realty as Real Estate Broker ------------------------------------------------------------------- 9 Angelino Heights, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Arbor Realty Capital Advisors Inc. as its real estate broker. The Debtor needs a real estate broker to sell its property located at 435 S. Boyle Ave., Los Angeles, Calif. Matthew Mazur, a managing broker at Arbor Realty Capital Advisors, will receive 3 percent of the total gross purchase price and 4 percent of total gross purchase price if another broker represents the buyer. Mr. Mazur disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Mazur Arbor Realty Capital Advisors Inc. 180 South Lake Avenue, Suite 205 Pasadena, CA 91101 Telephone: (323) 515-8304 Facsimile: (323) 515-8339 Email: mmazur@arcainc.us About 9 Angelino Heights 9 Angelino Heights LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-12375) on March 28, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Barbara Behm, managing member. The Debtor indicated it has no unsecured creditors. Judge Julia W. Brand presides over the case. Christopher J. Langley, Esq., at Shioda, Langley & Chang LLP represents the Debtor as counsel. ALLIED EROSION: Case Summary & 11 Unsecured Creditors ----------------------------------------------------- Debtor: Allied Erosion Specialist, Inc. 3269 Sherry Drive Hemet, CA 92545 Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court Central District of California Case No.: 24-13501 Judge: Hon. Magdalena Reyes Bordeaux Debtor's Counsel: Summer Shaw, Esq. SHAW & HANOVER, PC 44-901 Village Court, Suite B Palm Desert, CA 92260 Tel: (760) 610-0000 Fax: (760) 687-2800 Email: ss@shaw.law Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by James Mayes as chief executive officer and director. A full-text copy of the petition containing, among other items, a list of the Debtor's 11 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6I2BCMY/Allied_Erosion_Specialist_Inc__cacbke-24-13501__0001.0.pdf?mcid=tGE4TAMA AMBRI INC: Committee Taps Pachulski Stang Zichl & Jones as Counsel ------------------------------------------------------------------ The official committee of unsecured creditors appointed in the Chapter 11 case of Ambri, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Pachulski Stang Zichl & Jones LLP as its counsel. The firm's services include: (a) assist, advise, and represent the committee in its consultations with the Debtor regarding the administration of this case; (b) assist, advise, and represent the committee with respect to the Debtor's retention of professionals and advisors with respect to the its business and this case; (c) assist, advise, and represent the committee in analyzing the Debtor's assets and liabilities, investigating the extent and validity of liens and participating in and reviewing any proposed asset sales, any asset dispositions, financing arrangements, and cash collateral stipulations or proceedings; (d) assist, advise, and represent the committee in any manner relevant to reviewing and determining the Debtor's rights and obligations under leases and other executory contracts; (e) assist, advise and represent the committee in investigating the acts, conduct, assets, liabilities, and financial condition of the Debtor, its operations, and the desirability of the continuance of any portion of those operations, and any other matters relevant to the case or to the formulation of a plan; (f) assist, advise, and represent the committee in connection with any sale of the Debtor's assets; (g) assist, advise, and represent the committee in its participation in the negotiation, formulation, or objection to any plan of liquidation or reorganization; (h) assist, advise, and represent the committee in understanding its powers and its duties under the Bankruptcy Code and the Bankruptcy Rules and in performing other services as are in the interests of those represented by the committee; (i) assist, advise, and represent the committee in the evaluation of claims and on any litigation matters, including avoidance actions; and (j) provide such other services to the committee as may be necessary in this case. The hourly rates of the firm's counsel and staff are as follows: Partner/Counsel $975 - $2,175 Associates $650 - $975 Paralegals $545 - $595 In addition, the firm will seek reimbursement for expenses incurred. Bradford Sandler, Esq., a partner at Pachulski Stang Zichl & Jones, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments 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? Answer: The firm did not represent the client in the 12 month period prepetition. The billing rates for the firm are disclosed in the application and are subject to periodic adjustment in accordance with its practice. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: No. Mr. Sandler 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: Bradford J. Sandler, Esq. Pachulski Stang Zichl & Jones LLP 919 North Market Street, 17th Floor Wilmington, DE 19899 Telephone: (302) 652-4100 Facsimile: (302) 652-4400 Email: bsandler@pszjlaw.com About Ambri Inc. Ambri Inc. specializes in the development of an advanced energy storage solution through its patented "Liquid MetalTM battery" technology. Ambri is a pre-revenue Liquid MetalTM battery technology company working to become a leading global provider of long-duration, grid-scale, energy storage that can solve the most critical issues facing today's electricity grid and enable widespread adoption of intermittent renewable energy as a 24-7 power source. The company is developing batteries that are expected to be low-cost, highly reliable, extremely safe, degrade only minimally over their lifespan, and can shift fundamentally how power grids operate and source their power, thereby contributing to the goal of a cleaner energy future. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10952) on May 5, 2024, with $50 million to $100 million in assets and liabilities. Nora Murphy, chief financial officer, signed the petition. Judge Laurie Selber Silverstein presides over the case. The Debtor tapped Potter Anderson Coroon LLP as counsel and Goodwin Procter LLP as co-bankruptcy counsel. Epiq Corporate Restructuring, LLC is the Debtor's administrative advisor. On May 21, 2024, the United States Trustee for Region 3 appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Pachulski Stang Zichl & Jones LLP as its counsel. AMC ENGINEERING: Hires Jorge Rafael Collazo Sanchez as Counsel -------------------------------------------------------------- AMC Engineering, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Jorge Rafael Collazo Sanchez, a practicing attorney in Coamo, Puerto Rico, as counsel. Mr. Sanchez will render these services: a. assisting and advising the Debtor relative to the administration of this proceeding; b. representing the Debtor before the Bankruptcy Court and advising the Debtor on all pending litigations, hearings, motions, and of the decisions of the Bankruptcy Court; c. reviewing and analyzing all applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding and advising the Debtor thereon; d. attending all meetings conducted pursuant to Section 341 of the Bankruptcy Code and representing the Debtor at all examinations; e. communicating with creditors and all parties in interest; f. assisting the Debtor in preparing all necessary applications, motions, orders, supporting positions taken by the Debtor, and preparing witnesses and reviewing documents in this regard; g. conferring with all other professionals, including any accountants and consultants retained by the Debtor and by any other party in interest; i. assisting the Debtor in its negotiation with creditors or third parties concerning the terms of any proposed plan of reorganization and disclosure statement; and j. assisting the Debtor in performing such other services as may be in the interest of the Debtor and the Estate and performing all other legal services required by the Debtor. He will be paid at the rate of $225 per hour. He received from the Debtor a retainer in the amount of $5,000. Mr. Sanchez will also be reimbursed for reasonable out-of-pocket expenses incurred. Jorge Rafael Collazo Sanchez, 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: Jorge Rafael Collazo Sanchez, Esq. P.O. Box 1494 Coamo, PR 00769 Telephone: (787) 825-2186 Facsimile: (787) 825-7122 Email: lcdocollazolaw@gmail.com About AMC Engineering, Inc. AMC Engineering Inc., filed a Chapter 11 bankruptcy petition (Bankr. D.P.R. Case No. 24-02414) on June 9, 2024, disclosing under $1 million in both assets and liabilities. The Debtor is represented by JORGE R COLLAZO LAW OFFICE. AMELIOM VENTURES: Case Summary & Three Unsecured Creditors ---------------------------------------------------------- Debtor: Ameliom Ventures, LLC 30985 Oakview Rd. Bulverde, TX 78163 Business Description: Ameliom Ventures offers computer systems design and related services. Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court Western District of Texas Case No.: 24-51150 Debtor's Counsel: H. Anthony Hervol, Esq. LAW OFFICE OF H. ANTHONY HERVOL 22211 IH-10 West, Suite 1206-168 San Antonio, TX 78257 Tel: (210) 522-9500 Fax: (210) 522-0205 Email: hervol@sbcglobal.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Brian L. Adams as president and authorized representative. 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/WRODCPI/Ameliom_Ventures_LLC__txwbke-24-51150__0001.0.pdf?mcid=tGE4TAMA ANNE FONTAINE: Seeks to Hire ORCOM US New York as Accountant ------------------------------------------------------------ Anne Fontaine USA, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ ORCOM US New York, Inc., doing business as ORCOM, US, as accountant. The firm will render these services: (a) participate in meetings, whether in-person or telephonically, with the Debtor, and/or its counsel, as requested; (b) review financial statements and other financial documents in order to ensure compliance with generally accepted accounting principles and state law requirements; (c) assist the Debtor with the preparation and filing of outstanding federal, state and local tax returns; (d) assist the Debtor in preparation of the quarterly estimated income tax and applicable vouchers, if required for the following periods, April 15th, June 15th, September 15th, and December 15th; and (e) perform any other services that the Debtor may deem necessary in its role as accountants or that may be requested by its counsel. The firm's hourly rates are as follows: Frederic V. Blanchard, CPA $350 Staff $150 - $350 Frederic Blanchard, a certified public accountant at ORCOM US New York, 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: Frederic V. Blanchard, CPA ORCOM US New York, Inc. 60 Broad Street, Suite 3502 New York, NY 10004 Telephone: (646) 356-0460 About Anne Fontaine USA New York-based Anne Fontaine USA, Inc. is an e-commerce platform women's apparel, bags, shoes and accessories. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-10058) on Jan. 16, 2024, with $11,399,790 in assets and $6,441,453 in liabilities. Ari Zlotkin, chief executive officer, signed the petition. Judge Lisa G. Beckerman oversees the case. The Debtor tapped Fred Stevens, Esq., at Klestadt Winters Jureller Southard & Stevens, LLC as legal counsel and Frederic V. Blanchard, CPA, at ORCOM US New York, Inc. as accountant. ARIEL SHOPPING: Commences Chapter 11 Bankruptcy Protection ---------------------------------------------------------- Ariel Shopping Inc. filed Chapter 11 protection in the Eastern District of New York. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for July 8, 2024 at 1:00 p.m. in Room Telephonically on telephone conference line: 1(877)929-0538. participant access code: 4551117. About Ariel Shopping Inc. Ariel Shopping Inc. is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101 (51B)). Ariel Shopping Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-72139) on June 4, 2024. In the petition signed by Sassan Sasouni, as president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Robert E Grossman handles the case. The Debtor is represented by: Vincent M. Lentini, Esq. 1129 Northern Blvd Ste 404 Manhasset, NY 11030 Tel: (516) 228-3214 E-mail: vincentmlentini@gmail.com ARTIFICIAL INTELLIGENCE: Expands Distribution Channels by 20% ------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc., along with its wholly owned subsidiary, Robotic Assistance Devices, Inc. (RAD), announced June 25, 2024, continued significant expansion of its distribution channel. RAD announces that over the past six months it has successfully expanded its distribution channel partners by 20%, further solidifying its access to clients, and positioning itself as a leader in the AI-driven security solutions market. Troy McCanna, Senior VP of Revenue Operations at RAD stated, "The expansion of our distribution network is a clear indicator of the trust and confidence our partners have in RAD's technology. This 20% increase in channel partners will allow us to reach even more customers and provide them with the security solutions they need to protect their assets and people." "Each of our channel partners brings a unique set of clients and immediate opportunities to RAD," said Mark Folmer, CPP, PSP, FSyI, President of RAD. "Their diverse portfolios and strong relationships within their respective markets are invaluable. We are excited about the potential each partnership holds and are confident that together, we can deliver unparalleled security solutions to a wider audience." When introducing RAD solutions to potential clients, new RAD channel partners frequently need to obtain a demonstration unit. McCanna explained, "Most new dealers opt for the ROSA system, which is RAD's most popular offering. It showcases seamlessly, emphasizing RAD's distinctive 'security-in-a-box' convenience." With the addition of these new channel partners, RAD's distribution network has expanded to 83, covering the US, Canada, and the European Union. ROSA is a multiple award-winning, compact, self-contained, portable, security and communication solution that can be installed and activated in about 15 minutes. ROSA's AI-driven security analytics include human, firearm, vehicle detection, license plate recognition, responsive digital signage and audio messaging, and complete integration with RAD's software suite notification and autonomous response library. Two-way communication is optimized for cellular, including live video from ROSA's high-resolution, full-color, always-on cameras. RAD has published six Case Studies detailing how ROSA has helped eliminate instances of theft, trespassing and loitering at retail centers, hospital campuses, multi-family communities, car rental locations and construction sites across the country. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., 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-R, 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 May 9, 2024, citing that the Company had a net loss of approximately $20.7 million, an accumulated deficit of approximately $133.0 million and stockholders' deficit of approximately $40.2 million as of and for the year ended ended Feb. 29, 2024, which raises substantial doubt about its ability to continue as a going concern. ATARA BIOTHERAPEUTICS: Will Effect 1-for-25 Reverse Stock Split --------------------------------------------------------------- Atara Biotherapeutics, Inc. announced June 17, 2024, that it will conduct a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-25. The Reverse Stock Split will become effective at 12:01 a.m. Eastern Time, on June 20, 2024. The Company's common stock will begin trading on a post-split basis at the market open on June 20, 2024. The Reverse Stock Split is part of the Company's plan to regain compliance with the minimum bid price requirement of $1.00 per share required to maintain continued listing on The Nasdaq Global Select Market, among other benefits. The Reverse Stock Split was approved by the Company's stockholders at the Company's Annual Meeting of Stockholders held on June 10, 2024 to be effected at the Board's discretion within approved parameters. Following the Annual Meeting, the final ratio was approved by the Company's Board on June 10, 2024. The Reverse Stock Split reduces the number of shares of the Company's outstanding common stock from 122,606,575 shares to 4,904,263 shares, subject to adjustment due to the payment of cash in lieu of fractional shares. This does not include the Company's outstanding 32,153,085 pre-split (1,286,123 post-split, subject to adjustment due to payment of cash in lieu of fractional warrants) pre-funded common stock warrants as of the Effective Time. As a result of the Reverse Stock Split, proportionate adjustments will be made to the number of shares of the Company's common stock underlying the Company's outstanding equity awards and the number of shares issuable under the Company's equity incentive plans and other existing agreements, as well as the exercise or conversion price, as applicable. There will be no change to the number of authorized shares or the par value per share. Information for ATRA Stockholders As a result of the reverse stock split, every 25 pre-split shares of common stock outstanding will become one share of common stock. The Company's transfer agent, Computershare Trust Company, N.A., will serve as the exchange agent for the reverse stock split. Registered stockholders holding pre-split shares of the Company's common stock electronically in book-entry form are not required to take any action to receive post-split shares. Those stockholders who hold their shares in brokerage accounts or in "street name" will have their positions automatically adjusted to reflect the reverse stock split, subject to each broker's particular processes, and will not be required to take any action in connection with the reverse stock split. Stockholders holding shares of the Company's common stock in certificate form, if any, will receive a transmittal letter from Computershare with instructions as soon as practicable after the effective date. No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares will receive a cash payment in lieu of such fractional shares. About Atara Biotherapeutics Headquartered in Thousand Oaks, CA, Atara Biotherapeutics, Inc. -- atarabio.com -- is harnessing the natural power of the immune system to develop off-the-shelf cell therapies for difficult-to-treat cancers and autoimmune conditions that can be rapidly delivered to patients from inventory. With cutting-edge science and differentiated approach, Atara is the first company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. San Francisco, California-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company's recurring losses from operations raises substantial doubt about its ability to continue as a going concern. AVINGER INC: Intracoastal Capital, 2 Others Hold 9.99% Stake ------------------------------------------------------------ Intracoastal Capital LLC, Mitchell P. Kopin, and Daniel B. Asher, collectively the "Reporting Persons" disclosed in Schedule 13G Report filed with the U.S. Securities and Exchange Commission that as of June 13, 2024, they beneficially owned 208,859 shares of Avinger, Inc.'s common stock, representing 9.99% of the shares outstanding. Immediately following the execution of the Securities Purchase Agreement with Avinger on June 13, 2024 (as disclosed in the Form 8-K filed by Avinger with the Securities and Exchange Commission on June 18, 2024), each of the Reporting Persons may have been deemed to have beneficial ownership of 188,926 shares of Common Stock, which consisted of (i) 165,000 shares of Common Stock to be issued to Intracoastal at the closing of the transaction contemplated by the SPA and (ii) 23,926 shares of Common Stock issuable upon exercise of a warrant to be issued to Intracoastal at the closing of the transaction contemplated by the SPA, and all such shares of Common Stock in the aggregate represent beneficial ownership of approximately 9.99% of the Common Stock, based on (1) 1,702,226 shares of Common Stock outstanding as of May 17, 2024 as reported by Avinger, plus (2) 165,000 shares of Common Stock to be issued to Intracoastal at the closing of the transaction contemplated by the SPA and (3) 23,926 shares of Common Stock issuable upon exercise of Intracoastal Warrant 1. The foregoing excludes (I) 112,278 shares of Common Stock issuable upon exercise of Intercoastal Warrant 1 because Intracoastal Warrant 1 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 1 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 9.99% of the Common Stock, (II) 301,204 shares of Common Stock issuable upon exercise of a second warrant to be issued to Intracoastal at the closing of the transaction contemplated by the SPA because Intracoastal Warrant 2 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 2 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 4.99% of the Common Stock, (III) 301,204 shares of Common Stock issuable upon exercise of a third warrant to be issued to Intracoastal at the closing of the transaction contemplated by the SPA because Intracoastal Warrant 3 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 3 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 4.99% of the Common Stock, (IV) 301,204 shares of Common Stock issuable upon exercise of a fourth warrant to be issued to Intracoastal at the closing of the transaction contemplated by the SPA because Intracoastal Warrant 4 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 4 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 4.99% of the Common Stock and (V) 7,083 shares of Common Stock issuable upon exercise of a warrant held by Intracoastal because Intracoastal Warrant 5 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 5 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 4.99% of the Common Stock. Without such blocker provisions, each of the Reporting Persons may have been deemed to have beneficial ownership of 1,211,899 shares of Common Stock. As of the close of business on June 21, 2024, each of the Reporting Persons may have been deemed to have beneficial ownership of 208,859 shares of Common Stock, which consisted of (i) 150,400 shares of Common Stock held by Intracoastal and (ii) 58,459 shares of Common Stock issuable upon exercise of Intercoastal Warrant 1, and all such shares of Common Stock in the aggregate represent beneficial ownership of approximately 9.99% of the Common Stock, based on (1) 1,702,226 shares of Common Stock outstanding as of May 17, 2024 as reported by Avinger, plus (2) 330,000 shares of Common Stock issued at the closing of the transaction contemplated by the SPA and (3) 58,459 shares of Common Stock issuable upon exercise of Intercoastal Warrant 1. The foregoing excludes (I) 77,745 shares of Common Stock issuable upon exercise of Intercoastal Warrant 1 because Intracoastal Warrant 1 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 1 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 9.99% of the Common Stock, (II) 301,204 shares of Common Stock issuable upon exercise Intercoastal Warrant 2 because Intracoastal Warrant 2 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 2 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 4.99% of the Common Stock, (III) 301,204 shares of Common Stock issuable upon exercise of Intercoastal Warrant 3 because Intracoastal Warrant 3 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 3 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 4.99% of the Common Stock, (IV) 301,204 shares of Common Stock issuable upon exercise of Intercoastal Warrant 4 because Intracoastal Warrant 4 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 4 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 4.99% of the Common Stock and (V) 7,083 shares of Common Stock issuable upon exercise of Intercoastal Warrant 5 because Intracoastal Warrant 5 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 5 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 4.99% of the Common Stock. Without such blocker provisions, each of the Reporting Persons may have been deemed to have beneficial ownership of 1,197,299 shares of Common Stock. A full-text copy of Intracoastal Capital's SEC Report is available at: https://www.sec.gov/Archives/edgar/data/1506928/000121390024054832/ea0208229-13gintra_avinger.htm About Avinger Headquartered in Redwood City, Calif., 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 suite of products in the United States and select international markets. As of December 31, 2023, the Company had $13.8 million in total assets, $20 million in total liabilities, and $6.2 million in total stockholders' deficit. San Francisco, Calif.-based Moss Adams LLP, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 20, 2024, 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. AZM RETAIL: Unsecureds to Split $28K via Quarterly Payments ----------------------------------------------------------- AZM Retail LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated June 10, 2024. The Debtor is a retailer of essential oils. It purchases wholesale oils and creates and sells its own branded product line. The Debtor was formed in 2014 by its sole member and CEO, Ibadur Azmi. Mr. Azmi runs the business with his wife, Sumayyah Ansari, who serves as COO. The Debtor was generating approximately $8.5 million in annual sales from its Amazon storefront, which also included sales of outside products, until March 2019 when Amazon suspended the Debtor's seller's account. Since then, Debtor has been selling its branded product line on Amazon using third party sellers. Revenue has decreased to less than $1M per year. The Debtor reached a point where it knew that it would not be able to keep up with its debt service payments and filed for bankruptcy protection to stabilize its operations and to reorganize its debts so that it may continue to serve its customers. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 6 shall consist of General Unsecured Claims ("GUCs"). If the Plan is confirmed under Section 1191(a) of the Bankruptcy Code, the Debtor shall pay GUCs their pro rata share of the total amount of $27,684.00 to be paid in quarterly installments commencing on the first day of the first full quarter following the Effective Date and continuing on the first day of each quarter through and including the 12th quarter following the Effective Date. General Unsecured Creditors will receive 12 disbursements of $2,307.00. If the Plan is confirmed under Section 1191(b) of the Bankruptcy Code, Class 6 shall be treated the same as if the Plan was confirmed under Section 1191(a) of the Bankruptcy Code. The Claims of the Class 6 Creditors are Impaired by the Plan, and the holders of Class 6 Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $1,263,070.53. Class 7 consists of Ibadur Azmi as the equity interest holder of the Debtor and Mr. Azmi will retain his interest in the Reorganized Debtor. This class is not impaired and is not eligible to vote on the Plan. The source of funds for the payments pursuant to the Plan is Debtor's continued business operations. A full-text copy of the Plan of Reorganization dated June 10, 2024 is available at https://urlcurt.com/u?l=RlKX48 from PacerMonitor.com at no charge. Attorneys for the Debtor: Will B. Geer, Esq. Rountree, Leitman, Klein & Geer, LLC Century Plaza I 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 Email: wgeer@rlkglaw.com About AZM Retail LLC AZM Retail, LLC is a retailer of essential oils in Norcross, Ga. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-52575) on March 11, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Ibadur Azmi, chief executive officer, signed the petition. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. B&D DEVELOPMENT: Seeks to Hire Slocum Law as Counsel ---------------------------------------------------- B&D Development Group LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Slocum Law as counsel. The firm will provide these services: a. advising the Debtor as to the rights, duties, and powers as Debtor-in Possession; b. preparing and filing statements and schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this proceeding; c. representing the Debtor at all hearings, meetings of creditors, conferences, trials, and any other proceedings in this case; and d. performing such other legal services as may be necessary in connection with this case. The firm will be paid at these rates: Keith D. Slocum $425 to $475 per hour Paralegals $150 per hour The firm received from the Debtor a retainer of $21,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Keith D. Slocum, Esq., a partner at Slocum Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Keith D. Slocum, Esq. Slocum Law Mallory Station Road Suite 504 Franklin TN, TN 37067 Tel: (615) 656-3344 Fax: (615) 647-0651 Email: keith@keithslocum.com About B&D Development Group LLC B&D Development Group, LLC owns three properties in Nashville, Tenn., having a total current value of $1.73 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-02148) on June 12, 2024, with $1,733,025 in assets and $1,452,159 in liabilities. Ohmar Braden, member, signed the petition. Judge Charles M. Walker presides over the case. Keith D. Slocum, Esq., at Slocum Law represents the Debtor as bankruptcy counsel. BAN RE GROUP: Gets OK to Hire CBRE Capital as Real Estate Broker ---------------------------------------------------------------- BAN RE Group, LLC received approval from the U.S. Bankruptcy Court for the District of Colorado to employ CBRE Capital Markets Inc. as real estate broker. The Debtor needs a real estate broker to market and sell its property located at 600 Antelope Drive, Bennett, Colorado. The firm will be paid on a flat fee in the amount of $300,000. Bryon Stevenson, senior vice president at CBRE Capital Markets, 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: Bryon Stevenson CBRE Capital Markets Inc. 1225 17th Street, Suite 3200 Denver, CO 80202 Telephone: (303) 628-1751 About BAN RE Group BAN RE Group is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). BAN RE Group, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-11561) on April 2, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Bipin Patel, manager. Judge Michael E. Romero presides over the case. Michael C. Lamb, Esq. at Buechler Law Office, LLC represents the Debtor as counsel. BEAR HAVEN: Unsecureds to be Paid in Full with Interest in Plan --------------------------------------------------------------- Bear Haven LLC submitted an Amended Disclosure Statement to accompany Second Amended Plan of Reorganization dated June 10, 2024. The Plan calls for the payment of general unsecured creditors in full with postpetition interest by November 30, 2024 or the Effective Date, whichever is later. The secured creditor's allowed claim will also be paid in full pursuant to the terms of its Promissory Note with the Debtor ("Note") with the modification of a 4 year payment term of any arrearage. A summary of creditor's treatment under the Plan is as follows: * General unsecured creditors shall be paid 100% of their allowed claims with post-petition interest at 4.72% per annum by November 30, 2024 or the Effective Date, whichever is later. * Senior secured creditor, 2409 College First Foundation 2018-Q0007, LLC ("First Foundation"), shall be paid 100% of its allowed claim pursuant to the terms of its Note with the modification that any arrearage will be paid in full within 4 years of the Effective Date. * Priority unsecured tax creditors shall receive statutory treatment of five even annual payments pursuant to Section 1129(a)(9)(C) of the Bankruptcy Code and administrative creditors shall be paid their allowed claims in full on the Effective Date. * Priority and non-priority contingent and security deposit creditors shall be paid any deposit returns in full by equity holders of Bear Haven as their deposit returns come due. * Equity security holders in the Debtor shall retain their interests. Class 4A General unsecured creditors shall be paid in full with post-petition interest at 4.72 % per annum by November 30, 2024 or the Effective Date, whichever is later, their Allowed Claims. Debtor estimates general unsecured creditors' claims to be approximately $87,179.43 aggregate. Class 2B and 4B contingent security deposit holders will be paid the return of their deposit as they come due in the ordinary course. The Debtor will continue to operate the Property as it has over the past several years and anticipates cash flow sufficient to pay the operating expenses of the Property and service the non-default rate principal and interest Note payment going forward. As noted at the start of the projections, the principals of the Debtor will provide an additional $115,000 of capital contribution to have a cash cushion for operations and enable the lump sum payment going to unsecured creditors under the Plan. A full-text copy of the Amended Disclosure Statement dated June 10, 2024 is available at https://urlcurt.com/u?l=PzdTTd from PacerMonitor.com at no charge. Attorneys for the Debtor: Mark J. Giunta, Esq. Liz Nguyen, Esq. LAW OFFICE OF MARK J. GIUNTA 531 East Thomas Road, Suite 200 Phoenix, AZ 85012 Tel: (602) 307-0837 Fax: (602) 307-0838 E-mail: markgiunta@giuntalaw.com liz@giuntalaw.com - and - Stephen D. Finestone, Esq. Kimberly S. Fineman, Esq. FINESTONE HAYES LLP 456 Montgomery Street, 20th Floor San Francisco, CA 94104 Tel: (415) 209-5027 Fax: (415) 398-2820 E-mail: kfineman@fhlawllp.com About Bear Haven Bear Haven, LLC owns and operates a 17-unit apartment complex located at 2409 College Avenue, Berkeley, California 94704 near University of California Berkeley ("Property") primarily serving Berkeley students. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40526) on May 8, 2023. In the petition signed by its managing member, Peter Palmer, the Debtor listed $6,819,255 in total assets and $3,691,299 in total liabilities. The Debtor tapped the Law Office of Mark J. Giunta as bankruptcy counsel and Finestone Hayes, LLP as local bankruptcy counsel. BED BATH & BEYOND: U.S. Trustee Opposes Appointment of Equity Panel ------------------------------------------------------------------- Andrew Vara, the U.S. Trustee for Regions 3 and 9, asked a bankruptcy court to deny the motion filed by a former Bed Bath & Beyond shareholder to appoint an official committee of equity security holders. In a filing with the U.S. Bankruptcy Court for the District of New Jersey, the U.S. Trustee said there is no need to appoint an equity committee because the shareholders' equity interests have already been cancelled by the company's Chapter 11 plan. On Sept. 14 last year, the bankruptcy court confirmed the company's plan, which provided for the cancellation of equity interests in the company. The plan took effect on Sept. 29 last year. The former shareholder did not appeal the court order and on June 1, the U.S. Trustee received an email from the former shareholder, containing various attachments including a notice of motion seeking the appointment of an equity committee. "Because there are no longer any holders of equity interests, there is no constituency for an official committee to represent," the U.S. Trustee said, adding that the appointment of an equity committee is not necessary. Michael Goldberg, the court-appointed plan administrator, also opposed the motion, arguing "The motion is simply too late and would provide no benefit to the estates," Mr. Goldberg said. "Even assuming arguendo that former shareholder had sought the appointment of an equity committee pre-confirmation and prior to the cancellation of interests, where, as here, equity has always been hopelessly out-of-the-money, one would not have been appointed under Bankruptcy Code section 1102," the plan administrator said. About Bed Bath & Beyond Bed Bath & Beyond Inc., together with its subsidiaries, is an omnichannel retailer selling a wide assortment of merchandise in the Home, Baby, Beauty & Wellness markets and operates under the names Bed Bath & Beyond, buybuy BABY, and Harmon, Harmon Face Values. The Company also operates Decorist, an online interior design platform that provides personalized home design services. At its peak, Bed Bath & Beyond operated the largest home furnishing retailer in the United States with over 970 stores across all 50 states, consistently at the forefront of major home and bath trends. Operating stores spanning the United States, Canada, Mexico, and Puerto Rico, Bed Bath & Beyond offers everything from bed linens to cookware to electric appliances, home organization, baby care, and more. Bed Bath & Beyond closed over 430 locations across the United States and Canada before filing Chapter 11 cases, implementing full-scale wind-downs of their Canadian business and the Harmon branded stores. Left with 360 Bed Bath & Beyond, and 120 buybuy BABY stores, Bed Bath & Beyond Inc. and 73 affiliated debtors on April 23, 2023, each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code to pursue a wind-down of operations. The cases are pending before the Honorable Vincent F. Papalia and requested joint administration of the cases under Bankr. D.N.J. Lead Case No. 23-13359. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Lazard Frares & Co. LLC is serving as investment banker, and AlixPartners LLP is serving as financial advisor. Bed Bath & Beyond Inc. has retained Hilco Merchant Resources LLC to assist with inventory sales. Kroll LLC is the claims agent. BENT AVENUE: Seeks to Hire Scura Wigfield Heyer as Legal Counsel ---------------------------------------------------------------- Bent Avenue Real Estate Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Scura, Wigfield, Heyer, Stevens & Cammarota, LLP as its legal counsel. The firm's services include: (a) advise the Debtor regarding its powers and duties in the operation of its business; (b) represent the Debtor in bankruptcy matters and adversary proceedings; and (c) perform all legal services for the Debtor which may be necessary. The hourly rates of the firm's counsel and staff are as follows: Partners $525 Associates $385 Law Clerk $275 Paralegals $195 The Debtor paid the firm an intial retainer in the amount of $13,738. David Stevens, Esq., an attorney at Scura, Wigfield, Heyer, Stevens & Cammarota, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David L. Stevens, Esq. Scura, Wigfield, Heyer, Stevens & Cammarota LLP 1599 Hamburg Turnpike Wayne, NJ 07470 Telephone: (973) 696-8391 Email: dstevens@scura.com About Bent Avenue Real Estate Holdings Bent Avenue Real Estate Holdings, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bent Avenue Real Estate Holdings filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-15507) on May 30, 2024, listing up to $1 million in assets and up to $10 million in liabilities. The petition was signed by Ben Taveras, member. David L. Stevens, Esq., at Scura, Wigfield, Heyer, Stevens & Cammarota LLP represents the Debtor as counsel. BETTER CHOICE: Set to Retire up to $10.4M of Debt Obligations ------------------------------------------------------------- Better Choice Company announced June 20, 2024, that it has reached an amicable settlement with Alphia, Inc. that dismisses the Company's ongoing litigation with Alphia and results in the retirement of its senior secured debt that includes $5.0 million in principal and $0.4 million of payable-in-kind accrued interest as of March 31, 2024. The Company has also retired 335,640 warrants with a strike price of $11.44 per share that were set to expire in 2028. Additionally, the Company has entered into an agreement with Alphia to eliminate approximately $5.0 million of other indebtedness with savings up to $2.7 million if paid within 90 days. Michael Young, Chairman of the Board, commented, "With the retirement of our senior debt, plan to eliminate the majority of our accounts payable, and our extended manufacturing relationship with Alphia, we are now positioned for growth and profitability. We have 100% confidence in Kent Cunningham, Nina Martinez and the rest of the leadership team. We look forward to updating our shareholders on the quarter in the coming weeks." About Better Choice Headquartered in Tampa, Florida, Better Choice Company Inc. -- http://www.betterchoicecompany.com/-- is a pet health and wellness company committed to leading the industry shift toward pet products and services that help dogs and cats live healthier, happier and longer lives. The Company sells its premium and super-premium products under the Halo brand umbrella, including Halo Holistic, Halo Elevate and the former TruDog brand, which has been rebranded and successfully integrated under the Halo brand umbrella during the third quarter of 2022. Tampa, Florida-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 12, 2024, citing that the Company has continually incurred operating losses, has an accumulated deficit and failed to meet certain financial covenants as of Dec. 31, 2023. These matters create substantial doubt about the Company's ability to continue as a going concern for a period of twelve months from the date these consolidated financial statements are issued. BLUM HOLDINGS: Completes Sale of Blum Santa Ana ----------------------------------------------- Blum Holdings, Inc. announced June 18, 2024, a significant milestone in its ongoing strategic financial restructuring. On June 10, 2024, Unrivaled Brands, Inc. a wholly owned subsidiary of Blum Holdings, completed the sale of its controlling membership interest in People's First Choice LLC ("PFC") to Haven Nectar LLC. PFC owns and operates a cannabis retail dispensary campus in Santa Ana, California named Blum Santa Ana. Key Highlights of the Disposition The Disposition marks a significant milestone in the Company's strategic restructuring plan, which began in August 2022. Based on estimates included in the unaudited pro forma condensed consolidated financial statements for the period ended March 31, 2024 as filed with the Company's Current Report on Form 8-K filed with the SEC on June 14, 2024, key highlights of the Disposition and restructuring plan are included below: 1. $24.8 Million Total Consideration: The consideration includes $9.00 million in cash and $15.84 million in assumption of liabilities. 2. Debt Extinguishment: All of the cash generated in the Disposition was used to settle debt and litigation. The transaction has extinguished an estimated $44.46 million in liabilities, reducing Blüm Holdings' total debt by over 55%. 3. Significant Financial Gain: The total estimated gain from the Disposition is $33.98 million, equivalent to $3.09 per common share. 4. Estimated $90 Million in Total Liability Reduction: This transaction is part of Blüm Holdings' broader restructuring strategy, which has resulted in the reduction of total liabilities by an estimated $90 million since August 2022. Sabas Carrillo, chief executive officer of Blum Holdings, reflected on the journey: "The sale of our Santa Ana store is a landmark achievement for Blum Holdings, not only because of the financial gain but because it symbolizes the end of a challenging era. Our team has fought tirelessly, often under immense pressure with little resources, to steer the Company through litigation and restructuring." Pursuant to a Trademark License Agreement, Blum Santa Ana will continue to use the Blum name in connection with PFC's business for up to 18 months. "We are immensely proud of the team which include AGMs, Inventory Managers, Drivers, and Guides at PFC who have made the Blum Santa Ana store a remarkable asset," Carrillo continued. "Their dedication, hard work, and the positive culture they have established have created a solid foundation for future success. This transaction isn't just about financial restructuring; it's about giving our teams the freedom and resources to excel. We believe the Blum Santa Ana team now has a shot at the title of California's best, and the rest of our teams are poised to compete and thrive in a revitalized company." About Blum Holdings Headquartered in Santa Ana, California, Blum Holdings, Inc. -- www.blumholdings.com -- is a cannabis company with operations in retail and distribution throughout California, with an emphasis on providing the highest quality of medical and adult use cannabis products. The Company is home to Korova, a brand of high potency products across multiple product categories, currently available in California. The Company operates Blum OC, a premier cannabis dispensary in Orange County, California. The Company also owns dispensaries in California which operate as The Spot in Santa Ana, Blum in Oakland, and Blum in San Leandro. Costa Mesa, California-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 15, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. BMC SOFTWARE: S&P Ups ICR to 'B' on Strong Operating Performance ---------------------------------------------------------------- S&P Global Ratings upgraded Banff Parent Inc. (doing business as BMC Software Inc.) to 'B,' based on its expectation for continued revenue and earnings growth, enabling the firm to reduce S&P Global Ratings-adjusted debt to EBITDA under 8x in fiscal 2025. S&P also assigned a 'B' issue-level rating to the firm's proposed first-lien USD and EUR denominated term loans, and a 'B-' issue-level rating to the proposed second-lien term loan. Recovery ratings on the first- and second-lien debt are '3' and '5', respectively. The outlook is stable, reflecting S&P's view that while credit metrics are likely to continue to improve into 2026, high leverage and financial-sponsor ownership constrain further ratings. BMC reported improving top-line performance in fiscal 2024, though cash generation declined modestly on higher interest expense. BMC reported 3.5% revenue growth for fiscal 2024 (excluding the impact of a transaction price adjustment that we do not include in adjusted revenues), continuing its consistent record of top-line growth since the acquisition of Compuware in 2020. Underlying trends in product bookings and annual recurring revenue (ARR) also showed improvement, growing by 13.4% and 7.4%, respectively. The company has made substantial progress on its shift to a subscription revenue model, with subscription sales representing nearly 60% of sales for the year. Free cash flow and EBITDA--as defined and calculated by S&P Global Ratings--declined modestly from fiscal 2023 levels mostly due to higher spending on severance and compensation. However, S&P continues to view the firm's profitability as a credit strength, and it expects EBTIDA margin and cash generation will return to historical levels in the near-term as revenues continue to grow. S&P said, "We expect leverage will decline under 8x in fiscal 2025 as revenue increases and margins expand. We currently forecast revenues will increase by about 4.1% in fiscal 2025 as the company continues to benefit from strong momentum in bookings and ARR expansion. We expect this will support a gradual return to S&P Global Ratings-adjusted EBITDA margins greater than 40%, which underpins our forecast for leverage to decline to under 8x in the current fiscal year and supports our upgrade to 'B'. Free cash flow will also benefit from this earnings growth and may see further improvement over the next year if SOFR rates decline, reaching mid-single digits of S&P Global Ratings-adjusted debt levels. The firm's highly recurring and visible business model, combined with strong and consistent customer retentions, support our forecast and rating action. "However, we believe high leverage, limited prospects for substantially more rapid revenue growth, and sponsor ownership limit further ratings upside. BMC is in the midst of a transition away from a perpetual license and maintenance revenue model, and declining license and maintenance sales have provided a headwind to revenue growth as customers are transitioned over to subscription licenses. We expect some further upside to growth as this transition reaches its conclusion, but lengthening sales cycles for enterprise software, pressured enterprise IT budgets, and a product set exposed to legacy IBM mainframe architecture will constrain further revenue growth acceleration in our view. We therefore view leverage as likely to decline but remain greater than 7x through the end of fiscal 2026, and we do not expect additional positive rating actions over the near term from organic operating improvements. Additionally, we would want to see meaningful further deleveraging and at least minority public ownership before considering a higher rating." BMC's new capital structure removes near-term refinancing risk and will support greater cash generation if interest rates decline. This refinancing transaction will support BMC's liquidity position through removal of refinancing risk around its approximately $1 billion of first-lien secured notes, which turn current in October. Since the new capital structure will consist entirely of floating rate debt, the company stands to reap greater benefits if interest rates decline, even modestly, over the near term. S&P continues to view BMC's liquidity as adequate and see the risk of significant leveraging as the result of mergers and acquisitions (M&A) or dividend payments as limited in the near term. S&P said, "We do not currently include any proceeds from ongoing litigation with IBM in our base case, and our upgrade does not rely on a favorable outcome of the dispute. BMC's ongoing litigation against IBM over replacement of the firm's software used by AT&T has been widely reported in the press, including the initial announcement of a $1.6 billion judgment that has been subsequently reversed on appeal. We expect further appeals and adjudication of this case, and while we would view an eventual final decision in BMC's favor as a credit positive, we do not currently incorporate it into our forecasts of credit metrics or rely on it to support this upgrade. If there is more certainty regarding the ultimate amount, timing, and use of proceeds, we would likely factor it into our analysis, and it could support eventual ratings upside if it leads to accelerated deleveraging. "The stable outlook on BMC reflects our view that the company's recent success growing recurring subscription revenues will enable it to reduce leverage to under 8x by the end of fiscal 2025 and sustain this improvement in financial metrics going forward. We see limited room for further ratings improvement without substantial accelerated paydown of debt or a transition away from financial-sponsor ownership, however, given our view that demand for BMC's software offerings are likely to grow more slowly than the broader software industry over the medium term, and may be impacted by lengthening sales cycles over the next year." S&P would consider downgrading BMC if: -- The firm is unable to sustain mid-single-digit consolidated revenue growth rates or expenses grow unexpectedly, leading to leverage likely to remain or return to the 8x area, or free cash flow to decline to low-single-digit percent of debt balances, or -- Additional debt issuance to fund either shareholder returns or acquisitions lead us to believe that management's commitment to reducing leverage over time has weakened. Although unlikely over the next year, S&P would consider an upgrade if: -- BMC successfully undertakes an IPO and reduces financial-sponsor ownership over time, while maintaining a balance sheet consistent with net leverage under 5x. -- Although not necessary for an upgrade, any use of proceeds related to BMC's ongoing litigation with IBM to reduce debt levels could support an upgrade, provided S&P believes that its ownership would be committed to sustaining any resulting improvements to leverage or other credit metrics. Even with improvement in credit metrics from an IPO or litigation proceeds, S&P would be unlikely to upgrade the firm if current positive trends in operating performance do not continue or reverse over the near term. BRITEWASH AUTO: Jolene Wee Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for BriteWash Auto Wash I, LLC. Ms. Wee will be compensated at $615 per hour for work performed in 2024. