/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/240820.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, August 20, 2024, Vol. 28, No. 232 Headlines 1847 HOLDINGS: Inks Non-Competition Deal With ICU Entities 221 GRANGER ROAD: Files for Chapter 11 Bankruptcy 2408 W. KENNEDY: Adversary Case v. Bank of Central Florida Tossed 2U INC: Reports $452.4 Million Net Loss in Fiscal Q2 4011- 4099 NW 34TH: Plan Exclusivity Period Extended to Sept. 13 59 NORTH 6TH STREET: Sept. 10 Hearing on Creditor's Plan Set 99 CENTS: Wants Chapter 11 Plan Filing Deadline Extended ACORDA THERAPEUTICS: Court Confirms Chapter 11 Plan of Liquidation ACORDA THERAPEUTICS: Creditors' Votes Counted as Release Consent ACPRODUCTS HOLDINGS: $1.40BB Bank Debt Trades at 28% Discount ACTIVE WORLD: Holly Miller Named Subchapter V Trustee ADKOM LLC: Hires Desai Law Firm, LLC as Counsel ADVANCED MARBLE: Unsecureds Will Get 10% of Claims in 36 Months AEC PARENT: $250MM Bank Debt Trades at 19% Discount AEMETIS INC: Registers $234MM Shelf Offering of Securities AINOS INC: Granted Patent License by Taiwan Carbon for 5.5MM Shares AINOS INC: Lawrence Lin Transitions From Role as EVP of Operations AINOS INC: Pays Off Lind Note With $1.67MM in Cash, Stock Issuance ALANIZ & HERNANDEZ: Hires Zendeh Del & Associates as Legal Counsel ALCOTT ENTERPRISES: Hires Thomas B. Ure as Legal Counsel AMERGENT HOSPITALITY: Hires Culhane PLLC as Counsel ANASTASIA PARENT: $650MM Bank Debt Trades at 29% Discount APPLIED DNA: Leviticus Partners, AMH Equity Hold 8.41% Stake AQUA POOL CARE: Commences Subchapter V Bankruptcy ARCHBISHOP OF BALTIMORE: Plan Exclusivity Period Extended ARGENTARIA REAL: Hearing on Sale of Pharr Property Set for Aug. 26 AT HOME GROUP: $600MM Bank Debt Trades at 61% Discount ATHENA MEDICAL: Trustee Taps Stout Risius Ross as Expert ATVY LLC: Seeks to Hire Moshe K. Silver as Bankruptcy Counsel AULT ALLIANCE: Incurs $39.78 Million Net Loss in Second Quarter AVON PRODUCTS: Davis Polk Advising Lender and Buyer Natura AXIS KC: Seeks to Hire Adam Law Group as Counsel AYRO INC: Incurs $6.91 Million Net Income in Second Quarter AZTEC FUND: Bankruptcy Filing Stalls BofA Foreclosure Attempt AZTEC FUND: Files for Chapter 11 Bankruptcy B. RILEY FINANCIAL: Co-Founder Offers to Acquire Rest of Company BETTER CHOICE: Altium Entities Disclose 5.8% Equity Stakes BIG LOTS: Wants to Close Additional 4 Louisiana Stores BLUE RIBBON: $368MM Bank Debt Trades at 35% Discount BROOKDALE SENIOR: Reports Net Loss of $37.7 Million in Fiscal Q2 BURGESS BIOPOWER: Plan Exclusivity Period Extended to Sept. 8 BYJU'S ALPHA: Judge Dismisses Bid to Stop India Cricket Payment CASTLE US HOLDING: EUR500MM Bank Debt Trades at 48% Discount CHAMPION HEALTHCARE: Taps Lefkovitz & Lefkovitz as Legal Counsel CHANGAR REALTY: Files for Chapter 11 Bankruptcy CHATEAU CREOLE: Seeks to Hire Long & Long PC as Special Counsel CITADEL OF PRAISE: Hires Northgate Real Estate Group as Broker CITGO PETROLEUM: Faces $25 Million Net Loss in Q2 of 2024 CLYDE, TX: S&P Lowers GO Bond Rating to 'B', on Watch Negative COMMERCIAL OFFICE: Hires Moore, Masunas & Moore as Special Counsel CONNECT HOLDING: Brightspeed Gets $3.7-Bil. New Funding CYTODYN INC: Incurs $49.8 Million Net Loss in FY Ended May 31 DEL MONTE FOODS: In Debt Restructuring Talks With Creditors DIOCESE OF SYRACUSE: Bankruptcy Judge Pauses Chapter 11 Case DOUBLE M RANCH: Trustee Taps Dullnig Ranch Sales as Broker DOVGAL ENTERPRISES: Hires Crane Simon Clar & Goodman as Counsel EBIX INC: Judge Rules 3rd Party Releases in Chapter 11 Illegal ECHOSTAR CORP: Reports $207.5 Million Net Loss in Fiscal Q2 ECLIPSE FARMINGDALE: Blink Fitness Hits Chapter 11 Bankruptcy EMX ROYALTY: Closes $35MM Loan Agreement With Franco-Nevada ENDRA LIFE: All Proposals Approved at Annual Meeting ENDRA LIFE: Pestrikova Resigns; Jacroux Appointed Head of Finance ENVIVA INC: Milbank & Williams Mullen Represent Ad Hoc Committee EXPRESS INC: Creditors Ask Court Okay to File Own Chapter 11 Plan FINANCE OF AMERICA: Reports Net Loss of $5.1 Million in Fiscal Q2 FIRST COAST: Case Summary & 20 Largest Unsecured Creditors FTX TRADING: Schulte Roth & Bielli Advise Preferred Equity Holders FUTURE FINTECH: Appoints Hu Li as New CEO, President GAINWELL HOLDING: S&P Downgrades ICR to 'CCC+', Outlook Negative GENESIS GLOBAL: Settles $600 Million Row With DCG GOEASY LTD: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable GOTO GROUP: $958.9MM Bank Debt Trades at 57% Discount GRANITE ASSET: Case Summary & One Unsecured Creditor HELIUS MEDICAL: Has Until Feb. 5 to Regain Nasdaq Compliance HENDRY HARDWOODS: Hires Bright Star Auctions as Auctioneer HENDRY HARDWOODS: Hires Keech Law Firm P.A. as Counsel HILLENBRAND INC: S&P Alters Outlook to Negative, Affirms 'BB+' ICR HISTORIC TIMBER: Hires Desai Law Firm LLC as Legal Counsel ICON COLLECTIVE: Seeks Chapter 11 Bankruptcy in California INNOVATIVE SOLUTIONS: Hires Allen Vellone Wolf as Counsel INOTIV INC: Inks $50MM Sale Agreement With Jefferies LLC INOTIV INC: Reports $26.1 Million Net Loss in Fiscal Q3 INTEGRITY BEHAVIORAL: Case Summary & 20 Top Unsecured Creditors JER INVESTORS: Plan Exclusivity Period Extended to October 28 JERRY L. TEAL SR: Armor Concepts Suit Goes to Trial JPK NEWCO: Seeks to Hire Wolff & Orenstein as Legal Counsel KBR INC: S&P Raises ICR to 'BB+' on Improved Credit Metrics KLDISCOVERY INC: Completes Debt Restructuring LA DELTA FARMS: Dwayne Murray Named Subchapter V Trustee LAND & SEA INDUSTRIES: Hires Cooper & Scully as Legal Counsel LIFESCAN GLOBAL: $1.01BB Bank Debt Trades at 62% Discount LODGING ENTERPRISES: Hires Greenberg Traurig LLP as Counsel LUCID GROUP: Secures $1.5-Billion Lifeline LUMEN TECHNOLOGIES: $1.63BB Bank Debt Trades at 23% Discount LUMEN TECHNOLOGIES: $1.63BB Bank Debt Trades at 25% Discount LV OPPORTUNITY ZONE: Hits Chapter 11 Bankruptcy in Nevada MACADAMIA BEAUTY: Case Summary & 20 Largest Unsecured Creditors MAGENTA BUYER: $750MM Bank Debt Trades at 73% Discount MAWSON INFRASTRUCTURE: CDO Craig Hibbard to Depart by February 2025 MELBEN INC.: Hires Mahdavi Bacon Halfhill & Young as Attorney MELBEN INC: Hires John P. Forest II as Attorney NEW CENTURY FOOD: Seeks Chapter 11 Bankruptcy Protection NICHOLAS WALLACE: MidWestOne May Foreclose on Collateral NUZEE INC: Files S-1 for Resale of 2.6MM Shares by DYT, 10 Others OHIO LUXURY: M. Colette Gibbons Named Subchapter V Trustee OPTICSLAH LLC: Seeks Bankruptcy Protection in Arizona OTSO ENERGY: Hires Quinn & Associates LLC as Financial Advisor PARK VIEW APT: Hits Chapter 11 Bankruptcy Protection PARKER HEATING: Gets OK to Hire Carmody MacDonald as Counsel PARKER HEATING: Seeks Chapter 11 Bankruptcy PIZZA PALS: Unsecureds Will Get 3.20% of Claims over 5 Years PRETIUM PKG: $1.04BB Bank Debt Trades at 20% Discount QUICK SERVE: Beach Plum Starts Subchapter V Bankruptcy Process QURATE RETAIL: Posts $32 Million Net Income in Fiscal Q2 RIVERBED TECHNOLOGY: $375MM Bank Debt Trades at 39% Discount SAHIL PROMOTIONS: Gets OK to Hire Joel Schechter as Counsel SALT LIFE: Committee Hires Potter Anderson as Delaware Counsel SALT LIFE: Committee Hires Province LLC as Financial Advisor SALT LIFE: Committee Taps Shumaker Loop & Kendrick as Counsel SANUWAVE HEALTH: Posts $6.56 Million Net Income in Second Quarter SANUWAVE HEALTH: Shareholders OK Equity Plan, Reverse Stock Split SC SJ HOLDINGS: Court Orders San Jose City to Nix Tax Claims SERIOUS DOGS: Seeks to Hire Saye & Associates as Accountant SILVER CREEK: Glendale Shopping Center Seeks Chapter 11 Bankruptcy SILVERSHORE PROPERTIES: Hits Chapter 11 Bankruptcy SINCLAIR TELEVISION: $740MM Bank Debt Trades at 25% Discount SINCLAIR TELEVISION: $750MM Bank Debt Trades at 29% Discount SINGING MACHINE: Increases Common Share Offering to $3.1 Million SIRVA WORLDWIDE: $435MM Bank Debt Trades at 30% Discount SIX RIVERS CONSTRUCTION: Kicks Off Subchapter V Bankruptcy SIX RIVERS: Seeks to Hire Molleur Law Office as Attorney SMOKECRAFT CLARENDON: Ongoing Operations to Fund Plan SONOMA PHARMACEUTICALS: Posts $1.14 Million Net Loss in Q1 2024 SQRL SERVICE: Voluntary Chapter 11 Case Summary STAR AIRCONDITIONING: Aaron Cohen Named Subchapter V Trustee STEWARD HEALTH: Court Approves $245-Mil. Sale to Rural Healthcare STEWARD HEALTH: Receives $30M Lifeline After Apollo Landlord Deal STITCH ACQUISITION: $370MM Bank Debt Trades at 70% Discount STUDIO PB: Starts Subchapter V Bankruptcy Proceeding SUNSET LAKES: Hires Desai Law Firm LLC as Counsel TEAL PROPERTIES: Armor Concepts Suit Goes to Trial TOURA #5 LP: Hires Korompis Law Offices as Bankruptcy Counsel TREVENA INC: Posts Net Loss of $4.89MM in Fiscal Q2 TRINITY PLACE: NYSE American to Delist Common Shares Today UN MONDE: Incurs $18.6K Net Loss in Second Quarter UNITED ASSETS CORP: Files for Chapter 11 Bankruptcy VERTEX ENERGY: Reports Net Loss of $53.8 Million in Fiscal Q2 VIASAT INC: Posts $21.7 Million Net Loss for Quarter Ended June 30 VICTORIA EDWARD: L. Todd Budgen Named Subchapter V Trustee VISION CARE OF MAINE: Hits Chapter 11 Bankruptcy Protection VIVAKOR INC: Incurs $3.31 Million Net Loss in Second Quarter WHEEL PROS LLC: Reaches Forbearance Deal With Creditors WJH ELM: Gets OK to Sell Somerville Property to Montalto Group WW INTERNATIONAL: $945MM Bank Debt Trades at 71% Discount X4 PHARMACEUTICALS: Reports $90.8 Million Net Income in Fiscal Q2 YANEZ DESIGNS: Hits Chapter 11 Bankruptcy Protection YELLOW CORP: Wants Clarity in PBGC Pension Penalties Debate YS GARMENTS: $259.3MM Bank Debt Trades at 23% Discount [^] Large Companies with Insolvent Balance Sheet ********* 1847 HOLDINGS: Inks Non-Competition Deal With ICU Entities ---------------------------------------------------------- 1847 Holdings LLC disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company is a limited guarantor of an Amended and Restated Credit and Security Agreement that was entered into on September 11, 2023, among AB Lending SPV I LLC d/b/a Mountain Ridge Capital as lender, ICU Eyewear, Inc., ICU Eyewear Holdings, Inc., and 1847 ICU Holdings Inc. Pursuant to the Loan, the Lender had a security interest in all the assets of ICU Eyewear ICU Eyewear was in default under the Loan and, with the approval of the other ICU Parties, consented to a foreclosure by Lender and private sale of substantially all of its assets in an Article 9 sale process, pursuant to Section 9-610 of the Uniform Commercial Code as in effect in the State of New York and Section 9-610 of the Uniform Commercial Code as in effect in the State of California. On August 5, 2024, ICU Eyecare Solutions Inc. (ICU Solutions), an entity that is not affiliated with the Company, was the successful bidder of the Asset Sale with a cash bid of FOUR MILLION TWO HUNDRED AND FIFTY THOUSAND AND NO/100 DOLLARS ($4,250,000.00). Pursuant to an agreement dated August 5, 2024, and in consideration for the Purchase Price, the Lender having foreclosed on its security interest in all of the Assets of ICU then conveyed all of its rights, title, and interest in all of such assets to ICU Solutions. In connection with the Asset Sale, the Company and the ICU Parties entered into a non-competition agreement pursuant to which the Company and each other ICU Party agreed that, from and after August 5, 2024 and ending on August 5, 2029, it will not own, manage, control, participate in, or in any manner engage in the sale at wholesale or retail of (i) eyewear products, including eyeglasses, sunglasses, reading glasses, frames for eyeglasses, sunglasses, and reading glasses, and (ii) eyewear accessories, including cases, chains, cords and lanyards. About 1847 Holdings Based in New York, NY, 1847 Holdings LLC -- www.1847holdings.com/ -- is an acquisition holding Company focused on acquiring and managing a group of small businesses, which the Company characterizes as those that have an enterprise value of less than $50 million, in a variety of different industries headquartered in North America. As of March 31, 2024, 1847 Holdings had $35.88 million in total assets, $64.15 million in total liabilities, and a total shareholders' deficit of $28.27 million. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated April 25, 2024, citing that the Company has suffered recurring losses and negative cash flows from operations, and has a working capital deficit, which raises substantial doubt about its ability to continue as a going concern. 221 GRANGER ROAD: Files for Chapter 11 Bankruptcy ------------------------------------------------- 221 Granger Road LLC filed Chapter 11 protection in the Western District of Texas. According to court documents, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About 221 Granger Road LLC 221 Granger Road LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). 221 Granger Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No.: 24-10927) on August 5, 2024. In the petition filed by Gopala Krishnan, as manager/member, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher G. Bradley oversees the case. The Debtor is represented by: 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 2408 W. KENNEDY: Adversary Case v. Bank of Central Florida Tossed ----------------------------------------------------------------- Chief Carley E. Delano of the United States Bankruptcy Court for the Middle District of Florida dismissed 2408 W. Kennedy LLC's complaint against Bank of Central Florida for lack of subject matter jurisdiction under the Rooker-Feldman doctrine. The Debtor has engaged in the business of owning and operating a nightclub and bar, "The Kennedy," in Tampa, Florida. The dispute in this adversary proceeding involves the Debtor's lease of a vacant lot on South Howard Avenue in Tampa that the Debtor used as a parking lot for The Kennedy, and whether a state court foreclosure judgment terminated the Debtor's leasehold interest in the Howard Property. The Debtor's principals, Thomas Ortiz and Christopher Scott, are also the principals in an entity known as BAMC Development Holding, LLC. Prior to the foreclosure action, BAMC owned the Howard Property. Whitney National Bank held a note secured by a mortgage on the Howard Property; Mr. Scott and Mr. Ortiz guaranteed BAMC's obligations under the note and mortgage. The Bank originally held the note and mortgage. The note and mortgage were later sold or assigned to Biel Loanco III-A, LLC and again to Biel REO, LLC. After the mortgage was foreclosed, Biel REO was the high bidder at the foreclosure sale, and CCIC I LLC was later substituted in its place. The certificate of title was issued to CCIC, who then sold the Howard Property to Bank of Central Florida. On May 20, 2008, the Debtor entered into a lease of the Howard Property with BAMC. In 2010, the Bank sued in Hillsborough County Circuit Court to foreclose its mortgage and recorded a notice of lis pendens in the Official Records. The foreclosure complaint named BAMC, Mr. Ortiz, Mr. Scott, and "Unknown Tenants" as defendants. The Debtor was not named as a defendant. Although Mr. Ortiz and Mr. Scott -- the Debtor's principals -- were named defendants in the Foreclosure Action, the Debtor did not move to intervene in the Foreclosure Action within 30 days of the recordation of the Bank's lis pendens. Two days before the scheduled February 14, 2019 Foreclosure Sale, the Debtor -- represented by the same attorney who had represented BAMC, Mr. Ortiz, and Mr. Scott throughout the Foreclosure Action -- recorded a lis pendens a copy of the Lease in the Official Records. The Debtor also moved to intervene in the Foreclosure Action. The Debtor asked to intervene in the Foreclosure Action in order to seek the State Court's judicial declaration that (1) its leasehold interest in the Howard Property survived the Foreclosure Judgment, and (2) the purchaser at the Foreclosure Sale took the Howard Property subject to the Lease. The Debtor also filed an objection to the Foreclosure Sale on the ground that the State Court needed to first consider its Intervention Motion. 309 Holdings LLC -- an entity related to Mr. Scott that also asserted a leasehold interest in the Howard Property -- filed its own motion for leave to intervene in the Foreclosure Action. On February 14, 2019, the State Court clerk conducted the Foreclosure Sale as scheduled, and the Bank was the high bidder. On March 6, 2019, the State Court clerk issued a certificate of title to the Bank as the purchaser of the Howard Property. A year later, the Bank filed a motion for a writ of possession in the Foreclosure Action. The Bank contended that the Debtor "continued to claim a right to the foreclosed property by virtue of one or more unrecorded leases." On May 8, 2020, the State Court granted the Bank's motion and thereafter issued a writ of possession. On August 17, 2020, the Hillsborough County Sheriff served the Writ of Possession on (among others) BAMC, Mr. Scott, Mr. Ortiz, and "Unknown Tenants," and, according to the Sheriff's records, the Bank took possession of the Howard Property. Three months later, the Bank filed an emergency motion in State Court to enforce the Writ of Possession. The Bank alleged that the Debtor's managing member -- Mr. Ortiz -- had threatened to cloud title to the Howard Property. On November 25, 2020, the State Court entered an order granting the motion to enforce the Writ of Possession. On December 11, 2020, the Debtor appealed the Order Enforcing Writ to the Florida Second District Court of Appeal. In the Writ Appeal, the Debtor contended that the Writ of Possession was void because: (1) the Debtor had neither been named as a defendant in the Foreclosure Action nor served with the foreclosure complaint; and (2) the Debtor claimed its unrecorded leasehold interest was unaffected by the Foreclosure Judgment and Sec. 48.23(d)(1) because the Debtor was "in possession" of the Howard Property when the Foreclosure Action was filed (but recall, the Howard Property is a vacant lot). On May 18, 2021, while its Writ Appeal was pending, the Debtor filed this Chapter 11 case. On August 31, 2021, the Court entered an order determining that the automatic stay under 11 U.S.C. Sec. 362 did not apply to the Writ Appeal, and to the extent the automatic stay did apply, the Court granted relief from stay for the Writ Appeal to proceed. On October 28, 2022, Florida's Second District Court of Appeal affirmed, per curiam, the State Court's Order Enforcing Writ. Meanwhile, shortly after the Debtor filed its Chapter 11 case, it commenced this adversary proceeding by filing a complaint against the Bank. Primarily, the Debtor sought a judicial declaration that the Lease survived the foreclosure of the Howard Property. Judge Michael G. Williamson dismissed the Debtor's complaint on Rooker-Feldman grounds, holding that the Bankruptcy Court had no jurisdiction to review the State Court's Foreclosure Judgment. The Debtor appealed the dismissal. While the Rooker-Feldman Appeal was pending, the Debtor resolved other issues in its Chapter 11 case, and in August 2023, the Court confirmed the Debtor's Chapter 11 plan. Although the plan provided for the Debtor to assume and assign the Lease, the Court's confirmation order stated that if the District Court in the Rooker-Feldman Appeal reversed Judge Williamson's ruling, the Debtor's and the Bank's rights would be preserved, and the parties would litigate the issues relating to the Lease in the Bankruptcy Court. In November 2023, the District Court ruled in the Rooker-Feldman Appeal. Reversing Judge Williamson's ruling, the District Court held that, notwithstanding the Debtor's two principals were parties to the Foreclosure Action from its inception, Rooker-Feldman did not apply to the Foreclosure Judgment because the Debtor itself was not a party to the Foreclosure Action when the Foreclosure Judgment was entered. The District Court then remanded this adversary proceeding to the Bankruptcy Court to consider other grounds for dismissal, including whether the Rooker-Feldman doctrine applies to any judgments entered after the Debtor intervened in the Foreclosure Action or whether any of those judgments are otherwise entitled to preclusive effect. On remand to the Bankruptcy Court, the Bank consented to the Debtor's filing an amended complaint. In the Debtor's third amended complaint -- the operative complaint -- the Debtor asserts these claims: Count 1: A judicial declaration that its leasehold interest in the Howard Property survived the Foreclosure Judgment and the Foreclosure Sale; Count 2: Quieting title to the Lease in the Debtor; Count 3: Turnover of the Howard Property under Sec. 542 of the Bankruptcy Code; Count 4: Breach of the Lease for failure to deliver possession of the Howard Property to the Debtor; and Count 5: Unjust enrichment of the use and enjoyment of the Howard Property On March 13, 2024, the Bank filed its Motion to Dismiss Third Amended Complaint and Objection to Claim No. 16, or in the Alternative, Motion for Summary Judgment. The Bank seeks dismissal primarily on two grounds: 1. The Rooker-Feldman doctrine applies to the State Court's Lease Termination Orders and the Order Enforcing Writ, such that the Debtor's claims in the Complaint are barred; and 2. The Debtor's claims in the Complaint (except for Count 3, the turnover claim under 11 U.S.C. Sec. 542) are barred by the doctrine of res judicata and that all the Debtor's claims -- including Count 3 -- are barred by collateral estoppel. In its response to the Motion, the Debtor argues: 1. The Rooker-Feldman does not apply because the Debtor has not asked the Court to reject the Lease Termination Orders or the Order Enforcing Writ. Rather, the Debtor contends (1) neither the Lease Termination Orders nor the Order Enforcing Writ contain any finding that the Lease was terminated by the Foreclosure Judgment; (2) to the extent the Order Enforcing Writ extinguished a leasehold interest, it extinguishes a "2007 lease" belonging to 309 Holdings; and, (3) even if the Lease was extinguished by the State Court rulings, the Debtor still has the right to assume the Lease. 2. The doctrine of res judicata does not apply because (1) the State Court never entered a final judgment determining the Lease was not assumable; (2) the Debtor was not originally a party to the Foreclosure Action, and the Bank objected to its request to intervene and seek a declaration that its leasehold interest survived the Foreclosure Judgment; and (3) the Debtor never had the opportunity to present evidence that its leasehold interest survived the Foreclosure Judgment. 3. The collateral estoppel doctrine does not apply because it never had a full and fair opportunity to litigate whether its leasehold interest survived the Foreclosure Judgment. The Debtor also contends the Lease Termination Order is devoid of any finding that the Debtor's leasehold interest was extinguished. The Bank contends the Debtor's claims, except Count 3 for turnover, which is a bankruptcy-specific claim under Sec. 542 of the Bankruptcy Code that could not have been brought under state law, are barred by the doctrine of res judicata, frequently referred to as "claim preclusion." The Bank acknowledges that Count 3 (seeking relief under Sec. 542 of the Bankruptcy Code) is not a claim that was litigated in the Foreclosure Action. The Court points out under Rule 56(a), summary judgment is appropriate when the moving party shows that there is no genuine dispute as to any material fact and that the movant is entitled to judgment as a matter of law. The Court concludes that res judicata applies to Counts 1, 2, 4, and 5 of the Complaint. Judge Delano explains, "Here, Debtor's claims in the Foreclosure Action, as articulated by Debtor in the Intervention Motion and Counts 1, 2, 4, and 5 of the Complaint, arise out of the same nucleus of operative facts: BAMC's ownership of the Howard Property, Debtor's lease of the Howard Property from BAMC, and the Bank's foreclosure of BAMC's interest in the Howard Property without having named Debtor as a defendant in the Foreclosure Action. Thus, the 'identity of claims' element is met. And because all four elements are met, the doctrine of res judicata bars Debtor from relitigating Counts 1, 2, 4, and 5 in this proceeding." The Court concludes that collateral estoppel applies to the Lease Termination Orders and the Order Enforcing Writ. The Court notes under Florida law, collateral estoppel applies if (a) the issue to be decided is identical to the issue decided in the state court litigation, (b) the issue was actually litigated in the state court litigation, (c) the prior determination of the issue was a critical and necessary part of the state court judgment, and (d) the standard of proof in the state court litigation was at least as high as it is in this proceeding. The Debtor argues there is no identity of issues because the State Court never considered or decided whether the Debtor could assume the Lease under Sec. 365 of the Bankruptcy Code. But the Debtor overlooks that the Complaint does not request a determination that the Lease is assumable, the Court states. And even if it did, a debtor cannot assume a lease that was terminated by operation of a foreclosure judgment and foreclosure sale. Thus, the Bankruptcy Court concludes the "identity of issues" element is met. The Court finds that the State Court's ruling that the Debtor's interests under the Lease were extinguished by the Foreclosure Judgment was a critical and necessary part of the Lease Termination Orders. The Bankruptcy Court concludes that res judicata and collateral estoppel bar the Debtor from relitigating the State Court's findings that the Debtor's leasehold interest did not survive the Foreclosure Judgment. Alternatively, the Bankruptcy Court grants summary judgment in favor of the Bank and against the Debtor on Counts 1 – 5 of the Debtor's Third Amended Complaint. A copy of the Court's decision dated July 31, 2024, is available at https://urlcurt.com/u?l=Otcc22 About 2408 W. Kennedy Tampa, Fla.-based 2408 W. Kennedy, LLC filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 21-02578) on May 18, 2021. Christopher Scott, managing member, signed the petition. At the time of the filing, the Debtor disclosed total assets of up to $10 million and total liabilities of up to $1 million. Judge Michael G. Williamson oversees the case. David Jennis, PA, doing business as Jennis Morse Etlinger, serves as the Debtor's legal counsel. The Debtor also tapped Ferrell & Company, P.A. and Oscher Consulting, P.A. as its accountants. 2U INC: Reports $452.4 Million Net Loss in Fiscal Q2 ---------------------------------------------------- 2U, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $452.4 million on $180.7 million of revenue for the three months ended June 30, 2024, compared to a net loss of $173.7 million on $222.1 million of revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $507.1 million on $379.1 million of revenue, compared to a net loss of $227.7 million on $460.6 million of revenue for the same period in 2023. The Company is presently undergoing Chapter 11 proceedings in Delaware. It currently believes that its ability to continue as a going concern is contingent upon, among other things, its ability to, subject to approval by the Bankruptcy Court, consummate the Transaction, successfully emerge from the Chapter 11 Cases and generate sufficient liquidity following the Transaction to meet its obligations and operating needs. As of June 30, 2024, the Company has $924.3 million in total assets, $1.2 billion in total liabilities, and $277.2 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/33yjej9e About 2U, Inc. Headquartered in Lanham, Maryland, 2U is an online education platform Company. The Company's mission is to expand access to high-quality education and unlock human potential. As a trusted partner to top-ranked nonprofit universities and other leading organizations, the Company delivers technology and services that enable its clients to bring their educational offerings online at scale. 2U Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 24-11279) on July 25, 2024. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by George A. Davis, Esq. at Latham & Watkins, LLP. 4011- 4099 NW 34TH: Plan Exclusivity Period Extended to Sept. 13 ---------------------------------------------------------------- Judge Corali Lopez-Castro of the U.S. Bankruptcy Court for the Southern District of Florida extended 4011-4090 NW 34th Street LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 13 and November 12, 2024, respectively. As shared by Troubled Company Reporter, the Debtor intends to file a plan of reorganization that will provide, inter alia, for payment to holders of allowed claims, over time, in an amount that would pay the holders of allowed claims in full. The Debtor claims that the case is moderately complex due to the number of creditors, amounts owed to creditors, and the dispute between the Debtor and disputed creditor IPG International Products Group Inc. regarding both IPG's entitlement to any claim against the Debtor and the amount of such a claim, should be Court find the Debtor has an obligation to IPG. The Debtor asserts that additional time is necessary to prepare and negotiate a plan of reorganization and prepare adequate information. The Debtor further asserts that the Debtor is not seeking an extension of exclusivity in order to pressure creditors to submit to its reorganization demands. Rather, the Debtor feels that it would lead to an efficient and smooth plan confirmation process. 4011-4099 NW 34th Street, LLC is represented by: Christian Somodevilla, Esq. LSS LAW 2 South Biscayne Boulevard, Suite 2200 Miami, FL 33131 Telephone: (305) 894-6163 Facsimile: (305) 503-9447 Email: cs@lss.law About 4011- 4099 NW 34th Street 4011- 4099 NW 34th Street, LLC is the owner of real property located at 4011-4090 NW 34th Street, Lauderhill, Fla., valued at $2 million. 4011- 4099 NW 34th Street filed Chapter 11 petition (Bankr. S.D. Fla. Case No. 23-19421) on Nov. 16, 2023. In the petition signed by Jose Gaspard Morell, an authorized officer, the Debtor disclosed $2,054,566 in total assets and $590,001 in total liabilities. Judge Corali Lopez-Castro oversees the case. The Debtor tapped Zach B. Shelomith, Esq., and Christian Somodevilla, Esq., at LSS Law as bankruptcy counsel and Hal Levenberg at Yip Associates as accountant. 59 NORTH 6TH STREET: Sept. 10 Hearing on Creditor's Plan Set ------------------------------------------------------------ 59-63 North 6th Associates LLC, a secured creditor and mortgagee of 59 North 6th Street LLC, submitted a Second Amended Disclosure Statement for its Second Amended Plan of Reorganization for the Debtor dated July 26, 2024. The Plan provides for either the refinance of the Mortgage and Note through a Refinancing Transaction or Joint Venture Transaction, or the sale of the Property by Auction to be held pursuant to the Bid Procedures (currently scheduled for September 17, 2024 at 10:00 a.m.) with the resulting Sale Proceeds, if any, to be used to fund payments under the Plan. The Plan provides for either the (a) Refinancing Transaction where the Plan will be implemented through the refinancing of the Debtor's obligations and the resulting Refinancing Proceeds will fund payments under the Plan, or (b) Joint Venture Transaction where the Plan will be implemented through the transfer of the Property to the Joint Venture and the resulting Joint Venture Proceeds will fund payments under the Plan, or (c) if the Debtor is unable to close on the Refinancing Transaction or enter into a Joint Venture Agreement, then a Sale Transaction and/or an Auction will be held pursuant to the Bid Procedures and the resulting sale proceeds will fund payments under the Plan. Like in the prior iteration of the Plan, the Allowed Class 3 General Unsecured Claims shall be paid, in full, on the Distribution Date, either from the Refinancing Proceeds, the Joint Venture Proceeds, the Sale Proceeds or from the Secured Creditor in the event the Secured Creditor is the successful bidder at the Auction by Credit Bid. If the Debtor is able to refinance its obligations and fund the Refinancing Proceeds or procure a Joint Venture who can fund the Joint Venture Proceeds, then the Plan will be funded by either the Refinancing Proceeds or Joint Venture Proceeds and such proceeds will be made available for distribution to Creditors under the Plan and paid on the Distribution Date. A Refinancing Transaction would require the Debtor to obtain a new loan generating proceeds of approximately $31,000,000. A conforming commercial loan for a property located in New York City would require repayment of interest – likely at 8% per annum – plus an additional 1% for principal amortization. Translating these terms to a $31,000,000 loan would require debt service payments of approximately $2,700,000 per annum. The Debtor will need to produce leases generating rental income in excess of this amount. Presently, Proponent believes the Debtor has no leasing prospects. If the Debtor is unable to close the Refinancing Transaction or Joint Venture Transaction with sufficient proceeds required to fund the Plan on or before July 24, 2024, the Property will be sold at Auction currently scheduled in the Bid Procedures for September 17, 2024 at 10:00 a.m. The Property will be purchased either by a Cash bid at the Auction or by a credit bid of the Secured Creditor under the Bid Procedures to be approved by the Court. Although under no obligation to do so, Secured Creditor (or its nominee, assignee, or designee) is permitted to credit bid up to and including $30,159,603.24 as of May 22, 2024 with such amount for a credit bid to be increased by additional interest accrual of $8,466.67 per diem through the Date of the Auction together with any protective advances incurred after May 22, 2024 and additional interest accrual at default rate of 24% on protective advances though the actual auction. The confirmation hearing is currently scheduled for September 10, 2024 at 10:00 a.m. Ballots must be received by August 27, 2024 at 5:00 p.m. or it will not be counted, unless otherwise agreed to by the Debtor or determined by order of the Court. Objections to confirmation of the Plan must be filed with the Court and served by September 3, 2024. A full-text copy of the Second Amended Disclosure Statement dated July 26, 2024 is available at https://urlcurt.com/u?l=RCXUlV from PacerMonitor.com at no charge. Attorneys for 59-63 North 6th Associates LLC: Kriss & Feuerstein LLP Jerold C. Feuerstein, Esq. Daniel N. Zinman, Esq. Stuart L. Kossar, Esq. 360 Lexington Avenue, Suite 1200 New York, New York 10017 Telephone: 212-661-2900 Fax: 212-661-9397 About 59 North 6th Street 59 North 6th Street LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). The Debtor owns in fee simple title a property located at 59 North 6th Street Brooklyn, NY 11249 valued at $26 million. 59 North 6th Street filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-41149) on April 3, 2023. In the petition filed by Rehan Perveez, managing member, the Debtor reported total assets of $26,000,000 and total liabilities of $26,032,348. Judge Nancy Hershey Lord oversees the case. Gary Kushner, Esq., at Goetz Fitzpatrick LLP serves as the Debtor's counsel. 99 CENTS: Wants Chapter 11 Plan Filing Deadline Extended -------------------------------------------------------- Leslie A. Pappas of Law360 Bankruptcy Authority reports that 99 Cents Only has asked a Delaware bankruptcy judge for extra time to file a Chapter 11 plan and to request votes from creditors. The company claims to have made "significant progress" in the case and is working toward a plan that the court can approve. About 99 Cents Only Stores Founded in 1982, 99 Cents Only Stores LLC -- http://www.99only.com/ -- operate "extreme value" retail stores in California, Arizona, Nevada and Texas under the business names "99¢ Only Stores" and "The 99 Store." The Company offers its customers a wide array of quality products -- from everyday household items, to fresh produce, deli, and other grocery items, to an assortment of seasonal and party merchandise -- many of which are still priced at or below 99.99 cents. The Company's stores are primarily located in urban areas and underserved communities, many of which lack close access to traditional grocery stores. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10719) on April 7, 2024. In the petition signed by Christopher J. Wells, as chief restructuring officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Kate Stickles oversees the case. The Debtors tapped Milbank LLP as general bankruptcy counsel, Morris, Nichols, Arsht & Tunnel LLP as Delaware bankruptcy counsel, Jefferies LLC as investment banker, Alvarez & Marsal North America, LLC as financial advisor, Hilco Merchant Resources, LLC and Hilco Real Estate, LLC as retail consultant and real estate consultant, and Kroll Restructuring Administration LLC as claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors. The law firms of Weil, Gotshal & Manges LLP and Potter Anderson & Corroon LLP represent the Ad Hoc Group of Secured Noteholders. ACORDA THERAPEUTICS: Court Confirms Chapter 11 Plan of Liquidation ------------------------------------------------------------------ As previously disclosed, on March 31, 2024, Acorda Therapeutics, Inc. and its wholly owned subsidiary, Civitas Therapeutics, Inc., entered into a "stalking horse" Asset Purchase Agreement with Merz Pharmaceuticals, LLC and, solely with respect to the guarantee of the Purchaser's payment obligations thereunder, Merz Pharma GmbH & Co. KGaA. The Asset Purchase Agreement provided for the sale of substantially all of the Company's assets to the Purchaser for $185 million, less certain deductions and adjustments as specified in the Asset Purchase Agreement. On April 1, 2024, the Company, together with certain of its subsidiaries, commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York under the caption In re Acorda Therapeutics, Inc., et al. The Company continues to operate its business as a "debtor-in-possession" in accordance with the applicable provisions of the Code and orders of the Court. On June 7, 2024, the Court held a hearing to consider approval of the Asset Sale and entered an order on June 12, 2024 approving the Asset Sale. On July 10, 2024, the Company completed the Asset Sale. On August 7, 2024, the Bankruptcy Court entered an order confirming the Modified First Amended Joint Chapter 11 Plan of Liquidation of Acorda Therapeutics, Inc. and its Affiliated Debtors. Pursuant to the Liquidation Plan, all equity securities in the Company will be cancelled as of the Effective Date (as defined below) and holders of such equity securities will not receive any distributions under the Liquidation Plan on account of such equity securities. The "Effective Date" means the date that the entry of the Confirmation Order on which (i) no stay of the Confirmation Order is in effect; (ii) all conditions precedent to the occurrence of the Effective Date, as set forth in Article IX of the Liquidation Plan, have been satisfied or waived in accordance with the Liquidation Plan; and (iii) the Liquidation Trust Agreement has been executed and the Liquidation Trust has been created. On the Effective Date, a Liquidating Trustee will be appointed, and the Liquidating Trust will be established, and title to the Liquidating Trust Assets will be transferred to the Liquidating Trust, which will also succeed to all rights, interests, and obligations of the Company and the Estate under the Asset Purchase Agreement. The Liquidating Trustee will act as the exclusive representative of the Estate for all purposes and will have the responsibilities and authority set forth in the Liquidating Trust Agreement. The Liquidation Plan generally provides that the Liquidating Trustee will manage and distribute proceeds of the liquidation of the Company's assets to holders of allowed claims in accordance with the Liquidation Plan. The Liquidating Trustee will, among other things, liquidate assets, resolve disputed claims, pursue any reserved causes of action, wind up the affairs of the Company, and make distributions in accordance with the Liquidation Plan. The Liquidating Trustee may maintain certain reserves that will be used to pay certain allowed claims under the Liquidation Plan. Following the (a) Effective Date, (b) the transfer of the Liquidating Trust Assets, and (c) the completion and filing of the Company's final tax returns by the Liquidating Trustee, the Liquidating Trustee will file a Certificate of Dissolution and other documents to dissolve the Company under applicable law. Pursuant to the terms of the Liquidation Plan, on the Effective Date, the Liquidating Trustee will be appointed as representative of the Debtor's Estate, and each of Ron Cohen, M.D., Chief Executive Officer and member of the Company's Board of Directors, Thomas Burns, Peder K. Jensen, M.D., John P. Kelley, Sandra Panem, Ph.D., John Varian, members of the Board, and Michael A. Gesser, Chief Financial Officer and Treasurer, Neil S. Belloff, General Counsel and Corporate Secretary, and Kerry Clem, Chief Commercial Officer will each be deemed to have resigned from their respective positions as directors and officers of the Company. About Acorda Therapeutics Acorda Therapeutics Inc. is a biopharmaceutical Company that has developed breakthrough products, therapies, and biotechnology to restore function and improve the lives of people with neurological disorders. INBRIJA is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. Acorda Therapeutics Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-22284) on April 1, 2024. In the petition signed by Michael A. Gesser, as chief financial officer, the Debtor disclosed total assets as of Dec. 31, 2023, of $108,525,000 and total debt as of Dec. 31, 2023, of $266,204,000. The Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor tapped Baker McKenzie as legal counsel; Togut, Segal & Segal LLP as conflicts counsel; Ernst & Young as financial advisor; and Ducera Partners and Leerink Partners as investment bankers. Kroll Restructuring Administration is the claims agent. Merz is being advised by Freshfields Bruckhaus Deringer US LLP as legal counsel, Morgan Stanley as investment banker, and Deloitte as financial and tax advisors. Senior Convertible Noteholders are being advised by King & Spalding as legal counsel and Perella Weinberg Partners as investment banker. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ACORDA THERAPEUTICS: Creditors' Votes Counted as Release Consent ---------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that overturning the position of the United States trustee that the recent Purdue Pharma ruling by the Supreme Court necessitates a separate agreement on releases, a New York bankruptcy judge ruled that creditors' votes in favor of Acorda Therapeutics' Chapter 11 plan constitute consent in granting third-party releases. About Acorda Therapeutics Acorda Therapeutics Inc. is a biopharmaceutical company that has developed breakthrough products, therapies, and biotechnology to restore function and improve the lives of people with neurological disorders. INBRIJA is approved for intermittent treatment of OFF episodes in adults with Parkinson's disease treated with carbidopa/levodopa. Acorda Therapeutics Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 24-22284) on April 1, 2024. In the petition signed by Michael A. Gesser, as chief financial officer, the Debtor disclosed total assets as of Dec. 31, 2023, of $108,525,000 and total debt as of Dec. 31, 2023, of $266,204,000. The Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor tapped Baker McKenzie as legal counsel; Togut, Segal & Segal LLP as conflicts counsel; Ernst & Young as financial advisor; and Ducera Partners and Leerink Partners as investment bankers. Kroll Restructuring Administration is the claims agent. Merz is being advised by Freshfields Bruckhaus Deringer US LLP as legal counsel, Morgan Stanley as investment banker, and Deloitte as financial and tax advisors. Senior Convertible Noteholders are being advised by King & Spalding as legal counsel and Perella Weinberg Partners as investment banker. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. ACPRODUCTS HOLDINGS: $1.40BB Bank Debt Trades at 28% Discount ------------------------------------------------------------- Participations in a syndicated loan under which ACProducts Holdings Inc is a borrower were trading in the secondary market around 72.1 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.40 billion Term loan facility is scheduled to mature on May 17, 2028. The amount is fully drawn and outstanding. ACProducts, Inc., headquartered in The Colony, Texas, is a national manufacturer and distributor of kitchen and bathroom cabinetry. American Industrial Partners, through its affiliates, is the primary owner of ACProducts, having acquired it in 2012. ACTIVE WORLD: Holly Miller Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC as Subchapter V trustee for Active World Holdings, Inc. Ms. Miller will be paid an hourly fee of $425 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Miller declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Holly S. Miller, Esq. Gellert Scali Busenkell & Brown, LLC 1628 John F. Kennedy Boulevard, Suite 1901 Philadelphia, PA 19103 Telephone: (215) 238-0012 Facsimile: (215) 238-0016 Email: hsmiller@gsbblaw.com About Active World Holdings Active World Holdings, Inc., a company in Wernersville, Pa., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 24-12780) on August 8, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Alfonso Knoll, president, signed the petition. Judge Patricia M. Mayer presides over the case. George Meany Lutz, Esq., at Hartman, Valeriano, Magovern & Lutz, P.C. represents the Debtor as legal counsel. ADKOM LLC: Hires Desai Law Firm, LLC as Counsel ----------------------------------------------- Adkom LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ The Desai Law Firm LLC as 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 the Debtor in analyzing the claims of creditors and negotiating with such creditors; c. 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; d. advising the Debtor in connection with the sale of assets or businesses; e. assisting the Debtor in his analysis of and negotiation with any third-party concerning matters related to, among other things, the terms of a plan of reorganization; f. assisting and advising the Debtor with respect to any communications with the general creditor body regarding significant matters in this case; g. commencing and prosecuting necessary and appropriate actions and proceedings on behalf of the Debtor; h. reviewing, analyzing or preparing, on behalf of the Debtor, all necessary applications, motions, answers, orders, reports, schedules, pleadings and other documents; i. representing the Debtor at all hearings and other proceedings; j. conferring with other professional advisors retained by the Debtor in providing advice to the Debtor; k. performing all other necessary legal services in this case as may be requested by the Debtor in this Chapter 11 case; and l. 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. The firm will be paid at these rates: Partners $385 per hour Associates $250 per hour Paralegals/law clerks $125 per hour The firm will be paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Spencer P. Desai, Esq., a partner at The Desai Law Firm, 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: Spencer P. Desai, Esq. The Desai Law Firm, LLC 13321 North Outer Forty Road, Suite 300 St. Louis, MO 63017 Telephone: (314) 666-9781 Facsimile: (314) 448-4320 Email: spd@desailawfirmllc.com About Adkom LLC Adkom, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Adkom sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 24-30425) on June 20, 2024, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Joseph Adams, manager, signed the petition. The Debtor is represented by Spencer Desai, Esq., at The Desai Law Firm. ADVANCED MARBLE: Unsecureds Will Get 10% of Claims in 36 Months --------------------------------------------------------------- Advanced Marble & Granite, Inc., filed with the U.S Bankruptcy Court for the District of Idaho a Subchapter V Plan of Reorganization dated July 29, 2024. Founded in 2003 and based in Meridian, Idaho, Advanced Marble & Granite has established itself as a reliable and trusted provider in the stone fabrication and installation industry. Advanced Marble & Granite has consistently evolved to incorporate the latest advancements in stone cutting technology, ensuring that they remain at the forefront of industry standards. Initially focused on projects within the Treasure Valley, it has since been able to perform jobs all across the state in addition to some surrounding states, including Oregon, California, Montana, Utah, and even Florida. Class US-1 consists of General Unsecured Claims. General Unsecured Creditors will be paid after Priority, and Administrative claims. The Debtor will pay its projected disposable income for a period of 36 months. It is estimated that the General Unsecured Class of creditors will receive approximately $240,000.00. This is an estimated $10,000 per month in months 13-36. In the event Debtor has additional disposable income. That shall also be paid to unsecured creditors on a quarterly basis. The Debtor shall provide quarterly financial statements to the Sub Chapter V trustee and any interested party who requests the financials. The Debtor scheduled $2,193,365.00 in general unsecured claims. It is estimated the percentage to be paid to General Unsecured Creditors is approximately 10%. This Class is impaired. The Debtor shall make payments from future income of the Debtor. The Debtor's financial projections show that the Debtor will have an aggregate annual average cash flow, after paying operating expenses and post- confirmation taxes, of $553,244.00. The final Plan payment is expected to be paid on or before September 31,2027. A full-text copy of the Subchapter V Plan dated July 29, 2024 is available at https://urlcurt.com/u?l=tNBfZ9 from PacerMonitor.com at no charge. Attorney for the Debtor: Patrick J. Geile, Esq. Foley Freeman, LLC 953 S. Industry Way Meridian, ID 83642 Tel: (208) 888-9111 Fax: (208) 888-5130 Email: pgeile@foleyfreeman.com About Advanced Marble & Granite Advanced Marble & Granite, Inc., is a fabricator and installer of natural stone products. The Debtor specializes in kitchen countertops, bathrooms, bars, vanities, outdoor entertainment, and fireplace mantels & surrounds. Advanced Marble & Granite filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 24-00390) on June 21, 2024, listing $5,711,659 in assets and $4,780,963 in liabilities. Donald D. Massey, president, signed the petition. Judge Noah G Hillen presides over the case. Patrick J. Geile, Esq., at Foley Freeman, PLLC represents the Debtor as legal counsel. AEC PARENT: $250MM Bank Debt Trades at 19% Discount --------------------------------------------------- Participations in a syndicated loan under which Aec Parent Holdings Inc is a borrower were trading in the secondary market around 81.4 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $250 million Term loan facility is scheduled to mature on June 13, 2029. About $245 million of the loan is withdrawn and outstanding. Headquartered in Jacksonville, Florida, AEC Parent Holdings, Inc. ("Advancing Eyecare") is a national provider of ophthalmic products and service solutions in the eyecare marketplace, with presence in Canada and Mexico. The company generated pro forma revenues of approximately $247 million for the twelve months ended December 31, 2023. Advancing Eyecare is a portfolio company of private equity firm Cornell Capital. AEMETIS INC: Registers $234MM Shelf Offering of Securities ---------------------------------------------------------- Aemetis, Inc. filed a Registration Statement on Form S-3 with the U.S. Securities and Exchange Commission relating to the offering and sale from time to time of its common stock, preferred stock, debt securities, warrants, rights and units that include any of the securities. The Company stated, "This prospectus is part of a registration statement that we have filed with the Securities and Exchange Commission, using a "shelf" registration process. Under this shelf registration process, we may, from time to time, sell any combination of the securities described in this prospectus in one or more offerings in amounts that we will determine from time to time, up to a total dollar amount of $234,000,000." The preferred stock or warrants may be convertible into or exercisable or exchangeable for common or preferred stock or other of the Company's securities registered. The debt securities may be convertible into, or exercisable or exchangeable for, common stock. The Company's common stock is listed on the NASDAQ Global Market and trades under the symbol "AMTX." Aemetis, Inc. may offer and sell these securities to or through one or more underwriters, dealers and agents, or directly to purchasers, on a continuous or delayed basis. The Company is filing this registration statement to register the unsold portion of the securities previously registered on the Form S-3 that was filed on July 30, 2021, and that became effective on August 13, 2023, SEC File Number 333-258322. As of August 9, 2024, the unsold portion is $234,000,000. A full-text copy of the Registration Statement is available at: https://tinyurl.com/bdkk5uhf 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. 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 its obligations during the next twelve months, the Company will need to refinance debt with its senior lender for amounts becoming due in the next twelve months or receive the continued cooperation of its senior lender. This dependence on senior lender raises substantial doubt about the Company's ability to continue as a going concern, according to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2024. 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 June 30, 2024, the Company had $232.1 million in total assets, $481 million in total liabilities, and $249 million in total shareholders' deficit. AINOS INC: Granted Patent License by Taiwan Carbon for 5.5MM Shares ------------------------------------------------------------------- Ainos, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 6, 2024, the Company entered into a patent license agreement with Taiwan Carbon Nano Technology Corporation, as an effort to bolster the Company's AI Nose and point-of-care testing technologies while preserving cash. As of August 5, 2024, prior to TCNT entering into the License Agreement, TCNT controlled, via its majority interest in Ainos Inc., a Cayman Islands corporation which is a party to certain previously disclosed Voting Agreements, approximately 38% of the voting power of the Company. Pursuant to the License Agreement, TCNT has agreed to assign and grant, and the Company has agreed to accept, an exclusive, irrevocable, and perpetual license of certain invention patents and patent applications related to gas sensors and medical devices, in exchange for 5,500,000 shares of the Company's common stock, par value $0.01 per share, which is listed on the Nasdaq Capital Market under the symbol "AIMD," at a price per share of 1.05 times the highest closing sale price of the Common Stock during the 30-trading day period preceding the effective date of the License Agreement. The License Agreement shall remain in effect until terminated by mutual written agreement of the parties, or until the expiration of the Licensed Patents, or all claims for alleged infringement of the Licensed Patents are barred by applicable laws. Following the issuance of the 5.5 million shares of stock, TCNT will control approximately 63.2% of the voting power of the Company. TCNT plans to enter into a voting agreement with Ainos KY and, pursuant to such voting agreement, will agree to vote all of the voting stock of the Company that is current owns or will acquire in the future in the manner determined by Ainos KY in its sole discretion. About Ainos Ainos, Inc. -- www.ainos.com -- formerly known as Amarillo Biosciences, Inc., is a diversified healthcare Company focused on the development of novel point-of-care testing (the "POCT"), therapeutics based on very low-dose interferon alpha (the "VELDONA"), and synthetic RNA-driven preventative medicine. The Company's product pipeline includes commercial-stage VELDONA Pet cytoprotein supplements, clinical-stage VELDONA human therapeutics, and telehealth-friendly POCTs powered by the AI Nose technology platform. Ainos reported a net loss of $13.77 million for the year ended Dec. 31, 2023, compared to a net loss of $14.01 million for the year ended Dec. 31, 2022. As of June 30, 2024, Ainos had $35,539,387 in total assets, $14,827,111 in total liabilities, and $20,712,276 in total stockholders' equity. Diamond Bar, California-based KCCW Accountancy Corp., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 8, 2024, citing that the Company has incurred recurring losses and recurring negative cash flow from operating activities, and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. AINOS INC: Lawrence Lin Transitions From Role as EVP of Operations ------------------------------------------------------------------ As of August 9, 2024, Lawrence K. Lin transitioned from his role as the Company's Executive Vice President of Operations, effective August 9, 2024. As a result of this transition, Mr. Lin no longer serves as an executive officer of the Company. About Ainos Ainos, Inc. -- www.ainos.com -- formerly known as Amarillo Biosciences, Inc., is a diversified healthcare Company focused on the development of novel point-of-care testing (the "POCT"), therapeutics based on very low-dose interferon alpha (the "VELDONA"), and synthetic RNA-driven preventative medicine. The Company's product pipeline includes commercial-stage VELDONA Pet cytoprotein supplements, clinical-stage VELDONA human therapeutics, and telehealth-friendly POCTs powered by the AI Nose technology platform. Ainos reported a net loss of $13.77 million for the year ended Dec. 31, 2023, compared to a net loss of $14.01 million for the year ended Dec. 31, 2022. As of June 30, 2024, Ainos had $35,539,387 in total assets, $14,827,111 in total liabilities, and $20,712,276 in total stockholders' equity. Diamond Bar, California-based KCCW Accountancy Corp., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 8, 2024, citing that the Company has incurred recurring losses and recurring negative cash flow from operating activities, and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. AINOS INC: Pays Off Lind Note With $1.67MM in Cash, Stock Issuance ------------------------------------------------------------------ As previously reported, on September 25, 2023, the Company entered into a securities purchase agreement with Lind Global Fund II LP and issued a senior secured convertible promissory note, as amended on January 23, 2024 to Lind. On August 5, 2024, the Company fully prepaid the remaining outstanding principal of the Note, totaling $1.67 million. The prepayment was made with $1,439,754 in cash and $224,842 through the issuance of 382,384 shares of Common Stock, valued at $0.588 per share. The issuances of the securities were made without registration under the Securities Act of 1933, as amended, in reliance on the exemption provided by Section 4(a)(2) of the Securities Act as a transaction not involving a public offering. About Ainos Ainos, Inc. -- www.ainos.com -- formerly known as Amarillo Biosciences, Inc., is a diversified healthcare Company focused on the development of novel point-of-care testing (the "POCT"), therapeutics based on very low-dose interferon alpha (the "VELDONA"), and synthetic RNA-driven preventative medicine. The Company's product pipeline includes commercial-stage VELDONA Pet cytoprotein supplements, clinical-stage VELDONA human therapeutics, and telehealth-friendly POCTs powered by the AI Nose technology platform. Ainos reported a net loss of $13.77 million for the year ended Dec. 31, 2023, compared to a net loss of $14.01 million for the year ended Dec. 31, 2022. As of June 30, 2024, Ainos had $35,539,387 in total assets, $14,827,111 in total liabilities, and $20,712,276 in total stockholders' equity. Diamond Bar, California-based KCCW Accountancy Corp., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 8, 2024, citing that the Company has incurred recurring losses and recurring negative cash flow from operating activities, and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. ALANIZ & HERNANDEZ: Hires Zendeh Del & Associates as Legal Counsel ------------------------------------------------------------------ Alaniz & Hernandez, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Zendeh Del & Associates, PLLC as its legal counsel. The firm's services include: a) advising the Debtor regarding its powers and duties, the continued operation of its business and management of its properties, if any; b) advising the Debtor regarding the legal and administrative requirements of operating its Chapter 11 case; c) taking all necessary actions to protect and preserve the Debtor's estate, including prosecuting actions on the Debtor's behalf, defending any action commenced against the Debtor, and representing the Debtor's interests in any negotiations or litigation in which it may be involved; d) representing the Debtor's interests at the meeting of creditors pursuant to Section 341 of the Bankruptcy Code, and at any other hearing scheduled before the court; e) reviewing pre-bankruptcy executory contracts and unexpired leases entered into by the Debtor and determining which contracts should be rejected; f) preparing legal papers; g) reviewing and analyzing all claims filed against the Debtor's bankruptcy estate and representing the Debtor in connection with the possible prosecution of objections to claims; h) coordinating with other professionals employed in the case to rehabilitate the Debtor's financial affairs; i) assisting the Debtor in the preparation of a disclosure statement and the negotiation of a plan of reorganization with the creditors; and j) providing other legal services necessary to effectuate a successful reorganization of the bankruptcy estate. The firm received a pre-bankruptcy retainer in the amount of $20,000. Gabe Perez, Esq., and Jonathan Zendeh Del, Esq., the firm's attorneys who will be handling the case, charge $300 per hour and $300 per hour, respectively. Legal assistants and law clerks charge an hourly fee of $125. Mr. Perez disclosed in a court filing that his firm neither holds nor represents any interest adverse to the Debtor and its estate. The firm can be reached through: Gabe Perez, Esq. Jonathan Zendeh Del, Esq. Zendeh Del & Associates, PLLC 1813 61st Street, Suite 101 Galveston, TX 77511 Tel: (409) 740-1111 Fax: (409) 515-5007 Email: gabe@zendehdel.com About Alaniz & Hernandez, LLC Alaniz & Hernandez, LLC owns and operates RV (Recreational Vehicle) Park and Recreational Camp. Alaniz & Hernandez, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-80224) on August 5, 2024, listing $1,596,519 in total debt. The petition was signed by Dean Alaniz as managing member. Gabe Perez, Esq. at Zendeh Del & Associates, PLLC represents the Debtor as counsel. ALCOTT ENTERPRISES: Hires Thomas B. Ure as Legal Counsel -------------------------------------------------------- Alcott Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Thomas B. Ure as counsel. The firm will provide these services: a. advise the Debtor regarding matters of bankruptcy law and concerning the requirement of the Bankruptcy Code, and the Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate as a debtor in possession. b. represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; c. assistance in compliance with the requirements of the Office of the United States trustee; d. provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; e. assist the Debtor in the administration of the estate's assets and liabilities; f. prepare necessary applications, answers, motions, orders, reports, and/or other legal documents on behalf of the Debtor; g. assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate' h. provide advice, as counsel, concerning claims of secured and unsecured creditors, prosecution and/or defense of all actions; i. prepare, negotiate, prosecute and attain confirmation of a plan of reorganization; The firm will be paid at these rates: Thomas B. Ure $475 per hr Associates $395 per hour Paralegals $195 per hour Law Clerks $295 per hour The firm will be paid a retainer in the amount of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas B. Ure, 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: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: (213) 202-6070 Fax: (213) 202-6075 About Alcott Enterprises Alcott Enterprises, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 24-14992) on June 25, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Julia W. Brand presides over the case. Thomas B. Ure Esq., at Ure Law Firm represents the Debtor as bankruptcy counsel. AMERGENT HOSPITALITY: Hires Culhane PLLC as Counsel --------------------------------------------------- Amergent Hospitality Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Culhane, PLLC as counsel. The firm's services include: a. advising the Debtors of their rights, powers and duties as Debtors-in-possession under the Bankruptcy Code; b. performing all legal services for and on behalf of the Debtors that may be necessary or appropriate in the administration of this bankruptcy case and the Debtors' business; c. advising the Debtors concerning, and assisting in, the negotiation and documentation of financing agreements and debt restructurings; d. counseling the Debtors in connection with the formulation, negotiation, and consummation of a possible sale of the Debtors or their assets; e. reviewing the nature and validity of agreements relating to the Debtors' interests in real and personal property and advising the Debtors of their corresponding rights and obligations; f. advising the Debtors concerning preference, avoidance, recovery, or other actions that they may take to collect and to recover property for the benefit of the estate and their creditors, whether or not arising under Chapter I.A.7 of the Bankruptcy Code; g. preparing on behalf of the Debtors all necessary and appropriate applications, motions, pleadings, draft orders, notices, schedules, and other documents and reviewing all financial and other reports to be filed in this bankruptcy case; h. advising the Debtors concerning, and preparing responses to, applications, motions, complaints, pleadings, notices, and other papers that may be filed and served in this bankruptcy case; i. counseling the Debtors in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents or other liquidation of the estate; j. working with and coordinating efforts among other professionals to attempt to preclude any duplication of effort among those professionals and to guide their efforts in the overall framework of Debtors' reorganization or liquidation; and k. working with professionals retained by other parties in interest in this bankruptcy case to attempt to structure a consensual plan of reorganization, liquidation, or other resolution for Debtors. The firm will be paid at these rates: Lynnette R. Warman, Partner $600 per hour Richard G. Grant, Partner $500 per hour The firm received a retainer in the amount of $100,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Richard G. Grant, Esq., a partner at Culhane, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Richard Grant, Esq. Culhane, PLLC 13101 Preston Road, Suite 110-1510 Dallas TX 75240 Tel: (214) 210-2929 E-mail: rgrant@cm.law About Amergent Hospitality Group Inc. Amergent Hospitality Group Inc. operates a fast food restaurant concept. Amergent Hospitality Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-42483) on July 18, 2024. In the petition filed by Mike Pruitt, as president, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by: Richard Grant, Esq. Culhane, PLLC 13101 Preston Road, Suite 110-1510 Dallas TX 75240 Tel: (214) 210-2929 E-mail: rgrant@cm.law ANASTASIA PARENT: $650MM Bank Debt Trades at 29% Discount --------------------------------------------------------- Participations in a syndicated loan under which Anastasia Parent LLC is a borrower were trading in the secondary market around 70.9 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $650 million Term loan facility is scheduled to mature on August 11, 2025. The amount is fully drawn and outstanding. Anastasia Parent, LLC is the parent company of Anastasia Beverly Hills, Inc., a prestige cosmetics brand that focuses on eyebrow shaping products. APPLIED DNA: Leviticus Partners, AMH Equity Hold 8.41% Stake ------------------------------------------------------------ Leviticus Partners, LP and its general partner, AMH Equity, LLC, disclosed in a Joint Schedule 13G/A Report filed with the U.S. Securities and Exchange Commission that as of August 8, 2024, they beneficially own 866,520 shares of Applied DNA Sciences, Inc.'s common stock, representing 8.41% of the shares outstanding. A full-text copy of the Leviticus' Report is available at: https://tinyurl.com/4kuk3mcf About Applied DNA Applied DNA Sciences, Inc. -- http//www.adnas.com/ -- is a biotechnology Company developing and commercializing technologies to produce and detect deoxyribonucleic acid ("DNA") and ribonucleic acid ("RNA"). Using polymerase chain reaction ("PCR") to enable the production and detection of DNA and RNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics (including biologics and drugs) and, through our recent acquisition of Spindle, the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of synthetic DNA for industrial supply chain security services. Applied DNA Sciences reported a net loss of $10.02 million for the 12 months ended Sept. 30, 2023, compared to a net loss of $8.27 million for the 12 months ended Sept. 30, 2022. As of June 30, 2024, the Company had $16.69 million in total assets, $4.46 million in total liabilities, and $12.23 million in total equity. Melville, N.Y.-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 7, 2023, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. AQUA POOL CARE: Commences Subchapter V Bankruptcy ------------------------------------------------- Aqua Pool Care Inc. filed Chapter 11 protection in the District of South Carolina. According to court filing, the Debtor reports $1,215,376 in debt owed to 1 and 49 creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 6, 2024 at 11:30 a.m. in Room Telephonically. About Aqua Pool Care Inc. Aqua Pool Care Inc. specializes in building custom inground swimming pools, swimming pool repair, vinyl liner replacement, swimming pool renovation, including deck and tile work, and weekly & bi-weekly swimming pool cleaning service. Aqua Pool Care Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 24-02858) on August 5, 2024. In the petition filed by Richard K. Bishop, as president, the Debtor reports total assets of $796,612 and total liabilities of $1,215,376. The Honorable Bankruptcy Judge Helen E. Burris oversees the case. The Debtor is represented by: W. Harrison Penn, Esq. PENN LAW FIRM LLC 1517 Laurel Street Columbia, SC 29201 Tel: (803) 771-8836 Fax: (803) 451-2270 Email: hpenn@pennlawsc.com ARCHBISHOP OF BALTIMORE: Plan Exclusivity Period Extended --------------------------------------------------------- Judge Michelle M. Harner of the U.S. Bankruptcy Court for the District of Maryland extended the Roman Catholic Archbishop of Baltimore's exclusive period to file a plan of reorganization and obtain acceptance thereof to January 21, 2025 and March 22, 2025, respectively. As shared by Troubled Company Reporter, the Debtor claims that its case is certainly complex, although not as large as some cases. To move forward with a confirmable plan of reorganization, certain complex issues must first be resolved, including, but not limited to, the issues at the center of the Adversary Proceeding. The Debtor hopes to resolve the Adversary Proceeding as expeditiously as possible, but a final resolution will not be reached prior to the agreed form of mediation being approved by the Court and the commencement of said mediation. The outcome of the Adversary Proceeding will determine the scope of funds available to fund the Debtor's plan of reorganization. In addition to resolution of the Adversary Proceeding, the Debtor must finalize its review of each claim filed by creditors, primarily those claims arising from abuse, before it can formulate an adequate plan of reorganization. Additionally, with respect to claims arising from abuse, the Debtor correctly anticipated that many claims will be submitted without adequate information and the Debtor therefore has been actively coordinating with the counsel for the various claimants to request supplemental information to the proofs of claim. In the event the Debtor is unable to receive said supplemental information, the Debtor will be required to serve discovery on these claimants. This discovery process will further delay the Debtor's ability to quantify the number and dollar amount of the claims against its estate. Attorneys for the Debtor: Catherine K. Hopkin, Esq. YVS LAW, LLC 185 Admiral Cochrane Drive, Suite 130 Annapolis, MD 21401 Tel: 443-569-0788 Fax: 410-571-2798 Email: chopkin@yvslaw.com - and - Blake D. Roth, Esq. Tyler N. Layne, Esq. HOLLAND & KNIGHT LLP 511 Union Street, Suite 2700 Nashville, TN 37219 Tel: 615.244.6380 Fax: 615.244.6804 Email: blake.roth@hklaw.com tyler.layne@hklaw.com - and - Philip T. Evans, Esq. HOLLAND & KNIGHT LLP 800 17th Street, NW, Suite 1100 Washington, DC 20006 Tel: 202.457.7043 Email: philip.evans@hklaw.com About Roman Catholic Archbishop of Baltimore Roman Catholic Archbishop of Baltimore is a non-profit religious institution that maintains its principal place of business at 320 Cathedral Street, Baltimore, Maryland 21201. Consistent with Canon Law and Maryland law, the RCAB holds property, including real property, as a corporation sole for the purposes of erecting churches, parsonages, burial grounds, or schools according to the discipline and government of the Roman Catholic Church, with all such property to be used only for such purposes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition signed by William E. Lori, archbishop, the Debtor disclosed $100 million to $500 million in assets and $500 million to $1 billion in liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped YVS Law, LLC and Holland & Knight LLP as legal counsel; Keegan Linscott & Associates, PC as financial and restructuring advisor; and Gallagher Evelius & Jones LLP as special counsel. Epiq Corporate Restructuring LLC is the claims, noticing, and balloting agent. The U.S. Trustee for Region 5 appointed an official committee to represent unsecured creditors in the Chapter 11 case of The Roman Catholic Archbishop of Baltimore. The committee hires Stinson LLP as counsel. Tydings & Rosenberg LLP as local counsel. ARGENTARIA REAL: Hearing on Sale of Pharr Property Set for Aug. 26 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas is set to hold a hearing on Aug. 26 on the proposed sale of Argentaria Real Estate, LLC's real property to Boka Foods, Inc. Boka Foods offered $500,000 for the property located at 10001 South Keystone Drive, Pharr, Texas. The property is being sold "free and clear" of liens, claims and encumbrances. Except as paid through closing, all liens, claims, encumbrances will attach to the proceeds. Frost Bank holds a lien on the property. Subject to payment of standard closing costs and pro-rata ad valorem tax adjustments at closing, the sale proceeds will be deposited into IOLTA Trust Account. About Argentaria Real Estate Argentaria Real Estate, LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Argentaria sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-70155) on July 1, 2024, with $1 million to $10 million in both assets and liabilities. Heriberto Vlaminck Ley, member and sole manager, signed the petition. Judge Eduardo V. Rodriguez oversees the case. T. Josh Judd, Esq., at Andrews Myers, PC serves as the Debtor's legal counsel. AT HOME GROUP: $600MM Bank Debt Trades at 61% Discount ------------------------------------------------------ Participations in a syndicated loan under which At Home Group Inc is a borrower were trading in the secondary market around 39.3 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $600 million Term loan facility is scheduled to mature on July 24, 2028. The amount is fully drawn and outstanding. At Home Group Inc. owns and operates home decor stores. The Company offers furniture, home furnishings, wall decor and decorative accents, rugs, and housewares. ATHENA MEDICAL: Trustee Taps Stout Risius Ross as Expert -------------------------------------------------------- James E. Cross, Subchapter V Trustee of Athena Medical Group, LLC, received approval from the U.S. Bankruptcy Court for the District of Arizona to employ Stout Risius Ross, LLC as an expert. The Trustee is the Plaintiff in Adversary No. 2:23-ap-00057-BKM (Adversary Proceeding) and objected to the claim filed by Emerald Medical Billing (Emerald Claim Objection). Stout will render expert opinions and provide expert testimony in connection with both the Adversary Proceeding and Emerald Claim Objection. Melissa Scott, managing director at Stout Risius Ross, disclosed in court filings that her firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. Stout can be reached through: Melissa Scott Stout Risius Ross, LLC 10100 Santa Monica Blvd, Suite 1050 Los Angeles 90067 Office: (213) 228-5080 Email: mscott@stout.com About Athena Medical Group, LLC Athena Medical Group, LLC -- https://athenamedgroup.com/ -- provides primary care, transitional care, chronic care management, remote patient monitoring, and telehealth services. The company is based in Phoenix, Ariz. Athena Medical Group filed a petition for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 23-01635) on March 16, 2023, with total assets of $3,843,022 and total liabilities of $12,707,798. James E. Cross has been appointed as Subchapter V trustee. Judge Brenda K. Martin oversees the case. The Debtor tapped the Law Office of Mark J. Giunta as bankruptcy counsel; and Ball, Santin & McLeran and Simmons & Gottfried, PLLC, as special counsels. ATVY LLC: Seeks to Hire Moshe K. Silver as Bankruptcy Counsel ------------------------------------------------------------- ATVY LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire the Law Firm of Moshe K. Silver as counsel. The firm's services include: a. providing the Debtor with legal counsel regarding its powers and duties as a debtor-in possession in the continued operation of its business and management of its property during the Chapter 11 case; and b. representing the Debtor in all matters before the Bankruptcy Court and/or the United States Trustee; and c. preparing, reviewing and filing on behalf of the Debtor all necessary applications, petitions, answers, motions, objections, adversary proceedings, orders, reports, plan documents, pleadings and other legal documents which may be required with the Chapter 11 case; and d. providing the Debtor with legal services regarding formulating and negotiating a plan of reorganization/liquidation and disclosure statement with creditors; e. performing such other legal services for the Debtor as required during the Chapter 11 case, including but not limited to, the institution of actions against third parties, objections to claims, and the defense of actions which may be brought by third parties against the Debtor; and f. representing Debtor in its negotiations with secured and unsecured creditors. The firm will charge $300 per hour for services provided by attorneys. As disclosed in the court filings, Law Firm of Moshe K. Silver is a "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Moshe K. Silver, Esq. Law Firm of Moshe K. Silver 347 Fifth Avenue, Suite 1402-703 New York, NY 10016 Telephone: (212) 444-9972 Facsimile: (212) 444-9973 Email: msilverlaw@gmail.com About ATVY LLC ATVY LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-22413) on May 9, 2024, listing $100,001 to $500,000 in both assets and liabilities. Judge Sean H Lane presides over the case. Moshe K Silver, Esq. at the Law Office Of Moshe K. Silver represents the Debtor as counsel. AULT ALLIANCE: Incurs $39.78 Million Net Loss in Second Quarter --------------------------------------------------------------- Ault Alliance, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $39.78 million on $28.40 million of total revenue for the three months ended June 30, 2024, compared to a net loss of $64.25 million on $47.41 million of total revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $29.82 million on $76.34 million of total revenue, compared to a net loss of $113.08 million on $78.59 million of total revenue for the six months ended June 30, 2023. As of June 30, 2024, the Company had $270.78 million in total assets, $243.70 million in total liabilities, $795,000 in redeemable non-controlling interests in equity of subsidiaries, and $26.28 million in total stockholders' equity. As of June 30, 2024, the Company had cash and cash equivalents of $9.6 million, negative working capital of $162.4 million and a history of net operating losses. The Company has financed its operations principally through issuances of convertible debt, promissory notes and equity securities. Ault Alliance said these factors create substantial doubt about the Company's ability to continue as a going concern for at least one year after the date that these condensed consolidated financial statements are issued. A full-text copy of the Form 10-Q is available for free at the SEC's website at: https://www.sec.gov/ix?doc=/Archives/edgar/data/896493/000121465924014883/aa81224310q.htm About Ault Alliance Headquartered in Las Vegas, NV, Ault Alliance, Inc. -- http://www.ault.com-- is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries, and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. New York, New York-based Marcum LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has a working capital deficiency, has incurred net losses, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. AVON PRODUCTS: Davis Polk Advising Lender and Buyer Natura ---------------------------------------------------------- Davis Polk & Wardwell LLP is advising Natura & Co Holding S.A. and certain of its affiliates in connection with the chapter 11 proceedings of its non-operational subsidiary Avon Products, Inc. (API) and other non-operational Avon entities. Natura &Co is the largest creditor of API. On Aug. 12, 2024, the Avon Debtors filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware. Natura &Co is providing a $43 million debtor-in-possession financing to API. The DIP financing was approved on an interim basis at API's "first day" hearing on August 14, 2024, along with other first day relief. Natura &Co has also entered a $125 million stalking horse credit bid to acquire substantially all of the Avon Debtors' assets, including the Avon Debtors' operations outside the United States and certain intellectual property through an in-court sale process. The Avon Debtors are also seeking approval of a settlement with Natura &Co, pursuant to which Natura &Co has agreed to, among other things, forgive $530 million of API's debt to Natura &Co and make a $30 million cash payment to API. In exchange, Natura &Co will receive releases from certain estate causes of action. API is the non-operational holding company of the Avon beauty brand and of Avon operations outside the U.S., which include more than 50 countries in 5 continents. Natura &Co is a Brazilian cosmetics company, headquartered in Sao Paulo. Natura &Co connects more than 200 million clients worldwide, engaging them through nearly seven million dedicated consultants and representatives, 900 stores and franchises and 19,000 employees. The Davis Polk restructuring team includes partner Darren S. Klein, counsel Josh Sturm and associates Hailey W. Klabo, Mariya Dekhtyar and Kevin L. Winiarski. The finance team includes partner David J. Kennedy and associates Anmol Sheth and Duan Xu. The litigation team includes partner Elliot Moskowitz, counsel Marc J. Tobak and associate James C. Butler. Partner Michael Senders and associate Andrew R. Board are providing M&A advice. The intellectual property team includes partner Frank J. Azzopardi and associate Lachlan J. Forrester. All members of the Davis Polk team are based in the New York office. About Avon Products Avon Products, Inc., a U.S.