/raid1/www/Hosts/bankrupt/TCR_Public/240718.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, July 18, 2024, Vol. 28, No. 199
Headlines
1416 EASTERN AVE: Hires Thompson Premier Homes Group as Realtors
2015 PARK: Seeks to Tap Calhoun Shaffer as Special Counsel
2440 S ST SE: Seeks to Tap Thompson Premier Homes Group as Realtors
2501 NAYLOR RD: Hires Thompson Premier Homes Group as Realtors
316 BOWERY NEXT: Voluntary Chapter 11 Case Summary
3968 MLK: Seeks to Hire Thompson Premier Homes Group as Realtors
4010 9TH ST SE: Hires Thompson Premier Homes Group as Realtors
4263 6TH ST SE: Hires Thompson Premier Homes Group as Realtors
4303-13 WHEELER RD: Taps Thompson Premier Homes Group as Realtors
4400 HUNT PL: Hires Thompson Premier Homes Group as Realtors
4935 NHB AVE NE: Hires Thompson Premier Homes Group as Realtors
7 DAYS NEW ROOF: Michael Markham Named Subchapter V Trustee
945 LONGFELLOW ST: Hires Thompson Premier Homes Group as Realtors
AAL DELAWARE: Moody's Assigns 'B2' CFR, Outlook Stable
ACORDA THERAPEUTICS: Closes $185MM Asset Sale With Merz Pharma
AEL INVESTMENT: Aleida Martinez Molina Named Subchapter V Trustee
AP CORE II: Moody's Lowers CFR to B3 & Alters Outlook to Negative
ARCLINE FM: S&P Affirms 'B' Rating on First-Lien Term Loan
ASHFORD HOSPITALITY: Declares Preferred Dividends For Q3 2024
ASPIRA WOMEN'S: Jack Schuler Holds 14% Equity Stake as of July 9
ASTRA SPACE: Closes $500,000 Senior Secured Convertible Note
BGHTX 01: Drew McManigle Named Subchapter V Trustee
CANO HEALTH: Plan Effective Date Occurred June 28
CBS TRUCKING: Amends ReadyCap Secured Claims Pay Details
CHG HEALTHCARE: $370MM Loan Add-on No Impact on Moody's 'B2' CFR
CHRISTIAN HORIZONS: Files for Chapter 11 Reorganization
CLEVELAND-CLIFFS INC: Stelco Deal No Impact on Moody's Ba2 Rating
COLLECTIVE SUPPLIES: Case Summary & 20 Largest Unsecured Creditors
COLLEGE PARENT: S&P Alters Outlook to Negative, Affirms 'B-' ICR
COMPACT BRICK: Case Summary & 20 Largest Unsecured Creditors
CONSENSUS CLOUD: Moody's Affirms 'B2' CFR, Outlook Remains Stable
COOLSYS INC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
COTTONWOOD FINANCIAL: Asset Sale Proceeds to Fund Plan
CWI CHEROKEE: Amends Solid Waste Disposal Authority Claims Pay
DANIEL SMART: Stephen Metz Named Subchapter V Trustee
DD MIND BODY: Charles Mouranie Named Subchapter V Trustee
DIOCESE OF SYRACUSE: Marsh Law & PCVA Advise Sexual Abuse Claimants
ECP OWNER 1: Seeks to Tap EAG Affordable Housing as Tax Accountant
EFS PARLIN: Plan Exclusivity Period Extended to August 22
ELITE HOME: Jerrett McConnell Named Subchapter V Trustee
EMERALD ISLES: Unsecureds Owed $229K be Paid in Full in 60 Months
EPIC COMPANIES: Seeks to Hire Fredrikson & Byron as Legal Counsel
EVERLAST EPOXY: Seeks to Hire Brannon Real Estate as Broker
FINCO I LLC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
FLICSON IPZONA: Gets OK to Tap Mark Irvin Commercial as Broker
FRANCISCO'S BUILDING LLC: Case Summary & Six Unsecured Creditors
FRANCISCO'S BUILDING: Case Summary & Six Unsecured Creditors
GINGER FITNESS: Amy Denton Mayer Named Subchapter V Trustee
GORDON'S COATINGS: Christine Brimm Named Subchapter V Trustee
GRAXCELL PHARMACEUTICAL: Douglas Stanger Named Subchapter V Trustee
GULF TILE: Gets OK to Hire Underwood Murray as Bankruptcy Counsel
GWG HOLDINGS: Willkie Farr Bid to Disburse Escrowed Funds Denied
HARRAH LAND: U.S. Trustee Unable to Appoint Committee
HEPION PHARMACEUTICALS: Registers 1.47MM Shares for Possible Resale
HIGHTOWER HOLDING: Moody's Affirms 'B3' CFR, Outlook Stable
HOLIDAY IN CAM: Drew McManigle Named Subchapter V Trustee
HOLY REDEEMER: S&P Lowers Bond Rating to 'B+', Outlook Negative
HOMES AND HOUSES: Hires Century 21 Everest as Real Estate Broker
IDL COMMUNICATIONS: Todd & Levi Files Rule 2019 Statement
IN HOME PERSONAL: Seeks to Hire KRD Accountants as Accountant
IN PHAZE ELECTRIC: L. Todd Budgen Named Subchapter V Trustee
INDIVA LIMITED: Seeks CCAA Protection to Commence Sale
INKCYCLE INC: U.S. Trustee Unable to Appoint Committee
INSPIREMD INC: Rosalind Advisors, 4 Others Disclose Equity Stakes
J.A. WALL TRUCKING: Douglas Adelsperger Named Subchapter V Trustee
KARWOOD ESTATES: Financial Issues Prompt CCAA Filing
KINGDOM GROUP: Case Summary & 12 Unsecured Creditors
KP2 LLC: Completes Sale of Nashville Property
LA FAMILIA DEL PASO: Case Summary & Eight Unsecured Creditors
LEESBURG CAR: Continued Operations to Fund Plan Payments
LENY BERRY: Voluntary Chapter 11 Case Summary
LEVINTE INC: William Avellone Named Subchapter V Trustee
LIKEWIZE CORP: Moody's Lowers CFR to B3 & Alters Outlook to Stable
LIKEWIZE CORP: S&P Affirms 'B-' ICR on Proposed Refinancing
LITHIUM PRODUCTS: Case Summary & 20 Largest Unsecured Creditors
LTI HOLDINGS: Moody's Rates New $1.9-Bil. First Lien Loans 'B3'
M&M HOLDINGS: Seeks to Hire Matthew Johnson as Legal Co-Counsel
MANITOWOC COMPANY: Moody's Hikes CFR & Secured 2nd Lien Debt to B1
MCA NAPLES: Unsecured Creditors to Split $21K over 36 Months
MELBEN INC: Monique Almy Named Subchapter V Trustee
MERCY HOSPITAL: Seeks Court OK to Sell Stake in LPNT Joint Venture
MESOBLAST LTD: G to the Fourth, 3 Others Report Stakes
METRO COURIER: Seeks to Hire Ron D. Beal as Special Counsel
MIDWEST CHRISTIAN: Case Summary & 30 Largest Unsecured Creditors
MONTANTE PLASTIC: Eckert Seamans Advises MD Leasing & Westhampton
MR. KNICKERBOCKER: Christine Brimm Named Subchapter V Trustee
NATIONWIDE EXPRESS: Gary Murphey Named Subchapter V Trustee
NEWSMAX INC: Stock Sale, Before Defamation Trial, Questioned
NOAH WEBSTER: S&P Cuts Revenue and Refunding Bond Rating To 'BB-'
NORRISTOWN APPLIANCES: Seeks to Hire Robert H. Holber as Counsel
NORTHRIVER MECHANICAL: Caroline Ritchey Named Subchapter V Trustee
PARK 151 CS: U.S. Trustee Unable to Appoint Committee
PATRICK J. KELLY: Jill Durkin Named Subchapter V Trustee
PERMIAN RESOURCES: Moody's Ups CFR to Ba2 & Unsecured Notes to Ba3
PIECEMAKERS: Seeks to Hire Ascher & Associates as Legal Counsel
PLAY DAY CAFE: Case Summary & 11 Unsecured Creditors
POSEIDON CHARTERS: Case Summary & Six Unsecured Creditors
QUALTEK LLC: S&P Withdraws 'CCC+' Issuer Credit Rating
RELIABLE HEALTHCARE: Hires Chesky Partners as Financial Advisors
REVA HOSPITALITY: Unsecureds Will Get 100% over 60 Months
RING CONTAINER: Moody's Affirms 'B2' CFR, Outlook Remains Stable
RKO SERVICES: Drew McManigle Named Subchapter V Trustee
RPM RESOURCES: Seeks to Hire Matthew Johnson as Legal Co-Counsel
SAN JORGE: Seeks to Hire Saltlight Advisors as Collecting Agent
SECURE ACQUISITION: Moody's Affirms B3 CFR, Rates New Term Loan B3
SERIOUS DOGS: Scott Chernich Named Subchapter V Trustee
SINTX TECHNOLOGIES: Suspends Sales Under Maxim Group Agreement
SLM CORP: Moody's Alters Outlook on 'Ba1' Issuer to Negative
SOHI FELLOW: Public Sale Auction Set for August 15
SOLAR BIOTECH: Hearing on Bid Rules Set for July 19
SOUTH JEFFERSON: Hires C. Gaines Baker & Associates as Counsel
STEWARD HEALTH: Cain & Skarnulis Represents the Groggs
STEWARD HEALTH: Streusand Landon Represents Clients
SUN TECH AIR: Dawn Maguire Named Subchapter V Trustee
SUN TECH: Gets OK to Hire Ellet Law Offices as Bankruptcy Counsel
THERMOGENESIS HOLDINGS: Receives Default Notice From Boyalife Group
TOMMY'S FORT: Forshey & Prostok Files Rule 2019 Statement
TYLER GALLAGHER: Faces $21 Million CFTC & DFPI Lawsuit
UNITED TRUSTT: Richard Furtek Named Subchapter V Trustee
VALDOR LLC: Lisa Holder Named Subchapter V Trustee
VITVADVAS INC: Unsecureds to Get $610 per Month for 3 Years
WESTERN RISE: Seeks to Hire Potomac Law Group as Special Counsel
WILSONART LLC: Moody's Cuts CFR to B3, Rates New Secured Debt B2
XL REI: Seeks Approval to Hire Herrin Law as Bankruptcy Counsel
YERUSHA LLC: Seeks to Hire Landex LLC as Real Estate Broker
ZENITHEN HOLDINGS: Christy Brandon Named Subchapter V Trustee
[*] Iron Gate Motor Condominium Up For Sale on July 18
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
1416 EASTERN AVE: Hires Thompson Premier Homes Group as Realtors
----------------------------------------------------------------
1416 Eastern Ave NE, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to employ Thompson Premier Homes
Group as realtors.
The firm's services include:
(a) market the Debtor's property;
(b) meet with prospective purchasers;
(c) draft sales contracts;
(d) provide advice on the value of the property; and
(e) perform any other service which may be reasonably
necessary to consummate a sale of the property.
The firm will receive 5 percent commission from the proceeds of any
sale procured at the closing of that sale. It would pay a 1.5
percent commission with any agent for a buyer.
Eboneese Thompson, a real estate agent with Thompson Premier Homes
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 through:
Eboneese Thompson
Thompson Premier Homes Group
519 C. St. NE
Washington, DC 20002
Telephone: (240) 480-1616
About 1416 Eastern Ave NE
1416 Eastern Ave NE, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No.
24-00180) on May 29, 2024, listing under $1 million in both assets
and liabilities.
Judge Elizabeth L. Gunn oversees the case.
William C. Johnson, Jr., Esq., represents the Debtor as counsel.
2015 PARK: Seeks to Tap Calhoun Shaffer as Special Counsel
----------------------------------------------------------
2015 Park Street, LP seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to employ Calhoun Shaffer as its
special litigation counsel.
The Debtor needs a special counsel to continue the prosecution of
its claims against Fannie Mae in the pending lawsuit styled 2015
Park Street, L.P. v. Federal National Mortgage et al., in the U.S.
District Court for the Southern District of Texas.
On the petition date, the Debtor was indebted to Calhoun Shaffer
for $19,058 in unbilled fees.
The firm received a retainer in the amount of $5,000 from the
Debtor.
Wilson Calhoun, Esq., a senior partner at Calhoun Shaffer,
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:
Wilson Calhoun, Esq.
Calhoun Shaffer
500 N. Water Street, Suite 607
Corpus Christi, TX 78401
Telephone: (361) 882-3300
Facsimile: (361) 888-5404
About 2015 Park Street
2015 Park Street LP owns and operates a park in Corpus Christi,
Texas offering a picturesque setting close to Corpus Christi Bay
and the scenic Oso Beach Municipal Golf Course. The Park also
offers a range of rental options to suit diverse lifestyles.
2015 Park Street filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
24-20183) on July 1, 2024, listing up to $50 million in assets and
up to $10 million in liabilities. The petition was signed by Clyde
Nazareth, president of General Partner.
The Debtor tapped Nathaniel Peter Holzer, Esq., as bankruptcy
counsel and Wilson Calhoun, Esq., at Calhoun Shaffer as special
counsel.
2440 S ST SE: Seeks to Tap Thompson Premier Homes Group as Realtors
-------------------------------------------------------------------
2440 S St SE, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Columbia to employ Thompson Premier Homes Group as
realtors.
The firm's services include:
(a) market the Debtor's property;
(b) meet with prospective purchasers;
(c) draft sales contracts;
(d) provide advice on the value of the property; and
(e) perform any other service which may be reasonably
necessary to consummate a sale of the property.
The firm will receive 5 percent commission from the proceeds of any
sale procured at the closing of that sale. It would pay a 1.5
percent commission with any agent for a buyer.
Eboneese Thompson, a real estate agent with Thompson Premier Homes
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 through:
Eboneese Thompson
Thompson Premier Homes Group
519 C. St. NE
Washington, DC 20002
Telephone: (240) 480-1616
About 2440 S St SE
2440 S St SE, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 24-00188)
on May 29, 2024. In the petition signed by Ali Razjooyan, manager,
the Debtor disclosed up to $1 million in assets and up to $10
million in liabilities.
Judge Elizabeth L. Gunn oversees the case.
William C. Johnson, Jr., Esq., represents the Debtor as counsel.
2501 NAYLOR RD: Hires Thompson Premier Homes Group as Realtors
--------------------------------------------------------------
2501 Naylor Rd SE, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to employ Thompson Premier Homes
Group as realtors.
The firm's services include:
(a) market the Debtor's property;
(b) meet with prospective purchasers;
(c) draft sales contracts;
(d) provide advice on the value of the property; and
(e) perform any other service which may be reasonably
necessary to consummate a sale of the property.
The firm will receive 5 percent commission from the proceeds of any
sale procured at the closing of that sale. It would pay a 1.5
percent commission with any agent for a buyer.
Eboneese Thompson, a real estate agent with Thompson Premier Homes
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 through:
Eboneese Thompson
Thompson Premier Homes Group
519 C. St. NE
Washington, DC 20002
Telephone: (240) 480-1616
About 2501 Naylor Rd SE
2501 Naylor Rd SE, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No.
24-00182) on May 29, 2024, listing up to $1 million in assets and
up to $10 million in liabilities.
Judge Elizabeth L. Gunn oversees the case.
William C. Johnson, Jr., Esq., represents the Debtor as counsel.
316 BOWERY NEXT: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: 316 Bowery Next Generation LLC
4-6 Bleecker Street
New York NY 10012
Business Description: 316 Bowery Next is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: July 16, 2024
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 24-11237
Judge: Hon. Michael E Wiles
Debtor's Counsel: Mark Frankel, Esq.
BACKENROTH FRANKEL & KRINSKY, LLP
488 Madison Avenue FL 23
New York NY 10022-7658
Tel: 212-593-1100
Email: mfrankel@bfklaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Ephraim I. Diamond as CRO.
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/RR64RCA/316_BOWERY_NEXT_GENERATION_LLC__nysbke-24-11237__0001.0.pdf?mcid=tGE4TAMA
3968 MLK: Seeks to Hire Thompson Premier Homes Group as Realtors
----------------------------------------------------------------
3968 MLK, LLC seeks approval from the U.S. Bankruptcy Court for the
District of Columbia to employ Thompson Premier Homes Group as
realtors.
The firm's services include:
(a) market the Debtor's property;
(b) meet with prospective purchasers;
(c) draft sales contracts;
(d) provide advice on the value of the property; and
(e) perform any other service which may be reasonably
necessary to consummate a sale of the property.
The firm will receive 5 percent commission from the proceeds of any
sale procured at the closing of that sale. It would pay a 1.5
percent commission with any agent for a buyer.
Eboneese Thompson, a real estate agent with Thompson Premier Homes
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 through:
Eboneese Thompson
Thompson Premier Homes Group
519 C. St. NE
Washington, DC 20002
Telephone: (240) 480-1616
About 3968 MLK LLC
3968 MLK, LLC filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 24-00186) on May
29, 2024. In the petition signed by Ali Razjooyan, manager, the
Debtor disclosed up to $1 million in assets and up to $10 million
in liabilities.
Judge Elizabeth L. Gunn oversees the case.
William C. Johnson, Jr., Esq., represents the Debtor as counsel.
4010 9TH ST SE: Hires Thompson Premier Homes Group as Realtors
--------------------------------------------------------------
4010 9th St SE, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Columbia to employ Thompson Premier Homes Group
as realtors.
The firm's services include:
(a) market the Debtor's property;
(b) meet with prospective purchasers;
(c) draft sales contracts;
(d) provide advice on the value of the property; and
(e) perform any other service which may be reasonably
necessary to consummate a sale of the property.
The firm will receive 5 percent commission from the proceeds of any
sale procured at the closing of that sale. It would pay a 1.5
percent commission with any agent for a buyer.
Eboneese Thompson, a real estate agent with Thompson Premier Homes
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 through:
Eboneese Thompson
Thompson Premier Homes Group
519 C. St. NE
Washington, DC 20002
Telephone: (240) 480-1616
About 4010 9th St SE
4010 9th St SE, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 24-00187)
on May 29, 2024, listing up to $1 million in assets and up to $10
million in liabilities.
Judge Elizabeth L. Gunn oversees the case.
William C. Johnson, Jr., Esq., represents the Debtor as counsel.
4263 6TH ST SE: Hires Thompson Premier Homes Group as Realtors
--------------------------------------------------------------
4263 6th St SE Apartments, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Columbia to employ Thompson
Premier Homes Group as realtors.
The firm's services include:
(a) market the Debtor's property;
(b) meet with prospective purchasers;
(c) draft sales contracts;
(d) provide advice on the value of the property; and
(e) perform any other service which may be reasonably
necessary to consummate a sale of the property.
The firm will receive 5 percent commission from the proceeds of any
sale procured at the closing of that sale. It would pay a 1.5
percent commission with any agent for a buyer.
Eboneese Thompson, a real estate agent with Thompson Premier Homes
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 through:
Eboneese Thompson
Thompson Premier Homes Group
519 C. St. NE
Washington, DC 20002
Telephone: (240) 480-1616
About 4263 6th St SE Apartments
4263 6th St SE Apartments, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case
No. 24-00184) on May 29, 2024, listing under $1 million in both
assets and liabilities.
Judge Elizabeth L. Gunn oversees the case.
William C. Johnson, Jr., Esq., represents the Debtor as counsel.
4303-13 WHEELER RD: Taps Thompson Premier Homes Group as Realtors
-----------------------------------------------------------------
4303-13 Wheeler Rd SE, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to employ Thompson Premier Homes
Group as realtors.
The firm's services include:
(a) market the Debtor's property;
(b) meet with prospective purchasers;
(c) draft sales contracts;
(d) provide advice on the value of the property; and
(e) perform any other service which may be reasonably
necessary to consummate a sale of the property.
The firm will receive 5 percent commission from the proceeds of any
sale procured at the closing of that sale. It would pay a 1.5
percent commission with any agent for a buyer.
Eboneese Thompson, a real estate agent with Thompson Premier Homes
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 through:
Eboneese Thompson
Thompson Premier Homes Group
519 C. St. NE
Washington, DC 20002
Telephone: (240) 480-1616
About 4303-13 Wheeler Rd SE
4303-13 Wheeler Rd SE LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No.
24-00183) on May 29, 2024. In the petition signed by Ali Razjooyan,
manager, the Debtor disclosed up to $10 million in assets and up to
$50 million in liabilities.
Judge Elizabeth L. Gunn oversees the case.
William C. Johnson, Jr., Esq., represents the Debtor as counsel.
4400 HUNT PL: Hires Thompson Premier Homes Group as Realtors
------------------------------------------------------------
4400 Hunt PL NE, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Columbia to employ Thompson Premier Homes Group
as realtors.
The firm's services include:
(a) market the Debtor's property;
(b) meet with prospective purchasers;
(c) draft sales contracts;
(d) provide advice on the value of the property; and
(e) perform any other service which may be reasonably
necessary to consummate a sale of the property.
The firm will receive 5 percent commission from the proceeds of any
sale procured at the closing of that sale. It would pay a 1.5
percent commission with any agent for a buyer.
Eboneese Thompson, a real estate agent with Thompson Premier Homes
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 through:
Eboneese Thompson
Thompson Premier Homes Group
519 C. St. NE
Washington, DC 20002
Telephone: (240) 480-1616
About 4400 Hunt PL NE
4400 Hunt PL NE, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 24-00189)
on May 29, 2024, listing under $10 million in both assets and
liabilities.
Judge Elizabeth L. Gunn oversees the case.
William C. Johnson, Jr., Esq., represents the Debtor as counsel.
4935 NHB AVE NE: Hires Thompson Premier Homes Group as Realtors
---------------------------------------------------------------
4935 NHB Ave NE, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Columbia to employ Thompson Premier Homes Group
as realtors.
The firm's services include:
(a) market the Debtor's property;
(b) meet with prospective purchasers;
(c) draft sales contracts;
(d) provide advice on the value of the property; and
(e) perform any other service which may be reasonably
necessary to consummate a sale of the property.
The firm will receive 5 percent commission from the proceeds of any
sale procured at the closing of that sale. It would pay a 1.5
percent commission with any agent for a buyer.
Eboneese Thompson, a real estate agent with Thompson Premier Homes
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 through:
Eboneese Thompson
Thompson Premier Homes Group
519 C. St. NE
Washington, DC 20002
Telephone: (240) 480-1616
About 4935 NHB Ave NE
4935 NHB Ave NE, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No. 24-00185)
on May 29, 2024, listing up to $1 million in assets and up to $10
million in liabilities.
Judge Elizabeth L. Gunn oversees the case.
William C. Johnson, Jr., Esq., represents the Debtor as counsel.
7 DAYS NEW ROOF: Michael Markham Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as
Subchapter V trustee for 7 Days New Roof, Inc.
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 7 Days New Roof
7 Days New Roof, Inc. filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-03749) on
July 3, 2024, with $100,001 to $500,000 in assets and $500,001 to
$1 million in liabilities.
Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A.
represents the Debtor as legal counsel.
945 LONGFELLOW ST: Hires Thompson Premier Homes Group as Realtors
-----------------------------------------------------------------
945 Longfellow St NW, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to employ Thompson Premier Homes
Group as realtors.
The firm's services include:
(a) market the Debtor's property;
(b) meet with prospective purchasers;
(c) draft sales contracts;
(d) provide advice on the value of the property; and
(e) perform any other service which may be reasonably
necessary to consummate a sale of the property.
The firm will receive 5 percent commission from the proceeds of any
sale procured at the closing of that sale. It would pay a 1.5
percent commission with any agent for a buyer.
Eboneese Thompson, a real estate agent with Thompson Premier Homes
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 through:
Eboneese Thompson
Thompson Premier Homes Group
519 C. St. NE
Washington, DC 20002
Telephone: (240) 480-1616
About 945 Longfellow St NW
945 Longfellow St NW, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.D.C. Case No.
24-00181) on May 29, 2024. In the petition signed by Ali Razjooyan,
manager, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Elizabeth L. Gunn oversees the case.
William C. Johnson, Jr., Esq., represents the Debtor as counsel.
AAL DELAWARE: Moody's Assigns 'B2' CFR, Outlook Stable
------------------------------------------------------
Moody's Ratings assigned a B2 corporate family rating and a B2-PD
probability of default rating to AAL Delaware Holdco, Inc.
("Acuren"). Moody's also assigned a B2 rating to the company's
senior secured revolving credit facility and the senior secured
term loan. The rating outlook is stable. The ratings are subject to
review of final documents.
Governance considerations under Moody's ESG framework, specifically
financial strategy & risk management, were a key driver of the new
rating assignment.
In May 2024, Admiral Acquisition Ltd ("Admiral") signed a
definitive agreement to acquire Acuren from American Securities.
Admiral will use proceeds from the senior secured term loan, along
with new equity capital and cash on hand to fund the acquisition,
which is expected to close later in July 2024. Following the change
of ownership, Acuren will become a publicly traded company, with
the current management team staying in place.
RATINGS RATIONALE
Acuren's B2 CFR is supported by its strong market position, with
only a few sizeable competitors, and the recurring nature of most
of its revenues since it provides safety critical,
non-discretionary testing and inspection services, along with a
mostly blue-chip customer base. The rating also reflects its public
company status following the change of ownership, along with
moderate financial leverage, and ample interest coverage.
Acuren's rating is constrained by its relatively small scale,
moderate customer concentration and the cyclicality of its end
markets. Acuren will be impacted by weakness in the end markets it
serves even though it generates most of its revenues from
maintenance and testing services, since new project work will ebb
and customer spending on maintenance and testing could weaken in a
downturn. The company's acquisitive history and the likelihood it
will pursue additional deals in the future is also reflected in the
rating.
Acuren has demonstrated consistent revenue and EBITDA growth in
recent years, through both organic and inorganic opportunities. The
management team has also demonstrated their ability to successfully
integrate acquisitions. Moody's expect this to continue under the
new ownership, while maintaining strong metrics that are
commensurate with the rating.
Acuren has the largest share of the North American market for
non-destructive testing which evaluates industrial equipment to
ensure asset integrity and to comply with regulatory requirements.
This is a safety critical service that companies in the refining,
petrochemical, pipeline, power, paper & pulp and industrial sector
regularly utilize to increase the lifespan of equipment and to
avoid costly downtime and accidents. In addition, Acuren provides
nested crews working full-time at customer sites that complete
routine maintenance and repair services and it also provides
turnaround services.
Acuren's liquidity is good. The company is expected to have $60
million of cash on the balance sheet at closing, and a fully
undrawn $75 million revolver. Moody's expect Acuren to consistently
generate positive free cash flow as a result of its low capex
requirements. The revolving credit facility is subject to a
springing first lien net leverage ratio covenant, tested when
utilization exceeds 35% of capacity. The term loan does not have
any financial maintenance covenants.
Acuren has been assigned a Credit Impact Score of CIS-4 which
indicates the rating is lower than it would have been if ESG risk
exposures did not exist. The company has an Environmental Issuer
Profile Score ("IPS") of E-3 which reflects its exposure to carbon
transition risk resulting from its reliance on the oil & gas and
chemicals end-markets. However, this is somewhat tempered by the
nature of services it provides, which help reduce the risk of
equipment failure and accidents. Acuren has a Social IPS of S-4
which mainly reflects exposure to human capital risk – because of
the need to employ and retain highly skilled engineers, lab
technicians, and nested crews – as well as health & safety risk
– as these crews face potential safety hazards at their job
sites. The company has a Governance IPS of G-4, mainly reflecting
limited track record of operating under the new ownership, and
reliance on M&A for growth, which could periodically stretch credit
metrics.
Marketing terms for the new credit facilities (final terms may
differ materially) include the following: (1) Incremental pari
passu debt capacity up to the greater of $179 million and 100% of
consolidated EBITDA, plus unlimited amounts subject to 1.1x of the
closing date first lien net leverage ratio. There is no inside
maturity sublimit. (2) A "blocker" provision restricts the transfer
of material intellectual property to unrestricted subsidiaries.
Investments, dispositions and transfers to unrestricted
subsidiaries are permitted only in reliance on a specific basket in
an amount to be disclosed in the final documentation. (3) The
credit agreement provides some limitations on up-tiering
transactions, requiring each lender consent for amendments that
subordinate the lien or payment priority.
The stable outlook assumes the company's operating results remain
steady over the next 12-18 months under the new ownership, along
with a successful transfer of the equity listing to the New York
Stock Exchange following close of the transaction.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could consider an upgrade if the company enhances its scale
and end market diversity, sustains its profit margins, its leverage
is sustained below 4.0x and produces FFO/Debt of at least 15% on a
sustained basis. However, its relatively small scale will limit its
upside ratings potential.
Moody's could consider a downgrade if the company has a weaker than
expected operating performance that results in a material
deterioration in its credit metrics. The leverage ratio rising
above 5.5x or the interest coverage ratio (EBITA/Interest)
persisting below 2.0x could lead to a downgrade. A significant
reduction in borrowing availability or liquidity could also result
in a downgrade.
Headquartered in Houston, Texas, Acuren provides non-destructive
testing, rope access, drone and robotic services, infrared
inspection, calibration services, lab testing, engineering and
nested operations and maintenance crews to the refining, chemical,
petrochemical, pipeline, power, paper & pulp and industrial
sectors. The company generated revenues of about $1.1 billion
during the LTM period ending Mar 31, 2024.
The principal methodology used in these ratings was Construction
published in September 2021.
ACORDA THERAPEUTICS: Closes $185MM Asset Sale With Merz Pharma
--------------------------------------------------------------
Acorda Therapeutics, Inc. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on July 10, 2024,
the Company completed the Asset Purchase Agreement with Merz
Pharmaceuticals, LLC.
As previously disclosed, the Company and its wholly owned
subsidiary, Civitas Therapeutics, Inc., entered into a "stalking
horse" Asset Purchase Agreement with Merz Pharmaceuticals and,
solely with respect to the guarantee of the Purchaser's payment
obligations thereunder, Merz Pharma GmbH & Co. KGaA. The Asset
Purchase Agreement provides for the sale of substantially all of
the Company's assets to the Purchaser for $185 million, less
certain deductions and adjustments as specified in the Asset Sale.
On April 1, 2024, the Company, together with certain of its
subsidiaries, commenced voluntary proceedings under Chapter 11 of
the United States Bankruptcy Code in the United States Bankruptcy
Court for the Southern District of New York under the caption In re
Acorda Therapeutics, Inc., et al. The Company continues to operate
its business as a "debtor-in-possession" in accordance with the
applicable provisions of the Code and orders of the Court. On June
7, 2024, the Court held a hearing to consider approval of the Asset
Sale and entered an order on June 12, 2024 approving the Asset
Sale.
Proceeds from the Asset Sale were $185 million, of which (i)
approximately $139 million were distributed to the Company's
secured creditors, including approximately $62 million to repay the
"debtor-in-possession" loan provided by certain of the secured
lenders, (ii) $5 million was deposited into an escrow account to
settle post-closing adjustments pursuant to the Asset Purchase
Agreement, and (iii) subject to approval of the Court,
approximately $10.5 million was withheld in connection with the
wind-down of the Company and confirmation of the plan of
liquidation (the "Plan"). The Company does not expect that there
will be any proceeds available for distribution to the Company's
stockholders either in connection with the Asset Sale or the
ultimate liquidation of the Company's assets and settlement of
claims under the Plan. Upon the Court's confirmation of the Plan,
the Company anticipates deregistering its common stock, and, upon
effectiveness of the Plan, the Company's outstanding common stock
will be cancelled. Nothing herein is intended to act as a
solicitation of the Plan, which is not subject to stockholder
approval.
About Acorda Therapeutics
Acorda Therapeutics Inc. is a biopharmaceutical company that has
developed breakthrough products, therapies, and biotechnology to
restore function and improve the lives of people with neurological
disorders. INBRIJA is approved for intermittent treatment of OFF
episodes in adults with Parkinson's disease treated with
carbidopa/levodopa.
Acorda Therapeutics Inc. and its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 24-22284) on April 1, 2024. In the petition signed by Michael
A. Gesser, as chief financial officer, the Debtor disclosed total
assets as of Dec. 31, 2023, of $108,525,000 and total debt as of
Dec. 31, 2023, of $266,204,000.
The Honorable Bankruptcy Judge David S. Jones handles the case.
The Debtor tapped Baker McKenzie as legal counsel; Togut, Segal &
Segal LLP as conflicts counsel; Ernst & Young as financial advisor;
and Ducera Partners and Leerink Partners as investment bankers.
Kroll Restructuring Administration is the claims agent.
Merz is being advised by Freshfields Bruckhaus Deringer US LLP as
legal counsel, Morgan Stanley as investment banker, and Deloitte as
financial and tax advisors. Senior Convertible Noteholders are
being advised by King & Spalding as legal counsel and Perella
Weinberg Partners as investment banker.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
AEL INVESTMENT: Aleida Martinez Molina Named Subchapter V Trustee
-----------------------------------------------------------------
The U.S. Trustee for Region 21 appointed Aleida Martinez Molina,
Esq., as Subchapter V trustee for AEL Investment Group, LLC.
Ms. Molina will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Molina declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Aleida Martinez Molina, Esq.
2121 NW 2nd Avenue, Suite 201
Miami, FL 33127
Telephone: (305) 297-1878
Email: Martinez@subv-trustee.com
About AEL Investment Group
AEL Investment Group, LLC, a Miami-based company, filed a petition
under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.
Fla. Case No. 24-16739) on July 3, 2024, with $1 million to $10
million in both assets and liabilities. Enrique E. Larach, Sr.,
authorized member, signed the petition.
Judge Corali Lopez-Castro presides over the case.
Bradley S. Shraiberg, Esq., at Shraiberg Page, PA represents the
Debtor as legal counsel.
AP CORE II: Moody's Lowers CFR to B3 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings downgraded AP Core Holdings II, LLC's ("AP Core",
d/b/a "Yahoo") Corporate Family Rating and backed senior secured
first lien bank credit facility to B3 from B2. The Probability of
Default Rating was also downgraded to B3-PD from B2-PD. The outlook
was changed to negative from stable.
The ratings downgrade and negative outlook reflect continued weak
operating performance which has led to increased leverage (6.6x as
of LTM Q1 2024 including Moody's standard lease adjustments or 7.9x
excluding Moody's standard lease adjustment) and negative free cash
flow (-$180 million LTM Q1 2024). The decline in results reflects
challenges migrating some traffic to new platforms, a difficult
digital advertising environment, and highly competitive industry
conditions. While Moody's expect results to begin to improve
modestly in 2024 as some of the prior operating initiatives take
hold, the timing and degree of improvement is uncertain in the near
term. High interest expense and capital spending levels are also
likely to lead to continued negative free cash flow (FCF) and
reduce cash available on the balance sheet.
ESG was a factor in the rating reflecting the company's recent
track record of underperformance relative Moody's expectations and
challenges in improving the business model.
RATINGS RATIONALE
AP Core's B3 CFR reflects the company's: (i) very weak operating
performance over the past year that has led to an increase in
leverage (in addition to the removal of AOL assets from the credit
group); (ii) significant related party transactions with College
Parent; (iii) low EBITDA margins (Moody's adjusted) partly due to
high traffic acquisition costs and expenses associated with
restructuring initiatives; (iv) elevated dependence on desktop
traffic and challenges attracting younger demographic groups to
some services; and (v) competitive industry conditions, chiefly in
search advertising and email. There is also the absence of a long
operating history as a standalone entity and execution risk related
to operating initiatives.
The credit profile also reflects (i) the company's scale as a
leading online content aggregator with a very large online user
base; (ii) diversified and personalized content offerings; and
(iii) operating initiatives that Moody's expect will lead to
improved operating performance over the next twelve months.
AP Core's liquidity is adequate in the near term as a result of
$395 million of cash on the balance sheet as of Q1 2024, but
available cash is likely to continue to decline in the next twelve
months due to negative FCF driven by operating performance, high
interest expense and capex levels ($213 million in capex LTM Q1
2024). Availability on the $150 million revolving credit facility
($19 million of L/Cs outstanding) due September 2026 is limited to
35% as the existing leverage levels are above the net first lien
leverage ratio of 2.3x. AP Core has also completed several modest
sized acquisitions to improve its service offering and may consider
additional purchases going forward. Moody's also expect the company
to continue to pursue dispositions of non core assets that could be
an additional source of liquidity.
The term loans are covenant lite. The revolver is subject to a net
first lien leverage ratio of 2.3x when more than 35% of the
facility is drawn compared to a covenant calculated leverage level
of 2.94x as of Q1 2024. Moody's expect leverage will remain above
the compliance covenant in the near term and limit full revolver
access.
The negative outlook reflects the persistent declines in operating
performance as a result of lower revenue and higher expenses driven
by challenging industry conditions, higher spending on initiatives
to improve AP Core's service offering, and difficulty executing
operating enhancements. Moody's expect revenue and EBITDA will
benefit over time from changes to its ad tech strategy and
commercial agreements with Taboola and Google ad manager that will
lead to better monetization and lower costs. However, the timing
and degree of improvement is uncertain and available liquidity will
continue to be pressured absent additional meaningful asset sales.
