/raid1/www/Hosts/bankrupt/TCR_Public/240807.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, August 7, 2024, Vol. 28, No. 219
Headlines
1346 SAXON: Seeks Chapter 11 Bankruptcy Protection
221 GRANGER: Voluntary Chapter 11 Case Summary
502 GRACE HOLDINGS: Seeks to Hire Leo Fox as Bankruptcy Counsel
502 GRACE: Taps Guerriera Feldman & Williams as Special Counsel
921-923 E BROADWAY: Seeks to Hire Burke Realty Partners as Broker
ADDMI INC: Commences Subchapter V Bankruptcy Proceeding
AEGIS TOXICOLOGY: $300MM Bank Debt Trades at 17% Discount
AEMETIS INC: Posts $66.6 Million Revenues in Fiscal Q2
ARCHIVE IT!: Case Summary & 20 Largest Unsecured Creditors
ASCEND PUBLIC CHARTER SCHOOL:S&P Assigns 'BB+' ICR, Outlook Stable
ASHTON ALEXANDER: Gets OK to Sell N.J. Property to Market Street
ASSETS HOLDING: Unsecureds to Get Share of Income for 36 Months
ATLAS PURCHASER: $128MM Bank Debt Trades at 70% Discount
AVENTIV TECHNOLOGIES: $1.03BB Bank Debt Trades at 19% Discount
AZTEC FUND: Case Summary & 30 Largest Unsecured Creditors
BAUSCH HEALTH: Registers 20M Additional Shares Under Incentive Plan
BETTER DAY: Files Amendment to Subchapter V Plan
BLUE RIBBON: $368MM Bank Debt Trades at 34% Discount
BOSTON WINDOW: Hires Davagian Grillo & Semple as Special Counsel
CANDLE DELIRIUM: Hearing on Asset Sale Set for Aug. 13
CASTLE US HOLDING: EUR500MM Bank Debt Trades at 38% Discount
COLEGIO OTOQUI: Seeks Approval to Hire an Accountant
COMMUNITY HEALTH: Completes $160MM Asset Sale to Hamilton Health
CROWNROCK LP: S&P Upgrades ICR to 'BB+', Outlook Stable
CRUSADE BURGER: Hires Konstantine Sparagis PC as Legal Counsel
CURIS INC: Incurs $11.8 Million Net Loss in Second Quarter
DEPETRIS FAMILY: Seeks to Hire Newmark Valuation as Appraiser
DHW WELL: Case Summary & Nine Unsecured Creditors
DIVERSIFIED HEALTHCARE: Incurs $97.9M Net Loss in 2nd Quarter
EGZIT CORP: Taps Peter C. Nabhani as Bankruptcy Counsel
ELITE HOME: Trustee Taps Elite Johnson Law Firm as Legal Counsel
ENC PARENT: $450MM Bank Debt Trades at 16% Discount
ENVIVA INC: Seeks to Hire Hilco Valuation Services as Appraiser
ENVIVA INC: Vinson & Elkins Now Wants Narrow Role in Bankruptcy
FRIENDS OF DOLPHINS: Asset Sale Proceeds to Fund Plan
GIGAMONSTER NETWORKS: Unsecureds to Get 18% to 15% of Claims
GUANELLA PASS: Fine-Tunes Plan Documents
HAUS PLUMBING: Unsecureds to Get 9 Cents on Dollar in Plan
INDRA HOLDINGS: $50MM Bank Debt Trades at 39% Discount
INTENSIVE COMMUNITY: Hires Winslow McCurry & MacCormac as Attorney
INTERSTATE CONSTRUCTION: Taps John P. Cooney as Special Counsel
IVANTI SOFTWARE: $465MM Bank Debt Trades at 16% Discount
KARAFIN SCHOOL: Unsecureds Will Get 6.16% of Claims over 5 Years
KOFFLER PROPERTIES: Claims to be Paid From Future Operations
KPM INVESTMENT A2: Case Summary & 13 Unsecured Creditors
KPM INVESTMENT B2: Case Summary & One Unsecured Creditor
LSL PERKINS: Seeks to Hire Steffes Firm as Bankruptcy Counsel
LUMEN TECHNOLOGIES: $1.63BB Bank Debt Trades at 24% Discount
LUMEN TECHNOLOGIES: $1.63BB Bank Debt Trades at 27% Discount
MAD ENGINE: $275MM Bank Debt Trades at 19% Discount
MADDIEBRIT PRODUCTS: Hires Montminy & Co. as Investment Banker
MEDICAL SOLUTIONS: $1.05BB Bank Debt Trades at 20% Discount
MEIR'S WINE CELLARS: U.S. Trustee Appoints Creditors' Committee
MERCON COFFEE: Court Confirms for Liquidating Plan
MIDSTATE BASEMENT: Mark Schlant Named Subchapter V Trustee
MSI HOLDING: Seeks to Hire Yeh & Associates as Accountant
NATIONAL HISTORIC: Taps Evans & Mullinix as Bankruptcy Counsel
NETCAPITAL INC: Swings to $4.99M Net Loss in FY Ended April 30
NORTHWEST BIOTHERAPEUTICS: Addresses Rumors on Business Outlook
NSM TOP HOLDINGS: S&P Rates New $555MM First-Lien Term Loan B 'B-'
ONE TABLE RESTAURANT: U.S. Trustee Appoints Creditors' Committee
OUTSOURCING SOLUTIONS: Taps Michael Previto as Bankruptcy Counsel
PADMAJAI INC: Hires Charles J. Reed & Associates as Accountant
PARK 28: Seeks Approval to Hire Cushman & Wakefield as Realtor
PARK 28: Seeks to Hire A.Y. Strauss LLC as Bankruptcy Counsel
PASKEY INC: Seeks Chapter 11 Bankruptcy Protection in Texas
PHOENIX MITCHELL: Seeks to Hire Payne Law Firm as Legal Counsel
PIRCH APPLIANCES: Four Online Auctions Scheduled for August
PRETIUM PKG: $1.04BB Bank Debt Trades at 17% Discount
PS PROPERTIES: Voluntary Chapter 11 Case Summary
R AND E HEALTH: Todd Hennings Named Subchapter V Trustee
RAZEL & RUZTIN: Hires Farsad Law Office as Bankruptcy Counsel
RODA LLC: Gets Court Nod to Sell Assets to Watumull for $6.1MM
SARC GA: Seeks to Hire Desai Law Firm as Bankruptcy Counsel
SARC US: Seeks to Hire Desai Law Firm as Bankruptcy Counsel
SCHOFFSTALL FARM: Seeks to Hire Hill Barth and King as Accountant
SECURE ACQUISITION: S&P Rates New $406MM First-Lien Term Loan 'B-'
SHIFT PATTERN: Gets OK to Hire Neeleman Law Group as Legal Counsel
SMITH MICRO: Revenue Drops to $5.1 Million in Fiscal Q2
SPILLER PERSONAL: Case Summary & Seven Unsecured Creditors
STORYFILE INC: Hires Gabriel Del Virginia as Legal Counsel
STRAWBERRY HILL: Hires Evans & Mullinix as Bankruptcy Counsel
SUNPOWER CORPORATION: Case Summary & 30 Top Unsecured Creditors
SYNAPSE FINANCIAL: Trustee Taps Keller Benvenutti as Local Counsel
TLC TRAVEL: Trustee Taps Equiturn Business as Financial Advisor
TOLIAO IOROI: Gets OK to Hire Eric Gravel as Legal Counsel
TOURA #5 LP: Seeks Chapter 11 Bankruptcy in California
US TELEPACIFIC: $331.5MM Bank Debt Trades at 63% Discount
VALDOR LLC: Lisa Holder Named Subchapter V Trustee
VBI VACCINES: Initiates Restructuring Proceedings Under CCAA
VISION CARE: Case Summary & Nine Unsecured Creditors
W 72 STREET: Seeks Approval to Hire Cushman & Wakefield as Realtor
W 72 STREET: Seeks to Hire A.Y. Strauss LLC as Bankruptcy Counsel
WARDADDY AVIATION: Hires Aero Law Center as Special Counsel
WOODFIELD RD: Seeks to Hire Thompson Premier Homes as Realtor
[*] Democrats Eye Corporate Bankruptcy Changes After Purdue
*********
1346 SAXON: Seeks Chapter 11 Bankruptcy Protection
--------------------------------------------------
1346 Saxon LLC filed Chapter 11 protection in the Eastern District
of New York. According to court filing, the Debtor reports
$1,230,000 in debt owed to 1 and 49 creditors. The petition states
funds will not be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
August 26, 2024 at 2:15 p.m. in Room Telephonically on telephone
conference line: 1 (877) 929-2553. participant access code:
1576337#.
About 1346 Saxon LLC
1346 Saxon LLC is the fee simple owner of a property located at
1346 Saxon Avenue, Bay Shore, NY 11706 valued at $400,000.
1346 Saxon LLC sought relief under Chapter 11 of the U.S.
bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43122) on July 28,
2024. In the petition filed by Eric Forgione, as managing member,
the Debtor reports total assets of $400,000 and total liabilities
of $1,230,000.
The Honorable Bankruptcy Judge Nancy Hershey Lord handles the
case.
The Debtor is represented by:
Charles Higgs, Esq.
THE LAW OFFICE OF CHARLES A. HIGGS
2 Depot Plaza First Floor, Office 4
Bedford Hills NY 10507
Tel: (917) 673-3768
Email: charles@freshstartesq.com
221 GRANGER: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: 221 Granger Road, LLC
5830 Granite Parkway
Suite 100-245
Plano, TX 75024
Business Description: 221 Granger Road is a Single Asset Real
Estate debtor (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: August 5, 2024
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 24-10927
Judge: Hon. Christopher G Bradley
Debtor's Counsel: Joyce W. Lindauer, Esq.
JOYCE W. LINDAUER ATTORNEY, PLLC
1412 Main Street, Suite 500
Dallas TX 75202
Tel: (972) 503-4033
Email: joyce@joycelindauer.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Gopala Krishnan as manager/member.
The Debtor failed to include in the petition a list of its 20
largest unsecured creditors.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/KRVS6CI/221_Granger_Road_LLC__txwbke-24-10927__0001.0.pdf?mcid=tGE4TAMA
502 GRACE HOLDINGS: Seeks to Hire Leo Fox as Bankruptcy Counsel
---------------------------------------------------------------
502 Grace Holdings Inc seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Leo Fox, Esq., a
New York City attorney, to handle its Chapter 11 case.
Mr. Fox will render these services:
a. give advice to the Debtor with respect to its powers and
duties under the Bankruptcy Code;
b. prepare legal papers and appear before the bankruptcy
court;
c. appear before the judge to protect the interests of the
Debtor and represent the Debtor in all matters pending before the
Bankruptcy Judge;
d. meet with and negotiate with creditors and other parties
for a plan of reorganization, prepare the plan and disclosure
statement and attendant documents; and
e. perform all other necessary legal services.
The firm will be paid at these rates:
Partners $450 per hour
Associate $275 per hour
Paralegal $75 per hour
The retainer fee is $10,500.
Leo Fox, Esq., disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.
Mr. Fox holds office at:
Leo Fox, Esq.
630 Third Avenue - 18th Floor
New York, NY 10018
Tel: (212) 867-9595
Email: leo@leofoxlaw.com
About 502 Grace Holdings
502 Grace Holdings Inc. is engaged in activities related to real
estate.
502 Grace Holdings Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-42826) on July 8,
2024. In the petition filed by Marcia Samuel, as president,
secretary, and treasurer, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Honorable Bankruptcy Judge Nancy Hershey Lord handles the
case.
The Debtor is represented by Leo Fox, Esq. at LAW OFFICE OF LEO
FOX, ESQ.
502 GRACE: Taps Guerriera Feldman & Williams as Special Counsel
---------------------------------------------------------------
502 Grace Holdings Inc seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Guerriera,
Feldman & Williams LLP as special counsel.
The firm will provide certain legal services in connection with the
Debtor's sale of the Excess Development Rights at 502 Flatbush
Avenue, Brooklyn, New York.
The firm will charge $550 per hour for its services and seek
reimbursement of all reasonable expenses.
Guerriera, Feldman & Williams holds no adverse interest to the
estate and is disinterested within the meaning of Sec. 101 fo the
Bankruptcy Code, according to court filings.
The firm can be reached through:
Nat Guerriera, Esq.
Guerriera, Feldman & WIlliams LLP
363 6th Ave
Brooklyn, NY 11215-3406
Office: (718) 965-1979
Email: ngcounselor@gmail.com
About 502 Grace Holdings
502 Grace Holdings Inc. is engaged in activities related to real
estate.
502 Grace Holdings Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-42826) on July 8,
2024. In the petition filed by Marcia Samuel, as president,
secretary, and treasurer, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.
The Honorable Bankruptcy Judge Nancy Hershey Lord handles the
case.
The Debtor is represented by Leo Fox, Esq. at LAW OFFICE OF LEO
FOX, ESQ.
921-923 E BROADWAY: Seeks to Hire Burke Realty Partners as Broker
-----------------------------------------------------------------
921-923 E Broadway LLC seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to hire Burke Realty
Partners as its real estate broker.
The firm will market and sell the Debtor's property located at 305
K Street, 595 East Sixth Street, and 921-923 East Broadway, Boston,
Massachusetts.
The Debtor proposes to pay a total real estate broker's commission
of 4 percent of the gross sale price to the Broker and any other
agent who may jointly participate with it in the actual sale of the
real estate as a co-agent. If there is no buyer's broker involved,
the commission shall be reduced to 4 percent.
Charles P. Burke, a broker with Burke Realty Partners, 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:
Charles Burke
Burke Realty Partners
150 Wood Road
Braintree MA 02184
Phone: (617) 466-3546
About 921-923 E Broadway
921-923 E Broadway LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D. Ma. Case No.
24-11119) on June 4, 2024, listing $1 million to $10 million in
both assets and liabilities. The petition was signed by Maryann
Crush as managing member.
Michael Van Dam, Esq. at Van Dam Law LLP represents the Debtor as
counsel.
ADDMI INC: Commences Subchapter V Bankruptcy Proceeding
-------------------------------------------------------
Addmi Inc. filed Chapter 11 protection in the District of New
Mexico. According to court documents, the Debtor reports $1,171,244
in debt owed to 1 and 49 creditors. The petition states funds will
be available to unsecured creditors.
A meeting of creditors under 11 U.S.C. Section 341(a) is slated for
August 29, 2024 at 9:30 a.m. in Room Telephonically on telephone
conference line: 1-877-520-1744. participant access code: 4678370.
About Addmi Inc.
Addmi Inc. provides a comprehensive Point of Sale solution that
includes features like loyalty programs, marketing tools,
timecards, and online ordering capabilities. Addmi is dedicated to
providing businesses with the best tools to help increase sales
while decreasing software costs.
Addmi Inc. sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 24-10776) on July 29,
2024. In the petition filed by Any Lim, as CEO, the Debtor reports
total assets of $2,057,012 and total liabilities of $1,171,244.
The Honorable Bankruptcy Judge Robert H. Jacobvitz oversees the
case.
The Debtor is represented by:
Christopher M. Gatton, Esq.
GATTON & ASSOCIATES, P.C.
10400 Academy N.E. Suite 350
Albuquerque, NM 87111
Tel: (505) 271-1053
Email: Chris@GattonLaw.com
AEGIS TOXICOLOGY: $300MM Bank Debt Trades at 17% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Aegis Toxicology
Sciences Corp is a borrower were trading in the secondary market
around 82.6 cents-on-the-dollar during the week ended Friday, Aug.
2, 2024, according to Bloomberg's Evaluated Pricing service data.
The $300 million Term loan facility is scheduled to mature on May
9, 2025. About $282 million of the loan is withdrawn and
outstanding.
Aegis Toxicology Sciences Corporation, headquartered in Nashville,
TN, is a specialty toxicology laboratory providing services to the
healthcare, sports, workplace and biopharma industries. Aegis
Toxicology Sciences Corporation is privately-owned by affiliates of
financial sponsor ABRY Partners II, LLC (ABRY). Aegis Toxicology
Sciences Corporation generated revenue of approximately $360
million in the last twelve months to March 31, 2023.
AEMETIS INC: Posts $66.6 Million Revenues in Fiscal Q2
------------------------------------------------------
Aemetis, Inc. announced its financial results for the three and six
months ended June 30, 2024.
Financial Results for the Three Months Ended June 30, 2024:
* Revenues during the second quarter of 2024 were $66.6
million compared to $45.1 million for the second quarter of 2023.
Aemetis' Keyes plant operated during the entire quarter compared to
its extended maintenance cycle during a portion of the second
quarter of 2023. Its Dairy Natural Gas segment produced 89,400
MMBtu from eight operating dairy digesters and reported $1.6
million of revenue, and its ninth digester began producing biogas
at the end of the second quarter. Its India Biodiesel business
recognized $24.8 million of revenue primarily from sales to the
India Oil Marketing Companies.
* Gross loss for the second quarter of 2024 was $1.8 million,
compared to a $2 million profit during the second quarter of 2023.
* Selling, general and administrative expenses were $11.8
million during the second quarter of 2024 from $9.7 million during
the same period in 2023, driven primarily by the recognition of a
loss on asset disposals of $3.6 million.
* Operating loss was $13.6 million for the second quarter of
2024, compared to operating loss of $7.8 million for the same
period in 2023.
* Interest expense, excluding accretion of Series A preferred
units in the Aemetis Biogas LLC subsidiary, increased to $11.7
million during the second quarter of 2024 compared to $9.6 million
during the second quarter of 2023. Additionally, Aemetis Biogas
recognized $3.5 million of accretion of Series A preferred units
during the second quarter of 2024 compared to $6.9 million during
the second quarter of 2023.
* Net loss was $29.2 million for the second quarter of 2024,
compared to $25.3 million for the second quarter of 2023.
* Cash at the end of the second quarter of 2024 was $234
thousand compared to $2.7 million at the close of the fourth
quarter of 2023. We recorded investments in capital projects
related to the reduction of the carbon intensity of Aemetis ethanol
and construction of dairy digesters of $5.4 million for the second
quarter of 2024.
Financial Results for the Six Months Ended June 30, 2024:
* Revenues were $139.2 million for the first half of 2024,
compared to $47.3 million for the first half of 2023, primarily
occurring from its 2023 extended maintenance cycle which allowed
for the acceleration of the implementation of several important
efficiency upgrades at the Keyes plant.
* Gross loss for the first half of 2023 was $2.4 million,
compared to a gross profit of $0.7 million during the first half of
2023.
* Selling, general and administrative expenses were $20.7
million during the first half of 2024, compared to $20.6 million
during the first half of 2023, including $4.0 million of fixed
costs of goods sold charged to selling, general and administrative
during the Keyes plant maintenance period during the first half of
2023 and the recognition of a loss on asset disposals of $3.6
million during the first half of 2024.
* Operating loss was $23.1 million for the first half of 2024,
compared to $19.9 million for the first half of 2023.
* Interest expense was $22.2 million during the first half of
2024, excluding accretion and other expenses of Series A preferred
units in our Aemetis Biogas LLC subsidiary, compared to interest
expense of $18.7 million during the first half of 2023.
Additionally, our Aemetis Biogas LLC subsidiary recognized $6.8
million of accretion and other expenses in connection with
preference payments on its preferred stock during the first half of
2024 compared to $12.4 million during the first half of 2023.
* Net loss for the first half of 2024 was $53.4 million,
compared to a net loss of $51.7 million during the same period of
2023.
* Investments in capital projects of $9.0 million were made
during the first half of 2024, including investments in capital
projects related to Aemetis Biogas of $7.1 million.
"The ongoing construction and operation of dairy digesters with the
current capacity to produce more than 300,000 MMBtu of renewable
natural gas annually by the Dairy RNG business marks an important
cash flow milestone for Aemetis, representing a reliable source of
increased future revenues," stated Todd Waltz, Chief Financial
Officer of Aemetis. "We anticipate substantial additional revenues
from the operational dairies and those dairies under construction
when we receive LCFS provisional pathway approvals and when we
receive the federal Inflation Reduction Act Section 45Z production
tax credits for RNG production beginning in January 2025," added
Waltz.
The California Ethanol business commissioned a new Solar Microgrid
with battery storage that will strengthen future cash flows by
reducing electric utility costs and optimizing storage and load
shedding during peak rate hours.
The Ethanol business also received an allocation of $10.5 million
of IRA tax credits from the U.S. Department of Energy and the
Internal Revenue Service under the first phase of IRA Section 48C
awards to support the installation of a Mechanical Vapor
Recompression system that is expected to reduce the Keyes facility
natural gas usage by approximately 80%, significantly reducing the
carbon intensity of the fuel ethanol produced and generating an
associated increase in revenues. Detailed engineering for MVR is
completed, and the company has begun procurement of the MVR
equipment.
"Complementing the revenue growth in our US businesses, our India
Biofuel business announced the appointment of a Managing Director
and Chief Executive Officer demonstrating our commitment to the
expansion of the India business and our pursuit of an IPO of this
subsidiary," said Eric McAfee, Chairman and CEO of Aemetis.
About Aemetis
Headquartered in Cupertino, California, Aemetis -- www.aemetis.com
-- is a renewable natural gas, renewable fuel, and biochemicals
company focused on the operation, acquisition, development, and
commercialization of innovative technologies that replace
petroleum-based products and reduce greenhouse gas emissions.
Founded in 2006, Aemetis is operating and actively expanding a
California biogas digester network and pipeline system to convert
dairy waste gas into Renewable Natural Gas. Aemetis owns and
operates a 65 million gallon per year ethanol production facility
in California's Central Valley near Modesto that supplies about 80
dairies with animal feed. Aemetis also owns and operates a 60
million gallon per year production facility on the East Coast of
India producing high-quality distilled biodiesel and refined
glycerin for customers in India and Europe. Additionally, Aemetis
is developing a sustainable aviation fuel (SAF) and renewable
diesel fuel biorefinery in California to utilize renewable
hydrogen, hydroelectric power, and renewable oils to produce low
carbon intensity renewable jet and diesel fuel.
Aemetis said in its Quarterly Report on Form 10-Q for the period
ended March 31, 2024, that "As a result of negative capital,
negative operating results, and collateralization of substantially
all of the Company's assets, the Company has been reliant on its
senior secured lender to provide extensions to the maturity dates
of its debt and loan facilities, and was required in 2023 to remit
excess cash from operations to the senior secured lender. In order
to meet our obligations during the next twelve months, we will need
to refinance debt with our senior lender for amounts becoming due
in the next twelve months or receive the continued cooperation of
our senior lender. This dependence on our senior lender raises
substantial doubt about the Company's ability to continue as a
going concern."
Aemetis reported a net loss of $46.42 million for the year ended
Dec. 31, 2023, compared to a net loss of $107.76 million for the
year ended Dec. 31, 2022. As of March 31, 2024, the Company had
$242.24 million in total assets, $117.92 million in total current
liabilities, $356.46 million in total long term liabilities, and a
total stockholders' deficit of $232.14 million.
ARCHIVE IT!: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: Archive IT!
25202 Crenshaw Blvd., Ste 217
Torrance, CA 90505
Business Description: Archive IT! help companies archive their
important documents and get rid of file
cabinets and close off-site document storage
units, saving companies significant money
while re-gaining office space. Archive IT
also helps companies provide document access
to remote employees via its secure, cloud-
based Virtual File Cabinet (VFC) system.
Chapter 11 Petition Date: August 5, 2024
Court: United States Bankruptcy Court
Central District of California
Case No.: 24-16240
Judge: Hon. Neil W Bason
Debtor's Counsel: Michael Jay Berger, Esq.
Sofya Davtyan, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Boulevard, 6th Floor
Beverly Hills, CA 90212
Tel: (310) 271-6223
Email: michael.berger@bankruptcypower.com
Sofya.Davtyan@bankruptcypower.com
Estimated Assets: $50,000 to $100,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Guy Puckett 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/A5LXWDY/Archive_IT__cacbke-24-16240__0001.0.pdf?mcid=tGE4TAMA
ASCEND PUBLIC CHARTER SCHOOL:S&P Assigns 'BB+' ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issuer credit rating (ICR) to
Ascend Public Charter School, N.Y. The outlook is stable.
"The rating reflects our view of Ascend's strong enterprise
profile, supported by healthy enrollment, good academics, and a
well-regarded management team," said S&P Global Ratings credit
analyst Alexander Enriquez. We assessed the school's financial
profile as vulnerable, reflecting our view of a history of thin
operations and significant debt burden, primarily in the form of
long-term lease obligations. Combined, these credit factors lead to
an anchor of 'bb+' and a final rating of 'BB+'.