-based non-operational holding company of the Avon beauty brand, and certain of its U.S. subsidiaries, including AIO US, Inc., on Aug. 12, 2024, filed voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware to address API's debt and legacy talc liabilities. The Debtors' cases are pending joint administration under In re AIO US, Inc., Case No. 24-11836. Avon's operating businesses outside the U.S. are not part of the Chapter 11 proceedings, and it is business as usual in Avon's international markets. The Avon Company, which is the Avon brand in the U.S., is also not part of the proceedings. The Debtors estimate their assets and liabilities in the range of $1 billion to $10 billion. Weil Gotshal serves as lead counsel; Ankura has been hired as restructuring advisor; and Rothschild is providing investment banking and financial advisory services. Brazil-based Natura &Co, which acquired majority control of Avon in 2020, has entered into an agreement to purchase the equity interests in Avon's non-U.S. operations for $125 million in the form of a credit bid, subject to a Court-supervised auction process to flush out any higher and better offers. Natura & Co has also committed up to $43 million of debtor-in-possession financing to provide sufficient liquidity to fund API's obligations during the sale process. John Dubel serves as the board's chairman. AXIS KC: Seeks to Hire Adam Law Group as Counsel ------------------------------------------------ Axis KC, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Adam Law Group as counsel. The firm will provide these services: a. give advice to the Debtor with respect to its powers and duties as Debtor-in-Possession; b. advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the Local Rules of this Court; c. prepare motions, pleadings, orders, applications, disclosure statements, plans of reorganization, commence adversary proceedings, and prepare other such legal documents necessary in the administration of this case; d. protect the interest of the Debtor in all matters pending before the Court; and e. represent the Debtor in negotiations with its creditors and in preparation of the disclosure statement and plan of reorganization. The firm will be paid at the rate of $350 per hour. The firm was paid an advanced retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas C. Adam, Esq. a partner at Adam Law Group, P.A., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Thomas C. Adam Adam Law Group, P.A. 2258 Riverside Avenue Jacksonville, FL 32204 Tel: (904) 329-7249 About Axis KC, LLC Axis KC, LLC in St. Augustine FL, filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Mo. Case No. 24-40877) on June 26, 2024, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. by George Bochis, manager, signed the petition. Judge Cynthia A Norton oversees the case. CONROY BARAN serve as the Debtor's legal counsel. AYRO INC: Incurs $6.91 Million Net Income in Second Quarter ----------------------------------------------------------- Ayro, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net income of $6.91 million on $0 of revenue for the three months ended June 30, 2024, compared to a net loss of $6 million on $139,544 of revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported net income of $3.28 million on $58,351 of revenue, compared to a net loss of $11.48 million on $252,628 of revenue for the three months ended June 30, 2023. As of June 30, 2024, the Company had $45 million in total assets, $18.02 million in total liabilities, $14.14 million in mezzanine equity, and $12.83 million in total stockholders' equity. Ayro Inc. stated, "Our business is capital-intensive, and future capital requirements will depend on many factors, including our growth rate, the timing and extent of spending to support development efforts, the results of our strategic review, the expansion of our sales and marketing teams, the timing of new product introductions and the continuing market acceptance of our products and services. We are working to control expenses and deploy our capital in the most efficient manner. "We are evaluating other options for the strategic deployment of capital beyond our ongoing strategic initiatives, including potentially entering other segments of the electric vehicle market. We anticipate being opportunistic with our capital, and we intend to explore potential partnerships and acquisitions that could be synergistic with our competitive stance in the market. "We are subject to a number of risks similar to those of earlier stage commercial companies, including dependence on key individuals and products, the difficulties inherent in the development of a commercial market, the potential need to obtain additional capital, and competition from larger companies, other technology companies and other technologies. Based on the foregoing, management believes that the existing cash and cash equivalents and marketable securities at June 30, 2024, will be sufficient to fund operations for at least the next twelve months following the date of this report." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1086745/000149315224032672/form10-q.htm About AYRO Texas-based AYRO, Inc., formerly known as DropCar, Inc. -- http://www.ayro.com-- designs and manufactures compact, sustainable electric vehicles for closed campus mobility, low speed urban and community transport, local on-demand and last mile delivery and government use. The Company's four-wheeled purpose-built electric vehicles are geared toward commercial customers, including universities, business and medical campuses, last mile delivery services and food service providers. The Company has commenced sales and delivery of its current model, the AYRO Vanish in support of the aforementioned markets. Ayro, Inc. reported net loss of $34.16 million in 2023, a net loss of $22.94 million in 2022, a net loss of $33.08 million in 2021, a net loss of $10.76 million in 2020, a net loss of $8.66 million in 2019, and a net loss of $18.75 million in 2018. * * * On July 18, 2024, AYRO received a letter from the Listing Qualifications Department of the Nasdaq Stock Market indicating that, based upon the closing bid price of the Company's common stock for the 30 consecutive business days between June 3, 2024, to July 17, 2024, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until Jan. 14, 2025, in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A). AZTEC FUND: Bankruptcy Filing Stalls BofA Foreclosure Attempt ------------------------------------------------------------- The Aztec Fund Holding Inc. and 11 affiliates filed chapter 11 bankruptcy petitions in the Southern District of Texas on Mon., Aug. 5, 2024. Founded in 2015 and based in Mexico City, the debtors manage a (shrinking) portfolio of commercial office buildings and a plot of land in Dallas that was intended to become a parking lot, according to the first-day declaration from their president Charles Haddad. The debtors' Web site boasts, "We invest in office buildings in the United States and thus create real estate portfolios that generate regular cash flows and sustainable value over time. As a result, our investors obtain good returns with measurable risks, always with absolute transparency in the administration." The debtors borrowed $200 million from Bank of America in 2019. Those loans were arranged based on higher occupancy rate and lower interest rate projections, Mr. Haddad relates. The loan matured in 2022 but wasn't repaid, so BofA agreed to amend and extend the maturity date to November 2024, and waive some defaults. BofA sent a notice of default in February and notified the company in March it intended to pursue foreclosure on some of the properties. BofA credit bid $77 million at some foreclosure auctions for the most distressed properties, thereby decreasing the principal owed to $108 million. In July BofA advised it intended to foreclose on one more OME portfolio asset in early August. The debtors are trying to sell the remaining properties so they filed chapter 11 petitions to stall more foreclosure sales. In the petition signed by Charles Haddad, their president, the Debtors listed $10 million to $50 million in estimated assets and $100 million to $500 million in estimated liabilities. Lawyers at Munsch Hardt Kopf & Harr, P.C. serve as counsel to the Debtors. The Debtors tapped Getzler Henrich & Associates LLC as their financial advisors; Hilco Real Estate Appraisals, LLC as their real estate appraiser; and Stretto, Inc., as their noticing and claims agent. BofA is represented by Mayer Brown. AZTEC FUND: Files for Chapter 11 Bankruptcy ------------------------------------------- The Aztec Fund Holding Inc. filed Chapter 11 protection in the Southern District of Texas. According to court filing, the Debtor reports between $100 million and $500 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About The Aztec Fund Holding Inc. The Aztec Fund Holding Inc. invests in office buildings in the United States and thus create real estate portfolios that generate regular cash flows and sustainable value over time. The Aztec Fund Holding Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90436) on August 5, 2024. In the petition filed by Charles Haddad, as president, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $100 million and $500 million. The Honorable Bankruptcy Judge Christopher M. Lopez oversees the cases. The Debtors tapped MUNSCH HARDT KOPF & HARR, P.C., as counsel; and GETZLER HENRICH & ASSOCIATES LLC as financial advisor. HILCO REAL ESTATE APPRAISALS, LLC is the real estate appraiser. STRETTO, INC., is the claims agent. B. RILEY FINANCIAL: Co-Founder Offers to Acquire Rest of Company ---------------------------------------------------------------- Bryant R. Riley, co-founder and largest stockholder of B. Riley Financial, Inc., is proposing to acquire all of the shares of common stock of the Company that he does not presently own for a purchase price of $7 per share. This valuation represents a 40% premium over the current price, Mr. Riley said in his Aug. 15 letter to the Company's Board of Directors. Mr. Riley owns 24% of the Company's outstanding common stock. "I expect that a special committee consisting of independent members of the board of directors of the Company will consider the proposed transaction and make a recommendation to the Board. I do not intend to proceed with the proposed transaction unless it is approved by the special committee. The transaction would also be subject to a non-waivable condition requiring approval of a majority of the shares of common stock of the Company not owned by me, senior management, or any of our respective affiliates," the letter said. Consummation of the proposed transaction would be contingent on the "majority of the minority" stockholder approval described above, receipt of required regulatory approvals, and other customary conditions to closing. Mr. Riley plans to finance the transaction with debt and, potentially, equity from third party capital providers with whom I have deep and long-standing relationships. The proposed transaction would not be subject to a financing condition. "I am also the chairman and co-chief executive officer of the Company and therefore care deeply about the long-term health and growth of the Company," Mr. Riley said, adding he is involved on a daily basis in "influencing and considering the strategy and operations of the Company." Last week, B. Riley Financial announced it projects net loss available to common shareholders to be in the range of $435 million to $475 million during the three months ended June 30, 2024 or $14 to $15 per diluted common share. This is compared to net income available to common shareholders of $44 million or $1.55 per diluted common share for the three months ended June 30, 2023. The Company said net loss during the three months ended June 30, 2024 is due in part to non-cash items including a significant decrease of approximately $330 million to $370 million in the valuation of its investment in Freedom VCM, the indirect parent entity for Franchise Group, and its loan to Vintage Capital Management, LLC, an expected impairment charge of approximately $28 million primarily related to the goodwill of Targus, and a charge of approximately $25 million related to a valuation allowance for deferred income taxes. . The Company projects cash and cash equivalents to be approximately $237 million at June 30, 2024, an increase of $46 million from $191 million at March 31, 2024. Total loans receivable and securities and other investments is expected to be approximately $853 million to $893 million at June 30, 2024, a decrease of $509 million to $549 million from $1.40 billion at March 31, 2024. The decrease in the three months ended June 30, 2024 includes an expected decrease of approximately $330 million to $370 million related to valuation of the investment in Freedom VCM and the loan to Vintage Capital. Total debt is expected to be approximately $2.16 billion at June 30, 2024, a decrease of $27 million from $2.19 billion at March 31, 2024. The Company advised it is unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the period ended June 30, 2024, by the Aug. 9 deadline, the required filing date, with the delay primarily due to delays experienced in finalizing the valuations of certain of the Company’s loans and investments for the quarter ended June 30, 2024. The Company is working diligently to file the Quarterly Report as promptly as practical. B. Riley Financial, Inc. is an American financial services company headquartered in Los Angeles, California. The Company's March 31, 2024 balance sheet reported $4.9 billion in assets and $4.7 billion in liabilities. BETTER CHOICE: Altium Entities Disclose 5.8% Equity Stakes ---------------------------------------------------------- Altium Capital Management, LP disclosed in a Schedule 13G Report filed with the U.S. Securities and Exchange Commission that as of July 30, 2024, the firm and its affiliated entities -- Altium Growth Fund, LP and Altium Growth GP, LLC -- beneficially owned 155,000 shares of Common Stock and 345,000 shares of Common Stock issuable up conversion of Pre-Funded Warrants, representing 5.8%, based on 2,683,329 shares of Common Stock outstanding as of July 29, 2024, as set forth in Better Choice's Form 424(b)(1), filed with the SEC on July 31, 2024, which includes 100,000 shares of Common Stock based on an exercise of the over-allotment option which closed on August 2, 2024, reported in Better Choice's Form 8-K filed with the SEC on August 7, 2024. Altium Growth Fund, LP is the record and direct beneficial owner of the securities covered by this statement. Altium Capital Management, LP is the investment adviser of, and may be deemed to beneficially own securities, owned by, the Fund. Altium Growth GP, LLC is the general partner of, and may be deemed to beneficially own securities owned by, the Fund. A full-text copy of Altium Capital's SEC Report is available at: https://tinyurl.com/m2a6xhf5 About Better Choice Headquartered in Tampa, Florida, Better Choice Company Inc. -- http://www.betterchoiceCompany.com/-- is a pet health and wellness Company committed to leading the industry shift toward pet products and services that help dogs and cats live healthier, happier, and longer lives. The Company sells its premium and super-premium products under the Halo brand umbrella, including Halo Holistic, Halo Elevate, and the former TruDog brand, which has been rebranded and successfully integrated under the Halo brand umbrella during the third quarter of 2022. Better Choice Company had a net loss available to common stockholders of $22.8 million for the year ended December 31, 2023, compared to a net loss of $39.3 million in 2022. As of March 31, 2024, Better Choice Company had $15.44 million in total assets, $14.32 million in total liabilities, and $1.13 million in total stockholders' equity. Tampa, Florida-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated April 12, 2024, citing that the Company has continually incurred operating losses, has an accumulated deficit, and failed to meet certain financial covenants as of Dec. 31, 2023. These matters create substantial doubt about the Company's ability to continue as a going concern for a period of twelve months from the date these consolidated financial statements are issued. BIG LOTS: Wants to Close Additional 4 Louisiana Stores ------------------------------------------------------ Timothy Boone of The Advocate reports that Big Lots, a discount retailer, is to close more than 300 locations throughout the country in an effort to address falling consumer spending. The Big Lots website states that the locations in Lafayette, Denham Springs, Bossier City, and Natchitoches will close. The fifteen other Big Lots locations in Louisiana that are still open are in Baton Rouge, Gonzales, Covington, Hammond, Chalmette, LaPlace, Marrero, and Slidell, in addition to the two in Metairie. Similar to other bargain stores like Conn's HomePlus, Big Lots has seen a significant decline in customer purchasing power due to inflation. The chain stated that it had "substantial doubt about the Company's ability to continue as a going concern" in a recent Securities and Exchange Commission filing. The chain, which is established in Ohio, has around 1,400 locations nationwide. In the first quarter, it reported $1 billion in net revenue, which was more than 10% less than the previous year. After losing around $118 million in the first quarter of the previous year, Big Lots experienced a $120.1 million loss in the first quarter of this 2024. About Big Lots Inc. Big Lots sells a wide assortment of brand-name and private label items, such as food, furniture, seasonal items, electronics and accessories, home decor, toys, and gifts. BLUE RIBBON: $368MM Bank Debt Trades at 35% Discount ---------------------------------------------------- Participations in a syndicated loan under which Blue Ribbon LLC is a borrower were trading in the secondary market around 65.3 cents-on-the-dollar during the week ended Friday, Aug. 16, 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. BROOKDALE SENIOR: Reports Net Loss of $37.7 Million in Fiscal Q2 ---------------------------------------------------------------- Brookdale Senior Living Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $37.7 million for the three months ended June 30, 2024, compared to a net loss of $4.5 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $67.3 million, compared to a net loss of $49.1 million for the same period in 2023. "Thanks to our incredible leadership teams and passionate associates, we are making meaningful progress in key areas that support the ongoing and future success of our communities," said Lucinda ("Cindy") Baier, Brookdale's President and CEO. "We have demonstrated powerful positive progress toward full recovery from the impact of the pandemic, and with each quarter, we have and are continuing to deliver sustainable growth while building a significant runway for future revenue and operating income increases. Through careful and deliberate decisions and focused execution, we are strengthening Brookdale's foundation to create lasting benefits for our residents, associates, and shareholders for decades to come." As of June 30, 2024, the Company has $5.5 billion in total assets, $5.1 billion in total liabilities, and $341.7 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2pxke6m9 About Brookdale Senior Living Headquartered in Brentwood, Tenn., Brookdale Senior Living Inc. operates senior living facilities in the United States. * * * Egan-Jones Ratings Company on October 26, 2023, maintained its 'CC' foreign currency and local currency senior unsecured ratings on debt issued by Brookdale Senior Living Inc. BURGESS BIOPOWER: Plan Exclusivity Period Extended to Sept. 8 ------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended Burgess BioPower, LLC and Berlin Station, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 8 and November 5, 2024, respectively. As shared by Troubled Company Reporter, the filed the Joint Chapter 11 Plan which constitutes a "toggle" plan pursuant to which the Debtors are simultaneously pursuing both a sale process and a plan that includes a debt-for equity swap by the Debtors' DIP Lenders and Senior Lenders. The Debtors submit that each of the factors have been met and, therefore, cause exists to extend the Exclusive Periods given the discretion afforded to the Court in determining "cause" and the Debtors' substantial progress in these Chapter 11 Cases, including the solicitation of the Plan and pursuit of a value maximizing sale of the Debtors' assets: * First, this case is of a meaningful size and complexity. The Debtors have over $100 million in pre-petition secured debt, and needed to negotiate and obtain DIP financing at the beginning of the case. Also at the beginning of the case, the Debtors and their professionals were consumed by an intensive and fast moving litigation with Eversource. At the same time, the Debtors negotiated, drafted, and filed a proposed plan, which plan featured a "toggle" between a sale and a restructuring. * First, this case is of a meaningful size and complexity. The Debtors have over $100 million in pre-petition secured debt, and needed to negotiate and obtain DIP financing at the beginning of the case. Also at the beginning of the case, the Debtors and their professionals were consumed by an intensive and fast moving litigation with Eversource. At the same time, the Debtors negotiated, drafted, and filed a proposed plan, which plan featured a "toggle" between a sale and a restructuring. * Second, the Debtors and their professionals have made significant progress in moving the Chapter 11 Cases towards a successful completion. Despite the progress that the Debtors have made, the Debtors, to preserve their exclusive rights under section 1121 of the Bankruptcy Code, request an extension of the Exclusive Periods as a precautionary measure. Allowing the expiration of the Exclusive Periods at this stage could interfere with the substantial progress that the Debtors have made in the months following the Petition Date. * Third, creditors will not be harmed by the extension of the Exclusive, and this is the Debtors' first motion to extend the Exclusive Periods. The Debtors are not seeking an extension of the Exclusive Periods to delay administration of the Chapter 11 Cases, but rather to allow the Debtors to continue to maximize the value of their estates and proceed through the sale and/or confirmation process. Co-Counsel for Debtors: Chantelle D. McClamb, Esq. GIBBONS P.C. 300 Delaware Ave., Suite 1015 Wilmington, DE 19801 Tel: (302) 518-6300 E-mail: cmcclamb@gibbonslaw.com - AND - Robert K. Malone, Esq. Kyle P. McEvilly, Esq. GIBBONS P.C. One Gateway Center Newark, New Jersey 07102 Tel: (973) 596-4500 E-mail: rmalone@gibbonslaw.com kmcevilly@gibbsonlaw.com Co-Counsel for Debtors: Alison D. Bauer, Esq. William F. Gray, Jr., Esq. Jiun-Wen Bob Teoh, Esq. FOLEY HOAG LLP 1301 Avenue of the Americas, 25th Floor New York, New York 10019 Tel: (212) 812-0400 E-mail: abauer@foleyhoag.com wgray@foleyhoag.com jteoh@foleyhoag.com - AND - Kenneth S. Leonetti, Esq. Christian Garcia, Esq. FOLEY HOAG LLP 155 Seaport Boulevard Boston, Massachusetts 02210 Tel: (617) 832-1000 E-mail: ksl@foleyhoag.com cgarcia@foleyhoag.com About Burgess BioPower Burgess BioPower, LLC, and its affiliates are renewable energy power companies that own and operate a 75-megawatt biomass-fueled power plant located on an approximately 62-acre site in Berlin, New Hampshire. Berlin Station owns the facility and the facility site, and Burgess BioPower leases the facility pursuant to a long-term lease. Burgess BioPower also holds the necessary regulatory licenses for the operation of the facility. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10235) on February 9, 2024, with $10 million to $50 million in assets and $100 million to $500 million in liabilities. Dean Vomero, chief restructuring officer, signed the petitions. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Foley Hoag, LLP as general bankruptcy counsel; Gibbons P.C. as Delaware counsel; and SSG Capital Advisors, L.P. as investment banker. BYJU'S ALPHA: Judge Dismisses Bid to Stop India Cricket Payment --------------------------------------------------------------- Steven Church of Bloomberg News reports that a U.S. judge refused to prohibit a debt payment intended to extricate Byju's from an insolvency case in India, instructing American lenders to take their complaints about the transaction to a court in the educational tech firm's own country. US Bankruptcy Judge Brendan Shannon denied a lender's plea to prevent Riju Ravindran, the brother of Byju's founder, from paying more than $19 million to India's cricket governing board. By striking a settlement to pay off the debt, Byju's was able to have an insolvency case dismissed by an Indian court body. About BYJU's Alpha BYJU's Alpha, Inc. designs and develops education software solutions. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10140) on Feb. 1, 2024. In the petition signed by Timothy R. Pohl, chief executive officer, the Debtor disclosed up to $1 billion in assets and up to $10 billion in liabilities. Judge John T. Dorsey oversees the case. Young Conaway Stargatt & Taylor, LLP and Quinn Emanuel Urquhart & Sullivan, LLP serve as the Debtor's legal counsel. GLAS Trust Company LLC, as DIP Agent and Prepetition Agent, is represented in the Debtor's case by Kirkland & Ellis LLP, Pachulski Stang Ziehl & Jones, and Reed Smith. CASTLE US HOLDING: EUR500MM Bank Debt Trades at 48% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Castle US Holding Corp is a borrower were trading in the secondary market around 52.5 cents-on-the-dollar during the week ended Friday, Aug. 16, 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. CHAMPION HEALTHCARE: Taps Lefkovitz & Lefkovitz as Legal Counsel ---------------------------------------------------------------- Champion Healthcare, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Lefkovitz & Lefkovitz, PLLC as its bankruptcy counsel. The firm's services include: a. advising the Debtor(s) as to her rights, duties, and powers as Debtor(s)-in Possession; b. preparing and filing statements and schedules, plans, and other documents and pleadings necessary to be filed by the Debtor(s) in this proceeding; c. representing the Debtor(s) at all hearings, meetings of creditors, conferences, trials; and d. performing such other legal services as may be necessary in connection with this case. The firm has received a total of $12,000 as a retainer. Lefkovitz & Lefkovitz is a "disinterested person" as defined in Bankruptcy Code Secs 101(14) and 327, according to court filings. The firm can be reached through: Jay R. Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC 908 Harpeth Valley Place Nashville, TN 37221 Telephone: (615) 256-8300 Facsimile: (615) 255-4516 Email: jlefkovitz@lefkovitz.com About Champion Healthcare Champion Healthcare, LLC, a company in Lebanon, Tenn., specializes in office-based mental health and addiction clinic dedicated to offering comprehensive treatment services for individuals dealing with mental health disorders and substance abuse challenges. Its facility provides evidence-based therapies and interventions to support clients on their path to recovery and improved mental well-being. Champion Healthcare filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 24-02956) on August 5, 2024, with $189,231 in assets and $1,197,758 in liabilities. Darryl Champion, president, signed the petition. Judge Charles M. Walker presides over the case. Jay R. Lefkovitz, Esq., at Lefkovitz & Lefkovitz represents the Debtor as legal counsel. CHANGAR REALTY: Files for Chapter 11 Bankruptcy ----------------------------------------------- Changar Realty Corp. filed Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports $2,402,833 in debt owed to 1 and 49 creditors. The petition states that funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 10, 2024 at 2:30 p.m. at Office of UST (TELECONFERENCE ONLY) . About Changar Realty Corp. Changar Realty Corp. owns a commercial rental property located at 1704 University Avenue Bronx NY valued at $4 million. Changar Realty Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-11350) on August 2, 2024. In the petition filed by Elba Fournier, as vice president, the Debtor reports total assets of $4,100,000 and total liabilities of $2,402,833. The Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by: Anne Penachio, Esq. PENACHIO MALARA LLP 245 Main Street Suite 450 White Plains, NY 10601 Tel: (914) 946-2889 Email: anne@pmlawllp.com CHATEAU CREOLE: Seeks to Hire Long & Long PC as Special Counsel --------------------------------------------------------------- Chateau Creole Apartments, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Lousiana to employ Long & Long, P.C. as special counsel. The firm will represent the Debtor in Damon J. Baldone, LLC v. Starr Surplus Lines Insurance Company et al, Case No. 2:22-cv-01903-BSL-KWR (E.D. La.), and Damon J. Baldone, LLC v. Starr Surplus Lines Insurance Company et al, Case No. 2:24-cv-00543-DJP-DPC (E.D. La.). The firm's services include: a. assisting the Debtor in analyzing/prosecuting/etc. claims owned by the estate against third parties in the Pre-Petition Actions; b. preparing and filing such pleadings as are necessary to pursue the estate's claims against third parties in the Pre-Petition Actions; c. conducting appropriate examinations of witnesses, claimants and other parties in interest in connection with the Pre-Petition Actions; d. representing the Debtor in any adversary proceedings and other proceedings before the Court and in any other judicial or administrative proceeding in which the claims described herein may be affected; e. collecting any judgment that may be entered in the Pre-Petition Actions; f. handling any appeals that may result from the Pre-Petition Actions; and g. performing any other legal services that may be appropriate in connection with the prosecution of the Pre-Petition Actions. The firm will receive 30 percent of any recovery in the Pre-Petition Actions. Jennifer Perez, attorney at Long & Long, assured the court that the firm is a "disinterested person" as defined in 11 U.S.C. 101(14). The firm can be reached through: Jennifer Perez, Esq. Long & Long, P.C. 27075 Marina Rd. Orange Beach, AL 36561 Phone: (251) 257-7984 About Chateau Creole Apartments Chateau Creole Apartments is primarily engaged in renting and leasing real estate properties. Chateau Creole Apartments, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 24-10608) on March 29, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Damon J. Baldone as manager. Judge Meredith S Grabill presides over the case. Ryan J. Richmond, Esq. at Sternberg, Naccari & White, LLC represents the Debtor as counsel. CITADEL OF PRAISE: Hires Northgate Real Estate Group as Broker -------------------------------------------------------------- Citadel of Praise & Worship, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Northgate Real Estate Group as real estate broker. The broker will market for sale the Debtor's property located at 105-107 Barbey Street, Brooklyn, nY 11207. The broker's commission will be 6 percent of the sales price. Northgate Real Estate is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The broker can be reached through: Greg Corbin Northgate Real Estate Group 1633 Broadway, 46th Floor New York, NY 10019 Phone: (212) 369-4000 Email: Greg@northgatereg.com About Citadel of Praise & Worship Citadel of Praise & Worship is a religious organization in Brooklyn, New York. Citadel of Praise & Worship, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-40218) on Jan. 17, 2024. In the petition signed by Kevin Bond, pastor, the Debtor estimated $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Jil Mazer-Marino presides over the case. Leo Jacobs, Esq. at Jacobs PC represents the Debtor as counsel. CITGO PETROLEUM: Faces $25 Million Net Loss in Q2 of 2024 --------------------------------------------------------- Bloomberg News reports that Citgo Petroleum Corp. stated in a news statement issued on its website that it experienced net losses of $25 million in the second quarter of 2024, as opposed to net income of $410 million in the first quarter. "Our second quarter earnings reflect a lower margin environment and the impact of extensive turnaround and maintenance activities at our refineries," said Citgo's chairman and CEO Carlos Jorda in the statement. Significant maintenance and turnaround tasks were effectively finished, the statement added. EBITDA increased to $162 million in the second quarter from $709 million in the first. About CITGO Petroleum Citgo Petroleum Corporation is a United States-based refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. Based in Houston, Texas, Citgo is majority-owned by PDVSA, a state-owned company of the Venezuelan government (although due to U.S. sanctions, in 2019, they no longer economically benefit from Citgo.) As reported in the Troubled Company Reporter-Latin America in June 2022, S&P Global Ratings affirmed its 'B-' long-term issuer credit ratings on CITGO Holding Inc. and core subsidiary CITGO Petroleum Corp. CLYDE, TX: S&P Lowers GO Bond Rating to 'B', on Watch Negative -------------------------------------------------------------- S&P Global Ratings lowered its rating to 'D' from 'A-' on Clyde, Texas' series 2013B and series 2022 combination tax and surplus revenue certificates of obligation. At the same time, S&P lowered its rating to 'B' from 'A-' on Clyde's series 2023A and 2023B GO refunding bonds and series 2010 and series 2023 certificates of obligations and placed the ratings on CreditWatch with negative implications. "The lowered rating to 'D' on the series 2013B and series 2022 certificates follows the city's failure to make required debt service payments for the two series on Aug. 1, 2024," said S&P Global Ratings credit analyst Misty Newland. "The lowered rating to 'B' on Clyde's other debt instruments reflects our view of the city's general credit quality following the default of debt supported by its general obligation pledge. Under our criteria, a lack of willingness to pay an unconditional debt obligation results in a rating cap of 'B'." On Aug. 15, 2024, Clyde released a notice of failure to make the Aug. 1, 2024, payment and an unscheduled draw on its credit enhancement for the series 2013B and series 2022 certificates due to a decrease in pledged surplus revenues from its waterworks and sewer system, which pledged to payment of the certificates. The bonds and certificates are payable from revenue from a direct and continuing ad valorem tax levied, within the limits prescribed by law, on all taxable property within the city. The certificates are additionally secured by a limited pledge of surplus net revenue of Clyde's waterworks and sewer system. Given the limitation of the net utility system revenue pledge, the certificates are rated based on the city's ad valorem tax pledge. "The CreditWatch placement reflects a one-in-three chance we could lower the rating within the next 30 days, during which time we expect to receive more information on the city's financial operations and performance of the city's waterworks and sewer system fund and general fund," Ms. Newland added. COMMERCIAL OFFICE: Hires Moore, Masunas & Moore as Special Counsel ------------------------------------------------------------------ Mercedes D. Flores, the manager of Commercial Office Resource Environments, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Annalisa Moore Masunas with the firm Moore, Masunas & Moore, P.L.L.C. as special counsel. Ms. Flores needs special counsel during the term of the Chapter 11 proceedings in connection with her action to dissolve her marriage to Rudolph Flores which is currently pending in the Arizona Superior Court, Pima County, in Case No. D2022-2009. Ms. Masunas was hired to represent Mercedes in the Dissolution Proceedings over two years before the Debtor's Chapter 11 reorganization case was filed. Specifically, the Dissolution Proceedings were filed in July 2022. Ms. Masunas has continued to represent the Debtor even after the bankruptcy case was filed, and the Debtor wishes to have her representation formally approved by this Court. The firm will bill these rates: Attorneys $400 per hour Paralegals $150 per hour Ms. Masunas, a partner at Moore, Masunas & Moore, assured the court the she represents no interest adverse to the Debtors or the bankruptcy estate. The counsel can be reached through: Annalisa Moore Masunas, Esq. Moore, Masunas & Moore, P.L.L.C. 135 S Stratford Dr Tucson, AZ 85716 Phone: (520) 318-0001 About Commercial Office Resource Environments, LLC Commercial Office Resource Environments, LLC d/b/a Core, LLC is a full-service corporate procurement & commercial furniture dealer. It serves corporate businesses, federal government, and an array of industries including education, healthcare, hospitality, and non-profit. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-05551) on July 10, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Mercedes Flores, manager, signed the petition. Judge Scott H. Gan presides over the case. JoAnn Falgout, Esq. at GUIDANT LAW, PLC represents the Debtor as legal counsel. CONNECT HOLDING: Brightspeed Gets $3.7-Bil. New Funding ------------------------------------------------------- Ilya Banares of Bloomberg News reports that Brightspeed said it successfully completed a multi-billion-dollar transaction with its financial partners. It receives approximately $3.7 billion in new capital from its financial stakeholders, including all of its secured lenders and funds managed by Apollo, to fund fiber build. It eliminates about $1.1 billion of total debt through amendments to the company’s existing loan and credit facilities. It secures ability to pursue access to additional funding through the Broadband Equity, Access, and Deployment Program, of which about $4.7 billion is available/ Michel Combes to serve as Chair of its Board of Directors, effective immediately. About Brightspeed Brightspeed -- https://www.brightspeed.com/ -- it is a telecommunications company dedicated to providing accessible, high quality internet to the communities it serves. CYTODYN INC: Incurs $49.8 Million Net Loss in FY Ended May 31 ------------------------------------------------------------- CytoDyn Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K reporting a net loss of $49.84 million for the year ended May 31, 2024, compared to a net loss of $79.82 million for the year ended May 31, 2023. As of May 31, 2024, the Company had $11.14 million in total assets, $127.89 million in total liabilities, and a total stockholders' deficit of $116.76 million. Hartford, CT-based Marcum LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Aug. 15, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1175680/000155837024012328/cydy-20240531x10k.htm About CytoDyn Headquartered in Vancouver, Washington, CytoDyn Inc. -- www.cytodyn.com -- is a clinical stage biotechnology company focused on the clinical development and potential commercialization of its product candidate, leronlimab, which is being studied for oncology and inflammation, as well as other potential indications, including but not limited to HIV and MASH. DEL MONTE FOODS: In Debt Restructuring Talks With Creditors ----------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Del Monte Foods Inc. is in talks with some creditors about moving the majority of its assets into a newly formed firm and raising loans against the collateral, according to individuals familiar with the matter. The debt restructuring proposal comes as the food company experiences earnings pressure, according to persons who asked not to be identified because the subject is confidential. PJT Partners is dealing with the company, while creditors are represented by Houlihan Lokey and Gibson Dunn & Crutcher. About Del Monte Foods Inc. Del Monte Foods, Inc. manufactures and distributes packaged food products. The Company provides canned fruits and vegetables, as well as a wide range of snacks. Del Monte Foods serves customers worldwide. DIOCESE OF SYRACUSE: Bankruptcy Judge Pauses Chapter 11 Case ------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that the Roman Catholic Diocese of Syracuse's Chapter 11 case was placed on hold by a New York bankruptcy judge on Thursday, August 8, 2024, until the diocese completes changes to its bankruptcy plan that it claims are necessary to align it with the Supreme Court's ruling on Purdue Pharma's plan. About The Roman Catholic Diocese of Syracuse The Roman Catholic Diocese of Syracuse, New York -- http://www.syracusediocese.org/-- through its administrative offices (a) provides operational support to the Catholic parishes, schools and certain other Catholic entities that operate within the territory of the Diocese in support of their shared charitable humanitarian and religious missions; (b) conducts school operations by managing tuition and scholarship payments, employee payroll, and other school-related operating expenses for separately incorporated Diocesan schools, as well as providing parish schools with financial, operational and educational support; and (c) provides comprehensive risk management services to the OCEs through the Diocese's insurance program. The Roman Catholic Diocese of Syracuse, New York filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bank. N.D.N.Y. Case No. 20-30663) on June 19, 2020. Stephen A. Breen, chief financial officer, signed the petition. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Judge Margaret M. Cangilos-Ruiz oversees the case. Bond, Schoeneck and King, PLLC, serves as the Debtor's bankruptcy counsel. The Debtor also tapped Mullen Coughlin LLC as special counsel, Arete Advisors LLC as cybersecurity consultant, and Moxfive LLC as technical advisor. Stretto is the claims agent and administrative advisor. The U.S. Trustee for Region 2 appointed a committee to represent unsecured creditors in the Debtor's bankruptcy case. The committee tapped Stinson, LLP, Saunders Kahler, LLP and Berkeley Research Group, LLC, as its bankruptcy counsel, local counsel and financial advisor, respectively. DOUBLE M RANCH: Trustee Taps Dullnig Ranch Sales as Broker ---------------------------------------------------------- Michael G. Colvard, Subchapter V Trustee of Double M Ranch & Farms, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Dullnig Ranch Sales as his real estate broker and Mark M. Connally, Jr. as agent for the broker. The broker will market for sale the Debtor's properties described as 322.658 acres, Hermosa Vista and 95.948 acres, Hermosa Ranch. Dullnig Ranch Sale will receive 6 percent of gross selling price as a commission for the marketing and selling of the property to be shared by Mr. Connally, if no other brokers are involved commission will be reduced to 5 percent. As disclosed in the court filings, Dullnig Ranch Sale has no connection with the creditors of the Debtor or any other party-in-interest or its respective attorneys. Mr. Connally owns a minority interest in a legal entity which owns a 12.5 percent interest in Hermosa Vista Ventures, a secured creditor having a lien on the Property to be marketed and sold. The brokers can be reached through: Mark M. Connally, Jr. Dullnig Ranch Sales 6606 N. New Braunfels Ave. San Antonio, TX 78209 Phone: (210) 213-9700 Email: dullnigranches@gmail.com About Double M Ranch & Farms Double M Ranch & Farms LLC, a Texas-based family owned and operated cattle ranch and agricultural farm, sought Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 22-50462) on May 2, 2022. In the petition signed by Michael L. Hayes, managing member, the Debtor disclosed up to $50,000 in estimated assets and up to $100,000 in estimated liabilities. Judge Craig A. Gargotta oversees the case. William R. Davis, Jr., Esq., at Langley & Banack, Inc., is the Debtor's counsel. DOVGAL ENTERPRISES: Hires Crane Simon Clar & Goodman as Counsel --------------------------------------------------------------- Dovgal Enterprises, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Crane, Simon, Clar & Goodman as counsel. The firm will provide these services: a. prepare necessary applications, motions, answers, orders, adversary proceedings, reports and other legal papers; b. provide the Debtor with legal advice with respect to its rights and duties involving its property, as well as its reorganization efforts; c. appear in court and to litigate whenever necessary; and d. perform any and all other legal services that may be required from time to time during the administration of this bankruptcy case. The firm will be paid at these rates: Arthur G. Simon $520 per hour Scott R. Clar $520 per hour Karen R. Goodman $520 per hour John H. Redfield $400 per hour The firm received an advanced retainer in the amount of $19,918. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Scott R. Clar, Esq. a partner at Law Firm of Crane, Simon, Clar & Goodman, 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: Scott R. Clar, Esq. CRANE, SIMON, CLAR & GOODMAN 135 S. LaSalle, #3950 Chicago, IL 60603 Tel: (312) 641-6777 Email: sclar@cranesimon.com About Dovgal Enterprises Dovgal Enterprises, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-10615) on July 23, 2024, with up to $1 million in both assets and liabilities. Judge Timothy A. Barnes presides over the case. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman represents the Debtor as legal counsel. EBIX INC: Judge Rules 3rd Party Releases in Chapter 11 Illegal -------------------------------------------------------------- Alex Wittenberg of Law360 reports that a Texas bankruptcy judge ruled that third-party releases contained in Ebix Inc.'s Chapter 11 plan are impermissible, deciding an opt-out provision of the liability waivers wasn't enough to establish consent. About Ebix, Inc. Ebix Inc. -- https://www.ebix.com/ -- is headquartered in Atlanta, Ga., and it supplies software and electronic commerce solutions to the insurance industry. With approximately 200 offices across six continents, Ebix, (NASDAQ: EBIX) endeavors to provide on-demand infrastructure exchanges to the insurance, financial services, travel and healthcare industries. Ebix and its affiliates filed Chapter 11 petitions (Bankr. N.D. Tex. Lead Case No. 23-80004) on Dec. 17, 2023. At the time of the filing, Ebix reported between $500 million and $1 billion in both assets and liabilities. Judge Scott W. Everett oversees the cases. The Debtors tapped Sidley Austin, LLP as bankruptcy counsel; O'Melveny and Myers, LLP as special counsel; AlixPartners, LLP as financial advisor; and Jefferies, LLC as investment banker. Omni Agent Solutions, Inc. is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by McDermott Will & Emery, LLP. ECHOSTAR CORP: Reports $207.5 Million Net Loss in Fiscal Q2 ----------------------------------------------------------- EchoStar Corporation filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $207.5 million on $4 billion of total revenue for the three months ended June 30, 2024, compared to a net income of $232.7 million on $4.4 billion of total revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $315.8 million on $8 billion of total revenue, compared to a net income of $505.5 million on $8.7 billion of total revenue for the same period in 2023. As of June 30, 2024, the Company has $55.3 billion in total assets, $35.6 billion in total liabilities, and $19.6 billion in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/muhvv9xn About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. EchoStar reported a net loss of $1.63 billion for the year ended Dec. 31, 2023, compared to net income of $2.53 billion for the year ended Dec. 31, 2022. As of March 31, 2024, the Company had $55.55 billion in total assets, $35.71 billion in total liabilities, and $19.84 billion in total stockholders' equity. Denver, Colorado-based KPMG LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated Feb. 29, 2024, citing that the Company has debt maturing in 2024 and expects to use a substantial amount of cash in the next twelve months. This raises substantial doubt about the Company's ability to continue as a going concern. ECLIPSE FARMINGDALE: Blink Fitness Hits Chapter 11 Bankruptcy ------------------------------------------------------------- Eclipse Farmingdale LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 4, 2024 at 2:00 p.m. in Room Telephonically on telephone conference line: 1(877) 960-2850. participant access code: 5942427#. About Eclipse Farmingdale LLC Eclipse Farmingdale LLC -- https://www.locations.blinkfitness.com/ -- doing business as Blink Fitness Farmingdale, is a gym operator. Eclipse Farmingdale LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-73019) on August 1, 2024. In the petition filed by Eric Purther, as managing member, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Alan S. Trust oversees the case. The Debtor is represented by: Joseph Shapiro, Esq. Middlebrooks Shapiro, P.C. P.O. Box 243 East Norwich, NY 11732 EMX ROYALTY: Closes $35MM Loan Agreement With Franco-Nevada ----------------------------------------------------------- EMX Royalty Corporation announce on August 9, 2024, that it has completed the closing and drawn down the $35 million loan contemplated in the credit agreement between the Company, its subsidiary, EMX Chile SpA, and a wholly-owned subsidiary of Franco-Nevada Corporation, which was previously announced in the Company's news release dated June 20, 2024. The Company used the proceeds of the Loan to repay the $34.42 million outstanding balance of the loan owed to a Fund managed by Sprott Resource Lending Corp., to pay the Lender a commitment fee equal to 1% of the principal amount of the Loan and for general working capital purposes. The Company is pleased to further develop its working relationship with Franco-Nevada, a key EMX shareholder. In addition to the Loan arrangement, EMX and Franco-Nevada have jointly syndicated royalty purchases (e.g., Caserones) and are actively engaged in a joint venture seeking new royalty financing opportunities. Credit Agreement - The Loan is structured as a $35 million senior secured term loan facility which matures on July 1, 2029. Interest is payable monthly at a rate equal to the three-month SOFR (i.e., Secured Overnight Financing Rate) plus the applicable margin based on the ratio of the Company's net debt to adjusted EBITDA, adjusted quarterly. During each year, up to $10 million of the Loan may be voluntarily prepaid without penalty, on a cumulative basis. The Loan is secured by a general security agreement over the assets of EMX and share pledges by EMX and EMX Chile of certain of their subsidiaries or other equity interests, with the Lender retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the Loan and provide similar security. Certain covenants under the Credit Agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries. About Franco-Nevada - Franco-Nevada Corporation is the leading gold-focused royalty and streaming Company with the most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol "FNV" on both the Toronto and New York stock exchanges. A full-text copy of the Company's report filed on Form 6-K with the Securities and Exchange Commission is available at: https://tinyurl.com/yrcek4a9 About EMX EMX Royalty Corporation -- https://emxroyalty.com -- is a precious, and base metals royalty Company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX". For the year ended December 31, 2023, EMX reported a net loss of $4.63 million, compared to a net income of $3.35 million for the same period in 2022. As of March 31, 2024, EMX had $157.4 million in total assets, $38.9 million in total liabilities, and $118.4 million in total shareholders' equity. Vancouver, Canada-based Davidson & Company LLP, the Company's auditor since 2002, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has a working capital deficiency that raises substantial doubt about its ability to continue as a going concern. ENDRA LIFE: All Proposals Approved at Annual Meeting ---------------------------------------------------- At the 2024 Annual Meeting of the Company's Stockholders held on August 6, 2024, the Company's stockholders approved and adopted a Certificate of Amendment to the Company's Fourth Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Company's common stock, par value $0.0001, from 80,000,000 shares to 1,000,000,000 shares. The Charter Amendment was filed with the Secretary of State of the State of Delaware on August 8, 2024, and was effective upon filing. At the Annual Meeting, the Company's stockholders also: * Elected Francois Michelon, Louis J. Basenese, Anthony DiGiandomenico, Michael Harsh, and Alexander Tokman, to serve until the next annual meeting of stockholders and the election of their successors. * Approved, on an advisory basis, the compensation paid to the Company's named executive officers. * Ratified the appointment of RBSM LLP by the Audit Committee of the Board of Directors as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. On August 8, 2024, following the Annual Meeting, the Board of Directors approved a ratio of 1-for-50 for the Reverse Stock Split. About ENDRA Life Headquartered in Ann Arbor, Mich., ENDRA Life Sciences Inc. -- http://www.endrainc.com-- is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS), a groundbreaking technology that characterizes tissue similar to an MRI, but at 1/40th the cost and at the point of patient care. TAEUS is designed to work in concert with the more than 700,000 ultrasound systems in use globally today. TAEUS is initially focused on the non-invasive assessment of fatty tissue in the liver. Steatotic liver disease (SLD, formerly known as NAFLD-NASH) is a chronic liver disease spectrum that affects over two billion people globally, and for which there are no practical diagnostic tools. Beyond the liver, ENDRA is exploring several other clinical applications of TAEUS, including non-invasive visualization of tissue temperature during energy-based surgical procedures. As of March 31, 2024, ENDRA had $5.1 million in total assets, $1.4 million in total liabilities, and total stockholders' equity of $3.7 million. New York, N.Y.-based RBSM LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has an accumulated deficit, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. ENDRA LIFE: Pestrikova Resigns; Jacroux Appointed Head of Finance ----------------------------------------------------------------- ENDRA Life Sciences Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on August 5, 2024, Irina Pestrikova notified the Company of her resignation as the Company's Senior Director, Finance, effective August 7, 2024. Ms. Pestrikova's resignation is not in connection with any disagreement relating to the Company's operations, policies, or practices. Ms. Pestrikova may provide consulting services to the Company after her resignation, as desired and agreed to between Ms. Pestrikova and Company management, in order to assist with the transitional matters. On August 8, 2024, the Company's Board of Directors appointed Richard Jacroux as Head of Finance. Mr. Jacroux will serve as the Company's principal financial officer in such role. Mr. Jacroux, age 57, has been a consultant for the Company since March 2024. Mr. Jacroux has over 20 years of experience in financial management and accounting. Mr. Jacroux began his career at Ernst & Young LLP and has held the role of Chief Financial Officer at several technology companies, including IUNU and Buddy Platform, Ltd. Mr. Jacroux is the founder of Impact Solve, LLC, an accounting and fractional chief financial officer service firm. In addition, he is an adjunct professor in the Business Department at the University of Washington. Mr. Jacroux received a BA in business administration and accounting from the University of Washington, and an MBA from the Kellogg School of Management. Mr. Jacroux receives a base monthly fee of $8,650 plus expenses in respect of his services to the Company. About ENDRA Life Headquartered in Ann Arbor, Mich., ENDRA Life Sciences Inc. -- http://www.endrainc.com-- is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS), a groundbreaking technology that characterizes tissue similar to an MRI, but at 1/40th the cost and at the point of patient care. TAEUS is designed to work in concert with the more than 700,000 ultrasound systems in use globally today. TAEUS is initially focused on the non-invasive assessment of fatty tissue in the liver. Steatotic liver disease (SLD, formerly known as NAFLD-NASH) is a chronic liver disease spectrum that affects over two billion people globally, and for which there are no practical diagnostic tools. Beyond the liver, ENDRA is exploring several other clinical applications of TAEUS, including non-invasive visualization of tissue temperature during energy-based surgical procedures. As of March 31, 2024, ENDRA had $5.1 million in total assets, $1.4 million in total liabilities, and total stockholders' equity of $3.7 million. New York, N.Y.-based RBSM LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has an accumulated deficit, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. ENVIVA INC: Milbank & Williams Mullen Represent Ad Hoc Committee ---------------------------------------------------------------- The law firms of Milbank LLP and Williams Mullen filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of Enviva Inc. and affiliates, the firms represent the Ad Hoc Committee. On or around May 8, 2024, the Ad Hoc Committee retained Milbank as counsel in connection with these cases. On or around May 17, 2024, the Ad Hoc Committee retained Williams Mullen to act as its local counsel in connection with these cases. Milbank represents only the Ad Hoc Committee and does not represent or purport to represent any other entities in connection with these cases. Williams Mullen separately represents the Ad Hoc Committee, on the one hand, and RWE Supply & Trading GmbH, on the other hand, as well as North Carolina Ports Authority and BayWa AG, and does not represent or purport to represent any other entities in connection with these cases. The Ad Hoc Committee does not represent or purport to represent any other entities in connection with these cases. Counsel does not represent or purport to represent any of the Members of the Ad Hoc Committee in their individual capacities. The Members of the Ad Hoc Committee have indicated to Counsel that they beneficially hold, or act as investment advisors, sub advisors, or managers of discretionary accounts or funds that beneficially hold, disclosable economic interests in relation to the Debtors. The Ad Hoc Committee's address and the nature and amount of disclosable economic interests held in relation to the Debtors are: 1. Benefit Street Partners, on behalf of its managed or advised funds 9 West 57th Street New York, NY 10019 * Aggregate principal amount of RWE Claim ($72,000,000.00) 2. Caspian Capital LP, on behalf of its managed or advised funds and accounts 10 East 53rd Street, 35th Floor New York, NY 10022 * Aggregate principal amount of RWE Claim ($72,000,000.00) 3. JPMorgan Chase Funding Inc., on behalf of its North Americas Special Situations and Distressed Trading group 270 Park Avenue New York, NY 10172 * Aggregate principal amount of RWE Claim ($69,785,000.00) 4. Livello Capital Special Opportunities Master Fund LP 104 West 40th Street, 19th Floor New York, NY 10018 * Aggregate principal amount of RWE Claim ($25,000,000.00) * Aggregate principal amount of 2026 Notes ($2,000,000.00) * Aggregate principal amount of Epes Green Bonds ($11,000,000.00) 5. Old Orchard Capital Management LP 340 Madison Avenue, Suite 3B New York, NY 10173 * Aggregate principal amount of RWE Claim ($25,000,000.00) 6. Sona Asset Management (US) LLC 800 3rd Avenue, Suite 1702 New York, NY 10022 * Aggregate principal amount of RWE Claim ($47,000,000.00) * Aggregate principal amount of Bond Green Bonds ($632,992.00) Co-Counsel to the Ad Hoc Committee of Unsecured Claimants: Michael D. Mueller, Esq. Jennifer M. McLemore, Esq. Gabrielle E. Brill, Esq. WILLIAMS MULLEN 200 South 10th Street, Suite 1600 Richmond, Virginia 23219 Telephone: (804) 420-6000 Facsimile: (804) 420-6507 Email: mmueller@williamsmullen.com jmclemore@williamsmullen.com gbrill@williamsmullen.com - and – Dennis F. Dunne, Esq. Evan R. Fleck, Esq. Andrew C. Harmeyer, Esq. MILBANK LLP 55 Hudson Yards New York, New York 10001 Telephone: (212) 530-5000 Facsimile: (212) 530-5219 Email: ddunne@milbank.com efleck@milbank.com aharmeyer@milbank.com Andrew M. Leblanc, Esq. Erin E. Dexter, Esq. S. Robert Marsters, Jr., Esq. MILBANK LLP 1850 K Street, NW, Suite 1100 Washington, DC 20006 Telephone: (202) 835-7500 Facsimile: (202) 263-7586 Email: aleblanc@milbank.com edexter@milbank.com rmarsters@milbank.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. EXPRESS INC: Creditors Ask Court Okay to File Own Chapter 11 Plan ----------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that the unsecured creditors committee for clothing retailer Express Inc. has asked a Delaware bankruptcy judge to give them the right to file their own Chapter 11 plan, saying progress on the case has been stalled since the company's going-concern sale, as the debtor insisted on including broad liability releases in its liquidation plan. About Express Inc. Express, Inc., operates specialty retail apparel stores. The Company offers apparel and accessories such as jeans, sweaters, dresses, suits, and coats. Express serves customers in the United States. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10831) on April 22, 2024. In the petition signed by Stewart Glendinning, chief executive officer, the Debtor disclosed $1,298,055,000 in assets and $1,199,781,226 in liabilities. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsel; Klehr Harrison Harvey Branzburg, LLP as local bankruptcy counsel; Moelis & Company, LLC as investment banker; M3 Advisory Partners, LP as restructuring advisor; and Stretto, Inc. as claims agent. Stephen L. Iacovo, Esq., at Ropes & Gray, LLP serves as counsel to ReStore Capital, LLC, agent to the FILO Lenders. ReStore is also the agent under a second lien senior secured DIP single-draw term facility. AlixPartners, LLP serves as advisor to the DIP agents. Randall L. Klein, Eseq., Eva D. Gadzheva, Esq., and Dimitri G. Karcazes, Esq., at Goldberg Kohn Ltd., serve as counsel to Wells Fargo Bank, National Association, as first lien ABL agent. Wells Fargo is also the agent under a first lien senior secured DIP revolving credit facility. FINANCE OF AMERICA: Reports Net Loss of $5.1 Million in Fiscal Q2 ----------------------------------------------------------------- Finance of America Companies Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $5.1 million for the three months ended June 30, 2024, compared to a net loss of $222.5 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $25.4 million, compared to a net loss of $207.9 million for the same period in 2023. As of June 30, 2024, the Company has $27.97 billion in total assets, $27.72 billion in total liabilities, and $251.3 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/3t6vddjm About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding Company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. For the full year 2023, Finance of America Companies reported a net loss of $218.16 million, compared to a net loss of $715.53 million in 2022. As reported by the Troubled Company Reporter on October 20, 2023, Fitch Ratings downgraded the Long-Term Issuer Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC, to 'CCC+' from 'B-'. Fitch also downgraded Finance of America Funding LLC's senior unsecured debt rating to 'CCC-'/'RR6' from 'CCC+'/'RR5'. The Rating Outlook remains Negative. The rating actions were part of a periodic peer review of non-bank mortgage companies, comprising six publicly rated firms. The rating downgrade reflects the operating losses and resulting erosion of tangible equity Finance of America has experienced over the past year, leading to continued covenant breaches which may restrict the Company's ability to extend debt maturities and secure future funding. High interest rates and borrower affordability challenges have reduced origination volumes. Additionally, widening credit spreads have resulted in significant negative fair value adjustments to Finance of America's assets. Tangible equity has decreased to negative $5 million at 2Q23, down from $288 million in 2Q22 and $480 million at YE21. The Negative Outlook reflects Fitch's expectation that Finance of America's profitability will remain weak, making it challenging to rebuild tangible capital levels over the Outlook horizon. Additionally, Fitch believes there is execution risk regarding the integration of American Advisors Group (AAG) and the restructuring of Finance of America's continuing business segments, which could impact its long-term franchise and market position. FIRST COAST: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: First Coast Roll Offs, LLC 1600 Northwood Drive Saint Augustine, FL 32084 Business Description: First Coast is a waste management company based in St. Augustine, FL, specializing in providing roll-off dumpster rental services. Chapter 11 Petition Date: August 19, 2024 Court: United States Bankruptcy Court Middle District of Florida Case No.: 24-02476 Judge: Hon. Jacob A Brown Debtor's Counsel: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expy. Jacksonville, FL 32211 Phone: (904) 725-082 Email: bkmickler@planlaw.com Total Assets: $1,717,750 Total Liabilities: $2,613,527 The petition was signed by John Adams, Jr., as owner/manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BSZKGJY/First_Coast_Roll_Offs_LLC__flmbke-24-02476__0001.0.pdf?mcid=tGE4TAMA FTX TRADING: Schulte Roth & Bielli Advise Preferred Equity Holders ------------------------------------------------------------------ The law firms of Schulte Roth & Zabel LLP and Bielli & Klauder, LLC filed a verified statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to disclose that in the Chapter 11 cases of FTX Trading Ltd. and affiliates, the firms represent Preferred Equity Holders. As of April 1, 2024, the initial of the Preferred Equity Holders retained Schulte to advise and represent them in connection with the chapter 11 cases. On or around August 16, 2024, the Preferred Equity Holders also retained BK as co-counsel to advise and represent them in connection with the above captioned chapter 11 cases. The Preferred Equity Holders have indicated to Counsel that they hold and/or own equity interests in relation to the Debtors. Schulte and BK represent parties in their individual capacities unrelated to the objective of the Preferred Equity Holders in the Chapter 11 Cases. Further, the members of the Preferred Equity Holders, either collectively or individually, do not represent or purport to represent any other entities in connection with these chapter 11 cases. The Preferred Equity Holders' address and number of shares in relation to the Debtors are: 1. Steadview Capital Management 30 Berkeley Square, 6th Floor London, W1J 6EX * West Realm Shires, Inc. Series A Preferred Shares (6,564,551) * FTX Trading Ltd. Series C Preferred Shares (539,353) 2. Tribe Capital Management, LLC 2700 19th Street San Francsico, CA 94110 * West Realm Shires, Inc. Series A Preferred Shares (8,205,689) * FTX Trading Ltd. Series B Preferred Shares (381,535) * FTX Trading Ltd. Series B-1 Preferred Shares (15,262) * FTX Trading Ltd. Series C Preferred Shares (134,838) * FTX Trading Ltd. Common Shares (62,685) 3. Vetamer Capital Management 1300 El Camino Real, Suite 100 Menlo Park, CA 94025 * West Realm Shires, Inc. Series A Preferred Shares (163,000) * FTX Trading Ltd. Series B-1 Preferred Shares (7,631) * FTX Trading Ltd. Common Shares (30,524) 4. Tiger Global Management, LLC 9 West 57th Street, 35th Floor New York, NY 10019 * West Realm Shires, Inc. Series A Preferred Shares (6,564,551) * FTX Trading Ltd. Series B-1 Preferred Shares (59,141) * FTX Trading Ltd. Series C Preferred Shares (323,612) * FTX Trading Ltd. Common Shares (236,565) * FTX US Common Shares (1,269,000) About FTX Group FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home Index The Official Committee of Unsecured Creditors tapped Paul Hastings as counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FUTURE FINTECH: Appoints Hu Li as New CEO, President ---------------------------------------------------- Future FinTech Group, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Board of Directors of the Company received a resignation letter from Mr. Shanchun Huang to resign from his positions as a director of the Board and the Chief Executive Officer and President of the Company, effective on August 5, 2024. Mr. Huang indicated that his resignation is not because of any disagreement with the Company, its management or its directors. Following Mr. Huang's resignation, the Board appointed Mr. Hu Li as a director of the Board and the CEO and President of the Company. Mr. Li will be fully responsible for the operation and management of the Company, helping it to expand internationally, manage its investment and financing activities, and promote the Company's continued strategic transformation and development. Mr. Li replaces Mr. Shanchun Huang as Chief Executive Officer effective August 5, 2024. Mr. Huang resigned as CEO, President and a member of the Board for personal reasons, and not because of any disagreement with the Company, its management or its directors. Mr. Hu Li has served as a director and Chief Executive Officer of FTFT International Securities and Futures Limited, a wholly owned subsidiary of the Company since January 2024, and as Corporate Secretary of the Company since June 2019. Since September 2021, he has served as an independent Director of Shineco Inc. (Nasdaq: SISI). Mr. Li served as the chief supervisor of Anhui Yihai Mining Equipment Co., Ltd., a public Company in the China NEEQ stock market (stock symbol: 831451) from February 2018 to July 2021. From September 2015 to February 2018, Mr. Li served as the Vice General Manager of Shaanxi Huipu Financial Leasing Co., Ltd. Mr. Li obtained his master's degree in Business Administration (MBA) from Xi'an Technology University in 2008 and bachelor's degree from Xi'an Fanyi University in 1996. Mr. Foyou Li, Future FinTech's Chairman of the Board, said, "Mr. Hu Li is an excellent executive, having joined the Company five years ago, and he has made many outstanding contributions during this period. Further, Mr. Li has played an important role as the Company transitioned into a fintech Company with a diversified portfolio of financial services businesses. Mr. Li has accumulated deep knowledge of our new business and rich management experience during the past five years with the Company. I am very pleased that he has agreed to assume the responsibility as the Company's new Chief Executive Officer and believe that Mr. Li will fulfill the mission of the Company and take it to new heights of achievement and success." Mr. Hu Li, said, "I attach great importance to this new appointment and opportunity. First of all, I would like to thank Mr. Shanchun Huang for his great contributions to the Company over the years. Future FinTech's success and development cannot be separated from the leadership and guidance of Mr. Huang as he effectively developed our corporate structure and current positioning in the fintech industry. I plan to continue to work shoulder to shoulder with the Future FinTech team to help the Company to achieve sustainable development and accelerate the implementation of our global strategic growth plan. As CEO of Future FinTech, my mission is to lead the organization, set its goals and market strategies, and leverage my executive experience to the benefit of our customers, employees and shareholders worldwide." In connection with his appointment, the Company entered into an employment agreement with Mr. Hu Li on August 5, 2024. The Agreement provides that Mr. Li will receive compensation in the amount of $7,000 per month before tax and the term of the Agreement is for three years. Mr. Hu Li was not selected pursuant to any arrangement or understanding between him and any other person. There are no family relationships between Mr. Li and the directors, nor between Mr. Li and any executive officer of the Company. Mr. Li is not a party to any transaction that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended. About Future FinTech Group New York, N.Y.-based Future FinTech Group Inc. is a holding Company incorporated under the laws of the State of Florida. The Company historically engaged in the production and sale of fruit juice concentrates (including fruit purees and fruit juices), fruit beverages (including fruit juice beverages and fruit cider beverages) in the PRC. Due to drastically increased production costs and tightened environmental laws in China, the Company had transformed its business from fruit juice manufacturing and distribution to financial technology-related service businesses. The main business of the Company includes supply chain financing services and trading in China, asset management business in Hong Kong, and cross-border money transfer service in the UK. As of March 31, 2024, Future FinTech Group had $59.91 million in total assets, $18.29 million in total liabilities, and $41.62 million in total stockholders' equity. Orange, Calif.-based Fortune CPA, Inc., the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has suffered losses from operations, which raise substantial doubt about its ability to continue as a going concern. GAINWELL HOLDING: S&P Downgrades ICR to 'CCC+', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Veritas Capital–backed Gainwell Holding Corp. to 'CCC+' from 'B-'. S&P also lowered its issue-level rating on the company's first-lien term loan to 'B-' from 'B'. The '2' recovery rating remains unchanged, indicating its expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a default. The negative outlook reflects the potential for underperformance to erode liquidity further. S&P believes there is elevated risk to its base case, which assumes solid execution of its growth initiatives, a stabilization of operations, and the realization of about $100 million of cost cutting measures. The negative outlook also reflects heightened risk of the company pursuing a transaction that S&P could view as distressed. The risk of a distressed exchange has risen. The downgrade reflects our anticipation that the company's cash flow generation will continue to be depressed, which increases the risk of a distressed exchange and limits the company's ability refinance its debt as it matures. Gainwell reported fiscal 2024 (ending March 30, 2024) earnings well below our expectations, largely due to higher direct costs related to implementation and stabilization of recent go-live programs. S&P expects the company to produce EBITDA well below its fixed costs in fiscal 2025 and incur a significant cash flow deficit. S&P said, "We expect some margin improvement as the company executes on its cost savings initiatives. However, its plan is ambitious follows $200 million of already-achieved cost reductions erased by cost overruns related to new contract implementations and high management turnover, and failing to execute on it could result in cash flow deficits beyond this year, which could be problematic as its first-lien term loan maturity approaches in October 2027. If this were to occur, we believe the company could consider a transaction that we would view as distressed. "We do not expect the company to cover its fixed charges in fiscal 2025. "We expect the company to produce reported EBITDA of about $620 million, which is below its fixed cost burden, which includes cash interest expense of about $600 million, nearly $60 million of taxes, between $40 million and $60 million of capital expenditures, and about $45 million of amortization. While the company's cash balance of about $120 million as of March 31, 2024, combined with its $400 million revolver, should cover the cash flow deficit over the next 12 months, we see material risk to our base case that the company will incur a $110 million-$120 million free operating cash flow deficit in fiscal 2025. If the company underperforms our base case, it may need to rely on its revolver to cover its fixed costs. The revolver becomes current in a few months. We expect the revolver maturity will be pushed out, but revolver availability may be reduced. "We continue to believe Gainwell's base MES business is competitive." All states must operate a Medicaid Management Information System (MMIS) to support Medicaid business functions and maintain information in areas such as provider enrollment, client eligibility, benefit package maintenance, managed care enrollment, claims processing, and prior authorization. Gainwell offers a range of MMIS services to states in the administration of their Medicaid programs, and maintains a leading market position. The essential nature of its services, the mostly fixed-priced and long-term contracts, and high switching costs provide the company with relatively high revenue and earnings predictability. Meanwhile, the nature of MMIS contracts, in which the majority of the states' spending is reimbursed by the federal government, mitigates risks related to state budget shortfalls and price negotiation. With the market making up a small portion of the federal government's budget, S&P does not expect the company to experience pressure during election cycles and as federal budgets tighten. However, Gainwell's recent performance leads S&P to believe that government contracts may take longer to implement and face longer delays than similar contracts in the private market. This dynamic may cause delays in EBITDA growth especially because the company ramps up expenditures ahead of implementing contracts. S&P expects Gainwell to pursue growth in adjacent solutions, which could increase margin volatility. S&P said, "We expect the company to grow its other addressable segments, such as dental Medicaid management; population health management; women's, infants', and children's services; early intervention; pharmacy solutions and analytics; as well as coordination of benefits and payment integrity. While we expect these to provide top line growth for Gainwell, some of them are newer offerings and the company could experience cost overruns as it invests in them. While we believe the implementation difficulties in fiscal 2024 were largely related to unusually large and complex first-of-their-kind contracts, we see risks to the company's ability increase margins as it signs and implements new contracts in fiscal 2025." Senior management has had high turnover. The company was carved out of DXC Technology in October 2020 and soon thereafter, in April 2021, it acquired HMS' COB and PI assets, which currently make up about 30% of the business. The company has little track record as a stand-alone entity and has experienced high turnover in senior management in recent years, increasing risk to the company's ability to meet its projections. The new CEO, Mark Knickrehm, joined in April 2023 after the departure of Paul Saleh, who had been CEO since the carve-out in October 2020. Antony Jim joined as Interim CFO in March 2024, replacing Chris Knibb who departed after only about a year in the position. S&P said, "Nevertheless, we view the involvement of Veritas Capital positively, as the private equity sponsor has a strong track record of improving profitability in recent health care transactions involving large acquisitions, including athenahealth-Virence and Cotiviti-Verscend. "The negative outlook reflects the potential for underperformance to erode liquidity further. We believe there is elevated risk to our base case, which assumes solid execution of its growth initiatives, a stabilization of operations, and the realization of about $100 million of cost-cutting measures. The negative outlook also reflects the heightened risk of the company pursuing a transaction that we would view as distressed. "We could lower our rating on Gainwell if the company's cash flow deficits widen and liquidity worsens, which could include difficulty to refinance the revolver under favorable terms, raising the risk of a near-term default or transaction we would deem as distressed. "We could revise the outlook to stable if the company improves operating performance, grows organically, expands margins, and generates sustainable positive cash flow while maintaining adequate liquidity." GENESIS GLOBAL: Settles $600 Million Row With DCG ------------------------------------------------- Rick Archer of Law360 reports that Genesis Global, a defunct cryptocurrency services company, settled a $600 million dispute with its parent company, Digital Currency Group, on Tuesday, August 6, 2024, stating it anticipates that more litigation against DCG will add to the $3 billion in assets given to clients last week. About Genesis Global Genesis Global Holdco, LLC, through its subsidiaries, and Global Trading, Inc., provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific PTE. LTD. (GAP) provide lending and borrowing, spot trading, derivatives and custody services for digital assets and fiat currency. Genesis Global Holdco, LLC owns 100% of GGC and GAP. Genesis Global Holdco, LLC, GGC and GAP each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-10063) on Jan. 19, 2023. The cases are pending before the Honorable Sean H. Lane. At the time of the filing, Genesis Holdco reported $100 million to $500 million in both assets and liabilities. Genesis Holdco is a sister company of Genesis Global Trading, Inc. ("GGT") and 100% owned by Digital Currency Group, Inc. ("DCG"). GGT, DCG and certain of the Holdco subsidiaries are not included in the Chapter 11 filings. The non-debtor subsidiaries include Genesis UK Holdco Limited, Genesis Global Assets, LLC, Genesis Asia (Hong Kong) Limited, Genesis Bermuda Holdco Limited, Genesis Custody Limited ("GCL"), GGC International Limited ("GGCI"), GGA International Limited, Genesis Global markets Limited, GSB 2022 II LLC, GSB 2022 III LLC and GSB 2022 I LLC. The Debtors tapped Cleary Gottlieb Steen & Hamilton, LLP as bankruptcy counsel; Morrison Cohen, LLP as special counsel; Alvarez & Marsal Holdings, LLC as financial advisor; and Moelis & Company, LLC as investment banker. Kroll Restructuring Administration, LLC, is the Debtors' claims and noticing agent and administrative advisor. The ad hoc group of creditors is represented by Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP. The ad hoc group of Genesis lenders is represented by Proskauer Rose, LLP. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped White & Case, LLP as bankruptcy counsel; Houlihan Lokey Capital, Inc., as investment banker; Berkeley Research Group, LLC as financial advisor; and Kroll as information agent. GOEASY LTD: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' issuer credit and senior unsecured debt ratings on Goeasy Ltd. The outlook remains stable. Annualized net charge-offs were 9.1% of average gross receivables for the first half of 2024. S&P Global Ratings economists expect Canadian real GDP growth of 1.1% in 2024 with the unemployment rate averaging around 6.4% for the second half of the year, before it returns to 5.6%-6.0% in the next three years. S&P anticipates the slower economy will have a greater effect on lower-income workers, who are more likely to use consumer lending products. That said, S&P expects net charge-offs to remain within both its base-case expectation of below 12% and management's stated target range of 8.0%-10.0% for 2024. It has done so primarily by accessing the unsecured debt markets. In November 2023 and February 2024, Goeasy issued 9.25% US$550 million senior unsecured notes due 2028 and 7.625% US$400 million senior unsecured notes due 2029, respectively. The company subsequently upsized the 2029 issuance by US$200 million in July 2024. As of June 30, 2024, unsecured debt was 53% of total debt, up from 40% at year-end 2023. As the company continues to grow its receivables, we expect it will maintain its unfettered access to unsecured and secured markets, and we expect its unsecured debt to remain at least 40% of total debt. Earnngs growth offset the rise in total debt from new debt issuances. Goeasy also continues to build its retained earnings. S&P expects leverage to remain below 4.0x over the next 12 months. The government of Canada announced in March 2023 that the maximum allowable interest rate for consumer loans would change to an annual percentage rate (APR) of 35%. This regulation is expected to take effect in January 2025. While Goeasy continues to originate loans with APRs over 35%, S&P thinks the company will be able to adjust its originations in response to the regulation without materially harming its earnings or credit performance. About 65.9% of its total portfolio has an APR less than 35%, and the weighted average interest rate of its consumer loan portfolio was 29.5% as of June 30, 2024. For second-quarter 2024, the company's ratio of unencumbered assets to unsecured debt was modestly below 1.0x. Over the next 12 months, S&P expects this ratio to slightly improve to 1.0x-1.1x as the company grows its unencumbered assets. If the company's unsecured debt becomes greater than its unencumbered assets, S&P would lower the issue rating by one notch, to 'B+'. GOTO GROUP: $958.9MM Bank Debt Trades at 57% Discount ----------------------------------------------------- Participations in a syndicated loan under which GoTo Group Inc is a borrower were trading in the secondary market around 43.5 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $958.9 million Term loan facility is scheduled to mature on April 28, 2028. About $956.5 million of the loan is withdrawn and outstanding. GoTo, formerly LogMeIn Inc., is a flexible-work provider of software as a service and cloud-based remote work tools for collaboration and IT management. GRANITE ASSET: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Granite Asset Group, LLC 110 Woodfern Rd Neshanic Station, NJ 08853 Business Description: The Debtor owns real properties located at 110 Woodfern Rd, Units D1A, D1B & D4 Branchburg Township, NJ valued at $1.1 million and 110 Woodfern Rd, Unit A, Branchburg Township, NJ having an appraised value of $815,000. Chapter 11 Petition Date: August 19, 2024 Court: United States Bankruptcy Court District of New Jersey Case No.: 24-18209 Debtor's Counsel: John O'Boyle, Esq. NORGAARD OBOYLE HANNON 184 Grand Avenue Englewood, NJ 07631 Email: joboyle@norgaardfirm.com Total Assets: $1,915,000 Total Liabilities: $777,557 The petition was signed by Samuel Ornstein as owner. The Debtor listed Milun Law Firm located at 20 Commerce Drive Cranford, NJ 07016, as its sole unsecured creditor holding a claim of $10,960. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MYI6A6A/Granite_Asset_Group_LLC__njbke-24-18209__0001.0.pdf?mcid=tGE4TAMA HELIUS MEDICAL: Has Until Feb. 5 to Regain Nasdaq Compliance ------------------------------------------------------------ Helius Medical Technologies, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company received a letter from the Listing Qualifications Staff of the Nasdaq Stock Market LLC notifying the Company that because the closing bid price of the Company's Class A common stock was below $1.00 per share for 30 consecutive business days prior to August 9, 2024, the Company is not in compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Marketplace Rule 5550(a)(2). In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from August 9, 2024, or until February 5, 2025, to regain compliance with the Minimum Bid Price Requirement. If at any time before February 5, 2025, the closing bid price of the Company's Class A common stock closes at or above $1.00 per share for a minimum of 10 consecutive business days (which number days may be extended by Nasdaq), Nasdaq will provide written notification that the Company has achieved compliance with the Minimum Bid Price Requirement, and the matter would be resolved. The Notice also disclosed that in the event the Company does not regain compliance with the Rule by February 5, 2025, the Company may be eligible for additional time. To qualify for additional time, the Company would be required to meet the applicable market value of publicly held shares requirement for continued listing and all other applicable standards for initial listing on The Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to the Staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Company's securities will be subject to delisting. The Company intends to continue actively monitoring the closing bid price for the Company's Class A common stock between now and February 5, 2025, and will consider available options to resolve the deficiency and regain compliance with the Minimum Bid Price Requirement. If the Company does not regain compliance within the allotted compliance period, including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company's Class A common stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel. There can be no assurance that the Company will regain compliance with the Minimum Bid Price Requirement during the 180-day compliance period, secure a second period of 180 calendar days to regain compliance, or maintain compliance with the other Nasdaq listing requirements. About Helius Medical Helius Medical Technologies, Inc. -- http://www.heliusmedical.com/ -- is a neurotechnology Company focused on neurological wellness. Its purpose is to develop, license or acquire non-implantable technologies targeted at reducing symptoms of neurological disease or trauma. Helius Medical Technologies reported a net loss of $8.85 million for the year ended Dec. 31, 2023, compared to a net loss of $14.07 million for the year ended Dec. 31, 2022. As of March 31, 2024, the Company had $5.76 million in total assets, $3.77 million in total liabilities, and $1.98 million in total stockholders' equity. Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 28, 2024, citing that the Company has recurring losses from operations, an accumulated deficit, expects to incur losses for the foreseeable future and requires additional working capital. These factors raise substantial doubt about its ability to continue as a going concern. HENDRY HARDWOODS: Hires Bright Star Auctions as Auctioneer ---------------------------------------------------------- Hendry Hardwoods, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Bright Star Auctions as auctioneer. The firm will auction all items owned by the Debtor situated at 1402 Main Street, Des Arc, AR 72040. The firm will be paid a commission of 15 percent, and a buyer's premium of 10 percent, to be paid out of the final sales proceeds. Zach Kittrell, a partner at Bright Star Auctions, 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: Zach Kittrell Bright Star Auctions 11751 Co Rd 12 Middlebury, IN 46540 Tel: (574) 825-0704 About Hendry Hardwoods, LLC Hendry Hardwoods LLC operates a saw mill in Des Arc, Arkansas. Hendry Hardwoods LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 24-12486) on July 30, 2024. In the petition filed by David Hendry, as manager, the Debtor reports total assets of $2,898,696 and total liabilities of $2,441,899. The Honorable Bankruptcy Judge Bianca M. Rucker oversees the case. The Debtor is represented by: Kevin P. Keech, Esq. KEECH LAW FIRM, PA 2011 South Broadway Little Rock, AR 72206 Tel: 501-221-3200 Fax: 501 221 3201 Email: kkeech@keechlawfirm.com HENDRY HARDWOODS: Hires Keech Law Firm P.A. as Counsel ------------------------------------------------------ Hendry Hardwoods, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Keech Law Firm, PA to handle its Chapter 11 case. The firm will be paid at these rates: Kevin P. Keech $400 per hour Paralegals $150 per hour Legal Assistants $1250 per hour In addition, the firm will seek reimbursement for out-of-pocket expenses incurred. Pre-Petition, the firm has applied a total of $11,219 against the total $28,999.16 payment, leaving a balance of $17,780.16 in its IOLTA Account. Kevin Keech, Esq., at Keech Law Firm, disclosed in a court filing that he and his firm neither hold nor represent an interest adverse to the Debtor and its bankruptcy estate. The firm can be reached through: Kevin P. Keech, Esq. Keech Law Firm, PA 2011 S. Broadway St. Little Rock, AR 72206 Tel: (501) 221-3200 Fax: (501) 221-3201 Email: kkeech@keechlawfirm.com About Hendry Hardwoods, LLC Hendry Hardwoods LLC operates a saw mill in Des Arc, Arkansas. Hendry Hardwoods LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 24-12486) on July 30, 2024. In the petition filed by David Hendry, as manager, the Debtor reports total assets of $2,898,696 and total liabilities of $2,441,899. The Honorable Bankruptcy Judge Bianca M. Rucker oversees the case. HILLENBRAND INC: S&P Alters Outlook to Negative, Affirms 'BB+' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on Hillenbrand Inc. to negative, from stable. At the same time, S&P affirmed all ratings, including its 'BB+' issuer credit rating, on the company. S&P said, "The negative outlook reflects our forecast for S&P Global Ratings-adjusted leverage to be in the low- to mid-4x area through 2025, above our downside threshold, due to weakening demand in the company's APS segment. Given limited revenue visibility, we believe there are heightened risks that Hillenbrand's leverage may stay elevated at more than 4x beyond the next 12 months. "We expect S&P Global Ratings-adjusted leverage to be above our 4x downgrade threshold through 2025. We now forecast S&P Global Ratings-adjusted leverage to be about 4.3x at the end of fiscal 2024 (ending Sept. 30) and staying at about this level through 2025. This compares to our prior forecast for S&P Global Ratings-adjusted leverage to be in the high-3x area in 2024 and improving toward the mid-3x area in 2025. Our updated forecast reflects weakening organic trends in the company's APS segment (representing about 72% of revenue and about 83% of reported EBITDA), which we assume will pressure organic revenue and S&P Global Ratings-adjusted EBITDA margins over the next several quarters. Under our forecast, the negative impact of lower EBITDA is exacerbated by reduced cash flow available to lower debt balances and therefore interest burden. Specifically, we anticipate lower free operating cash flow (FOCF) in 2024 in part because of fewer large APS projects, which generally command upfront payments that can be used to offset working capital cash uses. "Following acquisition-led revenue growth in 2024, we assume lower APS orders and limited MTS growth will drive revenue declines in 2025. We expect 11% year-over-year revenue growth in 2024 driven by the contribution of the FPM acquisition, which was completed Sept. 1, 2023, and which has thus far helped offset organic revenue declines in the MTS and APS segments. We assume revenue declines about 13% in the MTS segment in 2024, which incorporates a 14% year-over-year decline in the first three quarters and the assumption that the fourth quarter remains affected by reduced volumes. Customers in the MTS segment operate across various end-markets such as automotive, consumer goods, and packaging, and have been hurt by decreased consumer spending levels (particularly for durable goods), elevated interest rates, and their own industry supply dynamics." Acquisition revenue has also helped offset organic declines in the APS segment, which accelerated in the third fiscal quarter. While APS organic equipment volumes were flat to down modestly in the first half of the fiscal year, higher pricing and aftermarket revenue largely offset the equipment declines and the demand pipeline, particularly for larger projects, appeared to be solid. In the third fiscal quarter, APS organic revenue declined 6% year over year as the impact of lower equipment volumes eclipsed the benefit of higher pricing and aftermarket revenue. Furthermore, in the quarter Hillenbrand saw an increase in customer delays of equipment orders, which led in part to an 8% decline in the organic backlog. Overall, the higher-for-longer interest rate environment, inflation, geopolitical concerns, and uncertainty around the U.S. election and trade policy, have led to an increase in customers delaying their capital investment decisions. S&P said, "We believe slowing economic growth in 2025 and a lower backlog at the start of the year will translate to lower APS revenue and a 3% decline in total revenue in 2025. Under our forecast, lower APS revenue will offset what we assume will be flat MTS revenue as recent positive order trends in some geographic end markets are counterbalanced by continued demand declines in North America from slowing economic conditions. "We assume S&P Global Ratings-adjusted EBITDA margin continues to contract. We assume Hillenbrand's S&P Global Ratings-adjusted EBITDA margin declines about 130 basis points year over year in 2024 from the negative impact to manufacturing absorption of lower volumes in the MTS segment, higher restructuring expenses, and cost inflation. These impacts should more than offset the benefit of higher pricing and higher aftermarket revenue in APS. For 2025, we assume S&P Global Ratings-adjusted EBITDA margin declines further, by a more modest 30 basis points, due to lower APS volumes. Under our forecast, the impact of lower volumes is only partially offset by less restructuring expense, the benefit of acquisition-related cost synergies, and productivity and cost-out actions completed in 2024. "We forecast FOCF will remain good. We believe fiscal 2024 unadjusted FOCF will be about $100 million, about $35 million lower compared to 2023, driven in part by the negative impact to working capital from reduced order intake of large projects and their associated upfront payments. Notwithstanding our forecast for lower EBITDA in 2025, we assume FOCF will increase moderately as working capital investments reduce with a decline in revenue. We assume the company uses FOCF to fund dividend payments and reduce debt balances. "The company's financial policy remains supportive of deleveraging. Hillenbrand has stated it intends to prioritize debt reduction until its measure of net leverage is within its target 1.7x to 2.7x range (our measure of adjusted leverage is about 1x higher). To that end, over the next several quarters, we believe the company will suspend share repurchases, debt-funded Mergers and Acquisitions (M&A), or other discretionary spending that may impede its ability to delever. "The negative outlook reflects our forecast for S&P Global Ratings-adjusted leverage to be in the low- to mid-4x area through 2025, above our downside threshold, due to weakening demand in the company's APS segment. Given limited revenue visibility, we believe there are heightened risks that Hillenbrand's leverage may stay elevated beyond the next 12 months. "We could lower our ratings if we expect Hillenbrand's S&P Global Ratings-adjusted leverage will remain above 4x beyond the next 12 months. We may also consider lowering if liquidity deteriorates; for example, if revolver availability is constrained by thin financial covenant cushion. "We may revise our outlook to stable if we expect Hillenbrand will reduce its S&P Global Ratings-adjusted leverage and maintain it below 4x, incorporating potential returns to shareholders and acquisitions. A stable outlook would also be supported by a sufficient cushion (for instance, around 15% or more) under its financial maintenance covenants." ESG factors are neutral overall. The company derives over 30% of its revenue from the plastics industry, though its equipment is predominantly used to produce durable goods. It has very limited exposure to single-use plastics and is increasing its exposure to recycled and biodegradable plastics, which represent only a small portion of its revenue. HISTORIC TIMBER: Hires Desai Law Firm LLC as Legal Counsel ---------------------------------------------------------- Historic Timber & Plank, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ Desai Law Firm, LLC as 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 businesses; f. assisting the Debtor in his 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 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. The firm will be paid at these rates: Partners $385 per hour Associates $250 per hour Paralegals/law clerks $125 per hour The firm will be paid a retainer in the amount of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Spencer P. Desai, a partner at Desai Law Firm, 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: 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 Historic Timber & Plank, Inc. Historic Timber & Plank, Inc., sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ill. Case No. 16-31007) on June 28, 2016. The petition was signed by Joseph Adams, president. The Debtor is represented by Mary E. Lopinot, Esq., at Mathis, Marifian & Richter, Ltd. The case is assigned to Judge William V. Altenberger. At the time of the filing, the Debtor estimated its assets at $0 to $50,000 and debts at $1 million to $10 million. ICON COLLECTIVE: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------------- Icon Collective LLC filed Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports $11,461,435 in debt owed to 1 and 49 creditors. The petition states that funds will be available to unsecured creditors. The petition states that funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 10, 2024 at 9:00 a.m. in Room Telephonically on telephone conference line: :1-866-811-2961. participant access code: 9609127. About Icon Collective Icon Collective LLC is a music production school in Los Angeles, California. Icon Collective sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 24-16266) on August 6, 2024. In the petition filed by David Alexander Valencia, as manager, the Debtor reports total assets as of August 2, 2024 amounting to $9,378,313 and total liabilities as of August 2, 2024 of $11,461,435 The Honorable Bankruptcy Judge Deborah J. Saltzman oversees the case. INNOVATIVE SOLUTIONS: Hires Allen Vellone Wolf as Counsel --------------------------------------------------------- Innovative Solutions Insulation Drywall, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Allen Vellone Wolf Helfrich & Factor P.C. as counsel. The firm's services include: -- providing legal advice and representation in connection with the general administration of the Estate; -- making confirmation of any proposed plan of reorganization, all other contested and adversary matters that arise in this case; -- taking investigation and litigation of any avoidance or other action the Estate may have; and -- providing other legal services for Debtor related to or arising out of contested matters in this bankruptcy case. The firm will be paid at these rates: Jeffrey Weinman $625 per hour Lance Henry $375 per hour Brenton Gragg $365 per hour Attorneys $325 to $725 per hour Paralegals $120 to $235 per hour The firm received $25,905.91 prepetition in connection with fees and expenses preparing to file the bankruptcy, including the $1,738.00 filing fee. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Lance Henry, Esq., a partner at Allen Vellone Wolf Helfrich & Factor P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lance Henry, Esq. Brenton Gragg, Esq. Allen Vellone Wolf Helfrich & Factor P.C. 1600 Stout Street, Suite 1900 Denver, CO 80202 Tel: (303) 534-4499 Email: LHenry@allen-vellone.com BGragg@allen-vellone.com About Innovative Solutions Insulation Drywall, LLC Innovative Solutions Insulation & Drywall LLC offers drywall, insulation and painting services. Innovative Solutions Insulation & Drywall LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 24-14379) on July 31, 2024. In the petition filed by Brian Sigg, as CEO, the Debtor estimated assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. INOTIV INC: Inks $50MM Sale Agreement With Jefferies LLC -------------------------------------------------------- Inotiv, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into an Open Market Sale AgreementSM with Jefferies LLC, pursuant to which the Company may offer and sell up to $50,000,000 of the Company's common shares from time to time in at-the-market offerings, through Jefferies LLC, acting as sales agent. The Shares will be offered and sold pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-266962), filed with the Securities and Exchange Commission on August 18, 2022, as amended, and declared effective by the Commission on August 31, 2022, as supplemented by the prospectus supplement dated August 9, 2024. Upon delivery of an issuance notice and subject to the terms and conditions of the Sale Agreement, Jefferies will use commercially reasonable efforts consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations, and the rules of The Nasdaq Capital Market to sell the Shares from time to time based upon the Company's instructions, including any price, time or size limits specified by the Company. Under the Sale Agreement, Jefferies may sell the Shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. The compensation to Jefferies for sales of Shares pursuant to the Sale Agreement will be an amount equal to 3% of the gross proceeds of any Shares sold under the Sale Agreement. The Company agreed to reimburse Jefferies for certain specified expenses. The Company is not obligated to sell any Shares under the Sale Agreement. The offering of the Shares pursuant to the Sale Agreement will terminate upon the termination of the Sale Agreement by Jefferies or the Company, as permitted therein. Sales pursuant to the Sale Agreement will be made only upon instructions by the Company to Jefferies, and the Company cannot provide any assurances that it will issue any Shares pursuant to the Sales Agreement. About Inotiv West Lafayette, Ind.-based Inotiv, Inc. and its subsidiaries comprise a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company cautioned in its quarterly report on Form 10-Q for the period ended March 31, 2024, that there is substantial doubt about the Company's ability to continue as a going concern and that operating under these conditions may adversely affect the Company's stock price, its ability to raise capital, its ability to comply with its Credit Agreement, and its normal business operations, among other implications. INOTIV INC: Reports $26.1 Million Net Loss in Fiscal Q3 ------------------------------------------------------- Inotiv, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a consolidated net loss of $26.1 million on $105.8 million of revenue for the three months ended June 30, 2024, compared to a consolidated net income of $0.4 million on $157.5 million of revenue for the three months ended June 30, 2023. For the nine months ended June 30, 2024, the Company reported a consolidated net loss of $90 million on $360.3 million of total revenue, compared to a consolidated net loss of $96.2 million on $431.7 million of total revenue for the same period in 2023. Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, "The third quarter was productive for Inotiv; however, the period was not without challenges. Our financial results in Q3 were negatively impacted again, much like Q2, due to lower NHP demand and pricing. However, we were able to accomplish some significant milestones and see signs of improvements going into the end of 2024 and into 2025. We were pleased to see the conclusion of certain open government investigations. We are seeing signs of recovery for the NHP business, we are beginning to see growth in segments of our U.S, European and U.K., RMS businesses and portions of our DSA business. We have completed additional site optimization, integration and transportation initiatives which continue to provide efficiencies and expense reductions while improving service and delivery." "We have faced some unexpected challenges over the past two years, but we have made progress and have confidence in the future for our industry, our Company, and the investments we have made to prepare ourselves for the future. We want to position ourselves so we will not be dependent solely on a market recovery to improve our results of operations and cash flow. Our results for Q3 show some trends towards that momentum." As of June 30, 2024, the Company has $774.6 million in total assets, $592.5 million in total liabilities, and $182.1 million in total stockholders' equity and noncontrolling interest. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/bdhza79k About Inotiv West Lafayette, Ind.-based Inotiv, Inc. and its subsidiaries comprise a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services to the pharmaceutical and medical device industries and selling a range of research-quality animals and diets to the same industries as well as academia and government clients. The Company cautioned in its quarterly report on Form 10-Q for the period ended March 31, 2024, that there is substantial doubt about the Company's ability to continue as a going concern and that operating under these conditions may adversely affect the Company's stock price, its ability to raise capital, its ability to comply with its Credit Agreement, and its normal business operations, among other implications. INTEGRITY BEHAVIORAL: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Integrity Behavioral Management, LLC 5610 Read Blvd. New Orleans, LA 70127 Business Description: Integrity Behavioral is a provider of mental health care services and treatment for children, adults, and families. The Company provides residential drug abuse recovery services for those 21 of age and older. Chapter 11 Petition Date: August 15, 2024 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 24-11608 Judge: Hon. Meredith S Grabill Debtor's Counsel: Darryl T. Landwehr, Esq. LANDWEHR LAW FIRM, LLC 650 Poydras Street Suite 2519 New Orleans LA 70130 Email: dtlandwehr@att.net Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Terry Lain, M. D. as manager. A full-text copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LOYBDAY/Integrity_Behavioral_Management__laebke-24-11608__0001.0.pdf?mcid=tGE4TAMA JER INVESTORS: Plan Exclusivity Period Extended to October 28 ------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended JER Investors Trust Inc., and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to October 28 and December 23, 2024, respectively. As shared by Troubled Company Reporter, Debtors explain that an application of factors establishes sufficient cause to further extend the Exclusive Periods. First, the Debtors have continued to make good faith progress towards confirming a chapter 11 plan. The Plan Objection is the only pending objection to the Combined Disclosure Statement and Plan, and the Debtors have in good faith adjourned the Confirmation Hearing so the parties may attempt to consensually resolve it. To further assist in a consensual resolution in lieu of a contested hearing, the Debtors have raised the possibility of mediation both with the Court and the Noteholders. Meanwhile, the Debtors have continued to move these Chapter 11 Cases forward, complying with all reporting requirements and timely seeking to extend the relevant deadlines under the Bankruptcy Code. The Debtors therefore believe they have made good faith progress towards confirmation and believe the request to extend the Exclusive Periods as set forth herein is appropriate and reasonable. Relatedly, the Debtors have demonstrated reasonable prospects for filing a viable plan. The Court conditionally approved the disclosures in the Combined Disclosure Statement and Plan, which reflects and incorporates numerous comments from key parties. Though the Noteholders filed the sole objection to the Combined Disclosure Statement and Plan, the Debtors have continued to encourage and engage the relevant parties in an attempt to resolve the Plan Objection. Counsel to the Debtors: Troutman Pepper Hamilton Sanders LLP David M. Fournier, Esq. Kenneth A. Listwak, Esq. Tori L. Remington, Esq. Hercules Plaza, Suite 5100 1313 N. Market Street, Suite 5100 Wilmington, DE 19801 Telephone: (302) 777-6500 Email: david.fournier@troutman.com ken.listwak@troutman.com tori.remington@troutman.com - and - Deborah Kovsky-Apap, Esq. 875 Third Avenue New York, NY 10022 Telephone: (212) 704-6000 Email: deborah.kovsky@troutman.com About JER Investors Trust JER Investors Trust Inc. is a specialty finance company quoted on the Pink Sheets that manages a portfolio of commercial real estate structured finance products. Its investments include commercial mortgage backed securities, mezzanine loans and participations in mortgage loans, and an interest in the US Debt Fund. JER Investors Trust Inc. is organized and conducts its operations so as to qualify as a real estate investment trust ("REIT") for federal income tax purposes. On the Web: http://www.jerinvestorstrust.com/. JERIT Non-CDO CMBS 1 LLC and affiliate JER Investors Trust Inc. sought Chapter 11 protection (Bankr. D. Del. Case No. (23-12108 and 23-12109) on Dec. 29, 2023. The Hon. Thomas M. Horan is the case judge. The Debtors tapped TROUTMAN PEPPER HAMILTON SANDERS LLP as counsel; and DUNDON ADVISERS as financial advisor. JER Investors estimated assets of $10 million to $50 million and debt of $100 million to $500 million. JERIT Non-CDO estimated assets of $10 million to $50 million and debt of just under $50,000. JERRY L. TEAL SR: Armor Concepts Suit Goes to Trial --------------------------------------------------- Judge Nicholas W. Whittenburg of the United States Bankruptcy Court for the Eastern District of Tennessee denied the motions for summary judgment filed by Teal Properties, Inc. and Jerry Lee Teal, Sr. with respect to Armor Concepts, LLC's proofs of claim. The court grants Armor's motions for partial summary judgment. On September 30, 2022, the Debtors filed voluntary petitions seeking relief under chapter 11 of the Bankruptcy Code, 11 U.S.C. Secs. 101 et seq. The court confirmed the Debtors' chapter 11 plans on June 7, 2023. According to those confirmed plans, all allowed claims -- including any allowed claim of Armor -- are to be paid in full using proceeds from the liquidation of property of the estate. That property has been sold and the disbursing agent has released proceeds from the sale to pay all creditors in full save one -- Armor. The disbursing agent now holds in escrow proceeds sufficient to fully satisfy Armor's claims, if allowed. Armor filed proofs of claim in the Debtors' cases, each in the amount of $744,120.00. The basis of Armor's claims is the Debtors' purported "[i]nterference with [and] procurement of breach" of a sublease of commercial real estate by Armor to L&L Flooring Company. The events leading to the present controversy may be easily summarized and are in most respects undisputed. Teal Properties leased real property located in Nashville, Tennessee, to Armor through a lease agreement dated October 3, 2013. The Master Lease carried an initial three-year term expiring on November 30, 2016. The lease also provided Armor with two options to extend the lease, each for a term of five years. To exercise the options, the Master Lease provided that "[n]otice to exercise any or each of the two five-year options, must be given 12 months prior to the intended option date." On February 5, 2016, Armor sent Teal Properties a written letter exercising the first option to renew the lease. It is undisputed that Armor's signed letter renewed the lease through November 30, 2021. After Armor's exercise of the first option to renew the Master Lease, Armor and L&L desired to enter a sublease whereby L&L would sublet the property. However, the Master Lease conditioned any subletting on first securing the consent of Teal Properties. On March 1, 2020, Armor and Teal Properties entered a written Consent to Sublease. Pursuant to the Consent, Teal Properties consented to the sublease of the premises between Armor and L&L. With the Consent in hand, Armor and L&L entered into a Lease Agreement dated March 5, 2020, whereby Armor sublet the property to L&L. The Sublease between Armor and L&L carried a five-year term commencing March 1, 2020, and expiring February 28, 2025, with two three-year options to extend. L&L took possession of the premises and paid rent to Armor pursuant to the Sublease. Despite consenting to Armor subletting the premises to L&L through February 2025, the Debtors maintain that Armor failed to exercise its second option to extend the Master Lease, and therefore, it expired on November 30, 2021. As the Sublease was subordinate to and subject to the expired Master Lease, the Debtors contend that L&L was no longer bound by the Sublease. The Debtors argue that they may not be held liable for inducing the breach of the non-binding Sublease. After the purported expiration of the Master Lease, the Debtors, or a successor owner of the premises, apparently entered a new lease with L&L and began collecting rent directly from L&L. The Debtors timely filed their objections to Armor's proofs of claim. In the objections the Debtors assert the claims should be disallowed because Armor did not file any supporting documents with their claims, as required by Federal Rule of Bankruptcy Procedure 3001(c). In support of this contention the Debtors argue that the filing of supporting documents was required because the Tennessee statute cited by Armor in its claims, Tenn. Code Ann. Sec. 47-5-109, relates to forged and fraudulent documents. Further, the Debtors included a general denial, stating they had not "unlawfully interfered with or procured breach." With their motions for summary judgment the Debtors make two primary arguments: 1. They argue that because the Master Lease, and with it, the Sublease, terminated in November 2021, the Debtors may not be held accountable for any purported breach of the Sublease by L&L after such date. 2. Because Armor's claims are based on the Debtors' purported inducement of L&L's breach of the Sublease and because in its responses to the Debtors' discovery Armor has admitted that written documents exist to support its claims, the Debtors argue that Armor's claims are "based on a writing" as that phrase is used in Federal Rule of Bankruptcy Procedure 3001(c)(1). Because no written documents were attached to the proofs of claim, the Debtors request that the court preclude Armor from presenting the Sublease or any written documents into evidence in Mr. Teal's individual bankruptcy case pursuant to Federal Rule of Bankruptcy Procedure 3001(c)(2)(D). In its motions for partial summary judgement, Armor seeks to forestall at least one of the arguments made by the Debtors in their motions. Armor contends that its claims are not "based on a writing," and therefore, it was not required to attach any documents to its proofs of claim. Armor seeks a partial summary judgement finding that its claims are not "based on a writing," and even if its claims are "based on a writing," its failure to attach any documents to its claims does not preclude it from presenting documentary evidence and does not warrant the disallowance of Armor's claims. The Court holds because the Debtors were aware of Armor's intent to exercise the second option to extend the term of the Master Lease, the Debtors' motions for summary judgement are denied. To the extent the Debtors argue that Armor's proofs of claim should be disallowed solely because Armor failed to attach supporting documents, the objection is overruled, the Court says. Although failure to include supporting documents is not fatal to the claim, whether the noncompliant claim constitutes prima facie evidence of the claim's validity under Rule 3001(f) is an entirely different matter, the Court notes. In the case at bar, Armor filed their proofs of claim for tortious interference with and unlawful procurement of breach of contract, for which a cause of action exists in Tennessee common and statutory law. The Court notes Armor's claims against the Debtors are not founded on obligations of the Debtors to Armor created by or established by a written contract or other document. Armor's purported right to recovery is not predicated on Teal Properties' breach of the Master Lease or the Debtors' breach of the Sublease to which they were not parties. Armor's claims are simply not "based on a writing" as that phrase is used in Federal Rule of Bankruptcy Procedure 3001(c), and therefore, Armor was under no obligation to attach any writing to its proofs of claim to secure prima facie validity under Federal Rule of Bankruptcy Procedure 3001(f), the Court finds. The Court concludes as a matter of law that Armor's proofs of claim complied with Rule 3001 and, therefore, constituted prima facie evidence of the claim's validity under Rule 3001(f). A copy of the Court's decision dated August 6, 2024, is available at https://urlcurt.com/u?l=v9fLDq About Teal Properties Teal Properties, Inc. filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tenn. Case No. 22-12203) on Sept. 30, 2022, with up to $1 million in both assets and liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by Lefkovitz & Lefkovitz, PLLC. A plan was confirmed in the case on June 7, 2023. Jerry L. Teal, Sr. sought Chapter 11 protection (Bankr. E.D. Tenn. Case No. 22-12205) on Sept. 30, 2022. The Debtor also tapped Steven Lefkovitz, Esq., as counsel. JPK NEWCO: Seeks to Hire Wolff & Orenstein as Legal Counsel ----------------------------------------------------------- JPK NewCo, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Wolff & Orenstein, LLC as attorneys. The firm's services include: a. providing the Debtor with legal advice with respect to its powers and duties in the operation of its business and management of its property; b. representing the Debtor in defense of proceedings instituted to reclaim property or to obtain relief from the automatic stay under Section 362(a) of the Bankruptcy Code; c. preparing any necessary applications, answers, orders, reports and other pleadings, and appearing on the Debtor's behalf in proceedings instituted by or against the Debtor; d. assisting the Debtor in the preparation of schedules, statements of financial affairs, and any amendments thereto that the Debtor may be required to file in this case; e. assisting the Debtor in the preparation of a plan of reorganization; f. representing the Debtor at any hearings before this Court and/or meetings with the Office of the United States Trustee or the Subchapter V Trustee; g. assisting the Debtor with all bankruptcy legal work or other legal services for the Debtor that may be necessary or desirable in the course of this case. The firm will be paid at these rates: Jeffrey M. Orenstein $450 per hour Matthew E. Abbott $290 per hour Paralegal/Legal assistant's time $150 per hour In addition, the firm will receive reimbursement for out-of-pocket expenses incurred. The firm received a retainer in the amount of $23,000 plus a cost retainer of $3,000. Jeffrey M. Orenstein, Esq., a partner at Wolff & Orenstein, 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: Jeffrey M. Orenstein, Esq. Wolff & Orenstein, LLC 15245 Shady Grove Road Suite 465, North Lobby Rockville, MD 20850 Tel: (301) 250-7232 Email: jorenstein@wolawgroup.com About JPK NewCo Shaheen Sariri, a creditor of JPK NewCo, LLC, filed an involuntary Chapter 11 bankruptcy petition against the company ((Bankr. D.D.C. Case No. 24-00262) on July 23, 2024. The petitioning creditor is represented by Kristen E. Burgers, Esq., at Hirschler Fleischer PC. KBR INC: S&P Raises ICR to 'BB+' on Improved Credit Metrics ----------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on KBR Inc. to 'BB+' from 'BB'. At the same time, S&P raised the issue-level rating on all rated debt by one notch, while recovery ratings are unchanged. The stable outlook reflects S&P's expectation the company's debt to EBITDA will remain below 3x and funds from operations (FFO) to debt will rise above 30% in 2025. S&P said, "The upgrade reflects our expectation that credit metrics will continue to improve, despite potential shareholder returns. KBR's revenues and EBITDA margins are growing in 2024, though credit ratio improvement is delayed because of the Linquest acquisition. With continued organic growth, consistent profitability, and a full year of Linquest earnings, we expect debt to EBITDA of 2.0x-2.4x and FFO to debt of 29%-34% in 2025. New bookings remain solid against strong revenues and KBR continues to recognize strong positive cash flow as a result." The Linquest acquisition allows KBR to expand up-market in the digital space. KBR is acquiring Linquest, a data analytics, engineering, and digital integration company, for about $745 million. The acquisition should serve to strengthen KBR's relationship with various key customers in the Government Solutions (GS) segment. KBR hopes Linquest will improve its Model-Based Systems Engineering capabilities. Another key benefit is that KBR will now be able to look in-house for elements of contracts that it would previously have needed to subcontract out, which could improve profitability. S&P believes integration will be smooth as many Linquest employees already have the high clearance levels required for KBR's contracts. The Sustainable Technology Solutions (STS) business has the most upside potential. Growing demand in sustainable services creates opportunity and S&P expects KBR to capitalize with double-digit revenue growth in the STS segment at significant margins. Ammonia plants and recycling facilities remain major customers and KBR's proprietary technologies can fill a relatively new demand. S&P said, "We expect KBR to work to improve credit metrics. In the past, KBR has worked to reduce leverage quickly after short-term increases for acquisitions or other funding needs. We believe the company will hold off on further share repurchases for the next several quarters as it uses excess free cash flow to pay down the debt used to fund the Linquest acquisition. KBR will continue to fund a steady dividend, and once leverage is reduced to pre-acquisition levels will likely start share repurchases again. However, we believe operating performance combined with the company's financial policy will keep credit ratios above threshold levels over the long term, inclusive of shareholder returns or potential future acquisition opportunities. "The stable outlook reflects our expectation that debt to EBITDA will be below 3x and FFO to debt will be above 30% starting in 2025 and remain there, even with potential future acquisitions and shareholder returns. "We could lower the rating on KBR if we expect FFO to debt to be below 30% for an extended period." This could occur if: -- Government spending declines; -- KBR loses major contracts; -- The company engages in significant share repurchases or acquisitions beyond our expectations. S&P could raise the rating on KBR if FFO to debt rises above 45% and it expects KBR to remain credit metrics at these levels, even with potential acquisitions and shareholder returns; or if the company improves the scale and scope of its operations to improve profitability without negatively impacting credit metrics. This could occur if: -- KBR grows its high-value-added government services revenue base; -- The STS business grows beyond S&P's expectations; and -- Management publicly commits to maintaining credit ratios at threshold levels. KLDISCOVERY INC: Completes Debt Restructuring --------------------------------------------- KLDiscovery Inc., a leading global provider of electronic discovery, information governance, and data recovery technology solutions, on Aug. 14, 2024, announced that it has closed a value-enhancing deleveraging transaction with its convertible debenture holders, term loan lenders, revolving credit facility lender, and largest shareholder. This strategic step significantly reduces the Company's long-term debt and strengthens its financial position, further enhancing KLDiscovery's ability to deliver for its clients and partners. "The successful completion of this transaction marks a significant milestone in KLDiscovery's journey to help our clients solve their most complex data challenges. With the new capital structure now in place, the Company is well-positioned to reach new heights and continue delivering innovative solutions for our customers," said Chris Weiler, Chief Executive Officer of KLDiscovery. "I extend my sincere appreciation to our capital partners for their steadfast support along the way. We are excited to leverage this momentum in collaboration with our team, driving forward our vision to solidify KLDiscovery's leadership in the eDiscovery space." As contemplated by the previously announced transaction agreements, KLDiscovery's outstanding convertible notes have been cancelled and exchanged for new shares representing approximately 96% of the Company’s outstanding common equity and the maturity of the Company's term loan has been extended to August 2027. In addition, at the closing of the transaction, KLDiscovery received $50 million of second lien secured financing which was used to repay a portion of the Company's first lien secured debt, a portion of the amounts outstanding under the revolver, and pay transaction expenses. The closing of this transaction reflects the continued strong support of KLDiscovery's capital partners, who are confident in the Company's prospects and business strategy. Kevin Griffin, Chief Executive Officer & Chief Investment Officer of debenture holder MGG Investment Group, said, "KLDiscovery is on a strong trajectory with enhanced financial flexibility. We are confident in KLDiscovery’s innovative technology, dedicated team, and business strategy, and look forward to the Company’s continued growth and evolution." Advisors Gibson, Dunn & Crutcher LLP served as legal counsel, Guggenheim Securities, LLC and AlixPartners served as financial advisors, and C Street Advisory Group served as strategic communications advisor to the Company. Morrison & Foerster LLP served as legal counsel and Lazard served as investment banker to the debenture holders. About KLDiscovery KLDiscovery provides technology-enabled services and software to help law firms, corporations, and government agencies solve complex data challenges. With offices in 26 locations across 17 countries, KLDiscovery is a global leader in delivering best-in-class data management, information governance, and eDiscovery solutions to support the litigation, regulatory compliance, and internal investigation needs of clients. Serving organizations for over 30 years, KLDiscovery offers data collection and forensic investigation, early case assessment, data processing, application software and data hosting for web-based document reviews, and managed document review services. In addition, through its global Ontrack data management business, KLDiscovery delivers world-class data recovery, disaster recovery, email extraction and restoration, data destruction, and tape management. KLDiscovery has been recognized as one of the fastest growing companies in North America by both Inc. Magazine (Inc. 5000) and Deloitte (Deloitte’s Technology Fast 500), and CEO Chris Weiler was a 2014 Ernst & Young Entrepreneur of the Year. Additionally, KLDiscovery is a Relativity Certified Partner and maintains ISO/IEC 27001 Certified data centers around the world. On the web: http://www.kldiscovery.com/ LA DELTA FARMS: Dwayne Murray Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Dwayne Murray, Esq., at Murray & Murray, LLC, as Subchapter V trustee for LA Delta Farms Oil Company, LLC. Mr. Murray will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Murray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Dwayne Murray, Esq. Murray & Murray, LLC 4970 Bluebonnet Blvd., Suite B Baton Rouge, LA 70809 Tel: (225) 925-1110 Fax: (225) 925-1116 Email: dmm@murraylaw.net About LA Delta Farms Oil Company LA Delta Farms Oil Company, LLC operates in the crude petroleum extraction industry. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 24-11550) on August 9, 2024, with $1 million to $10 million in both assets and liabilities. Ethan A. Miller, president and manager, signed the petition. Judge Meredith S. Grabill presides over the case. Frederick Bunol, Esq., at The Derbes Law Firm, LLC represents the Debtor as bankruptcy counsel. LAND & SEA INDUSTRIES: Hires Cooper & Scully as Legal Counsel ------------------------------------------------------------- Land & Sea Industries, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Cooper & Scully, PC. as legal counsel. The firm will provide these services: a. prepare and file schedules and a statement of financial affairs. b. negotiate with creditors and handle routine motions such as motions for relief from stay, cash collateral motions and the myriad of bankruptcy motions that will be filed in this case. c. file objections to claims, if necessary. d. perform legal work necessary to sell property of the estate. e. draft, file and prosecute adversary proceedings necessary to determine the extent, validity and priority of liens. f. draft, file and prosecute avoidance actions if necessary. g. draft, file and prosecute adversary proceedings, motions and contested pleadings as necessary. h. prepare and file a Plan and Disclosure Statement. i. conduct discovery that is required for the completion of the case or any matter associated with the case. j. perform all legal matters that are necessary for the completion of the case. k. perform miscellaneous legal duties to complete the bankruptcy case. The firm will be paid at these rates: Julie M. Koenig $450 per hour Paralegal $125 per hour The Debtor paid the firm a retainer of $20,000, including the filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Julie M. Koenig, a partner at Cooper & Scully, PC., 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: Julie M. Koenig, Esq. Cooper & Scully, P.C. 815 Walker St., Suite 1040 Houston, TX 77002 Tel: (713) 236-6800 Fax: (713) 236-6880 Email: julie.koenig@cooperscully.com About Land & Sea Industries, LLC Land & Sea Industries LLC is a global provider of fabricated and machined products for the drilling and petrochemical industry. Land & Sea Industries LLC sought relief under Chapter 11 of the U.S Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-33450) on July 30, 2024. In the petition filed by Wade Schindewolf, as president, the Debtor reports total assets of $5,690,336 and total liabilities of $14,246,614. The Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by: Julie M. Koenig, Esq. COOPER & SCULLY, P.C. 815 Walker St. Suite 1040 Houston TX 77002 Telephone: (713) 236-6800 Facsimile: (713) 236-6880 Email: julie.koenig@cooperscully.com LIFESCAN GLOBAL: $1.01BB Bank Debt Trades at 62% Discount --------------------------------------------------------- Participations in a syndicated loan under which LifeScan Global Corp is a borrower were trading in the secondary market around 37.6 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $1.01 billion Term loan facility is scheduled to mature on December 31, 2026. About $864.1 million of the loan is withdrawn and outstanding. LifeScan Global Corporation is a provider of blood glucose monitoring systems for home and hospital use. LODGING ENTERPRISES: Hires Greenberg Traurig LLP as Counsel ----------------------------------------------------------- The official committee of unsecured creditors of Lodging Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to employ Greenberg Traurig, LLP as Counsel. The firm will provide these services: a. advise the Committee with respect to its rights, duties, and powers in this Case; b. assist and advise the Committee in its consultations with the Debtor in connection with the administration of this Case; c. assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor, operation of the Debtor's businesses and the desirability of continuing or selling such businesses and/or assets under Bankruptcy Code section 363, the formulation of a chapter 11 plan, and other matters relevant to this Case; d. assist the Committee in analyzing the claims of the Debtor's creditors and the Debtor's capital structure and in negotiating with holders of claims and equity interests, including analysis of possible objections to the nature, extent, validity, priority, amount, subordination, or avoidance of claims and/or transfers of property in consideration of such claims; e. advise and represent the Committee in connection with matters generally arising in this Case, including the obtaining of credit, the sale of assets, and the rejection or assumption of executory contracts and unexpired leases; f. appear before this Court, and any other federal, state, or appellate court; g. prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, objections, and responses to any of the foregoing; and h. perform such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these rates: Shareholders $650 to $1,995 per hour Of Counsel $500 to $1,880 per hour Associates $325 to $1,155 per hour Legal Assistants/Paralegals $150 to $605 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Pursuant to Part D.1 of the Revised UST Guidelines, Greenberg Traurig hereby provides the responses set forth below: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Not applicable. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: To be provided. Shari Heyen, Esq., a partner at Greenberg Traurig, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Shari L. Heyen, Esq. Greenberg Traurig, LLP 1000 Louisiana Street, Suite 6700 Houston, TX 77002 Tel: (713) 374-3500 Email: heyens@gtlaw.com About Lodging Enterprises, LLC Founded in 1984, Lodging Enterprises, LLC, a company in Wichita, Kansas, offers a full suite of crew accommodations, specializing in 24-hour food, lodging and hospitality services. A large segment of the company's clientele are composed of railroad, and other transportation-industry workers for whom it is essential that lodging is available. The company owns and operates 44 Wyndham-branded hotels and 27 restaurants located in 23 states across the country. Lodging Enterprises filed Chapter 11 petition (Bankr. D. Kan. Case No. 24-40423) on June 26, 2024, with $100 million to $500 million in both assets and liabilities. LUCID GROUP: Secures $1.5-Billion Lifeline ------------------------------------------ Kara Carlson of Bloomberg Law reports that an affiliate of Saudi Arabia's Public Investment Fund is set to provide Lucid Group Inc. with up to $1.5 billion in cash, which will boost the company's shares as it prepares to launch its first sport utility vehicle. According to Lucid, late on Monday, Ayar Third Investment Company has committed to make the investments through the purchase of $750 million in convertible preferred stock and the provision of a $750 million unsecured credit. The new investment is provided while the automaker tries to deal with declining demand for electric vehicles and production obstacles. About Lucid Group Inc. Lucid Group, Inc. is a technology and automotive company focused on designing, developing, manufacturing, and selling the next generation of electric vehicles, EV powertrains and battery systems. LUMEN TECHNOLOGIES: $1.63BB Bank Debt Trades at 23% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Lumen Technologies Inc is a borrower were trading in the secondary market around 77.5 cents-on-the-dollar during the week ended Friday, Aug. 16, 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 $1.62 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 25% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Lumen Technologies Inc is a borrower were trading in the secondary market around 75.2 cents-on-the-dollar during the week ended Friday, Aug. 16, 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 $1.62 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. LV OPPORTUNITY ZONE: Hits Chapter 11 Bankruptcy in Nevada --------------------------------------------------------- LV Opportunity Zone LLC Series 9 filed Chapter 11 protection in the District of Nevada. According to court filing, the Debtor reports $3,900,000 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About LV Opportunity Zone LLC Series 9 LV Opportunity Zone LLC Series 9 is primarily engaged in renting and leasing real estate properties. The Debtor is the fee simple owner of two properties located in Los Angeles having a total appraised value of $3.6 million. LV Opportunity Zone LLC Series 9 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.: 24-14002) on August 6, 2024. In the petition filed by Christopher Craig, as member, the Debtor reports total assets of $3,600,000 and total liabilities of $3,900,000. The Honorable Bankruptcy Judge Natalie M. Cox oversees the case. The Debtor is represented by: Andrew J. Van Ness, Esq. HUNTER PARKER LLC 3815 S Jones Blvd 1A Las Vegas, NV 89103 Tel: (702) 686-9297 Email: andrew@hunterparkerlaw.com MACADAMIA BEAUTY: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Macadamia Beauty, LLC Attention: Henry Stein 7529 Dallas Pkwy Plano, TX 75024 Business Description: Macadamia Beauty is an oil-based hair repair company based in Plano, Texas. Its unique oil-infused hair repair products effectively address the most common hair dissatisfactions among women: breakage, frizz, damage, and dryness. Chapter 11 Petition Date: August 19, 2024 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 24-41929 Debtor's Counsel: Frances A. Smith, Esq. ROSS, SMITH & BINFORD, PC 700 N. Pearl Street 1610 Dallas TX 75201 Tel: (214) 593-4976 Email: frances.smith@rsbfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Henry Stein as CEO. A copy of the Debtor's list of 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/BLDWYBA/Macadamia_Beauty_LLC__txebke-24-41929__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/BNKNPBY/Macadamia_Beauty_LLC__txebke-24-41929__0001.0.pdf?mcid=tGE4TAMA MAGENTA BUYER: $750MM Bank Debt Trades at 73% Discount ------------------------------------------------------ Participations in a syndicated loan under which Magenta Buyer LLC is a borrower were trading in the secondary market around 26.7 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $750 million Term loan facility is scheduled to mature on July 27, 2029. The amount is fully drawn and outstanding. Magenta Buyer, LLC (McAfee) is a provider of cybersecurity software that derives revenue from the sale of security products, subscriptions, SaaS, support and maintenance, and professional services. MAWSON INFRASTRUCTURE: CDO Craig Hibbard to Depart by February 2025 ------------------------------------------------------------------- Mawson Infrastructure Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission the departure of Mr. Craig Hibbard as the Company's Chief Development Officer given personal reasons. Mr. Hibbard will remain with the Company in a full-time capacity until February 6, 2025 to ensure a structured transition. The Company does not plan to continue with a Chief Development Officer position henceforth and the responsibilities will be divided amongst other management team members. Mr. Hibbard's resignation is not the result of any dispute or disagreement with the Company or management and is not a reflection on the Company's results of operations. About Mawson Headquartered in Midland, Pennsylvania, Mawson Infrastructure Group Inc. is a 'Digital Infrastructure' Company, which operates (through its subsidiaries) data centers for the generation of Bitcoin cryptocurrency in the United States. Because Mawson takes part in Bitcoin mining, it is often referred to as a Bitcoin miner. The Company has three primary businesses -- digital currency or Bitcoin self-mining, customer co-location and related services, and energy markets. As of March 31, 2024, Mawson had $67.71 million in total assets, $54.69 million in total liabilities, and $13.01 million in total stockholders' equity. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 29, 2024, citing that the Company has incurred net losses since its inception, and had negative working capital and will need additional funding to continue operations. This raises substantial doubt about the Company's ability to continue as a going concern. MELBEN INC.: Hires Mahdavi Bacon Halfhill & Young as Attorney ------------------------------------------------------------- Melben, Inc seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Mahdavi Bacon Halfhill & Young PLLC as attorney. The firm will provide these services: a. advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning the debtor's rights and remedies with regard to the estate's assets and the claims of secured, preferred and unsecured creditors and other parties in interest; b. appear for, prosecute, defend, and represent the Debtor's interest in suits arising in or related to this case; c. investigate and prosecute preference and other actions arising under the Debtor's avoiding powers. d. assist in the preparation of such pleadings, Motions, Notices and Orders as are required for the orderly administration of this estate; and to consult with and advise the Debtor in connection with the operation of the business of the Debtor; and e. prepare and file a Plan and, as necessary, a Disclosure Statement and to obtain the confirmation and completion of a Plan of reorganization, and to prepare a Final Report and a Final Accounting. The firm will be paid at these rates: Attorney $500 per hour Para-professionals $175 per hour The firm will be paid a retainer in the amount of $6,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. James T. Bacon, Esq., a partner at Mahdavi Bacon Halfhill & Young PLLC disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James T. Bacon, Esq. Mahdavi Bacon Halfhill & Young PLLC 11350 Random Hills Rd., Suite 700 Tel: (703) 352-1300 Email: jbacon@mbhylaw.com About Melben, Inc. Melben, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 24-00232) on July 2, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Elizabeth L. Gunn oversees the case. James Bacon, Esq., at Mahdavi, Bacon, Halfhill & Young, PLLC represents the Debtor as legal counsel. MELBEN INC: Hires John P. Forest II as Attorney ----------------------------------------------- Melben, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ John P. Forest, II as attorney. The firm will provide these services: a. advise and consult with the Debtor concerning questions arising in the conduct of the administration of the estate and concerning the debtor's rights and remedies with regard to the estate's assets and the claims of secured, preferred and unsecured creditors and other parties in interest; b. appear for, prosecute, defend, and represent the Debtor's interest in suits arising in or related to this case; c. investigate and prosecute preference and other actions arising under the Debtor's avoiding powers; d. assist in the preparation of such pleadings, Motions, Notices and Orders as are required for the orderly administration of this estate; and to consult with and advise the debtor in connection with the operation of the business of the Debtor; e. prepare and file a Plan and, as necessary, a Disclosure Statement and to obtain the confirmation and completion of a Plan of reorganization, and to prepare a Final Report and a Final Accounting. The firm will be paid at these rates: Attorney $400 per hour Para-professionals $175 per hour The firm will be paid a retainer in the amount of $4,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In a court filing, Mr. Forest disclosed that he is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: John P. Forest, II, Esq. 11350 Random Hills Rd., Suite 700 Fairfax, VA 22030 Tel: (703) 691-4940 Email: john@forestlawfirm.com About Melben Inc. Melben, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 24-00232) on July 2, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Elizabeth L. Gunn oversees the case. James Bacon, Esq., at Mahdavi, Bacon, Halfhill & Young, PLLC represents the Debtor as legal counsel. NEW CENTURY FOOD: Seeks Chapter 11 Bankruptcy Protection -------------------------------------------------------- Bill Zentner of bluebook reports that on August 5, 2024, New Century Food Corporation, based in Lorton, Virginia, filed a Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Eastern District of Virginia, citing case number 2024bk11434. The company is also doing business as Diet-to-Go and diettogomeals.com. The Chapter 11 petition indicates that there are between 50 and 99 estimated creditors. The reported range of estimated assets was $0 to $50,000, whereas the reported range of projected liabilities was $1,000,000 to $10,000,000. "Funds will be available for distribution to unsecured creditors," according to the petition. Jonathan B. Vivona of Vivona Pandurangi, PLC, 211 Park Avenue, Falls Church, VA 22046, is the lawyer handling the case. About New Century Food Corp. New Century Food Corp. dba Diet-to-Go is a diet meal delivery service that provides balanced, freshly prepared, real food for weight loss. New Century Food Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 24-11434) on August 5, 2024. In the petition filed by Hilton Davis, as co-owner, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Klinette H. Kindred oversees the case. The Debtor is represented by: Jonathan B. Vivona, Esq. VIVONA PANDURANGI, PLC 211 Park Avenue Falls Church, VA 22046 Tel: 703-739-1353 Fax: 703-337-0490 Email: jvivona@vpbklaw.com NICHOLAS WALLACE: MidWestOne May Foreclose on Collateral -------------------------------------------------------- Chief Judge Thad J. Collins of the United States Bankruptcy for the Northern District of Iowa granted MidWestOne's motion for relief from stay in the bankruptcy case of pro se debtors, Nicholas Stephen Wallace and Pascale Marie Wallace. On April 10, 2024, the Debtors voluntarily filed their bankruptcy petition under Chapter 11 with a small business designation. The Debtors later amended their petition and elected to proceed under Chapter 11 Subchapter V. On May 16, 2024, MWO filed its Motion for Relief from Stay, requesting the Court lift the automatic stay as to MWO's collateral for several loans the Debtors had not paid for over five months. The Debtors objected. Nicholas Wallace owns two parcels of real property in Benton County, Iowa. Nicholas and Pascale Wallace own another tract of real property in Benton County, Iowa. The Debtors started borrowing money from MWO in 2010 that is now documented by an Agricultural Security Agreement and four different promissory notes. In 2017 as part of a consolidation effort, the Debtors jointly executed and delivered to the Bank the Security Agreement that grants the Bank a security interest in the following assets of the Debtors: All Equipment, Farm Products, General Intangibles, Accounts, Inventory, Investment Property, Fixtures, Chattel Paper, Instruments, Deposit Accounts, Warehouse Receipts, Letters of Credit, Documents of Title, Bills of Lading, Intellectual Property rights, and Documents. As of June 14, 2024, the Debtors owe MWO a total of $2,511,466. The Debtors have failed to make any payments under Notes 2, 3, and 4 for over five months. The Debtors have not offered any adequate protection and have continued to use MWO's collateral since the bankruptcy filing. The Debtors resisted MWO's motions by alleging fraud and appearing to contest the existence of the Debtors' debt obligations owed to MWO. MWO presented evidence at the evidentiary hearing showing conclusively that the Debtors owe MWO the $2,511,466. According to the Court, the Debtors offered no persuasive evidence that they did not owe the money, which was their only real defense to MWO's Motion for Relief from Stay. The Debtors entirely failed to address adequate protection. They instead relied mainly on their "sovereign citizen" or "pseudo-law" arguments. MWO focused on the lack of adequate protection in its filings and at hearing as cause for lifting the stay. MWO offered evidence at trial that the Debtors have failed to make any payments towards their loans for the last five months and have been unwilling to offer adequate protection. MWO and the Debtors had previously entered into a Forbearance Agreement in 2021 in which the Debtors acknowledged the money they owed to MWO and the defaults that were occurring. The Debtors had also offered to sell some property and livestock in order to keep their homestead but MWO rejected that offer. The Court agrees that MWO has shown there is not an equity cushion to adequately protect the lender's interests and the Debtors' continued use of the collateral evidences its depreciating value. Therefore, MWO has carried its burden and shown that it is not adequately protected. Judge Collins says, "Here, Debtors have not offered any proposal of adequate protection for the Court to evaluate. In fact, Debtors have not offered any evidence on adequate protection at all. Debtors made no further attempt to negotiate with MWO after the Court gave them almost three additional weeks to come up with some proposal. Thus, Debtors entirely failed to show any factual basis for denying MWO's Motion for Relief from Stay." A copy of the Court's decision dated August 2, 2024, is available at https://urlcurt.com/u?l=6Pu44G Christopher Loftus represents MWO. Claire Davison appeared on behalf of the United States Trustee. Craig Knickrehm represents Agrifund, LLC. Nicholas Stephen Wallace and Pascale Marie Wallace filed for Chapter 11 bankruptcy protection (Bankr. N.D. Iowa Case No. 24-00315) on April 10, 2024, listing under $1 million in both assets and liabilities. NUZEE INC: Files S-1 for Resale of 2.6MM Shares by DYT, 10 Others ----------------------------------------------------------------- NuZee, Inc. filed a preliminary prospectus on Form S-1 with the U.S. Securities and Exchange Commission relating to the resale from time to time by the selling stockholders -- DYT INFO PTE. LTD., Metaverse Intelligence Tech Ltd., YY Tech Inc, Tengchao Jian, JOYER INVESTMENT LIMITED, Weiwei Kang, Yiting Lu, Xuelei Mo, Huiping Tan, Yalan Yang, Yanqin Chen -- of up to 2,617,736 shares of the Company's common stock, par value $0.00001 per share, held directly or indirectly by certain Selling Stockholders. The Company will not receive any proceeds from the sale of such shares of Common Stock by the Selling Stockholders. Nuzee will bear all of the registration expenses incurred in connection with the registration of these shares of Common Stock. The Selling Stockholders will pay discounts, commissions, fees of underwriters, selling brokers or dealer managers and similar expenses, if any, incurred for the sale of these shares of Common Stock. The Selling Stockholders may offer the shares from time to time on terms to be determined at the time of sale through ordinary brokerage transactions or through any other means described in the prospectus. The shares may be sold at fixed prices, at prevailing market prices, at prices related to prevailing market prices or at negotiated prices. A full-text copy of the Preliminary Prospectus is available at: https://tinyurl.com/38muh386 About NuZee NuZee, Inc. (d/b/a Coffee Blenders) is a co-packing Company for single-serve coffee formats, as well as a co-packer of coffee brew bags, which is also referred to as tea-bag style coffee. In addition to its single-serve pour-over and coffee brew bag coffee products, the Company has expanded its product portfolio to offer a third type of single-serve coffee format, DRIPKIT pour-over products, as a result of its acquisition of substantially all of the assets of Dripkit, Inc. NuZee reported a net loss of $8.75 million for the year ended Sept. 30, 2023, compared to a net loss of $11.80 million for the year ended Sept. 30, 2022. As of March 31, 2024, the Company had $3.22 million in total assets, $3.79 million in total liabilities, and a total stockholders' deficit of $574,897. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated Jan. 16, 2024, citing that the Company has suffered recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. OHIO LUXURY: M. Colette Gibbons Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed M. Colette Gibbons, Esq., a practicing attorney in Westlake, Ohio, as Subchapter V trustee for Ohio Luxury Builders, LLC. Ms. Gibbons will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Gibbons declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: M. Colette Gibbons, Esq. Attorney at Law 28841 Weybridge Drive Westlake, OH 44145 Phone: (216) 798-6940 Email: colette@mcgibbonslaw.com About Ohio Luxury Builders Ohio Luxury Builders, LLC operates in the nonresidential building construction industry. The Debtor owns eight properties all located in Ohio having a total current value of $3.41 million. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 24-40929) on August 9, 2024, with $3,405,000 in assets and $3,983,522 in liabilities. Corey Kemp, single member and president, signed the petition. Judge Tiiara Patton presides over the case. Charles Tyler, Esq., at Charles Tyler, Sr.., Esq. Attorney and Counselor at Law represents the Debtor as bankruptcy counsel. OPTICSLAH LLC: Seeks Bankruptcy Protection in Arizona ----------------------------------------------------- Opticslah LLC filed Chapter 11 protection in the District of Arizona. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 12, 2024 at 11:15 a.m. in Room Telephonically. About Opticslah LLC Opticslah LLC provides measurement instruments. The Company develops high-performance spectroscopy and sensing systems. Opticslah serves clients in the United States. Opticslah LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 24-06327) on August 1, 2024. In the petition filed by Jeremy Yeak, as manager and sole member, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by: Charles R. Hyde, Esq. LAW OFFICES OF C.R. HYDE, PLC 3250 South Dodge Blvd Suite 7 Tucson, AZ 85713 OTSO ENERGY: Hires Quinn & Associates LLC as Financial Advisor -------------------------------------------------------------- Otso Energy Solutions, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Quinn & Associates, LLC as financial advisor. The firm's services include: a. compiling and reviewing of reports or filings as required by the Court or the U.S. Trustee, including, but not limited to, schedules of assets and liabilities, statements of financial affairs, and monthly operating reports; b. reviewing the Debtor's financial information, including, but not limited to, conducting analyses of cash receipts and disbursements, financial statement items and proposed transactions for which Court approval is sought; c. reviewing and analyzing assumption and rejection issues regarding executor contracts; d. reviewing, analyzing, and giving input on the Debtor's proposed business plans and the business and financial condition of the Debtor generally; e. assisting in evaluating reorganization strategy and alternatives available, including any asset sale transactions; f. reviewing and analyzing the Debtor's financial projections and assumptions; g. reviewing and analyzing enterprise, asset, and liquidation valuations; h. assisting in preparing documents necessary for confirmation of any plan, proposed asset sales, and proposed use of cash and/or financing; i. advising and assisting the Debtor in negotiations and meetings with creditors and other parties-in-interest; j. assisting with the claims resolution procedures including, but not limited to, analyses of creditors' claims by type and entity; k. providing litigation consulting services and expert witness testimony regarding confirmation and/or transactional issues, avoidance actions or other matters; and l. other such functions as requested by the Debtor to assist in the Chapter 11 Case. The firm will be paid at these rates: a. Consultants $100 to $555 per hour b. Christopher Quinn's normal hourly rate is $550 per hour, but has agreed on a reduced hourly rate of $350 per hour. The firm received an initial retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher Quinn, a partner at Quinn & Associates, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher Quinn Quinn & Associates, LLC 26414 Cottage Cypress Ln. Cypress, TX 77433 About Otso Energy Solutions, LLC OTSO Energy Solutions, LLC is a Houston-based company that offers design, engineering, and fabrication solutions for wellhead systems and process equipment. Its most recent innovations include the BoneDry Glycol Dehydration systems to replace mole sieve for cryogenic dehydration applications, the DewDry Dehy for standard glycol dehydration applications, and the SlugOTSO Slug Catcher systems. OTSO filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 24-32847) on June 20, 2024, with $1,936,087 in assets and $3,665,707 in liabilities. Barrett Bates, chief executive officer, signed the petition. Judge Jeffrey P. Norman presides over the case. Timothy L. Wentworth, Esq., at Okin Adams Bartlett Curry, LLP represents the Debtor as legal counsel. PARK VIEW APT: Hits Chapter 11 Bankruptcy Protection ---------------------------------------------------- Park View Apt LLC filed Chapter 11 protection in the District of Delaware. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Park View Apt Park View Apt LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Park View Apt LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-11663) on August 6, 2024. In the petition filed by Houshang Neyssani, as sole member and manager, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by BAYARD, P.A., led by Ericka F. Johnson, and Stven D. Adlder. PARKER HEATING: Gets OK to Hire Carmody MacDonald as Counsel ------------------------------------------------------------ Parker Heating & Cooling Inc. received approval from the U.S. Bankruptcy Court of the Southern District of Illinois to hire Carmody MacDonald P.C. as bankruptcy counsel. The firm will provide these services: (a) advise the Debtor with respect to its rights, power, and duties in this Chapter 11 case; (b) assist and advise the Debtor in its consultations with any appointed committee related to the administration of this Chapter 11 case; (c) assist the Debtor in analyzing the claims of creditors and negotiating with such creditors; (d) assist the Debtor with investigation of its assets, liabilities, and financial condition and reorganize its business in order to maximize the value of its assets for the benefit of all creditors; (e) advise the Debtor in connection with the sale of assets or business; (f) assist the Debtor in its analysis of and negotiation with any appointed committee or any third-party concerning matters related to, among other things, the terms of a plan of reorganization; (g) assist and advise the Debtor with respect to any communications with the general creditor body regarding significant matters in this Chapter 11 case; (h) commence and prosecute necessary and appropriate actions and/or proceedings on behalf of the Debtor; (i) review, analyze, or prepare, on behalf of the Debtor, all necessary legal documents; (j) represent the Debtor at all hearings and other proceedings; (k) confer with other professional advisors retained by the Debtor in providing advice; (l) perform all other necessary legal services in this Chapter 11 case as may be requested by the Debtor; and (m) assist and advise the Debtor regarding pending arbitration and litigation matters in which it may be involved. The hourly rates of the firm's counsel and staff are as follows: Partners $310 - $650 Associates $280 - $355 Paralegals/Law Clerks $150 - $205 In addition, the firm will seek reimbursement for expenses incurred. The firm is currently holding a retainer in the amount of $16,566. Robert Eggman, Esq., an attorney at Carmody MacDonald, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert E. Eggman, Esq. Carmody MacDonald P.C. 12 S. Central Ave., Suite 1800 St. Louis, MO 63105 Telephone: (314) 854-8600 Facsimile: (314) 854-8600 Email: ree@carmodymacdonald.com About Parker Heating & Cooling Inc. Parker Heating & Cooling provides heating and air conditioning services. Parker Heating & Cooling Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ill. Case No. 24-40304) on August 5, 2024, listing $329,222 in assets and $1,456,253 in liabilities. The petition was signed by Jerry Parker as president. Judge Laura K Grandy presides over the case. Robert E. Eggmann, Esq. at CARMODY MACDONALD P.C. represents the Debtor as counsel. PARKER HEATING: Seeks Chapter 11 Bankruptcy ------------------------------------------- Parker Heating & Cooling Inc. filed Chapter 11 protection in the Southern District of Illinois. According to court documents, the Debtor reports $1,456,253 in debt owed to 1 and 49 creditors. The petition states that funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for Sept. 10, 2024 at 1:30 p.m. at 341 Mtg. Benton (TELEPHONIC). About Parker Heating & Cooling Inc. Parker Heating & Cooling Inc. provides heating and air conditioning services. Parker Heating & Cooling Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 24-40304) on August 5, 2024. In the petition filed by Jerry Parker, as president, the Debtor reports total assets of $329,222 and total liabilities of $1,456,253. The Honorable Bankruptcy Judge Laura K. Grandy oversees the case. The Debtor is represented by: Robert E. Eggmann, Esq. CARMODY MACDONALD P.C. 120 S. Central Ave., Suite 1800 Saint Louis, MO 63105 Tel: 314-854-8600 Fax: 314-854-8660 E-mail: ree@carmodymacdonald.com PIZZA PALS: Unsecureds Will Get 3.20% of Claims over 5 Years ------------------------------------------------------------ Pizza Pals LP, and Pizza Pals of Lakewood, LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization dated July 29, 2024. Pizza Pals LP, started operations in November 2022. Pizza Pals LP manages and operates a pizza buffet chain business. Pizza Pals of Lakewood, LLC, started operations in January 2022. Pizza Pals of Lakewood, LLC, manages and operates a pizza buffet chain business. The Debtors are currently owned 79% by Pat Williamson and 21% by Clint Kaljian who are the managing members. Mr. Williamson will remain managing member and retain his 79% ownership interest going forward. The Debtors elected to file a chapter 11 reorganization as the best means to resolve the current liabilities of the company and determine the secured portions of those creditors. The Debtors proposed to pay allowed unsecured based on the liquidation analysis and cash available. Debtors anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtors will continue in business. Based upon the projections, the Debtors believes it can service the debt to the creditors. The Debtors will continue operating its business. The Debtors' Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 4 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next 5 years beginning not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing every year thereafter on a monthly basis at 0.00% per annum. Debtors will distribute up to $77,500.00 to the general allowed unsecured creditor pool over the 5-year term of the plan, includes the under-secured claim portions. The Debtors' General Allowed Unsecured Claimants will receive 3.20% of their allowed claims under this plan. The allowed unsecured claims total $2,415,637.82. This Class is impaired. Class 6 consists of Equity Interest Holders (Current Owners). The current owners will receive no payments under the Plan; however, they will be allowed to retain ownership in the Debtors. Class 6 Claimants are not impaired under the Plan. The Debtors anticipate the continued operations of the business to fund the Plan. A full-text copy of the Plan of Reorganization dated July 29, 2024 is available at https://urlcurt.com/u?l=tYVCwk from PacerMonitor.com at no charge. Counsel to the Debtors: Robert C. Lane, Esq. Joshua D. Gordon, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Tel: (713) 595-8200 Fax: (713) 595-8201 Email: notifications@lanelaw.com Joshua.gordon@lanelaw.com About Pizza Pals Pizza Pals LP owns and operates an Italian chain buffet. Pizza Pals LP and Pizza Pals of Lakewood, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-31251) on April 30, 2024. The case is jointly administered in Case No. 24-31251. In the petition signed by Pat Williamson, partner, Pizza Pals disclosed $41,144 in assets and $2,777,727 in debts. Judge Scott W. Everett oversees the case. The Debtors tapped Robert C. Lane, Esq., at the Lane Law Firm as legal counsel and John Parker, CPA, at Parker & Richardson PC as accountant. PRETIUM PKG: $1.04BB Bank Debt Trades at 20% Discount ----------------------------------------------------- Participations in a syndicated loan under which Pretium PKG Holdings Inc is a borrower were trading in the secondary market around 80.5 cents-on-the-dollar during the week ended Friday, Aug. 16, 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. QUICK SERVE: Beach Plum Starts Subchapter V Bankruptcy Process -------------------------------------------------------------- Quick Serve LLC filed Chapter 11 protection in the District of New Hampshire. According to court filing, the Debtor reports between $500,000 and $1 million in debt owed to 50 and 99 creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 5, 2024 at 10:00 a.m. in Room Telephonically. About Quick Serve LLC Quick Serve LLC -- https://www.thebeachplum.net/reviews-- doing business as The Beach Plum, is a seasonal store located in The Old Firehouse on the historic village green of Fishers Island, New York. Quick Serve LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 24-10518) on July 30, 2024. In the petition filed by Robert Lee, as member and manager, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $500,000 and $1 million. The Debtor is represented by: William S. Gannon, Esq. William S. Gannon PLLC 2800 Lafayette Road Portsmouth, NH 03801 QURATE RETAIL: Posts $32 Million Net Income in Fiscal Q2 -------------------------------------------------------- Qurate Retail, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $32 million for the three months ended June 30, 2024, compared to a net income of $119 million for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net income of $40 million, compared to a net income of $152 million for the same period in 2023. "We delivered a solid quarter of earnings in a continued challenged macro environment. While revenue was in line with overall discretionary retail, we expanded gross margins for the fifth consecutive quarter, generated $165 million in operating income, grew Adjusted OIBDA for the fourth consecutive quarter and reduced net debt," said David Rawlinson, President and CEO of Qurate Retail. "We remain focused on enhancing our merchandise assortment, improving product margins and diligently managing costs. We are also excited about the opportunity in better serving our core customer of women over fifty as part of the QVC Age of Possibility campaign we launched in April." As of June 30, 2024, the Company had $10.9 billion in total assets, $10.5 billion in total liabilities, and $421 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mph4bf2v About Qurate Retail Headquartered in Englewood, Colorado, Qurate Retail, Inc. owns controlling and non-controlling interests in a broad range of video and online commerce companies. Qurate has six leading retail brands: QVC, HSN, Ballard Designs, Frontgate, Garnet Hill, and Grandin Road. Qurate Retail Group is the largest player in video commerce, which includes video-driven shopping across linear TV, e-commerce sites, digital streaming, and social platforms. The retailer reaches more than 200 million homes worldwide via 15 television channels, which are widely available on cable/satellite TV, free over-the-air TV, and digital livestreaming TV. The retailer also reaches millions of customers via its QVC+ and HSN+ streaming experiences, websites, mobile apps, social pages, print catalogs, and in-store destinations. Qurate Retail, Inc. also holds various minority interests. Qurate Retail disclosed in a Form 8-K filed with the Securities and Exchange Commission that on June 10, 2024, it received written notice from The Nasdaq Stock Market notifying the Company that, because the closing bid price for the Company's Series A common stock, par value $0.01 per share, had fallen below $1.00 per share for 30 consecutive business days, the Company no longer complies with the minimum bid price requirement for continued listing of QRTEA on the Nasdaq Global Select Market. * * * As reported by TCR on April 22, 2024, S&P Global Ratings revised its outlook to stable from negative and affirmed all its ratings on U.S.-based video commerce and online retailer Qurate Retail Inc., including its 'CCC+' issuer credit rating. The stable outlook reflects S&P's expectation that Qurate will maintain sufficient liquidity over the next 12 months despite its view that its capital structure remains unsustainable, as further cost reductions offset sales weakness and support profit recovery. RIVERBED TECHNOLOGY: $375MM Bank Debt Trades at 39% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Riverbed Technology LLC/US is a borrower were trading in the secondary market around 61.1 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $375 million Payment-in-kind Term loan facility is scheduled to mature on July 3, 2028. The amount is fully drawn and outstanding. Riverbed Technology, Inc. provides application performance monitoring, cloud migration, network performance monitoring, and security solutions. Riverbed Technology serves customers globally. SAHIL PROMOTIONS: Gets OK to Hire Joel Schechter as Counsel ----------------------------------------------------------- Sahil Promotions, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of Joel A. Schechter to handle its Chapter 11 case. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and financial affairs; (b) prepare legal papers; and (c) perform all other legal services for the Debtor. The firm will charge at its hourly rate of $500 plus expenses. The firm shall received an advance payment retainer in the amount of $20,000 and filing fee of $1,738 from the Debtor. Mr. Schechter disclosed in a court filing that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W. Jackson Blvd., Suite 1522 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About Sahil Promotions, Inc. Sahil Promotions, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Banr. N.D. Ill. Case No. 24-04740) on April 1, 2024, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Bhavesh Patel as president. Judge Jacqueline P. Cox presides over the case. Joel A. Schechter, Esq., at the Law Offices Of Joel Schechter represents the Debtor as legal counsel. SALT LIFE: Committee Hires Potter Anderson as Delaware Counsel -------------------------------------------------------------- The official committee of unsecured creditors of Salt Life Beverage, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Potter Anderson & Corroon LLP as its Delaware counsel. The firm's services include: a. providing legal advice regarding local rules, practices, and procedures and providing substantive and strategic advice on how to accomplish Committee goals, bearing in mind that the Delaware Bankruptcy Court relies on Delaware counsel such as Potter Anderson to be involved in all aspects of each bankruptcy proceeding; b. drafting, reviewing, and commenting on drafts of documents to ensure compliance with the Local Rules, local practices, and local procedures; c. drafting, filing, and service of documents, as requested by Shumaker and/or the Committee; d. preparing certificates of no objection, certifications of counsel, and notices of fee applications; e. printing of documents and pleadings for hearings, and preparing binders of documents and pleadings for hearings; f. appearing in Court and at any meetings of creditors on behalf of the Committee in its capacity as Delaware counsel with Shumaker; g. monitoring the dockets in these Chapter 11 Cases for filings and coordinating with Shumaker on pending matters that may need responses; h. participating in calls with the Committee; i. providing additional administrative support to Shumaker, as requested; and j. taking on any additional tasks or projects the Committee may assign. The current standard hourly rates charged by Potter Anderson are: Partners $850 to 1,035 Counsel $685 Associates $470 to 490 Paraprofessionals $345 to 370 The following is provided in response to the request for additional information set forth in Paragraph D.1. of the Revised UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Potter Anderson did not represent the Committee in the 12 months prepetition. Potter Anderson may represent in the future certain Committee members and/or their affiliates in their capacities as members of official committees in other chapter 11 cases or individually in matters wholly unrelated to these Chapter 11 Cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Potter Anderson expects to develop a budget and staffing plan to reasonably comply with the U.S. Trustee’s request for information and additional disclosures, as to which Potter Anderson reserves all rights. The Committee has approved Potter Anderson’s proposed hourly billing rates. Potter Anderson is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Christopher M. Samis, Esq. Potter Anderson & Corroon LLP Hercules Plaza 1313 North Market Street, 6th Floor P.O. Box 951 Wilmington, DE 19801 Tel: (302) 984-6000 Fax: (302) 658-1192 Email: csamis@potteranderson.com About Delta Apparel Headquartered in Duluth, Georgia, Delta Apparel, Inc., is a vertically integrated, international apparel company with 6,800 employees worldwide. The Company designs, manufactures, sources, and markets a diverse portfolio of core activewear and lifestyle apparel products under its primary brands of Salt Life, Soffe, and Delta. The Company specializes in selling casual and athletic products through a variety of distribution channels and tiers, including outdoor and sporting goods retailers, independent and specialty stores, better department stores and mid-tier retailers, mass merchants, eRetailers, the U.S. military, and through its business-to business digital platform. Delta Apparel Inc. and six affiliates filed for Chapter 11 protection in Wilmington, Del., on June 30, 2024, with a deal in hand to sell its Salt Life brand. The lead case is In re Salt Life Beverage, LLC (Bankr. D. Del. Lead Case No. 24-11468). Delta Apparel's assets as of June 1, 2024, total $337,801,000 and debt total $244,564,000. The petitions were signed by Mr. Pruban. The Hon. Judge Laurie Selber Silverstein presides over the cases. Lawyers at Polsinelli PC serve as counsel to the Debtors. Tim Pruban at Focus Management Group is serving as the Debtors' chief restructuring officer. MMG Advisors, Inc., serves as investment banker. Epiq is the claims and noticing agent and administrative advisor. SALT LIFE: Committee Hires Province LLC as Financial Advisor ------------------------------------------------------------ The official committee of unsecured creditors of Salt Life Beverage, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Province, LLC as its financial advisor. The firm's services include: a. becoming familiar with and analyzing the Debtors' DIP budget, assets and liabilities, and overall financial condition; b. reviewing financial and operational information furnished by the Debtors; c. monitoring the sale process, interfacing with the Debtors' professionals, and advising the Committee regarding the process; d. scrutinizing the economic terms of various agreements, including, but not limited to, various professional retentions; e. analyzing the Debtors' proposed business plans and developing alternative scenarios, if necessary; f. assessing the Debtors' various pleadings and proposed treatment of unsecured creditor claims therefrom; g. preparing, or reviewing as applicable, avoidance action and claim analyses; h. assisting the Committee in reviewing the Debtors' financial reports, including, but not limited to, statements of financial affairs, schedules of assets and liabilities, DIP budgets, and monthly operating reports; i. advising the Committee on the current state of these chapter 11 cases; j. advising the Committee in negotiations with the Debtors and third parties as necessary; k. if necessary, participating as a witness in hearings before the Court with respect to matters upon which Province has provided advice; and l. other activities as are approved by the Committee, the Committee's counsel, and as agreed to by Province. Province's standard hourly rates are: Managing Directors and Principals $870 - $1,450 Vice Presidents, Directors, and Senior Directors $690 - $950 Analysts, Associates, and Senior Associates $370 - $700 Other / Para-Professional $270 - $410 Sanjuro Kietlinski, principal with Province, 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: Sanjuro Kietlinski Province, LLC 2360 Corporate Circle, Suite 340 Henderson, NV 89074 Tel: (702) 685-5555 Email: skietlinski@provincefirm.com About Delta Apparel Headquartered in Duluth, Georgia, Delta Apparel, Inc., is a vertically integrated, international apparel company with 6,800 employees worldwide. The Company designs, manufactures, sources, and markets a diverse portfolio of core activewear and lifestyle apparel products under its primary brands of Salt Life, Soffe, and Delta. The Company specializes in selling casual and athletic products through a variety of distribution channels and tiers, including outdoor and sporting goods retailers, independent and specialty stores, better department stores and mid-tier retailers, mass merchants, eRetailers, the U.S. military, and through its business-to business digital platform. Delta Apparel Inc. and six affiliates filed for Chapter 11 protection in Wilmington, Del., on June 30, 2024, with a deal in hand to sell its Salt Life brand. The lead case is In re Salt Life Beverage, LLC (Bankr. D. Del. Lead Case No. 24-11468). Delta Apparel's assets as of June 1, 2024, total $337,801,000 and debt total $244,564,000. The petitions were signed by Mr. Pruban. The Hon. Judge Laurie Selber Silverstein presides over the cases. Lawyers at Polsinelli PC serve as counsel to the Debtors. Tim Pruban at Focus Management Group is serving as the Debtors' chief restructuring officer. MMG Advisors, Inc., serves as investment banker. Epiq is the claims and noticing agent and administrative advisor. SALT LIFE: Committee Taps Shumaker Loop & Kendrick as Counsel ------------------------------------------------------------- The official committee of unsecured creditors of Salt Life Beverage, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Shumaker, Loop & Kendrick, LLP as its counsel. The firm's services include: (a) advising the Committee with respect to its rights, duties, and powers in the Chapter 11 Cases; (b) assisting and advising the Committee in its consultations with the Debtors relative to the administration of the Chapter 11 Cases; (c) assisting the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interests; (d) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and of the operation of the Debtors' business; (e) assisting the Committee in analyzing the Debtors' (i) prepetition financing, (ii) proposed use of cash collateral; (iii) proposed debtor-in-possession financing ("DIP Financing"); and (iv) the adequacy of the proposed DIP Financing budget; (f) assisting the Committee in its investigation of the liens and claims of the holders of the Debtors' prepetition debt and the prosecution of any claims or causes of action revealed by such investigation; (g) assisting the Committee in its analysis of, and negotiations with, the Debtors or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, sale of assets, financing of other transactions and the terms of one or more plans of liquidation or reorganization for the Debtors and accompanying disclosure statements and related plan documents; (h) assisting and advising the Committee as to its communications to unsecured creditors regarding significant matters in the Chapter 11 Cases; (i) representing the Committee at hearings and other proceedings; (j) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court and advising the Committee as to their propriety; (k) assisting the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives in the Chapter 11 Cases, including without limitation, the preparation of retention papers and fee applications for the Committee's professionals, including Shumaker; (l) assisting the Committee and providing advice concerning the proposed sale of the Debtors' assets, including issues concerning any potential competing bidders and the auction process; (m) assisting the Committee with respect to issues that may arise concerning the Debtors' employees; (n) preparing, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing; and (o) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The current standard hourly rates charged by Shumaker are: Partners $600 to $865 Associates $350 to $550 Paralegals $250 to $335 The following is provided in response to the request for additional information contained in paragraph D.1. of the U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: Shumaker's professionals included in this engagement have not varied their rate based on the geographic location of the Chapter 11 Cases. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition period. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Shumaker did not represent the Committee prior to the Petition Date. Question: Has your client approved your prospective budget and staffing plan and, if so, for what budget period? Response: Shumaker expects to develop a budget and staffing plan to reasonably comply with the U.S. Trustee's request for information and additional disclosures, as to which Shumaker reserves all rights. The Committee has approved Shumaker's proposed hourly billing rates. David H. Conawway, Esq., a partner of Shumaker, assure the court that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, and does not represent or hold any interest adverse to the interests of the Debtors' estates with respect to the matters for which it is to be employed. The firm can be reached through: David H. Conawway, Esq. Shumaker, Loop & Kendrick, LLP 101 South Tryon Street, Suite 2200 Charlotte, NC 28280 Telephone: (704) 375-0057 Facsimile: (704) 332-1197 Email: dconaway@shumaker.com About Delta Apparel Headquartered in Duluth, Georgia, Delta Apparel, Inc., is a vertically integrated, international apparel company with 6,800 employees worldwide. The Company designs, manufactures, sources, and markets a diverse portfolio of core activewear and lifestyle apparel products under its primary brands of Salt Life, Soffe, and Delta. The Company specializes in selling casual and athletic products through a variety of distribution channels and tiers, including outdoor and sporting goods retailers, independent and specialty stores, better department stores and mid-tier retailers, mass merchants, eRetailers, the U.S. military, and through its business-to business digital platform. Delta Apparel Inc. and six affiliates filed for Chapter 11 protection in Wilmington, Del., on June 30, 2024, with a deal in hand to sell its Salt Life brand. The lead case is In re Salt Life Beverage, LLC (Bankr. D. Del. Lead Case No. 24-11468). Delta Apparel's assets as of June 1, 2024, total $337,801,000 and debt total $244,564,000. The petitions were signed by Mr. Pruban. The Hon. Judge Laurie Selber Silverstein presides over the cases. Lawyers at Polsinelli PC serve as counsel to the Debtors. Tim Pruban at Focus Management Group is serving as the Debtors' chief restructuring officer. MMG Advisors, Inc., serves as investment banker. Epiq is the claims and noticing agent and administrative advisor. SANUWAVE HEALTH: Posts $6.56 Million Net Income in Second Quarter ----------------------------------------------------------------- SANUWAVE Health, Inc., filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting net income of $6.56 million on $7.16 million of revenue for the three months ended June 30, 2024, compared to a net loss of $7.26 million on $4.67 million of revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported net income of $2.03 million on $12.95 million of revenue, compared to a net loss of $20.34 million on $8.45 million of revenue for the six months ended June 30, 2023. As of June 30, 2024, the Company had $21.01 million in total assets, $60.62 million in total liabilities, and a total stockholders' deficit of $39.61 million. SANUWAVE stated, "Our recurring losses from operations, the events of default on the Company's notes payable, and dependency upon future issuances of equity or other financing to fund ongoing operations have raised substantial doubt as to our ability to continue as a going concern for a period of at least twelve months from the filing of this Form 10-Q. We will be required to raise additional funds to finance our operations and remain a going concern; we may not be able to do so, and/or the terms of any financing may not be advantageous to us. "The continuation of our business is dependent upon raising additional capital. We expect to devote substantial resources for the commercialization of UltraMIST and PACE systems which will require additional capital resources to remain a going concern." A full-text copy of the Form 10-Q is available for free at the SEC's website at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1417663/000162828024036760/snwv-20240630.htm About SANUWAVE Health Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc. (OTCQB:SNWV) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology company using patented systems of noninvasive, high-energy, acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. New York, NY-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has incurred recurring losses and needs to raise additional funds to meet its obligations, sustain its operations, and to resolve the events of default on the Company's debt. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SANUWAVE HEALTH: Shareholders OK Equity Plan, Reverse Stock Split ----------------------------------------------------------------- SANUWAVE Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on July 18, 2024, the Company commenced the Consent Solicitation from its stockholders with respect to the following proposals, which were approved on August 7, 2024: Proposal 1. To approve an amendment to the Company's Articles of Incorporation to effect a reverse stock split of the Company's outstanding Common Stock at a reverse stock split ratio ranging from any whole number between 1-for-300 and 1-for-500, subject to and as determined by the Board. Proposal 2. To approve the SANUWAVE Health, Inc. 2024 Equity Incentive Plan * The Plan was previously approved and adopted by the Company's Board of Directors on July 1, 2024, subject to approval by the Company's stockholders. As a result of such approval, no further awards will be made under the Amended and Restated 2006 Stock Incentive Plan of SANUWAVE Health, Inc. Subject to adjustment as provided in the Plan, 516,208,834 shares of the Company's common stock, par value $0.001 per share, may be issued under the Plan. If outstanding awards issued under the Plan or the Prior Plan are forfeited, cancelled, settled, paid in cash, or expire before being exercised or settled in full, the shares subject to such awards will again be available for issuance under the Plan. Awards under the Plan may be granted to employees, non-employee directors and consultants of the Company and its subsidiaries in the form of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units, and other equity-based or equity-related awards. The Plan will be administered by the Compensation Committee of the Board. Both proposals received the affirmative requisite vote of the stockholders of the Company. The Consent Solicitation automatically terminated on August 7, 2024 in accordance with its terms. About SANUWAVE Health Headquartered in Suwanee, Georgia, SANUWAVE Health, Inc. (OTCQB) -- http://www.SANUWAVE.com-- is an ultrasound and shock wave technology Company using patented systems of noninvasive, high-energy acoustic shock waves or low intensity and non-contact ultrasound for regenerative medicine and other applications. The Company's focus is regenerative medicine utilizing noninvasive, acoustic shock waves or ultrasound to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's two primary systems are UltraMIST and PACE. UltraMIST and PACE are the only two Food and Drug Administration (FDA) approved directed energy systems for wound healing. SANUWAVE Health reported a net loss of $25.81 million for the year ended Dec. 31, 2023, compared to a net loss of $10.29 million for the year ended Dec. 31, 2022. As of March 31, 2024, the Company had $23.32 million in total assets, $70.92 million in total liabilities, and a total stockholders' deficit of $47.59 million. New York, N.Y.-based Marcum LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 21, 2024, citing that the Company has incurred recurring losses and needs to raise additional funds to meet its obligations, sustain its operations, and to resolve the events of default on the Company's debt. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SC SJ HOLDINGS: Court Orders San Jose City to Nix Tax Claims ------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that on Tuesday, August 6, 2024, a Delaware bankruptcy judge issued an order to the city of San Jose, California, to dismiss a state court lawsuit that demanded that the former owner of an opulent hotel pay taxes and other obligations. The judge stated that the claims were waived by SC SJ Holdings' Chapter 11 plan. About SC SJ Holdings and FMT SJ San Ramon, California-based Eagle Canyon Management's SC SJ Holdings LLC owns The Fairmont San Jose, an 805-room luxury hotel located at 170 South Market St., San Jose, Calif. The hotel is near many of the largest Fortune 1000 corporations and is a popular location for conferences and conventions, particularly in the technology industry. On March 5, 2021, SC SJ Holdings' affiliate, FMT SJ LLC, filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 21-10521). On March 10, 2021, SC SJ Holdings sought Chapter 11 protection (Bankr. D. Del. Case No. 21-10549). The cases are jointly administered under Case No. 21-10549. At the time of the filing, SC SJ Holdings disclosed assets of between $100 million and $500 million and liabilities of the same range. FMT SJ estimated assets of between $500,000 and $1 million and liabilities of between $100 million and $500 million. Judge John T. Dorsey is assigned to the case. The Debtors tapped Pillsbury Winthrop Shaw Pittman, LLP, as their bankruptcy counsel, Cole Schotz P.C. as local counsel, and Verity LLC as financial advisor. Stretto is the claims agent and administrative advisor. SERIOUS DOGS: Seeks to Hire Saye & Associates as Accountant ----------------------------------------------------------- Serious Dogs, LLC d/b/a Serious Dogs & Brews, seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to employ Saye & Associates, LLC as accountants. The firm's services include: a. recording of transactions into the books of record of the Debtor; b. monthly closing of books and records including adjusting journal entries and reconciliation of balance sheet accounts; c. preparing monthly income statements and balance sheets; d. reviewing and analyzing monthly financial statements and underlying transactions to assess performance of the Debtor and provide insights into financial condition and operations; e. monitoring and reporting cash position and short term cash forecasting; f. preparing and filing of sales taxes and commercial activity tax returns, and other compliance-related matters; and g. preparing monthly operating reports for the United States Trustee's Office. Saye will bill at an hourly rate of $150 for services completed by Hoard and Lacy Lepper. Saye & Associates does not hold nor represent any interest adverse to the Debtor or its estate, and is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Amy Hoard, EA Saye & Associates, LLC 491 E Columbia Ave STE 2 Battle Creek, MI 49014 Phone: (269) 968-0932 About Serious Dogs, LLC d/b/a Serious Dogs & Brews Serious Dogs, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 24-01779) on July 3, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Scott W. Dales presides over the case. Emily Jo Gudwer, Esq., at Cbh Attorneys & Counselors represents the Debtor as legal counsel. SILVER CREEK: Glendale Shopping Center Seeks Chapter 11 Bankruptcy ------------------------------------------------------------------ Silver Creek Investments LLC filed Chapter 11 protection in the Northern District of Texas. According to court documents, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Silver Creek Investments Silver Creek Investments LLC, doing business as Glendale Shopping Center and Glendale Shopping Mall, is primarily engaged in renting and leasing real estate properties. Silver Creek Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-32328) on August 5, 2024. In the petition filed by Alfred Herron, as owner, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 1412 Main Street, Suite 500 Dallas, TX 75202 Tel: (972) 503-4033 Email: joyce@joycelindauer.com SILVERSHORE PROPERTIES: Hits Chapter 11 Bankruptcy -------------------------------------------------- Silvershore Properties 95 LLC filed Chapter 11 protection in the Eastern District of New York. According to court filing, 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. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 9, 2024 at 10:00 a.m. in Room Telephonically on telephone conference line: 1(866) 919-4760. participant access code: 4081400#. About Silvershore Properties 95 Silvershore Properties 95 LLC is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). Silvershore Properties 95 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43224) on August 1, 2024. In the petition signed by David Goldwasser, as chief restructuring officer, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Nancy Hershey Lord oversees the case. The Debtor is represented by: J Ted Donovan, Esq. Goldberg Weprin Finkel Goldstein LLP 10-71 Cypress Avenue Ridgewood, NY 11385-8108 SINCLAIR TELEVISION: $740MM Bank Debt Trades at 25% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Sinclair Television Group Inc is a borrower were trading in the secondary market around 74.6 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $740 million Term loan facility is scheduled to mature on April 3, 2028. About $718 million of the loan is withdrawn and outstanding. Sinclair Television Group, Inc. provides media broadcasting services. The Company offers television broadcasting and programming services. SINCLAIR TELEVISION: $750MM Bank Debt Trades at 29% Discount ------------------------------------------------------------ Participations in a syndicated loan under which Sinclair Television Group Inc is a borrower were trading in the secondary market around 71.3 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $750 million Term loan facility is scheduled to mature on April 23, 2029. About $735 million of the loan is withdrawn and outstanding. Sinclair Television Group, Inc. provides media broadcasting services. The Company offers television broadcasting and programming services. SINGING MACHINE: Increases Common Share Offering to $3.1 Million ---------------------------------------------------------------- As previously reported, on June 26, 2024, The Singing Machine Company, Inc. entered into an At-the-Market Issuance Sales Agreement with Ascendiant Capital Markets, LLC, as sales agent to sell shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $1,080,000 from time to time, through an "at the market offering" as defined in Rule 415 under the Securities Act of 1933, as amended. On June 27, the Company filed a prospectus supplement with the Securities and Exchange Commission relating to the offer and sale of up to $1,080,000 of Common Stock in the ATM Offering. As previously reported, on July 8, 2024, the Company entered into the First Amendment to the Sales Agreement to increase the number of shares to be sold in the ATM Offering to $2,020,000. On August 9, 2024, the Company entered into the Second Amendment to the Sales Agreement to increase the number of shares to be sold in the ATM Offering to $3,100,000. The Company will file a supplement to the Prospectus Supplement with the SEC to increase the amount of Common Stock that may be offered and sold in the ATM Offering under the Sales Agreement to up to $3,100,000 in the aggregate. About The Singing Machine Company Headquartered in Fort Lauderdale, Fla., The Singing Machine Company -- http://www.singingmachine.com/-- is primarily engaged in the development, marketing, and sale of consumer karaoke audio equipment, accessories, and musical recordings. The Company primarily specializes in the design and production of karaoke and music enabled consumer products for adults and children. Its mission is to "create joy through music." As of December 31, 2023, the Company had $27,715,000 in total assets, $20,137,000 in total liabilities, and $7,578,000 in total stockholders' equity. Philadelphia, Pennsylvania-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SIRVA WORLDWIDE: $435MM Bank Debt Trades at 30% Discount -------------------------------------------------------- Participations in a syndicated loan under which SIRVA Worldwide Inc is a borrower were trading in the secondary market around 69.8 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $435 million Term loan facility is scheduled to mature on August 4, 2025. About $372.5 million of the loan is withdrawn and outstanding. SIRVA Worldwide, Inc., headquartered in Westmont, Illinois, is a wholly owned operating subsidiary of SIRVA, Inc., which provides relocation services, including transferring corporate and government employees and moving individual consumers. SIX RIVERS CONSTRUCTION: Kicks Off Subchapter V Bankruptcy ---------------------------------------------------------- Six Rivers Construction LLC filed Chapter 11 protection in the District of Maine. According to court filing, 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. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 11, 2024 at 1:00 p.m. in Room Telephonically. About Six Rivers Construction Six Rivers Construction LLC offers construction services for residential and commercial projects. Six Rivers Construction is also a local dealer for Lester Buildings Systems, specializing in pre-engineered post-frame buildings that offer a multitude of options for farm, livestock, equine, hobby, and commercial purposes. The Honorable Bankruptcy Judge Peter G. Cary oversees the case. The Debtor is represented by: Tanya Sambatakos, Esq. MOLLEUR LAW FIRM 190 Main St., 3rd Fl Saco ME 04072 Tel: (207) 283-3777 Email: tanya@molleurlaw.com SIX RIVERS: Seeks to Hire Molleur Law Office as Attorney -------------------------------------------------------- Six Rivers Construction, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine to employ Molleur Law Office as attorneys. The firm's services include: a. consultations regarding bankruptcy; b. preparation of the Petition and Schedules necessary to commence the case; c. preparation of the Chapter 11 Plan; d. attendance at the status conference, § 341 meetings and Rule 2004 examinations; e. negotiations with creditors regarding the Plan; f. attendance at Court hearings for confirmation of the Debtor's Plan; and g. prosecution and defense of any contested matters, motions or adversary proceedings in the Bankruptcy Court necessary for the successful conclusion of the Debtor's Chapter 11 case. Hourly rates to be charged for the attorneys and paralegals who are most likely to work on the Debtor's case are as follows: Tanya Sambatakos $360 Melissa Bourque $120 Deana Kariotis $120 The firm received a retainer in the amount of $12,627.50, which included the $1,738 Chapter 11 filing fee. Tanya Sambatakos, Esq., a partner at Molleur Law Office, disclosed in court filings, Molleur Law Office is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Tanya Sambatakos, Esq. Molleur Law Office 190 Main Street, 3rd floor Saco, ME 04072 Tel: (207) 283-3777 Email: tanya@molleurlaw.com About Six Rivers Construction, LLC Six Rivers Construction offers construction services for residential and commercial projects. Six Rivers Construction, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Maine Case No. 24-20164) on August 6, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Byron Bouchard as managing member. Judge Peter G. Cary presides over the case. Tanya Sambatakos, Esq. at MOLLEUR LAW FIRM represents the Debtor as counsel. SMOKECRAFT CLARENDON: Ongoing Operations to Fund Plan ----------------------------------------------------- Smokecraft Clarendon, LLC, filed with the U.S. Bankruptcy Court for the District of Maryland a Subchapter V Plan of Reorganization dated July 29, 2024. Smokecraft is the preeminent purveyor of barbecue in the Washington, DC area. Smokecraft is a pitch-perfect exemplar of American cuisine sitting in the suburbs of the American capital. And this Plan is designed to ensure the Debtor persists long into the future. The Debtor proposes to pay all administrative and priority claims, as well as the secured claim of Capital Bank, over a four-and-a half-year time horizon. To accommodate the seasonality of Smokecraft's business, these payments will be in uneven installments, crafted to match the Debtor's projected disposable income. Unfortunately, while some monies will be available for disbursement to general unsecured creditors, the distribution will be far from 100%. Still, this Plan leaves all creditors in markedly better position than they would be in the event of a Chapter 7 liquidation. And, of primary importance, this Plan allows a vibrant local business to remain open, a loyal workforce to remain employed, and local citizens an opportunity to enjoy spectacular barbecue whilst watching baseball and taking in displays of fireworks. This Plan under Chapter 11 of Title 11 of the United States Code proposes to pay creditors of the Debtor from the general cash flow of the Debtor. Class 4 consists of all allowed nonpriority unsecured claims, including the unsecured portion of the claim of Capital Bank. This class will receive uneven tri-monthly payments commencing in August 2028, to be distributed, pari passu, amongst constituent members, though this class may be earlier paid if there are excess funds allocated to Class 3 or the administrative priority claimants. This Class is impaired. The Debtor will continue to operate its eponymous restaurant, so as to generate the revenues necessary to implement this Plan. The margins are thin, but Smokecraft believes the projected payments to be feasible in nature and is committed to performing under this Plan so as to realize the proverbial "fresh start" promised by the bankruptcy process. At core, and unsurprisingly, this Plan will be funded through the ongoing operations of the Debtor's restaurant. A full-text copy of the Subchapter V Plan dated July 29, 2024 is available at https://urlcurt.com/u?l=akx6ob from PacerMonitor.com at no charge. Counsel for the Debtor: Maurice B. VerStandig, Esq. THE BELMONT FIRM 1050 Connecticut Avenue, NW Suite 500 Washington, DC 20036 Email: mac@dcbankruptcy.com About Smokecraft Clarendon Smokecraft Clarendon, LLC, owns and operates a barbecue restaurant in Arlington County, Virginia, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-13609) on April 29, 2024. In the petition signed by Andrew Darneille, manager, the Debtor disclosed $129,456 in total assets and $1,379,956 in total liabilities. Maurice Verstandig, Esq., at The VerStandig Law Firm represents the Debtor as legal counsel. SONOMA PHARMACEUTICALS: Posts $1.14 Million Net Loss in Q1 2024 --------------------------------------------------------------- Sonoma Pharmaceuticals, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $1,143,000 and $1,418,000 for the three months ended June 30, 2024 and 2023, respectively. At June 30, 2024 and March 31, 2024, the Company's accumulated deficit amounted to $195,492,000 and $194,349,000, respectively. The Company had working capital of $8,176,000 and $8,829,000 as of June 30, 2024 and March 31, 2024, respectively. During the three months ended June 30, 2024 and 2023, net cash used in operating activities amounted to $912,000 and $215,000, respectively. Management believes that the Company has access to additional capital resources through possible public or private equity offerings, debt financings, corporate collaborations or other means; however, the Company cannot provide any assurance that other new financings will be available on commercially acceptable terms, if needed. If the economic climate in the U.S. deteriorates, the Company's ability to raise additional capital could be negatively impacted. If the Company is unable to secure additional capital, it may be required to take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations. These measures could cause significant delays in the Company's continued efforts to commercialize its products, which is critical to the realization of its business plan and the future operations of the Company. This uncertainty along with the Company's history of losses indicates that there is substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. As of June 30, 2024, the Company had $13,673,000 in total assets, $8,698,000 in total liabilities, and $4,975,000 in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yz3senat About Sonoma Pharmaceuticals Sonoma Pharmaceuticals, Inc. (NASDAQ: SNOA) -- http://www.sonomapharma.com/-- is a global healthcare company developing and producing stabilized hypochlorous acid (HOCl) products for a wide range of applications, including wound care, eye care, oral care, dermatological conditions, podiatry, animal health care, and non-toxic disinfectants. The Company's products reduce infections, itch, pain, scarring, and harmful inflammatory responses in a safe and effective manner. In-vitro and clinical studies of HOCl show it to have impressive antipruritic, antimicrobial, antiviral, and anti-inflammatory properties. The Company's stabilized HOCl immediately relieves itch and pain, kills pathogens, breaks down biofilm, does not sting or irritate the skin, and oxygenates the cells in the area treated, assisting the body in its natural healing process. The Company sells its products either directly or via partners in 55 countries worldwide. As of March 31, 2024, the Company had $14.74 million in total assets, $8.60 million in total liabilities, and $6.14 million in total stockholders' equity. Tampa, Florida-based Frazier & Deeter, LLC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated June 17, 2024, citing that the Company has incurred significant losses and negative operating cash flows and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. SQRL SERVICE: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: SQRL Service Stations LLC d/b/a SQRL Service Stations LLC (Florida LLC) 2222 S. Service Rd., Suite 106 DFW Airport TX Chapter 11 Petition Date: August 16, 2024 Court: United States Bankruptcy Court Northern District of Texas Case No.: 24-32457 Judge: Hon. Stacey G Jernigan Debtor's Counsel: Joyce 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: $1 billion to $10 billion The petition was signed by Jamal Hizam as managing member. The Debtor failed to include in the petition a list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/MMUJAVA/SQRL_Service_Stations_LLC__txnbke-24-32457__0001.0.pdf?mcid=tGE4TAMA STAR AIRCONDITIONING: Aaron Cohen Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Star Airconditioning & Heating, LLC. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Star Airconditioning & Heating Star Airconditioning & Heating, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-04147) on August 8, 2024, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Grace E. Robson presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. STEWARD HEALTH: Court Approves $245-Mil. Sale to Rural Healthcare ----------------------------------------------------------------- Reuters reports that bankrupt hospital operator Steward Health Care received a bankruptcy judge's approval on Friday to sell its nationwide physician network to a private equity buyer while its stalled efforts to sell Massachusetts hospitals caused the state to step in and seize one hospital. U.S. Bankruptcy Judge Christopher Lopez on Friday approved a $245 million sale of physician network Stewardship Health to Rural Healthcare Group, a Kinderhook Industries-owned network of primary care providers that operates in Tennessee and North Carolina. Judge Lopez said at a court hearing in Houston that the deal was the best offer available to Steward, which is trying to sell all of its roughly 30 hospitals separately from the physician network. Steward had previously planned to sell the physician network to a UnitedHealth Group subsidiary, but that deal fell apart after Steward filed for bankruptcy in May. Steward told Lopez it has found a buyer for three of its Florida hospitals and it is making progress on efforts to sell six hospitals in Massachusetts. Steward put all its 31 hospitals up for sale when it filed for bankruptcy in an effort to address its $9 billion debt. Steward has a $439.4 million offer from Orlando Health Inc for Steward Melbourne Hospital, Steward Rockledge Hospital, and Steward Sebastian River Medical Center, according to court documents. That offer is still subject to higher and better offers. Steward's attorney Ray Schrock said on Friday the company was "very, very close" to finalizing deals for Massachusetts hospitals, but state officials, unhappy with delays, acted to seize one hospital on Friday. Massachusetts governor Maura Healey said on Friday the state will take control of Saint Elizabeth's Medical Center in Boston through eminent domain, to facilitate the transition to a new owner and keep the hospital open. Steward declined to comment on the state's seizure of Saint Elizabeth's. Steward previously decided to close two hospitals in Massachusetts, and plans to transition its remaining hospitals to new operators. The company's bankruptcy has drawn scrutiny from Massachusetts officials and U.S. Senators, who criticized the company and its former private equity owners for selling the land under its hospitals to a real estate company, saddling the company with over $6.6 billion in long-term rent obligations and leaving it on shaky financial footing. A U.S. Senate committee intends to question the company's CEO about Steward's decline at a public hearing in September. About Steward Health Care Steward Health Care System, LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman is the patient care ombudsman appointed in the Debtors' cases. STEWARD HEALTH: Receives $30M Lifeline After Apollo Landlord Deal ----------------------------------------------------------------- Jonathan Randles of Bloomberg News reports that after a settlement was reached between landlord Medical Properties Trust Inc. and Macquarie Asset Management and its lender, Apollo Global Management, bankrupt healthcare network Steward Health was granted permission to use a $30 million state lifeline for six Massachusetts hospitals. Steward attorney David Cohen stated at a bankruptcy court hearing on Tuesday, August 6, 2024, that Apollo will assume ownership of the real estate those hospitals lease as part of an arrangement in principle with MPT and Macquarie. The master lease for the hospitals is jointly owned by MPT and Macquarie affiliates, per court filings. About Steward Health Care Steward Health Care System LLC owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024, in the U.S. Bankruptcy Court for the Southern District of Texas, and the Honorable Christopher M. Lopez oversees the proceeding. Weil, Gotshal & Manges LLP is serving as the Company's legal counsel. AlixPartners, LLP is providing financial advisory services to the Company, and John Castellano of AlixPartners is serving as the Company's Chief Restructuring Officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc. are providing investment banking services to the Company. McDermott Will & Emery is special corporate and regulatory counsel for the company. Kroll is the claims agent. STITCH ACQUISITION: $370MM Bank Debt Trades at 70% Discount ----------------------------------------------------------- Participations in a syndicated loan under which Stitch Acquisition Corp is a borrower were trading in the secondary market around 30 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $370 million Term loan facility is scheduled to mature on August 1, 2028. About $359.8 million of the loan is withdrawn and outstanding. Stitch Acquisition Corp. operates as SVP Worldwide, an American private company that designs, manufactures, and distributes consumer sewing machines and accessories around the world under three brands: Singer, Husqvarna Viking, and Pfaff. In 2021, Platinum Equity Partners entered into a definitive agreement to acquire SVP Worldwide from Ares Management for $484 million. Stitch Acquisition Corp. was created to be the financial reporting entity of SVP Worldwide going forward. STUDIO PB: Starts Subchapter V Bankruptcy Proceeding ---------------------------------------------------- Studio PB LLC filed Chapter 11 protection in the Eastern District of Louisiana. According to court filing, the Debtor reports $1,658,086 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 26, 2024 at 11:00 a.m. in Room Telephonically on telephone conference line: 866-790-6904. participant access code: 3156784. About Studio PB LLC Studio PB LLC is a physical fitness company in Metairie, Louisiana offering a total body workout focused on low-impact/high-intensity movements that improve strength and flexibility for every body. Studio PB LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-11449) on July 25, 2024. In the petition filed by Mark Conner, as managing member, the Debtor reports total assets of $61,906 and total liabilities of $1,658,086. The Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by: Robin R. De Leo, Esq. THE DE LEO LAW FIRM, LLC 800 Ramon St Mandeville, LA 70448 Tel: (985) 727-1664 Fax: (985) 727-4388 Email: lisa@northshoreattorney.com SUNSET LAKES: Hires Desai Law Firm LLC as Counsel ------------------------------------------------- Sunset Lakes LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ Desai Law Firm, LLC as 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 businesses; f. assisting the Debtor in his 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 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. The firm will be paid at these rates: Partner $385 per hour Associates $250 per hour Paralegals/law clerks $125 per hour The firm will be paid a retainer in the amount of $5,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Spencer P. Desai, Esq., a partner at Desai Law Firm, 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: Spencer P. Desai, Esq. The Desai Law Firm, LLC 13321 North Outer Forty Road, Suite 300 St. Louis, Missouri 63017 Telephone: (314) 666-9781 Email: spd@desailawfirmllc.com About Sunset Lakes LLC Sunset Lakes LLC in Jerseyville, IL, filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Ill. Case No. 24-30424) on June 20, 2024, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Joseph Adams as manager, signed the petition. Judge Laura K. Grandy oversees the case. THE DESAI LAW FIRM serve as the Debtor's legal counsel. TEAL PROPERTIES: Armor Concepts Suit Goes to Trial -------------------------------------------------- Judge Nicholas W. Whittenburg of the United States Bankruptcy Court for the Eastern District of Tennessee denied the motions for summary judgment filed by Teal Properties, Inc. and Jerry Lee Teal, Sr. with respect to Armor Concepts, LLC's proofs of claim. The court grants Armor's