Industry conditions are also highly competitive and the challenges
are likely to be increased by the roll out of AI from competitors
that have substantially larger scale and resources.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
AP Core's ratings could be downgraded if leverage was expected to
be sustained above 7x (as calculate by Moody's) due to continuing
declines in EBITDA, additional debt issuance, or removal of
additional assets from the credit group. A weakened liquidity
position due to continuing negative free cash flow or significant
distributions to the parent could also lead to negative rating
pressure.
AP Core's ratings could be upgraded if the company demonstrates
organic revenue growth of at least the low-to-mid-single digits
with expanding EBITDA margins. Leverage would also need to be
sustained below 5x (Moody's adjusted) and AP Core would have to
maintain a good liquidity profile with no material near term debt
maturities and an adjusted FCF to debt ratio of at least 5%.
Confidence would also be needed that the company would pursue a
prudent financial policy and not complete any additional leveraging
transactions or transfers of assets outside the credit group.
With offices in Mountain View, CA and New York, NY, AP Core
Holdings II, LLC ("AP Core" d/b/a "Yahoo") is a subsidiary of
College Parent, L,P. (College Parent). AP Core is a leading global
online content aggregator and web services provider. The online
portal's web properties include: Search, Consumer (Yahoo Mail,
Yahoo Finance, Yahoo News, Yahoo Sports, Yahoo Entertainment and
Yahoo Lifestyle). In September 2021, the assets of Verizon Media
Group ("VMG"), which was a division of Verizon Communications Inc.,
were reorganized and purchased by Apollo Global Management, Inc. in
a buyout transaction totaling approximately $4.6 billion. College
Parent, L.P. was formed as a new holding company with no material
assets other than the equity interests of its subsidiaries that own
the reorganized VMG assets. Apollo and Verizon own approximately
90% and 10%, respectively of the College Parent's common equity. AP
Core's revenue totaled approximately $3.5 billion LTM ended Q1
2024.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
ARCLINE FM: S&P Affirms 'B' Rating on First-Lien Term Loan
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' issue-level rating on Arcline
FM Holdings LLC's (dba Fairbanks Morse Defense [FMD]) proposed
upsized first-lien term loan due 2028.
At the same time, S&P revised the recovery rating to '4' from '3',
indicating its expectation for average (30%-50%; rounded estimate:
40%) recovery in the event of a default.
The company plans to upsize its existing first-lien term loan by
$160 million while also lowering its interest rate on the facility.
S&P said, "We expect FMD will use the proceeds from the additional
debt to pay down its asset-based lending (ABL) draw and the
entirety of its second-lien term loan, which leads us to view the
transaction as leverage neutral. We also expect the transaction to
reduce the company's interest expense."
S&P's 'B' issuer credit rating and stable outlook on FMD are
unchanged.
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- FMD's proposed capital structure will comprise a $1.46 billion
first-lien term loan due 2028 and a $90 million ABL revolving
credit facility due 2026 (not rated).
-- S&P values the company on a going-concern basis using a 5x
multiple of our projected emergence EBITDA.
-- Other key assumptions at default include SOFR of 2.5% and the
ABL revolver is 60% drawn.
Simulated default assumptions
-- Simulated year of default: 2027
-- EBITDA at emergence: $147 million
-- EBITDA multiple: 5x
Simplified waterfall
-- Net enterprise value (after 5% administrative costs): $700
million
-- Valuation split (obligors/nonobligors): 100%/0%
-- Collateral value available to lenders of first-lien debt: $645
million
-- First-lien debt claims: $1.47 billion
--Recovery expectations: 30%-50% (rounded estimate: 40%)
ASHFORD HOSPITALITY: Declares Preferred Dividends For Q3 2024
-------------------------------------------------------------
Ashford Hospitality Trust, Inc. announced on July 11, 2024, that
its Board of Directors declared a dividend of $0.5281 per diluted
share for the Company's 8.45% Series D Cumulative Preferred Stock
for the third quarter ending September 30, 2024. The dividend is
payable on October 15, 2024, to stockholders of record as of
September 30, 2024.
The Board declared dividends of:
a. $0.4609 per diluted share for the Company's 7.375% Series F
Cumulative Preferred Stock for the third quarter ending September
30, 2024. The dividend is payable on October 15, 2024, to
stockholders of record as of September 30, 2024.
b. $0.4609 per diluted share for the Company's 7.375% Series G
Cumulative Preferred Stock for the third quarter ending September
30, 2024. The dividend is payable on October 15, 2024, to
stockholders of record as of September 30, 2024.
c. $0.46875 per diluted share for the Company's 7.50% Series H
Cumulative Preferred Stock for the third quarter ending September
30, 2024. The dividend is payable on October 15, 2024, to
stockholders of record as of September 30, 2024.
d. $0.46875 per diluted share for the Company's 7.50% Series I
Cumulative Preferred Stock for the third quarter ending September
30, 2024. The dividend is payable on October 15, 2024, to
stockholders of record as of September 30, 2024.
Additionally, the Board declared a monthly cash dividends for:
a. all CUSIPS of the Company's Series J Redeemable Preferred
Stock payable as follows: $0.16667 per share will be paid on August
15, 2024 to stockholders of record as of July 31, 2024; $0.16667
per share will be paid on September 16, 2024 to stockholders of
record as of August 30, 2024; and $0.16667 per share will be paid
on October 15, 2024 to stockholders of record as of September 30,
2024.
b. CUSIPs 04410D867, 04410D792, 04410D727 and 04410D651 of the
Company's Series K Redeemable Preferred Stock payable as follows:
$0.17292 per share will be paid on August 15, 2024 to stockholders
of record as of July 31, 2024; $0.17292 per share will be paid on
September 16, 2024 to stockholders of record as of August 30, 2024;
and $0.17292 per share will be paid on October 15, 2024 to
stockholders of record as of September 30, 2024.
c. all remaining CUSIPs of the Company's Series K Redeemable
Preferred Stock payable as follows: $0.17083 per share will be paid
on August 15, 2024 to stockholders of record as of July 31, 2024;
$0.17083 per share will be paid on September 16, 2024 to
stockholders of record as of August 30, 2024; and $0.17083 per
share will be paid on October 15, 2024 to stockholders of record as
of September 30, 2024.
As of June 30, 2024, there were 5,206,397 shares of the Company's
Series J Redeemable Preferred Stock and 357,933 shares of the
Company's Series K Redeemable Preferred Stock issued and
outstanding.
About Ashford Hospitality
Headquartered in Dallas, Texas, Ashford Hospitality Trust, Inc.
operates as a self-advised real estate investment trust focusing on
the lodging industry. As of March 31, 2024, the Trust had $3.54
billion in total assets against $3.67 billion in total
liabilities.
Ashford Hospitality Trust reported a net loss of $180.73 million
for the year ended Dec. 31, 2023, compared to a net loss of $141.06
million for the year ended Dec. 31, 2022. As of Dec. 31, 2023, the
Company had $3.46 billion in total assets, $3.69 billion in total
liabilities, $22.01 million in redeemable noncontrolling interests
in operating partnership, $79.98 million in Series J Redeemable
Preferred Stock, $0.01 par value (3,475,318 shares issued and
outstanding at December 31, 2023), $4.78 million in Series K
Redeemable Preferred Stock, $0.01 par value (194,193 shares issued
and outstanding at December 31, 2023), and $331.04 million in total
deficit.
* * *
Egan-Jones Ratings Company, on May 5, 2023, maintained its 'CCC+'
foreign currency and local currency senior unsecured ratings on
debt issued by Ashford Hospitality Trust, Inc.
On March 1, 2024, the Company received notice that the hotel
properties securing the KEYS Pool A and KEYS Pool B loans have been
transferred to a court-appointed receiver.
On March 6, 2024, the Company sold the Residence Inn Salt Lake City
in Salt Lake City, Utah for $19.2 million in cash. As reported by
the TCR on April 22, the Company closed on the sale of the 390-room
Hilton Boston Back Bay in Boston, Massachusetts for $171 million,
on April 29 it has closed on the sale of the 85-room Hampton Inn in
Lawrenceville, Georgia for $8.1 million, on May 27, Ashford closed
$267M refinancing of the mortgage loan for the 673-room Renaissance
Hotel in Nashville, Tennessee, which had a final maturity date of
March 2026. On June 14, the Company has closed on the sale of the
90-room Courtyard located in Manchester, Connecticut for $8
million.
ASPIRA WOMEN'S: Jack Schuler Holds 14% Equity Stake as of July 9
----------------------------------------------------------------
Jack W. Schuler and its Living Trust disclosed in a Schedule 13D/A
Report that as of July 9, 2024, they hold an aggregate of:
(i) 1,918,692 Shares;
(ii) 8,888 Common Stock Warrants issued on August 25, 2022 and
expiring on January 26, 2029, each of which is exercisable (subject
to the Beneficial Ownership Limitation) pursuant to the terms
thereof to purchase one Share;
(iii) 28,500 Common Stock Purchase Warrants issued on January
26, 2024 and expiring on July 26, 2029, each of which is
exercisable pursuant to the terms thereof to purchase one Share;
and
(iv) 6,536 Common Stock Warrants, issued on July 9, 2024 and
expiring on July 9, 2027, each of which is exercisable pursuant to
the terms thereof to purchase one Share.
The terms of the Warrants provide that Warrants may not be
exercised if, after such exercise, the Reporting Persons would
beneficially own, as determined in accordance with Section 13(d) of
the Securities Exchange Act of 1934, as amended, more than 4.99% of
the Shares then issued and outstanding. As of the date hereof, the
Beneficial Ownership Limitation does not permit the Reporting
Persons to exercise any portion of the Warrants. In providing the
beneficial ownership information set forth herein, the Reporting
Persons have assumed that the aggregate 43,924 Warrants held by the
Reporting Persons are not exercisable due to the Beneficial
Ownership Limitation.
The shares owned represents 14% of the shares outstanding
calculated based on 12,449,512 Shares outstanding as of May 10,
2024, as reported by Aspira in its Form 10-Q filed with the SEC on
May 15, 2024, as adjusted and approximated for the issuance of
Shares in the July 2024 Private Placement
About Aspira Women's Health
Formerly known as Vermillion, Inc., Aspira Women's Health Inc. --
http://www.aspirawh.com-- is dedicated to the discovery,
development, and commercialization of noninvasive, AI-powered tests
to aid in the diagnosis of gynecologic diseases. OvaWatch and
Ova1Plus are offered to clinicians as OvaSuiteSM. Together, they
provide the only comprehensive portfolio of blood tests to aid in
the detection of ovarian cancer for the 1.2+ million American women
diagnosed with an adnexal mass each year. OvaWatch provides a
negative predictive value of 99% and is used to assess ovarian
cancer risk for women where initial clinical assessment indicates
the mass is indeterminate or benign, and thus surgery may be
premature or unnecessary. Ova1Plus is a reflex process of two
FDA-cleared tests, Ova1 and Overa, to assess the risk of ovarian
malignancy in women planned for surgery.
Aspira Women's Health reported a net loss of $16.69 million for the
year ended Dec. 31, 2023, compared to a net loss of $29.88 million
for the year ended Dec. 31, 2022. As of March 31, 2024, the Company
had $7.16 million in total assets, $8.53 million in total
liabilities, and a total stockholders' deficit of $1.36 million.
Boston, Massachusetts-based BDO USA, P.C., the Company's auditor
since 2012, issued a "going concern" qualification in its report
dated March 29, 2024, citing that Company has suffered recurring
losses from operations and expects to continue to incur substantial
losses in the future, which raise substantial doubt about its
ability to continue as a going concern.
ASTRA SPACE: Closes $500,000 Senior Secured Convertible Note
------------------------------------------------------------
Astra Space, Inc. disclosed in Form 8-K Report filed with the U.S.
Securities and Exchange Commission that the Company closed a
subsequent financing pursuant to that certain Securities Purchase
Agreement dated as of August 4, 2023 (as amended or otherwise
modified by, inter alia, that certain Reaffirmation Agreement and
Omnibus Amendment Agreement dated as of November 6, 2023, that
certain Omnibus Amendment No. 3 Agreement dated as of November 21,
2023, that certain Amendment to Securities Purchase Agreement dated
as of January 19, 2024, that certain Amendment to Senior Secured
Convertible Notes dated as of January 31, 2024, that certain Second
Amendment to Securities Purchase Agreement and Second Amendment to
Senior Secured Convertible Notes dated as of February 26, 2024,
that certain Limited Waiver and Consent to Senior Secured
Convertible Notes and Common Stock Purchase Warrant and
Reaffirmation of Transaction Documents, dated as of March 7, 2024,
that certain Third Amendment to Securities Purchase Agreement and
Third Amendment to Senior Secured Convertible Notes dated as of
April 10, 2024, that certain Fourth Amendment to Senior Secured
Convertible Notes dated as of April 30, 2024 and that certain Fifth
Amendment to Senior Secured Convertible Notes dated as of May 31,
2024, as so amended and modified, the "Purchase Agreement"), in
which Chenel Capital Partners LLC purchased $500,000 in aggregate
principal amount of a 12.0% Senior Secured Convertible Note due
2025 in the form of the Senior Secured Convertible Note due 2025.
The Subsequently Purchased Convertible Note is subject to the terms
of a noteholder conversion agreement that Chenel Capital executed
and delivered to Apogee Parent Inc., in connection with the
Company's entry into the Agreement and Plan of Merger with Parent
and Apogee Merger Sub Inc.
Net proceeds from the Subsequent Financing, after deducting
estimated offering expenses, were approximately $490,000. Following
the sale of the Subsequently Purchased Convertible Note, the
Company may issue additional 12.0% Senior Secured Convertible Notes
due 2025 under the Purchase Agreement in an aggregate original
principal amount not exceeding $11,432,621.77, and Common Stock
Purchase Warrants, subject to certain limitations, including
obtaining the consent of holders of a majority interest of the
12.0% Senior Secured Convertible Notes due 2025 and Common Stock
Purchase Warrants then outstanding.
The Subsequently Purchased Convertible Note matures on November 15,
2025, unless extended, and is convertible into shares of the
Company's Class A common stock, par value $0.0001 (such shares of
Class A Common Stock issuable upon conversion of the Subsequently
Purchased Convertible Note, the "Underlying Shares"). On the
Maturity Date, the Company will pay Chenel Capital, along with the
holders of all of the Existing Issued Convertible Notes an amount
in cash equal to the product of (i) the then-outstanding Stated
Principal Amount of the Convertible Notes, multiplied by (ii) the
then applicable Minimum Return amount in effect at such time, plus
accrued and uncapitalized interest on the Convertible Notes;
provided that, if the Maturity Date has been extended, the Company
will pay holders of Convertible Notes an amount in cash equal to
the greater of (x) the Minimum Return Maturity Amount and (y) the
then-outstanding principal amount plus any accrued and
uncapitalized interest on the Convertible Notes. In the event that
any prepayment or redemption of the Convertibles Notes is made in
full prior to the Maturity Date (or is deemed to have occurred in
the case of an Event of Default Acceleration Event), the Company
will pay in full all outstanding obligations under the Convertible
Notes, which will include the payment, if applicable, of any
Minimum Return amount, which ranges from 150% to 175% of the
outstanding Stated Principal Amount of the Convertible Notes
depending on the timing of the prepayment or redemption event, as
applicable.
The terms related to interest, security, payments, conversion
(including the conversion rate), rights of Chenel Capital upon a
Fundamental Change and affirmative and negative covenants are the
same as described under the heading "Convertible Notes Issuance" in
the Company's Current Report on Form 8-K filed with the SEC on
November 24, 2023. Chenel Capital has agreed that the transactions
currently contemplated by the Merger Agreement, including any
filings required by Chenel Capital as a result of the Subsequent
Financing, or any other person or persons with the SEC in
connection with the Merger Agreement will not constitute a
Fundamental Change.
The Subsequently Purchased Convertible Note was not issued pursuant
to an indenture. Unless the Company obtains the Requisite
Stockholder Approvals, the Company will be prohibited from issuing
any shares of Class A Common Stock upon conversion of the
Subsequently Purchased Convertible Note if the issuance of such
shares of Class A Common Stock, together with shares issued upon
the conversion of any other Convertible Notes and exercise of any
Warrants, would exceed 19.99% of the Company's outstanding shares
of Class A Common Stock as of the date of the Purchase Agreement or
otherwise exceed the aggregate number of shares of Class A Common
Stock which the Company may issue without breaching the Company's
obligations under the Nasdaq listing rules.
The Subsequent Financing is connected to the Company's
announcements in its November 8-K and subsequent filings with the
SEC throughout early 2024, detailing a series of closings with JMCM
Holdings LLC, MH Orbit LLC, SherpaVentures Fund II, LP, Chris C.
Kemp through the Kemp Trust, Dr. Adam P. London, RBH Ventures Astra
SPV, LLC, ERAS Capital, LLC, Ulrich Gall, Richard Delmas Breezy
Wynn, and Astera Institute. These transactions involved the
issuance of senior secured convertible notes and warrants,
following previous financing rounds discussed in the Company's
filings from November 2023 through July 2024.
The Subsequently Purchased Convertible Note and the Underlying
Shares have not been, and the Subsequently Purchased Convertible
Note will not be, registered under the Securities Act of 1933, as
amended or the securities laws of any other jurisdiction. The
Subsequently Purchased Convertible Note and the Underlying Shares
may not be offered or sold in the United States absent registration
or an applicable exemption from registration under the Securities
Act and any applicable state securities laws. The Subsequently
Purchased Convertible Note was offered and sold to Chenel Capital
in a transaction exempt from registration under the Securities Act
in reliance on Section 4(a)(2) thereof and Rule 506(b) of
Regulation D thereunder. Chenel Capital is an "accredited
investor," as defined in Regulation D, and acquired the
Subsequently Purchased Convertible Note and any Underlying Shares
for investment only and not with a view toward, or for resale in
connection with, the public sale or distribution thereof.
Pursuant to the Purchase Agreement, the Company is required to file
a registration statement with the SEC no later than August 1, 2024,
to register the resale of all Underlying Shares.
About Astra Space, Inc.
Headquartered in Alameda, Calif., Astra's mission is to improve
life on Earth from space by creating a healthier and more connected
planet. Today, Astra offers one of the lowest cost-per-launch
dedicated orbital launch services, and one of the industry's
leading flight-proven electric propulsion systems for satellites,
the Astra Spacecraft Engine. Visit astra.com to learn more about
Astra.
As of March 31, 2024, the Company had $78.2 million in total
assets, $111.9 million in total liabilities, and total
stockholders' deficit of $33.7 million.
San Francisco, Calif.-based PricewaterhouseCoopers LLP, the
Company's auditor since 2022, issued a "going concern"
qualification in its report dated April 17, 2024, citing that the
Company has incurred operating losses and has additional capital
needs to proceed with its business plan and has stated that these
events or conditions raise substantial doubt about its ability to
continue as a going concern.
BGHTX 01: Drew McManigle Named Subchapter V Trustee
---------------------------------------------------
The U.S. Trustee for Region 7 appointed Drew McManigle as
Subchapter V trustee for BGHTX 01, LLC.
Mr. McManigle will be paid an hourly fee of $450 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. McManigle declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Drew McManigle
700 Milam, Suite 1300
Houston, TX 77002
Telephone: (410) 350-1839
Email: drew@macco.group
About BGHTX 01
BGHTX 01, LLC, a company in Corpus Christi, Texas, sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
S.D. Tex. Case No. 24-20187) on July 1, 2024, with $1 million to
$10 million in both assets and liabilities. Robert Orfino, manager,
signed the petition.
Judge Marvin Isgur presides over the case.
H. Gray Burks, IV, Esq., at BurksBaker, PLLC represents the Debtor
as legal counsel.
CANO HEALTH: Plan Effective Date Occurred June 28
-------------------------------------------------
The Fourth Modified First Amended Joint Chapter 11 Plan of Cano
Health Inc. and and Its Affiliated Debtors became effective on June
28, 2024. As of the effective date, all releases, exculpations,
discharges, and injunctions set forth in the plan are now
effective.
According to the Troubled Company Reporter on July 12, 2024, Cano
Health Inc., won court approval to hand ownership to creditors in
exchange for reducing debt by about $1 billion.
At a court hearing Friday, June 28, 2024, morning, US Bankruptcy
Judge Karen Owens gave the company permission to implement a
reorganization plan backed by lenders including Nut Tree Capital
Management, Carlyle Investment Managementand Squarepoint Ops.
Those investors were among a group that negotiated a bankruptcy
deal with Cano to slash debt and lend the company fresh cash in
exchange for equity stakes.
TCR reported thatCano Health, Inc., a value-based primary care
provider and population health company, announced on June 28 that
it successfully emerged from Chapter 11 as a reorganized private
company with a significantly improved capital structure and
optimized operations focused on providing quality patient care
within the Florida market.
Cano Health's Plan of Reorganization was confirmed by the U.S.
Bankruptcy Court for the District of Delaware on June 28, 2024 with
the support of the Company's key stakeholders, including its
secured and unsecured creditors and key business partners.
The Company has significantly reduced its debt obligations,
converting more than $1 billion of prepetition funded debt into a
combination of common stock and warrants. As part of the
restructuring, the Company's existing investors also committed more
than $200 million in new capital to support Cano Health's
go-forward business plan.
Over the past nine months, the Company's management team has taken
significant steps to strengthen its operational and financial
performance and position the Company for long-term success. To
date, Cano Health has successfully streamlined the Company's
portfolio of assets, including by exiting underperforming expansion
markets and pruning its medical center portfolio to focus on
specific Florida markets. Cano Health has achieved over $270
million in cost reductions and productivity improvements. The
Company is performing favorably against its previously announced CY
2024 $290 million cost reduction goal.
Mark Kent, CEO of Cano Health, said, "This has been a
transformative year, and the successful conclusion of our
court-supervised restructuring has put Cano Health in an excellent
position for the future. We are moving forward with incredibly
strong physician partnerships and an improved medical center
portfolio. Cano Health has the proper resources to focus on what
matters most -- treating our patients with the same level of care
and attention as we would our own families."
"We are taking a disciplined and strategic approach to our growth
over the next few years, with the primary goal of improving
services for patients within our existing Florida footprint, which
now consists of 80 locations. We are already seeing encouraging
results across our improved platform, and I am immensely proud of
our associates for their continued dedication to our patients
throughout this process. Despite the challenges we have faced as an
organization, we have emerged as a stronger and more focused
company with a bright future."
Cano Health is also announcing certain changes to its board. The
Company is pleased to announce that Alan Wheatley will be joining
the board as Executive Chairman. Mr. Wheatley brings more than 30
years of healthcare experience to Cano Health, running Medicare and
Medicaid programs at Humana for much of the last 15 years. He has
been a leader in innovating, organizing and operating value-based
care relationships for decades. Mr. Wheatley will work alongside
board members Mark Kent and Eric Hsiao of Nut Tree Capital
Management, LP.
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 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.
CBS TRUCKING: Amends ReadyCap Secured Claims Pay Details
--------------------------------------------------------
CBS Trucking, Inc. submitted an Amended Small Business Sub-Chapter
V Plan dated July 1, 2024.
The Debtor's Chapter 11 Plan estimates that the distributions to
creditors over the course of Debtor's 36-month plan will be
$130,682.16; therefore, creditors will receive more in Chapter 11
than they would receive in a Chapter 7 Liquidation.
The Debtor has prepared financial projections for the next 3 years
to demonstrate its ability to propose a feasible Plan for
confirmation. Under the Plan, the Debtor proposes to pay
Administrative Claims and Tax Claims in full. Debtor also proposes
to make on-going distributions to Secured Creditors beyond what the
Secured Creditors would receive in a Chapter 7 liquidation.
The Debtor will fund the Plan from the income that it derives from
the operation of its business along with a contribution from the
Debtor's principal and the nondebtor guarantors to the ReadyCap
loan.
Class 2.2 consists of ReadyCap's secured claim. ReadyCap's Claim
No. 3 in the amount of $1,114,622.30 shall be reduced to an allowed
secured claim in the amount of $912,500.00, pursuant to the terms
and provisions of the Settlement Agreement, which Settlement
Agreement and all of the terms and provisions thereof shall be, and
hereby are, incorporated into, and made a part of, the Plan for all
purposes. ReadyCap shall be paid pursuant to the Settlement
Agreement, subject to bankruptcy court approval of the Plan.
The terms and provisions of the Settlement Agreement provide in
part, that the Debtor's Principal and 1 of the Non-Debtor
Guarantors will contribute 1 lump sum payment in the amount of
$850,000.00 from the profits realized from the sale of real
property (the "25 Howard Property") that is owned by 25 Howard
Street LLC. The Debtor's principal Sokol Bala and nondebtor
guarantor Sokol Hoxha each own a fifty percent interest (50.000%)
in 25 Howard Street LLC. The closing of the sale of the 25 Howard
Property is expected to be held on or about June 1, 2024. The
$850,000.00 lump sum amount will be paid to ReadyCap by the Non
Debtor Guarantors by no later than July 31, 2024 (or any later date
agreed to by the parties), subject to approval by the bankruptcy
court.
The remaining portion of ReadyCap's allowed secured claim in the
amount of $62,500.00 shall be paid over 36 months at an interest
rate of 10.00% per annum in monthly principal and interest payments
each in the amount of $2,012.68, the first payment of which is due
and payable on August 1, 2024 and the remainder of said payments
shall be due and payable on the same day of each and every
successive month thereafter until and including July 1, 2027.
There are no allowed general unsecured claims.
Except as set forth elsewhere in the Plan, all payments required to
be made under the Plan shall be made by the Reorganized Debtor and
will come from income earned ongoing operations of the Debtor. The
Plan will also be funded from the sale of the real property owned
by 25 Howard LLC, which the Debtor's principal Sokol Bala and
non-debtor guarantor Sokol Hoxha each own a fifty percent interest
(50.00%).
A full-text copy of the Amended Subchapter V Plan dated July 1,
2024 is available at https://urlcurt.com/u?l=yXchAy from
PacerMonitor.com at no charge.
Attorney for the Debtor:
James J. Rufo, Esq.
THE LAW OFFICE OF JAMES J. RUFO
222 Bloomingdale Road, Suite 202
White Plains, NY 10605
Tel: (914) 600-7161
Email: jrufo@jamesrufolaw.com
About CBS Trucking
CBS Trucking, Inc., is part of the general freight trucking
industry.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-35547) on June 30,
2023. In the petition signed by Sokol Bala, president, the Debtor
disclosed $448,619 in assets and $1.236 million in liabilities.
Judge Cecelia G. Morris oversees the case.
James J. Rufo, Esq., at Law Office of James J. Rufo, is the
Debtor's legal counsel.
CHG HEALTHCARE: $370MM Loan Add-on No Impact on Moody's 'B2' CFR
----------------------------------------------------------------
Moody's Ratings said that CHG Healthcare Services, Inc.'s ratings
and stable outlook are not affected by the company's proposed $370
million add-on to one of its existing tranches of senior secured
1st lien term loan. The company's current ratings, unaffected from
this transaction, include B2 Corporate Family Rating, B2-PD
Probability of Default Rating and B2 rating of senior secured 1st
lien bank credit facility.
As part of a refinancing and add-on transaction, CHG intends to
reprice one of the two tranches of senior secured 1st lien term
loan ($577 million currently outstanding), combine it with the
second tranche ($1,537 million currently outstanding), and upsize
the combined tranches with a $370 million add-on. The proceeds from
the add-on debt, along with approximately $85 million internal
cash, will be used to pay $450 million in shareholder dividend and
transaction fees. Moody's estimate that the company's debt/EBITDA
after the transaction will be approximately 5.7 times, an increase
of around 0.7x, compared to 5.0 times at the end of March 2024.
While the debt-funded dividend points to aggressive financial
policy, the company has a track record of managing its financial
leverage down to the low-5.0 times range after similar
transactions. Pro forma for the transaction, the company will have
$22 million of cash on the balance sheet and $111 million
availability (after reflecting $39 million outstanding letters of
credit) under the company's $150 million revolver at the end of
March 31, 2024.
CHG Healthcare Services, Inc. is a provider of temporary healthcare
staffing services to hospitals, physician practices and other
healthcare settings in the United States. CHG derives the majority
of its revenue from temporary physician staffing but also provides
travel nurse, allied health and permanent placement services. CHG
reported $2.8 billion of revenue for the twelve months ended March
31, 2024. The company is owned by private equity investors Leonard
Green & Partners, L.P., Ares Management LLC and GIC.
CHRISTIAN HORIZONS: Files for Chapter 11 Reorganization
-------------------------------------------------------
Midwest Christian Villages dba Christian Horizons and its related
companies announced that it has filed voluntary petitions for
reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Christian Horizons will continue to operate as usual throughout the
restructuring process, maintaining its commitment to providing
quality care and services. The Company's investment bank has been
and continues to solicit and receive bids from going concern buyers
in a marketing process.
Christian Horizons is one of the nation's largest not-for-profit,
faith-based organizations delivering skilled nursing, assisted and
supportive living, independent living, and pharmacy services. The
organizations serve older adults in Illinois, Iowa, Indiana, and
Missouri.
"Christian Horizons' teams have played an important role in serving
and supporting older adults for over 60 years," said Kate Bertram,
Chief Executive Officer of Christian Horizons, who joined the
organization in March 2022. "We are grateful for the opportunity to
have served so many residents and families in the region."
History of Financial Pressures
A series of events has put significant pressure on the company's
finances. These include:
-- Resident and patient volumes sharply declined at the outset of
the COVID-19 pandemic. As the country navigated the uncertainties
of the COVID-19 pandemic, Christian Horizons experienced a
significant reduction in the number served by the ministry in all
care and program areas. This was attributed to many older adults
remaining in their previous setting as a national trend. Christian
Horizons' communities lost 25 to 30 percent of new residents and
short-term rehabilitation stays for several months during the
shelter-in-place policies, leading to significant financial
pressures.
-- Staffing shortages cause a decline in the total number of
employees available. Continuing to recover from COVID-19 pressures,
staffing shortages became an obstacle due to the decreasing number
of available workers across the rural communities served. As a
result, the lack of associates for work caused the organization to
utilize contract labor (agency) in most rural communities to meet
minimum staffing requirements. With the simultaneous shortage and
spike in inflation, Christian Horizons' labor and other costs have
increased by millions of dollars since 2020. While the market
demand for services for older adults will continue to increase,
clinicians available to work will continue to be in short supply.
-- Increased costs sharply impact the organization. While overall
inflationary pressures have eased somewhat the overall cost to
provide care has increased by between 10 and 30% in the procurement
of goods and services needed.
Kate Bertram was named Chief Executive Officer in July of 2023 and
has been committed to moving the organization through these
challenging times. The leaders and associates have undertaken
wide-ranging and proactive efforts to help Christian Horizons
weather these financial pressures.
Christian Horizons filed its voluntary petitions in the U.S.
Bankruptcy Court for the Eastern District of Missouri. Further
information about the Chapter 11 case is available on the website
of Verita, the claims and noticing agent, at veritaglobal.net/MCV.
The organization's legal advisors are Dentons US LLP and Summers
Compton Wells, and its investment banker is B.C. Ziegler and
Company, and its chief restructuring officer is Healthcare
Management Partners, LLC.
About Christian Horizons
As a faith-based, not-for-profit organization, Christian Horizons
Living is in service to a mission of honoring God by offering a
full continuum of care and support services to older adults in 4
states. Based in St. Louis, Missouri, the organization owns and
operates a portfolio of seven life plan campuses and five
stand-alone older adult communities offering a mix of independent,
assisted and supportive living; memory support; long-term
healthcare centers and short-term rehabilitation. The organization
also serves older adults through Senior Care Pharmacy Services.
CLEVELAND-CLIFFS INC: Stelco Deal No Impact on Moody's Ba2 Rating
-----------------------------------------------------------------
Moody's Ratings said that on July 15, Cleveland-Cliffs Inc. (Ba2
stable) announced it entered into a definitive agreement to acquire
Stelco Inc. (unrated) for a total purchase consideration of about
$2.5 billion. While Cleveland-Cliffs Inc. ("Cliffs") is paying a
full price for this acquisition, this transaction is credit
positive since it will enhance its scale, geographic diversity,
margin profile and cash generating potential. The incremental
earnings will enable Cliffs to pay down the debt funding this deal
and maintain a credit profile that supports its ratings.
The $2.5 billion price to buy Stelco represents about 6.7x its
Moody's adjusted EBITDA of around $375 million using current
exchange rates to convert its earnings to US dollars for the
trailing 12 months ended March 2024. The purchase pice is about
5.0x including projected synergies of $120 million. Moody's
estimate pro forma leverage including synergies is about 2.5x on an
LTM basis and around 3.4x using Moody's 2024 projected EBITDA of
about $1.9 billion for the combined company. The purchase price is
expected to be funded by about $350 million of equity issued by
Cliffs, cash on hand and debt financing.
This acquisition will raise Cliffs' leverage near Moody's ratings
downgrade guidance of 3.5x, but this deal will enhance Cliffs' cash
generating potential. Moody's anticipate the company will use its
sizeable free cash to pay down debt. Moody's estimate free cash
flow of more than $500 million based on Moody's 2024 projected pro
forma adjusted EBITDA. This acquisition also enhances Cliffs' scale
as the largest flat rolled steel producer in North America and
provides geographic diversification into Canada. In addition, it
adds higher margin integrated steel assets which benefit from about
$650 million of upgrades over the past 6 years and from a favorable
iron ore supply agreement, and low healthcare and energy costs.
COLLECTIVE SUPPLIES: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------------
Debtor: Collectible Supplies Inc.
2814 W. Wood St.
Paris, TN 38242
Business Description: Collectible Supplies is an online sports
collectibles store. It specializes in
state-of-the-art sports memorabilia display
cases, trading card protectors and other
items dedicated to the preservation of
sports memorabilia.
Chapter 11 Petition Date: July 17, 2024
Court: United States Bankruptcy Court
Western District of Tennessee
Case No.: 24-10884
Debtor's Counsel: C. Jerome Teel Jr., Esq.
TEEL & GAY, PLC
79 Stonebridge Blvd.
Suite B
Jackson, TN 38305
Tel: (731) 424-3315
Fax: (731) 424-3501
Email: jerome@tennesseefirm.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jeff Peterson 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/UQ7NC6A/Collectible_Supplies_Inc__tnwbke-24-10884__0001.0.pdf?mcid=tGE4TAMA
COLLEGE PARENT: S&P Alters Outlook to Negative, Affirms 'B-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook to negative from stable
given increasing uncertainty about College Parent L.P.'s (dba
Yahoo) ability to materially improve its operating performance and
generate sustainable positive free operating cash flow (FOCF) in
advance of upcoming debt maturities in 2026 and 2027. At the same
time, S&P affirmed its 'B-' issuer credit rating on the company.
S&P also affirmed its 'B-' issuer credit rating on financing
subsidiary AP Core Holdings II LLC, and the 'B' issue-level rating
on AP Core's debt. Our recovery rating on AP Core's debt remains a
'2'.
S&P said, "The negative outlook indicates we could lower the
ratings over the next 12 months if the company is unable to
significantly reduce its leverage and generate sustainable positive
free operating cash flow, increasing refinancing risk ahead of
upcoming debt maturities in 2026 (College Parent's delayed draw
term loan) and 2027 (AP Core's B-1 and B-2 term loans).
"The negative outlook reflects uncertainty around the company's
ability to improve EBITDA and generate sustainable positive FOCF.
We expect Yahoo's performance will remain pressured in 2024 with
limited visibility into the timing and magnitude of future
improvement as the company continues to restructure its business,
ramp up the integration of its consumer ad inventory to Taboola and
Google Ad Manager, while contending with a challenging
macroeconomic environment. The company's shutdown of its supply
side business and integration with Taboola and Google Ad Manager
has taken longer, and led to higher expenses, than initially
expected.
"We expect the company will generate S&P Global Ratings-adjusted
EBITDA of about $255 million in 2024, a significant improvement
from $3.5 million in 2023. We believe the roll-off of 2023
restructuring expenses, realized cost savings from previous
initiatives, and ad yield uplift from its new partnerships will
support this EBITDA improvement. We expect the majority of the
EBITDA generation to occur in the company's third and fourth
quarters as Yahoo begins to realize greater benefits from it
restructuring and new business partnerships. However, we still
expect a significant S&P reported FOCF deficit of around $275
million in 2024 due to depressed EBITDA generation amid a
challenged macroeconomic environment and sizable cash outflows tied
to severance from the company's various restructuring initiatives.
We also expect leverage will remain elevated at about 14x in 2024,
well above our previous expectations.
"Yahoo maintains sufficient liquidity to fund its operations.