The stable outlook reflects our view that Ascend will maintain
healthy enrollment levels, supporting at least balanced
full-accrual operations, and that academic performance will remain
consistent. In addition, we expect the school's liquidity position
will strengthen, as there are no plans to spend down its cash
position.
ASHTON ALEXANDER: Gets OK to Sell N.J. Property to Market Street
----------------------------------------------------------------
Ashton Alexander Properties, LLC got the green light from the U.S.
Bankruptcy Court for the District of New Jersey to sell its real
property to Market Street Properties, LLC.
Market Street Properties offered $380,000 for the property located
at 517-519 Market Street, Camden, N.J.
The property is being sold "free and clear" of liens, encumbrances,
interests and claims, and the lien of Arba Credit Investors II,
L.P. on the property will attach to the proceeds of the sale.
Arba, successor by assignment to Truist Bank, holds a first
priority mortgage on the property.
Ashton will use the sale proceeds to, among other things, reduce
the secured claim against the company. Any excess proceeds will be
distributed under a Chapter 11 plan to be filed by the company.
About Ashton Alexander Properties
Ashton Alexander Properties, LLC and several affiliates sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.
N.J. Lead Case No. 22-18903) on November 9, 2022. In the petition
signed by Damon J. Pennington, managing member, Ashton Alexander
Properties disclosed up to $50,000 in both assets and liabilities.
Judge Jerrold N. Poslusny, Jr. oversees the case.
Albert A. Ciardi III, Esq., at Ciardi Ciardi & Astin, is the
Debtors' legal counsel.
ASSETS HOLDING: Unsecureds to Get Share of Income for 36 Months
---------------------------------------------------------------
Assets Holding Partnership, Ltd., filed with the U.S. Bankruptcy
Court for the Southern District of Texas a Plan of Reorganization
for Small Business dated July 17, 2024.
Assets Holding is a Texas partnership that owns transportation
vehicles and leases the vehicles. Assets Holding was initially
formed in January of 2013. Assets Holding is owned by Mehran
Haman.
Unfortunately, due to the pandemic, Assets Holding had a
significant loss of business. The demand for transportation
vehicles during the pandemic dropped to almost no demand. Assets
Holding is projecting that the business will produce the income to
make the payments going forward. The effects of the pandemic appear
to be generally over.
The Debtor will continue to lease the 4 buses to C&H for
operations. The rental income will be able to provide funds for
this Plan. The rental is approximately 160% of the debt payments.
The final Plan payment is expected to be paid on the fifth day of
the 36th full calendar month from the filing of this case.
This Plan of Reorganization proposes to pay Debtor's creditors
primarily from future income generated by the business. The Debtor
believes that it will be able to operate its business to fund the
Plan.
Class 9 consists of the non-priority unsecured claims. The Debtor
believes the aggregate amount of Class 9 claims that should be
allowed are approximately $846,439.47. The Debtor will pay the
projected disposable income for 36 months following the Effective
Date to creditors in this class with allowed claims. Debtor may pay
such amounts calendar quarterly starting with the first full
calendar quarter after the Effective Date. Payments will be
approximately as set forth in the projections. This Class is
impaired.
Class 10 consists of the equity security holders of the Debtor. The
equity holders will retain the interests in the Debtor.
The Debtor will retain the property of the bankruptcy estate. The
Debtor will collect funds due for June of 2024. The funds are
anticipated to be paid in the very near future.
The Debtor will surrender all buses but the 4 buses that the Debtor
is retaining. If Frost Bank fails to take possession of the
surrendered buses within 45 days of the Effective Date of this
Plan, the Debtor may dispose of the buses. Frost Bank will be
required to execute documents to release its liens on the
surrendered vehicles. If Frost Bank refuses to execute documents to
surrender the liens on the surrendered buses, the Debtor may obtain
an order from the Bankruptcy Court authorizing the sale of any or
all of the surrendered buses free and clear of any liens, claims or
encumbrances.
A full-text copy of the Plan of Reorganization dated July 17, 2024
is available at https://urlcurt.com/u?l=jjTlDM from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Reese W. Baker, Esq.
Baker & Associates
950 Echo Lane Ste. 300
Houston, TX 77024
Telephone: (713) 869-9200
Facsimile: (713) 869-9100
About Assets Holding Partnership
Assets Holding Partnership, LTD., is a Texas partnership that owns
transportation vehicles and leases the vehicles.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-31741) on April 18,
2024, with $100,001 to $500,000 in assets and liabilities.
Judge Eduardo V. Rodriguez presides over the case.
Reese W. Baker, Esq., at Baker & Associates, is the Debtor's legal
counsel.
ATLAS PURCHASER: $128MM Bank Debt Trades at 70% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Atlas Purchaser Inc
is a borrower were trading in the secondary market around 30
cents-on-the-dollar during the week ended Friday, Aug. 2, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $128 million Term loan facility is scheduled to mature on May
18, 2028.
Atlas Purchaser, Inc., which does business as Alvaria, Inc.,
acquired the assets of Aspect Software in a leveraged buyout in
2021. Aspect is a provider of call center software and solution.
AVENTIV TECHNOLOGIES: $1.03BB Bank Debt Trades at 19% Discount
--------------------------------------------------------------
Participations in a syndicated loan under which Aventiv
Technologies LLC is a borrower were trading in the secondary market
around 81.3 cents-on-the-dollar during the week ended Friday, Aug.
2, 2024, according to Bloomberg's Evaluated Pricing service data.
The $1.03 billion Term loan facility is scheduled to mature on
November 1, 2024. The amount is fully drawn and outstanding.
Carrollton, Texas-based Aventiv Technologies LLC is a diversified
technology company that provides innovative solutions to customers
in the corrections and government services sectors. Aventiv is the
parent company to Securus Technologies and AllPaid.
AZTEC FUND: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------
Lead Debtor: The Aztec Fund Holding, Inc.
Paseo de los Tamarindos 90
Torre 2 - Piso 27
Bosque de las Lomas, CDMX 05120
Business Description: The Debtors invest in office buildings in
the United States and thus create real
estate portfolios that generate regular cash
flows and sustainable value over time.
Chapter 11 Petition Date: August 5, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Twelve affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
The Aztec Fund Holding, Inc.(Lead Case) 24-90436
TAF Pinnacle Park, LLC 24-90434
OME Lake Vista III & IV, LLC 24-90435
Aztec OME Holdings, Inc. 24-90437
TAF Pinnacle Park Land, LLC 24-90438
OME Windward Oaks, LLC 24-90439
TAF Intellicenter, LLC 24-90440
TAF Lakeside II, LLC 24-90441
TAF Royal Tech, LLC 24-90442
OME 2001 Mark Center, LLC 24-90443
OME Bowie Corporate Center, LLC 24-90444
TAF 5775 DTC, LLC 24-90445
Judge: Hon. Christopher M Lopez
Debtors' Counsel: John D. Cornwell, Esq.
MUNSCH HARDT KOPF & HARR, P.C.
500 N. Akard St., Ste. 4000
Dallas, TX 75201
Tel: 713-222-4066
Email: jcornwell@munsch.com
- and -
Brenda L. Funk, Esq.
Julian P. Vasek, Esq.
Alexander R. Perez, Esq.
MUNSCH HARDT KOPF & HARR, P.C.
700 Milam St., Suite 800
Houston, TX 77002
Tel: (713) 222-1470
Fax: (713) 222-1475
Email: bfunk@munsch.com
jvasek@munsch.com
arperez@munsch.com
Debtors'
Financial
Advisor: GETZLER HENRICH & ASSOCIATES LLC
Debtors'
Real Estate
Appraiser: HILCO REAL ESTATE APPRAISALS, LLC
Debtors'
Noticing
Agent: STRETTO, INC.
Lead
Estimated Assets: $10 million to $50 million
Lead Debtor's
Estimated Liabilities: $100 million to $500 million
The petitions were signed by Charles Haddad as president.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
Full-text copies of three of the Debtors' petitions are available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/ERG2T2A/The_Aztec_Fund_Holding_Inc__txsbke-24-90436__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/AFY6SVY/TAF_Pinnacle_Park_LLC__txsbke-24-90434__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/JMAMEQI/OME_2001_Mark_Center_LLC__txsbke-24-90443__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. City of Dallas Utilities $250,704
1500 Marilla St. 7DN
Dallas, TX 75201
Attn: Nicole Carreon
Email: Nicole.carreon@dallas.gov
2. Nutech HVAC Jetting & Maintenance $84,876
Drain Services & Repair
8609 Westwood Center Dr #110
Tysons Corner, VA 22182
Attn: Legal Department
Phone: 703-722-0109
3. Cushman & Wakefield Leasing $80,153
1401 Lawrence Street, Commissions
Suite 1100
Denver, CO 80202
Attn: Todd M Wheleer
Phone: 303-813-6441
Email: todd.wheeler@cushwake.com
4. Gexa Energy LP Utilities $39,180
601 Travis Street, Suite 1400
Houston, TX 77002
Attn: Legal Department
Tel: 713-470-0400
Fax: 866-648-4392
5. UG2 LLC Cleaning Services $35,446
1133 15th Street NW, Suite 840
Washington, DC 20005
Attn: Chuck Restivo, VP
Operations
Tel: 202-869-5234
Email: mroda@ug2.com
6. Newmark Leasing $20,943
1800 Larimer St Commissions
Denver, CO 80202
Attn: Jeff Castleton
Tel: 303-260-4391
Email: jeff.castleton@nmrk.com
7. Mona Electric Maintenance & $9,200
1572 Larkin Williams Road Repair
St Louis, MO 63026
Attn: David Howell
Tel: 636-492-7500
Email: David.Howell@getmona.com
8. Reis Associates LLC Professional $8,191
2901 Wilcrest Drive., Suite 410 Services
Houston, TX 77042
Attn: Debby Alaniz, Principal
Tel: 832-410-1424
9. Xcel Energy Utilities $7,519
414 Nicollet Mall
Minneapolis, MN 55401
Attn: Rob Berntsen,
Chief Legal Officer
Tel: 612-330-5500
10. Hodson & Hodson Professional $7,087
14417 Ranch Trail Drive Services
El Cajon, CA 92021
Attn: Patti Hodson
Email: patti@handhcpas.com
11. Ryan, LLC Professional $6,442
Three Galleria Tower Services
13155 Noel Road, Suite 100
Dallas, TX 75240-5090
Attn: Michael Martens
Principal
Tel: 972-934-0022
Fax: 972-960-0613
Email: michael.martens@ryan.com
12. Denver Water Utilities $6,275
1600 W. 12th Ave
Denver, CO 90204-3412
Attn: Jessica Brody,
General Counsel
Email: Jessica.Brody@denverwater.org
13. Hines Southwest LLC Property $5,634
845 Texas Ave Ste 3300 Management
Houston, TX 77002
Attn: Vicki Hill
Email: vicki.hill@hines.com
14. The City of Alpharetta, GA Taxes $5,206
Finance Dept - Tax
2 Park Plaza
Alpharetta, GA 30009
Attn: Thomas Harris, Finance
Director
Tel: 678-297-6000
Email: tharris@alpharetta.ga.us
15. W.E. Bowers & Maintenance & $4,830
Associates Inc. Repair
12401 Kiln CT Suite A
Beltsville, MD 20705
Attn: Legal Department
Tel: 301-419-2488
Email: info@webowers.com
16. Clean & Polish Building Cleaning Services $4,599
Solutions
9200 Corporate Boulevard
Suite 480
Rockville, MD 20850
Attn: Scott Gould, CEO
Tel: 301-424-1516
Fax: 301-424-7415
Email: info@cleanandpolish.com
17. Entos Design, Inc. Trade Vendor $4,560
5400 Lyndon B. Johnson
Frwy Ste 125
Dallas, TX 75240
Attn: Suzanne Brasuell, CEO
Tel: 972-770-2222
Email: sbrasuell@entosdesign.com
18. Walker Consultants, Inc. Professional $4,439
10375 Park Meadows Drive, Services
Suite 425
Lone Tree, CO 80124
Attn: Andrew Vidor, Principal
Tel: 303-694-6622
Email: avidor@walkerconsultants.com
19. Haynes Mechanical Systems, Maintenance & $4,294
Inc. Repair
5700 S Quebec St Ste 200
Greenwood Village, CO 80111
Attn: Kraig Haynes, CEO
Tel: 303-779-0787
Email: info@haynesmechanical.com
20. City of Lewisville, TX Utilities $4,028
151 W Church St
Lewisville, TX 75057
Attn: Legal Department
Tel: 972-219-3400
Email: ub@cityoflewisville.com
21. Virginia American Water Utilities $3,941
Company
2223 Duke Street
Alexandria, VA 22314
Attn: Mary Beth Leongini
Email: marybeth.leongini@amwater.com
22. Brightview Landscape Landscaping $3,533
Services, Inc.
980 Jolly Road, Suite 300
Blue Bell, PA 19422
Attn: Jonathan Gottsegen
Chief Legal Officer
Email: Jonathan.Gottsegen@brightview.com
23. Siemen's Industry Trade Vendor $3,254
c/o Citibank (Bldg Tech)
PO Box 2134
Carol Stream, IL 60132-2134
Attn: Vinoth M
Email: vinoth.m@siemens.com
24. Elcon Enterprises Inc. Maintenance & $3,000
8321 Penn Randall Place Repair
Upper Marlboro, MD 20772
Attn: Legal Department
Tel: 301-568-9300
Fax: 301-735-9566
25. CDS Mechanical Services Maintenance & $2,820
909 William Meade Court Repair
Davidsonville, MD 21035
Attn: Isadore Starobin
Tel: 410-956-2767
Email: izzy@cdsmechanical.net
26. Datawatch Trade Vendor $2,748
4520 East-West Highway
Bethesda, MD 20814
Attn: William F. Peel, III, EVP
Tel: 301-280-4365
Email: bpeel@datawatchsystems.com
27. Landworks Landscaping $2,623
2609 Skyway Drive
Grand Prairie, TX 75052
Attn: Legal Department
Tel: 972-606-0311
Email: landworks1@yahoo.com
28. Republic Services, Inc. Utilities $2,518
1820E Sky Harbor Circle S Ste
150
Phoenix, AZ 85034
Attn: Legal Department
Email: smeli@republicservices.com;
aflores@republicservices.com
29. Ernst & Young, LLP Professional $2,387
200 Plaza Drive Services
Secaucus, NJ 07094
Attn: Legal Department
30. Kone, Inc. Trade Vendor $2,338
3333 Warrenville Rd, Ste 700
Lisle, IL 60532
Attn: Divya Mehta
SVP Legal
Tel: 630-577-1650
Email: divya.mehta@kone.com
BAUSCH HEALTH: Registers 20M Additional Shares Under Incentive Plan
-------------------------------------------------------------------
Bausch Health Companies Inc. filed a Registration Statement
pursuant to and in accordance with the requirements of General
Instruction E to Form S-8 with the U.S. Securities and Exchange
Commission for the purpose of registering an additional 20,000,000
Common Shares, no par value, of the Company that are issuable at
any time or from time to time under the Bausch Health Companies
Inc. 2014 Omnibus Incentive Plan, as amended and restated effective
as of May 14, 2024, and any additional Common Shares that become
issuable under the Plan by reason of any stock dividend, stock
split, or other similar transaction pursuant to Rule 416(a) under
the Securities Act of 1933, as amended.
A full-text copy of the Registration Statement is available at:
https://tinyurl.com/ybtec456
About Bausch Health Companies Inc.
Bausch Health Companies Inc. develops drugs for unmet medical needs
in central nervous system disorders, eye health, and
gastrointestinal diseases, as well as contact lenses, intraocular
lenses, ophthalmic surgical equipment, and aesthetic devices.
As of March 31, 2024, the Company had $26.91 billion in total
assets, $27.09 billion in total liabilities, and $174 million in
total deficit.
* * *
In April 22, 2024, S&P Global Ratings raised its issuer credit
rating on Bausch Health Cos. Inc. to 'CCC+' from 'CCC'. S&P also
raised its issue-level ratings on the senior secured debt to 'B-'
from 'CCC+', and its ratings on the second-lien notes and unsecured
notes to 'CCC' from 'CCC-'.
The negative outlook reflects the risk that Bausch Health could
pursue distressed exchanges as it approaches its sizable debt
maturities.
S&P said, "Our upgrade reflects Bausch Health's recent favorable
outcome in the patent challenge to Xifaxan. On April 11, 2024, the
U.S. Court of Appeals for the Federal Circuit upheld a previous
court decision that bars the Food and Drug Administration from
approving the abbreviated new drug application (ANDA) submitted by
Alvogen Pharma US Inc. subsidiary Norwich Pharmaceuticals. We view
this as significantly credit positive for Bausch because we do not
believe there are sufficient candidates in the development pipeline
to cover the material loss of Xifaxan sales from a near-term
generic launch. Our base-case scenario no longer assumes an at-risk
launch of a generic in 2024 or 2025. However, Xifaxan faces other
patent challenges that could result in a generic launch ahead of
the latest patent expiry in 2029, including a recently submitted
ANDA by Amneal. We believe any new ANDA filings would be subject to
a 30-month stay and that the earliest possible launch of a generic
would be in late 2026."
"Furthermore, we believe that this court decision makes the
separation of subsidiary Bausch + Lomb Corp. (B+L) more likely. The
company appears committed to completing the spin-off as soon as
possible, which we view as a credit negative given our expectation
for a pro forma increase in leverage and reduction in scale and
diversity. We continue to believe Bausch Health could have trouble
refinancing its sizable debt maturities as they come due,
especially if it completes the spin-off. Management has indicated
that Bausch Health will do so once leverage for remaining entities
(remainco) hits 6.7x, which we estimate it will reach and sustain
during 2024. We expect remainco adjusted leverage to remain high at
above 5x through 2027, giving Bausch insufficient flexibility to
rebuild its pipeline ahead of Xifaxan's eventual loss of
exclusivity."
"The decision lowers the likelihood of a below-par debt exchange,
but not entirely removed due to distressed trading levels. The
longer-dated unsecured notes continue to trade at 40-70 cents on
the dollar (yielding 18%-26%), which we view as highly distressed.
We think Bausch Health still could look to capture this significant
discount ahead of its upcoming maturities, especially if the
spin-off is completed. We would likely view any debt repurchases or
exchanges on the distressed debt as tantamount to a default."
Despite its challenges, the company performed well in 2023. All
segments of the consolidated company expanded on a reported and
organic basis in the fourth quarter of 2023. Full-year revenue
growth was approximately 8%, exceeding the high point of
management's previously provided guidance. On a consolidated basis,
adjusted debt to EBITDA was 7.5x as of Dec. 31, 2023, up slightly
from 7.2x in 2022, driven by B+L's debt-funded acquisition of
Xiidra in the third quarter. S&P said, "Excluding B+L, we estimate
adjusted debt to EBITDA of approximately 7.6x. In 2024, we expect
consolidated debt to EBITDA to decline to 6.5x, driven by the
full-year impact of Xiidra and moderate cash accumulation."
S&P said, "Our negative outlook reflects the risk of distressed
exchanges as Bausch Health approaches sizable debt maturities over
the coming years."
BETTER DAY: Files Amendment to Subchapter V Plan
------------------------------------------------
A Better Day Therapy, Learning Center, Inc., submitted an Amended
Plan of Reorganization under Subchapter V dated July 17, 2024.
This Plan proposes to pay Allowed Claims no less than the value of
A Better Day's Projected Net Disposable Income for a period of 36
months.
Class 3 consists of Allowed General Unsecured Claims. The
Reorganized Debtor will make a pro rata distribution in a sum no
less than $3,854.33 every 6 months to holders of timely-filed
Allowed Claims or claims that were scheduled by the Debtor as
"liquidated, noncontingent, and undisputed" in Class 3 pursuant to
the following terms:
* If the Plan is confirmed as consensual pursuant to Section
1191(a) of the Bankruptcy Code, the Reorganized Debtor will pay the
greater of 100% of Allowed Class 3 Claims or $23,125.98; or
* If the Plan is confirmed as nonconsensual pursuant to
Section 1191(b) of the Bankruptcy Code, the Reorganized Debtor will
be the greater of 100% of Allowed Class 3 Claims or $26,977.90.
* As of the date of filing of this Plan, the total aggregate
amount of Allowed Class 3 Claims is approximately $175,655.22. As
such, Holders of Allowed Class 3 Claims may receive a 15.4%
distribution on or before 36 months from the Effective Date.
Notwithstanding the foregoing, the claims bar date for governmental
entities is August 15, 2024. The ultimate distribution to Class 3
may be materially altered in the event that a government entity
timely files a proof of claim. Class 3 is Impaired and entitled to
vote.
The Plan proposes to pay Allowed Claims to be paid under the Plan
from Projected Net Disposable Income.
The Debtor's Projected Net Disposable Income means all excess cash
from the Debtor's income after: (i) payment in full of all Allowed
Administrative Claims; (ii) payment of Allowed Secured Claims;
(iii) payment of monthly ordinary course of business operating
expenses; and (iv) a set aside of an operational reserve equal to 1
month of operating expenses.
A full-text copy of the Amended Plan dated July 17, 2024 is
available at https://urlcurt.com/u?l=Ysetkf from PacerMonitor.com
at no charge.
Attorneys for the Debtor:
Jacqueline Calderin, Esq.
AGENTIS PLLC
55 Alhambra Plaza, Suite 800
Coral Gables, FL 33134
Telephone: (305) 722-2002
Email: jc@agentislaw.com
About A Better Day Therapy, Learning Center
A Better Day Therapy, Learning Center, Inc., is a Florida not for
profit corporation headquartered in Doral, Florida that runs a
school called Koala ABA & Learning Center.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-11691-LMI) on
February 22, 2024. In the petition signed by CEO Pedro Curbelo, the
Debtor disclosed up to $50,000 in both assets and liabilities.
Judge Laurel M. Isicoff oversees the case.
Jacqueline Calderin, Esq., at Agentis PLLC, is the Debtor's legal
counsel.
BLUE RIBBON: $368MM Bank Debt Trades at 34% Discount
----------------------------------------------------
Participations in a syndicated loan under which Blue Ribbon LLC is
a borrower were trading in the secondary market around 66.2
cents-on-the-dollar during the week ended Friday, Aug. 2, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $368 million Term loan facility is scheduled to mature on May
8, 2028. About $322 million of the loan is withdrawn and
outstanding.
Blue Ribbon, LLC, parent company of Pabst Brewing Company, is one
of the largest privately held independent brewers in the US, with a
portfolio of iconic American beer brands.
BOSTON WINDOW: Hires Davagian Grillo & Semple as Special Counsel
----------------------------------------------------------------
Boston Window & Door, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Massachusetts to employ Davagian, Grillo
& Semple, LLP as special counsel.
The firm's services include:
a. obtaining security for payments under existing and future
contracts with customers by recording documents required by M.G.L.
c. 254 for the attachment of mechanic's liens;
b. advising the Debtor in connection with payment disputes and
collection of receivables on account of work performed and
materials delivered by the Debtor;
c. filing civil actions in Massachusetts Superior and District
Courts, and filing arbitration demands with the American
Arbitration Association ("AAA") for the collection of receivables
in cases of customers defaulting on payment obligations under
existing and future contracts, and appearing before said courts and
AAA to advance the Debtor's claims;
d. performing all other legal services and providing all other
legal advice requested by the Debtor.
The firm holds a retainer in the amount of $1,271.02.
Scott Semple, Esq., an attorney at Davagian Grillo & Semple,
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 K. Semple, Esq.
Davagian Grillo & Semple, LLP
365 Boston Post Road, Suite 200
Sudbury, MA 01776
Phone: (978) 791-3750
About Boston Window & Door, LLC
For over 20 years, the Company has been providing innovative and
long-lasting window and door solutions to homes around eastern
Massachusetts.
Boston Window & Door, LLC in Haverhill, MA, filed its voluntary
petition for Chapter 11 protection (Bankr. D. Mass. Case No.
24-40644) on June 20, 2024, listing as much as $10 million to $50
million in both assets and liabilities. Adam Hirsch as chief
executive officer, signed the petition.
MURPHY & KING serve as the Debtor's legal counsel.
CANDLE DELIRIUM: Hearing on Asset Sale Set for Aug. 13
------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California is
set to hold its next hearing on Candle Delirium, Inc.'s motion to
sell its assets on Aug. 13.
At the next hearing, the court will consider for approval the other
requests set forth in the motion, including the sale of
substantially all of the company's assets to CDS Venture Group; the
payment of secured claims; and the assumption and assignment of the
company's commercial lease with ProFuture Partnership for the real
property in West Hollywood, Calif.
The court previously approved the overbid procedures proposed by
the company in connection with the sale.
At the auction held on July 31, Candle Delirium selected CDS
Venture Group's $510,000 offer as the winning bid.
Meanwhile, Thomas Jankas, personal trainer of the company's chief
executive officer, was selected as the back-up buyer. Mr. Jankas
made a $500,000 offer for the assets.