motions for partial summary judgment. On September 30, 2022, the Debtors filed voluntary petitions seeking relief under chapter 11 of the Bankruptcy Code, 11 U.S.C. Secs. 101 et seq. The court confirmed the Debtors' chapter 11 plans on June 7, 2023. According to those confirmed plans, all allowed claims -- including any allowed claim of Armor -- are to be paid in full using proceeds from the liquidation of property of the estate. That property has been sold and the disbursing agent has released proceeds from the sale to pay all creditors in full save one -- Armor. The disbursing agent now holds in escrow proceeds sufficient to fully satisfy Armor's claims, if allowed. Armor filed proofs of claim in the Debtors' cases, each in the amount of $744,120.00. The basis of Armor's claims is the Debtors' purported "[i]nterference with [and] procurement of breach" of a sublease of commercial real estate by Armor to L&L Flooring Company. The events leading to the present controversy may be easily summarized and are in most respects undisputed. Teal Properties leased real property located in Nashville, Tennessee, to Armor through a lease agreement dated October 3, 2013. The Master Lease carried an initial three-year term expiring on November 30, 2016. The lease also provided Armor with two options to extend the lease, each for a term of five years. To exercise the options, the Master Lease provided that "[n]otice to exercise any or each of the two five-year options, must be given 12 months prior to the intended option date." On February 5, 2016, Armor sent Teal Properties a written letter exercising the first option to renew the lease. It is undisputed that Armor's signed letter renewed the lease through November 30, 2021. After Armor's exercise of the first option to renew the Master Lease, Armor and L&L desired to enter a sublease whereby L&L would sublet the property. However, the Master Lease conditioned any subletting on first securing the consent of Teal Properties. On March 1, 2020, Armor and Teal Properties entered a written Consent to Sublease. Pursuant to the Consent, Teal Properties consented to the sublease of the premises between Armor and L&L. With the Consent in hand, Armor and L&L entered into a Lease Agreement dated March 5, 2020, whereby Armor sublet the property to L&L. The Sublease between Armor and L&L carried a five-year term commencing March 1, 2020, and expiring February 28, 2025, with two three-year options to extend. L&L took possession of the premises and paid rent to Armor pursuant to the Sublease. Despite consenting to Armor subletting the premises to L&L through February 2025, the Debtors maintain that Armor failed to exercise its second option to extend the Master Lease, and therefore, it expired on November 30, 2021. As the Sublease was subordinate to and subject to the expired Master Lease, the Debtors contend that L&L was no longer bound by the Sublease. The Debtors argue that they may not be held liable for inducing the breach of the non-binding Sublease. After the purported expiration of the Master Lease, the Debtors, or a successor owner of the premises, apparently entered a new lease with L&L and began collecting rent directly from L&L. The Debtors timely filed their objections to Armor's proofs of claim. In the objections the Debtors assert the claims should be disallowed because Armor did not file any supporting documents with their claims, as required by Federal Rule of Bankruptcy Procedure 3001(c). In support of this contention the Debtors argue that the filing of supporting documents was required because the Tennessee statute cited by Armor in its claims, Tenn. Code Ann. Sec. 47-5-109, relates to forged and fraudulent documents. Further, the Debtors included a general denial, stating they had not "unlawfully interfered with or procured breach." With their motions for summary judgment the Debtors make two primary arguments: 1. They argue that because the Master Lease, and with it, the Sublease, terminated in November 2021, the Debtors may not be held accountable for any purported breach of the Sublease by L&L after such date. 2. Because Armor's claims are based on the Debtors' purported inducement of L&L's breach of the Sublease and because in its responses to the Debtors' discovery Armor has admitted that written documents exist to support its claims, the Debtors argue that Armor's claims are "based on a writing" as that phrase is used in Federal Rule of Bankruptcy Procedure 3001(c)(1). Because no written documents were attached to the proofs of claim, the Debtors request that the court preclude Armor from presenting the Sublease or any written documents into evidence in Mr. Teal's individual bankruptcy case pursuant to Federal Rule of Bankruptcy Procedure 3001(c)(2)(D). In its motions for partial summary judgement, Armor seeks to forestall at least one of the arguments made by the Debtors in their motions. Armor contends that its claims are not "based on a writing," and therefore, it was not required to attach any documents to its proofs of claim. Armor seeks a partial summary judgement finding that its claims are not "based on a writing," and even if its claims are "based on a writing," its failure to attach any documents to its claims does not preclude it from presenting documentary evidence and does not warrant the disallowance of Armor's claims. The Court holds because the Debtors were aware of Armor's intent to exercise the second option to extend the term of the Master Lease, the Debtors' motions for summary judgement are denied. To the extent the Debtors argue that Armor's proofs of claim should be disallowed solely because Armor failed to attach supporting documents, the objection is overruled, the Court says. Although failure to include supporting documents is not fatal to the claim, whether the noncompliant claim constitutes prima facie evidence of the claim's validity under Rule 3001(f) is an entirely different matter, the Court notes. In the case at bar, Armor filed their proofs of claim for tortious interference with and unlawful procurement of breach of contract, for which a cause of action exists in Tennessee common and statutory law. The Court notes Armor's claims against the Debtors are not founded on obligations of the Debtors to Armor created by or established by a written contract or other document. Armor's purported right to recovery is not predicated on Teal Properties' breach of the Master Lease or the Debtors' breach of the Sublease to which they were not parties. Armor's claims are simply not "based on a writing" as that phrase is used in Federal Rule of Bankruptcy Procedure 3001(c), and therefore, Armor was under no obligation to attach any writing to its proofs of claim to secure prima facie validity under Federal Rule of Bankruptcy Procedure 3001(f), the Court finds. The Court concludes as a matter of law that Armor's proofs of claim complied with Rule 3001 and, therefore, constituted prima facie evidence of the claim's validity under Rule 3001(f). A copy of the Court's decision dated August 6, 2024, is available at https://urlcurt.com/u?l=v9fLDq About Teal Properties Teal Properties, Inc. filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tenn. Case No. 22-12203) on Sept. 30, 2022, with up to $1 million in both assets and liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by Lefkovitz & Lefkovitz, PLLC. A plan was confirmed in the case on June 7, 2023. TOURA #5 LP: Hires Korompis Law Offices as Bankruptcy Counsel ------------------------------------------------------------- TOURA #5 LP seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Korompis Law Offices as its bankruptcy counsel. The firm will render these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtois estate as a debtor in possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in the compliance with the requirements of the Office of the United States trustee; (d) provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports and/or other legal documents on behalf of the Debtor; (g) assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; (h) provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; and (i) prepare, negotiate, prosecute and attain confirmation of a plan of reorganization. The firm will charge $450 per hour for the services of Nancy Korompis, sole practitioner of the firm. The firm received a retainer in the amount of $5,000. Ms. Korompis assured the court that her firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: 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 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. at KOROMPIS LAW OFFICES. TREVENA INC: Posts Net Loss of $4.89MM in Fiscal Q2 --------------------------------------------------- Trevena, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $4.89 million on $325,000 of total revenue for the three months ended June 30, 2024, compared to a net loss of $8.01 million on $3.02 million of total revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $12.57 million on $345,000 of total revenue, compared to a net loss of $15.83 million on $3.03 million of total revenue for the same period in 2023. As of June 30, 2024, the Company had $22.94 million in total assets, $41.9 million in total liabilities, and $18.96 million in total stockholders' deficit. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mucduvdw About Trevena Headquartered in Chesterbrook, Pa., Trevena, Inc. is a biopharmaceutical company focused on developing and commercializing novel medicines for patients affected by central nervous system, or CNS, disorders. Philadelphia, Pa.-based Ernst & Young LLP, the Company's auditor since 2007, issued a "going concern" qualification in its report dated April 1, 2024, citing that the Company has suffered recurring losses from operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. TRINITY PLACE: NYSE American to Delist Common Shares Today ---------------------------------------------------------- NYSE American LLC disclosed in a 25-NSE Report that it has notified the U.S. Securities and Exchange Commission of its intention to remove the entire class of Common Stock of Trinity Place Holdings Inc. from listing and registration on the Exchange today, pursuant to the provisions of Rule 12d2-2(b) because, in the opinion of the Exchange, the Common Stock is no longer suitable for continued listing and trading on NYSE American. NYSE Regulation has determined that the Company is no longer suitable for listing pursuant to Section 1003(f)(v) of the NYSE American Company Guide due to the low selling price of the common stock. On July 30, 2024, the Exchange determined that the Common Stock of the Company should be suspended from trading and directed the preparation and filing with the Commission of an application for the removal of the Common Stock from listing and registration on NYSE American. The Company was notified on July 30, 2024, a press release regarding the proposed delisting was issued and posted on the Exchange's website on July 30, 2024, and trading in the Common Stock was immediately suspended. The Company had a right to appeal to a Committee of the Board of Directors of the Exchange the determination to delist the Common Stock, provided it filed a written request for such a review with the Secretary of the Exchange within seven calendar days of receiving notice of the delisting determination. The Company did not file such request within the specified period. Consequently, all conditions precedent under SEC Rule 12d2-2(b) to the filing of this application have been satisfied. About Trinity Place Trinity Place Holdings Inc. is a real estate holding, investment, development, and asset management Company. On Feb. 14, 2024, the Company's real estate assets and related liabilities were contributed to TPHGreenwich Holdings LLC, which is owned 95% by the Company, with an affiliate of the lender under the Company's corporate credit facility owning a 5% interest in, and acting as manager of, such entity. These real estate assets include (i) the property located at 77 Greenwich Street in Lower Manhattan, which is substantially complete as a mixed-use project consisting of a 90-unit residential condominium tower, retail space, and a New York City elementary school, (ii) a 105-unit, 12-story multi-family property located at 237 11th Street in Brooklyn, New York, and (iii) a property occupied by retail tenants in Paramus, New Jersey. Trinity Place reported a net loss attributable to common stockholders of $39.02 million in 2023, a net loss attributable to common stockholders of $20.69 million in 2022, and a net loss attributable to common stockholders of $20.80 million in 2021. As of March 31, 2024, the Company had $6.16 million in total assets, $3.51 million in total liabilities, and $2.66 million in total stockholders' equity. As of Dec. 31, 2023, the Company had $267.51 million in total assets, $277.56 million in total liabilities, and $10.05 million in total stockholders' deficit. On Jan. 4, 2024, the Company was notified by the NYSE American that it had determined that the Company's securities had been selling for a low price per share for a substantial period of time and, pursuant to Section 1003(f)(v) of the Guide, the Company's continued listing was predicated on it effecting a reverse stock split of its shares of common stock or otherwise demonstrating sustained price improvement by no later than July 4, 2024. The notice stated that, as a result of the foregoing, the Company had become subject to the procedures and requirements of Section 1009 of the Guide, which could, among other things, result in the initiation of delisting proceedings unless the Company cures the deficiency in a timely manner. The NYSE American could also take accelerated delisting action if the common stock trades at levels viewed to be abnormally low. On Feb. 21, 2024, the NYSE American notified the Company that it had reviewed the Plan that the Company submitted to the NYSE American and determined to accept the Plan and grant a cure period through May 29, 2025. As a result of the acceptance of the Company's Plan, the Company's listing is being continued pursuant to an extension. The NYSE American will review the Company periodically for compliance with the initiatives outlined in the Plan. If the Company is not in compliance with the continued listing standards by May 29, 2025, or if the Company does not make progress consistent with the Plan during the cure period, the NYSE American staff will initiate delisting proceedings as appropriate. UN MONDE: Incurs $18.6K Net Loss in Second Quarter -------------------------------------------------- Un Monde International Ltd. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $18,640 on $0 of revenues for the three months ended June 30, 2024, compared to a net loss of $23,393 on $0 of revenues for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $43,361 on $0 of revenues, compared to a net loss of $26,393 on $0 of revenues for the six months ended June 30, 2023. As of June 30, 2024, the Company had $131,588 in total assets, $346,658 in total liabilities, and a total stockholders' deficit of $215,070. Un Monde said, "As reflected in the accompanying financial statements, the Company has net losses, accumulated deficit and a negative working capital without generating any revenues. These factors among others raise substantial doubt about the Company's ability to continue as a going concern. "While the Company has not commenced operations and generate revenues, the Company's cash position may not be significant enough to support the Company's daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company's ability to further implement its business plan and generate revenues." A full-text copy of the Form 10-Q is available for free at the SEC's website at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1415813/000168316824005731/unmonde_i10q-063024.htm About Un Monde Headquartered in Richmond Hill, ON, Un Monde International Ltd. is a developmental stage company that focus on offering education and management services to private, distinguished, specialized, and internationalized education to international students in schools. The Company is tentatively looking for capital or different target companies in same industry for acquisition for its business plan. UNITED ASSETS CORP: Files for Chapter 11 Bankruptcy --------------------------------------------------- United Assets Corp. Manhattan 001 filed Chapter 11 protection in the Eastern District of New York. According to court documents, the Debtor reports between $500,000 and $1 million in debt owed to 1 and 49 creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 11, 2024 at 11:00 a.m. in Room Telephonically on telephone conference line: 1 (866) 919-4760. participant access code: 4081400#. About United Assets Corp. Manhattan 001 United Assets Corp. Manhattan 001 is a Single Asset Real Estate (as defined in 11 U.S.C. Sec. 101(51B)). United Assets Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43158). In the petition filed by Aslam Hossain, as president, the Debtor reports estimated assets and liabilities between $500,000 and $1 million each. The Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. VERTEX ENERGY: Reports Net Loss of $53.8 Million in Fiscal Q2 ------------------------------------------------------------- Vertex Energy filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $53.8 million on $750.1 million of revenue for the three months ended June 30, 2024, compared to a net loss of $81.5 million on $734.9 million of revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net loss of $71.7 million on $1.45 billion of revenue, compared to a net loss of $27.6 million on $1.43 billion of revenue for the same period in 2023. Mr. Benjamin P. Cowart, Vertex's Chief Executive Officer, stated, "We continued to demonstrate operational reliability for conventional refining and overall continued strong performance in safety. We saw a difficult crack spread environment driven by a weakening in gasoline and diesel demand in the second quarter that drove our Adjusted EBITDA lower. Consistent with the previously announced pause and pivot strategy, Vertex successfully processed the remaining inventories of renewable feedstock and safely decommissioned the hydrotreater out of renewable service. The Company also continued to manage expenses, seeing moderate reductions in capital and fixed costs across the business." "Given continued near-term EBITDA and liquidity constraints, the Company continues its pursuit of strategic pathways, considering alternatives and exploring financing pathways to maximize value. This includes working with our lenders to secure additional $15 and $20 million loans in June and July, as well as naming Seth Bullock as our Chief Restructuring Officer. Seth has significant experience in the industry and understands Vertex's operational and financial capabilities very well. Seth is being brought in to assist Vertex in managing through a difficult macro-economic environment and providing additional expertise in liquidity management and performance improvement. We believe that continued support from our lenders is key to executing our strategic priorities which are focused on managing our liquidity position, reducing our operating costs, and improving margins." Mr. Cowart concluded, "We are focused on navigating through the recent lower crack spreads and continue to believe that the decision and execution to convert the hydrocracking unit to conventional fuels will help us toward accomplishing our strategic priorities for the second half of 2024 and into 2025." As of June 30, 2024, the Company had $772.4 million in total assets, $642.8 million in total liabilities, and $129.5 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/yuh7etar About Vertex Energy Vertex Energy is a leading energy transition company specializing in producing both renewable and conventional fuels. The Company's innovative solutions are designed to enhance the performance of customers and partners while prioritizing sustainability, safety, and operational excellence. Committed to providing superior products and services, Vertex Energy is dedicated to shaping the future of the energy industry. * * * As reported by the Troubled Company Reporter on February 8, 2024, Fitch Ratings downgraded Vertex Energy Inc.'s (Vertex) and Vertex Refining Alabama LLC's Long-Term Issuer Default Ratings (IDR) to 'CCC+' from 'B-'. Fitch also downgraded the rating of Vertex Refining Alabama's senior secured term loan to 'B-'/'RR3' from 'B'/'RR3'. The downgrade reflects Vertex's weaker liquidity buffer amid lower U.S. Gulf Coast refining crack spreads and a weak Fitch-expected contribution from the renewable diesel segment in 2024. The company's free cash flow (FCF) generation is highly sensitive to refining crack spreads, which declined in Q4 2023 from abnormally high 2022-2023 levels. Its unrestricted cash balance fell from $141 million at year-end 2022 to around $70-80 million at year-end 2023. Fitch projects negative EBITDA and FCF for Vertex in 2024 based on the assumptions of continued crack spread normalization and weak renewable diesel profitability. In June 2024, S&P Global Ratings lowered its issuer credit rating (ICR) on Vertex Energy Inc. to 'CCC' from 'B-' and its issue-level rating on the company's term loan B (TLB) to 'CCC' from 'B'. At the same time, S&P Global Ratings removed the ratings from CreditWatch, where they were placed with negative implications on March 15, 2024. In addition, S&P revised its assessment of the company's liquidity position to weak from less than adequate. S&P also revised its recovery rating on the TLB to '3' from '2', indicating its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery. The negative outlook reflects the elevated risk of a default scenario given the lack of sufficient liquidity sources to fully repay the TLB or a concrete refinancing plan. VIASAT INC: Posts $21.7 Million Net Loss for Quarter Ended June 30 ------------------------------------------------------------------ Viasat, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $21.7 million on $1.1 billion of total revenue for the three months ended June 30, 2024, compared to a net loss of $76.9 million on $779.8 million of total revenue for the three months ended June 30, 2023. As of June 30, 2024, the Company had $16.1 billion in total assets, $11 billion in total liabilities, and $5.1 billion in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/733pbemb About Viasat Inc. Viasat, Inc., headquartered in Carlsbad, California, operates a consumer satellite broadband internet business, an in-flight connectivity business, and provides satellite and related Communications, 0networking systems and services to government and commercial customers. Inmarsat operates a satellite communications network using L-band, Ka-band and S-band spectrum, and provides voice and data services to customers on land, at sea and in the air. * * * Egan-Jones Ratings Company, on May 29, 2024, maintained its 'CCC+' foreign currency and local currency senior unsecured ratings on debt issued by Viasat, Inc. VICTORIA EDWARD: L. Todd Budgen Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Victoria Edward Spa & Wellness Center, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Victoria Edward Spa & Wellness Victoria Edward Spa & Wellness Center, LLC is an upscale day spa located in Winter Springs, Fla., specializing in massage facials, nail and hair services. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02373) on August 9, 2024, with $217,172 in assets and $1,319,710 in liabilities. On August 13, 2024, the case was transferred from Jacksonville Division to Orlando Division and was assigned a new case number (Case No. 24-04229). Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. VISION CARE OF MAINE: Hits Chapter 11 Bankruptcy Protection ----------------------------------------------------------- Vision Care of Maine Limited Liability Company filed Chapter 11 protection in the District of Maine. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 11, 2024 at 11:00 a.m. in Room Telephonically. About Vision Care of Maine Vision Care of Maine Limited Liability Company 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. Vision Care of Maine Limited Liability Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 24-10166) on August 5, 2024. In the petition filed by Curt Young, as manager, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. The Honorable Bankruptcy Judge Michael A. Fagone oversees the case. The Debtor is represented by: George J. Marcus, Esq. MARCUS CLEGG 16 Middle Street Unit 501A Portland ME 04101 Tel: (207) 828-8000 Email: bankruptcy@marcusclegg.com VIVAKOR INC: Incurs $3.31 Million Net Loss in Second Quarter ------------------------------------------------------------ Vivakor, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss attributable to the company of $3.31 million on $16.18 million of total revenues for the three months ended June 30, 2024, compared to a net loss attributable to the company of $1.84 million on $13.59 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 attributable to the company of $5.20 million on $32.20 million of total revenues, compared to a net loss attributable to the company of $4.38 million on $29.14 million of total revenues for the six months ended June 30, 2023. As of June 30, 2024, the Company had $73.68 million in total assets, $58.65 million in total liabilities, and $15.03 million in total stockholders' equity. Vivakor stated, "We have historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2024, we had an accumulated deficit of approximately $71.1 million. As of June 30, 2024 and 2023, we had a working capital deficit of approximately $38 million and $34.9 million, respectively. As of June 30, 2024, we had cash of approximately $95 thousand. As of June 30, 2024, we have current obligations to pay approximately $20.7 million of debt. Of the $20.7 million, $14.5 million can be satisfied through the issuance of registered common stock under the terms of the debt. These conditions raise substantial doubt about the Company's ability to continue as a going concern." A full-text copy of the Form 10-Q is available for free at the SEC's website at: https://www.sec.gov/ix?doc=/Archives/edgar/data/1450704/000182912624005612/vivakor_10q.htm About Vivakor Inc. Coralville, Iowa-based Vivakor, Inc. is a socially responsible operator, acquirer and developer of technologies and assets in the oil and gas industry, as well as related environmental solutions. Currently, the Company's efforts are primarily focused on operating crude oil gathering, storage and transportation facilities, as well as contaminated soil remediation services. Houston, Texas-based Marcum LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 16, 2024, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. WHEEL PROS LLC: Reaches Forbearance Deal With Creditors ------------------------------------------------------- Reshmi Basu and Eliza Ronalds-Hannon of Bloomberg News report that following its decision to stop making interest payments on a portion of its debt, Wheel Pros LLC reportedly reached a forbearance agreement with some of its creditors, according to individuals with knowledge of the company's activities. The company is negotiating with lenders and its private equity owner, Clearlake Capital Group, to resolve its liquidity problems and improve its balance sheet. A firm official declined to comment. The company announced a rebranding to Hoonigan last 2023. About Wheel Pros LLC Wheel Pros LLC -- http://www.wheelpros.com/-- manufactures and distributes wheels, tires, and related accessories for cars, sport utility vehicles, and trucks. WJH ELM: Gets OK to Sell Somerville Property to Montalto Group -------------------------------------------------------------- WJH Elm, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Massachusetts to sell its real property to Montalto Group, LLC. Montalto Group, a Delaware limited liability company, offered $1.9 million for the property located at 19 Elm St., Somerville, Mass. The property is being sold "free and clear" of liens, claims, interests, and encumbrances. WJH Elm will use the proceeds from the sale to, among other things, pay in full the mortgage held by Fund the Flip, Inc., which is estimated at $1.5 million. About WJH Elm WJH Elm, LLC filed Chapter 11 petition (Bankr. D. Mass. Case No. 24-11110) on June 3, 2024, with up to $50,000 in assets and up to $10 million in liabilities. Judge Janet E. Bostwick oversees the case. Barry Levine, Esq., at the Law Office of Barry R. Levine is the Debtor's legal counsel. WW INTERNATIONAL: $945MM Bank Debt Trades at 71% Discount --------------------------------------------------------- Participations in a syndicated loan under which WW International Inc is a borrower were trading in the secondary market around 28.5 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $945 million Term loan facility is scheduled to mature on April 13, 2028. The amount is fully drawn and outstanding. WW International Inc., formerly weight watchers international Inc., is a global company headquartered in the US that offers weight loss. X4 PHARMACEUTICALS: Reports $90.8 Million Net Income in Fiscal Q2 ----------------------------------------------------------------- X4 Pharmaceuticals, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net income of $90.8 million on $563,000 of revenue for the three months ended June 30, 2024, compared to a net loss of $55.7 million with no reported revenue for the three months ended June 30, 2023. For the six months ended June 30, 2024, the Company reported a net income of $39.1 million on $563,000 of revenue, compared to a net loss of $79.7 million with no reported revenue for the same period in 2023. Paula Ragan, Ph.D., President and Chief Executive Officer of X4 Pharmaceuticals commented on the company's significant accomplishments in the second quarter of 2024: "When we founded X4 ten years ago, we had a vision to advance our lead asset, an orally active CXCR4 antagonist called mavorixafor, to help those with rare diseases and few to no treatment options. This past quarter, we were able to realize this vision, receiving U.S. approval of mavorixafor (as XOLREMDI™) in WHIM syndrome, a rare primary immunodeficiency. The U.S. launch of XOLREMDI is now underway with our commercial team in place and executing on our strategy, and with WHIM patients 12 years and older now being treated with the only therapy indicated for and targeting the underlying cause of their disease." Dr. Ragan continued: "We also made tremendous progress this quarter in the development of mavorixafor for those with chronic neutropenia, not only demonstrating for the first time the ability of mavorixafor to durably and meaningfully increase neutrophil counts in people living with chronic neutropenia (CN), but also initiating a global, pivotal Phase 3 trial in CN. All of these accomplishments mark a significant step forward for X4, now a fully integrated biopharmaceutical company, as we continue to explore additional uses for and maximize the global potential of mavorixafor for patients." As of June 30, 2024, the Company had $210.6 million in total assets, $ 116.2 million in total liabilities, and $94.5 million in total stockholders' equity. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/2paenmjp About X4 Pharmaceuticals Boston, Mass.-based X4 Pharmaceuticals, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for the treatment of rare diseases and those with limited treatment options, particularly conditions resulting from immune system dysfunction. As of March 31, 2024, the Company had $112.1 million in total assets, $111.1 million in total liabilities, and $1.04 million in total stockholders' equity. The Company cautioned in its a Form 10-Q Report for the quarterly period ended March 31, 2024, that substantial doubt exists about its ability to continue as a going concern. The Company said, "Since our inception, we have incurred significant operating losses and negative cash flows from our operations. As of March 31, 2024, our cash and cash equivalents were $60.5 million, our restricted cash balance was $0.8 million and our investment in marketable securities were $20.4 million. We have a covenant under our Hercules Loan Agreement that currently requires that we maintain a minimum level of cash of $20 million through January 31, 2025, subject to subsequent reductions. Based on our current cash flow projections, which exclude any benefit from the potential sale of our PRV, no additional borrowings that may become available on Hercules Loan Agreement and with no additional external funding, we believe that we will not be able to maintain the minimum cash required to satisfy this covenant beginning in the first quarter of 2025. In such event, the lenders could require the repayment of all outstanding debt." YANEZ DESIGNS: Hits Chapter 11 Bankruptcy Protection ---------------------------------------------------- Yanez Designs LLC filed Chapter 11 protection in the Western District of Texas. According to court filing, the Debtor reports between $50 million and $100 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. A meeting of creditors under 11 U.S.C. Section 341(a) is slated for September 6, 2024 at 10:00 a.m. in Room Telephonically on telephone conference line:(866)909-2905. participant access code: 5519921#. About Yanez Designs LLC Yanez Designs LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-51475) on April 3, 2024. In the petition filed by Sandor Gonzalez, as sole member, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. The Debtor is represented by: James S. Wilkins, Esq. JAMES S. WILKINS P.C. 1100 NW Loop 410, Ste. 700 San Antonio, TX 78213 Tel: 210 271-9212 Email: jwilkins@stic.net YELLOW CORP: Wants Clarity in PBGC Pension Penalties Debate ----------------------------------------------------------- Steven Church and Randi Love of Bloomberg News report that the court in charge of the remains of insolvent trucking business Yellow Corp. said he is attempting to resolve a legal dispute involving hundreds of millions of dollars between the company's hedge fund owners and a collection of pension funds. US Bankruptcy Judge Craig T. Goldblatt must rule whether a federal bailout of the pensions worth billions of dollars prevents them from receiving any money from Yellow Corp. Yellow sold all of its assets, fired all of its employees, and ceased participation in many pension schemes as part of its bankruptcy. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. YS GARMENTS: $259.3MM Bank Debt Trades at 23% Discount ------------------------------------------------------ Participations in a syndicated loan under which YS Garments Inc is a borrower were trading in the secondary market around 77.4 cents-on-the-dollar during the week ended Friday, Aug. 16, 2024, according to Bloomberg's Evaluated Pricing service data. The $259.3 million Term loan facility is scheduled to mature on August 10, 2026. About $247.7 million of the loan is withdrawn and outstanding. Headquartered in Gardena, California, YS Garments dba Next Level Apparel designs and provides branded active wear to the fashion basic segment of the US wholesale wearables promotional products industry. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- 99 ACQUISITION G NNAGU US 78.5 (2.9) (0.9) AGENUS INC AGEN US 292.4 (220.8) (170.7) ALCHEMY INVESTME ALCYU US 122.6 (5.5) (0.5) ALCHEMY INVESTME ALCY US 122.6 (5.5) (0.5) ALNYLAM PHARMACE ALNY US 4,009.6 (3.1) 2,117.6 ALTRIA GROUP INC MO US 34,387.0 (2,966.0) (4,242.0) AMC ENTERTAINMEN AMC US 8,594.7 (1,696.6) (575.7) AMERICAN AIRLINE AAL US 64,125.0 (4,746.0) (9,815.0) AMNEAL PHARM INC AMRX US 3,509.9 (4.1) 371.1 ANNOVIS BIO ANVS US 5.0 (1.8) 1.0 APPIAN CORP-A APPN US 554.6 (45.7) 70.3 AQUESTIVE THERAP AQST US 117.6 (35.5) 90.1 AULT DISRUPTIVE ADRT/U US 1.0 (5.0) (2.4) AUTOZONE INC AZO US 17,108.4 (4,838.2) (1,903.1) AVEANNA HEALTHCA AVAH US 1,664.5 (119.0) (25.1) AVIS BUDGET GROU CAR US 33,882.0 (482.0) (406.0) BATH & BODY WORK BBWI US 5,221.0 (1,676.0) 696.0 BAUSCH HEALTH CO BHC US 26,495.0 (227.0) 842.0 BAUSCH HEALTH CO BHC CN 26,495.0 (227.0) 842.0 BELLRING BRANDS BRBR US 804.1 (243.2) 346.3 BEYOND MEAT INC BYND US 711.2 (590.0) 233.7 BIOCRYST PHARM BCRX US 472.4 (475.6) 258.9 BIOHARVEST SCIEN BHSC CN 17.5 (4.3) (7.8) BIOTE CORP-A BTMD US 92.9 (141.7) 15.5 BOEING CO/THE BA US 142,720.0 (17,982.0) 17,809.0 BOMBARDIER INC-A BBD/A CN 12,603.0 (2,144.0) 283.0 BOMBARDIER INC-A BDRAF US 12,603.0 (2,144.0) 283.0 BOMBARDIER INC-B BBD/B CN 12,603.0 (2,144.0) 283.0 BOMBARDIER INC-B BDRBF US 12,603.0 (2,144.0) 283.0 BOOKING HOLDINGS BKNG US 28,541.0 (4,276.0) 3,087.0 BRIDGEBIO PHARMA BBIO US 794.4 (1,082.1) 481.9 BRIDGEMARQ REAL BRE CN 181.1 (62.3) (86.2) BRIGHTSPHERE INV BSIG US 533.1 (18.8) - CALUMET INC CLMT US 2,670.9 (320.8) (424.5) CANTOR PA CEP US 0.0 (0.3) (0.4) CARDINAL HEALTH CAH US 45,121.0 (3,212.0) (756.0) CARTESIAN THERAP RNAC US 347.7 (101.5) 98.7 CENTURION ACQUIS ALFUU US 0.5 (0.0) (0.5) CENTURION ACQUIS ALF US 0.5 (0.0) (0.5) CHENIERE ENERGY CQP US 17,515.0 (756.0) (658.0) CHOICE HOTELS CHH US 2,518.9 (146.8) (3.9) CHURCHILL CAPITA CCIXU US 0.2 (0.0) - CHURCHILL CAPITA CCIX US 0.2 (0.0) - CINEPLEX INC CGX CN 2,247.5 (14.1) (277.7) CINEPLEX INC CPXGF US 2,247.5 (14.1) (277.7) CLIPPER REALTY I CLPR US 1,274.6 (4.7) - COMMSCOPE HOLDIN COMM US 8,821.0 (2,124.5) 93.7 COMMUNITY HEALTH CYH US 14,411.0 (879.0) 1,027.0 COMPOSECURE IN-A CMPO US 213.4 (209.1) 87.5 CONSENSUS CLOUD CCSI US 608.5 (124.4) 3.5 CONTANGO ORE INC CTGO US 66.2 (34.0) (23.7) COOPER-STANDARD CPS US 1,767.0 (160.9) 218.9 CORE SCIENTIFIC CORZ US 761.5 (1,083.9) 43.0 CPI CARD GROUP I PMTS US 321.4 (44.6) 110.8 CROSSAMERICA PAR CAPL US 1,164.7 (8.2) (39.8) DELEK LOGISTICS DKL US 1,623.3 (51.3) 26.5 DELL TECHN-C DELL US 80,190.0 (2,723.0) (13,107.0) DENNY'S CORP DENN US 459.9 (53.2) (60.9) DIGITALOCEAN HOL DOCN US 1,536.8 (253.8) 323.6 DINE BRANDS GLOB DIN US 1,693.5 (231.7) (74.6) DOMINO'S PIZZA DPZ US 1,856.0 (3,891.1) 478.3 DOMO INC- CL B DOMO US 204.4 (163.5) (94.0) DROPBOX INC-A DBX US 2,718.5 (371.3) 47.4 ELUTIA INC ELUT US 41.9 (64.3) (9.5) EMBECTA CORP EMBC US 1,267.5 (763.7) 410.4 ETSY INC ETSY US 2,448.1 (635.0) 794.5 EXCO RESOURCES EXCE US 1,032.7 (1,026.5) (421.2) FAIR ISAAC CORP FICO US 1,708.8 (829.3) 293.9 FENNEC PHARMACEU FRX CN 63.2 (1.4) 54.4 FENNEC PHARMACEU FENC US 63.2 (1.4) 54.4 FERRELLGAS PAR-B FGPRB US 1,487.7 (262.7) 148.3 FERRELLGAS-LP FGPR US 1,487.7 (262.7) 148.3 FOGHORN THERAPEU FHTX US 328.6 (14.3) 238.8 GCM GROSVENOR-A GCMG US 543.9 (93.7) 125.0 GCT SEMICONDUCTO GCTS US 23.4 (58.3) (42.3) GOAL ACQUISITION PUCKU US 4.0 (10.4) (12.7) GOOSEHEAD INSU-A GSHD US 338.2 (19.7) 6.3 GP-ACT III ACQUI GPATU US 1.3 (0.2) (1.2) GP-ACT III ACQUI GPAT US 1.3 (0.2) (1.2) GRAF GLOBAL CORP GRAF/U US 0.1 (0.2) (0.2) GRINDR INC GRND US 435.0 (41.7) 8.1 GUARDANT HEALTH GH US 1,609.3 (1.6) 1,088.4 HAWAIIAN HOLDING HA US 4,242.8 (105.5) 155.0 HERBALIFE LTD HLF US 2,602.2 (1,037.2) 237.6 HILTON WORLDWIDE HLT US 15,737.0 (3,078.0) (1,537.0) HP INC HPQ US 37,433.0 (916.0) (6,246.0) HUMACYTE INC HUMA US 138.3 (28.3) 78.4 ILEARNINGENGINES AILE US 156.7 2.9 92.3 IMMUNITYBIO INC IBRX US 444.3 (697.4) 180.7 INHIBRX BI INBX US 28.2 (10.8) (24.2) INSEEGO CORP INSG US 149.6 (101.8) (146.0) INSPIRED ENTERTA INSE US 326.6 (77.4) 47.8 INTUITIVE MACHIN LUNR US 140.1 (10.4) (1.9) IRONWOOD PHARMAC IRWD US 395.6 (321.7) 132.7 JACK IN THE BOX JACK US 2,745.2 (845.8) (249.2) LESLIE'S INC LESL US 1,105.2 (168.2) 171.1 LIFEMD INC LFMD US 63.8 (2.1) (6.6) LINDBLAD EXPEDIT LIND US 858.3 (155.5) (99.0) LOWE'S COS INC LOW US 45,365.0 (14,606.0) 3,244.0 MADISON SQUARE G MSGS US 1,346.3 (266.3) (305.0) MADISON SQUARE G MSGE US 1,552.7 (23.2) (286.7) MANNKIND CORP MNKD US 443.8 (225.8) 245.9 MARBLEGATE ACQ-A GATE US 7.0 (15.8) (0.4) MARBLEGATE ACQUI GATEU US 7.0 (15.8) (0.4) MARRIOTT INTL-A MAR US 25,740.0 (2,091.0) (4,783.0) MARTIN MIDSTREAM MMLP US 535.1 (57.9) 26.3 MATCH GROUP INC MTCH US 4,368.9 (130.1) 773.6 MBIA INC MBI US 2,304.0 (1,985.0) - MCDONALDS CORP MCD US 53,801.0 (4,824.0) 295.0 MCKESSON CORP MCK US 71,670.0 (1,381.0) (4,182.0) MEDIAALPHA INC-A MAX US 198.2 (78.0) 11.5 METTLER-TOLEDO MTD US 3,249.2 (152.8) (102.9) MSCI INC MSCI US 5,456.8 (734.5) (61.4) NATHANS FAMOUS NATH US 58.5 (25.5) 30.8 NEW ENG RLTY-LP NEN US 381.2 (69.0) - NOVAGOLD RES NG CN 121.6 (27.5) 110.1 NOVAGOLD RES NG US 121.6 (27.5) 110.1 NOVAVAX INC NVAX US 1,818.6 (431.7) 45.6 NUTANIX INC - A NTNX US 2,774.9 (619.5) 955.7 O'REILLY AUTOMOT ORLY US 14,393.2 (1,583.4) (2,443.7) OMEROS CORP OMER US 356.3 (124.6) 143.5 OTIS WORLDWI OTIS US 9,858.0 (4,882.0) (1,657.0) PAPA JOHN'S INTL PZZA US 838.4 (445.2) (49.5) PELOTON INTERA-A PTON US 2,408.5 (590.4) 675.5 PHATHOM PHARMACE PHAT US 319.4 (233.8) 257.8 PHILIP MORRIS IN PM US 65,782.0 (7,942.0) (1,388.0) PITNEY BOWES INC PBI US 4,078.4 (427.9) (72.4) PLANET FITNESS-A PLNT US 2,974.0 (319.8) 221.7 PRIORITY TECHNOL PRTHU US 1,673.4 (64.6) 23.6 PRIORITY TECHNOL PRTH US 1,673.4 (64.6) 23.6 PROS HOLDINGS IN PRO US 384.9 (83.0) 36.2 PTC THERAPEUTICS PTCT US 1,916.4 (963.7) 748.1 RAPID7 INC RPD US 1,526.6 (52.9) 95.8 RE/MAX HOLDINGS RMAX US 571.4 (69.2) 45.1 REDFIN CORP RDFN US 1,181.5 (12.8) 171.0 REVANCE THERAPEU RVNC US 494.8 (129.7) 256.5 RH RH US 4,186.5 (289.9) 179.5 RIGEL PHARMACEUT RIGL US 128.4 (29.9) 36.1 RINGCENTRAL IN-A RNG US 1,831.8 (328.8) 66.5 RMG ACQUISITION RMGUF US 7.0 (11.0) (7.5) RMG ACQUISITION RMGCF US 7.0 (11.0) (7.5) RUBRIK INC-A RBRK US 1,166.4 (514.6) 114.9 SBA COMM CORP SBAC US 9,786.2 (5,275.9) (1,999.6) SCOTTS MIRACLE SMG US 3,489.3 (146.2) 684.0 SEAGATE TECHNOLO STX US 7,739.0 (1,491.0) 233.0 SEMTECH CORP SMTC US 1,376.5 (313.1) 314.4 SERVE ROBOTICS I SERV US 4.2 (8.8) (9.8) SHOULDERUP TEC-A SUAC US 21.7 (1.0) (4.2) SHOULDERUP TECHN SUACU US 21.7 (1.0) (4.2) SIM ACQUISITION SIMAU US 0.1 (0.0) (0.1) SIX FLAGS ENTERT FUN US 2,347.8 (682.1) (268.5) SLEEP NUMBER COR SNBR US 883.6 (447.0) (723.2) SOLARMAX TECHNOL SMXT US 54.7 (0.6) (9.1) SPECTRAL CAPITAL FCCN US 0.1 (0.3) (0.3) SPIRIT AEROSYS-A SPR US 6,858.6 (1,513.5) 870.9 SQUARESPACE IN-A SQSP US 1,000.9 (242.9) (140.4) STARBUCKS CORP SBUX US 30,111.8 (7,937.4) (841.6) STARDUST POWER I SDST US 20.3 (1.2) (9.9) SYMBOTIC INC SYM US 1,558.4 379.3 323.2 TEMPUS AI INC TEM US 469.3 (339.6) 57.0 TORRID HOLDINGS CURV US 479.7 (198.6) (40.0) TOWNSQUARE MED-A TSQ US 579.6 (64.1) 26.4 TPI COMPOSITES I TPIC US 715.4 (274.3) 0.7 TRANSDIGM GROUP TDG US 21,828.0 (2,510.0) 5,210.0 TRAVEL + LEISURE TNL US 6,693.0 (884.0) 675.0 TRISALUS LIFE SC TLSI US 17.9 (34.9) (1.2) TRIUMPH GROUP TGI US 1,492.8 (119.6) 446.6 TUCOWS INC-A TC CN 758.2 (33.1) (15.2) TUCOWS INC-A TCX US 758.2 (33.1) (15.2) UNISYS CORP UIS US 1,867.8 (160.6) 315.7 UNITED HOMES GRO UHG US 287.2 (4.7) 179.5 UNITED PARKS & R PRKS US 2,756.9 (364.9) (92.7) UNITI GROUP INC UNIT US 5,119.2 (2,492.4) - UROGEN PHARMA LT URGN US 281.8 (40.1) (10.3) VECTOR GROUP LTD VGR US 1,094.0 (713.3) 401.4 VERISIGN INC VRSN US 1,505.1 (1,816.4) (430.1) VERITONE INC VERI US 321.8 (5.7) (39.7) WAYFAIR INC- A W US 3,436.0 (2,760.0) (385.0) WINGSTOP INC WING US 451.8 (437.5) 78.3 WINMARK CORP WINA US 44.7 (42.2) 21.5 WORKIVA INC WK US 1,242.7 (77.7) 426.2 WPF HOLDINGS INC WPFH US 0.0 (0.3) (0.3) WYNN RESORTS LTD WYNN US 13,289.8 (902.0) 771.5 XPONENTIAL FIT-A XPOF US 475.2 (100.8) (6.1) YELLOW CORP YELLQ US 2,147.6 (447.8) (1,098.0) YUM! BRANDS INC YUM US 6,395.0 (7,630.0) 499.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. 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