College Parent has about $600 million of cash on the balance sheet
as of March 31, 2024. Additionally, the company had no borrowings
under AP Core's $150 million revolving credit facility as of March
31, 2024, but we believe its availability may be limited over the
next 12 months to maintain covenant compliance. It also has full
availability under its $100 million AOL revolving credit facility.
This provides the company ample liquidity to meets its operating
and fixed charge obligations (cash interest is around $280 million
and amortization requirements are about $145 million over the next
12 months), despite the high expected cash burn over the next
year.
"However, if the company is unable to significantly improve
performance and cash flow generation it could face difficulty
refinancing its upcoming maturities in 2026 ($443 million
paid-in-kind [PIK] delayed draw term loan held by Apollo and
Verizon, which we expect will continue to accrue PIK interest) and
in 2027 ($683.9 million term loan B-1 and $1.2 billion term loan
B-2). The company's ability to improve performance will also impact
the rates at which it can refinance and its ability to generate
FOCF and reduce leverage over time.
"The negative outlook indicates we could lower the ratings over the
next 12 months if the company is unable to significantly reduce its
leverage and generate sustainable positive free operating cash
flow, increasing refinancing risk ahead of upcoming debt maturities
in 2026 (College Parent's delayed draw term loan) and 2027 (AP
Core's B-1 and B-2 term loans)."
S&P could lower the rating over the next 12 months if:
-- The company is unable to significantly improve its business
performance such that it is unable to generate sustainable positive
free operating cash flow; or
-- S&P expects EBITDA interest coverage to remain below 1x.
S&P could revise the outlook back to stable if:
-- The company refinances or extends its 2026 debt maturity;
-- The company demonstrates material business improvement over the
next 12 months such that EBITDA continues to grow and the company
sustains positive free operating cash flow generation; and
-- It maintains EBITDA interest coverage comfortably above 1x.
S&P said, "Governance factors are a moderately negative
consideration, as it is for most rated entities owned by
private-equity sponsors. We believe the company's highly leveraged
financial risk profile points to corporate decision-making that
prioritizes the interests of controlling owners. This also reflects
private-equity sponsors' generally finite holding periods and focus
on maximizing shareholder returns.
"We no longer view social risks as a negative factor on our credit
rating analysis as the company has had no large-scale data breaches
in recent years, such as the one that occurred in 2014, that we
view have impaired the competitiveness of Yahoo's platform and
driven users to competitors."
COMPACT BRICK: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Compact Brick Pavers Inc.
DBA Santos USA Construction
2114 17th Street
Sarasota, FL 34234
Business Description: Compact Brick is a family owned and operated
company offering commercial and residential
construction services. Its services include
pool remodeling, flooring, brick paver
installation, countertop installation &
fabrication, exterior & interior painting,
commercial renovations, cabinetry and
house cleaning/construction cleaning.
Chapter 11 Petition Date: July 17, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-04042
Judge: Hon. Catherine Peek Mcewen
Debtor's Counsel: Buddy D. Ford, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel: (813) 877-4669
Fax: (813) 877-5543
Email: All@tampaesq.com
Total Assets: $147,469
Total Liabilities: $2,571,452
The petition was signed by Taylor Santos as secretary.
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/RY2HIHQ/Compact_Brick_Pavers_Inc__flmbke-24-04042__0001.0.pdf?mcid=tGE4TAMA
CONSENSUS CLOUD: Moody's Affirms 'B2' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings affirmed the B2 corporate family rating of
Consensus Cloud Solutions, Inc. (Consensus), a provider of cloud
fax services. Moody's also affirmed the company's B2-PD probability
of default rating and B2 senior unsecured rating. The speculative
grade liquidity (SGL) rating remains unchanged at SGL-2. Moody's
maintained the stable outlook.
The affirmation of the B2 CFR reflects Moody's expectation that,
over the next 12 months, Consensus's revenue will decline in the
mid-single-digit percentage range due to continued declines in the
small office home office (SoHo) segment, but the company will
generate solid free cash flow. Consistent with its financial
strategy, Moody's expect Consensus will opportunistically
repurchase debt over the same period, further strengthening Moody's
view that debt/EBITDA will remain below 4x.
RATINGS RATIONALE
Consensus' B2 CFR is constrained by the company's moderately high
debt/EBITDA of 3.9x as of LTM March 31, 2024, small scale relative
to other healthcare software as a service (SaaS) companies, and the
concentration around its cloud fax offering which bears
obsolescence and technological risks. It also reflects concerns
that Consensus' revenue growth strategy hinges heavily on the
healthcare sector where large players that handle software,
information flow and Electronic Health Record (EHR) management
already exist. While the company has experienced revenue weakness
in its SoHo segment, some of which in 2024 is driven by reduced
marketing spend, Consensus' sales from its advanced products have
contributed to growth in the Corporate segment.
The B2 CFR is supported by the company's good liquidity, including
consistent annual free cash flow generation, and a prudent
financial policy supported by the company's $300 million bond
repurchase program, of which $126 million of debt has been repaid
under this program as of March 31, 2024. Moody's expect Consensus'
opportunistic debt repurchases will more than offset any potential
EBITDA declines over the next 12 months, supporting Moody's belief
that debt/EBITDA will remain below 4x.
All financial metrics cited reflect Moody's standard adjustments.
The SGL-2 speculative grade liquidity rating reflects Consensus'
good liquidity profile, supported by Moody's expectation of
continued free cash flow generation over the next 12 months and
modestly high cash balances. As of LTM March 31, 2024, Consensus
generated around $85 million in free cash flow. Moody's believe the
company will opportunistically use existing cash balances and free
cash flow to repurchase notes and buy back common stock. The
company retains full access to its $25 million revolver expiring
March 2027 which is expected to remain undrawn and has the option
to obtain an additional commitment up to a maximum of $25 million.
The revolver includes two financial covenants tested quarterly, a
total net leverage ratio that cannot exceed 4x and a minimum
covenant-calculated EBITDA requirement that cannot decline below
$40 million of any fiscal quarter. Moody's expect the company will
maintain ample cushion for both covenants.
The instrument ratings reflect the probability of default of the
company, as reflected in the B2-PD probability of default rating,
an average expected family recovery rate of 50% at default, and the
particular instruments' ranking in the capital structure. The B2
ratings on the senior unsecured notes due October 2026 and October
2028 issued by Consensus Cloud Solutions, Inc. are consistent with
the CFR given that the unsecured debt comprises the preponderance
of Consensus' capital structure. The unsecured notes rank
subordinate to the $25 million senior secured revolving credit
facility expiring March 2027 (unrated).
The stable outlook reflects Moody's expectation that Consensus'
revenue will decline in the low-to-mid single digit percentage
range for 2024, but the company will generate modest free cash flow
relative to debt. Moody's believe any decline in EBITDA will be
offset by the company's opportunistic debt repurchases which should
keep debt/EBITDA below 4x.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade to Consensus' ratings would require the company to
sustain revenue and EBITDA growth and maintaining debt/EBITDA below
2.75x.
The ratings could be downgraded if the company's revenue declines
worsen such that Moody's expect debt/EBITDA will be sustained above
3.75x or liquidity weakens, including not addressing in a timely
manner its senior unsecured notes due October 2026.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
Headquartered in Los Angeles, California, Consensus (NASDAQ: CCSI)
is a provider of cloud fax services. The company operates in two
main segments, Corporate and small office home office (SoHo).
Consensus serves approximately 900,000 customers across 46
countries within industries including healthcare, government,
financial services, law, and education. In the last twelve months
ended March 31, 2024, the company reported revenue of $359 million.
COOLSYS INC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Ratings affirmed CoolSys, Inc.'s ("CoolSys") B3 corporate
family rating and B3-PD probability of default rating.
Concurrently, Moody's affirmed the company's B3 senior secured
first lien bank credit facility ratings, which includes a $440
million and $50 million senior secured term loans, and an $85
million senior secured delayed draw term loan. The company also has
a $135 million ABL credit facility that is unrated. The outlook was
changed to negative from stable reflecting Moody's expectations
that the company will maintain elevated leverage and continue to
generate negative cash-flow CoolSys is California-based leading
independent provider of engineering, refrigeration, heating,
ventilation & air conditioning (HVAC), as well as energy & carbon
reduction systems in the US.
RATINGS RATIONALE
The credit profile for CoolSys is constrained by the company's
negative free cash flow generation, low profit margins, and high
financial leverage with debt-to-EBITDA of over 7.0x for the LTM
period ended March 31, 2024 (including Moody's adjustments). The
credit profile also reflects the company's aggressive growth
strategy through debt-funded acquisitions, balanced somewhat by its
solid market position and recurring revenue base. CoolSys' broad
geographic reach coupled with its status as a "one-stop-shop" is a
competitive advantage over smaller local or regional players, since
it allows the company to service large national or super regional
customers. Furthermore, over 50% of revenue is generated from
recurring maintenance service contracts, and CoolSys' long-standing
relationships with key customers and high retention rate of over
95% among its core customers, support revenue stability.
Moody's expect the company to continue making acquisitions as part
of its roll-up strategy during 2024, which came after a period
during 2022 of multiple integrations. Moreover, the aggressive
debt-funded acquisition strategy will further pressure free cash
flow generation, weighing on the company's credit profile.
CoolSys' liquidity is adequate with a $2 million cash balance and
access to a $135 million ABL credit facility, as of 31 March 2024,
of which $45 million was drawn. Moody's project free cash flow to
be slightly negative over the next 12 to 15 months. Given the
typically low cash balances, Moody's expect the company will borrow
seasonally (most likely during the warmer months of the year) under
the revolver to fund operational working capital fluctuations.
Moody's expect future bolt-on acquisitions will be funded with
borrowings under its $135 million first lien delayed draw term loan
facility.
The term loan has no financial maintenance covenants. The ABL
revolver contains a springing minimum fixed charge coverage ratio,
tested when availability is less than the greater of $5 million or
10% of the line cap. Moody's expect the company to be able to
comply with the covenant over the next twelve months. The company
also has limited alternate sources of liquidity because
substantially all assets are encumbered by the first lien credit
facilities. However, if needed the company has support in the form
of equity backing from its private equity sponsor.
The change to negative outlook from stable reflects Moody's
expectations that CoolSys will resume its acquisitive strategy with
financial leverage remaining elevated and above Moody's downgrade
triggers. The negative outlook also reflects Moody's expectations
of negative free cash flow generation while maintaining an adequate
liquidity profile. The outlook could return to stable if leverage,
profitability, and cash flow metrics improve.
The ratings on the individual instruments are based on the
probability of default of the company, reflected in the B3-PD
probability of default rating, as well as a family recovery of 50%
of debt obligations assumed at default.
The B3 ratings on the senior secured first lien term loan due 2028
and senior secured first lien delayed draw term loan are in line
with the company's B3 CFR as the senior secured first lien credit
facilities represent the preponderance of debt in the company's
capital structure.
The $135 million ABL credit facility due 2026 has a superpriority
claim and recovery prospects over the rated debts. The ABL revolver
borrowing base is derived mainly from eligible accounts receivable,
although inventory is also included in the borrowing base.
Therefore, the ABL ranks ahead of the rated term loans in Moody's
hierarchy of claims at default. The term loans have a first
priority lien on substantially all assets not constituting ABL
collateral and second priority lien on the ABL collateral, subject
to customary exceptions. The credit facilities are unconditionally
guaranteed on a senior secured basis by each existing and
subsequently acquired or organized direct or indirect wholly-owned
material US restricted subsidiary of the borrower.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Due to the negative outlook, a ratings upgrade is unlikely over the
next 12-18 months. However, the ratings could be upgraded if
debt-to-EBITDA leverage reduces towards and sustained below 6.0x,
with free cash flow-to-debt increasing towards 5%. An improvement
in liquidity and profitability margins would also be required for
an upgrade, along with evidence of a more conservative financial
policy.
The ratings could be downgraded if the company loses a major
customer where revenue growth slows materially and profitability
deteriorates. The ratings could also be downgraded if Moody's
expect debt-to-EBITDA to remain above 7.0x on a sustained basis or
EBITA-to-interest declines below 1.0x. Evidence of financial
strategies becoming more aggressive, including undertaking a large
debt-financed acquisition or dividend distribution that further
constrains liquidity cash flow generation, can also lead to a
downgrade.
Headquartered in Brea, California and controlled by affiliates of
private equity sponsor Ares Management, CoolSys is a leading
independent provider of engineering, refrigeration, HVAC, and
energy & carbon reduction systems in the US, mainly for grocery,
retail, foodservice, convenience, and other end markets. For the
LTM period as of March 31, 2024, CoolSys generated over $850
million of revenue.
The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.
COTTONWOOD FINANCIAL: Asset Sale Proceeds to Fund Plan
------------------------------------------------------
Cottonwood Financial Ltd. and its affiliates filed with the U.S.
Bankruptcy Court for the Northern District of Texas a Disclosure
Statement regarding Joint Chapter 11 Plan dated July 2, 2024.
At the time of their bankruptcy filings on February 25, 2024,
Cottonwood was one of the largest privately held retail consumer
finance companies in the United States.
Operating under the name Cash Store(R), Cottonwood offered an
innovative mix of solutions to its customers. These solutions were
made available through the Debtors' 181 brick-and-mortar retail
locations across Texas, Idaho, and Wisconsin. Additionally,
customer account management services were made available via
Cottonwood's online consumer portal.
Cottonwood Financial Ltd. is a Texas limited partnership founded in
1996. Cottonwood Financial Management, Inc. (the "General Partner")
owns approximately 1% of Cottonwood Financial Ltd. as the sole
general partner. Certain entities owned or controlled, directly or
indirectly, by Trevor Lee Ahlberg and related family trusts own (a)
100% of the General Partner and (b) approximately 95.5% of the
shares of Cottonwood Financial Ltd. as limited partners. Outside
investors make up the remaining 3.5% of Cottonwood Financial Ltd.'s
ownership as limited partners.
On or about the Petition Date, the Debtors also sought and obtained
approval of bidding procedures to sell some or all of the Debtors'
assets. Pursuant to the bidding procedures, the Debtors received
three qualifying bids for some or all of their assets. After
extensive negotiations, the Debtors designated Axcess Financial
Holdings, LLC (the "Purchaser") as the successful bidder, and
obtained authority to sell substantially all assets to the
Purchaser. The Sale is scheduled to close on or about July 1,
2024.
As part of the sale process, the Debtors sought and obtained
authority to pay bonuses to 7 key employees. After an evidentiary
hearing held on May 13, 2024, and subsequent entry of the TreeMac
Stipulation on May 17, 2024, the Court approved payment of $750,000
to the 7 designated employees pursuant to the Debtors ' proposed
KEIP and KERP programs.
In this case, the Debtors are selling substantially all of their
assets to a third-party, which will operate the business outside of
bankruptcy, and the Debtors will liquidate their remaining non
operating assets through the Plan. As a result, and by implication,
constituents will receive under the Plan at least what they would
otherwise receive if the chapter 11 cases were converted, and the
Debtors were liquidated in chapter 7.
Class 4 consists of General Unsecured Claims. Holders of General
Unsecured Claims shall receive and retain nothing under the Plan on
account of such General Unsecured Claims. Holders of General
Unsecured Claims are conclusively deemed to have rejected the Plan.
Class 4 Claim holders are impaired and will neither receive nor
retain any property under the Plan on account of such Claims. As
such, holders of Class 4 General Unsecured Claims are deemed to
reject the Plan and will not receive ballots.
Class 6 consists of Equity Interests in the Debtor. On the
Effective Date, all Equity Interests in each Debtor shall be
cancelled and of no further force or effect. Holders of Equity
Interests shall neither retain nor receive any property under the
Plan on account of such Equity Interests. Class 6 Interest holders
are impaired and will neither receive nor retain any property under
the Plan on account of such Equity Interests. As such, holders of
Class 6 Equity Interests are deemed to reject the Plan and will not
receive ballots.
As a result of the DIP Order, the Plan provides for recoveries on
account of Allowed Claims in Classes 1, 2, and 3 regardless of the
Debtor entity against which such Allowed Claims are asserted. The
Debtors shall not be consolidated for any other purpose. To the
extent necessary, the Plan shall serve as a motion seeking, and
entry of the Confirmation Order shall constitute, the approval,
pursuant to section 105(a) of the Bankruptcy Code and Bankruptcy
Rule 9019, effective as of the Effective Date, of the limited
consolidation for voting and distribution on account of Allowed
Claims in Classes 1, 2, and 3.
A full-text copy of the Disclosure Statement dated July 2, 2024 is
available at https://urlcurt.com/u?l=0qjqWn from PacerMonitor.com
at no charge.
Counsel to the Debtors:
Jason S. Brookner, Esq.
Aaron M. Kaufman, Esq.
Lydia R. Webb, Esq.
GRAY REED
1601 Elm Street, Suite 4600
Dallas, TX 75201
Tel: (214) 954-4135
Fax: (214) 953-1332
Email: jbrookner@grayreed.com
akaufman@grayreed.com
lwebb@grayreed.com
About Cottonwood Financial
Cottonwood Financial Ltd. operates one of the largest privately
held retail consumer finance companies in the United States.
Through its Cash Store brand, the company offers customers an array
of financial products and consumer-lending services, including
single payment cash advances, installment cash advances and title
loans. The company utilizes an innovative mix of financial
technology (fintech) through its online customer portal and
brick-and-mortar financial products and services through its 181
retail locations across Texas, Idaho and Wisconsin.
Cottonwood Financial and four of its affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Texas Lead Case
No. 24-80035) on Feb. 24, 2024. In the petition signed by its
chief restructuring officer, Karen G. Nicolaou, Cottonwood
Financial reported up to $50,000 in assets and $50 million to $100
million in liabilities.
Judge Scott W. Everett presides over the cases.
The Debtors tapped Gray Reed as bankruptcy counsel; Alston & Bird,
LLP as special corporate counsel; Oppenheimer & Co. Inc. as
investment banker; and HMP Advisory Holdings, LLC, doing business
as Harney Partners, as financial advisor. Karen Nicolaou, managing
director at HMP, is the Debtors' chief restructuring officer.
CWI CHEROKEE: Amends Solid Waste Disposal Authority Claims Pay
--------------------------------------------------------------
CWI Cherokee LF, LLC submitted a Disclosure Statement for First
Amended Plan dated July 2, 2024.
The Debtor is not an operating business. Accordingly, Debtor
anticipates little or no operating revenue in the future. The
Debtor's only remaining, known assets are the funds from its
operating account, including receivables which have been or are
being collected, and the proceeds of sale.
Class III consists of the secured Claim of UMB Bank N.A., as Bond
Trustee, filed as Proof of Claim No. 19, including any amendments
thereto. Pursuant to the Sale Order, the Class III Claim has been
satisfied in full with the proceeds of the Authority's advance
refunding of the Bonds. The Class III claim is not entitled to any
further payments from Debtor or the estate under the Plan or
pursuant to its Proof of Claim No 19.
Class VII consists of the unsecured Claim of the Solid Waste
Disposal Authority of the Cities of Muscle Shoals, Sheffield, and
Tuscumbia, Alabama ("Authority"), Proof of Claim No. 25. Pursuant
to the Sale Order and APA, the Authority, the Debtor, and other
parties executed a General Mutual Release dated October 2, 2023
(the "General Release"), providing for the release of any and all
claims the Authority had against Debtor and certain other parties
as of the Effective Date of the General Release, October 2, 2023,
including the Class VII Claim.
For the avoidance of doubt, nothing in this Plan is intended to
modify the terms of such General Release, which shall remain in
full force and effect. The Authority is accordingly not entitled to
any payment under the Plan on account of Proof of Claim No. 25, and
any further claims of the Authority released under the General
Release are disallowed.
The Debtor's primary assets have been liquidated and the Plan
proposes a distribution of remaining liquidation proceeds in
accordance with the priority scheme of the Bankruptcy Code, Section
726 which Debtor anticipates will pay all non-insider creditors in
full.
The Debtor currently holds $834,198 in proceeds from sale of the
Landfill in its counsel's trust account. The Debtor expects to
collect $1,160,938.81 from insider receivables prior to
implementation of the Plan.
A full-text copy of the Disclosure Statement dated July 2, 2024 is
available at https://urlcurt.com/u?l=KPTqN6 from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
John H. Christy, Esq.
Jonathan A. Akins, Esq.
Schreeder, Wheeler & Flint, LLP
1100 Peachtree Street NE, Suite 800
Atlanta, GA 30309
Tel: 404-681-3450
Email: jchristy@swfllp.com
About CWI Cherokee LF
CWI Cherokee LF, LLC, is an Atlanta-based company that provides
waste treatment and disposal services.
CWI Cherokee LF filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
23-52262) on March 7, 2023, with $10 million to $50 million in both
assets and liabilities.
Judge Sage M. Sigler oversees the case.
John A. Christy, Esq., at Schreeder, Wheeler & Flint, LLP, is the
Debtor's counsel.
DANIEL SMART: Stephen Metz Named Subchapter V Trustee
-----------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Stephen Metz as
Subchapter V trustee for Daniel Smart Manufacturing, Inc.
Mr. Metz will be paid an hourly fee of $545 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Metz declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Stephen Metz
7501 Wisconsin Avenue, Suite 1000W
Bethesda, Maryland 20814
Phone: (240) 507-1723
Email: smetz@offitkurman.com
About Daniel Smart Manufacturing
Daniel Smart Manufacturing, Inc. is a manufacturer and distributor
of motorcycle gear, accessories and fashion leather apparel in
Baltimore City, Md. It conducts business under the name Daniel
Smart Leather.
Daniel Smart Manufacturing filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Md. Case No.
24-15658) on July 5, 2024, with $1 million to $10 million in both
assets and liabilities. Hassan Tariq, president and owner, signed
the petition.
Judge Michelle M. Harner presides over the case.
Janet M. Nesse, Esq., at McNamee Hosea, P.A. represents the Debtor
as legal counsel.
DD MIND BODY: 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 DD Mind Body Health,
LLC.
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 DD Mind Body Health
DD Mind Body Health, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-46480) on July
3, 2024, with up to $50,000 in assets and up to $1 million in
liabilities.
Judge Lisa S. Gretchko presides over the case.
Kim K. Hillary, Esq., represents the Debtor as legal counsel.
DIOCESE OF SYRACUSE: Marsh Law & PCVA Advise Sexual Abuse Claimants
-------------------------------------------------------------------
The law firms of Marsh Law Firm PLLC and Pfau Cochran Vertetis
Amala PLLC ("PCVA") filed a verified statement pursuant to Rule
2019 of the Federal Rules of Bankruptcy Procedure to disclose that
in the Chapter 11 case of the Roman Catholic Diocese of Syracuse,
New York, the firms represent sexual abuse survivors.
Each of the Claimants (the "Marsh Law and PCVA Claimants") has
retained Marsh Law Firm PLLC and Pfau Cochran Vertetis Amala PLLC
to represent them as litigation counsel in connection with, among
other things, claims for childhood sexual abuse against the Debtor
and other third-party defendants.
In accord with the Court's order that the identity of sexual abuse
survivors in this bankruptcy be protected from public disclosure.
The name and address of each of the Marsh Law and PCVA Claimants is
available to permitted parties who have executed a confidentiality
agreement and have access to the Sexual Abuse Claim Forms.
Marsh Law and PCVA do not represent the interests of, and are not
fiduciaries for, any abuse claimant, other creditor, party in
interest, or other entity that has not signed an engagement
agreement with Marsh Law or PCVA, as applicable. Marsh Law and PCVA
do not have any financial arrangement regarding the Marsh Law and
PCVA Claimants other than the terms of the exemplar engagement
agreement.
Marsh Law and PCVA do not have any fee-sharing, co-counsel,
retainer, referral, or other financial arrangement, including but
not limited to litigation financing or security agreement, with
third parties providing in any way for the payment of the fees or
costs of Marsh Law and PCVA.
The law firms can be reached at:
MARSH LAW FIRM PLLC
James R. Marsh, Esq.
31 Hudson Yards, 11th Floor
New York, NY 10001
Phone: (212) 372-3030
PFAU COCHRAN VERTETIS AMALA PLLC
Jason Amala, Esq.
31 Hudson Yards, 11th Floor
New York, NY 10001
Phone: (212) 300-2444
About The Roman Catholic Diocese of Syracuse
The Roman Catholic Diocese of Syracuse, New York
--http://www.syracusediocese.org/-- through its administrative
offices (a) provides operational support to the Catholic parishes,
schools and certain other Catholic entities that operate within the
territory of the Diocese in support of their shared charitable,
humanitarian and religious missions; (b) conducts school operations
by managing tuition and scholarship payments, employee payroll, and
other school-related operating expenses for separately incorporated
Diocesan schools, as well as providing parish schools with
financial, operational and educational support; and (c) provides
comprehensive risk management services to the OCEs through the
Diocese's insurance program.
The Roman Catholic Diocese of Syracuse, New York filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen
A. Breen, chief financial officer, signed the petition. At the time
of filing, the Debtor estimated $10 million to $50 million in
assets and $50 million to $100 million in liabilities.
Judge Margaret M. Cangilos-Ruiz oversees the case.
Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy
counsel. The Debtor also tapped Mullen Coughlin LLC as special
counsel, Arete Advisors LLC as cybersecurity consultant, and
Moxfive LLC as technical advisor. Stretto is the claims agent and
administrative advisor.
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors in the Debtor's bankruptcy case. The committee
tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research
Group, LLC, as its bankruptcy counsel, local counsel and financial
advisor, respectively.
ECP OWNER 1: Seeks to Tap EAG Affordable Housing as Tax Accountant
------------------------------------------------------------------
ECP Owner 1, LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Columbia to employ EAG
Affordable Housing, LLC as tax accountants.
The firm's services include:
(a) advise the Debtors with respect to tax planning;
(b) advise the Debtors with respect to tax laws, regulations,
and accounting matters;
(c) prepare and file tax returns, together with appropriate
documents related to tax returns; and
(d) perform all other necessary accounting support and tax
accounting services in connection with the Debtors' operations.
The hourly rates of the firm's professionals are as follows:
Todd Fentress, Partner $495
Diana Smith, Manager $245
Justin Dearth, Senior $195
Nisargkunar Patel, Staff $140
In addition, the firm will seek reimbursement for expenses
incurred.
Mr. Fentress 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:
Todd Fentress, CPA
EAG Affordable Housing, LLC
4249 Easton Way, Ste. 210
Colombus, OH 43219
Telephone: (614) 528-1440
About ECP Owner 1 LLC
ECP Owner 1 LLC is primarily engaged in renting and leasing real
estate properties.
ECP Owner 1 and its affiliates sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.D.C. Lead Case No. 23-00326)
on November 1, 2023. In the petition signed by Robert B. Margolis,
manager, ECP Owner 1 disclosed up to $10 million in both assets and
liabilities.
Judge Elizabeth L. Gunn oversees the cases.
The Debtors tapped Kristen E. Burgers, Esq., at Hirschler
Fleischer, PC as bankruptcy counsel; Arnall Golden Gregory, LLP as
special real estate counsel; and EAG Affordable Housing, LLC as tax
accountants.
EFS PARLIN: Plan Exclusivity Period Extended to August 22
---------------------------------------------------------
Judge John T. Dorsey of the U.S. Bankruptcy Court for the District
of Delaware extended EFS Parlin Holdings, LLC's exclusive periods
to file a plan of reorganization and obtain acceptance thereof to
August 22 to October 22, 2024, respectively.
As shared by Troubled Company Reporter, the Debtor has worked
diligently to preserve and maximize the value of the Debtor's
estate for the benefit of all stakeholders. To that end, the Debtor
has, among other things: (i) closed the sale of certain of the
Debtor's assets, (ii) prepared and filed motions to reject certain
unexpired contracts and leases, (iii) responded to numerous
creditor inquiries and demands, and (iv) handled other necessary
tasks related to the administration of the Debtor's estate and this
chapter 11 case.
At this time, the Debtor only recently closed the sale of certain
of its assets and, thus, the Debtor has not yet at this point in
the case addressed claims administration or crafted a chapter 11
plan, if necessary and appropriate.
The Debtor explains that because it has been focused on maximizing
value through a sale of its assets, and subsequently with rejection
and abandonment of its lease and personal property, the Debtor has
not yet focused on further liquidation efforts and the best
strategy to conclude this case. The Debtor should have sufficient
time to enable it to consider such matters, and craft a chapter 11
plan, if appropriate, that will be best for the Debtor's estate and
creditors.
EFS Parlin Holdings, LLC is represented by:
J. Cory Falgowski, Esq.
BURR & FORMAN LLP
222 Delaware Avenue, Suite 1030
Wilmington, DE 19801
Tel: (302) 830-2312
Email: jfalgowski@burr.com
- and -
Erich N. Durlacher, Esq.
BURR & FORMAN LLP
Suite 1100, 171 Seventeenth Street, N.W.
Atlanta, GA 30363
Tel: (404) 685-4313
Email: edurlacher@burr.com
About EFS Parlin Holdings
EFS Parlin Holdings, LLC is in the business of electric power
generation, transmission and distribution. The company is based in
Norwalk, Conn.
EFS Parlin Holdings filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Del. Case No. 23-10539) on April
28, 2023, with $9,424,029 in assets and $12,594,508 in liabilities.
Michael Whitworth, authorized representative, signed the petition.
Judge John T. Dorsey oversees the case.
The Debtor tapped J. Cory Falgowski, Esq., at Burr Forman, LLP as
bankruptcy counsel and SSG Advisors, LLC as investment banker.
ELITE HOME: Jerrett McConnell Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq.,
at McConnell Law Group, P.A. as Subchapter V trustee for Elite Home
Health, LLC.
Mr. McConnell will be paid an hourly fee of $350 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. McConnell declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jerrett M. McConnell, Esq.
McConnell Law Group, P.A.
6100 Greenland Rd., Unit 603
Jacksonville, FL 32258
Phone: (904) 570-9180
Email: info@mcconnelllawgroup.com
About Elite Home Health
Elite Home Health, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-01880) on July 2, 2024, with as much as $50,000 in both assets
and liabilities.
Judge Jacob A. Brown presides over the case.
Thomas C. Adam, Esq., at Adam Law Group, P.A. represents the Debtor
as bankruptcy counsel.
EMERALD ISLES: Unsecureds Owed $229K be Paid in Full in 60 Months
-----------------------------------------------------------------
Emerald Isles Holdings, LLC, submitted an Amended Plan of
Reorganization.
The Debtor intends to continue its operations from which Plan
payments will be made. The Debtor's financial projections show that
the Debtor will have sufficient projected monthly disposable income
for the 60-month payment period proposed in the Plan.
Class 3 is the priority claim of the Dept. of Treasury-Internal
Revenue Service in the amount of $12,456.66. The Debtor has filed
an Objection to Claim 13 based on a dispute of the amounts assessed
for unfiled returns. The amount allowed for the priority claim of
the Department of Revenue shall be paid in full over a 60-month
period commencing from the petition date, with payments commencing
30 days after the effective date, and shall receive interest at 8%
per annum.
Class 6 consists of the Secured Claim of Mr. Advance, LLC. In full
satisfaction of the Class 6 Secured Claim, Advance shall be deemed
to have an Allowed Secured Claim in the amount of $79,342.50 and
shall remain secured by its personal property lien to the same
validity and priority as existed as of the petition date. The
Allowed Secured Class 6 Claim shall be paid in full with interest
at the contractual interest rate of 0.0% per annum in monthly
installments of $1,322.38, based on a 60-month payment period.
Class 7 consists of the Secured Claim of Will Roberts-Tax for 2023
real property taxes due on one parcel of Debtor's property. The
Allowed Secured Class 7 Claim shall be paid in full with interest
at 18% per annum in monthly installments of $117.22, based on a
60-month payment period.
Class 8 is comprised of all Allowed Unsecured Claims. As of the
date hereof, the total amount of unsecured claims filed is
$228,638.35, including the unsecured claims of the Florida
Department of Revenue and Internal Revenue Service, the late filed
claim of Lion Business Funding in the amount of $31,798.43, and the
claim of Michelle Strickland in the amount of $4,000.00. Therefore,
expected monthly payment to satisfy in full Class 8 claims shall be
$3,810.64.
The Plan provides that each holder of a Class 8 Claim shall be paid
in full without interest, in monthly installments commencing on the
first day of the first month that falls on or after 30 days from
the effective date, and shall continue on the first day of each
month thereafter for a period of 60 months until paid in full.
A full-text copy of the Amended Plan dated July 1, 2024 is
available at https://urlcurt.com/u?l=3hS25a from PacerMonitor.com
at no charge.
The Debtor's Counsel:
Walter J. Snell, Esq.
SNELL AND SNELL, P.A.
436 N Peninsula Drive
Daytona Beach, FL 32118
Tel: 386-255-5334
Fax: 386-255-5335
E-mail: snellandsnell@mindspring.com
About Emerald Isles Holdings
Emerald Isles Holdings, LLC, doing business as McK's Tavern &
Brewery serves pub food, genuine Irish dishes, a variety of beer,
and its very own craft brews. It is based in Daytona Beach, Fla.
Emerald filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00073) on Jan. 8,
2024, with $1,127,700 in assets and $914,883 in liabilities. Scot
A. Lawson, president, signed the petition.
Judge Lori V. Vaughan oversees the case.
Walter J. Snell, Esq., at Snell and Snell, P.A. represents the
Debtor as legal counsel.
EPIC COMPANIES: Seeks to Hire Fredrikson & Byron as Legal Counsel
-----------------------------------------------------------------
EPIC Companies Midwest, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the District of North Dakota to
employ Fredrikson & Byron, PA as counsel.
The firm will render these services:
(a) provide the Debtors with legal advice with respect to
their reorganization;
(b) assist the Debtors with the preparation of their Schedules
of Assets and Liabilities and Statements of Financial Affairs;
(c) represent the Debtors in connection with negotiations
involving secured and unsecured creditors;
(d) advise the Debtors in connection with any postpetition
financing and cash collateral arrangements and negotiate and draft
documents related thereto, advise and counsel with respect to
prepetition financing arrangements, and negotiate and draft
documents relating thereto;
(e) advise the Debtors on matters relating to the evaluation
of the assumption, rejection, or assignment of unexpired leases and
executory contracts;
(f) advise the Debtors with respect to legal issues arising in
or relating to their ordinary course of business;
(g) take all necessary action to protect and preserve the
Debtors' estates;
(h) represent the Debtors at hearings set by the court in the
Debtors' bankruptcy cases;
(i) prepare, on the Debtors' behalf, all legal papers
necessary to the administration of the estates;
(j) negotiate and prepare, on the Debtors' behalf, a plan of
reorganization, disclosure statement and all related agreements
and/or documents and take any necessary action on behalf of the
Debtors to obtain confirmation of such plan;
(k) appear before this court, any appellate courts and the
United States Trustee to protect the interests of the Debtors'
estates before such courts and the United States Trustee;
(l) attend meetings with third parties and participate in
negotiations with respect to the above matters; and
(m) perform all other necessary legal services and provide all
other necessary legal advice to the Debtors in connection with
these cases.
The hourly rates of the firm's counsel and staff are as follows:
Steven Kinsella, Shareholder $575
Michael Raum, Shareholder $460
Katherine Nixon, Associate $420
Shataia Stallings, Paralegal $210
The firm received payments of $58,850 from the Debtors for
prepetition services.
Mr. Kinsella 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:
Steven Kinsella, Esq.
Fredrikson & Byron, PA
60 South Sixth Street, Suite 1500
Minneapolis, MN 55402
Telephone: (612) 492-7000
Facsimile: (612) 492-7077
Email: skinsella@fredlaw.com
About EPIC Companies Midwest
EPIC Companies Midwest LLC, a real estate investing and development
firm, and its affiliates filed their voluntary petitions for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.N.D. Lead Case
No. 24-30281) on July 8, 2024. In the petitions signed by Patrick
Finn, chief restructuring officer, EPIC Companies Midwest disclosed
up to $50 million in both assets and liabilities.
Judge Shon Hastings oversees the case.
Steven Kinsella, Esq., at Fredrikson & Byron, PA represents the
Debtors as counsel.
EVERLAST EPOXY: Seeks to Hire Brannon Real Estate as Broker
-----------------------------------------------------------
Everlast Epoxy Systems, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Middle District of Tennessee to
employ Brannon Real Estate, LLC as broker.
The Debtor needs a broker to sell its property located at 171 SW
Broadleaf Ct., Lake City, Florida.
The firm will be paid a commission equal to 6 percent of the
property's sales price.
Tessa Brannon, a member at Brannon Real Estate, 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:
Tessa Brannon
Brannon Real Estate, LLC
4498 W. US Hwy. 90
Lake City, FL 32024
Telephone: (386) 288-7612
About Everlast Epoxy Systems
Everlast Epoxy Systems, Inc. is a commercial flooring manufacturer
in Columbia, Tenn.
Everlast Epoxy Systems filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No.
24-02261) on June 20, 2024, with $155,871 in assets and $1,865,315
in liabilities. David Joseph Linton, chief executive officer,
signed the petition.