About Candle Delirium
Candle Delirium, Inc. is a retailer of luxury candles and home
fragrance products in Los Angeles, Calif.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-14453) on June 4,
2024, with $422,709 in assets and $3,398,539 in liabilities.
Anthony Carro, Jr., chief executive officer, signed the petition.
Judge Vincent P. Zurzolo oversees the case.
Jeffrey S. Shinbrot, Esq., at Jeffrey S. Shinbrot, APLC, represents
the Debtor as legal counsel.
CASTLE US HOLDING: EUR500MM Bank Debt Trades at 38% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Castle US Holding
Corp is a borrower were trading in the secondary market around 62.3
cents-on-the-dollar during the week ended Friday, Aug. 2, 2024,
according to Bloomberg's Evaluated Pricing service data.
The EUR500 million Term loan facility is scheduled to mature on
January 29, 2027. The amount is fully drawn and outstanding.
Castle US Holding Corporation provides database tools and software
to public relations and communications professionals.
COLEGIO OTOQUI: Seeks Approval to Hire an Accountant
----------------------------------------------------
Colegio Otoqui Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire Ivan Miguel
Maldonado-Manzanares as accountant.
The accountant will render these services:
a) assist the Debtor in preparing the Monthly Reports of
Operation;
b) prepare the necessary accounting reports and unaudited
financial statements;
c) assist the Debtor in preparing the cash flow projections
and or any other projection needed to prove the feasibility of the
Subchapter V Plan of Reorganization;
d) assist the Debtor in any all financial and accounting
pertaining to, or in connection with, the administration of the
estate;
e) assist the Debtor in the preparation and filing of federal,
state, and municipal tax returns; and
f) assist the Debtor in any other assignment that might be
properly delegated by management.
The accountant will be compensated on a fixed rate of $475 per
month and $200 on a yearly basis for tax services, including,
income tax returns, annual report, CRIM property tax returns and
municipal patent returns, plus the reimbursement of expenses
incurred.
Mr. Maldonado Manzanares disclosed in the court filings that he is
a "disinterested person" as defined in U.S.C. 101(14).
Mr. Maldonado Manzanares can be reached at:
Ivan Miguel Maldonado-Manzanares
Urb. Estancias del Bosque
76 Estancias Street
Bayamon, PR 00956
Telephone: (787) 593-7165
Email: imaldonado1@hotmail.com
About Colegio Otoqui Inc.
Colegio Otoqui owns and operates a bilingual private school in
Bayamon, PR.
Colegio Otoqui Inc. filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-02394)
on June 6, 2024, listing $224,554 in assets and $1,303,602 in
liabilities. The petition was signed by Edward Rivera Ocasio as
administrator.
Judge Mildred Caban Flores presides over the case.
Jose F Cardona Jimenez, Esq. at Cardona Jimenez Law Office Psc
represents the Debtor as counsel.
COMMUNITY HEALTH: Completes $160MM Asset Sale to Hamilton Health
----------------------------------------------------------------
Community Health Systems, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that on August 1,
2024, certain subsidiaries of the Company completed the
transactions contemplated by that certain asset purchase agreement
dated as of April 18, 2024, as amended, with Hamilton Health Care
System, Inc. and certain of its affiliates, the entry into which
agreement was previously disclosed on a Current Report on Form 8-K
filed by the Company on April 18, 2024.
Pursuant to the Purchase Agreement, at such closing, Purchaser
acquired substantially all of the assets, and assumed certain
liabilities, from the Selling CHS Entities related to the general
acute care hospital known as Tennova Healthcare – Cleveland,
together with certain related businesses, located in Cleveland,
Tennessee. The base purchase price paid to the Company in
connection with the Transactions at a preliminary closing on July
31, 2024, after giving effect to estimated working capital and
purchase price adjustments, was approximately $160 million in cash
(subject to a post-closing working capital adjustment).
In addition to the base purchase price, the Purchase Agreement
provides that the Purchaser is required to pay additional cash
consideration to the CHS Selling Entities following the closing of
the Transactions in an amount, if any, to be determined based on
additional supplemental payments that may be realized by the
Purchaser and the Facilities following the closing of the
Transactions as a result of the potential modification to
supplemental reimbursement programs as more specifically provided
in the Purchase Agreement. Modifications to supplemental
reimbursement programs that may result in the payment of additional
cash consideration to the CHS Selling Entities have not been
completed as of August 1, 2024 and, as a result, additional
consideration has not been received by the CHS Selling Entities and
an estimate of such amount was not included in the purchase price
paid to the CHS Selling Entities as noted above at the preliminary
closing on July 31, 2024. Such additional consideration, if any, is
subject to certain reconciliation mechanisms specified in the
Purchase Agreement which may result in the payment in certain
future time periods of additional cash consideration by the
Purchaser to the CHS Selling Entities or in the repayment to the
Purchaser of some portion of the additional cash consideration, if
any, received by the CHS Selling Entities.
About Community Health Systems Inc.
Community Health Systems, Inc. -- http://www.chs.net/-- is a
publicly traded hospital company and an operator of general acute
care hospitals in communities across the country. Its affiliates
provide healthcare services, developing and operating healthcare
delivery systems in 40 distinct markets across 15 states.
As of June 30, 2024, the Company had $14.4 billion in total assets,
$15.3 billion in total liabilities, $324 million in redeemable
noncontrolling interests in equity of consolidated subsidiaries,
and $1.2 billion in total stockholders' deficit.
* * *
As reported by the TCR on Dec. 15, 2023, Moody's Investors Service
downgraded CHS/Community Health Systems, Inc.'s Corporate Family
Rating to Caa2 from Caa1. Moody's said the downgrade of Community
Health's ratings reflects the company's very high level of
financial leverage and the company's inability to generate positive
free cash flow despite some industry-wide easing of labor pressure
in recent quarters.
As reported by the TCR on Dec. 20, 2023, S&P Global Ratings raised
its rating on Community Health Systems Inc. to 'CCC+' from 'SD'
(selective default). S&P said, "We believe Community Health's
capital structure is currently unsustainable. The company remains
highly leveraged with S&P Global Ratings-adjusted debt to EBITDA of
8.4x. In addition, the company has not established a track record
of sustained positive free cash flow generation. While we expect
improved EBITDA margins and positive cash flow in 2024, leverage
will remain high while the company has a significant interest
burden and maturities starting in 2026."
CROWNROCK LP: S&P Upgrades ICR to 'BB+', Outlook Stable
-------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on CrownRock
L.P. to 'BB+' (in line with its rating on Occidental) from 'BB-'
and removed it from CreditWatch, where S&P placed it with positive
implications on Dec. 12, 2023.
At the same time, S&P raised its issue-level ratings on CrownRock's
unsecured notes to 'BB+' (in line with its ratings on Occidental's
unsecured debt) from 'BB-' and removed them from CreditWatch.
On Aug. 1, 2024, U.S.-based oil and gas exploration and production
(E&P) company Occidental Petroleum Corp. completed its acquisition
of privately held Permian Basin-focused E&P company CrownRock L.P.,
which is a joint venture between CrownQuest Operating LLC and Lime
Rock Partners, for about $12.4 billion (after working capital and
other purchase price adjustments).
The stable outlook reflects S&P's outlook on Occidental.
With the close of the acquisition, S&P views CrownRock as core to
Occidental.
S&P said, "The upgrade on CrownRock reflects our view that
CrownRock's operations are closely aligned with Occidental's
business and future strategy. The transaction will expand
Occidental's presence in the Midland Basin, which on a pro forma
basis will account for about 50% of its total equivalent
production. As a result, we raised our issuer credit rating and
issue-level ratings on CrownRock to 'BB+' from 'BB-' to equalize
them with the ratings on Occidental.
"Our stable outlook on CrownRock reflects the outlook of its
parent, Occidental."
CRUSADE BURGER: Hires Konstantine Sparagis PC as Legal Counsel
--------------------------------------------------------------
Crusade Burger Bar, LLC seeks approval from the U.S. Bankruptcy
Court for the Northern District of Illinois to hire the Law Offices
of Konstantine Sparagis, P.C. as its counsel.
The firm's services include:
(a) advise the Debtor with respect to its powers and duties in
the continued management and operation of its business and
properties;
(b) attend meetings and negotiate with representatives of
creditors and other parties in interest;
(c) take all necessary action to protect and preserve the
Debtor's estate;
(d) prepare all legal papers necessary to administer the
Debtor's estate;
(e) take any action necessary on behalf of the Debtor to
obtain approval of a disclosure statement and its plan of
reorganization;
(f) represent the Debtor in connection with the obtaining
post-petition financing, if required;
(g) advise the Debtor in connection with any potential sale of
assets; and
(h) perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with the
Chapter 11 case.
The firm will be paid at these hourly rates:
Attorneys $350
Associate Attorneys $195
Paraprofessionals $75
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a pre-petition retainer in the amount of $12,500
from the Debtor.
Konstantine Sparagis, Esq., an attorney at Law Offices of
Konstantine Sparagis, 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:
Konstantine T. Sparagis, Esq.
Law Offices of Konstantine Sparagis, P.C.
900 W. Jackson Blvd., Ste. 4E
Chicago, IL 60607
Telephone: (312) 753-6956
Email: gus@konstantinelaw.com
About Crusade Burger Bar
Crusade Burger Bar, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No.
24-10008) on July 10, 2024, listing $100,001 to $500,000 in assets
and $500,001 to $1 million in liabilities.
Judge Jacqueline P Cox presides over the case.
Konstantine T. Sparagis, Esq. at Law Offices Of Konstantine
Sparagis P C represents the Debtor as counsel.
CURIS INC: Incurs $11.8 Million Net Loss in Second Quarter
----------------------------------------------------------
Curis, Inc. filed with the Securities and Exchange Commission its
Quarterly Report on Form 10-Q reporting a net loss of $11.80
million on $2.55 million of net revenues for the three months ended
June 30, 2024, compared to a net loss of $11.96 million on $2.20
million of net revenues for the three months ended June 30, 2023.
For the six months ended June 30, 2024, the Company reported a net
loss of $23.68 million on $4.63 million of net revenues, compared
to a net loss of $23.52 million on $4.49 million of net revenues
for the same period during the prior year.
As of June 30, 2024, the Company had $50.41 million in total
assets, $51.11 million in total liabilities, and a total
stockholders' deficit of $694,000.
Curis stated, "Based on the Company's $28.4 million of existing
cash, cash equivalents and investments at June 30, 2024, recurring
losses and cash outflows from operations since inception, an
expectation of continuing losses and cash outflows from operations
for the foreseeable future and the need to raise additional capital
to finance the Company's future operations, the Company concluded
it does not have sufficient cash on hand to support current
operations for the next 12 months from the date of filing this
Quarterly Report on Form 10-Q. These factors raise substantial
doubt regarding the Company's ability to continue as a going
concern."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1108205/000110820524000062/cris-20240630.htm
About Curis Inc.
Headquartered in Lexington, Massachusetts, Curis -- www.curis.com
-- is a biotechnology company focused on the development of
emavusertib, an orally available, small molecule IRAK4 inhibitor.
Emavusertib is currently undergoing testing in the Phase 1/2
TakeAim Lymphoma study in patients with relapsed/refractory primary
central nervous system lymphoma (PCNSL) in combination with the BTK
inhibitor ibrutinib, as a monotherapy in the Phase 1/2 TakeAim
Leukemia study in patients with relapsed/refractory acute myeloid
leukemia (AML) and relapsed/refractory high risk myelodysplastic
syndrome (hrMDS) with either a FLT3 mutation or a splicing factor
mutation (U2AF1 or SF3B2), and as a frontline combination therapy
with azacitidine and venetoclax in patents with AML. Emavusertib
has received Orphan Drug Designation from the U.S. Food and Drug
Administration for the treatment of AML and MDS. Curis, through
its 2015 collaboration with Aurigene, has the exclusive license to
emavusertib (CA-4948). Curis licensed its rights to Erivedge to
Genentech, a member of the Roche Group, under which they are
commercializing Erivedge for the treatment of advanced basal cell
carcinoma.
Boston, Massachusetts-based PricewaterhouseCoopers LLP, the
Company's auditor since 2002, issued a "going concern"
qualification in its report dated Feb. 8, 2024, citing that the
Company has incurred losses and cash outflows from operations that
raise substantial doubt about its ability to continue as a going
concern.
DEPETRIS FAMILY: Seeks to Hire Newmark Valuation as Appraiser
-------------------------------------------------------------
DePetris Family LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to hire Newmark Valuation
and Advisory as its appraiser.
The firm will provide an appraisal of the Debtor's property
identified as The Village at Taunton Forge, Taunton & Tuckerton
Road (200 Tuckerton Road), Medford, NJ 08055.
Newmark seeks $5,000 as payment for its services.
Newmark Valuation and Advisory does not hold or represent any
interest adverse to the Debtor or its estate, according to court
filings.
The firm can be reached through:
Michael Silverman, MAI
Newmark Valuation and Advisory
Philadelpia, PA 19103
Telephone: (215) 587-6002
Facsimile: (215) 588-2014
Email: Michael.Silverman@nmrk.com
About DePetris Family LLC
DePetris Family LLC owns and operates a shopping center located at
200 Tuckerton Road, Medford, NJ 08053. The Debtor sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case
No. 23-12542) on August 25, 2023. In the petition signed by James
DePetris, manager, the Debtor disclosed up to $50 million in both
assets and liabilities.
Judge Magdeline D. Coleman oversees the case.
Allen B. Dubroff, Esq., at Allen B. Dubroff Esq. & Associates, LLC,
represents the Debtor as legal counsel.
DHW WELL: Case Summary & Nine Unsecured Creditors
-------------------------------------------------
Debtor: DHW Well Service, Inc.
255 Loop 517
Carrizo Springs TX 78834
Chapter 11 Petition Date: August 5, 2024
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 24-51484
Judge: Hon. Craig A Gargotta
Debtor's Counsel: William R. Davis, Jr., Esq.
LANGLEY & BANACK, INC.
745 E Mulberry Ave.
Suite 700
San Antonio, TX 78212
Tel: (210) 736-6600
Fax: (210) 735-6889
E-mail: wrdavis@langleybanack.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Keith Martin as president.
A full-text copy of the petition containing, among other items, a
list of the Debtor's nine unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/5MIYT3A/DHW_Well_Service_Inc__txwbke-24-51484__0001.0.pdf?mcid=tGE4TAMA
DIVERSIFIED HEALTHCARE: Incurs $97.9M Net Loss in 2nd Quarter
-------------------------------------------------------------
Diversified Healthcare Trust filed with the Securities and Exchange
Commission its Quarterly Report on Form 10-Q disclosing a net loss
of $97.86 million on $371.39 million of total revenues for the
three months ended June 30, 2024, compared to a net loss of $72.57
million on $346.22 million of total revenues for the three months
ended June 30, 2023.
For the six months ended June 30, 2024, the Company reported a net
loss of $184.12 million on $742.17 million of total revenues,
compared to a net loss of $125.23 million on $692.25 million of
total revenues for the same period during the prior year.
As of June 30, 2024, the Company had $5.33 billion in total assets,
$3.18 billion in total liabilities, and $2.15 billion in total
shareholders' equity.
The Company said, "Our principal sources of cash to meet operating
and capital expenses, pay our debt service obligations and make
distributions to our shareholders are the operating cash flows we
generate as rental income from our leased properties, residents
fees and services revenues from our managed communities and
proceeds from the disposition of certain properties. We believe
that these sources of funds will be sufficient to meet our
operating and capital expenses, pay our debt service obligations
and make distributions to our shareholders for at least the next 12
months."
A full-text copy of the Form 10-Q is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1075415/000107541524000023/dhc-20240630.htm
About Diversified Healthcare Trust
Diversified Healthcare Trust (Nasdaq: DHC) --
https://www.dhcreit.com -- is a REIT organized under Maryland law
that primarily owns medical office and life science properties,
senior living communities and other healthcare related properties
throughout the United States. As of June 30, 2024, DHC's
approximately $7.2 billion portfolio included 370 properties in 36
states and Washington, D.C., occupied by approximately 500 tenants,
and totaling approximately 8.4 million square feet of life science
and medical office properties and more than 27,000 senior living
units. DHC is managed by The RMR Group (Nasdaq: RMR), a leading
U.S. alternative asset management company with over $41 billion in
assets under management as of June 30, 2024 and more than 35 years
of institutional experience in buying, selling, financing and
operating commercial real estate.
* * *
As reported by the TCR on Jan. 24, 2024, Moody's Investors Service
upgraded Diversified Healthcare Trust's (DHC') Corporate Family
Rating to Caa3 from Ca. Moody's said the upgrade of the CFR to
Caa3 reflects some partial easing of Moody's concerns over DHC's
immediate capital needs as the new notes' proceeds have been used
to repay the company's 2024 maturities, namely $450 million under
its senior credit facility due 15 January 2024 and $250 million of
unsecured notes due May 1, 2024.
As reported by the TCR on Jan. 5, 2024, S&P Global Ratings raised
its issuer credit rating on Diversified Healthcare Trust (DHC) to
'CCC+' from 'CCC-'. S&P said, "The negative outlook reflects DHC's
ongoing liquidity pressure and the refinancing risk remaining with
material debt maturities in 2025 and 2026. The outlook also
reflects our expectation for a gradual recovery in the operating
performance of the company's senior housing operating property
(SHOP) portfolio, though the pace of this recovery remains
uncertain."
EGZIT CORP: Taps Peter C. Nabhani as Bankruptcy Counsel
-------------------------------------------------------
Egzit Corporation seeks approval from the U.S. Bankruptcy Court for
the Northern District of Illinois to hire the Law Office of Peter
C. Nabhani, as counsel to the Debtor.
Concrete Guys requires Peter C. Nabhani to:
a. assist the Chapter 11 Debtor in the preparation of the
bankruptcy petition;
b. assist in the process of completing the Schedules,
Statements, Chapter 11 Plan;
c. negotiate a cash collateral order;
d. assist in restructuring the Debtor's financial interest;
and
e. obtain approval of a disclosure statement and plan of
reorganization.
Peter C. Nabhani has agreed to be paid at a rate of $300/hour. The
firm received a retainer in the amount of $12,000.
Peter C. Nabhani, a partner of the Law Office of Peter C. Nabhani,
assured the Court that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code and does
not represent any interest adverse to the Debtor and its estates.
Peter C. Nabhani can be reached at:
Peter C. Nabhani, Esq.
Law Office of Peter C. Nabhani
77 W. Washington Street, Suite 1507
Chicago, IL 60602
Tel: (312) 219-9149
E-mail: pcnabhani@gmail.com
About Egzit Corporation
Egzit Corporation is part of the general freight trucking
industry.
Egzit Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-09966) on July 9,
2024. In the petition filed by Ivan Stojanov, as president, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
The Honorable Bankruptcy Judge Deborah L. Thorne oversees the
case.
The Debtor is represented by Peter C. Nabhani, Esq. at PETER C
NABHANI.
ELITE HOME: Trustee Taps Elite Johnson Law Firm as Legal Counsel
----------------------------------------------------------------
Aaron R. Cohen, the trustee appointed in the Chapter 11 case of
Elite Home Health, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida to employ Johnson Law
Firm, P.A. as his counsel.
The firm will assist the Trustee in recovering and liquidating
assets and any ancillary matters that may arise.
At the present time, the hourly rate for Eugene H. Johnson is
$425.00, and the hourly rate of his associate, Lauren Box, is
$325.
Eugene H. Johnson, Esq., managing partner at Johnson Law Firm,
assured the court that his firm is disinterested within the meaning
of Sec. 101(14) of the Bankruptcy Code.
The firm can be reached through:
Eugene H. Johnson, Esq.
Johnson Law Firm, P.A.
100 N. Laura Street, Suite 701
Jacksonville, FL 32202
Telephone (904) 652-2400
Facsimile (904) 652-2401
E-mail: ehj@johnsonlawpa.com
About Elite Home Health, LLC
Elite Home Health, LLC, is a provider of home health care services
in Jacksonville, Fla.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-01863) on Aug. 8,
2023, with $417,800 in assets and $3,686,831 in liabilities.
Brandon Groover, president, signed the petition.
Rehan N. Khawaja, Esq., at the Bankruptcy Law Offices of Rehan N.
Khawaja represents the Debtor as legal counsel.
ENC PARENT: $450MM Bank Debt Trades at 16% Discount
---------------------------------------------------
Participations in a syndicated loan under which ENC Parent Corp is
a borrower were trading in the secondary market around 84.3
cents-on-the-dollar during the week ended Friday, Aug. 2, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $450 million Term loan facility is scheduled to mature on
August 21, 2028. About $437.6 million of the loan is withdrawn and
outstanding.
ENC Parent Corporation (“ENCâ€), (dba Evans Network of
Companies or Evans Delivery) is an asset-light agent-based provider
of services to operators in the intermodal drayage, truckload, and
freight brokerage markets of the logistics industry. Services
provided include national and regional sales support to agents via
a number of back-office support functions including but not limited
to accounts receivable management, payment processing, insurance,
and compliance. ENC will be owned by PE firm Court Square Capital
Partners.
ENVIVA INC: Seeks to Hire Hilco Valuation Services as Appraiser
---------------------------------------------------------------
Enviva Inc. and its affiliates seek approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia to employ
Hilco Valuation Services, LLC as machinery, equipment, and real
property appraiser.
Hilco will be paid a flat fee of $345,000 consisting in part of a
retainer of $172,500 plus normal, customary, and reasonable and
documented travel expenses.
Eric W. Kaup, a partner at Hilco Real Estate, LLC, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Eric W. Kaup
Hilco Real Estate, LLC
5 Revere Dr, Suite 206
Northbrook, IL 60062
Tel: (855) 755-2300
Email: ekaup@hilcoglobal.com
About Enviva Inc.
Headquartered in Bethesda, Md., Enviva Inc. --
https://www.envivabiomass.com -- is a producer of industrial wood
pellets, a renewable and sustainable energy source produced by
aggregating a natural resource, wood fiber, and processing it into
a transportable form, wood pellets. Enviva exports its wood pellets
to global markets through its deep-water marine terminals at the
Port of Chesapeake, Virginia, the Port of Wilmington, North
Carolina, and the Port of Pascagoula, Mississippi, and from
third-party deep-water marine terminals in Savannah, Georgia,
Mobile, Alabama, and Panama City, Florida.
Enviva Inc. and certain affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Lead Case No.
24-10453) on March 13, 2024. In the petition signed by Glenn T.
Nunziata, interim chief executive officer and chief financial
officer, Enviva Inc. disclosed $2,893,581,000 in assets and
$2,631,263,000 in liabilities.
Judge Brian F. Kenney oversees the cases.
The Debtors tapped Vinson & Elkins, LLP as general bankruptcy
counsel; Kutak Rock, LLP as local counsel; Lazard Freres & Co., LLC
as investment banker; Alvarez & Marsal Holdings, LLC as financial
advisor; and Kurtzman Carson Consultants, LLC as notice and claims
agent.
The U.S. Trustee for Region 4 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
ENVIVA INC: Vinson & Elkins Now Wants Narrow Role in Bankruptcy
---------------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that Vinson & Elkins LLP is
seeking a new role in Enviva Inc.'s bankruptcy weeks after a judge
rejected its bid to serve as debtors' counsel.
Enviva on Tuesday, July 30, 2024, asked permission to hire Vinson &
Elkins as special counsel and Paul, Weiss, Rifkind, Wharton &
Garrison LLP as debtors' counsel.
The request comes after Judge Brian F. Kenney of the US Bankruptcy
Court for the Eastern District of Virginia in May ruled that Vinson
& Elkins couldn't represent Enviva in its bankruptcy because it has
a longstanding relationship with Riverstone Investment Group LLC, a
private equity firm that held 43% of Enviva's publicly traded
shares. Kenney declined Enviva's request for reconsideration in
July 2024.
When Kenney rejected Vinson & Elkins' initial employment
application, he left open the possibility that the firm could
represent Enviva in a different capacity under a section of the
bankruptcy code that is less restrictive on conflicts of interest.
"The Court explained in the Reconsideration Order that there may
nevertheless be an important role for V&E in these chapter 11 cases
as special counsel under section 327(e) of the Bankruptcy Code due
to its deep institutional knowledge of the Debtors," Enviva said in
a Tuesday filing.
Under 327(e), Vinson & Elkins can work on the case as long as the
matters it works on don't involve its other clients.
Under the Tuesday proposal, Vinson & Elkins will continue to work
as Enviva's company counsel, handling governance issues, regulatory
filings, tax matters and other issues, according to filings.
Vinson & Elkins said it conducted "a thorough conflicts analysis"
and determined none of its lawyers working in the Enviva bankruptcy
has an adverse interest to Enviva on the matters they will be
working on.