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About BriteWash Auto Wash I BriteWash Auto Wash I, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-11096) on June 13, 2024, with up to $1 million in assets and up to $10 million in liabilities. Gregory J. Miller, president and managing member representative, signed the petition. Christopher L. Rogan, Esq., at RoganMillerZimmerman, PLLC, represents the Debtor as legal counsel. BRONCO TRUCKING: Gets OK to Hire Smeberg Law Firm as Legal Counsel ------------------------------------------------------------------ Bronco Trucking, LLC received approval from the U.S. Bankruptcy Court for the Western District of Texas to employ The Smeberg Law Firm, PLLC as legal counsel. The firm's services include: (a) advise the Debtor with respect to the Chapter 11 case; (b) advise the Debtor of its powers and duties and management of its property; and (c) perform all legal services that may be necessary herein. The hourly rates of the firm's counsel and staff 00are as follows: Ronald J. Smeberg, Esq. $450 Other Attorneys with six or more years of experience $450 Associate Attorneys with ten or more years of experience $375 Associate Attorneys $300 Accounting Professionals $250 Legal Assistants/Paralegals $175 In addition, the firm will seek reimbursement for expenses incurred. Ronald Smeberg, Esq., an attorney at The Smeberg Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ronald J. Smeberg, Esq. The Smeberg Law Firm, PLLC 4 Imperial Oaks San Antonio, TX 78248 Telephone: (210) 695-6684 Facsimile: (210) 598-7357 Email: ron@smeberg.com About Bronco Trucking Bronco Trucking, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-51118) on June 17, 2024, listing up to $10 million in both assets and liabilities. The petition was signed by Luis Poblete, manager. Judge Craig A. Gargotta oversees the case. The Debtor tapped Ronald J. Smeberg, Esq., at The Smeberg Law Firm, PLLC as counsel and Angelo DeCaro, Jr. as financial advisor. BRONCO TRUCKING: Hires Angelo DeCaro Jr. as Financial Advisor ------------------------------------------------------------- Bronco Trucking, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Angelo DeCaro Jr., a professional practicing in Austin, Texas, as financial advisor. Mr. DeCaro will render these services: (a) assist the Debtor and its counsel with general matters related to a restructuring and contemplated Chapter 11 proceeding; (b) assist the Debtor with bankruptcy required reporting, including Monthly Operating Reports (MOR); (c) assist the Debtor and counsel, as requested, to complete initial debtor interview questionnaire and related information, complete and file the required achedules of assets and liabilities and statement of financial affairs, and prepare for sec. 341 meeting of creditors; (d) assist the Debtor and its counsel to obtain court approval for its financing, if needed; (e) assist the Debtor to develop and maintain thirteen-week cash forecasts and any budget-to-actual reporting or other reporting; (f) support the development of the Plan of Reorganization development; and (g) perform other services as may be agreed upon between DeCaro and Debtor. Mr. DeCaro will be paid at an hourly rate of $125 plus reimbursement for expenses incurred. Mr. DeCaro disclosed in a court filing that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The professional can be reached at: Angelo DeCaro, Jr. Quadrus Consulting 10915 Hidden Caves Way Austin, TX 78726 Telephone: (512) 423-0063 Email: decaro@quadrusconsulting.com About Bronco Trucking Bronco Trucking, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-51118) on June 17, 2024, listing up to $10 million in both assets and liabilities. The petition was signed by Luis Poblete, manager. Judge Craig A. Gargotta oversees the case. The Debtor tapped Ronald J. Smeberg, Esq., at The Smeberg Law Firm, PLLC as counsel and Angelo DeCaro, Jr. as financial advisor. BURGESS BUNGALOW: Trustee Seeks to Tap McAfee & Taft as Counsel --------------------------------------------------------------- Jim Parrack, the trustee appointed in the Chapter 11 case of Burgess Bungalow, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ McAfee & Taft A Professional Corporation as his counsel. The firm's services include: (a) advise the Debtor with respect to its rights and obligations pursuant to the Chapter 11 case; (b) consult the Debtor concerning the administration of the case; (c) investigate the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of its business and any other matter relevant to the case; (d) participate in the sale of the property owned by the Debtor; (e) attend meetings and negotiate with representatives of secured creditors and other parties-in-interest; (f) prepare and file on behalf of the Debtor all legal papers necessary for the administration of the case; (g) advise the Debtor with respect to certain corporate, financing, tax and employee benefit matters; (h) appear before the court, and any appellate courts, and protect the interests of the unsecured creditors before such courts; and (i) perform all other legal services in connection with this Chapter 11 case as requested by the Debtor and without duplication of other professionals' services. Ross Plourde, Esq., a shareholder at McAfee & Taft, will be paid at his hourly rate of $450. In addition, the firm will seek reimbursement for expenses incurred. Mr. Plourde 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: Ross A. Plourde, Esq. McAfee and Taft A Professional Corporation 8th Floor, Two Leadership Square 211 North Robinson Oklahoma City, OK 73102 Telephone: (405) 235-9621 Facsimile: (405) 235-0439 Email: ross.plourde@mcafeetaft.com About Burgess Bungalow Burgess Bungalow, LLC, a company in Guthrie, Okla., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 24-10840) on April 1, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Calvin Burgess, managing member, signed the petition. Judge Sarah A. Hall oversees the case. Stephen J. Moriarty, Esq., at Fellers, Snider, Blankenship, Bailey & Tippens, PC serves as the Debtor's legal counsel. On June 10, 2024, Jim L. Parrack was appointed as trustee in this Chapter 11 case. The trustee tapped McAfee & Taft A Professional Corporation as his counsel. CALAMP CORP: Seeks Approval to Hire Ordinary Course Professionals ----------------------------------------------------------------- CalAmp Corp. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ ordinary course professionals (OCPs). In the ordinary course of business, these OCPs have provided legal, technical, accounting, consulting, and/or other related services to the Debtors, upon which they rely on to manage their day-to-day operations. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCPs' include: Aramino LLP 2700 Camino Ramon #350 San Ramon, CA 94583 -- Accounting Services Baker Tilly 1105 N. Market St. Wilmington, DE 19801-1270 -- Accounting Services Blythe Global Advisors, LLC 19800 Macarthur Blvd. St. 300 Irvine, CA 92612 -- Accounting Services Jeff S. Hanson, CPA, LLC 7111 W. 151st St. Street 317 Overland Pakr, KS, 66223-2231 -- Accounting Services Barnes & Thornburg, LLP 222 Delaware Avenue, Suite 1200 Wilmington, DE 19801 -- Intellectual Property Counsel Bradley Arant Boult & Cummings LLP Fountain Place, 1445 Ross Ave. St. 3600 Dallas, TX 75202 -- Corporate Counsel Demarest Advogados Av. Pedroso de Morais, 1201 - Pinheiros Sao Paulo, SP -- Foreign Counsel Klinedinst PC 777 S. Figueroa St., Suite 4000 Los Angeles, CA 90017 -- Labor & Employment Counsel Stikeman Elliot LLP 845 Third Ave., 20th Floor New York, NY 10022 -- Foreign Counsel Guyer & Regules Plaza Independencia 811 Centro, Montevideo 11100 -- Foreign Counsel About CalAmp Corp. CalAmp (Nasdaq: CAMP) provides flexible solutions to help organizations worldwide monitor, track and protect their vital assets. Its unique device-enabled software and cloud platform enables commercial and government organizations worldwide to improve efficiency, safety, visibility and compliance while accommodating the unique ways they do business. With over 10 million active edge devices and 275+ approved or pending patents, CalAmp is the telematics leader organizations turn to for innovation and dependability. On the Web: http://www.calamp.com/ On June 3, 2024, CalAmp Corp. and three affiliated debtors, namely, CalAmp Wireless Network Corporation, LoJack Global LLC, and Synovia Solutions, LLC (Bankr. D. Del. Lead Case No. 24-11136). The Honorable Laurie Selber Silverstein is the case judge. CalAmp reports $281 million in assets and $355 million in liabilities as of the bankruptcy filing. The Debtors have $275 million of funded debt obligations, specifically $45 million in term loans and $230 million in secured notes. Potter Anderson & Corroon is serving as lead counsel. Bradley Arant Boult Cummings serves as special counsel for the Company. Oppenheimer & Co. Inc., is the financial advisor, and Stretto is the claims agent. CAMP RIM: Seeks to Hire Foresight Business Solutions as Accountant ------------------------------------------------------------------ Camp Rim Rock, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to employ Foresight Business Solutions, LLC as accountant. The firm's services include: (a) perform 2023 accounting review and services; (b) prepare 2023 and future tax returns; and (c) prepare Monthly Operating Reports. The hourly rates of the firm's professionals are as follows: Partner $310 Senior Manager $245 Manager $215 Senior Accountant $160 Staff Accountant $115 In addition, the firm will seek reimbursement for expenses incurred. Lisa McAllister, a managing member at Foresight Business Solutions, 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: Lisa McAllister Foresight Business Solutions LLC 10120 Valley Forge Circle, Suite 120 King of Prussia, PA 19406 Telephone: (484) 368-3183 About Camp Rim Rock Camp Rim Rock is an overnight camp for girls. Campers can participate in five daily activities: Horseback Riding, Performing Arts, Aquatics, Arts & Crafts, and Sports. Camp Rim Rock, LLC in Bryn Mawr, PA, filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Pa. Case No. 24-11498) on May 2, 2024, listing as much as $1 million to $10 million in both assets and liabilities. Joseph Greitzer, sole member, signed the petition. Judge Ashely M. Chan oversees the case. The Debtor tapped Smith Kane Holman, LLC as legal counsel and Foresight Business Solutions, LLC as accountant. CAN B CORP: Discontinues Hemp Operating Division ------------------------------------------------ Can B Corp. disclosed in a Form 8-K filed with the Securities and Exchange Commission on June 18, 2024, that the Company's Board of Directors has concluded that as a result of the impact of the auction on the hemp division, it is no longer feasible to continue the Company's hemp operations. On March 14, 2024, certain equipment used in the operation of the Company's hemp division were sold in an auction conducted under Article 9 of the Uniform Commercial Code. The auction resulted in proceeds of approximately $300,000 which were applied to the Company's obligations under convertible notes held by Arena Special Opportunities Partners I, L.P. and its affiliates. As a result, effective immediately, the Company will no longer pursue the development, manufacture or sale of hemp derived products. The Company expects to issue approximately 4,825,000 shares of its common stock and return approximately 1.4 million pounds of biomass to a supplier in connection with the termination of a hemp processing agreement. In addition, the Company expects to incur lease termination costs of up to $132,000 in connection with the termination of its hemp operations. About Can B Corp Can B Corp., headquartered in Hicksville NY, is in the business of promoting health and wellness through its development, manufacture and sale of products containing cannabinoids derived from hemp biomass and the licensing of durable medical devices. Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 15, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. CANDLE DELIRIUM: Hits Chapter 11 Bankruptcy in California --------------------------------------------------------- Candle Delirium Inc. filed Chapter 11 protection in the Central District of California. According to court documents, the Debtor reports $3,398,539 in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Candle Delirium Inc. Candle Delirium Inc. is a retailer of luxury candles and home fragrance products. Candle Delirium Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-14453) on June 4, 2024. In the petition filed by Anthony Carro, Jr., as chief executive officer, the Debtor reports total assets of $422,709 and total liabilities of $3,398,539. The Debtor is represented by: Jeffrey S. Shinbrot, Esq. JEFFREY S. SHINBROT, APLC 15260 Ventura Blvd. Suite 1200 Sherman Oaks, CA 91403 Tel: 310-659-5444 Fax: 310-878-8304 Email: jeffrey@shinbortfirm.com CANO HEALTH: Files First Plan Supplement ---------------------------------------- Cano Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 20, 2024, the Company and certain of its direct and indirect subsidiaries filed a supplement (the "First Supplement") to the Plan Supplement with the U.S. Bankruptcy Court for the District of Delaware. As previously disclosed, on June 14, 2024, the Debtors filed a supplement (the "Plan Supplement") to the Fourth Amended Joint Chapter 11 Plan of Reorganization. The First Supplement includes updated and/or amended versions of certain documents included in the Plan Supplement, including, among other things: (1) amended and restated forms of the Senior Executive Employment Agreements, (2) amended and restated form of GUC Warrant Agreement, and (3) certain amendments to the schedules of rejected contracts and assumed contracts. The documents included in the First Supplement and the Plan Supplement are subject to change. Any further changes may be material and/or adverse to the Debtors as each of the documents contained in the First Supplement and the Plan Supplement remain subject to ongoing review by, negotiations between, and the applicable consent and/or consultation rights of the Debtors, the statutory committee of unsecured creditors appointed by the U.S. Trustee in the Chapter 11 Cases pursuant to section 1102 of the Bankruptcy Code, and that certain ad hoc group of holders of certain secured loans and senior notes (the Ad Hoc First Lien Group") as set forth in the Plan, and all applicable rights of the Creditors' Committee and the Ad Hoc First Lien Group are reserved. Accordingly, the documents included in the First Supplement and the Plan Supplement remain subject to (i) further review, negotiations, and modifications and (ii) final documentation in a manner consistent with the Plan. The Debtors reserve all rights to further amend, modify, or supplement the Plan Supplement, and any of the documents contained therein, in accordance with the terms of the Plan. A full-text copy of the First Supplement is available at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1800682/000119312524165172/d841690d8k.htm About Cano Health Inc. Cano Health, Inc. and its affiliates are independent primary care physician group. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10164) on February 4, 2024. In the petitions signed by Mark Kent, authorized signatory, the Debtors disclosed $1,211,931,000 in assets and $1,471,032,000 in liabilities. Judge Karen B. Owens oversees the cases. The Debtors tapped Richards, Layton & Finger, PA 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. Gibson, Dunn & Crutcher, LLP and Pachulski, Stang, Ziehl & Jones, LLP represent the ad hoc first lien group while ArentFox Schiff, LLP represents Wilmington Savings Fund Society, FSB, the DIP agent. Credit Suisse AG, Cayman Islands Branch, serves as administrative agent and collateral agent, under the Credit Agreement. Freshfields Bruckhaus Deringer US, LLP is counsel to the agent. JPMorgan Chase Bank, N.A., serves as administrative agent and collateral agent under the Side-Car Credit Agreement. It is represented by Proskauer Rose, LLP. Daniel McMurray was appointed as the patient care ombudsman in these Chapter 11 cases. He tapped Neubert Pepe & Monteith PC and Klehr Harrison Harvey Branzburg, LLP as his counsel. CARNIVAL CORP: S&P Upgrades ICR to 'BB' on Favorable Bookings ------------------------------------------------------------- S&P Global Ratings raised global cruise operator Carnival Corp's issuer credit rating by one notch to 'BB' from 'BB-'. S&P also raised all issue-level ratings by one notch. The stable outlook reflects S&P's forecast for continued improvement in credit measures over the next 12 months due to anticipated revenue and EBITDA growth and net debt reduction (despite new debt for ship deliveries). S&P said, "We expect Carnival's 2024 booked position and strong pricing will support significant improvement in credit measures this year. Carnival reported on its recent earnings call that the company's cumulative booked position for the remainder of 2024 continues to be the best on record, with occupancy still nicely above 2023 levels at considerably higher prices (in constant currency). In addition, the company achieved considerably higher prices on bookings taken during the second quarter compared to the prior year. As a result, the company has raised its net yield guidance and expects net yields to be about 10.5% higher in current dollars compared to the prior year. This represents a 200 basis point improvement over the company's December 2023 guidance and what we incorporated in our previous base-case forecast." Carnival also reported that it is experiencing strong bookings for fiscal 2025 sailings. Although it is still early, the company reported that its cumulative advanced booked position for fiscal 2025 is higher than 2024 in both price and occupancy. S&P believes the company's current booked position for next year is likely higher in the first half than in the second half, but the current booked position provides some revenue visibility for next year. S&P said, "We believe the combination of higher net yields, increased capacity in the fleet, and a full year of occupancy recovering to historical levels will support significant revenue and EBITDA growth in 2024 compared to 2023. We estimate net cruise revenue will increase about 16% and EBITDA will increase 35% compared to 2023. As a result, we expect Carnival's fiscal 2024 S&P Global Ratings-adjusted debt to EBITDA will improve to approximately 4.6x by the end of the year from 6.5x in fiscal 2023. "We expect leverage will further improve to about 4x in fiscal 2025. This level of leverage is significantly below our 5x threshold for Carnival at the 'BB' issuer credit rating. Our forecast funds from operations (FFO) to debt measure is just over 15% at the end of fiscal 2024, which provides little cushion to our 15% FFO to debt threshold at the 'BB' issuer credit rating. Our FFO to debt measure remains somewhat impaired by the company's higher interest burden, but we expect this will improve over time as the company addresses higher-cost debt issued during the pandemic in its capital structure through refinancing or repayment." Carnival's strong forward bookings, which significantly increased customer deposits, and the return of credit card reserves are enabling accelerated debt reduction. Carnival's customer deposits balance, an indicator of future revenue and cash flow, reached $8.3 billion as of May 31, 2024, which is 15% higher than May 31, 2023. Strong demand, increased capacity, and higher prices led to the improvement. In addition, substantially all the remaining credit card reserves ($800 million) were returned to Carnival in the first quarter of fiscal 2024. The return of these reserves combined with strong cash flow from sailings enabled accelerated debt reduction. Carnival has publicly stated its goal to continue to reduce leverage and outlined a path during its 2023 investor day to reduce debt by about $8 billion from fiscal 2024 through fiscal 2026. During the last 15 months, Carnival has prepaid $6.6 billion in debt. This includes $1.6 billion of secured term loan repayment in the quarter ending May 31, 2024. Carnival also reduced the interest rate on its term loans maturing in 2027 and 2028. The combination of these capital markets transactions will reduce net interest expense by $55 million in 2024 and $85 million on an annualized basis, and it will improve FFO. Carnival has also focused on simplifying its capital structure, repaying all its remaining second-lien secured debt and reducing overall secured debt by 40%. Carnival's liquidity position, including cash and revolver availability, remained healthy at approximately $4.6 billion on May 31, 2024. The company's capital structure is approximately 80% fixed rate debt, which is a benefit in a high interest rate environment and provides greater cash flow predictability. In addition, the company's maturity schedule is manageable relative to its cash flow generation, with $1.2 billion of maturities for the remainder of fiscal 2024, $1.7 billion in fiscal 2025, and $2.8 billion in fiscal 2026. S&P said, "We anticipate Carnival's more moderate ship delivery schedule compared to pre-pandemic will allow it to continue reducing leverage despite new ship debt. The cruise industry is capital intensive because of the significant capital requirements needed to fund new ships and the need to take delivery of ships regardless of the operating environment. Cruise operators generally must commit to new ship deliveries several years in advance. The operators typically obtain financing commitments for the ships before delivery (often at the same time as they contract for the ship's delivery), which provides them with some liquidity support if their cash flow declines. However, the incremental debt to finance ship deliveries can lead to a significant deterioration in credit measure during periods of operating weakness because debt balances are increasing while EBITDA declines." Carnival's ship delivery schedule slows in fiscal 2025, with the company taking delivery of only one ship in fiscal 2025 and no ships in fiscal 2026. This follows three large ship deliveries in fiscal 2024. Carnival recently resumed ordering ships and has one ship scheduled for delivery in each of fiscal 2027 and fiscal 2028. Carnival's recent ship orders align with its plans to target one or two ship deliveries per year. This compares to three to five ships annually from fiscal 2018 to fiscal 2022. Carnival's more measured approach to ordering new ships than pre-pandemic supports its strategy to repair its balance sheet. S&P expects this more measured level of ship deliveries will allow Carnival to generate significant cash flow for leverage reduction over the next few years, despite expected ship debt to finance new deliveries. Prior to the pandemic, Carnival's operating cash flow could fund four to five large ships annually. S&P said, "Although not currently in our base case, demand for future cruise bookings could decline in a slowing macroeconomic environment. Vacationers have remained more resilient than we previously expected, but a decline in savings built up during the pandemic could lead to tighter personal travel budgets. However, consumers' desire to vacation would likely lead them to search for deals rather than cut travel spending altogether. Cruise operators have historically used price as a lever to fill their ships in weaker economic conditions. In S&P's view, the risk of discounting to fill the ships is lower than in previous economic slowdowns because the price gap between a cruise vacation and comparable land-based vacation remains wider than usual. In addition, Carnival's current booked position for fiscal 2024 and fiscal 2025, and lower capacity growth in fiscal 2025, are risk mitigants and provide good revenue visibility. Carnival typically has about 50% of its next 12 months booked at any given time and the industry doesn't usually see significant spikes in cancellations if the economy weakens modestly. S&P said, "The stable outlook reflects our forecast for continued improvement in credit measures over the next 12 months from a combination of EBITDA growth as the company's forward booked position suggests it will be able to absorb capacity increases, improve occupancy and command higher pricing and net debt reduction. We expect Carnival's S&P Global Ratings-adjusted net debt to EBITDA will improve to about 4.6x in 2024 and around 4x in 2025. We forecast FFO to debt will increase to about 15% by the end of 2024 and 18% in 2025. "We could lower our rating on Carnival if 2024 operating performance were weaker than we expected or 2025 forward bookings deteriorated because of a weakening economy, such that we believed debt to EBITDA would be sustained above 5x and FFO to debt below 15%. "We believe an upgrade is unlikely over the next 12 months given our forecast for FFO to debt. However, we could raise the rating to 'BB+' if we expect Carnival's operating performance would improve in a manner that would sustain S&P Global Ratings-adjusted debt to EBITDA below 4.5x and FFO to debt above 20%." CBC SUBCO: Unsecured Creditors to Recover Less Than 1% in Plan -------------------------------------------------------------- Moab Brewers, LLC ("Moab") and Craft Beverage Cooperative, LLC ("CBC"), Debtor Affiliates of CBC SubCo, Inc., submitted a Joint Subchapter V Plan of Reorganization dated June 10, 2024. The Debtors operate two breweries with attached restaurant locations: Moab Brewery in Moab, Utah, and Heretic Brewing based in Fairfield, California. CBC SubCo, Inc. ("SubCo") and Craft Beverage Cooperative, LLC ("CBC") are each non-operating holding companies within the debtors' entity structure. Together SubCo, CBC, Moab Brewers, LLC ("Moab"), and Heretic Brewing Company ("Heretic") (collectively the "Debtors"), are the Debtors in these jointly administered cases. Western Alliance Bank ("WAB") holds a first-position blanket lien over all of the assets of the Debtors. WAB is undersecured, meaning that the value of all of the combined assets of the Debtors is insufficient to repay the WAB indebtedness. This Plan provides the reorganization of the Reorganizing Debtors Moab and CBC. Under the Plan, CBC and Moab are substantively consolidated strictly for claim payment purposes, such that all assets, liabilities, and net disposable income of CBC and Moab are consolidated under the Plan. The estates of SubCo and Heretic will be liquidated or reorganized outside of this Plan process. The creditors of SubCo and Heretic will receive nothing under this Plan. The Plan will be funded from the Reorganizing Debtors' future earnings. The Reorganizing Debtors will devote their Net Disposable Income over a five-year period for the repayment of their creditors up to the aggregate amount of Allowed Claims and Administrative Claims. The Reorganizing Debtors are seeking to resolve the amount of WAB's secured claim against the Reorganizing Debtors. For the avoidance of doubt, all Net Disposable Income of the Reorganizing Debtors will be utilized to pay the creditors of the Reorganizing Debtors. To the extent, the actual Allowed Secured Claim of WAB against the Reorganizing Debtors requires less than the $1,011,750.00 of payments allocated for the payment of WAB's Allowed Secured Claim, the recovery to General Unsecured Creditors will be increased. There are two classes of creditors under the Plan: Class 1, consists of the secured claim of WAB against the Reorganizing Debtors; and Class 2 consists of all General Unsecured Creditors against the Reorganizing Debtors. The Plan provides: (i) that Class 1 will retain its lien against the assets of the Reorganizing Debtors to the extent of the value of that collateral as an Allowed Secured Claim, receive the amount of any Allowed Secured Claim and any balance of the Class 1 Allowed Claim will receive treatment as a General Unsecured Creditor; and (ii) that Allowed Class 2 General Unsecured Claims will receive payments as set forth on Exhibit D. Each holder of a Class 2 claim is projected to receive less than one percent on account of its Allowed Claim. Each holder of an equity interest in each of the Reorganizing Debtors will retain its equity. Class 2 consists of General Unsecured Claims Against CBC and Moab. Each member of Class 2 with an Allowed Claim shall receive its pro rata share of such distributions from Moab's Net Disposable Income, after payment of claims of higher priority, on account of its Allowed Claim. CBC has no operations and no income. A holder of a Class 2 Claim is projected to receive less than 1% of its Allowed Claim under this Plan. To the extent, the actual Allowed Secured Claim of WAB against the Reorganizing Debtors requires less than the $1,011,750.00 of payments allocated for the payment of WAB's Allowed Secured Claim, the recovery to General Unsecured Creditors will be increased. This Class is impaired. The Plan will be funded from the Reorganizing Debtors' Net Disposable Income. On Confirmation of the Plan, all property of the Reorganizing Debtors, tangible and intangible, including, without limitation, licenses, furniture, fixtures, and equipment, will revert, free and clear of all Claims and Equitable Interests except as provided in the Plan, to the Reorganizing Debtors. The Reorganizing Debtors expect to have sufficient cash on hand to make the payments required on the Effective Date. A full-text copy of the Joint Subchapter V Plan dated June 10, 2024 is available at https://urlcurt.com/u?l=rhvyUa from PacerMonitor.com at no charge. Attorneys for Debtors: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. Osborn Maledon, PA 2929 North Central Avenue, 20th floor Phoenix, AZ 85012 Telephone: (602) 640-9000 Email: csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com About CBC SubCo CBC SubCo, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-00632) on January 26, 2024, with up to $50,000 in assets and $1 million to $10 million in liabilities. George Cole Jackson, authorized signatory, signed the petition. Christopher C. Simpson, Esq., at Osborn Maledon, P.A. represents the Debtor as legal counsel. CELEBRATION COTTAGE: Joseph Frost Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed Joseph Frost, Esq., as Subchapter V trustee for Celebration Cottage AB, LLC. Mr. Frost, a member of the law firm of Buckmiller, Boyette & Frost, PLLC, will be paid an hourly fee of $350 for his services as Subchapter V trustee. About Celebration Cottage AB Celebration Cottage AB, LLC owns four properties located in Morehead City, N.C., and Atlantic Beach, N.C., having an aggregate value of $7.02 million. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-01991) on June 14, 2024, with $7,023,000 in assets and $1,527,257 in liabilities. Judge Joseph N. Callaway presides over the case. George Mason Oliver, Esq., at The Law Offices of Oliver & Cheek, PLLC represents the Debtor as bankruptcy counsel. CJM TRANSPORTATION: Brenda Brooks Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 8 appointed Brenda Brooks of Moore & Brooks as Subchapter V trustee for CJM Transportation, Inc. Ms. Brooks will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Brooks declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brenda Brooks Moore & Brooks 6223 Highland Place Way Suite 102 Knoxville, TN 37919 Phone: (865) 450-5455 | Fax: (865) 622-8865 Email: bbrooks@moore-brooks.com About CJM Transportation CJM Transportation, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-11449) on June 14, 2024, with $100,001 to $500,000 in both assets and liabilities. Judge Nicholas W. Whittenburg presides over the case. W. Thomas Bible, Jr., Esq., at the Law Office Of W. Thomas Bible, Jr. represents the Debtor as bankruptcy counsel. COLONIAL GARDENS: Case Summary & 17 Unsecured Creditors ------------------------------------------------------- Debtor: Colonial Gardens Trenton Proud LLC 455 W. State St. Trenton, NJ 08618 Business Description: The Debtor is primarily engaged in renting and leasing real estate properties. Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court District of New Jersey Case No.: 24-16185 Debtor's Counsel: Douglas J. McGill, Esq. WEBBER MCGILL LLC 100 E. Hanover Avenue Suite 401 Cedar Knolls, NJ 07927 Tel: (973) 739-9559 Fax: (973) 739-9575 Email: dmcgill@webbermcgill.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas J. Caleca, on behalf of Managing Member PLA 8 Proud LLC. A full-text copy of the petition containing, among other items, a list of the Debtor's 17 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/J35LTXA/Colonial_Gardens_Trenton_Proud__njbke-24-16185__0001.0.pdf?mcid=tGE4TAMA COMMONWEALTH CLASSICS: Unsecureds to Get 100 Cents on Dollar ------------------------------------------------------------ Commonwealth Classics, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a Plan of Reorganization for Small Business dated June 10, 2024. The Debtor is a registered Virginia independent automobile dealership specifically focused on the restoration and provision of specialty classic vehicles imported from Western Europe. Established in 2017 under the trade name Commonwealth Classics, LLC, with initial capital of $120,000, it evolved from a dealership focused solely on the importation and sale of used, unrestored off-road vehicles, into a business centered around the restoration and customization of the same classic vehicles using overseas vendors in Portugal and Turkey to execute most of the restorative work. The Debtor's bankruptcy case was filed to stay collection actions that were filed and threatened by the various judgment creditors and, more generally, to enable the Debtor to reorganize its financial affairs and emerge from bankruptcy a stronger and more viable company. The Debtor's financial projections show that the Debtor will have projected disposable income of $1,073,619.88. The final Plan payment is expected to be made on October 31, 2029. This Plan under chapter 11 proposes to pay creditors from the Debtor's cash flow from operations. Non-priority unsecured creditors holding allowed claims will receive distributions, which the Debtor has valued at approximately 100 cents on the dollar. The Plan also provides for the payment of administrative and priority claims. Class 3 consists of Unsecured nonpriority claims. As of the date of this Plan, the unsecured nonpriority claims in this case total $958,003.42. The Debtor will pay unsecured nonpriority claims in full, to the extent they are allowed, without interest, in 8 semi-annual installments to be distributed pro rata. This class is impaired. William Desrosiers shall retain his interest as the Debtor's 100% member, postconfirmation. The Debtor will retain its assets and fund the payments required by this Plan from the operating cash flows generated by its business. A full-text copy of the Plan of Reorganization dated June 10, 2024 is available at https://urlcurt.com/u?l=AUNt8T from PacerMonitor.com at no charge. Counsel to the Debtor: Steven B. Ramsdell, Esq. Tyler, Bartl & Ramsdell, P.L.C. 300 N. Washington St., Suite 310 Alexandria, VA 22314 Tel: (703) 549-5003 Email: SRamsdell@TBRCLaw.com About Commonwealth Classics Commonwealth Classics, LLC is a registered Virginia independent automobile dealership specifically focused on the restoration and provision of specialty classic vehicles imported from Western Europe. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. 24-10450) on March 12, 2024. At the time of filing, the Debtor estimated up to $50,000 in assets and $500,001 to $1 million in liabilities. Steven B. Ramsdell, Esq. at Tyler, Bartl & Ramsdell, P.L.C. represents the Debtor as counsel. CONCENTRA GROUP: S&P Rates New $750MM Senior Unsecured Notes 'B' ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '6' recovery rating to Concentra Group Holdings Parent Inc.'s proposed $750 million senior unsecured notes due 2032. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a payment default. Earlier this month, the company announced its planned issuance of a $750 million term loan. Concentra intends to distribute the proceeds from both of these issuances to Select Medical Corp. as part of its spin-off from its parent. S&P said, "Our 'BB-' issuer credit rating reflects the company's position as a leading provider of occupational health services in the U.S. The stable outlook reflects our expectation for modest business development and limited reimbursement risk, notwithstanding its sensitivity to the economic cycle. We expect Concentra's S&P Global Ratings-adjusted leverage will decline below 4x in 2024 and generally remain in the 3x-4x range." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- Concentra's proposed capital structure comprises a $400 million secured revolving credit facility due 2029 (not rated), a $750 million secured term loan due 2031, and about $750 million of senior unsecured notes due 2032. -- S&P's simulated default scenario contemplates a default in 2028 stemming from worsening operating results due to a significant business interruption or a prolonged economic downturn that materially reduces its patient volumes nationwide. -- S&P assumes the revolver will be 85% drawn in its simulated default scenario. -- S&P also assumes Concentra would close its underperforming clinics and reject 25% of its leases and that the claims relating to the rejected leases would be unsecured. -- S&P values the company on a going-concern basis because it believes that, in the event of default or insolvency proceedings, it would reorganize. -- S&P valued the company using a 5.5x multiple of its projected emergence EBITDA, which is consistent with the multiples it uses for similar companies. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $187 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $978 million -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to first-lien secured lenders: $978 million -- Secured first-lien debt at default: $1.1 billion --Recovery expectations: 70%-90% (rounded estimate: 85%) -- Total value available to senior unsecured claims: $0 -- Unsecured debt claims (excluding lease-related claims): $778 million --Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. CRYSTAL PACKAGING: Seeks Chapter 11 Bankruptcy Protection --------------------------------------------------------- Crystal Packaging Inc. filed Chapter 11 protection in the District of Colorado. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for July 11, 2024 at 1:00 p.m. in Room Telephonically on telephone conference line: 888-497-4718, Passcode 6026644#. About Crystal Packaging Inc. Crystal Packaging Inc. is a family owned liquid blending company offering a variety of contract and toll services for organizations across the country. Crystal Packaging Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-13093) on June 4, 2024. In the petition signed by C. Scott Vincent, as president, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Thomas B. Mcnamara oversees the cse. The Debtor is represented by: David V. Wadsworth, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Email: dwadsworth@wgwc-law.com CURVES AND COMBAT: Hits Chapter 11 Bankruptcy Protection -------------------------------------------------------- Curves and Combat Boots LLC filed Chapter 11 protection in the Eastern District of Texas. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for July 10, 2024 at 9:30 a.m. via Telephonic Dial-In Information at https://www.txeb.uscourts.gov/341info. About Curves and Combat Boots Curves and Combat Boots LLC is an athletic apparel company. Curves and Combat Boots LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 24-41331) on June 4, 2024. In the petition signed by Elijah Maine, as sole member, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Brandon Tittle, Esq. TITTLE LAW GROUP, PLLC 5465 Legacy Drive, Ste. 650 Plano, TX 75024 Tel: 972-731-2590 E-mail: btittle@tittlelawgroup.com D&H BROADCASTING: Seeks Court Nod to Sell Two Radio Stations ------------------------------------------------------------ D&H Broadcasting, LLC asked the U.S. Bankruptcy Court for the District of Nevada for approval to sell its radio stations to Rothschild Broadcasting, LLC or to another buyer with a better offer. The company holds two radio licenses: KRLT (FM) and KOWL (AM), which serve the Lake Tahoe area. D&H received an offer from Rothschild to acquire the radio stations for $275,000 and assume certain obligations of the company. The sale agreement signed earlier this month requires D&H and the buyer to file an application with the Federal Communications Commission to approve the assignment of the licenses to the buyer. The deal must be consummated within 10 days after the FCC approval becomes final. The sale is subject to higher and better offers, according to D&H's attorney, Stephen Harris, Esq., at Harris Law Practice, LLC. Overbidders must provide a deposit of 10% of the opening bid. The minimum overbid must be $10,000, with additional bidding increments of no less than $5,000 or as may be ordered by the court. Rothschild has agreed to serve as the stalking horse bidder. In the event Rothschild is not selected as the winning bidder, D&H will return the buyer's $10,000 deposit. A court hearing is scheduled for Aug. 29. About D&H Broadcasting D&H Broadcasting, LLC filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 23-50986) on December 29, 2023, with as much as $1 million in both assets and liabilities. Judge Hilary L. Barnes oversees the case. Harris Law Practice, LLC, Smithwick & Belendiuk, P.C. and Frank F. Mooney, CPA serve as the Debtor's bankruptcy counsel, special counsel and accountant, respectively. DANT A. SANDRAS: Hires Mitchell C. Compeaux CPA as Accountant ------------------------------------------------------------- Dant A. Sandras, D.D.S., L.L.C., seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Mitchell C. Compeaux, CPA as accountant. The firm's services include: a. providing general accounting services; b. consulting and preparation of monthly operating reports pursuant to requirements provided by the Office of the United States Trustee; and c. providing such other accounting and financial advisory services as may be requested by the Debtor and other professionals employed by the Debtor The firm will be paid at these rates: Monthly Payroll Services $225 per hour Annual Tax Return Preparation $550 per hour Monthly Operating Reports $275 per hour The firm will be paid a retainer in the amount of $2,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mitchell C. Compeaux, CPA, member of the accounting firm of Mitchell C. Compeaux, CPAs, 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: Mitchell C. Compeaux, CPA Mitchell C. Compeaux, CPAs 10674 Highway 1 Lockport, LA 70374 Tel: (985) 693-4435 About Dant A. Sandras, D.D.S., L.L.C., Dant A. Sandras, DDS, LLC is primarily engaged in the private or group practice of general or specialized dentistry or dental surgery. Dant A. Sandras, D.D.S., L.L.C. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 24-11046) on June 4, 2024. The petition was signed by Dant A. Sandras as president/owner. At the time of filing, the Debtor estimated $588,287 in assets and $1,351,495 in liabilities. Judge Meredith S. Grabil oversees the case. Leo D. Congeni, Esq. at CONGENI LAW FIRM, LLC represents the Debtor as counsel. DAWKINS DEVELOPMENT: Samuel Dawidowicz Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as Subchapter V trustee for Dawkins Development Group Inc. Mr. Dawidowicz will be paid an hourly fee of $525 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dawidowicz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samuel Dawidowicz 215 East 68th Street New York, NY 10065 Phone: (917) 679-0382 About Dawkins Development Group Dawkins Development Group Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22537) on June 14, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Sean H. Lane presides over the case. Julie Cvek Curley Kirby, Esq., at Aisner & Curley LLP represents the Debtor as legal counsel. DCS JANITORIAL: Leona Mogavero Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Leona Mogavero, Esq., at Zarwin Baum as Subchapter V trustee for DCS Janitorial, LLC a/k/a Dallas Cleaning Services. Ms. Mogavero will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mogavero declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leona Mogavero, Esq. Zarwin Baum One Commerce Square 2005 Market Street, 16th Floor Philadelphia, PA 19103 Phone: (267) 765-9630 Email: lmogavero@zarwin.com About DCS Janitorial DCS Janitorial, LLC, also known as Dallas Cleaning Services, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-12012) on June 12, 2024, with as much as $50,000 in both assets and liabilities. Judge Patricia M. Mayer presides over the case. Maggie S. Soboleski, Esq., at Center City Law Offices LLC represents the Debtor as bankruptcy counsel. DURHAM HOMES: Case Summary & Three Unsecured Creditors ------------------------------------------------------ Debtor: Durham Homes USA LLC f/k/a Durham Homes LLC 4440 PGA Blvd, Ste 600 Palm Beach Gardens, FL 33410 Business Description: The Debtor is part of the residential building construction industry. Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court Southern District of Florida Case No.: 24-16133 Judge: Hon. Mindy A. Mora Debtor's Counsel: Aaron A. Wernick, Esq. WERNICK LAW, PLLC 2255 Glades Rd Suite 324A Boca Raton, FL 33431 Tel: 561-961-0922 Email: awernick@wernicklaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Johnny Martin Childress as manager. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/IX3ZFGQ/Durham_Homes_USA_LLC__flsbke-24-16133__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Three Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Alternative Global Arbitration $0 Six, LLC c/o George D. Sullivan, Esq. Greenberg Traurig, LLP One Vanderbilt Ave New York, NY 10017 2. Alternative Global Six, LLC Lawsuit $0 c/o George D. Sullivan, Esq. Greenberg Traurig, LLP One Vanderbilt Ave New York, NY 10017 3. Broad Street Global Management LLC $19,400,000 2 Office Park Ct Suite 103 Columbia, SC 29223 EARTH IPCO: Second Avenue Puts Intellectual Property Up for Sale ---------------------------------------------------------------- Second Avenue Capital Partners LLC as administrative agent under the credit agreement dated as of July 8, 2021, by and among Earth IPCO LLC ("Company"), the agent and the other parties thereto, offered for sale all right, title and interest related to certain intellectual property of the Company at a public auction on June 18, 2024, conducted at the offices of Choate, Hall & Stewart LLP, Two International Place Boston, Massachusetts. Further information regarding the sale, contact the agent's investment banker, William Susman at Cascadia Capital, 477 Madison Avenue 18th Floor, New York, New York 10022, (212)-488-0795. ECI PHARMACEUTICALS: Hires Bradley Arant Boult as Special Counsel ----------------------------------------------------------------- ECI Pharmaceuticals LLC and its affiliate seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Bradley Arant Boult Cummings LLP as special counsel. The Debtor needs the firm's legal assistance in connection with healthcare regulatory advice for restructuring purposes, particularly as to state licensing for the manufacture of pharmaceuticals. The firm will be paid at these rates: Sidney S. Welch $750 per hour Evie Lalangas $595 per hour Elaine Moore $440 per hour The firm will be paid a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Sidney S. Welch, Esq., a partner at Bradley Arant Boult Cummings 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: Sidney S. Welch, Esq. Bradley Arant Boult Cummings LLP 1230 Peachtree Street NE Atlanta, GA 30309 Tel: (404) 868-2100 Email: swelch@bradley.com About ECI Pharmaceuticals LLC ECI Pharmaceuticals LLC is a specialty generic and branded pharmaceutical manufacturing and marketing company specializing in the manufacturing of non-sterile, solid oral dose products. Debtor's business premises are located at 5311 NW 35th Terrace, Fort Lauderdale, Florida 33309. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-14430-SMG) on May 3, 2024. In the petition signed by Fedner Destine, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Aaron A Wernick, Esq., at Wernick Law PLLC, represents the Debtor as legal counsel. EDGEWOOD GARDENS: Case Summary & 12 Unsecured Creditors ------------------------------------------------------- Debtor: Edgewood Gardens Trenton Proud LLC 1350-1364 Edgewood Avenue Trenton, NJ 08618 Business Description: Edgewood Gardens is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court District of New Jersey Case No.: 24-16219 Judge: Hon. Vincent F Papalia Debtor's Counsel: Douglas J. McGill, Esq. WEBBER MCGILL LLC 100 E. Hanover Avenue Suite 401 Cedar Knolls, NJ 07927 Tel: (973) 739-9559 Fax: (973) 739-9575 Email: dmcgill@webbermcgill.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas J. Caleca as authorized representative of the Debtor, on behalf of Managing Member PLA 8 Trenton Proud LLC. A full-text copy of the petition containing, among other items, a list of the Debtor's 12 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BKPJUBA/Edgewood_Gardens_Trenton_Proud__njbke-24-16219__0001.0.pdf?mcid=tGE4TAMA EMX ROYALTY: Secures $35M Loan Commitment From Franco-Nevada Unit ----------------------------------------------------------------- EMX Royalty Corporation announced June 20, 2024, it has entered into a credit agreement with a wholly-owned subsidiary of Franco-Nevada Corporation to borrow $35 million. The Company will use the proceeds of the Loan to repay the $34.66 million outstanding balance of the loan owed to Sprott Private Resource Lending II (Collector), LP and for general working capital purposes. The Company anticipates that the funding of the Loan will take place in July 2024. The Company is pleased to further develop its working relationship with Franco-Nevada. In addition to the Loan arrangement, EMX and Franco-Nevada have jointly syndicated royalty purchases (e.g., Caserones) and are actively engaged in a joint venture seeking new royalty financing opportunities. Franco-Nevada is also a key EMX shareholder. Credit Agreement - The Loan is structured as a $35 million senior secured term loan facility which matures on July 1, 2029. Interest is payable monthly at a rate equal to the three-month SOFR (i.e., Secured Overnight Financing Rate) plus the applicable margin based on the ratio of the Company's net debt to adjusted EBITDA (see table below), adjusted quarterly. Ratio of Net Debt/ Applicable Interest Rate (per Adjusted EBITDA: annum): = 1.00:1 and = 1.50:1 and = 2.00:1 and = 3.00:1 Term SOFR plus 425 basis points On closing, the Company will pay a commitment fee equal to 1% of the principal amount of the Loan. During each year, up to $10 million of the Loan may be voluntarily prepaid without penalty, on a cumulative basis. The Loan will be secured by a general security agreement over the assets of EMX and share pledges by certain of EMX's subsidiaries, with the Lender retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the Loan and provide similar security. Certain covenants under the Credit Agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries. Closing and the advance of the Loan are subject to customary conditions precedent, including the delivery of the above-noted security. About EMX EMX Royalty Corporation -- https://emxroyalty.com -- is a precious, and base metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX". Vancouver, Canada-based Davidson & Company LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has a working capital deficiency that raises substantial doubt about its ability to continue as a going concern. EVERYTHING BLOCKCHAIN: Appoints Richard Schaeffer as Board Chairman ------------------------------------------------------------------- Everything Blockchain Inc. disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission that on June 14, 2024, Michael W. Hawkins, Chairman of the Board, resigned as Director of the Company, effective immediately. Mr. Hawkins' resignation was not the result of any disagreement between him and the Company, Board of Directors or any committee of the Board of Directors of the Company on any matter. Following the resignation of Mr. Hawkins, the Board of Directors of the Company elected to appoint Mr. Richard C. Schaeffer as the Company's Chairman of the Board to fulfill the position on June 17, 2024. Mr. Schaeffer was appointed as a Director of the Company on September 21, 2021. Mr. Schaeffer serves as chairman of the Compensation, Nomination and Risk Committees and is a member of the Audit Committee. Mr. Schaeffer has almost 50 years in the Information Security, Cyber Security, and Intelligence space. Mr. Schaeffer is a former Senior Executive with the National Security Agency (NSA), where he held many positions. Since retiring in 2010, Mr. Schaeffer has continued to pursue his passion for improving the security of U.S. and partner interests in the cyber domain. He started a private consulting firm, Riverbank Associates, LLC, located in Severna Park, Maryland, bringing visionary leadership, management, and technical experience to his clients' challenges. His client base includes a full range of private sector companies, from small start-ups to mid-size companies, to large system integrators and commercial businesses. He serves on the advisory boards of a number of government, private sector and non-profit companies and organizations. He also serves as an Outside Director on the boards of three companies addressing the concern of foreign investment and control over elements of foreign owned companies providing products and services to classified U.S. Government clients. He remains a strong advocate in the area of cyber education and training, believing that the Nation's future in the complex world of cyberspace depends upon a corps of professionals who are well equipped to deal with a rapidly changing technology and threat environment. Throughout his career, Mr. Schaeffer has been recognized for his vision, leadership, and commitment to excellence. He is known for his strategic thinking, ability to build cohesive teams, political savvy, technical competence, extensive network of cyber and intelligence professionals, and ability to communicate complex topics to any audience. About Everything Blockchain Everything Blockchain, Inc., which is headquartered in Jacksonville, Florida, is primarily engaged in the business of consulting and developing data management, blockchain and cybersecurity related solutions. Everything Blockchain is a technology company that is blending blockchain, zero-trust, and database management technology to create a platform to solve real world, practical business problems. The Company's business model is based on building recurring revenue through software subscriptions, licensing agreements, and transaction fees. Its patent-pending advances in blockchain engineering deliver the essential elements needed for real-world business use: speed, security, and energy efficiency. Currently, the Company's lines of business are EB Advise, BuildDB and EB Control. Mitzpe Netofa, Israel-based Elkana Amitai CPA, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 15, 2024, citing that as of Jan. 31, 2024, the Company suffered losses from operations in all years since inception, except for the year ended Jan. 31, 2022. These and other factors raise substantial doubt about the Company's ability to continue as a going concern. EXPRESS INC: Phoenix Retail Sale Completed, Exits Chapter 11 ------------------------------------------------------------ Hilco Global on June 25 announced the completion of a successful engagement with Express as it is sold to Phoenix Retail. Phoenix Retail, a new retail business, is a joint venture between WHP Global and mall owners Simon Property Group and Brookfield Properties. ReStore Capital, an operating company of Hilco Global and a credit focused investment manager, agented a $65 million Second Lien Term Loan to Express in September 2023, and later agented a $25 million new money DIP Term Loan in support of the Express' efforts to effectuate a going concern sale of the business after filing for Chapter 11 bankruptcy protection. These loans were repaid in full from the proceeds of the sale to Phoenix Retail. "I am incredibly proud of the collaborative efforts and the strong partnership we've built with Express over the past seven years," says Ian Fredericks, President and COO of Hilco Consumer - Retail. "Our relationship goes beyond just providing financial solutions; it demonstrates our commitment to supporting our clients through every phase of their journey. The successful sale of Express is a testament to the resilience and dedication of all parties involved. We congratulate WHP Global, Simon Property Group, and Brookfield Properties on this strategic acquisition and look forward to seeing Express continue to thrive under their new ownership." Throughout the process, both Hilco Consumer - Retail and its parent, Hilco Global -- a privately held diversified financial services company and the world's preeminent authority on maximizing the value of assets for both healthy and distressed companies -- played an integral role in partnering with both Express and its stakeholders to manage through a challenging operating period, and ultimately, accomplishing a successful sale of the business. Beyond the financing support provided by ReStore Capital, Express engaged Hilco Merchant Resources (HMR) to provide various services given their operational and asset monetization expertise. These included running store closing sales for approximately 115 underperforming stores that were non-core to Phoenix Retail's go forward business plan. The Hilco Global/Express partnership is a perfect example of how Hilco Global can serve as a one-stop-shop for clients given its breadth of experience and expertise across various industries and asset classes. Over the past seven years, Hilco Global cultivated an ongoing partnership with Express; indeed, Mr. Fredericks recalls that one former Express senior executive would remark, "Call Hilco. I'm sure they can help," whenever Express was confronted with a challenge without an obvious solution. The Hilco Global and Express relationship began in 2017 when Express solicited proposals from HMR and competitors to close its Canadian business. HMR ultimately won the mandate and achieved a result that far exceeded expectations. Thereafter, from Q4 of 2018 through 2022, HMR was engaged by the Company to conduct strategic store closings and clearance sales in the US and Puerto Rico. Additionally, in Q4 2020, Hilco Valuation Services was able to leverage HMR's experience closing stores to conduct an inventory appraisal after a competitor improperly dropped the appraised values due to COVID, failing to take into account the true intrinsic value of Express' inventory. Had Hilco not stepped in to provide an accurate appraisal, it's possible Express would have met the COVID fate of other retailers in 2020 and been forced to liquidate. Around the same time, Hilco Enterprise Valuation Services was also engaged to conduct an intellectual property appraisal for the Company. These Hilco appraisals were used to support Express' financing efforts at the tail end of 2020 and early 2021. Later, in the Fall and Winter of 2021, Express had significant staffing challenges not unlike other retailers at the time and approached Hilco to "help". Leveraging Hilco's CareerFlex solution, Hilco provided Retail SWAT Teams and its Restore for Retail Virtual Store Management Platform to assist Express with preparing for and executing during the all-important holiday season. In November 2022, ReStore Capital was approached to provide new financing for Express and closed a $90 million FILO Term Loan, which was paid off shortly thereafter in January 2023 from proceeds of WHP's acquisition of Express' intellectual property. Hilco Valuation Services continued to perform Express' inventory appraisals per the cadence required by the lender group in connection with their ongoing financing support of the business, which scope later grew to include Bonobos following Express' acquisition of the business in April 2023. It was this successful partnership between Hilco Global and Express over the years that laid the groundwork and led to ReStore Capital's mandate to agent another loan in September 2023 and various Hilco Global service engagements that followed, resulting in the ultimate sale of the Express to Phoenix Retail in June 2024. "The successful transition of Express is a prime example of how we leverage our extensive expertise to support businesses through challenging times and position them for future growth," Mr. Fredericks explains. "Hilco Global is a comprehensive financial services provider, offering tailored solutions that drive value and success for our clients." "Our enduring partnership with Express showcases Hilco Global's extensive range of services beyond asset monetization," Mr. Fredericks further adds. "By providing strategic financial solutions and operational expertise, we have supported Express through various phases, culminating in a successful transition. This collaboration exemplifies our commitment to being more than just a financial partner -- we are a catalyst for sustainable growth and success. We are excited to see Express continue to flourish under WHP's stewardship." Hilco Global looks forward to continuing to foster such partnership-based relationships with clients of the past, present and future. In this regard, Mr. Fredericks continues, "Hilco Global has often experienced the mischaracterization in the marketplace of merely serving as a 'liquidator' of businesses. This stigma has further contributed to the 'lend-to-liquidate' moniker following the launch of Hilco Global's ReStore Capital platform in 2020. While ReStore Capital does leverage Hilco Global's asset valuation and monetization expertise, allowing us to lend deeper into asset values at a higher rate of conviction than others in the market, Hilco Global's ability to monetize such assets securing ReStore Capital's loan portfolio merely serves as a hedge to ensure repayment in full of their loan exposure." The Express story exemplifies how ReStore Capital can deploy creative financing solutions that serve the best interests of all stakeholders, regardless of what side of the table they may sit on. ReStore Capital's solutions combined with Hilco Global's breadth of services and expertise allow businesses not only a fighting chance survive, but also pave the way for them to write their next chapter as a success story in today's transformative and often challenging consumer and retail market landscape. Other Stakeholders: -- ABL Agent: Wells Fargo -- ABL Participants: Bank of America, Fifth Third Bank. U.S. Bank National Association -- ABL Counsel: Goldberg Kohn Ltd. -- Term Loan Participants: First Eagle Alternative Credit and Gordon Brothers -- Term Loan Counsel: Ropes & Gray LLP -- ABL & Term Loan Advisor: AlixPartners -- Store Closing JV Partner: Gordon Brothers -- Company Counsel: Kirkland & Ellis LLP -- Company Financial Advisor: M3 Advisory Partners LP -- Company Investment Banker: Moelis & Company LLC About Hilco Global Hilco Global -- http://www.hilcoglobal.com/-- is a privately held diversified financial services company and the world's preeminent authority on maximizing the value of assets for both healthy and distressed companies. Hilco Global financial services leverage a unique blend of deep restructuring, and principal investing. Hilco Global delivers customized solutions to undervalued, high potential companies to resolve complex and stressed situations and enhance long-term enterprise value. Hilco Global operates as a holding company comprised of over twenty specialized business units that work to help companies understand the value of their assets and as needed monetize the value. Hilco Global has almost 4 decades of a successful track record of acting as an advisor, agent, investor and/or principal in any transaction. Currently, the company has $3 Billion in assets under management. Hilco Global works to deliver the best possible result by aligning interests with clients and providing them strategic insight, advice, and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 800 professionals operating on five continents with US offices located in Boston, Detroit, Chicago, New York, Philadelphia, and internationally in Australia, Canada, UK, Germany, Netherlands, Mexico and throughout Asia. About Hilco Consumer - Retail Hilco Consumer - Retail -- http://www.hilcoglobal.com/companies/hilco-consumer-retail/-- provides a wide range of analytical, advisory, asset monetization, and capital investment solutions to help define and execute a retailer's strategic initiatives with operations on 4 continents. Hilco Consumer - Retail activities fall into several principal categories including: acquisitions; disposition of underperforming stores; retail company or division wind downs; event sales to convert unwanted assets into working capital; facilitation of mergers and acquisitions; interim company, division or store management teams; loss prevention; and, the monetization of furniture, fixtures and equipment. Additionally, Hilco Consumer - Retail includes among its subsidiaries the nation's premier fixture and equipment liquidation firm, Hilco Fixed Asset Recovery (www.hilcoffe.com), the SaaS-based mobile visual merchandising and operations platform ReStore for Retail (www.restoreforretail.com) and an innovative sale locater website called Shop Genius (www.shopgenius.com). About ReStore Capital ReStore Capital -- http://www.restore-cap.com-- is a commercial finance and alternative investment firm providing capital solutions to leading retailers and consumer products companies. Directly, and through its affiliates, the company leverages decades of retail and wholesale consumer goods and brand expertise to provide and unlock additional capital for inventory procurement, capex improvements, expansion and turnaround initiatives, and debt refinancing. Hilco Consumer -- Retail and ReStore Capital are part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), the world's leading authority on maximizing the value of business assets by delivering valuation, monetization, advisory, and capital solutions to an international marketplace. Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, retail and industrial inventory acquisition and disposition, real estate and strategic capital equity investments. About Express, Inc. Express, Inc., operates specialty retail apparel stores. The Company offers apparel and accessories such as jeans, sweaters, dresses, suits, and coats. Express serves customers in the United States. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10831) on April 22, 2024. In the petition signed by Stewart Glendinning, chief executive officer, the Debtor disclosed $1,298,055,000 in assets and $1,199,781,226 in liabilities. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsel; Klehr Harrison Harvey Branzburg, LLP as local bankruptcy counsel; Moelis & Company, LLC as investment banker; M3 Advisory Partners, LP as restructuring advisor; and Stretto, Inc. as claims agent. Stephen L. Iacovo, Esq., at Ropes & Gray, LLP serves as counsel to ReStore Capital, LLC, agent to the FILO Lenders. ReStore is also the agent under a second lien senior secured DIP single-draw term facility. AlixPartners, LLP serves as advisor to the DIP agents. Randall L. Klein, Eseq., Eva D. Gadzheva, Esq., and Dimitri G. Karcazes, Esq., at Goldberg Kohn Ltd., serve as counsel to Wells Fargo Bank, National Association, as first lien ABL agent. Wells Fargo is also the agent under a first lien senior secured DIP revolving credit facility. FARADAY FUTURE: Unveils Plans for Regaining Nasdaq Compliance ------------------------------------------------------------- Faraday Future Intelligent Electric Inc. announced June 24, 2024, that its Board of Directors has approved a proposal, among other proposals, to be submitted to stockholders for approval at the upcoming annual meeting of stockholders, to authorize the Board to effect a reverse stock split of the Company's common stock. The reverse stock split proposal includes a proposed range between 1-for-2 and 1-for-40 shares of outstanding Common Stock, and a corresponding reduction in the total number of shares of Common Stock the Company is authorized to issue. The final ratio will be determined by the Board after stockholder approval, with the option to abandon, delay or postpone the reverse stock split. FF's stock price fell below Nasdaq's minimum bid price requirement for listed companies for 30 consecutive trading days last December resulting in a deficiency notice from Nasdaq. The Company subsequently did not timely file its 2023 Annual Report on Form 10-K and its stock price dropped below $0.10 for ten consecutive trading days. This resulted in another deficiency notice and Nasdaq's determination to delist FF's securities. The Company requested a hearing with the Nasdaq Hearings Panel to share its plans to regain compliance. While the Company is waiting on the decision of the Nasdaq Hearings Panel, it remains fully committed and dedicated to complying with the Nasdaq and SEC rules and requirements and carrying on with all supporting actions. Securing Full Nasdaq Compliance The Company has taken actions to regain compliance, including filing its 2023 Annual Report on Form 10-K at the end of May, engaging a new independent auditor, filing a preliminary proxy statement with a proposal to effect a reverse stock split, and committing to file its first quarter Form 10-Q no later than the end of July. In addition, the Company intends to timely file its second quarter Form 10-Q. "If the Company becomes current in its public filings, the only other current Nasdaq non-compliance issue will be the minimum bid price requirement for the Company's stock. For the benefit of all FF stockholders, FF wants to keep the Company listed. The proposed reverse stock split is intended to increase the market price of the Common Stock to mitigate the risk of being delisted from The Nasdaq Capital Market," said Faraday Future. Nasdaq has several continued listing criteria that companies must satisfy in order to remain listed on the exchange. Nasdaq Listing Rule 5550(a)(2) requires that the Company maintain a closing bid price that is greater than or equal to $1.00 per share. Companies are considered out of compliance with this requirement if the closing bid price is below $1.00 per share for 30 consecutive trading days. In addition, companies are considered out of compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii) if the closing bid price is below $0.10 per share for 10 consecutive trading days. Per Nasdaq rules, to regain compliance, the bid price for the Common Stock must close at $1.00 per share or more for a minimum of 10 consecutive trading days, which the Company has requested that Nasdaq extend to August 30, 2024. The Company informed the Nasdaq Hearings Panel that it would target a post-reverse split stock price of at least $5 per share. If the stock price naturally meets this threshold, the Board may elect to defer or not implement a reverse stock split. While FF cannot predict at what prices the Common Stock will trade in the coming weeks, it is proposing a range between 1-for-2 and 1-for-40 shares of outstanding Common Stock to have a robust margin of safety with respect to Nasdaq's minimum bid requirement. Including during extreme conditions, such as significant fluctuations. The Company believes it would be prudent to provide a margin of safety for the stock price over the longer term. According to the Company, this reverse stock split will not affect stockholders' ownership or voting power, except for fractional share conversion, but it does affect the number of shares outstanding and the price per share. The higher the stock price is on the day the Board determines the reverse stock split ratio, the lower the ratio could be. The completion of the reverse stock split is subject to market conditions and stockholder approval, with no guarantees of the intended effects. The Board can choose not to proceed if a reverse stock split is no longer in the Company's or stockholders' best interests. Strategic Financing and Increase in Authorized Shares The Company said it continues to seek strategic financing, including from the Middle East, but is constrained by a lack of available authorized shares. To that end, the Board has approved a proposal, among other proposals, to be submitted to stockholders for approval at the upcoming annual meeting of stockholders to amend the Company's Certificate of Incorporation, as amended, to allow for an increase in the number of authorized shares. "A core purpose for this proposal is to clear a barrier to securing equity-based or equity-linked strategic financing, including in the Middle East. If strategic investments are secured, this could allow for a ramp up in production and delivery of the FF 91 and could support the development of the FF China-US Automotive Industry Bridge strategy that is being developed. "FF would like to restore stockholders' confidence through the business performance itself. The entire FF team has been working diligently to ensure the Company's survival and growth. The Company has faced many challenges but has always persevered. FF's stockholders drive FF, which is why the Company is asking for their support in the upcoming annual meeting for these proposals, as well as the others described in the preliminary proxy statement," the Company commented. The Company is also considering hosting a retail investor community in the near future. About Faraday Future Los Angeles, CA-based Faraday Future (NASDAQ: FFIE) -- http://www.ff.com-- designs and engineers next-generation intelligent, connected, electric vehicles. FF manufactures vehicles at its production facility in Hanford, California, with additional future production capacity needs addressed through a contract manufacturing agreement with Myoung Shin Co., Ltd., an automotive manufacturer headquartered in South Korea. FF has additional engineering, sales, and operational capabilities in China and is exploring opportunities for potential manufacturing capabilities in China through a joint venture or other arrangements. New York, NY-based Mazars USA LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated May 28, 2024, citing that the Company has incurred operating losses since inception, has continued cash outflows from operating activities, and has an accumulated deficit. These conditions raise substantial doubt about its ability to continue as a going concern. FLEXACAR LLC: Gets OK to Hire Vivona Pandurangi as Legal Counsel ---------------------------------------------------------------- Flexacar LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Vivona Pandurangi, PLC as legal counsel. The firm's services include: (a) serve as general bankruptcy counsel; (b) prepare schedules and related forms; (c) represent the Debtor at hearings before the Bankruptcy Court; (d) advise the Debtor of its duties and responsibilities under the Bankruptcy Code; (e) assist in preparation of monthly operating reports; (f) analyze the Debtor's financial matters; (g) advise the Debtor in connection with executory contracts; (h) draft documents to reflect agreements with creditors; (i) resolve motions for relief from stay and adequate protection; (j) negotiate for obtaining financing and use of cash collateral, as necessary; (k) determine whether reorganization, dismissal, or conversion is in the best interests of the Debtor and its creditors; (l) work with the creditors' committee and other counsel, if any; (m) draft any disclosure statement and plan of reorganization; and (n) handle other matters that arise in the normal course of administration of this bankruptcy estate. The firm will be paid at an hourly rate of $425 plus reimbursement for expenses incurred. The Debtor paid the firm a prepetition retainer in the amount of $30,000. Jonathan Vivona, Esq., an attorney at Vivona Pandurangi, 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: Jonathan B. Vivona, Esq. Vivona Pandurangi PLC 601 King Street, Suite 400 Alexandira, VA 22314 Telephone: (703) 739-1353 Facsimile: (703) 337-0490 Email: jvivona@vpbklaw.com About Flexacar LLC Flexacar LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Va. Case No. 23-11984) on December 6, 2023. At the time of filing, the Debtor estimated $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor tapped Jonathan B. Vivona, Esq., at Vivona Pandurangi, PLC as legal counsel. FRINJ COFFEE: Unsecured Creditors to Split $740K in Plan -------------------------------------------------------- FRINJ Coffee, Incorporated, submitted an Amended Plan of Reorganization for Small Business dated June 10, 2024. The final plan payment is expected to be paid on December 31, 2024 or such other date by which time the claim estimation/objection motions will be resolved at which time the distribution to creditors will be finalized. This Amended Plan of Reorganization proposes to pay creditors of the Debtor from $1,250,000 investor contribution, and any other estate funds obtained by the Debtor, including but not limited to Employee Retention Credit from the Internal Revenue Service. Class 3 consists of Non-priority unsecured creditors. Each holder of a Class 3 allowed claim will, along with any Class 3 allowed claim, receive a pro rata share of the investment funds allocated to fund the Amended Plan and any other additional estate income obtained by the Debtor (including but not limited to ERC), after the payment of all allowed administrative claims (capped at $150,000 from the investment funds, including the $50,000 advance made to Debtor's bankruptcy counsel for legal fees/costs) and payment of all allowed priority claims. Give that the IRS' $182,862 priority claim is subject to dispute by the Debtor, pending the court's ruling on the claim objection motion, the sum of $182,862 will be segregated and held by Subchapter V Trustee in his client trust account until further order of this court. An estimated sum of $739,506.58 will be available in the Pot for distribution to allowed general unsecured Class 3 creditors once the claims objection and claims estimation motion are finalized. In the meantime, the funds will be held by Subchapter V Trustee in his client trust account. Subchapter V Trustee, Mark Sharf, will act as the disbursing agent. This Class is impaired. The Amended Plan will be funded with $1,250,000 investment the Debtor secured from Kent Bakke and Moira Kennelly (the "Investor") on May 31, 2024. Mr. Bakke is an accredited investor with decades of experience in the coffee industry. He is a partner in La Marzocco Intl., an international manufacturer of commercial and residential espresso machines; the founder of the Bakke Coffee Museum in Seattle; and has been following Frinj Coffee's progress since its inception. The investor has agreed to invest $3,000,000 into Frinj Coffee in exchange for a 30% equity interest in the company. The terms of this investment are memorialized in a Purchase and Sale of Series A Preferred Stock Agreement. A full-text copy of the Amended Plan dated June 10, 2024 is available at https://urlcurt.com/u?l=9zuOmH from PacerMonitor.com at no charge. Attorney for the Plan Proponent: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: michael.berger@bankruptcypower.com About FRINJ Coffee FRINJ Coffee, Incorporated, is a coffee production firm that offers coffee plant material, production consulting, post-harvest, and marketing services. The Company creates a transformative experience by connecting coffee drinkers to farmers, propelling the growth of a coffee industry in Southern California. FRINJ currently supports more than 65 farmers who are growing coffee in Santa Barbara, Ventura, and San Diego counties as well as many more property owners who are adding coffee to their crops. FRINJ Coffee filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-10044) on Jan. 16, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. John A. Ruskey III, chief executive officer, signed the petition. Judge Ronald A. Clifford III oversees the case. The Debtor tapped the Law Offices of Michael Jay Berger as bankruptcy counsel and Hutchinson and Bloodgood LLP as accountant. FRONTLINE INTERNAL: Case Summary & 12 Unsecured Creditors --------------------------------------------------------- Debtor: Frontline Internal Medicine, LLC 6 Coach Lee Hill Boulevard Statesboro, GA 30458 Business Description: Frontline Internal is a medical practice specializing in internal medicine. The Debtor diagnoses and treats health issues, like hypertension, autoimmune disorders, diabetes, and many other medical conditions. Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court Southern District of Georgia Case No.: 24-60184 Judge: Hon. Edward J Coleman III Debtor's Counsel: Wesley J. Boyer, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 Email: Wes@BoyerTerry.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ogechi H. Mbakwe as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's 12 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/L2IW6LI/Frontline_Internal_Medicine_LLC__gasbke-24-60184__0001.0.pdf?mcid=tGE4TAMA FRUIT JOY: July 10 Auction for Interests of Property Owner Set -------------------------------------------------------------- Fortress Credit CO LLC ("secured party") will offer at public auction all member and other equity interests in Fruit Joy Florida LLC ("pledged securities"), which entity, directly or indirectly owns, leases and or operates the real property located at 8609 SW 72nd Avenue, Miami, Florida. The public auction will be held in person and virtually via Zoom remote meeting on July 10, 2024, at 1:30 p.m. EST. To review and execute the confidentiality agreement, visit https://rimarketplace.com/listing/63486/ucc-disposition-sale-pledge-of-equity-interest-indirect-interest-in-multifamily-development-miami-fl. For questions and inquiries, contact Brock Cannon of Newmark Group Inc. at brock.cannon@nmrk.com or Jasmine Khaneja of Milbank LP at jkhaneja@milbank.com. FULTON MERCER: Hires Johnson Consulting Group as Consultant ----------------------------------------------------------- Fulton Mercer Corporation seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Johnson Consulting Group as consultant. The firm will provide these services: a. become familiar with the history, operations, condition and prospects of the Company in sufficient detail to permit us to provide advice regarding the sales price and other terms and conditions that should be applicable to the divestiture; b. prepare a marketing package for use in soliciting potential acquirers; c. identify buyers and initiate contact with their appropriate representatives to determine the level of interest; d. negotiate the terms and conditions of the divestiture with interested parties and submit all purchase offers to you for acceptance or rejection; e. provide assistance regarding the preparation and finalization of a letter of intent and the definitive purchase documentation; and f. provide assistance regarding the due diligence process to be performed by the buyer and otherwise monitor the progress of the divestiture to work toward a timely closing. The firm will be paid a commission of 6 percent of the Aggregate Sales Price which mean (a) the total amount of cash and the fair market value of other assets paid or delivered to you, directly or indirectly, (b) the amount of any liabilities which are either paid or assumed, directly or indirectly, (c) the aggregate amount of rental to be paid during the initial term of any real estate lease or the first 10 years of lease payments, whichever is greater, and (d) all forbearances, promissory notes, covenants not to compete, consulting agreements, and the like made, given or entered into. Jake Johnson, CEO of Johnson Consulting Group, 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: Jake Johnson Johnson Consulting Group 16631 N 91st St Suite 102 Scottsdale, AZ 85260 Tel: (888) 250-7747 About Fulton Mercer Corporation Fulton Mercer Corporation, a provider of death care services, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 23-10590) on Aug. 1, 2023. In the petition signed by Jason Wayne Fulton, president, the Debtor disclosed up to $10 million in both assets and liabilities. The Debtors tapped Amy Wilburn, Esq., at Lincoln Goldfinch Law as counsel and Joshua Ray, CPA, at Ray CPA as accountant. GB SCIENCES: Signs LOI With EndoPure to Negotiate License Deal -------------------------------------------------------------- GB Sciences, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on June 18, 2024, the Company and EndoPure Life Sciences, LLC entered into a non-legally binding letter of intent to negotiate and enter into a license agreement. Pursuant to the Agreement EndoPure will license certain intellectual property rights from within the intellectual property portfolio of the Company and develop, manufacture, and market pharmaceutical products that are protected within the Company's IP portfolio. After EndoPure has successfully developed a Product and obtained certain regulatory approvals to market the Product in Brazil, EndoPure will be given exclusive rights to market the Product in South America. The Company will receive a royalty equal to 5% of the gross sales of Products sold by EndoPure and certain other considerations. The Company and EndoPure agree to diligently prepare and execute the Agreement by July 17, 2024. About GB Sciences Headquartered in Las Vegas, Nevada, GB Sciences, Inc. is a plant-inspired, biopharmaceutical research and development company creating patented, disease-targeted formulations of cannabis- and other plant-inspired therapeutic mixtures for the prescription drug market through its wholly owned Canadian subsidiary, GbS Global Biopharma, Inc. GB Sciences said in its Quarterly Report for the period ended Dec. 31, 2023, that "The Company will need additional capital to implement its strategies. There is no assurance that it will be able to raise the amount of capital needed for future growth plans. Even if financing is available, it may not be on terms that are acceptable. If unable to raise the necessary capital at the times required, the Company may have to materially change the business plan, including delaying implementation of aspects of the business plan or curtailing or abandoning the business plan. In order to be able to achieve the strategic goals, the Company needs to further expand its business and financing activities. Based on the Company's cash position, it is necessary to raise additional capital by the end of the next quarter in order to continue to fund current operations. These factors raise substantial doubt about the ability to continue as a going concern. The Company is pursuing several alternatives to address this situation, including the raising of additional funding through equity or debt financing. In order to finance existing operations and pay current liabilities over the next twelve months, the Company will need to raise additional capital. No assurance can be given that the Company will be able to operate profitably on a consistent basis, or at all, in the future." GLUCKO TRACK: Appoints Andy Balo to Board of Directors ------------------------------------------------------ Glucotrack, Inc. announced on June 20, 2024 that it has appointed Andy Balo to its Board of Directors, effective immediately. Mr. Balo brings decades of regulatory, clinical and quality experience in the medical technology industry. In 2002 he joined Dexcom as part of the original executive team where he remained for the next 22 years playing a critical role in shaping the company's future. During his tenure, he was responsible for numerous glucose monitoring regulatory submissions and clinical trials worldwide and coordinated quality activities across multiple manufacturing facilities. In March 2024, Mr. Balo retired from Dexcom as Executive Vice President of Clinical, Global Access, and Medical Affairs. Prior to joining Dexcom, Mr. Balo held several leadership positions at St. Jude Medical, including Corporate Vice President of Regulatory, Clinical, and Quality, and also served in executive roles at Baxter, Pacesetter and Endocardial Solutions. Mr. Balo is widely regarded as an industry expert in regulatory and clinical strategies. He has served on several FDA panels as an industry representative, spanning cardiovascular, neurological, and gastrointestinal technologies. He has been instrumental in bringing several breakthrough medical devices to market, including continuous glucose monitors, tissue-based and mechanical heart valves, 3-D electrophysiology mapping devices, pacemakers, and has obtained approval for over 100 PMAs, PMA supplements and 510ks. Mr. Balo holds a Bachelor of Science degree in microbiology and chemistry from the University of Maryland and completed graduate studies at UCLA. "We are honored to have Andy join our Board of Directors," said Paul Goode, PhD, CEO of Glucotrack. "He is nationally recognized as a thought leader in the regulatory and clinical landscape, and his experience in diabetes and cardiovascular technologies will be invaluable as we move into human clinical studies for our unique technology. Additionally, Andy is an authentic, driven and passionate leader who will help guide the company through our regulatory, clinical and commercialization milestones." "I am excited to be joining the Board of such an innovative and nimble medical technology company," said Mr. Balo. "Glucotrack's continuous blood glucose monitor (CBGM) is a very compelling product that bridges diabetes and cardiovascular technology, leveraging established techniques and tools to create a truly differentiated glucose monitoring product. I look forward to working with the Board and the leadership team to bring this groundbreaking technology to people living with diabetes every day." About GlucoTrack Inc. Rutherford, N.J.-based GlucoTrack, Inc. is focused on the design, development, and commercialization of novel technologies for people with diabetes. The Company is currently developing a long-term implantable continuous glucose monitoring system for people living with diabetes. As of December 31, 2023, the Company had $4.91 million in total assets, $1.71 million in total liabilities, and $3.2 million in total stockholders' equity. Tel-Aviv, Israel-based Fahn Kanne & Co., the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has incurred net losses and negative cash flows from its operations and comprehensive loss since its inception and as of December 31, 2023, there is an accumulated deficit of $109,853. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. GLUCO TRACK: Lowers Shareholder Meeting Quorum Requirement ---------------------------------------------------------- Glucotrack, Inc. disclosed in Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 14, 2024, the Board of Directors of the Company voted to amend the Company's bylaws to reduce the quorum requirement for a meeting of shareholders from the holders of record of a majority of the shares then issued and outstanding and entitled to vote at the meeting to one-third. Article II, Section 2.07 of the Bylaws is deleted in its entirety and replaced with the following: Section 2.07. QUORUM. At any meeting of stockholders of the Corporation, the presence, in person or by proxy, of the holders of record of one-third of the shares then issued and outstanding and entitled to vote at the meeting shall constitute a quorum for the transaction of business; provided, however, that this ‎Section 2.07 shall not affect any different requirement which may exist under statute, pursuant to the rights of any authorized class or series of stock, or under the Certificate of Incorporation of the Corporation, as amended or restated from time to time, for the vote necessary for the adoption of any measure governed thereby. The stockholders present at a duly called and held meeting at which a quorum is present may continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum, if any action taken (other than adjournment) is approved by at least a majority of the shares required to constitute a quorum. In the absence of a quorum, the stockholders present in person or by proxy, by majority vote and without further notice, may adjourn the meeting from time to time until a quorum is attained, but in the absence of a quorum, no other business may be transacted at that meeting, except as provided in this section. At any reconvened meeting following such adjournment at which a quorum is present, any business may be transacted which might have been transacted at the meeting as originally noticed. Except as amended hereby, all terms and provisions of the Bylaws shall remain unchanged and in full force and effect. A full-text copy of the First Amendment to Bylaws dated June 14, 2024, is available at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1506983/000149315224024427/form8-k.htm About GlucoTrack Inc. Rutherford, N.J.-based GlucoTrack, Inc. is focused on the design, development, and commercialization of novel technologies for people with diabetes. The Company is currently developing a long-term implantable continuous glucose monitoring system for people living with diabetes. As of December 31, 2023, the Company had $4.91 million in total assets, $1.71 million in total liabilities, and $3.2 million in total stockholders' equity. Tel-Aviv, Israel-based Fahn Kanne & Co., the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has incurred net losses and negative cash flows from its operations and comprehensive loss since its inception and as of December 31, 2023, there is an accumulated deficit of $109,853. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. GRAND FUSION: Hires Bonds Ellis Eppich Schafer Jones as Counsel --------------------------------------------------------------- Grand Fusion Housewares, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Bonds Ellis Eppich Schafer Jones LLP as its legal counsel. The firm will provide these services: (a) give bankruptcy-related legal advice to the Debtor and assist it in conducting the Chapter 11 Case; (b) assist the Debtor in preparing legal papers; (c) assist the Debtor in negotiating and formulating sale and/or plan documents; (d) assist the Debtor in preserving and protecting the value of its estate; and (e) perform all other legal services for the Debtor that may be necessary or appropriate in administering this Chapter 11 Case. The hourly rates of the firm's counsel and staff are as follows: Bryan C. Assink, Senior Associate $350 Attorneys $250 - $600 Paralegals and Admnistrative Professionals $125 - $195 In addition, the firm will seek reimbursement for expenses incurred. Mr. Assink 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: Bryan C. Assink, Esq. Bonds Ellis Eppich Schafer Jones, LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Telephone: (817) 405-6900 Facsimile: (817) 405-6902 Email: bryan.assink@bondsellis.com About Grand Fusion Housewares Grand Fusion Housewares, LLC is engaged in the retail sales of home accessories. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-41694) on May 16, 2024. In the petition signed by Brendan Bauer, authorized representative, the Debtor disclosed $469,526 in assets and $3,134,245 in liabilities. Judge Mark X. Mullin oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones LLP represents the Debtor as legal counsel. GREAT EASTERN GROUP: Seeks Chapter 11 Bankruptcy Protection ----------------------------------------------------------- On June 4, 2024, Great Eastern Group Inc. filed Chapter 11 protection in the Southern District of Florida. According to court documents, the Debtor reports $13,552,662 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A telephonic meeting of creditors under 11 U.S.C. Section 341(a) is slated for July 2, 2024 at 10:40 a.m. About Great Eastern Group Great Eastern Group Inc. provides engineering services. The Company specializes in submarine telecommunications, marine, environmental, and alternative energy engineering services. Great Eastern Group serves government and commercial sectors in the States of Florida, Rhode Island, Washington, and Virginia. Great Eastern Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15582) on June 4, 2024. In the petition signed by Virginia J. Hoffman, as president, the Debtor reports total assets of $1,587,987 and total liabilities of $13,552,66. The Honorable Bankruptcy Judge Scott M. Grossman oversees the case. The Debtor is represented by: Brett Lieberman, Esq. EDELBOIM LIEBERMAN PLLC 2875 NE 191st St. Penthouse One Miami, FL 33180 Tel: 305-768-9909 E-mail: brett@elrolaw.com GREAT EASTERN: Hires Edelboim Lieberman as Bankruptcy Counsel ------------------------------------------------------------- Great Eastern Group Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Edelboim Lieberman, PLLC as its general bankruptcy counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and properties; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the case; (c) advise the Debtor in connection with post-petition financing arrangements and draft documents relating thereto; (d) take all necessary action to protect and preserve the Debtor's estate; (e) prepare on behalf of the Debtor all legal papers necessary to the administration of the estate; (f) negotiate and prepare on the Debtor's behalf a plan 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 plan; (g) attend meetings with third parties and participate in negotiations with respect to the above matters; (h) appear before this court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtor's estate before such courts and the U.S. Trustee; and (i) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Brett Lieberman, Esq. $595 Attorneys $300 - $595 Legal Assistants $300 Paralegals $300 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer in the amount of $75,000 from the Debtor. Brett Lieberman, Esq., an attorney at Edelboim Lieberman, 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: Brett D. Lieberman, Esq. Edelboim Lieberman PLLC 20200 W. Dixie Highway, Suite 905 Aventura, FL 33180 Telephone: (305) 768-9909 Facsimile: (305) 928-1114 Email: brett@elrolaw.com About Great Eastern Group Great Eastern Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15582) on June 4, 2024. In the petition signed by Virginia J. Hoffman, president, the Debtor disclosed $1,587,987 in assets and $13,552,662 in liabilities. Judge Scott M. Grossman oversees the case. The Debtor tapped Brett Lieberman, Esq., at Edelboim Lieberman PLLC as bankruptcy counsel and Akerman, LLP as special government contracts and compliance counsel. GREAT EASTERN: Taps Akerman LLP as Government Contracts Counsel --------------------------------------------------------------- Great Eastern Group Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Akerman, LLP as special government contracts and compliance counsel. The firm will render, among others, any and all services of and related to its contractual relationships with government agencies, including seeking new contracts and complying with existing contracts. Akerman received $25,000 from the Debtor for services to be rendered both pre-filing and post-filing within bankruptcy. In addition, the firm will seek reimbursement for expenses incurred. John Thompson, Esq., a member at Akerman, 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: John Thompson, Esq. Akerman, LLP The Victor Building 750 9th St., N.W., Suite 750 Washigton, DC 20001 Telephone: (202) 824-1760 Email: john.thompson@akerman.com About Great Eastern Group Great Eastern Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-15582) on June 4, 2024. In the petition signed by Virginia J. Hoffman, president, the Debtor disclosed $1,587,987 in assets and $13,552,662 in liabilities. Judge Scott M. Grossman oversees the case. The Debtor tapped Brett Lieberman, Esq., at Edelboim Lieberman PLLC as bankruptcy counsel and Akerman, LLP as special government contracts and compliance counsel. GROW GREEN: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Grow Green MI Inc. 10566 Plaza Dr. Whitmore Lake, MI 48189 Business Description: Grow Green is a family owned garden supply store serving customers since 2009. The Company offers lighting, nutrients, fertilizers, and pest control solutions. Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 24-31158 Judge: Hon. Joel D. Applebaum Debtor's Counsel: Scott M. Kwiatkowski, Esq. GOLDSTEIN BERSHAD & FRIED PC 4000 Town Center Suite 1200 Southfield, MI 48075 Tel: 248-355-5300 Email: scott@bk-lawyer.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Anthony Portelli as president. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HPJD5YI/Grow_Green_MI_INC__miebke-24-31158__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HGEPDTY/Grow_Green_MI_INC__miebke-24-31158__0001.0.pdf?mcid=tGE4TAMA GULTON INC: Seeks to Tap A. Atkins Appraisal as Appraiser --------------------------------------------------------- Gulton Incorporated seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ A. Atkins Appraisal Corp. as appraiser. The Debtor requires an appraisal of its inventory located at 116 Corporate Blvd., South Plainfield, New Jersey. The firm will be paid at these hourly rates: Alan Atkins $300 Sue Gwon $150 Alan Atkins, a member at A. Atkins Appraisal, 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: Alan Atkins A. Atkins Appraisal Corp. 122 Cinton Rd. Ste. 4 Fairfield, NJ 07004-2900 Telephone: (888) 860-1650 Email: kirk.atkins@atinsappraisal.com About Gulton Incorporated Gulton Incorporated filed Chapter 11 petition (Bankr. D.N.J. Case No. 24-14611) on May 6, 2024, with $889,251 in assets and $1,726,116 in liabilities. Joseph J. DiGiovann, president and chief operating officer, signed the petition. Richard D. Trenk, Esq., at Trenk Isabel Siddiqi & Shahdanian, PC represents the Debtor as legal counsel. GUY B. HENDRIX: Seeks to Sell Marshall Property for $2.5-Mil. ------------------------------------------------------------- Guy B. Hendrix, Sr. Revocable Living Trust asked the U.S. Bankruptcy Court for the Northern District of Mississippi for authority to sell its real property in Marshall County, Miss. The trust received a $2.5 million offer for the property from Matthew Simmons. The property will be sold on an "as is, where is" basis, according to court filings. The proceeds from the sale will be used to, among other things, pay secured creditors. A court hearing is scheduled for Aug. 14. Responses are due by July 9. About Guy B. Hendrix, Sr. Revocable Living Trust Guy B. Hendrix, Sr. Revocable Living Trust filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 23-13664) on Nov. 30, 2023. The petition was signed by Guy Hendrix as trustee. At the time of the filing, the Debtor reported $1 million to $10 million in both assets and liabilities. Judge Jason D. Woodard oversees the case. Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC represents the Debtor as bankruptcy counsel. HENDRIX FARMING: Seeks Court Nod to Sell Property for $2.5-Mil. --------------------------------------------------------------- Hendrix Farming, LLC asked the U.S. Bankruptcy Court for the Northern District of Mississippi to approve the sale of its real property in Marshall County, Miss. The company is selling the property to Matthew Simmons who offered $2.5 million. The sale of the property is on an "as is, where is" basis according to court filings. Hendrix will use the proceeds from the sale to, among other things, pay the claims of its secured creditors. A court hearing is scheduled for Aug. 14. Responses are due by July 8. About Hendrix Farming Hendrix Farming, LLC, a company in Holy Springs, Miss., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 23-13663) on Nov. 30, 2023, with $1 million to $10 million in both assets and liabilities. Robert Byrd, Esq., at Byrd & Wiser, serves as Subchapter V trustee. Judge Jason D. Woodard oversees the case. Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC represents the Debtor as bankruptcy counsel. HIGH SOCIETY: Case Summary & 17 Unsecured Creditors --------------------------------------------------- Debtor: High Society Freeride Company, LLC d/b/a Elephant Ventures LLC 314 Aspen Airport Business Center Aspen, CO 81611 Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court District of Colorado Case No.: 24-13443 Judge: Hon. Joseph G Rosania Jr. Debtor's Counsel: Keri L. Riley, Esq. KUTNER BRINEN DICKEY RILEY PC 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Tel: 303-832-2400 Email: klr@kutnerlaw.com Total Assets: $392,999 Total Liabilities: $4,394,798 The petition was signed by Paul W. Menter as CEO, CFO, and managing member. A copy of the Debtor's list of 17 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/H7UINBA/High_Society_Freeride_Company__cobke-24-13443__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HX5YPWQ/High_Society_Freeride_Company__cobke-24-13443__0001.0.pdf?mcid=tGE4TAMA HIS MAJESTY'S: Richardo Kilpatrick Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Richardo Kilpatrick, Esq., at Kilpatrick & Associates, P.C. as Subchapter V trustee for His Majesty's Work, Inc. Mr. Kilpatrick will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kilpatrick declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richardo I. Kilpatrick, Esq. Kilpatrick & Associates, P.C. 903 N. Opdyke Rd., Ste. C. Auburn Hills, MI 48326 Phone: (248) 377-0700 Fax: (248) 377-0800 Email: rkilpatrick@kaalaw.com About His Majesty's Work His Majesty's Work, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-31101) on June 13, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Joel D. Applebaum presides over the case. George E. Jacobs Esq., at Bankruptcy Law Offices represents the Debtor as bankruptcy counsel. HONEY DO FRANCHISING: M. Aaron Spencer Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed M. Aaron Spencer of Woolf, McClane, Bright, Allen & Carpenter, PLLC as Subchapter V trustee for Honey Do Franchising Group, Inc. Mr. Spencer will be paid an hourly fee of $305 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Spencer declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: M. Aaron Spencer Woolf, McClane, Bright, Allen & Carpenter, PLLC Post Office Box 900 Knoxville, TN 37901-0900 Phone: (865) 215-1000 | Fax: (865) 215-1001 Email: aspencer@wmbac.com About Honey Do Franchising Group Honey Do Franchising Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-50596) on June 14, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Thomas Brad Fluke, chief executive officer, signed the petition. Judge Rachel Ralston Mancl presides over the case. Brenda G. Brooks, Esq., at Moore & Brooks represents the Debtor as legal counsel. HORIZON INTERIORS: Hires Lipton Law Group as Bankruptcy Counsel --------------------------------------------------------------- Horizon Interiors, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Lipton Law Group, LLC as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor with respect to its duties; (b) advise the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan of reorganization; (c) represent the Debtor at all hearings in this matter; (d) prepare all necessary and appropriate applications, schedules, statements, motions, answers, proposed orders, reports, pleadings and other documents, and review all financial and other reports to be filed in the Chapter 11 proceeding; (e) review and analyze the nature and validity of any liens asserted against the Debtor's property; (f) review and analyze claims against the Debtor, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; and (g) perform all other legal services as may be necessary or appropriate during the course of the Debtor's bankruptcy proceeding. Marques Lipton, Esq., the primary attorney in this representation, will be paid at his hourly rate of $330 plus reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer in the amount of $17,000 from the Debtor. Mr. Lipton 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: Marques Lipton, Esq. Lipton Law Group, LLC 945 Concord Street Framingham, MA 01701 Telephone: (508) 202-0681 Email: marques@liptonlg.com About Horizon Interiors Horizon Interiors, LLC filed Chapter 11 petition (Bankr. D. Mass. Case No. 24-11196) on June 17, 2024, listing under $1 million in both assets and liabilities. Judge Janet E. Bostwick oversees the case. Marques Lipton, Esq., at Lipton Law Group, LLC represents the Debtor as legal counsel. HURRICANE CREEK: Aaron Cohen Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Hurricane Creek, LLC. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Hurricane Creek Hurricane Creek, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02935) on June 12, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge Tiffany P. Geyer presides over the case. Michael Faro, Esq., at Faro & Crowder, PA represents the Debtor as legal counsel. I-ON DIGITAL: Hires MAC to Replace Kreit & Chiu as Auditor ---------------------------------------------------------- I-ON Digital Corp. reported in a Form 8-K filed with the Securities and Exchange Commission on June 21, 2024, that effective June 18, 2024, the Company dismissed Kreit & Chiu CPA LLP as the Company's independent registered public accounting firm. Also on June 18, 2024, following the dismissal of Kreit & Chiu, the Company, with the approval of its Audit Committee, appointed MAC Accounting Group & CPAs, LLP as its independent registered public accounting firm. The reports of Kreit & Chiu on the Company's financial statements for the two most recently completed fiscal years ended Dec. 31, 2023 and 2022 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. The Company disclosed that during its two most recently completed fiscal years ended Dec. 31, 2023 and 2022 and the subsequent interim period through the date of Kreit & Chiu's dismissal, there were no disagreements between the Company and Kreit & Chiu on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Kreit & Chiu, would have caused Kreit & Chiu to make reference to the subject matter of the disagreements in connection with its audit reports on the Company's financial statements. During the Company's two most recently completed fiscal years ended Dec. 31, 2023 and 2022 and the subsequent interim period through the date of dismissal, there were no "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K). The Company added that during its two most recently completed fiscal years ended Dec. 31, 2023 and 2022 and the subsequent interim period through the date of appointment of MAC, neither the Company nor anyone on behalf of the Company consulted with MAC regarding (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 as to which the Company received a written report or oral advice that was an important factor in reaching a decision on any accounting, auditing or financial reporting issue; or (b) any matter that was the subject of a disagreement or a reportable event as defined in Items 304(a)(1)(iv) and (v), respectively, of Regulation S-K. About I-On Headquartered in Chicago, IL, I-ON -- www.iondigitalcorp.com -- is a provider of asset-digitization and securitization solutions engineered to provide a secure, fast, transparent, and institutional-grade ecosystem that digitizes documentary evidence of ownership, in accordance with a rigorous onboarding and acceptance process, into secure, asset-backed digital certificates that bring liquidity and accepted value to a wide-array of asset classes. I-ON develops, acquires, and deploys a portfolio of novel and patented next-generation technologies that have been integrated and engineered into a comprehensive ecosystem built on a zero-trust, hybrid blockchain architecture that utilizes state-of-the-art smart contracts and sophisticated workflow management and artificial intelligence-enabled technologies to digitize ownership records of recoverable gold, precious metal, and mineral reserves into digital certificates that facilitate wealth transfer through new asset-backed financial instruments and asset classes that provide reserve owners and investors a new channel to maximize portfolio liquidity. New York, New York-based Kreit & Chiu CPA LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated June 6, 2024, citing that the Company had an accumulated deficit of $3,496,501 and $2,691,363 at Dec. 31, 2023 and 2022, respectively, had working capital deficits of $707,969 and $0 at Dec. 31, 2023 and 2022, respectively, had a net loss of $805,138 and $27,625 for the years ended Dec. 31, 2023 and 2022, respectively, and net cash used in operating activities of approximately $498,834 and $792,936 for the years ended Dec. 31, 2023 and 2022, respectively. These matters raise substantial doubt about the Company's ability to continue as a going concern. INKCYCLE INC: Seeks to Hire Evans & Mullinix as Bankruptcy Counsel ------------------------------------------------------------------ Inkcycle Inc. seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Evans & Mullinix, PA to handle its Chapter 11 case. The hourly rates of the firm's counsel and staff are as follows: Colin N. Gotham, Esq. $350 Paralegals $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $12,000 plus the filing fees of $1,738 from the Debtor. Colin Gotham, Esq., an attorney at Evans & Mullinix, 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: Colin N. Gotham, Esq. Evans & Mullinix P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (813) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About Inkcycle Inc. Inkcycle, Inc., owns and operates a cartridges recycling business, filed Chapter 11 petition (Bankr. D. Kan. Case No. 24-20732) on June 13, 2024. In the petition signed by Rick Krska, president, the Debtor disclosed $105,200 in total assets and $3,567,053 in total liabilities. Judge Dale L. Somers oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix PA represents the Debtor as legal counsel. INNOVATE CORP: Avram Glazer, 2 Others Disclose Stakes ----------------------------------------------------- Avram Glazer Irrevocable Exempt Trust disclosed in a Schedule 13D/A Report filed with the U.S. Securities and Exchange Commission that as of June 18, 2024, the firm and its affiliated entities -- Lancer Capital LLC, and Avram Glazer -- beneficially owned shares of Innovate Corp.'s common stock. As of June 18, 2024, Lancer beneficially owns directly 64,546,685 shares of Common Stock representing 49.27% of Innovate's Common Stock, the Trust beneficially owns 67,686,090 shares of Common Stock representing 51.67% of Innovate's Common Stock, and Mr. Glazer beneficially owns 68,062,286 shares of Common Stock representing 51.96% of Innovate's Common Stock, based upon 130,529,931 shares of Common Stock of Innovate outstanding as of June 18, 2024. Lancer is the record holder of 64,078,091 shares of Common Stock, the Trust is the record holder of 3,139,045 shares of Common Stock, and Mr. Glazer is the record holder of 376,196 shares of Common Stock. The Trust is the sole owner of Lancer, and in such capacity may be deemed to beneficially own the shares held of record by Lancer. Mr. Glazer is the Trustee of the Trust, and in such capacity may be deemed to beneficially own the shares held of record by the Trust and Lancer. Lancer acquired 44,693,895 shares of Common Stock upon the conversion of 31,285.7265 shares of Innovate's Series C Non-Voting Participating Convertible Preferred Stock, par value $0.001 per share, which were converted automatically upon the approval of the conversion by Innovate's stockholders at Innovate's 2024 annual meeting of stockholders on June 18, 2024. Except for the forgoing, none of the Reporting Persons acquired any shares of Common Stock during the past 60 days. A full-text copy of the Trust's SEC Report is available at: https://www.sec.gov/Archives/edgar/data/1006837/000110465924074029/tm2417825d1_sc13da.htm About Innovate New York-based Innovate Corp. -- http://www.innovatecorp.com/-- is a diversified holding company that has a portfolio of subsidiaries in a variety of operating segments. The Company seeks to grow these businesses so that they can generate long-term sustainable free cash flow and attractive returns in order to maximize value for all stakeholders. As of Dec. 31, 2023, its three operating platforms or reportable segments, based on management's organization of the enterprise, are Infrastructure, Life Sciences and Spectrum, plus its Other segment, which includes businesses that do not meet the separately reportable segment thresholds. Innovate incurred a net loss of $38.9 million in 2023, compared to a net loss of $42 million in 2022. As of Dec. 31, 2023, the Company had $1.04 billion in total assets, $1.18 billion in total liabilities, $15.4 million in total temporary equity, and a total stockholders' deficit of $151.7 million. * * * On May 2024, S&P Global Ratings lowered its issuer credit rating on Innovate Corp. to 'CCC' from 'CCC+' and its rating on the company's senior notes due 2026 to 'CCC+' from 'B-'. The recovery rating on the notes remains '2', indicating its expectation for meaningful (75%) recovery in the event of a default. The negative outlook reflects S&P's view that the company's liquidity will be under stress in the next six to 12 months, such that sources are unlikely to meet uses absent any unforeseen positive developments. The downgrade indicates S&P Global Ratings' view that Innovate's liquidity will be strained for the next six to 12 months and that the risk of its failure to make interest payments has increased. As of March 31, 2024, the company had corporate-level cash and equivalents of $9.2 million and was fully drawn on its $20 million line of credit. While the company receives cash flows from dividend payments and tax share agreements from its subsidiary DBM Global Inc., S&P believes it may be strained to make the $39 million in interest payments on its corporate-level debt over the next 12 Months. INNOVATIVE MAINTENANCE: Hires Michael Harrison as Accountant ------------------------------------------------------------ Innovative Maintenance Services, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Viriginia to employ Michael Harrison & Company as accountant. The firm will provide these services: a. prepare delinquent and current federal and state income tax returns for the Debtor; and b. advise regarding accounting and income tax matters of the Debtor. The firm will be paid at $400 to $800 per tax return depending on the complexity of the return, and $85 per hour for Quickbook adjustments or a mutually agreed price. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Michael G. Harrison, a principal at Michael Harrison & Company, 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 G. Harrison Michael Harrison & Company 752 Leesville Rd. Lynchburg, VA 24502 Tel: (434) 237-6828 Email: mike@mhandcompany.com About Innovative Maintenance Services, LLC Innovative Maintenance Services, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Va. Case no. 24-60317) on March 27, 2027, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Andrew S Goldstein, Esq. at Magee Goldstein Lasky & Sayers, P.C. represents the Debtor as counsel. INNOVEREN SCIENTIFIC: Frazier & Deeter Resigns as Auditor --------------------------------------------------------- Innoveren Scientific, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on June 18, 2024, the Company received notice that Frazier & Deeter, LLC resigned as the Company's independent registered public accounting firm, effective immediately, and Frazier & Deeter's resignation was accepted by the audit committee of the Board of Directors of the Company. The Company is currently in the process of finding a successor independent registered public accounting firm in the hope that the Company's financial statements can be completed with as little delay as possible. The Company said that during the fiscal year ended Dec. 31, 2021 and 2022, and the quarterly periods through Sept. 30, 2023, there were no (i) disagreements between the Company and Frazier & Deeter on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, any of which, if not resolved to Frazier & Deeter's satisfaction, would have caused Frazier & Deeter to make reference thereto in its audit report on the financial statements of the Company for such period, or (ii) reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K. Frazier & Deeter's audit reports on the Company's consolidated financial statements as of and for the fiscal years ended Dec. 31, 2021 and Dec. 31, 2022 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles, other than a going concern opinion regarding the Company's ability to continue as a going concern. About Innoveren Scientific Innoveren Scientific Inc. (formerly H-CYTE Inc.) -- http://www.InnoverenScientific.com/-- is a life science and biotech incubator company, focused on advancing new technologies in areas of unmet need across multiple indications, with the ultimate goal of improving patient lives. The company invests in and fosters innovative technologies that are supported by a strong scientific foundation, which have relatively short timelines and low costs to achieve meaningful value inflection points. Tampa, Florida-based Frazier & Deeter, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated May 10, 2023, citing that the Company has negative working capital, has an accumulated deficit, has a history of significant operating losses and has a history of negative operating cash flow that raise substantial doubt about its ability to continue as a going concern. The Company has not filed Annual Report 10-K for the period ended Dec. 31, 2023, and its Quarterly Report on Form 10-Q for the period ended March 31, 2024. IRON EAGLE: Unsecureds to Get $1K per Month for 60 Months --------------------------------------------------------- Iron Eagle Inc. submitted a Second Amended Plan of Reorganization dated June 10, 2024. The Debtor proposes to restructure its current indebtedness and continue its operations to provide a dividend to the creditors of Debtor. The Debtor filed this case on November 9, 2023 and has been able to continue operations since the case was filed. The Debtor has struggled throughout the case to collect its receivables. The Debtor's backlog of work remains strong and projects on the books have started to begin. The Debtor intends to continue operations. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue in business. The Debtor's Plan will break the existing claims into 14 categories of Claimants. These claimants will receive cash payments over a period of time beginning on the Effective Date. Class 12 consists of Unsecured Creditors. The Allowed Claims of Unsecured Creditors shall receive their pro rata portion of payments made by the Debtor into the Class 12 Creditors Pool. This Class shall specifically include any claims of Forward Financing, LLC. The Debtor shall make 60 monthly payments of $1,000 each commencing on the Effective Date. The Debtor shall make distributions to the Class 12 Allowed Claims every 90 days commencing 90 days after the Effective Date. The Class 13 Creditors are impaired under this Plan. The Current Equity Holders shall retain his current ownership interests. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Second Amended Plan dated June 10, 2024 is available at https://urlcurt.com/u?l=7tW1Ib from PacerMonitor.com at no charge. Attorneys for the Debtor: DeMarco•Mitchell, PLLC Robert T. DeMarco, Esq. Michael S. Mitchell, Esq. 12770 Coit Road, 850 Dallas, TX 750251 T: 972-991-5591 F: 972-346-6791 Email: robert@demarcomitchell.com Email: mike@demarcomitchell.com About Iron Eagle Iron Eagle, Inc., operates an excavation company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 23-42145) on November 8, 2023. In the petition signed by Weinlein, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Brenda T. Rhoades oversees the case. Eric Liepins, Esq., is the Debtor's legal counsel. JERUSALEM FOOD: Seeks to Tap Herbert K. Ryder as Bankruptcy Counsel ------------------------------------------------------------------- Jerusalem Food Services Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ the Law Offices of Herbert K. Ryder, LLC as its counsel. The firm's services include: (a) advise the Debtor as to its duties under the Bankruptcy Code; (b) represent the Debtor at the sec. 341(a) hearing and at any meetings between the Debtor and creditors or creditors' committees; (c) assist the Debtor in obtaining the authorization of the Bankruptcy Court to retain such accountants, appraisers or other professionals whose services applicant may require in connection with the operation of its business or the administration of the Chapter 11 proceedings; (d) defend any motions made by secured creditors to enable applicant to retain the use of assets needed for an effective reorganization; (e) negotiate with priority, secured and unsecured creditors to achieve a consensual resolution of their respective claims and the incorporation of such resolution into a plan of reorganization; (f) file and prosecute motions to expunge or reduce claims which applicant disputes; (g) representation of the Debtor in the Bankruptcy Court at such hearings as may require its presence or participation to protect its interest and the bankruptcy estate; (h) formulate, negotiate, prepare and file of a disclosure statement and plan of reorganization which conforms to the requirements of the Bankruptcy Code and applicable rules of procedure; (i) represent the Debtor at hearings on the approval of the disclosure statement and confirmation of a plan of reorganization and responding to any objections to same filed by creditors or other parties in interest; (j) assist the Debtor in discharging its obligations in consummating any plan of reorganization which is confirmed; (k) advise the Debtor whether and to what extent any of its assets constitute cash collateral under the Bankruptcy Code and prosecute applications for authorization to use any such assets; and (l) provide such other varied legal advice and services as may be needed by the Debtor in the operation of its business or in connection with the Chapter 11 proceedings. Herbert Ryder, Esq., the primary attorney in this representation will be compensated on his hourly rate of $300. Mr. Ryder 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: Herbert K. Ryder, Esq. 531 U.S. Highway 22 East, Suite 182 Whitehouse Station, NJ 08889-3695 Telephone: (908) 838-0543 Facsimile: (908) 838-0544 Email: hryder@hkryderlaw.com About Jerusalem Food Services Jerusalem Food Services, Inc. owns and operates full-service restaurants in Livingston, N.J. Jerusalem Food Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-15349) on May 27, 2024, with $62,987 in assets and $1,018,117 in liabilities. David Matthew, president, signed the petition. Herbert K. Ryder, Esq., at the Law Offices of Herbert K. Ryder, LLC represents the Debtor as legal counsel. JOHNSON & JOHNSON: July 26 Voting Deadline for $8-Bil. Payout Plan ------------------------------------------------------------------ Johnson & Johnson and a subsidiary have agreed to pay approximately $8 billion over 25 years to people who claim talcum powder products made them sick. If you believe you are sick from using J&J products that contain talc, such as Johnson's Baby Powder and Shower to Shower, you may have an opportunity on a bankruptcy plan that governs how claims will be paid. Deadline to vote to accept or reject the plan by 4:00 p.m. (Central Time) on July 26, 2024. Information about how to vote is provided in a solicitation package, which include details in the proposed bankruptcy, the plan and a ballot. a) Already Filed a Talc Claim: Your or your attorney will receive a solicitation package. b) Have Not Filed a Talc Claim: Go to https://www.OfficialTalcClaims.com or call 1-888-431-4056 to request a solicitation package to determine whether you can vote on the plan. If the plan is accepted by at least 75% of the votes, a bankruptcy may be filed under the case name In Re: Red River Talc LLC. This will take place in the Texas Bankruptcy Court. A hearing to confirm the plan will be scheduled and further notifications will be issued if the court sets a deadline for objections. The companies maintain that their products are safe, do not contain asbestos, and do not cause cancer or other illnesses. Please note, J&J discontinued Johnson's talc-based Baby Powder in May 2020 and sold Shower to Shower in 2012 to another company. Under the plan, a multi-billion-dollar trust will be established to pay current and future talc claims. If the plan is approved. You will not be able to bring a lawsuit against the Companies or other parties for any talc claims. Mesothelioma, lung cancer, and Canadian Claims are not part of the Plan. The plan provides a way for ovarian claimants to receive compensation without going to trial. J&J has won approximately 95% of ovarian cases tried to date, including every ovarian cancer case tried over the last six years. In addition, based on the historical run rate, if the plan were not approved, it would take decades to litigate the remaining cases. Therefore, most claimants would never have "their day in court". About Johnson & Johnson Johnson & Johnson (J&J) -- https://www.jnj.com/ -- is an American multinational, pharmaceutical, and medical technologies corporation. About LTL Management LTL Management, LLC is a subsidiary of Johnson & Johnson (J&J), which was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. The Debtor tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. An official committee of talc claimants was formed in the Debtor's Chapter 11 case on Nov. 9, 2021. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day, issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. KIENER MASCHINENBAU: Chapter 15 Case Summary -------------------------------------------- Chapter 15 Debtor: Kiener Maschinenbau GmbH Anton-Grimmer Str. 2, Lauchheim 73466 Germany Business Description: The Debtor is a medium-sized family business specializing in the development and manufacture of automated machines and assembly systems in the fields of assembly, handling and automation technology. Foreign Proceeding: German Insolvency Proceeding (Insolvenzverfahren), Local Court (Amtsgericht) Aalen, Germany, Case No. 3 IN 219/23 Chapter 15 Petition Date: June 21, 2024 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 24-56470 Foreign Representative: Patrick Wahren Bahnhofstrasse 41, Neu-Ulm 89231 Germany Foreign Representative's Counsel: Cameron M. McCord, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 Fax: 404-564-9301 Email: info@joneswalden.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/7GKH7RY/Kiener_Maschinenbau_GmbH__ganbke-24-56470__0001.0.pdf?mcid=tGE4TAMA LACOM GMBH: Chapter 15 Case Summary ----------------------------------- Chapter 15 Debtor: LACOM GmbH Anton-Grimmer Str. 5-7, Lauchheim 73466 Germany Business Description: Lacom develops and realises special machines and production lines for sophisticated e-mobility projects and products. Aumann took over the business operations and the technology portfolio of Lacom GmbH, based in Lauchheim, with effect from Nov. 1, 2023. Chapter 15 Petition Date: June 21, 2024 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 24-56473 Foreign Representative: Arndt Geiwitz Bahnhofstrasse 41, Neu-Ulm 89231 Germany Foreign Proceeding: German Insolvency Proceeding (Insolvenzverfahren), Local Court (Amtsgericht) Aalen, Germany, Case No. 4 IN 228/23 Foriegn Representative's Counsel: Cameron M. McCord, Esq. JONES & WALDEN LLC 699 Piedmont Avenue NE Atlanta, GA 30308 Tel: 404-564-9300 Fax: 404-564-9301 Email: info@joneswalden.com Estimated Assets: Unknown Estimated Liabilities: Unknown A full-text copy of the Chapter 15 petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HGLHFVQ/LACOM_GmbH__ganbke-24-56473__0001.0.pdf?mcid=tGE4TAMA LALA'S SANGRIA: Michael Markham Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for LaLa's Sangria Bar, LLC. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Email: Mikem@jpfirm.com About LaLa's Sangria Bar LaLa's Sangria Bar, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03389) on June 14, 2024. Judge Roberta A. Colton presides over the case. Kathleen DiSanto, Esq., at Bush Ross, P.A. represents the Debtor as legal counsel. LOUISIANA FIRE: Gets Interim OK to Tap Steffes Firm as Counsel -------------------------------------------------------------- Louisiana Fire Extinguisher Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ The Steffes Firm, LLC as its counsel. The firm will advise the Debtor of its powers and duties and perform all legal services which may be necessary herein. Prior to the filing of this case, the Debtor deposited a retainer of $13,262 and the filing fee of $1,738. Noel Steffes Melancon, Esq., an attorney at The Steffes 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: Noel Steffes Melancon, Esq. The Steffes Firm LLC 13702 Coursey Blvd., Bldg. 3 Bato Rouge, LA 70817 Telephone: (225) 751-1751 Email: nsteffes@steffeslaw About Louisiana Fire Extinguisher Louisiana Fire Extinguisher, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 24-10478) on June 17, 2024, with up to $10 million in both assets and liabilities. John Mallory Grace, Jr., president, signed the petition. Noel Steffes Melancon, Esq., at The Steffes Firm LLC represents the Debtor as legal counsel. MADISON 33 PARTNERS: Hires Davidoff Hutcher & Citron as Counsel --------------------------------------------------------------- Madison 33 Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Davidoff Hutcher & Citron LLP as legal counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties and 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 in order to effectuate such a plan; (c) prepare the necessary legal papers under Chapter 11 of the Bankruptcy Code; (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; (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 which may be necessary for the preservation of its estate and promote its best interests, its creditors, and the estate. The hourly rates of the firm's counsel and staff are as follows: Attorneys $475 - $825 Paraprofessionals $195 - $275 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the firm received a retainer in the amount of $25,000 from Yitzchak Tessler, a third party, on behalf of the Debtor. He promised to pay the firm another $25,000 on or before July 1, 2024. Jonathan Pasternak, Esq., an attorney at Davidoff Hutcher & Citron, 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: Jonathan S. Pasternak, Esq. Davidoff Hutcher & Citron LLP 605 Third Avenue New York, NY 10158 Telephone: (212) 557-7200 About Madison 33 Partners Madison 33 Partners LLC owns residential condominiums and commercial units. Madison 33 Partners sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24--22500) on June 4, 2024. In its petition, the Debtor estimated assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Judge Philip Bentley oversees the case. Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron LLP represents the Debtor as counsel. MAGNOLIA ROSE VETERINARY: Seeks Chapter 11 Bankruptcy Protection ---------------------------------------------------------------- Magnolia Rose Veterinary Clinic Inc. filed Chapter 11 protection in Northern District of Georgia. According to court documents, the Debtor reported between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for July 1, 2024 at 10:00 a.m. in Room Telephonically on telephone conference line: 888-902-9750. participant access code: 9635734. About Magnolia Rose Veterinary Clinic Inc. Magnolia Rose Veterinary Clinic Inc. is a veterinary clinic in Roswell, Georgia. Magnolia Rose Veterinary Clinic Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-55900) on June 4, 2024. In the petition signed by Justin O'Dell, as receiver, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Jeffery W Cavender oversees the case. The Debtor is represented by: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com MARYLAND ECONOMIC: S&P Affirms 'BB' Rating on Rev. Refunding Bonds ------------------------------------------------------------------ S&P Global Ratings revised the outlook on its 'BB' rating on Maryland Economic Development Corp.'s (MEDCO) series 2013 housing revenue refunding bonds, issued for the Edgewood Commons housing project on Frostburg State University's (FSU) campus, to stable from negative and affirmed the rating. The outlook revision reflects S&P's expectation that the project will likely retain sufficient occupancy to meet its financial targets through fiscal 2025 due to the ongoing closure of Brownsville Hall and potential concessions to allow additional student demographics. "We could revise the outlook to negative or lower the rating if project occupancy were to decrease, if coverage were to decrease near 1x, or if the project were to require the use of the debt-service-reserve fund to make debt-service payments," said S&P Global Ratings credit analyst Nick Breeding. "We could revise the outlook to positive or raise the rating if the project were to sustain improved occupancy following the reopening of Brownsville Hall, if it were to maintain coverage at more than 1.2x, and if it were to increase the funding of the capital-and-furnishings fund to support lower-priority deferred maintenance. Furthermore, we would view enrollment increases at FSU and long-term reductions in competitive housing options positively." The stable outlook reflects S&P Global Ratings' expectation that further occupancy decreases are unlikely through fiscal 2025 due to the stabilization of FSU's enrollment in fall 2023 and the continued closure of Brownsville Hall until fall 2025. S&P expects rental revenue will likely remain generally stable through fiscal 2025; therefore, debt service coverage will likely remain more than the 1.2x covenant while MEDCO maintains expense reductions. S&P has analyzed the project's environmental, social, and governance (ESG) factors related to market position and financial performance; S&P view these factors as neutral in its credit-rating analysis. Project revenue secures the bonds with $9.9 million of debt outstanding as of fiscal 2023. MEDCO issued the original series 2002A and 2002B bonds, refunded by series 2013 bonds, to fund an on-campus, 406-bed, student-housing project completed in 2003. University System of Maryland leases the land on which the project was built to MEDCO through a ground-lease agreement with ground rent paid from surplus revenue, if any, of the project after debt service. As of June 30, 2023, the project had adequate reserves with a debt-service-reserve fund (DSRF) of approximately $1.2 million, as well as $287,848 in the capital-and-furnishings fund. Management has not drawn on the DSRF to pay debt service; however, at times, MEDCO has used the capital-and-furnishings fund to pay expenses higher in the waterfall. MASTINO MANAGEMENT: Hires Baker Law Group as Counsel ---------------------------------------------------- Mastino Management, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Baker Law Group, Limited Liability as counsel. The firm will provide these services: a. advise and represent the Debtor with respect to all matters and proceedings in the Chapter 11 case and prepare on behalf of the Debtor the necessary applications, motions, answers, orders, reports, and other legal papers; b. assist the Debtor in all bankruptcy issues which may arise in the administration of the Debtor's affairs; c. assist the Debtor with the preparation of and confirmation of a plan of reorganization; d. assist the Debtor in the evaluation and prosecution of claims and litigation including insurance coverage issues for the claims asserted against the Debtor; e. provide legal services with respect to general corporate, tax, employee benefit, and other general non-bankruptcy matters to the extent not duplicative of work to be provided by other professionals; f. provide legal advice with respect to the Debtor's powers and duties as trustee where real, personal, or mixed property was received by grant, gift, devise or bequest, in trust, to be used for the religious, educational or charitable purposes in accordance with the terms and conditions of said trusts; and g. perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with the Chatper 11 case and its business operations. The firm will be paid at the rate of $450 o $525 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Adam R. Newhouse, Esq., a partner at Baker Law Group, Limited Liability, 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: Adam R. Newhouse, Esq Baker Law Group, Limited Liability 8301 E. Prentice Ave., Ste. 405 Greenwood Village, CO 80111 Tel: (303) 862-4564 Email: Adam@jbakerlawgroup.com About Mastino Management, Inc. The Debtor is a property HOA management company. Mastino Management, Inc. in Parker, CO, filed its voluntary petition for Chapter 11 protection (Bankr. D. Colo. Case No. 24-12610) on May 15, 2024, listing $197,660 in assets and $3,602,460 in liabilities. Rick L. Bacon as owner, signed the petition. Judge Thomas B. Mcnamara oversees the case. BAKER LAW GROUP, LLC serve as the Debtor's legal counsel. MCCARTEY TIMBER: Unsecureds Will Get 2% of Claims over 3 Years -------------------------------------------------------------- McCartey Timber Co, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Alabama a Plan of Reorganization for Small Business dated June 10, 2024. The Debtor operates a timber harvesting and hauling business in which the Debtor harvests timber from parcels of real property designated by a third-party and/or a timber buyer, and thereafter transports the harvested timber to a mill for processing. The Debtor is an entity that was organized on or around July 1, 2018 in Butler County, Alabama. The membership interests of the Debtor are owned solely by Michael S. McCartey. The following individuals are considered insiders: Michael S. McCartey and Vicki McCartey. The Debtor's financial projections show that the Debtor will have projected disposable income that is sufficient to pay creditors holding allowed secured and priority unsecured claims while maintaining a minimal and necessary level of liquidity and working capital. The Plan provides for a 2% distribution to creditors holding non-priority unsecured claims which is more favorable than the amount these creditors would receive in a liquidation. This Plan proposes to pay certain creditors of the Debtor, as provided for herein, from cash flow from future earnings. The Debtor intends to keep all assets as disclosed within its bankruptcy schedules. The Debtor does not intend to liquidate or dispose of any property; however, if disposition or liquidation of property becomes necessary for a successful reorganization, the Debtor will undertake such necessary disposition or liquidation. As set forth in this Plan, a secured creditor's claim will be treated as secured to the extent of the value of the creditor's interest in the estate's interest in the subject property and as unsecured to the extent that the value of the creditor's interest is less than the amount of the allowed claim. A secured creditor will retain its lien on the collateral under this Plan, to the extent of the secured value of the claim, unless there is an express provision herein that states otherwise. A secured creditor will receive payment on its secured claim, as set forth in this Plan, out of the Debtor's future earnings on the terms set forth herein this Plan. This Plan provides for payment to creditors holding administrative and priority unsecured claims. This Plan provides for a 2% distribution to creditors holding allowed non-priority unsecured claims. Class 3 consists of Non-priority unsecured creditors. Upon confirmation of this Plan, the creditors holding the aforesaid non-priority unsecured claims will be paid a total distribution of approximately 2% of the amount of each respective claim, without interest, in 3 equal payments, with the first of said payments being due on the anniversary date of the entry of the confirmation order, the second of said payments being due on the second anniversary date, and the third of said payments being due on the third anniversary date. The allowed unsecured claims total $2,123,401.73. The restructuring shall be effective as of the Effective Date, with payments to be made as set forth herein above. The Debtor shall be allowed a 10 day grace period within which to remit monthly payments. The Debtor can satisfy the debt at any time without penalty or unaccrued interest. Upon payment and receipt of the final installment or amount specified in this Plan, the unsecured claims shall be deemed paid and satisfied in full. Class 4 consists of Equity Interests of the Debtor. The equity interests in this Class are the membership interests held solely by Michael S. McCartey who retains said interests within this Plan. Mr. McCartey owns 100% of the membership interests of the Debtor. Mr. McCartey will remain in a position of ownership and management of the reorganized debtor. The Debtor will retain its personal property (excepting the surrendered collateral), subject to the encumbrances and liens thereon as provided herein, which will allow the Debtor to operate its business and pay its creditors from future earnings derived from such operations. As applicable and necessary, the Debtor will submit, to the supervision and control of the Trustee, all or such required portion of its future earnings or other future income as is necessary to effectuate execution of this Plan. The Debtor's monthly operating reports support feasibility. A full-text copy of the Plan of Reorganization dated June 10, 2024 is available at https://urlcurt.com/u?l=AvERJE from PacerMonitor.com at no charge. Attorney for the Debtor: Anthony B. Bush, Esq. The Bush Law Firm, LLC Parliament Place Professional Center 3198 Parliament Circle 302 Montgomery, AL 36116 Telephone: (334) 263-7733 Facsimile: (334) 832-4390 Email: anthonybbush@yahoo.com abush@bushlegalfirm.com About McCartey Timber Co LLC McCartey Timber Co LLC operates a timber harvesting and/or logging business in Butler County, Alabama. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 24-30537) on March 8, 2024. In the petition signed by Michael S. McCartey, member, the Debtor disclosed up to $10 million in both assets and liabilities. Anthony Bush, Esq., at The Bush Law Firm, LLC, is the Debtor's legal counsel. MCKENZIE CONTRACTING: Available Cash and Income to Fund Plan ------------------------------------------------------------ McKenzie Contracting, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization for Small Business dated June 10, 2024. The Debtor is a Florida limited liability company formed in September of 2013 and a certified Minority Business Enterprise owned by Oliver D. "Dan" Fernandez, Jr. The Debtor operates a commercial site development company that serves the state of Florida from its headquarters located at 7712 E. Broadway Avenue in Tampa, Florida. The Debtor's services include land clearing, excavation, grading, foundation preparation, and utility installation. The disputes and the Debtor's inability to collect more than $1,975,601.23 owed to the Debtor created a short-term cash flow crisis for the company. In addition, The First Bank terminated a SWAP agreement and set off funds on deposit, further limiting the Debtor's access to cash. Recognizing that the Debtor desperately needed relief from the Bankruptcy Court, First Bank agreed to a carve-out to fund a postpettion retainer for bankruptcy counsel when the Debtor was unable to accumulate sufficient cash to fund the bankruptcy filing. As of the Petition Date, the Debtor had 4 projects in process with approximately $9 million remaining due under the contracts. Since the Petition Date, the Debtor has secured two additional contracts with an aggregate contract price of $542,523. The Debtor also has 23 projects in the pipeline which are in various stages from in negotiations, bid submitted, bid awarded and contract out for signature. The Debtor is reasonably certain that 4 of the 23 projects in the pipeline will be converted to signed contracts in the immediate term, generating an additional $2.5 million in revenue. Based upon recent trends, the Debtor anticipates that its annual revenues will resemble or exceed historical revenues. The Debtor's financial projections show that the Debtor will be able to make the distributions to the holders of allowed administrative, priority tax, secured, and unsecured creditors. Payments to Class 14 unsecured creditors and Class 15 unsecured creditors holding guarantee claims will be made on a quarterly basis over a period of no longer than 5 years, commencing on the first day of the calendar quarter beginning after the payment in full of all Allowed Administrative Expense Claims. The Plan proposes to pay creditors of the Debtor from (i) existing cash on hand on the Effective Date; and (ii) projected disposable income remaining after the payment of operating expenses. Class 14 consists of NonPriority, Unsecured Claims. Each holder of an allowed non-priority, unsecured claim shall receive its pro rata share of the Debtor's projected disposable income, after the payment in full of all senior Allowed Claims. Payments shall be made quarterly commencing on the first day of the calendar quarter following the payment in full of all Allowed Administrative Expense Claims in accordance with the projections to be filed with the Court. Class 14 is impaired by the Plan. Class 15 Unsecured Creditors Holding Guarantee Claims. Each Holder of an Allowed Class 14 Claim that also holds a guarantee claim against the Debtor's principal, Dan Fernandez, shall receive its pro rata share of Mr. Fernandez's distribution and 7712 East Broadway LLC's distribution on account of their Class 14 Claim. As set forth in the Debtor's bankruptcy schedules, Mr. Fernandez holds a claim against the Debtor in the amount of $84,380.70 and 7712 East Broadway LLC holds a claim against the Debtor in the amount of $123,026.48. Payments shall be made quarterly commencing on the first day of the calendar quarter following the payment in full of all Allowed Administrative Expense Claims in accordance with the projections to be filed with the Court. Class 15 is impaired by the Plan. Existing equity security holders will retain their equity interests in the Debtor. No distributions will be made to equity security holders until the distributions to senior classes have been made. Payments required under the Plan will be funded from: (i) existing cash on hand on the Effective Date; and (ii) projected disposable income remaining after the payment of operating expenses. A full-text copy of the Plan of Reorganization dated June 10, 2024 is available at https://urlcurt.com/u?l=n63uXw from PacerMonitor.com at no charge. Counsel to the Debtor: Amy Denton Mayer, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St. Suite 200 Tampa, FL 33602 Tel: 813-229-0144 Email: ameyer@srbp.com About McKenzie Contracting McKenzie Contracting, LLC operates a commercial site development company that serves the state of Florida from its headquarters located at 7712 E. Broadway Avenue in Tampa, Florida. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01255) on March 11, 2024, with $1 million to $10 million in both assets and liabilities. Oliver D. Fernandez, Jr., manager, signed the petition. Judge Roberta A. Colton presides over the case. Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. META MATERIALS: Agrees to Pay $1 Million to Settle SEC Charges -------------------------------------------------------------- Meta Materials Inc. reported in a Form 8-K filed with the Securities and Exchange Commission that the Company has agreed, without admitting or denying the allegations, to pay a $1 million fine to settle a SEC complaint in connection with a previously disclosed SEC inquiry into the Company related to, among other things, the merger involving Torchlight Energy Resources, Inc. and Metamaterial Inc. and other matters in connection with the foregoing. The SEC had instituted an administrative proceeding against Meta Materials, entering a settled order finding that Meta Materials violated the antifraud, reporting, internal accounting controls, and books and records provisions of the federal securities laws. Without admitting or denying the findings, Meta Materials was ordered to cease and desist from violations of the relevant provisions of the federal securities laws and to pay a $1,000,000 penalty. Specifically, the Settlement Order requires the Company to (i) cease and desist from committing or causing any violations and any future violations of Section 17(a) of the Securities Act, Sections 10(b), 13(a), 13(b)(2)(A), 13(b)(2)(B), and 14(a) of the Exchange Act and Rules 10b-5(a), 10b-5(c), 12b-20, 13a-11, and 14a-9 thereunder, and (ii) pay a civil penalty in the amount of $1,000,000 to the SEC, with payment of the civil penalty made in the following installments: $250,000 within 30 days after entry of the Settlement Order, $250,000 within 120 days after entry of the Settlement Order, $250,000 within 210 days after entry of the Settlement Order, and the remaining balance within 300 days after entry of the Settlement Order. A full-text copy of the Settlement Order is available for free at: https://www.sec.gov/Archives/edgar/data/1431959/000095017024077291/mmat-ex99_1.htm Charges Against Former CEOs to Proceed The Securities and Exchange Commission said in a press release it filed charges against Meta Materials Inc. and its former CEOs, John Brda and George Palikaras. The company has agreed to settle the SEC's charges in an administrative proceeding as disclosed above, while the SEC's litigation against Brda and Palikaras will proceed in federal district court. The SEC's complaint against Brda and Palikaras alleges that, as a result of a concerted market manipulation scheme, Meta Materials, a Nevada corporation headquartered in Dartmouth, Nova Scotia, Canada, raised $137.5 million from investors in an at-the-market (ATM) offering in June 2021 immediately prior to the merger of Brda's Torchlight Energy Resources Inc. and Palikaras' Metamaterial Inc. that formed Meta Materials. The SEC's complaint, filed in U.S. District Court for the Southern District of New York, alleges that Brda and Palikaras planned and conducted the manipulative scheme that included, among other things, issuing a preferred stock dividend immediately before the merger. The complaint alleges that Brda and Palikaras told certain investors and consultants -- and hinted via social media -- that the dividend would force short sellers to exit their positions and trigger a "short squeeze" that would artificially raise the price of the company's common stock. The SEC further alleges that Brda and Palikaras also misrepresented the company's efforts to sell its oil and gas assets and distribute proceeds to preferred stockholders, giving investors a false impression of the value of the dividend. While investors held or bought the company's common stock to receive the dividend, the complaint alleges, the company was cashing in by selling $137.5 million in an ATM offering at prices that the company, Brda, and Palikaras knew were temporarily inflated by their manipulative scheme. "We have two days," the complaint alleges Brda told Palikaras after the first day of the ATM offering, "to take advantage of the squeeze..." "The conduct we allege was a sophisticated, yet brazen plan by a public company and its former CEOs to purposely mislead investors in the company's stock," said Eric Werner, Director of the SEC's Fort Worth Regional Office. "This conduct is particularly alarming because it involves public company CEOs who were more concerned with 'burning the shorts' than creating long-term value for shareholders." The SEC's complaint charges Brda and Palikaras with violating the antifraud and proxy disclosure provisions of the federal securities laws, and charges Brda with aiding and abetting Meta Materials's violations of the reporting, internal accounting controls, and books and records provisions. The complaint seeks permanent injunctions, officer-and-director bars, and civil penalties from both defendants. The complaint also seeks disgorgement with pre-judgment interest from Brda. About Meta Materials Headquartered in Dartmouth, Nova Scotia, Canada, Meta Materials Inc. is an advanced materials and nanotechnology company. The Company is developing materials that it believes can improve the performance and efficiency of many current products as well as allow new products to be developed that cannot otherwise be developed without such materials. The Company has product concepts currently in various stages of development with multiple potential customers in diverse market verticals. Vaughan, Canada-based KPMG LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has suffered recurring losses and negative cash flows from operations and requires additional financing to fund its operations that raise substantial doubt about its ability to continue as a going concern. META MATERIALS: Unit Gets Another $2M Deposit From Proposed Buyer ----------------------------------------------------------------- Meta Materials Inc. reported in a Form 8-K filed with the Securities and Exchange Commission that on June 17, 2024, Nanotech Security Corp., a wholly-owned subsidiary of the Company, received an additional deposit of $2.0 million from a U.S.-based authentication and information services company ("Authentication Buyer") in connection with a non-binding term sheet that NSC entered into with the Athentication Buyer regarding the potential acquisition by Authentication Buyer of all of the assets used by NSC in connection with operation of the Company's authentication business. The Deposits will be applied to the final purchase price of the assets involved in the Proposed Asset Sale, and the Deposits may be used for working capital purposes prior to the closing of the Proposed Asset Sale. The Deposits must be repaid to Buyer upon certain triggering events, and the repayment of the Deposits, if applicable, is secured by a security interest on the personal and real property of NSC. On June 5, 2024, NSC received an initial deposit in the amount of $2.0 million. According to the Company, the Term Sheet represents a mutual indication of interest regarding the Proposed Asset Sale and the terms of the Proposed Asset Sale are subject to contingencies, including the completion of customary due diligence by the Buyer, the negotiation and execution of definitive agreements between the parties, and approval by the Buyer, NSC and the Company of the Proposed Asset Sale. There can be no assurance that the Proposed Asset Sale will be completed on the terms contemplated in the Term Sheet or otherwise. There can also be no assurance that the Proposed Asset Sale, if completed, would be sufficient to resolve the Company's ongoing liquidity issues. About Meta Materials Headquartered in Dartmouth, Nova Scotia, Canada, Meta Materials Inc. is an advanced materials and nanotechnology company. The Company is developing materials that it believes can improve the performance and efficiency of many current products as well as allow new products to be developed that cannot otherwise be developed without such materials. The Company has product concepts currently in various stages of development with multiple potential customers in diverse market verticals. Vaughan, Canada-based KPMG LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has suffered recurring losses and negative cash flows from operations and requires additional financing to fund its operations that raise substantial doubt about its ability to continue as a going concern. MICHIGAN PAIN: Hires Kheder Davis as Financial Advisor ------------------------------------------------------ Michigan Pain Consultants, P.C., seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to employ Kheder Davis & Associates, Inc. as financial advisor. The firm will provide these services: a. prepare a 13-Week Cashflow Forecast; b. assist the Debtor in preparation of its bankruptcy; c. prepare monthly operating reports; d. in consultation with management, review and provide guidance regarding financial matters, including cash disbursements; e. assist in the execution of approved strategic alternatives; f. review patient-centered planning and protocols to comply with Federal and State requirements, and third party agreements; g. advise and assist in orderly patient transition to maintain treatment continuity, including provider choice, record transfer, privacy protection and other related functions; h. assist in identifying regulatory requirements and processes to communicate with Federal, State and local agencies, as well as credentialing bodies, and act as a liaison on behalf of Debtor; i. participate in meetings and negotiations with parties in interest and key constituents; and j. provide such other and additional services as mutually agreed by KDA and the Debtor. The firm will be paid at these rates: Principal $550 per hour Associate $425 per hour Administrative $135 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. John Davis, a principal at Kheder Davis & Associates, 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: John Davis Kheder Davis & Associates, Inc. 120 North Washington Square, Suite 300 Lansing, MI 48933 Facsimile No.: (517) 913-5965 About Michigan Pain Consultants Michigan Pain Consultants, P.C. is a healthcare group in Grand Rapids, Mich., which specializes in medication, therapy, pain management, and rehabilitation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 24-01571) on June 12, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Stacy Ward, executive director, signed the petition. Judge Scott W Dales oversees the case. Charles D. Bullock, Esq., at Stevenson & Bullock, P.L.C., represents the Debtor as legal counsel. MICHIGAN PAIN: Hires Stevenson & Bullock P.L.C. as Counsel ---------------------------------------------------------- Michigan Pain Consultants, P.C. seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to employ Stevenson & Bullock, P.L.C. as counsel. The firm will provide these services: a. prepare all schedules, applications, motions, orders, and reports, and to appear at bankruptcy court hearings on behalf of the Debtor, in the bankruptcy case; and b. generally counsel the Debtor in substantially legal matters during the Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $28,087.90 Charles D. Bullock, a partner at Stevenson & Bullock, P.L.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Charles D. Bullock, Esq. Elliot G. Crowder, Esq. 26100 American Drive, Suite 500 Southfield, MI 48034 Telephone: (248) 354-7906 Facsimile: (248) 354-7907 Email: cbullock@sbplclaw.com ecrowder@sbplclaw.com About Michigan Pain Consultants, P.C., Michigan Pain Consultants, P.C. is a healthcare group in Grand Rapids, Mich., which specializes in medication, therapy, pain management, and rehabilitation services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 24-01571) on June 12, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Stacy Ward, executive director, signed the petition. Judge Scott W Dales oversees the case. Charles D. Bullock, Esq., at Stevenson & Bullock, P.L.C., represents the Debtor as legal counsel. MINIM INC: Terminates 'No-Shop' Provisions in Merger Agreement -------------------------------------------------------------- Minim Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that, on June 17, 2024, the Company and MME Sub 1 LLC, a Florida limited liability company ("Merger Sub") entered into a First Amendment to the Agreement and Plan of Merger with e2Companies LLC. Pursuant to the Amendment, e2Companies and the Company have mutually agreed to terminate the "no-shop" provisions in the Agreement and Plan of Merger, and to grant the Company permission to seek alternate business combination candidates, while solely requiring that the Company provide two business days' prior written notice advising e2Companies that it intends to effect such alternate business combination and allow for additional negotiation with e2Companies to enable the parties to determine whether to propose revisions to the terms of the Agreement and Plan of Merger. Minim previously reported the dismissal of BF Borgers CPA PC as its independent registered public accounting firm, and engaged Beckles & Co. to serve as the Company's independent registered public accounting firm for the fiscal year ending Dec. 31, 2024 and the upcoming interim periods. This change was made due to the fact that BF Borgers was recently sanctioned by the Securities and Exchange Commission, and as a result BF Borgers is not currently permitted to appear or practice before the Commission. BF Borgers was also the independent registered public accounting firm for e2Companies, with whom Minim, together with its wholly owned subsidiary, Merger Sub, had entered into an Agreement and Plan of Merger on March 12, 2024, whereby e2Companies would merge with and into Merger Sub, with e2Companies being the surviving entity, and as previously disclosed by the Company on Current Report on Form 8-K dated March 18, 2024. Therefore, e2Companies also has to engage a new independent public accountant to re-audit financial statements (previously audited by BF Borgers) required to be included in a Registration Statement. Minim said these events have significantly delayed the Company's and e2Conpanies' ability to complete and file a Registration Statement and Proxy Statement in connection with the Merger within the prescribed time period set forth in the Merger agreement. 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 held the exclusive global license to design, manufacture, and sell consumer networking products under the Motorola brand until 2023. The Company's cable and WiFi products, with an intelligent operating system and bundled mobile app, were sold in leading retailers and e-commerce channels in the United States. Its AI-driven cloud software platform and applications make network management and security simple for home and business users, as well as the service providers that assist them -- leading to higher customer satisfaction and decreased support burden. Lakewood, CO-based BF Borgers CPA PC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 12, 2024, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. MMRC HOLD: Taps Force Ten Partners to Provide CRO & Other Personnel ------------------------------------------------------------------- MRRC Hold Co. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Force Ten Partners, LLC to provide Nicholas Rubin, its partner, as chief restructuring officer and restructuring advisor personnel. The firm's services include: (a) manage the affairs of the Debtors, supervise the companies' professionals, and provide periodic reports to the board of directors; (b) oversee the Debtors' restructuring efforts; (c) supervise the engagement of the Debtors' restructuring legal counsel, investment banker, claims agent, and other professionals; (d) seek to maximize the value of the Debtors' assets and operations; (e) assist in connection with motions, responses, or other court activity as directed by legal counsel; (f) prepare periodic reporting to stakeholders, the Bankruptcy Court, and the Office of the United States Trustee; (g) prepare or supervise the preparation of cash budgets, monthly operating reports, cash flow variance reports, schedules of assets and liabilities, statements of financial affairs, and other financial analysis or reporting; (h) develop restructuring plans and other strategic alternatives for maximizing the value of the Debtors’ and their assets and recommend to the Board various plans and strategic alternatives from time to time; (i) oversee the formulation and preparation of the Debtors' disclosure statement and plan of reorganization; (j) assist in negotiations with the Debtors' creditors; (k) work with restructuring legal counsel to address objections from parties in interest to the bankruptcy plan or other courses of action undertaken by the Debtors; and (l) prepare declarations, reports, depositions, and testimony. (m) participate in meetings and provide support to the Debtors and its professionals; (n) identify executory contracts and unexpired leases and perform analyses of the financial impact of the assumption or rejection of each, as necessary; (o) advise senior management and the board of directors in the development, negotiation, and implementation of restructuring initiatives and evaluation of strategic alternatives; (p) oversee and manage a court-approved sales process; (q) prepare information and analysis necessary for the confirmation of a plan of reorganization; (r) assist in implementing a Chapter 11 plan of reorganization; (s) render testimony, as requested, about the matters regarding which Force Ten and its personnel are providing services; and (t) provide such other restructuring or advisory services as are consistent with the role of the chief restructuring officer and/or the above-described services. The hourly rates of the firm's professionals are as follows: Partners $850 - $950 CRO $850 Managing Directors $495 - $695 Directors $425 - $600 Analysts $255 - $400 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $750,000 from the Debtors. Mr. Rubin 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: Nicholas Rubin Force Ten Partners, LLC 5271 California Ave., Suite 270 Irvine, CA 92617 Telephone: (949) 357-2364 Email: nrubin@force10partners.com About MRRC Hold MRRC Hold Co. (d/b/a Rubio's) is a Mexican restaurant chain specializing in fish tacos. Rubio's has locations across California, Arizona and Nevada. MRRC Hold Co. and two of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11164) on June 5, 2024. In the petition signed by Nicholas D. Rubin as chief restructuring officer, MRRC Hold disclosed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Whiteford, Taylor & Preston LLC as Delaware bankruptcy counsel and Raines Feldman Littrell LLP as general bankruptcy counsel. Force Ten Partners LLC represents the Debtors as CRO provider. Hilco Corporate Finance LLC acts as investment banker to the Debtors, while Hilco Real Estate LLC acts as real estate consultant and advisor. Bankruptcy Management Solutions, Inc., doing business as Stretto, serves as claims and noticing agent to the Debtor. MOTUS GI: Faces Loan Default Over Distribution Plan --------------------------------------------------- Motus GI Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 17, 2024, the Company received a Notice of Default and Reservation of Rights under the Agreement for the Provision of a Loan Facility, dated as of November 28, 2023, among the Company and Kreos Capital VI (Expert Fund) LP. The Notice specified that one or more events of default have occurred under the Loan Agreement, due to the approval by the Company’s board of directors of a plan of distribution on June 6, 2024. About Motus GI Holdings, Inc. Ft. Lauderdale, Fla.-based Motus GI Holdings, Inc. is a medical technology company, with subsidiaries in the U.S. and Israel, providing endoscopy solutions that improve clinical outcomes and enhance the cost-efficiency associated with the diagnosis and management of gastrointestinal conditions. Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 18, 2024, citing that the Company has generated minimal revenues, experienced negative cash flows from operating activities and has incurred substantial operating losses that raise substantial doubt about its ability to continue as a going concern. MP PPH: Seeks Approval to Hire McNamee Hosea as Special Counsel --------------------------------------------------------------- MP PPH, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ McNamee Hosea, PA as special counsel. The firm's services include: (a) review the responsibilities, obligations and duties of any management company that has provided services for the property; (b) determine if the Debtor, its principal, or any entity associated with them has any actionable claims against any management company that has provided services for the property; (c) file an adversary proceeding against any such management company to recover any appropriate damages; and (d) object to proofs of claim, as may be necessary, filed by any management company that the Debtor and/or its principal, or any entity associated with them may have claims against. The hourly rates of the firm's counsel and staff are as follows: Partners $375 - $560 Associates $225 - $350 Paralegals $100 - $125 The hourly rates of the firm's professionals are as follows: Janet Nesse $560 Craig Palik $425 Justin Fasano $400 Steven Goldberg $425 Christopher Hamlin $400 Kevin Feig $325 Theresa Mackey $125 Cynthia Martin $125 In addition, the firm will seek reimbursement for expenses incurred. Janet Nesse, Esq., an attorney at Mcnamee Hosnea, 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: Janet M. Nesse, Esq. McNamee Hosnea PA 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Email: jnesse@mhlawyers.com About MP PPH LLC MP PPH, LLC, filed a Chapter 11 petition (Bankr. D.D.C. Case No. 23-00246) on Aug. 31, 2023, with $100 million to $500 million in assets and $50 million to $100 million in liabilities. Michael A. Abreu, vice president of operations, signed the petition. Judge Elizabeth L. Gunn oversees the case. The Debtor tapped Marc E. Albert, Esq., at Stinson LLP as bankruptcy counsel; Lewis Brisbois Bisgaard & Smith, LLP, NixonPeabody, LLP and McNamee Hosnea PA as special counsels; and Noble Realty Advisors, LLC as property manager. MP SOUTHPARK: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: MP Southpark Pharmacy, LLC DBA Myers Drug 1506 A. South Sunset Littlefield, TX 79339 Business Description: Myers Drug is a full service pharmacy providing a wide range of medical & health products and services. Myers Drug has always been family-owned, serving thousands of customers for more than 84 years. Its customers are local, national, and even international. Chapter 11 Petition Date: June 21, 2024 Court: United States Bankruptcy Court Northern District of Texas Case No.: 24-50146 Debtor's Counsel: David R. Langston, Esq. MULLIN HOARD & BROWN, L.L.P. P.O. Box 2585 Lubbock, TX 79408 Tel: 806-765-7491 Email: drl@mhba.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Micah Pratt as managing member. The Debtor failed to include in the petition a list of its 20 largets unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/NBQTTPQ/MP_Southpark_Pharmacy_LLC__txnbke-24-50146__0001.0.pdf?mcid=tGE4TAMA MRRC HOLD: Hires Whiteford, Taylor & Preston as Legal Counsel ------------------------------------------------------------- MRRC Hold Co. and its affiliates seek approval from the U.S. Bankruptcy Court for District of Delaware to employ Whiteford, Taylor & Preston LLC as counsel. The firm's services include: (a) perform all necessary services as the Debtors' bankruptcy counsel; (b) take all necessary actions to protect and preserve the Debtors' estates during these Chapter 11 cases; (c) prepare or coordinate preparation on behalf of the Debtors, necessary legal papers in connection with administering these Chapter 11 cases; (d) counsel the Debtors with regard to their rights and obligations; (e) coordinate with the Debtors' other professionals in representing it in connection with these cases; (f) appear in court and at any meeting with the Office of the United States Trustee and any meeting of creditors at any given time on behalf of the Debtors; and (g) perform all other necessary or requested legal services. The firm will be paid at these hourly rates: Richard Riley, Counsel $850 Thomas J. Francella, Jr., Partner $810 Joshua D. Stiff, Counsel $535 Sarah Wenrich, Associate $515 Christopher Lano, Paralegal $455 Prior to the petition date, the Debtors paid the firm a retainer in the amount of $50,000. Mr. Francella disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas J. Francella, Jr. , Esq. Whiteford, Taylor & Preston LLC 600 North King Street, Suite 300 Wilmington, DE 19801 Telephone: (302) 353-4144 Email: tfrancella@whitefordlaw.com About MRRC Hold MRRC Hold Co. (d/b/a Rubio's) is a Mexican restaurant chain specializing in fish tacos. Rubio's has locations across California, Arizona and Nevada. MRRC Hold Co. and two of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11164) on June 5, 2024. In the petition signed by Nicholas D. Rubin as chief restructuring officer, MRRC Hold disclosed $10 million to $50 million in assets and $100 million to $500 million in liabilities. Judge Craig T. Goldblatt oversees the cases. The Debtors tapped Whiteford, Taylor & Preston LLC as Delaware bankruptcy counsel and Raines Feldman Littrell LLP as general bankruptcy counsel. Force Ten Partners LLC represents the Debtors as CRO provider. Hilco Corporate Finance LLC acts as investment banker to the Debtors, while Hilco Real Estate LLC acts as real estate consultant and advisor. Bankruptcy Management Solutions, Inc., doing business as Stretto, serves as claims and noticing agent to the Debtor. NATIONWIDE MEDICAL: Hires Steven P. Bens CPA as Accountant ---------------------------------------------------------- Nationwide Medical Transportation Services, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Steven P. Bens, CPA as accountant. The firm's services include: a. preparing or reviewing the monthly operating reports; b. assisting the Debtor in preparation of a plan and other work appropriate to this chapter 11 proceeding; c. analyzing the cash flows and profitability of the Debtor's business; d. preparing or reviewing the financial budgets, projections, project cost and profitability estimates; e. filing tax compliance and related matters; and f. reviewing and analyzing the reporting of cash collateral and any DIP financing arrangements and budgets. The firm will be paid at the rate of $200 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven P. Bens, 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: Steven P. Bens, CPA 2880 NE 14th St Unit 409 Pompano Beach, FL 33061-3654 Tel: (954)789-0588 E-mail: stevenb10912@gmail.com About Nationwide Medical Transportation Services, Inc. The Debtor is a family owned and operated medical transportation company offering ambulatory and wheelchair services specializing in workers compensation and surgical and diagnostic clients. Nationwide Medical Transportation Services, Inc. d/b/a Tri County Medical Transportation, in Boca Raton, FL, filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 24-14386) on May 2, 2024, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Debra L. Schulman as president, signed the petition. Judge Mindy A. Mora oversees the case. FURR & COHEN serve as the Debtor's legal counsel. NEW ORLEANS I: Secured Party Sets July 15 Auction ------------------------------------------------- New York County Supreme Court located at 60 Centre Street, New York, New York, and offered virtually via online video conference on July 15, 2024, at 11:00 a.m. (Prevailing Eastern Time), Slate Rec Holdings LLC ("secured party") will cause these collateral to be sold by public auction to the highest qualified bidder: 100% of the membership interests in New Orleans I Holdings LLC, which is the owner of certain real property and personal property, including that certain real property, and improvements thereon located at 1100 Poydras Street, The Energy Centre, New Orleans, Louisiana 70112. Secured party reserves the right to reject all bids and terminate or adjourn the sale to another time or place, or to effectuate a private sale instead of a public sale, without further publication, and further reserves the right to bid for the collateral at the sale and to credit bid by applying some or all its secured debt to the purchase price. Interested parties who would like additional information concerning the items to be sold at the sale and the terms and conditions of the sale, including the eligibility requirements to be qualified bidder, must contact Stephen Schwalb via email at Stephen.Schwalb@nmrk.com. NIRVANA INVESTMENT: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------------- Nirvana Investment Group LLC filed Chapter 11 protection in the Northern District of California. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for July 2, 2024 at 10:00 a.m. via UST Teleconference, Call in number/URL: 1-877-991-8832 Passcode: 4101242. About Nirvana Investment Group Nirvana Investment Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-50854) on June 4, 2024. In the petition filed by Michael Luu, as managing member, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Stephen L Johnson handles the case. The Debtor is represented by: Arasto Farsad, Esq. FARSAD LAW OFFICE, P.C. 1625 The Alameda, Suite 525 San Jose, CA 95126 Tel: 408-641-9966 Email: Farsadlaw1@gmail.com NO BULL ROOFING: Seeks to Hire Delcotto Law Group PLLC ------------------------------------------------------ No Bull Roofing & Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ Delcotto Law Group PLLC as counsel. The firm will provide these services: a. take all necessary action to protect and preserve the Estate of the Debtor; b. prepare on behalf of the Debtor, as Debtor in possession, necessary motions, applications, schedules, statements, answers, orders, reports and papers in connection with the administration of its Estate; c. negotiate and prepare on behalf of the Debtor a plan of reorganization and all related documents; and d. perform all other necessary legal services in connection with this Chapter 11 case. The firm will be paid at these rates: Attorneys $325 to $695 per hour paralegals $180 to $200 per hour The firm received an initial retainer in the amount of $3,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Laura Day DelCotto, Esq., a partner at Delcotto Law Group 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: Laura Day DelCotto, Esq. Delcotto Law Group PLLC 200 North Upper Street Lexington, KY 40507 Tel: (859) 231-5800 Fax: (859) 281-1179 Email: ldelcotto@dlgfirm.com About No Bull Roofing & Construction, LLC No Bull Roofing & Construction, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Ky. Case No. 24-60540) on June 11, 2024. The Debtor hires Delcotto Law Group PLLC as counsel. NOVABAY PHARMACEUTICALS: Adds 12,219 Shares Under 2017 Plan ----------------------------------------------------------- NovaBay Pharmaceuticals, Inc. filed a Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission to register a total of 12,219 shares of common stock, par value $0.01 per share, of the Company, for issuance under the NovaBay Pharmaceuticals, Inc. 2017 Omnibus Incentive Plan. The shares of Common Stock being registered by this Registration Statement give effect to the Company's 1-for-35 reverse stock split that was effective on May 30, 2024. The number of shares of Common Stock available for issuance under the stockholder-approved Plan is subject to an automatic annual increase on the first day of each of the Company's fiscal years beginning on January 1, 2018 and ending on January 1, 2027 by an amount equal to (i) 4% of the number of shares of Common Stock outstanding on the last day of the immediately preceding fiscal year or (ii) such lesser number of shares of Common Stock as determined by the Board of Directors. For 2024, the Board authorized an increase of 12,219 shares of the Common Stock under the Plan, consisting of the full 4% increase allowed pursuant to the Plan's evergreen provision. These shares are in addition to the 1,892 shares of Common Stock registered on the Company's Form S-8 filed on June 2, 2017 (File No. 333-218469), the 17,582 shares of Common Stock registered on the Company's Form S-8 filed on January 19, 2018 (File No. 333-222625) pursuant to the annual increase in 2018 according to the Plan's evergreen provision, the 1,470 shares of Common Stock registered on the Company's Form S-8 filed on February 7, 2020 (File No. 333-236328) pursuant to the annual increases in 2019 and 2020 according to the Plan's evergreen provision (with 558 shares of Common Stock from the 2019 annual increase and 912 shares of Common Stock from the 2020 annual increase), the 1,364 shares of Common Stock registered on the Company's Form S-8 filed on January 15, 2021 (File No. 333-252155) pursuant to the annual increase in 2021 according to the Plan's evergreen provision, the 1,559 shares of Common Stock registered on the Company's Form S-8 filed on May 13, 2022 (File No. 333-264953) pursuant to the annual increase in 2022 according to the Plan's evergreen provision, and the 2,326 shares of Common Stock registered on the Company's Form S-8 filed on March 31, 2023 (File No. 333-271053) pursuant to the annual increase in 2023 according to the Plan's evergreen provision. Since the Plan provides that the annual increase in the aggregate number of shares that may be issued pursuant to the Plan's evergreen provision begins for fiscal years commencing January 1, 2018, this Registration Statement accounts for the seventh share increase under the evergreen provision. The number of shares of Common Stock registered under each prior Registration Statement listed above has been adjusted to account for all previous stock splits, including the 2024 Reverse Stock Split (collectively, the "Reverse Split Transactions"). A full-text copy of the Registration Statement is available at: https://www.sec.gov/Archives/edgar/data/1389545/000143774924020964/nby20240620_s8.htm About Novabay Headquartered in Emeryville, California, NovaBay Pharmaceuticals, Inc. -- http://www.novabay.com-- develops and sells scientifically created and clinically proven eyecare and skincare products. The Company's leading product, Avenova Antimicrobial Lid and Lash Solution, or Avenova Spray, is proven in laboratory testing to have broad antimicrobial properties as it removes foreign material including microorganisms and debris from the skin around the eye, including the eyelid. San Francisco, California-based WithumSmith+Brown, PC, the Company's auditor since 2010, issued a "going concern" qualification in its report dated March 26, 2024, citing that the Company has sustained operating losses for the majority of its corporate history and expects that its 2024 expenses will exceed its 2024 revenues, as the Company continues to invest in its commercialization efforts. Additionally, the Company expects to continue incurring operating losses and negative cash flows until revenues reach a level sufficient to support ongoing growth and operations. Accordingly, the Company has determined that its planned operations raise substantial doubt about its ability to continue as a going concern. NOVO INTEGRATED: Extends CEO & COO's Employments by One Year ------------------------------------------------------------ Novo Integrated Sciences, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on June 18, 2024, the Company and GPE Global Holdings Inc. entered into an amendment to the June 2021 Mattacchione Agreement, pursuant to which the parties agreed to extend the term of the June 2021 Mattacchione Agreement by one year, such that the term of the June 2021 Mattacchione Agreement will continue until June 18, 2025. On June 18, 2021, Novo Integrated entered into an executive agreement with GPE, an entity controlled by Robert Mattacchione and through which Mr. Mattacchione agreed to provide services to the Company. Pursuant to the terms of the June 2021 Mattacchione Agreement, Mr. Mattacchione agreed to serve as the Company's chief executive officer. Mr. Mattacchione also serves as the Company's Chairman of the Board. Christopher David Executive Agreement Amendment Also on June 18, 2024, the Company and Mr. Christopher David entered into an amendment to the June 2021 David Agreement, pursuant to which the parties agreed to extend the term of the June 2021 David Agreement by one year, such that the term of the June 2021 David Agreement will continue until June 18, 2025. Additionally, the parties agreed to update Mr. David's title to chief operating officer of the Company, as opposed to president and chief operating officer. On June 18, 2021, the Company entered into an executive agreement with Christopher David. About Novo Integrated Novo Integrated Sciences, Inc., headquartered in Bellevue, Washington, owns Canadian and U.S. subsidiaries which provide, or intend to provide, essential and differentiated solutions to the delivery of multidisciplinary primary care and related wellness products through the integration of medical technology, interconnectivity, advanced therapeutics, diagnostic solutions, unique personalized product offerings, and rehabilitative science. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Dec. 14, 2023, citing that the Company has incurred recurring losses from operations, has negative cash flows from operating activities, and has an accumulated deficit as of Aug. 31, 2023. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. "There can be no assurance that funding would be available, or that the terms of such funding would be on favorable terms if available. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing. These conditions, along with the matters...raise substantial doubt about the Company's ability to continue as a going concern within one year after the date the unaudited condensed consolidated financial statements are issued," said Novo in its Quarterly Report for the period ended Feb. 29, 2024. OFFICE PROPERTIES: Issues $567MM in New Sr. Secured Notes Due 2029 ------------------------------------------------------------------ Office Properties Income Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 20, 2024, in connection with the previously announced Exchange Offers, the Company issued $567,429,000 aggregate principal amount of new 9.000% senior secured notes due 2029, or the New Notes, and related guarantees, pursuant to that certain Indenture, dated as of June 20, 2024, among the Company, the initial subsidiary guarantors and U.S. Bank Trust Company, National Association, as trustee and collateral agent. Interest and maturity: Unless previously redeemed, the New Notes will mature on September 30, 2029, and will bear interest at a rate of 9.000% per year, payable semi-annually in arrears on March 31 and September 30 of each year, commencing September 30, 2024. Guarantees: The New Notes will be fully and unconditionally guaranteed on a joint, several and secured basis by the Subsidiary Guarantors. Security: The New Notes are secured by certain assets of the Initial Subsidiary Guarantors, including a first-priority lien and security interest on 19 fee-owned real properties held by certain of the Initial Subsidiary Guarantors (which Initial Subsidiary Guarantors it refers to as the First Lien Guarantors), and a second-priority lien and security interest on 19 separate fee-owned real properties held by certain other Initial Subsidiary Guarantors. The New Notes are also secured by a first-priority lien and security interest on 100% of the equity interests in each of the First Lien Guarantors and a second-priority lien and security interest on the equity interests in certain other Initial Subsidiary Guarantors. Optional redemption: Prior to June 3, 2026, the Company may redeem the New Notes at a make-whole amount described in the Indenture plus principal and accrued and unpaid interest on such New Notes. On or after June 3, 2026, it may redeem the New Notes, at the redemption prices set forth in the Indenture, plus principal and accrued and unpaid interest on such New Notes. Covenants: The Indenture contains covenants that, among other things: (i) limit our and our subsidiaries' ability to incur additional debt; (ii) limit our and the Subsidiary Guarantors' ability to incur liens securing debt on any of the collateral, other than certain permitted liens; (iii) limit our and the Subsidiary Guarantors' ability to consolidate or merge, or convey, transfer or lease all or substantially all of our and our subsidiaries' assets and (iv) limit It's and the Subsidiary Guarantors' ability to sell, lease, convey, transfer, invest or dispose of collateral. In addition, the Indenture contains a covenant that requires us and our subsidiaries to maintain at all times Total Unencumbered Assets of not less than 150% of the aggregate principal amount of the Unsecured of the Company and its subsidiaries on a consolidated basis in accordance with generally accepted accounting principles. Events of default: The Indenture sets forth certain events of default after which the New Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving us and certain of our subsidiaries upon which the New Notes shall automatically become immediately due and payable. As previously disclosed, on May 1, 2024, the Company commenced a series of private exchange offers, or the Exchange Offers, to exchange its outstanding (i) 4.500% senior unsecured notes due 2025, (ii) 2.650% senior unsecured notes due 2026, (iii) 2.400% senior unsecured notes due 2027 and (iv) 3.450% senior unsecured notes due 2031 for up to an aggregate principal amount of $610,000,000 of New Notes and related guarantees pursuant to the terms and conditions set forth in an Offering Memorandum, dated as of May 1, 2024, as amended by the Company's press releases dated May 20, 2024, May 23, 2024 and June 10, 2024, or the Offering Memorandum. The Exchange Offers expired as of 5:00 p.m., New York City time, on June 17, 2024. On June 20, 2024, the Company completed the settlement of the Exchange Offers. In addition, on June 21, 2024, the Company issued 1,429,179 of the Company's common shares of beneficial interest, $.01 par value per share, to certain holders of its Existing Notes party to the Support Agreement. The Exchange Offers have expired and are no longer open to participation by eligible holders of the Existing Notes. The New Notes have not been registered under the Securities Act of 1933, as amended, or the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act or any applicable state securities laws. The New Notes were offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act. About Office Properties Office Properties Income Trust is a REIT organized under Maryland law. As of Dec. 31, 2023, its wholly owned properties were comprised of 152 properties and it had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that owned three properties containing approximately 468,000 rentable square feet. As of Dec. 31, 2023, the Company's properties are located in 30 states and the District of Columbia and contain approximately 20,541,000 rentable square feet. As of Dec. 31, 2023, its properties were leased to 258 different tenants, with a weighted average remaining lease term (based on annualized rental income) of approximately 6.4 years. The U.S. government is its largest tenant, representing approximately 19.5% of its annualized rental income as of Dec. 31, 2023. As of March 31, 2024, the Company had $4 billion in total assets, $2.7 billion in total liabilities, and $1.3 billion in total stockholders' equity. * * * In May 2024, OPI announced it was actively negotiating with its existing debtholders to exchange four series of its currently outstanding senior unsecured notes (worth $1.7 billion at face value) for up to $610 million of new senior secured notes and related guarantees, with priority given to the 2025 noteholders ($650 million outstanding). The exchange would result in debtholders receiving below the par value of the existing notes. S&P Global Ratings lowered its issuer credit rating on OPI to 'CC' from 'CCC' and its issue-level ratings on its senior unsecured notes due 2025, 2026, 2027 and 2031, which are part of the proposed exchange, to 'CC' from 'CCC'. At the same time, S&P affirmed its 'CCC' issue-level rating on the company's senior unsecured notes due 2050, which are not part of the proposed exchange, and its 'B-' issue-level rating on its existing secured notes due 2029. Its '3' recovery rating on all the unsecured notes and '1' recovery rating on the secured notes are unchanged. On June 2024, S&P Global Ratings lowered its issuer credit rating on Office Properties Income Trust (OPI) to 'SD' (selective default) and its issue-level rating on the company's 2025, 2026, 2027, and 2031 senior unsecured notes to 'D'. S&P said, "We view the debt exchange as distressed and tantamount to a default. The downgrade follows OPI's completion of its private debt exchange. In aggregate, the company exchanged $865.2 million of its 2025, 2026, 2027, and 2031 senior unsecured notes for $567.4 million of new senior secured notes due 2029. The exchange consideration varied depending on which notes were exchanged, with longer-dated notes receiving less consideration. In addition, certain noteholders received common equity to incentivize the exchange. In our view, this transaction is a distressed exchange and tantamount to a default because lenders received less than the original promise of the securities, which is not offset by adequate compensation." OPTIO RX: Unsecureds Owed $2M to Get 100% of Claims in Plan ----------------------------------------------------------- Optio Rx, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement relating to the Joint Chapter 11 Plan of Reorganization dated June 10, 2024. Optio Rx is a Delaware limited liability company that has 26 direct and/or indirect subsidiaries. Non-Debtor CBC Pharma HoldCo, LLC is the direct or indirect parent company of Optio Rx and each of the other Debtors. The Debtors operate in four primary specialty pharmacy business segments, including: (i) clinically focused retail dermatology pharmacies; (ii) compounding pharmacies; (iii) hospice pharmacies; and (iv) fertility treatments. Overall, the Company employs approximately 260 employees in 18 locations located in 7 states and services more than 100,000 patients. The Debtors also provide prescription fulfilling services to long term care facilities, among other things. While the Debtors' businesses as a whole remain operationally sound, the Company has experienced a number of unexpected challenges in recent years, including the inability to service the Debtors' debt obligations and liquidity issues that have left the Debtors unable to repay or recapitalize the outstanding principal and interest under their Prepetition Credit Agreement which matures on June 28, 2024. On May 9, 2024, the Debtors, the First Out Holders, the Last Out Holder (and together with the First Out Holders, the "Consenting Lenders"), and the Prepetition Admin Agent, entered into that certain Restructuring Support Agreement, pursuant to which the Debtors and the Consenting Lenders approved certain restructuring transactions with respect to the Debtors' capital structure on the terms and conditions set forth in therein and as specified in the term sheet (including all exhibits, annexes, and schedules thereto, the "Plan Term Sheet" and, such transactions as described in the Restructuring Support Agreement and the Plan Term Sheet, the "Restructuring Transactions"). The Plan contemplates a partial debt for equity swap, as follows the "Debt for Equity Swap"): * on the Effective Date of the Plan, the First Out Holders and the Last Out Holder will convert (i) a portion of their Prepetition Secured Obligations into exit facility claims (the “Prepetition Lien Conversion”) on such terms as to effect the Exit Capital Structure attached as an exhibit to the RSA (the "Exit Facility Claims") and (ii) the remaining portion of their Prepetition Secured Obligations into preferred and common equity shares or units of Online Pharmacy Holdings LLC (the "Prepetition Lien Conversion Equity"), the new holding company formed on May 22, 2024 to issue preferred and common equity shares or units in connection with the Prepetition Lien Conversion, which Prepetition Lien Conversion Equity shall constitute consideration for the First Out Holders and Last Out Holder committing to such Prepetition Lien Conversion, all to effect the Exit Capital Structured attached as an exhibit to the RSA; and * on the Effective Date, the DIP Lenders will convert 100% of their DIP Superpriority Claims into Exit Facility Claims, all to effect the Exit Capital Structure attached as an exhibit to the RSA. Class 5 consists of General Unsecured Trade Claims. The holders of Allowed General Unsecured Trade Claims are impaired by the Plan and shall, by virtue of the GUC Trade Gift, (x) on the Effective Date, receive [80%-95%] of their respective Allowed General Unsecured Trade Claim and (y) on the one-year anniversary of the Effective Date, receive the remaining [5%-20%] of their respective Allowed General Unsecured Trade Claim. The allowed unsecured claims total $2,033,751. This Class will receive a distribution of 100% of their allowed claims. Class 6 consists of Other General Unsecured Claims. On the Effective Date, all Other General Unsecured Claims shall be cancelled, released, and extinguished without any distribution. The allowed unsecured claims total $379,970. This Class will receive a distribution of 0% of their allowed claims. Class 11 consists of Intercompany Interests. Each Allowed Intercompany Interest shall be, at the option of the applicable Debtor(s), and with the consent of the Consenting Lenders, which consent shall not be unreasonably withheld, either (a) Reinstated or (b) canceled and released. Class 12 consists of Equity Interests in Optio Rx. On the Effective Date, all Equity Interests in Optio Rx shall be cancelled, released, and extinguished of such Interests on account of such Interests. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with Cash on hand, the GUC Trade Gift, and the GUC Opt-In Gift. A full-text copy of the Disclosure Statement dated June 10, 2024 is available at https://urlcurt.com/u?l=yXUU4Y from PacerMonitor.com at no charge. Counsel to the Debtors: CHIPMAN, BROWN, CICERO & COLE, LLP William E. Chipman, Jr, Esq. David W. Carickhoff, Esq. Mark. D. Olivere, Esq. Alan M. Root, Esq. Hercules Plaza 1313 North Market Street, Suite 5400 Wilmington, Delaware 19801 Email: Chipman@chipmanbrown.com Carickhoff@chipmanbrown.com Olivere@chipmanbrown.com Root@chipmanbrown.com About Optio Rx, LLC Optio Rx, LLC is a Delaware limited liability company that has 26 direct and/or indirect subsidiaries. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 24-11188) on June 7, 2024, listing $10,000,001 to $50 million in assets and $100,000,001 to $500 million in liabilities. William E. Chipman, Jr., Esq. at Chipman Brown Cicero & Cole, LLP represents the Debtor as counsel. ORCHARD ENTERPRISES: Creditors to Get Proceeds From Liquidation --------------------------------------------------------------- Orchard Enterprises, LLC, d/b/a Orchard Enterprises Global, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Liquidation dated June 10, 2024. The Debtor is a California limited liability company founded in 2019 with its principal place of business located at 500 Friday Road, Cocoa, FL. 32926. The Debtor specializes in managing and developing athletic/school complexes and large-scale sports complexes for amateur, semi professional and budding professional athletes. This Plan provides for: 2 classes of secured claims; 1 class of unsecured claims; and 1 class of equity security holders. The goal of the Debtor is for its primary creditor, BOW Cocoa Properties, LLC, to waive all Administrative Claims and all unsecured claims in exchange for turnover of the related real property and approximately $85,000.00 of personal property located therein. The remaining real property owned by the Debtor would be liquidated to pay all remaining unsecured claims in full, with any remaining net to be paid to BOW Cocoa Properties, LLC. General unsecured claims, excluding the claims of BOW and insiders, are estimated at $118,000.00. This Plan does not implement this negotiated procedure with BOW and instead proposes a general liquidation, pro rata. If BOW and the Debtor can reach an agreement as to the proposed procedure, yielding a 100% payout to unsecureds, the Plan will be amended to reflect the same. If BOW and the Debtor do not reach an Agreement, this Plan will control. Class 3 consists of all Allowed General Unsecured Claims. Class 3 will include all deficiency claims. In full satisfaction of the Allowed Class 3 Claims, holders of such claims shall receive a pro rata distribution of the Causes of Action, net of expenses. Upon the Effective Date, all Causes of Action will be deemed transferred into the Liquidating Trust. Class 4 consists of any and all equity interests and warrants currently issued or authorized in the Debtor. This Class is Impaired. Class 4 interests shall be fully extinguished on the Effective Date. The Plan contemplates that the Debtor will continue to operate the Debtor's business until closing of the Sale. The Debtor will be responsible for all disbursements on account of Class 3. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, and cash on hand as of Confirmation shall be available for Administrative Expenses. Notwithstanding that the Debtor shall continue in existence, the Debtor proposes to sell substantially all of the Debtor's assets. The proceeds from said sale shall be used to pay, first, Allowed Secured Claims; and, if there are funds remaining after the payment of all Allowed Secured Claims in full, then the balance to the Class 3 General Unsecured Creditors, pro rata. A full-text copy of the Liquidating Plan dated June 10, 2024 is available at https://urlcurt.com/u?l=xmQIxa from PacerMonitor.com at no charge. Proposed Attorney for the Debtor: L. Todd Budgen, Esq. Budgen Law P.O. Box 520546 Longwood, FL 32752 Tel: (407) 481-2888 Email: tbudgen@mybankruptcyfirm.com About Orchard Enterprises Orchard Enterprises, LLC d/b/a Orchard Enterprises Global, LLC, specializes in managing and developing athletic/school complexes and large-scale sports complexes for amateur, semi-professional and budding professional athletes. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-01198-TPG) on March 12, 2024, disclosing under $1 million in both assets and liabilities. The Debtor hires Budgen Law as counsel. PALATIN TECHNOLOGIES: Expects to Raise $6.1M From Warrants Exercise ------------------------------------------------------------------- Palatin Technologies, Inc. announced June 21, 2024, that it has entered into a warrant inducement agreement with an institutional investor to exercise certain outstanding warrants that the Company issued in November 2022 and October 2023 totaling 3,233,277 shares of the Company's common stock for gross proceeds of approximately $6.1 million. Pursuant to the warrant inducement agreement, the investor has agreed to exercise November 2022 outstanding warrants to purchase an aggregate of 1,818,812 shares of the Company's common stock and has agreed to exercise October 2023 outstanding warrants to purchase an aggregate of 1,415,095 shares of the Company's common stock, both sets at an amended exercise price of $1.88 per share. In consideration for the immediate exercise of the warrants, the Company also agreed to issue the investor unregistered Series A warrants to purchase an aggregate of 2,727,273 shares of the Company's common stock, and Series B warrants to purchase an aggregate of 2,122,642 shares of the Company's common stock. The Series A and B warrants will each have an exercise price of $1.88 per share and will expire on the five-year anniversary of the closing date. The Series A warrants and 498,441 of the Series B warrants are exercisable immediately, with 1,624,201 shares of common stock underlying the Series B warrants exercisable beginning on the effective date of stockholder approval and will expire on the five-year anniversary from the date of stockholder approval. The transaction is expected to close on or about June 24, 2024, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the exercise of warrants for working capital and general corporate purposes. About Palatin Headquartered in New Jersey, Palatin -- www.Palatin.com -- is a biopharmaceutical company developing first-in-class medicines based on molecules that modulate the activity of the melanocortin receptor systems, with targeted, receptor-specific product candidates for the treatment of diseases with significant unmet medical need and commercial potential. Palatin's strategy is to develop products and then form marketing collaborations with industry leaders to maximize their commercial potential. Philadelphia, Pennsylvania-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Sept. 28, 2023, citing that the Company has incurred operating losses and negative cash flows from operations since inception and will need additional funding to complete planned product development efforts that raise substantial doubt about its ability to continue as a going concern. "Based on our available cash and cash equivalents as of March 31, 2024, management has concluded that substantial doubt exists about the Company's ability to continue as a going concern for one year from the date these consolidated financial statements are issued. The Company is evaluating strategies to obtain additional funding for future operations which include but are not limited to obtaining equity financing, issuing debt, or reducing planned expenses. A failure to raise additional funding or to effectively implement cost reductions could harm the Company's business, results of operations, and future prospects. If the Company is not able to secure adequate additional funding in future periods, the Company would be forced to make additional reductions in certain expenditures. This may include liquidating assets and suspending or curtailing planned programs. The Company may also have to delay, reduce the scope of, suspend, or eliminate one or more research and development programs or its commercialization efforts or pursue a strategic transaction. If the Company is unable to raise capital when needed or enter into a strategic transaction, then the Company may be required to cease operations, which could cause its stockholders to lose all or part of their investment. The consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Assuming no additional funding and based on its current operating and development plans, the Company expects that existing cash and cash equivalents as of the date of this filing will be sufficient to fund currently anticipated operating expenses into the second half of calendar year 2024," said Palatin in its Quarterly Report for the period ended March 31, 2024. PARADISE ADVENTURES: Taps McIntyre Thanasides Bringgold as Counsel ------------------------------------------------------------------ Paradise Adventures, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, PA as legal counsel. The firm's services include: (a) advise the Debtor of its powers and duties in the continued operation of its business and/or the management of its property; (b) prepare on behalf of Debtor any necessary legal papers; (c) appear before this court and the United States Trustee to represent and protect the interests of the Debtor; (d) take all necessary legal steps to confirm a plan of reorganization; (e) represent the Debtor in all adversary suits, contested matters and matters involving administration of this case; (f) represent the Debtor in any negotiations with potential financing sources and preparing contracts, security instruments, or other documents necessary to obtain financing; (g) take any necessary action to recover any voidable transfers and to avoid any liens against the Debtor's property obtained within 90 days of the filing of the petition in Chapter 11 and at a time when it was insolvent; (h) enjoin or stay any and all suits against the Debtor affecting its ability to continue in business or affecting property in which it has equity; and (i) perform all other legal services that may be necessary for the proper preservation and administration of this Chapter 11 case. The firm will be paid on a monthly basis subject to counsel filing interim applications for payment of such fees and costs, and subject to court approval. Jeffrey Hakanson, Esq., an attorney at McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, 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: Jeffrey C. Hakanson, Esq. McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, PA 1228 E. 7th Ave., Ste. 100 Tampa, FL 33605 Telephone: (813) 223-0000 Facsimile: (813) 899-6069 Email: jeff@mcintyrefirm.com About Paradise Adventures Paradise Adventures, LLC, part of the traveler accommodation industry, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-50086) on June 10, 2024, with up to $10 million in both assets and liabilities. The petition was signed by Scott Stawski, manager. Jeffrey C. Hakanson, Esq., at McIntyre Thanasides Bringgold Elliott Grimaldi & Guito, PA serves as the Debtor's counsel. PAYNE'S ENVIRONMENTAL: Hires Panther Capital Group LLC as Broker ---------------------------------------------------------------- Payne's Environmental Services, LLC, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Panther Capital Group LLC as Broker The firm will market and sell the Debtor’s real property located at 5515 Causeway Blvd., Tampa, FL 33619. The firm will be paid at a 4 to 6 percent commission of the sales price. Guillermo de Nicolas, a partner at Panther Capital Group 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: Guillermo de Nicolas Panther Capital Group LLC 301 E. Pine St., Suite 540 Orlando, FL 32801 Tel: (321) 301-3947 Email: guillermo@panthercg.com About Payne's Environmental Services, LLC Payne's Environmental Services, LLC offers a variety of tree services to residential and commercial customers. It offers tree trimming, tree removal, and stump grinding and removal services. The company is based in Tampa, Fla. Payne's filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code Bankr. M.D. Fla. Case No. 23-04522) on Oct. 11, 2023, with $4,294,839 in assets and $4,785,378 in liabilities. Terry Payne, manager, signed the petition. Judge Roberta A. Colton oversees the case. Buddy D. Ford, Esq., at Buddy D. Ford, P.A. represents the Debtor as legal counsel. PDT INC: Jeanne Goddard of NGS Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed Jeanne Goddard, a certified public accountant at NGS, LLP, as Subchapter V trustee for PDT Inc. Ms. Goddard will be paid an hourly fee of $260 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goddard declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanne Goddard, CPA, CFE, CIRA NGS, LLP 6120 Paseo Del Norte Suite A-1 Carlsbad, CA 92011 Phone: (760) 930-0282 Email: jgoddard@NGSLLP.com About PDT Inc. PDT Inc. is a company in Vista, Calif., which offers auto detailing products. PDT filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Calif. Case No. 24-02171) on June 13, 2024, with $196,436 in assets and $1,219,905 in liabilities. The petition was signed by John Wilkoski as PDT president. Andy Warshaw, Esq., at DiMarco Warshaw, APLC represents the Debtor as legal counsel. PEGASUS RESTAURANT: Hires Richard G. Hall as Attorney ----------------------------------------------------- Pegasus Restaurant Group, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Richard G. Hall, a practicing attorney in Alexandria, Virginia, as counsel. The professional will provide these services: a. advise and consult with the debtor concerning questions arising in the conduct of the administration of the estate and concerning the debtor's rights and remedies with regard to the estate's assets and the claims of secured, preferred and unsecured creditors and other parties in interest; b. appear for, prosecute, defend and represent the debtor's interest in suits arising in or related to this case; c. investigate and prosecute preference and other actions arising under the debtor's avoiding powers; d. assist in the preparation of such pleadings, Motions, Notices and Orders as are required for the orderly administration of this estate; and to consult with and advise the debtor in connection with the operation of the business of the Debtor; and e. prepare and file a Plan and a Disclosure Statement, and to obtain the confirmation and completion of a Plan of reorganization, and to prepare a Final Report and a Final Accounting. Attorneys $575 per hour Para-professionals $200 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard G. Hall, 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: Richard G. Hall, Esq. Law Office of Richard G. Hall 601 King Street Suite 301 Alexandria, VA 22314 Telephone: (703) 256-7159 About Pegasus Restaurant Group, LLC Pegasus Restaurant Group, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 24-11072-KHK) on June 12, 2024. The Debtor hires Richard G. Hall as counsel. PEGASUS RESTAURANT: Lawrence Katz Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Lawrence Katz of Hirschler Fleischer, PC as Subchapter V trustee for Pegasus Restaurant Group, LLC. Mr. Katz will be paid an hourly fee of $625 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Katz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Lawrence A. Katz Hirschler Fleischer, PC 1676 International Drive, Suite 1350 Tysons Corner, VA 22102-4940 Phone: (703) 584-8901 Email: LKatz@hirschlerlaw.com About Pegasus Restaurant Pegasus Restaurant Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-11072) on June 12, 2024, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Richard G. Hall, Esq., represents the Debtor as legal counsel. PHOTO HOLDINGS: S&P Alters Outlook to Dev., Affirms 'CCC+' ICR -------------------------------------------------------------- S&P Global Ratings affirmed its 'CCC+' issuer credit rating on Photo Holdings LLC (Shutterfly LLC) and revised the outlook to developing from negative. At the same time, S&P affirmed its 'B' rating on the company's first-lien debt and 'CCC+' rating on its second-lien debt. The recovery ratings are unchanged. The developing outlook reflects S&P's view that it could lower or raise the ratings on Shutterfly, depending on the company's ability to improve profitability and generate free cash flow to support operations over the next 12 months. S&P said, "Shutterfly's results have improved, and we expect this trend to continue in 2024 and 2025. Operating results have strengthened over the past year, with revenue of $2.27 billion in 2023 (up roughly 3% year over year), adjusted EBITDA margins of 7.7% (up of 30 basis points year over year), and cash flow from operations of about $82 million (versus a $79 million deficit in 2022). Recent results benefitted from revenue growth in its consumer brands (includes Shutterfly, Snapfish, and Spoonflower) which generated total revenue of about $1.44 billion in 2023 (up 7% year over year), as well as ongoing cost savings initiatives (including headcount reductions, outsourcing , etc.), which resulted in roughly $64 million of savings. Free cash flow further benefitted from improvements in net working capital ($44 million inflow versus a $79 million outflow in 2022) and lower cash interest expense of $184 million versus $214 million in 2022, due to the June 2023 transaction which converted a significant portion of its debt to payment-in-kind (PIK). "We now expect continued growth of about 3% annually in the consumer segment to offset mid-single-digit percent revenue declines in the Lifetouch segment, resulting in total revenue growth of 1%-2% in 2024 and 2025. We also expect EBITDA margins will continue to improve to about 10% in 2024 and 11% in 2025, benefitting from cost-saving initiatives and profitability improvements in Lifetouch, which we forecast will generate break-even to slightly positive adjusted EBITDA in 2024. We expect free operating cash flow (FOCF) to improve to about $60 million-$70 million in 2024 (from $25 million in 2023), benefitting from lower cash interest expense of roughly $125 million-$130 million in 2024 (versus $184 million in 2023 due to a full-year benefit of PIK debt). This will offset higher net working capital outflows of about $16 million in 2024 (from an increase in bonus payouts). "Based on our updated projections, we now expect higher adjusted EBITDA of about $236 million in 2024 to offset an $70 million-$80 million increase in adjusted debt (from PIK interest accrued), reducing S&P Global Ratings-adjusted leverage to about 10.6x at year-end 2024 from 13.9x in 2023. "We forecast Shutterfly will generate sufficient free cash flow to support increased interest payments once its PIK debt converts to cash interest in 2025. We expect cash interest expense to decline to about $125 million-$130 million in 2024 as the company benefits from a full year of PIK debt. However, we expect cash interest expense to subsequently increase to $145 million-$150 million in 2025 (based on a half year of 50% PIK interest) and $175 million-$180 million in 2026 (based on a full year of 100% cash interest), when most of the PIK debt converts to cash. Our base-case forecast assumes Shutterfly generates adjusted EBITDA of $230 million-$240 million in 2024, improving to $260 million-$270 million in 2025 and $270 million-$280 million in 2026. We view this as sufficient to support the increased cash interest expense, combined with capital expenditure (capex) of about $70 million annually, resulting in FOCF of about $104 million in 2025 and $84 million in 2026. "Despite recent progress, we continue to view the business's highly seasonal nature as a key risk constraining the rating. As of March 31, 2024, Shutterfly had roughly $250 million of liquidity, including $64 million cash and cash equivalents and $187 million of availability under its $277.5 million revolving credit facility (due in October 2026). We expect it will need to utilize $145 million-$165 million to fund operations before the fourth quarter of 2024 (after accounting for a $285 million cash burn in the first quarter). The first three quarters typically result in a substantial cash outflow before Shutterfly recoups that in the fourth quarter. Although our base-case forecast assumes Shutterfly's liquidity position and cash generated in the fourth quarter will be sufficient to support operational needs of the business over the next 12 months, we believe there is risk to our base case and limited cushion for underperformance." In addition to highly seasonal products, Shutterfly's offerings are discretionary and could be significantly impaired by an economic downturn or changes in consumer spending habits. Shutterfly's consumer segment, which comprises over 60% of total revenue, offers personalized, picture-related products including home decor, prints, and fabrics. S&P said, "If discretionary income were to tighten, we would expect consumer spending on nonessentials to drop, which would weaken demand and overall results. Therefore, while our base-case forecast is for continued growth of about 3% in the consumer segment, we believe changes in macroeconomic conditions or expectations could weaken operating results more than we expect and constrain cash flow and liquidity. As a result, a rating action depends on its fourth-quarter operating results and cash flow." S&P said, "In addition, a slower-than-expected recovery in Lifetouch, which we forecast will generate break-even to positive EBITDA in 2024, could further reduce the ability to generate free cash flow and maintain adequate liquidity to support seasonal requirements during the first three quarters of 2025. "The developing outlook reflects our view that we could lower or raise the ratings on Shutterfly, depending on its ability to improve profitability and generate free cash flow to support operations over the next 12 months." S&P could lower the rating on Shutterfly if: -- Profitability and cash flow weaken such that its liquidity position deteriorates; and -- S&P expects a default or subpar debt exchange within 12 months. S&P could raise the rating on Shutterfly if: -- The company executes its profitability initiatives, resulting in greater liquidity cushion and higher visibility into the company's ability to generate sustained FOCF (when its PIK debt converts to cash pay), such that S&P no longer views the potential for a debt restructuring as likely; and -- EBITDA interest coverage approaches 1.5x. PLA FOUR 235: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: PLA Four 235 LLC 235 S. Harrison St. East Orange, NJ 07018 Business Description: PLA Four 235 is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101 (51B)). Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court District of New Jersey Case No.: 24-16227 Judge: Hon. Vincent F. Papalia Debtor's Counsel: Douglas J. McGill, Esq. WEBBER MCGILL LLC 100 E. Hanover Avenue Suite 401 Cedar Knolls, NJ 07927 Tel: (973) 739-9559 Fax: (973) 739-9575 Email: dmcgill@webbermcgill.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas J. Caleca, on behalf of its sole member/manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/CHFNLEA/PLA_Four_235_LLC__njbke-24-16227__0001.0.pdf?mcid=tGE4TAMA POWER BLOCK: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Power Block Coin LLC SmartFi 1145 South 800 East, Suite 117 Orem, UT 84097 Business Description: SmartFi is a unique monetary system. It combines monetary policy with the freedoms of cryptocurrency to create a self- sustaining open-lending platform, providing the holders of SmartFi Token the opportunity to manage the system and become the beneficiaries of the wealth creation that would otherwise accrue to traditional banks. Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court District of Utah Case No.: 24-23041 Judge: Hon. Joel T Marker Debtor's Counsel: Brian M. Rothschild, Esq. PARSONS BEHLE & LATIMER 201 S. Main Street Suite 1800 Salt Lake City UT 84111 Tel: 801-532-1234 Email: brothschild@parsonsbehle.com Debtor's Accountant: CFO SOLUTIONS L.L.C, D/B/A AMPLO Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Aaron Tilton as officer. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AEPXQRQ/Power_Block_Coin_LLC__utbke-24-23041__0001.0.pdf?mcid=tGE4TAMA PRIDDIS MUSIC: Case Summary & Seven Unsecured Creditors ------------------------------------------------------- Debtor: Priddis Music, Inc. 2318 South Country Club Drive Mesa, AZ 85210 Business Description: The Debtor operates in the sound recording industry. Chapter 11 Petition Date: June 21, 2024 Court: United States Bankruptcy Court District of Arizona Case No.: 24-05027 Judge: Hon. Scott H Gan Debtor's Counsel: Mark J. Giunta, Esq. LAW OFFICE OF MARK J. GIUNTA 531 East Thomas Road Suite 200 Phoenix, AZ 85012 Tel: 602-307-0837 Fax: 602-307-0838 Email: markgiunta@giuntalaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Richard Priddis as president. A full-text copy of the petition containing, among other items, a list of the Debtor's seven unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/U2BT4XI/PRIDDIS_MUSIC_INC__azbke-24-05027__0001.0.pdf?mcid=tGE4TAMA PROJECT BOOST: S&P Affirms 'B-' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed its 'B-' issuer credit rating on Project Boost Purchaser LLC (dba J.D. Power). The outlook is stable. S&P said, "In addition, we assigned new 'B-' issue-level ratings to the company's new first-lien revolver and term loan B. We also assigned a new 'CCC' issue-level rating to the company's new second-lien term loan B. "The 'B-' issue-level ratings on the first-lien tranche is consistent with our assigned '3' recovery rating, reflecting meaningful (50%-70%; rounded estimate: 55%) recovery to lenders in the event of a default. The 'CCC' rating on the second-lien term loan is consistent with our assigned '6' recovery rating, reflecting negligible recovery (0%-10%; rounded estimate: 5%) in the event of a default. "The stable outlook reflects our expectation that steady organic growth and contributions from Autovista will allow J.D. Power to reduce S&P Global Ratings-adjusted leverage to about 14x-15x in 2024 and 2025 from 15x pro forma for the close of the Autovista acquisition. Excluding the preferred shares, we expect leverage will decline to the mid-8x area in 2024 and to the mid-7x area in 2025 from 8.7x at transaction close. "The proposed refinancing will extend the company's debt maturities and improve its liquidity position. In our view, the transaction is modestly credit positive because it extends the nearest term loan debt maturity to 2031 and increases liquidity by about $70 million. We expect the company will achieve reduced interest costs on the proposed term loans, compared with the existing facilities; however, its total cash interest expense will not decline meaningfully due to the increase in cash paying debt following the refinancing of the $170 million seller equity with term debt. "As part of this refinancing, the company will bolster its liquidity through its new $150 million revolving credit facility, an upsize of $70 million from the existing facility's capacity. At transaction close, we anticipate the company will have access to around $230 million in liquidity between its cash balance and new revolver, a level we regard as healthy for the rating. "Our rating affirmation reflects our view the repricing transaction is leverage neutral. On an S&P Global Ratings-adjusted basis, leverage was about 9.2x, excluding preferred shares (17x leverage inclusive), as of March 31, 2024. Autovista contributions, as well as continued momentum in J.D. Power's legacy data and analytics segment (which grew by over 10% year on year in the first quarter 2024) will allow the company to deleverage to the mid-8x area, excluding preferred shares, this year. The acquisition of Autovista, which closed on March 1, 2024, will expand the company's international reach and will provide the company the opportunity to continue expanding its data and analytics business. The resulting mix shift in revenue toward its higher-margin segment, combined with $3 million-$4 million in annualized cost synergies, will contribute to meaningful margin expansion by 2025. As a result, leverage will continue to decline to the mid-7x area in 2025, absent any leveraging transactions. "The company's high leverage will limit near-term upside to the rating. Under our updated base case forecast, we expect JD Power will sustain S&P Global Ratings-adjusted leverage, excluding preferred shares, above 7x through 2026, assuming strong mid-single-digit revenue growth, healthy margin expansion, and no leveraging acquisitions. Nevertheless, the company has demonstrated an aggressive debt-funded acquisition growth strategy and under financial sponsor ownership by Thoma Bravo, we expect a continuation of this financial policy, with periodic increases in leverage to fund high-priced acquisitions or shareholder returns. Furthermore, the company's cash flow generation is likely to remain commensurate with the 'B-' rating given its fully unhedged floating interest rate exposure and our forecast for base interest rates to remain above 4% through 2025. "The stable outlook reflects our expectation that steady organic growth and contributions from Autovista will allow J.D. Power to reduce S&P Global Ratings-adjusted leverage to about 14x-15x in 2024 and 2025 from 15x pro forma for the close of the Autovista acquisition. Excluding the preferred shares, we expect leverage will decline to the mid-8x area in 2024 and to the mid-7x area in 2025 from 8.7x at transaction close." PROSOMNUS INC: Court Approves Preferred Stock Procedures -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware entered an order establishing procedures with respect to direct and indirect transfers of, and claiming worthless stock deduction with respect to, common and preferred stock of ProSomnus Inc. and its debtor-affiliates., including options to acquire ProSomnus stock, and schedule a hearing on a final order with respect to the procedures. A final hearing on the Debtors' request will be held on June 24, 2024, at 1:00 p.m. (Prevailing Eastern Time). For the purpose of the procedures, a substantial stockholder is any person that beneficially owns, at any time on or after the petition date, (a) 782,911 shares of ProSomnus Common stock, representing 4.5% of all issued and outstanding shares of ProSomnus Common stock or (b) ProSomnus Preferred Stock equal to or greater than 4.5% of all issued and outstanding shares of ProSomnus Stock by value and a "50-percent Shareholder" is any person or entity that at any time during the three-year period ending on the petition date has had beneficially ownership of at least 50% or more of the ProSomnus stock or is otherwise considered a 50-percent shareholder of ProSomnus Inc. The procedures, as approved on an interim basis and as requested on a final basis, are available on the website of Kurtzman Carson Consultants LLC, the Debtors' Court-approved claims agent located at https://www.kccllc.net/prosomnus, and on the docket of the Chapter 11 cases, which can be access via PACER at https://www.pacer.gov. About ProSomnus Inc. ProSomnus, Inc., f/k/a LAAA Merger Corp., is an innovative medical technology company that develops, manufactures, and markets its proprietary line of precision intraoral medical devices for treating and managing patients with obstructive sleep apnea. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 24-10972) on May 7, 2024, with $26,287,000 in assets as of Dec. 31, 2023 and $52,888,000 in liabilities as of Dec. 31, 2023. Brian B. Dow, chief financial officer, signed the petitions. Judge John T. Dorsey presides over the case. The Debtors tapped Shanti M. Katona, Esq., at POLSINELLI PC as legal counsel; and GAVIN/SOLMONESE LLC as financial advisor. The law firms of Kilpatrick Townsend & Stockton LLP and Morris James LLP represent the Ad Hoc Crossover Group of Convertible Noteholders. PUMP SYSTEMS: Frances Smith Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Pump Systems Management, Inc. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Pump Systems Management Pump Systems Management, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 24-50137) on June 13, 2024, with $50,001 to $100,000 in assets and $1 million to $10 million in liabilities. QUANTUM MATERIALS: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Quantum Materials Corp. 3055 Hunter Rd San Marcos, TX 78666-6460 Business Description: Founded in 2007, Quantum Materials is the leading manufacturer of Quantum Dots for use in many consumer, business and industrial applications. Quantum Materials has pioneered a disruptive continuous flow manufacturing process, securing numerous patents for the production of metric tons of uniform nanoparticles, encompassing a diverse array of nano-particles including quantum dots. Chapter 11 Petition Date: June 25, 2024 Court: United States Bankruptcy Court Western District of Texas Case No.: 24-10717 Judge: Hon. Shad Robinson Debtor's Counsel: Ronald Smeberg, Esq. THE SMEBERG LAW FIRM 4 Imperial Oaks San Antonio TX 78248-1609 Tel: (210) 695-6684 E-mail: ron@smeberg.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by Stephen Squires as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/B6MSJSI/Quantum_Materials_Corp__txwbke-24-10717__0001.0.pdf?mcid=tGE4TAMA RAPSYS INC: Seeks to Hire Focus Capital Advisors as Accountant -------------------------------------------------------------- Rapsys Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Focus Capital Advisors, Inc. as its accountant. The firm will provide accounting and bookkeeping services to the Debtor. The firm will be paid at its hourly rate of $400. The Debtor owed the firm $1,500 prepetition. Eric Lundstorm, a certified public accountant at Focus Capital Advisors, 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: Eric R. Lundstorm, CPA Focus Capital Advisors, Inc. 1400 E Touhy Ave., Suite 105 Des Plaines IL 60018 Telephone: (630) 795-1495 About Rapsys Inc. Rapsys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code Bankr. N.D. Ill. Case No. 24-03481) on March 11, 2024, with up to $50,000 in assets and up to $1 million in liabilities. Judge David D. Cleary oversees the case. The Debtor tapped Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman as legal counsel and Eric R. Lundstorm, CPA, at Focus Capital Advisors, Inc. as accountant. RB GLOBAL: S&P Alters Outlook to Stable, Affirms 'BB+' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook on RB Global Inc. to stable from negative. S&P also affirmed its 'BB+' issuer credit rating. At the same time, S&P revised its recovery rating on the company's secured debt to '2' from '3', indicating its expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default. As a result, S&P raised its issue-level rating on the secured debt to 'BBB-' from 'BB+', one notch higher than the issuer credit rating. The stable outlook primarily reflects S&P's expectation that RB Global's adjusted debt to EBITDA will be below 3.5x at the end of 2024 and further improve in subsequent years. S&P said, "Our outlook revision primary reflects our expectation that RB Global will sustain leverage below 3.5x. RB Global has made good progress integrating its acquisition of IAA, completed in March 2023, and has been generating operating results that are trending better than we had previously expected. The company has already achieved a majority of the $100 million-$120 million in cost synergies it had targeted at the closing of the acquisition, primarily through headcount reduction and consolidation of various functions. The combined business is generating positive free operating cash flow (FOCF) and used about $300 million to repay a portion of its outstanding term loans over the past 12 months. "We expect RB Global will continue to grow earnings and cash flow over the next few years, supported by a modest increase in gross transaction value and relatively steady adjusted EBITDA margins of 32%-33%. Both IAA and RB Global's legacy businesses consistently generated positive free cash flow in the past several years, and we expect this will continue and could facilitate further debt reduction. As a result, we forecast the company will generate adjusted debt to EBITDA below 3.5x by year-end 2024 and approach 3x in subsequent years, which we view as commensurate for the rating and supportive of a stable outlook. "The IAA acquisition has enhanced RB Global's scale, operating breadth, and profitability. In our view, the IAA acquisition has improved RBA's scale and diversification by adding a new vertical and end market, and it has more than doubled the company's EBITDA base. We also recognize that IAA has a good track record of relatively stable earnings and FOCF generation, with above-average profitability. We consider IAA's operations offer a good complement to RB Global's legacy business and believe there is an opportunity to achieve cost synergies and improved efficiencies when fully integrated, contributing to EBITDA margins that are sustained above 30%. This compares favorably to the low- to mid-20% EBITDA margins we had expected for RB Global, prior to its acquisition of IAA. Our rating and outlook on RB Global incorporate these characteristics of the company's competitive position combined with its deleveraging prospects. "The stable outlook primarily reflects our expectation that credit measures will gradually improve over the next couple of years, underpinned by modest revenue growth and steady margins. Our base-case scenario assumes leverage will sustain below 3.5x, with support from higher earnings and positive FOCF generation that could facilitate debt reduction." S&P could lower the rating on RB Global within the next 12 months if it expects adjusted debt to EBITDA will sustain above 3.5x. This could occur if: -- The company incurs higher-than-expected operating costs or experiences sharply weaker demand, resulting in a decline in revenue and cash flow; or -- Large acquisitions or shareholder distributions lead to higher debt. S&P could raise the rating over the next 24 months if: -- S&P expects adjusted debt to EBITDA of well below 2.5x, and the company demonstrates a commitment to sustaining leverage at this level; or -- The company's competitive position meaningfully improves, supported by increased scale and operating breadth, along with stronger prospective growth and profitability. RED LOBSTER: Proposes July 23 Auction for All Assets ---------------------------------------------------- Red Lobster Management LLC and its debtor-affiliates ask the U.S. Bankruptcy Court for the for the Middle District of Florida to approve bidding procedures for the sale of substantially all of their assets free and clear of liens, claims, interests and encumbrances. A hearing to approve the Debtors' request is on July 29, 2024, at 1:30 p.m. (Prevailing Eastern Time) before the Hon. Grace E. Robson at 400 W. Washington Street, Courtroom 6D, 6th floor, Orlando, Florida 32801. Objections to the approval of the Debtors' request, if any, is July 26, 2024, at 11:59 p.m. (Prevailing Eastern Time). If the Debtors receive qualified competing bids within the requirements and time frame specified by the sale procedures, the Debtors will conduct an auction of the assets on July 23, 2024, at 10:00 a.m. (Prevailing Eastern Time), at the offices of 1180 Peachtree St. NE, Suite 1600, Atlanta, GA 30309. On or before June 28, 2024 at 5:00 p.m. (prevailing Eastern Time), you may request Adequate Assurance Information with respect to the Stalking Horse Bidder. Any request for Adequate Assurance Information with respect to the Stalking Horse Bidder must: i) be made in writing by email to RLAdequateAssurance@epiqglobal.com; ii) contain in the subject line, in all caps, the phrase "REQUEST FOR STALKING HORSE BIDDER’S ADEQUATE ASSURANCE INFORMATION"; iii) if submitted by counsel, specify the entity or entities whom counsel represents; and iv) specify the email address(es) for delivery of such Adequate Assurance Information, which shall be the only manner in which Adequate Assurance Information will be provided. In the event you make a written request for the Adequate Assurance Information of the Stalking Horse Bidder in compliance with these procedures by no later than June 28, 2024 at 5:00 p.m. (prevailing Eastern Time), then the Debtors will supply responsive Adequate Assurance Information with respect to the Stalking Horse Bidder to you on June 28, 2024. Copies of the Sale Motion, Sale Procedures, and Sale Procedures Order, as well as all related exhibits, including the Stalking Horse Agreement, is available: (a) free of charge upon request to Epiq by calling 888-754-0507 toll free in the United States and 971-257-5614 outside of the United States; (b) by visiting the website maintained in these Chapter 11 Cases at https://dm.epiqglobal.com/cases/redlobster; or (c) for a fee via PACER by visiting http://www.flmb.uscourts.gov. About Red Lobster Seafood Co. Red Lobster Management, LLC, owns and operates 705 Red Lobster seafood restaurants throughout North America. Red Lobster generates about $2.4 billion of annual revenue. Red Lobster is owned by private equity firm Golden Gate Capital. On the Web: http://www.redlobster.com/ Red Lobster Management and its affiliates sought Chapter 11 protection (Bankr. M.D. Fla. Lead Case NO. 24-02486) on May 19, 2024. As part of these filings, Red Lobster has entered into a stalking horse purchase agreement pursuant to which Red Lobster will sell its business to an entity formed and controlled by its existing term lenders. King & Spalding LLP is lead counsel to the Debtors; Berger Singerman LLP serves as local counsel; and Blake, Cassel & Graydon, LLC represents the Canadian applicants. Alvarez & Marsal North America, LLC is serving as financial advisor and providing corporate leadership as Chief Executive and Chief Restructuring Officers. Jonathan Tibus, a Managing Director at Alvarez & Marsal, serves as the debtors' CEO. Hilco Corporate Finance is serving as M&A advisor to Red Lobster. Keen-Summit is serving as real estate advisor. The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Red Lobster Management LLC. The committee members are Warner Bros. Discovery, Inc., Gordon Food Service Canada Ltd., George Parker, Credera Enterprises Company, LLC, Provender Hall I, LLC, Kenneth O. Lester Company, Inc. d/b/a Performance Food Group, PepsiCo Sales, Inc., Realty Income Corporation, Rubin Postaer and Associates. REDLINE INC: Commences Chapter 11 Bankruptcy Protection ------------------------------------------------------- Redline Inc. filed Chapter 11 protection in the Northern District of Texas. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will not be available to unsecured creditors. About Redline Inc. Redline Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-31660) on June 4, 2024. In the petition signed by Brian Williams, as president, the Debtor estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Robert T. DeMarco, Esq. DEMARCO MITCHELL, PLLC 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (972) 991-5591 E-mail: robert@demarcomitchell.com RIVER SUB: Case Summary & 19 Unsecured Creditors ------------------------------------------------ Debtor: River Sub, LLC Attn: Cathy Amatao, Manager 4242 Medical Drive, Suite 5201 San Antonio, TX 78229 Business Description: The Debtor is part of the restaurant industry. Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court Western District of Texas Case No.: 24-51145 Judge: Hon. Michael M Parker Debtor's Counsel: Ray Battaglia, Esq. LAW OFFICES OF RAY BATTAGLIA, PLLC 66 Granburg Circle San Antonio TX 78218 Tel: (210) 601-9405 Email: rbattaglialaw@outlook.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Cathy Amato as manager. A copy of the Debtor's list of 19 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/22DJ7XI/River_Sub_LLC__txwbke-24-51145__0001.3.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/2WYHZPA/River_Sub_LLC__txwbke-24-51145__0001.0.pdf?mcid=tGE4TAMA SAN TAN: Case Summary & Nine Unsecured Creditors ------------------------------------------------ Debtor: San Tan Manufacturing LLC 2378 W Apache Trail Apache Junction, AZ 85120 Business Description: The Debtor is in the golf carts manufacturing business. Chapter 11 Petition Date: June 21, 2024 Court: United States Bankruptcy Court District of Arizona Case No.: 24-05001 Judge: Hon. Brenda Moody Whinery Debtor's Counsel: Warren J. Stapleton, Esq. OSBORN MALEDON, P.A. 2929 N. Central Avenue Suite 2100 Phoenix, AZ 85012 Tel: 602-640-9354 Fax: 602-640-9050 Email: wstapleton@omlaw.com Total Assets as of June 19, 2024: $651,604 Total Liabilities as of June 19, 2024: $1,057,006 The petition was signed by Donald R. Cooley III as manager-member. A full-text copy of the petition containing, among other items, a list of the Debtor's nine unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6AIQOJI/San_Tan_Manufacturing_LLC__azbke-24-05001__0001.0.pdf?mcid=tGE4TAMA SC HEALTHCARE: Taps RubinBrown as Accounting Services Provider -------------------------------------------------------------- SC Healthcare Holding LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ RubinBrown, LLP as accounting services provider. The firm's services include: (a) assist the Debtors in preparing general ledger, financial reconciliations, and monthly financial statements through April 2024. (b) advise the Debtors as to resolution of any open issues affecting the Debtors’ books and records; (c) periodic reporting to the Debtors as to progress; and (d) meet with the Debtors and/or their professionals, and other parties at the Debtors' request, to assist in furtherance of the firm's charge. The hourly rates of the firm's professionals are as follows: Partner $325 - $675 Manager $275 - $500 Senior Accountant $225 - $275 Staff Accountant $150 - $225 Administrative $150 In addition, the firm will seek reimbursement for expenses incurred. Michael Shapow, a partner at RubinBrown, 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: Michael Shapow RubinBrown LLP 7676 Forsyth Bld. Ste. 2100 St. Louis, MO 63105 Telephone: (312) 805-1554 Email: michael.shapow@rubinbrown.com About SC Healthcare Holding SC Healthcare Holding, LLC, et al. comprise one of the largest nursing home operators in the United States and work in partnership with physicians, skilled nurses, and other health care providers in order to provide various healthcare and rehabilitation services for elderly citizens in Illinois, Missouri, and Iowa. SC Healthcare Holding, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10443) on March 20, 2024. In the petition signed by David R. Campbell as authorized signatory, SC Healthcare disclosed up to $100 million to $500 million in assets and $100 million to $500 million in liabilities. Judge Hon. Thomas M. Horan oversees the case. The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Winston & Strawn LLP as legal counsel and RubinBrown, LLP as accounting services provider. SCHAFER FISHERIES: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Schafer Fisheries Inc. 2189 Waller Road Fulton, IL 61252 Business Description: Schafer Fisheries, located in North Western Illinois, is a processor and wholesale/retail distributor of fresh fish and frozen seafood. Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 24-80824 Judge: Hon. Thomas M Lynch Debtor's Counsel: Richard N. Golding, Esq. THE GOLDING LAW OFFICES, P.C. 161 N. Clark Street Suite 1700 Chicago, IL 60601 Tel: (312) 832-7885 Fax: (312) 755-5720 Email: rgolding@goldinglaw.net Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Michael Schafer as president. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/VZPP3TY/Schafer_Fisheries_Inc__ilnbke-24-80824__0001.0.pdf?mcid=tGE4TAMA SELECTIS HEALTH: Unit Closes Sale of Archway Property for $6.75M ---------------------------------------------------------------- Selectis Health, Inc., announced June 24, 2024, that its wholly-owned subsidiary, Goodwill Hunting, LLC, has consummated and closed the sale of property located in Macon, Bibb County, Georgia, including the skilled nursing facility known as Archway Transitional Care Center1 (collectively, "the Archway Property"). In accordance with the original Purchase and Sale Agreement executed on May 1, 2024, Bibb County Holdings II, LLC purchased the Archway Property for $6.75 million. The sale was completed on June 18, 2024. Under the terms of this agreement, the Purchaser acquired the real estate, buildings and improvements, along with certain personal property, licenses and permits used in the operation of the Archway Property. The Purchaser of the Archway Property had been operating the facility under a lease since 2016. About Selectis Health Headquartered in Greenwood Village, Colo., Selectis Health, Inc. owns and operates, through wholly-owned subsidiaries, assisted living facilities, independent living facilities, and skilled nursing facilities across the South and Southeastern portions of the US. In 2019 the Company shifted from leasing long-term care facilities to third-party, independent operators towards a model where a wholly owned subsidiary would operate but is owned by another wholly owned subsidiary. Costa Mesa, CA-based Marcum LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 15, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SENESTECH INC: Signs $1.6M Sales Agreement with H.C. Wainwright --------------------------------------------------------------- SenesTech, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on June 20, 2024, the Company entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC, as sales agent, pursuant to which the Company may offer and sell, from time to time, at its sole discretion, in transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended, shares of the Company's common stock, par value $0.001 per share, through or to Wainwright for aggregate gross proceeds of up to $1,575,944. The offer and sale of the Shares will be made pursuant to a previously filed shelf registration statement on Form S-3 (Registration No. 333-261227), originally filed with the SEC on Nov. 19, 2021 and amended on May 4, 2022, and declared effective by the SEC on May 6, 2022, and the related prospectus supplement related to the offering of the Shares dated June 20, 2024, and filed with the SEC on such date pursuant to Rule 424(b) under the Securities Act. Pursuant to the Sales Agreement, Wainwright may sell the Shares by any method permitted by law deemed to be an "at-the-market offering" as defined in Rule 415 promulgated under the Securities Act, including, without limitation, sales made directly on or through the Nasdaq Capital Market, or any other existing trading market in the United States for its Shares, in privately negotiated transaction with its consent, and if so provided in the "Plan of Distribution" section of the prospectus supplement or a supplement thereto or in a new prospectus supplement disclosing the terms of such privately negotiated transaction. The Company is not obligated to make any sales of Shares under the Sales Agreement and Wainwright is not required to sell any number or dollar amount of the Shares but will use commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of Nasdaq, to sell the Shares from time to time, based upon instructions from the Company (including any price, time, or size limits or other customary parameters or conditions the Company may impose). The Company will pay Wainwright a placement fee of 3.0% of the gross sales price of Shares sold under the Sales Agreement provided, however, that such compensation will not apply when Wainwright acts as principal, in which case the Company may sell the Shares to Wainwright as principal at a price agreed upon at the relevant applicable time and pursuant to a separate agreement the Company will enter into with Wainwright setting forth the applicable terms. Pursuant to the terms of the Sales Agreement, the Company has provided Wainwright with customary indemnification and contribution rights, including for liabilities under the Securities Act. The Company also will reimburse Wainwright for certain specified expenses in connection with entering into the Sales Agreement and additional amounts for due diligence update sessions conducted in connection with each such date the Company files its Quarterly Reports on Form 10-Q or its Annual Report on Form 10-K, as applicable. The Sales Agreement contains customary representations and warranties and conditions to the placements of the Shares pursuant thereto. The offering of Shares pursuant to the Sales Agreement will terminate upon the earlier of (1) the sale of Shares pursuant to the prospectus supplement dated June 20, 2024 having an aggregate sales price of up to $1,575,944 or (2) the termination by the Company or Wainwright of the Sales Agreement pursuant to its terms. About Senestech Headquartered in Phoenix, AZ, Senestech, Inc. -- www.senestech.com -- has developed and is commercializing products for managing animal pest populations, initially rat populations, through fertility control. The Company currently has two product lines of fertility control products: ContraPest and Evolve. Houston, TX-based M&K CPAS, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Feb. 21, 2024, citing that the Company suffered a net loss from operations and has a net capital deficiency, which raises substantial doubt about its ability to continue as a going concern. SEVEN SEAS ROASTING: Jeanne Goddard Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 15 appointed Jeanne Goddard, a certified public accountant at NGS, LLP, as Subchapter V trustee for Seven Seas Roasting OC., LLC. Ms. Goddard will be paid an hourly fee of $260 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goddard declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanne Goddard, CPA, CFE, CIRA NGS, LLP 6120 Paseo Del Norte Suite A-1 Carlsbad, CA 92011 Phone: (760) 930-0282 Email: jgoddard@NGSLLP.com About Seven Seas Roasting OC. Seven Seas Roasting OC., LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 24-02185) on June 14, 2024, with up to $50,000 in assets and up to $500,000 in liabilities. Judge Christopher B. Latham presides over the case. Gregory T. Highnote, Esq., at Bankruptcy Legal Group represents the Debtor as counsel. SEVEN SEAS: Jeanne Goddard of NGS Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 15 appointed Jeanne Goddard, a certified public accountant at NGS, LLP, as Subchapter V trustee for Seven Seas Roasting Co., LLC. Ms. Goddard will be paid an hourly fee of $260 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Goddard declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeanne Goddard, CPA, CFE, CIRA NGS, LLP 6120 Paseo Del Norte Suite A-1 Carlsbad, CA 92011 Phone: (760) 930-0282 Email: jgoddard@NGSLLP.com About Seven Seas Roasting Co. Seven Seas Roasting Co., LLC is a San Diego-based specialty coffee roaster with coffee sourced from micro lot farms from around the world. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 24-02183) on June 14, 2024, with $768,017 in assets and $1,360,580 in liabilities as of May 31, 2024. Eric Dobbs, managing member, signed the petition. Judge Christopher B. Latham presides over the case. Gregory T. Highnote, Esq., at Bankruptcy Legal Group represents the Debtor as counsel. SHINECO INC: Expects to Raise $7M Proceeds From Stock Offering -------------------------------------------------------------- Shineco, Inc. disclosed in a Form 8-K filed with the Securities and Exchange Commission that on June 20, 2024, it entered into a securities purchase agreement with certain non-U.S. investors, pursuant to which the Company agreed to sell, and the Purchasers agreed to purchase, severally and not jointly, an aggregate of 1,400,000 shares of common stock of the Company at an offering price of $5.00 per share. Each Purchaser has represented that he or she is not a resident of the United States and is not a "U.S. person" as defined in Rule 902(k) of Regulation S under the Securities Act and is not acquiring the Shares for the account or benefit of any U.S. person. The gross proceeds of the Offering are expected to be approximately $7.0 million, before the deduction of customary expenses. In reliance on the Purchasers' representations to the Company, the Shares to be issued in the Offering are not subject to the registration requirements of the Securities Act of 1933, as amended, pursuant to Regulation S promulgated thereunder. The SPA contains customary representations and warranties of the Company and the Purchasers, indemnification obligations of the Purchasers, and other obligations and rights of the parties. Additionally, the closing of the Offering is conditioned upon the consummation of certain matters by the Company, including, if required by the Nasdaq Listing Rules, submitting a Listing of Additional Shares Notification Form to Nasdaq and obtaining the approval by Nasdaq of the transactions contemplated thereby. Subject to the satisfaction of the closing conditions, the Offering is expected to close on or about July 31, 2024. About Shineco Headquartered in Beijing, People's Republic of China, Shineco, Inc. is a provider of health and medical products and services. Shineco, operating through subsidiaries, has researched and developed 33 vitro diagnostic reagents and related medical devices to date, and the Company also produces and sells healthy and nutritious foods. "As disclosed in the Company's unaudited condensed consolidated financial statements, the Company had recurring net losses of US$12.9 million and US$6.9 million, and continuing cash outflow of US$2.9 million and US$2.5 million from operating activities from continuing operations for the nine months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the Company had negative working capital of US$20.9 million. Management believes these factors raise substantial doubt about the Company's ability to continue as a going concern for the next twelve months. In assessing the Company's going concern, management monitors and analyzes the Company's cash on-hand and its ability to generate sufficient revenue sources in the future to support its operating and capital expenditure commitments. The Company's liquidity needs are to meet its working capital requirements, operating expenses and capital expenditure obligations. Direct offering and debt financing have been utilized to finance the working capital requirements of the Company. The continuation of the Company as a going concern through the next twelve months is dependent on the continued financial support from its stockholders," ShineCo said in its Quarterly Report for the period ended March 31, 2024. On April 26, 2024, Shineco received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, based upon the closing bid price of the Company's common stock for the last 30 consecutive business days, the Company is not currently in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2). The Company is provided a compliance period of 180 calendar days from the date of the Notice, or until Oct. 23, 2024, to regain compliance with Nasdaq Listing Rule 5550(a)(2). SNEAD AND SONS: Hires Kane & Papa P.C. as Counsel ------------------------------------------------- Snead and Sons Trucking LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Kane & Papa, P.C. as counsel. The firm will provide these services: a. prepare the petition, lists, schedules and statements required by 11 U.S.C. Section 521; b. prepare for, prosecute, defend, and represent the Debtor's interest in all contested matters, adversary proceedings, and other motions and applications arising under, arising in, or related to this case; c. advise and consult concerning administration of the estate in this case, concerning the rights and remedies with regard to the Debtor's assets and the claims of administrative, secured, priority, and unsecured creditors and other parties in interest; and d. investigate the existence of other assets of the estate, and, if any exist, take appropriate action to have the same turned over to the estate. The firm will be paid at these rates: Kane & Papa $450 per hour Paralegal $125 per hour The firm will be paid a retainer in the amount of $5,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. James E. Kane, a partner at Kane & Papa, 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: James E. Kane, Esq. Kane & Papa P. O. Box 508 Richmond, VA 23218-0508 Tel: (804) 225-9500 About Snead and Sons Trucking Snead and Sons Trucking, LLC sought protection under Chapter 11 of June 5, 2024, with $100,001 to $500,000 in both assets and liabilities. James E. Kane, Esq., at Kane & Papa, PC represents the Debtor as legal counsel. STAR ALLIANCE: Incurs $869K Net Loss in Third Quarter ----------------------------------------------------- Star Alliance International Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $868,815 for the three months ended March 31, 2024, compared to a net loss of $384,009 for the three months ended March 31, 2023. For the nine months ended March 31, 2024, the Company reported a net loss of $1.84 million, compared to a net loss of $9.94 million for the nine months ended March 31, 2023. As of March 31, 2024, the Company had $920,007 in total assets, $2.78 million in total liabilities, and a total stockholders' deficit of $1.86 million. The Company has an accumulated deficit of $27,383,472 as of March 31, 2024. For the period ended March 31, 2024, the Company had a net loss and used $252,637 of cash in operating activities. The Company said that due to these conditions, it raises substantial doubt about the Company's ability to continue as a going concern. "The Company is attempting to commence operations and generate sufficient revenue; however, the Company's cash position may not be sufficient to support its daily operations. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1614556/000168316824004357/star_i10q-033124.htm About Star Alliance Headquartered in Las Vegas, NV, Star Alliance International Corp. is an exploration-stage company that focuses on acquisition and development of gold mining and other mining properties worldwide, environmentally safe technologies both in mining and other business areas. As of June 20, 2024, the Company has not commenced its mining operations. The Company anticipates starting its mining operations in the fourth quarter of 2024. The Company is also exploring acquisitions of assets or majority interests in companies related to artificial intelligence technology and in the fintech arena acquiring proprietary software technology. At this time, the Company is negotiating the terms of these potential acquisitions and once these terms are finalized, the Company will enter into one or more definitive agreements. STERLING CREDIT: Starts Chapter 11 Bankruptcy in Florida -------------------------------------------------------- Sterling Credit Corp. filed Chapter 11 protection in Middle District of Florida. According to court documents, the Debtor reports between $10 million and $50 million in debt owed to 50 and 99 creditors. The petition states funds will be available to unsecured creditors. About Sterling Credit Corp. Sterling Credit Corp. -- https://sterlingcreditcorporation.com/about -- is committed to providing capital and collection services to customers. Sterling Credit Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02830) on June 4, 2024. In the petition filed by William R. Ward, as president, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Honorable Bankruptcy Judge Tiffany P Geyer oversees the case. The Debtor is represented by: Robert Drake Wilcox, Esq. WILCOX LAW FIRM 1301 Riverplace Blvd. Suite 900 Jacksonville FL 32207 Tel: (904) 405-1250 E-mail: rw@wlflaw.com SUNSET LAKES: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: Sunset Lakes LLC 16906 Lageman Lane Jerseyville, IL 62052 Case No.: 24-30424 Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court Southern District of Illinois Judge: Hon. Laura K. Grandy Debtor's Counsel: Spencer Desai, Esq. THE DESAI LAW FIRM 13321 North Outer Forty Road Suite 300 Chesterfield, MO 63017 Tel: 314-666-9781 Email: spd@desailawfirmllc.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph Adams as manager. A copy of the Debtor's list of two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BSXLJQI/Sunset_Lakes_LLC__ilsbke-24-30424__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BLU7RKQ/Sunset_Lakes_LLC__ilsbke-24-30424__0001.0.pdf?mcid=tGE4TAMA SURFER'S PARADISE: Taps Idaho Accounting Services as Accountant --------------------------------------------------------------- Surfer's Paradise Two, LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Idaho Accounting Services, LLC as its accountant. The firm's services include: (a) give the Debtor accounting advice and services in connection with its Chapter 11 case; (b) assist in preparing Monthly Operating Reports and 2015.3 reports; and (c) manage accounts payable, receipts, financial statements, 1099 filing, W-9 collection, audits, and ID96 filings. Robert Rich, CPA, a member at Idaho Accounting Services, will be paid based on the following hourly rates: Monthly Accounting Services $105 Receipt Management $70 Special Projects Requested by Client $105 Consulting & Training $175 Mr. Rich 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: Robert C. Rich, CPA Idaho Accounting Services LLC 53 N Park Ave., Ste. 207 Rockville Centre, NY 11570 Telephone: (212) 216-9600 About Surfer's Paradise Two Surfer's Paradise Two, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). The Debtor owns 10 properties in Garden City, ID having a total current value of $8.13 million. Surfer's Paradise Two sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 24-00313) on May 28, 2024. In the petition signed by Todd A. Weltner, manager, the Debtor disclosed $8,131,250 in assets and $9,972,563 in liabilities. Judge Benjamin P. Hursh oversees the case. The Debtor tapped Steven L. Taggart, Esq., at Olsen Taggart, PLLC as counsel and Idaho Accounting Services, LLC as its accountant. TBZ 1 LLC: Seeks Court Nod to Sell Toms River Property for $555,000 ------------------------------------------------------------------- TBZ I, LLC and TBZ II, LLC asked the U.S. Bankruptcy Court for the District of New Jersey for approval to sell their real property located at 1774 Todd Road, Toms River, N.J. The companies are selling the property to Jeffrey and Shirley Rosenthal for $555,000. The companies will use the proceeds from the sale to, among other things, pay Wilmington Savings Fund Society, FSB. Wilmington holds a mortgage on the property and asserts a claim in the amount of $550,297.35. The property is encumbered by a life estate held by Catherine Leifert. The sale is not "free and clear" of that encumbrance, according to court filings. A court hearing to approve the sale is scheduled for July 16. Objections are due by July 9. About TBZ TBZ 1, LLC and TBZ II, LLC filed Chapter 11 petitions (Bankr. D. N.J. Case Nos. 24-10603 and 24-10604) on Jan. 23, 2024. At the time of the filing, TBZ 1 reported $1 million to $10 million in both assets and liabilities while TBZ II reported $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Christine M. Gravelle oversees the cases. Joseph M. Casello, Esq., at Collins, Vella & Casello, LLC, LLC is the Debtors' legal counsel. TDA ENTERPRISES: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: TDA Enterprises, Inc. d/b/a Technology Design Associates 4602 East Elwood Street Suite 7 Phoenix, AZ 85040 Business Description: The Debtor provides high-end smart home installations, home theater setups, and outdoor audio video to residential and commercial clients across Oregon, Washington, Nevada, California and Arizona. Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court District of Arizona Case No.: 24-04930 Judge: Hon. Brenda Moody Whinery Debtor's Counsel: Allan D. NewDelman, Esq. ALLAN D. NEWDELMAN, P.C. 80 East Columbus Avenue Phoenix, AZ 85012 Tel: 602-264-4550 Email: anewdelman@adnlaw.net Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Ron Wanless as president. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MJVEYKA/TDA_ENTERPRISES_INC__azbke-24-04930__0001.0.pdf?mcid=tGE4TAMA TEGNA INC: Names M. Steib to Succeed as President, CEO and Director ------------------------------------------------------------------- TEGNA Inc. announced that Michael Steib, 48, will succeed David Lougee, 65, as President, CEO and a Director as of August 12, 2024. At that time, Lougee will retire from these roles and become Senior Advisor. Steib is currently CEO of Artsy, the world's largest online platform for discovering and collecting art, after serving as President and CEO of XO Group (NYSE: XOXO), parent company of The Knot. Previously, he spent 10 years in executive positions at NBCUniversal and Google launching, scaling, and acquiring advertising-supported businesses. Steib has a track record of developing high-performing teams that build industry-defining products and brands and deliver extraordinary shareholder returns. He is a published author and has hosted a podcast on leadership and professional development. Steib holds B.A. degrees in economics and international relations from the University of Pennsylvania. Chairman of the Board Howard Elias said, "Dave has had a great run at TEGNA. The Board and I deeply appreciate all he has done to build the company into an industry leader with a strong financial position and a commitment to the communities in which we operate, but we understand his desire to retire as CEO at this juncture. Over the past year, the Board has engaged in a thoughtful and comprehensive succession process to identify TEGNA's future leadership. We are fortunate that Mike Steib will be Dave's successor working with a top-notch team. "Mike is a dynamic executive with technology and digital savvy, a passion for local journalism, deep advertising and media experience, a history of developing high performance teams, and a track record of successfully building businesses and driving business model transformation. We are confident he has the broad skill set that will be necessary to chart TEGNA's future at a time of unprecedented change in our industry." Mike Steib said, "I believe deeply in the power of local news to connect our communities and strengthen our democracy. And I am excited about the many opportunities to leverage technology to enhance this service and generate substantial value for shareholders. With strong operations in more than 50 key markets across America, a history of exceptional journalism, strong cash flow, and a talented and passionate team, TEGNA is incredibly well positioned to seize this moment and build a bright future for local news and community in our country." Dave Lougee said, "I am confident that Mike is the right CEO to take TEGNA into the future at a time of profound change in our industry, and I look forward to helping him in any way I can. I am very proud of all we have accomplished over the last seven years and have been fortunate to work with a terrific Board, superb management team, and dedicated employees." Additionally, TEGNA's Board of Directors, as part of its regular refreshment process, has appointed two new independent Directors, Catherine Dunleavy, a senior finance and media executive formerly President of Away, and Denmark West, who heads Market Intelligence and Strategic Engagements at X, The Moonshot Factory, a division of Alphabet. They will join the Board on July 1, 2024. Catherine Dunleavy is the former President of the travel lifestyle brand Away. She joined Away as Chief Financial Officer in 2020 after three years at NIKE, most recently as Vice President and Chief Financial Officer, Global Operations, Technology and Vice President, Strategic Investments. She has extensive media experience from her 16 years at NBCUniversal, where she served in numerous roles, including Chief Financial Officer of the Cable Entertainment Group and Executive Vice President, Content Distribution. She began her career at General Electric in the Manufacturing Management Program and was selected for its highly competitive Corporate Audit Staff program where she completed five years of rotational assignments across GE's global businesses. She has had previous public company board experience and is a qualified financial expert. Denmark West leads Market Intelligence and Strategic Engagements at X, The Moonshot Factory, a division of Alphabet. He has extensive experience in the technology industry, expertise in corporate finance and operations, as well as public company board experience. He previously spent eight years as a General Partner at Connectivity Ventures and seven years at Viacom, including as President of Digital Media at BET Networks and Executive Vice President and Chief of Operations at MTV Networks (now Viacom Media Networks). Earlier in his career, he spent six years at Microsoft in strategy and corporate development roles. Howard Elias said, "TEGNA is committed to good corporate governance, and we are always looking to refresh our Board with directors who have deep experience in the areas that are most relevant to our business. Catherine Dunleavy and Denmark West will augment our already considerable expertise on the Board with additional digital media and financial expertise. We welcome them to TEGNA." A full-text copy of the Company's report filed on Form 8-K with the Securities and Exchange Commission with further information is available at https://tinyurl.com/mrycp8ap About TEGNA Headquartered in Tysons Corner, Virginia, TEGNA Inc. (NYSE: TGNA) is an American publicly traded broadcast, digital media and marketing services company. It was created on June 29, 2015, when the Gannett Company split into two publicly traded companies. As of March 31, 2024, TEGNA has $7.1 billion in total assets and $4.3 billion in total liabilities. Egan-Jones Ratings Company, on January 16, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by TEGNA Inc. TINA MARSHALL D.D.S.: Charles Mouranie Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Charles Mouranie of CMM & Associates as Subchapter V trustee for Tina Marshall D.D.S., P.C. Mr. Mouranie will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mouranie declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Charles M. Mouranie CTP CMM & Associates 43313 Woodward Ave., Ste. 1189 Phone: 248.767.9492 Email: cmouranie@cmmengllc.com About Tina Marshall D.D.S. Organized in 2003, Tina Marshall D.D.S., P.C. is a full-service dentistry practice with locations in Lake Orion and Clinton Township, Mich., offering general and cosmetic dentistry services. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-45906) on June 17, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Dr. Marisa Oleski, D.M.D., shareholder, signed the petition. Judge Maria L. Oxholm presides over the case. Elliot G. Crowder, Esq., at Stevenson & Bullock, P.L.C. represents the Debtor as legal counsel. TOOLOTS INC: Amends Plan to Include Custom Companies Secured Claim ------------------------------------------------------------------ Toolots, Inc., submitted a First Amended Disclosure Statement describing First Amended Chapter 11 Plan dated June 10, 2024. This is a reorganizing plan. The Proponent seeks to accomplish payments under the Plan by restructuring the debt owed to creditors and paying creditors a percentage of their debts through the operating revenue of the Debtor. In the wake of its Chapter 11 bankruptcy filing, Toolots Inc. foresees a promising future marked by steady growth and financial stability. The company's initial steps towards recovery have yielded encouraging results, with Toolots achieving a break-even point within its first month of bankruptcy proceedings. Looking ahead, Toolots anticipates a gradual yet consistent increase in sales, projecting a monthly growth rate ranging between 3% to 5%. Leveraging its strategic restructuring efforts and refined operational strategies, the company aims to capitalize on market opportunities and expand its customer base. Crucially, Toolots envisions a significant improvement in its financial health over the coming months. Within a 12-month timeframe, the company anticipates generating approximately $80,000 per month in disposable income. This surplus revenue will be earmarked for fulfilling financial obligations to creditors, demonstrating Toolots' commitment to honoring its obligations and emerging from bankruptcy stronger than before. Class 3 consists of the Secured Claim of the Custom Companies. Collateral to be surrendered. Relief from Stay Effective upon confirmation of plan or earlier order this Court. The amount of claim in this Class total $538,607.00. Class 5 consists of General unsecured claims (including merchant capital advance lenders Clearco and Cobalt Funding Solutions that are deemed unsecured). This Class shall receive $50,000 per month with payment increasing to $70,000 in April 2026 in 5 years after Effective Date. This Class shall receive a total estimated payout of $4,000,000. The allowed unsecured claims total $23,872,406.22. The primary source of funding for the plan will stem from Toolots' ongoing operations, leveraging its revenue streams to support strategic initiatives aimed at achieving financial stability and operational efficiency. In addition to revenue generated through operational activities, Toolots intends to seek court approval for a shareholder loan from Jason Fu, the company's shareholder. This loan is proposed to provide supplemental funding aimed at covering administrative expenses on the effective date of the restructuring plan. A full-text copy of the First Amended Disclosure Statement dated June 10, 2024 is available at https://urlcurt.com/u?l=FsNGfh from PacerMonitor.com at no charge. Counsel to the Debtor: 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, is the Debtor's legal counsel. TRANSOCEAN LTD: Amends Articles to Reflect Changes in Share Capital ------------------------------------------------------------------- Transocean Ltd. disclosed in a Form 8-K filed with the Securities and Exchange Commission on June 21, 2024, that on June 18, 2024, the Articles of Association of the Company were amended (as amended) to reflect changes in the Company's total issued share capital resulting from the issuance of 22,500,000 Company shares, which will be held by the Company in treasury and delivered from time to time in connection with the Company's share delivery obligations pursuant to its equity benefits plans. The Company's Articles of Association now reflect a share capital of U.S. 88,531,585.80 divided into 885,315,858 fully paid registered shares. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. The Company provides, as its primary business, contract drilling services in a single operating segment, which involves contracting its mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells. The Company specializes in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Transocean reported a net loss of $954 million in 2023, a net loss of $621 million in 2022, a net loss of $591 million in 2021, a net loss of $568 million in 2020 and a net loss of $1.25 billion in 2019. * * * As reported by the TCR on Sept. 28, 2023, S&P Global Ratings raised its issuer credit rating on offshore drilling contractor Transocean Ltd. to 'CCC+' from 'CCC'. S&P said, "The upgrade reflects improved rig demand, higher day rates, and our view that there is reduced near-term risk of a distressed debt exchange or balance sheet restructuring." TRIPLE 7: Committee Hires Dentons Bingham Greenebaum as Counsel --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 case of Triple 7 Commodities Inc. seeks from the U.S. Bankruptcy Court for the Eastern District of Kentucky to employ Dentons Bingham Greenebaum LLP as counsel. The firm's services include: (a) advise the committee with respect to its rights, duties and powers in this Chapter 11 case; (b) assist and advise the committee in its consultations with the Debtor relating to the administration of the case; (c) assist the committee in analyzing the claims of the Debtor's creditors and its capital structure and in negotiating with the holders of claims and, if appropriate, equity interests; (d) assist the committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtor and other parties involved with it, and the operation of its business; (e) assist the committee in its analysis of, and negotiations with the Debtor or any other third party concerning matters; (f) assist and advise the committee as to its communications, if any, to the general creditor body regarding significant matters in this case; (g) represent the committee at all hearings and other proceedings; (h) review, analyze, and advise the committee with respect to applications, orders, statements of operations and schedules filed with the court; (i) assist the committee in preparing pleadings and applications as may be necessary in furtherance of its interests and objectives; and (j) perform such other services as may be required and are deemed to be in the interests of the committee in accordance with its powers and duties as set forth in the Bankruptcy Code. The hourly rates of the firm's counsel and staff are as follows: James R. Irving, Office Managing Partner $750 Christopher Van Bever, Partner $710 April A. Wimberg, Partner $595 Ashley A. Brown, Associate $350 David K. Boydstun, Associate $350 Samantha M. Hayes, Paralegal $270 In addition, the firm will seek reimbursement for expenses incurred. Mr. Irving 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: James R. Irving, Esq. Dentons Bingham Greenebaum LLP 3500 PNC Tower 101 South Fifth Street Louisville, KY 40202 Telephone: (502) 587-3606 Email: james.irving@dentons.com About Triple 7 Commodities Triple 7 Commodities Inc. filed Chapter 11 petition (Bankr. M.D.N.C. Case No. 24-50162) on March 1, 2024, with $10 million to $50 million in both assets and liabilities. On April 19, 2024, the case was transferred to the U.S. Bankruptcy Court for the Eastern District of Kentucky (Bankr. E.D. Ky. Case No. 24-60341). Judge Gregory R. Schaaf oversees the case. The Debtor tapped Philip Sasser, Esq., at Sasser Law Firm and David Jorjani, Esq., at Jorjani Law Office as counsel. On May 22, 2024, the Office of the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Dentons Bingham Greenebaum LLP as counsel. VANTAGE SPECIALTY: S&P Alters Outlook to Negative, Affirms 'B-' ICR ------------------------------------------------------------------- S&P Global Ratings revised its outlook on Vantage Specialty Chemicals Inc. to negative from stable and affirmed its 'B-' issuer credit rating, as well as its 'B-' issue-level rating on its revolving credit facility and first-lien term loan. S&P's '3' recovery rating on the debt facilities is unchanged. The negative outlook reflects the recent deterioration in the company's cash flow metrics and earnings, including the potential that S&P could lower its ratings could be if it is unable to improve its operating performance in the next few quarters. Continued softness in consumer demand and high competition, particularly in its industrial end markets, caused Vantage to generate weaker-than-expected credit metrics in 2023 and early 2024. S&P said, "The company's earnings in the second half of 2023 were weaker than we expected because of macroeconomic softness and persistent customer de-stocking, with the most significant effects observed in the industrial end markets served by its performance solutions segment. This segment was particularly affected by the unfavorable supply and demand dynamics for oleochemicals in North America, due to soft local demand and elevated palm oil imports from Southeast Asia, which increased competition for the company's largely tallow-based production. We note that Vantage is investing in expanding its vegetable-based feedstock capabilities to increase its feedstock flexibility and enable it to capitalize on the demand for vegetable-based production. Overall, the company's credit metrics were weaker than we expected in 2023 and in the first quarter of 2024." In addition, Vantage has a fully floating-rate debt structure, with no interest rate hedges, which has caused it to face high borrowing costs amid the elevated interest rate environment, leading to tight interest coverage metrics in the last two reported quarters. S&P said, "In our base-case forecast, we assume the company's credit metrics will remain weak for the rating over the next couple of quarters before improving in late 2024 or early 2025.We have revised our earnings and cash flow projections due to the prolonged weakness in Vantage's performance. However, we still forecast a modest year-over-year recovery in the company's earnings in 2024, supported by improving product demand amid an abatement of de-stocking activity, its execution on new business opportunities, and the anticipated completion of its vegetable-based fatty acid production facility this year. In addition, we expect the cost-savings initiatives management implemented in 2023 and the new measures the company is executing in 2024 will have a modestly positive effect on its earnings over the next 12 months. "We now expect Vantage will generate weighted average funds from operations (FFO) to debt in the low-single-digit percent range and weighted average S&P Global Ratings-adjusted debt to EBITDA of between 6.5x and 7.5x. Additionally, under our base case we assume the company will generate minimal positive free operating cash flow (FOCF) over the next 12 months, supported by increased EBITDA and a drawdown of working capital. While we do not currently forecast any acquisition-related spending over the next 12 months, our rating incorporates the company's dual-sponsor ownership by private-equity firms and track record of acquisitions." The company is focused on increasing its exposure to consumer end markets, though its earnings remain sensitive to overall macroeconomic activity. Over the years, Vantage has completed several acquisitions to expand its business and diversify its exposure by increasing its presence in end markets like food and personal care. However, Vantage's earnings remain vulnerable to changes in macroeconomic conditions due to its exposure to cyclical industrial markets, which is partially mitigated by its exposure to the relatively less-cyclical consumer market. The ongoing expansion of the company's vegetable feedstock capabilities will further mitigate its sensitivity to cyclical economic conditions. Vantage's macroeconomic risk is heightened by the persistent economic slowdown in the U.S. and Europe. The company's revenue and earnings are primarily concentrated in the U.S. and its key operating facilities are located in Illinois, which underlines its high geographic concentration. The disruption of Vantage's operations at any one of these locations would negatively affect operating results. In addition, the company has relatively low EBITDA margins, limited scale, and moderate customer and low geographic diversity. The company's recent amend-and-extend transaction reduced its near-term refinancing risk, though the majority of its debt matures in 2026. Vantage recently amended its revolving credit facility and extended its maturity by one year to April 2026. Following the original maturity date of April 2025, the facility's total commitment will decline to about $89 million because the non-extending lenders will exit while the extending lenders concurrently increase their commitments until the new maturity date. While this transaction addressed the refinancing risks related to the company's revolver, which became current in April 2024, we note the company has a significant amount of debt maturing in 2026, including its first-lien term loan due October 2026, which it will likely need to refinance. S&P said, "The negative outlook reflects our expectation that Vantage's FFO to debt and interest coverage will remain weak for the rating over the next couple of quarters due to the softness in its earnings--stemming from customer de-stocking--and ongoing margin pressure particularly in its oleochemicals business. We believe that the company's weighted-average FFO to debt will be in the low-single-digit percent area due to its weak earnings and high cash interest costs, which have also led to a tight EBITDA interest coverage ratio. Under our base case, we assume Vantage's weighted-average S&P Global Ratings-adjusted debt to EBITDA will be between 6.5x and 7.5x, which incorporates an uptick in its earnings later in 2024. "Meanwhile, we assume the company will maintain adequate liquidity and remain in compliance with its springing financial covenant, which we expect will be triggered over the next 12 months. We also do not assume any shareholder distributions or significant debt-funded capital spending or acquisitions in our forecast. We note that the current financial sponsor, H.I.G. Capital, has owned the company for almost seven years." S&P could downgrade Vantage over the next 12 months if: -- Its earnings do not improve as expected due to persistent weakness in its end-market demand or an inability to execute on in-flight initiatives or adequately pass-through increases in inflationary costs such that its weighted-average FFO to debt remains near zero or turns negative range or its weighted-average debt to EBITDA approaches the double digits on a sustained basis; -- The company generates materially negative free cash flow, which pressures its liquidity position or its compliance with its financial covenant; -- The revolving credit facility becomes current; or -- Its debt leverage rises to a level that we believe is unsustainable because of a change in its ownership. S&P could take a positive rating action on Vantage in the next 12 months if: -- The expansion in its volumes is greater than S&P expects, supported by a strong recovery in its end-market demand or new business wins, or its EBITDA margins are at least 200 bps higher than it currently assumes such that its weighted-average S&P Global Ratings-adjusted FFO to debt approaches the mid-single digit percent area and its weighted-average debt to EBITDA remains in the 6.5x-7.5x range; and -- It sustains positive free cash flow generation and adequate liquidity over the next 12 months. VERDE RESOURCES: Balakrishnan B S Muthu Appointed as New Chairman ----------------------------------------------------------------- Verde Resources, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Joesph Ambrose Lee tendered his resignation as Director and Chairman of the Board of Directors and member of the Management Committee of the Company effective June 18, 2024. There have been no disagreements between the Company and Mr. Lee known to an executive officer of the Company on any matter relating to the Company's operations, policies or practices. Following Mr. Lee's resignation, effective June 18, 2024, by resolution of the Board of the Company, Balakrishnan B S Muthu, Director and Chief Financial Officer of the Company, was appointed Chairman of the Board to replace Joesph Ambrose Lee. About Verde Resources Verde Resources, Inc. currently is engaged in the production and distribution of renewable commodities, distribution of THC-free cannabinoid (CBD) products, and real property holding. However, the Company has been undergoing a restructuring exercise to shift its focus towards renewable energy and sustainable development with the world faced with challenges of climate change and environmental dehydration. The Company had announced the disposition of the mining business through the sale of the entire issued and paid-up share capital of CSB on March 13, 2023. The disposition of CSB was completed on April 20, 2023. Kuala Lumpur, Malaysia-based J&S Associate PLT, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Oct. 13, 2023, citing that the Company has generated recurring losses and suffered from an accumulated deficit of $10,292,430 as of June 30, 2023. These matters raise substantial doubt about the Company's ability to continue as a going concern. VERTEX ENERGY: Secures Lender Consent to Get Unrestricted Cash -------------------------------------------------------------- Vertex Energy, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on June 18, 2024, the Company and substantially all of the subsidiaries of the Company (the "Subsidiary Guarantors") including Vertex Refining Alabama LLC, Cantor Fitzgerald Securities, as administrative agent and collateral agent under the Loan Agreement, and the lenders party to the Loan Agreement, entered into a Limited Consent in connection with their Loan and Security Agreement dated as of April 1, 2022. Pursuant to the Lender Limited Consent, the Lenders provided a limited consent to allow the Company, Vertex Refining and the Subsidiary Guarantors, collectively, to have unrestricted cash of less than $25 million, but not less than $15 million, in each case, for any period of not more than three consecutive business days prior to June 21, 2024. Also on June 18, 2024, Vertex Refining and Macquarie Energy North America Trading Inc., entered into a Second Limited Consent, in connection with that certain Supply and Offtake Agreement, dated as of April 1, 2022, between Vertex Refining and Macquarie. Pursuant to the Macquarie Limited Consent, Macquarie provided a limited consent to allow Vertex Refining to have unrestricted cash of less than $25 million, but not less than $15 million, for any period of not more than three consecutive business days, without triggering an event of default under the Supply and Offtake Agreement, through June 21, 2024. The Macquarie Limited Consent also provides that it would be a breach of the Supply and Offtake Agreement if unrestricted cash is less than $25 million as of June 21, 2024. 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 of March 31, 2024, the Company has $835.1 million in total assets, $652.1 million in total liabilities, and $183 million in total equity. * * * 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. On June 2024, &P Global Ratings lowered its issuer credit rating (ICR) on Vertex Energy Inc. (Vertex) to 'CCC' from 'B-' and its issue-level rating on the company's term loan B (TLB) to 'CCC' from 'B'. At the same time, S&P Global Ratings removed the ratings from CreditWatch, where they were placed with negative implications on March 15, 2024. In addition, S&P revised its assessment of the company's liquidity position to weak from less than adequate. S&P also revised its recovery rating on the TLB to '3' from '2', indicating its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery. The negative outlook reflects the elevated risk of a default scenario given the lack of sufficient liquidity sources to fully repay the TLB or a concrete refinancing plan. VESTTOO LTD: July 22 Constructive Trust Claims Deadline Set ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware entered an order establishing July 22, 2024, at 4:00 p.m. (ET) as the deadline by which all persons and entities to assert a "constructive trust claim" against Vesttoo Ltd. and its debtor-affiliates. A "constructive trust claim" means a claim or assertion of beneficial ownership interest in cash or other property held by a debtor, as putative trustee, in a constructive trust or other equitable device imposed as a matter of equity pursuant to applicable U.S. Federal, U.S. State, Israeli, and/or Bermuda law, including, without limitation, the Bermuda Segregated Accounts Companies Act of 2000. If you would like to request a constructive trust claim form or a copy of the constructive trust claims bar date order, or have any questions with respect to the notice, contact the liquidating trustee's claims and noticing agent, Epiq Corporate Restructuring LLC by email at Vesttoo@epiqglobal.com or by calling the toll-free information line at (877) 209-1420 or, if calling from outside the United States or Canada, at (503) 549-1087. About Vesttoo Ltd Vesttoo Ltd. is a technology-driven collateralized reinsurance provider in Tel Aviv, Israel. It connects the insurance industry with the capital markets by combining AI-powered technology with expertise in data science, insurance and finance. Vesttoo and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. (Lead Case No. 23-11160) on August 14 and 15, 2023. The Honorable Bankruptcy Judge Mary F. Walrath oversees the case. The Debtors tapped DLA Piper, LLP (US) as legal counsel and Kroll, LLC as financial advisor. Epiq Corporate Restructuring, LLC is the claims and administrative agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Greenberg Traurig, LLP as legal counsel and Alvarez & Marsal North America, LLC as financial advisor. VOIP-PAL.COM INC: Director Austin McDonald Discloses Ownership -------------------------------------------------------------- Austin McDonald, a director of Voip-pal.com Inc., filed a Form 3 Report with the U.S. Securities and Exchange Commission, disclosing beneficial ownership of securities in the Company. As of April 25, 2024, Mr. McDonald has direct ownership of 5,841,717 shares of common stock. Additionally, he holds warrants exercisable from April 25, 2024, to April 25, 2034, for 11,000,000 shares of common stock, with an exercise price of $0.005 per share. A full-text copy of Mr. McDonald's SEC Report is available at: https://www.sec.gov/Archives/edgar/data/1410738/000202796324000001/xslF345X02/primary_doc.xml About VOIP-PAL.com Since March 2004, VOIP-PAL.com Inc. has developed technology and patents related to Voice-over-Internet Protocol (VoIP) processes. All business activities prior to March 2004 have been abandoned and written off to deficit. Since March 2004, the Company has been in the development stage of becoming a Voice-over-Internet Protocol ("VoIP") re-seller, a provider of a proprietary transactional billing platform tailored to the points and air mile business, and a provider of anti-virus applications for smartphones. As of March 31, 2024, the Company had $2.27 million in total assets, $334,843 in total liabilities, and $1.93 million in stockholders' equity. In its Quarterly Report for the three months ended March 31, 2024, VoIP-PAL.Com said that its ability to continue operations as a going concern is dependent upon raising additional working capital, settling outstanding debts and generating profitable operations. These material uncertainties raise substantial doubt about the Company's ability to continue as a going concern. WEALTH MANIFESTED: Amends Plan to Include Fora & Jermore Claims --------------------------------------------------------------- Wealth Manifested, LLC, d/b/a Senior Helpers of Lee's Summit, submitted an Amended Small Business Plan of Reorganization under Subchapter V dated June 10, 2024. The Debtor has a primary operating secured loan through the Small Business Administration which is held by Wells Fargo. The current loan terms out on September 22, 2032. The Debtor proposes restructuring the Wells Fargo Note to a 17 year amortization with a balloon payment in September 2032. Wells Fargo will retain all rights it currently holds under the Security Agreement. The Debtor has two additional classes of Creditors. Debtor will make monthly payments to Class 4 (Fora Financial) of $1,700.00 per month and to Class 5 (Jered Jermore) of $1,300.00 per month starting at the Commencement Date. This payment schedule will pay the claims within 5 years. The Plan of Reorganization proposes using Debtor's operating capital to pay its claims. The Plan provides for distributions of cash consideration in satisfaction of allowed prepetition debts of the Debtor. The timing and amounts of the distributions depend on the Class and amount of your claim. Class 4 consists of the claim of Fora Financial Asset Securitization 2021, LLC (Claim #4). Fora filed a claim for $98,940.50 as secured with no interest rate. The collateral For a claims as security is secured to Wells Fargo. No additional collateral exists beyond Wells Fargo's collateral. Debtor proposes paying this class in monthly payments starting on the first month after the Confirmation of the Plan. Debtor will make a monthly payment of approximately $1,700.00 to pay this Class. Debtor estimates this Class to be paid in full by July 2029. Upon payment, all Class 4 Claims shall be discharged. Class 5 consists of all General Unsecured Non-Priority Creditors of the Debtor that were not marked a disputed or contingent or that have filed a Proof of Claim. Based upon the Schedules of the Debtor and the Proofs of Claim filed in the case, this Class consists of Jered Jermore. Debtor objected to the original claim of Jerome. Debtor and Jermore have reached a resolution resulting in the new Claim filed by Jermore. Debtor proposes paying this class in monthly payments starting on the first month after the Confirmation of the Plan. Debtor will make a monthly payment of approximately $1,300.00 to pay this Class. Debtor estimates this Class to be paid in full by July 2029. The Debtor intends to implement the provisions of the Plan through the operation of its business and the income it expects to receive through caring for patients. Debtor believes once the Wells Fargo Note is restructured into more favorable terms it will be able to make its monthly obligations as well as service its general unsecured debt through monthly payments. In five years, Debtor will have retired its general unsecured debt and the debt to For a Financial Asset Securitization 2021, LLC. The Bankruptcy Court has scheduled August 14, 2024 as the hearing on the Confirmation of the Plan. A full-text copy of the Amended Plan dated June 10, 2024 is available at https://urlcurt.com/u?l=UnThG3 from PacerMonitor.com at no charge. Attorney for the Debtor: THE SADER LAW FIRM Bradley D. McCormack, Esq. 2345 Grand Boulevard, Suite 2150 Kansas City, Missouri 64108 816-561-1818 Fax: 816-561-0818 Email: bmccormack@saderlawfirm.com About Wealth Manifested Wealth Manifested, LLC is a provider of in-home health care services. It conducts business under the name Senior Helpers of Lee's Summit. Wealth Manifested filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 24-40076) on January 22, 2024, with up to $500,000 in assets and up to $10 million in liabilities. Norman E. Rouse serves as Subchapter V trustee. Judge Cynthia A. Norton oversees the case. Bradley McCormack, Esq., at Bradley McCormack, represents the Debtor as legal counsel. WJH ELM: Hires Law Office of Barry R. Levine as Counsel ------------------------------------------------------- WJH Elm Street Somerville, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Law Office of Barry R. Levine as counsel. The firm will perform all the services necessary and desirable in a Chapter 11 proceeding. The firm will be paid at the rate of $500 per hour. The firm received from the Debtor a retainer of $8,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Barry Levine, Esq., a partner at Law Office of Barry R. Levine, 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: Barry Levine, Esq. Law Office of Barry R. Levine 100 Cummings Center, Suite 327G Beverly, MA 01915-6123 Tel: (978) 922-8440 Fax: (978) 998-4636 Email: barrv@levineslaw.com About WJH Elm Street Somerville, LLC WJH Elm Street Somerville, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Mass. Case No. 24-11110) on June 3, 2024. The Debtor hires the Law Office of Barry R. Levine as counsel. XTI AEROSPACE: Nadir Ali Holds 9.99% Equity Stake ------------------------------------------------- Nadir Ali disclosed in Schedule 13G Report filed with the U.S. Securities and Exchange Commission that as of June 13, 2024, he beneficially owned 2,681,102 shares, which include: (1) 2,680,459 shares of common stock of XTI Aerospace, Inc., par value $0.0001 per share issued to Mr. Nadir Ali on June 13, 2024 in connection with a fully vested restricted stock grant; (2) 641 shares of common stock held of record by Mr. Ali; (3) 1 share of common stock held of record by Lubna Qureishi, Mr. Ali's wife, and (iv) 1 share of common stock held of record by the Qureishi Ali Grandchildren Trust, of which Mr. Ali is the joint-trustee (with his wife Lubna Qureishi) of the Qureishi Ali Grandchildren Trust and has shared voting and investment control over the shares held. The shares owned represent 9.99%, calculated based on an aggregate of 26,831,422 shares of XTI's common stock outstanding, issued and outstanding as of June 14, 2024, as set forth in the XTI's Current Report on Form 8-K filed on June 14, 2024. A full-text copy of Mr. Nadir Ali's SEC Report is available at: https://www.sec.gov/Archives/edgar/data/1529113/000121390024054948/ea0208294-13gali_xtiaero.htm About XTI Aerospace XTI Aerospace (formerly Inpixon), is primarily an aircraft development and manufacturing company. The Company is developing a vertical takeoff and landing ("VTOL") aircraft that takes off and lands like a helicopter and cruises like a fixed-wing business aircraft. The Company believes its initial configuration, the TriFan 600, will be one of the first civilian fixed-wing VTOL aircraft that offers the speed and comfort of a business aircraft and the range and versatility of VTOL for a wide range of customer applications, including private aviation for business and high net worth individuals, emergency medical services, and commuter and regional air travel. Since 2013, the Company has been engaged primarily in developing the design and engineering concepts for the TriFan 600, building and testing a two-thirds scale unmanned version of the TriFan 600, generating pre-orders for the TriFan 600, and seeking funds from investors to enable the Company to build full-scale piloted prototypes of the TriFan 600, and to eventually engage in commercial development of the TriFan 600. New York-based Marcum LLP, the Company's auditor since 2012, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. ZARA LLC: Case Summary & Two Unsecured Creditors ------------------------------------------------ Debtor: Zara, LLC 199 East Montgomery Avenue, Suite 100 Rockville, MD 20850 Chapter 11 Petition Date: June 20, 2024 Court: United States Bankruptcy Court District of Maryland Case No.: 24-15208 Judge: Hon. Lori S. Simpson Debtor's Counsel: Richard B. Rosenblatt, Esq. LAW OFFICES OF RICHARD B. ROSENBLATT, PC Suite 302 30 Courthouse Square Rockville, MD 20850 Tel: 301-838-0098 Fax: 301-838-3498 Email: rrosenblatt@rosenblattlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ruby Mir as managing member. A full-text copy of the petition containing, among other items, a list of the Debtor's two unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/HZJDXLQ/Zara_LLC__mdbke-24-15208__0001.0.pdf?mcid=tGE4TAMA [] 74 Canadian Restaurants Declare Bankruptcy in April 2024 ----------------------------------------------------------- The foodservice industry has faced numerous challenges in recent years, but what stands out in the Q2 Report of 2024 is the one-two punch of weaker consumer spending coinciding with operating costs at an unprecedented high. The first half of 2024 has been difficult as the combined impact of fewer visits and high operating costs are hitting all at once. Running a restaurant has never been more costly. Traditionally, this industry operates on slim profit margins, and the record-high cost of food and less discretionary spending in the pockets of consumers, is causing extraordinary strain. Key findings from the report indicate food and labour costs remain the top challenges facing most restaurant owners. When asked, the average restaurant company reported their total food costs have increased by 25% over the last two years, while labour costs increased by 18%. Many operators find themselves at a crossroads, contemplating raising menu prices to offset the high food costs, but fear that will only further discourage people from visiting. Operators do everything they can to keep costs from being passed down, but that has also resulted in higher bankruptcies. In April 2024, 74 restaurants declared bankruptcy compared to 53 in April 2023. The true number of closures would be even higher as many restaurants opt to close their doors without formally declaring bankruptcy. A Call for Relief To mitigate these challenges facing the industry, protect the jobs, its tourism product and community gathering places, Restaurants Canada is advocating for several measures that would ease the burden on operators. "Immediate federal government interventions are crucial to ensure the sustainability of this vital sector. Initiatives such as lowering the EI Premium can provide critical relief," said Kelly Higginson, President and CEO Restaurants Canada. "In addition, facilitating a program to match and train open-work permit holders with employment opportunities in restaurants is another strategic move to sustain the foodservice sector," added Higginson, noting the urgent need for solutions. Operator Sentiment The outlook for the future fluctuates by segment of the foodservice industry. Overall, 43% of quick-service restaurant companies say they are positive and hopeful about the future, compared to 29% of table-service restaurants. However, even when respondents are hopeful, it is usually met with some trepidation, as one restauranteur stated: "If we can get a handle on rising food costs and labour shortages, we will survive." About Restaurants Canada Since 1944 Restaurants Canada is a national, not-for-profit member-based trade association advancing the potential of Canada's diverse and dynamic foodservice industry through member programs, research, advocacy, resources and events. Canada's foodservice sector is a $114 billion industry that serves 22 million customers across the country every day. As the fourth-largest private-sector employer, Canadian foodservice directly employs nearly 1.2 million people, and indirectly supporting another 270,700+ jobs in related industries, with $38 billion in food and beverage products purchased every year. [] Isaiah A. Fishman Joins MPS Law as Restructuring Partner ----------------------------------------------------------- Meltzer, Purtill & Stelle LLC (MPS Law) welcomed Isaiah A. Fishman as a partner in its commercial litigation and restructuring groups. Mr. Fishman brings a broad array of experience handling business disputes, particularly those involving commercial real estate, corporate disputes, bankruptcy, and employment issues where he serves as the "outside inside counsel" for several clients. Mr. Fishman's arrival was enthusiastically welcomed by MPS Managing Partner William Mitchell. "Isaiah brings a strong background in litigation and commercial real estate and adds depth to both our employment litigation and bankruptcy and restructuring groups," Mitchell said. "We are delighted he chose to join the firm." Prior to making the move to MPS, Mr. Fishman was most recently a Partner at a Chicago-based bankruptcy and litigation law firm, and also previously worked with MPS partners Charles Valente, Heather Kuhn O'Toole, and Frederick Kaplan, all of whom joined MPS in September 2023. "Charles Valente and Heather Kuhn O'Toole were mentors to me and really taught me how to do my job well. I was fortunate to work with such exceptional attorneys early in my career," said Fishman. "I'm looking forward to working with them once again." Mr. Fishman is excited to be at MPS and its excellent cadre of first-rate attorneys. He looks forward to serving his clients with greater resources and additional opportunities for collaboration. He will split his time between the Schaumburg office and the Chicago office. About Meltzer, Purtill & Stelle LLC In a field where success is typically measured in terms of growth, Meltzer, Purtill & Stelle is that rare law firm where success is defined solely by the needs and satisfaction of the clients it serves. Founded in 1996, the firm maintains offices in Chicago and Schaumburg, with 40 attorneys working in 14 select practice areas focused on real estate, secured lending, litigation, and corporate law. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Keith Green Bankr. N.D. Ala. Case No. 24-81143 Chapter 11 Petition filed June 18, 2024 represented by: Stuart Maples, Esq. In re Flannery LLC Bankr. E.D. Ark. Case No. 24-12004 Chapter 11 Petition filed June 18, 2024 See https://www.pacermonitor.com/view/3KAZXRY/Flannery_LLC__arebke-24-12004__0001.0.pdf?mcid=tGE4TAMA represented by: Vanessa Cash Adams, Esq. AR LAW PARTNERS, PLLC E-mail: vanessa@arlawpartners.com In re PSPC Enterprises LLC Bankr. C.D. Cal. Case No. 24-13451 Chapter 11 Petition filed June 18, 2024 See https://www.pacermonitor.com/view/DASLD2Q/PSPC_Enterprises_LLC__cacbke-24-13451__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin Ronk, Esq. PORTILLO RONK LEGAL TEAM E-mail: kevin@portilloronk.com In re Westcott Hospitality LLC Bankr. C.D. Cal. Case No. 24-13437 Chapter 11 Petition filed June 18, 2024 See https://www.pacermonitor.com/view/2DSGS5I/Westcott_Hospitality_LLC__cacbke-24-13437__0001.0.pdf?mcid=tGE4TAMA represented by: Douglas A. Crowder, Esq. CROWDER LAW CENTER, PC E-mail: dcrowder@crowderlaw.com In re Morli Subhash Desai Bankr. N.D. Ga. Case No. 24-56374 Chapter 11 Petition filed June 18, 2024 represented by: Will Geer, Esq. In re Eric Steven Davis Bankr. S.D. Ind. Case No. 24-03170 Chapter 11 Petition filed June 18, 2024 represented by: Jeffrey Hester, Esq. In re Lance Lewis Rhoades Bankr. S.D. Ind. Case No. 24-03172 Chapter 11 Petition filed June 18, 2024 represented by: Thomas Scherer, Esq. In re Louisville Integrated Care Corporation Bankr. W.D. Ky. Case No. 24-31552 Chapter 11 Petition filed June 18, 2024 See https://www.pacermonitor.com/view/S7ZYKNQ/Louisville_Integrated_Care_Corporation__kywbke-24-31552__0001.0.pdf?mcid=tGE4TAMA represented by: Michael McClain, Esq. MCCLAIN LAW GROUP, PLLC E-mail: mmcclain@mcclainlawgroup.com In re 530 Sutter Ave LLC Bankr. E.D.N.Y. Case No. 24-42568 Chapter 11 Petition filed June 18, 2024 See https://www.pacermonitor.com/view/BGRJS2Q/530_Sutter_Ave_LLC_530_Sutter__nyebke-24-42568__0001.0.pdf?mcid=tGE4TAMA represented by: Joshua Reid Bronstein, Esq. THE LAW OFFICE OF JOSHUA BRONSTEIN & ASSOCIATES, PLLC E-mail: jbrons5@yahoo.com In re Midlothian Coffee and More, LLC Bankr. E.D. Va. Case No. 24-32280 Chapter 11 Petition filed June 18, 2024 See https://www.pacermonitor.com/view/DWHRUYY/Midlothian_Coffee_and_More_LLC__vaebke-24-32280__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re All In One Land Concepts, LLC Bankr. W.D. Va. Case No. 24-60644 Chapter 11 Petition filed June 18, 2024 See https://www.pacermonitor.com/view/6P4HQNI/All_In_One_Land_Concepts_LLC__vawbke-24-60644__0001.0.pdf?mcid=tGE4TAMA represented by: Andrew S. Goldstein, Esq. MAGEE GOLDSTEIN LASKY & SAYERS, P.C. E-mail: agoldstein@mglspc.com In re TY Trucking LLC Bankr. D. Utah Case No. 24-22996 Chapter 11 Petition filed June 18, 2024 See https://www.pacermonitor.com/view/VFNEBZQ/TY_Trucking_LLC__utbke-24-22996__0001.0.pdf?mcid=tGE4TAMA represented by: Brian D. Johnson, Esq. BRIAN D. JOHNSON, P.C. E-mail: brian@bdjexpresslaw.com In re Bourland Properties, LLC Bankr. N.D. Ala. Case No. 24-70811 Chapter 11 Petition filed June 19, 2024 See https://www.pacermonitor.com/view/OLSVPHI/Bourland_Properties_LLC__alnbke-24-70811__0001.0.pdf?mcid=tGE4TAMA represented by: Marshall A. Entelisano, Esq. MARSHALL A. ENTELISANO, P.C. E-mail: marshall@marshall-lawfirm.com In re Henry C Ku Bankr. C.D. Cal. Case No. 24-14842 Chapter 11 Petition filed June 19, 2024 represented by: Michael Berger, Esq. In re Affinity Integrated Healthcare S.C. Bankr. N.D. Ill. Case No. 24-09010 Chapter 11 Petition filed June 19, 2024 See https://www.pacermonitor.com/view/NJM4SKQ/Affinity_Integrated_Healthcare__ilnbke-24-09010__0001.0.pdf?mcid=tGE4TAMA represented by: Blair R Zanzig, Esq. LEIBOWITZ, HILTZ & ZANZIG, LLC E-mail: bzanzig@lakelaw.com In re Salvatore Indomenico Bankr. N.D. Ill. Case No. 24-09021 Chapter 11 Petition filed June 19, 2024 represented by: David Leibowitz, Esq. In re Viva Stillwater, LLC Bankr. W.D. Okla. Case No. 24-11697 Chapter 11 Petition filed June 19, 2024 See https://www.pacermonitor.com/view/L7HBQDA/Viva_Stillwater_LLC__okwbke-24-11697__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Newark, Esq. A NEWARK FIRM E-mail: robert@newarkfirm.com In re Dulce Cristell Flores Bankr. D. Ariz. Case No. 24-04934 Chapter 11 Petition filed June 20, 2024 represented by: Allan Newdelman, Esq. ALLAN D NEWDELMAN PC In re Ronald D. Wanless Bankr. D. Ariz. Case No. 24-04963 Chapter 11 Petition filed June 20, 2024 represented by: Christopher Simpson, Esq. OSBORN MALEDON, P.A. Email: csimpson@omlaw.com In re Erin Elizabeth Burke Bankr. C.D. Cal. Case No. 24-14882 Chapter 11 Petition filed June 20, 2024 represented by: David Golubchik, Esq. In re Shaffiq Salim Rahim and Naseem Sayani Bankr. C.D. Cal. Case No. 24-10693 Chapter 11 Petition filed June 20, 2024 represented by: Summer Shaw, Esq. In re David Dariush Davari and Allalleh Ashly Khalatbari Bankr. N.D. Cal. Case No. 24-30469 Chapter 11 Petition filed June 20, 2024 represented by: Brent Meyer, Esq. In re Nathan Andrew Costa Bankr. S.D. Cal. Case No. 24-02259 Chapter 11 Petition filed June 20, 2024 represented by: Steven E. Cowen, Esq. In re Amaryllis Therapy Network, Inc. Bankr. D. Colo. Case No. 24-13442 Chapter 11 Petition filed June 20, 2024 See https://www.pacermonitor.com/view/WR3UQMY/Amaryllis_Therapy_Network_Inc__cobke-24-13442__0001.0.pdf?mcid=tGE4TAMA represented by: K. Jamie Buechler, Esq. BUECHLER LAW OFFICE, L.L.C. E-mail: Jamie@kjblawoffice.com In re Northeast Denver Comm Help Ctr Bankr. D. Colo. Case No. 24-13413 Chapter 11 Petition filed June 20, 2024 See https://www.pacermonitor.com/view/KWJEP6Q/Northeast_Denver_Comm_Help_Ctr__cobke-24-13413__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Oliver Dan Fernandez Bankr. M.D. Fla. Case No. 24-03492 Chapter 11 Petition filed June 20, 2024 represented by: Kathleen DiSanto, Esq. In re Jerry J Harvey, II Bankr. M.D. Fla. Case No. 24-03127 Chapter 11 Petition filed June 20, 2024 represented by: Kenneth Herron, Esq. In re Complete Beverage Center Inc. Bankr. S.D. Fla. Case No. 24-16099 Chapter 11 Petition filed June 20, 2024 See https://www.pacermonitor.com/view/3YXVQIQ/COMPLETE_BEVERAGE_CENTER_INC__flsbke-24-16099__0001.0.pdf?mcid=tGE4TAMA represented by: David W. Langley, Esq. DAVID W. LANGLEY E-mail: dave@flalawyer.com In re Jonas Jose Millan Capriles and Alexandra Ghersy Bujanda Bankr. S.D. Fla. Case No. 24-16131 Chapter 11 Petition filed June 20, 2024 represented by: Jacqueline Calderin, Esq. In re Michael J Schafer and Linda A Schafer Bankr. N.D. Ill. Case No. 24-80825 Chapter 11 Petition filed June 20, 2024 represented by: Richard N. Golding, Esq. In re Sticky Rice, Inc. Bankr. N.D. Ill. Case No. 24-09066 Chapter 11 Petition filed June 20, 2024 See https://www.pacermonitor.com/view/CR7GHFQ/Sticky_Rice_Inc__ilnbke-24-09066__0001.0.pdf?mcid=tGE4TAMA represented by: Konstantine Sparagis, Esq. LAW OFFICES OF KONSTANTINE SPARAGIS E-mail: gus@atbankruptcy.com In re Pasquale Roppo Bankr. N.D. Ill. Case No. 24-09113 Chapter 11 Petition filed June 20, 2024 represented by: John Hiltz, Esq. In re Clifford L. Garrett Bankr. S.D. Ind. Case No. 24-03218 Chapter 11 Petition filed June 20, 2024 See https://www.pacermonitor.com/view/Z5IDJWY/Clifford_L_Garrett__insbke-24-03218__0001.0.pdf?mcid=tGE4TAMA represented by: Ethan D. Myers, Esq. ETHAN D. MYERS LAW, LLC E-mail: ethan@lawmyers.com In re Brian M Pyle Bankr. N.D. Iowa Case No. 24-00579 Chapter 11 Petition filed June 20, 2024 represented by: Lauren Goodman, Esq. In re Justin Allen Pyle Bankr. N.D. Iowa Case No. 24-00580 Chapter 11 Petition filed June 20, 2024 represented by: Lauren Goodman, Esq. In re Rodney David Greenup Bankr. M.D. La. Case No. 24-10490 Chapter 11 Petition filed June 20, 2024 represented by: Ryan Richmond, Esq. STERNBERG, NACCARI & WHITE, LLC Email: ryan@snw.law In re Edward Anthony LaBorde Bankr. E.D. La. Case No. 24-11172 Chapter 11 Petition filed June 20, 2024 represented by: Robin DeLeo, Esq. In re William W. Hall Bankr. E.D. La. Case No. 24-11173 Chapter 11 Petition filed June 20, 2024 represented by: Louis Phillips, Esq. In re Scissor Sweep Vinyl LLC Bankr. E.D. La. Case No. 24-11161 Chapter 11 Petition filed June 20, 2024 See https://www.pacermonitor.com/view/KLDI2DY/Scissor_Sweep_Vinyl_LLC__laebke-24-11161__0001.0.pdf?mcid=tGE4TAMA represented by: Robin R. De Leo, Esq. THE DE LEO LAW FIRM, LLC E-mail: lisa@northshoreattorney.com In re 2 Fish Company, LLC Bankr. W.D. Mich. Case No. 24-01637 Chapter 11 Petition filed June 20, 2024 See https://www.pacermonitor.com/view/DSP7T2I/2_Fish_Company_LLC__miwbke-24-01637__0001.0.pdf?mcid=tGE4TAMA represented by: James R. Oppenhuizen, Esq. OPPENHUIZEN LAW FIRM, PLC E-mail: joppenhuizen@oppenhuizenlaw.com In re Jason L Otke Bankr. W.D. Mo. Case No. 24-20273 Chapter 11 Petition filed June 20, 2024 represented by: Spencer Desai, Esq. In re MES Fasteners Corporation Bankr. D.N.J. Case No. 24-16194 Chapter 11 Petition filed June 20, 2024 See https://www.pacermonitor.com/view/KD5DTXQ/MES_Fasteners_Corporation__njbke-24-16194__0001.0.pdf?mcid=tGE4TAMA represented by: Eric R. Perkins, Esq. BECKER LLC E-mail: eperkins@becker.legal In re PLA Four 107 LLC Bankr. D.N.J. Case No. 24-16217 Chapter 11 Petition filed June 20, 2024 See https://www.pacermonitor.com/view/BATN5NQ/PLA_Four_107_LLC__njbke-24-16217__0001.0.pdf?mcid=tGE4TAMA represented by: Douglas J. McGill, Esq. WEBBER MCGILL LLC E-mail: dmcgill@webbermcgill.com In re Edgewood Commons Trenton Proud LLC Bankr. D.N.J. Case No. 24-16214 Chapter 11 Petition filed June 20, 2024 See https://www.pacermonitor.com/view/3FPHIFA/Edgewood_Commons_Trenton_Proud__njbke-24-16214__0001.0.pdf?mcid=tGE4TAMA represented by: Douglas J. McGill, Esq. WEBBER MCGILL LLC E-mail: dmcgill@webbermcgill.com In re Aiham Omacha and Susan Maksad Bankr. D.N.J. Case No. 24-16238 Chapter 11 Petition filed June 20, 2024 represented by: John O'Boyle, Esq. NORGAARD O'BOYLE & HANNON In re Linda M Avery Bankr. S.D.N.Y. Case No. 24-22554 Chapter 11 Petition filed June 20, 2024 represented by: Narotam Rai, Esq. In re Jeffrey Elliott Burlingame and Danell Renee Burlingame Bankr. D. Ore. Case No. 24-31737 Chapter 11 Petition filed June 20, 2024 represented by: Nicholas Henderson, Esq. In re Dernis Adrian Castro Rivera Bankr. D.P.R. Case No. 24-02592 Chapter 11 Petition filed June 20, 2024 represented by: Hector Figueroa Vincenty, Esq. In re Samir Kantilal Patel and Hemuben Samir Patel Bankr. E.D. Tenn. Case No. 24-11506 Chapter 11 Petition filed June 20, 2024 represented by: LAW OFFICE OF W. THOMAS BIBLE, JR. In re David J. Linton and Brandi L. Linton Bankr. M.D. Tenn. Case No. 24-02264 Chapter 11 Petition filed June 20, 2024 represented by: Robert Gonzales, Esq. In re Benjamin Hardee and Audrey Hardee Bankr. W.D. Tex. Case No. 24-10694 Chapter 11 Petition filed June 20, 2024 represented by: Lynn Hamilton Butler, Esq. In re Joseph Raymond Becka and Rachel Ellen Winstead Becka Bankr. E.D. Va. Case No. 24-71324 Chapter 11 Petition filed June 20, 2024 represented by: Herbert Cox, Esq. COX LAW GROUP, PLLC In re Jeremy Ryan Stringham Bankr. D. Utah Case No. 24-23035 Chapter 11 Petition filed June 20, 2024 represented by: Matthew M. Boley, Esq. COHNE KINGHORN, P.C. E-mail: mboley@cohnekinghorn.com In re Raymond L. Bolt, D.M.D., P.C. Bankr. M.D. Ala. Case No. 24-80737 Chapter 11 Petition filed June 21, 2024 See https://www.pacermonitor.com/view/RLW62NI/Raymond_L_Bolt_DMD_PC__almbke-24-80737__0001.0.pdf?mcid=tGE4TAMA represented by: Anthony Brian Bush, Esq. THE BUSH LAW FIRM, LLC E-mail: abush@bushlegalfirm.com In re The Nectary, LLC Bankr. N.D. Cal. Case No. 24-10333 Chapter 11 Petition filed June 21, 2024 See https://www.pacermonitor.com/view/GZOPPJQ/The_Nectary_LLC__canbke-24-10333__0001.0.pdf?mcid=tGE4TAMA represented by: Steven M. Olson, Esq. BLUESTONE FAIRCLOTH & OLSON, LLP E-mail: steve@bfolegal.com In re Jorge Carrera Bankr. S.D. Fla. Case No. 24-16193 Chapter 11 Petition filed June 21, 2024 represented by: Susan Lasky, Esq. In re James J Frank Bankr. D. Kan. Case No. 24-20779 Chapter 11 Petition filed June 21, 2024 represented by: Colin Gotham, Esq. In re 515 Texas Street Cigar Lounge LLC Bankr. W.D. La. Case No. 24-20281 Chapter 11 Petition filed June 21, 2024 See https://www.pacermonitor.com/view/I6KUSHI/515_Texas_Street_Cigar_Lounge__lawbke-24-20281__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Zahran Bazzar and Lamya Sofia Bazzar Bankr. E.D. La. Case No. 24-11180 Chapter 11 Petition filed June 21, 2024 represented by: Eric Derbes, Esq. In re JB's BBQ and More LLC Bankr. S.D. Miss. Case No. 24-01443 Chapter 11 Petition filed June 21, 2024 See https://www.pacermonitor.com/view/CUXSJWI/JBs_BBQ_and_More_LLC__mssbke-24-01443__0001.0.pdf?mcid=tGE4TAMA represented by: Eileen N. Shaffer, Esq. ATTORNEY AT LAW E-mail: eshaffer@eshaffer-law.com In re Dean C Schutte and Erma Johnmeyer-Schutte Bankr. E.D. Mo. Case No. 24-10337 Chapter 11 Petition filed June 21, 2024 represented by: Thomas Riske, Esq. In re 4471 LLC, Series B Bankr. D. Nev. Case No. 24-13138 Chapter 11 Petition filed June 21, 2024 See https://www.pacermonitor.com/view/M6YK3TI/4471_LLC_SERIES_B__nvbke-24-13138__0001.0.pdf?mcid=tGE4TAMA represented by: Andrew J. Van Ness, Esq. HUNTER PARKER LLC E-mail: andrew@hunterparkerlaw.com In re Sebastian Mario Voltarelli Bankr. D.N.J. Case No. 24-16288 Chapter 11 Petition filed June 21, 2024 In re Vivek Pandit Bankr. D.N.J. Case No. 24-16276 Chapter 11 Petition filed June 21, 2024 represented by: Marc C Capone, Esq. GILLMAN, BRUTON & CAPONE, LLC Email: mcapone@gbclawgroup.com In re Jean-Paul Romes and Lisa A. Romes Bankr. D.N.J. Case No. 24-16283 Chapter 11 Petition filed June 21, 2024 represented by: Marc Capone, Esq. In re Micah G. Pratt and Krystan L. Pratt Bankr. N.D. Tex. Case No. 24-50147 Chapter 11 Petition filed June 21, 2024 represented by: David Langston, Esq. In re 400 E 18th Street, LLC Bankr. D. Kan. Case No. 24-10573 Chapter 11 Petition filed June 24, 2024 See https://www.pacermonitor.com/view/RUW2QUQ/400_E_18th_Street_LLC__ksbke-24-10573__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Gary Dewayne Aubrey Bankr. W.D. La. Case No. 24-10717 Chapter 11 Petition filed June 24, 2024 In re Hilary Hamann Bankr. E.D.N.Y. Case No. 24-72449 Chapter 11 Petition filed June 24, 2024 represented by: Julio Portilla, Esq. In re Leo Chuliya Ltd Bankr. S.D.N.Y. Case No. 24-22563 Chapter 11 Petition filed June 24, 2024 See https://www.pacermonitor.com/view/G3NVUVI/Leo_Chuliya_Ltd__nysbke-24-22563__0001.0.pdf?mcid=tGE4TAMA represented by: Anne Penachio, Esq. PENACHIO MALARA LLP E-mail: anne@pmlawllp.com In re Iroquois-Huey, LLC Bankr. N.D. Okla. Case No. 24-10801 Chapter 11 Petition filed June 24, 2024 See https://www.pacermonitor.com/view/K3ZEMWA/Iroquois-Huey_LLC__oknbke-24-10801__0001.0.pdf?mcid=tGE4TAMA represented by: Ron Brown, Esq. BROWN LAW FIRM PC E-mail: ron@ronbrownlaw.com In re Portia May Diaz and Philip Oneil Stolitza Bankr. W.D. Pa. Case No. 24-70255 Chapter 11 Petition filed June 24, 2024 In re Cyrious Metal Works, LLC Bankr. E.D. Tex. Case No. 24-41471 Chapter 11 Petition filed June 24, 2024 See https://www.pacermonitor.com/view/LA2UDLQ/Cyrious_Metal_Works_LLC__txebke-24-41471__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re Heart to Heart Catering, LLC Bankr. N.D. Tex. Case No. 24-31830 Chapter 11 Petition filed June 24, 2024 See https://www.pacermonitor.com/view/SFMG7BA/Heart_to_Heart_Catering_LLC__txnbke-24-31830__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com ********* 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. 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