Judge Charles M. Walker presides over the case.
Robert J. Gonzales, Esq., at EmergeLaw, PLC represents the Debtor
as bankruptcy counsel.
FINCO I LLC: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings has affirmed FinCO I LLC's (d/b/a Fortress)
corporate family rating, senior secured first lien term loan and
senior secured revolving credit facility ratings all at Ba1. It has
also affirmed Fortress' Ba1-PD probability of default rating. The
outlook remains stable.
RATINGS RATIONALE
The rating affirmation principally reflects the decrease in the
company's leverage driven by the recent repayment of the liability
associated with the company's long-term incentive plan following
the closing of its sale to Mubadala Capital. While Fortress' credit
profile has benefited from a decline in leverage, the company's
earnings have been pressured by slower fundraising, lower incentive
fees and a reduction in management fees from the significant
contraction in its permanent capital vehicles (PCV) due to
management internalizations.
Pro-forma debt/EBITDA as of Q1 2024 was 3.5x, compared to 4.8x at
year-end, reflecting the payment of employee compensation accruals
on May 15, 2024 in connection with the closing of the sale of
Fortress from SoftBank to Mubadala Capital and Fortress management.
Leverage has consistently been in the mid-3.0x range (ex. employee
compensation accruals) for several years, which is firmly within
its rating category. At the same time, earnings have been lower in
the past two years due to lower management fees primarily
reflecting the internalization of most of its PCVs, which were
intended by Fortress to be their private equity investment
vehicles. In Q2 2024, a fifth (of six) PCV internalized. Moody's
note that Fortress did receive a $150 million termination fee plus
specified expenses and received approximately 1.9 million shares.
The termination fee, which Moody's regarded as a non-recurring gain
and did not include in EBITDA, was a significant sum relative to
EBITDA with Moody's adjustments of $293 million as of Q1 2024 on a
last twelve months basis.
Moody's expect that management fees are poised to increase in 2024
based on increased fundraising as some flagship funds are in the
market which should lead to increased management fees.
Fortress' Ba1 ratings reflect the benefits of its long-term locked
up capital, solid profitability and consistently good performance
over many years. The rating has been constrained in recent years by
high leverage due to Moody's inclusion of employee compensation
accruals and also by lower management fees and EBITDA, largely
driven by the internalization of its PCVs.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Factors that could lead to an upgrade include the following: 1)
Debt/EBITDA moves sustainably below 3.0x; 2) consistent growth in
management fees; 3) successful build out of its insurance solutions
and/or other nascent initiatives.
Factors that could lead to a downgrade include the following: 1)
sustained leverage above 4.0x ; 2) increased earnings volatility;
or 3)AUM declines reflecting lower asset valuations and/or return
of capital without a commensurate increase in fee-earning AUM
through fundraising or capital deployment.
The principal methodology used in these ratings was Asset Managers
published in May 2024.
FLICSON IPZONA: Gets OK to Tap Mark Irvin Commercial as Broker
--------------------------------------------------------------
Flicson Ipzona, LLC received approval from the U.S. Bankruptcy
Court for the District of Arizona to employ Mark Irvin Commercial
Real Estate Services, LLC as real estate broker.
The Debtor needs a broker to market and sell its commercial
property located at 6420 E. Broadway, Tucson, Arizona.
The broker will be compensated from 3 percent to 6 percent of the
property's purchase price.
Mark Irvin, a managing member at Mark Irvin Commercial Real Estate
Services, disclosed in a court filing that the firm is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The firm can be reached through:
Mark C. Irvin
Mark Irvin Commercial Real Estate Services, LLC
3777 E. Broadway Boulevard, Suite 210
Tucson, AZ 85716
Telephone: (520) 620-1833
Facsimile: (520) 620-1830
Email: Mark@markirvin.com
About Flicson Ipzona
Flicson Ipzona, LLC, a company in Tucson, Ariz., filed its
voluntary petition for Chapter 11 protection (Bankr. D. Ariz. Case
No. 24-02236) on March 26, 2024, with as much as $1 million to $10
million in both assets and liabilities. Peter Toone, managing
member, signed the petition.
Judge Brenda Moody Whinery oversees the case.
The Law Offices of C.R. Hyde, PLC serve as the Debtor's legal
counsel.
FRANCISCO'S BUILDING LLC: Case Summary & Six Unsecured Creditors
----------------------------------------------------------------
Debtor: Francisco's Building, LLC
4200 S. Hulan St. #648
Fort Worth TX 76109
Business Description: The Debtor owns a 3200 sq ft restaurant
located at 619-639 Main Ave, Durango, CO
valued at $4.5 million.
Chapter 11 Petition Date: July 16, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 24-32077
Debtor's Counsel: Michael R. Totaro, Esq.
TOTARO & SHANAHAN, LLP
P.O. Box 789
Pacific Palisades CA 90272
Tel: (888) 425-2889
Fax: (310) 496-1260
Email: Ocbkatty@aol.com
Total Assets: $4,625,306
Total Liabilities: $4,398,001
The petition was signed by Cory Farley as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/24TL35A/Franciscos_Building_LLC__txnbke-24-32077__0001.0.pdf?mcid=tGE4TAMA
FRANCISCO'S BUILDING: Case Summary & Six Unsecured Creditors
------------------------------------------------------------
Debtor: Francisco's Building, LLC
4200 S. Hulan St. #648
Fort Worth TX 76109
Case No.: 24-42453
Business Description: The Debtor is the fee simple owner of a
commercial property located at 619-639 Main
Ave, Durango, CO valued at $4.5 million.
Chapter 11 Petition Date: July 16, 2024
Court: United States Bankruptcy Court
Northern District of Texas
Debtor's Counsel: Michael R. Totaro, Esq.
TOTARO & SHANAHAN, LLP
P.O. Box 789
Pacific Palisades CA 90272
Tel: (888) 425-2889
Fax: (310) 496-1260
Email: Ocbkatty@aol.com
Total Assets: $4,625,306
Total Liabilities: $4,398,001
The petition was signed by Cory Farley as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/P5WGNFI/Franciscos_Building_LLC__txnbke-24-42453__0001.0.pdf?mcid=tGE4TAMA
GINGER FITNESS: Amy Denton Mayer Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 21 appointed Amy Denton Mayer of
Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for
Ginger Fitness and Rehabilitation, Inc.
Ms. Mayer will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Mayer declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Amy Denton Mayer
Stichter Riedel Blain & Postler P.A.
110 East Madison Street, Suite 200
Tampa, FL 33602
Phone: (813)229-0144
Email: amayer@subvtrustee.com
About Ginger Fitness and Rehabilitation
Ginger Fitness and Rehabilitation, Inc. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-03754) on July 3, 2024, with $500,001 to $1 million in both
assets and liabilities.
Judge Roberta A. Colton presides over the case.
Buddy D. Ford, Esq., at Buddy D. Ford, P.A. represents the Debtor
as legal counsel.
GORDON'S COATINGS: Christine Brimm Named Subchapter V Trustee
-------------------------------------------------------------
Gerard Vetter, Acting U.S. Trustee for Region 4, appointed
Christine Brimm, Esq., as Subchapter V trustee for Gordon's
Coatings, LLC.
Ms. Brimm, a practicing attorney in Myrtle Beach, S.C., will be
paid an hourly fee of $350 for her services as Subchapter V trustee
and an hourly fee of $150 for paralegal services. In addition, the
Subchapter V trustee will receive reimbursement for work-related
expenses incurred.
Ms. Brimm declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christine E. Brimm
P.O. Box 14805
Myrtle Beach, SC 29587
Telephone: 803-256-6582
Email: cbrimm@bartonbrimm.com
About Gordon's Coatings
Gordon's Coatings, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. S.C. Case No.
24-02404) on July 2, 2024, with $100,001 to $500,000 in both assets
and liabilities.
Judge Helen E. Burris presides over the case.
Robert A. Pohl, Esq., at Pohl, P.A. represents the Debtor as legal
counsel.
GRAXCELL PHARMACEUTICAL: Douglas Stanger Named Subchapter V Trustee
-------------------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Douglas Stanger,
Esq., at Flaster, Greenberg, PC as Subchapter V trustee for
Graxcell Pharmaceutical, LLC.
Mr. Stanger will be paid an hourly fee of $450 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Stanger declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Douglas S. Stanger, Esq.
Flaster, Greenberg, PC
646 Ocean Heights Avenue
Linwood, NJ 08221
Phone: (609) 645-1881
Email: Doug.stanger@flastergreenberg.com
About Graxcell Pharmaceutical
Graxcell Pharmaceutical, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 24-16498) on June
27, 2024, with up to $50,000 in assets and up to $1 million in
liabilities.
Roger C. Mattson, Esq., at the Law Offices of Roger C. Mattson
represents the Debtor as bankruptcy counsel.
GULF TILE: Gets OK to Hire Underwood Murray as Bankruptcy Counsel
-----------------------------------------------------------------
Gulf Tile Distributors of Florida, Inc. received approval from the
U.S. Bankruptcy Court for the Middle District of Florida to employ
Underwood Murray, PA as counsel.
The firm's services include:
(a) advise the Debtor with respect to its responsibilities;
(b) prepare all legal documents;
(c) protect the interests of the Debtor in all matters pending
before the court;
(d) represent the Debtor in negotiations with creditors and in
the confirmation of a plan; and
(e) perform other services as required of general bankruptcy
counsel in a Chapter 11 bankruptcy case.
The firm will be paid at these hourly rates:
Megan W. Murray, Attorney $475
Melissa J. Sydow, Attorney $315
Paralegals $150
In addition, the firm will seek reimbursement for expenses
incurred.
The Debtor paid the firm a prepetition retainer in the amount of
$45,000.
Ms. Murray 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:
Megan W. Murray, Esq.
Underwood Murray, P.A.
100 N Tampa St. Suite 2325
Tampa, FL 33602
Telephone: (813) 540-8401
Email: mmurray@underwoodmurray.com
About Gulf Tile Distributors of Florida
Gulf Tile Distributors of Florida, Inc. is a full-service
distributor of tile, wood, LVP, mosaics, porcelain pavers, exterior
stone, accessories, pool tile, and installation materials. The
company is based in Tampa, Fla.
Gulf Tile Distributors of Florida filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-03027) on May 28, 2024, with $1 million to $10 million in
assets. Lynette Garcia, secretary and shareholder, and Frank
Garcia, shareholder, signed the petition.
Judge Catherine Peek Mcewen presides over the case.
Megan Murray, Esq., at Underwood Murray, P.A. represents the Debtor
as legal counsel.
GWG HOLDINGS: Willkie Farr Bid to Disburse Escrowed Funds Denied
----------------------------------------------------------------
Judge Marvin Isgur of the United States Bankruptcy Court for the
Southern District of Texas entered a Memorandum Opinion and Order
denying the request of Willkie Farr & Gallagher LLP to authorize
the disbursement of insurance proceeds held in escrow to satisfy
the remaining prepetition fees incurred in its capacity as special
counsel to GWG Holdings, Inc. associated with an investigation
conducted by the Securities Exchange Commission.
Prior to the petition date, the SEC commenced an investigation of
GWG in connection with certain accounting and disclosure matters
and the issuance of bonds. GWG retained Willkie Farr to represent
it in connection with the investigation. The representation
continued throughout the chapter 11 cases.
On June 26, 2022, GWG filed a motion seeking entry of an order
modifying the automatic stay in order to authorize the disbursement
of insurance proceeds procured to cover the defense costs of the
GWG entities and their current and former officers and directors
associated with the SEC Investigation and other lawsuits.
On September 7, 2022, the Court entered an order requiring GWG to
pay certain insurance proceeds to Willkie to be held as a retainer
for security against nonpayment of postpetition fees and expenses
incurred by Willkie as counsel to GWG. Willkie seeks to apply the
proceeds to pay its prepetition fees associated with the SEC
Investigation. The Litigation Trustee objects to the disbursement
on grounds that the proceeds are property of GWG's bankruptcy
estates. The motion represented that the insurers had confirmed
coverage in favor of GWG and, upon information and belief, other
nondebtor insureds.
GWG's chapter 11 plan was confirmed on June 20, 2023. The order
confirming the plan provides that all issues with respect to the
Insurance Order remain subject to resolution after the effective
date of the plan either through further court order or agreement
between the parties. The plan became effective as of August 1,
2023.
The Court held a hearing on November 1, 2023, to determine the use
of the Willkie Retainer to satisfy the remaining balance of
Willkie's prepetition attorneys' fees.
The parties do not dispute that the insurance proceeds held in
retainer by Willkie are associated with GWG's prepetition debt to
Willkie. The parties do dispute whether the proceeds should be
considered property of GWG's estates under Sec. 541 of the
Bankruptcy Code.
The $1,594,815.16 in insurance proceeds is the balance remaining
following the Court's authorization of $4,072,629.10 for payment of
Willkie's prepetition defense costs associated with the SEC
Investigation. This amount was distributed pursuant to D&O and
excess insurance policies with alleged aggregate policy limits of
$155 million.
According to the Court, because the $1,594,815.16 Willkie Retainer
was paid from the proceeds of the insurance policies, those funds
are potentially property of GWG's estates.
It is unclear at this stage of the case whether the amount of
covered claims will exceed policy limits, the Court notes. The
Litigation Trustee's representation that the claims exceed $1
billion is insufficient, the Court finds. The Litigation Trustee
states that he has been actively investigating potential claims and
expects to commence litigation in the coming months, "including
claims compensable from the proceeds of the Policies". Until the
amount of those claims and their potential coverage by the
applicable insurance policies is established, the Court cannot
determine whether the Willkie Retainer is property of GWG's
estates, the Court states. The Court reserves the decision for a
future date.
The Willkie Retainer remains in escrow until further order from the
Court.
A copy of the Court's decision dated July 15, 2024, is available at
https://urlcurt.com/u?l=RYzLbT
About GWG Holdings
Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH)
conducts its life insurance secondary market business through a
wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned
subsidiaries.
GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy
protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20,
2022. In the petition filed by Murray Holland, president and chief
executive officer, GWG Holdings disclosed between $1 billion and
$10 billion in both assets and liabilities.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as
bankruptcy counsels; Tran Singh, LLP as special conflicts counsel;
FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as
investment banker. Donlin Recano & Company is the Debtors' notice
and claims agent.
National Founders LP, a debtor-in-possession (DIP) lender, is
represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and
William E. Curtin, Esq., at Sidley Austin, LLP.
The U.S. Trustee for Region 7 appointed an official committee to
represent bondholders in the Debtors' cases. The committee tapped
Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as
legal counsels; Piper Sandler & Co. as investment banker; and
AlixPartners, LLP as financial advisor.
The Debtors obtained confirmation of their Further Modified Second
Amended Joint Chapter 11 Plan on June 20, 2023.
HARRAH LAND: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 20 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Harrah Land FC, LLC.
About Harrah Land FC
Harrah Land FC, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Okla. Case No.
24-80401) on May 21, 2024, listing $7,862,207 in assets and
$7,013,314 in liabilities. Stephen Moriarty, Esq., at Fellers,
Snider, Blankenship, Bailey & Tippens, P.C., serves as Subchapter V
trustee.
Judge Paul R. Thomas presides over the case.
Scott P. Kirtley, Esq., at Riggs, Abney, Neal, Turpen, Orbison &
Lewis represents the Debtor as counsel.
HEPION PHARMACEUTICALS: Registers 1.47MM Shares for Possible Resale
-------------------------------------------------------------------
Hepion Pharmaceuticals, Inc. filed a Preliminary Prospectus on Form
S-1 with the U.S. Securities and Exchange Commission, pursuant to
which the selling stockholder -- Armistice Capital, LLC -- is
offering on a resale basis an aggregate of up to 1,470,590 shares
of common stock of Hepion Pharmaceuticals, Inc., par value $0.0001
per share, consisting of (a) up to an aggregate of 735,295 shares
of Common Stock that are issuable upon exercise of warrants
exercisable for one share of Hepion's common stock at an exercise
price of $1.91 per share for a term of five years from the date of
issuance, and (b) up to an aggregate of 735,295 shares of Common
Stock that are issuable upon exercise of warrants exercisable for
one share of Hepion's common stock at an exercise price of $1.91
per share for a term of eighteen months from the date of issuance,
in each cases of (a) and (b) purchased pursuant to a warrant
inducement agreement by and between us and the Selling Stockholder,
dated, February 15, 2024.
Hepion Pharmaceuticals said, "We will not receive any of the
proceeds from the sale by the Selling Stockholder of the Common
Stock. Upon any exercise of the Warrants by payment of cash,
however, we will receive the exercise price of the Warrants, which,
if exercised in cash with respect to the 1,470,590 shares of Common
Stock offered hereby, would result in gross proceeds to us of
approximately $2.8 million. However, we cannot predict when and in
what amounts or if the Warrants will be exercised by payments of
cash and it is possible that the Warrants may expire and never be
exercised, in which case we would not receive any cash proceeds."
The Selling Stockholder may sell or otherwise dispose of the Common
Stock covered by the prospectus in a number of different ways and
at varying prices. Discounts, concessions, commissions and similar
selling expenses attributable to the sale of Common Stock covered
by this prospectus will be borne by the Selling Stockholder. Hepion
will pay all expenses (other than discounts, concessions,
commissions and similar selling expenses) relating to the
registration of the Common Stock with the Securities and Exchange
Commission.
Hepion's common stock is listed on The Nasdaq Capital Market under
the symbol "HEPA". On July 9, 2024, the closing price as reported
on The Nasdaq Capital Market was $1.04 per share.
A full-text copy of the Preliminary Prospectus is available at
https://tinyurl.com/mrx4cucb
About Hepion Pharmaceuticals
Hepion Pharmaceuticals, Inc., is a biopharmaceutical company
headquartered in Edison, New Jersey, focused on the development of
drug therapy for treatment of chronic liver diseases. This
therapeutic approach targets fibrosis, inflammation, and shows
potential for the treatment of hepatocellular carcinoma ("HCC")
associated with non-alcoholic steatohepatitis ("NASH"), viral
hepatitis, and other liver diseases. The Company's cyclophilin
inhibitor, rencofilstat (formerly CRV431), is being developed
tooffer benefits to address multiple complex pathologies related to
the progression of liver disease.
For the year ended December 31, 2023, Hepion Pharmaceuticals had a
net loss of $48.9 million. As of March 31, 2024, the Company had
$15.99 million in total assets, $8.47 million in total liabilities,
and $7.52 million in total stockholders' equity.
Jericho, New York-based Grassi & Co., CPAs, P.C., the Company's
auditor since 2023, issued a "going concern" qualification in its
report dated April 16, 2024, citing that the Company's significant
operating losses and negative cash flows from operations since
inception raise substantial doubt about its ability to continue as
a going concern.
HIGHTOWER HOLDING: Moody's Affirms 'B3' CFR, Outlook Stable
-----------------------------------------------------------
Moody's Ratings affirmed Hightower Holding, LLC's B3 corporate
family rating, B2 senior secured first lien bank credit facility
rating and Caa2 senior unsecured debt rating. The rating action
follows Hightower's intention to reprice its existing senior
secured term loan and issue $400 million new senior unsecured debt.
The outlook was maintained at stable.
RATINGS RATIONALE
Hightower plans to use the net proceeds from the proposed $400
million new senior unsecured debt to fund signed acquisitions,
outstanding earnouts and deferred consideration from prior
acquisitions.
The ratings affirmation reflects the credit benefits from
Hightower's recurring revenue model and revenue tailwinds from
higher financial market levels, offset by the negative effects that
higher interest rates are having on its financial profile through
increased debt servicing costs. Rising markets and financial asset
valuations over the last year and a half, coupled with organic net
new assets and inorganic growth, lifted billable assets under
management to $145 billion at March 31, 2024 from $108 billion at
the end of 2022. Hightower's revenue and EBITDA have therefore
benefited compared to a year ago. The proposed $400 million
unsecured debt adds additional debt and interest burden, resulting
in a somewhat weaker financial profile. On a proforma basis that
includes the new unsecured debt, earnings from closed acquisitions
and future acquisitions currently under letters of intent,
Hightower's Debt/EBITDA (Moody's adjusted) was 8.5x for the
trailing-12 months ended March 31, 2024. Moody's expect that this
ratio will improve to around 7.5-8.0x by the end of 2024.
The ratings affirmation reflects Hightower's high sensitivity to
interest rates due to its substantial amount of floating rate debt
and its lack of interest-related revenue from client cash balances.
Since mid-2023, Hightower's EBITDA/interest expense coverage ratio
has been steady at around 1.5-1.6x after having deteriorated for
several consecutive quarters when the federal reserve initially
began raising interest rates. Moody's expect that the additional
unsecured debt and higher interest rate environment will prevent
any meaningful improvements in Hightower's interest coverage for
the rest of 2024, and that it should remain near 1.5x.
The stable outlook reflects Moody's expectation that the firm's
recurring revenue model and cash flow generation will remain
healthy in supporting its growth. The stable outlook is also
predicated on Hightower's debt leverage and interest coverage not
sustainably deteriorating from current levels.
Hightower's B2 senior secured first lien bank credit facility
rating reflects its priority ranking and relative size in
Hightower's capital structure. Hightower's Caa2 senior unsecured
rating is two notches below Hightower's CFR, reflective of the
notes' lower ranking in Hightower's capital structure.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An improvement in profitability and debt reduction that results in
Moody's-adjusted debt/EBITDA leverage ratio below 6.5x on a
sustained basis could result in an upgrade.
A deterioration in interest coverage from weaker cash flow and
EBITDA resulting in an EBITDA/interest expense ratio below 1.5x or
an erosion of the company's working capital position could lead to
a downgrade. Revenue deterioration due to a slowdown in organic
growth, client attrition, rising competition and fee compression,
underperformance of acquired firms, or sustained declines in broad
financial markets resulting in lower levels of client assets could
also trigger a downgrade. Moody's could also downgrade Hightower's
ratings if its debt/EBITDA leverage ratio trends sustainably above
8.0x.
The principal methodology used in these ratings was Securities
Industry Service Providers published in February 2024.
HOLIDAY IN CAM: Drew McManigle Named Subchapter V Trustee
---------------------------------------------------------
The U.S. Trustee for Region 7 appointed Drew McManigle as
Subchapter V trustee for Holiday in Cam, LLC.
Mr. McManigle will be paid an hourly fee of $450 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. McManigle declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Drew McManigle
700 Milam, Suite 1300
Houston, TX 77002
Telephone: (410) 350-1839
Email: drew@macco.group
About Holiday in Cam
Holiday in Cam, LLC, a company in Corpus Christi, Texas, filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. S.D. Texas Case No. 24-20188) on July 1, 2024, with
$500,000 to $1 million in assets and $1 million to $10 million in
liabilities. Robert Orfino, manager, signed the petition.
Judge Marvin Isgur handles the case.
The Debtor is represented by H. Gray Burks, IV, Esq., at
BurksBaker, PLLC.
HOLY REDEEMER: S&P Lowers Bond Rating to 'B+', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'B+' from 'BB'
on Montgomery County Higher Education & Health Authority, Pa.'s
revenue bonds, issued for Holy Redeemer Health System (d/b/a
Redeemer Health [RH]). The outlook is negative.
"The two-notch downgrade reflects RH's multiyear trend of operating
losses that are significantly above budget and a concurrent
deterioration of balance sheet-related metrics to levels that we
consider to be in line with those of 'B+' rated stand-alone
hospital-based health systems," said S&P Global Ratings credit
analyst Marc Arcas.
The downgrade also reflects S&P's expectation that RH will not meet
its master trust indenture (MTI) covenant requirement of 1.1x debt
service coverage (DSC) for the obligated group in fiscal 2024,
which will require a consultant call-in.
Securing the bonds is a gross receipts pledge from the obligated
group and a mortgage on Holy Redeemer Hospital. The obligated group
consists of RH (Holy Redeemer Hospital, St. Joseph Manor, Redeemer
Lafayette, Redeemer Health Home Care & Hospice--Pennsylvania, and
Holy Redeemer Support at Home) and Holy Redeemer Physician and
Ambulatory Services.
S&P said, "The rating reflects our view of RH's multiple
consecutive years of sizable operating losses, a trend that further
accelerated in fiscal 2024 and that we expect will continue over
the outlook period. The negative outlook reflects our expectation
that continuing operating losses and balance-sheet deterioration
over the outlook period will further constrain RH's already limited
financial flexibility. The outlook also reflects our expectation of
a DSC covenant breach in fiscal 2024, which will require a
consultant call-in and could eventually result in a technical event
of default under the MTI in fiscal 2025 if DSC is below 1.0x for
two consecutive years.
A lower rating would be warranted if RH is unable to substantially
reduce the magnitude of its operating losses or if there is a
further decline in unrestricted reserves. A downgrade would also be
warranted if RH's DSC for the obligated group is below 1.0x for two
consecutive years, which is a technical event of default under the
MTI. Given the competitiveness of the primary service area, S&P
would also view negatively a meaningful decline in volumes or in
market share.
S&P could revise the outlook to stable if RH demonstrates a
sustained multiyear trend of improving operations, coupled with an
incremental replenishment of reserves, resulting in stronger key
balance sheet-related metrics.
Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:
-- Social capital
-- Risk management, culture, and oversight
HOMES AND HOUSES: Hires Century 21 Everest as Real Estate Broker
----------------------------------------------------------------
Homes and Houses Utah, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Century 21
Everest as broker.
The firm's services include:
(a) all advertising of the Debtor's property in various social
media;
(b) document preparation and personal attendance at all
meetings related to the sale of the property; and
(c) negotiations with various prospective buyer's agents and
consultations with the Debtor and counsel concerning issues related
to the sale and escrow pertaining to the sale.
The firm has agreed to be compensated 25 percent of the gross sales
price of the property to be paid out of the proceeds of a sale.
Buyers will be required to pay their own agent. There will be no
dual agency.
Dylan Johnson, a real estate agent at Century 21 Everest, 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:
Dylan Johnson
Century 21 Everest
6925 S. Union Park Center, Suite 600
Cottonwood Heights, UT 84047
Telephone: (385) 377-5510
About Homes and Houses Utah
Homes and Houses Utah LLC owns 10 properties located in Utah and
California having a total current value of $12.29 million.
Homes and Houses Utah LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-14814) on June
18, 2024. In the petition signed by Nathaneal Ernesto Dardon,
managing member, the Debtor disclosed total assets of $13,761,894
and total liabilities of $20,306,705.
Judge Julia W. Brand oversees the case.
Michael R. Totaro, Esq., at Totaro & Shanahan, LLP serves as the
Debtor's counsel.
IDL COMMUNICATIONS: Todd & Levi Files Rule 2019 Statement
---------------------------------------------------------
The law firm of Todd & Levi, LLP filed a verified statement
pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure
to disclose that in the Chapter 11 case of IDL Communications and
Electric, Inc., the firm represents the following creditors:
1. Turtle & Hughes, Inc.
100 Walnut Avenue
Clark, New Jersey 07066
2. Redlyn Electric Corp. d/b/a Louis Shiffman Electric
542 Wortman Avenue
Brooklyn, New York 11208
3. Graybar Electric Company, Inc.
105 Fieldcrest Avenue, Suite 601
Edison, New Jersey 08837
4. Benfield Electric Supply Corp.
240 Washington Street
Mount Vernon, New York 10553
5. Benfield Control Systems, Inc.
240 Washington Street
Mount Vernon, New York 10553
6. H.H. Benfield Electric Supply Company. Inc.
25 Lafayette Avenue
White Plains, New York 10603
Turtle & Hughes, Inc. ("T&H") has a claim against the Debtor in the
amount of approximately $489,000.00 arising from goods sold and
delivered to the Debtor for various construction projects.
Redlyn Electric Corp. d/b/a Louis Shiffman Electric ("Shiffman")
has a claim against the Debtor in the amount of approximately
$90,000.00 arising from goods sold and delivered to the Debtor for
various construction projects.
Graybar Electric Company, Inc. has a claim against the Debtor in
the amount of approximately $39,000.00 arising from goods sold and
delivered to the Debtor for various construction projects.
Benfield Electric Supply Corp. ("BES") has a claim against the
Debtor in the amount of approximately $130,000.00 arising from
goods sold and delivered to the Debtor for various construction
projects.
Benfield Controls Systems, Inc. ("BCS") has a claim against the
Debtor in the amount of approximately $150,000.00 arising from
goods sold and delivered to the Debtor for various construction
projects.
H.H. Benfield Electric Supply Company. Inc ("HHB") has a claim
against the Debtor in the amount of approximately $2,000.00 arising
from goods sold and delivered to the Debtor for various
construction projects.
T&L was retained by the creditors to pursue their claims in the
bankruptcy proceeding.
The law firm can be reached at:
TODD & LEVI, LLP
Jill Levi, Esq.
444 Madison Avenue
Suite 1202
New York, New York 10022
(212) 308-7400
About IDL Communications and Electric
IDL Communications and Electric, Inc., specializes in providing
commercial and residential electrical contracting services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y Case No. 24-42613) on June 20,
2024, with $0 to $50,000 in assets and $1 million to $10 million in
liabilities. Paul Vieira, president, signed the petition.
Judge Jil Mazer-Marino presides over the case.
WHITE AND WILLIAMS LLP represents the Debtor as legal counsel.
IN HOME PERSONAL: Seeks to Hire KRD Accountants as Accountant
-------------------------------------------------------------
In Home Personal Inc. seeks approval from the U.S. Bankruptcy Court
for the Northern District of Illinois to employ KRD Accountants
Ltd. as accountant.
The firm's services include:
(a) review general ledger and prepare financial statements;
(b) prepare tax returns, both state and federal;
(c) provide federal and state income tax advice to the Debtor
and negotiate with taxing authorities as necessary;
(d) aid and assist the attorney of record with regard to any
legal issues;
(e) aid and assist the Debtor in preparation of budgets and
cash flow projections; and
(f) aid and assist the Debtor in preparation of budgets and
cash flow projections; and
(g) perform all other accounting services for the Debtor.
The firm requests a retainer in the amount of $5,000 from the
Debtor.
Lois West, a certified public accountant at KRD Accountants,
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:
Lois West, CPA
KRD ACCOUNTANTS LTD.
35 E. Wacker, Dr., Suite 690
Chicago, IL 60601
Telephone: (312) 201-6450
Facsimile: (312) 201-1286
About In Home Personal Services
In Home Personal Services Inc. operates a health care business.
In Home Personal Services sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No.
24-08842) on June 15, 2024. In the petition filed by Michael
Collura, president, the Debtor disclosed total assets of $744,226
and total liabilities of $3,509,818.
Judge Jacqueline P. Cox oversees the case.
The Debtor tapped James A.Young, Esq., at James Young Law as
counsel and Lois West, CPA, at KRD Accountants Ltd. as accountant.
IN PHAZE ELECTRIC: L. Todd Budgen Named Subchapter V Trustee
------------------------------------------------------------
The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a
practicing attorney in Longwood, Fla., as Subchapter V trustee for
In Phaze Electric, Inc.
Mr. Budgen will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Budgen declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
L. Todd Budgen, Esq.
P.O. Box 520546
Longwood, FL 32752
Tel: (407) 232-9118
Email: Todd@C11Trustee.com
About In Phaze Electric
In Phaze Electric Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
24-03409) on July 3, 2024, with $100,000 to $500,000 in assets and
$1 million to $10 million in liabilities. Anthony Taylor, sole
shareholder, signed the petition.
Judge Lori V. Vaughan presides over the case.
Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP
represents the Debtor as legal counsel.
INDIVA LIMITED: Seeks CCAA Protection to Commence Sale
------------------------------------------------------
Indiva Limited ("Indiva"), Indiva Amalco Ltd., Indiva Inc., Vieva
Canada Limited and 2639177 Ontario Inc. ("Companies") applied for
and received an order ("Initial Order") for protection pursuant to
the Companies' Creditors Arrangement Act, as amended ("CCAA
Proceeding") from the Ontario Superior Court of Justice Commercial
List ("Court").
The Initial Order, among other things:
a) Appointed PricewaterhouseCoopers Inc., LIT ("PwC") as monitor of
the Companies ("Monitor");
b) Authorized the Companies to borrow under a credit facility from
SNDL Inc. ("DIP Lender") in order to finance the Companies’
working capital requirements and other general corporate purposes
and capital expenditures, provided that borrowings under such
credit facility shall not exceed $900,000 ("DIP Facility"), unless
permitted by further order of this Court; and
c) Authorized the Companies to continue to utilize the central cash
management system ("CMS") currently in place as described in the
affidavit of Carmine Niel Marotta, sworn June 12, 2024 or, with the
consent of the Monitor and the DIP Lender replace it with another
substantially similar central CSM;
d) Approved a stay of proceedings up to and including June 23, 2024
("Stay Period"), which applies against the Companies or the
Monitor, or any of their respective employees and representatives,
any of the former, current or future directors or officers of the
Companies and the Companies' Property and Business;
e) Granted a first ranking charge, in the amount of $400,000
("Administration Charge"), on the Property of the Companies, as
security for the professional fees and disbursements of the
Monitor, the Monitor's counsel and the Companies' counsel, which
charge shall rank in priority to all other security interests,
trusts, liens, charges and encumbrances, claims of secured
creditors, statutory or otherwise;
f) Granted a second ranking charge in favour of the DIP Lender over
the Property of the Companies to a maximum amount of $900,000, as
security for the DIP Facility ("DIP Lender's Charge"); and
g) Granted a third ranking charge, in the amount of $765,000
("Directors' Charge"), on the Property of the Companies’, as
security for the indemnity granted to the Companies' directors and
officers, which charge shall rank in priority to all other security
interests, trusts, liens, charges and encumbrances, claims of
secured creditors, statutory or otherwise.
In accordance with section 23 (1)(ii)(b) of the CCAA and the
Initial Order, on June 18, 2024, a notice was sent to all known
creditors of the Companies who are owed $1,000 or more.
On July 5, 2024, the Court issued the Sale Process Approval Order
which, among other things, approved the Sale Process and authorized
the Companies and the Monitor to implement the Sale Process
pursuant to the terms of the Sale Process and authorized the
Companies to enter into the Stalking Horse Purchase Agreement,
dated June 28, 2024, between Indiva as vendor and SNDL Inc. as the
Stalking Horse Purchaser.
The Companies said they are in the verge of default on their senior
debt obligations and require a broad stay of proceedings and
related relief to prevent enforcement action by certain contractual
counterparts. Absent a stay of proceedings and the receipt of the
debtor-in-possession credit facility, the Companies will not be
able to meet their obligations as they become due. Together, these
CCAA proceedings and the relief sought in the proposed initial
order will provide the breathing room and stability required to
continue going concerning while the Companies finalize a
court-supervised sale and investor solicitation process.
Copies of the material documents pertaining to the CCAA Proceedings
available at https://www.pwc.com/ca/indiva.
The monitor can be reached at:
Pricewaterhousecoopers Inc.
18 York Street
Suite 2500
Toronto, ON M5J 0B2
Michael McTaggart
Tel: (416) 687-8924
Email: michael.mctaggart@pwc.com
Graham Page
Tel: (416) 687-9054
Email: graham.page@pwc.com
Tammy Muradova
Tel: (416) 941-8383 ext. 18019
Email: tammy.muradova@pwc.com
Ian Dunlop
Email: dunlop.j.ian@pwc.com
Juhab Hasan
Email: juhab.h.hasan@pwc.com
Counsel for the Companies:
Bennett Jones LLP
3400 One First Canadian Place
PO Box 130
Toronto, ON M5X 1A4
Mike Shakra
Tel: (416) 777-6236
Email: shakram@bennettjones.com
Thomas Gray
Tel: (416) 777-5527
Email: grayt@bennettjones.com
Milan Singh-Cheema
Tel: (416) 777-5527
Email: singhcheemam@bennettjones.com
Counsel for the Monitor:
Osler, Hoskin & Harcourt LLP
6200 One First Canadian Place
Toronto, ON M5X 1B8
Marc Wasserman
Tel: (416) 862-4908
Email: mwasserman@osler.com
Martino F. Calvaruso
Tel: (416) 862-6665
Email: mcalvaruso@@osler.com
Tiffany Sun
Tel: (416) 862-4932
Email: tsun@osler.com
Counsel for SNDL Inc.:
McCarthy Tetrault LLP
745 Thurlow Street
Suite 2400
Vancover, BC V6E 0C5
Lance Williams
Tel: (604) 643-7154
Email: lwilliams@mccarthy.ca
Ashley Borwon
Tel: (604) 643-7973
Email: abowron@mccarthy.ca
Indiva Limited -- https://www.indiva.com/ -- provides
pharmaceutical products. The Company produces and distributes
medical cannabis products made of psychoactive drug flowers and
oils extracts. Indiva serves customers in Canada.
INKCYCLE INC: U.S. Trustee Unable to Appoint Committee
------------------------------------------------------
The U.S. Trustee for Region 20 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Inkcycle, Inc.
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.