Paul Weiss, as debtors' counsel, would administer Enviva's case,
draft and negotiate its reorganization plan, and help with
obtaining bankruptcy financing, according to filings.
Vinson & Elkins narrowed the scope of its representation after
talking to the US Trustee, the Justice Department's bankruptcy
watchdog, it said. Enviva and the two firms will coordinate to
"avoid unnecessary duplication," Enviva said in a filing.
Vinson & Elkins would be of value to the case because of its deep
institutional knowledge of Enviva formed over "the course of a
decade" as the company's corporate counsel, Enviva said. "In this
respect, retaining V&E will avoid unnecessary administrative
expenses and delays, result in cost and case efficiencies, and will
assist in maximizing value for all stakeholders."
Vinson & Elkins and Paul Weiss each charge more than $2,000 an hour
for their top attorneys.
The case is Enviva Inc., Bankr. E.D. Va., No. 24-10453, 7/30/24.
About Enviva Inc.
Headquartered in Bethesda, Md., Enviva Inc. --
https://www.envivabiomass.com/ -- is a producer of industrial wood
pellets, a renewable and sustainable energy source produced by
aggregating a natural resource, wood fiber, and processing it into
a transportable form, wood pellets. Enviva exports its wood pellets
to global markets through its deep-water marine terminals at the
Port of Chesapeake, Virginia, the Port of Wilmington, North
Carolina, and the Port of Pascagoula, Mississippi, and from
third-party deep-water marine terminals in Savannah, Georgia,
Mobile, Alabama, and Panama City, Florida.
Enviva Inc. and certain affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Lead Case No.
24-10453) on March 13, 2024. In the petition signed by Glenn T.
Nunziata, interim chief executive officer and chief financial
officer, Enviva Inc. disclosed $2,893,581,000 in assets and
$2,631,263,000 in liabilities.
Judge Brian F. Kenney oversees the cases.
The Debtors tapped Vinson & Elkins, LLP as general bankruptcy
counsel; Kutak Rock, LLP as local counsel; Lazard Freres & Co., LLC
as investment banker; Alvarez & Marsal Holdings, LLC as financial
advisor; and Kurtzman Carson Consultants, LLC as notice and claims
agent.
FRIENDS OF DOLPHINS: Asset Sale Proceeds to Fund Plan
-----------------------------------------------------
Friends of Dolphins, Inc., filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Chapter 11 Liquidating Plan of
Reorganization dated July 17, 2024.
The Debtor is a Florida profit corporation, established December
20, 2001, which began operating as a self-service car wash in
Valrico Florida.
The Debtor's principal place of business is the Car Wash, located
at 113 South Valrico Road, Valrico Florida 33594 which houses both
the Debtor's office building as well as the self-service car wash
facility and leases some additional space to other tenant. The
Debtor operates 5 self-serve car wash bays as well as tunnel which
was built out through the refinance a loan with Valley National
Bank in 2013 and a mini tunnel.
The Debtor is filing for bankruptcy because ongoing cash flow
issues and increase in its mortgage payments to its lender, Valley
National Bank. Valley holds the only mortgage on the property, and
until September 2023 the Debtor was current on its mortgage
payments to Valley. The Debtor has had some issues due to cash flow
problems related to various repairs and an increase in its monthly
mortgage payment from around $13,000 at the time of the finance
which has risen to around $20,000 a month.
While the Debtor has run into issues with the mortgage, the Car
Wash is in a good location and the Debtor has been actively
marketing the property through a variety of channels. The Debtor is
finalizing an offer with a buyer well in excess of the total
secured and unsecured claim amounts. Sale for such a price is far
an excess of what would have been received in a foreclosure or
liquidation sale as the Debtor has primarily only received offers
at or below the secured claim amount from other buyers.
Class 3 consists of Allowed Unsecured Claims not otherwise
classified under the Plan. The Holder(s) of Allowed Unsecured
Claim(s) shall receive Pro Rata distribution which will be funded
by the Projected Disposable Income. The Pro Rata share of any
Distributions shall be calculated as a fraction of the amount of
any such Distribution, the numerator of which shall be the Allowed
Amount of such Allowed Class 3 Claim, and the denominator shall be
the aggregate Allowed Amount of all Allowed Class 3 Claims. Class 3
Claims shall be paid on the Effective Date. This Class is
unimpaired.
Class 4 consists of the existing equity interests in the Debtor.
Equity Interests will be retained under the Plan. Any remaining
sales proceeds after the sale of the Car Wash, and payment of
Classes 1-3, Administrative Claims, and Priority Claims will go to
Class 4.
The Debtor will fund the Plan through the sale of the Car Wash. The
Debtor is finalizing negotiations with a buyer for sale of the Car
Wash for an amount in excess of all Classified Claims, Priority
Claims and Administrative Claims. Subsequent to the filing of the
Plan the Debtor will file a Motion to Authorize Sale Procedures
pursuant to Section 363 of the Bankruptcy Code. The Motion, and
accompanying sale documents will direct payments to claim holders
pursuant to the provisions of the Plan.
The Debtor's plan payments are comprised of payments made from the
proceeds of the sale of the Car Wash.
A full-text copy of the Liquidating Plan of Reorganization dated
July 17, 2024 is available at https://urlcurt.com/u?l=j2VNwN from
PacerMonitor.com at no charge.
About Friends of Dolphins
Friends of Dolphins Inc., doing business as Splash Car Wash, sought
relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code
(Bankr. M.D. Fla. Case No. 24-02130) on April 18, 2024. In the
petition signed by Tazine Roshandli Jaffer, as director, the Debtor
reports estimated assets and liabilities between $1 million and $10
million each.
The Honorable Bankruptcy Judge Roberta A Colton oversees the case.
The Debtor is represented by:
Michael A. Stavros, Esq.
David S. Jennis, Esq.
Jennis Morse
113 South Valrico Road
Valrico, FL 33594
GIGAMONSTER NETWORKS: Unsecureds to Get 18% to 15% of Claims
------------------------------------------------------------
GigaMonster Networks, LLC, and its affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware a Combined Disclosure
Statement and Joint Plan of Liquidation dated July 18, 2024.
GigaMonster's origins date to 2013 when Kubix LLC, a Florida
limited liability, was formed; in November 2014, it changed its
name to GigaMonster, LLC.
The Debtors commenced these Chapter 11 Cases to preserve and
maximize value for all stakeholders through one or more sales of
their assets. The Debtors determined that, absent a strategic
transaction, GigaMonster was no longer viable to conduct its
business over a long period of time due to its financial
constraints. To pursue one or more sales transactions, the Debtors
obtained debtor in possession financing from M/C Partners VIII,
L.P., as agent and lender (the "DIP Lender") to allow the Debtors
to continue operating in these Chapter 11 Cases through a sale
process.
Following the prepetition marketing process described below, Bel
Air Internet LLC and Everywhere Wireless, LLC, entities affiliated
with the DIP Lender, acted as the stalking horse buyer for a
significant portion of the Debtors' operating assets (in such
capacity, the "Stalking Horse"). Through the sale process, the
Debtors ultimately sold a significant portion of their operating
assets (the "Stalking Horse Assets") to SkyWire Holdings, Inc. for
a purchase price of $26,600,000 (inclusive of $500,000 to
compensate the Debtors for certain expenses).
The Debtors also sold certain additional operating assets not sold
through the Skywire Sale Order to Bel Air Internet LLC and
Everywhere Wireless LLC. The Debtors also sold or abandoned
substantially all of their remaining assets. The Debtors received
approximately $26,900,000 from all of their asset sales.
The Plan provides for, as of the Effective Date, a Liquidating
Trust to liquidate, collect, sell, or otherwise dispose of the
remaining assets of the Debtors' estates (the "Estates")
(including, without limitation, certain causes of action), if and
to the extent such assets were not previously monetized to Cash or
otherwise transferred or disposed of by the Debtors prior to the
Effective Date. The Liquidating Trust shall also distribute all net
proceeds to Creditors generally in accordance with the priority
scheme under the Bankruptcy Code, subject to the terms of the Plan.
There will be no distributions to Holders of Interests.
As of the Effective Date, the Liquidating Trust will be funded with
all the remaining assets of the Debtors (referred to herein as
Liquidating Trust Assets). The Liquidating Trust Assets shall
include, among other things, Available Cash. With the consent and
agreement of the Prepetition Agent, the Available Cash shall be
used to fund a $1,300,000 GUC Fund, to be used to fund the
administrative costs of the Liquidating Trust related to Class 4
("GUC Expenses") and Distributions to Holders of Allowed Unsecured
Claims.
Available Cash shall also be used to (1) make Effective Date Non
GUC Distributions and (2) fund the Winddown Reserve. Any Available
Cash remaining after paying Non-GUC Claims that are Allowed but
unpaid as of the Effective Date, the funding of the GUC Fund and
the funding of the Winddown Reserve shall promptly be distributed
to the holders of the Debtor's Pre-Petition Credit Agreement Claims
in Class.
The holders of the Prepetition Credit Agreement Claims shall,
except as otherwise provided in the Plan, retain their Lien on any
collateral pursuant to the Prepetition Credit Agreement and the
Cash Collateral Order until such collateral is disposed of or
released in accordance with the Plan. On the Effective Date, the
Liquidating Trustee shall use Available Cash to make Effective Date
Non-GUC Distributions. Subject to the terms of the Plan, Non GUC
Claims that are not paid as part of the Effective Date Non-GUC
Distribution shall be reserved for in and paid from the Winddown
Reserve. The Liquidating Trustee shall administer and make
distributions with respect to Non-GUC Claims in accordance with the
priority scheme under the Bankruptcy Code, subject to the terms of
the Plan.
The Liquidating Trustee shall separately account for all Non-GUC
Expenses, and such Non-GUC Expenses shall be paid from Available
Cash (for purposes of Non-GUC Expenses incurred with respect to
Distributions made on the Effective Date) and the Winddown Reserve
(for all NonGUC Expenses incurred after the Effective Date). The
Excess Available Cash (any Available Cash remaining after payment
of or reserving for payment of Allowed Administrative Claims,
Priority Tax Claims, Other Secured Claims and Priority Non-Tax
Claims and funding of the Winddown Reserve and the GUC Fund), shall
promptly be distributed to the holders of the Debtor's Pre Petition
Credit Agreement Claims in Class 2.
Class 4 consists of Unsecured Claims. Each holder of an Allowed
Unsecured Claim in Class 4 will receive a Pro Rata share of the
Liquidating Trust Interests in exchange for their Allowed Claims.
The $1,300,000 GUC Fund and Litigation Recovery will be contributed
to the Liquidating Trust for costs and expenses of administration
of the Liquidating Trust relating to Class 4 Claims and for
distribution to Holders of Allowed Unsecured Claims in Class 4 in
accordance with the Plan, the Liquidating Trust Agreement, and the
Confirmation Order.
Unsecured Claims are subject to all statutory, equitable, and
contractual subordination claims, rights, and grounds available to
the Debtors, the Estates, and pursuant to the Plan, the Liquidating
Trustee, which subordination claims, rights, and grounds are fully
enforceable prior to, on, and after the Effective Date. For the
avoidance of doubt, the Liquidating Trustee shall separately
account for (1) all GUC Expenses and (2) all Non-GUC Expenses, and
in no circumstance shall (a) any funds other than those in the GUC
Fund be used to fund any GUC Expenses or (b) any GUC Funds be used
to pay non-GUC Expenses. The allowed unsecured claims total
$6,200,000.00 to $7,000,000.00. This Class will receive a
distribution of 18% to 15% of their allowed claims.
Upon the Effective Date, the Equity Interests will be deemed
cancelled and will cease to exist.
The Plan is being proposed as a joint plan of reorganization of the
Debtors for administrative purposes only and constitutes a separate
chapter 11 plan for each Debtor. The Plan is not premised upon the
substantive consolidation of the Debtors with respect to the
Classes of Claims or Equity Interests set forth in the Plan;
provided that the Debtors shall consolidate Allowed Claims into one
Estate for purposes of voting on and distributions under the Plan.
A full-text copy of the Solicitation Version of the Combined
Disclosure Statement and Plan dated July 18, 2024 is available at
https://urlcurt.com/u?l=mGF8xF from Kroll Restructuring
Administration, claims agent.
GigaMonster Networks, LLC and its affiliates are represented by:
Laura Davis Jones, Esq.
David M. Bertenthal, Esq.
Timothy P. Cairns, Esq.
PACHULSKI STANG ZIEHL & JONES LLP
919 North Market Street, 17th Floor
Wilmington, DE 19899
Tel: (302) 652-4100
Email: ljones@pszjlaw.com
dbertenthal@pszjlaw.com
tcairns@pszjlaw.com
About GigaMonster Networks
GigaMonster Networks, LLC and affiliates develop and deploy
universal access networks (UANs) in multi-family and commercial
real estate properties, providing internet, video and other network
services to approximately 400 customer properties and nearly 35,000
end-user subscribers. The Debtors contract with property owners to
set up UANs in their buildings and also provide internet services
to subscribers in those buildings.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10051) on Jan. 16,
2023. In the petition signed by its chief restructuring officer,
Rian Branning of Novo Advisors, LLC, GigaMonster Networks disclosed
up to $100 million in both assets and liabilities.
Judge Kate Stickles oversees the cases.
The Debtors tapped Pachulski Stang Ziehl and Jones, LLP as legal
counsel; Novo Advisors, LLC as restructuring advisor; Bank Street
Group, LLC as investment banker; and Kroll Restructuring
Administration as claims and noticing agent.
On Jan. 30, 2023, the U.S. Trustee for Region 3 appointed an
official committee to represent unsecured creditors in the Debtors'
Chapter 11 cases. The committee tapped Faegre Drinker Biddle &
Reath, LLP as legal counsel and M3 Advisory Partners, LP as
financial advisor.
GUANELLA PASS: Fine-Tunes Plan Documents
----------------------------------------
Guanella Pass Brewing Company, LLC, submitted a Second Corrected
Amended Plan of Reorganization for Small Business dated July 17,
2024.
The Debtor was founded by Steve and Stacy Skalski and originally
opened as a brewery in Georgetown, Colorado. As of 2024, Debtor
operates a saloon in the building adjacent to its brewery location,
which is anticipated to generate additional revenue.
For the five-year total, Debtor projects $205,968.00 net cash flow
which can be paid to creditors under the "disposable income"
requirement of the Code. Payments to unsecured creditors shall
commence after Debtor's accumulates $100,000.00 in cash required
for its working capital in ongoing business operations.
Class 4 consists of Allowed Unsecured Claims. The Class 4 creditors
shall each be paid their pro rata share of the Plan Payment Fund
along with the Class 2 Claims. Class 4 includes the claims of Clear
Creek Economic Development ("CCED") as its lien doesn't attach to
Debtor's assets due to prior liens of Class 1 creditors. CCED's
claim shall be paid by Switchback8530, LLC, a non-debtor entity
that is also an obligor on this debt.
Although CCED is an unsecured creditor to this Debtor, and it will
be paid by this Debtor as an unsecured creditor, the obligations
owed to CCED in the total amount of $251,581.64 will be repaid in
full, with interest, by Rarified Air, LLC and Switchback8530, LLC,
affiliated entities of the Debtor, who will assume the obligations
of this Debtor to CCED contemporaneously with Plan confirmation.
These two non-debtor entities have already pledged lien interests
in the Properties to CCED.
The Debtor's Plan is feasible because the Plan Payment Fund shall
be funded following accumulation of $100,000.00 in cash required
for Debtor's working capital as provided for in the projections,
but in no event later than 30 days following the Effective Date for
Class 1 and Class 3 Secured Claims and annually following the
Effective Date for all other classes.
Due to the seasonality of Debtor's business, its net revenue varies
substantially throughout the year. Therefore, Debtor shall make
annual payments beginning October 30, 2025, through the term of the
Plan.
The Debtor's president, Steve Skalski, prepared cash flow
projections which reflect a realistic prediction of Debtor's
operations during the 5-year period following confirmation of the
Plan. These projections show an accumulated net cash flow available
to pay creditors in the total amount of $205,968.00 over the 5-year
period. This amount shall be paid pro rata to Unsecured Creditors
with Allowed Claims in Classes 2 and 4. The projections also
demonstrate the ability to pay the Secured Creditors in Classes 1
and 3.
It is only through confirmation of the Plan that Unsecured
Creditors will receive anything on account of their claims. Indeed,
creditors can anticipate receiving approximately 15% of their
claims.
On the Effective Date, Debtor shall establish the Plan Payment Fund
from which all Unsecured Claims will be paid. This date is
projected to be October 30, 2024. Debtor shall make annual payments
following the Effective Date.
A full-text copy of the Second Corrected Amended Plan dated July
17, 2024 is available at https://urlcurt.com/u?l=NsskRn from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Jeffrey A. Weinman, Esq.
Katharine S. Sender, Esq.
Allen Vellone Wolf Helfrich & Factor, P.C.
1600 Stout Street, Suite 1900
Denver, CO 80202
Telephone: (720) 245-2423
Fax: (303) 534-4499
Email: jweinman@allen-vellone.com
ksender@allen-vellone.com
About Guanella Pass Brewing
Guanella Pass Brewing owns and operates a brewery in Georgetown,
CO.
Guanella Pass Brewing Company, LLC filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo.
Case No. 23-16068) on Dec. 30, 2023. The petition was signed by
Steven Skalski as managing member. At the time of filing, the
Debtor estimated $72,340 in assets and $2,282,564 in liabilities.
Judge Thomas B. McNamara presides over the case.
Katharine Sender, Esq., at COHEN & COHEN, P.C., is the Debtor's
counsel.
HAUS PLUMBING: Unsecureds to Get 9 Cents on Dollar in Plan
----------------------------------------------------------
Haus Plumbing & Mechanical Corporation filed with the U.S.
Bankruptcy Court for the District of Nevada a Plan of
Reorganization for Small Business dated July 17, 2024.
The Debtor, a Nevada corporation, operates a pluming business based
in Sparks, Nevada and has been in business since 2007.
Pre-petition and in connection with the COVID-19 pandemic, Debtor
obtained an Emergency Injury Disaster Loan ("EIDL") from the United
States Small Business Administration ("SBA"), which is secured by
essentially all of Debtor's assets. The SBA EIDL, together with
other debts incurred to survive the pandemic, became unmanageable,
which led to the filing of this reorganization case.
The Debtor will fund the Plan by contributing his "Disposable
Income" for a period of 60-months. The Plan Proponent's financial
projections show Debtor will have projected disposable income of
$575 per month.
The final Plan payment is expected to be paid on October 31, 2029.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations of Debtor's businesses.
Non-priority unsecured creditors holding allowed claims in Debtor's
case will receive distributions, which the proponent of this Plan
has valued at nine-cents on the dollar. This Plan also provides for
the payment of administrative and priority claims.
Class 2 consists of Non-priority General Unsecured Claims. Each
holder of a Class 2 non-priority unsecured Allowed Claim shall
receive their pro rata share of Debtor's Disposable Income, after
the payment in full of Administrative Claims, through the end of
the Plan Term (the "Class 2 Plan Dividend"). Any portion of a Class
2 nonpriority general unsecured claim in excess of the Class 2 Plan
Dividend shall be discharged in accordance with Article 9 of this
Plan. This Class is impaired.
The allowed unsecured claims total $224,199.
Class 3 consists of Equity security holders of Debtor shall retain
their interests in the Debtor, but shall receive no disbursement on
account of such equity interest during the Plan Term.
The Debtor will use its Disposable Income during the Plan Term,
cash on hand, and profits from the operation of its business to
fund the Plan. Commencing on the Effective Date of this Plan,
Debtor's Disposable Income will be disbursed on a monthly basis and
first used to fund Debtor's required Plan payments to allowed
administrative expense claims and then Class 2 non-priority general
unsecured creditors in the order and manner set forth in Section
7.02 of this Plan.
A full-text copy of the Plan of Reorganization dated July 17, 2024
is available at https://urlcurt.com/u?l=IVhbwK from
PacerMonitor.com at no charge.
Attorney for the Debtor:
Kevin A. Darby, Esq.
Darby Law Practice, Ltd.
499 W. Plumb Lane, Suite 202
Reno, NV 89509
Tel: (775) 322-1237
About Haus Plumbing & Mechanical
Haus Plumbing & Mechanical Corporation operates a pluming business
based in Sparks, Nevada and has been in business since 2007.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Nev. Case No. 24-50374) on April 18,
2024, with $0 to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Hilary L. Barnes presides over the case.
Kevin A. Darby Darby Law Practice, Ltd., represents the Debtor as
legal counsel.
INDRA HOLDINGS: $50MM Bank Debt Trades at 39% Discount
------------------------------------------------------
Participations in a syndicated loan under which Indra Holdings Corp
is a borrower were trading in the secondary market around 60.8
cents-on-the-dollar during the week ended Friday, Aug. 2, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $50 million Term loan facility is scheduled to mature on
December 23, 2024. The amount is fully drawn and outstanding.
Indra Holdings Corp was founded in 2014. The company's line of
business includes holding or owning securities of companies other
than banks.
INTENSIVE COMMUNITY: Hires Winslow McCurry & MacCormac as Attorney
------------------------------------------------------------------
Intensive Community Outreach Services, LLC seeks approval from the
U.S. Bankruptcy Court for the Eastern District of Virginia to hire
Winslow, McCurry & MacCormac, PLLC as its attorneys.
The firm's services include:
a) advising the Debtor with respect to its powers and duties
as debtor in possession in the continued management and operation
of its business and properties;
b) advising and consulting on the conduct of the Bankruptcy
Case, including all of the legal and administrative requirements of
operating in Chapter 11;
c) attending meetings and negotiating with representatives of
Debtor's creditors and other parties in interest;
d) taking all necessary action to protect and preserve the
Debtor's estate;
e) preparing all pleadings, including motions, applications,
answers, orders, reports, and papers necessary or otherwise
beneficial to the administration of the Debtor's estate;
f) representing the Debtor in connection with obtaining
post-petition financing, if necessary;
g) advising the Debtor in connection with any potential sale
of assets;
h) appearing before the Court to represent the interests of
the Debtor's estate before the Court;
i) taking any necessary action on behalf of the Debtor to
negotiate, prepare on behalf of the Debtor, and obtain approval of
a Chapter 11 plan and documents related thereto; and
j) perform all other necessary or otherwise beneficial legal
services to the Debtor in connection with prosecution of this
Bankruptcy Case.
The firm's attorneys will charge an hourly rate of $395, and $195
per hour for paralegals.
The firm received a retainer in the amount of $7,500, which
includes the filing fee of $1,738.
As disclosed in the court filings, Winslow, McCurry & MacCormac is
a "disinterested person" within the meaning of section 101(14) of
the Bankruptcy Code.
The firm can be reached through:
Christopher M. Winslow Esq.
WINSLOW, MCCURRY & MACCORMAC, PLLC
1324 Sycamore Square
Midlothian, VA 23113
Telephone: (804) 423-1382
Facsimile: (804) 423-1383
Electronic Mail: chris@wmmlegal.com
About Intensive Community Outreach
Intensive Community Outreach Services, LLC sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No.
24-32735) on July 23, 2024, with $100,001 to $500,000 in assets and
$500,001 to $1 million in liabilities.
Christopher Mark Winslow, Esq., at Winslow, Mccurry & Maccormac,
PLLC represents the Debtor as legal counsel.
INTERSTATE CONSTRUCTION: Taps John P. Cooney as Special Counsel
---------------------------------------------------------------
Interstate Construction Corp. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
John P. Cooney, a partner of Cooney, Corso & Moynihan, as special
counsel.
John P. Cooney will prosecute a claim against DLC Construction,
Inc. for breach of contract and fraud; and a claim against Sandoval
& Johnson for beach of contract.
Mr. Cooney shall be compensated at the rate of $450 per hour, plus
reimbursement of actual and necessary expenses.
Mr. Cooney represents no interest adverse to the Debtor or to the
estate in matters upon which he is to be engaged, as disclosed in
the court filings.
Mr. Cooney can be reached at:
John P. Cooney, Esq.
Cooney, Corso & Moynihan LLC
1311 Butterfield Rd# 308
Downers Grove, IL 60515
Phone: (630) 675-2828
Email: jcooney@ccvmlaw.com
About Interstate Construction Corp.
Interstate Construction Corp. offers general contractor commercial
construction services, project management, and cost estimation.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-09097) on June 10,
2024, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. James J. Sideris, president, signed the
petition.
Judge Deborah L. Thorne presides over the case.
Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the
Debtor as legal counsel.