INSPIREMD INC: Rosalind Advisors, 4 Others Disclose Equity Stakes
-----------------------------------------------------------------
Rosalind Advisors, Inc. disclosed in a Schedule 13G/A Report filed
with the U.S. Securities and Exchange Commission that as of June
28, 2024, the firm and its affiliated entities -- Rosalind Master
Fund LP ("RMF"), Rosalind Opportunities Fund I LP ("ROFI"), Steven
Salamon, and Gilad Aharon -- beneficially owned shares of
InspireMD, Inc.'s common shares.
Rosalind Advisors, Inc., Steven Salamon, and Gilad Aharon reported
to beneficially own 2,513,641 shares and 7,438,181 shares of common
stock issuable upon exercise, representing 9.9% based upon
24,960,450 shares of common stock outstanding of the InspireMD as
of May 30, 2024, as disclosed on Prospectus [Rule 424(b)(5)].
Rosalind Master Fund L.P. is reported to beneficially own 1,961,641
shares of Common Stock and 6,334,181 shares of Common Stock
issuable upon exercise of warrants, representing 9.9%. Rosalind
Opportunities Fund I L.P. beneficially owns 552,000 shares,
1,104,000 shares of Common Stock issuable upon exercise of
warrants, representing 5.11% of the shares outstanding.
Rosalind Master Fund L.P. is the record owner of 2,513,641 shares
of common stock.
Rosalind Advisors, Inc., or the Advisor, is the investment advisor
to RMF and ROFI, and may be deemed to be the beneficial owner of
shares held by RMF and ROFI. Steven Salamon is the portfolio
manager of the Advisor and may be deemed to be the beneficial owner
of shares held by RMF and ROFI. Notwithstanding the foregoing, the
Advisor and Mr. Salamon disclaim beneficial ownership of the
shares.
A full-text copy of Rosalind Advisors' SEC Report is available at:
https://tinyurl.com/yfmvm5ea
About InspireMD
Headquartered in Tel Aviv, Israel, InspireMD, Inc. --
http://www.inspiremd.com-- is a medical device company focusing on
the development and commercialization of its proprietary MicroNet
stent platform technology for the treatment of complex vascular and
coronary disease. A stent is an expandable "scaffold-like" device,
usually constructed of a metallic material, that is inserted into
an artery to expand the inside passage and improve blood flow. Its
MicroNet, a micron mesh sleeve, is wrapped over a stent to provide
embolic protection in stenting procedures.
The Company reported a net loss of $19.92 million in 2023, a net
loss of $18.49 million in 2022, a net loss of $14.92 million in
2021, a net loss of $10.54 million in 2020, and a net loss of
$10.04 million in 2019. As of March 31, 2024, the Company had
$42.03 million in total assets, $6.94 million in total liabilities,
and $35.09 million in total equity.
InspireMD said in its Quarterly Report that as of March 31, 2024,
the Company has the ability to fund its planned operations for at
least the next 12 months from issuance date of the financial
statement. However, the Company expects to continue incurring
losses and negative cash flows from operations until its products
(primarily CGuard EPS) reach commercial profitability. Therefore,
in order to fund its operations until such time that it can
generate substantial revenues, the Company may need to raise
additional funds.
InspireMD's plans include continued commercialization of the
Company's products and raising capital through sale of additional
equity securities, debt or capital inflows from strategic
partnerships. There are no assurances, however, that the Company
will be successful in obtaining the level of financing needed for
its operations. If it is unsuccessful in commercializing its
products or raising capital, the Company may need to reduce
activities, curtail or cease operations.
J.A. WALL TRUCKING: Douglas Adelsperger Named Subchapter V Trustee
------------------------------------------------------------------
The U.S. Trustee for Region 10 appointed Douglas Adelsperger, Esq.,
as Subchapter V trustee for J.A. Wall Trucking, LLC.
Mr. Adelsperger 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. Adelsperger declared that he is a disinterested person
according to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Douglas R. Adelsperger, Trustee
1251 N. Eddy St., Suite 200
South Bend, IN 46617
Tel: (260) 407-0909
Email: trustee@adelspergerlawoffices.com
About J.A. Wall Trucking
J.A. Wall Trucking, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ind. Case No.
24-10862) on July 2, 2024, with $50,001 to $100,000 in assets and
liabilities.
Scot T. Skekloff, Esq. at Haller & Colvin, PC represents the Debtor
as legal counsel.
KARWOOD ESTATES: Financial Issues Prompt CCAA Filing
----------------------------------------------------
The Supreme Court of Newfoundland & Labrador ("Court") issued an
Order ("Initial Order") declaring that Karwood Estates Inc. and
Gregg Construction Ltd. ("Companies") are companies to which the
Companies' Creditors Arrangement Act ("CCAA") applies and that the
Companies have the authority to file and may, subject to further
order of the Court, file with the Court a plan of compromise or
arrangement.
The Initial Order includes a stay or proceedings, which is in
effect until a Comeback Hearing scheduled for June 17, 2024, at
which time the Court may grant an extension.
According to the Companies, over the past six years, they have
experienced liquidity issues due to numerous factors including the
Covid-19 and its effects, such as an unpredictable supply chain,
rising costs of supplies due to inflation, rising interest rates,
and third-party actions which had negative financial and
operational effects on the Companies.
The Companies said they require urgent relief under the CCAA in
order to continue to operate and restructure their affairs. They
have no available cash and no access to further credit under their
existing financing facilities. Their principal secured creditors
have delivered demands and notices of intent to enforce their
security under the Bankruptcy and Insolvency Act, which notices
have expired.
The Companies noted that they are of the view that the maximization
of value for all their stakeholders, including for their creditors,
employees, suppliers and customers, requires the business to
continue as a going concern.
A copy of the initial order and copies of the materials filed in
the CCAA proceedings are available at
https://www.GrantThornton.ca/Karwood.
Monitor can be reached at:
Grant Thornton Limited
Attn: Allan MacDonald
1675 Grafton Street, Suite 1000
Halifax, Nova Scotia B3J 0E9
Tel: 1-902-491-4179
Email: Allan.MacDonald@ca.gt.com
Counsel for the Companies:
O'keefe & Sullivan
Attn: Darren O'Keefe
Colin Sullivan
Suite 202, 80 Elizbeth Ave.
St. John’s, NL AlA 1W7
Tel: 709-800-6536
Email: dokeefe@okeefesulljvan.com
csullivan@okeefesullivan.com
Counsel for the Monitor:
Reconstruct LLP
Attn: Sharon Kour
200 Bay Street - South Tower
Suite 2305 P.O. Box 120
Toronto, ON M5J 2J3
Tel: 416-613-8280
Email: skour@reconllp.com
Karwood Estates Inc. is a real estate and construction company.
KINGDOM GROUP: Case Summary & 12 Unsecured Creditors
----------------------------------------------------
Debtor: Kingdom Group Realty & Investments, LLC
23001 Skyview Circle
Brooksville, FL 34602
Business Description: Kingdom Group Realty owns nine investment
properties all located in Florida having a
total current value of $1.07 million.
Chapter 11 Petition Date: July 12, 2024
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 24-03945
Judge: Hon. Catherine Peek Mcewen
Debtor's Counsel: Buddy D. Ford, Esq.
BUDDY D. FORD, P.A.
9301 West Hillsborough Avenue
Tampa, FL 33615-3008
Tel: (813) 877-4669
Fax: (813) 877-5543
Email: All@tampaesq.com
Total Assets: $1,068,455
Total Liabilities: $1,713,590
The petition was signed by Yelixa Beckner as manager.
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/LGLIGFI/Kingdom_Group_Realty__Investments__flmbke-24-03945__0001.0.pdf?mcid=tGE4TAMA
KP2 LLC: Completes Sale of Nashville Property
---------------------------------------------
KP2, LLC disclosed in a filing with the U.S. Bankruptcy Court for
the Middle District of Tennessee the closing of the sale of its
Nashville property on July 2.
The company also disclosed that it received no funds at closing and
instead was required to contribute the sum of $32,626.04 at
closing. The contribution was funded by members of the company.
KP2 sold the property located at 821 Dewees Avenue, Nashville, to
Thomas Straub and Vanessa Williams for $1.7 million.
The sale was approved by the court on June 24.
About KP2 LLC
KP2, LLC owns a single-family home located at 821 Dewees Avenue,
Nashville, Tenn., valued at $1.7 million.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-00760) on March 6,
2024, with $1,700,000 in assets and $2,189,367 in liabilities.
Michael Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC, serves
as Subchapter V trustee.
Joseph P. Rusnak, Esq., at Tune, Entrekin & White, P.C. represents
the Debtor as legal counsel.
LA FAMILIA DEL PASO: Case Summary & Eight Unsecured Creditors
-------------------------------------------------------------
Debtor: La Familia Del Paso, Inc.
1511 E. Yandell
El Paso TX 79902
Business Description: The Debtor is a mental health services
provider in El Paso, Texas.
Chapter 11 Petition Date: July 16, 2024
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 24-30847
Debtor's Counsel: Carlos Miranda, Esq.
MIRANDA & MALDONADO, PC
5915 Silver Springs Bldg. 7
El Paso, TX 79912
Tel: (915) 587-5000
E-mail: cmiranda@eptxlawyers.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Lucia R. Dawson as executive director.
A full-text copy of the petition containing, among other items, a
list of the Debtor's eight unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/NEOQXZQ/La_Familia_Del_Paso_Inc__txwbke-24-30847__0001.0.pdf?mcid=tGE4TAMA
LEESBURG CAR: Continued Operations to Fund Plan Payments
--------------------------------------------------------
Leesburg Car Repair LLC filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Plan of Reorganization dated July
1, 2024.
The Debtor is a Florida profit company organized by Articles of
Incorporation filed with the Florida Secretary of State on April
11, 2017, with an effective date of April 7, 2017.
The Debtor is a full-service automotive repair shop, doing business
as Automasters of Leesburg, headquartered in Leesburg, Lake County,
Florida. The Debtor's principal place of business is located at
1009 S 14th St., Leesburg, FL 34748, which is a space that is owned
by 1009 4th Street, LLC.
This Plan provides for: 1 class of secured claims; and 1 class of
equity security holders.
Class 1 consists of the Secured Claim of Huntington. This Claim is
secured by a lien on the First Federal Collateral. The amount of
the Class 1 Secured Claim is approximately $404,403.66. This Class
is Unimpaired. First Federal's Secured Claim shall be paid in full
from the proceeds of a refinance of the First Federal Collateral.
Class 2 consists of any and all equity interests and warrants
currently issued or authorized in the Debtor. This Class is
Unimpaired. Holders of a Class 2 interests shall retain their full
equity interest in the same amounts, percentages, manner and
structure as existed on the Petition Date.
The Plan contemplates that the Reorganized Debtor will continue to
operate the Debtor's business.
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, cash on
hand as of Confirmation shall be available for Administrative
Expenses.
A full-text copy of the Plan of Reorganization dated July 1, 2024
is available at https://urlcurt.com/u?l=3bPPUs from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Jeffrey S. Ainsworth, Esq.
Cole Bailey Davidson Branson, Esq.
BransonLaw, PLLC
1501 East Concord Street
Orlando, Florida 32803
Telephone: (407) 894-6834
Facsimile: (407) 894-8559
E-mail: jeff@bransonlaw.com
E-mail: cole@bransonlaw.com
About Leesburg Car Repair
Leesburg Car Repair LLC is a full-service automotive repair shop,
doing business as Automasters of Leesburg, headquartered in
Leesburg, Lake County, Florida.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. M.D. Fla. Case No. 24-01630) on April 2, 2024, with as
much as $50,000 in both assets and liabilities.
Jeffrey Ainsworth, Esq., at Bransonlaw PLLC, is the Debtor's legal
counsel.
LENY BERRY: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: LENY Berry Holdings LLC
103-113 North 3rd Street
Brooklyn, NY 11249
Business Description: The Debtor is the fee owner of the mixed-use
retail and residential apartment building
located at 103-113 North 3rd Street and 188-
190 Berry Street, Brooklyn, NY.
Chapter 11 Petition Date: July 17, 2024
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 24-42947
Judge: Hon. Nancy Hershey Lord
Debtor's Counsel: Kevin Nash, Esq.
GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP
125 Park Ave
New York, NY 10017-5690
Email: knash@gwfglaw.com
Estimated Assets: $50 million to $100 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Ephraim Diamond as chief restructuring
officer.
The Debtor failed to list in the petition 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/Z5EWY4Q/LENY_Berry_Holdings_LLC__nyebke-24-42947__0001.0.pdf?mcid=tGE4TAMA
LEVINTE INC: William Avellone Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 11 appointed William Avellone of
Chartered Management as Subchapter V trustee for Levinte, Inc.
Mr. Avellone 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. Avellone declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
William B. Avellone
Chartered Management
10 South Riverside Plaza, Suite 875
Chicago, IL 60606
Tel: (312) 273-4004
Email: bill.avellone@charteredmgt.com
About Levinte Inc.
Levinte, Inc. filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-09868) on July 7,
2024, with $1,330,900 in assets and $2,949,040 in liabilities.
Constantin Levinte, president, signed the petition.
Judge Jacqueline P. Cox presides over the case.
David Freydin, Esq., at the Law Offices of David Freydin represents
the Debtor as legal counsel.
LIKEWIZE CORP: Moody's Lowers CFR to B3 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Ratings downgraded Likewize Corp.'s Corporate Family Rating
to B3 from B2, and Probability of Default Rating to B3-PD from
B2-PD. Concurrently, Moody's assigned B3 ratings to the proposed
senior secured first lien credit facilities, consisting of a $550
million term loan, $50 million delayed draw term loan (DDTL), and
$125 million revolver. The B3 rating to the existing senior secured
bond has been reviewed in the rating committee and remain
unchanged. The outlook was changed to stable from negative.
Net proceeds from the term loan will be used to refinance existing
debt. The DDTL along with new cash equity will be used by Genstar
Capital to purchase an additional equity in Likewize from
Brightstar Capital Partners and increase its ownership of the
company to 80%.
A comprehensive review of all credit ratings for the respective
issuer has been conducted during a rating committee.
RATINGS RATIONALE
The downgrade reflects the increase in Likewize's leverage to 5.5x
from about 5x debt/EBITDA as of LTM March 31, 2024. Although the
significant business restructuring undertaken over the past four
years has largely been concluded, the company's free cash flow
generation remains weak. Likewize has been deprioritizing its low
margin and unprofitable mobile device distribution and supply chain
businesses and increasing focus on the higher margin, but highly
competitive device protection sector. Gross profit and EBITDA
margins have been improving since 2019, however in Q4 2023 the
unexpected price decline in the secondary market for handsets led
to weaker profitability and negative free cash flow. In addition,
the rating accounts for Likewize's solid market positions and
long-standing relationships with large, blue chip customers.
Over the next 12 months, Moody's project Likewize to grow revenue
by low single digit driven by low single digit decline in the
supply chain revenue, offset by high single digit growth in the
device protection and upgrade business. Moody's expect gross profit
margins will recover to 12% as handset prices have stabilized and
the company is looking to diversify its upgrade business. For 2024,
we project Likewize will generate around $10-$15 million in free
cash flow.
Governance is considered a significant factor in the rating action
given incremental debt is being used to fund the equity purchase.
Moody's expect that Likewize will maintain adequate liquidity over
the next 12 months. Pro forma for the transaction, the company will
have about $4 million of unrestricted cash (as of March 31, 2024).
Moody's project free cash flow generation of around $10-$15 million
in 2024 and $35 million in 2025. These projections assume
diminishing restructuring expenses and neutral working capital
needs. The liquidity is also supported by the proposed $125 million
revolver. The revolver will have a first lien net leverage covenant
(to be defined) tested at 40% utilization.
The stable outlook reflects Moody's expectation that Likewize will
generate low single digit revenue growth and achieve positive free
cash flow over the next 12 months.
The B3 rating to the existing senior secured bond remain unchanged
as Moody's expect a full repayment with transaction proceeds. The
B3 rating to the new senior secured first lien credit facilities is
the same as the CFR reflecting the covenant light single debt class
structure.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Likewize demonstrates consistent
revenue growth and operating margin improvement, such that
debt/EBITDA is expected to sustain below 5x with free cash flow to
debt above 5%.
The ratings could be downgraded if Likewize's revenue and earnings
decline, free cash flow remains negative, or liquidity position
deteriorates. Additionally, the ratings could be downgraded if debt
financed acquisitions or shareholder initiatives increase
debt/EBITDA above 6.5x on a more than temporary basis.
Marketing terms for the new credit facilities (final terms may
differ materially) include the following:
Incremental pari passu debt capacity up to the greater of $160.7
million and 100% of TTM EBITDA plus unlimited amounts subject to
3.7x net first lien leverage ratio. There is an inside maturity
sublimit up to the greater of $80.35 million and 50% of TTM EBITDA.
A "blocker" provision restricts the transfer of material
intellectual property to unrestricted subsidiaries. There are no
protective provisions restricting an up-tiering transaction.
Likewize Corp.'s provides end-to-end device life-cycle management
solutions for the mobile device industry. Services include trade-in
and upgrade, device protection, supply chain services, reverse
logistics, and repair solutions. After the transaction close, the
company will be majority owned by funds affiliated with Genstar
Capital. Brightstar Capital Partners will maintain a minority
ownership. In the LTM ended March 31 2024 Likewize reported revenue
of approximately $2 billion.
The principal methodology used in these ratings was Distribution
and Supply Chain Services published in February 2023.
LIKEWIZE CORP: S&P Affirms 'B-' ICR on Proposed Refinancing
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issuer credit rating on
Likewize Corp.
S&P said, "We also assigned our 'B-' issue-level and '3' recovery
ratings (50%-70%; rounded estimate: 60%) to the proposed $550
million first-lien term loan due 2031, $50 million delayed draw
term loan due 2031, and $125 million revolving credit facility due
2029.
"The stable outlook indicates our expectation that Likewize will
achieve solid revenue and EBITDA growth and substantially improved
cash flows over the next 12 months."
Likewize is seeking to refinance its capital structure in
conjunction with Genstar Capital LLC's purchase of additional
equity in Likewize.
S&P said, "We expect Likewize to use proceeds from the proposed
$550 million term loan due 2031 to refinance existing debt,
including $420 million of senior notes due 2025, $51 million
outstanding on the asset-based lending (ABL) revolver due 2025, and
$72 million of other debt due 2027. In addition, proceeds from the
$50 million DDTL, along with new cash equity from Genstar, will be
used to fund Genstar's purchase of an additional 35% equity in
Likewize. We expect the DDTL to be drawn a few months after close
and to be co-terminus with the $550 million term loan, pending
regulatory and other procedural approvals. Genstar will have 80%
majority ownership in Likewize, with the remainder held by
management and Brightstar Capital Partners."
LITHIUM PRODUCTS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Lithium Products, LLC
d/b/a Lithium Pros
4123 Topeka Street
Knoxville, TN 37917
Business Description: Lithium Products offers ultra lightweight
lithium-ion batteries to the racing, EV,
marine, fleet, and specialty markets.
Chapter 11 Petition Date: July 11, 2024
Court: United States Bankruptcy Court
Eastern District of Tennessee
Case No.: 24-31215
Judge: Hon. Suzanne H Bauknight
Debtor's Counsel: Lynn Tarpy, Esq.
TARPY, COX, FLEISHMAN & LEVEILLE, PLLC
1111 N Northshore Dr
Suite N-290
Knoxville, TN 37919
Tel: (865) 588-1096
Fax: (865) 588-1171
Email: ltarpy@tcflattorneys.com
Total Assets: $696,057
Total Liabilities: $2,967,559
The petition was signed by Kevin Bennett 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/ZPZJMSA/Lithium_Products_LLC__tnebke-24-31215__0004.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/YYWRXUY/Lithium_Products_LLC__tnebke-24-31215__0001.0.pdf?mcid=tGE4TAMA
LTI HOLDINGS: Moody's Rates New $1.9-Bil. First Lien Loans 'B3'
---------------------------------------------------------------
Moody's Ratings affirmed LTI Holdings, Inc. (Boyd) ratings,
including the company's B3 corporate family rating, B3-PD
probability of default rating, B2 rating on its senior secured
first lien term loans and revolving credit facility and Caa2 rating
on its senior secured second lien term loan. Concurrently, Moody's
assigned a B3 rating to the company's planned $1.8 billion senior
secured first lien term loan and $147 million senior secured first
lien revolving credit facility. The outlook is stable.
Proceeds from the term loan together with $518 million of preferred
equity will be used to fully repay the company's existing first
lien term loan due 2025, first lien term loan due 2026, second lien
term loan due 2026 and revolving credit facility that expires in
2027. The B3 rating on the company's planned first lien term loan
and revolving credit facility is in line with the B3 CFR because it
now represents the preponderance of debt in the capital structure.
Moody's will withdraw the ratings on the existing first and second
lien term loans and revolving credit facility at the close of the
transaction.
The affirmation of the B3 CFR reflects Moody's expectation that
Boyd will grow profit dollars such that debt-to-EBITDA improves
toward 6.0 times in the next 12-18 months. Pro forma for the
transaction, debt-to-LTM EBITDA would have been 6.7 times at March
31, 2024, down from 8.3 times at March 31, 2024 because of the
repayment of debt and the issuance of preferred equity. Moody's
EBITDA calculation includes $68 million of add-backs including $38
million of corporate restructuring expenses and $22 million of one
time project development costs. A large proportion of the add-backs
are expected to roll off over the next year.
The preferred equity will not be treated as debt because the
holders cannot trigger a default and have no creditor rights in a
bankruptcy. Moody's expect the interest expense on the preferred
equity will be paid in kind, which will benefit cash flow. However,
the preferred equity has a high interest rate and will continue to
accrete until it is paid off.
Governance considerations were a key driver in the rating outcome
as the transaction reflects a change in financial strategy. The
reduction in leverage is accompanied by a meaningful transfer of
rights that could impact future ownership of the company. The
majority of preferred shareholders may demand Boyd initiate a sale
or IPO process of the company (at the company's option) on or after
the sixth anniversary of the closing date of the issuance of the
preferred stock. Further, a majority of the preferred shareholders
can take control of that initiative if it is not completed within
nine months.
RATINGS RATIONALE
LTI Holdings, Inc.'s ratings reflect the company's strong
relationships with its customers and the integral position in their
supply chains as a provider of typically low cost but often
critical products. Boyd's geographically diverse manufacturing
footprint spans the US, Europe and Asia and helps the company serve
its global customers. Boyd has executed on a global footprint
realignment that has eased labor costs and strengthened the
company's ability to meet customer demand in those regions.
Despite the reduction in leverage and cash interest savings
associated with the issuance of the preferred stock, Boyd has a
large debt load with high debt-to-EBITDA and cash flow will be
constrained by a significant amount of annual interest expense.
Also, revenue declined in 2023 from lower sales to certain large
customers, some of which Boyd deliberately exited because it was
lower margin business. Moody's anticipate a rebound in 2024 revenue
based on a solid pipeline. Boyd's margins are solid because of the
specialization and value-add of its product offerings, which are
often patented, customized or proprietary. Boyd also has an
aggressive financial policy with a propensity to make debt funded
acquisitions.
Boyd's revenue growth will remain susceptible to a material amount
of variability from quarter to quarter, largely driven by the
timing and success of its key customer's product launches, or lack
thereof. Revenue pressure will develop if either large customer
product launches are delayed or their orders are cancelled due to
poor product acceptance in the marketplace. Boyd also has some
customer concentration with its top five customers representing
nearly one-third of total revenue.
Moody's expect Boyd's liquidity will remain adequate over the next
year supported by access to an undrawn $147 million revolving
credit facility that expires in 2029. Moody's expect Boyd to
generate moderately positive free cash flow over the next twelve
months. The company would have had $27 million of cash pro forma
for the transaction at June 30, 2024.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Boyd is able to return to healthy
topline growth with no erosion in margins and debt-to-EBITDA
declines below 6 times. Moody's would also expect the company to
have positive free cash flow prior to a rating upgrade.
Alternatively, the ratings could be downgraded if Moody's believe
Boyd's debt-to-EBITDA fails to approach 6 times by year end 2025.
In addition, the ratings could be downgraded if contracts from
major customers erode or if the company engages in a large debt
funded acquisition that increases leverage. Also, if the company
experiences a deterioration in liquidity the ratings could be
downgraded.
The principal methodology used in these ratings was Manufacturing
published in September 2021.
LTI Holdings, Inc. (Boyd) is a California-based manufacturer of
customized, precision products that provide thermal management
(prevent overheating) and environmental sealing (protect from heat,
moisture or radio-frequency). These solutions are sold to customers
serving a broad array of end markets including industrial, mobile
electronics, medical and aerospace and defense, among others. The
company is owned by funds affiliated with Goldman Sachs Merchant
Banking.
M&M HOLDINGS: Seeks to Hire Matthew Johnson as Legal Co-Counsel
---------------------------------------------------------------
M&M Holdings of Charleston, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of West Virginia to
employ Matthew Johnson, Esq., an attorney practicing in Charleston,
West Virginia, as its co-counsel.
The attorney's services include:
(a) file monthly operating reports;
(b) maintain necessary and/or regular contact with the
Debtor;
(c) assist in preparation of exhibits to go with a Disclosure
Statement and Plan;
(d) perform legal research requested by Debtor's counsel,
Joseph Caldwell; and
(e) perform other legal services as requested.
The attorney will be paid at his hourly rate of $200.
Mr. Johnson 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 attorney can be reached at:
Matthew M. Johnson, Esq.
3818 MacCorkle Ave., SE
Charleston, WV 25304
Telephone: (304) 942-8372
Email: mmjesq24@gmail.com
About M&M Holdings of Charleston
M&M Holdings of Charleston, LLC filed a Chapter 11 bankruptcy
petition (Bankr. S.D. W. Va. Case No. 24-20099) on May 9, 2024,
with as much as $1 million in both assets and liabilities.
Judge B. Mckay Mignault oversees the case.
Joseph Caldwell, Esq., at Caldwell & Riffee, PLLC and Matthew M.
Johnson, Esq., serve as the Debtor's counsel.
MANITOWOC COMPANY: Moody's Hikes CFR & Secured 2nd Lien Debt to B1
------------------------------------------------------------------
Moody's Ratings upgraded the ratings of The Manitowoc Company, Inc.
(Manitowoc), including the corporate family rating to B1 from B2,
probability of default rating to B1-PD from B2-PD and senior
secured 2nd lien debt rating to B1 from B2. The outlook is stable.
The company's speculative grade liquidity rating is unchanged at
SGL-2.
The upgrade of Manitowoc's ratings reflects the company's solid
operating performance and Moody's expectation for continued
profitability improvement over time. In addition, Moody's believe
it is likely that debt-to-EBITDA will approach 2.5 times over the
next 12-18 months and the company will generate positive free cash
flow. Manitowoc's credit metrics have improved as the business has
grown while long term debt remained stable.
Moody's believe Manitowoc is structurally reducing its exposure to
cyclicality. This is being accomplished by deliberately targeting
growth in the higher margin and more stable aftermarket parts and
services and other non-new machine businesses via its CRANES+50
strategy. Although the strategy is yet to be tested, Moody's
believe the resulting business mix will provide more resiliency in
down cycles.
RATINGS RATIONALE
Manitowoc has a well-established position as one of the world's
leading providers of heavy-duty cranes. However, the company has
concentration risk by operating solely in the crane segment. This
exposes Manitowoc to highly cyclical end markets, including
construction and oil and gas.
Manitowoc's debt-to-LTM EBITDA has declined to 3.1 times at March
31, 2024 and is expected to continue to decline over time. Demand
is strong in the US and Middle East crane markets but weak in the
European tower crane market. Manitowoc also has a legal overhang
associated with an EPA issue, the resolution of which could lead to
material cash outflows.
The stable outlook reflects Moody's expectation that Manitowoc will
grow revenue 3% organically resulting from a continued increase in
non-new machine sales, a recovery in the European tower crane
market and a gradual working down of the company's high backlog.
Profit margin is likely to increase as higher margin non-new
machine sales grow and the company remains focused on operational
efficiencies and cost containment.
Manitowoc's SGL-2 speculative grade liquidity rating reflects
Moody's expectation the company will have good liquidity over the
next year. Moody's view is supported by $197.6 million of
availability under a $275 million ABL facility that expires in 2027
together with $31.5 million of cash at March 31, 2024. The company
will also have positive free cash flow of roughly $20 million over
the next year. The company also has no significant debt maturities
until April 1st, 2026 when $300 million 9% second lien notes
mature. However, the ABL has a springing maturity date of December
30, 2025 if the company's senior secured second lien notes have not
been repaid in full or refinanced by that date.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if debt-to-EBITDA remains around 3.0
times and EBITA margin approaches 7% as the company continues to
successfully grow non-new machine sales. In addition, the company
would be expected to maintain good liquidity and improve free cash
flow prior to a rating upgrade.
The ratings could be downgraded if demand weakens considerably,
EBITA margin declines below 4% or liquidity weakens materially. In
addition, the rating could be downgraded if there is an adverse
resolution to the EPA litigation matter in excess of the current
reserve. Also, if Manitowoc's financial policy becomes increasingly
aggressive around acquisitions, share repurchases or management of
debt maturities the ratings could be downgraded.
The principal methodology used in these ratings was Manufacturing
published in September 2021.
The Manitowoc Company, Inc. (NYSE: MTW), headquartered in
Milwaukee, WI, was founded in 1902 and through its wholly-owned
subsidiaries, designs, manufactures, markets and supports
comprehensive product lines of cranes. Crane types include mobile
hydraulic cranes, tower cranes, lattice-boom crawler cranes and
boom trucks under the Aspen Equipment, Grove, Manitowoc, MGX
Equipment Services, National Crane, Potain, and Shuttlelift brand
names. The company has three reportable segments based on region,
including the Americas, Europe and Africa (EURAF) and Middle East
and Asia Pacific (MEAP).
MCA NAPLES: Unsecured Creditors to Split $21K over 36 Months
------------------------------------------------------------
MCA Naples, LLC, filed with the U.S. Bankruptcy Court for the
Middle District of Florida a Chapter 11 Plan of Reorganization
dated July 1, 2024.
Formed in 2012, the Debtor is a Tennessee limited liability
company, which owns and leases the Naples Property. The Debtor is
also the member manager of a single member limited liability
company that itself owns and leases real estate and improvements in
Artesia, New Mexico.
The case was filed to stay a foreclosure sale of the Naples
Property to allow the Debtor the opportunity to reorganize its
obligations to its lenders. The Naples Property is leased to
Clearday, a sister company. Clearday operates an all-inclusive
memory care facility at the Naples Property. The Debtor defaulted
on the Benworth Loan when Clearday was unable to pay rent due to
the impacts of the COVID-19 pandemic and Hurricane Ian.
After unsuccessful attempts to resolve the mortgage default,
Benworth sued to foreclose its mortgage on February 10, 2023, in
the Circuit Court of the Twentieth Judicial Circuit in and for
Collier County, Florida, Case No. 23-CA-000243. A final judgment of
foreclosure was entered on February 4, 2024, which scheduled a
foreclosure sale of the Naples Property for April 4, 2024.
The Debtor estimates its non-insider general unsecured claims are
$800,000.00, comprised primarily of amounts owed to Shadow Retail
Partners, LP.
While certain of the distributions under the Plan will be funded,
in part, by a credit facility from Clearday, Inc., in the amount of
$115,000, the projections to this Plan demonstrate that the Debtor
will have sufficient funds to pay allowed claims.
Class 5 consists of Allowed General Unsecured Claims, if any, that
are not otherwise classified. The holder of an Allowed General
Unsecured Claim shall receive its pro rata share of the Debtor's
projected disposable income as defined by Section 1191(d), after
payment of Allowed Administrative Expense Claims, Allowed Priority
Tax Claims, Allowed Priority Claims, and Allowed Secured Claims,
for a three-year period following the Effective Date.
The pro rata share of any distributions on account of any Allowed
Class 5 Claim will be calculated as a fraction of the amount of any
such distribution, the numerator of which shall be the Allowed
amount of the Class 5 Claim and the denominator of which shall be
the aggregate Allowed amount of all Allowed Class 5 Claims. The
projected disposable income payments shall be made on the first
calendar day of the 12th, 24th, and 36th month during the Plan
Duration Period. The Debtor projects that total distributions to
the holders of Allowed Class 5 Claims will be approximately
$21,000.00 from projected disposable income. Class 5 is Impaired.
Class 6 consists of Equity Interests. Class 6 consists of all
Allowed equity interests. On the Effective Date, the holders of
equity interests in the Debtor shall be entitled to retain all
legal, equitable, and contractual rights in such equity interests,
and provided, however, holders shall not be entitled to any
distribution from the estate on account of such equity interests
until the satisfaction of all Allowed Administrative Expense
Claims, Allowed Priority Tax Claims, Allowed Priority Claims, and
Allowed Claims in Class 5.
The Plan will be funded by (i) a credit facility from Clearday,
Inc. in the total amount of $115,000 and (ii) the Debtor's
projected disposable income. The credit facility from Clearday,
Inc., together with interest at the rate of 8.50% per annum, shall
be repaid in one lump-sum payment due on the first day of the 36
month following the Effective Date.
Allowed Class 5 General Unsecured Claims will receive their pro
rata share of any projected disposable income payments during the
36-month period following the Effective Date.
A full-text copy of the Plan of Reorganization dated July 1, 2024
is available at https://urlcurt.com/u?l=6vNa4o from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Luis E Rivera, II, Esq.
GrayRobinson, P.A.
1404 Dean StreetSuite 300
Fort Myers, Florida 33901
Phone: (239) 340-7979
Email: luis.rivera@gray-robinson.com
About MCA Naples
MCA Naples, LLC is primarily engaged in renting and leasing real
estate properties.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-00458) on April 3,
2024, with $1 million to $10 million in both assets and
liabilities. B.J. Parrish, chief operating officer, signed the
petition.
Judge Caryl E. Delano presides over the case.
Luis E. Rivera II, Esq., at GrayRobinson, P.A. represents the
Debtor as legal counsel.
MELBEN INC: Monique Almy Named Subchapter V Trustee
---------------------------------------------------
Gerard Vetter, Acting U.S. Trustee for Region 4, appointed Monique
Almy, Esq., as Subchapter V trustee for Melben, Inc.
Ms. Almy, a partner at Crowell & Moring, LLP, will be paid an
hourly fee of $800 for her services as Subchapter V trustee and
will be reimbursed for work-related expenses incurred.
Ms. Almy declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Monique D. Almy, Esq.
Crowell & Moring, LLP
1001 Pennsylvania Avenue, NW
Washington, DC 20004
Phone: (202) 624-2935
Email: malmy@crowell.com
About Melben Inc.
Melben, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.D.C. Case No. 24-00232) on July 2, 2024,
with $100,001 to $500,000 in assets and $500,001 to $1 million in
liabilities.
Judge Elizabeth L. Gunn oversees the case.
James Bacon, Esq., at Mahdavi, Bacon, Halfhill & Young, PLLC
represents the Debtor as legal counsel.
MERCY HOSPITAL: Seeks Court OK to Sell Stake in LPNT Joint Venture
------------------------------------------------------------------
Mercy Hospital, Iowa City will ask the U.S. Bankruptcy Court for
the Northern District of Iowa at a hearing on July 18 to approve
the sale of its interests in a joint venture with LPNT Development
7, LLC.
Mercy owns 51% of limited liability company interests in Eastern
Iowa Rehabilitation Hospital, LLC, an inpatient rehabilitation
facility in Iowa City. Meanwhile LPNT owns the remaining 49%.
Following negotiation, LPNT agreed to purchase all of Mercy's
interests in the joint venture for $20,000, "free and clear" of
liens, claims, interests, and encumbrances.
"The purchase price represents the highest, and indeed, the only,
offer [Mercy] has received for the interest following its extensive
marketing efforts," Kristina Stanger, Esq., said, adding that the
proceeds from the sale will provide a "meaningful recovery" for the
bankruptcy estate.
On May 16, the court confirmed Mercy's Chapter 11 plan of
liquidation, which requires the hospital to abandon its interests
in the joint venture as well as any assets associated therewith in
the event such interests are not sold or monetized prior to the
effective date of the plan.
About Mercy Hospital, Iowa City
Mercy Hospital, Iowa City, Iowa is a Catholic-based Iowa nonprofit
corporation that operates an acute care community hospital and
clinics in Iowa City, Iowa, and surrounding communities.
Mercy Hospital and affiliates, Mercy Iowa City ACO, LLC and Mercy
Services Iowa City, Inc., filed Chapter 11 petitions (Bankr. N.D.
Iowa Lead Case No. 23-00623) on Aug. 7, 2023. In the petition
signed by its chief restructuring officer Mark E. Toney, Mercy
Hospital disclosed $100 million to $500 million in both assets and
liabilities.
Judge Thad J. Collins oversees the cases.