IVANTI SOFTWARE: $465MM Bank Debt Trades at 16% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Ivanti Software Inc
is a borrower were trading in the secondary market around 84.1
cents-on-the-dollar during the week ended Friday, Aug. 2, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $465 million Term loan facility is scheduled to mature on
December 1, 2027. About $450.2 million of the loan is withdrawn and
outstanding.
Ivanti is an IT Software Company headquartered in South Jordan,
Utah. It produces software for IT Security, IT Service Management,
IT Asset Management, Unified Endpoint Management, Identity
Management and supply chain management.
KARAFIN SCHOOL: Unsecureds Will Get 6.16% of Claims over 5 Years
----------------------------------------------------------------
The Karafin School, Inc., submitted an Amended Subchapter V Plan of
Reorganization dated July 17, 2024.
The Debtor sought and found the new Premises from which to operate
the school and entered into a new lease with Landlord, which lease
was effective as of January 2, 2024 and which lease was approved by
the Court, by order entered December 15, 2023.
The lease required certain build-out and renovations by Landlord
but various obstacles arose with respect to occupancy in terms of
zoning and delay in the issuance to Landlord of a Certificate of
Occupancy. This resulted in Debtor having to operate remotely for
the first few months of the term of the lease, and Debtor was only
able to offer in person learning effective as of April 28, 2024.
During the Chapter 11 case, pursuant to Court Order, the Debtor's
newest shareholder, Sam Donow, contributed $150,000.00 as an
additional capital contribution (the "Plan Contribution") that
would not otherwise constitute Projected Disposable Income ("PDI")
during the five-year period ("Plan Period"), Debtor's majority
shareholder, Renee, will contribute 100% of her salary after
withholding ("Net Salary") to Debtor as an additional capital
contribution.
These capital contributions will enable the Debtor to make the
proposed Plan distributions and will ensure that, after
confirmation of the Plan and during the Plan Period, the Debtor
will not need to liquidate or seek further financial
reorganization, and can successfully reorganize and continue to
operate its school in the interests of the Debtor, creditors,
students, and the public school systems for which Debtor performs
services.
This Plan proposes to pay the Debtor's creditors from its PDI from
operations and from the capital contribution previously made by Sam
and from the capital contribution of Renee's net salary during the
Plan Period.
This Plan provides that: (i) the IRS, as holder of the allowed
secured claim (Class 1) will be paid over the Plan Period as
provided in the IRS Stipulation; (ii) holders of allowed priority
unsecured claims for wages and employee benefit contributions
(Class 2) will be paid in full with 6 consecutive monthly payments
commencing January 1, 2025, with interest at the rate of 5% per
annum; (iii) holders of allowed non-priority unsecured claims
(Class 3) will receive distributions over the Plan Period of
$5,000.00 per quarter commencing January 31, 2025, for a total of
$100,000, which the Debtor values at approximately 6.16% of the
estimated allowed Class 3 Claims; and (vi) holders of Allowed
Equity Interests (Class 4) shall receive no distributions under the
Plan but shall retain their same equity interests in the
Reorganized Debtor.
Class 3 consists of Non-Priority Unsecured Claims. Holders of
non-priority unsecured claims shall only be entitled to receive
distributions for or on account of their claims as, if, and when
all or any portion of their allowed claims are fully and finally
allowed pursuant to a Final Order, and even then, only to the
extent the claim is finally allowed.
Payments shall be made to holders of Allowed Class 3 Claims on a
quarterly basis during the Plan Period for a total of 20 quarters,
each in the amount of $5,000.00 for total payments of $100,000.00
to be disbursed pro rata to holders of allowed Class 3 Claims.
Holders of allowed Class 3 Claims are expected to receive a
distribution of approximately 6.16% of their allowed Class 3
Claims.
A full-text copy of the Amended Subchapter V Plan dated July 17,
2024 is available at https://urlcurt.com/u?l=l1TTLr from
PacerMonitor.com at no charge.
Attorneys for the Debtor:
Scott Mandelup, Esq.
Pryor & Mandelup, LLP
675 Old Country Road
Westbury, NY 11590
Tel: (516) 997-0999
Email: asm@pryormandelup.com
About The Karafin School
The Karafin School, Inc., is a special education school in Mount
Kisco, N.Y.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 23-22281) on April 18,
2023, with $90,000 in total assets and $2,595,369 in total
liabilities. Renee Donow, president of Karafin School, signed the
petition.
Judge Sean H. Lane oversees the case.
The Debtor tapped A. Scott Mandelup, Esq., at Pryor & Mandelup, LLP
as legal counsel and David Connelly, a partner at K3 Learning,
Inc., as chief restructuring officer.
KOFFLER PROPERTIES: Claims to be Paid From Future Operations
------------------------------------------------------------
Koffler Properties LLC filed with the U.S. Bankruptcy Court for the
Eastern District of California a First Amended Plan of
Reorganization for Small Business dated July 17, 2024.
The Debtor is a limited liability company. Kaden B. Koffler is the
sole member of the Debtor and manages it.
When the COVID-19 pandemic hit in 2020, many of Koffler's tenants
lost their jobs or could not work enough to make their rent
payments. Given the moratoria on evicting tenants imposed by the
federal, state, and city governments, Koffler was unable to evict
nonpaying tenants who were allowed to remain in their homes for
long periods of time.
Koffler and the Debtor were able to refinance some of the defaulted
loans, but at higher interest rates. The primary new lender, Center
Street Lending, required Koffler to form the Debtor as a limited
liability company in October, 2021, required Koffler to convey most
of the rental homes to the Debtor, and required him to formalize
his business activities through the Debtor.
Throughout the Chapter 11 process, Koffler has worked diligently to
propose a plan of reorganization to put the Debtor in a positive
cash flow situation, to obtain possession of homes from non-paying
tenants, to renovate homes in order to command higher rents and
better tenants, to develop plans to rebuild equity and revenue
through the construction of "Accessory Dwelling Units (ADUs)" on
most of the rental homes.
Because of California's housing crisis, the process for obtaining
permits to build ADUs on single-family homes has been streamlined
and liberalized. Garages can now be converted to ADUs as long as
the new dwelling meets current building codes. The Debtor intends
to convert many garages into studio or one bedroom apartments,
which will add significant value and revenue to each home at
relatively low cost.
The Plan Proponent's financial projections show that the Debtor
will have projected disposal income after expenses for the
three-year period of $1,679,247, an average of $559,749 annually.
The total of payments on secured claims required under this Plan
for the same three-year period is $977,760, or $325.920 annually.
The final Plan payment is expected to be paid on September 15,
2027.
This First Amended Plan of Reorganization proposes to pay creditors
of the Debtor from cash flow from future operations over a
five-year period.
Non-priority unsecured creditors holding allowed claims will
receive full payment of their claims. This Plan also provides for
full payment of administrative and priority tax claims. Finally,
this Plan also provides for the full payment of allowed secured
claims with interest at the rate of 11.5% per annum.
Class 10 consists of Non-priority unsecured claims. Holders of
claims in this class will be paid in cash on the Effective Date.
Class 10 is unimpaired.
Class 11 consists of Equity interests in the Debtor. The rights of
holders of Class 11 interests will not be altered by the Plan.
The Debtor will have sufficient cash to pay all unclassified claims
and claims which are to be paid on the Effective Date, all of which
are nominal. The Debtor has sufficient cash flow to pay the monthly
payments of all classes of secured claims for the next 36 months.
Finally, once the Debtor has successfully made all payments for the
next 36 months, refinancing of the secured claims from more
conventionally lenders at lower interest rates will make it
possible to pay the principal balances due on secured claims at
that time. In the unlikely event refinancing is not possible, the
real property collateral can be sold in order to pay the principal
balances.
A full-text copy of the First Amended Plan dated July 17, 2024 is
available at https://urlcurt.com/u?l=oWD8wb from PacerMonitor.com
at no charge.
Attorney for the Debtor:
David C. Johnston, Esq.
Attorney at Law
1600 G Street, Suite 102
Modesto, CA 95354
Tel: (209) 579-1150
Fax: (209) 900-9199
Email: david@johnstonbusinesslaw.com
About Koffler Properties
Koffler Properties LLC, a limited liability company in Sacramento,
Calif., filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Cal. Case No. 23-23380) on Sept. 27,
2023, with $1 million to $10 million in both assets and
liabilities. Lisa Holder, Esq., a practicing attorney in
Bakersfield, Calif., has been appointed as Subchapter V trustee.
Judge Christopher M. Klein oversees the case.
David C. Johnston, Esq., is the Debtor's legal counsel.
KPM INVESTMENT A2: Case Summary & 13 Unsecured Creditors
--------------------------------------------------------
Debtor: KPM Investment A2, LLC
6370 Shannon Parkway
Suite 101
Union City, GA 30291
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: August 5, 2024
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 24-58139
Debtor's Counsel: William Rountree, Esq.
ROUNTREE, LEITMAN, KLEIN & GEER, LLC
2987 Clairmont Road Suite 350
Atlanta GA 30329
Tel: 404-584-1238
Email: wrountree@rlkglaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Isaac Perlmutter as authorized
representative.
A full-text copy of the petition containing, among other items, a
list of the Debtor's 13 unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/IEIJOOI/KPM_Investment_A2_LLC__ganbke-24-58139__0001.0.pdf?mcid=tGE4TAMA
KPM INVESTMENT B2: Case Summary & One Unsecured Creditor
--------------------------------------------------------
Debtor: KPM Investment B2, LLC
6370 Shannon Parkway
Suite 101
Union City GA 30291
Business Description: The Debtor is engaged in activities related
to real estate.
Chapter 11 Petition Date: August 5, 2024
Court: United States Bankruptcy Court
Northern District of Georgia
Case No.: 24-58140
Debtor's Counsel: William Rountree, Esq.
ROUNTREE, LEITMAN, KLEIN & GEER, LLC
2987 Clairmont Road Suite 350
Atlanta GA 30329
Tel: 404-584-1238
Email: wrountree@rlkglaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $10 million to $50 million
The petition was signed by Isaac Perlmutter as authorized
representative.
The Debtor listed Corevest American Finance Lender, LLC as its sole
unsecured creditor holding a claim of $10,300,704.
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/IIZ2EJA/KPM_Investment_B2_LLC__ganbke-24-58140__0001.0.pdf?mcid=tGE4TAMA
LSL PERKINS: Seeks to Hire Steffes Firm as Bankruptcy Counsel
-------------------------------------------------------------
LSL Perkins, LLC seeks approval from the U.S. Bankruptcy Court for
the Middle District of Louisiana to hire The Steffes Firm, LLC as
its counsel.
The firm will provide legal advice with respect to the Debtor's
powers and duties as debtor-in-possession and to perform all legal
services for the debtor-in-possession which may be necessary.
The Debtor, through Commercial Property Ventures, deposited a
retainer of $8,000 including the filing fee of $1,738.
The Steffes Firm represents no adverse interest to the Debtor,
according to court filings.
The firm can be reached through:
William E. Steffes, Esq.
THE STEFFES FIRM, LLC
13702 Coursey Blvd., Building 3
Baton Rouge, LA 70817
Tel: (225) 751-1751
Email: bsteffes@steffeslaw.com
About LSL Perkins, LLC
LSL Perkins is a Single Asset Real Estate debtor (as defined in 11
U.S.C. Section 101(51B)).
LSL Perkins, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. La. Case No.
24-10581) on July 23, 2024, listing $1,000,001 to $10 million in
both assets and liabilities. The petition was signed by Stephen J.
Noyola as sole member/manager.
William E. Steffes, Esq. at The Steffes Firm, LLC represents the
Debtor as counsel.
LUMEN TECHNOLOGIES: $1.63BB Bank Debt Trades at 24% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Lumen Technologies
Inc is a borrower were trading in the secondary market around 75.8
cents-on-the-dollar during the week ended Friday, Aug. 2, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $1.63 billion Term loan facility is scheduled to mature on
April 16, 2029. About $1.63 billion of the loan is withdrawn and
outstanding.
Lumen Technologies, Inc., headquartered in Monroe, Louisiana, is an
integrated communications company that provides an array of
communications services to large enterprise, mid-market
enterprise,
government and wholesale customers in its larger Business segment.
The company's smaller Mass Markets segment primarily provides
broadband services to its residential and small business customer
base.
LUMEN TECHNOLOGIES: $1.63BB Bank Debt Trades at 27% Discount
------------------------------------------------------------
Participations in a syndicated loan under which Lumen Technologies
Inc is a borrower were trading in the secondary market around 73.4
cents-on-the-dollar during the week ended Friday, Aug. 2, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $1.63 billion Term loan facility is scheduled to mature on
April 15, 2030. About $1.63 billion of the loan is withdrawn and
outstanding.
Lumen Technologies, Inc., headquartered in Monroe, Louisiana, is an
integrated communications company that provides an array of
communications services to large enterprise, mid-market
enterprise,
government and wholesale customers in its larger Business segment.
The company's smaller Mass Markets segment primarily provides
broadband services to its residential and small business customer
base.
MAD ENGINE: $275MM Bank Debt Trades at 19% Discount
---------------------------------------------------
Participations in a syndicated loan under which Mad Engine Global
LLC is a borrower were trading in the secondary market around 81.4
cents-on-the-dollar during the week ended Friday, Aug. 2, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $275 million Term loan facility is scheduled to mature on July
16, 2027. About $256.1 million of the loan is withdrawn and
outstanding.
Mad Engine is engaged in the design, manufacture and wholesale
distribution of licensed and branded apparel to retailers
throughout the United States.
MADDIEBRIT PRODUCTS: Hires Montminy & Co. as Investment Banker
--------------------------------------------------------------
Maddiebrit Products, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Montminy &
Co., LLC as investment banker.
The firm's services include:
(a) marketing of all or substantially all of the Debtor's
assets;
(b) identifying prospective acquirers for any asset sale
process or other transaction;
(c) assisting in evaluating, structuring and negotiating the
terms and conditions of any proposed transaction;
(d) supporting the negotiation of documentation in connection
with any transaction; and
(e) providing the Debtors with other appropriate general
financial advice or such related services incidental to the
foregoing.
Montminy agreed to provide services in exchange for a $25,000
non-refundable retainer and a contingency fee of the greater of
$500,000.
Joel Montminy, CEO of Montminy & Co., assured the court that his
firm is a disinterested person as that term is defined in 11 U.S.C.
101(14).
The firm can be reached through:
Joel Montminy
Montminy & Co.
201 Santa Monica Blvd., Suite 480
Santa Monica, CA 90401
Tel: (310) 230-8600
Fax: (310) 230-6206
About Maddiebrit Products
Maddiebrit Products, LLC offers eco-friendly cleaning products that
provide healthier, effective, and safer alternatives to
conventional home cleaning products.
Maddiebrit Products filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No.
24-10682) on July 18, 2024. In the petition signed by Michael
Edell, chief executive officer, the Debtor disclosed up to $10
million in both assets and liabilities.
Judge Ronald A. Clifford, III oversees the case.
Craig Margulies, Esq., at Margulies Faith, LLP serves as the
Debtor's counsel.
MEDICAL SOLUTIONS: $1.05BB Bank Debt Trades at 20% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Medical Solutions
Holdings Inc is a borrower were trading in the secondary market
around 79.8 cents-on-the-dollar during the week ended Friday, Aug.
2, 2024, according to Bloomberg's Evaluated Pricing service data.
The $1.05 billion Term loan facility is scheduled to mature on
November 1, 2028. The amount is fully drawn and outstanding.
Medical Solutions provides contingent clinical labor solutions to
hospitals across the US. It was acquired by Centerbridge Partners,
L.P. and Caisse de depot et placement du Quebec from TPG Growth in
2021.
MEIR'S WINE CELLARS: U.S. Trustee Appoints Creditors' Committee
---------------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Meier's
Wine Cellars Acquisition, LLC and its affiliates.
The committee members are:
1. Shannon Ranches Inc.
Attn: Clay Shannon, Don Chase
P.O. Box 2037
Clearlake Oaks, CA 95423
Phone: 707-349-9101
Email: clay@shannonridge.com
don@shannonridge.com
brooke@shannonridge.com
2. Federal Express Corporation
Attn: Michael Siedband
3620 Hacks Cross Rd., Bldg B
Memphis, TN 38125
Phone: 901-355-2075
Email: Michael.siedband@fedex.com
3. Multi-Color Corporation c/o W/S Packaging Group Inc.
Attn: Ben Krajcir
4053 Clough Woodd Dr.
Batavia, OH 45103
Phone: 847-846-1285
Email: ben.krajcir@mcclabel.com
4. Distilled Spirits Epicenter
Attn: Peter Eberle
801 South 8th Street
Louisville, KY 40203,
Phone: 502-266-7377
Email: peter@flavorman.com
5. Ardagh Glass Packaging
Attn: Kevin Traeger
10194 Crosspoint Blvd, Suite 410
Indianapolis, IN 46256
Phone: 317-242-8135
Email: kevin.traeger@ardaghgroup.com
6. Vintners 1904, Inc.
Attn: Phillip Peterson
P.O. Box 745
Penngrove, CA 94951
Phone: 209-327-8385
Email: ppeterson2222@hotmail.com
7. Stewart Cellars, LLC
Attn: Michael Stewart
6752 Washington St.
Yountville, CA 94599
Phone: 713-829-2087
Email: Michael@stewartcellars.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About Meier's Wine Cellars Acquisition
Meier's Wine Cellars Acquisition, LLC --
https://www.vintagewineestates.com -- and its affiliates comprise a
leading vintner in the United States, producing, bottling and
selling wines and hard ciders through wholesale, direct-to-consumer
and business-to-business sales. The Debtors' current portfolio
consists of more than 30 brands, including luxury and lifestyle
wines. The Debtors own and lease approximately 1,850 acres in
premium wine-growing regions of the United States, operating 11
wineries that support nine tasting rooms.
The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case
No. 24-11575) on July 24, 2024, listing $100 million to $500
million in both assets and liabilities. Kristina Johnston,
secretary and treasurer, signed the petitions.
Judge Mary F. Walrath oversees the cases.
The Debtors tapped Richards, Layton & Finger, P.A. and Jones Day as
legal counsels; GLC Advisors & Co., LLC as investment banker; and
Riveron Consulting, LLC as financial advisor. Epiq Corporate
Restructuring, LLC is the Debtors' claims and noticing agent.
MERCON COFFEE: Court Confirms for Liquidating Plan
--------------------------------------------------
Evan Ochsner of Bloomberg Law reports that Mercon Coffee Corp. won
approval of its Chapter 11 liquidation plan after it made multiple
asset sales during bankruptcy and changed the liability releases
that its plan gave to employees.
Judge Michael E. Wiles of the US Bankruptcy Court for the Southern
District of New York approved the plan Tuesday, July 30, 2024,
after he on July 22 rejected liability releases Mercon had sought
for insiders.
Judge Wiles determined those releases were improper transfers to
insiders. Mercon had said the releases were necessary to
incentivize company leaders to stay, but Wiles said they were
improper under the bankruptcy code.
About Mercon Coffee Corp.
Mercon Coffee Corp. -- https://www.merconcoffeegroup.com/ -- is a
supplier of green coffee to the international coffee roasting
industry. It is headquartered in the Netherlands and has offices
around the globe.
Mercon and its affiliates filed Chapter 11 petitions (Bankr.
S.D.N.Y. Case No. 23-11945) on Dec. 7, 2023. In the petition filed
by its chief restructuring officer, Harve Light, Mercon reported
$100 million to $500 million in both assets and liabilities.
Judge Michael E. Wiles oversees the cases.
The Debtors tapped Baker & McKenzie, LLP and Chipman Brown Cicero &
Cole, LLP as bankruptcy counsels; Dentons Nicaragua, S.A. and Resor
N.V. as special counsels; Rothschild & Co US Inc. and Rothschild &
Co Mexico S.A. de C.V. as financial advisor and investment banker;
Harve Light of Riveron Management Services, LLC as chief
restructuring officer. Kroll Restructuring Administration, LLC is
the Debtors' claims and noticing agent and administrative advisor.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.
O'Melveny & Myers, LLP and Ankura Consulting Group, LLC serve as
the committee's legal counsel and financial advisor, respectively.
MIDSTATE BASEMENT: Mark Schlant Named Subchapter V Trustee
----------------------------------------------------------
The U.S. Trustee for Region 2 appointed Mark Schlant, Esq., at
Zdarsky, Sawicki & Agostinelli, LLP as Subchapter V trustee for
Midstate Basement Authorities, Inc.
Mr. Schlant will be paid an hourly fee of $320 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Schlant declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Mark J. Schlant, Esq.
Zdarsky, Sawicki & Agostinelli, LLP
1600 Main Place Tower
350 Main St.
Buffalo, NY 14202
Phone: (716) 855-3200
Email: mschlant@zsalawfirm.com
About Midstate Basement Authorities
Midstate Basement Authorities, Inc., doing business as Midstate
Concrete Leveling, is a general contracting company in Newfield,
N.Y., which offers foundation repair, waterproofing, concrete
leveling and lifting, and water control systems. It serves
residential and commercial clients.
Midstate Basement Authorities filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. N.Y. Case No.
24-30650) on July 29, 2024, with $811,118 in assets and $2,337,095
in liabilities. Eric Leach, president, signed the petition.
Peter A. Orville, Esq., at Orville & McDonald Law, P.C. represents
the Debtor as bankruptcy counsel.
MSI HOLDING: Seeks to Hire Yeh & Associates as Accountant
---------------------------------------------------------
MSI Holding, LLC and TSC, LLC seek approval from the U.S.
Bankruptcy Court for the District of Colorado to hire Yeh &
Associates as its accountants.
The firm will assist the Debtors in preparing tax returns,
tax-related documents, and providing
other accounting services as may be needed.
Yeh will charge an hourly rate ranging from $80 to $400 for
preparation of the Debtors' 2024 federal and state tax returns. Yeh
will charge a flat fee of $1,500 for amending prior-year tax
returns.
Kevin Yeh, CPA, a partner at Yeh, assured the court that his firm
is a "disinterested person" as that term is defined in Bankruptcy
Code Sec. 101(14).
The firm can be reached through:
Kevin Yeh, CPA
Yeh & Associates
2000 Clay Street, Suite 200
Denver, CO 80211
Phone: (303) 781-9590
About MSI Holding LLC
MSI Holding LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No.
24-12530) on May 10, 2024, listing $100,001 to $500,000 in assets
and $1,000,001 to $10 million in liabilities. Jonathan Dickey, Esq,
at Kutner Brinen Dickey Riley, P.C. represents the Debtor as
counsel.
NATIONAL HISTORIC: Taps Evans & Mullinix as Bankruptcy Counsel
--------------------------------------------------------------
National Historic Soul Jazz Blues Walker Foundation, Inc. seeks
approval from the U.S. Bankruptcy Court for the Western District of
Missouri to hire Evans & Mullinix, P.A. to handle its Chapter 11
case.
The hourly rates of the firm's counsel and staff are as follows:
Colin N. Gotham, Esq. $350
Paralegals $125
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer in the amount of $10,042 plus the
filing fees of $1,738 from the Debtor.
Colin Gotham, Esq., an attorney at Evans & Mullinix, disclosed in a
court filing that the firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Colin N. Gotham, Esq.
Evans & Mullinix P.A.
7225 Renner Road, Suite 200
Shawnee, KS 66217
Telephone: (813) 962-8700
Facsimile: (913) 962-8701
Email: cgotham@emlawkc.com
About National Historic Soul Jazz Blues
Walker Foundation, Inc.
National Historic Soul Jazz Blues Walker Foundation, Inc. filed its
voluntary petition for relief under Chapter 11 of the Bankruptcy
Code (Bankr. W.D. Mo. Case No. 24-40934) on July 10, 2024, listing
$100,001 to $500,000 in assets and up to $50,000 in liabilities.
Judge Brian T Fenimore presides over the case.
Colin N. Gotham, Esq. at Evans & Mullinix, P.A. represents the
Debtor as counsel.
NETCAPITAL INC: Swings to $4.99M Net Loss in FY Ended April 30
--------------------------------------------------------------
Netcapital, Inc., filed with the Securities and Exchange Commission
its Annual Report on Form 10-K reporting a net loss of $4.99
million on $4.95 million of revenues for the year ended April 30,
2024, compared to net income of $2.95 million on $8.49 million of
revenues for the year ended April 30, 2023.
As of April 30, 2024, the Company had $41.56 million in total
assets, $3.62 million in total liabilities, and $37.94 million in
total stockholders' equity.
As of April 30, 2024, the Company had cash and cash equivalents of
$863,182 and negative working capital of $2,074,163 as compared to
cash and cash equivalents of $569,441 and negative working capital
of $2,622,670 as of April 30, 2023.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated July 29, 2024, citing that the
Company has a negative working capital, net operating losses, and
negative cash flows from operations. These factors, among others,
raise substantial doubt about the Company's ability to continue as
a going concern.
A full-text copy of the Form 10-K is available for free at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1414767/000149315224029454/form10-k.htm
About Netcapital
Headquartered in Boston, MA, Netcapital Inc. -- www.netcapital.com
-- is a fintech company with a scalable technology platform that
allows private companies to raise capital online from accredited
and non-accredited investors. The Company gives all investors the
opportunity to access investments in private companies. The
Company's model is disruptive to traditional private equity
investing and is based on Title III, Regulation Crowdfunding ("Reg
CF") of the Jumpstart Our Business Startups Act ("JOBS Act"). In
addition, the Company has recently expanded its model to include
Regulation A offerings. The Company generates fees from listing
private companies on its funding portal located at
www.netcapital.com. The Company also generates fees from advising
companies with respect to their Reg A offerings posted on
www.netcapital.com. The Company's consulting group, Netcapital
Advisors Inc., which is a wholly owned subsidiary, provides
marketing and strategic advice to companies in exchange for cash
fees and/or equity positions. The Netcapital funding portal is
registered with the SEC, is a member of the Financial Industry
Regulatory Authority ("FINRA"), a registered national securities
association, and provides investors with opportunities to invest in
private companies.
NORTHWEST BIOTHERAPEUTICS: Addresses Rumors on Business Outlook
---------------------------------------------------------------
Northwest Biotherapeutics, Inc. disclosed in a Form 8-K filed with
the Securities and Exchange Commission on Aug. 2, 2024, that over
the last several days, the Company has received inquiries and
messages from a number of shareholders regarding several rumors
being passed around social media platforms relating to the
Company's business outlook. Some of the shareholder messages have
identified a potential connection between these rumors and certain
parties associated with the lawsuit the Company is currently
pursuing in federal court in NY.
Northwest commented, "While it is our standard practice not to
comment on rumors, we have noted the coincidence of timing between
these rumors and certain developments in the market relating to our
stock. We are investigating the source(s) of these rumors and we
plan to pursue appropriate action. We request that our
shareholders continue to send us any information related to the
rumors, the parties who are spreading them, and related matters.
"We also ask that our shareholders and all interested parties
carefully consider the source(s) of rumors, their reliability and
their self-interests before forming a judgment about them. There
are several high profile court cases pending that involve the use
of these types of tactics in order to negatively impact a company's
stock, and high profile civil and criminal enforcement actions in
this arena have recently commenced. We advise caution in
evaluating rumors."
Meanwhile, the Company said it is continuing to focus on working
with its teams of consultants on activities related to the review
by the Medicines and Healthcare Products Regulatory Agency (MHRA)
of its Marketing Authorization Application (MAA) in the UK,
including preparations for inspections by the MHRA that are
scheduled to take place in both the US and UK.
About Northwest Biotherapeutics
Northwest Biotherapeutics, Inc. is a biotechnology company focused
on developing personalized immune therapies for cancer. The Company
has developed a platform technology, DCVax, which uses activated
dendritic cells to mobilize a patient's own immune system to attack
their cancer.
Tampa, Florida-based Cherry Bekaert LLP, the Company's auditor
since 2021, issued a "going concern" qualification in its report
dated March 5, 2024, citing that the Company has recurring losses
and negative cash flows from operations that raise substantial
doubt about its ability to continue as a going concern.
NSM TOP HOLDINGS: S&P Rates New $555MM First-Lien Term Loan B 'B-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level ratings to NSM Top
Holdings Corp.'s proposed $555 million first--lien term loan B. The
recovery rating is '3', reflecting its expectation for meaningful
(50%-70%; rounded estimate: 55%) recovery in the event of a
default. NSM is extending its existing first-lien term loan B
maturity by two and a half years to May 2029 and upsizing the
facility by about $30 million to $555 million. The extension will
be completed by refinancing the $524 million outstanding on
existing first-lien term loan. NSM will use the remaining proceeds
to repay the $26 million outstanding borrowings on the revolving
credit facility, cover transaction expenses, and keep about $3
million of cash on the balance sheet.
S&P's existing 'B-' issuer credit rating and stable rating outlook
on NSM are unchanged by these transactions.
The stable outlook reflects S&P's expectation for continued gradual
improvement in the supply chain, such that NSM's free operating
cash flow (FOCF) remains below 3% of debt, with S&P Global
Ratings'-adjusted leverage around or above 6.5x over the next 12
months.
Issue Ratings--Recovery Analysis
Key analytical factors
-- NSM's proposed capital structure consists of a $90 million
revolving credit facility (assumed 85% drawn at default) and a $555
million term loan.
-- S&P has valued the company on a going-concern basis using a
5.5x multiple of our projected emergence EBITDA, which is
consistent with the multiple used for similar companies.
-- S&P's simulated default scenario contemplates a default in
2026, likely due to intensified pricing pressure and competition or
a change in the reimbursement mechanism for CRT products.
-- S&P's recovery analysis assumes that in a hypothetical
bankruptcy scenario, the company would reorganize because of
continued demand for its products.
Simulated default assumptions
-- Simulated year of default: 2026
-- EBITDA at emergence: $73 million
-- EBITDA multiple: 5.5x
Simplified waterfall
-- Net enterprise value (after 5% administrative costs): $379
million
-- Valuation split in % (obligors/nonobligors): 97.5%/2.5%
-- Total collateral value available to secured debt: $376 million
-- First-lien debt claims: $644 million
--First-lien recovery expectations: 50%-70%; rounded estimate:
55%
Note: All debt amounts include six months of prepetition interest.
ONE TABLE RESTAURANT: U.S. Trustee Appoints Creditors' Committee
----------------------------------------------------------------
The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of One Table
Restaurant Brands, LLC and its affiliates.
The committee members are:
1. Mitchell, et al. v. The Madera Group, et al.
Judgment Creditors
Attn: Mackenzie Hernandez
170 E. Walnut St., Apt. 312
Pasadena, CA 91103
Phone: 747-283-9876
Email: mackenziedouglas644@gmail.com
2. 1711-1715 Pacific, LP
Attn: Matias Moreno Bunge
306 S. Venice Blvd.
Venice, CA 90291
Phone: 310-720-7856
Email: msjproperties0@gmail.com
3. Xtreme Plumbers Inc.
Attn: Lupe Gomez
371 S. Acacia Ave.
Fullerton, CA 92831
Phone: 626-806-7763
Email: Xtremereceivables@gmail.com
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent. They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.
About One Table Restaurant Brands
One Table Restaurant Brands, LLC is a next generation restaurant
platform of best-in-class emerging concepts. The company is based
in Los Angeles, Calif.
One Table Restaurant Brands and its affiliates filed Chapter 11
petitions (Bankr. D. Del. Lead Case No. 24-11553) on July 17, 2024.
At the time of the filing, One Table Restaurant Brands reported
total assets of up to $50,000 and total liabilities of up to $50
million.
The Debtors are represented by Thomas Joseph Francella, Jr., Esq.,
at Raines Feldman Littrell, LLP.
OUTSOURCING SOLUTIONS: Taps Michael Previto as Bankruptcy Counsel
-----------------------------------------------------------------
Outsourcing Solutions Tax and Accounting, Inc seeks approval from
the U.S. Bankruptcy Court for the Eastern District of New York to
hire Michael Previto, Esq., a practicing attorney in Hauppauge,
N.Y., to handle its Chapter 11 case.
Mr. Previto will provide these services:
a. advise the Debtor with respect to his power and duties as a
Debtor in Possession in the operation and management of the
financial reorganization of the estate;
b. attend the meetings and negotiate with creditors and their
representatives, the Trustee and others;
c. take all actions to protect the Debtor's estate, including
litigating on the Debtor's behalf and negotiations where
applicable;
d. prepare all motions, applications, orders, reports, and
papers necessary for the administration of the estate;
e. assist and represent the Debtor in obtaining Debtor's
financing, if applicable;
f. prepare a Chapter 11 plan or plans and disclosure statement
and take any action to obtain confirmation of that plan;
g. represent the Debtor's interest in any sale of property or
assets;
h. appear in Court to protect his interest; and
i. perform all other legal services and provide such advice as
is necessary to assist the Debtor in this endeavor.
Mr. Previto will be paid at the rates of $250 per hour. The
retainer is $6,100.
Mr. Previto will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Michael L. Previto, Esq., disclosed in a court filing that the firm
is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Michael L. Previto, Esq.
150 Motorparkway, Suite 401
Hauppauge, NY 11788
Tel: (631) 379-0837
About Outsourcing Solutions Tax and Accounting
Outsourcing Solutions Tax and Accounting, Inc sought protection for
relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y.
Case No. 24-72618) on July 5, 2024, listing under $1 million on
both assets and liabilities. Michael L Previto, Esq. represents the
Debtor as counsel.
PADMAJAI INC: Hires Charles J. Reed & Associates as Accountant
--------------------------------------------------------------
PADMAJAI, INC. d/b/a King Food Store seeks approval from the U.S.
Bankruptcy Court for the Northern District of Florida to employ
Charles Reed and Charles J. Reed & Associates, CPA's, P.A. to
prepare its tax returns.
Mr. Reed's rate for preparing tax returns is $200 per hour.
Mr. Reed assured the court that he has no connections with any
creditors or parties in interest.
The firm can be reached through:
Charles Reed, CPA
Charles J. Reed & Associates, CPA's, P.A.
2828 Remington Green Circle, Suite 100.
Tallahassee, FL 32308
Phone: (850) 386-7072
About Padmajai, Inc. d/b/a King Food Store
Padmajai, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-40169) on April 24,
2024, with $0 to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Byron Wright, III at Bruner Wright, P.A. represents the Debtor as
legal counsel.
PARK 28: Seeks Approval to Hire Cushman & Wakefield as Realtor
--------------------------------------------------------------
Park 28 Partners LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to hire Cushman & Wakefield as
realtor.
The firm will market and sell the Debtor's property located at 31
East 28th Street, Unit COMM, New York, NY.
The firm will receive 4 percent of the gross sales proceeds as
commission.
As disclosed in the court filings, Cushman & Wakefield is a
disinterested person under 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Ian Lerner
Cushman & Wakefield
1290 Avenue of the Americas
New York, NY 10104
Office: (212) 841-5948
About Park 28 Partners LLC
Park 28 Partners LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-17234)
on July 19, 2024, listing $1 million to $10 million in both assets
and liabilities. The petition was signed by David Goldwasser as VP
restructuring.
Eric H. Horn, Esq. at A.Y. STRAUSS LLC represents the Debtor as its
counsel.
PARK 28: Seeks to Hire A.Y. Strauss LLC as Bankruptcy Counsel
-------------------------------------------------------------
Park 28 Partners LLC seeks approval from the U.S. Bankruptcy Court
for the District of New Jersey to hire A.Y. Strauss LLC to handle
its Chapter 11 proceedings.
The firm's services include:
(a) providing the Debtor with advice and preparing all
necessary documents regarding debt restructuring, bankruptcy and
asset dispositions;
(b) taking all necessary actions to protect and preserve the
Debtor's estate during the pendency of this Chapter 11 Case;
(c) preparing on behalf of the Debtor, as
debtor-in-possession, all necessary motions, applications, answers,
orders, reports and papers in connection with the administration of
this Chapter 11 Case;
(d) counseling the Debtor with regard to its rights and
obligations as a debtor-in-possession;
(e) appearing in Court to protect the interests of the Debtor;
and
(f) performing all other legal services for the Debtor which
may be necessary and proper in these proceedings and in furtherance
of the Debtor's operations.
The firm's hourly rates range from $425 to $550 per hour.
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Eric Horn, Esq., a partner at A.Y. Strauss, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Eric H. Horn, Esq.
Heike M. Vogel, Esq.
James P. Mansfield, Esq.
A.Y. STRAUSS, LLC
101 Eisenhower Parkway, Suite 412
Roseland, NJ 07068
Tel: (973) 287-5006
Fax: (973) 226-4104
About Park 28 Partners LLC
Park 28 Partners LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-17234)
on July 19, 2024, listing $1 million to $10 million in both assets
and liabilities. The petition was signed by David Goldwasser as VP
restructuring.
Eric H. Horn, Esq. at A.Y. STRAUSS LLC represents the Debtor as its
counsel.
PASKEY INC: Seeks Chapter 11 Bankruptcy Protection in Texas
-----------------------------------------------------------
Paskey Incorporated filed Chapter 11 protection in the Southern
District of Texas. The Debtor reports between $1 million and $10
million in debt owed to 100 and 199 creditors. T he petition states
funds will be available to unsecured creditors.
About Paskey Incorporated
Paskey Incorporated is a general contractor in La Porte, Texas.
Paskey Incorporated sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-90433) on July 28,
2024. In the petition filed by Curtis W. Paskey, as president, the
Debtor reports estimated assets and liabilities between $1 million
and $10 million each.
The Honorable Bankruptcy Judge Alfredo R. Perez oversees the case.
The Debtor is represented by:
Bennett G. Fisher, Esq.
LEWIS BRISBOIS BISGAARD & SMITH
24 Greenway Plaza, Suite 1400
Houston TX 77046
Tel: (346) 241-4095
Fax: (713) 759-6830
E-mail: bennett.fisher@lewisbrisbois.com
PHOENIX MITCHELL: Seeks to Hire Payne Law Firm as Legal Counsel
---------------------------------------------------------------
Phoenix Mitchell Trucking, LLC seeks approval from the U.S.
Bankruptcy Court for the Northern District of Mississippi to employ
Payne Law Firm as its counsel.
The firm will render these services:
a. advise and consult with the Debtor-in-Possession regarding
questions arising from certain contract negotiations which will
occur during the operation of business by the
Debtor-in-Possession;
b. evaluate and attack claims of various creditors who may
assert security interest in the assets and who may seek to disturb
the continuing operation of the business;
c. appear in, prosecute, or defend suits and proceedings, and
to take all necessary and proper steps and other matters and things
involved in or connected with the affairs of the estate of the
Debtor;
d. represent the debtor in court hearings and to assist in
preparation of contract, reports, accounts, petitions,
applications, orders and other papers and documents as may be
necessary in this proceeding;
e. advise and consult with Debtor in connection with any
reorganization plan which may be proposed in this proceeding and
any matters concerning Debtor which arise out of of order follow
the acceptance or consummation of such reorganization or its
rejection; and
f. perform such other legal services on behalf of Debtor as
they become necessary in this proceeding.
The firm will be paid at these rates:
Jerome C. Payne $400 per hour
Associates $200 per hour
Paralegals $175 per hour
The firm will seek reimbursement of expenses for the services
rendered.
Jerome C. Payne, Esq., a partner at Payne Law Firm, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Jerome C Payne, Esq.
PAYNE LAW FIRM
3525 Ridge Meadow Parkway, Suite 100
Tel: (901) 794-0884
Fax: (901) 235-1246
Email: jerpaynelaw@gmail.com
About Phoenix Mitchell Trucking, LLC
Phoenix Mitchell Trucking, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Miss. Case No.
24-11345) on May 10, 2024, with $500,001 to $1 million in both
assets and liabilities.
Craig M. Geno, Esq., at the Law Offices of Craig M. Geno, PLLC
represents the Debtor as bankruptcy counsel.
PIRCH APPLIANCES: Four Online Auctions Scheduled for August
-----------------------------------------------------------
Onyx Asset Advisors, CA Global Partners and Tiger Group will hold
four online auctions in August featuring inventory from Southern
California's high-end PIRCH Appliances.
The retailer, which operated six locations, filed for Chapter 7
this past April in the U.S. Bankruptcy Court for the Southern
District of California (case no. 24-01376-CL7).
"This auction series represents an extraordinary opportunity for
builders, contractors, wholesalers and consumers to acquire
high-end, brand new appliances at competitive prices," said Peter
Wyke, President of CA Global Partners. "The quality and variety of
items available are truly remarkable. We are excited to conduct the
sales with Onyx Asset Advisors and Tiger Group to bring these
premium assets to market."
The first of the court-approved bankruptcy sales is a live,
online-only webcast auction that begins at 10:00 a.m. PDT (GMT-7)
on Monday, August 5, at CAGP.com. The available items in Sale No. 1
are housed in a secure facility in Santa Fe Springs.
The sale partners will conduct a second one-day live, online-only
webcast auction on August 8(Palm Desert), as well as separate
two-day events on August 13-14 (Vista) and 15-16 (Oceanside).
"Prestige-brand appliances, kitchen hardware and bathroom fixtures
worth more than $20 million at cost -- including showroom models
and factory-sealed, new-in-box inventory -- are available in these
sales," said Jonathan Holiday, Director of Business Development,
Tiger Commercial & Industrial.
"PIRCH earned a strong reputation for its broad selection of luxury
kitchen, bath, and outdoor products, all in multiple finishes and
styles," added K. Kevin Otus, Managing Partner, Onyx Asset
Advisors. "Name your top luxury appliance brands and they are
offered in this sale. The quality and selection of this offering
will generate tremendous interest and excitement."
Highlights of the four sales include:
Appliances: ranges, pizza ovens, steam ovens, single- and
double-wall ovens, dishwashers, washers, dryers, cloth steamers,
laundry centers, wine coolers, refrigerators, freezers, gas
cooktops, induction cooktops, microwaves, flat-top grills, BBQ
smokers, hoods and outdoor cabinets.
Bathroom fixtures, plumbing, and accessories: bathtubs, sinks,
toilets, faucets, bath fillers, pot fillers, vanities, shower
trays, shower heads, mirrors, lighted mirrors, mirrors with
built-in TVs, drawer pulls, lighting and cabinet hardware.
Dozens of brands are represented, including Viking, Samsung,
Whirlpool, Thermador, Bosch, American Standard, Delta, Lenovo,
Infinity Drains, Fairmont Designs, Electrolux, Moen, Zip Water,
Victoria & Albert, Hansgrohe, and many more.
In addition, the sales feature a large quantity of panels, trim
kits, doors, dampers, kick plates and handle, stacking and icemaker
kits. Pallet racking and jacks, hand trucks, hand and power tools,
office furniture, computers, monitors, inventory scanners,
stockroom shelving and stock carts also are available.
For inspection details, asset photos, descriptions, and other
information, visit any of the sale partner links below:
TIGER:
https://soldtiger.com/sales/pirch-appliances/
ONYX:
http://thinkonyx.com/sale/pirch/
CAG (HOST):
Sale No. 1:
https://www.cagp.com/auctions/sale-1-over-20m-of-new-appliance-and-bathroom-kitchen-inventory-to-be-sold-in-the-matter-of-pirch-inc/
Sale No. 2:
https://www.cagp.com/auctions/sale-2-over-20m-of-new-appliance-and-bathroom-kitchen-inventory-to-be-sold-in-the-matter-of-pirch-inc/
Sale No. 3
https://www.cagp.com/auctions/sale-3-over-20m-of-new-appliance-and-bathroom-kitchen-inventory-to-be-sold-in-the-matter-of-pirch-inc/
Sale No. 4
https://www.cagp.com/auctions/sale-4-over-26m-of-new-and-display-inventory-to-be-sold-in-the-matter-of-pirch-inc/
In April 2024 PIRCH Appliances filed a Chapter 7 bankruptcy
petition (Bankr. S.D.N.Y. Case No. 24-01376-CL7).
PRETIUM PKG: $1.04BB Bank Debt Trades at 17% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Pretium PKG
Holdings Inc is a borrower were trading in the secondary market
around 83.5 cents-on-the-dollar during the week ended Friday, Aug.
2, 2024, according to Bloomberg's Evaluated Pricing service data.
The $1.04 billion Payment-in-kind Term loan facility is scheduled
to mature on October 2, 2028.
Pretium PKG Holdings, Inc. is a manufacturer of rigid plastic
containers for variety of end markets, including food and beverage,
chemicals, healthcare, wellness and personal care. Pretium PKG
Holdings, Inc. is a portfolio company of Clearlake since January
2020.
PS PROPERTIES: Voluntary Chapter 11 Case Summary
------------------------------------------------
Debtor: PS Properties, LLC
d/b/a Inn on the River
205 SW Barnard Street
Glen Rose, TX 76043
Business Description: Inn on the River is a 22-room boutique hotel
located on the Paluxy River in the district
of Glen Rose, Texas. The building is an
official Texas Historic Landmark by the
Texas Historic Commission and a Glen Rose
Landmark by the Glen Rose Historic
Preservations Committee.
Chapter 11 Petition Date: August 5, 2024
Court: United States Bankruptcy Court
Western District of Texas
Case No.: 24-60443
Judge: Hon. Michael M Parker
Debtor's Counsel: Robert A. Simon, Esq.
WHITAKER CHALK SWINDLE AND SCHWARTZ
301 Commerce St. Ste 3500
Fort Worth, TX 76102
Tel: 817-878-0500
Email: rsimon@whitakerchalk.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Pamela Streeter as manager.
The Debtor indicated in the petition it has no creditors holding
unsecured claims.
https://www.pacermonitor.com/view/B2BBNBY/PS_Properties_LLC__txwbke-24-60443__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free at
PacerMonitor.com at:
https://www.pacermonitor.com/view/JJUWHVQ/Dajmo_Trucking_LLC__pawbke-24-21923__0001.0.pdf?mcid=tGE4TAMA
R AND E HEALTH: Todd Hennings Named Subchapter V Trustee
--------------------------------------------------------
The U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at
Macey, Wilensky & Hennings, LLP as Subchapter V trustee for R and E
Health Care, LLC.
Mr. Hennings 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. Hennings declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Todd E. Hennings, Esq.
Macey, Wilensky & Hennings, LLP
5500 Interstate North Parkway, Suite 435
Sandy Springs, GA 30328
Phone: (404) 584-1222
About R and E Health Care
R and E Health Care, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
24-57861) on July 31, 2024, with $50,001 to $100,000 in assets and
$100,001 to $500,000 in liabilities.
Judge James R. Sacca presides over the case.
RAZEL & RUZTIN: Hires Farsad Law Office as Bankruptcy Counsel
-------------------------------------------------------------
Razel & Ruztin, LLC dba Walnut Creek Willows seeks approval from
the U.S. Bankruptcy Court for the Northern District of California
to hire Farsad Law Office, P.C. as general bankruptcy counsel.
The firm will provide these services:
(a) advise the Debtor with respect to its powers and duties in
the continued operation of its business and management of its
properties;
(b) take necessary action to avoid any liens against the
Debtor's property, if needed;
(c) assist, advise, and represent the Debtor in consultations
with creditors regarding the administration of this case;
(d) advise and take any action to stay foreclosure proceedings
against any of the Debtor's property;
(e) prepare necessary legal papers;
(f) prepare on behalf of the Debtor a disclosure statement, a
plan of reorganization, and represent it at any hearing to approve
the disclosure statement and to confirm the plan of
reorganization;
(g) assist, advise, and represent the Debtor in any manner
relevant to a review of any contractual obligations, and asset
collection and dispositions;
(h) prepare documents relating to the disposition of assets;
(i) advise the Debtor on finance and finance-related matters
and transactions and matters relating to the sale of its assets;
(j) assist, advise, and represent the Debtor in any issues
associated with the acts, conduct, assets, liabilities and
financial condition of the Debtor, and any other matters relevant
to this case or to the formulation of plan(s) of reorganization;
(k) assist, advise, and represent the Debtor in the
negotiation, formulation, preparation, and submission of any
plan(s) or reorganization and disclosure statement(s);
(l) provide other necessary advice and services as the Debtor
may require in connection with this case;
(m) prepare status conference statements and appear at all
court hearings as necessary; and
(n) obtain the necessary approval from the Court for Approval
of Disclosure Statement and solicit ballots as necessary for plan
confirmation.
The hourly rates of the firm's professionals are as follows:
Arasto Farsad, Esq. $400
Nancy Weng, Esq. $400
Paralegals $150
In addition, the firm will seek reimbursement for expenses
incurred.
Prior to the petition date, the firm received a retainer in the
amount of $18,262 plus the Chapter 11 filing fee of $1,738 from the
Debtor.
Arasto Farsad, Esq., an attorney at Farsad Law Office, 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:
Arasto Farsad, Esq.
Farsad Law Office, P.C.
1625 The Alameda Suite 525
San Jose, CA 95126
Telephone: (408) 641-9966
Facsimile: (408) 866-7334
Email: farsadlaw1@gmail.com
About Razel & Ruztin, LLC
Razel & Ruztin, LLC dba Walnut Creek Willows filed its voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (Bankr.
N.D. Cal. Case No. 24-41003) on July 9, 2024, listing up to $50,000
in assets and $500,001 to $1 million in liabilities.
Judge Charles Novack presides over the case.
Arasto Farsad, Esq. at Farsad Law Office, P.C. serves as the
Debtor's counsel.