The Debtors tapped Nyemaster Goode, P.C and McDermott Will & Emery
LLP as bankruptcy counsels; H2C Securities Inc. as investment
banker; and Epiq Corporate Restructuring, LLC as notice and claims
agent. Toneykorf Partners, LLC provides interim management services
to the Debtors.
Mary Jensen, Acting U.S. Trustee for Region 12, appointed an
official committee of unsecured creditors on Aug. 15, 2023. The
committee tapped Sills Cummis & Gross P.C. and Cutler Law Firm,
P.C. as legal counsels; and FTI Consulting, Inc. as financial
advisor.
Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' cases.
MESOBLAST LTD: G to the Fourth, 3 Others Report Stakes
------------------------------------------------------
Gregory George, James George, Grant George and G to the Fourth
Investments, LLC disclosed in a Schedule 13G/A Report filed with
the U.S. Securities and Exchange Commission that as of July 9,
2024, they beneficially owned ordinary shares of Mesoblast Limited.
The Shares beneficially owned are as follows:
Reporting Person Shares Owned Percent of Class
Gregory George 186,678,344 16.41%
James George 5,538,970 0.49%
Grant George 6,000,000 0.53%
G to the Fourth
Investments, LLC 61,347,527 5.39%
The ownership represents beneficial ownership of ordinary shares as
represented by American Depositary Receipts by the Reporting
Persons as of July 10, 2024, based upon 1,137,611,751 ordinary
shares of the issuer outstanding as of July 10, 2024.
Gregory George is the sole beneficial owner of 113,791,847 ordinary
shares, which include 6,830,602 ordinary shares underlying warrants
and 40,792,800 ordinary shares held in the form of American
Depositary Receipts.
Mr. George is a manager of G to the Fourth Investments, LLC and has
discretionary authority to vote and dispose of 61,347,527 ordinary
shares held by G to the Fourth Investments, LLC. Gregory George may
be deemed to be the beneficial owner of these shares.
Mr. George has discretionary authority to vote and dispose of
5,538,970 ordinary shares held in the form of ADRs by his son James
George. Gregory George may be deemed to be the beneficial owner of
these shares.
Mr. George has discretionary authority to vote and dispose of
6,000,000 ordinary shares held in the form of ADRs by his son Grant
George. Gregory George may be deemed to be the beneficial owner of
these shares.
Mr. George may be reached at:
371 Channelside Walkway
PH 1702
Tampa, FL 33602
A full-text copy of the SEC Report is available at
https://tinyurl.com/4uedax9n
About Mesoblast
Headquartered in Melbourne, Australia, Mesoblast Limited --
https://www.mesoblast.com/ -- is a developer of allogeneic
(off-the-shelf) cellular medicines for the treatment of severe and
life-threatening inflammatory conditions. The Company has
leveraged its proprietary mesenchymal lineage cell therapy
technology platform to establish a broad portfolio of late-stage
product candidates which respond to severe inflammation by
releasing anti-inflammatory factors that counter and modulate
multiple effector arms of the immune system, resulting in
significant reduction of the damaging inflammatory process.
Mesoblast has locations in Australia, the United States and
Singapore and is listed on the Australian Securities Exchange (MSB)
and on the Nasdaq (MESO).
As of June 30, 2023, the Company had $669.41 million in total
assets, $167.58 million in total liabilities, an $501.84 million in
total equity.
PricewaterhouseCoopers in Melbourne, Australia, the Company's
auditors since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2023, citing that the Company has net cash
outflows from operating activities and is dependent upon
implementing cost containment and deferment strategies and
obtaining additional funding from one or more sources to meet the
Company's projected expenditure consistent with its business
strategy, and has stated that these events or conditions result in
material uncertainty that may cast significant doubt (or raise
substantial doubt as contemplated by PCAOB standards) on the
Company's ability to continue as a going concern.
METRO COURIER: Seeks to Hire Ron D. Beal as Special Counsel
-----------------------------------------------------------
Metro Courier, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Kansas to employ Ron D. Beal, PA as special
counsel.
The Debtor needs a special counsel to evaluate and pursue potential
claims of the estate against Wilson Building Maintenance, Inc.
resulting from pre-filing transfers.
Ron D. Beal, Esq., the primary attorney in this representation,
will be compensated at an hourly rate of $300.
Mr. Beal disclosed in a court filing that the firm is a
"disinterested person" within the meaning of Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Ron D. Beal, Esq.
Ron D. Beal, PA
9927 Redbud Lane
Lenexa, KS 66220
About Metro Courier
Metro Courier, Inc. owns and operates a courier business in
Wichita, Kansas.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Kan. Case No. 24-10263) on April 5,
2024. In the petition signed by Anita L. Vara, president, the
Debtor disclosed up to $50,000 in both assets and liabilities.
The Debtor tapped Mark J. Lazzo, Esq., at Mark J. Lazzo PA as legal
counsel; Ron D. Beal, PA as special counsel; and Koch Siedhoff Hand
& Dunn, LLP as accountant.
MIDWEST CHRISTIAN: Case Summary & 30 Largest Unsecured Creditors
----------------------------------------------------------------
Twenty-one affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
Midwest Christian Villages, Inc. (Lead Case) 24-42473
d/b/a Christian Horizons
2 Cityplace Dr
Suite 200
St. Louis, MO 63141-7390
Hickory Point Christian Village, Inc. 24-42474
Lewis Memorial Christian Village 24-42475
Senior Care Pharmacy Services, LLC 24-42476
New Horizons PACE MO, LLC 24-42477
Risen Son Christian Village 24-42478
Spring River Christian Village, Inc. 24-42479
Christian Homes, Inc. 24-42480
Crown Point Christian Village, Inc. 24-42481
Hoosier Christian Village, Inc. 24-42482
Johnson Christian Village Care Center, LLC 24-42483
River Birch Christian Village, LLC 24-42484
Washington Village Estates, LLC 24-42485
Christian Horizons Living, LLC 24-42486
Wabash Christian Therapy and Medical Clinic, LLC 24-42487
Wabash Christian Village Apartments, LLC 24-42488
Wabash Estates, LLC 24-42489
Safe Haven Hospice of Southern Illinois, LLC 24-42490
Heartland Christian Village, LLC 24-42491
Midwest Senior Ministries, Inc. 24-42492
Shawnee Christian Nursing Center, LLC 24-42493
Business Description: The Debtors operate a mix of independent,
assisted and skilled nursing campuses
in 10 locations across the Midwest, serving
over 1,000 residents. Many of the Debtors
have been in business for over 60 years
providing senior living facilities and
services as part of their Christian faith-
based not for profit mission.
Chapter 11 Petition Date: July 16, 2024
Court: United States Bankruptcy Court
Eastern District of Missouri
Judge: Hon. Kathy Surratt-States
Debtors' Counsel: David A. Sosne, Esq.
SUMMERS COMPTON WELLS LLC
903 South Lindbergh Blvd., Suite 200
St. Louis, MO 63131
Tel: (314) 991-4999
Email: dsosne@scw.law
- and -
DENTONS US LLP
Debtors'
Investment
Banker: B.C. ZIEGLER AND COMPANY
Debtors'
Auditor and
Tax Consultant: PLANTE MORAN
Debtors'
Claims &
Noticing
Agent: KURTZMAN CARSON CONSULTANTS, LLC
dba VERITA GLOBAL
Midwest Christian's
Estimated Assets: $1 million to $10 million
Midwest Christian's
Estimated Liabilities: $10 million to $50 million
Hickory Point Christian's
Estimated Assets: $10 million to $50 million
Hickory Point Christian's
Estimated Liabilities: $10 million to $50 million
The petitions were signed by Kate Bertram, chief operating
officer.
Full-text copies of five of the Debtors' petitions are available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/ZJ74KJQ/Midwest_Christian_Villages_Inc__moebke-24-42473__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/ZUY7AFQ/Hickory_Point_Christian_Village__moebke-24-42474__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/LIL4B7Q/Heartland_Christian_Village_LLC__moebke-24-42491__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/HPYJGUI/Midwest_Senior_Ministries_Inc__moebke-24-42492__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/HK47EHA/Shawnee_Christian_Nursing_Center__moebke-24-42493__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
1. Derek Hopp as Executor of the Litigation $1,666,839
Estate of
c/o Kelly & Castagna LLC
121 N Main St. Fl 3
Bloomington, IL 61701
Laura Castagna
Email: laura@injurylawbloomington.com
2. Select Rehabilitation, LLC Trade Payables $1,227,534
PO Box 71985
Chicago, IL 60694
Timothy Makowski
Email: tim.makowski@selectrehab.com
3. Aegis Therapies Inc Trade Payables $1,012,589
4933 Old Greendwood Road
Fort Smith, AR 72903
Barbara Duvall
Email: Barbara.Duvall@aegistherapies.com
4. AmerisourceBergen Trade Payables $444,051
905 N Main Street
Austin, MN 55912
David Albrecht
Email: david.albrecht@astrupcompanies.com
5. AETNA Trade Payables $438,133
PO Box 804735
Chicago, IL 60680
Robert Chibbaro
Email: ChibbaroR1@aetna.com
6. Shores Builders Inc. Trade Payables $396,086
2222 East McCord Street
Centralia, IL 62801
Gregory S. McCoy
Email: gmccoy@shoresbuilders.com
7. Macon County Collector Taxes $381,474
141 S Main St, Room 302
Decatur, IL 62523
John D. Jackson
8. Michael Colliver & Jacqueline Litigation $350,000
Boring, FO
c/o Levin & Perconti
325 North LaSalle, Suite 300
Chicago, IL 60654
Jaime Koziol Delaney
Email: jak@levinperconti.com
9. Gordon Food Service, Inc. Trade Payables $342,057
342 Gordon Industrial Way
Shepherdsville, KY 40165
Chris Pitcher
Email: jak@levinperconti.com
10. Synergi Partners Inc Trade Payables $300,704
PO Box 5599
Florence, SC 29502
Aaron Platt
Email: aplatt@synergipartners.com
11. Holladay Construction Group LLC Trade Payables $268,576
3454 Douglas Road
Ste 250
South Bend, IN 46635
Shannon Hyduk
Email: shyduk@hcgllc.net
12. Sangamon County Tax Tax $221,787
Collector
200 S 9th Street
Springfield, IL 62701
Joe Aiello
13. Sentinel Technologies, Inc. Trade Payables $188,741
PO Box 85080
Chicago, IL 60680
Michelle Knapczyk
Email: mknapczyk@sentinel.com
14. Medline Industries, Inc. Trade Payables $185,858
Lockbox 14400
5505 N Cumberland Ave
Ste 307
Chicago, IL 60656
John Cervino
Email: jcervino@medline.com
15. Resident #1 - Hickory Point Resident $175,579
Christian Village Deposit
[REDACTED]
16. Resident #2 - Hickory Point Resident $175,572
Christian Village Deposit
[REDACTED]
17. Resident #3 - Hickory Point Resident $175,572
Christian Village Deposit
[REDACTED]
18. Resident #4 - Hickory Point Resident $170,465
Christian Village Deposit
[REDACTED]
19. Resident #5 - Hickory Point Resident $170,458
Christian Village Deposit
[REDACTED]
20. Resident #6 - Lewis Memorial Resident $167,300
Christian Village Deposit
[REDACTED]
21. Resident #7 - Lewis Memorial Resident $162,427
Christian Village Deposit
[REDACTED]
22. Resident #8 - Lewis Memorial Resident $160,224
Christian Village Deposit
[REDACTED]
23. Resident #9 - Hickory Point Resident $154,782
Christian Village Deposit
[REDACTED]
24. Resident #10 - Hickory Point Resident $138,330
Christian Village Deposit
[REDACTED]
25. Resident #11 - Risen Son Resident $136,019
Christian Village Deposit
[REDACTED]
26. Resident #12 - Hickory Point Resident $135,249
Christian Village Deposit
[REDACTED
27. Resident #13 - Hickory Point Resident $135,249
Christian Village Deposit
[REDACTED]
28. Resident #14 - Risen Son Resident $132,016
Christian Village Deposit
[REDACTED]
29. Resident #15 - Lewis Memorial Resident $128,520
Christian Village Deposit
[Redacted]
30. Resident #16 -Crown Point Resident $120,678
Christian Village Deposit
[REDACTED]
MONTANTE PLASTIC: Eckert Seamans Advises MD Leasing & Westhampton
-----------------------------------------------------------------
The law firm of Eckert Seamans Cherin & Mellott, LLC filed a
verified statement pursuant to Rule 2019 of the Federal Rules of
Bankruptcy Procedure to disclose that in the Chapter 11 case of
Montante Plastic Surgery & Aesthetics, LLC, the firm represents MD
Leasing, LLC and Westhampton, LLC.
MD Leasing, LLC, 6210 Sienna Parkway, Missouri, Texas, 77459, holds
a claim against the Debtor related to an Equipment Finance Lease
under which the Debtor leases certain equipment from MD Leasing,
LLC.
Westhampton, LLC, 350 Pembroke Lane, Richmond, Virginia, 23238,
holds a claim against the Debtor related to a commercial lease
agreement for the real property owned by Westhampton, LLC and
leased to the Debtor.
Counsel for MD Leasing, LLC and Westhampton, LLC:
Christopher L. Perkins, Esq.
Eckert Seamans Cherin & Mellott, LLC
919 East Main Street, Suite 1300
Richmond, VA 23219
Telephone: (804) 788-9636
Facsimile: (804) 698-2950
Email: cperkins@eckertseamans.com
About Montante Plastic Surgery & Aesthetics
Montante Plastic Surgery & Aesthetics, LLC is a medical practice
that performs a variety of cosmetic and reconstructive procedures
in Richmond, Va. It performs breast surgery, body sculpting, and
facial plastic surgery. Non-surgical procedures include facial
treatments, microneedling, PRP treatment, ZO skin health, and
CoolSculpting.
Montante filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Va. Case No. 24-32323) on June 20,
2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Steven J. Montante, MD, member, signed the
petition.
Paula S. Beran, Esq., at Tavenner & Beran, PLC represents the
Debtor as legal counsel.
MR. KNICKERBOCKER: Christine Brimm Named Subchapter V Trustee
-------------------------------------------------------------
Gerard Vetter, Acting U.S. Trustee for Region 4, appointed
Christine Brimm, Esq., as Subchapter V trustee for Mr.
Knickerbocker, Inc.
Ms. Brimm, a practicing attorney in Myrtle Beach, S.C., will be
paid an hourly fee of $350 for her services as Subchapter V trustee
and an hourly fee of $150 for paralegal services. In addition, the
Subchapter V trustee will receive reimbursement for work-related
expenses incurred.
Ms. Brimm declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christine E. Brimm
P.O. Box 14805
Myrtle Beach, SC 29587
Telephone: 803-256-6582
Email: cbrimm@bartonbrimm.com
About Mr. Knickerbocker
Mr. Knickerbocker, Inc. is a retailer of apparel and accessories in
Clemson, S.C.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D. S.C. Case No. 24-02433) on July 5, 2024,
with $100,000 to $500,000 in assets and $1 million to $10 million
in liabilities. John A. Yeomans, vice president, signed the
petition.
Judge Helen E. Burris presides over the case.
W. Harrison Penn, Esq., at Penn Law Firm, LLC represents the Debtor
as bankruptcy counsel.
NATIONWIDE EXPRESS: Gary Murphey Named Subchapter V Trustee
-----------------------------------------------------------
The U.S. Trustee for Region 21 appointed Gary Murphey as Subchapter
V trustee for Nationwide Express Inc.
Mr. Murphey will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Murphey declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Gary Murphey
3330 Cumberland Blvd., Suite 500
Atlanta, GA 30330
Tel: (770) 933-6855
Email: Murphey@RFSLimited.com
About Nationwide Express
Nationwide Express Inc. operates in the general freight trucking
industry. The company is based in Ringgold, Ga.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-40995) on July 2,
2024, with up to $50,000 in assets and up to $10 million in
liabilities. Charlie Stinson, chief executive officer, signed the
petition.
William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC
represents the Debtor as legal counsel.
NEWSMAX INC: Stock Sale, Before Defamation Trial, Questioned
------------------------------------------------------------
By David Fiderer -- davidfiderer@gmail.com -- "This morning, I
spoke with President Trump by phone," wrote Chris Ruddy after the
assassination attempt. "I can't reveal specifics of the call, but
I can tell you President Trump understands God's role in our lives
and in our country." The majority owner and CEO of Newsmax then
segued to plug his own network as an investment opportunity. "And
we are also offering pre-IPO shares in Newsmax to eligible
investors," he continued. "Find out how you can buy shares now and
early, if you're eligible, at NewsmaxInvest.com. President Trump's
heroism this week was part of a much larger pattern of him fighting
for our country." At an earlier broadcast of a Trump rally in
Philadelphia, Newsmax posted chyrons like, "Be An Owner of NEWSMAX!
See More: NewsmaxInvest.com," and, "Log In, Apply to Buy Shares:
NewsmaxInvest.com."
By appealing directly to affluent viewers, his network bypasses
traditional financial advisors, who may be loathe to recommend an
investment in a company with stale financials that were disavowed
by its accountant, BDO, months before commencement of a trial that
might lead to bankruptcy. Any viewer of the right-wing network,
with assets in excess of $1 million, qualifies as an "accredited
investor" as defined under Rule 506(c) of Regulation D under the
Securities Act of 1933. Supposedly, an accredited investor is so
sophisticated that he can dispense with the full disclosure
required for securities sold to the general public.
The Newsmax offering memorandum at https://tinyurl.com/2dbaho3m and
the investor presentation at
https://invest.newsmax.com/pdf/Newsmax-Investor-2024.pdf -- used to
market up to $225 million in preferred shares -- raise various
questions. Why does Newsmax think it will dramatically reverse a
three-year trend of stagnant revenues? Why is it confident that
future profits can pay the 7% coupon on preferred shares? Why does
the placement agent for selling the shares operate out of a house
on a residential street? And will stock proceeds be eaten up by
legal expenses?
Here's a list of five red flags that would emerge from a standard
due diligence process:
1. A low-profile placement agent
Well recognized investment banks worry about reputation risk
associated with a likely business failure, which is why they insist
on timely financials. Never heard of the firm arranging the stock
sale, Digital Offering LLC? It's "a next generation investment
bank" headquartered in somebody's den on a residential street in
Laguna Beach, California. According to Google maps, other
enterprises sharing the same address include a stove repair
business and a moving company.
2. No timely financials
If a company like Newsmax wants to sell shares to the general
public, it must release audited financials within 60 days following
the end of its fiscal year, which is December 31st for Newsmax. It
must also file quarterly financials within 40 days following the
end of each quarter. By June 2024, audited 2023 financials, and
first quarter 2024 financials, are long overdue. So far, Newsmax
offers nothing. The accounting firm that signed off on the 2022
numbers, BDO, disavowed any connection to the sketchy 2023 numbers.
The disclaimer is comprehensive:
"This preliminary financial information has been prepared
by management of Newsmax, Inc., the parent company of
Newsmax Media, Inc. BDO USA, P.C. has not compiled,
examined, reviewed or audited this information and
accordingly does not express an opinion or any other form
of assurance on the preliminary financial information
included herein."
BDO's audit opinion for fiscal year 2022 was released on November
16, 2023, which was pretty late and notable, given that seven
months later, BDO hasn't reviewed the 2023 numbers.
3. The most recent draft financials may foreshadow
insolvency
In 2021, Newsmax earned $20 million. In 2022 it lost $20 million.
In 2023, the draft statements show a $42 million loss. The 2023
numbers seem dubious in several respects. But if you accept them
at face value; it looks like the company has been hemorrhaging cash
and won't be able to pay its current liabilities without a cash
infusion. At year-end 2021, Newsmax had $25.3 million in cash and
short-term investments; by 12/31/23 that number was $7.3 million.
If Newsmax operations continue on that track, it will burn through
another $7 million this year. Which would leave it without funds
to cover a current $7.3 million "settlement liability," prior to
paying out an additional $32 million "settlement liability" in a
subsequent year.
And what created that $39 million settlement liability? We have no
idea. But that settlement isn't directed toward two major
plaintiffs with defamation suits, Dominion Voting Systems and
Smartmatic, who are seeking larger amounts. There's also a $24
million charge for "asset impairment," which looks unusual because
there's no sign that the company ever held an asset worth $24
million. Newsmax provided no footnotes to explain its 2023
numbers.
Ostensibly, the contemplated $225 million private placement will
cover those settlement payments and may be sufficient to secure a
going concern opinion from BDO.
4. Projections look problematic
Because of its rising viewership, Newsmax tells investors that it
expects to dramatically reverse a trend of stagnant revenues, to
increase from $135 million in 2023 to $180 million in 2024.
The company seeks to buck an industry-wide trend. Even this
election year, demand for political media, and right-wing media in
particular, seems to be shrinking. According to TheRighting.com,
the numbers of unique visitors at right-wing websites in 2024, when
compared by 2023 and 2020, are down precipitously. In 2023,
Newsmax operating expenses rose much faster than revenues. And the
cable TV industry is also in rapid decline.
5. A likely reason there's no going concern opinion
In its October 2022 audit opinion, BDO wrote:
"In preparing the consolidated financial statements,
management is required to evaluate whether there are
conditions or events, considered in the aggregate, which
raise substantial doubt about the Company's ability to
continue as a going concern within one year after the date
that the consolidated financial statements are issued or
available to be issued."
BDO can defer to management's judgment up to a point. BDO cannot
ignore litigation that may cripple the company's ability to keep
operating over the next fiscal year. Which means it cannot ignore
the possible outcome of the September 2024 trial in Delaware of
Smartmatic v. Newsmax. Ordinarily, it's very hard to prevail in a
defamation claim against a media company. But this claim is much
more clear-cut than the case brought by Dominion against Fox News.
That lawsuit was settled just before trial with a $787 million
payout by Fox.
Unlike Fox, Newsmax never earned billions in profits. And a recent
Washington Post article about LinkedIn founder Reid Hoffman, "A
billionaire is boosting a major defamation lawsuit against Fox
News," suggests that Smartmatic has ample resources to battle
Ruddy's company in court.
In its move to encroach upon Fox News's cable audience in the
aftermath of the 2020 election, Newsmax amplified the obvious lie
that Smartmatic voting machines played a key role in rigging the
outcome. That assertion was mathematically impossible. Smartmatic
machines were only used in Los Angeles County, where voters chose
Biden over Trump by two to one. But even if the vote were reversed
in that very blue county, so that Trump won Los Angeles by a
landslide, Biden would have still won the California vote by a
decisive margin. No kid who writes for a high school
newspaper—where students are taught to pin down the who, what,
when where and why of any story—could overlook the basic fact
that Smartmatic machines did not drive an outcome affecting Trump's
election. The falsehoods used against Smartmatic were repeated on
Newsmax over and over, though the network did subsequently
broadcast a correction on December 19, 2020.
The Newsmax business model, like the Fox News model, is to claim
First Amendment indemnification whenever it amplifies a source's
falsehoods. The company insists that it isn't telling lies, merely
reporting the inherently newsworthy statements of political figures
like Steve Bannon or Sidney Powell. Management claims it has no
obligation to fact check the claims made by others. Alternatively,
their argument is that its on-air talent is merely expressing
opinions, not asserting cut-and-dry facts, which may be actionable.
Those defenses are often sufficient to get a lawsuit dismissed.
Fox asserted those defenses in the Dominion case, though damning
internal emails showed how the on-air talent knew they were
spreading lies about the outcome of the 2020 election, and about
Dominion in particular. The Smartmatic case against Fox is still
pending.
Smartmatic now alleges Newsmax engaged in obstruction of justice,
by withholding and destroying internal documents sought during
pre-trial discovery. In response, Newsmax alleges Smartmatic is
implicated in a bribery case related to the company's activities in
the Philippines, though it's unclear how that information would be
relevant to a lawsuit about the vote count in a U.S. election.
The Delaware trial, scheduled to commence on September 26, 2024,
may expose some dirty laundry. Newsmax says it plans to launch an
IPO afterwards, in the fourth quarter of 2024, or the 1st quarter
of 2025. That process would compel Chris Ruddy to answer some
obvious questions that are currently unaddressed.
* * *
David Fiderer is a former banker who covered the energy industry
and project finance, and before that worked in international taxes.
He has written extensively about the 2008 financial crisis and the
government takeover of Fannie Mae and Freddie Mac.
NOAH WEBSTER: S&P Cuts Revenue and Refunding Bond Rating To 'BB-'
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term rating to 'BB-' from 'BB'
and affirmed its negative outlook on the Pima County Industrial
Development Authority, Ariz.'s charter school revenue and revenue
refunding bonds, issued for Noah Webster Basic Schools Inc. (Noah
Webster, or NWS).
"The downgrade reflects a continuing trend of material annual
enrollment declines that we believe has weakened the school's
overall demand profile and resulted in a weakening liquidity
position," said S&P Global Ratings credit analyst Kimberly
Barrett.
"The negative outlook reflects our view that we could further lower
the rating if enrollment declines persist and lead to weaker
operating margins, coverage, or liquidity," she added.
Noah Webster has two locations in Maricopa County, currently both
serving grades kindergarten through six, with total fall 2023
enrollment of 780 students, which is a 12% decline compared to fall
2022, and a 48% decline compared to fall 2018 enrollment of 1,498.
NWS-Mesa is the older of the two campuses, initially chartered in
1998, with a fall 2023 enrollment of 516 students. NWS-Pima, first
chartered in 2014, had 264 students enrolled in fall 2023. Both
campuses, combined and individually, are operating at approximately
35% of their charter caps.
The rating applies only to the series 2014 and 2015 bonds and not
to Noah Webster as an organization. A lien on state payments
received for Noah Webster Schools' Mesa campus (NWS-Mesa), also
known as the obligated group, secures the series 2015 bonds, which
are on parity with the unrated series 2011 bonds.
Revenue of NWS-Pima and a series 2014 guarantee secure the series
2014 bonds; the guarantee pledges NWS-Mesa revenue to the 2014
bonds in the event NWS-Pima's revenue is insufficient. NWS-Mesa's
guarantee provides unconditional, timely credit substitution
without the ability to reduce or terminate the guarantee.
NORRISTOWN APPLIANCES: Seeks to Hire Robert H. Holber as Counsel
----------------------------------------------------------------
Norristown Appliances, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Pennsylvania to employ the Law
Office of Robert H. Holber, PC as its counsel.
The firm's services include:
(a) advise the Debtor with respect to its rights and
obligations pursuant to the Bankruptcy Code;
(b) assist the Debtor in the preparation of the schedules and
statement of financial affairs and any amendments thereto;
(c) represent the Debtor at its first meeting of creditors and
any all and all Rule 2004 examinations;
(d) prepare any and all legal documents;
(e) assist the Debtor in the formulation and seek confirmation
of a Chapter 11 plan and any necessary disclosure materials; and
(f) perform all other legal services for the Debtor which may
be necessary or desirable in connection with this case.
The firm will be paid at these hourly rates:
Counsel $300
Paralegal $100
Robert Holber, Esq., the firm's 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:
Robert H. Holber, Esq.
Law Office of Robert H. Holber, PC
41 East Front Street
Media, PA 19063
Telephone: (610) 572-3045
Facsimile: (610) 565-5474
Email: rholber@holber.com
About Norristown Appliances
Norristown Appliances, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-12344) on
July 8, 2024. In the petition signed by Patrick Whaley, sole
member, the Debtor disclosed under $1 million in both assets and
liabilities.
Judge Ashely M. Chan oversees the case.
The Law Office of Robert H. Holber, PC serves as the Debtor's
counsel.
NORTHRIVER MECHANICAL: Caroline Ritchey Named Subchapter V Trustee
------------------------------------------------------------------
J. Thomas Corbett, the U.S. Bankruptcy Administrator for the
Northern District of Alabama, appointed Caroline Cockrell Ritchey
of Cockrell, Cockrell, Ritchey & Ritchey, LLP as Subchapter V
Trustee for Northriver Mechanical Co., Inc.
The Subchapter V trustee can be reached at:
Caroline Cockrell Ritchey
Cockrell, Cockrell, Ritchey & Ritchey, LLP
1409 University Boulevard
Tuscaloosa, AL 35401
Telephone No. (205) 349-2009
Email: critchey@ccrr.law
About Northriver Mechanical
Northriver Mechanical Co., Inc. is in the specialized business of
fabrication and installation of HVAC piping for commercial and
industrial applications and use. The company is based in Northport,
Ala.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-70888) on July 3,
2024, with $694,512 in assets and $1,650,575 in liabilities. Joshua
A. Guthrie, president, signed the petition.
Judge Jennifer H. Henderson presides over the case.
Marshall A. Entelisano, Esq., at Marshall A. Entelisano, P.C.
represents the Debtor as legal counsel.
PARK 151 CS: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 20 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Park 151 CS, LLC.
About Park 151 CS
Park 151 CS, LLC, a company in Glenpool, Okla., filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
E.D. Okla. Case No. 24-80403) on May 21, 2024, listing $6,000,007
in assets and $5,315,082 in liabilities. The petition was signed by
Timothy J. Remy as managing member.
Judge Paul R Thomas presides over the case.
Scott P. Kirtley, Esq., at Riggs, Abney, Neal, Turpen, Orbison &
Lewis represents the Debtor as counsel.
PATRICK J. KELLY: Jill Durkin Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Jill Durkin, Esq.,
at Durkin Law, LLC as Subchapter V trustee for Patrick J. Kelly
Family Trust.
Ms. Durkin will be paid an hourly fee of $325 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Durkin declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jill E. Durkin, Esq.
Durkin Law, LLC
401 Marshbrook Road
Factoryville, PA 18419
Phone number: (570) 881-4158
Email: jilldurkinesq@gmail.com
About Patrick J. Kelly Family Trust
Patrick J. Kelly Family Trust is a single asset real estate (as
defined in 11 U.S.C. Section 101(51B)).
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Pa. Case No. 24-01631) on July 1,
2024, with up to $50,000 in assets and up to $10 million in
liabilities. Patrick J. Kelly, trustee, signed the petition.
Judge Mark J. Conway presides over the case.
Roger Mattes, Jr., Esq., at Mattes & Mattes, P.C. represents the
Debtor as legal counsel.
PERMIAN RESOURCES: Moody's Ups CFR to Ba2 & Unsecured Notes to Ba3
------------------------------------------------------------------
Moody's Ratings upgraded Permian Resources Operating, LLC's
(Permian Resources) Corporate Family Rating to Ba2 from Ba3, its
Probability of Default Rating to Ba2-PD from Ba3-PD, and its backed
senior unsecured notes rating to Ba3 from B1. Permian Resources'
outlook remains positive, and its Speculative Grade Liquidity
Rating (SGL) is also maintained at SGL-1. Moody's also upgraded
Earthstone Energy Holdings, LLC's backed senior unsecured notes
rating to Ba3 from B1 and maintained the positive outlook.
"The upgrade to a Ba2 CFR reflects Permian Resources' rapid and
successful integration of the Earthstone assets," said Thomas Le
Guay, a Moody's Ratings Vice President, "The positive outlook
points to the company's strong free cash flow generation, debt
reduction plans and opportunity to lower its reserve replacement
costs and demonstrate stronger returns operating at its enlarged
scale."
RATINGS RATIONALE
Permian Resources' Ba2 CFR reflects its large production scale and
high-quality acreage in the Delaware and Midland basins. The Ba2
CFR also reflects the company's continued commitment to prudent
financial policies and free cash flow generation. Permian Resources
benefits from its increased scale in the Permian basin and improved
credit metrics as a result of its merger with Earthstone Energy
Holdings, LLC (Earthstone) in November 2023, with production
expected to average around 320 thousands of barrels of oil
equivalent per day (Mboe/d) in 2024.
The Ba2 CFR is constrained by Permian Resources' still relatively
limited track record of operating at its current scale after
growing rapidly through successive large mergers. The company has
pivoted towards a strategy of more measured organic growth
supplemented with potential bolt-on acquisitions, and is in the
process of building an operational track record and needs to
demonstrate consistent organic production growth and reserves
replacement at lower finding and development (F&D) costs that are
more competitive with its Permian-focused peers.
Permian Resources' financial policies target a net leverage range
of 0.5x and 1.0x and a variable distribution policy of at least 50%
of free cash flow. The company plans to allocate the remaining free
cash flow to debt reduction and smaller acquisitions. Moody's
expect Permian Resources to thereby reduce debt and improve its
leverage metrics over the remainder of 2024 and 2025, with Retained
Cash Flow (RCF) to debt trending towards 60% in 2025 and
Debt/Production declining towards $11,000/boe, under the commodity
price assumptions that fall within Moody's medium term price bands.
The company's metrics and opportunity for debt reduction will be
even greater if oil prices remain near current levels.
The positive outlook reflects Permian Resources' large free cash
flow generation, debt reduction plans, and the potential to drive
down its F&D costs and overall cost structure as it captures
efficiencies from its increase scale.
Permian Resources maintains a very good liquidity position,
reflected in its SGL-1 Speculative Grade Liquidity Rating. The
liquidity position is supported by its free cash flow generation
and a $2.5 billion committed senior secured revolving facility
($4.0 billion borrowing base) maturing in February 2027, of which
close to $2.1 billion was available as of March 31, 2024. The
facility has two financial covenants including a maximum
debt/EBITDAX of 3.5x and minimum current ratio of 1.0x. Moody's
expect the company to remain well in compliance with its financial
covenants through 2025.
Permian Resources' senior unsecured notes are rated Ba3, one notch
below the Ba2 CFR, reflecting the effective subordination of the
unsecured notes to the significant size of the $2.5 billion senior
secured revolving credit facility.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Permian Resources' Ba2 CFR could be upgraded if the company
continues to demonstrate a track record of organic production
growth and reserves replacement under its enlarged asset base at
competitive F&D costs and returns on investment, all while
maintaining its strong financial profile. To support an upgrade,
the company should maintain a leveraged full cycle ratio (LCFR)
above 2x and RCF to debt over 50%. The ratings may be downgraded if
there is a substantial increase in leverage to fund acquisitions or
shareholder returns or if the company experiences a meaningful
decline in production. A downgrade could occur if RCF to debt falls
below 30% or LFCR falls towards 1.0x.
Permian Resources Operating, LLC is an independent oil and gas
exploration and production company in the Permian basin, operating
across West Texas and New Mexico. The company owns more than
400,000 net acres with production averaging around 320 Mboe/d since
its merger with Earthstone in November 2023. Permian Resources'
parent company, Permian Resources Corporation is publicly-listed. A
consortium of financial sponsors that includes Pearl Energy
Investments, EnCap Investments, and Riverstone Investment Group LLC
owns a combined 16% of the company.
The principal methodology used in these ratings was Independent
Exploration and Production published in December 2022.
PIECEMAKERS: Seeks to Hire Ascher & Associates as Legal Counsel
---------------------------------------------------------------
Piecemakers seeks approval from the U.S. Bankruptcy Court for the
Central District of California to employ Ascher & Associates, PC as
general insolvency counsel.
The firm's services include:
(a) represent the Debtor;
(b) advise and assist the Debtor with respect to compliance
with the requiremens of the United States Trustee;
(c) advise the Debtor regarding matters of Bankruptcy Law;
(d) represent the Debtor in any proceedings or hearings in the
Bankruptcy Court and in any action in any other court where its
rights under the Bankruptcy Code may be litigated or affected;
(e) advise and represent the Debtor concerning its rights and
remedies regarding the assets of the estate;
(f) prepare, among other things, legal papers in connection
with the administration of the estate;
(g) protect the preserve the estate by prosecuting and
defending actions commenced by or against the Debtor;
(h) analyze and prepare necessary objections to proofs of
claims filed agaist the estate;
(i) conduct examinations of witnesses, claimants, or adverse
parties and to prepare and assist in the preparation of reports,
accounts, and pleadings related to this Chapter 11 case;
(j) advise the Debtor concerning the requirements of the
Bankruptcy Code and applicable rules as the same may affect it in
this proceedings;
(k) assist the Debtor in negotitation, formulation,
confirmation and implementation of Chapter 11, Suchapter V plan;
(l) make any court appearances on behalf of the Debtor; and
(m) take such other action and perform such other services as
Debtor may require of the firm in connection with this Chapter 11
case.
The firm received a retainer in the amount of $30,000 and the
filing fee of $1,738 from the Debtor.
Ralph Ascher, Esq., the principal at Ascher & Associates, 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:
Ralph Ascher, Esq.
Ascher & Associates, P.C.
11022 Acacia Pkwy., Ste. D.
Garden Grove, CA 92840
Telephone: (714) 638-4300
Facsimile: (714) 638-4311
Email: ralphascher@aol.com
About Piecemakers
Piecemakers was established in 1978, Piecemakers has grown from a
tiny quilt shop to a full-service construction company and thriving
country store which offers gifts, quilts, antiques, fabrics,
notions, books and patterns. In addition to its location at 1720
Adams Avenue in Costa Mesa, California, the Company has an
extensive online store which carries quilt calendars, books,
patterns, fine hand sewing needles, hand crafted quilts, home
décor and gift items.