RODA LLC: Gets Court Nod to Sell Assets to Watumull for $6.1MM
--------------------------------------------------------------
RODA, LLC got the green light from the U.S. Bankruptcy Court for
the District of Oregon to sell most of its assets to Watumull
Properties Corp.
Watumull offered $6.1 million for the assets, which include the
company's real and personal property located at 20407 SW Borchers
Drive, Sherwood, Ore.
The assets are being sold "free and clear" of liens, claims, and
encumbrances, with such interests attaching to the sale proceeds.
The primary secured creditor, PacWest Funding, Inc., consented to
the sale. The other secured creditor, Washington County, will be
paid in full from the proceeds of the sale on its personal property
tax liens.
The real property is in peril of decreasing substantially in value
because the current tenant for the lessee of the ice arena at the
property is suffering severe financial problems that require that
the sale of the property occur sooner than a plan would allow,
according to RODA's attorney, Tara Schleicher, Esq., at Foster
Garvey, P.C.
About RODA LLC
RODA, LLC, a company in Washington County, Ore., sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case
No. 23-30250) on Feb. 6, 2023. In the petition signed by its
managing member, Roy MacMillan, the Debtor disclosed up to $10
million in both assets and liabilities.
Judge Teresa H. Pearson oversees the case.
Douglas R. Ricks, Esq., at Vander Bos and Chapman, LLP and
Intellequity Legal Services, LLC serve as the Debtor's bankruptcy
counsel and special counsel, respectively.
Kenneth S. Eiler, the Chapter 11 trustee, tapped Lane Powell, PC as
legal counsel and Bennington & Moshofsky, P.C. as accountant.
SARC GA: Seeks to Hire Desai Law Firm as Bankruptcy Counsel
-----------------------------------------------------------
SARC GA - Marietta, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Missouri to hire The Desai Law
Firm, LLC as its bankruptcy counsel.
The firm's services include:
a. advising the Debtor with respect to its rights, power and
duties in this Chapter 11 case;
b. assisting and advising the Debtor in its consultations with
the Subchapter V Trustee;
c. assisting the Debtor in analyzing the claims of creditors
and negotiating with such creditors;
d. assisting the Debtor with investigation of the assets,
liabilities and financial condition of the Debtor and reorganizing
the Debtor's business in order to maximize the value of the
Debtor's assets for the benefit of all creditors;
e. advising the Debtor in connection with the sale of assets
or business;
f. assisting the Debtor in its analysis of and negotiation
with any third-party concerning matters related to, among other
things, the terms of a plan of reorganization;
g. assisting and advising the Debtor with respect to any
communications with the general creditor body regarding significant
matters in this case;
h. commencing and prosecuting necessary and appropriate
actions and/or proceedings on behalf of the Debtor;
i. reviewing, analyzing or preparing, on behalf of the Debtor,
all necessary applications, motions, answers, orders, reports,
schedules, pleadings and other documents;
j. representing the Debtor at all hearings and other
proceedings;
k. conferring with other professional advisors retained by the
Debtor in providing advice to the Debtor;
l. performing all other necessary legal services in this case
as may be requested by the Debtor in this Chapter 11 case; and
m. assisting and advising the Debtor regarding pending
litigation matters in which the Debtor may be involved, including
continued prosecution or defense of actions and/or negotiations on
the Debtor's behalf.
Desai Law Firm will be paid at these rates:
Partners $385 per hour
Associates $250 per hour
Paralegals $125 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm paid a retainer in the amount of $12,000.
Spencer Desai, Esq., a partner at Desai Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Spencer P. Desai, Esq.
The Desai Law Firm, LLC
13321 North Outer Forty Road, Suite 300
St. Louis, MO 63017
Tel: (314) 666-9781
Fax: (314) 448-4320
Email: spd@desailawfirmllc.com
About SARC GA - Marietta
SARC GA - Marietta, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 24-10334) on June
20, 2024, with $1 million to $10 million in both assets and
liabilities. Steven Caton, manager, signed the petition.
Spencer Desai, Esq., at The Desai Law Firm represents the Debtor as
bankruptcy counsel.
SARC US: Seeks to Hire Desai Law Firm as Bankruptcy Counsel
-----------------------------------------------------------
SARC US, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Missouri to hire The Desai Law Firm, LLC as its
bankruptcy counsel.
The firm's services include:
a. advising the Debtor with respect to its rights, power and
duties in this Chapter 11 case;
b. assisting and advising the Debtor in its consultations with
the Subchapter V Trustee;
c. assisting the Debtor in analyzing the claims of creditors
and negotiating with such creditors;
d. assisting the Debtor with investigation of the assets,
liabilities and financial condition of the Debtor and reorganizing
the Debtor's business in order to maximize the value of the
Debtor's assets for the benefit of all creditors;
e. advising the Debtor in connection with the sale of assets
or business;
f. assisting the Debtor in its analysis of and negotiation
with any third-party concerning matters related to, among other
things, the terms of a plan of reorganization;
g. assisting and advising the Debtor with respect to any
communications with the general creditor body regarding significant
matters in this case;
h. commencing and prosecuting necessary and appropriate
actions and/or proceedings on behalf of the Debtor;
i. reviewing, analyzing or preparing, on behalf of the Debtor,
all necessary applications, motions, answers, orders, reports,
schedules, pleadings and other documents;
j. representing the Debtor at all hearings and other
proceedings;
k. conferring with other professional advisors retained by the
Debtor in providing advice to the Debtor;
l. performing all other necessary legal services in this case
as may be requested by the Debtor in this Chapter 11 case; and
m. assisting and advising the Debtor regarding pending
litigation matters in which the Debtor may be involved, including
continued prosecution or defense of actions and/or negotiations on
the Debtor's behalf.
Desai Law Firm will be paid at these rates:
Partners $385 per hour
Associates $250 per hour
Paralegals $125 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
The firm paid a retainer in the amount of $12,000.
Spencer Desai, Esq., a partner at Desai Law Firm, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Spencer P. Desai, Esq.
The Desai Law Firm, LLC
13321 North Outer Forty Road, Suite 300
St. Louis, MO 63017
Tel: (314) 666-9781
Fax: (314) 448-4320
Email: spd@desailawfirmllc.com
About SARC US
SARC US, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mo. Case No. 24-10335) on June 20,
2024, with $1 million to $10 million in both assets and
liabilities. Steven Caton, manager, signed the petition.
Spencer Desai, Esq., at The Desai Law Firm represents the Debtor as
legal counsel.
SCHOFFSTALL FARM: Seeks to Hire Hill Barth and King as Accountant
-----------------------------------------------------------------
Schoffstall Farm, LLC seeks approval from the U.S. Bankruptcy Court
for the Middle District of Pennsylvania to hire Hill, Barth and
King, LLC, as its accountants.
The firm will provide bookkeeping services, income tax basis
compilations and pro forma tax returns and various and
miscellaneous business matters as required in the Debtors' case or
as requested by Debtors' management.
The firm will be paid at these rates:
Partners $500 per hour
Manager $340 per hour
Senior Staff $235 per hour
Staff $185 per hour
The firm received a retainer in the amount of $14,000.
Hill Barth represents no interest adverse to the Debtor, or to its
estate, in any matters for which HBK is engaged to represent the
Debtor, and is disinterested, according to court fillings.
The firm can be reached through:
Thomas J. Dockray, CPA, MST
Hill, Barth and King, LLC
200 N Warner Road, Suite 210
King of Prussia, PA 19406
Phone: (215) 628-8080
About Schoffstall Farm, LLC
Schoffstall Farm, LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No.
24-01219) 0n May 14, 2024, listing $1 million to $10 million in
both assets and liabilities. The petition was signed by Martin L.
Schoffstall as president.
Judge Henry W. Van Eck presides over the case.
Robert E. Chernicoff, Esq. at Cunningham, Chernicoff & Warshawsky,
P.C. represents the Debtor as counsel.
SECURE ACQUISITION: S&P Rates New $406MM First-Lien Term Loan 'B-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'B-' issue-level rating and '3'
recovery rating to Secure Acquisition Inc.'s $406 million
first-lien term loan, which includes a $106 million incremental
tack-on. The '3' recovery rating indicates S&P's expectation of
meaningful (50%-70%; rounded estimate: 55%) recovery in the event
of a payment default.
The company will use the proceeds from the incremental first-lien
term loan to pay down the $100 million second-lien term loan. In
addition, the company will look to reprice the first-lien term
loan. As a result of the transaction, S&P will be withdrawing the
rating on the second-lien term loan. Its existing 'B-' issuer
credit rating is unchanged.
SHIFT PATTERN: Gets OK to Hire Neeleman Law Group as Legal Counsel
------------------------------------------------------------------
Shift Pattern, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of Washington to hire Neeleman Law Group
as legal counsel.
The firm's services include:
a. assisting the Debtor in the investigation of the financial
affairs of the estate;
b. providing legal advice and assistance to the Debtor with
respect to matters relating to this case and creditor
distribution;
c. preparing all pleadings necessary for proceedings arising
under this case; and
d. performing all necessary legal services for the estate in
relation to this case.
The firm will be paid at these rates:
Principals $550 per hour
Associates $475 per hour
Paralegals $225 per hour
The firm received from the Debtor a retainer of $5,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jennifer L. Neeleman, Esq., a partner at Neeleman 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 at:
Jennifer L. Neeleman, Esq.
Neeleman Law Group, P.C.
1403 8th Street
Marysville, WA 98270
Tel: (425) 212-4800
Fax: (425) 212-4802
About Shift Pattern, Inc.
Shift Pattern, Inc. sought protection for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 24-11356) on May
30, 2024, listing $50,001 to $100,000 in assets and $100,001 to
$500,000 in liabilities.
Judge Timothy W Dore presides over the case.
Jennifer L Neeleman, Esq. at Neeleman Law Group, P.C. represents
the Debtor as counsel.
SMITH MICRO: Revenue Drops to $5.1 Million in Fiscal Q2
-------------------------------------------------------
Smith Micro Software, Inc. reported financial results for its
second quarter ended June 30, 2024.
"With the commercial launch of Boost Family Guard during the second
quarter, our continued progress towards the upcoming launch of a
SafePath-based Family Safety solution with a tier one carrier in
Europe, and our cost reduction initiatives, we believe we are
making progress toward a return to growth, profitability and free
cash flow," said William W. Smith Jr., president, chief executive
officer, and chairman of the board of Smith Micro. "We have a solid
base to build from and believe we are driving toward meaningful
subscriber growth across multiple carrier customers."
"We remain confident that the business case for SafePath is
strong," Smith continued. "It is our core belief that the overall
Family Safety market is expanding, particularly in the current
environment as we continue to see new initiatives and legislation
across the United States and around the world with a clear focus on
online safety. We plan to capitalize on this momentum and leverage
it to expand the reach of our solutions."
Smith Micro reported revenue of $5.1 million for the quarter ended
June 30, 2024, compared to $10.3 million reported in the quarter
ended June 30, 2023.
Gross profit for the quarter ended June 30, 2024 was $3.5 million,
compared to $7.7 million for the quarter ended June 30, 2023.
Gross profit as a percentage of revenue was 68.7 percent for the
quarter ended June 30, 2024, compared to 75.0 percent for the
quarter ended June 30, 2023.
GAAP net loss for the quarter ended June 30, 2024 was $6.9 million,
or $0.66 loss per share, compared to GAAP net loss of $5.7 million,
or $0.73 loss per share, for the quarter ended June 30, 2023.
Non-GAAP net loss for the quarter ended June 30, 2024 was $4.0
million, or $0.38 loss per share, compared to non-GAAP net loss of
$0.6 million, or $0.08 loss per share, for the quarter ended June
30, 2023.
Smith Micro reported revenue of $10.9 million for the six months
ended June 30, 2024, compared to $21.3 million reported in the six
months ended June 30, 2023.
Gross profit for the six months ended June 30, 2024 was $7.3
million compared to $15.4 million reported for the same period in
2023.
Gross profit as a percentage of revenue was 67.1 percent for the
six months ended June 30, 2024 compared to 72.4 percent for the six
months ended June 30, 2023.
GAAP net loss for the six months ended June 30, 2024 was $37.9
million, or $3.79 loss per share, compared to GAAP net loss of
$12.6 million, or $1.68 loss per share, for the six months ended
June 30, 2023.
Non-GAAP net loss for the six months ended June 30, 2024 was $8.2
million, or $0.82 loss per share, compared to non-GAAP net loss of
$4.2 million, or $0.57 loss per share, for the six months ended
June 30, 2023.
Total cash and cash equivalents as of June 30, 2024 were $5.6
million.
About Smith Micro Software
Pittsburgh, Pa.-based Smith Micro Software, Inc. develops software
to simplify and enhance the mobile experience, providing solutions
to some of the leading wireless and cable service providers around
the world. Smith Micro's portfolio includes family safety software
solutions to support families in the digital age and a wide range
of products for creating, sharing, and monetizing rich content,
such as visual voice messaging, retail content display
optimization, and performance analytics.
As of March 31, 2024, the Company has $55.4 million in total
assets, $10 million in total liabilities, and $45.4 million in
total stockholders' equity.
Los Angeles, Calif.-based SingerLewak LLP, the Company's auditor
since 2005, issued a "going concern" qualification in its report
dated Feb. 26, 2024, citing that the Company has suffered recurring
losses from operations and has projected future cash flow
requirements to meet continuing operations in excess of current
available cash. This raises substantial doubt about the Company's
ability to continue as a going concern.
SPILLER PERSONAL: Case Summary & Seven Unsecured Creditors
----------------------------------------------------------
Debtor: Spiller Personal Care Home
d/b/a Spiller Care Home
10323 Mayberry
Houston, TX 77078
Business Description: The Debtor owns and operates an assisted
living facility in Houston, Texas.
Chapter 11 Petition Date: August 5, 2024
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 24-33614
Debtor's Counsel: H. Brad Parker, Esq.
H. BRAD PARKER, P.C.
700 Louisiana Street, Suite 3950
Houston, TX 77002-2859
Tel: 713.892.5588 or
832.390.2690
Fax: 713.892.5598
Email: bparker@parkerlawpc.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $500,000 to $1 million
The petition was signed by Terry N. Spiller as executive director.
A full-text copy of the petition containing, among other items, a
list of the Debtor's seven unsecured creditors is available for
free at PacerMonitor.com at:
https://www.pacermonitor.com/view/YBHAUCQ/Spiller_Personal_Care_Home__txsbke-24-33614__0001.0.pdf?
STORYFILE INC: Hires Gabriel Del Virginia as Legal Counsel
----------------------------------------------------------
StoryFile, Inc. seeks approval from the U.S. Bankruptcy Court for
the Southern District of New York to hire The Law Offices of
Gabriel Del Virginia as counsel.
The firm's services include:
(a) providing the Debtor with advice and preparing all
necessary documents regarding debt restructuring, bankruptcy and
asset disposition;
(b) taking all necessary actions to protect and preserve
Debtor's estate during the pendency of the Chapter 11 cases,
including the prosecution of actions by Debtor, the defense of
actions commenced against the Debtor, negotiations concerning
litigation in which Debtor is involved and objecting to claims
filed against the estate;
(c) preparing on behalf of Debtor, as Debtor in possession,
all necessary motions, applications, answers, orders, reports and
papers in connection with the administration of the Chapter 11
Cases, including but not limited to, filing disclosure statement
and plan;
(d) counseling Debtor with regard to its rights and
obligations as Debtors in possession;
(e) appearing in Court and to protect the interests of Debtors
before the Court; and
(f) performing all other legal services for Debtor which may
be necessary and proper in this proceeding.
Del Virginia received a pre-petition retainer of $25,000.
The firm will be paid at these rates:
Partner/Principal $685 per hour
Associate $385 per hour
Legal Assistant $150 per hour
Gabriel Del Virginia, Esq., disclosed in a court filing that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.
The firm can be reached at:
Gabriel Del Virginia, Esq.
Law Offices of Gabriel Del Virginia
30 Wall Street, 12th Floor
New York, NY 10005
Tel: (212) 371-5478
Fax: (212) 371-0460
Email: gabriel.delvirginia@verizon.net
About StoryFile, Inc.
StoryFile, Inc. is a developer of a conversational video
interactive platform designed to give storytellers to have the
opportunity to tell their narratives and experiences in their own
words.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. N.Y. Case No. 24-22398) on May 5,
2024. In the petition signed by James Fong, interim CEO, the Debtor
disclosed up to $500,000 in assets and up to $10 million in
liabilities.
Judge Sean H. Lane oversees the case.
Gabriel Del Virginia, Esq., at the LAW OFFICE OF GABRIEL DEL
VIRGINIA, represents the Debtor as legal counsel.
STRAWBERRY HILL: Hires Evans & Mullinix as Bankruptcy Counsel
-------------------------------------------------------------
Strawberry Hill Povitica, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Kansas to hire Evans &
Mullinix, P.A. Evans & Mullinix, P.A. to handle its Chapter 11
case.
The hourly rates of the firm's counsel and staff are as follows:
Colin N. Gotham, Esq. $350
Paralegals $125
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $5,062, which includes the filing
fees of $1,738.
Colin Gotham, Esq., an attorney at Evans & Mullinix, disclosed in a
court filing that the firm is a "disinterested person" as defined
in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Colin N. Gotham, Esq.
Evans & Mullinix P.A.
7225 Renner Road, Suite 200
Shawnee, KS 66217
Telephone: (813) 962-8700
Facsimile: (913) 962-8701
Email: cgotham@emlawkc.com
About Strawberry Hill Povitica, Inc.
Strawberry Hill Povitica is engaged in the retail sale of bakery
products.
Strawberry Hill Povitica, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Case
No. 24-20923) on July 2, 2024, listing $519,520 in assets and
$2,847,467 in liabilities. The petition was signed by Dennis K.
O'Leary as president.
Judge Dale L Somers presides over the case.
Colin Gotham, Esq. at EVANS & MULLINIX, P.A. represents the Debtor
as counsel.
SUNPOWER CORPORATION: Case Summary & 30 Top Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: SunPower Corporation
880 Harbour Way South, Suite 600
Richmond CA 94804
Business Description: SunPower Corporation, together with its
subsidiaries, is a provider of solar
technology and energy products offering all-
in-one residential solar and energy storage
solutions to customers located primarily in
the United States and Canada. Headquartered
in Richmond, California, the Company's
mission since its inception has been to
reduce greenhouse gas emissions by making
home solar energy more accessible for
historically underserved communities.
Chapter 11 Petition Date: August 5, 2024
Court: United States Bankruptcy Court
District of Delaware
Ten affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
SunPower Corporation (Lead Debtor) 24-11649
SunPower Corporation, Systems 24-11651
SunPower Capital, LLC 24-11653
SunPower Capital Services, LLC 24-11655
SunPower HoldCo, LLC 24-11656
SunPower North America, LLC 24-11658
Blue Raven Solar, LLC 24-11659
Blue Raven Solar Holdings, LLC 24-11660
BRS Field Ops, LLC 24-11661
Falcon Acquisition Holdco, Inc. 24-11662
Judge: ________
Debtors' Counsel: Jason M. Madron, Esq.
Kevin Gross, Esq.
Mark D. Collins, Esq.
RICHARDS, LAYTON & FINGER, P.A.
920 N. King Street
Wilmington, Delaware 19801
Tel: (302) 651-7700
Fax: (302) 651-7701
Email: gross@rlf.com
collins@rlf.com
madron@rlf.com
Debtors'
Local
Bankruptcy
Counsel: Joshua A. Sussberg, P.C.
Zachary R. Manning, Esq.
KIRKLAND & ELLIS LLP
KIRKLAND & ELLIS INTERNATIONAL LLP
601 Lexington Avenue
New York, New York 10022
Tel: (212) 446-4800
Fax: (212) 446-4900
Email: joshua.sussberg@kirkland.com
zach.manning@kirkland.com
- and -
Chad J. Husnick, P.C.
Jeffrey Michalik, Esq.
Robert Jacobson, Esq.
333 West Wolf Point Plaza
Chicago, Illinois 60654
Tel: (312) 862-2000
Fax: (312) 862-2200
Email: chad.husnick@kirkland.com
jeff.michalik@kirkland.com
rob.jacobson@kirkland.com
Debtors'
Financial
Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC
Debtors'
Investment
Banker: MOELIS & COMPANY LLC
Debtors'
Notice &
Claims
Agent: EPIQ SYSTEMS, INC.
Total Assets as of Dec. 31, 2023: $1,219,276,283
Total Debts as of Dec. 31, 2023: $1,119,141,312
The petitions were signed by Matthew Henry as chief transformation
officer.
Full-text copies of four of the Debtors' petitions are available
for free at PacerMonitor.com at:
https://www.pacermonitor.com/view/MAJ4JDY/SunPower_Corporation__debke-24-11649__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/MWNO3PI/SunPower_Corporation_Systems__debke-24-11651__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/MZZVSXA/SunPower_Capital_LLC__debke-24-11653__0001.0.pdf?mcid=tGE4TAMA
https://www.pacermonitor.com/view/NNW4Z4A/SunPower_Capital_Services_LLC__debke-24-11655__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Zyxel Communications, Inc. Trade Payable $15,445,139
1130 N. Miller Street
Anaheim, CA 92806
United States
Attn: Karsten Gewecke
Title: President
Phone: 714-632-0882
Email: karsteng@zyxel.com
2. Xiamen Ampace Technology Limited Trade Payable $6,451,200
No. 600 Hongtang Road
Tongxiang High-Tech Zone,
Torch High-Tech District
Xiamen City, Fujian Province,
China
Attn: James Li
Title: General Manager
Phone: 0592-3952222
3. Kuehne + Nagel, Inc. Trade Payable $4,312,397
10 Exchange Place
19th Floor
Jersey City, NJ 07302
United States
Attn: Stefan Paul
Title: Chief Executive Officer
Phone: 201-413-5500
Fax: 201-413-5777
Email: stefan.paul@kuehen-nagel.com
4. Enphase Energy, Inc. Trade Payable $3,996,197
47281 Bayside Pkwy +Undetermined
Fremont, CA 94538 Amounts
United States
Attn: Badri Kothandaraman
Title: President and Chief Executive Officer
Phone: 877-797-4743
5. Ernst & Young U.S., LLP Trade Payable $3,496,718
1201 Main Street, Suite 2000 +Undetermined
Dallas, TX 75202 Amounts
United States
Attn: Julie Boland
Title: Managing Partner
Phone: +44 20 7951 2000
Fax: 212-773-6350
6. Google, Inc. Trade Payable $3,083,904
1600 Amphitheatre Parkway
Mountain View, CA 94043
United States
Attn: Sundar Pichai
Title: Chief Executive Officer
Phone: 650-253-0000
Fax: 780-433-3758
Email: sundar@google.com
7. Leonard Roofing, Inc. Trade Payable $2,997,880
4704 N. Sonora Avenue
Fresno, CA 93722
United States
Attn: Bruce Leonard
Title: Owner
Phone: 951-506-3811
8. Amazon Web Services, Inc. Trade Payable $2,570,645
410 Terry Avenue
Seattle, WA 98109
United States
Attn: Matt Garman
Title: Chief Executive Officer
Email: matt.garman@amazon.com
9. Cravath, Swaine & Moore LLP Trade Payable $2,496,991
Two Manhattan West
375 Ninth Avenue
New York, NY 10001
United States
Attn: Faiza J. Saeed
Title: Senior Partner
Phone: 212-474-1000
Fax: 212-474-3700
Email: fsaeed@cravath.com
10. Maxeon Solar Trade Payable $2,033,751
Technologies, Ltd.
8 Marina Boulevard No.05-02
Marina Bay Financial Centre
018981
Singapore
Attn: Bill Mulligan
Title: Chief Executive Officer
Phone: +65 69897979
Email: bill.mullingan@maxeon.com
11. Best Payment Solutions, Inc Trade Payable $1,812,799
P.O. Box 601058
San Diego, CA 92120
United States
Attn: Gina Gennette
Title: Chief Executive Officer
Tel: 800-371-6801
Email: ginag@bestpayment.solutions
12. Yaw, Scott & Cosentino v. Litigation $1,800,000
Sunpower Corporation, Systems
The Wand Law Firm, P.C.
100 Oceangate, Suite 1200
Long Beach, CA 90802
United States
Attn: Aubry Wand
Title: Partner
Phone: 310-590-4503
Email: awand@wandlawfirm.com
13. TotalEnergies American Trade Payable $1,789,146
Services, Inc.