Piecemakers sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-11522) on June
17, 2024. In the petition signed by Douglas Follette, general
partner, the Debtor disclosed estimated assets and liabilities
between $1 million and $10 million each.
Judge Theodor Albert oversees the case.
Ralph Ascher, Esq., at Ascher & Associates, P.C. serves as the
Debtor's counsel.
PLAY DAY CAFE: Case Summary & 11 Unsecured Creditors
----------------------------------------------------
Debtor: Play Day Cafe, LLC
3070 Cabot Way
Twinsburg, OH 44087
Business Description: Play Day Cafe is a privately held company
that owns and operates a recreational
facility featuring a mega-sized playground,
a cafe with healthy eating choices and party
rooms to host birthday parties and other
group events.
Chapter 11 Petition Date: July 16, 2024
Court: United States Bankruptcy Court
Northern District of Ohio
Case No.: 24-51063
Judge: Hon. Alan M Koschik
Debtor's Counsel: Steven J. Heimberger, Esq.
RODERICK LINTON BELFANCE LLP
50 South Main Street, 10th Floor
Akron, OH 44308
Tel: 330-434-3000
Fax: 330-434-9220
Email: sheimberger@rlbllp.com
Total Assets: $50,225
Total Liabilities: $1,145,222
The petition was signed by Barbara A. Riles as member.
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/XCBYDYY/Play_Day_Cafe_LLC__ohnbke-24-51063__0001.0.pdf?mcid=tGE4TAMA
POSEIDON CHARTERS: Case Summary & Six Unsecured Creditors
---------------------------------------------------------
Debtor: Poseidon Charters, Inc.
1237 Bar Harbor Road
Trenton, ME 04605
Chapter 11 Petition Date: July 12, 2024
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 24-17002
Debtor's Counsel: Bradley S. Shraiberg, Esq.
SHRAIBERG PAGE PA
2385 NW Executive Center Dr
Suite 300
Boca Raton, FL 33431
Tel: 561-443-0800
E-mail: bss@slp.law
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Warren B. Pettegrow as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's six unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/WXEPKBQ/Poseidon_Charters_Inc__flsbke-24-17002__0001.0.pdf?mcid=tGE4TAMA
QUALTEK LLC: S&P Withdraws 'CCC+' Issuer Credit Rating
------------------------------------------------------
S&P Global Ratings withdrew its 'CCC+' issuer credit rating on
QualTek LLC because of a lack of sufficient information to maintain
the rating. At the time of the withdrawal, our outlook on the
company was stable.
RELIABLE HEALTHCARE: Hires Chesky Partners as Financial Advisors
----------------------------------------------------------------
Reliable Healthcare Logistics, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Tennessee to employ
Chesky Partners, LLC as financial advisors.
The firm will render these services:
(a) perform valuation analyses;
(b) identify a purchaser or purchasers acceptable to the
Debtor;
(c) coordinate due diligence requests by and visits of
potential purchasers;
(d) assist in the negotiation and review of proposals in
connection with a purchase; and
(e) assist in negotiating the financial terms of a purchase.
The firm will be paid a monthly retainer of $5,000.
The firm shall be entitled to a transaction fee of 6 percent of the
Aggregate Consideration received by the Debtor from any sale of the
company. The minimum transaction fee paid to Chesky in the event of
a sale shall be $600,000.
Scott Chesky, a member at Chesky Partners, disclosed in a court
filing that the firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Scott Chesky
Chesky Partners, LLC
535 Fifth Avenue, 4th Floor
New York, NY 10017
Telephone: (646) 937-6550
Email: scott@cheskypartners.com
About Reliable Healthcare Logistics
Reliable Healthcare Logistics, LLC is an independent 3PL recognized
for developing cost effective, innovative supply chain solutions
for complex logistics requirements in regulated industries. With
over 650,000 total square feet, its 9 Reliable facility locations
are dedicated to the secure and proper storage of pharmaceutical
products, including prescription and over-the counter-medications,
as well as providing services for medical device manufactures,
cosmetics, human and animal health and wellness companies. The
company is based in Memphis, Tenn.
Reliable Healthcare Logistics filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. 24-20252) on
January 19, 2024, with $1 million to $10 million in both assets and
liabilities. Mike Kattawar, Sr., chief strategic officer, signed
the petition.
Judge Jennie D. Latta oversees the case.
The Debtor tapped Michael P. Coury, Esq., at Glankler Brown, PLLC
as legal counsel; The Law Offices of Robert V. Cornish, Jr. as
special counsel; and Chesky Partners, LLC as financial advisors.
REVA HOSPITALITY: Unsecureds Will Get 100% over 60 Months
---------------------------------------------------------
Reva Hospitality Wylie, LLC filed with the U.S. Bankruptcy Court
for the Northern District of Texas a Plan of Reorganization dated
July 1, 2024.
The Debtor operates a Holiday Inn Express Wylie in Wylie, Texas
("Hotel"). The Debtor filed this case in order to prevent a
foreclosure of its real property.
In order to pay its bills and make sure it operated through COVID,
like many businesses, it took out loans to help support the
business. There is no question that increased competition and COVID
affected the revenues of the Debtor's business and ability to
service its debt obligations.
Since filing the bankruptcy case, Debtor has been able to support
its operations and pay its post-petition obligations, including its
ongoing tax obligations.
The Debtor scheduled total non-priority Unsecured Claims of
$466,825.70.
Under this Plan, Secured, Priority, and Unsecured Creditors will
receive payment of 100% of their Allowed Claims. Therefore,
pursuant to the above liquidation analysis all Creditors will
receive at least as much under this Plan as they would in a Chapter
7 liquidation.
Class 10 consists of Allowed Unsecured Claims other than Class 11
Claims. Class 10 Claimants, if any, shall be paid 100% of their
Claims over 60 months from the Effective Date, without interest.
These Claims will be paid in equal monthly installments commencing
on the first day of the first month following the Effective Date
and continuing on the first day of each month thereafter. These
Claims are Impaired, and the holders of these Claims are entitled
to vote to accept or reject the Plan.
Class 11 consists of Allowed Insider Claims. Class 11 Claims, if
any, will receive nothing under the Plan and are deemed to have
rejected the Plan.
Class 12 Equity Interests shall be retained.
The Debtor intends to make all payments required under the Plan
from available cash and income from the business operations of the
Debtor.
A full-text copy of the Plan of Reorganization dated July 1, 2024
is available at https://urlcurt.com/u?l=jgzpIG from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
1412 Main Street, Suite 500
Dallas, TX 75202
Telephone: (972) 503-4033
Facsimile: (972) 503-4034
Email: joyce@joycelindauer.com
About Reva Hospitality Wylie
Reva Hospitality Wylie, LLC, doing business as Holiday Inn Express
Wylie, filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Texas Case No. 24-30973) on April 1,
2024, with $1 million to $10 million in both assets and
liabilities. Mehul Gajera, manager, signed the petition.
Judge Scott W. Everett oversees the case.
Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney PLLC
represents the Debtor as bankruptcy counsel.
RING CONTAINER: Moody's Affirms 'B2' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Ratings affirmed Ring Container Technologies Group, LLC's
("Ring") corporate family rating at B2, probability of default
rating at B2-PD, and B2 on its senior secured first lien bank
credit facility, including a cash revolver and term loan. The
outlook remains stable.
The rating affirmation and stable outlook reflect Ring's consistent
free cash flow generation, disciplined balance sheet management,
with debt leverage below 5.0x, and a good liquidity position.
While Moody's consider Ring's scale to be small and customer
concentration high, the company has a track record of generating a
robust EBITDA margin.
"Ring has small scale in the fragmented and competitive market in
which it competes, but through balance sheet discipline and
operating efficiencies, the company has been resilient in
consistently generating free cash flow and strong margins," said
Scott Manduca, Vice President at Moody's Ratings.
RATINGS RATIONALE
Ring's B2 CFR reflects the company's good liquidity profile, an
organic growth strategy, efficient operations, and strong margins.
With consistent free cash flow generation, the company has
financial flexibility and the opportunity to reduce absolute debt.
Furthermore, Ring serves stable end markets including retail food
and foodservice.
Ring's B2 CFR also reflects the company's aggressive financial
strategy with history of a debt funded dividend and annual payments
of smaller dividend distributions. In addition, Ring has small
scale (revenue), in a fragmented and competitive market, and large
customer concentration.
Ring has good liquidity with over $100 million of cash as of May
31, 2024 and no borrowings under its $50 million revolving credit
facility. Moody's anticipate that free cash flow will be about $25
to $30 million, after dividend distributions, in 2024 and 2025.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could consider an upgrade to Ring's ratings if there is a
commitment to a more disciplined financial policy, as the company
expands its business and increases scale. In addition, good
liquidity is maintained and debt-to-EBITDA (inclusive of Moody's
adjustments) is below 5.0x.
Moody's could consider a downgrade to Ring's ratings if there is a
deterioration of liquidity, free cash flow-to-debt is sustained
below 3%, and debt-to-EBITDA (inclusive of Moody's adjustments)
approaches 6.0x.
Headquartered in Oakland, Tennessee, Ring Container Technologies
Group, LLC is a manufacturer of rigid packaging container
solutions. Revenue for the twelve months ended March 31, 2024 was
$611 million. Ring is owned by MSD Partners, L.P. and does not
publicly disclose financial information.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
RKO SERVICES: Drew McManigle Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Region 7 appointed Drew McManigle as
Subchapter V trustee for RKO Services, LLC.
Mr. McManigle will be paid an hourly fee of $450 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. McManigle declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Drew McManigle
700 Milam, Suite 1300
Houston, TX 77002
Telephone: (410) 350-1839
Email: drew@macco.group
About RKO Services
RKO Services, LLC, a company in Corpus Christi, Texas, filed a
petition under Chapter 11, Subchapter V of the Bankruptcy Code
(Bankr. S.D. Texas Case No. 24-20186) on July 1, 2024, with
$500,000 to $1 million in assets and $1 million to $10 million in
liabilities. Robert Orfino, manager, signed the petition.
Judge Marvin Isgur handles the case.
The Debtor is represented by H. Gray Burks, IV, Esq., at
BurksBaker, PLLC.
RPM RESOURCES: Seeks to Hire Matthew Johnson as Legal Co-Counsel
----------------------------------------------------------------
RPM Resources, LLC seeks approval from the U.S. Bankruptcy Court
for the Southern District of West Virginia to employ Matthew
Johnson, Esq., an attorney practicing in Charleston, West Virginia,
as its co-counsel.
The attorney's services include:
(a) file monthly operating reports;
(b) maintain necessary and/or regular contact with the
Debtor;
(c) assist in preparation of exhibits to go with a Disclosure
Statement and Plan;
(d) perform legal research requested by Debtor's counsel,
Joseph Caldwell; and
(e) perform other legal services as requested.
The attorney will be paid at his hourly rate of $200.
Mr. Johnson 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 attorney can be reached at:
Matthew M. Johnson, Esq.
3818 MacCorkle Ave., SE
Charleston, WV 25304
Telephone: (304) 942-8372
Email: mmjesq24@gmail.com
About RPM Resources
RPM Resources, LLC filed its voluntary petition for Chapter 11
protection (Bankr. S.D. W. Va. Case No. 24-20015) on February 2,
2024, listing as much as $1 million to $10 million in both assets
and liabilities. Melissa C. Nichols, member, signed the petition.
Judge B. Mckay Mignault oversees the case.
Joseph Caldwell, Esq., at Caldwell & Riffee, PLLC and Matthew M.
Johnson, Esq., serve as the Debtor's counsel.
SAN JORGE: Seeks to Hire Saltlight Advisors as Collecting Agent
---------------------------------------------------------------
San Jorge Children's Hospital Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to employ
Saltlight Advisors, LLC as collecting agent.
The firm will assist the Debtor and the Plan Administrator in
matters related to the billing and collection of accounts
receivables owned by the Debtor, generated before the sale and not
otherwise considered straddle claims which are to be billed by the
buyer.
The firm's payment fee consists of a rate of 15 percent of the
amounts collected.
The Debtor does not believe that Saltlight nor its officer have an
interest materially adverse to it, its creditors, or other parties
in interest.
About San Jorge Children's Hospital
San Jorge Children's Hospital, Inc., operates a hospital in San
Juan, P.R., which specializes in pediatrics.
San Jorge Children's Hospital filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case
No. 22-02630) on Sept. 1, 2022, with between $10 million and $50
million in both assets and liabilities. Edward P. Smith, chief
operating officer, signed the petition.
Judge Maria De Los Angeles Gonzalez presides over the case.
The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group,
LLC as bankruptcy counsel and Galindez, LLC as external auditor.
Cardona Jimenez Law Offices, P.S.C., represents the official
committee of unsecured creditors appointed in the Debtor's case
while RSM Puerto Rico serves as the committee's financial advisor.
SECURE ACQUISITION: Moody's Affirms B3 CFR, Rates New Term Loan B3
------------------------------------------------------------------
Moody's Ratings affirmed Secure Acquisition Inc.'s (d/b/a Paragon
Films ("Paragon")) corporate family rating at B3 and probability of
default rating at B3-PD. At the same time, Moody's downgraded
Paragon's senior secured first lien revolving credit facility
rating to B3 from B2, assigned a B3 rating to the proposed senior
secured first lien term loan, and affirmed the senior secured
second lien term loan at Caa2. The B2 rating on the existing first
lien term loan has been reviewed in the rating committee and
remains unchanged. The outlook is maintained at stable.
The affirmation of the CFR is driven by an expected positive trend
in volumes in 2024, given the end of destocking, and benefits from
procurement initiatives, pricing actions, and product mix. The
company continues to invest in capacity expansion and win new
business. Moody's expect credit metrics to modestly improve over
the next twelve to eighteen months.
The B3 ratings on the senior secured revolving credit facility and
new first lien term loan reflect the proposed addition of $50
million to the size of the senior secured first lien term loan
tranche and simultaneous reduction of an equal amount to the $100
million senior secured second lien term tranche outstanding. As a
result, loss absorption previously provided by the senior secured
second lien term loan has been reduced, exposing the senior secured
first lien term loan tranche to greater loss in a distressed
scenario. In addition, the senior secured first lien term loan
tranche will be the preponderance of debt in Paragon's capital
structure, and therefore is evenly rated with the company's B3 CFR.
The B2 rating on the existing first lien term loan remains
unchanged as Moody's expect to withdraw the rating when the
transaction closes.
RATINGS RATIONALE
Paragon's B3 CFR reflects the company's robust EBITDA margin
enabled by the production from its proprietary equipment, process
technology, and patented formulations in high performance stretch
films that serve a niche in a competitive market, including
relative to larger players. The company has long term relationships
with customers in relatively stable end markets, including
e-commerce, consumer products, and food & beverage.
Paragon's credit rating is constrained by its small scale of less
than $300 million in revenue, limited operating footprint, a single
product portfolio (stretch films), and customer concentration. In
addition, the company has an aggressive financial policy that
includes operating with high debt leverage in the 6.0x to 6.5x area
and interest coverage between 1.5x and 2.0x, despite the benefit of
an interest rate hedge expiring in 2026.
Paragon has adequate liquidity, supported by an undrawn $45 million
revolving credit facility. Moody's expect Paragon to generate close
to breakeven free cash flow in 2024 before turning slightly
positive in 2025. Cash balances are minimal.
The stable outlook reflects Moody's expectation that the company
will continue to generate robust EBITDA margin and efficiently
improve scale through organic growth initiatives.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company sustains
debt-to-EBITDA (Moody's adjusted) below 5.5x, generates free cash
flow-to-debt above 3.5%, and maintains good liquidity.
The ratings could be downgraded if there is a deterioration in
liquidity, and debt-to-EBITDA (Moody's adjusted) and
EBITDA-to-interest expense are sustained above 6.5x and below 2.0x,
respectively.
Headquartered in Broken Arrow, Oklahoma, Secure Acquisition Inc.
(d/b/a Paragon Films) is a manufacturer of high-performance and
ultra-performance stretch films used to palletize goods for storage
and transit. For the last twelve months ended March 31, 2024,
Paragon generated revenue of $253 million.
The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.
SERIOUS DOGS: Scott Chernich Named Subchapter V Trustee
-------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Scott Chernich as
Subchapter V trustee for Serious Dogs, LLC.
Mr. Chernich 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. Chernich declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Scott A. Chernich
313 S. Washington Square
Lansing, MI 48933
517-371-8133
Email: schernich@fosterswift.com
About Serious Dogs
Serious Dogs, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Mich. Case No. 24-01779) on July 3,
2024, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Judge Scott W. Dales presides over the case.
Emily Jo Gudwer, Esq., at Cbh Attorneys & Counselors represents the
Debtor as legal counsel.
SINTX TECHNOLOGIES: Suspends Sales Under Maxim Group Agreement
--------------------------------------------------------------
As previously disclosed, on February 25, 2021, Sintx Technologies,
Inc., entered into an Equity Distribution Agreement with Maxim
Group LLC, as sales agent, as amended on January 10, 2023 and
October 12, 2023, pursuant to which the Company may offer and sell
shares of the Company's common stock, par value $0.01 per share,
initially up to an aggregate offering price of $15,000,000, from
time to time in an at-the-market public offering. On March 22,
2024, the Company determined to suspend sales under the ATM
Agreement and terminated the continuous offering.
The Company has determined to register sales under the ATM
Agreement, up to an aggregate offering price of $3,115,475. The
Shares sold under the ATM Agreement will be offered and sold
pursuant to the Company's shelf registration statement on Form S-3
(Registration No. 333-274951), which was initially filed with the
Securities and Exchange Commission on October 12, 2023 and declared
effective on November 27, 2023, and a prospectus supplement and the
accompanying prospectus relating to the at-the-market offering
filed with the SEC on July 11, 2024.
Because there is no minimum offering amount required pursuant to
the ATM Agreement, the total number of Shares to be sold under the
ATM agreement, if any, and proceeds to the Company, if any, are not
determinable at this time. The Company expects to use any net
proceeds for primarily for working capital and general corporate
purposes. The Company has not yet determined the amount of net
proceeds to be used specifically for any particular purpose or the
timing of these expenditures. The Company may use a portion of the
net proceeds to invest in or acquire businesses or technologies
that the Company believes are complementary, although the Company
has no current plans, commitments or agreements with respect to any
acquisitions as of the date hereof. Accordingly, the Company's
management will have significant discretion and flexibility in
applying the net proceeds from the sale of these securities.
About SINTX Technologies
Headquartered in Salt Lake City, Utah, SINTX Technologies, Inc. --
https://ir.sintx.com/ -- is an advanced ceramics company that
develops and commercializes materials, components, and technologies
for biomedical, technical, and antipathogenic applications. The
core strength of SINTX Technologies is the manufacturing, research,
and development of advanced ceramics for external partners.
Lehi, Utah-based Tanner LLC, the Company's auditor since 2017,
issued a "going concern" qualification in its report dated March
27, 2024, citing that the Company has recurring losses from
operations and negative operating cash flows and needs to obtain
additional financing to finance its operations. These issues raise
substantial doubt about the Company's ability to continue as a
going concern.
SLM CORP: Moody's Alters Outlook on 'Ba1' Issuer to Negative
------------------------------------------------------------
Moody's Ratings has affirmed all of the ratings and assessments of
SLM Corporation (SLM) and its bank subsidiary, Sallie Mae Bank.
SLM's ratings include long-term issuer and senior unsecured debt
ratings of Ba1, a senior unsecured shelf rating of (P)Ba1, a
preferred stock non-cumulative rating of Ba3 (hyb) and a preferred
shelf non-cumulative rating of (P)Ba3. Sallie Mae Bank's ratings
include a Baseline Credit Assessment (BCA) and adjusted BCA of
baa3, a long-term issuer rating of Ba1, long- and short-term bank
deposit ratings of Baa1/Prime-2, long- and short-term Counterparty
Risk Ratings of Baa3/Prime-3, and long- and short-term Counterparty
Risk Assessments of Baa2(cr)/Prime-2(cr).
The outlooks on SLM's long-term issuer and senior unsecured debt
ratings were revised to negative from stable reflecting high double
leverage at the parent company. The outlooks on Sallie Mae Bank's
long-term issuer and long-term bank deposit ratings remain stable.
RATINGS RATIONALE
The affirmation of SLM's and Sallie Mae Bank's ratings, including
Sallie Mae Bank's baa3 BCA, reflects the company's strong franchise
as the leading originator and servicer of private student loans in
the US with a dominant market share of more than 50%, high
profitability levels relative to other rated banks, and solid
capital and liquidity positions at Sallie Mae Bank. SLM's return on
tangible assets was 2.9% (annualized) in Q1 2024 and 2.1% for all
of 2023, considerably above US regional banks that average around
1%.
The BCA also reflects the risks to creditors stemming from SLM's
student loan concentration, inconsistent loan credit performance,
relatively weak funding structure that is highly reliant on
brokered deposits, and high regulatory and legislative risks for
student loans. Although the bank's loan credit performance has
stabilized recently after underperforming expectations in 2022 due
largely to operational challenges caused by changes made to its
forbearance policies to comply with Office of the Comptroller of
the Currency (OCC) guidance and understaffing of its collections
function, Moody's estimate net charge-offs as a percentage of
average loans in full principal and interest repayment of 3.8%
(annualized) in Q1 2024, roughly double the level in 2019. Sallie
Mae Bank's BCA is positioned two notches below the current baa1
median BCA of Moody's rated US regional banks.
The negative outlook on SLM's long-term issuer and senior unsecured
debt ratings reflects high double leverage at the parent company
that Moody's estimate at 161% at December 31, 2023. Moody's believe
the high double leverage, together with the fact that it is funded
with relatively short-term debt maturing over the next two years,
potentially exposes SLM's creditors to greater risk of default than
creditors at Sallie Mae Bank given the parent company's reliance on
common dividends from its bank subsidiary to service its own
obligations. As a result of this reliance, in Moody's view, if the
bank encountered difficulty, regulatory restrictions on its common
dividends could prevent the holding company from servicing its
obligations well before the bank faced a similar challenge. While
Moody's expect double leverage to decline over the medium term, the
timing and the extent of this decline is uncertain given
management's focus on returning capital to shareholders. This
uncertainty is a key driver of the negative outlook.
In Moody's view, SLM's decision to maintain high double leverage
and a moderate level of liquidity at the parent company relative to
its debt is evidence of increased governance risks for creditors.
As a result, Moody's have lowered SLM's governance issuer profile
score to G-3, from G-2 previously. SLM's ESG Credit Impact Score
(CIS) is CIS-3, reflecting that SLM's social risks and governance
weaknesses have had a limited impact on the rating to date but have
potential for greater negative impact over time.
The stable outlook on Sallie Mae Bank's long-term issuer and
long-term bank deposit ratings reflects Moody's expectation of
continued strong profitability relative to other US banks and
further improvement in its net charge-offs as a percentage of loans
in repayment toward the 2.0% level. The stable outlook also
reflects Moody's expectation that Sallie Mae Bank will maintain
robust liquidity and regulatory capital ratios that are near
current levels.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The outlook for SLM's long-term issuer and senior unsecured debt
ratings could return to stable if SLM demonstrates a meaningful
trajectory to reduce its double leverage to below 125% and
increases liquidity at the parent company on a sustainable basis.
Longer term, SLM's ratings would likely be upgraded if Sallie Mae
Bank's BCA is upgraded barring any meaningful changes to its
funding structure.
Sallie Mae Bank's BCA could be upgraded if it maintains
profitability well above regional bank peers, strengthens asset
quality performance such that annual net charge-offs are sustained
below 2% of loans in repayment, and improves its funding profile by
significantly reducing its dependence on brokered deposits while
maintaining capitalization at or above current levels. A higher BCA
would likely lead to an upgrade of Sallie Mae Bank's ratings absent
any meaningful changes to its funding structure.
SLM's long-term issuer and senior unsecured debt ratings could be
downgraded if it does not take actions to meaningfully reduce
double leverage and increase liquidity at the parent company. SLM's
ratings would also likely be downgraded if Sallie Mae Bank's BCA is
downgraded barring any meaningful changes to its funding
structure.
Sallie Mae Bank's BCA could be downgraded if capitalization
weakens, such that Sallie Mae Bank's tangible common equity (TCE)
as measured by us as a percentage of tangible managed assets
declines below 10% for multiple quarters. In addition, the BCA
could be downgraded in the event that asset quality performance is
weaker than Moody's currently expect or if liquid resources decline
materially, making the firm more vulnerable to market shocks. A
lower BCA would likely lead to a downgrade of Sallie Mae Bank's
ratings absent any meaningful changes to its funding structure.
The principal methodology used in these ratings was Banks
Methodology published in March 2024.
SOHI FELLOW: Public Sale Auction Set for August 15
--------------------------------------------------
Generation Equity Capital LLC ("secured party"), as collateral
agent for certain lenders, will offer for sale at public auction
100% of the outstanding shares, including all economic rights and
governance rights of SOHI Fellow Barber Inc. on Aug. 15, 2024, at
3:30 p.m. (EST) at Holland & Knight LLP's office located at 787
Seventh Avenue, 31st Floor, New York, New York 10019 with an option
to participate virtually via zoom meeting link:
https://bit.ly/SohiUCC, Access Code: 863 683 6226, Password:
663883, Call-in Number: +1 646 931 3860 (US).
The sale will be conducted by Matthew D. Mannion of Mannion
Autcions LLC. Any interested bidders who experience technical
difficulties while attempting to participate in the auction should
contact Mr. Mannion by telepehone at 908-752-1852 or by email at
mdmannion@jpandr.com for assistance.
Parties interested in the bidding on the collateral must contact
secured party's counsel, Jack Doherty, Esq., at Holland & Knight
LLP, by Tel: 212-751-3003 or email at jack.doherty@hklaw.com.
SOLAR BIOTECH: Hearing on Bid Rules Set for July 19
---------------------------------------------------
Solar Biotech, Inc. and Noblegen Inc. will ask the U.S. Bankruptcy
Court for the District of Delaware at a hearing on July 19 to
approve the bid rules governing the sale of substantially all of
their assets.
The companies are selling their assets to Ingredion Incorporated or
to another buyer who will be selected as the winning bidder at a
court-supervised auction.
Ingredion offered to buy the assets for at least $14.9 million,
which is comprised of a credit bid and assumption of certain
liabilities of the sellers.
In the event it is not selected as the winning bidder, Ingredion
will receive a break-up fee in an amount equal to 3% of the sale
price and expense reimbursement of up to $250,000.
The proposed bid rules give interested buyers until Sept. 4, at
5:00 p.m. (prevailing Eastern Time) to place their bids on the
assets. Each bid must be accompanied by a cash deposit in the
amount of 10% of the purchase price.
An auction will be conducted on Sept. 6, at 10:00 a.m. (prevailing
Eastern Time) if the sellers receive offers by the bid deadline.
The bankruptcy court will hold a hearing to approve the sale to the
winning bidder on or before Sept. 9. The sale must be consummated
by Oct. 21.
About Solar Biotech and Noblegen
Solar Biotech, Inc. and Noblegen Inc. are biotechnology companies
with nearly five years of experience in scaling biotech designs and
prototypes on a commercial scale. They provide services to
customers in the form of various phases, which are as follows: (i)
concept development; (ii) develop prototypes; (iii) optimize costs;
(iv) use prototype samples for business development and sampling;
and (v) commercialization agreements to help transfer developed
technology into commercial products. By offering a wide range of
services, the Debtors are able to successfully meet the varying
needs of its customers across the biotech market.
Solar Biotech and Noblegen filed Chapter 11 petitions (Bankr. D.
Del. Lead Case No. 24-11402) on June 23, 2024, with $10 million to
$50 million in both assets and liabilities.
Judge Laurie Selber Silverstein oversees the cases.
The Debtors tapped Porzio, Bromberg & Newman, P.C. as bankruptcy
counsel; Newpoint Advisors Corporation as financial advisor; and
Epiq Corporate Restructuring, LLC as claims and noticing agent.
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by the law firms of The Rosner Law Group,
LLC and Brinkman Law Group, PC.
SOUTH JEFFERSON: Hires C. Gaines Baker & Associates as Counsel
--------------------------------------------------------------
South Jefferson Apartments, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Mississippi to employ
C. Gaines Baker & Associates, LLC as counsel.
The firm's services include:
(a) consult with any trustee or any committee concerning the
administration of the case;
(b) investigate the acts, conduct, assets, liabilities and
financial condition of the Debtor, the operation of its business
and the desirability of the continuance of such business, and any
other matter relevant to the case or to the formulation of the
plan;
(c) formulate a plan; and
(d) prepare any pleadings, motions, answers, notices, orders
and reports that are required for the proper function of the
Debtor.
The hourly rates of the firm's counsel and staff are as follows:
Attorney $350
Paralegal $105
C. Gaines Baker, Esq., an attorney at C. Gaines Baker & Associates,
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:
C. Gaines Baker, Esq.
C. Gaines Baker & Associates, LLC
C.G. Baker Bldg, 136 Public Square
Batesville, MS 38606
Telephone: (662) 563-9385
About South Jefferson Apartments
South Jefferson Apartments, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 24-01282)
on June 2, 2024. In the petition signed by Faisal Alsabahi,
managing member, the Debtor disclosed up to $1 million in assets
and up to $500,000 in liabilities.
Judge Jamie A. Wilson presides over the case.
C. Gaines Baker & Associates, LLC represents the Debtor as legal
counsel.
STEWARD HEALTH: Cain & Skarnulis Represents the Groggs
------------------------------------------------------
The law firm of Cain & Skarnulis PLLC (C&S) filed a verified
statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure to disclose that in the Chapter 11 cases of Steward
Health Care System LLC and affiliates, the firm represents Terence
Gross and Denis Grogg (collectively, the Groggs).
The Groggs are personal injury claimants with claims pending
against Debtors Steward Easton Hospital, Inc., Steward Medical
Group, Inc., Steward Health Care System LLC, Steward Health Care
Network, Inc., Steward Emergency Physicians of Pennsylvania, Inc.,
and Steward Emergency Physicians, Inc., in Grogg, et al. v. Easton
Hospital, et al., No. C-48-CV-2022-03084, in the Court of Common
Pleas of Northampton County, Pennsylvania.
The Groggs' address and the nature and amount of disclosable
economic interests held in relation to the Debtors are:
1. Terence Grogg
c/o Kline & Specter, P.C.
1525 Locust Street,
Philadelphia, PA 19102
* Claims for medical professional negligence, negligence,
vicarious liability, battery causing
personal injury
2. Denise Grogg
c/o Kloine & Specter, P.C.
1525 Locust Street,
Philadelphia, PA 19102
* Claims for medical professional negligence, negligence,
vicarious liability, negligent
infliction of emotional distress, battery, loss of consortium
causing personal injury
Attorney for Terence and Denise Grogg:
Ryan E. Chapple
CAIN & SKARNULIS PLLC
303 Colorado Street, Suite 2850
Austin, Texas 78701
Phone: 512-477-5000
Facsimile: 512-477-5011
Email: rchapple@cstrial.com
About Steward Health Care
Steward Health Care System LLC owns and operates the largest
private physician-owned for-profit healthcare network in the U.S.
Headquartered in Dallas, Texas, Steward's operations include 31
hospitals in eight states, approximately 400 facility locations,
4,500 primary and specialty care physicians, 3,600 staffed beds,
and nearly 30,000 employees. Steward Health Care provides care to
more than two million patients annually.
Steward and 166 affiliated debtors filed chapter 11 petitions
(Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024, in the
U.S. Bankruptcy Court for the Southern District of Texas, and the
Honorable Christopher M. Lopez oversees the proceeding.
Weil, Gotshal & Manges LLP is serving as the Company's legal
counsel. AlixPartners, LLP is providing financial advisory services
to the Company, and John Castellano of AlixPartners is serving as
the Company's Chief Restructuring Officer. Lazard Freres & Co. LLC,
Leerink Partners LLC, and Cain Brothers, a division of KeyBanc
Capital Markets Inc. are providing investment banking services to
the Company. McDermott Will & Emery is special corporate and
regulatory counsel for the company. Kroll is the claims agent.
STEWARD HEALTH: Streusand Landon Represents Clients
---------------------------------------------------
The law firm of Streusand, Landon, Ozburn & Lemmon, LLP ("SLOL")
filed a verified statement pursuant to Rule 2019 of the Federal
Rules of Bankruptcy Procedure to disclose that in the Chapter 11
cases Steward Health Care System LLC and affiliates, the firm
represents Access Telecare, LLC, Access Telecare, PLLC, Advanced
Sterilization Products, Dell Financial Services L.L.C., Landauer
Medical Physics and Landauer, Inc. (the "Clients").
SLOL was retained by each of the Clients either prior to the filing
of the Bankruptcy Case or at the onset of the Bankruptcy Case. No
conflict of interest currently exists in such representations and
each Client has consented to SLOL's role as counsel for each of the
other Clients.
SLOL does not own, nor has it ever owned (i) any equity securities
of the Debtors, or (ii) an interest in a claim against the
Debtors.
SLOL has fully advised each of its Clients with respect to these
concurrent representations. Each of the Clients has agreed to such
representations and has requested that SLOL represent them in this
Bankruptcy Case.
The Clients' address and the nature and amount of disclosable
economic interests held in relation to the Debtors are:
1. Access Telecare, LLC
1717 Main Street, Suite 5850
Dallas, Texas 75201
* Prior to the Bankruptcy, Access Telecare, LLC provided certain
hospitalist services. The
amount due to Access Telecare, LLC under certain agreements is
approximately $17,600.00.
Streusand, Landon, Ozburn & Lemmon, LLP commenced its
representation of Access Telecare, LLC on
or about April 11, 2024.
2. Access Telecare, PLLC
1717 Main Street, Suite 5850
Dallas, Texas 75201
* Prior to the Bankruptcy, Access Telecare, LLC provided certain
hospitalist services. The
amount due to Access Telecare, LLC under certain agreements is
approximately $1,345,438.
Streusand, Landon, Ozburn & Lemmon, LLP commenced its
representation of Access Telecare, LLC on
or about April 11, 2024.
3. Advanced Sterilization Products
* At the onset of the Bankruptcy, Advanced Sterilization
Products provided certain products.
The total amount due to Advanced Sterilization Products for the
product is approximately
$114,000.00. Streusand, Landon, Ozburn & Lemmon, LLP commenced
its representation of Advanced
Sterilization on or about May 16, 2024.
4. Dell Financial Services L.L.C.
One Dell Way
Round Rock, Texas 78682
* Prior to the Bankruptcy, Dell Financial Services L.L.C.
entered into a software lease
agreement/executory contract, as amended. The approximate amount
due to Dell Financial Services
L.L.C. under the Payment Plan Agreement is $19,957,308.
Streusand, Landon, Ozburn & Lemmon, LLP
commenced its representation of Dell Financial Services L.L.C.
on or about November 26, 2019.
5. Landauer Medical Physics and Landauer, Inc.
* At the onset of the Bankruptcy, Landauer Medical Physics and
Landauer, Inc provided dosimetry
badges and monitoring service. The total amount due to Landauer
Medical Physics and Landauer,
Inc for the product/services is approximately $78,000.00.
Streusand, Landon, Ozburn & Lemmon,
LLP commenced its representation of Landauer Medical Physics and
Landauer, Inc on or about June
3, 2024.
The law firm can be reached at:
Sabrina L. Streusand, Esq.
Richard D. Villa, Esq.
STREUSAND, LANDON, OZBURN & LEMMON, LLP
1801 S. MoPac Expressway, Suite 320
Austin, Texas 78746
(512) 236-9900 Telephone
(512) 236-9904 Facsimile
Email; streusand@slollp.com villa@slollp.com
About Steward Health Care
Steward Health Care System LLC owns and operates the largest
private physician-owned for-profit healthcare network in the U.S.
Headquartered in Dallas, Texas, Steward's operations include 31
hospitals in eight states, approximately 400 facility locations,
4,500 primary and specialty care physicians, 3,600 staffed beds,
and nearly 30,000 employees. Steward Health Care provides care to
more than two million patients annually.
Steward and 166 affiliated debtors filed chapter 11 petitions
(Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024, in the
U.S. Bankruptcy Court for the Southern District of Texas, and the
Honorable Christopher M. Lopez oversees the proceeding.
Weil, Gotshal & Manges LLP is serving as the Company's legal
counsel. AlixPartners, LLP is providing financial advisory services
to the Company, and John Castellano of AlixPartners is serving as
the Company's Chief Restructuring Officer. Lazard Freres & Co. LLC,
Leerink Partners LLC, and Cain Brothers, a division of KeyBanc
Capital Markets Inc. are providing investment banking services to
the Company. McDermott Will & Emery is special corporate and
regulatory counsel for the company. Kroll is the claims agent.
SUN TECH AIR: Dawn Maguire Named Subchapter V Trustee
-----------------------------------------------------
The U.S. Trustee for Region 14 appointed Dawn Maguire, Esq., at
Guttilla Murphy Anderson, as Subchapter V trustee for Sun Tech Air
Conditioning, LLC.