1201 Louisiana St, Suite 1800
Houston, TX 77002
United States
Attn: Patrick Pouyanne
Title: Chief Executive Officer
Tel: 713-483-5000
Email: patrick.pouyanne@totalenergies.com
14. Aluminio De Baja California Trade Payable $1,728,685
Calle Monferrato 6701
San Antonio De Los Buenos
Baja California
Tijuana, 22563
Mexico
Attn: Wadih Kuri
Title: President and Chief Executive Officer
Phone: 011 52 (664) 636-1452
Email: wkuri@abc-aluminum.com
15. AlPlus, Inc. Trade Payable $1,697,188
6203 San Ignacio Ave.
Suite 110, PMB #1258
San Jose, CA 95119
United States
Phone: 408-856-6424
16. Dalsin Industries, Inc. Trade Payable $1,611,887
9111 Grand Avenue
South Bloomington, MN 55420
Attn: Tom Schmeling
Title: President and Chief Executive
Officer
Phone: 952-232-0158
Fax: 952-881-2841
Email: tschmeling@dalsinind.com
17. Optomi, LLC Trade Payable $1,488,676
One Glenlake Pkwy, Suite 1250
Atlanta, GA 30328
United States
Attn: Chuck Ruggiero
Title: Chief Executive Officer
Phone: 678-250-0820
18. Pro Custom Solar, LLC Trade Payable $1,377,308
DBA Momentum Solar
3096B Hamilton Blvd.
South Plainfield, NJ 07080
United States
Attn: Arthur Souritzidis
Title: Chief Executive Officer
Phone: 732-902-6224
Email: asouritzidis@momentumsolar.com
19. Legacy Solar, LLC Trade Payable $1,347,226
301 S. Quincy Street
Towanda, IL 61776
United States
Attn: Luke Luginbuhl
Title: Owner
Phone: 309-231-3138
Email: luke@legacysolarpower.com
20. Skadden, Arps, Slate, Meagher & Trade Payable $1,333,244
Flom LLP
One Manhattan West
New York, NY 10001-8602
United States
Attn: Eric J. Friedman
Title: Executive Partner
Phone: 212-735-3000
Email: eric.friedman@skadden.com
Fax: 212-735-2000
21. SST Construction, LLC Trade Payable $1,258,455
DBA SunSystem Technology
2731 Citrus Rd, Ste D
Rancho Cordova, CA 95742
United States
Attn: Kurtis Brink
Title: President
Phone: 844-477-8787
Email: kbrink@sstsolar.com
22. Kamtech Restoration Corp. Trade Payable $1,141,992
DBA Kamtech Solar Solutions
203 Sheridan Blvd
Inwood, NY 11096
United States
Attn: Kryzystof Kamisnki
Title: Chief Executive Officer
Phone: 718-260-6586
Email: kkaminski@kamtechsolar.com
23. SMA Solar Technology Trade Payable $1,124,003
America, LLC
Sonnnallee 1
Niestetal, 34266
Germany
Attn: Dr. -ING Jurgen Reinert
Title: Chief Executive Officer
Phone: +49 561 95 22-0
Fax: +49 561 95 22-100
24. Deloitte Financial Trade Payable $1,111,587
Advisory Services LLP
30 Rockefeller Plaza, 41st Floor
New York, NY 10012-0115
United States
Attn: Anthony Viel
Title: Chief Executive Officer
Phone: 212-492-4000
Email: aviel@deloitte.com
25. Akin Gump Strauss Hauer & Trade Payable $1,100,000
Feld LLP
2001 K Street, NW
Washington, DC 20006-1037
United States
Attn: Kim Koopersmith
Title: Partner & Chairperson
Phone: 202-887-4000
Fax: 212-872-1002
Email: kkoopersmith@akingump.com
26. Oracle Credit Corporation Trade Payable $1,091,874
2300 Oracle Way
Austin, TX 78741
United States
Attn: Safra Catz
Title: Chief Executive Officer
Phone: 737-867-1000
Email: safra.catz@oracle.com
27. Syncro Corporation Trade Payable $973,511
1030 Sundown Dr. NW
Arab, AL 35016
Attn: Larry Fleming
Title: President and Chief
Executive Officer
Phone: 256-931-7800
Email: larryfleming@synchrocorp.com
28. Earthlight Technologies, LLC Trade Payable $948,975
128 West Rd
Ellington, CT 06059
Attn: Tim Schneider
Title: Chief Executive Officer
Phone: 860-871-9700
29. Revolv Global, Inc. Vehicle Leases $137,293
2443 Fillmore Street, Suite 505 +Undetermined
San Francisco, CA 94115 Amounts
Attn: Scott Davidson
Title: Chief Executive officer
Phone: 628-239-4575
Email: sdavidson@revolv.us
30. U.S. Securities and Exchange Litigation Undetermined
Commission
100 F Street, NE
Washington, DC 20549
Attn: Gary Gensler
Title: Chairman
Phone: 202-551-2100
Email: chair@sec.gov
SYNAPSE FINANCIAL: Trustee Taps Keller Benvenutti as Local Counsel
------------------------------------------------------------------
Jelena McWilliams, the Trustee for Synapse Financial Technologies,
Inc., seeks approval from the U.S. Bankruptcy Court for the Central
District of California to employ Keller Benvenutti Kim LLP as her
local and conflicts counsel.
The firm's services include:
(a) advising the Trustee of her rights, powers, and duties as
a trustee under chapter 11 of the Bankruptcy Code;
(b) preparing necessary and appropriate applications, motions,
proposed orders, other pleadings, notices, schedules, and other
documents, and reviewing all financial and other reports to be
filed in this Chapter 11 Case;
(c) advising the Trustee concerning, and preparing responses
to, applications, motions, other pleadings, notices, and other
papers that may be filed by other parties in this Chapter 11 Case;
(d) advising the Trustee with respect to, and assisting in the
negotiation of, any financing agreements, sale agreements, and
related transactions that may be necessary in this Chapter 11
Case;
(e) advising the Trustee in connection with the formulation,
negotiation, and promulgation of a plan or plans under the
Bankruptcy Code, and related transactional documents;
(f) assisting the Trustee in reviewing, estimating, and
resolving claims asserted against the Debtor's estate;
(g) serving as conflicts counsel with respect to parties
identified by the Trustee where an existing or potential conflict
prevents the Trustee's other employed attorneys from providing
effective representation; and
(h) performing all other necessary and appropriate legal
services in connection with this Chapter 11 Case for or on behalf
of the Trustee.
The firm will be paid at these rates:
Jane Kim (Partner) $900 per hour
Jeremy V. Richards (Of Counsel) $900 per hour
Thomas B. Rupp (Senior Counsel) $600 per hour
Colin Mitsuoka (Paralegal Trainee) $200 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jane Kim, managing director at Keller Benvenutti Kim, assured the
court 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:
Jane Kim, Esq.
Keller Benvenutti Kim LLP
425 Market Street, 26th Floor
San Francisco, CA 94105
Phone: (415) 364-6793
Email: jkim@kbkllp.com
About Synapse Financial Technologies, Inc.
Headquartered in San Francisco, California, Synapse Financial
Technologies, Inc. -- https://synapsefi.com/ -- is a
banking-as-a-service platform for embedded finance solutions
worldwide.
The Debtor sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. C.D. Cal. Case No. 24-10646) on April 22, 2024. In the
petition signed by Sankaet Pathak, chief executive officer, the
Debtor disclosed up to $50 million in assets and liabilities.
Judge Martin R. Barash oversees the case.
Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik L.L.P.,
is the Debtor's legal counsel.
TLC TRAVEL: Trustee Taps Equiturn Business as Financial Advisor
---------------------------------------------------------------
Luis E. Rivera, II, as Chapter 11 Trustee for TLC Travel Staff, LLC
seeks approval from the U.S. Bankruptcy Court for the Middle
District of Florida to hire Equiturn Business Solutions, Inc. as
his financial advisor.
The firm will provide back-office services and support during the
case, and sell-side financial advisory services to the Trustee in
connection with a potential sale of the Debtor's business.
Equiturn will be paid at a blended hourly rate of $150 per hour.
Equiturn is a "disinterested person" as that term is defined in
Sec. 101(14), and it does not hold or represent an interest adverse
to the Debtor’s estate as required by Sec. 327(a), according to
court filings.
The firm can be reached through:
Joshua Orlinsky
Equiturn Business Solutions, Inc.
1855 Griffin Rd #C462
Dania Beach, FL 33004
Phone: (800) 619-1749
About TLC Travel Staff
TLC Travel Staff LLC specializes in medical staffing that provides
opportunities to professionals in hospitals, nursing homes, and
clinics.
TLC Travel Staff LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-01546) on March 23,
2024. In the petition filed by Steve Ludders, as president/managing
member, the Debtor reports estimated assets up to $50,000 and
estimated liabilities between $10 million and $50 million.
The Honorable Bankruptcy Judge Roberta A Colton oversees the case.
The Debtor is represented by Chad Van Horn, Esq., at VAN HORN LAW
GROUP, P.A.
TOLIAO IOROI: Gets OK to Hire Eric Gravel as Legal Counsel
----------------------------------------------------------
Toliao Ioroi Holding LLC received approval from the U.S. Bankruptcy
Court for the Northern District of California to hire the Law
Offices Of Eric Gravel as its counsel.
The firm will render these services:
(a) prepare and file the Debtor's schedules, statement of
financial affairs and related documents;
(b) appear with the Debtor at the first meeting of creditors;
(c) prepare such orders as may be required; and
(d) prepare a disclosure statement and plan of reorganization,
and appear at proceedings related to the confirmation of a plan of
reorganization.
Eric Gravel will be paid at its hourly rate of $450, plus
reimbursement of expenses incurred.
The firm also received an initial retainer of $20,000 from the
Debtor.
As disclosed in a court filing, The Law Offices Of Eric Gravel is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The attorney can be reached at:
Eric J. Gravel, Esq.
Law Offices of Eric J. Gravel
1390 Market St., Suite 200
San Francisco, CA 94102
Telephone: (650) 931-6000
Email: ctnotices@gmail.com
About Toliao Ioroi Holding LLC
Toliao Ioroi Holding LLC owns and operates a restaurant in San
Francisco, California.
Toliao Ioroi Holding LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-30515) on July 9,
2024. In the petition filed by Yuka Ioroi, as managing member, the
Debtor reports total assets of $106,471 and total liabilities of
$2,715,199.
The Debtor is represented by Eric J. Gravel, Esq. at The Law
Offices Of Eric Gravel.
TOURA #5 LP: Seeks Chapter 11 Bankruptcy in California
------------------------------------------------------
TOURA #5 LP filed Chapter 11 protection in the Central District of
California. According to court documents, the Debtor reports
between $1 million and $10 million in debt owed to 1 and 49
creditors. The petition states that funds will be available to
unsecured creditors.
About TOURA #5 LP
TOURA #5 LP is engaged in activities related to real estate.
TOURA #5 LP sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. C.D. Cal. Case No. 24-11866) on July 23, 2024. In the
petition filed by Mahmoud Bdaiwi, as general partner, the Debtor
estimated assets and liabilities between $1 million and $10 million
each.
The Debtor is represented by:
Nancy Korompis, Esq.
KOROMPIS LAW OFFICES
PO Box 60011
Pasadena, CA 91116
Tel: 626-938-9200
Fax: 877-552-9252
E-mail: nancy@korompislaw.com
US TELEPACIFIC: $331.5MM Bank Debt Trades at 63% Discount
---------------------------------------------------------
Participations in a syndicated loan under which US TelePacific Corp
is a borrower were trading in the secondary market around 37.3
cents-on-the-dollar during the week ended Friday, Aug. 2, 2024,
according to Bloomberg's Evaluated Pricing service data.
The $331.5 million Payment-in-kind Term loan facility is scheduled
to mature on May 4, 2026. The amount is fully drawn and
outstanding.
US TelePacific Corp., doing business as TPx Communications,
provides communications and managed services.
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. 24-12162) on July 30,
2024, with $500,001 to $1 million in both assets and liabilities.
The petition was filed pro se.
Judge René Lastreto II presides over the case.
Lisa Holder, Esq., a practicing attorney in Bakersfield, Calif.,
serves as Subchapter V trustee.
VBI VACCINES: Initiates Restructuring Proceedings Under CCAA
------------------------------------------------------------
VBI Vaccines Inc. announced July 30, 2024, that the Ontario
Superior Court of Justice (Commercial List) has issued an initial
order granting the company protection under the Companies'
Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
("CCAA"). The Initial Order provides for, among other things: (i)
a stay of proceeding in favour of VBI, (ii) approval of the DIP
Loan, and (iii) the appointment of Ernst & Young Inc. to serve as
monitor in the Court during the restructuring.
The Company said the decision to seek creditor protection was made
in the best interest of its stakeholders after careful evaluation
of VBI's financial situation and all available alternatives
following consultation with its legal and financial advisors. The
board of directors of VBI will remain in place and VBI will remain
responsible for the sale process under the supervision of the CCAA
Court and the general oversight of the Monitor. VBI intends to
fund the CCAA process from cash on hand as well as through the
authorized interim debtor-in-possession financing entered into with
K2 HealthVentures LLC, as the secured creditor and DIP lender.
VBI intends to seek approval of a sale and investment solicitation
process ("SISP"), which, if approved, would allow interested
parties to participate in the process in accordance with the SISP
procedure. VBI intends to use this process to build on the work it
undertook prior to the filing to identify one or multiple
purchasers of its assets on an efficient basis. The SISP, if
approved by the CCAA Court, will be administered by VBI, with the
assistance of its financial advisor and the Monitor, EY.
Additional detail relating to the SISP will be disclosed in due
course.
VBI intends to commence a case under Chapter 15 of the United
States Bankruptcy Code to seek recognition and enforcement in the
United States of the CCAA Court's orders, and to commence a case
under the relevant provisions of the Israeli Insolvency and
Economic Rehabilitation Law, 2018, to protect VBI's subsidiaries
and assets located in the United States and Israel, respectively.
The Company has notified Nasdaq of the foregoing and expects its
common shares will cease trading on the Nasdaq Capital Market upon
such date that Nasdaq determines. The Company expects to cease
reporting as a public reporting company.
Stikeman Elliott LLP, Haynes and Boone, LLP, Morris, Nicols, Arsht
& Tunnell LLP, and Pearl Cohen Zedek Latzer Baratz are acting as
legal advisors to VBI. EY is acting as financial advisor to VBI in
connection with the CCAA process and the proposed SISP.
Additional information regarding the CCAA proceeding can be found
on the Monitor's website, or by contacting the Monitor at
vbi.monitor@ca.ey.com or 1-888-338-1764.
About VBI Vaccines
VBI Vaccines Inc. -- www.vbivaccines.com -- is a biopharmaceutical
company driven by immunology in the pursuit of powerful prevention
and treatment of disease. Through its innovative approach to
virus-like particles including a proprietary enveloped VLP platform
technology and a proprietary mRNA-launched eVLP platform
technology, VBI develops vaccine candidates that mimic the natural
presentation of viruses, designed to elicit the innate power of the
human immune system. VBI is committed to targeting and overcoming
significant infectious diseases, including hepatitis B,
coronaviruses, and cytomegalovirus (CMV), as well as aggressive
cancers including glioblastoma (GBM). VBI is headquartered in
Cambridge, Massachusetts, with research operations in Ottawa,
Canada, and a research and manufacturing site in Rehovot, Israel.
Iselin, New Jersey-based EisnerAmper LLP, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2024, citing that the Company faces several risks,
including but not limited to, uncertainties regarding the success
of the development and commercialization of its products, demand
and market acceptance of the Company's products, and reliance on
major customers. The Company anticipates that it will continue to
incur significant operating costs and losses in connection with the
development and commercialization of its products. The Company has
an accumulated deficit as of December 31, 2023 and cash outflows
from operating activities for the year-ended December 31, 2023 and,
as such, will require significant additional funds to conduct
clinical and non-clinical trials, commercially launch its products,
and achieve regulatory approvals that raise substantial doubt about
its ability to continue as a going concern.
VISION CARE: Case Summary & Nine Unsecured Creditors
----------------------------------------------------
Debtor: Vision Care of Maine Limited Liability Company
1 Ridgewood Drive
Bangor, ME 04401
Business Description: Vision Care of Maine is a medical group
practice located in Bangor, ME that
specializes in Ophthalmology and Optometry
offering vision care services including
glasses, contacts, surgeries for cataracts,
retina disease and cornea disease and
glaucoma.
Chapter 11 Petition Date: August 5, 2024
Court: United States Bankruptcy Court
District of Maine
Case No.: 24-10166
Judge: Hon. Michael A Fagone
Debtor's Counsel: George J. Marcus, Esq.
MARCUS CLEGG
16 Middle Street Unit 501A
Portland ME 04101
Tel: (207) 828-8000
Email: bankruptcy@marcusclegg.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Curt Young as manager.
A full-text copy of the petition containing, among other items, a
list of the Debtor's nine unsecured creditors is available for free
at PacerMonitor.com at:
https://www.pacermonitor.com/view/ZOICJJQ/Vision_Care_of_Maine_Limited_Liability__mebke-24-10166__0001.0.pdf?mcid=tGE4TAMA
W 72 STREET: Seeks Approval to Hire Cushman & Wakefield as Realtor
------------------------------------------------------------------
W 72 Street Partners LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire Cushman & Wakefield as
realtor.
The firm will market and sell the Debtor's property located at 27 W
72nd Street, Unit COM-A, New York, NY.
The firm will receive 4 percent of the gross sales proceeds as
commission.
As disclosed in the court filings, Cushman & Wakefield is a
disinterested person under 11 U.S.C. Sec. 101(14).
The firm can be reached through:
Ian Lerner
Cushman & Wakefield
1290 Avenue of the Americas
New York, NY 10104
Office: (212) 841-5948
About W 72 Street Partners LLC
W 72 Street Partners LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No.
24-17236) on July 19, 2024, listing $1 million to $10 million in
both assets and liabilities. The petition was signed by David
Goldwasser as VP restructuring.
Eric H. Horn, Esq. at A.Y. STRAUSS LLC represents the Debtor as its
counsel.
W 72 STREET: Seeks to Hire A.Y. Strauss LLC as Bankruptcy Counsel
-----------------------------------------------------------------
W 72 Street Partners LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to hire A.Y. Strauss LLC to
handle its Chapter 11 proceedings.
The firm's services include:
(a) providing the Debtor with advice and preparing all
necessary documents regarding debt restructuring, bankruptcy and
asset dispositions;
(b) taking all necessary actions to protect and preserve the
Debtor's estate during the pendency of this Chapter 11 Case;
(c) preparing on behalf of the Debtor, as
debtor-in-possession, all necessary motions, applications, answers,
orders, reports and papers in connection with the administration of
this Chapter 11 Case;
(d) counseling the Debtor with regard to its rights and
obligations as a debtor-in-possession;
(e) appearing in Court to protect the interests of the Debtor;
and
(f) performing all other legal services for the Debtor which
may be necessary and proper in these proceedings and in furtherance
of the Debtor's operations.
The firm's hourly rates range from $425 to $550 per hour.
In addition, the firm will receive reimbursement for out-of-pocket
expenses incurred.
Eric Horn, Esq., a partner at A.Y. Strauss, disclosed in a court
filing that his firm is a "disinterested person" pursuant to
Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Eric H. Horn, Esq.
Heike M. Vogel, Esq.
James P. Mansfield, Esq.
A.Y. STRAUSS, LLC
101 Eisenhower Parkway, Suite 412
Roseland, NJ 07068
Tel: (973) 287-5006
Fax: (973) 226-4104
About W 72 Street Partners LLC
W 72 Street Partners LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No.
24-17236) on July 19, 2024, listing $1 million to $10 million in
both assets and liabilities. The petition was signed by David
Goldwasser as VP restructuring.
Eric H. Horn, Esq. at A.Y. STRAUSS LLC represents the Debtor as its
counsel.
WARDADDY AVIATION: Hires Aero Law Center as Special Counsel
-----------------------------------------------------------
Wardaddy Aviation, Inc. seeks approval from the U.S. Bankruptcy
Court for the Northern District of Georgia to hire Ewing Legal
Group, P.A., d/b/a Aero Law Center as special counsel.
The firm will assist the Debtor in addressing aviation law issues,
including filing liens on airplanes for work done, assisting Debtor
in aviation-related collections, and addressing any additional
aviation-related issues during this case.
Aero Law's hourly billing rate for attorneys is $650 and the hourly
billing rate for paralegals is $325.
Aero Law Center does not hold or represent any interest adverse to
the Debtor or its estate, according to court filings.
The firm can be reached through:
Kristin Marrero, Esq.
Aero Law Center
1100 Lee Wagener Boulevard, Suite 211
Fort Lauderdale, FL 33315
Phone: (954) 869-8950
About Wardaddy Aviation, Inc.
Wardaddy is an aviation company that provides technical expertise
and professional integrity to guide clients in making informed
decisions about their aircraft, whether it's acquiring new
aircraft, storage or aircraft maintenance.
Wardaddy Aviation, Inc. filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No.
24-10810) on June 21. 2024, listing $1 million to $10 million in
both assets and liabilities. The petition was signed by David R.
Ronig, president.
Judge Paul Baisier presides over the case.
Thomas T. McClendon, Esq. at JONES & WALDEN LLC represents the
Debtor as counsel.
WOODFIELD RD: Seeks to Hire Thompson Premier Homes as Realtor
-------------------------------------------------------------
Woodfield Rd, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Maryland to hire Thompson Premier Homes Group as
realtors.
The firm will market and sell the Debtor's property located at
26040-26050 Woodfield Road, Damascus, MD 20872.
The commission to the realtors is 5 percent on any sale procured.
The realtors would pay a 1.5 percent commission with any agent for
a buyer.
Thompson Premier does not hold or represent any interest adverse to
the Debtor or its estate, according to court filings.
The firm can be reached through:
Eboneese Thompson
Thompson Premier Homes Group
519 C St NE
Washington, DC 20002
Phone: (240) 480-1616
Email: eboneese@tphgsellsdc.com
About Woodfield Rd, LLC
Woodfield Rd is a Single Asset Real Estate debtor (as defined in 11
U.S.C. Section 101(51B)). The Debtor owns the real property located
at 26040-26050, Woodfield Rd, Damascus MD 20787 having an appraised
value of $8.4 million.
Woodfield Rd filed its voluntary petition for relief under Chapter
11 of the Bankruptcy Code (Bankr. D. Md. Case No. 24-15941) on July
15, 2024, listing $8,421,687 in assets and $4,935,021 in
liabilities. The petition was signed by Sam Razjooyan as manager.
William C. Johnson, Jr., Esq. at The Johnson Law Group, LLC
represents the Debtor as counsel.
[*] Democrats Eye Corporate Bankruptcy Changes After Purdue
-----------------------------------------------------------
Thomas Gleason of Bloomberg Law reports that corporate bankruptcy
changes eyed by Democrats following Purdue.
A key Democratic lawmaker reintroduced legislation to rein in
bankruptcy protections granted to nondebtors after the US Supreme
Court rejected Purdue Pharma LP's $6 billion bankruptcy settlement
that contained liability releases for members of the billionaire
Sackler family.
The Nondebtor Release Prohibition Act of 2024 from Rep. Jerrold
Nadler (D-N.Y.), the top Democrat on the House Judiciary Committee,
would ban bankruptcy shields for nondebtors while addressing
several issues the high court avoided in its 5-4 decision in
Harrington v. Purdue Pharma.
Purdue Ruling
To recall, Purdue filed for chapter 11 reorganization in 2019 in
the Southern District of New York. As part of the original plan of
reorganization, the Sacklers proposed to contribute $4.35 billion
to the estate (having withdrawn $11 billion over previous years)
through a decade-long series of payments in exchange for (i)
extinguishing any claims the bankruptcy estate might have against
Sackler family members and (ii) a full release of claims of all
current and future opioid victims. Bankruptcy Judge Robert D.
Drain approved the plan over the objection of the U.S. Trustee,
eight States, the District of Columbia, the City of Seattle, and
various Canadian municipalities and Tribes, each of which wanted to
preserve its own claims against the Sacklers. The District Court
vacated the Bankruptcy Court's confirmation order, finding no basis
for extinguishing claims against the Sacklers without the consent
of the claimants. During the pendency of their appeal to the
Second Circuit, the Sacklers agreed to increase their contribution
up to $6 billion in exchange for the withdrawal of the objections
from the eight States and the District of Columbia, which proposal
was accepted. The Second Circuit reversed the District Court and
reinstated the confirmation of the modified plan including the $6
billion contribution.
On June 27, 2024, the United States Supreme Court ruled in favor of
the United States Trustee, who had objected to Purdue's plan of
reorganization that granted releases of third party claims to
members of the Sackler family in exchange for their contribution of
up to $6 billion to the Purdue bankruptcy estate. Justice Neil
Gorsuch, writing for the majority, found that the type of relief
being granted to the Sacklers (i.e., a blanket shield from all
existing or potential liability relating to the opioid crisis)
represented the kind of "discharge" only available to debtors who
have "placed all their assets on the table."
*********
Monday's edition of the TCR delivers a list of indicative prices
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