Ms. Maguire will be paid an hourly fee of $350 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Maguire declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Dawn Maguire, Esq.
Guttilla Murphy Anderson
5415 East High Street, Suite 200
Phoenix, AZ 85054
Telephone: (480) 304-8300
Fax: (480) 304-8301
Email: TrusteeMaguire@gamlaw.com
About Sun Tech Air Conditioning
Sun Tech Air Conditioning, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No.
24-05449) on July 7, 2024, with up to $50,000 in assets and up to
$1 million in liabilities.
Judge Madeleine C. Wanslee presides over the case.
Ronald J. Ellett, Esq., at Ellett Law Offices, P.C. represents the
Debtor as bankruptcy counsel.
SUN TECH: Gets OK to Hire Ellet Law Offices as Bankruptcy Counsel
-----------------------------------------------------------------
Sun Tech Air Conditioning, LLC received approval from the U.S.
Bankruptcy Court for the District of Arizona to employ Ellet Law
Offices, PC as legal counsel.
The firm will render the following services:
(a) examine and determine the Debtor's rights and title and to
certain property;
(b) prepare all legal documents;
(c) investigate, examine into, and determine the validity of
any and all liens appearing to be claimed during the administration
of said estate;
(d) investigate and determine the validity of any and all
claims that may be filed against the estate;
(e) prepare all accounts, reports, and other instruments
required in the administration of said estate;
(f) assist the Debtor in all matters of legal nature arising
in the administration of said estate and advise with regard
thereto; and
(g) assist the Debtor in the collection of all accounts
receivable owed to it.
The hourly rates of the firm's counsel and staff are as follows:
Ronald J. Ellett, Esq., Attorney $595
Senior Attorneys $410
Associates $295
Paralegals $255
Mr. Ellett 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. Ellett, Esq.
Ellett Law Offices, P.C.
2999 North 44th Street, Suite 330
Phoenix, AZ 85018
Telephone: (602) 235-9510
About Sun Tech Air Conditioning
Sun Tech Air Conditioning, LLC sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-05449) on
July 7, 2024, listing up to $50,000 in assets and up to $1 million
in liabilities.
Judge Madeleine C. Wanslee oversees the case.
Ronald J. Ellett, Esq., at Ellett Law Offices, P.C. represents the
Debtor as legal counsel.
THERMOGENESIS HOLDINGS: Receives Default Notice From Boyalife Group
-------------------------------------------------------------------
ThermoGenesis Holdings, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on July 9,
2024, the Company received a notice of default from Boyalife Group
(USA), Inc. under the First Amended and Restated Revolving Credit
Agreement, dated April 16, 2018, between the Company and Lender, as
amended, and under the Second Amended and Restated Convertible
Promissory Note, dated March 4, 2022, as amended, issued by the
Company to the Lender under the Credit Agreement.
The Default Notice states and declares that a default occurred
under the Credit Agreement and Note as of July 9, 2024, for failure
to make a required interest payment and declares the entire balance
of the Note to be immediately due and payable. The Note is secured
by the Company's shares in its ThermoGenesis Corp. subsidiary. The
Default Notice also states that if the entire outstanding balance
of the Note including accrued interest, which is $3,441,000 as of
July 1, 2024, is not paid in full to the Lender, the Lender elects
to "take all equity of the collateral assets, TG Corp. without any
further consent action from the Company."
About ThermoGenesis
ThermoGenesis Holdings, Inc. develops and commercializes a range of
automated technologies for cell-banking, cell-processing, and
cell-based therapeutics. Since the 1990's, ThermoGenesis Holdings
has been a pioneer in, and a leading provider of, automated systems
that isolate, purify and cryogenically store units of hematopoietic
stem and progenitor cells for the cord blood banking industry. The
Company was founded in 1986 and is incorporated in the State of
Delaware and headquartered in Rancho Cordova, CA.
As of March 31, 2024, the Company had $10.09 million in total
assets, $11.17 million in total liabilities, and a total deficit of
$1.09 million.
New York, N.Y.-based Marcum LLP, the Company's auditor since 2015,
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 capital to grow its business, fund operating expenses
and make interest payments. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
TOMMY'S FORT: Forshey & Prostok Files Rule 2019 Statement
---------------------------------------------------------
The law firm of Forshey & Prostok, LLP ("F&P") filed a verified
statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy
Procedure to disclose that in the Chapter 11 cases Tommy's Fort
Worth, LLC and its affiliates, the firm represents the following
parties in-interest (each, an "Entity," and together, the
"Entities"):
1. WSA Holdings, LLC;
2. Oakland-Summit Investments, LLC, and
3. Summit West Investments, LLC.
The Entities have a claim against one or more of the Debtors. F&P
represents each of these Entities individually. The Entities
represented by F&P do not constitute a committee of any kind.
The Entities have consented to multiple representation by F&P in
the matters, and F&P is expressly authorized to represent the
Entities. F&P does not hold a disclosable economic interest in or
against the Debtors.
The Entities' address and the nature and amount of disclosable
economic interests held in relation to the Debtors are:
1. WSA Holdings LLC
413 Stonecrest Rd.
Argyle, TX 76226
* Unsecured Creditor – Landlord
2. Oakland-Summit Investments, LLC
5657 West Maple Road, West
Bloomfield, MI 48322
* Unsecured Creditor - Landlord
3. Summit West Investments, LLC
5657 West Maple Road, West
Bloomfield, MI 48322
* Unsecured Creditor - Landlord
The law firm can be reached at:
J. Robert Forshey, Esq.
Emily S. Chou, Esq.
Forshey & Prostok LLP
777 Main St., Suite 1550
Fort Worth, TX 76102
Telephone: 817-877-8855
Facsimile: 817-877-4151
Email: bforshey@forsheyprostok.com
echou@forsheyprostok.com
About Tommy's Fort Worth
Tommy's is a premium boat dealer with 16 locations across the
United States.
Tommy's Fort Worth, LLC and its affiliates concurrently filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. N.D. Lead Case No. 24-90000) on May 20, 2024. The
petitions were signed by Monica S. Blacker as chief restructuring
officer. At the time of filing, the Lead Debtor estimated $1
million to $10 million in assets and $100 million to $500 million
in liabilities.
Judge Edward L. Morris presides over the case.
Liz Boydston, Esq., at GUTNICKI LLP, represents the Debtor as
counsel.
TYLER GALLAGHER: Faces $21 Million CFTC & DFPI Lawsuit
------------------------------------------------------
Tyler G. Gallagher have been named as defendant in a lawsuit filed
by the U.S. Commodity Futures Trading ("CFTC") and the California
Department of Financial Protection and Innovation ("DFPI") in the
United States District of Court for the Central District of
California. The name of the case is CFTC vs. Regal Assets LLC, et
al., and it has a case number of 2:23-cv-08078-FMO-SK.
The CFTC and DFPI have filed a complaint alleging that, from at
least November 2019 through at least October 2022, Mr. Gallagher
and his co-defendants, Regal Assets LLC and Leah Donoso, engaged in
a scheme to defraud people throughout the U.S. in connection with
the purchase and sale of precious metals, and, as part of the that
scheme, misappropriated more than $21 million from more than 120
customers. As a result, the complaint alleges that Mr. Gallagher
and his co-defendants violated Section 6(c)(1) of the Commodity
Exchange Act, 7 U.S.C. Section 9(1), CFTC Regulation
180.1(a)(1)-(3) C.F.F. Section 180.1(a)(1)-(3), and Section 29536
of the California Corporation Code. The DFPI also alleges that Mr.
Gallagher and his co-defendants violated Section 29520 of the
California Corporations Code by unlawfully selling commodities in
California.
Mr. Gallagher directed to contact Rishi Gupta, Senior Trial
Attorney in the CFTC's Division of Enforcement, 1155 21st Street
NW, Washington, DC 20581, 1-202-418-6773, rgupta@cftc.gov, so that
may be served with Summons, Complaint, and related materials. If
Mr. Gallagher do not contact the CFTC within 28 days from the date
of first publication of the notice, the CFTC will seek entry of
judgment by default against Mr. Gallagher for the relief demanded
in the Complaint, pursuant to Rule 55 of the Federal Rules of Civil
Procedure.
A copy of the complaint maybe obtained by contacting Mr. Gupta or
reviewing CFTC Press Release No. 8791-23, which is available at
https://www.cftc.gov/PressRoom/PressReleases/8791-23, and accessing
the link to the Complaint.
Regal Assets -- http://www.regalassets.com/-- is an alternative
assets company with offices across the US, Canada, the UK and the
UAE. The company specializes in helping investors and retirement
account holders invest in alternative assets such as precious
metals, cryptocurrencies and others. Tyler G. Gallagher is the
Company's chief executive officer.
UNITED TRUSTT: Richard Furtek Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Regions 3 and 9 appointed Richard Furtek of
Furtek & Associates, LLC as Subchapter V trustee for United Trustt,
LLC.
Mr. Furtek will be paid an hourly fee of $325 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Furtek declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Richard E. Furtek
Furtek & Associates, LLC
Lindenwood Corporate Center
101 Lindenwood Drive, Suite 225
Malvern, PA 19355
Phone: (215) 768-8030
Email: rfurtek@furtekassociates.com
About United Trustt
United Trustt LLC is a Wilmington-based company engaged in
activities related to real estate.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-12255) on June 29,
2024, with $1 million to $10 million in assets and $500,000 to $1
million in liabilities. Toure I. Phipps - Henderson, managing
member, signed the petition.
Judge Ashely M. Chan presides over the case.
Roger V. Ashodian, Esq., and Michael. A. Latzes, Esq., at Regional
Bankruptcy Center of Southeastern PA, P.C. represents the Debtor as
legal counsel.
VALDOR LLC: Lisa Holder Named Subchapter V Trustee
--------------------------------------------------
The U.S. Trustee for Region 17 appointed Lisa Holder, Esq., a
practicing attorney in Bakersfield, Calif., as Subchapter V trustee
for Valdor LLC.
Ms. Holder 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. Holder declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Lisa Holder, Esq.
3710 Earnhardt Drive
Bakersfield, CA 93306
Phone: (661) 205-2385
Email: lholder@lnhpc.com
About Valdor LLC
Valdor, LLC filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Calif. Case No. 24-11751) on June 25,
2024, with $500,001 to $1 million in both assets and liabilities.
Judge René Lastreto II presides over the case.
VITVADVAS INC: Unsecureds to Get $610 per Month for 3 Years
-----------------------------------------------------------
Vitvadvas, Inc., filed with the U.S. Bankruptcy Court for the
Northern District of Illinois a Plan of Reorganization for Small
Business dated July 1, 2024.
The Debtor is an Illinois Corporation. Since 2017, Debtor has been
in the business of interstate trucking.
In early 2023, the trucking industry experienced a downturn and
Debtor used any cash reserves to cover a cash flow shortage but
this eventually led to inability to remain current on payments on
their equipment loans and potential repossession of the equipment
by the secured lenders.
The Chapter 11 filing has enabled Debtor to continue using their
equipment and to return to focusing on their interstate trucking
business.
The Plan Proponent's financial projections show that the Debtor
will have projected disposable income $610.00. The final Plan
payment is expected to be paid on August 1, 2027.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations.
Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 10 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.
Class 4 consists of Non-priority unsecured creditors. Claims in
this class will receive the projected disposable income of the
Debtor pro rata within the class for a period of three years,
estimated at $610.00 monthly remaining after any outstanding
administrative claims are paid from the disposable income.
Disposable income, as defined in Section 1191(d), shall be
determined on a quarterly basis, based on the disposable income
generated, if any, during the preceding quarter. The Debtor will
begin to make monthly payments commencing on the fifteenth day of
the fourth full month following the Effective Date and thereafter
due on the fifteenth day of every fourth month. A minimum total
amount of $21,960.00 will be paid to this class. This Class is
impaired.
Class 10 consists of Equity security holders of the Debtor. Equity
security holders shall retain their interests in the Debtor as they
existed on the Petition Date.
The Debtor shall continue is business operations, which shall be
the primary source of funds for payments required by this Plan that
are to be made by the Debtor over time. After the Effective Date,
the Debtor may operate the business and use, acquire, sell,
transfer, convey, or dispose of property without supervision by the
Bankruptcy Court and free of any restrictions of the Bankruptcy
Code or Bankruptcy Rules, other than those restrictions expressly
imposed by the Plan and the Confirmation Order.
A full-text copy of the Plan of Reorganization dated July 1, 2024
is available at https://urlcurt.com/u?l=TlbKCA from
PacerMonitor.com at no charge.
Attorney for the Plan Proponent:
Saulius Modestas, Esq.
Modestas Law Offices, P.C.
401 S. Frontage Rd.
Burr Ridge, IL 60527-7115
Telephone: (312) 251-4460
(630) 323-8300
Facsimile: (312) 277-2586
Email: smodestas@modestaslaw.com
About Vitvadvas Inc.
Vitvadvas, Inc. has been in the business of interstate trucking.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-04812) on April 2,
2024, with $100,001 to $500,000 in both assets and liabilities.
Judge Janet S. Baer presides over the case.
Saulius Modestas, Esq., at Modestas Law Offices, P.C. represents
the Debtor as bankruptcy counsel.
WESTERN RISE: Seeks to Hire Potomac Law Group as Special Counsel
----------------------------------------------------------------
Western Rise, Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Colorado to employ Potomac Law Group, PLLC as
its special counsel.
The Debtor needs a special counsel for the express and limited
purpose of handling trademark issues of the Debtor as they arise.
The hourly rates of the firm's counsel and staff are as follows:
Todd Bontemps, Partner $600
Chris Volz, Paralegal $260
Stephanie Solomon, Paralegal $125
Benjamin Lieber, Esq., a managing partner at Potomac Law 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 through:
Benjamin Lieber, Esq.
Potomac Law Group, PLLC
1717 Pennsylvania Avenue. NW, Suite 1025
Washington, DC 20006
Telephone: (202) 558-5557
Email: blieber@potomaclaw.com
About Western Rise
Western Rise, Inc. is a manufacturer of travel clothing and
accessories in Telluride, Colo.
Western Rise filed its voluntary petition for Chapter 11 protection
(Bankr. D. Colo. Case No. 24-13394) on June 19, 2024, with
$3,401,871 in assets and $5,266,556 in liabilities. Kelly Watters,
president, signed the petition.
Judge Joseph G. Rosania Jr. oversees the case.
The Debtor tapped Kutner Brinen Dickey Riley, PC as bankruptcy
counsel and Potomac Law Group, PLLC as special counsel.
WILSONART LLC: Moody's Cuts CFR to B3, Rates New Secured Debt B2
----------------------------------------------------------------
Moody's Ratings downgraded Wilsonart LLC's corporate family rating
to B3 from B2 and probability of default rating to B3-PD from
B2-PD. At the same time, Moody's assigned new B2 ratings to the
proposed backed senior secured bank credit facilities, including a
backed senior secured revolving credit facility and backed senior
secured term loan B. The outlook is maintained at stable.
Proceeds from the transaction will be used to purchase Illinois
Tool Works Inc.'s ownership stake in Wilsonart and to refinance
existing debt. Following close of the transaction, the company will
be majority owned by CD&R with minority stake owned by management.
"The downgrade reflects Moody's expectation of increased leverage
and weak interest coverage through the end of 2025 with the
incremental debt from the proposed transaction. The downgrade also
reflects Moody's view that Wilsonart's commercial end markets will
be relatively slow to recover following volume declines through the
end of the first quarter 2024," said Nirali Patel, Moody's
Assistant Vice President – Analyst.
The stable outlook reflects Moody's expectation of positive free
cash flow generation in 2025 despite increased interest burden as
CD&R's preferred equity investment will convert to common equity
and the preferred dividend payout will cease.
Governance considerations were material to this rating action,
including concentration of ownership and aggressive financial
policies. Although the preferred dividend payout will end following
close of the transaction, the increase in total debt levels will
create incremental interest burden. Additionally, the transaction
represents concentration of ownership to CD&R.
RATINGS RATIONALE
Wilsonart's B3 CFR reflects its high pro forma leverage of 7.1x and
its weak interest coverage of 1.3x EBITA/interest expense following
the proposed transaction. The company has been somewhat active with
acquisitions, which historically have been debt financed and can
present integration risks. Moody's also take into account
Wilsonart's exposure to the cyclicality of the residential and
commercial end markets. Finally, the company is exposed to
volatility in foreign exchange fluctuations from international
markets that compose about twenty-five percent of total revenue.
The rating is counterbalanced by Wilsonart's market position as a
leading manufacturer and distributor of decorative engineered
surfaces for commercial and residential end markets, broad
geographic footprint across North America and EMEA, and improving
profitability through declining input costs and further cost
reduction initiatives. The rating also benefits from the company's
diversification of product offering and customer base.
Moody's expect Wilsonart to maintain good liquidity over the next
12 to 18 months, despite breakeven to negative free cash flow in
2024 due to flattish growth, incremental interest burden, and its
preferred dividend payout up to the proposed transaction. The
company will have $28 million of cash on the balance sheet as of
June 30, 2024, pro forma for the proposed transaction. External
liquidity is supported by a new revolving credit facility expiring
in 2029.
Marketing terms for the new credit facilities (final terms may
differ materially) include the following: Incremental pari passu
debt capacity up to the greater of $246 million and 100% of LTM
EBITDA, plus unlimited amounts subject to either 4.30x Total First
Lien Leverage Ratio or leverage neutral incurrence. There is an
inside maturity sublimit up to the greater of $492 million and 200%
of LTM EBITDA, along with an incremental facility incurred in
connection with a permitted acquisition or investment.
The credit agreement is expected to include "J. Crew", "Chewy" and
"Serta" provisions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could upgrade the ratings if the company maintains adjusted
debt/EBITDA below 6.0x and adjusted EBITA/interest expense above
2.0x. Moody's could also upgrade the ratings if the company
preserves its good liquidity and further improves its
profitability.
Moody's could downgrade the ratings if adjusted debt/EBITDA remains
above 7.0x and adjusted EBITA/interest expense remains near 1.0x. A
deterioration in liquidity including negative free cash flow, an
aggressive acquisition with additional debt or significant
shareholder return activity could result in downward ratings
pressure.
The principal methodology used in these ratings was Manufacturing
published in September 2021.
Wilsonart LLC, headquartered in Austin, Texas, is a manufacturer
and distributor of decorative engineered surfaces for commercial
and residential markets. The company's product offerings include
high pressure laminates, solid surfaces, quartz, adhesives, and
worktops designed for construction and repair and remodeling.
Revenue for the twelve months ended March 31, 2024 was
approximately $1.4 billion.
XL REI: Seeks Approval to Hire Herrin Law as Bankruptcy Counsel
---------------------------------------------------------------
XL REI LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Texas to employ the Herrin Law, PLLC as its
bankruptcy counsel.
The firm will provide these services:
(a) provide legal advice with respect to the Debtor's powers
and duties;
(b) prepare and pursue confirmation of a plan and approval of
a disclosure statement;
(c) prepare on behalf of the Debtor necessary legal papers;
(d) appear in court and protect the interests of the Debtor
before the court; and
(e) perform all other legal services for the Debtor which may
be necessary and proper in these proceedings.
The firm will be paid at these hourly rates:
Manolo Raphael Santiago, Esq. $400
C. Daniel Herrin, Owner $400
Other Attorneys $300
Paralegals $125 - $175
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $5,100 from the
Debtor.
Mr. Santiago 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:
C. Daniel Herrin, Esq.
Herrin Law, PLLC
12001 N. Central Expy., Suite 920
Dallas, TX 75243
Telephone: (469) 607-8551
Facsimile: (214) 722-0271
About XL REI LLC
XL REI LLC filed its voluntary petition for Chapter 11 protection
(Bankr. N.D. Tex. Case No. 24-31655) on June 4, 2024, listing under
$1 million in both assets and liabilities. Jade Tran, manager,
signed the petition.
Judge Michelle V. Larson oversees the case.
C. Daniel Herrin, Esq., at Herrin Law, PLLC serves as the Debtor's
bankruptcy counsel.
YERUSHA LLC: Seeks to Hire Landex LLC as Real Estate Broker
-----------------------------------------------------------
Yerusha LLC seeks approval from the U.S. Bankruptcy Court for the
Northern District of Illinois to employ Landex, LLC as real estate
broker.
The Debtor needs a broker to sell its properties located at:
(a) 6435 S. Champlain, Chicago, Illinois
(b) 6437 S. Champlain, Chicago, Illinois
(c) 6431 S. Champlain, Chicago, Illinois
(d) 6431-33 S. Champlain, Chicago, Illinois
(e) 918 W. 54th St., Chicago, Illinois
(f) 916 W. 54th St., Chicago, Illinois
(g) 922 W. 54th St., Chicago, Illinois
(h) 924 W. 54th St., Chicago, Illinois
(i) 1569 S. Kedzie, Chicago, Illinois
(j) 5620 S. Elizabeth, Chicago, Illinois
(k) 34 W. 108th Pl., Chicago, Illinois
(l) 229 W. 108th Pl., Chicago, Illinois
(m) 36 W. 110th St., Chicago, Illinois
(n) 8647 S. Colfax Ave., Chicago, Illinois
(o) 7159 S. Wood St., Chicago, Illinois
(p) 7319 S. Dante Ave., Chicago, Illinois
(q) 7012 S. Stewart Ave., Chicago, Illinois
(r) 7014 S. Stewart, Chicago, Illinois
(s) 6000 S. Ada St., Chicago, Illinois
(t) 6002 S. Ada St., Chicago, Illinois
(u) 6040 S. Ada St, Chicago, Illinois
The firm will be paid compensated as follows:
(a) 6 percent of the purchase price of each parcel that
close;
(b) a listing fee of $200 per parcel; and
(c) a consulting fee of $150 per hour for parcels of real
estate owned by the Debtor that is not a part of this motion.
David Fleishman, a real estate agent at Landex, 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 M. Fleishman
Landex, LLC
1345 Wiley Rd., Ste. 121
Schaumburg, IL 60173
Telephone: (847) 519-3600
About Yerusha LLC
Yerusha, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case
No.24-01640) on February 6, 2024, with $500,001 to $1 million in
both assets and liabilities.
Judge Deborah L. Thorne oversees the case.
Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as
bankruptcy counsel.
ZENITHEN HOLDINGS: Christy Brandon Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 18 appointed Christy Brandon,
Esq., a practicing attorney in Bigfork, Mont., as Subchapter V
trustee for Zenithen Holdings Corp.
Ms. Brandon 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. Brandon declared that she is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christy L. Brandon
P.O. Box 1544
Bigfork, MT 59911
Phone: (406) 837-5445
Email: christy@brandonlawfirm.com
About Zenithen Holdings Corp.
Zenithen Holdings Corp. is a merchant wholesaler of furniture and
home furnishing in Spokane, Wash.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Wash. Case No. 24-01077) on July 3,
2024, with $1,091,452 in assets and $2,890,959 in liabilities.
Justin Langdon, president, signed the petition.
Judge Frederick P. Corbit presides over the case.
Dan O'Rourke, Esq., at Southwell & O'Rourke, P.S. represents the
Debtor as legal counsel.
[*] Iron Gate Motor Condominium Up For Sale on July 18
------------------------------------------------------
A court-ordered real estate auction will take place on July 18,
2024, for the sale of Iron Gate Condominium located at 2212 Ferry
Road, Unit #103, Naperville, Illinois. The expected selling range
is between $1 million and $1.55 million. Further information
contact, Rick Levin & Associates Inc. at Tel: 312-440-2000.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re FAB 5 LLC
Bankr. C.D. Cal. Case No. 24-15398
Chapter 11 Petition filed July 9, 2024
See
https://www.pacermonitor.com/view/YZCVUKY/FAB_5_LLC__cacbke-24-15398__0001.0.pdf?mcid=tGE4TAMA
represented by: Carolyn LIndholm, Esq.
E-mail: tocarolynlindholm@gmail.com
In re Razel & Ruztin, LLC dba Walnut Creek Willows
Bankr. N.D. Cal. Case No. 24-41003
Chapter 11 Petition filed July 9, 2024
See
https://www.pacermonitor.com/view/ZIDBI6Q/Razel__Ruztin_LLC_dba_Walnut__canbke-24-41003__0001.0.pdf?mcid=tGE4TAMA
represented by: Arasto Farsad, Esq.
FARSAD LAW OFFICE, P.C.
E-mail: Farsadlaw1@gmail.com
In re 298 William EO LLC
Bankr. D.N.J. Case No. 24-16836
Chapter 11 Petition filed July 9, 2024
See
https://www.pacermonitor.com/view/WY3WSIY/298_William_EO_LLC__njbke-24-16836__0001.0.pdf?mcid=tGE4TAMA
represented by: Douglas J. McGill, Esq.
WEBBER MCGILL LLC
E-mail: dmcgill@webbermcgill.com
In re John Dunlea
Bankr. D.N.J. Case No. 24-16863
Chapter 11 Petition filed July 9, 2024
represented by: Douglas McGill, Esq.
In re PL 148 Arlington EO LLC
Bankr. D.N.J. Case No. 24-16838
Chapter 11 Petition filed July 9, 2024
See
https://www.pacermonitor.com/view/XNJVTEQ/PL_148_Arlington_EO_LLC__njbke-24-16838__0001.0.pdf?mcid=tGE4TAMA
represented by: Douglas M. McGill, Esq.
WEBBER MCGILL LLC
Email: dmcgill@webbermcgill.com
In re PL 177 Arlington EO Urban Renewal LLC
Bankr. D.N.J. Case No. 24-16840
Chapter 11 Petition filed July 9, 2024
See
https://www.pacermonitor.com/view/CGPQXJQ/PL_177_Arlington_EO_Urban_Renewal__njbke-24-16840__0001.0.pdf?mcid=tGE4TAMA
represented by: Douglas J. McGill, Esq.
WEBBER MCGILL LLC
E-mail: dmcgill@webbermcgill.com
In re Suuchi Ramesh
Bankr. D.N.J. Case No. 24-16861
Chapter 11 Petition filed July 9, 2024
represented by: David Stevens, Esq.
In re Boris Kovler
Bankr. E.D.N.Y. Case No. 24-42845
Chapter 11 Petition filed July 9, 2024
E-mail: Alla Kachan, Esq.
In re King of Queens Auto Services Corp.
Bankr. E.D.N.Y. Case No. 24-42838
Chapter 11 Petition filed July 9, 2024
See
https://www.pacermonitor.com/view/NY4ACJA/King_of_Queens_Auto_Services_Corp__nyebke-24-42838__0001.0.pdf?mcid=tGE4TAMA
represented by: Heath S. Berger, Esq.
BERGER, FISCHOFF, SHUMER, WEXLER &
GOODMAN, LLP
E-mail: hberger@bfslawfirm.com/
gfischoff@bfslawfirm.com
In re AOB Construction, LLC
Bankr. W.D. Tex. Case No. 24-10802
Chapter 11 Petition filed July 9, 2024
See
https://www.pacermonitor.com/view/FPGHDJY/AOB_Construction_LLC__txwbke-24-10802__0001.0.pdf?mcid=tGE4TAMA
represented by: Frank B Lyon, Esq.
FRANK B LYON
E-mail: frank@franklyon.com
In re Mercedes D. Flores, Esq
Bankr. D. Ariz. Case No. 24-05553
Chapter 11 Petition filed July 10, 2024
represented by: D Lamar Hawkins, Esq.
GUIDANT LAW, PLC
In re Cristelle Steenson Arenal
Bankr. C.D. Cal. Case No. 24-11723
Chapter 11 Petition filed July 10, 2024
represented by: Michael Spector, Esq.
In re Crusade Burger Bar, LLC
Bankr. N.D. Ill. Case No. 24-10008
Chapter 11 Petition filed July 10, 2024
See
https://www.pacermonitor.com/view/C74ZS7A/Crusade_Burger_Bar_LLC__ilnbke-24-10008__0001.0.pdf?mcid=tGE4TAMA
represented by: Konstantine Sparagis, Esq.
LAW OFFICES OF KONSTANTINE SPARAGIS
E-mail: gus@atbankruptcy.com
In re National Historic Soul Jazz Blues Walker Foundation, Inc.
Bankr. W.D. Mo. Case No. 24-40934
Chapter 11 Petition filed July 10, 2024
See
https://www.pacermonitor.com/view/R5Z3AYI/National_Historic_Soul_Jazz_Blues__mowbke-24-40934__0001.0.pdf?mcid=tGE4TAMA
represented by: Colin Gotham, Esq.
EVANS & MULLINIX, P.A.
E-mail: cgotham@emlawkc.com
In re Maidulsafa LLC
Bankr. E.D.N.Y. Case No. 24-42853
Chapter 11 Petition filed July 10, 2024
See
https://www.pacermonitor.com/view/TGUODPQ/Maidulsafa_LLC__nyebke-24-42853__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Mo Bay Beignet Company, LLC
Bankr. S.D. Ala. Case No. 24-11696
Chapter 11 Petition filed July 11, 2024
See
https://www.pacermonitor.com/view/YBDKEBI/Mo_Bay_Beignet_Company_LLC__alsbke-24-11696__0001.0.pdf?mcid=tGE4TAMA
represented by: Barry A Friedman, Esq.
BARRY A FRIEDMAN & ASSOCIATES, PC
E-mail: bky@bafmobile.com
In re My Family Trust
Bankr. M.D. Fla. Case No. 24-01973
Chapter 11 Petition filed July 11, 2024
See
https://www.pacermonitor.com/view/D2A666Y/My_Family_Trust__flmbke-24-01973__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re William Hall Stewart
Bankr. D. Mont. Case No. 24-40041
Chapter 11 Petition filed July 11, 2024
represented by: Gary Deschenes, Esq.
In re 9-11 Wellesley LLC
Bankr. E.D.N.Y. Case No. 24-42862
Chapter 11 Petition filed July 11, 2024
See
https://www.pacermonitor.com/view/M7OWPYA/9-11_Wellesley_LLC__nyebke-24-42862__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re 138-12 249 Street, Inc.
Bankr. E.D.N.Y. Case No. 24-42864
Chapter 11 Petition filed July 11, 2024
See
https://www.pacermonitor.com/view/WLXUYPY/138-12_249_Street_Inc__nyebke-24-42864__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Dinora Inc.
Bankr. E.D.N.Y. Case No. 24-42882
Chapter 11 Petition filed July 11, 2024
See
https://www.pacermonitor.com/view/X3QQASA/Dinora_Inc__nyebke-24-42882__0001.0.pdf?mcid=tGE4TAMA
represented by: Alla Kachan, Esq.
LAW OFFICES OF ALLA KACHAN, P.C.
E-mail: alla@kachanlaw.com
In re D&R Machinery, LLC
Bankr. W.D. Wash. Case No. 24-11717
Chapter 11 Petition filed July 11, 2024
See
https://www.pacermonitor.com/view/EPNVIXI/DR_Machinery_LLC__wawbke-24-11717__0001.0.pdf?mcid=tGE4TAMA
represented by: Thomas D. Neeleman, Esq.
NEELEMAN LAW GROUP, P.C.
E-mail: courtmail@expresslaw.com
In re Brian Bereber
Bankr. C.D. Cal. Case No. 24-11744
Chapter 11 Petition filed July 12, 2024
represented by: Thomas Ure, Esq.
In re Douglas M. Thompson
Bankr. C.D. Cal. Case No. 24-11746
Chapter 11 Petition filed July 12, 2024
represented by: Andy Warshaw, Esq.
In re F.A.M. Development Inc.
Bankr. N.D. Ill. Case No. 24-10155
Chapter 11 Petition filed July 12, 2024
See
https://www.pacermonitor.com/view/XNRFPBA/FAM_Development_Inc__ilnbke-24-10155__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Steven R Lueben
Bankr. D. Md. Case No. 24-15878
Chapter 11 Petition filed July 12, 2024
represented by: Steven Goldberg, Esq.
In re 165 Chester Newport Auto Parts, Inc.
Bankr. E.D.N.Y. Case No. 24-42895
Chapter 11 Petition filed July 12, 2024
See
https://www.pacermonitor.com/view/UEK2TFA/165_Chester_Newport_Auto_Parts__nyebke-24-42895__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Janice Claire Virtue
Bankr. S.D.N.Y. Case No. 24-22612
Chapter 11 Petition filed July 12, 2024
represented by: Ana Vargas, Esq.
In re 209 Property Group, LLC
Bankr. E.D. Cal. Case No. 24-23066
Chapter 11 Petition filed July 13, 2024
See
https://www.pacermonitor.com/view/JWZX6BQ/209_Property_Group_LLC__caebke-24-23066__0001.0.pdf?mcid=tGE4TAMA
represented by: Anthony O. Egbase, Esq.
A.O.E. LAW & ASSOCIATES, APC
E-mail: info@aoelaw.com
In re Vegamon Enterprises, Inc.
Bankr. N.D. Tex. Case No. 24-32059
Chapter 11 Petition filed July 13, 2024
See
https://www.pacermonitor.com/view/NSF4JJA/Vegamon_Enterprises_Inc__txnbke-24-32059__0001.0.pdf?mcid=tGE4TAMA
represented by: Gregory W. Mitchell, Esq.
FREEMAN LAW, PLLC
E-mail: gmitchell@freemanlaw.com
In re Atlanta Orthopaedic Surgery Center, LLC
Bankr. N.D. Ga. Case No. 24-20847
Chapter 11 Petition filed July 14, 2024
See
https://www.pacermonitor.com/view/6HFCG3I/Atlanta_Orthopaedic_Surgery_Center__ganbke-24-20847__0001.0.pdf?mcid=tGE4TAMA
represented by: William Rountree, Esq.
ROUNTREE, LEITMAN, KLEIN & GEER, LLC
E-mail: wrountree@rlkglaw.com
In re James Lloyd Chappuis
Bankr. N.D. Ga. Case No. 24-20845
Chapter 11 Petition filed July 14, 2024
represented by: William Rountree, Esq.
ROUNTREE, LEITMAN, KLEIN & GEER, LLC
E-mail: wrountree@rlkglaw.com
In re Giam Muu Truong and Amanda Bethany Truong
Bankr. N.D. Ga. Case No. 24-57283
Chapter 11 Petition filed July 14, 2024
represented by: Angelyn Wright, Esq.
THE WRIGHT LAW ALLIANCE, P.C.
In re Mighty-O Corp.
Bankr. W.D. Wash. Case No. 24-11738
Chapter 11 Petition filed July 14, 2024
See
https://www.pacermonitor.com/view/HK2GSNQ/Mighty-O_Corp__wawbke-24-11738__0001.0.pdf?mcid=tGE4TAMA
represented by: James E. Dickmeyer, Esq.
LAW OFFICE OF JAMES E. DICKMEYER, PC
E-mail: jim@jdlaw.net
In re Oak Mountain Brewing Company, LLC
Bankr. N.D. Ala. Case No. 24-02131
Chapter 11 Petition filed July 15, 2024
See
https://www.pacermonitor.com/view/F6DOX6Q/Oak_Mountain_Brewing_Company_LLC__alnbke-24-02131__0001.0.pdf?mcid=tGE4TAMA
represented by: Gina H. McDonald, Esq.
GINA H. MCDONALD & ASSOCIATES, LLC
E-mail: mcdonaldnotices@hotmail.com
In re Brewer's Auto Care, LLC
Bankr. E.D. Ark. Case No. 24-12286
Chapter 11 Petition filed July 15, 2024
See
https://www.pacermonitor.com/view/OXSWW5Y/Brewers_Auto_Care_LLC__arebke-24-12286__0001.0.pdf?mcid=tGE4TAMA
represented by: Vanessa Cash Adams, Esq.
AR LAW PARTNERS, PLLC
E-mail: vanessa@arlawpartners.com
In re GMWC LLC
Bankr. C.D. Cal. Case No. 24-14008
Chapter 11 Petition filed July 15, 2024
See
https://www.pacermonitor.com/view/6GAVGEA/GMWC_LLC__cacbke-24-14008__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Didaji Investments LLC
Bankr. M.D. Fla. Case No. 24-03994
Chapter 11 Petition filed July 15, 2024
See
https://www.pacermonitor.com/view/OXZA45I/Didaji_Investments_LLC__flmbke-24-03994__0001.0.pdf?mcid=tGE4TAMA
represented by: Timothy W. Gensmer, Esq.
TIMOTHY W. GENSMER, P.A.
E-mail: tim@timgensmer.com
In re Steven Karl Herron
Bankr. D. Hawaii Case No. 24-00634
Chapter 11 Petition filed July 15, 2024
represented by: Chuck Choi, Esq.
In re Alberto Gomez
Bankr. E.D.N.Y. Case No. 24-72772
Chapter 11 Petition filed July 15, 2024
represented by: Gary Fischoff, Esq.
*********
Monday's edition of the TCR delivers a list of indicative prices
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obtained by TCR editors from a variety of outside sources during
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however, be complete or accurate. The Monday Bond Pricing table
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